Snyder, Herbert W.; Pierce, Jennifer Burek
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…
Bukh, Per Nikolaj; Christensen, Karina Skovvang
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...
W. Erwin Diewert
The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital gains. Five different models of depreciation are considered: (1) one hoss shay; (2) straight line depreciation; (3) declining balance or geometric depreciation; (4) linearly declining efficiency profiles and (5) linearly increasing maintenance profiles. The l...
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)
du Gay, Paul; Morgan, Glenn
This chapter places The New Spirit of Capitalism in the context of the development of capitalism over the last twenty years, up to and including the 200-7-8 financial crisis and the ongoing economic crisis which has developed out of this and is now focused on the relationship between state expend...
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.
Lister, M. J; Andreassen, A; Bales, Shanda; Biddle, J. G; Chang, M. M; McCormick, R; Packard, W. J; Sun, T
Leveraging venture capital to the advantage of the Naval Services should be viewed as part of the larger project of reforming the acquisition system to permit rapid introduction of new technologies...
... to face one of the season’s biggest problems: tree pollen . Common symptoms of springtime allergies include: Runny nose Itchy eyes Sneezing Congestion “Our Spring Allergy Capitals report is a valuable tool to help identify cities where seasonal allergy symptoms can create challenges,” ...
Bryan, Dick; Rafferty, Michael; Wigan, Duncan
on measuring (by accountants), managing (by corporations) and monitoring (by International Political Economy scholars and regulators), this article explores the longer term implications of accumulation of internationalised capital in intangible and abstract forms, and the prominent role of finance and offshore...
Kevin A. Yelvington
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
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.
A world away, in the Cape Winelands, architects of Stellenbosch struggle for the identity of the city, the capital of the unique cultural landscape. Here the traditional African culture is mixed with three century-long tradition of winegrowing and winemaking. This wonderful mixture was placed on the UNESCO Tentative List of World Heritage Sites. The authors of the project use cultural heritage protection laws to protect their city from chaotic development.
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...
Svendsen, Gunnar Lind Haase
of capital means a coherent stock of capital, including social, cultural and physical capital, which belongs to a local community. The case of civic organization in rural Denmark 1800-1900 shows how the three capitals successively acted as driving forces: physical capital about year 1800, social capital...... about year 1880, and cultural capital about year 1900. In each case, one form of capital changed the two others in a chain reaction process, which ultimately led to a major reorganization of the triads of capital in the local rural communities....
Ledenyov, Dimitri O.; Ledenyov, Viktor O.
Investment in Capital Markets creates a strategic vision on the financial capital investment in the capital markets with the aim to get an increased return premium in the short and long time periods. The book is written with a main goal to explain the pros and cons of the financial capital investment in the capital markets, discussing the sophisticated investment concepts and techniques in the simple understandable readable general format language. We would like to highlight the three interes...
C. Spechler, Martin; Ahrens, Joachim; Hoen, Herman W.
The book specifies the type of economic system that has arisen in Central Asian. It presents three types of state-capitalism established in the former Soviet Union states in Eurasia - crony, dual sector, and predatory capitalism.
Prakash Loungani; Paolo Mauro
This paper documents the scale of capital flight from Russia, compares it with that observed in other countries, and reviews policy options. The evidence from other countries suggests that capital flight can be reversed once reforms take hold. The paper argues that capital flight from Russia can only be curbed through a medium-term reform strategy aimed at improving governance and macroeconomic performance, and strengthening the banking system. Capital controls result in costly distortions an...
Batterham, Robert L.; Fraser, K.I.
This paper reviews the literature on the optimal replacement of capital equipment, especially farm machinery. It also considers the influence of taxation and capital rationing on replacement decisions. It concludes that special taxation provisions such as accelerated depreciation and investment allowances are unlikely to greatly influence farmers' capital equipment replacement decisions in Australia.
HANNES OTTÓSSON; KIM KLYVER
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 ...
Andersen, Ida Gran; Jæger, Mads Meier
This paper analyzes the extent to which the effect of cultural capital on academic achievement varies across high- and low-achieving schooling environments. We distinguish three competing theoretical models: Cultural reproduction (cultural capital yields higher returns in high-achieving schooling...... to be higher in low-achieving schooling environments than in high-achieving ones. These results support the cultural mobility explanation and are in line with previous research suggesting that children from low-SES families benefit more from cultural capital than children from high-SES families....... environments than in low-achieving ones), cultural mobility (cultural capital yields higher returns in low-achieving environments), and cultural resources (cultural capital yields the same returns in different environments). We analyze PISA data from six countries and find that returns to cultural capital tend...
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 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....
Title: Modern Human Capital Management Seminar date: 30th of May 2008 Course: Master thesis in Business Administration, 15 ECTS Authors: Madita Feldberger Supervisor: Lars Svensson Keywords: Human capital, SWOT Analysis, Strategic Map, Balanced Scorecard Research Problem: Despite of the success of Human Capital Management (HCM) in research it did not arrive yet in the HR departments of many companies. Numerous firms even have problems to set their strategic goals with focus on HR. The HR Bala...
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.
Department of Transportation — National Automated Capitalization Authorization Form used by ATO Engineering Services, Logistics, Accounting for the purpose of identifying and capturing FAA project...
Piketty’s Capital in Twenty-First Century has posed a totally new platform for the discussion of the economy and capitalism. Piketty has reinvented the classical political economy founded by Adam Smith in his 1776 Wealth of Nations. Piketty has shown via massive historical research how growth...... and inequality have developed since 1793. Piketty’s conclusion is that the French Revolution did not change the existing inequality either in the medium or in the long term. Piketty’s prediction is that a new form of global capitalism will arise, patrimonial capitalism, in which inequality will develop further...
Paldam, Martin; Svendsen, Gert Tinggaard
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...... is 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....
McCarthy, Ellen E
...: To provide an agile, adaptive, integrated, and innovative defense intelligence workforce through a deliberate process identifying, implementing, and directing human capital organizational, doctrinal...
Daigneau, William A.
Addresses four questions regarding implementation of a long-term capital plan to manage a college's facilities portfolio: When should the projects be implemented? How should the capital improvements be implemented? What will it actually cost in terms of project costs as well as operating costs? Who will implement the plan? (EV)
Sen, Rijurekha; Quercia, Daniele
In its most basic form, the spatial capital of a neighborhood entails that most aspects of daily life are located close at hand. Urban planning researchers have widely recognized its importance, not least because it can be transformed in other forms of capital such as economical capital (e.g., house prices, retail sales) and social capital (e.g., neighborhood cohesion). Researchers have already studied spatial capital from official city data. Their work led to important planning decisions, yet it also relied on data that is costly to create and update, and produced metrics that are difficult to compare across cities. By contrast, we propose to measure spatial capital in cheap and standardized ways around the world. Hence the name of our project "World Wide Spatial Capital". Our measures are cheap as they rely on the most basic information about a city that is currently available on the Web (i.e., which amenities are available and where). They are also standardized because they can be applied in any city in the five continents (as opposed to previous metrics that were mainly applied in USA and UK). We show that, upon these metrics, one could produce insights at the core of the urban planning discipline: which areas would benefit the most from urban interventions; how to inform planning depending on whether a city's activity is mono- or poly-centric; how different cities fare against each other; and how spatial capital correlates with other urban characteristics such as mobility patterns and road network structure.
Schertler, A.G.; Tykvova, T.
Cross-border investments represent a substantial share of venture capital activities. We use a comprehensive dataset on investments worldwide to analyze the internationalization of venture capital financing. We postulate that cross-border activity is shaped by macroeconomic factors in the venture
Carbonell Boria, María José
Estado de la cuestión de los trabajos sobre la Capital Cursiva. Análisis de la misma y muestras de su existencia y uso en la cultura occidental, incluida España. The matter of the study of Italic Capital letters. Its analysis, samples, and use in Western cultur, including Spain.
Prieur, Annick; Skjøtt-Larsen, Jakob; Rosenlund, Lennart
Based on Danish survey data subjected to correspondence analysis, this article aims at carrying out a critical assessment of Pierre Bourdieu's theory of social differentiation in advanced societies as a multi-dimensional phenomenon. As his theory goes, capital volume (economic + cultural capital......) and capital composition (the relative weight of the two) are the main dimensions of social differentiation, which structure the space of social positions as well as the space of lifestyles. The central discussion of the article concerns the character of cultural capital, and the role it plays in the formation......, as those adhering to the preferences that are most typical for the cultural elite tend to simultaneously avoid or mark distance to popular expressions of taste. Fourth, are there traces of new forms of cultural capital? The study uncovers a cleavage between a global orientation or a form of cosmopolitanism...
Svendsen, Gert Tinggaard; Bjørnskov, Christian
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...... find post-communist countries and Southern Italy. The findings for this specific sample suggest that institutions matter for social capital and the relationship between decentralization and social capital emerges as a promising line of inquiry. Thus, the highest scoring countries in the sample may...
Li, Peter Ping; Redding, Gordon
This article provides an overview of social capital in Asia. Social capital is trust and appears in two main forms: relational, based on societal norms, and systemic, based on societal institutions. The relational encourages personalistic transactions; and systemic trust, supports more formal......, and usually larger, transactions backed by law. For economic development, the systemic form becomes crucial but needs to be compatible with relational norms. The dimensions of social capital are often dual in nature. This article employs a theory that accepts this and analyses the phenomena as yin......–yang balancing, seeing trust as a culturally determined enabler of social cooperation. The evolutions of trustworthiness in Japan, China, and the Philippines are analysed. This article contributes to the literature on varieties of capitalism and business systems as well as that on social capital. It raises...
Claessens, Stijn; Naude, David
Researchers and policymakers have in recent years paid considerable attention to the phenomenon of capital flight. Researchers have focused on four questions: What concept should be used to measure capital flight? What figure for capital flight will emerge, using this measure? Can the occurrence and magnitude of capital flight be explained by certain (economic) variables? What policy changes can be useful to reverse capital flight? The authors focus strictly on presenting estimates of capital...
This paper aims to offer a framework of interpreting the “evolution” of capitalism that is reaching every corner of the world and has achieved greater legitimacy than at any time in human history. It covers an interdisciplinary discussion on the development of market capitalism that has been...... characterized by a dual process: unanticipated origin (cultural and historical) and anticipated progress (political economy). The point of departure of this paper is that although the advancement of market capitalism is a process of societal development involving historical, cultural and religious causes...... (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...
problems, but serve to further highlight the difficulties of changing capitalism towards sustainability. In a profit-oriented economy, capital accumulation is a prime driving force, and non-growth for the economy at large tends to result in serious economic and social crises. On the other hand, a de...... according to which the powers and mechanisms of the natural world are considered totally controllable by humans as if they were mere epiphenomena of the human world. On the other hand, the assumptions of certain ecological economists about the possibility of steady-state capitalism disregard the relation...... between capital and surplus value, which constitutes a strong mechanism driving the capitalist economy toward limitless growth....
Public works capital projects in the U,S, naval forces are not prioritized and funded in a way that best uses limited operations resources and maintenance dollars, This thesis develops a linear model...
Full Text Available The purpose of this study is to confront certain propositions presented in Lesław Niemczyk’s publication Rachunkowość finansowa aktywów kompetencyjnych i kapitału intelektualnego. Nowy dział rachunkowości(Accounting for Competence Assets and Intellectual Capital. A New Area in Accounting with ideas published in other studies. The authors discuss issues concerning firm value, selected definitions of intellectual capital, as well as certain methods of intellectual capital measurement and valuation. Other problems analysed include accounting for and reporting of intellectual capital and similarities and differences between the way those issues are presented in Polish and in international studies as well as in existing legal regulations and standards.
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....
NAVFAC Southwest Dan Waid Program & Business Mgmt NAVFAC SW Capital Improvements Business Line NAVFAC SW 8 August 2012 1 Report...REPORT TYPE 3. DATES COVERED 00-00-2012 to 00-00-2012 4. TITLE AND SUBTITLE Capital Improvements Business Line 5a. CONTRACT NUMBER 5b. GRANT...AVAILABILITY STATEMENT Approved for public release; distribution unlimited 13. SUPPLEMENTARY NOTES Presented at the 2012 Navy Gold Coast Small Business
Full Text Available In its most basic form, the spatial capital of a neighborhood entails that most aspects of daily life are located close at hand. Urban planning researchers have widely recognized its importance, not least because it can be transformed in other forms of capital such as economical capital (e.g., house prices, retail sales and social capital (e.g., neighborhood cohesion. Researchers have already studied spatial capital from official city data. Their work led to important planning decisions, yet it also relied on data that is costly to create and update, and produced metrics that are difficult to compare across cities. By contrast, we propose to measure spatial capital in cheap and standardized ways around the world. Hence the name of our project "World Wide Spatial Capital". Our measures are cheap as they rely on the most basic information about a city that is currently available on the Web (i.e., which amenities are available and where. They are also standardized because they can be applied in any city in the five continents (as opposed to previous metrics that were mainly applied in USA and UK. We show that, upon these metrics, one could produce insights at the core of the urban planning discipline: which areas would benefit the most from urban interventions; how to inform planning depending on whether a city's activity is mono- or poly-centric; how different cities fare against each other; and how spatial capital correlates with other urban characteristics such as mobility patterns and road network structure.
Lorz, Jens Oliver
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...
Bongaerts, D.; Charlier, E.
Regulatory Capital requirements for European banks have been put forward in the Basel II Capital Framework and subsequently in the Capital Requirements Directive (CRD) of the EU. We provide a detailed discussion of the capital requirements for private equity investments under the simple risk weight
... capital and reserve requirements to be issued by order or regulation with respect to a product or activity... minimum capital requirements. Section 1362(a) establishes a minimum capital level for the Enterprises... entities required under this section.\\6\\ \\3\\ The Bank Act's current minimum capital requirements apply to...
Shayegheh Ashourizadeh, Shayegheh; Rezaei, Shahamak; Schøtt, Thomas
Abstract: It is widely acknowledged that entrepreneurs’ human capital in form of education and social capital in form of networking are mutually beneficial and also that both human and social capital benefit their performance. Here, the hypothesis is that human and social capital, in combination......, provide added value and jointly add a further boost to performance, specifically if the form of exporting. Global Entrepreneurship Monitor provides data on 52,946 entrepreneurs, who reported on exporting and networking for advice. Hierarchical linear modelling shows that human capital promotes social...... capital, that human capital and social capital (specifically networking in the international environment, work-place, professions and market, but not in the private sphere) both benefit export directly and that human capital amplifies the benefit of social capital, especially through international...
Murthy, Vijaya; Mouritsen, Jan
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...
Beja, Edsel Jr.
Capital flight aggravates resource constraints and contributes to undermine long-term economic growth. Counterfactual calculations on the Philippines suggest that capital flight contributed to lower the quality of long-term economic growth. Sustained capital flight over three decades means that capital flight had a role for the Philippines to lose the opportunities to achieve economic takeoff. Unless decisive policy actions are taken up to address enduring capital flight and manage the macroe...
... Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital..., 2013, a document adopting a final rule that revises its risk-based and leverage capital requirements... risk-based and leverage capital requirements for banking organizations. An allowance for additional...
Yarossi, M.E. (IPA Institute, The Hague (Netherlands))
The technical difficulty of incorporating new technology in capital intensive projects has been underestimated. Bio-refineries projects are no exemption. These projects in many occasions have assigned inadequate project resources, such as lean project teams and overly optimistic contingencies. Furthermore, project developers have set unrealistic expectations; for example: aggressive schedule duration, low cost targets and optimistic operability targets. These project drivers set before project's authorization compromise the project's outcome. In many cases, this translates into lower return on investment, higher costs, and lower operability. In order to counteract these outcomes, it is critical for capital intensive projects, like bio-refineries, to have a well define project which will enable to increase its chance of success. IPA's research has shown that bio-refineries projects have poor project performance due to poor project practices, lack of owner project controls and inadequate change management. An adequate risk analysis during definition is a critical component of a project's success, especially when there is new technology, like biomass conversion. It is of outmost importance to asses this technology and set realistic expectations. parallel to this, there is a need to have a well established execution strategy, which should be maintained throughout the execution of the project. In conclusion, IPA's research has indicated that bio-refineries, as any other capital intensive project, need to assign adequate resources at an early state of project development, by making sure there is and adequate team in place, reasonable schedule, technical difficulties evaluation, and keeping control during execution. Although these elements might be seen as common practices that should be taken into account when developing a project, many projects being their execution without having a proper foundation, and thus affecting the project
Petrini, Giancarlo; Fonseca, Ricardo; Porreca, Wladimir
O presente estudo investiga a pobreza partindo de uma análise dos recursos que os pobres dispõem em sua realidade, analisando os temas do capital humano, social e familiar, procurando estabelecer conexões e elucidar fatores da realidade pouco considerados em estudos e projetos de combate à pobreza e à exclusão social. O presente artigo, em seu conjunto, procura compreender porque, em condições semelhantes de pobreza, algumas pessoas conseguem elaborar um projeto de vida enquanto outras se es...
The radiology business manager in today's environment must become proficient in contract evaluations and negotiations. Health care is focusing on preventive medicine. Third-party payers are offering plans and programs to provide ''well-patient'' care. For prepaid (HMO-IPA-PTO) plans to succeed, demands for reduced fees and other entrepreneurial contractual arrangements are developed. This presentation will focus on specific items contained in most contracts. The issues of withhold, billing procedures, prompt-payment rewards, medical liability, capitation determinations, and modified capitation plans will be discussed. It is the intent of this presentation to share with the audience methods of evaluating contracts, the importance of negotiating specific terms, and an approach to determination of capitation amounts
All managed care stakeholders--health plan members, employers, providers, community organizations, and government entitites--share a common interest in reducing healthcare costs while improving the quality of care health plan members receive. Although capitation is a usually thought of primarily as a payment mechanism, it can be a powerful tool providers and health plans can use to accomplish these strategic objectives and others, such as restoring and maintaining the health of plan members or improving a community's health status. For capitation to work effectively as a strategic tool, its use must be tied to a corporate agenda of partnering with stakeholders to achieve broader strategic goals. Health plans and providers must develop a partnership strategy in which each stakeholder has well-defined roles and responsibilities. The capitation structure must reinforce interdependence, shift focus from meeting organizational needs to meeting customer needs, and develop risk-driven care strategies.
Hougaard, Jens Leth; Smilgins, Aleksandrs
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 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 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....
Prieur, Annick; Savage, Mike
This paper considers how the analysis of cultural engagement can be elaborated through a reworking of the concept of cultural capital, as originally derived from Bourdieu’s (1984) Distinction. Drawing on detailed studies of the UK and Aalborg, Denmark, we show that despite the weakening of ‘‘high......This paper considers how the analysis of cultural engagement can be elaborated through a reworking of the concept of cultural capital, as originally derived from Bourdieu’s (1984) Distinction. Drawing on detailed studies of the UK and Aalborg, Denmark, we show that despite the weakening...
Luiz Carlos Bresser-Pereira
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.
Dietrich, J. Kimball; Wihlborg, Clas
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...... 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 the required return, the interest rate premium paid for leniency isincreased in recession at a given level of required capital....
Vladimir Cvijanovic; Denis Redzepagic
The paper analyses the typology of capitalism in Croatia. The Croatian form of capitalism is specific, in form and origin, with links between the pre-independence and post-independence periods, implying that capitalism has gradually evolved – from the political during the eighties towards current clientelistic capitalism. The manufacturing focus aims to facilitate the analysis of institutional, political and economic changes over the past forty years, emphasising the implications of instituti...
Runkle, Q.; Haines, T.; Piper, K.; Leach, S.
To assess and evaluate the impact of the Green Capital: Student Capital project, the partnership (the University of the West of England, the University of Bristol, the Students’ Union at UWE, and Bristol Students’ Union) worked with NUS to train a team of students from both universities to lead an evaluation process. There were two key aims for the evaluation: \\ud \\ud • To verify the quantitative outputs of the Green Capital: Student Capital project; \\ud • And to make a qualitative assessment...
Oscar Acera Manero
Full Text Available Social capital consists of the contributions of members and associates, both mandatory and voluntary. From an accounting point of view, it is a liability figure that expresses the value of a portion of the equity of the cooperative. Its inclusion in the liability is not the fact that it is a debt but by its nature unenforceable.
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…
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...
Thöni, Christian; Tyran, Jean-Robert Karl; Wengström, Erik Roland
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...
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...
Meer-Kooistra, Jeltje van der; Zijlstra, Siebren M.
In today’s knowledge-based economy intellectual capital (IC) is becoming a major part of companies’ value. Being able to manage and control IC requires that companies can identify, measure and report internally on IC. As financial accounting rules ban full disclosure of IC in the annual report the
Full Text Available This paper looks at the difficulties of managing modem capital projects and endeavors to reduce the complexities to simpler and more understandable terms. It examines the project environment, defines project management and discusses points of difference from traditional management. In the second part of the paper are presented fundamentals for project success for different types of projects.
The paper presents the social capital as the essential element of success of the Reggio Emilia preschools known for their unique approach to the early childhood education. The collaborative effort is introduced through examples of the currently ongoing "Reggio Narrates" project of Reggio preschools, the "Dialogue with the…
van Schaik, A.B.T.M.
In the 'sixties, the reproduction model was often the subject of analysis and discussion in economic literat ure. Discussion was by criticism of the neo-classical concept of capital as well as by a renewed interest in the labour theory of value. Criticism of the use of a homogeneous concept of
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…
Gaay Fortman, B. de
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
In my belief the effectiveness of organizations has more to do with managing people in a more ethical, sustainable and effective way than what is common these days. For example employees values like trust, respect and commitment are rarely considered as values that can contribute to social capital
Payne, Christopher T
When planning capital expenditures, hospitals and health systems should understand the following financing considerations: Traditional fixed-rate tax-exempt bonds; Variable-rate financing alternatives; Basel III Accord requirements; Direct tax-exempt bank loans; Total return swaps Taxable financings; Interest-rate swaps and collateral requirements
Flor, Christian Riis
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 p...
This paper merges economic geography and relational capital perspective in order to analyze the proximity-based antecedents of relational assets in brokerage. It investigates empirically the role and interplay of geographical and cognitive proximity between a broker and her buyers in a quantitative...... for buyers characteristics. Lastly, I make use the under-researched empirical field of brokers....
Waldstrøm, Christian; Svendsen, Gunnar Lind Haase
a dual focus on social capital as both immediately and potentially productive resources, i.e. assets that can be immediately capitalized by individuals as well as ‘cultivated' for future use. We argue that to further operationalize this concept we must distinguish between actual/potential social capital...
Blouin, J.; Huizinga, H.P.; Laeven, L.; Nicodeme, G.
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
B. Jacobs (Bas); A.L. Bovenberg (Lans)
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
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.
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...
Isil Erel; Brandon Julio; Woojin Kim; Michael S. Weisbach
Do macroeconomic conditions affect firms' abilities to raise capital? If so, how do they affect the manner in which the capital is raised? We address these questions using a large sample of publicly-traded debt issues, seasoned equity offers, bank loans and private placements of equity and debt. Our results suggest that a borrower's credit quality significantly affects its ability to raise capital during macroeconomic downturns. For noninvestment-grade borrowers, capital raising tends to be p...
This paper analyzes the trade-off between financial stability and credit rationing that arises when increasing capital requirements. It extends the Stiglitz-Weiss model of credit rationing to allow for bank default. Bank capital structure then matters for lending incentives. With default and rationing endogenous, optimal capital requirements can be analyzed. Introducing bank financiers, the paper also shows that uninsured funding raises the sensitivity of rationing to capital requirements. In...
Samuel Kortum; Josh Lerner
While policymakers often assume venture capital has a profound impact on innovation, that premise has not been evaluated systematically. We address this omission by examining the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, including exploiting a 1979 policy shift that spurred venture capital fundraising. We find that the amount of venture capital activity in an indust...
Madsen, Susan R.
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…
De Jonghe, O.G.; Öztekin, Ö.
We examine the dynamic behavior of bank capital using a global sample of 64 countries during the 1994-2010 period. Banks achieve deleveraging through active capital management (equity growth) rather than asset liquidation. In contrast, they achieve leveraging through passive capital management
Lassen Hanan, Anne
This paper outlines the major schools within social capital theory. Contemporary authors such as Coleman, Putnam and Bourdieu are elaborated on. The paper also presents a non-exhaustive review on studies of social capital. Furthermore, a criticial discussion on social capital is reviewed, before...
We use data from an online game economy and econometric matching methods to test whether social capital of players has an impact on game success. Membership in a 'clan', a voluntary organization of players, positively impacts game success. Hence, social capital has a positive effect on outcomes. Yet, top performers do not gain from access to this social capital.
Ohashi, Yuki; Taguchi, Atsuko; Omori, Junko; Ozaki, Akiko
Harnessing community assets may help public health nurses address health inequalities. Cultural factor is one such asset, which is assumed to be capital in a community. Cultural capital is a key concept for understanding the causes of public health issues. This paper provided an in-depth analysis of "cultural capital" as a concept. Rodgers' evolutionary methodology was used for concept analysis. Forty-two studies published in English between 1998 and 2015 were retrieved from MEDLINE by searching for "cultural capital" in the title field. Antecedents of cultural capital included "educational environment," "belongingness in one's social group," "existing health/social inequalities," and "daily behavior." Cultural capital's identified attributes were "social cultivation," "reproductive rubric," "practical knowledge," and "autogenic ability." Cultural capital's consequences were "improving productivity," "reducing health/social inequality," and "enhancing well-being." Cultural capital is defined as capital characterized by cultivation, rubric, knowledge, and ability. These aspects of cultural capital are typically autogenic, and accumulate and reproduce through lifelong community membership. Cultural capital reduces inequality and ultimately enhances the well-being of individuals and the community through bonding, bridging, and linking economic and social capital. © 2017 Wiley Periodicals, Inc.
Da Rin, Marco; Penas, Maria
Venture capital investors are specialized financial intermediaries that provides funding for technological innovation with the goal of realizing a capital gain within a few years. We are the first to examine the association of venture capital funding with a company’s choice of innovation strategies.
Da Rin, Marco; Penas, Fabiana
Venture capital investors are specialized financial intermediaries that provide funding for technological innovation with the goal of realizing a capital gain within a few years. We are the first to examine the association of venture capital funding with a company's choice of innovation strategies.
Perotti, E.; Ratnovski, L.; Vlahu, R.
The paper studies risk mitigation associated with capital regulation, in a context when banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited liability. When capital raising is costly, poorly
Perotti, E.; Ratnovski, L.; Vlahu, R.
The paper studies risk mitigation associated with capital regulation, in a context where banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk taking driven by limited liability. Moreover, higher capital may have an unintended
... countercyclical capital buffer was designed to take into account the macro-financial environment in which large... ability to raise capital to meet the increased minimum requirements in the current environment and upon...
Rasmussen, Grane Mikael Gregaard; Edwards, Kasper
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...
Full Text Available Organisational culture discourse mandates a linear approach of diagnosis, measurement and gap analysis as standard practice in relation to most culture change initiatives. Therefore, a problem solving framework geared toward “fixing�? and/or realigning an organisation’s culture is usually prescribed. The traditional problem solving model seeks to identify gaps between current and desired organisational cultural states, inhibiting the discovery of an organisation’s unique values and strengths, namely its cultural capital. In pursuit of discovering and leveraging organisational cultural capital, a descriptive case study is used to show how an Appreciative Inquiry process can rejuvenate the spirit of an organisation as a system-wide inquiry mobilises a workforce toward a shared vision.
Cong, Ronggang; Termansen, Mette; Brady, Mark
Farmers are exposed to substantial weather and market related risks. Rational farmers seek to avoid large losses. Future climate change and energy price fluctuations therefore make adaptating to increased risks particularly important for them. Managing soil natural capital—the capacity of the soil...... to generate ecosystem services of benefit to farmers—has been proven to generate the double dividend: increasing farm profit and reducing associated risk. In this paper we explore whether managing soil natural capital has a third dividend: reducing the downside risk (increasing the positive skewness of profit......). This we refer to as the prudence effect which can be viewed as an adaptation strategy for dealing with future uncertainties through more prudent management of soil natural capital. We do this by developing a dynamic stochastic portfolio model to optimize the stock of soil natural capital—as indicated...
..., Standardized Approach for Risk-Weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule AGENCY: Federal Deposit Insurance... Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and...
Andy Cosh; Douglas Cumming; Alan Hughes
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...
Shcherbachenko Viktoriia Oleksiivna
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.
Shcherbachenko Viktoriia Oleksiivna
Full Text Available 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.
Olga Sergeevna Miroshnichenko
Full Text Available Searching of sources to increase the capitalization of Russian banks is an important economic problem for both the national and regional economy. Moreover, a strong capital base allows to credit institutions to meet the demands of economic agents for banking service. The research focuses on the choice of sources of regulatory capital for the banks of Tyumen region in the context of changing supervisory requirements in the period of 2005–2016, in different phases of the business cycle. We apply econometric methods of statistical information using IBM SPSS Statistics software. We have calculated the individual correlations of regional banks’ capital with gross domestic product (GDP (excluding gross regional product (GRP and GRP (with the exception of the effect of GDP. These calculations have shown that the capital of regional banks is related only to GDP. The increase in the capital of regional banks is accompanied by a change in its structure: the share of authorized capital has halved, and the share of subordinated debt has grown. All sources of capital, other than the reserve fund, are related to GDP. Authorized capital is associated with the profit of profitable lending institutions; retained earnings in the capital of regional banks — with the aggregated amount of risks of the banking system of the Russian Federation. Subordinated debt, like capital as a whole, is negatively affected by the profitability of the banking sector. The change in the capital of regional banks is determined by the change in retained earnings, subordinated debt and reserve fund. Modelling of these relations has allowed to obtain a system of equations. This system synthesizes linear regression models of changing the capital of regional banks in the context of their sourcing. The results of this study are significant for theoretical justification and practical development of a balanced financial policy of regional banks. Our research will contribute to
There is a continuing debate regarding urban community gardening’s benefits to local communities, and a particularly interesting branch of this debate has focused on community gardens capacity to encourage and facilitate social interaction, which may generate social capital. Social capital...... is an increasingly important concept in international research and measures of social capital have been associated with various measures of health. In a meta-analysis of literature published between 2000 and 2016 regarding community gardens’ social advantages, through the lens of the concept of social capital......, it is demonstrated that several studies substantiate that urban community gardens create social capital, both bonding and bridging, and exhibit indications of linking. It is moreover identified how there is much to be learned from future research, illuminating how urban community gardens can foster social capital...
Thomas I. Palley
Full Text Available This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for capital mobility rests on neo-classical economic efficiency arguments and neo-liberal political arguments. The case against capital mobility is based on Keynesian macroeconomic inefficiency arguments, neo-Walrasian market failure arguments, and neo-Marxian arguments regarding distortion of the social structure of accumulation. Close examination shows the case for capital mobility to be extremely flimsy, pointing to the ideological dimension behind today's policy orthodoxy.
Jackson, Matthew O.
I provide a typology of social capital, breaking it down into seven more fundamental forms of capital: information capital, brokerage capital, coordination and leadership capital, bridging capital, favor capital, reputation capital, and community capital. I discuss how most of these forms of social capital can be identified using different network-based measures.
Austin, Robert D.; Meister, Darren
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...... $450 million dollars in less than an hour. Although it was ultimately saved from bankruptcy when it was acquired two days later, the terms of acquisition were very unfavourable to the company's shareholders. How did this happen? Could it have been prevented? What should the staff, the chief executive...
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 number of other variables and supplementing the sample with slightly older data from non-European countries. The evidence of the reverse causal direction is weak. I suggest that it is possible to build social capiatl through investing in education, interest in society and some level of income...
Oscar Alejandro Goyes Viteri
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.
María Isabel Pueyo Roy
Full Text Available El artículo presenta un resumen de la teoría existente sobre capital humano, considerando dos proposiciones que se complementan: la Teoría Neoclásica -educación como formación laboral o señalización al mercado de trabajo- y la Teoría Institucional o de mercados internos de trabajo. Se presenta el desarrollo de ambas teorías, los problemas que presentan y la complementariedad entre las mismas.
McCue, M J; Ozcan, Y A
This study analyzes the determinants of hospital capital structure in a new market setting that are created by the financial pressures of prospective payment and the intense price competition among hospitals. Using California data, the study found hospital system affiliation, bed size, growth rate in revenues, operating risk, and asset structure affected both short- and long-term debt borrowings. In addition, percentage of uncompensated care, profitability, and payer mix influenced short-term borrowings while market conditions and ownership affected long-term borrowings. Most significant of all is the finding that smaller hospitals tend to borrow more, possibly because they cannot generate funds internally.
Svendsen, G.L.; Svendsen, Gert Tinggaard
What are the roots of social capital and how can it be measured and built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society...... and allows more transactions to take place without third-party enforcement. Theory and lessons from empirical evidence lead to the general recommendation that any loss in social capital must be deducted from the economic gain following market forces. For example, the voluntary organization of small......-sized groups in the Danish Cooperative Dairy Movement was eliminated due to economies of scale. It may be so that an alternative way of production, taking social capital into account, could have increased economic growth further....
Horváth, Roman; Seidler, Jakub; Weill, Laurent
This paper examines the relation between banks’ capital and liquidity creation. This issue is of interest to determine the potential impact of higher capital requirements for banks on their liquidity creation, which may have particular importance with new Basel III reform demanding from banks higher capital. We perform Granger-causality tests in a dynamic GMM panel estimator framework on an exhaustive dataset of Czech banks from 2000 to 2010.
This paper reviews the case for and against mandatory legal capital rules. It is argued that legal capital is no longer an appropriate means of safeguarding creditors' interests. This is most clearly the case as regards mandatory rules. Moreover, it is suggested that even an 'opt in' (or default) legal capital regime is unlikely to be a useful mechanism. However, the advent of regulatory arbitrage in European corporate law will provide a way of gathering information regarding investors' prefe...
Stephen Bond; Jing Xing
We present new empirical evidence that aggregate capital accumulation is strongly influenced by the user cost of capital and, in particular, by corporate tax incentives summarised in the tax-adjusted user cost. We use sectoral panel data for the USA, Japan, Australia and ten EU countries over the period 1982-2007. Our panel combines data on capital stocks, value-added and relative prices from the EU KLEMS database with measures of effective corporate tax rates from the Oxford University Centr...
Svendsen, Gunnar Lind Haase; Patulny, Roger
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....
Full Text Available Venture capital (VC is an important fund source for small and medium enterprises (SMEs and start up, particularly to deliver its main product of equity participation. Therefore, capital structure and factors that affect it are very crucial. This study aims to analyze the capital structure of VC firms in Indonesia using econometric model of panel data regression. This study utilizes secondary data of six years period (2009-2014 monthly financial statements of 27 samples out of 58 VC firms to form 1,944 observations. The study reveals that capital structure of VC firms in Indonesia is dominated by debt/loan rather than capital with DER on average is 136.95%. In addition, the research confirms that VC firms’ capital structure is affected simultaneously by financial aspects which are asset size, profitability, liquidity, asset/investment quality, and earning asset structure. The attentions to financial aspects that affect the VC firms’ capital structure as well as other initiatives related to capital increases are necessary so that the VC firms could carry out its role effectively.
... 47 Telecommunication 3 2010-10-01 2010-10-01 false Capital structure. 65.304 Section 65.304... OF RETURN PRESCRIPTION PROCEDURES AND METHODOLOGIES Exchange Carriers § 65.304 Capital structure. The proportion of each cost of capital component in the capital structure is equal to: Proportion in the capital...
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......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....... In the second part, the problems of process art, seen as a threshold of art history, are further examined in another retroanalytical step, in which concepts and objects related to `mirror', `frame' and `immediacy' are analyzed as the triple delimitation of visual culture studies. In the third part, previously...
Resumo: Este estudo consiste numa análise das estratégias ideológicas e discursivas em reportagens das revistas Veja e Carta Capital, publicadas em maio de 2009, sobre a revelação do câncer da então ministra-chefe da Casa Civil do Brasil, Dilma Rousseff. O objetivo é investigar como a comunicação, por meio das estratégias discursivas e ideológicas utilizadas em ambos os veículos informativos, emite determinadas descrições da conjuntura política e eleitoral da época. Para isto, são realizados ...
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
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...... 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....... In the second part, the problems of process art, seen as a threshold of art history, are further examined in another retroanalytical step, in which concepts and objects related to `mirror', `frame' and `immediacy' are analyzed as the triple delimitation of visual culture studies. In the third part, previously...
'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)
D.E. Allen (David); M.J. McAleer (Michael); R.J. Powell (Robert); A.K. Singh (Abhay)
markdownabstract__Abstract__ 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
Allan, Julie; Catts, Ralph
This paper reports on the significance of social capital in relation to education, exploring its relevance to teachers and other professionals as well as among young people. It draws on aspects of five case studies undertaken by the Schools and Social Capital Network, within the Applied Educational Research Scheme in Scotland. These case studies…
Newman, Carol; Tarp, Finn; Khai, Luu Duc
In this paper, we analyze household savings in rural Vietnam paying particular attention to the factors that determine the proportion of savings held as formal deposits. Our aim is to explore the extent to which social capital can play a role in promoting formal savings behavior. Social capital...
Edelweiss, Danila Lorens
Através de uma pesquisa realizada com empresas rio setor de varejo, é realizada uma análise do conjunto de indicadores de capital intelectual com o objetivo de buscar evidências que empresas que apresentam melhores indicadores de capital intelectual, também apresentam melhores resultados financeiros.
Da Rin, M.; Penas, M.F.
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
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…
Lensink, R; Hermes, N; Murinde, [No Value
This paper provides the first serious attempt to examine the relationship between political risk and capital flight for a large set of developing countries. The outcomes of the analysis show that in most cases political risk variables do have a statistically robust relationship to capital flight
Bekele, Wosen; Escobedo, Eva; Allen, Robert
Avascular necrosis of the capitate is a rare entity. The most common reported etiology is trauma. We report a case of avascular necrosis of the capitate in a patient with chronic wrist pain that began after a single episode of remote trauma.
Bekele, Wosen; Escobedo, Eva; Allen, Robert
Avascular necrosis of the capitate is a rare entity. The most common reported etiology is trauma. We report a case of avascular necrosis of the capitate in a patient with chronic wrist pain that began after a single episode of remote trauma. PMID:22470799
Full Text Available O artigo aborda a questão da metodologia que Marx utilizou em O Capital. A hipótese é que Marx utiliza a Fenomenologia do Espírito de Hegel como paradigma, em vez da Ciência da Lógica, como se acredita. O argumento discerne a fenomenologia do século 19 a partir da compreensão atual, moldada por Husserl. Além disso, eu remeto a ideia de uma fenomenologia em economia de volta ao círculo dos jovens hegelianos em torno de Proudhon. No entanto, o argumento é conclusivo apenas por um olhar mais atento ao uso que Hegel e Marx fazem dos níveis distintos de abstração dentro de suas respectivas exposições. O artigo demonstra especialmente os paralelos no início de ambos os livros e a forma como os seus autores avançam de um nível para o outro. Em contraste com as abordagens atuais que empregam a Ciência da Lógica como paradigma, eu saliento a especificidade que os objetos de investigação exibem em seus níveis particulares de abstração. Exemplos são a diferença de valores e preços de mercado e a discriminação entre capitais em geral e capital como um de muitos capitais em competição.
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...... capital is formed at spatial scales lower than the national or international, because the density of matrices of social relations increases with proximity. The paper also offers a discussion of how national and regional policies may be suited for promoting social capital....
Carrillo Álvarez, Elena; Riera Romaní, Jordi
Social capital is defined as the resources available to individuals and groups through membership in social networks. However, multiple definitions, distinct dimensions and subtypes of social capital have been used to investigate and theorise about its relationship to health on different scales, creating a confusing picture. This heterogeneity makes it necessary to systematise social capital measures in order to build a stronger foundation in terms of how these associations between the different aspects of social capital and each specific health indicator develop. We aim to provide an overview of the measurement approaches used to measure social capital in its different dimensions and scales, as well as the mechanisms through which it is presumed to influence health. Understanding the mechanisms through which these relationships develop may help to refine the existing measures or to identify new, more appropriate ones. Copyright © 2016 SESPAS. Publicado por Elsevier España, S.L.U. All rights reserved.
Ejlskov, Linda; Mortensen, Rikke N; Overgaard, Charlotte
BACKGROUND: The concept of social capital has received increasing attention as a determinant of population survival, but its significance is uncertain. We examined the importance of social capital on survival in a population study while focusing on gender differences. METHODS: We used data from...... a Danish regional health survey with a five-year follow-up period, 2007-2012 (n = 9288, 53.5% men, 46.5% women). We investigated the association between social capital and all-cause mortality, performing separate analyses on a composite measure as well as four specific dimensions of social capital while...... controlling for covariates. Analyses were performed with Cox proportional hazard models by which hazard ratios and 95% confidence intervals were calculated. RESULTS: For women, higher levels of social capital were associated with lower all-cause mortality regardless of age, socioeconomic status, health...
Frederiksen, Anders; Kato, Takao
capital formally through schooling for career success, as well as the gender gap in career success rates. Second, broadening the scope of human capital by experiencing various occupations (becoming a generalist) is found to be advantageous for career success. Third, initial human capital earned through......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...... 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...
Large organizations, including the US Army Medical Department and the Army Nurse Corps, are people-based organizations. Consequently, effective and efficient management of the human capital within these organizations is a strategic goal for the leadership. Over time, the Department of Defense has used many different systems and strategies to manage people throughout their service life-cycle. The current system in use is called Human Capital Management. In the near future, the Army's human capital will be managed based on skills, knowledge, and behaviors through various measurement tools. This article elaborates the human capital management strategy within the Army Nurse Corps, which identifies, develops, and implements key talent management strategies under the umbrella of the Corps' human capital goals. The talent management strategy solutions are aligned under the Nurse Corps business strategy captured by the 2008 Army Nurse Corps Campaign Plan, and are implemented within the context of the culture and core values of the organization.
Bersem, Mario; Perotti, Enrico; von Thadden, Ernst-Ludwig
We present a positive theory of capital market frictions that raise the cost of capital for new firms and lower the cost of capital for incumbent firms. Capital market frictions arise from a political conflict across voters who differ in two dimensions: (i) a fraction of voters owns capital......, the rest receives only lab or income; and (ii) voters have different vintages of human capital. We identify young workers as the decisive voter group, with preferences in between capitalists who favor a free capital market, and old workers, who favor restricted capital mobility. We show that capital market...... frictions do not naturally arise in a static framework, or even in a dynamic framework if capital market frictions are reversible. But if capital market frictions can be made to p ersist over time, we show that young workers favor capital market frictions as a way to smo oth income, especially if wealth...
... unlevel playing field between banking organizations and other financial services providers. For example, a... for banking organizations. The final rule consolidates three separate notices of proposed rulemaking... minimum capital requirement, a higher minimum tier 1 capital requirement, and, for banking organizations...
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 taken...
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.
Adrián Osvaldo Ravier
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.
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
Full Text Available The paper analyses the typology of capitalism in Croatia. The Croatian form of capitalism is specific, in form and origin, with links between the pre-independence and post-independence periods, implying that capitalism has gradually evolved – from the political during the eighties towards current clientelistic capitalism. The manufacturing focus aims to facilitate the analysis of institutional, political and economic changes over the past forty years, emphasising the implications of institutional changes which have to a great extent, apart from the war of course, influenced the evolution of capitalism. The paper finds that the transition generated a number of costs, mainly generated by the state (fall in employment, manufacturing and social capital. The claim that the manufacturing industry has inherited low competitiveness neglects the necessary discussion on the role of the state in the formation of industrial policy and market actions. It is also an ex post argument for the claim that restructuring should have been implemented prior to privatisation as this would reduce negative impacts. Institutional changes led to a drastic reduction of the role of the manufacturing sector in the economy. The main finding in this paper is that the change in the interaction between the financial and the real sectors of the economy, the educational system and industrial relations system exposed the vulnerability of the current institutional environment. Despite similarities, institutional advantages of political capitalism are lost in the new type of Croatian capitalism, due to the complexity of the double transition process and the institutional or socio-economic particularities.
Full Text Available In 2013 the Nobel Prize in Economic Sciences was awarded to the American economists, Eugene Fama, Lars Peter Hansen and Robert Shiller. The monetarists, Fama and Hansen, from the University of Chicago, and the Neo- Keynesian, Shiller, from the Yale University, according to the Swedish Royal Academy, won this prestigious prize for their research providing mathematical and economic models to determine (irregularities in the stock value trends at the stock exchanges. With his colleagues, in the 1960s Fama established that, in the short term, it is extremely difficult to forecast stock prices, given that new information gets embedded in the prices rather quickly. Shiller, however, determined that, although it is almost impossible to predict the stock prices for a period of few days, this is not true for a period of several years. He discovered that the stock prices fluctuate much more substantially than corporation dividents, and that the relationship between prices and dividends tends to decline when high, and to grow when low. This pattern does not apply only to stocks, but also to bonds and other forms of capital.
Full Text Available The purpose of this research is to examine the influence of intellectual capital and its components, represented by physical capital (capital employed, human capital, and structural capital,on financial performance of mining and manufacturing companies listed in Indonesia Stock Exchange (Bursa Efek Indonesia – BEI period of 2010 – 2012. Total population observed during this research shows 169 mining and manufacturing companies.The sample was determined by purposive sampling method and found a total of 70 samples as the research subjects. The analytical technique for the quantitaive data uses a statistical tool, i.e. multiple regression. Intellectual capital and its components were measured by Pulic Model, while financial performance uses Return on Equty (ROE ratio. The results show that intellectual capital and human capital have negative influence, yet insignificant, impacton companies financial performance. While physical capital (capital employed and structural capital do have positive influence but not significanton companies financial performance.
Porteous, Bruce; Tapadar, Pradip
The impact that capital structure and capital asset allocation have on financial services firm economic capital and risk adjusted performance is considered. A stochastic modelling approach is used in conjunction with banking and insurance examples. It is demonstrated that gearing up Tier 1 capital with Tier 2 capital can be in the interests of bank Tier 1 capital providers, but may not always be so for insurance Tier 1 capital providers. It is also shown that, by allocating a bank or insuranc...
Prieur, Annick; Savage, Mike
assessment of the arguments made, including those made in the studies we have been involved in ourselves (the study of cultural capital and social exclusion in the UK, and the study of the Danish city Aalborg). Secondly, the paper looks into the different claims that are made in empirical studies after...... - 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 for this conference......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...
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.
Vladimir Nikiforovich Belkin
Full Text Available In the article, the main theoretical questions of the organizational capital of the enterprise are considered. The concept of «organizational capital of the enterprise» as a system consisting of three subsystems (organization of production, labour organization and management is introduced. It is shown that the organizational capital forms the labour relations system at the enterprise consisting of the cooperation, technological, economic, moral labour relations and the relations of workers’ responsibility. The model of cyclic evolution of crisis at the enterprise caused by shortcomings of the organizational capital is revealed. It is shown that the organizational capital is a basis for the realization of the human capital, which creates value added. A considerable attention is paid to the experience of the creation and functioning of the organizational capital at the enterprises of the Japanese corporation «Toyota». The Russian economic literature on crisis management quite often considers only the financial aspects of diagnostics, proposing the optimization of cash flows, elimination of excess stocks, transition to the medium-term budgeting and others. However, the deep reasons of crisis need to be found not only in financial streams, but also in the system of the work relationships. The shortcomings in the development of technological, cooperation, economic, moral labour relations and the relations of responsibility directly reflects the shortcomings in the development of the elements of the organizational capital as they «are adjusted» by these elements. In turn, organizational problems affect the product quality leading to the customer attrition and decrease in the enterprise’s financial performance. The lack of financial resources cause the need to save costs (first of all, on personnel, that was brightly shown by the economic crisis of 2009 that even more weakens the enterprise and system of labour relations. Finally, the
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.
This paper reviews capital taxation issues in Italy based on a comprehensive definition encompassing taxes on income, transactions, and ownership. It discusses options to enhance the neutrality of the capital income tax system, followed by a detailed analysis of the property tax, the inheritance tax, and various transaction taxes. The paper also examines the case for replacing the set of existing taxes on financial and real assets with a single net wealth tax.
Kirill G. Skripkin
Full Text Available The paper describes a new approach to the description of organizational capital in enterprise architecture. This approach is focused on internal consistency of organizational mechanisms and their fit to the requirements of technologies in use and key employees. The description rests on Henry Mintzberg organizational design theory. The value of this description is demonstrated for the case of influence of Ministry of Education and Science policy on the organizational capital of the Russian university.
Hughes, K.R.; Brown, D.R.
The displacement or deferral of conventional AC transmission line installation is a key benefit associated with several technologies being developed with the support of the U.S. Department of Energy's Office of Energy Management (OEM). Previous benefits assessments conducted within OEM have been based on significantly different assumptions for the average cost per mile of AC transmission line. In response to this uncertainty, an investigation of transmission line capital cost data was initiated. The objective of this study was to develop a database for preparing preliminary estimates of transmission line costs. An extensive search of potential data sources identified databases maintained by the Bonneville Power Administration (BPA) and the Western Area Power Administration (WAPA) as superior sources of transmission line cost data. The BPA and WAPA data were adjusted to a common basis and combined together. The composite database covers voltage levels from 13.8 to 765 W, with cost estimates for a given voltage level varying depending on conductor size, tower material type, tower frame type, and number of circuits. Reported transmission line costs vary significantly, even for a given voltage level. This can usually be explained by variation in the design factors noted above and variation in environmental and land (right-of-way) costs, which are extremely site-specific. Cost estimates prepared from the composite database were compared to cost data collected by the Federal Energy Regulatory Commission (FERC) for investor-owned utilities from across the United States. The comparison was hampered because the only design specifications included with the FERC data were voltage level and line length. Working within this limitation, the FERC data were not found to differ significantly from the composite database. Therefore, the composite database was judged to be a reasonable proxy for estimating national average costs
Pihl, Patricia; Albertsen, Karen; Hogh, Annie; Andersen, Lars Peter Sønderbo
Workplace bullying is a serious stressor with devastating short- and long-term consequences. The concept of organizational social capital may provide insights into the interactional and communicative dynamics of the bullying process and opportunities for prevention. This study aimed to explore the association between organizational social capital and being a target or observer of workplace bullying. Based on self-reported cross-sectional data from a large representative sample of the Danish working population (n = 10.037), logistic regression analyses were conducted to explore at the individual level the associations between vertical and horizontal organizational social capital with being a target or observer of workplace bullying. In the fully adjusted models, low organizational social capital (vertical and horizontal) was associated with significantly increased odds ratios of both self-labelled (vertical: OR = 3.25; CI = 2.34-4.51; horizontal: OR = 3.17; CI = 2.41-4.18) and observed workplace bullying (vertical: OR = 2.09; CI = 1.70-2.56; horizontal: OR = 1.60; CI = 1.35-1.89), when compared with high organizational social capital. This study supports that characteristics of the psychosocial work environment are of importance in the development of workplace bullying, and provides focus on the importance of self-reported organizational social capital.
There has been a recent surge of interest in social economics and social capital. Articles on social capital that are published in the last five years constitute more than 60 percent of all articles on social capital. Research on social capital is now massive and spans sociology, economics, management, political science and health sciences. Despite this interest there is still not a consensus on the definition and the measurement of social capital. This paper argues that this is due to lack o...
The purpose of this paper is to develop a conceptual framework for the evolution offinancial reporting on capital market. Due to the worlwide changes, the role of financial reportingin capital market is constantly growing. Financial reporting analyzed through market perspective isstrongly correlated with issues like: capital allocation, financial statements, internationalaccounting standards and informational valences. Capital market research emphasizes the need forqualitative and transparent...
... requirement, the leverage ratio requirement, the tangible capital requirement, or individual minimum capital... capital directive, it may become effective immediately. A capital directive shall remain in effect and... plan shall continue in full force and effect. (b) Relation to other administrative actions. The Office...
This contribution introduces the notion of social capital and discusses integration into the studies on internationalization of smaller firms and entrepreneurs. Integrating social capital into the resource based perspective, we categorize social capital at three levels: firstly, social capital can...... be attributed to individuals, affecting their relationship with the external environment. Secondly, social capital is an inherent property of networks, into which smaller firms and entrepreneurs are embedded. Thirdly, social capital exists at the macro level, where its characteristics and availability varies...... between environments and nations. This contribution attemps to fascilitate the operationalization of social capital for an improved understanding of processes of internationalization of smaller firms and entrepreneurs....
Full Text Available The concept of social capital has a long intellectual history in the fie ld of social sciences. In recent years, interest of scholars from sociology, po litical science, economics and public administration is rapidly increasing. The reason for this increasing interest is that it has been aware of the importance of social capital in communities’ administrative, social, economic and political development. In this sense, the concept of social ca pital is an issue to be discussed with solution of current problems of public administration, subjects of governance, civil society, and participation. Social capital has a lot of definitions which are completely different from each other. Common point of these different definitions is that social capital is a resource at both individual and community level. We will use Robert Putnam’s defi nition about social cap ital in this paper. Putnam (1993 defines social capital as “features of social organization, such as trust, norms, and networks that can improve the efficiency of society by facilitating coordinated action”. In his book; Bowling Alone: The Collapse and Revival of the American Community, Putnam describes declining social capital in America. He analyzes relationship between social capital and civic participation and assumes that there is a positive relationship between social capital and civic participation. The paper aims to reveal how there is a relationshi p between social capital and civic participation in Central Florida. We will use “The Central Florida Social Capital Community Benchmark Survey that is made by The Survey Research Labora tory in the Ins titute for Social and Behavior Sciences at the University of Central Florida among central Florida residents. We use notion of civic participation not only as voting but also as concern of politics, volunteering, attending a political meeting, participating in any demonstrations, protests or boycotts, cooperating to solve problems and
Full Text Available This article entitled Statistical Models of Representing Intellectual Capital approaches and analyses the concept of intellectual capital, as well as the main models which can support enterprisers/managers in evaluating and quantifying the advantages of intellectual capital. Most authors examine intellectual capital from a static perspective and focus on the development of its various evaluation models. In this chapter we surveyed the classical static models: Sveiby, Edvisson, Balanced Scorecard, as well as the canonical model of intellectual capital. Among the group of static models for evaluating organisational intellectual capital the canonical model stands out. This model enables the structuring of organisational intellectual capital in: human capital, structural capital and relational capital. Although the model is widely spread, it is a static one and can thus create a series of errors in the process of evaluation, because all the three entities mentioned above are not independent from the viewpoint of their contents, as any logic of structuring complex entities requires.
... capitalized Banks. 1229.5 Section 1229.5 Banks and Banking FEDERAL HOUSING FINANCE AGENCY ENTITY REGULATIONS CAPITAL CLASSIFICATIONS AND PROMPT CORRECTIVE ACTION Federal Home Loan Banks § 1229.5 Capital... classification of adequately capitalized. A Bank may not make a capital distribution if such distribution would...
Ewing, Samuel D., Jr.; Maloney, Clifton H. W.
This minority capital resource handbook consists of a guide to raising capital for minority entrepreneurs and a listing of sources that provide such capital. The first section deals with the process of raising capital. The realities of raising capital, intermediaries and financial advisors, and assessing needs are outlined. Factors considered in…
Danthine, Jean-Pierre; Jin, Xiangrong
Recent studies have found unmeasured intangible capital to be large and important. In this paper we observe that by nature intangible capital is also very different from physical capital. We find it plausible to argue that the accumulation process for intangible capital differs significantly from the process by which physical capital accumulates. We study the implications of this hypothesis for rational firm valuation and asset pricing using a two-sector general equilibrium model. Our main fi...
This paper studies income-redistribution effects from labor migration in a small open economy under alternative assumptions on the international mobility of capital. Our principal result is that induced international capital flows dampen or may even reverse redistribution effects. However, as long as the location of capital is unaffected by migration redistribntion effects may be greater if some of the capital is foreign owned, depending on whether labor and capital are friends or enemies. On...
Full Text Available What type of capitalism do we live in today? My answer to this question draws upon two interrelated lines of argument. Firstly, I will argue that we inhabit an epoch of global capitalism. The precursors of this kind of capitalism originated from the late nineteenth century when the development of telegraph networks, modern transport systems and world time zones provided a global template for industrialisation and Western imperialism. From about 1980 a confluence of global events and processes bought a fully-fledged global capitalism into being. These included the collapse of Fordist Keynesianism, national Keynesianism and Soviet Communism along with First, Second and Third World demarcations; the international proliferation of neo-liberal policy regimes; the growth of transnational corporations in all economic sectors; the predominance of financialisation and the reconstitution of global workforces. Secondly, I will argue that the shift from organic surface energy to underground fossil energy intertwined the time of the earth with the time of human history as nature was being instrumentalised as a resource for humanity. Understanding the capitalist relations of power involved here requires that we rethink the emergence of industrial capitalism in the historical context of a world system built upon unequal socio-ecological exchange between core and periphery. Today, global capitalism has intensified the anthropogenic feedback loops associated with CO2 emissions and climate change and universalised the organisational frameworks of profit extraction and socio-ecological destruction. I refer here to the transnational systems of fossil fuel capitalism along with their interlinkages with financialisation and advertising/commodity fetishism. From the preceding lines of argument I will briefly outline the intra-capitalist and planetary-ecological crises out of which transnational coalitions of opposition might emerge.
Robinson, J C
Medical groups need financial resources yet most retain no earnings and have no reserves. Physician practice management (PPM) companies have recognized the need for investment and the scarcity of indigenous capital in the physician sector and are rushing to fill the void. Resources are being contributed by venture capitalists, bond underwriters, private investors, pharmaceutical manufacturers, health plans, hospital systems, and public equity markets. The potential contribution of PPM firms is to nurture the intellectual capital of leading physician organizations and diffuse it throughout the health care system. The risk is that short-term financial imperatives will impede necessary long-term investments.
Jonathan Berk; Johan Walden
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...
Full Text Available This article presents an analysis of intellectual capital; its management, features and processes by which intellectual capital of a company can be evaluated. The main elements of intellectual capital (human, structural and relationship capital are presented and used in research. After surveying bibliography, intellectual capital evaluation model, which applies to Lithuanian and Latvian companies operating in the transport sector, is created. The research is based on the value-added intellectual capital factor model, the relationship between indicators, multi-asset return correlation and regression analysis and generation of alternatives to intellectual capital performance-enhancing. Following an assessment of intellectual capital of Lithuanian and Latvian transport sectors, on the basis of the results, it was found that the intellectual capital is a key factor in corporation management to increase revenue. Article in Lithuanian
Full Text Available The current crisis seems to shake the foundations of contemporary society as a whole and generated increasingly more opinions that show the capitalist society has begun and continues to lose ground. This is because capitalism has changed something inside so deeply that eternal truths of capitalism – economic growth, full employment, financial stability – seem to have crashed like the New York twin towers. Beyond all the shortcomings, quite a lot in numbers, known and recognized, the world and those who analyze it agree that , at least so far, has not been invented a better mechanism to obstruct and retain tyranny and so it is possible to consider the evolution of capitalism only in and through democracy.
Villalonga-Olives, Ester; Kawachi, Ichiro
Social capital has been defined as the resources available to individuals and groups through membership in social networks. The definition is consistent with either an individualistic approach, i.e. resources (such as information or instrumental assistance) that are accessed by individuals through their network connections; or a collective approach, e.g. the benefits accruing to members of a group - such as the ability of a community to engage in collective action - as a consequence of the existence of cohesive relationships. While research often restricts itself to a single level of analysis, the benefits (and downsides) of social capital accrue to both the individual as well as to the network to which he belongs. In the Dictionary of Epidemiology both the individual and collective levels of analysis were recognized in the definition of social capital. Copyright © 2014 SESPAS. Published by Elsevier Espana. All rights reserved.
Murillo, David; Vallentin, Steen
capital are interrelated, turning social capital into a powerful instrument to better explain what academic literature has called silent CSR practices. The analysis that follows questions some of the basic tenets that underpin the branch of business ethics that deals with the nature of SMEs' approach...... this type of action d) Any study of this kind of practice requires a dual approach: a) normative when using tools developed by CSR; and b) descriptive and instrumental using the notion of social capital....... in the automotive sector, took the distinctive approach of trying to understand the nature of CSR-like activities developed not by best-in-class CSR-driven companies but by purely competitiveness-driven firms. The case studies provide explicit evidence that the CSR activities of SMEs and the notion of social...
Full Text Available The Europe of Knowledge means shifting to a new stage of identifying, redefining and satisfying the exigencies related to human capital. Among the basic competencies, the language ones shall play a more important role for all age groups, and all categories of jobs and professions in the economic, social and cultural fields due to the emergence of the virtual society and economy. Market internationalisation, as well as the strong outspread of English in all fields led to the emergence of the “working language” making it “strict requirement” from the perspective of the qualitative attributes of human capital. At the same time, from the viewpoint of the human capital, “English is not enough” for sustainable development at regional and international level.
Oszustowicz, R J; Dreachslin, J L
In the era of prospective payment, arranging financing for hospital capital projects is expected to become even more complicated than under cost-based reimbursement systems. This article outlines the information needed for a bond issue in the prospective payment environment, defines the roles and duties of several external persons and organizations involved with planning a major capital financing, and provides an overview of the entire process. This article assumes for illustrative purposes that a tax-exempt bond issue is going to be used to finance a facility expansion. This method was chosen since over 70% of all major capital financing for hospitals use the tax-exempt bond as the principal vehicle for attracting the necessary debt to finance a major construction project. The tax-exempt bond issue also requires the most detail in documentation and legal provisions.
Full Text Available Social capital has been defined as the resources available to individuals and groups through membership in social networks. The definition is consistent with either an individualistic approach, i.e. resources (such as information or instrumental assistance that are accessed by individuals through their network connections; or a collective approach, e.g. the benefits accruing to members of a group – such as the ability of a community to engage in collective action – as a consequence of the existence of cohesive relationships. While research often restricts itself to a single level of analysis, the benefits (and downsides of social capital accrue to both the individual as well as to the network to which he belongs. In the Dictionary of Epidemiology both the individual and collective levels of analysis were recognized in the definition of social capital.
D. Munk, Martin
This paper analyses the acquisition of informational capital, e.g. academic capital, measured as student mobility, and understood as transnational investments in prestigious foreign educational institutions. In the 1990s, educational “zones of prestige” have especially been the United States......) are more likely than students from other social classes to pursue transnational investments, even though students from the middle and working classes have now entered the competition. This result is also recently found in an analysis of Danish academic emigrants. All in all, the studies confirm...... the hypothesis that students from upper classes are more likely than others to invest in specific informational capital in the field of education, in national environments but also in international settings....
To raise the quality of regulatory capital, Basel III capital rules recognize unrealized gains and losses on all available-for-sale (AFS) securities in Common Equity Tier 1 Capital (CET1). However, by examining the correlations between U.S. GDP growth rate, interest rates and regulatory capital ratios computed using Basel III regulatory capital definition for six U.S. global systemically important banks (G-SIBs) since 2007, this chapter finds that Basel III regulatory capital will enhance the...
Weston, Marla J; Estrada, Nicolette A; Carrington, Jane
The wealth and value of organizations are increasingly based on intellectual capital. Although acquiring talented individuals and investing in employee learning adds value to the organization, reaping the benefits of intellectual capital involves translating the wisdom of employees into reusable and sustained actions. This requires a culture that creates employee commitment, encourages learning, fosters sharing, and involves employees in decision making. An infrastructure to recognize and embed promising and best practices through social networks, evidence-based practice, customization of innovations, and use of information technology results in increased productivity, stronger financial performance, better patient outcomes, and greater employee and customer satisfaction.
Oluduro, Francis Oladele; Duru, Longinus; Al Jaafar, Mofid
Date: 2008-06-05 Level: Bachelor Thesis in Business Administration EF0703, 15 ECTS Credits. Authors: Longinus Duru (Stockholm), Francis O.Oluduro (Västerås) and Mofid Al Jaafar (Västerås) Title: Capital Investment Procedures for FEMYSO Problem Area: Undertaking an investment by FEMYSO involves weighing up the risk against the returns but still capital investment decision are still one of the most undertaken decisions by organization managers because it involves commitment of huge amount of mo...
Keuschnigg, Christian; Nielsen, Søren Bo
In this paper we set up a model of start-up finance under double moral hazard.Entrepreneurs lack own resources and business experience to develop their ideas.Venture capitalists can provide start-up finance and commercial support. The effortput forth by either agent contributes to the firm......-set may paradoxically contribute to higher quality of venturecapital finance and welfare. Subsidies to physical investment in VC-backed startupsare detrimental in our framework.Keywords: Venture capital, capital gains taxation, double moral hazard.JEL-Classification: D82, G24, H24, H25...
Silvio Salej Higgins
Full Text Available A partir de O Capital S ocia! está na moda: aná!isepara sua reconstruido teórica (Salej: 2003, ofrecemos una sinopsis sobre la arquitectura teórica de uno de los conceptos más utilizados en las ciencias sociales durante la última década. En el nivel de la discusión sobre las transformaciones de las democracias del primer mundo (putnam: 2001, cuestionamos la tesis básica de que la merma del asociativismo cívico es el resultado de la modernización tecnológica y su concomitante cultura individualista. Por el contrario y en la misma linea de Rothstein (2001, construimos la hipótesis de que la disminución del capital social, denunciada por Putnam (1995, es correlativa al desmantelamiento de las políticas de asistencia social, con la consecuente caída en los indicadores de equidad. De modo prospectivo se presentan las preguntas- clave y las hipótesis para un programa de investigación alternativo y plausible sobre el capital social. Palabras clave: capital social, asociativismo cívico, integración social, equidad.
Sloan, F A; Valvona, J; Hassan, M; Morrisey, M A
This paper provides estimates of the cost of equity and debt capital to for-profit and non-profit hospitals in the U.S. for the years 1972-83. The cost of equity is estimated using, alternatively, the Capital Asset Pricing Model and Arbitrage Pricing Theory. We find that the cost of equity capital, using either model, substantially exceeded anticipated inflation. The cost of debt capital was much lower. Accounting for the corporate tax shield on debt and capital paybacks by cost-based insurers lowered the net cost of capital to hospitals.
Prieur, Annick; Savage, Mike
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...
Ziegler, Magnus Møller
In this working paper, I provide an alternative to William Clare Roberts's argument (in "Marx's Inferno", 2017) that Marx structured "Capital" based on Dante's "Inferno". In stead I argue that the "socialist infernalism" which Roberts identifies in Marx has its roots in Moses Hess's Feuerbachian ...
Full Text Available This paper discusses the main characteristics of the proposed Capital Markets Union in Europe, as they are introduced by the European Commission and various authors, and emphasises some important advantages and disadvantages of this project for the developing and frontier markets in UE, especially for Romania.
The process of capital budgeting varies among different health-care institutions. Understanding the concept of present value of money, incremental cash flow statements, and the basic budgeting techniques will enable the laboratory manager to make the rational and logical decisions that are needed in today's competitive health-care environment.
Gaag, Martin Pieter Johannes van der
The last twenty years have seen the idea of social capital blossoming as a popular and promising new look at phenomena in the social sciences. Essentially a theory that explains how and why relational networks are important for the production of outcomes at the individual and collective level,
Bruff, Ian; Horn, Laura
In this introduction to the special issue, we provide a brief overview of the two distinct but connected meanings of the phrase ‘varieties of capitalism in crisis’: (1) the crisis of empirical political economies under conditions of capitalist diversity; and (2) the crisis of the institutionalist...
Newman, Carol; Tarp, Finn; Van Den Broeck, Katleen
We explore the extent to which social capital can play a role in imparting information about the returns to saving where potential knowledge gaps and mistrust exists. Using data from Vietnam we find strong evidence to support the hypothesis that information transmitted via reputable social...
Paccagnella, Marco; Sestito, Paolo
In this paper we investigate the relationship between social capital and cheating behaviour in standardized tests. Given the low-stakes nature of these tests, we interpret the widespread presence of cheating as a signal of low trust towards central education authorities and as lack of respect for the rule of law. We find that cheating is…
Large capital investments are planned throughout Qatar's energy industry over the next five years totalling $25 billion. This article describes the successful commissioning of Qatar's first liquefied natural gas (LNG) project on time and within budget. The second LNG plant is well underway and plans for a third are under negotiation. (UK)
Burda, Michael C.; Severgnini, Battista
We use synthetic data generated by a prototypical stochastic growth model to assess the accuracy of the Solow residual (Solow, 1957) as a measure of total factor productivity (TFP) growth when the capital stock in use is measured with error. We propose two alternative measurements based on curren...
The debate over the death penalty in the United States has implications beyond our borders. Because of the lack of universal standards governing its use, only those countries which have abolished capital punishment may, with any moral authority, denounce its exploitation as an instrument of political expediency. (IS)
Lindgren, Peter; Saghaug, Kristin Margrethe
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...
Suzana Braga Rodrigues
Full Text Available Social capital may be defined as social relationships that confer actual or potential benefits. It can therefore beunderstood as a particular type of resource. Recent research has drawn attention to how connections andrelationships (networking both at home and abroad can be crucially important for small and medium-sizedenterprises (SMEs seeking to export or invest abroad. However, relatively little is known about how SMEsinitiate, develop and maintain network relationships. This paper reports a study of 32 British SMEs exporting, orattempting to export, to Brazil and of domestic institutional agencies whose role was to facilitate businessconducted between British and Brazilian SMEs. The study explored both the functions of social capital for theSMEs and the process whereby it was developed. Its findings confirm the value of social capital in internationalentrepreneurship. It can provide information, interpretation, market opportunities, and some degree of protectionagainst the risks associated with foreignness, newness and smallness. The study also confirms the vitalimportance of personal trust in sustaining social capital between small firms.
This paper analyzes the relations between social capital, institutions and trust.These concepts are full of ambiguity and confusion.This paper attempts to dissolve some of the confusion, by distinguishing trust and control, and analyzing institutional and relational conditions of trust.It presents a
Full Text Available The paper offers a critical analysis of the central concept around which the popular construct of social capital is organised, i.e. trust. To this end the views of Fukuyama, the leading exponent of the said concept are considered. As a result, the concept in question is found to be ideologically charged and substantively weak in many respects.
The paper offers a critical analysis of the central concept around which the popular construct of social capital is organised, i.e. trust. To this end the views of Fukuyama, the leading exponent of the said concept are considered. As a result, the concept in question is found to be ideologically charged and substantively weak in many respects.
Svendsen, Gunnar Lind Haase; Waldstrøm, Christian
, 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...
Grover, Stuart R.
Twenty five years ago, few community or technical colleges considered launching capital campaigns. They lacked community standing, professional fundraising staff, and the related institutional foundation structure to manage charitable efforts. Gradually, as public funding eroded, bond issues became harder to pass, and colleges recognized the need…
Chen, Wen; Inklaar, Robert
Investments in organization capital increase productivity of not just the investing firm but could also spillover to other firms-similar to investments in research and development. Recent evidence at the industry and economy level suggests such spillovers could be important. In this paper, we fail
... Financial Statements for Bank Holding Companies (FR Y-9C). This calculation will be effective as of the due... to rely on tentative fourth quarter financial statements in developing its capital plan and suggested... rule applies only to bank holding companies with $50 billion or more of total consolidated assets...
Coffé, Hilde R.
Abstract Recent findings indicate that more pronounced community heterogeneity is associated with lower levels of social capital. These studies, however, concentrate on specific aspects in which people differ (such as income inequality or ethnic diversity). In the present paper, we introduce the
Castiglionesi, F.; Feriozzi, F.; Lóránth, G.; Pelizzon, L.
Banks can deal with their liquidity risk by holding liquid assets (self-insurance), by participating in interbank markets (coinsurance), or by using flexible financing instruments, such as bank capital (risk sharing). We use a simple model to show that undiversifiable liquidity risk, that is, the
Frederiksen, Anders; Kato, Takao
and Waldman and Lazear. Our analysis allows for both internal promotion and external recruitment as means to achieve top management appointments, and yields additional findings: the breath of human capital is more important in mature firms, as predicted by the theory; and the concept of firm-specific human...
Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal.
National Capital Planning Commission — The National Capital Planning Commission library catalog is a compilation of titles, authors, years of publication and topics of books, reports and NCPC publications.
M. Hekimoğlu (Mustafa)
textabstractSpare parts are critical for operations of capital products such as aircraft, refineries, trucks, etc/, which require maintenance regularly. Original Equipment Manufacturers (OEMs) bear the responsibility of undisrupted maintenance service and spare parts flow for their capital products.
economy” but also “Knowledge economy” via human capital development. She has not been serious with her ... economy, Human capital, Strategy. Introduction. The world is now controlled by the revolution of Information and Communication.
Social common capital provides members of society with those services and institutional arrangements that are crucial in maintaining human and cultural life. The term Ã¦social common capital' is comprised of three categories: natural capital, social infrastructure, and institutional capital. Natural capital consists of all natural environment and natural resources including the earth's atmosphere. Social infrastructure consists of roads, bridges, public transportation systems, electricity, and other public utilities. Institutional capital includes hospitals, educational institutions, judicial and police systems, public administrative services, financial and monetary institutions, and cultural capital. This book attempts to modify and extend the theoretical premises of orthodox economic theory to make them broad enough to analyze the economic implications of social common capital. It further aims to find the institutional arrangements and policy measures that will bring about the optimal state of affairs.
The report shows the venture capital decision making in staged financing from a real option perspective. The report also describes entrepreneur-venture capital relationship from a prisoner's dilemma approach.
Murphy, James Peter
Employee capital need not be a reoccurring nightmare for bar owners if they create a system for managing their employee capital which deals with recruitment, placement, training and development for all hospitality staff members.
Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal. PMID:28617202
Miglo, Anton; Liang, Shuting; Lee, Zhenting
We analyze the financing decisions and capital structure of internet companies and relate observed findings to the common capital structure theories. Large internet companies usually have low debt and small internet companies have high debt. We find that the trade-off theory of capital structure, pecking order theory, market timing theory and other theories cannot individually explain a firm’s capital structure. However, they can compliment each other in describing some patterns of observed b...
... phase-in would unfairly penalize banking organizations given their already established businesses..., will aid banking organizations with capital planning as they implement FAS 166 and FAS 167 and adjust... assets a banking organization consolidates as a result of changes to U.S. generally accepted accounting...
Bassi, Laurie J.
Describes intellectual capital--employees' brainpower, know-how, knowledge, and processes--and knowledge management--the processes by which a company creates and leverages intellectual capital--as the primary sources of competitive advantage in many industries. Offers ways to measure intellectual capital, a glossary, and additional resources. (JOW)
Mitchell, Deborah; Castles, Francis
This paper is developed in response to Gosta Esping-Andersen's study, The Three Worlds of Welfare Capitalism (1990), in which he categorizes welfare capitalism as Liberal, Conservative, and Social Democratic. The authors argue that there also exists radical welfare capitalism which describes Australia's welfare state.
This article argues that school social capital is crucial for school effectiveness, but it has been disregarded in the traditional school administrative theory. Therefore, this article tries to illustrate the significance of school social capital to school effectiveness. School social capital is defined as the social resources embedded in internal…
Peters, Michael A., Ed.; Bulut, Ergin, Ed.
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…
Kitchen, Peter; Williams, Allison; Simone, Dylan
Social capital has been studied by academics for more than 20 years and within the past decade there has been an explosion of growth in research linking social capital to health. This paper investigates social capital in Hamilton, Ontario by way of a telephone survey of 1,002 households in three neighbourhood groups representing high, mixed and…
Using a theoretical framework, the study proposes an index that can measure the social capital of local action group (LAG) projects. The index is founded on four indicators: number of ties, bridging social capital, recognition, and diversity, which are aggregated into one social capital index. The index has been tested in LAG-Djursland, Denmark,…
Full Text Available The purpose of the paper is to provide some support to the thesis that insurance may reduce the cost of capital in a company by influencing both the cost of capital components and the need for rising capital. The problem is here perceived from two perspectives – the classical concept related to the weighted average cost of capital (WACC and a novel concept related to the risk-based capital structure model with the total average cost of capital (TACC. The paper explains the idea of insurance as a retrospective (post-loss risk financing tool and the risk transfer mechanism upon it. As the risk financing tool insurance reduces the need for the balance-sheet capital in a company and thus the financial distress costs. Also, insurance may reduce the level of operating risk and thus influences the required returns of the capital providers. These observations allow emphasising the impact of insurance on the WACC. However, according to the novel concept of the risk-based capital structure, insurance (as a risk financing tool represents an off-balance sheet capital component. As a consequence, it extends the volume of total capital. The presented conceptual model, based on the TACC concept, indicates that large volume of insurance (the insurance sum and its relatively low cost (the insurance premium gives the possibility to the significant reduction of the cost of capital on average. The concluding remarks discuss some dilemmas over the utility of the TACC concept.
... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Capital stock. 725.5 Section 725.5 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS NATIONAL CREDIT UNION ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided...
Madsen, Erik Strøjer
Human capital is an important growth factor for developing and developed countries and measuring the return to education is essential in evaluating the growth impact from human capital. Most studies use the length of education measured by the years of schooling as an indicator of human capital...
Yoo, Soonhwa; Loadman, William E.
In 1994 the Ohio State Legislature established Venture Capital to support school restructuring. The Venture Capital school initiative is a concept borrowed from the business community in which the corporate entity provides risk capital to parts of the organization to stimulate creative ideas and to provide opportunities for local entities to try…
Human capital wordt door diverse auteurs gezien als een ‘value driver’. Er is echter weinig bekend over de wijze waarop ondernemingen human capital meten en sturen en hoe beleggers op de kapitaalmarkt reageren op human capital informatie die door ondernemingen wordt verstrekt. In dit artikel wordt
Joosen, B.P.M.; Haentjens, M.; Wessels, B.
With the introduction of the Capital Requirements Regulation (CRR) in the European Union, the qualitative requirements for bank regulatory capital have changed. These changes aim at implementing in Europe the Basel III principles for better bank capital that is able to absorb losses of banks,
... Administration 49 CFR Part 611 Major Capital Investment Projects; Notice of Availability of Proposed New Starts... Capital Investment Projects AGENCY: Federal Transit Administration (FTA), DOT. ACTION: Final rule. SUMMARY... capital investments seeking funding under the discretionary ``New Starts'' and ``Small Starts'' programs...
...-0009] RIN 2132-AB02 Major Capital Investment Projects AGENCIES: Federal Transit Administration (FTA... current approach to evaluating and rating major capital investment projects (``New Starts'' and ``Small...'' to address identified transportation needs in the corridor without a major capital investment in new...
Navarra, M.Q.; Niehof, A.; Vaart, van der W.
Social capital is often seen as a substitute for lack of other types of capital among poor people. Because of the recognized applicability of the social capital concept and its correlation with the different dimensions of poverty, it has been used in evaluating the adaptation and integration of
approach in Scientific Research Centers within knowledge based ... Relational Capital (customer capital): represents all the .... measure the economy's human capital by the rates of enrolment in .... skill or ability, a personal characteristic, or a cluster of two or more ..... satisfied with the moral motivation (not financial) of the.
Full Text Available Este artículo sugiere que la metamorfosis de las deudas en derivados y títulos financieros, y de estos en deudas, genera redes de activos y obligaciones, que inducen la emergencia de distintos tiempos del capital, articulados en un sistema complejo, cuya dinámica hace posible sincronizarlos en forma de crisis de carácter global. La crisis se trata como un cambio de estado en un sistema complejo, precipitada por la conectividad generada por el apalancamiento creciente. Es un desarrollo de las teorías de la crisis y de la socialización de la deuda planteadas por Marx en El Capital.
Ngoma, Muhammad; Dithan Ntale, Peter
This paper seeks to evaluate the relationship between psychological capital, career identity, social capital and graduate employability. We also seek to evaluate the mediating role of social capital on the relationships between psychological capital, career identity and graduate employability in Uganda. A population of 480 unemployed young people…
Berdasarkan hasil pengolahan data diketemukan bahwa 1 human capital mampu memberikan kontribusi yang berarti terhadap customer capital. 2 Customer capital mampu memberikan kontribusi yang berarti terhadap kinerja café dan resto di Surabaya, 3 human capital mampu memberikan kontribusi yang berarti terhadap kinerja café dan resto di Surabaya.
Christensen, Poul Rind; Evald, Majbritt Rostgaard; Klyver, Kim
This study investigates the influence of human capital, social capital, and cognition on nascent entrepreneurs' export intentions. The results indicate that while human capital and social capital influence the level of intended export, cognitive characteristics, such as self-efficacy and risk...
-, č. 429 (2010), s. 1-36 ISSN 1211-3298 R&D Projects: GA ČR GA402/09/1595; GA MŠk LC542 Grant - others:MŠk(CZ) SVV-2010-261801 Institutional research plan: CEZ:MSM0021620846 Keywords : capital structure * financing decisions * credit constraints * Eastern Europe Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp429.pdf
Wegner, Rhiana; Gong, Jie; Fang, Xiaoyi; Kaljee, Linda
Individuals with greater social capital have better health outcomes. Investment in social capital likely increases one’s own social capital, bearing great implications for disease prevention and health promotion. In this study, the authors developed and validated the Social Capital Investment Inventory (SCII). Direct effects of social capital investment on perceived stress, and indirect effects through social capital were examined. 397 Participants from Beijing and Wuhan, China completed surveys. Analyses demonstrated that the SCII has a single factor structure and strong internal consistency. Structural equation modeling showed that individuals who invested more in social capital had greater bonding social capital, and subsequently less perceived stress. Results suggest that disease prevention and health promotion programs should consider approaches to encourage social capital investment; individuals may be able to reduce stress by increasing their investment in social capital. Future research is needed to provide additional empirical support for the SCII and observed structural relationships. PMID:25648725
The emergence of Capitalism is said to always lead to extreme changes in the structure of a society. This view implies that Capitalism is a universal and unique concept that needs an explicit institutional framework and should not discriminate between a German or US Capitalism. In contrast, this work argues that the ‘ideal type’ of Capitalism in a Weberian sense does not exist. It will be demonstrated that Capitalism is not a concept that shapes a uniform institutional framework within every ...
The research paper intends to interpret how the three forms of family capital viz. family's financial capital, family's man power capital and family's human capital influences the career choice intention of students of HEI's of Uttarakhand, India. Additionally the study also evaluates the impact of student's individual social capital on his career intent. This is a quantitative study conducted at Uttarakhand state of India on a large sample of students studying in various professional courses...
Full Text Available International working capital management is important to firms frequently operating in the international market. This article investigates the international working capital practices of top Ghanaian firms involved in international trade. The objective of the study is to ascertain the extent to which Ghanaian firms use international working capital management vehicles. The article focuses on two main areas of international working capital management; international cash management and international sales and accounts receivables management. The results of this study reveal low level of use of international working capital vehicles among Ghanaian firms. Recommendations are made in this regard.
Vaughan, J; Wise, J
Physician group practices and networks must have ready access to capital to finance their working capital needs, capital equipment acquisitions, and real estate purchases, as well as to fund the acquisition of additional practices. At least three options for capitalization are available to group practices and networks: debt financing, equity financing, or a combination of the two. The best option for physician group practices and networks depends on the costs of capital and the impact the strategy will have on decision making and governance.
Ioana Julieta Josan
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.
José Manuel Saíz Álvarez
Full Text Available Rev.esc.adm.neg Resultado del proceso de globalización económica actual, unido al inicio de la denominada «Primera Crisis Global (PCG, cada vez es mayor la importancia del capital intelectual en las organizaciones, tanto por las ventajas competitivas que genera para la organización, como por permitir que la empresa pueda lograr posiciones de liderazgo sostenible en el tiempo. Dicho capital intelectual se inserta dentro de las organizaciones siguiendo una doble perspectiva basada en la ética y en la gestión del conocimiento. El objetivo de este trabajo es analizar cuáles son las bases que, desde una gestión del conocimiento basado en la ética aplicada a la empresa, permiten construir organizaciones líderes en el mercado global.
Bryson, Alex; Clark, Andrew E; Freeman, Richard B; Green, Colin P
We show that worker wellbeing is determined not only by the amount of compensation workers receive but also by how compensation is determined. While previous theoretical and empirical work has often been preoccupied with individual performance-related pay, we find that the receipt of a range of group-performance schemes (profit shares, group bonuses and share ownership) is associated with higher job satisfaction. This holds conditional on wage levels, so that pay methods are associated with greater job satisfaction in addition to that coming from higher wages. We use a variety of methods to control for unobserved individual and job-specific characteristics. We suggest that half of the share-capitalism effect is accounted for by employees reciprocating for the "gift"; we also show that share capitalism helps dampen the negative wellbeing effects of what we typically think of as "bad" aspects of job quality.
The author develops an approach to urban dynamics with endogenous capital and population growth, synthesizing the Alonso location model, the two-sector neoclassical growth model, and endogenous population theory. A dynamic model for an isolated island economy with endogenous capital, population, and residential structure is developed on the basis of Alonso's residential model and the two-sector neoclassical growth model. The model describes the interdependence between residential structure, economic growth, population growth, and economic structure over time and space. It has a unique long-run equilibrium, which may be either stable or unstable, depending upon the population dynamics. Applying the Hopf theorem, the author also shows that when the system is unstable, the economic geography exhibits permanent endogenous oscillations.
Full Text Available The scope of this paper is to analyze the main tendencies influencing European capitalmarkets development. In order to point out their implications, we structured our study onfour chapters. The first one illustrates the consolidation of stock exchanges at the Europeanlevel; the seconds presents some considerations about the deregulation/re-regulation of EUcapital markets; the third section highlights the globalization implications on their evolutionand the fourth one indicates the effects of financial innovation. The progressive integrationof European capital markets over the past decade contributed to the lowering of capital costas a result of increased risk diversification opportunities and reduced transaction costs dueto the specialization of financial system provisions. Moreover, the expansion of thesemarkets improved firms financing decisions, leading to an increased share of non-bankfunding sources.
On June 7, 2010, as part of the Atomexpo 2010 exhibition, a round-table discussion took place on the topic Human capital in the nuclear industry: challenges and solutions. The article summarizes reports made during the meeting. Tatiana Kozhevnikova, deputy director general of the Rosatom Corporation, made a report about the strategy and best human resource management practices in member companies of the Corporation. She briefly described the state of the human capital in the Russian nuclear industry and outlined the key provisions of the human resource management strategy. Attendees to the round-table discussion elaborated further on the key statements of the report. The discussion has given an evidence that the Russian nuclear industry is giving an enormous importance to human resource management and is firmly intended on successfully tacking the issues associated with the provision of sufficient staff for the industry's safe and efficient development [ru
Hansen, Per H.
In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900......–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense...
Vaquero Ortiz, E. M.; González Pineda, L. M.; Cascante Díaz, E.
The resources in any organization for its activity development can be divided into two main groups: tangible assets and intangible assets. In recent decades there has been a recognition of the importance of the intangible assets as value generators for the development and growth of organizations. And the so called Relational Capital is among them Relational Capital arises from the relationship processes that an organization maintains with external agents. Thus, in the case of a public research institution, such as CIEMAT, it includes the relations with projects financing organizations, with partners and with customers (both public and private entities which are serviced), as well as the institutional presence understood as the participation in discussion and coordination forums (foundations, associations, committees…). This report presents a study of CIEMAT institutional presence in the year 2015.
Pablo de Andrés
Full Text Available This paper seeks to shed further light on the capital budgeting techniques used by Spanish companies. Our paper posits that the gap between theory and practice might be related to the nature of sources of value and to the efficiency of mechanisms aligning managerial and shareholder incentives, rather than to resource restrictions or model misinterpretation. We analyze data from a survey conducted in 2011, the final sample comprising 140 non-financial Spanish firms. Our findings show a behaviour pattern similar to that reported in prior research for firms in other countries. Particularly noteworthy is that payback appears to be the most widely used tool, while real options are used relatively little. Our results confirm that size and industry are related to the frequency of use of certain capital budgeting techniques. Further, we find that the relevance of growth opportunities and flexibility is an important factor explaining the use of real options.
The merits of the “Capital Markets Union” project lie with its political importance, rather than its legal coherence or significance. Despite a number of substantial flaws, the initiation of this project comes at the right time. The Commission first and foremost sends a political message to the UK...... and other non-Euro Member States, as well as a commitment to the Single Market....
This dissertation studies capital structure decisions of levered and unlevered firms using the modeling framework of Leland (1994). The first chapter, Cash Holdings and Financial Constraints, focuses on optimal management of cash holdings by equity holders of a levered, financially constrained firm. I add financial constraints as a market friction to the traditional model. A financially constrained firm is not able to issue new equity to subsidize net operating losses and is subject to pre...
Malavika Sundararajan; Binod Sundararajan
Objective: The main objective of this study is to define and operationalize the concept of immigrant capital, a key factor that differentiates immigrant from host country entrepreneurs in how they recognize and start new ventures. Research Design & Methods: A detailed analysis of contemporary immigrant entrepreneurship and opportunity recognition literature was carried out. Using grounded theory, we synthesized the outcomes from the analysis of eight Canadian and U.S. case studies of successf...
U.S. corporations do not issue and repurchase debt and equity to counteract the mechanistic effects of stock returns on their debt-equity ratios. Thus over one- to five-year horizons, stock returns can explain about 40 percent of debt ratio dynamics. Although corporate net issuing activity is lively and although it can explain 60 percent of debt ratio dynamics (long-term debt issuing activity being most capital structurerelevant), corporate issuing motives remain largely a mystery. When stock...
María Eugenia Rodríguez Guerrero
Full Text Available In the slang language of Lojanos, it is said that Loja is the musical capital of Ecuador. thesis or clich´e, which has led to write the present article to ﬁnd the theoretical empirical support and practices that support it, constituting it in research object and recommend to the future the innovations that need to be introduced in order to sustain and strengthen this place of Loja. This ﬁrst approach has as a problem What does Loja provides, that distinguish from the rest of the provinces of Ecuador in the musical ﬁeld, to be considered its capital? This ﬁrst delivery aims to build a framework of computer concepts that open up posterity to a ﬁeld of research on music and that translate into policies, plans and programs that empower it. They develop three concepts derived from the thesis: the power to construct music that refers to the generic and speciﬁc competences in different instruments and genres, the amount of music that is produced and the human talent in musical formation that is developed in Loja. Empirical evidence is collected to corroborate or reject the hypothesis: Loja is the musical capital of Ecuador. Data are collected on musical skills and compared at the global level, as well as music production and music training scenarios. At the end the hypothesis is checked. The task of the Lojanos is to innovate the capital. Keywords: Music, musical competitions, musical talent in training, amount of music, musicalperformance, musical instrument, songs.
Full Text Available The article analyzes the most relevant versions of spiritual capital, the aspects they share, and the way in which some of them are linked to religion while others are not. It describes the multidimensional nature of the notion, which leads to a theory of profound motivation that is strongly rooted in the person. This intrinsic dimensión of motivation proves to be decisive for ethical theories of virtue inspired in Aristotle, which emphasize the internal aspect of behavior.
... VENTURE CAPITAL (âNMVCâ) PROGRAM Qualifications for the NMVC Program Capitalizing A Nmvc Company § 108.230 Private Capital for NMVC Companies. (a) General. Private Capital means the contributed capital of a NMVC... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Private Capital for NMVC Companies...
Ayman Chit PhD
Full Text Available The opportunity cost of the capital invested in pharmaceutical research and development (R&D to bring a new drug to market makes up as much as half the total cost. However, the literature on the cost of pharmaceutical R&D is mixed on how, exactly, one should calculate this “hidden” cost. Some authors attempt to adopt models from the field of finance, whereas other prominent authors dismiss this practice as biased, arguing that it artificially inflates the R&D cost to justify higher prices for pharmaceuticals. In this article, we examine the arguments made by both sides of the debate and then explain the cost of capital concept and describe in detail how this value is calculated. Given the significant contribution of the cost of capital to the overall cost of new drug R&D, a clear understanding of the concept is critical for policy makers, investors, and those involved directly in the R&D.
The rise in the specific capital costs of nuclear power plants has caused concern in all industrialized countries in the past few years. Although the amount of this rise differed and at least did not jeopardize the cost edge of nuclear power in Europe, it did result in cost advantages of coal over nuclear power in a number of Federal States in the USA. The cost development in nuclear power plant construction up to the present level of capital costs was due chiefly to intolerable extensions of construction periods as a consequence of dragging licensing procedures, most of them entailing additional conditions which were partly a matter of dispute. There is broad agreement on the need to not detract from the nuclear safety level now attained, but also on the inability to increase it further by any significant margin. It has become evident in the past that, from a certain level onward, additional measures may in fact reduce the level of safety. In this contribution an attempt is made to delineate the framework of reasonable capital expenditure. From this point of departure, realistic considerations of safety and environmental protection can be made for future orientation. (orig.)
Chit, Ayman; Chit, Ahmad; Papadimitropoulos, Manny; Krahn, Murray; Parker, Jayson; Grootendorst, Paul
The opportunity cost of the capital invested in pharmaceutical research and development (R&D) to bring a new drug to market makes up as much as half the total cost. However, the literature on the cost of pharmaceutical R&D is mixed on how, exactly, one should calculate this “hidden” cost. Some authors attempt to adopt models from the field of finance, whereas other prominent authors dismiss this practice as biased, arguing that it artificially inflates the R&D cost to justify higher prices for pharmaceuticals. In this article, we examine the arguments made by both sides of the debate and then explain the cost of capital concept and describe in detail how this value is calculated. Given the significant contribution of the cost of capital to the overall cost of new drug R&D, a clear understanding of the concept is critical for policy makers, investors, and those involved directly in the R&D. PMID:25933615
Jones, Gareth A
This paper is inspired by Thomas Piketty's book Capital in the Twenty-First Century. Piketty does a wonderful job of tracing income and wealth over time, and relating changes to trends of economic and population growth, and drawing out the implications for inequality, inheritance and even democracy. But, he says relatively little about where capital is located, how capital accumulation in one place relies on activities elsewhere, how capital is urbanized with advanced capitalism and what life is like in spaces without capital. This paper asks 'where is the geography in Capital' or 'where is the geography of capital in Capital'? Following Piketty's lead, the paper develops its analysis through a number of important novels. It examines, first, the debate that Jane Austen ignored colonialism and slavery in her treatment of nineteenth century Britain, second, how Balzac and then Zola provide insight to the urban political economy of capital later in the century, and third, how Katherine Boo attends to inequality as the everyday suffering of the poor. © London School of Economics and Political Science 2014.
Scheffler, Richard M; Brown, Timothy T
In introducing this Special Issue on Social Capital and Health, this article tracks the popularization of the term and sheds light on the controversy surrounding the term and its definitions. It sets out four mechanisms that link social capital with health: making information available to community members, impacting social norms, enhancing the health care services and their accessibility in a community, and offering psychosocial support networks. Approaches to the measurement of social capital include the Social Capital Community Benchmark Survey (SCCBS) developed by Robert Putnam, and the Petris Social Capital Index (PSCI), which looks at community voluntary organizations using public data available for the entire United States. The article defines community social capital (CSC) as the extent and density of trust, cooperation, and associational links and activity within a given population. Four articles on CSC are introduced in two categories: those that address behaviors -- particularly utilization of health services and use of tobacco, alcohol, and drugs; and those that look at links between social capital and physical or mental health. Policy implications include: funding and/or tax subsidies that would support the creation of social capital; laws and regulations; and generation of enthusiasm among communities and leaders to develop social capital. The next steps in the research programme are to continue testing the mechanisms; to look for natural experiments; and to find better public policies to foster social capital.
Maria Thereza Pompa Antunes
Full Text Available Muito se tem comentado que os relatórios fornecidos pela Contabilidade Financeira não retratam certas realidades das empresas atualmente, tendo em vista o fato de o valor contábil das ações estar muitas vezes abaixo do seu valor de mercado. Esse contraste entre os dois valores vem sendo identificado como Capital Intelectual e apresentado como um novo conceito de administração de empresas que conduz à necessidade de aplicação de novas estratégias, de nova filosofia de gestão e novas formas de avaliação do valor da empresa. Este trabalho evidencia a verdadeira relação existente entre a Contabilidade e o Capital Intelectual. Desmistifica-se a novidade do conceito, pois comprova-se que o capital Intelectual é parte integrante do Goodwill, conceito secularmente conhecido e estudado pela Contabilidade. Os elementos intangíveis sempre foram abordados pela Contabilidade e, da mesma forma, como nunca se desprezou a sua importância, nunca se subestimou a sua complexidade. Portanto, a Contabilidade não é falha na divulgação das informações por ela registradas. Deve-se entender a finalidade de cada uma das Demonstrações Contábeis, bem como os Princípios subjacentes a elas. A falta de conhecimento, por vezes, conduz a conclusões precipitadas e errôneas. Por outro lado, qualquer que seja o rótulo atribuído aos elementos intangíveis, que sempre fizeram parte das organizações, entende-se e aceita-se que hoje, cada vez mais, o conhecimento e o gerenciamento desses elementos são relevantes para a gestão das empresas, pois o momento atual é caracterizado pela ampla aplicação do recurso do conhecimento pelo homem, que se materializa em novas tecnologias, sistemas e serviços (entendidos como ativos intangíveis que agregam valor às organizações.It has been said many times that the statements provided by Financial Accounting do not give a picture of certain realities of companies nowadays, considering the fact that, often
Full Text Available A new form of digital economic circulation has emerged, wherein ideas, knowledge, labour and use rights for otherwise idle assets move between geographically distributed but connected and interactive online communities. Such circulation is apparent across a number of digital economic ecologies, including social media, online marketplaces, crowdsourcing, crowdfunding and other manifestations of the so-called ‘sharing economy’. Prevailing accounts deploy concepts such as ‘co-production’, ‘prosumption’ and ‘peer-to-peer’ to explain digital economic circulation as networked exchange relations characterised by their disintermediated, collaborative and democratising qualities. Building from the neologism of platform capitalism, we place ‘the platform’ – understood as a distinct mode of socio-technical intermediary and business arrangement that is incorporated into wider processes of capitalisation – at the centre of the critical analysis of digital economic circulation. To create multi-sided markets and coordinate network effects, platforms enrol users through a participatory economic culture and mobilise code and data analytics to compose immanent infrastructures. Platform intermediation is also nested in the ex-post construction of a replicable business model. Prioritising rapid up-scaling and extracting revenues from circulations and associated data trails, the model performs the structure of venture capital investment which capitalises on the potential of platforms to realise monopoly rents.
Victor S. Martyanov
Full Text Available By inertia, which derives from Adam Smith, modern capitalism is described as a free-market competition. This historical model has worked while the market expands and the availability of resources increases. It provided the opportunity to maintain the political order of the welfare state as a form of non-economic egalitarian distribution of resources, which mitigates inequality and class antagonisms generated by market. However, once capitalism has engulfed the whole world, it is more prone to crises: competition intensifies, markets of demand and market outlets do not expand, technological progress creates a growing structural unemployment, economic growth due to the completion of the global village-city transition stagnates, the resources of all the peripheries are almost exhausted. As a result, nationalism and protectionism arise, the polarization between the global center and the periphery increases, and there comes the image of undemocratic and non-egalitarian labor less society on the horizon of the future, with the precariat and the unemployed growing in numbers and demanding large amounts of rent to maintain their livelihoods. Due to this, the market model of capitalism is gradually transforming into a rental one, where the pursuit of profit, the main motivational factor intrinsic to the market, is removed by the pursuit of rent and the redistribution of markets by non-economic ways. In this context, the state becomes the key economic actor, which distributes resources by extra-market means within the hierarchy of rental groups that form the framework of a new structure of the political community.
Piketty's Capital (2014) primarily describes and analyses changes in the distribution of wealth and annual incomes. This paper focuses on his policy proposals that make up Part Four of the book. Piketty defends the 'social state' but he discusses it largely in terms of distribution and redistribution between tax units. This neglects the important role of social policy in promoting recognition and redistribution of income and opportunities that is related to gender, race, disability and sexual orientation. Nor does Piketty consider inequalities in health which effect life-time incomes, nor the impact of housing policies on house prices and the distribution of wealth. It is argued that Piketty's approach to social security is simplistic and plays down the complexity of competing policy goals. On taxation, Piketty defends progressive taxation and proposes a global capital levy. The latter proposal runs into formidable problems in seeking global taxation in a world of nation states. Rather than seeking a policy that is, for the foreseeable future, wholly politically impractical, a case is made for less idealistic but more practical and urgent tax coordination between nations to address the widespread avoidance of taxation that large corporations and the very wealthy are now permitted - taxation on which the future of the social state depends. The importance of human and social capital, which are largely set aside by Piketty, are discussed. Finally,it is argued that his approach to policy is to describe trends and propose amelioration of growing inequality rather than to identify causes of the trends and propose policies that might address the causes. Nevertheless, the importance of his work in bringing issues of inequality to the fore, especially among economists, is recognized and applauded. © London School of Economics and Political Science 2014.
El término “capital”, originalmente utilizado en el campo de la economía y las finanzas, constituye un vocablo ampliamente difundido para representar diversos dominios. En este sentido, por ejemplo, la expresión “capital psicológico” es utilizada por los psicólogos organizacionales para designar los recursos psíquicos individuales que representan la valoración positiva de las circunstancias y la probabilidad de éxito basada en el esfuerzo y la perseverancia. En el marco de la psicología organ...
Grauman, Daniel M; Neff, Gerald; Johnson, Molly Martha
When assessing the financial implications of a physician alignment and clinical integration initiative, a hospital should measure the initiative's potential ROI, perhaps best using a combination of net present value and payback period. The hospital should compare its own historical and projected performance with rating agency median benchmarks for key financial indicators of profitability, debt service, capital and cash flow, and liquidity. The hospital should also consider potential indirect benefits, such as retained outpatient/ancillary revenue, increased inpatient revenue, improved cost control, and improved quality and reporting transparency.
Hirukawa, Masayuki; Ueda, Masako
For the sample period of 1965-1992, Kortum and Lerner (2000) find that venture capital (VC) investments have a positive impact on patent count at industry level, and this impact is larger than that of R&D expenditures. We confirm that this positive impact continued to be present and became even stronger in late 90s during which VC industry experienced an unprecedented growth. We then proceed to study if this positive impact of VC is also present on productivity growth, which is a measure of i...
Balázs István Tóth
Full Text Available The aim of this research is to analyze territorial capital as a new paradigm to make best use of endogenous assets. The study is dealing with the preconditions, meaning and possible theoretical taxonomies of territorial capital. In this study I emphasize that the cumulative effects of regional potentials are more important than economies of scale and location factors. I present different approaches and interpretations of territorial capital, then make an attempt to create an own model. I try to find answers for questions, such as why territorial capital shows a new perspective of urban and regional development; how cognitive elements of territorial capital provide increasing return; how territorial capital influences competitiveness and what kind of relation it has with cohesion.
Using a theoretical framework, the study proposes an index that can measure the social capital of local action group (LAG) projects. The index is founded on four indicators: number of ties, bridging social capital, recognition, and diversity, which are aggregated into one social capital index....... The index has been tested in LAG-Djursland, Denmark, and the study further investigates whether the organisational affiliation, project financing, and LAG co-financing can explain the degree of social capital accumulation. Furthermore, the author has tested if there are connections between motivation...... for pursuing development projects similar to those implemented previously and the degree of social capital. The paper concludes that there are indications that projects hosted by municipalities tend to show the most social capital, there is no connection between the amount of project financing and social...
Yang, Hsieh-Hua; Huang, Fen Fen; Lai, Yi-Horng; Yang, Hung-Jen; Yu, Jui-Chen
The burgeoning interest in social capital within the technology community represents a welcome move towards a concern for the social elements of technological adaptation and capacity. Since technology plays an ever larger role in our daily life, it is necessary to articulate social capital and its relationship to technological literacy. A nationwide data was collected by area sampling, and position generator was used to measure social capital. Regression model was constructed for technological literacy. Age, gender, education, income, web access, and social capital were included as independent variables. The results show that age, gender, education, web access, and social capital were good predictors of technological literacy. It is concluded that social capital is helpful in coping with rapid technological change. Theoretical and empirical implications and future research are discussed.
Peter J. Graham
Full Text Available We examine how national culture impacts organisational selection of capital budgeting systems to develop our understanding of what influence a holistic formulation of national culture has on capital budgeting systems. Such an understanding is important as it would not only provide a clearer link between national culture and capital budgeting systems and advance extant literature but would also help multinational firms that have business relationships with Indonesian firms in suitably designing strategies. We conducted semi-structured interviews of selected finance managers of listed firms in Indonesia and Australia. Consistent with the contingency theory, we found that economic, political, legal and social uncertainty impact on the use of capital budgeting systems. The levels of uncertainty were higher in Indonesia than Australia and need to be reckoned in the selection of capital budgeting systems used by firms. We also found that firms are influenced by project size and complexity, when selecting capital budgeting systems.
Full Text Available The financial crisis that began in 2008 in the USA turned into a global economic crisis in a short time. As such, it had a big impact on the financial stability of Croatia, primarily on capital market. Capital market includes securities trading, primarily stocks and bonds, whose market value is influenced by the market capitalization of capital market and vice versa. Macro economically, market capitalization had an influence on the fall in the value of the entire capital market, and micro economically, it had an influence on the fall of the prices of stocks, bonds and other financial instruments of companies. The volume of trade decreased, but there was an increase in the number of transactions. In other words, people traded more and in smaller quantities. Therefore, the risk increased, and investors became more cautious.
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.
Full Text Available In this paper I discuss two long disputed notions: that capitalism without crises is a fallacy respectively that capitalism bashing, however severe, will not endanger the system itself. Yet proving both is not an easy task since the capitalism issue has always been a cupellation of theory, ideology and political precepts, which are controversial and hard to disentangle. That capitalism detractors are numberless is a truism. Yet criticism against capitalism, however fierce, has always been clearly delineated. Not any more: globalization has rendered the picture dangerously fuzzy. It is now hard to ascertain whether someone who will harangue about the ostensible evils of globalization is also a declared anti-capitalist. The blend of capitalism and globalization seems to be pure dynamite.
The reasons of why Tom Skype paid more attention to Venture Capital management have received more and more attentions from academic researchers in many current business studies. Based upon one case study in the Skype, this research has analyzed the significant of the Venture Capital. This research listed some differences of the situations in for the Skype and how it set up the Venture Capital strategic in China, then gave the author's own opinions to the research question.
Peter J. Graham; Milind Sathye
We examine how national culture impacts organisational selection of capital budgeting systems to develop our understanding of what influence a holistic formulation of national culture has on capital budgeting systems. Such an understanding is important as it would not only provide a clearer link between national culture and capital budgeting systems and advance extant literature but would also help multinational firms that have business relationships with Indonesian firms in suita...
Yang, Hsieh-Hua; Huang, Fen Fen; Lai, Yi-Horng; Yang, Hung-Jen; Yu, Jui-Chen
The burgeoning interest in social capital within the technology community represents a welcome move towards a concern for the social elements of technological adaptation and capacity. Since technology plays an ever larger role in our daily life, it is necessary to articulate social capital and its relationship to technological literacy. A nationwide data was collected by area sampling, and position generator was used to measure social capital. Regression model was constructed for technologica...
Buss, Adrian; Dumas, Bernard J
In some situations, investment capital seems to move slowly towards profitable trades. We develop a model of a financial market in which capital moves slowly simply because there is a proportional cost to moving capital. We incorporate trading fees in an infinite-horizon dynamic general-equilibrium model in which investors optimally and endogenously decide when and how much to trade. We determine the steady-state equilibrium no-trade zone, study the dynamics of equilibrium trades and prices a...
Luo, Yong; Zhu, Bo; Tang, Yong
We investigate the problem of dynamic optimal capital growth of a portfolio. A general framework that one strives to maximize the expected logarithm utility of long term growth rate was developed. Exact optimization algorithms run into difficulties in this framework and this motivates the investigation of applying simulated annealing optimized algorithm to optimize the capital growth of a given portfolio. Empirical results with real financial data indicate that the approach is inspiring for capital growth portfolio.
This paper proposes a dynamic economic model with physical capital and renewable resources. Different from most of the neoclassical growth models with renewable resources which are based on microeconomic foundation and neglect physical capital accumulation, this study proposes a growth model with dynamics of renewable resources and physical capital accumulation. The model is a synthesis of the neoclassical growth theory and the traditional dynamic models of renewable resources with an alterna...
Lu, Wenjie; Yu, Qun
Much research has been done to examine the relation between investors' human capital and their financial asset allocation. While some showed that the value of human capital should be taken into consideration to make financial asset allocation decisions on the composition of investing portfolios, most argued not. In this paper, we selected the monthly return of 9 industrial ETFs from June of 2007 to July 2011, used the present value of total future income as estimate of human capital, and reli...
Alin Marius Andrieş
Full Text Available All participants in capital markets are asking how to finance investments or to invest money available. The answer to these questions depends on the situation you have: deficit or surplus capital. This article addresses issues concerning the place and role of capital market within the financial markets and in financing investments, trying to highlight the growing importance of this subsystem, shown both to economic agents and to all categories of investors.
Fine, Allan; Bacchetti, J Alex
With operating margins showing some improvement in 2003, Y2K being a distant memory, and many critical capital investment decisions delayed as long as possible, hospitals have been on a relative spending spree, building new facilities, renovating operating rooms and inpatient units, and investing in new medical and information technologies. However, with pressure on both cost and revenue expected to continue, if not increase, this spending spree may be short-lived, and hospitals must improve their capital planning efforts; align them with their mission, vision, and strategies; and ensure that capital is available when unplanned or even expected needs arise. This article explores some of the challenges that hospitals face in their capital planning efforts and, more importantly, suggests the necessity for hospitals to integrate capital and strategic planning. Capital planning must be driven by an organization's strategies; however, we also argue that an organization's ability to execute its strategies is highly dependent on the existence of a cohesive capital prioritization and planning process. In this article, we explore a number of issues critical to developing a comprehensive capital plan, including estimating capital costs, evaluating and designing strategies to contend with risk, saving for the proverbial "rainy day," and recognizing the role and value of philanthropy, while challenging some conventional thinking of hospital executives with respect to investment, growth, and planning.
Gretzinger, Susanne; Royer, Susanne
Based on a relational perspective this paper analyses the case of the “Mechatronics Cluster” in Southern Jutland, Denmark. We found that cluster managers are not aware of the importance of social and symbolic capital. Cluster managers could have access to both but they are not aware...... of this resource and they don´t have any knowledge how to manage social and symbolic capital. Just to integrate social-capital-supporting initiatives in the day to day business would help to develop and to foster social and symbolic capital on a low cost level. And in our example just to integrate successful sub...
Full Text Available Formal education, personal abilities and the health state play an important role in this paper. Those are all essential constituent elements of the human capital. In the present paper we intend to present briefly the fundamental concepts of the human capital, with an emphasis on education and abilities. We also mark out the importance of the human capital development in the purpose of maintaining the development and the motivation of the human resources, which are the main premises organizations need to capitalize. The higher education has a determinant role in the attainment of this desideratum.
Full Text Available The novelty and use of current technology in stock exchange trading operations are just a few reasons for which the capital market domain is a controversial one, and the number of crimes already committed in the financial market raises the issue of securing the supply-demand relationship of capital and capital investment protection. If in the Community law there is no incrimination of market abuse, Romanian legislature sanctioned the capital market manipulation as criminal acts committed intentionally in order to discourage such practices and also to increase the confidence of investors in the financial market
Keuschnigg, Christian; Nielsen, Søren Bo
In recent years, venture capital has increasingly become a factor in thefinancing of new firms. We examine how the value of mature firms determinesthe incentives of entrepreneurs to start up new firms and of venture capitaliststo finance and advise them. We examine how capital gains taxes as well...... assubsidies to start-up costs of new firms affect venture capital-backedentrepreneurship. We also argue that dividend and capital gains taxes onmature firms have important consequences for start-up firms as well.JEL Classification: D82, G24, H24 and H25Keywords: double moral hazard, entrepreneurship, taxes...
Authentic Leadership and Spiritual Capital Development: Agenda for Building ... indicate that many business companies and government organizations which ... for the successful building of quality management and effective organizations.
Grøn, Sisse; Svendsen, Gunnar Lind Haase
(Progoulaki & Roe 2011). This challenges social capital on board, i.e. the resources inherent in network cooperation associated with norms of reciprocity and trust (Putnam 2000: 19). Fragmentizing ‘blue’ social capital should however be restored, because work performance depends on the quality of cooperation...... findings suggest that a balance between three types of social capital – bonding, bridging and linking – is needed to achieve a high-performance work system (Gittell et al. 2010). Hence, main actors within the shipping sector should take ‘blue’ social capital into account in order to increase work...... efficiency and economic performance....
Jæger, Mads Meier
do not possess cultural capital. This paper uses extremely rich longitudinal data that provides a better basis than previous studies for holding ‘everything else’ constant. In addition to children and parents’ cultural capital, I control for children’s actual academic ability, physical appearance......, health impairments, social behaviour, antenatal influences, and many family background characteristics. My analysis shows, first, that both children and parents’ cultural capital have independent effects on teacher ability ratings. Second, for oral ability I find that parents’ cultural capital ‘protects...
... total capital-to-asset ratio (both of which shall be based on the same financial data used for the... the liquidity, capital, earnings or continuing operations of the Bank, including those affecting...
This paper discusses Corporate Social Capital and Public Relations. This paper overviewed the Social Capital studies, especially early studies in sociology field, proposed the framework to evaluate Social Capital in a capital. Social Capital has the merit to reduce transaction costs, and should be clearly positioned as a component of capital of corporation. Using the concept of the Corporate Social Capital, to rethink the definition of Public Relations, this paper proposed the following defin...
Couto, Eduardo; Bilau, José
The aim of this study is to analyse whether the human capital of the nascent entrepreneur influences the initial capital structure of Portuguese innovative firms. The research model used includes a dependent binary variable devised to check the initial capital structure, two groups of independent variables referring to the human capital and a group of control variables. The results obtained through logistic regression show that "heterogeneity of professional experience" positively influences ...
Lucyna Gornicka; Sweder van Wijnbergen
We investigate actual capital chosen by banks in presence of capital minimum requirements and ex-post penalties for violating them. The model yields excess capital that is always positive and increases during times of distress in the economy, which is in line with empirical evidence. Next, we show that in presence of ex-post violation penalties the introduction of the conservation buffer under Basel III will not contribute to lowering the pro-cyclicality of capital regulations. The countercyc...
Shahidul, S. M.; Karim, A. H. M. Zehadul; Mustari, S.
Resources from multiple social contexts influence students' educational aspiration. In the field of social capital a neglected issue is how students obtain social capital from varying contexts and which contexts benefit them more to shape their future educational plan which consequently affects their level of aspiration. In this study, we aim to…
... STATEMENTS OF GENERAL POLICY CAPITAL MAINTENANCE Prompt Corrective Action § 325.103 Capital measures and... agreement, order, capital directive, or prompt corrective action directive issued by the FDIC pursuant to... CFR 28.15(b), or to comply with asset maintenance requirements pursuant to 12 CFR 28.20; or (B) The...
Horne, John; Lingard, Bob; Weiner, Gaby; Forbes, Joan
This paper draws on a research study into the existence and use of different forms of capital--including social, cultural and physical capital--in three independent schools in Scotland. We were interested in understanding how these forms of capital work to produce and reproduce "advantage" and "privilege". Analysis is framed by…
The measurement of capital inputs is still a contentious issue: many choices have to be made that have potentially large effects on the resulting capital input series. This paper compares a large number of methodological choices and their impact on U.S. capital services at the industry and aggregate
Hinton, Kip Austin
Social science research on communities of color has long been shaped by theories of social and cultural capital. This article is a hermeneutic reading of metaphorical capital frameworks, including community cultural wealth and funds of knowledge. Financial capital, the basis of these frameworks, is premised on unequal exchange. Money only becomes…
Han, J.; Han, J; Brass, D.
We highlight the social aspects of team creativity by proposing that team creativity is influenced by two types of team social capital: bridging and bonding social capital. Going beyond the structural perspective, we posit that team-level human capital diversity is one of the potential antecedents
Full Text Available Jason Moore. 2015. Capitalism in the Web of Life. Ecology and Accumulation of Capital [Capitalismo en la red de la vida. Ecología y acumulación de capital]. London New York: Verso Books. 336 pp. ISBN 978-1781689028.
Alfred, Mary V.
This chapter describes social capital theory as a framework for exploring women's networking and social capital resources. It presents the foundational assumptions of the theory, the benefits and risks of social capital engagement, a feminist critique of social capital, and the role of social capital in adult learning.
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Credit risk capital requirement. 932.4 Section... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.4 Credit risk capital requirement. (a) General requirement. Each Bank's credit risk capital requirement shall be equal to the sum of the Bank's...
Full Text Available The more competitive of competition in business world has made the company having competitive advantage continuously through the management of human resource. Competitive advantage can be created with intellectual capital, by human capital, structural capital, customer capital, commitment, and competence. The article discuss intellectual capital record model in facing the changes of new accounting paradigm.
... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Minimum regulatory capital requirement. 567.2... Regulatory Capital Requirements § 567.2 Minimum regulatory capital requirement. (a) To meet its regulatory capital requirement a savings association must satisfy each of the following capital standards: (1) Risk...
... 42 Public Health 2 2010-10-01 2010-10-01 false Introduction to capital costs. 412.302 Section 412... Inpatient Hospital Capital Costs General Provisions § 412.302 Introduction to capital costs. (a) New capital... revision of the debt instrument. (iii) If short-term financing was used to acquire old capital assets and...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Transfer of capital stock. 931.6 Section 931.6 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.6 Transfer of capital stock. A Bank in its capital plan...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Minimum investment in capital stock. 931.3... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.3 Minimum investment in capital stock. (a) A Bank shall require each member to maintain a minimum investment in the capital stock of the Bank, both...
Lueg, Klarissa; Nielsen, Camilla
in Germany and LinkedIn in Denmark. We summarize those differences and relate them to different cultural contexts and impression management practices. Our sample consists of Danish Higher Executives (HEs)/managers (e.g., CEOs) and companies that have profiles on both SNS, thus reaching out to both the German......Social Network Sites (SNS) play an increasingly important role in the European business world, especially with respect to cross-cultural impression management. Departing from the Bourdieusian concept of “capital,” this paper analyzes the differences in the use of two popular business SNS: XING...... and the Danish markets. It is apparent that even business experts operating in both markets could better adapt to the standards and possibilities offered by the German SNS with respect to impression management. We introduce a set of recommendations to foster SNS-related and culture-sensitive impression...
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
Anthony, Denise L.; Campbell, John L.
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 undermine cooperative behavior. In both cases we focus on the important mechanisms by which each one contributes to the development of cooperative behavior and collective goods. We conclude by extending our arguments to a brief analysis of one of the world’s newest and largest collective goods...
This report develops estimates of the social-opportunity cost of public capital. The private and social costs of capital are found to diverge primarily because of the effects of corporate and personal income taxes. Following Harberger, the social-opportunity cost of capital is approximated by a weighted average of the returns to different classes of savers and investors where the weights are the flows of savings or investments in each class multiplied by the relevant elasticity. Estimates of these parameters are obtained and the social-opportunity cost of capital is determined to be in the range of 6.2 to 10.8%, depending upon the parameter values used. Uncertainty is found to affect the social-opportunity cost of capital in two ways. First, some allowance must be made for the chance of failure or at least of not realizing claims of a project's proponents. Second, a particular government project will change the expected variability of the returns to the government's entire portfolio of projects. In the absence of specific information about each project, the use of the economy-wide average default and risk adjustments is suggested. These are included in the empirical estimates reported. International capital markets make available private capital, the price of which is not distorted by the U.S. tax system. The inclusion of foreign sources slightly reduces the social-opportunity cost of capital. 21 references.
T.T. Nguyen (Thuy Thu)
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
This paper augments the theory of optimal linear income taxation by taking into account human capital accumulation as a dimension of labor supply. The distribution of earning potentials is endogenous because agents differ in the ability to learn. Taxation affects utilization rates of human capital
Tsai, Chun-Li; Hung, Ming-Cheng; Harriott, Kevin
The objective of this paper is to analyze the effect of various compositions of human capital on economic growth. We construct alternative measures of human capital composition using five fields of study. In each instance, the measure represents the number of graduates in the respective field as a percentage of all graduates. The measures are as…
Dr. Daan Andriessen
Today, Intellectual Capital plays a principal role in the delivery of corporate performance. This importance is reflected in the fact that companies, without the force of any regulations, start to produce intellectual capital statements to communicate their performance; accounting guidelines are
In Hungary the capital structure of enterprises changed significantly since 1990, but it is true, that their decisions about the capital can not fit with neither theoretical appeal totally. There is no universal theory of the debt-equity choice, and no reason to expect one.
Nee, Victor; Opper, Sonja
This research applies a transaction-focused institutional analysis to compare the value of political capital in different institutional domains of China's market economy. Our results show that the value of political capital is associated with institutional domains of the economy in which agents can use political connections to secure advantages.…
Hansen, Per H.
Review essay on: Capital in the Twenty-First Century. By Thomas Piketty . Translated by Arthur Goldhammer . Cambridge, Mass.: The Belknap Press of Harvard University Press, 2014. viii + 685 pp......Review essay on: Capital in the Twenty-First Century. By Thomas Piketty . Translated by Arthur Goldhammer . Cambridge, Mass.: The Belknap Press of Harvard University Press, 2014. viii + 685 pp...
Völlmecke, Dominik; Jindra, Björn; Marek, Philipp
within Central and East European countries (CEECs), where we find indications of a poverty trap. In contrast to FDI, regional human capital seems to be associated with higher income levels. However, we identify a positive interaction of FDI and human capital in their relation with income growth dynamics....
Vergílio Frederico Perius
Full Text Available The early history of the cooperative system never taxed much importance to capital formation in cooperatives. The first German consumer cooperative had no equity in their accounting records. We want to analyze, even though the capital was not essential, what is its function actually.
Describes a capital funding model that helps assess facility renewal needs in a way that minimizes resources while maximizing results. The article explains the sub-components of a continuous improvement capital funding model, including budgeting processes for finish renewal, building performance renewal, and critical outcome. (GR)
This "issue report" contains three articles centered around the concept of "social capital", and the role of the schools in community revitalization. "Social captial" consists of organizational networks of communication and shared values that provide collective support for adults and youth in a community. In "Social Capital and the Rebuilding of…
As one of the most expansive storyworlds in sf, Star Trek appears to offer an imaginary representation of a post-capitalist utopia. But in the context of global capitalism the franchise’s superficial post-capitalism translates all too easily into a neoliberal fantasy of post-industrial labour and
Based on previous empirical studies, in this work the author presents an analysis of the role of context in academic capitalism. In particular, she argues that the literature on academic capitalism fails to properly acknowledge disciplinary and institutional differences, which results in an oversimplification of the effects of industry-academia…
Hofman, Peter S.; Moon, Jeremy; Wu, Bin
This article introduces the concept of corporate social responsibility (CSR) in the seemingly oxymoronic context of Chinese “authoritarian capitalism.” Following an introduction to the emergence of authoritarian capitalism, the article considers the emergence of CSR in China using Matten and Moon...
Kauppinen, Ilkka; Kaidesoja, Tuukka
Academic capitalism is currently a widely studied topic amongst higher education scholars, especially in the United States. This paper demonstrates that the theory of academic capitalism also provides a fruitful perspective for analysing the restructuring of Finnish higher education since the 1990s, although with reservations. It will be argued…
Zhengfei, G.; Kumbhakar, S.C.; Myers, R.J.; Oude Lansink, A.G.J.M.
We introduce the concept "excess capital capacity" and employ a stochastic input requirement frontier to measure excess capital capacity in agricultural production. We also propose a two-step estimation method that allows endogenous regressors in stochastic frontier models. The first step uses
Ripley, Joan; Mitchell, Roxanne M.; Richman, John A.
This instrumental case study explored how five newly appointed superintendents identified key stakeholders and built trust and social capital with stakeholders in their districts. Stakeholder, trust, and social capital theory were the lenses that guided this study. We utilized a pragmatic research design and thematic data analysis to interpret our…
Enfield, Richard P.; Nathaniel, Keith C.
This article reports on experiences and methods of adapting a valid adult social capital assessment to youth audiences in order to measure social capital and sense of place. The authors outline the process of adapting, revising, prepiloting, piloting, and administering a youth survey exploring young people's sense of community, involvement in the…
...-0030] RIN 2132-AA92 Capital Project Management AGENCY: Federal Transit Administration (FTA), DOT... extending the comment period on its proposed rule for Capital Project Management to December 2, 2011, to...) proposing to transform the current FTA rule for project management oversight into a discrete set of...
...-0030] RIN 2132-AA92 Capital Project Management AGENCY: Federal Transit Administration (FTA), DOT... current FTA rule for project management oversight into a discrete set of managerial principles for sponsors of major capital projects; enable FTA to more clearly identify the necessary management capacity...
Full Text Available The article brings a detailed formal analysis of the Roman capitals from Sirmium, in the light of the stone analysis conducted on the material at the Museum of Srem and elsewhere in Sremska Mitrovica. The capitals dot the historical development of the town from the first half of the 2nd century until the 4th century. First made of regional limestone, they were later joined by those of limestone and marbles of distant source, whereby different stones in capitals coexisted almost throughout the town’s development. This was certainly the situation during the flourishing times of the late 3rd and the 4th century, when Sirmium, as one of the four capitals of the Roman Empire, stood within several formal circles of capitals. The plain-leaved capitals tie it to the rest of Pannonia, the Corinthianizing capitals to the provinces to the east and south, while part of the Asiatic capitals, the largest group, tie it to the wider area of the Mediterranean.
Kay, Tess; Bradbury, Steven
This paper analyses the capacity of youth sport volunteering to contribute to the development of social capital. Following a review of the emergence of social capital as a key theme in UK sport policy, the paper focuses on the ability of a structured sports volunteering programme to equip young people with skills for effective volunteering, and…
Jæger, Mads Meier; Møllegaard, Stine
. Second, cultural capital leads teachers to form upwardly biased perceptions of children's academic ability, but only when their exposure to children's cultural capital is brief (as in oral and written exams) rather than long (as in grades awarded at the end of the school year). Third, we find...
Full Text Available Implementation of e-health is a very difficult and complex process in terms of health policy that requires both organizational ability to meet market requirements and well-managed internal communication, which is carried out through organizational capital and high organizational culture and philosophy. This process requires a change in the organizational processes of health care institutions, ensuring the management and use of health information in order to improve the functioning of health care institutions. Scientists emphasize that health care institutions, with a high organizational capital can effectively promote the development of e-health, by consistently improving the quality of health care services and increasing the confidence and sense of security by enhancing the individual‘s ability to become more involved in the health care system. Nevertheless, in Lithuania, the progress of health care institutions in the field of e-health varies significantly, therefore, different tendencies of e-health care indicators tend to be related to organizational capital. Organizational capital covering the various dimensions of social context analysis, and organizational capital theory is a paradigm that attempts to explain the e-health inequalities at the level of organizations. This paper has evaluated the organizational capital theory expression of the e-health level, to identify and analyze organizational capital assessment indices in the field of e-health and modeled organizational capital assessment scheme.
Full Text Available The main purpose of this paper is to analyse the interdependence between labour productivity and the occupational structure of human capital in a spatial cross-section. Research indicates (see Fischer 2009 the possibility to assess the impact of the quality of human capital (measured by means of the level of education on labour productivity in a spatial cross-section.
Belcher, John R.; Peckuonis, Edward V.; Deforge, Bruce R.
Social capital has been extensively discussed in the literature as building blocks that individuals and communities utilize to leverage system resources. Similarly, some families also create capital, which can enable members of the family, such as children, to successfully negotiate the outside world. Families in poverty confront serious…
Mohnen, S.M.; Groenewegen, P.P.; Völker, B.G.M.; Flap, H.D.
Neighborhood social capital is increasingly considered to be an important determinant of an individual’s health. Using data from the Netherlands we investigate the influence of neighborhood social capital on an individual’s self-reported health, while accounting for other conditions of health on
Mohnen, S.M.; Groenewegen, P.P.; Völker, B.; Flap, H.
Neighborhood social capital is increasingly considered to be an important determinant of an individual's health. Using data from the Netherlands we investigate the influence of neighborhood social capital on an individual's self-reported health, while accounting for other conditions of health on
Delaney, Jennifer A.; Doyle, William R.
This paper explores the role that state spending on higher education capital outlays plays in state budgets by considering the functional form of the relationship between state spending on higher education capital outlays and four types of state expenditures. Three possible functional forms are tested: a linear model, a quadratic model, and the…
Hellmann, T.; Puri, M.L.; Da Rin, M.; Constantinides, G.; Harris, M.; Stulz, R.
This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work on
Da Rin, M.; Hellmann, T.; Puri, M.L.
This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work on
Potter, Mary Jo; Wesslund, Rick
As health systems continue to embrace disruptive innovation, they are increasingly likely to consider making a move into venture capital. Working in venture capital can benefit a health system in several ways, including: Allowing it to operate outside of bureaucracy and align projects with its core values. Encouraging innovation within the organization. Enabling it to respond quickly to changes in the market.
Zolotor, Adam J; Runyan, Desmond K
Social capital includes collective efficacy, psychological sense of community, neighborhood cohesion, and parental investment in the child. It has been shown to be associated with a variety of health and welfare outcomes and may be useful in understanding and preventing parenting behaviors on the continuum of child abuse and neglect. The purpose of this research was to evaluate low social capital as a risk factor for harsh physical punishment, neglectful parenting, psychologically harsh parenting, and domestic violence. This study is an analysis of cross-sectional telephone survey data of mothers in North and South Carolina (n = 1435). We constructed a 4-point social capital index reflecting survey responses to items ascertaining neighborhood characteristics, willingness to take personal action, the presence of 2 adults in the household, and regular religious service participation. We assessed the relationship of social capital to inventories of self-reported parenting behaviors and in-home violence. In adjusted analysis, we found that each 1 point increase in a 4-point social capital index was associated with a 30% reduction in the odds of neglectful parenting, psychologically harsh parenting, and domestic violence. There was no relationship between social capital and harsh physical punishment. This study demonstrates that increasing social capital decreases the odds of neglectful parenting, psychologically harsh parenting, and domestic violence but not harsh physical punishment. This supports further investigation into developing social capital as a resource for families.
Le Grange, L.
In this article I initiate a debate into the (de)merits of human capital theory and human capability theory and discuss implications of the debate for higher education. Human capital theory holds that economic growth depends on investment in education and that economic growth is the basis for improving the quality of human life. Human capable…
Shaffer, Leigh S.; Zalewski, Jacqueline M.
We began this series by addressing the challenges of career advising in a volatile, uncertain, complex, and ambiguous environment. In this article, we define human capital and suggest that advisors encourage students to utilize the principle of maximizing human capital when making decisions. We describe the personal traits and attitudes needed to…
Ardichvili, Alexandre; Zavyalova, Elena; Minina, Vera
Purpose: The goal of this article is to conduct macro-level analysis of human capital (HC) development strategies, pursued by four countries commonly referred to as BRICs (Brazil, Russia, India, and China). Design/methodology/approach: This analysis is based on comparisons of macro indices of human capital and innovativeness of the economy and a…
Smith, A.C.; Harrison, P.A.; Pérez Soba, M.; Archaux, F.; Blicharska, M.; Egoh, B.N.; Erős, T.; Fabrega Domenech, N.; György, I.; Haines-Young, R.; Li, S.; Lommelen, E.; Meiresonne, L.; Miguel Ayala, L.; Mononen, L.; Simpson, G.; Stange, E.; Turkelboom, F.; Uiterwijk, M.; Veerkamp, C.J.; Wyllie de Echeverria, V.
There is no unified evidence base to help decision-makers understand how the multiple components of natural capital interact to deliver ecosystem services. We systematically reviewed 780 papers, recording how natural capital attributes (29 biotic attributes and 11 abiotic factors) affect the
... Banking FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H) General Membership and Branching Requirements § 208.4 Capital adequacy. (a) Adequacy. A member bank's capital, as defined in appendix A to this...
... of financial institutions to provide capital, credit and financial services in underserved markets... Part IV Department of the Treasury Community Development Financial Institutions Fund 12 CFR Part... TREASURY Community Development Financial Institutions Fund 12 CFR Part 1807 RIN 1559-AA00 Capital Magnet...
Emmanuel Farhi; Christopher Sleet; Iván Werning; Sevin Yeltekin
We study efficient non-linear taxation of labour and capital in a dynamic Mirrleesian model incorporating political economy constraints. Policies are chosen sequentially over time, without commitment. Our main result is that the marginal tax on capital income is progressive, in the sense that richer agents face higher marginal tax rates. Copyright , Oxford University Press.
Full Text Available The tax policies which states follow with regard to developing technology and capital investments with raising mobility due to globalism are need to be discussed in its legal basis. The principle of tax neutrality has the aim of being legal foundation for these policies. According to this, the neutrality principle in taxation of international capital investments is provided with two measures, namely; not effecting the investment decision and not discriminate between investments. In this paper, initially focused on the conceptual framework and the foundations of the tax neutrality principle and later capital export neutrality and capital import neutrality are considered and explained with regard to international capital movements. Moreover, conformity and diversion to the principle of the current situation and regulations in OECD, EU and Turkey are examined.
Lotze, C.D.; Riordan, B.J.
The capital costs of coal-fired and nuclear power plants are found to be comparable when costs for pollution control are included. Trends in capital costs reveal a similar rate gain that retains the same economic balance. Graphs of selected cost indices are used to show that the rapid increase in direct construction costs is not unique to nuclear plants, those of hydroelectric plants as well as coal-fired having the same pattern. Comparisons of indirect capital costs, based on analyses of direct capital and total capital costs, show estimated average growth rates of total costs to be 14% for coal and 13.6% for nuclear, while direct cost growth rates are 10.2% and 10.4%. The economics of market competition can be expected to push alternative energy source projects into balance
Full Text Available The paper proposes a panel model to the determinants of capital flow volatility to a group of 18 emerging market economies (EME in the period of 2000 to 2011. It studies the robustness of the model regarding different volatility measures; analyses several types of gross capital inflow; focusing the role of government institutional quality and the development of domestic financial system (banks, insurance companies, and capital markets – stocks, bonds and derivatives. The EME analyzed represented roughly 95% of the Emerging Markets Bond Index Global – EMBIG in January 2013, being the biggest destination to international capital flow to EME according to the report of the Bank for International Settlements - BIS (2009. The main conclusion suggests that a reduction of capital flow volatility can be achieved by the adoption of policies that improve government institutional quality and promote development, stability and efficiency of the domestic financial system.
Bjørnskov, Christian; Sønderskov, Kim Mannemar
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....
Svendsen, Gunnar Lind Haase; Svendsen, Gert Tinggaard
‘A welcome contribution to scholarly economic and public policy debates, The Creation and Destruction of Social Capital is written for advanced students yet offers insights critical to better understanding micro and macro economics alike.' - Willis M. Buhle, The Midwest Book Review ‘The Svendsens...... in to crafting this study.' - From the foreword by Elinor Ostrom Is social capital the ‘missing link' in economics? In this vital new book, the authors argue that the ‘forgotten' production factor of social capital is as crucial in economic decision-making as the other more traditional factors of production...... such as physical, financial and human capital. They attempt to bridge the gap between theory and reality by examining the main factors that determine entrepreneurship, co-operative movements and the creation and destruction of social capital....
Agampodi, Thilini Chanchala; Rheinlaender, Thilde; Agampodi, Suneth Buddhika
Background: Dimensions of social capital relevant to health in pregnancy are sparsely described in the literature.This study explores dimensions of social capital and the mechanisms in which they could affect the health of ruralSri Lankan pregnant women.Methods: An exploratory qualitative study......-diary interviews.Sixteen key informant interviews were conducted with public health midwives and senior community dwellers.We identified ten cognitive and five structural constructs of social capital relevant to health in pregnancy. Domesticand neighborhood cohesion were the most commonly expressed constructs....... Social support was limited to supportfrom close family, friends and public health midwives. A high density of structural social capital was observed in themicro-communities. Membership in local community groups was not common. Four different pathways by whichsocial capital could influence health...
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.
Svendsen, Gert Tinggaard
transactions to take place without third-party enforcement. Theory and lessons from empirical evidence lead to three general recommendations for building social capital in the future: First, the state must withdraw and minimize its role in the economy so to leave room for voluntary organization and free......Summary: What does social capital mean and how can it be built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society and allows more......-trade. Second, state withdrawal should be combined with efforts to increase economic growth and gain popular support for the implementation of reforms. Third, voluntary groups, beneficial to the economy, should not be institutionalized to prevent them from turning into harmful rent-seeking groups....
Aristides Isidoro Ferreira
Full Text Available This study focuses on the influence intellectual capital has on employees’ perceptions as related to both company investments and productivity levels. The data was obtained from 440 employees at 13 Portuguese companies. Both ANOVA and Regression Analysis were conducted in order to understand the impact three Intellectual Capital Scale components have on perceptions of investment and organizational productivity. Results show that companies with higher scores of Structural Capital have a lower perception of investment in human resources and research, as well as a higher perception of investment in marketing and sales. Moreover, employees of companies with higher Structural Capital scores also have higher perceptions of productivity. On the other hand, organizations with higher investment in Customer Capital tend to be associated with a lower perception of organizational productivity.
Christo Johannes Cronje
Full Text Available In the past few decades, the economy has moved from an industrial to a knowledge economy. Consequently, basic factors of production now no longer comprise only natural resources, capital and labour, but also intellectual capital. Despite the shift from an industrial to a knowledge economy, the accounting framework and financial reporting have not changed sufficiently to include intellectual capital. The research problem attempts to explore whether the theory of accounting should be modified for a standardised and comparable approach when accounting and reporting on intellectual capital. To solve the research problem, a literature review and content analysis on corporate annual reports were used. The results of this study indicate that the theory of accounting should be modified to ensure a standardised and comparable approach when accounting and reporting on intellectual capital in corporate annual reports.
Full Text Available Knowledge, qualifications of workforce and human capital became key factors for progress. Human capital flight transfers not only people but work, knowledge, tangible and intangible capital and development potential. In this article, trying to answer whether Romania is a source country for emigration of highly skilled or well-educated individuals (ie human capital flight I flew over those two dimensions that have traditionally characterized human capital flight namely: shrinking work resource and lossing high educated peoples. Therefore, Romania was faced with decreasing the number of resident population due to the evolution of demographic phenomena with negative projections and declining number of working age population and young educated and highly skilled workers and professionals. This will generate complex problems for economy, labour market, difficulty in finding highly skilled workers, talent shortages etc so it’s critical to monitor the labour migration or brain drain phenomenon.
Full Text Available BACKGROUND: Oxytocin is known to be related to social behaviors, including trust. However, few studies have investigated the association between oxytocin levels and social capital. Thus, we tested the hypothesis that endogenous oxytocin levels are positively associated with social capital. We also considered whether the association differed across gender because previous studies have shown differential effects of OT on social behaviors depending on gender. METHODS: We recruited a convenience sample of 50 women and 31 men in Japan via community sampling from whom we obtained urine sample with which to measure oxytocin levels. Individual-level cognitive social capital (social trust and mutual aid and structural social capital (community participation were assessed using a questionnaire. We used multivariate regression, adjusted for covariates (age, number of children, self-rated health, and education, and stratified by gender to consider associations between oxytocin and social capital. RESULTS: Among women, oxytocin was inversely associated with social trust and mutual aid (p<0.05. However, women participating in only 1 organization in the community showed higher oxytocin than women who participated in either no organizations (p<0.05 or 2 or more organization (i.e. inverse-U shape association. Among men, no association was observed between oxytocin and either form of cognitive and structural social capital. CONCLUSION: Women who perceived low cognitive social capital showed higher oxytocin levels, while structural social capital showed inverse-U shape association with oxytocin. No association between oxytocin and social capital was found among men. Further study is needed to elucidate why oxytocin was inversely associated with cognitive social capital only among women.
Full Text Available The aims of this study are to analyze the effect of intellectual capital performance on intellectualcapital disclosure in annual report of manufacturing company listed in Indonesia Stock Exchange(IDX period 2004-2006 and to analyze the level of intellectual capital disclosure in annualreport period 2004-2006. 50 companies was taken as samples in the research.This paper usescontent analysis to compile a measure of disclosure on each annual report of manufacturingcompany and statistical analysis to test whether intellectual capital performance has a positiveeffect to intellectual capital disclosure. Based on statistical analysis, it is concluded that theintellectual capital performance and firm size have a positive effect to intellectual capitaldisclosure. Leverage has no effect to intellectual capital disclosure. The result of content analysisshows that the intellectual capital disclosure in annual report of manufacturing company period2004-2006 are less than 50%.
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Este artículo sugiere que esta época es la mejor y peor para la labor académica. La mejor en cuanto hay más publicaciones académicas que nunca. Y la peor porque sobra mucho de estas publicaciones. Trabajando en las condiciones competitivas del capitalismo académico, los académicos se sienten en la necesidad de continuar publicando, independientemente de que tengan algo que decir. Las presiones de publicar continuamente y promover la propia perspectiva se reflejan en la manera en la que los científicos sociales están escribiendo. Y es que los académicos utilizan un lenguaje técnico basado en sustantivos, con una precisión menor a la del lenguaje ordinario. Los estudiantes de postgrado han sido educados en esta manera de escribir como una condición previa a iniciarse en las ciencias sociales. Así, la naturaleza misma del capitalismo académico no sólo determina las condiciones en las que los académicos trabajan, sino que también afecta su manera de escribir.
This paper suggests that it is the best and worst of times for academic work. It is the best of times because there are more academics publishing than ever before. It is the worst of times because there is much unnecessary publication. Working in the competitive conditions of academic capitalism, academics feel impelled to keep publishing, whether or not they have anything to say. The pressures to publish continually and to promote one’s own approach are reflected in the way that social scientists are writing. Academics use a noun-based technical language, which is less precise than ordinary language. Postgraduates are taught this way of writing as a precondition for entering the social sciences. In this way, the nature of academic capitalism not only determines the conditions under which academics are working but it affects the way that they are writing.
Full Text Available The purpose of this paper is to measure the effects of intellectual capital components; namely, human capital, structural capital and relational capital on company performance in Iranian auto industry. The study uses a questionnaire consists of 100 questions to cover intellectual capital and company performance in Likert scale and it is distributed among 180 experts in one of Iranian auto industry. Cronbach alphas for intellectual capital components, i.e. human capital, relational capital and structural capital are 0.82, 0.80 and 0.80, respectively. In addition, Cronbach alpha for company performance is 0.82. Using structural equation modeling, the study has determined a positive and meaningful relationship between intellectual capital and company performance. The study has also determined a positive and meaningful relationship between human capital and structural capital. Among components of performance, efficiency maintained the highest effect while innovation represents the minimum effect.
G. S. Merzlikina
Full Text Available The article presents the basic problems of fixed capital reproduction. There are considered a significant depreciation of fixed assets of Russian enterprises. There are presented arguments in favor of urgency of the problem of reproduction of fixed assets of the Russian Federation. The paper presents theoretical evidence base basic types of fixed capital reproduction. There are identified all possible sources of simple and expanded reproduction of capital. There are considered the role of value and feasibility of depreciation in the formation of Reserve reproduction. Suggested the formation of accounting and analytical management provision fixed capital, as well as an innovative system of fixed capital reproduction, which implies the creation of depreciation , capital, revaluation, liquidation reserves. The algorithm of business valuation based on an innovative system of capital reproduction. The algorithm and the possibility of formation of reserves are considered on a concrete example of one of the industrial enterprises of the city Volgograd. On the basis of the algorithm presented calculations of business valuation of the enterprise. Calculations have shown an increase in value of the business condition of the formation of special reserves, which underlines the necessary and urgency of their formation in accounting policy and economy organizations and enterprises of Russia as a whole.
Full Text Available Theories of human capital are becoming an increasingly common reference in both newer pedagogical theories as well as political documents, outlining the plans for reforms of science and education. As a part of broader ideology of knowledge society, human capital theories represent ideological legitimation of neoliberal trends in science and education policies. Increased investment in human capital on both social and individual level is supposed to increase the competitiveness of the economy as a whole as well as employability and welfare of individuals. In the first part of the article, we sketch the intellectual history and the socio-political context of the development of theories of human capital. Second part is dedicated to a critique of characteristically neoliberal equalization of labor with capital and of a theory, according to which investment in human capital brings profits to individual workers. In the third part, we outline a general socio-historical dynamics of the development of high-tech capitalism and show that “investments in human capital” and economic innovations do not bring about increased social welfare. In the fourth, final part, we analyze in detail how current educational reforms impact the learning process and working conditions at public universities.
吴程涛; 段铸; 张景宇; 张曙光
Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China’s manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.
Well established and maintained green areas have a key role on reaching the high quality of life and sustainability in urban environments. Therefore, green areas must be carefully accounted and evaluated in the urban planning affairs. In this context, the European Green Capitals, which attach a great importance to the green areas, have a great potential to act as a role model for both small and big cities in all around the world. These leading cities (chronologically, Stockholm, Hamburg, Vitoria-Gasteiz, Nantes, Copenhagen, Bristol, Ljubljana, Essen and Nijmegen) are inspiring for the other cities which seek to achieve more sustainable and environmentally friendly places through green areas. From this point of view, the aim of this paper was to investigate the green areas of the European Green Capitals. The paper covered whole European Green Capitals, and the application form of each Green Capital was used as a primary data source. Consequently, the paper put forwarded that the European Green Capitals have considerably large amount and high proportion of green areas. Further, these cities provide an excellent access to the public green areas. As a result of abundant provision and proper distribution, the almost all citizens in most of the Green Capitals live within a distance of 300 meters to a green area. For further researches, the paper suggested that these green capitals should be investigated in terms of their efforts, measures, goals and plans, policies and implications to administer, to protect, to enhance and to expand the green areas.
Hansen, Teis; Winther, Lars; Hansen, Ronnie Fibæk
An essential feature associated with the rise of the knowledge economy has been the increasing focus on the importance of human capital as a precondition for economic growth. Human capital has been found to have a positive impact on the economic growth of high-tech industries, however, the influe......An essential feature associated with the rise of the knowledge economy has been the increasing focus on the importance of human capital as a precondition for economic growth. Human capital has been found to have a positive impact on the economic growth of high-tech industries, however......, the influence of human capital on the development of low-tech industries is yet to be analysed. This paper provides such an examination of low-tech industries based on an analysis of employment data within manufacturing industries in Denmark in the period 1993–2006. The findings highlight, first, that human...... capital appears to be equally important for economic development in low-tech industries and, second, that the divide between the large urban regions, especially Copenhagen, and the rest of the country plays the primary role in explaining the geography of human capital. These findings stress the relevance...
Although one may ask four financial experts their opinion on the future of the hospital capital market and receive five answers, the blatant need for financial strategic planning is evident. Clearly, the hospital or system with sound financial management will be better positioned to gain and/or maintain an edge in the competitive environment of the health care sector. The trends of the future include hospitals attempting to: Maximize the efficiency of invested capital. Use the expertise of Board members. Use alternative capital sources. Maximize rate of return on investments. Increase productivity. Adjust to changes in reimbursements. Restructure to use optimal financing for capital needs, i.e., using short-term to build up debt capacity if long-term financing is needed in the future. Take advantage of arbitrage (obtain capital and reinvest it until the funds are needed). Delay actual underwriting until funds are to be used. Better management of accounts receivable and accounts payable to avoid short-term financing for cash flow shortfalls. Use for-profit subsidiaries to obtain venture capital by issuing stock. Use product line management. Use leasing to obtain balance sheet advantages. These trends indicate a need for hospital executives to possess a thorough understanding of the capital formation process. In essence, the bottom line is that the short-term viability and long-term survival of a health care organization will greatly depend on the financial expertise of its decision-makers.
Full Text Available Since 2003, New European Union Member States have made large capital inflows, which led to a credit crunch and recession. Whether they are foreign direct investment, or banking flows, capital inflows ultimately affect GDP, depending on how they are invested. In the specialty literature, analysis of capital flows was done especially in terms of their structure, with a lack of analysis in terms of final destination of capital inflows. Therefore, we analyzed the effect of capital inflows on GDP in the New Member States of the European Union (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia over the last economic cycle. Based on experiences of the new Member States during the recent boom and crisis, the paper studies the impact of capital inflows on GDP growth, inflows channeled to economic sectors, such as real estate and corporate investment sector. The results of this research tries to highlight the extent to which the final destination of capital flows is important for the evolution of GDP.
Full Text Available JEREMIE (Joint European Resources for Micro to Medium Enterprises program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME’s through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary’s venture capital market. Since 2010, 28 JEREMIE backed venture capital funds were founded in four rounds and 130 billion HUF capital was allocated into these funds with the contribution of Hungarian government. A well-established venture capital market can boost entrepreneurship and innovation, therefore economic growth which is the foundation of government involvement. On the other hand, there is an extensive literature highlighting the limits and possible drawbacks of the active role of public sector in the venture capital market. There is a consensus in the literature that in the long run the extensive role of government in venture capital industry is counterproductive. Substituting market participants by government agencies will hardly result in a competitive and efficient market. However, temporarily as a catalyst public sector can contribute to the development of venture capital market. Direct government intervention supportable temporarily only in the infancy of the industry. The primary objective of every program must be to develop the market to the level where it becomes self-sustaining. This way the success of these programs must not be measured only by the amount of invested capital, financial performance of venture capital funds and venture capital backed companies. Raising private sector awareness and the progress of necessary institutions are also the criteria of a successful program. During the design and implementation of venture capital agendas these aspects must be taken into consideration. This
Full Text Available The financial shifts encountered in the last decade, increase the importance of capital markets in emerging countries, which is also Romania’s case. The banking system was for a long period of time the main source of liquidity for the economy. Meanwhile, the situation is changing due to the importance that capital market has in financing the economy. Through this paper we analyze the transactions’ evolution made by financial intermediaries on Romanian capital market, by highlighting the Societies for Financial Services and Investments (SSIF. Based on this evolution, we identified the main significant differences and similarities between the SSIFs existing on the market.
Sussman, A J; Fairchild, D G; Colling, M C; Brennan, T A
By anticipating the arbitrage potential of cash flow under budgeted capitation, healthcare organizations can make the best use of cash flow as a revenue-generating resource. Factors that determine the magnitude of the benefits for providers and insurers include settlement interval, withhold amount, which party controls the withhold, and incurred-but-not-reported expenses. In choosing how to structure these factors in their contract negotiations, providers and insurers should carefully assess whether capitation surpluses or deficits can be expected from the provider. In both instances, the recipient and magnitude of capitation arbitrage benefits are dictated largely by the performance of the provider.
Mihaela Tania SANDU
Full Text Available Recognizing the importance of infl uence exerted by human capital oneconomic growth of a country, to base decisions regarding the need to invest in such type of capital there are conducted studies and used different models for analysis related to a series of macroeconomic and demographic indicators.We present the main indicators and dynamics of human capital, placedin the economic context of Romania, with reference, in bringing out statistics data, to an average period of time (between 1994-2008 characterized at macroeconomic level, both by recession and economic growth periods. There were also highlighted indicators and dynamics, both at national and individual level.
. Through an analysis of existing analytical practices, the article concludes that linking social capital is often subordinated to the two related social capital concepts of bonding and bridging, and that linking social capital is often exclusively defined and operationalized based on expressions...... of organizational trust and participation. The article proposes a recalibration to encompass the political dynamics, and political survival theory is recommended as a way to address the hitherto underexplored governance dimension. Rather than using trust as the analytical pivot, this analytical entry point may...
Voge, B.; Penzer, M.
In December 1996, Ras Laffan Liquefied Natural Gas Company Ltd (Ras Gas) closed a multi-source financing that included an offering of US$1.2bn of bonds. The sponsors of the Ras Gas project overcame a number of obstacles on the road to closing the capital markets offering. This article provides a general overview of capital markets offerings in international project financings and discusses how Ras Gas was able to successfully integrate a capital markets offering into a financing plan which included a commercial bank facility and several export-credit agency facilities. (Author)
Full Text Available This paper is about the reconciliation of cultural analysis with political economy in Marxist-inspired research on communications. It traces how these two traditions became separated with the development of a one-dimensional and consumerist cultural studies, on the one-hand, and a more classically Marxist political economy of communications, on the other hand, that was accused of holding a simplistic and erroneous concept of ideology. The paper defends a conception of ideology as distorted communication motivated by unequal power relations and sketches a multidimensional mode of cultural analysis that takes account of the moments of production, consumption and textual meaning in the circulation of communications and culture. In accordance with this framework of analysis, the cool-capitalism thesis is outlined and illustrated with reference to Apple, the ‘cool’ corporation. And, the all-purpose mobile communication device is selected as a key and urgent focus of attention for research on commodity fetishism and labour exploitation on a global scale today.
A dynamic model of the social relations between workers and capitalists is introduced. The model self-organises into a dynamic equilibrium with statistical properties that are in close qualitative and in many cases quantitative agreement with a broad range of known empirical distributions of developed capitalism, including the power-law firm size distribution, the Laplace firm and GDP growth distribution, the lognormal firm demises distribution, the exponential recession duration distribution, the lognormal-Pareto income distribution, and the gamma-like firm rate-of-profit distribution. Normally these distributions are studied in isolation, but this model unifies and connects them within a single causal framework. The model also generates business cycle phenomena, including fluctuating wage and profit shares in national income about values consistent with empirical studies. The generation of an approximately lognormal-Pareto income distribution and an exponential-Pareto wealth distribution demonstrates that the power-law regime of the income distribution can be explained by an additive process on a power-law network that models the social relation between employers and employees organised in firms, rather than a multiplicative process that models returns to investment in financial markets. A testable consequence of the model is the conjecture that the rate-of-profit distribution is consistent with a parameter-mix of a ratio of normal variates with means and variances that depend on a firm size parameter that is distributed according to a power-law.
Full Text Available The purpose of this paper is to show the influence of knowledge dynamics processes upon the intellectual capital in organizations. In the literature, the authors focus on knowledge dynamics and knowledge management or intellectual capital but very few papers discuss the influence of knowledge dynamics upon the structure and functionality of intellectual capital in organizations. We use a conceptual approach based on the theory of multifield organizational knowledge and the theory of organizational integrators to demonstrate that intellectual capital structure results from the organizational knowledge dynamics. The well-known model of intellectual capital based on human capital, structural capital and relational capital appears as a meta-model that can be decomposed into rational capital, emotional capital and spiritual capital in organizations.
Full Text Available Fair value generated intense debate during the last years, as the financial turmoil influenced many economies and capital markets, including the Romanian ones, too. Some researchers and professionals consider fair value in charge with the financial crisis and they ask for historical cost accounting basis for financial reporting. Fair value has its supporters, too. They consider that fair value reflects the effects of changes in market conditions when they take place, and accounting information is more reliable in this framework. Following recent regulations, Romanian entities activating on capital market as investors in capital market instruments, or whose shares are traded on a regulated market, must prepare their individual financial statements in accordance with the International Financial Reporting Standards. The study provides some conclusions that could enlarge the utility of fair value related to entities that activate on Romanian capital market.
Iversen, Martin Jes; Sløk-Madsen, Stefan Kirkegaard
marked by large-scale redistribution and a very active public sector. The purpose of this book project is to analyze development of Danish capitalism in the 20th century. The first of our hypothesis state that the phases of Danish capitalism and the general corporate strategies reflected each other...... how the corporate strategies shaped and was shaped by the changing nature of Danish capitalism. Such a work as this is important as it bears testimony to the changing nature of market institutions. A descriptive and analytic exercise such as proposed here have only to a limited extent been carried out...... in the Danish language, and never in a compiled, comprehensive, and connected work. The English language situation for understanding Danish capitalism is even more dire, which leads to increasing, and likely reinforcing, stereotypes and myths about “the fairytale country”....
Reindorp, M.J.; Fu, M.C.
We consider the timing of replacement of obsolete subsystems within an extensive, complex infrastructure. Such replacement action, known as capital renewal, must balance uncertainty about future profitability against uncertainty about future renewal costs. Treating renewal investments as real
Full Text Available Various scientists in the modern age of management have launched different models for evaluating intellectual capital, and some of these models are analysed critically in this study, too. Most authors examine intellectual capital from a static perspective and focus on the development of its various evaluation models. In this chapter we surveyed the classical static models: Sveiby, Edvisson, Balanced Scorecard, as well as the canonical model of intellectual capital. In a spectral dynamic analysis, organisational intellectual capital is structured in: organisational knowledge, organisational intelligence, organisational values, and their value is built on certain mechanisms entitled integrators, whose chief constitutive elements are: individual knowledge, individual intelligence and individual cultural values. The organizations, as employers, must especially reconsider those employees’ work who value knowledge because they are free to choose how, and especially where they are inclined to invest their own energy, skills and time, and they can be treated as freelancers or as some little entrepreneurs .
Full Text Available The volatility of the global economy, changing business practices, and academic developments have created a need to re-examine Indian corporate capital budgeting practices. Our research is based on a sample of 77 Indian companies listed on the Bombay Stock Exchange. Results reveal that corporate practitioners largely follow the capital budgeting practices proposed by academic theory. Discounted cash flow techniques of net present value and internal rate of return and risk adjusted sensitivity analysis are most popular. Weighted average cost of capital as cost of capital is most favoured. Nevertheless, the theory-practice gap remains in adoption of specialised techniques of real options, modified internal rate of return (MIRR, and simulation. Non-financial criteria are also given due consideration in project selection.
Nielsen, Christian; Farooq, Omar
The purpose of this article is to document the relationship between intellectual capital disclosure and dividend policies of biotechnology firms listed on the Copenhagen Stock Exchange during the period between 2001 and 2010. The firms’ intellectual capital disclosures were computed from the annual...... financial reports, while data on dividend policies was retrieved from Worldscope. This paper defines dividend policies by three variables: (1) Dividend payout ratio, (2) Decision to pay dividend, and (3) Increase in dividend payout. The results show that firms with higher intellectual capital disclosures...... not only have high payout ratios, but also have a greater likelihood of increasing and paying dividends. Our findings are consistent with our hypothesis that lower information asymmetries of firms with high intellectual capital disclosure lead to more favourable dividend policies. In opposition...
Montgomery County of Maryland — This dataset includes pertinent information relating to a capital project’s status administered by the Department of Transportation and the Department of General...
Relationship between bank ownership concentration on capital adequacy, liquidity, ... In this study we explore the effects of ownership concentration on the ... are material factors in explaining banks' behavior and their market performance.
Economic and social resources are known to contribute to the unequal distribution of health outcomes. Culture-related factors such as normative beliefs, knowledge and behaviours have also been shown to be associated with health status. The role and function of cultural resources in the unequal distribution of health is addressed. Drawing on the work of French Sociologist Pierre Bourdieu, the concept of cultural capital for its contribution to the current understanding of social inequalities in health is explored. It is suggested that class related cultural resources interact with economic and social capital in the social structuring of people's health chances and choices. It is concluded that cultural capital is a key element in the behavioural transformation of social inequality into health inequality. New directions for empirical research on the interplay between economic, social and cultural capital are outlined.
Mendonça, Joana; Grimpe, Christoph
Entrepreneurship capital has frequently been characterized as an important determinant of regional economic growth. Yet, we have limited knowledge about what explains why certain regions are more successful in creating entrepreneurship capital in general and in particular in technology......- and knowledge-intensive sectors. In this paper, we shed light on the skill base of a region in terms of its endowment with human capital and the composition, i.e. specialization or diversity, of skills. Moreover, we look at the context in which entrepreneurship capital formation takes place by focusing...... on differences in the institutional infrastructures for entrepreneurship in two European countries: Germany and Portugal. Based on harmonized datasets, our results indicate important differences between the countries. Specifically, our results suggest that both specialization and diversity theories hold...
Hansen, Høgni Kalsø; Winther, Lars
human capital in understanding regional growth. We examine to what extent different labour competences and capabilities relate to municipal employment growth using nine stratified, educational categories as proxies for different levels of human capital. Dividing municipalities into four spatial...... categories ranging from the urban to the peripheral, we conclude that there is a strong spatial distinction of educational structures with an urban bias, and that educational categories other than academic human capital can make an important contribution to our understanding of what drives employment growth......Contemporary studies in urban and regional development stress the importance of large city-regions as key places in modern capitalism taking the form of agglomerations of economic activities by industries, firms and highly skilled people. In this article, we challenge the strong focus on academic...
Reiter, K L; Smith, D G; Wheeler, J R; Rivenson, H L
Capital investment decisions are among the most important decisions made by firms. They determine the firm's capacity for providing services and commit the firm's cash for an extended period of time. Interviews with chief financial officers of leading health care systems reveal capital investment strategies that generally follow the recommendations of modern finance theory. Still, there is substantial variation in capital budgeting techniques, methods of risk adjustment, and the importance of qualitative considerations in investment decision making. There is also variation in delegation of investment decision making to operating units and methods of performance evaluation. Health care systems face the same challenges as other organizations in developing and implementing capital investment strategies that use consistent methods for evaluation of projects that have inconsistent aims and outcomes.
Full Text Available Introduction Avascular necrosis (AVN of the capitate is relatively rare. Although there are many factors as etiology; however, there are idiopathic ones. Case Presentation A 15-year-old female presented with wrist pain without the history of previous major trauma and no relief with conservative management; radiographic evaluation revealed capitates osteonecrosis with collapse and sclerosis. She underwent surgery (curettage of necrotic bone and iliac crest bone grafting. Two years fallow-up showed full recovery clinically and radiographically. Conclusions Capitate AVN should be included in the differential diagnosis of wrist pain in pediatric patients. Despite the controversial multiple surgical options to treat capitate osteonecrosis, autogenous iliac crest bone grafting can have a good result, even in the pediatric patient.
Bowen, Jr., Stuart W; Nash, William L
...) Human Capital Management, (2) Contracting, and (3) Program and Project Management. In each subject area, SIGIR gathers information through research and interviews, collating and distilling the results into a white paper...
Marcos Fernandes Gonçalves da Silva
Full Text Available The objective of this paper is to define social capital as social infrastructure and to try to include this variable in an economic growth model. Considering social capital in such a way could have an impact on the productivity of production factors. Firstly, I will discuss how institutional variables can affect growth. Secondly, after analyzing several definitions of social capital, I will point out the benefits and problems of each one and will define social capital as social infrastructure, aiming to introduce this variable into an economic growth model. Finally, I will try to open the way for subsequent empirical studies, both in the area of measuring the stock of social infrastructure as well as those comparing economies, with the idea of showing the impact of social infrastructure on economic growth.
This study consists of two models. Model one is conducted to check if there is a target adjustment toward optimal capital structure, in the context of Turkish firm listed on the stock market, over the period 2003-2014. Model 2 captures the interaction between firm size, profitability, market value and capital structure using the moderation mediation model. The results of model 1 have shown that there is a partial adjustment of the capital structure to reach target levels. The results of...
Mathieu Goudard; Michel Lubrano
The theory of human capital is one way to explain individual decisions to produce scientific research. However, this theory, even if it reckons the importance of time in science, is too short for explaining the existing diversity of scientific output. The present paper introduces the social capital of Bourdieu (1980), Coleman (1988) and Putnam (1995) as a necessary complement to explain the creation of scientific human capital. This paper connects these two concepts by means of a hierarchical...
Patricia Martínez García de Leaniz; Ignacio Rodríguez del Bosque
Purpose: Intellectual capital offers a potential source of sustainable competitive advantage and is believed to be the source from which economic growth may sprout. However, not many papers analyze the effect of sustainability in the elements involving intellectual capital. This paper seeks to highlight the key role played by corporate sustainability on corporate reputation as one of the key components of relational capital based on the knowledge-based theory.Design/methodology/approach: Auth...
Saltari, Enrico; Giuseppe, Travaglini
In this paper we show that financing constraints affect the optimal level of capital stock even when the financing constraint is ineffective. This happens when the firm rationally anticipates that access to external financing resources may be rationed in the future. We will show that with these expectations, the optimal investment policy is to invest less in any given period, thereby lowering the desired optimal capital stock in the long run.
Leo Kaas; Leopold von Thadden
We incorporate a wage bargaining structure in a dynamic general equilibrium model and show how this feature changes short and long-run properties of equilibria compared with a perfectly competitive setting. We discuss how employment, capital, and income shares respond to wage setting shocks and show that adjustment dynamics depend decisively on the magnitude of the elasticity of substitution between labour and capital. Values of the elasticity below unity add persistence, tend to preserve sta...
Aguero, Jorge; Balcazar, Carlos Felipe; Maldonado, Stanislao; Ñopo, Hugo
How do resource booms affect human capital accumulation? We exploit time and spatial variation generated by the commodity boom across local governments in Peru to measure the effect of natural resources on human capital formation. We explore the effect of both mining production and tax revenues on test scores, finding a substantial and statistically significant effect for the latter. Transfers to local governments from mining tax revenues are linked to an increase in math test scores of aroun...
Rađenović, Tamara; Krstić, Bojan
The importance of intellectual capital for creating and sustaining competitive advantage of firms has been well established and confirmed in theory and practice. Intellectual resources proved to be the most valuable resources in the process of value creation for various stakeholders. Starting from 1980s onwards, both researchers and practitioners have focused on finding the best solution for measuring intellectual capital in order to enable efficient management and reporting on intellectual c...
This study comparatively examines the determinants of working capital management for listed vs. unlisted firms, and assesses the impact of this policy on profitability by focusing on the cash conversion cycle, a commonly used measure of working capital management. By using a large UK public and private firm sample, it is found that private firms have significantly lower cash conversion cycles than their public counterparts, and that traditional determinants of the cycle significantly differ b...
Lasse Steiner; Bruno S. Frey; Simone Hotz
This paper analyzes whether hosting the most prestigious European cultural event, the European Capital of Culture, has an impact on regional economic development or the life satisfaction of the local population. Concerning the economic impact, we show that European Capitals are hosted in regions with above average GDP per capita, but do not causally affect the economic development in a significant way. Even a positive impact on GDP per capita would not imply a positive impact on individual ut...
South Korea%u2019s experience is unparalleled in its combination of sustained prosperity, capital controls, and financial crisis. Over several decades, South Korea experienced rapid sustained growth in the presence of capital controls. These controls and the de-linking of domestic and international financial markets were an essential component of the country's state-led development strategy. As the country developed, opportunities for easy technological catch-up eroded, requiring more sophist...
Woojin Kim; Michael Weisbach
This paper considers the question of whether raising capital is an important reason why firms go public. Using a sample of 16,958 initial public offerings from 38 countries between 1990 and 2003, we consider differences between firms that sell new, primary shares to the public, and existing secondary shares that previously belonged to insiders. Our results suggest that the sale of primary shares is correlated with a number of factors associated with the firm's demand for capital. In particula...
Campbell, John L.; Pedersen, Ove K.
Proponents of the varieties of capitalism literature maintain that capitalist countries whose institutions best fit either the liberal market economy or coordinated market economy types will perform the best. Countries whose institutions are more mixed will perform less well. This paper challenges....... The dynamic interaction of elements found in both liberal and coordinated types of capitalism have contributed to its success. This is demonstrated by analyses of the institutions that coordinate Danish labor markets, vocational training, and industrial policy....
Mulvad, Andreas Christian Møller
This article investigates the variegated model of capitalism emerging in China through a comparative analysis of two contrasting local government approaches developed in Chongqing and Guangdong. From 2007 to 2012, elite politicians and intellectuals articulated the Chongqing and Guangdong models...... of his Guangdong counterpart Wang Yang. Future studies should expand upon the key theoretical insight of the paper: that the emergent variegated capitalism approach to political–economic analysis needs a stronger ideational component....
Merková, Martina; Rajnoha, Rastislav; Dobrovič, Ján
This paper analyzes business performance based on the return on equity indicator, and reveals certain common aspects for companies with better business performance. The results of statistical testing proved positive dependences between turnover, performance and foreign ownership as well as the importance of foreign capital origin for companies. Certain signs typical for companies with participation of foreign capital against local firms are identified. © Martina Merkova, Rastislav Rajnoha, Ja...
Gulie Alexandra Emanuela
The human factor created by physical work and/or intellectual property of all existing material, is unequivocally active value of any work, ie human capital translates into different activities, specialized or not, it creates these individuals. History of the term human capital has experienced over time a series of ups and downs, as agreed or rejected by academia and the political class. Although known affirmation and its conceptual structure only after the seventh decade of the twentieth cen...
Marcel Fafchamps; Bart Minten
Using data on agricultural traders in Madagascar, this paper shows that social network capital has a large effect on firm productivity. Better connected traders have significantly larger sales and value added than less connected traders after controlling for physical and human inputs as well as for entrepreneur characteristics. The analysis indicates that three dimensions of social network capital should be distinguished: relationships with other traders, which among other things help firms e...
Risto Herrala; Rima Turk-Ariss
We investigate the complex interactions between credit constraints, political instability, and capital accumulation using a novel approach based on Kiyotaki and Moore’s (1997) theoretical framework. Drawing on a unique firm-level data set from Middle-East and North Africa (MENA), empirical findings point to a large and significant effect of credit conditions on capital accumulation and suggest that continued political unrest worsens credit constraints. The results support the view that financ...
Grauman, Daniel M; Harris, John M; Martin, Christine
Recent economic challenges have left many independent hospitals and their boards concerned about long-term viability of their organizations as stand-alone facilities. The CFO's role should be to facilitate a candid, objective assessment of the organization's ability to continue to go it alone. Key indicators that should be considered in such an assessment include patient volume, degree of physician alignment, profitability, current debt burden, cash, available capital versus capital requirements, and credit rating changes.
Sureth, Caren; Langeleh, Dirk
This paper investigates the influence of different systems of current income and capital gains taxation on investor's decision to either carry out an investment in corporate shares or to invest funds alternatively on the capital market. Three basic tax systems are analyzed, a classical corporate tax system with double taxation of profits on corporate and personal level, a shareholder relief system, that reduces double taxation completely. It can be shown that general analytical solutions for ...
Sergio Ezequiel Quijano Quijano
Full Text Available This article shows contributions from leading researchers in the fi eld of social capital as support of corporate sustainability and the contribution generated by a descriptive case study based on a representative sample from entrepreneurs from the Fundación Parque de Desarrollo Tecnológico (Parquesoft in Colombia, to contrast the theoretical approaches. The findings show a slight presence of social capital in the performance of incubated entrepreneurs.
.... The leadership provided by this subcommittee and the Senate Committee on Governmental Affairs has been especially important in focusing attention on the federal government s human capital challenges.
Subhash C. Sharma; Yijian He
It is the flow of capital services, instead of the capital stock, along with the flows of other inputs which is related to the flows of outputs in economic theory of cost and production. In applied research, quite often to capture the dynamic phenomena which occurs within a year, there is a need to use quarterly data which may not be captured by annual data. However, quarterly data on capital input and the cost of capital are not readily available. Thus, in this paper the quarterly real and n...
Kolomiiets Viktoriia М.
Full Text Available The formation of the modern conception of human capital is connected with the development of post-industrial information society, knowledge economy and digital economy. The main role in analyzing of the content and role of human capital can play a new institutional economic theory. It is determined that the methodology of research of paradigm change in economic science remains the subject of discussion. The conception of institutional paradigm of human capital development can be attributed to the new economy, the development of which is carried out on the condition that the employee is not always alienated from the relationships of ownership: he himself becomes the owner of the «new» economic resources. The factors of education along with the factors of health care which are determining in the development of human capital are researched. Special attention is paid to education, as it acts as an intellectual capital of the new economy, where knowledge and skills become the «intellectual 5D printer», producing the modern human capital. The transition to a new, post-industrial economy is characterized by a major long-term tendency: the progress of knowledge and the increasing complexity of the socio-economic life; created by powerful factors of information and computer technologies and leading to expansion of global economic space.
Covell, Christine L; Sidani, Souraya
To test the selected propositions of the middle-range theory of nursing intellectual capital. The nursing intellectual capital theory conceptualizes nursing knowledge's influence on patient and organizational outcomes. The theory proposes nursing human capital, nurses' knowledge, skills and experience, is related to the quality of patient care and nurse recruitment and retention of an inpatient care unit. Two factors in the work environment, nurse staffing and employer support for nurse continuing professional development, are proposed to influence nursing human capital's association with patient and organizational outcomes. A cross-sectional survey design. The study took place in 2008 in six Canadian acute care hospitals. Financial, human resource and risk data were collected from hospital departments and unit managers. Clearly specified empirical indicators quantified the study variables. The propositions of the theory were tested with data from 91 inpatient care units using structural equation modelling. The propositions associated with the nursing human capital concept were supported. The propositions associated with the employer support for nurse continuing professional development concept were not. The proposition that nurse staffing's influences on patient outcomes was mediated by the nursing human capital of an inpatient unit, was partially supported. Some of the theory's propositions were empirically validated. Additional theoretical work is needed to refine the operationalization and measurement of some of the theory's concepts. Further research with larger samples of data from different geographical settings and types of hospitals is required to determine if the theory can withstand empirical scrutiny. © 2013 Blackwell Publishing Ltd.
Full Text Available The Romanian Capital Market Law (Law no 297/2004 lays down rules regarding public offers (to buy or sell of securities admitted to trading on a regulated market. Such offers are not unknown in the general framework of companies’ regulations, i.e. Company Law no 31/1990. Actually a public limited liability company (joint stock company can use a public subscriptions (offering shares for sale to raise the registered capital for incorporation of the company or to increase the company’s share capital already established. But all such operations are voluntary decisions. The founders or the shareholders of the company are those who decide to launch a public subscriptions. Capital Market Law comes with something new and at least peculiar at first sight: mandatory takeover bid, meaning a mandatory public offer made by an offeror to the holders of the securities of a company (offeree to acquire all or some of those securities. Can someone be forced to buy securities on the regulated market? The Capital Market Law responds affirmatively, but only if such takeover bid follows or has as its objective the acquisition of control of the offeree company in accordance with national law. The takeover bid remains under supervision and authorization of the national authority of the Capital Market (FSA – Financial Supervisory Authority.
Østergaard, Annemarie; Marinova, Svetla Trifonova
Since Adam Smith (1776) took consideration to human capital as an asset of economic value, academic interest has focused on the economic effects of human capital. In 1931, Schumpeter called for a focus on the individual entrepreneur or the creative destructor with his/her motives, wishes, aspirat......Since Adam Smith (1776) took consideration to human capital as an asset of economic value, academic interest has focused on the economic effects of human capital. In 1931, Schumpeter called for a focus on the individual entrepreneur or the creative destructor with his/her motives, wishes......, aspirations and activities when dealing with entrepreneurship and entrepreneurs. Along these lines, this paper focuses on an in-depth investigation of the domain of human capital in Isenbergs Entrepreneurship Ecosystem. It captures the entrepreneurial mindset of the highly complex individual as a requisite...... for entrepreneurial success and ultimately, for business growth and development. The increasing literature debating human capital confirms the relevance of locating and refining the factors for entrepreneurial success. Consequently, this paper improves the roadmap of Entrepreneurship Ecosystems by adding the innate...
Full Text Available The current economic crisis emerged from a particular financial crisis that started in the United States and being rapidly propagated all over the world. It did not affect a limited region or a limited economic sector. This crisis induced significant changes in all management areas, including financial management. This study is focused on financing strategies adopted by shipping companies during the crisis, analyzing relevant factors for a specific issue - the capital structure. The research methodology proposed for this analysis on relevant factors that could explain the capital structure of shipping is OLS regression applied on selected variables derived from the financial statements of the major shipping companies. The dependent variables reflecting capital structure are book value to total liabilities ratio and book value to total debt ratio. The explanatory variables are derived from the theory of capital structure. This study empirically illustrates the relevance of the capital structure theory for the studied economic sector and is a useful tool for the shipping companies, providing relevant information about the optimal capital structure adopted by shipping companies and about factors that influence this decision during a crisis period.
Full Text Available Social capital is often seen as a substitute for lack of other types of capital amongpoor people. Because of the recognized applicability of the social capital conceptand its correlation with the different dimensions of poverty, it has been used inevaluating the adaptation and integration of involuntarily displaced individualsinto their new environment. This paper presents insights based on a review of thefindings of studies that looked into the role of social capital in conflict- anddevelopment-induced displacement contexts. Althoughboth types of displace-ments are involuntary or forced in nature, they differ in terms of the role of socialcapital regarding its main sources, the formation pattern and its determinants.Social capital studies in forced resettlement appear to be relatively small innumber and are heavily concentrated on first worldcountries and conflict- anddevelopment-induced displacements. The conduct of similar studies in developingcountries and in a disaster-induced resettlement context, the third type ofinvoluntary displacement, should generate new and relevant findings regardingthe role of social capital in resettlement communities.
King, Heather; Nomikou, Effrosyni; Archer, Louise; Regan, Elaine
Across the globe, governments, industry and educationalists are in agreement that more needs to be done to increase and broaden participation in post-16 science. Schools, as well as teachers, are seen as key in this effort. Previous research has found that engagement with science, inclination to study science and understanding of the value of science strongly relates to a student's science capital. This paper reports on findings from the pilot year of a one-year professional development (PD) programme designed to work with secondary-school teachers to build students' science capital. The PD programme introduced teachers to the nature and importance of science capital and thereafter supported them to develop ways of implementing science capital-building pedagogy in their practice. The data comprise interviews with the participating teachers (n = 10), observations of classroom practices and analyses of the teachers' accounts of their practice. Our findings suggest that teachers found the concept of science capital to be compelling and to resonate with their own intuitive understandings and experiences. However, the ways in which the concept was operationalised in terms of the implementation of pedagogical practices varied. The difficulties inherent in the operationalisation are examined and recommendations for future work with teachers around the concept of science capital are developed.
... estimates the market value of the Bank's assets and liabilities, off-balance sheet items, and derivative... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Market risk capital requirement. 932.5 Section... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.5 Market risk capital requirement. (a...
Svendsen, G.L.H.; Svendsen, Gert Tinggaard
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 ...
Gordon, Deborah C
Healthcare providers need to understand traditional and nontraditional financing options and other potential strategies for accessing capital. Common financing options include bonds, commercial lending, acquisition financing, and financing through the Department of Housing and Urban Development's Section 232 program. Alternative strategies for accessing capital include joint ventures, equity, sale of assets, fund-raising, capital leases, internal capital, public grants, and grants from foundations.
The financial consequences of growth capital are different depending of accomplishing technical. In these circumstances the General Meeting of Shareholders decide to increase capital. The decision depends on the effect of increasing the potential financial capital, financial stability and financial structure of the company. Next, I will present the financial consequences of growth capital to a company profile in the petrochemical industry.
Many researchers link social capital theory to education and commonly use examples from the field of education to examine social capital theory. Accordingly, they accept that reflections and contributions of social capital can be observed in the field of education. This paper examines social capital's effects on academic success in education. In…
... 47 Telecommunication 2 2010-10-01 2010-10-01 false Cash working capital. 36.182 Section 36.182... PROCEDURES; STANDARD PROCEDURES FOR SEPARATING TELECOMMUNICATIONS PROPERTY COSTS, REVENUES, EXPENSES, TAXES... Cash Working Capital § 36.182 Cash working capital. (a) The amount for cash working capital, if not...
... credit risk capital requirement, its market risk capital requirement, and its operations risk capital... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk-based capital requirement. 932.3 Section 932.3 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND...
Imbierowicz, Björn; Kragh, Jonas; Rangvid, Jesper
We investigate how banks' capital and lending decisions respond to changes in bank-specific capital and disclosure requirements. We find that an increase in the bank-specific regulatory capital requirement results in a higher bank capital ratio, brought about via less asset risk. A decrease...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Total capital requirement. 932.2 Section 932.2 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.2 Total capital requirement. (a) Each Bank shall...
... partners' contributed capital of a Partnership RBIC, in each case subject to the limitations in paragraph... 7 Agriculture 15 2010-01-01 2010-01-01 false Private Capital for RBICs. 4290.230 Section 4290.230... Qualifications for the RBIC Program Capitalizing A Rbic § 4290.230 Private Capital for RBICs. (a) General...
... (CONTINUED) VA HOMELESS PROVIDERS GRANT AND PER DIEM PROGRAM § 61.11 Applications for capital grants. (a) To apply for a capital grant, an applicant must obtain from VA a capital grant application package and... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Applications for capital...
Chikwe, Christian K.; Ogidi, Reuben C.; Nwachukwu, K.
The paper discussed the challenges of research and human capital development in Nigeria. Research and human capital development are critical to the development of any nation. Research facilitates human capital development. A high rating in human capital development indices places a country among the leading countries of the world. The paper…
... VENTURE CAPITAL (âNMVCâ) PROGRAM Qualifications for the NMVC Program Capitalizing A Nmvc Company § 108.200 Adequate capital for NMVC Companies. You must meet the requirements of §§ 108.200-108.230 in order to... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Adequate capital for NMVC...
... minimum level of required capital and NEV ratios after the funds are called. (4) Liquidation. In the event...) Capital ratio. A corporate credit union will maintain a minimum capital ratio of 4 percent, except as otherwise provided in this part. A corporate credit union must calculate its capital ratio at least monthly...
Rozenberg, Julie; Vogt-Schilb, Adrien; Hallegatte, Stephane
This paper uses a Ramsey model with two types of capital to analyze the optimal transition to clean capital when polluting investment is irreversible. The cost of climate mitigation decomposes as a technical cost of using clean instead of polluting capital and a transition cost from the irreversibility of pre-existing polluting capital. With a carbon price, the transition cost can be limit...
Klomp, Jeroen; de Haan, Jakob
We examine the relationship between different dimensions of the political regime in place and human capital using a two-step structural equation model. In the first step, we employ factor analysis on 16 human capital indicators to construct two new human capital measures (basic and advanced human capital). In the second step, we estimate the…
... General Program Requirements § 891.145 Owner deposit (Minimum Capital Investment). As a Minimum Capital... Investment shall be one-half of one percent (0.5%) of the HUD-approved capital advance, not to exceed $25,000. ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Owner deposit (Minimum Capital...
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
Full Text Available The content of the international capital flows are studied, its contradictor influence on global and national processes. Some theoretical approaches on contradictory impact of capital flows. The major risks of international capital flows in banking sector are determined including financial, currency, assets value decrease, credit rating etc. The capital flows reversal flows are explained. The modern changes of international capital flows to banking sector of Ukraine are discovered.
This paper analyzes the influence of international resource price movements on capital outflows from resource-rich developing countries (RRDCs) by distinguishing capital flight and capital transfers. The volume of capital flight and transfers are calculated and their determinants are analyzed using macro-panel data constituting 21 resource-rich developing countries from 1990 to 2011. Through the regression analysis, the linkage between capital flight and resource revenue as well as that betwe...
In this paper, a model of income capitalization is developed where hedonic prices play a key role in estimating the going-in capitalization rate. Precisely, the hedonic functions for rental and selling prices are introduced into a basic model of income capitalization. From the modified model, it is possible to derive a direct relationship between hedonic prices and capitalization rate. An advantage of the proposed approach is that estimation of the capitalization rate can be made without cons...
Full Text Available Abstract Background A large international literature has found a positive association between social capital and measures of physical and mental health. However, there is a paucity of research on the links between social capital and healthy ageing in a developing country environment, where universal social security coverage is absent and health infrastructure is poor. Method In this paper, we develop and empirically test a model of the linkages between social capital and the health outcomes for older adults in Indonesia, using data from the Indonesian Family Life Survey-East (IFLS-East, conducted in 2012. Using multivariate regression analysis, we examine whether social capital plays a role in mitigating poor health among older individuals aged 50 years and above in Indonesia’s most vulnerable provinces. We test the robustness of these social capital variables across different health measures (self-assessed health, Activities of Daily Living (ADL, measures of chronic illness and mental health measures, as well as across different demographic groups, after controlling for an array of socio-economic, demographic and geographic characteristics. Results Our findings show that access to better social capital (using measures of neighbourhood trust and community participation is associated with a higher degree of physical mobility, independence, and mental well-being among older individuals but has no influence on chronic illnesses. These results are consistent when we estimate samples disaggregated by gender, rural/urban residence, and by age categories. Conclusion From a policy perspective these results point to the importance of social capital measures in moderating the influence of poor health, particularly in the Activities of Daily Living.
BELENESI (BUMBA MARIOARA
Full Text Available In a highly competitive economy, driven by globalization, the abundance of digital information and communication facilities, the investor directs its capital to those companies that promise added value of the invested capital. Even so, companies seek to obtain favorable terms of financing by rendering sensitive the investors. To achieve their goal, they must provide information about their financial and non financial performance with sufficient regularity to meet the information needs of actual or potential capital bidders in decision making. Financial communication through standardized annual statements of financial reporting in the context of corporate governance is no longer sufficient. The organization has more resources than those included in its balance sheet, capable of attracting huge benefits, but which do not meet the criteria for recognition in the financial statements. It requires, therefore, a voluntary disclosure of information on intangible resources, which are key factors in creating future value for both the organization itself and the industry it is part of. The reports of intellectual capital can effectively complement the shortcomings of the traditional model of accounting and financial reporting. In our paper we wanted to analyze financial communication in the context of corporate governance, presented through financial statements, reaching the intellectual capital reporting practices, as a means to improve communication of the organization with the outside. In this sense we presented two examples of good practice of two service companies (consultancy and design that publish annually intellectual capital reports. To alleviate the negative consequences of non-recognition of intangible assets in the financial statements, we are for the voluntary disclosure of information on intangible assets in the intellectual capital reports, annual reports, those regarding corporate responsibility, or at least in the explanatory notes of
Cao, Junran; Rammohan, Anu
A large international literature has found a positive association between social capital and measures of physical and mental health. However, there is a paucity of research on the links between social capital and healthy ageing in a developing country environment, where universal social security coverage is absent and health infrastructure is poor. In this paper, we develop and empirically test a model of the linkages between social capital and the health outcomes for older adults in Indonesia, using data from the Indonesian Family Life Survey-East (IFLS-East), conducted in 2012. Using multivariate regression analysis, we examine whether social capital plays a role in mitigating poor health among older individuals aged 50 years and above in Indonesia's most vulnerable provinces. We test the robustness of these social capital variables across different health measures (self-assessed health, Activities of Daily Living (ADL), measures of chronic illness and mental health measures), as well as across different demographic groups, after controlling for an array of socio-economic, demographic and geographic characteristics. Our findings show that access to better social capital (using measures of neighbourhood trust and community participation) is associated with a higher degree of physical mobility, independence, and mental well-being among older individuals but has no influence on chronic illnesses. These results are consistent when we estimate samples disaggregated by gender, rural/urban residence, and by age categories. From a policy perspective these results point to the importance of social capital measures in moderating the influence of poor health, particularly in the Activities of Daily Living.
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.
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.
Edle von Gaessler, Anne; Ziesemer, Thomas
We modify a Lucas-type endogenous growth model to contain endogenous labour supply, imperfect international capital movements, and estimated interest and education time functions. Solutions based on realistic calibrations show that (i) the rate of human capital depreciation through ageing has a much
The measurement of capital inputs is still a contentious issue: many choices have to be made that have potentially large effects on the resulting capital input series, some entailing differing assumptions about firm behaviour. This paper compares a large number of methodological choices and their
von Otter, Cecilia; Stenberg, Sten-Åke
We analyse the utility of social capital for children's achievement, and if this utility interacts with family human capital and the quality of the parent-child relationship. Our focus is on parental activities directly related to children's school work. Our data stem from a Swedish cohort born in 1953 and consist of both survey and register data.…
van Rossem, R.; Vermande, M.; Volker, B.; Baerveldt, C.
Social capital is generally considered beneficial for students’ school adjustment. This paper argues that social relationships among pupils generate social capital at both the individual and the class levels, and that each has its unique effect on pupils’ performance and well-being. The sample in
Van Rossem, Ronan; Vermande, Marjolijn; Völker, Beate; Baerveldt, Chris
Social capital is generally considered beneficial for students' school adjustment. This paper argues that social relationships among pupils generate social capital at both the individual and the class levels, and that each has its unique effect on pupils' performance and well-being. The sample in this study consists of 1036 children in 60…
Meier, Kenneth J.; Favero, Nathan; Compton, Mallory
Do internal (administrative human capital) and external (social capital) resources work to reinforce the effects of each other? Work from multiple disciplines has approached this question, and we advance this literature with a theory of social and administrative resources as potential substitutes
Gabbay, Shaul M.; Leenders, Roger Th.A.J.
Social capital in general and the study of social capital in the context of organizations has gained considerable attention in recent years. Despite the promise in the potency of the concept, its useful application suffers from the plethora of different definitions and approaches—both theoretical
The 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
forms of organisation have received less attention. In this paper I discuss a recent French contribution to the analysis of the cultural aspects of networks: Boltanski & Chiapellos book Le nouvel esprit du capitalisme (Boltanski and Chiapello 1999). The contribution is important for recent discussions...... of a network perspective on organisations in several ways. First, drawing on Webers earlier discussion of the rise of the capitalist spirit, Boltanski and Chiapello proposes an interesting theoretical model of the change of capitalism relating two different types of cultural elements: the spirit...... of capitalism and criticism of capitalism to processes of change in the form of capitalism. Second, Boltanski and Chiapello directs a critical perspective on the emergent model of network capitalism and its accompanying spirit applying the theoretical framework of worlds of justification developed earlier...
Full Text Available In the global crisis context crossed by organizations and countries in the past six years we assist also at conflicting measures in which regards knowledge, innovation and human capital; for example, countries such as England and France have reduced their costs for education, while Germany and other countries (Australia, Austria, Canada and Norway maintained the same allocations for education. What will be the effects of such measures on human capital in the near future? What are the best human resources policies in companies in the crisis context? Given that the subject of the research is "knowledge and human capital", in this paper we refer to the induced effects of the crisis on human capital and innovation. We will also identify the key steps that can be taken during crisis, and not only, to stimulate human capital.
Andersen, Ida Gran; Jæger, Mads Meier
This paper tests two competing explanations of differences in returns to cultural capital across schooling environments: Cultural reproduction (cultural capital yields a higher returns in high-achieving environments than in low-achieving ones) and cultural mobility (cultural capital yields higher returns in low-achieving environments). Using multilevel mixture models, empirical results from analyses based on PISA data from three countries (Canada, Germany, and Sweden) show that returns to cultural capital tend to be higher in low-achieving schooling environments than in high-achieving ones. These results principally support the cultural mobility explanation and suggest that research should pay explicit attention to the institutional contexts in which cultural capital is converted into educational success. Copyright © 2014 Elsevier Inc. All rights reserved.
Andersen, Ida Gran; Jæger, Mads Meier
This paper tests two competing explanations of differences in returns to cultural capital across schooling environments: Cultural reproduction (cultural capital yields a higher returns in high-achieving environments than in low-achieving ones) and cultural mobility (cultural capital yields higher...... returns in low-achieving environments). Using multilevel mixture models, empirical results from analyses based on PISA data from three countries (Canada, Germany, and Sweden) show that returns to cultural capital tend to be higher in low-achieving schooling environments than in high-achieving ones....... These results principally support the cultural mobility explanation and suggest that research should pay explicit attention to the institutional contexts in which cultural capital is converted into educational success....
Carlson, Donald A
Access to capital over the next ten years will be one of the biggest challenges healthcare organizations will face as they strive to remain competitive and serve their communities. Meeting the growing needs for capital will require a disciplined and honest assessment of the capital sources that will be available and the best ways of positioning an organization to maximize their uses. It is incumbent on chief executive officers and other senior leaders to create a disciplined process for allocating capital and conveying how that process will be linked to the organization's strategic plan. All of the credit constituencies "buying" healthcare need to fully understand how the organization is positioning itself for future growth and success, and detailed bond marketing plans need to be implemented well before the actual sale of a new bond issue. Large and small healthcare providers will have sufficient access to capital in the future if investors believe that senior hospital executives have a credible plan and are disciplined enough to execute it.
Full Text Available Thomas Piketty’s international best selling Capital in the Twenty-First Century lays out his theory of a long-run rise in income inequality under capitalism. It is written as a manifesto urging reintegration of social sciences. A number of reviewers judged it on ideological grounds, labeling it either as a revolution in economic thinking, or dismissing it offhandedly. Piketty’s theory of rising inequality is based on the two Fundamental Laws of Capitalism, developed after the Solow growth model. However, this model is inconsistent with Piketty’s own characterization of modern capitalism. Moreover, his sole justification for the constant discrepancy between rate of return and rate of income growth (r > g is based on the high elasticity of substitution between capital and labor. However, that is just one factor that can have an influence on factor income shares. By failing to offer a consistent theory of rising inequality, his piece can hardly be considered as a useful founding stone for a new social science.
N A Volgina
Full Text Available The article deals the issue of the positions of Russian capital in Latvian market. The paper aims to estimate the volume and dynamics of Russian capital inflows into Latvia in compliance with Russian economic interests; to identify key sectors of Latvian economy that Russian capital is interested to invest in; to systemize information concerning Russian firms investing in Latvia; to assess the role of Russian capital in Latvian economy in comparison with other foreign investors; to propose author’s view on challenges and perspectives of Latvian-Russian investment cooperation in the situation of economic sanctions and geo-political conflict in east Ukraine. The author underlines that at the end of 2013, investments of Russian business to Latvia constituted about 5.0% of the total FDI stock and by that time Russia was the 7th largest investor with 0.5 bln euro of capital invested. The main sectors of Russian interests in Latvia are - gas supply, transport communications (transit corridors, banking and real estate. The article concludes that though the future of Russian-Latvian economic relations in the short-run is on a substantial pressure of geopolitical factors, the economic interests in mutual investment relations will prevail in the long-run perspectives.
Aim: The effectiveness of the CCB during contractions is not obvious. Contingent convertible (CoCo bonds – which are bond-like until triggered by a deterioration of a prescribed capital metric, at which point they convert into a form of equity – are explored as a supplementary countercyclical capital measure for such periods to establish whether or not they function effectively. Setting: The analysis is undertaken using global bank CoCo data, and then applied to South African banks. Methods: The Hodrick Prescott filter was applied to empirical historical data. Results: The CCB functions as a good countercyclical capital measure in times of economic expansion by absorbing losses and stabilising the capital base through equity issuance. Conclusion: The issuance of CoCo bonds – if their trigger mechanisms are designed correctly – may prove helpful to banks and the broader financial sector in times of economic contraction through the countercyclical capital properties that manifest through CoCo bonds under these economic conditions.
Full Text Available This thesis analyzes the pre-1996 foreign capital inflows to Korea and the major impact of macroeconomic variables, discussed the background of South Korean foreign exchange crisis. VAR model using the analysis results reflect the impact of capital inflows and the increase in the volume of overseas department of communication makes the current account deteriorated, and no increase in revenue. It is well known that the positive effects of free capital flows can lower interest rates, but after 1980 the results of analysis of data showed that, despite the freedom of capital inflows, but interest rates did not decline. In contrast, the increase in domestic credit makes incomes increase, although in the short term, but it makes interest rates decline. Under the circumstance than the inflow of overseas capital did not bring positive effects to economic circumstances, although the private sector (private enterprises and the number of financial institutions has worsened the financial structure, but the government finances and private consumption has been showing a strong and stable trend, deflation does not exist. One particularly striking is the sudden increase of the phenomenon of short-term debt, although a higher proportion of short-term debt, but the basic conditions for economic point of view, the inevitability and certainty of the foreign exchange crisis, there is still room for debate.
Tuan Anh, Nguyen; Thomese, Fleur; Salemink, Oscar
This paper identifies how social capital in kinship relations is employed to foster children’s education in the Reform era (Đổi mới), based on an anthropological and sociological study in Quỳnh Đôi village, Quỳnh Lưu district, Nghệ An province, Vietnam. The paper shows that in the Đổi mới period...... học]. From a social capital perspective, we argue that social capital, understood as enforceable trust and reciprocity exchanges, was the foundation for raising patrilineage study encouragement funds. One significant observation was that both patrilineage members and non-members contributed......’s viewpoint, the social capital benefiting pupils was located in ego-based kinship networks which extended beyond just patrilineages. Therefore, in the Đổi mới era, villagers went beyond their patrilineage boundaries to mobilize social capital in their ego-based kin networks, including both relatives inside...
Pérez-Maqueo, Octavio; Martinez, M. Luisa; Vázquez, Gabriela; Equihua, Miguel
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.
Mann, Marilynne; Leahy, Jessica
This study examined social capital development in three all-terrain vehicles (ATV) clubs in Maine using an adapted version of Lin's (2001) social capital theory model. The structural components of social capital identified included collective assets and individual assets in the form of normative behavior and trust relationships. Also identified were counter-norms for individual ATV riders identified as having divergent norms from club members. The second component of social capital is access to and mobilization of network contacts and resources. Access networks in the context of the ATV clubs studied were identified as community and landowner relations while mobilization of resources was existent in club membership attempts toward self-governance and efforts of the statewide "umbrella" organization. Instrumental outcomes benefit society and expressive outcomes benefit the individual. Both types of returns are present in the data suggesting that ATV clubs are creating social capital. This is important information to clubs who desire to market themselves, improve their reputations, and enhance their volunteer association. It is of further interest to state governments who fund clubs through trail grants as proof that a return on investment is being realized. Theoretical and applied implications for these and other types of recreation-based volunteer associations (e.g., clubs, friends groups, advocacy groups) are presented.
Mann, Marilynne; Leahy, Jessica
This study examined social capital development in three all-terrain vehicles (ATV) clubs in Maine using an adapted version of Lin’s (2001) social capital theory model. The structural components of social capital identified included collective assets and individual assets in the form of normative behavior and trust relationships. Also identified were counter-norms for individual ATV riders identified as having divergent norms from club members. The second component of social capital is access to and mobilization of network contacts and resources. Access networks in the context of the ATV clubs studied were identified as community and landowner relations while mobilization of resources was existent in club membership attempts toward self-governance and efforts of the statewide “umbrella” organization. Instrumental outcomes benefit society and expressive outcomes benefit the individual. Both types of returns are present in the data suggesting that ATV clubs are creating social capital. This is important information to clubs who desire to market themselves, improve their reputations, and enhance their volunteer association. It is of further interest to state governments who fund clubs through trail grants as proof that a return on investment is being realized. Theoretical and applied implications for these and other types of recreation-based volunteer associations (e.g., clubs, friends groups, advocacy groups) are presented.
Savage, Mike; Warde, Alan; Devine, Fiona
This paper explores the potential of Bourdieu's approach to capital as a way of understanding class dynamics in contemporary capitalism. Recent rethinking of class analysis has sought to move beyond what Rosemary Crompton (1998) calls the 'employment aggregate approach', one which involves categorizing people into class groups according to whether they have certain attributes (e.g. occupations). Instead, recent contributions by Pierre Bourdieu, Erik Wright, Aage Sorensen, and Charles Tilly have concentrated on understanding the mechanisms that produce class inequalities. Concepts such as assets, capitals and resources (CARs) are often used to explain how class inequalities are produced, but there remain ambiguities and differences in how such terms are understood. This paper identifies problems faced both by game theoretical Marxism and by the rational choice approach of Goldthorpe in developing an adequate approach to CARs. It then turns to critically consider how elements of Bourdieu's approach, where his concept of capital is related to those of habitus and field, might overcome these weaknesses. Our rendering of his arguments leads us to conclude that our understanding of CARs might be enriched by considering how capital is distinctive not in terms of distinct relations of exploitation, but through its potential to accumulate and to be converted to other resources. This focus, we suggest, sidesteps otherwise intractable problems in CAR based approaches.
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.
Full Text Available Investing in sustainable projects can help tackle the current sustainability challenges. Venture capital investments can contribute significantly to the growth of sustainable start-ups. Sustainable venture capital (SVC research is just emerging. This paper identifies enablers for sustainable venture capital investments in Saudi Arabia taking into account different stakeholders and firm’s tangible and intangible resources. Using perspectives from venture capital experts in Saudi Arabia and the grey-based Decision-Making Trial and Evaluation Laboratory (DEMATEL method, this study pinpoints the most critical enablers and investigates their causal and effect interconnections. The methodological process consists of reviewing the SVC literature and consulting the experts to identify the SVC enablers, creating a questionnaire, acquiring the answers from four experts, analyzing the data with grey-based DEMATEL and performing a sensitivity analysis. The government use of international standards, policies and regulations for sustainable investments, the commitment of the venture capitalists to sustainability and their deep understanding of sustainable business models are the most influential enablers. The paper concludes with implications for different actors, limitations and prospective directions for the sustainable venture capital research.
Full Text Available The main thesis of the article is the statement that capitalism is composed of many different, incoherent temporalities, as well as that apprehension of capitalism from the angle of primitive accumulation enables the more accurate grasp of the modes of its functioning, including the complexity created by the interactions of the temporalities mentionned. The problem of primitive accumulation is, as Sandro Mezzadra proves, a good starting point for analysing this issue. It allows us to pose two questions: first, the question of the relation between the historical dimension and the structural logic of capitalism; second, the question of hierarchical relation between the center and the periphery of the capitalist system.Dipesh Chakrabarty’s project of ‘provincializing Europe’ proves helpful here, as it’s goal is deconstruction of the categories of progress, modernization and the capital with its abstract structure. The aim is not to negate the fact that capitalist abstraction is a real force, but to show that this force develops by means of constant assimiliation of the other – redefined as ‘backward’ or archaic. The linear scheme is in force, because it is the main mechanism of imposing the power of capital; as such, it is not politically neutral.
Lovins, A B; Lovins, L H; Hawken, P
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.
Kragh, Jonas; Rangvid, Jesper
, implying that resilience in the banking system is also increased. The increase in capital ratios is partly due to a modest reduction in lending. Using a policy changes, we show that banks react stronger to changes in capital requirements when these are public. Our results further suggest that the impact......Unique and confidential Danish data allow us to identify how changes in disclosure requirements and bank-specific time-varying capital requirements affect banks' lending and capital accumu-lation decisions. We find that banks increase their capital ratios after capital requirements are increased...... of capital requirements differ for small and large banks. Large banks raise their capital ratios more, reduce lending less, and accumulate more new capital compared to small banks....
a consistent, bridging theory. Finally, there is a lack of understanding on how social capital develops over time and the potential benefits of taking a life-cycle view of social capital. In conclusion, the field of social capital in organizations still needs a consistent and coordinated research effort......The importance and usefulness of social capital as a concept in the study of organizations have been established by a large body of research. The aim of this paper is to review the concept of social capital in an organizational context, and identifying five main issues that need to be addressed....... Secondly, it is necessary to determine whether social capital can or should be measured. Thirdly, the negative aspects of social capital should be explored and integrated into the existing research. Fourthly, the field between social capital of the individual and organizational social capital lacks...
Scarpa, D.; Más, A.
The programme, The Universe in Your City - Nineteen Capitals, took us to each of Uruguay's nineteen provincial capitals. In each capital we erected our Kappa Crucis Digital Mobile Planetarium and were able to reach a wide range of children of school age, and especially children in "critical contexts" (i.e. socially and economically deprived children). We transported our equipment, together with the exhibition materials for the IYA2009 Cornerstone project, From Earth To The Universe - and set it up in open public spaces, staying in each location for one week and offering an average of nine daily 40-minute presentations. Each session featured information on Galileo Galilei's discoveries, the Uruguayan night sky and the cultural heritage provided by the sky. A record number of 46 428 people participated in the 884 sessions held between April and September; while many more simply visited the exhibition. This reflects the remarkable success of the project.
Slechta, V.; Bohal, L.
The problems are discussed of requirements for investment for power plants in Czechoslovakia. Since the construction was finished of coal-burning 110 MW power plants with six power units, specific capital cost has steadily been growing. The growth amounts to 6 to 8% per year while the principle has been observed that specific capital cost decreases with increased unit power. Attention is paid to the cost of the subcontractors of the building and technological parts of a power plant and to the development of productivity of labour. A comparison is tabulated of cost for coal-burning power plants with 100 MW and 200 MW units and for nuclear power plants with WWER-440 reactors. Steps are suggested leading to a reduction of the capital cost of nuclear power plants. It is stated that should not these steps be taken, the envisaged development of nuclear power would be unbearable for the Czechoslovak national economy. (Z.M.). 8 tabs., 3 refs
Lauridsen Lolle, Elisabeth
, and the inequalities between cities and rural areas are getting more pronounced. If Denmark is to keep its social capital and strengthen the regional development, we need to examine the condition of the social capital and find ways to maintain or maybe even strengthen its stock. However, it is difficult to measure...... by educational institutions as platforms for offering educations on different locations in the periphery. How do these new possibilities affect the social capital of small communities and thus the regional development? Does it enhance the sense of community cohesion, or is this just another way of communicating......? This article will examine these questions through three case studies covering the educational (schools) and cultural (museums) sector in different settings in rural Denmark....
Frazier, H C
There is a previously unobserved connection between corporal punishment of public school children and capital punishment of juveniles. Both are barometers of acceptable levels of violent punishment and their elimination is a hallmark of a maturing and decent society. Within a majority of the eighteen states where school authorities most frequently strike children are housed 25 of the nation's 28 juvenile death row inmates. On average, the homicide rates of these jurisdictions are two and a half times greater than those that have abolished both state-sanctioned corporal and capital punishment or limit death sentences to those age eighteen and older at the time of their crime(s). Most of the eighteen state abolitions of corporal punishment occurred in the 1980's. The US Supreme Court has ruled both corporal and capital punishment of juveniles constitutional. Additional state legislative abolition of both is anticipated in the 1990s.
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.
Fuest, Clemens; Nielsen, Søren Bo
Recent years have seen large swings in house prices in many countries. Motivated by housing price variations, proposals for taxing capital gains on housing have repeatedly been put forth. The idea seems to be that such taxes would curb the redistribution occurring between those owning houses...... and those trying to get into the market for owner-occupied housing. Our paper shows that at least in simple settings, a tax on real capital gains on housing will only lead to even bigger price swings and will not be able to redistribute between people appearing on either side of the housing market.......Keywords: capital gains tax, housing market, price fluctuationsJEL-Classification: H23, H24, R 31.Addresses:...
Sergio Cabrera Morales
Full Text Available Se pone de manifiesto las contribuciones realizadas en El Capital Financiero que ayudaron a entender las transformaciones del sistema económico capitalista de ese momento, ya no solo desde su perspectiva local y nacional sino de la economía mundial. Mutaciones que se centran en el desarrollo nacional y se expresan en el internacional. Pero al mismo tiempo se abordan algunas de las conclusiones en el campo de la política emprendida por R. Hilferding que al parecer van contracorriente a sus hallazgos económicos. Al tiempo que se insiste en la importancia de recuperación el espíritu presente en El Capital Financiero: El esfuerzo por sistematizar el funcionamiento del capital, que hoy se expresa como la financiarización de la economía.
Scupola, Ada; Steinfield, Charles; Lopez-Nicolas, Carolina
to information and opportunity predicted company performance, particularly for small start-up companies. The pattern of results complements prior work that establishes the importance of social capital in regional business clusters by demonstrating how certain ICT uses complement personal relationships to enhance......This study explores how some uses of ICTs, as well as having 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...
Steinfield, Charles; Scupola, Ada; López-Nicolás, Carolina
to information and opportunity predicted company performance, particularly for small start-up companies. The pattern of results complements prior work that establishes the importance of social capital in regional business clusters by demonstrating how ICT use complements personal relationships to enhance......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...
Østergaard, Annemarie; Marinova, Svetla Trifonova
for entrepreneurial success and ultimately, for business growth and development. The increasing literature debating human capital confirms the relevance of locating and refining the factors for entrepreneurial success. Consequently, this paper improves the roadmap of Entrepreneurship Ecosystems by adding the innate......, aspirations and activities when dealing with entrepreneurship and entrepreneurs. Along these lines, this paper focuses on an in-depth investigation of the domain of human capital in Isenbergs Entrepreneurship Ecosystem. It captures the entrepreneurial mindset of the highly complex individual as a requisite...
Kreickemeier, Udo; Raimondos-Møller, Pascalis
We show that the standard concertina result for tariff reforms -i.e. loweringthe highest tariff increases welfare - no longer holds in general if we allow for international capital mobility. The result can break down if the good whose tariff is lowered is not capital intensive. If the concertina...... reform lowers welfare it lowers market access as well, thereby compromising a second goal that is typically connected with trade liberalisation.JEL-Classification: F11, F13, F15Key words: Trade Policy Reform, International Factor Mobility, Welfare, MarketAccess...
Adriana Almeida Sales de Melo
Full Text Available In discussing the theme Imperialism, Crisis and education, the essay points out aspects of our historical totality in relation to recent crises through which it passed capitalism, and its relationship to changes in Brazilian educational policies. Education remains at the heart of development projects, as a producer of knowledge, as well as guiding the processes of social conformation. They also discussed the aftermath of the crisis: the rise of social inequality and the increase of labor exploitation. Make clear our project of society and education, as resistance movements to the survival of capitalism is a necessity in building movements of counter-hegemony.
Bjørnskov, Christian; Sønderskov, Kim Mannemar
The aim of this paper is to explore whether the concept of social capital as popularized by Robert Putnam is a good social science concept. Taken Gerring’s and Adcock and Collier’s work on concept formation and measurement validity as the starting point, the paper first discusses necessary...... conditions for concepts to be good in a strict sense. Afterwards, an empirical section explores the validity of the unidimensionality assumption of most definitions of social capital. This assumption is rejected in four separate tests at both the micro and macro level. A final section therefore discusses...
Etter, Michael; Fieseler, Christian
Stakeholder relationships become increasingly important as new communication technologies en-able interest groups to communicate their demands, organize themselves and voice their concerns with ease. In this changing stakeholder environment, the creation and maintenance of relational social capital...... relies not only on communication in classical media alone but also on the various online channels summarized by the term “social media.” Utilizing a literature study and expert interviews, this article explores how organizations engage in creating and maintaining relational social capital...... by communicating their corporate social responsibility efforts through social media channels....
Foss, Nicolai Juul
The article presents a speech by Professor Nicolai J. Foss of Copenhagen Business School, delivered at the Austrian Scholars Conference held on March 8, 2012 in Auburn, Alabama, in which he discussed the knowledge essays by economist Friedrich A. von Hayek, the concept of capital theory and the w......The article presents a speech by Professor Nicolai J. Foss of Copenhagen Business School, delivered at the Austrian Scholars Conference held on March 8, 2012 in Auburn, Alabama, in which he discussed the knowledge essays by economist Friedrich A. von Hayek, the concept of capital theory...... and the works of Hayek on political philosophy and cultural evolution....
Corso, John A
Historically, approaches to measuring intellectual capital have included both conventional accounting-based measures, such as variants of the market-to-book ratio, and more progressive measures, such as the measurement of intangible assets found in approaches such as the Balanced Scorecard and Human Resource Accounting. As greater emphasis is placed on intellectual capital and its various aspects in the continually growing service and knowledge economy, the use of assessment instruments to inventory the alignment, balance, and variety of intellectual capacities and metrics that assess the effectiveness of succession planning may represent new directions in which organizations can head in the measurement of this important construct.
Egerod, Benjamin Carl Krag; Justesen, Mogens Kamp
Capital mobility and corporate lobbying are often emphasized as key drivers of international trade policy. Most empirical research on the topic, however, has focused on the industry level or some level of geographical aggregation. We address this gap by examining the role of firm-level capital...... it with financial data on the firms filing them – a total of roughly 1,000 companies from 25 WTO countries in the period 2005-2015. Using spatial autoregressive (SAR) models, we show that companies with less mobile assets are, on average, more likely to be successful when petitioning for trade protection...
The uranium mining industry has undergone a substantial change over the past decade. A few rather informal statistics relevant to this change have been gathered together, with particular emphasis on the corporate and capital structures which existed in the industry in the 1970s and 1980s. These data offer interesting insights on the availability of capital for new uranium mining ventures, and lead to a sketch of the finances of a hypothetical new venture. The results of this work suggest that there may be few producers likely to start work on a greenfield site in the next few years, even if the market recovers from its present doldrums. (author)
Leytes, Lev J
Raising venture capital (VC) is both an art and a science. Future entrepreneurs should carefully consider the various issues of VC financing that have a strong impact on the success of their business. In addition to attracting the best venture capital firms, these issues include such subtle but important points as the timing of financing (especially of the first round), external support sources, desirable qualities of a VC firm, amount to be raised, establishing a productive interface between the founders and the venture capitalists, and most importantly the effects of well-executed VC funding on hiring senior executives and scientific leaders.