Entrepreneurs’ human and social capital

DEFF Research Database (Denmark)

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

2014-01-01

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

Information and the Cost of Capital: An Ex Ante Perspective

DEFF Research Database (Denmark)

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

2010-01-01

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

THE RELATIONSHIP BETWEEN THE COST OF EDUCATION AND THE HUMAN CAPITAL. THE ALIGNEMENT OF ROMANIA TO THE EUROPEAN STANDARDS

Directory of Open Access Journals (Sweden)

IOANA-JULIETA JOSAN

2012-05-01

Full Text Available Once with the development of the human capital theory, the education received an economic value, which is a quality variable of human resources and the main determinant of economic growth. The famed economists have shown that the remarkable economic effects of the investments in education influence the chances of acquiring a job and earnings, demonstrating how the theory justifies such an investment. Human capital approach allows also estimating the costs of education in schools and higher education, as well as the profits that comes out of it. Thus, the human capital theory is primarily focused on the demand for education. Moreover, the objective function of the state, in terms of education, contains itself two contradictory arguments: the state, theoretically, is a representative and guarantor of the collective good and its organizer; the state will seek to maximize individual education on the one hand and on the other hand will search for the optimization of the relationship between professional training and formal education. Also, in the context of recent years, the budgetary constraints are raising the problem of optimal allocation of the resources, as well as the funding of the performance of the educational services. The particularities, in terms of flexibility and cumulative distribution of the investment levels in the human factors, are translated into a practical action in the sense that global competition, from which Romania cannot decouple. In the long run, there are winning and resisting only those with academic flexible formation and the intelligent persons. Considering the above arguments, the purpose of this paper is to analyze the main characteristics of funding mechanisms for education systems, the volume of spending on education and ways of managing the resources allocated to the education. The cost allocation for education in Romania is investigated in terms of government policies, but also in terms of human capital theory

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

Science.gov (United States)

Cornacchione, Edgard; Daugherty, Jenny L.

2013-01-01

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

LIFE Cost of Electricity, Capital and Operating Costs

International Nuclear Information System (INIS)

Anklam, T.

2011-01-01

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

THE EFFECT OF HUMAN CAPITAL ON SOCIAL CAPITAL AMONG ENTREPRENEURS

OpenAIRE

HANNES OTTÓSSON; KIM KLYVER

2010-01-01

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

The Capital Costs Conundrum: Why Are Capital Costs Ignored and What Are the Consequences?

Science.gov (United States)

Winston, Gordon C.

1993-01-01

Colleges and universities historically have ignored the capital costs associated with institutional administration in their estimates of overall and per-student costs. This neglect leads to distortion of data, misunderstandings, and uninformed decision making. The real costs should be recognized in institutional accounting. (MSE)

Hospital financing: calculating inpatient capital costs in Germany with a comparative view on operating costs and the English costing scheme.

Science.gov (United States)

Vogl, Matthias

2014-04-01

The paper analyzes the German inpatient capital costing scheme by assessing its cost module calculation. The costing scheme represents the first separated national calculation of performance-oriented capital cost lump sums per DRG. The three steps in the costing scheme are reviewed and assessed: (1) accrual of capital costs; (2) cost-center and cost category accounting; (3) data processing for capital cost modules. The assessment of each step is based on its level of transparency and efficiency. A comparative view on operating costing and the English costing scheme is given. Advantages of the scheme are low participation hurdles, low calculation effort for G-DRG calculation participants, highly differentiated cost-center/cost category separation, and advanced patient-based resource allocation. The exclusion of relevant capital costs, nontransparent resource allocation, and unclear capital cost modules, limit the managerial relevance and transparency of the capital costing scheme. The scheme generates the technical premises for a change from dual financing by insurances (operating costs) and state (capital costs) to a single financing source. The new capital costing scheme will intensify the discussion on how to solve the current investment backlog in Germany and can assist regulators in other countries with the introduction of accurate capital costing. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.

Inequality in Human Capital and Endogenous Credit Constraints.

Science.gov (United States)

Hai, Rong; Heckman, James J

2017-04-01

This paper investigates the determinants of inequality in human capital with an emphasis on the role of the credit constraints. We develop and estimate a model in which individuals face uninsured human capital risks and invest in education, acquire work experience, accumulate assets and smooth consumption. Agents can borrow from the private lending market and from government student loan programs. The private market credit limit is explicitly derived by extending the natural borrowing limit of Aiyagari (1994) to incorporate endogenous labor supply, human capital accumulation, psychic costs of working, and age. We quantify the effects of cognitive ability, noncognitive ability, parental education, and parental wealth on educational attainment, wages, and consumption. We conduct counterfactual experiments with respect to tuition subsidies and enhanced student loan limits and evaluate their effects on educational attainment and inequality. We compare the performance of our model with an influential ad hoc model in the literature with education-specific fixed loan limits. We find evidence of substantial life cycle credit constraints that affect human capital accumulation and inequality. The constrained fall into two groups: those who are permanently poor over their lifetimes and a group of well-endowed individuals with rising high levels of acquired skills who are constrained early in their life cycles. Equalizing cognitive and noncognitive ability has dramatic effects on inequality. Equalizing parental backgrounds has much weaker effects. Tuition costs have weak effects on inequality.

Capitals Cost and the Investments Actualisation Rate

Directory of Open Access Journals (Sweden)

Ion Stancu

2006-02-01

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

Capitals Cost and the Investments Actualisation Rate

Directory of Open Access Journals (Sweden)

Ion Stancu

2006-04-01

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

Cost of Capital Estimation for Highway Concessionaires in Chile

Directory of Open Access Journals (Sweden)

Cristian Vergara-Novoa

2018-01-01

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

Relationship between information asymmetry and cost of capital

Directory of Open Access Journals (Sweden)

Fateme Rahmani

2013-01-01

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

Reduction of capital costs of nuclear power plants

International Nuclear Information System (INIS)

2000-01-01

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

HUMAN CAPITAL: Meeting the Governmentwide High-Risk Challenge

National Research Council Canada - National Science Library

2001-01-01

.... An organization s people its human capital are its most critical asset in managing for results. However, the federal government has often acted as if federal employees were costs to be cut rather than assets to be valued...

Cost of Capital and Bursa Malaysia Listed Company

OpenAIRE

Lim, Ru Po

2005-01-01

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

Modern Human Capital Management

OpenAIRE

Feldberger, Madita

2008-01-01

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...

The role of capital costs in decarbonizing the electricity sector

Science.gov (United States)

Hirth, Lion; Steckel, Jan Christoph

2016-11-01

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

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

Science.gov (United States)

2010-10-01

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

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

Science.gov (United States)

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

2011-05-01

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

Human capital and career success

DEFF Research Database (Denmark)

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...

Human Capital, (Human) Capabilities and Higher Education

Science.gov (United States)

Le Grange, L.

2011-01-01

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

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

Directory of Open Access Journals (Sweden)

Adriana Grigorescu

2016-06-01

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

Client capital as a source of enterprise cost

Directory of Open Access Journals (Sweden)

Verba Veronika A.

2014-01-01

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

How much might human capital policies affect earnings inequalities and poverty?

OpenAIRE

Behrman, Jere R

2011-01-01

Economic inequality and poverty have persisted in Latin America despite important changes in political and policy regimes. This paper explores the relationship between various human capital programs aimed to reduced poverty and how improvements of those in poverty in the left tail of the earning income distribution are likely to reduce inequality. First it reviews some recent benefit/cost estimates for human capital intervention in LAC, suggesting some investments in which the returns appear ...

Capital Cost Optimization for Prefabrication: A Factor Analysis Evaluation Model

Directory of Open Access Journals (Sweden)

Hong Xue

2018-01-01

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

Capital Costs: A Conceptual Framework for Colleges and Universities

Science.gov (United States)

Cash, Samuel G.

2004-01-01

The increased attention to costs in recent years at colleges and universities draws attention to the matter of whether all costs are reflected and accounted for in the institution's internal and external financial reports. One category--capital costs--is thought by some to be overlooked at times. The possible neglect of capital costs in…

Human capital strategy: talent management.

Science.gov (United States)

Nagra, Michael

2011-01-01

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.

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

DEFF Research Database (Denmark)

Siyahhan, Baran; Engelbert, Dockner

2010-01-01

but can be observed during the R&D phase of the project. The exogenous value of the patent determines the firm’s decisions to invest in human capital, to abandon the project if nec- essary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value...... and risk consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value...... of the firm is driven by fixed labor costs that occur until the breakthrough is made, the call option to invest in human capital and market the product, and the put option to abandon the project. These options together with labor costs’ based operating leverage determine the risk dynamics. Risk varies non...

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

DEFF Research Database (Denmark)

Dockner, Engelbert; Siyahhan, Baran

be observed during the R&D phase of the project. The exogenous value of the patent determines the firm’s decisions to invest in human capital, to abandon the project if necessary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value and risk...... consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value of the firm...... is driven by fixed labor costs that occur until the breakthrough is made, the call option to invest in human capital and market the product, and the put option to abandon the project. These options together with labor costs’ based operating leverage determine the risk dynamics. Firm risk is inverse U...

Client capital as a source of enterprise cost

OpenAIRE

Verba Veronika A.; Tyshchenko Oleksandr O.

2014-01-01

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

Breast and prostate cancer productivity costs: a comparison of the human capital approach and the friction cost approach.

Science.gov (United States)

Hanly, Paul; Timmons, Aileen; Walsh, Paul M; Sharp, Linda

2012-05-01

Productivity costs constitute a substantial proportion of the total societal costs associated with cancer. We compared the results of applying two different analytical methods--the traditional human capital approach (HCA) and the emerging friction cost approach (FCA)--to estimate breast and prostate cancer productivity costs in Ireland in 2008. Data from a survey of breast and prostate cancer patients were combined with population-level survival estimates and a national wage data set to calculate costs of temporary disability (cancer-related work absence), permanent disability (workforce departure, reduced working hours), and premature mortality. For breast cancer, productivity costs per person using the HCA were € 193,425 and those per person using the FCA were € 8,103; for prostate cancer, the comparable estimates were € 109,154 and € 8,205, respectively. The HCA generated higher costs for younger patients (breast cancer) because of greater lifetime earning potential. In contrast, the FCA resulted in higher productivity costs for older male patients (prostate cancer) commensurate with higher earning capacity over a shorter time period. Reduced working hours postcancer was a key driver of total HCA productivity costs. HCA costs were sensitive to assumptions about discount and growth rates. FCA costs were sensitive to assumptions about the friction period. The magnitude of the estimates obtained in this study illustrates the importance of including productivity costs when considering the economic impact of illness. Vastly different results emerge from the application of the HCA and the FCA, and this finding emphasizes the importance of choosing the study perspective carefully and being explicit about assumptions that underpin the methods. Copyright © 2012 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

Human capital in low-tech manufacturing

DEFF Research Database (Denmark)

Hansen, Teis; Winther, Lars; Hansen, Ronnie Fibæk

2014-01-01

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...

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

Directory of Open Access Journals (Sweden)

Binti Abd Rahman Noor Raida

2017-01-01

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

The Dependence of the Cost of Capital on Degree of Diversification

Directory of Open Access Journals (Sweden)

Zoran Popovic

2018-03-01

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

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

Directory of Open Access Journals (Sweden)

Elisei Crăciun

2015-05-01

Full Text Available This paper treats quality, human capital and competitiveness concepts in order to determine in which measure the Human Capital quality influences the competitiveness of a firm. The human capital theory is a relatively new approach, the first valuable approach being that of Garry Becker which, subsequent of the modern management theoretical views, puts human capital into scientific frame. This present paper relates deeply on this theoretical frame as it is considered that, besides financial or tangible resources that allows and generate long term benefits for an enterprise, there is also another source that consists in an intangible form: the human capital. This resource is based on education and health, indirectly generating additional benefits for the individual as for the organization and is calculated as instruction, education and health insurances costs. That implies that this capital is an asset for the worker itself and that the worker cannot be distinguished from the knowledges, capacities, his health or his values. From this perspective, the worker is actively present in any activity a firm operates: from defining and executing process, operational planning, monitoring and control, research and development, human resources, etc. The hypothesis of this present paper will be explored with the examples of Jeff Bezos ( Amazon or Steve Jobs ( Apple as human capital is considered to be the most important component for the competitive advantage of IT enterprises. The quality level of the human capital represents the main source for long term sustainability of this competitive advantage and, given the best case practices, it’s impact on firm’s effect indicators is obvious. The paper will also emphasize the role of values and health as they are also the main issues on an IT enterprise. The article is structured in two parts. One is the theoretical frame that encompass the influence of the human capital on the competitiveness of the firm. The

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

Directory of Open Access Journals (Sweden)

Meysam Arabzadeh

2012-10-01

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

Human Capital in the Entrepreneurship Ecosystem

DEFF Research Database (Denmark)

Østergaard, Annemarie; Marinova, Svetla Trifonova

2018-01-01

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

A capital cost reduction study on the fast breeder reactor plant

International Nuclear Information System (INIS)

Taniyama, H.; Kamei, M.; Moriyama, M.

1991-01-01

A capital cost reduction study has been performed for large fast breeder reactor designs. The primary objective of this study is to show a trend of capital cost reduction between FBR plants at the prototype stage, the demonstration stage, and the future commercialization stage. For the FBR plant at the demonstration stage a construction cost comparison with a light water reactor has also been performed, and the target cost of FBR of below 1.5 times that of the light water reactor cost was achieved. To extend the capital cost reduction study, a feasibility study was made to achieve a capital cost of an FBR less than that of a light water reactor. The recommended design is shown as a future commercialization FBR design concept. (author)

Education - an investment in human capital

Directory of Open Access Journals (Sweden)

Daniela Neamţu

2012-12-01

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.

Human Capital and Optimal Positive Taxation of Capital Income

NARCIS (Netherlands)

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

2005-01-01

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

Human and Inhuman Capital, and Schooling

Directory of Open Access Journals (Sweden)

Primož Krašovec

2014-06-01

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

Membangun Human Capital Melalui Kepemimpinan Dan Komitmen Organisasi

Directory of Open Access Journals (Sweden)

Moh Nasih

2011-04-01

Full Text Available Every company is constructed through two kinds of capital, which is financial capital and intellectual capital. If the company's capital is described as a tree, the human capital, an essential part of intellectual capital, is the resin. Resin allows the tree grows, and only the human capital that enables organizations to grow and develop. Considering the strategic position of human capital, it is a compulsion for a company to develop it. The problem is how to build human capital effectively? This study aimed to identify the factors that determine the development of human capital in an organization. There are 2 (two major factors that hypothetically influence human capital, which is leadership and organizational commitment. Leadership does not directly affect human capital. Leadership influence human capital through organizational commitment. In other words, organizational commitment is an intervening variable for the relationship or the influence of leadership on human capital. This hypothesis is based on a 'fact' that the function of leadership is oriented and intended to obtain or build the commitment of each personnel. Only committed personnel will provide their best for the organization. Only through the best contributions of every personnel, human capital can be built and developed. Leadership is useless if it can not obtain and create commitment. Personnel are useless, no matter how many and how skilfull they are, if they do not contribute the best for the organization. The presence of personnel without their comitment will be the same with their absence; even they may actually be detrimental to the organization.

Capital costs of light water reactors: the USA

International Nuclear Information System (INIS)

MacKerron, G.

1979-10-01

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

Redistribution spurs growth by using a portfolio effect on risky human capital.

Science.gov (United States)

Lorenz, Jan; Paetzel, Fabian; Schweitzer, Frank

2013-01-01

We demonstrate by mathematical analysis and systematic computer simulations that redistribution can lead to sustainable growth in a society. In accordance with economic models of risky human capital, we assume that dynamics of human capital is modeled as a multiplicative stochastic process which, in the long run, leads to the destruction of individual human capital. When agents are linked by fully redistributive taxation the situation might turn to individual growth in the long run. We consider that a government collects a proportion of income and reduces it by a fraction as costs for administration (efficiency losses). The remaining public good is equally redistributed to all agents. Sustainable growth is induced by redistribution despite the losses from the random growth process and despite administrative costs. Growth results from a portfolio effect. The findings are verified for three different tax schemes: proportional tax, taking proportionally more from the rich, and proportionally more from the poor. We discuss which of these tax schemes performs better with respect to maximize growth under a fixed rate of administrative costs, and the governmental income. This leads us to general conclusions about governmental decisions, the relation to public good games with free riding, and the function of taxation in a risk-taking society.

Redistribution spurs growth by using a portfolio effect on risky human capital.

Directory of Open Access Journals (Sweden)

Jan Lorenz

Full Text Available We demonstrate by mathematical analysis and systematic computer simulations that redistribution can lead to sustainable growth in a society. In accordance with economic models of risky human capital, we assume that dynamics of human capital is modeled as a multiplicative stochastic process which, in the long run, leads to the destruction of individual human capital. When agents are linked by fully redistributive taxation the situation might turn to individual growth in the long run. We consider that a government collects a proportion of income and reduces it by a fraction as costs for administration (efficiency losses. The remaining public good is equally redistributed to all agents. Sustainable growth is induced by redistribution despite the losses from the random growth process and despite administrative costs. Growth results from a portfolio effect. The findings are verified for three different tax schemes: proportional tax, taking proportionally more from the rich, and proportionally more from the poor. We discuss which of these tax schemes performs better with respect to maximize growth under a fixed rate of administrative costs, and the governmental income. This leads us to general conclusions about governmental decisions, the relation to public good games with free riding, and the function of taxation in a risk-taking society.

Radium removal processes capital and operating cost estimates

International Nuclear Information System (INIS)

Kelly, F.J.

1979-09-01

An estimate of the fixed capital and operating costs for two alternative processes for the removal of dissolved Ra-226 from uranium mill effluent in Elliot Lake, Ontario is presented. Process 1 consists of barium-radium coprecipitation followed by coagulation, flocculation and sedimentation. Process 2 consists of barium-radium coprecipitation followed by gravity media filtration, sand filter backwashing and sedimentation. Cost estimates were prepared for 18 different plant configurations designed to treat 1000 and 4000 imperial gallons per minute (ig/m) of effluent, 24 hrs per day, 7 days per week and 365 days per year with several equipment options. The estimated fixed capital costs for plants equipped with gravity filters were less than those equipped with circular clarifiers. The capital costs ranged from $552,000 with a flow rate of 1000 ig/m to $2,578,000 with a flow rate of 4000 ig/m. Estimated annual operating costs, based on a plant life of 10 years, ranged from $298,000 with a flow rate of 1000 ig/m to $1,061,000 with a flow rate of 4000 ig/m

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

Directory of Open Access Journals (Sweden)

Elena Valentina IVASCU

2017-06-01

Full Text Available The main objectives of the company's financial management are to ensure financial performances and to choose the capital structure that corresponds to the lowest total cost of capital. The purpose of this paper is to analyse the relationship between the capital structure and cost, and the financial performance of Engie Transnational Group, one of the most important global electricity producers. The data used were extracted from the Amadeus and Bloomberg databases for the period 2010-2015. Financial performance was analysed both by creating and proposing an aggregate index, as well as based on the Z Conan & Holder score. The company's financial structure was analysed on the basis of the total leverage ratio and for the total cost of capital, the weighted average capital cost formula was used. The results obtained at the Engie Group level show that the capital structure is predominantly indebted, and the maximum financial performance is obtained when the financial structure is minimal and the weighted average capital cost is maximum. The reversed relationship between the financial structure and the financial performance is in accordance with the financial structure theories of information asymmetry, pecking order and dynamic trade-off. The reversed relationship is confirmed in all Engie Group companies, except one company from United Kingdom.

Heterogeneity of Human Capital and the Return

DEFF Research Database (Denmark)

Madsen, Erik Strøjer

2015-01-01

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...

Meting, waardering en sturing van human capital

NARCIS (Netherlands)

Verbeeten, F.H.M.

2012-01-01

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

Limited Capital Market Participation and Human Capital Risk

OpenAIRE

Jonathan Berk; Johan Walden

2010-01-01

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

HUMAN CAPITAL FLIGHT - ROMANIA’S CASE

Directory of Open Access Journals (Sweden)

Magdalena VELCIU

2016-12-01

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.

Credit Market Development and Human Capital Accumulation

OpenAIRE

Ho, Wai-Hong

2008-01-01

In a two period overlapping generations economy with asymmetric information, we investigate the interaction between credit market development and human capital accumulation. As is typical, young borrowers supply their endowed unit of labor time to earn wage income which is used as internal funds. In contrast to conventional setups, young lenders distribute theirs between acquiring education and working for earnings. Through identifying the risk types of borrowers by a costly screening tech...

Cost of Capital in Price-regulated Companies: the Case of Estonia

Directory of Open Access Journals (Sweden)

Priit Sander

2013-01-01

Full Text Available In case of price-regulated companies it is the role of appropriate government agencies to introduce clear, internally consistent, theoretically sound, and unambiguous methodology for finding the regulative cost of capital. The aim of the paper is to describe and analyze the cost of capital estimation methodology for regulated companies in Estonia and discuss some issues arising in applying this methodology. The current paper focuses on two topical issues associated with the estimation of regulative cost of capital in Estonia: estimation of market risk premium and inclusion of currency risk premium into the cost of capital. Current turmoil in financial markets has increased investors’ risk aversion as well as level of risks.

Capital cost: gas cooled fast reactor plant

International Nuclear Information System (INIS)

1977-09-01

The results of an investment cost study for a 900 MW(e) GCFR central station power plant are presented. The capital cost estimate arrived at is based on 1976 prices and a conceptual design only, not a mature reactor design

48 CFR 52.215-17 - Waiver of Facilities Capital Cost of Money.

Science.gov (United States)

2010-10-01

... Capital Cost of Money. 52.215-17 Section 52.215-17 Federal Acquisition Regulations System FEDERAL... Provisions and Clauses 52.215-17 Waiver of Facilities Capital Cost of Money. As prescribed in 15.408(i), insert the following clause: Waiver of Facilities Capital Cost of Money (OCT 1997) The Contractor did not...

Human Capital, Wealth, and Renewable Resources

Directory of Open Access Journals (Sweden)

Wei-Bin ZHANG

2014-05-01

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

Human Capital Overview

National Research Council Canada - National Science Library

McCarthy, Ellen E

2007-01-01

...: To provide an agile, adaptive, integrated, and innovative defense intelligence workforce through a deliberate process identifying, implementing, and directing human capital organizational, doctrinal...

Human Capital and Risky Asset Allocation

OpenAIRE

Lu, Wenjie; Yu, Qun

2011-01-01

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...

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

International Nuclear Information System (INIS)

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

1992-01-01

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

Human Capital Accumulation: The Role of Human Resource Development.

Science.gov (United States)

Garavan, Thomas N.; Morley, Michael; Gunnigle, Patrick; Collins, Eammon

2001-01-01

Presents definitions of intellectual and human capital. Examines human capital from the individual perspective (employability, performance, career development) and organization perspective (investment, ownership, knowledge management). Reviews papers in the theme issue. (Contains 117 references.) (SK)

THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

OpenAIRE

NEAGU OLIMPIA

2012-01-01

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

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

International Nuclear Information System (INIS)

2000-01-01

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

Development cost capitalization during R&D races

NARCIS (Netherlands)

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

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

Development Cost Capitalization During R&D Races

NARCIS (Netherlands)

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

2017-01-01

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

Social capital and transaction costs in millet markets.

Science.gov (United States)

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

2018-01-01

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

KONTRIBUSI HUMAN CAPITAL dan CUSTOMER CAPITAL DALAM MENGGAPAI KINERJA CAFÉ dan RESTO di SURABAYA

Directory of Open Access Journals (Sweden)

Gendut Sukarno

2016-11-01

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.

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

Directory of Open Access Journals (Sweden)

Uwuigbe Uwalomwa

2016-05-01

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

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

Science.gov (United States)

Schuweiler, R C

1996-05-01

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

To the calculation of reduced cost capital component for power objects

International Nuclear Information System (INIS)

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

1990-01-01

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

Cost of Capital when Dividends are Deductible

Directory of Open Access Journals (Sweden)

Ignacio Velez-Pareja

2011-09-01

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

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

Directory of Open Access Journals (Sweden)

tarjo tarjo

2009-10-01

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

The importance of capital cost reduction in improving nuclear economics

International Nuclear Information System (INIS)

Langmo, A.; Braun, C.

1996-01-01

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

The effect of human capital, social capital, and perceptual values on nascent entrepreneurs' export intentions

DEFF Research Database (Denmark)

Christensen, Poul Rind; Evald, Majbritt Rostgaard; Klyver, Kim

2011-01-01

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...

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

Science.gov (United States)

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

2011-01-01

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

Challenges of Research and Human Capital Development in Nigeria

Science.gov (United States)

Chikwe, Christian K.; Ogidi, Reuben C.; Nwachukwu, K.

2015-01-01

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…

Capital adjustment cost and bias in income based dynamic panel models with fixed effects

OpenAIRE

Yoseph Yilma Getachew; Keshab Bhattarai; Parantap Basu

2012-01-01

The fixed effects (FE) estimator of "conditional convergence" in income based dynamic panel models could be biased downward when capital adjustment cost is present. Such a capital adjustment cost means a rising marginal cost of investment which could slow down the convergence. The standard FE regression fails to take into account of this capital adjustment cost and thus it could overestimate the rate of convergence. Using a Ramsey model with long-run adjustment cost of capital, we characteriz...

People, partnerships and human progress: building community capital.

Science.gov (United States)

Hancock, T

2001-09-01

The Victorian-era journal The Sanitarian used on its masthead the slogan 'A nation's health is a nation's wealth'. Today, we are re-discovering that wisdom, recognizing that health is indeed a form of wealth. Moreover, we are beginning to understand that wealth is not merely our economic capital, but includes three other forms of capital--social, natural and human capital. Health is one key element of human capital. A healthy community is one that has high levels of social, ecological, human and economic 'capital', the combination of which may be thought of as 'community capital'. The challenge for communities in the 21st century will be to increase all four forms of capital simultaneously. This means working with suitable partners in the private sector, making human development the central purpose of governance, and more closely integrating social, environmental and economic policy. Community gardens, sustainable transportation systems and energy conservation programmes in community housing projects are some of the ways in which we can build community capital.

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

OpenAIRE

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

2016-01-01

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

FACTORS AFFECTING THE ENTERPRISE’S COST OF CAPITAL IN UKRAINE

Directory of Open Access Journals (Sweden)

Tetiana KONIEVA,

2017-02-01

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

Political Regime and Human Capital: A Cross-Country Analysis

Science.gov (United States)

Klomp, Jeroen; de Haan, Jakob

2013-01-01

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…

The Role Of Human Capital In The Competitive Platform Of South African Industries

Directory of Open Access Journals (Sweden)

E. P. J. Kleynhans

2006-11-01

Full Text Available The objective of this study was to investigate the role of human capital in the competitive platform of South African industries and to determine the ability of their human capital to address the challenges of modern technology and globalisation. Attention is given to the competitive strengths and investment opportunities, including the quality and availability of human resources, labour cost, level of education and skills, vocational and industry related training facility, work ethics, productivity, workplace regulations, as well as efficiency of the civil service; including productivity and competitiveness indexes. The study found that the level of human capital in South African industries is much higher than the general perception and not the worst element of South Africa’s competitive platform. The findings also indicated challenges, like absentees due to AIDS and other factors, a shortage of artisans and proficiency towards modern technology and innovation, which limits competitiveness.

An analysis of the estimated capital cost of a fusion reactor

International Nuclear Information System (INIS)

Hollis, A.A.

1981-06-01

The cost of building a fusion reactor similar to the Culham Conceptual Tokamak reactor Mark IIB is assessed and compared with other published capital costs of fusion and fission reactors. It is concluded that capital-investment and structure-renewal costs for a typical fusion reactor as presently conceived are likely to be higher than for thermal-fission reactors. (author)

An analysis of the estimated capital cost of a fusion reactor

International Nuclear Information System (INIS)

Hollis, A.A.; Evans, L.S.

1981-01-01

The cost of building a fusion reactor similar to the Culham Conceptual Tokamak reactor Mark IIB is assessed and compared with other published capital costs of fusion and fission reactors. It is concluded that capital-investment and structure-renewal costs for a typical fusion reactor as presently conceived are likely to be higher than for thermal-fission reactors. (author)

Social capital and transaction costs in millet markets

Directory of Open Access Journals (Sweden)

Damien Christophe Jacques

2018-01-01

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

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

OpenAIRE

Elena Valentina IVASCU; Nicoleta BARBUTA-MISU

2017-01-01

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

Human Capital Response to Globalization: Education and Information Technology in India

Science.gov (United States)

Shastry, Gauri Kartini

2012-01-01

Recent studies suggest that globalization increases inequality, by increasing skilled wage premiums in developing countries. This effect may be mitigated, however, if human capital responds to global opportunities. I study how the impact of globalization varies across Indian districts with different costs of learning English. Linguistic diversity…

FDI, Human Capital and Income Convergence

DEFF Research Database (Denmark)

Völlmecke, Dominik; Jindra, Björn; Marek, Philipp

2016-01-01

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....

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

Directory of Open Access Journals (Sweden)

MELANIA ELENA MICULEAC

2016-10-01

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

The financial cost of doctors emigrating from sub-Saharan Africa: human capital analysis.

Science.gov (United States)

Mills, Edward J; Kanters, Steve; Hagopian, Amy; Bansback, Nick; Nachega, Jean; Alberton, Mark; Au-Yeung, Christopher G; Mtambo, Andy; Bourgeault, Ivy L; Luboga, Samuel; Hogg, Robert S; Ford, Nathan

2011-11-23

To estimate the lost investment of domestically educated doctors migrating from sub-Saharan African countries to Australia, Canada, the United Kingdom, and the United States. Human capital cost analysis using publicly accessible data. Sub-Saharan African countries. Nine sub-Saharan African countries with an HIV prevalence of 5% or greater or with more than one million people with HIV/AIDS and with at least one medical school (Ethiopia, Kenya, Malawi, Nigeria, South Africa, Tanzania, Uganda, Zambia, and Zimbabwe), and data available on the number of doctors practising in destination countries. The financial cost of educating a doctor (through primary, secondary, and medical school), assuming that migration occurred after graduation, using current country specific interest rates for savings converted to US dollars; cost according to the number of source country doctors currently working in the destination countries; and savings to destination countries of receiving trained doctors. In the nine source countries the estimated government subsidised cost of a doctor's education ranged from $21,000 (£13,000; €15,000) in Uganda to $58,700 in South Africa. The overall estimated loss of returns from investment for all doctors currently working in the destination countries was $2.17bn (95% confidence interval 2.13bn to 2.21bn), with costs for each country ranging from $2.16m (1.55m to 2.78m) for Malawi to $1.41bn (1.38bn to 1.44bn) for South Africa. The ratio of the estimated compounded lost investment over gross domestic product showed that Zimbabwe and South Africa had the largest losses. The benefit to destination countries of recruiting trained doctors was largest for the United Kingdom ($2.7bn) and United States ($846m). Among sub-Saharan African countries most affected by HIV/AIDS, lost investment from the emigration of doctors is considerable. Destination countries should consider investing in measurable training for source countries and strengthening of their

Chinese Entrepreneurs Human and Social Capital Benefiting Innovation

DEFF Research Database (Denmark)

Jensen, Kent Wickstrøm; Rezaei, Shahamak; Schøtt, Thomas

2016-01-01

An entrepreneur’s innovative work tends to benefit from the entrepreneur’s human capital in the form of entrepreneurial competencies partly based on education, and the entrepreneur’s social capital in the form of a network in the public sphere and a network in the private sphere, although this may...... of human and social capital for innovation, comparing Chinese entrepreneurs in China with Chinese entrepreneurs in the diaspora. We find that the level of education, entrepreneurial competencies and social capital varied between entrepreneurs in home country and diaspora. Of the social and human capitals...... also be a liability. The entrepreneur’s human and social capital depend on the social context, specifically whether the entrepreneur is residing in the home country or in the diaspora. An indigenous entrepreneur is embedded in own country, but a migrant entrepreneur has a dual embeddedness, in the old...

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

OpenAIRE

Couto, Eduardo; Bilau, José

2011-01-01

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

Theoretical backgrounds of investigating of intellectual and human capital

Directory of Open Access Journals (Sweden)

Vladimir Nikiforovich Belkin

2011-03-01

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

Capital investment costs of nuclear power plants

International Nuclear Information System (INIS)

Woite, G.

1978-01-01

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

HUMAN CAPITAL DEVELOPMENT: A STRATEGY FOR MOVING ...

African Journals Online (AJOL)

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.

Taxation, Corporate Financial Policy and the Cost of Capital

OpenAIRE

Alan J. Auerbach

1982-01-01

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

Political regime and human capital: A cross-country analysis

NARCIS (Netherlands)

Klomp, J.G.; Haan, de J.

2013-01-01

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

Political regime and human capital : A cross-country analysis

NARCIS (Netherlands)

Klomp, J.G.; de Haan, J.

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

Human capital diversity in the creation of social capital for team creativity

NARCIS (Netherlands)

Han, J.; Han, J; Brass, D.

2014-01-01

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

HUMAN CAPITAL: Major Human Capital Challenges at SEC and Key Trade Agencies

National Research Council Canada - National Science Library

Hillman, Richard

2002-01-01

.... 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.

Systematic methodology for estimating direct capital costs for blanket tritium processing systems

International Nuclear Information System (INIS)

Finn, P.A.

1985-01-01

This paper describes the methodology developed for estimating the relative capital costs of blanket processing systems. The capital costs of the nine blanket concepts selected in the Blanket Comparison and Selection Study are presented and compared

Human Capital Composition and Economic Growth

Science.gov (United States)

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

2010-01-01

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

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

Directory of Open Access Journals (Sweden)

Marinko Škare

2016-08-01

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

The Institutional Paradigm of Human Capital Development

Directory of Open Access Journals (Sweden)

Kolomiiets Viktoriia М.

2018-03-01

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

Human Capital as a Challenge for Economics Theory

Directory of Open Access Journals (Sweden)

Barbara Wyrzykowska

2014-12-01

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

Human Capital and FDI in Central and Eastern Europe

Directory of Open Access Journals (Sweden)

Agnieszka Dorozynska

2015-06-01

Full Text Available The aim of this paper is to assess the role of human capital in attracting FDI in the light of selected empirical studies conducted in Poland and globally. The literature on factors determining FDI location, including those relating to the importance of human capital, is dominated with studies at national or supranational level. Attracting foreign investment has become a key component of national strategies for the CEE countries. The paper makes an attempt to assess the relevance of human capital for FDI inflow at regional and local levels in Poland. At the same time, results of analyses were contrasted with quantitative surveys conducted in Central and Eastern Europe. Investing in education and human capital is important for creating good climate for investment. Evidence shows that achieving a certain minimum level of education is the precondition for a country to attract and maintain foreign direct investment and maximise indirect effects connected with human capital and resulting from the presence of businesses with foreign capital and maximise indirect effects connected with human capital and resulting from the presence of businesses with foreign capital. We should also stress that such a minimum is different for different sectors of the economy. Results of the study conducted in the Lodz Region demonstrated that human capital is an important factor, which attracts FDI to the region.

Interning and Investing: Rethinking Unpaid Work, Social Capital, and the “Human Capital Regime”

Directory of Open Access Journals (Sweden)

Sophie Hope

2015-09-01

Full Text Available For young workers, interning is a strategy for speculating on one’s asset portfolio. Students and graduates undertake internships as a way of maintaining their self-appreciation and avoiding depreciation in a “human capital regime.” In this article, we explore the specific example of interning in the creative industries as the self-management of human capital vis-à-vis the human capital theses. Taking three cultural objects and recent representations of the issue of unpaid internships—Intern magazine, an advert for a “volunteering opportunity” student placement, and testimonies from interns—we analyze how unpaid work in the creative industries and the neoliberal version of human capital entrepreneurship can be seen as embodied by interns.

Human capital, innovation, and climate policy: An integrated assessment

OpenAIRE

Carraro, Carlo; De Cian, Enrica; Tavoni, Massimo

2012-01-01

This paper looks at the interplay between human capital and innovation in the presence of climate and educational policies. Using recent empirical estimates, human capital and general purpose R&D are introduced in an integrated assessment model that has been extensively applied to study the climate change mitigation. Our results suggest that climate policy stimulates general purpose as well as clean energy R&D but reduces the incentive to invest in human capital formation. Human capital incre...

Corruption Significantly Increases the Capital Cost of Power Plants in Developing Contexts

Directory of Open Access Journals (Sweden)

Kumar Biswajit Debnath

2018-03-01

Full Text Available Emerging economies with rapidly growing population and energy demand, own some of the most expensive power plants in the world. We hypothesized that corruption has a relationship with the capital cost of power plants in developing countries such as Bangladesh. For this study, we analyzed the capital cost of 61 operational and planned power plants in Bangladesh. Initial comparison study revealed that the mean capital cost of a power plant in Bangladesh is twice than that of the global average. Then, the statistical analysis revealed a significant correlation between corruption and the cost of power plants, indicating that higher corruption leads to greater capital cost. The high up-front cost can be a significant burden on the economy, at present and in the future, as most are financed through international loans with extended repayment terms. There is, therefore, an urgent need for the review of the procurement and due diligence process of establishing power plants, and for the implementation of a more transparent system to mitigate adverse effects of corruption on megaprojects.

The Economic Value of Human Capital

OpenAIRE

Gulie Alexandra Emanuela

2012-01-01

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

Spatial Analysis Of Human Capital Structures

Directory of Open Access Journals (Sweden)

Gajdos Artur

2014-12-01

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.

Reducing capital and operating costs in gas processing, liquefaction, and storage

Energy Technology Data Exchange (ETDEWEB)

Krusen, III, L C [Phillips Petroleum Co., Bartlesville, OK (United States). Research Div.

1997-06-01

The LNG industry is unanimous that capital costs must be reduced throughout the chain, and especially at the liquefaction facility including associated gas processing and LNG storage. The Ken ai LNG plant provides an example of how both reduced capital and operating costs were attained. This paper will cover cost production strategies that can be applied to liquefaction processes in general, and will than focus on their realization in the Phillips Optimized Cascade LNG process. The paper concludes that reduced LNG plant costs are attainable. (Author).

Reducing capital and operating costs in gas processing, liquefaction, and storage

International Nuclear Information System (INIS)

Krusen, L.C. III

1997-01-01

The LNG industry is unanimous that capital costs must be reduced throughout the chain, and especially at the liquefaction facility including associated gas processing and LNG storage. The Ken ai LNG plant provides an example of how both reduced capital and operating costs were attained. This paper will cover cost production strategies that can be applied to liquefaction processes in general, and will than focus on their realization in the Phillips Optimized Cascade LNG process. The paper concludes that reduced LNG plant costs are attainable. (Author)

HUMAN CAPITAL: Major Human Capital Challenges at SEC and Key Trade Agencies

National Research Council Canada - National Science Library

Hillman, Richard

2002-01-01

We appreciate the opportunity to appear here today to discuss the human capital challenges facing the agencies that play key roles in monitoring publicly traded companies and enforcing our nation's trade laws...

Optimal income taxation with endogenous human capital

NARCIS (Netherlands)

Jacobs, B.

2005-01-01

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

Employment growth, human capital and educational levels

DEFF Research Database (Denmark)

Hansen, Høgni Kalsø; Winther, Lars

2015-01-01

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...

Human Capital Spillovers in Families: Do Parents Learn from or Lean on Their Children? NBER Working Paper No. 17235

Science.gov (United States)

Kuziemko, Ilyana

2011-01-01

I develop a model in which a child's acquisition of a given form of human capital incentivizes adults in his household to either learn from him (if children act as teachers then adults' cost of learning the skill falls) or lean on him (if children's human capital substitutes for that of adults in household production then adults' benefit of…

Human capital gains associated with robotic assisted laparoscopic pyeloplasty in children compared to open pyeloplasty.

Science.gov (United States)

Behan, James W; Kim, Steve S; Dorey, Frederick; De Filippo, Roger E; Chang, Andy Y; Hardy, Brian E; Koh, Chester J

2011-10-01

Robotic assisted laparoscopic pyeloplasty is an emerging, minimally invasive alternative to open pyeloplasty in children for ureteropelvic junction obstruction. The procedure is associated with smaller incisions and shorter hospital stays. To our knowledge previous outcome analyses have not included human capital calculations, especially regarding loss of parental workdays. We compared perioperative factors in patients who underwent robotic assisted laparoscopic and open pyeloplasty at a single institution, especially in regard to human capital changes, in an institutional cost analysis. A total of 44 patients 2 years old or older from a single institution underwent robotic assisted (37) or open (7) pyeloplasty from 2008 to 2010. We retrospectively reviewed the charts to collect demographic and perioperative data. The human capital approach was used to calculate parental productivity losses. Patients who underwent robotic assisted laparoscopic pyeloplasty had a significantly shorter average hospital length of stay (1.6 vs 2.8 days, p human capital gains, eg decreased lost parental wages, and lower hospitalization expenses. Future comparative outcome analyses in children should include financial factors such as human capital loss, which can be especially important for families with young children. Copyright © 2011 American Urological Association Education and Research, Inc. Published by Elsevier Inc. All rights reserved.

Human Capital Quality and Development: An Employers' and Employees' Comparative Insight

Directory of Open Access Journals (Sweden)

Neagu Olimpia

2016-09-01

Full Text Available The aim of the paper is to compare the employers' and employees' insights on human capital quality defining and human capital development at organisational level, based on a survey carried out in the county of Satu Mare, Romania. Our findings show that as human capital buyers, employers understand by human capital quality professional background and skills, professional behaviour and efficiency and productivity for the organisation. As human capital sellers, for employees human capital quality means health and the ability to learn and to be suitable to the job requirements. Regarding the opportunities to develop the organisational human capital, the views of employers and employees are very different when the level of discussion is international (macro-level. Employees consider that the international environment has a greater impact on human capital development in their organisation as the employers.

Manage "Human Capital" Strategically

Science.gov (United States)

Odden, Allan

2011-01-01

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

An industry analysis of the power of human capital for corporate performance: Evidence from South Africa

Directory of Open Access Journals (Sweden)

Carla Morris

2015-11-01

Full Text Available Even in industrialised emerging economies, the value-generating competencies of a workforce, known as its human capital efficiency, are a key resource for commercial success. The objective of this research is to empirically investigate the relationship between human capital efficiency (as measured by value-added human capital and the financial and market performance of companies listed on the Main Board and Alternative Exchange (ALT-X of the Johannesburg Stock Exchange. Return on assets, revenue growth and headline earnings per share were used as financial performance indicators; while market-to-book ratio and total share return were used to measure market performance. Multivariate regressions were performed, with panel data covering 390 companies in the financial, basic materials, consumer services, consumer goods, industrial and technology industries from 2001 to 2011. First, human capital efficiency was found to have no effect on the market performance of listed companies in South Africa. Secondly, higher human capital efficiency was found to result in the extraction of greater returns from both tangible and intangible assets in all industries. Thirdly, higher profitability was found to be associated with higher human capital efficiency in almost every industry in South Africa, with the exception of the technology industry, where human capital efficiency was found to be independent of headline earnings per share. Finally, higher revenue growth was found to be positively associated with human capital efficiency in those industries which are not consumer-driven. In the consumer-driven industries, human capital efficiency contributes to bottom line profitability even though it is not a driver for revenue growth. Overall, the results of this study confirm that human capital efficiency enhances a company’s financial performance, whether it be through a greater capacity for production and service delivery, tighter cost controls or better use of

DOES ECO-EFFICENCY REDUCE THE COST OF EQUITY CAPITAL? EMPIRICAL EVIDENCE FROM INDONESIA

OpenAIRE

Lisa Alviani; Mahfud Sholihin

2015-01-01

The objective of this study is to examine the effect of eco-efficiency on the cost of equity capital. The study hypothesizes that the implementation of eco-efficiency reduces the cost of equity capital. Using manufacturing companies listed on the Indonesian Stock Exchange for the period 2010-2012 as data, and controlling for beta, company size, Book to Market ratio, and leverage; the study finds that the implementation of eco-efficiency may reduce the cost of equity capital. The findings sugg...

Human Capital Questionnaire: Assessment of European nurses' perceptions as indicators of human capital quality.

Science.gov (United States)

Yepes-Baldó, Montserrat; Romeo, Marina; Berger, Rita

2013-06-01

Healthcare accreditation models generally include indicators related to healthcare employees' perceptions (e.g. satisfaction, career development, and health safety). During the accreditation process, organizations are asked to demonstrate the methods with which assessments are made. However, none of the models provide standardized systems for the assessment of employees. In this study, we analyzed the psychometric properties of an instrument for the assessment of nurses' perceptions as indicators of human capital quality in healthcare organizations. The Human Capital Questionnaire was applied to a sample of 902 nurses in four European countries (Spain, Portugal, Poland, and the UK). Exploratory factor analysis identified six factors: satisfaction with leadership, identification and commitment, satisfaction with participation, staff well-being, career development opportunities, and motivation. The results showed the validity and reliability of the questionnaire, which when applied to healthcare organizations, provide a better understanding of nurses' perceptions, and is a parsimonious instrument for assessment and organizational accreditation. From a practical point of view, improving the quality of human capital, by analyzing nurses and other healthcare employees' perceptions, is related to workforce empowerment. © 2012 Wiley Publishing Asia Pty Ltd.

Human capital and human resource management to achieve ambidextrous learning: A structural perspective

Directory of Open Access Journals (Sweden)

Mirta Diaz-Fernandez

2017-01-01

Full Text Available Organisational learning has become increasingly important for strategic renewal. Ambidextrous organisations are especially successful in the current environment, where firms are required to be efficient and adapt to change. Using a structural approach, this study discusses arguments about the nature of ambidexterity and identifies the kinds of human capital that better support specific learning types and HRM practices suited to these components of human capital. Results highlight learning differences between marketing and production units, as well as different HRM practices and human capital orientations. This study points out that human capital mediates between HRM practices and learning.

The Risk-Return Trade-Off in Human Capital Investment

DEFF Research Database (Denmark)

Christiansen, Charlotte; Joensen, Juanna Schrøter; Nielsen, Helena Skyt

In this paper we analyze investments in human capital assets in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by sing...... tests for mean-variance spanning. A risk-return trade-off is revealed, hich is not only related to the length of education but also to the type of education. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that are inefficient, and may...

Does Eco-efficency Reduce the Cost of Equity Capital? Empirical Evidence From Indonesia

OpenAIRE

Alviani, Lisa; Sholihin, Mahfud

2015-01-01

The objective of this study is to examine the effect of eco-efficiency on the cost of equity capital. The study hypothesizes that the implementation of eco-efficiency reduces the cost of equity capital. Using manufacturing companies listed on the Indonesian Stock Exchange for the period 2010-2012 as data, and controlling for beta, company size, Book to Market ratio, and leverage; the study finds that the implementation of eco-efficiency may reduce the cost of equity capital. The findings sugg...

Migration Options for Skilled Labor and Optimal Investment in Human Capital

DEFF Research Database (Denmark)

Ghoddusi, Hamed; Siyahhan, Baran

2011-01-01

of human capital. The analysis shows that the accu- mulation of human capital depends crucially on the level of uncertainty and the transferability of human capital across countries. Government subsidies are an important determinant of the composition of different types of human capital and can be crucial...

A Human Capital Approach to Career Advising

Science.gov (United States)

Shaffer, Leigh S.; Zalewski, Jacqueline M.

2011-01-01

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…

Human capital in nuclear industry

International Nuclear Information System (INIS)

Anon.

2010-01-01

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

HUMAN CAPITAL MANAGEMENT IN A KNOWLEDGE ECONOMY ...

African Journals Online (AJOL)

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.

Mandatory IFRS adoption and the cost of Equity Capital. Evidence from Spanish Firms

Directory of Open Access Journals (Sweden)

David Castillo-Merino

2014-05-01

Full Text Available Purpose: The main objective of this paper analyses the effects of mandatory International Financial Reporting Standards (IFRS adoption by Spanish firms in 2005 on the cost of equity capital. Design/methodology: Using a sample of listed Spanish companies during the 1999 to 2009 period and a country-level focused analysis. To achieve our objective we relied on OLS regression analysis and estimate the dependent variable – the cost of equity – by using the proxy suggested in Easton (2004. Findings: We find evidence that, unlike previous studies, Spanish listed companies show a significant reduction in their cost of equity capital after the mandatory adoption of IFRS in 2005, after controlling by a set of firm-risk and market variables. According to our results, increased financial disclosure and enhanced information comparability, along with changes in legal and institutional enforcement, seem to have a joint effect on the cost of capital, leading to a large decrease in expected equity returns. Research limitations: The main limitation of the study is that the sample represents just one country. Practical implications: The findings of the study may have implications for the firms’ management staff, as they reveal what information determines the cost of equity capital. The systematic risk and the leverage affect positively the cost of stocks and therefore their market value. The results are consistent with the financial principle establishing that the higher risk and the higher leverage, the higher cost of capital. Originality/value: As a result of the conducted research, one is able to figure out which stock-return variables should be observed to anticipate the change of a company’s cost of capital.

THE INSTITUTIONAL CONTENT OF THE HUMAN CAPITAL OF THE NATIONAL ECONOMY

Directory of Open Access Journals (Sweden)

Viktoriia Kolomiiets

2017-12-01

Full Text Available In the current conditions of transformation of traditional institutes and institutions and formation of a new institutional state, the institutional content of human capital as the most valuable resource of the economy changes. Along with the existing research, the transformation of the old institutional system and the emergence of new institutes and institutions require an analysis of the updated institutional content of the human capital of the national economy. The purpose of the paper – to reveal the institutional content of the human capital of the national economy. In the process of work, the following tasks are set and solved: to study economic and institutional conditions of functioning of human capital, to determine the material content of human capital in the context of institutionalism and the process of institutionalization of human capital. Methodology. A methodological basis is a dialectical approach. To study the institutional content of human capital, abstract-logical and systemstructural methods are used. Results. Economic conditions for the formation and functioning of human capital are determined by the instability of the economic situation in Ukraine caused by the fall in the gross domestic product, the inappropriate growth of prices and wages, inflation, and military-political confrontation. Institutional conditions of Ukraine accumulate the following components: those that remained from the previous regimes; transformed components, imported components. The large financial capital, business structures, shadow economy, public sector of the country interact on a fundamentally different institutional basis. The main factor characterizing the institutional development of our country is the uncertainty of limits of institutionalization. The essential institutional conditions for the functioning of human capital are also the absence of a positive or negative experience of existence, coexistence of certain institutions in a

The effects of capital and human resource investments on hospital performance.

Science.gov (United States)

Stock, Gregory N; McDermott, Christopher; McDermott, Margaret

2014-01-01

Data are employed from a sample of New York hospitals and the Hospital Consumer Assessment Healthcare Providers and Systems database to analyze the effects of capital spending, staffing levels, and salaries on hospital performance. The most striking result is that higher average salaries are associated with lower length of stay, lower mortality rate, and higher satisfaction but are not significantly related to cost per patient. Therefore, it appears that human resource investments may be associated with better patient outcomes without significantly increasing the cost of patient care.

Analysis of capital and operating costs associated with high level waste solidification processes

International Nuclear Information System (INIS)

Heckman, R.A.; Kniazewycz, B.G.

1978-03-01

An analysis was performed to evaluate the sensitivity of annual operating costs and capital costs of waste solidification processes to various parameters defined by the requirements of a proposed Federal waste repository. Five process methods and waste forms examined were: salt cake, spray calcine, fluidized bed calcine, borosilicate glass, and supercalcine multibarrier. Differential cost estimates of the annual operating and maintenance costs and the capital costs for the five HLW solidification alternates were developed

Human Capital Development: Comparative Analysis of BRICs

Science.gov (United States)

Ardichvili, Alexandre; Zavyalova, Elena; Minina, Vera

2012-01-01

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…

DOES ECO-EFFICENCY REDUCE THE COST OF EQUITY CAPITAL? EMPIRICAL EVIDENCE FROM INDONESIA

Directory of Open Access Journals (Sweden)

Lisa Alviani

2015-05-01

Full Text Available The objective of this study is to examine the effect of eco-efficiency on the cost of equity capital. The study hypothesizes that the implementation of eco-efficiency reduces the cost of equity capital. Using manufacturing companies listed on the Indonesian Stock Exchange for the period 2010-2012 as data, and controlling for beta, company size, Book to Market ratio, and leverage; the study finds that the implementation of eco-efficiency may reduce the cost of equity capital. The findings suggest that companies should implement eco-efficency.

Transmission line capital costs

International Nuclear Information System (INIS)

Hughes, K.R.; Brown, D.R.

1995-05-01

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

Commerical electric power cost studies. Capital cost addendum multi-unit coal and nuclear stations

International Nuclear Information System (INIS)

1977-09-01

This report is the culmination of a study performed to develop designs and associated capital cost estimates for multi-unit nuclear and coal commercial electric power stations, and to determine the distribution of these costs among the individual units. This report addresses six different types of 2400 MWe (nominal) multi-unit stations as follows: Two Unit PWR Station-1139 MWe Each, Two Unit BWR Station-1190 MWe Each, Two Unit High Sulfur Coal-Fired Station-1232 MWe Each, Two Unit Low Sulfur Coal-Fired Station-1243 MWe Each, Three Unit High Sulfur Coal-Fired Station-794 MWe Each, Three Unit Low Sulfur Coal-Fired Station-801 MWe Each. Recent capital cost studies performed for ERDA/NRC of single unit nuclear and coal stations are used as the basis for developing the designs and costs of the multi-unit stations. This report includes the major study groundrules, a summary of single and multi-unit stations total base cost estimates, details of cost estimates at the three digit account level and plot plan drawings for each multi-unit station identified

The indicative analysis and ranking of human capital development

Science.gov (United States)

Inessa, Gurban; Alexandr, Tarasyev

2017-07-01

In this article we discuss the rationale for the importance and effectiveness of the regions ranking as a tool for regional social and economic policies aimed to control the regional socio-economic development. A methodological approach to the determination of the human capital development level in the regions of the Russian Federation is provided focused on determining the quality of human capital in each region of the Russian Federation and the causes underlying this situation. The methodological apparatus is based on the indicative qualimetric analysis method that allows to convert various benchmarks expressed in different units in a comparable type. Also it is possible to receive and differentiate a comprehensive assessment of the human capital level in each region of the Russian Federation on the basis of the proposed classification. In this article we present the structure of the indicators system that simulates the human capital level by a number of descriptive components including demographic, educational, employment, research and socio-cultural components. In our research we found that in the overwhelming majority of the Russian Federation human capital is characterized mainly by a low development level. The system shows unstable dynamics in the human capital level through the Russian Federal Districts, as well as the leaders and laggards in the rating of the Russian Federation during the period 2000-2013. Our article presents the structure of a comprehensive assessment of the human capital level by providing estimates of its components.

Impact of power purchases from nonutilities on the utility cost of capital

International Nuclear Information System (INIS)

Kahn, E.; Stoft, S.; Belden, T.

1994-03-01

This report studies the debt-equivalence debate empirically. The topics of the study include a review of the literature on the cost of equity capital for regulated utilities, a formulation of the debate on NUGs and the utility's cost of capital, a review of variable definitions and data sources, and a discussion of statistical issues and results

EVALUATING HUMAN CAPITAL IN A KNOWLEDGE – BASED APPROACH

Directory of Open Access Journals (Sweden)

Emanoil MUSCALU

2014-04-01

Full Text Available The widespread enthusiasm for a knowledge-based approach to understanding the nature of a business and the possible basis for sustained competitive advantage have renewed interest in human capital evaluation or measurement. While many attempts have been made to develop methods for measuring intellectual capital, none have been widely adopted in the business world. In the knowledge-based organizations, and generally, in the information society, human capital is recognized as the fundamental factor of overall progress, and experts agree that long-term investment in human capital has strong drive-propagation effects at the individual, organizational, national and global level. In this paper, we consider that a knowledge-based approach can offer new possibilities and answers to illustrate the importance of evaluation the human capital and knowledge assets by consistently generating added value in the business world.

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

OpenAIRE

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

2015-01-01

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

Human Capital and Organizational Effectiveness

Directory of Open Access Journals (Sweden)

Ioana Julieta Josan

2013-05-01

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

Regional unemployment and human capital in transition economies

Czech Academy of Sciences Publication Activity Database

Jurajda, Štěpán; Terrell, K.

-, č. 77 (2007), s. 1-34 Institutional research plan: CEZ:AV0Z70850503 Keywords : unemployment * human capital * regional labor markets Subject RIV: AH - Economics http://ipc.umich.edu/ working papers/ipc-77-jurajda,terrell,regional-unemployment-human- capital -transition-economies.pdf

The Cumulative Effect of Human Capital on Economic Growth:

Directory of Open Access Journals (Sweden)

Sheidaei , Zahra

2014-06-01

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

Features of human capital in urban territories | Mingaleva | Journal ...

African Journals Online (AJOL)

The calculations of human capital of agglomerated areas in general and of centers of agglomerated areas are carried out. The article contains conclusions on the relationship of human capital as a tangible asset of a big city with the development of specific social capital of the city, aimed at active policy of urbanization.

On Measuring Human Capital: A Case Study of Viet Nam

OpenAIRE

Son, Hyun Hwa

2012-01-01

Human capital refers to the ability and efficiency of people to transform raw materials and capital into goods and services, the consensus being that these skills can be learned through the educational system. The concept of human capital, necessarily, is related to the productivity of workers. Thus, this paper develops a productivity-based single measure of human capital, taking account of different levels of education and productivity differentials across workers. Using this new measure, th...

Human Capital and Cross-Country Comparison of Inequality

NARCIS (Netherlands)

J.M.A. Viaene (Jean-Marie); I. Zilcha (Itzhak)

2002-01-01

textabstractThe paper studies the effects of cross-country differences in the production process of human capital on income distribution and growth. Our overlapping gen- erations economy has the following features: (1) consumers are heterogenous with respect to parental human capital and wealth; (2)

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

DEFF Research Database (Denmark)

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

2017-01-01

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

Human Capital in the Entrepreneurship Ecosystem

DEFF Research Database (Denmark)

Østergaard, Annemarie; Marinova, Svetla Trifonova

2018-01-01

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...

Sand in the Wheels of Capitalism

DEFF Research Database (Denmark)

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

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

Sabotaging the benefits of our own human capital: Work unit characteristics and sleep.

Science.gov (United States)

Barnes, Christopher M; Jiang, Kaifeng; Lepak, David P

2016-02-01

The strategic human capital literature indicates the importance of human capital to work unit performance. However, we argue that human capital only aids performance when it is translated into actions beneficial to the unit. We examine a set of common human capital leveraging characteristics (including the use of extended shifts, night shifts, shift flexibility, norms for work as a priority over sleep, and norms for constant connectivity) as factors that enhance the effect of human capital on human capital utilization. We also draw from the 2-process model of sleep regulation to examine how these characteristics undermine employee sleep, and thus weaken the link between human capital and work unit performance efficiency. Overall, we propose that human capital leveraging strategies initially enhance the effect of human capital on work unit performance, but over time weaken the effect of human capital on work unit performance efficiency. Thus, strategies intended to enhance the beneficial effect of human capital on work unit performance can end up doing the opposite. (c) 2016 APA, all rights reserved).

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

OpenAIRE

Barnes, Michelle L.; Lopez, Jose A.

2005-01-01

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

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

Science.gov (United States)

Hubbard, C M

1983-01-01

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

Impact of socially responsible human resources policies on intellectual capital

Directory of Open Access Journals (Sweden)

Jesus Barrena-Martínez

2016-03-01

Full Text Available Purpose: This research focuses on the benefits that social responsibility can report on the area of human resources, examined the impact of a socially responsible configuration of human resource policies and practices in the generation value process for the company, and more specifically in its intellectual capital. Design/methodology/approach: The study performed a regression analysis, testing the individual effects of socially responsible human resource policies on intellectual capital, broken down into three main variables such as human, social and organizational capital. Findings: The results shed light on how the introduction of socially responsible aspects in the management of human resources can facilitate the exchange of knowledge, skills and attitudes human--capital; lead to improvements in communication, trust, cooperation among employees social-capital and, in turn, generates an institutionalized knowledge encoded in the own organizational culture –organizational capital–. Research limitations/implications: The study only provides information from large companies with over 250 employees. Practical implications: There are important implications in the measure of corporate social responsibility concerns in the area of human resources. Social implications: Also important intangible effects on non-economic variables are confirmed, such as intellectual capital. Originality/value: The value of the study lies in its novelty, testing socially responsible configurations of human resources as well as the direct effects of different policies on intellectual capital.

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

OpenAIRE

Mathieu Goudard; Michel Lubrano

2011-01-01

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

The impact of human capital development in employment ...

African Journals Online (AJOL)

It was discovered that the level of human capital was not sufficient to stimulate employment or reduce unemployment in Nigeria. Besides, it was discovered that population growth is really not the challenge for employment in Nigeria especially if human capital can be harnessed productively, and channelled towards viable ...

Changing domains in human capital measurement

Directory of Open Access Journals (Sweden)

Pharny D. Chrysler-Fox

2014-09-01

Research purpose: The aim of the study was to explore and describe changing domains within human capital management to be managed and measured. Motivation for the study: The motivation was to advance the understanding of changing measurement domains to aid practitioners to manage and measure the contribution of the human resource function and employees, in order to unlock and add value and ultimately contribute to the success of an organisation. Research design, approach and method: Unstructured, in-depth interview data of purposively selected cases from a selected panel of human resource practitioners specialising in human capital measurement was thematically analysed in this exploratory-descriptive investigation. Main findings: Findings suggested that seven domains should be managed and measured. These domains highlight new areas of impact and levels of management. In addition, crossdomain relationships in measurement allow for an understanding of the impact and potential value on which to capitalise. Practical/managerial implications: New domains to manage and measure focus the attention of practitioners beyond the transactional performance management paradigm to a transformational approach to influence the business strategy. Higher education institutions need to develop students’ cognitive skills to facilitate systems thinking. Contribution: This study suggests a new approach to managing and measuring the human capital function and the workforce.

RELATIONSHIP BETWEEN ECONOMIC GROWTH AND HUMAN CAPITAL

Directory of Open Access Journals (Sweden)

Mihaela Tania SANDU

2010-02-01

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

Global economic meltdown and its effects on human capital development in Nigeria: Lessons and way forward

Directory of Open Access Journals (Sweden)

Kehinde Oladele Joseph

2011-10-01

Full Text Available Global economies around the world have experienced the most traumatic moments in the last one-decade. The crisis has been described by scholars, as perhaps been the worst financial crisis since the great economic depression of the 1930s. This paper lucidly examines the effects of global economic recession on the development of human capital with reference to Nigeria nation. The objectives of the paper among others are (i To establish the level of the impact of global economic recession on development of skills of human capital in Nigeria (ii To examine if there is any significant relationship between global economic recession and the motivation of human capital development in Nigeria among others. The paper uses survey method with two research hypotheses. Questionnaires were administered among academic staff of two Nigerian universities in the southwest part of Nigeria. Findings showed that the global economic recession has great impact on the development of skills of human capital in Nigeria. Findings also revealed that there exists a positive relationship between global economic recession and training and development of human capital in Nigeria. The paper offers useful policy recommendations, which include the need for government and appropriate agencies to put in place policies such as enabling environment that will lead to the growth and development of human capital in Nigeria. Government needs to put forward policies that minimize cost at all levels, maximize efficiency of output, training and retraining of goods hands; and that there is need to encourage better motivation of workers at every sector of the economy amongst others.

Human Capital and Career Success

DEFF Research Database (Denmark)

Frederiksen, Anders; Kato, Takao

2016-01-01

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

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

Science.gov (United States)

Kinney, E D; Lefkowitz, B

1982-01-01

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

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

OpenAIRE

Elisei Crăciun

2015-01-01

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

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

Science.gov (United States)

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

2018-03-01

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

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

Science.gov (United States)

Jolanta Walery, Maria

2017-12-01

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

A Two-Generation Human Capital Approach to Anti-poverty Policy

Directory of Open Access Journals (Sweden)

Teresa Eckrich Sommer

2018-02-01

Full Text Available We propose a two-generation anti-poverty strategy to improve the economic fortunes of children in the United States. Our policy bridges two traditionally siloed interventions to boost their impacts: Head Start for children and career pathway training offered through community colleges for adults. We expect that an integrated two-generation human capital intervention will produce greater gains than either Head Start or community college alone for developmental and motivational, logistical and financial, social capital, and efficiency reasons. We suggest a competitive grant program to test and evaluate different models using federal dollars. We estimate average benefit-cost ratios across a range of promising career fields of 1.3 within five years and 7.9 within ten years if 10 percent of Head Start parents participate in two-generation programs.

Capital Regulation, the Cost of Financial Intermediation and Bank Profitability: Evidence from Bangladesh

Directory of Open Access Journals (Sweden)

Changjun Zheng

2017-04-01

Full Text Available In response to the recent global financial crisis, the regulatory authorities in many countries have imposed stringent capital requirements in the form of the BASEL III Accord to ensure financial stability. On the other hand, bankers have criticized new regulation on the ground that it would enhance the cost of funds for bank borrowers and deteriorate the bank profitability. In this study, we examine the impact of capital requirements on the cost of financial intermediation and bank profitability using a panel dataset of 32 Bangladeshi banks over the period from 2000 to 2015. By employing a dynamic panel generalized method of moments (GMM estimator, we find robust evidence that higher bank regulatory capital ratios reduce the cost of financial intermediation and increase bank profitability. The results hold when we use equity to total assets ratio as an alternative measure of bank capital. We also observe that switching from BASEL I to BASEL II has no measurable impact on the cost of financial intermediation and bank profitability in Bangladesh. In the empirical analysis, we further observe that higher bank management and cost efficiencies are associated with the lower cost of financial intermediation and higher bank profitability. These results have important implications for bank regulators, academicians, and bankers.

The Relationship Between the Intellectual Capital Disclosure and Cost of Debt Capital – A Case of Slovenian Private Audited Organisations

Directory of Open Access Journals (Sweden)

Stropnik Neca

2017-12-01

Full Text Available The existing empirical research into the association between intellectual capital disclosures by organisations and the cost of debt is scarce or is based solely on the samples of the (large listed organisations. Since agency issues between management/owners and lenders exist also in (large private organisations whose financing is greatly dependent on loans and whose audited annual reports can be a source of additional information for external users, we performed an empirical research to find the answer to the question whether the level of intellectual capital disclosure (as a whole and of its sub-categories of organisations is associated with the cost of their debt capital. Our study was performed on a sample of private Slovenian organisations with audited annual reports. The results of our research did not reveal that lenders would take into account intellectual capital disclosures by Slovenian private audited organisations as the information about the potential for their future cash flows when deciding on the cost of debt issued to these organisations.

Entrepreneurial Choices of Initial Human Capital Endowments and New Venture Success

DEFF Research Database (Denmark)

Rocha, Vera; Van Praag, Mirjam; B. Folta, Timothy

The founder (team)'s human capital is a vital determinant of future firm performance. This is a stylized fact. Less is known about the effect of the human capital of the initial workforce hired by the founder(s). We study the performance consequences of a founder's choice of the initial workforce......'s human capital (quantity and quality), besides the human capital of the founder(s). The analysis is based on matched employer-employee data and covers about 5,300 startups in manufacturing industries founded by individuals coming from employment between 1992 and 2007. We acknowledge that initial hiring...... decisions are endogenous and correlated with the human capital of the founders and the ownership structure of startups (single founder versus team of founders). Given the stickiness of initial choices, human capital decisions at entry turn out to be a close to irreversible matter with significant...

Human Capital Variables and Economic Growth in Nigeria: An Interactive Effect

Directory of Open Access Journals (Sweden)

Adenike Mosunmola Osoba

2017-05-01

Full Text Available Various studies have focused on the relationship between human capital and economic growth all over the world. However, there is still a missing gap on the joint influence of human capital investment components on economic growth particularly in Nigeria. This study therefore examines the interactive effects of the relationship between human capital investment components and economic growth in Nigeria for the period of 1986 – 2014. The study employed secondary annual data on education expenditure, health expenditure, real gross domestic product and gross capital formation obtained from the Central Bank Statistical bulletin, 2014. The data were analyzed using Fully Modified Ordinary Least Squares (FMOLS technique. The results of the study showed that there was positive and significant relationship between the interactive effects of human capital components and growth in Nigeria. The study concluded that the interactive effect of the human capital variables was also in conformity with the theoretical proposition that increase in human capital will enhance growth as stipulated in the modified Solow growth model by Mankiw, Romer & Weil (1992.

The Differences Cost of Equity Capital between Before and After Adoption of IFRS

Directory of Open Access Journals (Sweden)

I Putu Sugiartha Sanjaya

2017-11-01

Full Text Available The objective of this study was to analyze and compare between cost of equity capital between before and after adoption of IFRS on Statement of Financial Accounting Standard Financial Instrument (PSAK for banking companies listed in Indonesian Stock Exchange. The period on this study was 2008-2009 for before adoption and 2013-2014 for after adoption. Data on this study was secondary data such as annual financial reporting and share price. Cost of equity capital was measured using Ohlson Model. Sample in this study was banking companies listed in Indonesian Stock Exchange in 2008, 2009, 2013, and 2014. Selecting sample was by purposive sampling with specific criteria. Results of this study proved that cost of equity capital was lower for after adoption of IFRS on Statement of Financial Accounting Standard Financial Instrument for banking companies listed in Indonesian Stock Exchange than before adoption. It meant that adoption IFRS could reduce cost of equity capital. This result had an impact on reducing non performing loan, increasing loan to deposit ratio, and increasing net interest margin.

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

Directory of Open Access Journals (Sweden)

Juan Carlos Gutiérrez Betancur

2009-12-01

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

Productivity Losses Associated with Head and Neck Cancer Using the Human Capital and Friction Cost Approaches.

Science.gov (United States)

Pearce, Alison M; Hanly, Paul; Timmons, Aileen; Walsh, Paul M; O'Neill, Ciaran; O'Sullivan, Eleanor; Gooberman-Hill, Rachael; Thomas, Audrey Alforque; Gallagher, Pamela; Sharp, Linda

2015-08-01

Previous studies suggest that productivity losses associated with head and neck cancer (HNC) are higher than in other cancers. These studies have only assessed a single aspect of productivity loss, such as temporary absenteeism or premature mortality, and have only used the Human Capital Approach (HCA). The Friction Cost Approach (FCA) is increasingly recommended, although has not previously been used to assess lost production from HNC. The aim of this study was to estimate the lost productivity associated with HNC due to different types of absenteeism and premature mortality, using both the HCA and FCA. Survey data on employment status were collected from 251 HNC survivors in Ireland and combined with population-level survival estimates and national wage data. The cost of temporary and permanent time off work, reduced working hours and premature mortality using both the HCA and FCA were calculated. Estimated total productivity losses per employed person of working age were EUR253,800 using HCA and EUR6800 using FCA. The main driver of HCA costs was premature mortality (38% of total) while for FCA it was temporary time off (73% of total). The productivity losses associated with head and neck cancer are substantial, and return to work assistance could form an important part of rehabilitation. Use of both the HCA and FCA approaches allowed different drivers of productivity losses to be identified, due to the different assumptions of the two methods. For future estimates of productivity losses, the use of both approaches may be pragmatic.

Customer value disclosure and cost of equity capital

NARCIS (Netherlands)

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

2013-01-01

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

CANDU 9 - reducing capital costs through advanced construction

International Nuclear Information System (INIS)

Hedges, K.; Yu, S.; Hopwood, J.

1996-01-01

Reducing costs is a clear priority in nuclear markets where capital reaches billions and financing is hard-won. To address that priority, AECL introduced the use of advanced construction techniques. This has been one of the key thrusts behind its development of CANDU 9. (author)

Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

DEFF Research Database (Denmark)

Christensen, Peter Ove; Qin, Zhenjiang

In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend...... information system. In an effectively complete market setting, in which investors do not need to trade dynamically in order to take full advantage of their differences in beliefs, the ex ante cost of capital and the investor welfare are both higher than in the incomplete market setting......, the Pareto efficient public information system is the system which enjoys the maximum ex ante cost of capital, and the maximum expected abnormal trading volume. The public information system facilitates improved dynamic trading opportunities based on heterogeneously updated posterior beliefs in order to take...

Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

DEFF Research Database (Denmark)

Christensen, Peter Ove; Qin, Zhenjiang

information system. In an effectively complete market setting, in which investors do not need to trade dynamically in order to take full advantage of their differences in beliefs, the ex ante cost of capital and the investor welfare are both higher than in the incomplete market setting......In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend......, the Pareto efficient public information system is the system which enjoys the maximum ex ante cost of capital, and the maximum expected abnormal trading volume. The public information system facilitates improved dynamic trading opportunities based on heterogeneously updated posterior beliefs in order to take...

Human Capital and the Internal Rate of Return.

Science.gov (United States)

Rosen, Sherwin

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

A comment on the cost of capital for investments with non-homogeneous components

OpenAIRE

Navas, Jorge; Marín Solano, Jesús

2006-01-01

In this paper, the expression for the cost of capital is derived when net and replacement investments exhibit differences in their effective prices due to a different fiscal treatment. It is shown that, contrary to previous results in the literature, the cost of capital should be constructed under an opportunity cost criterion rather than a historical one. This result has some important economic consequences, since the optimizing firm will take into account not only the effective price for th...

Human Capital Development in Western Region, Nigeria, 1955-1968

African Journals Online (AJOL)

This paper discusses sustained approaches, programmes and strategies for human capital development in the defunct Western Region of Nigeria. Three broad approaches were vigorously pursued, namely, education, technical skills development and agriculture. The most enduring legacy was human capital development ...

Impact of power purchases from non-utilities on the utility cost of capital

International Nuclear Information System (INIS)

Kahn, E.; Stoft, S.; Belden, T.

1995-01-01

The bond rating agencies in the USA have asserted that long-term power purchase contracts between non-utility generators and utilities are the equivalent of debt to the utilities, and therefore raise the cost of capital to the purchaser. Non-Utility generators claim that these contracts reduce risk to the utilities. This debate is reflected in the 1992 Energy Policy Act. This paper investigates this controversy from the perspective of the equity markets. Using a CAPM framework, various specifications of the cost of equity capital are estimated, to shed light on this question. No evidence is found for the hypothesis that non-utility generation contracts raise the cost of capital. There does appear to be a slight increase in this cost for those utilities seeking to build their own generation capacity as opposed to purchasing it from non-utility suppliers. (author)

Natural resources, redistribution and Human capital formation

OpenAIRE

Aguero, Jorge; Balcazar, Carlos Felipe; Maldonado, Stanislao; Ñopo, Hugo

2016-01-01

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...

The Determinants Factors of the Capital Cost � Evidence from 5 EU Countries

Directory of Open Access Journals (Sweden)

Georgiana Sterea

2016-07-01

Full Text Available The aim of the paper is to highlight the importance and complexity of the company�s capital and its components and the extent to which its cost is influenced by several factors. In order to achieve this goal we have made a study on a sample of 15 companies from Romania and other 4 EU countries: Italy, Spain, France and Finland. All are SME�s and micro-enterprises that acting in the sector of "Growing of spices, aromatic, drug and pharmaceutical crops". For the study of capital cost determinants were selected five variables: return on equity, return on assets, general indebtedness, taxation and firm�s size in order to determine their influence on the cost of capital.

Corporate tax avoidance and ex ante equity cost of capital in Europe

OpenAIRE

Pulido, Matilde; Barros, Victor

2017-01-01

The aim of this paper is to study the longstanding relationship between corporate tax avoidance and ex ante equity cost of capital in Europe, taking into consideration country specific characteristics, which are essential in a context of corporate tax competition. We find that investors apprehend tax avoidance differently at distinct levels of tax avoidance. We provide strong evidence that as low tax avoidance firms engage in greater tax avoidance, the ex ante equity cost of capital decreases...

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

Directory of Open Access Journals (Sweden)

Vanilda Paiva

2001-07-01

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

Willingness to pay and cost of illness for changes in health capital depreciation.

Science.gov (United States)

Ried, W

1996-01-01

The paper investigates the relationship between the willingness to pay and the cost of illness approach with respect to the evaluation of economic burden due to adverse health effects. The basic intertemporal framework is provided by Grossman's pure investment model, while effects on individual morbidity are taken to be generated by marginal changes in the rate of health capital depreciation. More specifically, both the simple example of purely temporary changes and the more general case of persistent variations in health capital depreciation are discussed. The analysis generates two principal findings. First, for a class of identical individuals cost as measured by the cost of illness approach is demonstrated to provide a lower bound on the true welfare cost to the individual, i.e. cost as given by the willingness to pay approach. Moreover, the cost of illness is increasing in the size of the welfare loss. Second, if one takes into account the possible heterogeneity of individuals, a clear relationship between the cost values supplied by the two approaches no longer exists. As an example, the impact of variations in either financial wealth or health capital endowment is discussed. Thus, diversity in individual type turns out to blur the link between cost of illness and the true economic cost.

Chief Human Capital Officers Council (CHCOC)'s Members and Assistants

Data.gov (United States)

Office of Personnel Management — List of members of the Chief Human Capital Officers Council (CHCOC): Federal Chief Human Capital Officers (CHCOs) and Deputy CHCOs, as well as the council's chair,...

Ageing, human capital and demographic dividends with endogenous growth, labour supply and foreign capital

NARCIS (Netherlands)

Edle von Gaessler, Anne; Ziesemer, Thomas

2017-01-01

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

Birth order and human capital development: evidence from Ecuador

NARCIS (Netherlands)

de Haan, M.; Plug, E.; Rosero, J.

2014-01-01

In this paper we examine the effect of birth order on human capital development in Ecuador. Using family fixed effects models we find positive and persistent birth order effects; earlier-born children stay behind in their human capital development from infancy to adolescence. Turning to potential

Theorizing Translanguaging and Multilingual Literacies through Human Capital Theory

Science.gov (United States)

Smith, Patrick H.; Murillo, Luz A.

2015-01-01

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

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

Directory of Open Access Journals (Sweden)

Ariana Ballestero

2016-12-01

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

Intellectual Capital: A Focus on Human Capital Reporting Practices of Top Malaysian Listed Companies

Directory of Open Access Journals (Sweden)

Norhayati Mat Husin

2013-07-01

Full Text Available This paper aims to examine the extent of human capital (HC reporting among top Malaysian companies and introduce an HC reporting guideline that can be used by Malaysian companies and regulator. It begins by developing the HC framework based on previous intellectual capital (IC frameworks. This framework is then used to examine each of the top 100 Malaysian companies listed on the Bursa Malaysia in year 2008. Using the content analysis method, it reviews the annual reports of these companies to determine the extent of HC reporting. The findings of this paper highlight the need for the development of IC framework particularly on HC. HC differences were also identified between Malaysia and other countries such as Sri Lanka and Australia, and it is argued that these differences can be attributed to the social, economic, and political factors.Keywords: Human capital, intellectual capital, Malaysia

Nuclear and coal-fired power plant capital costs 1978 -June 1981

International Nuclear Information System (INIS)

Harbour, R.T.

1981-07-01

This bibliography covers 16 papers dealing with the economics of power generation - mainly comparisons between the capital costs of nuclear and coal fired plants. Some of the papers additionally discuss fuel, operating and maintenance costs, and performance. (U.K.)

Human Capital Management Plan Fiscal Years 2003- 2010

Energy Technology Data Exchange (ETDEWEB)

None

2000-03-09

Western, like many other Federal agencies, will face significant and challenging human capital issues in the next decade. The Federal workforce is aging; baby boomers, with their valuable skills and experience, are drawing nearer to retirement and new employees joining the Federal workforce today have different career expectations from the generation that preceded them. The average age of Western’s workforce is approaching 48. Almost a third of the workforce is between 50 and 54 years and most will be eligible to retire in five years. Western has almost twice as many employees who are 55 and older as it has who are 35 and younger. As the workforce ages, the proportion of younger workers is shrinking. The U.S. Census Bureau says you can expect these developments for the next 20 years. The 45 to 65 year-old work group will grow by 54 percent but the 18 to 44 population will rise by only 4 percent. According to the Bureau of Labor Statistics workers age 25 to 44 will decline by 3 million, dropping from 51 percent of the labor force in 1998 to 44 percent in 2008. Western employees who will retire include highly skilled workers in fields such as information technology, engineering, and craft occupations. Deregulation of the electric utility industry and the establishment of regional transmission organizations and independent system operators are also demanding new and different skill mixes than those currently available in Western. Changes in workforce demographic, in the education and skills that will be required in the future, and an increasingly competitive job market, will require flexible and responsive human capital tools to attract and retain talented employees. These trends were the reason for a comprehensive review of Western’s human capital programs to determine its readiness for the future. In July 2001, a team of managers conducted a comprehensive assessment of Western’s human capital needs. The team used the assessment to draft a framework that

Factors affecting the minimum capital cost of a tokamak reactor

International Nuclear Information System (INIS)

Hancox, R.

1981-01-01

The Mk IIA Culham conceptual tokamak reactor design is a 2500 MWe steady-state reactor developed on the basis of a cost optimisation. A revised 1200 MWe conceptual design, the Mk IIB, used a lower wall loading and lower thermodynamic efficiency. A detailed costing of the Mk IIB design, however, showed it to have an unacceptably high capital cost. Since this high cost is a common characteristic of many fusion reactor designs, the cost optimisation of the Mk II design has been reconsidered. (author)

The Strategic Aspects of a Country's Human Capital Education

Science.gov (United States)

Rutkauskas, Aleksandras Vytautas; Gruževskis, Boguslavas; Danileviciene, Irena

2016-01-01

Often the perspective of human capital is drawn with different colours: from its growing importance to the possibility of changing it with current technical and information management tools. This usually happens when analysing the human capital education and corporate problems in the context of companies and other activity-organising units. In…

Valuation, leverage and the cost of capital in the case of depreciable assets

OpenAIRE

Lund, Diderik

2003-01-01

Levy and Arditti (1973) introduced depreciable assets into the Modigliani and Miller (1958) model, and analyzed the implications for the cost of capital. Assuming that the firm reinvests indefinitely to maintain a constant expected cash flow, they found that depreciation increases the cost of capital before and after tax. Most of their assumptions are maintained. However, commitment to perpetual reinvestment is in most cases not a reasonable assumption. Without it, depreciation...

User Cost of Debt-Financed Capital in Irish Manufacturing Industry: 1985 2011

OpenAIRE

KEARNEY, IDE; ZNUDERL, NUSA

2013-01-01

PUBLISHED This paper provides estimates of the cost of debt-financed capital to Irish manufacturing industry over the period 1985 to 2011. The estimates are provided for two types of capital assets, machinery and equipment and industrial buildings. They also incorporate policy interventions aimed at influencing investment behaviour of manufacturing firms in Ireland. The results show that large capital gains recorded during the Celtic Tiger period created a downward distortion in the user c...

A Behavioral Theory of Human Capital Integration

DEFF Research Database (Denmark)

Christensen, Jesper

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

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

OpenAIRE

NEAGU OLIMPIA

2013-01-01

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

Companies' human capital required for collaboration

DEFF Research Database (Denmark)

Albats, Ekaterina; Bogers, Marcel; Podmetina, Daria

building, relationship building, IPR management and negotiation for the context of collaboration with universities. Our research has revealed an importance of expectation management skills for university-industry collaboration (UIC) context. We found that human capital for UIC is to be continuously......Universities are widely acknowledged as an important source of knowledge for corporate innovation, and collaboration with universities plays an important role in companies’ open innovation strategy. However, little is known about the human capital components required for collaboration...... with universities. Analysing the results of the survey among over 500 company managers we define the universal employees’ skills required for company’ successful collaborations with external stakeholders. Then through analysing qualitative interviews data we distinguish between these skills and capabilities...

The impact of human capital outsourcing on human capital management practices in Karachi pharmaceutical industry

OpenAIRE

Rana, Tariq Mehmood; Syed, Qamar Ali Zaidi; Muhmmad, Sajid; Herani, Gobind M.

2011-01-01

Purpose: The aim of this research is to examine relationship between Human Capital Management (HRM) and Human Resource (HR) Outsourcing in the Pharmaceutical sector. The specific objective is to find out that how important is HRM for an Organization to perform its operations more efficiently, and at what level Human Resource Outsourcing is affecting it. Literature review: Literature review shows that HR outsourcing has positive impact on HRM for an Organization to perform its operations more ...

A human capital predictive model for agent performance in contact centres

Directory of Open Access Journals (Sweden)

Chris Jacobs

2011-10-01

Research purpose: The primary focus of this article was to develop a theoretically derived human capital predictive model for agent performance in contact centres and Business Process Outsourcing (BPO based on a review of current empirical research literature. Motivation for the study: The study was motivated by the need for a human capital predictive model that can predict agent and overall business performance. Research design: A nonempirical (theoretical research paradigm was adopted for this study and more specifically a theory or model-building approach was followed. A systematic review of published empirical research articles (for the period 2000–2009 in scholarly search portals was performed. Main findings: Eight building blocks of the human capital predictive model for agent performance in contact centres were identified. Forty-two of the human capital contact centre related articles are detailed in this study. Key empirical findings suggest that person– environment fit, job demands-resources, human resources management practices, engagement, agent well-being, agent competence; turnover intention; and agent performance are related to contact centre performance. Practical/managerial implications: The human capital predictive model serves as an operational management model that has performance implications for agents and ultimately influences the contact centre’s overall business performance. Contribution/value-add: This research can contribute to the fields of human resource management (HRM, human capital and performance management within the contact centre and BPO environment.

Using Human Capital Planning to Predict Future Talent Needs

Science.gov (United States)

Ruse, Donald; Jansen, Karen

2008-01-01

Human capital planning is an important tool in predicting future talent needs and sustaining organizational excellence over the long term. This article examines the concept of human capital planning and outlines how institutions can use HCP to identify the type and number of talent needed both now and in the future, recognize and prioritize talent…

An Energy Model for Viewing Embodied Human Capital Theory

Science.gov (United States)

Kaufman, Neil A.; Geroy, Gary D.

2007-01-01

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

Does the Russian Economy Need Human Capital? Ten Doubts

Science.gov (United States)

Gimpelson, V. E.

2016-01-01

It is generally accepted that human capital is an important factor in economic growth, but its impact on growth depends on the demand for education and skills on the labor market. Demand for human capital is largely determined by the institutional environment that governs the basic conditions for economic activity. The author expresses ten doubts…

Valuation, leverage and the cost of capital in the case of depreciable assets

OpenAIRE

Lund, Diderik

2006-01-01

Levy and Arditti (1973) introduced depreciable assets into the Modigliani and Miller (1958) model, and analyzed the implications for the cost of capital. Assuming that the firm reinvests indefinitely to maintain a constant expected cash flow, they found that depreciation increases the cost of capital before and after tax. Most of their assumptions are maintained. However, commitment to perpetual reinvestment is in most cases not a reasonable assumption. Without it, depreciation decreases the ...

State Policies on Human Capital Resource Management: Minnesota. Human Capital Resource Management Technical Brief

Science.gov (United States)

Bhatt, Monica; Behrstock, Ellen; Cushing, Ellen; Wraight, Sara

2010-01-01

Training, recruiting, developing, and supporting talented and effective educators throughout their careers is known as human capital resource management (HCRM) in education. HCRM has been identified in recent literature as one of the ways in which districts and states may increase school effectiveness and improve student learning (Heneman &…

State Policies on Human Capital Resource Management: Wisconsin. Human Capital Resource Management Technical Brief

Science.gov (United States)

Cushing, Ellen; Bhatt, Monica; Wraight, Sara; Behrstock, Ellen; Meyer, Cassandra

2010-01-01

Training, recruiting, developing, and supporting talented and effective educators throughout their careers is known as human capital resource management (HCRM) in education. HCRM has been identified in recent literature as one of the ways in which districts and states may increase school effectiveness and improve student learning (Heneman &…

State Policies on Human Capital Resource Management: Indiana. Human Capital Resource Management Technical Brief

Science.gov (United States)

Meyer, Cassandra; Bhatt, Monica; Wraight, Sara; Behrstock, Ellen; Cushing, Ellen

2010-01-01

Training, recruiting, developing, and supporting talented and effective educators throughout their careers is known as human capital resource management (HCRM) in education. HCRM has been identified in recent literature as one of the ways in which districts and states may increase school effectiveness and improve student learning (Heneman &…

State Policies on Human Capital Resource Management: Iowa. Human Capital Resource Management Technical Brief

Science.gov (United States)

Behrstock, Ellen; Bhatt, Monica; Cushing, Ellen; Wraight, Sara

2010-01-01

Training, recruiting, developing, and supporting talented and effective educators throughout their careers is known as human capital resource management (HCRM) in education. HCRM has been identified in recent literature as one of the ways in which districts and states may increase school effectiveness and improve student learning (Heneman &…

State Policies on Human Capital Resource Management: Michigan. Human Capital Resource Management Technical Brief

Science.gov (United States)

Meyer, Cassandra; Bhatt, Monica; Wraight, Sara; Behrstock, Ellen; Cushing, Ellen

2010-01-01

Training, recruiting, developing, and supporting talented and effective educators throughout their careers is known as human capital resource management (HCRM) in education. HCRM has been identified in recent literature as one of the ways in which districts and states may increase school effectiveness and improve student learning (Heneman &…

State Policies on Human Capital Resource Management: Illinois. Human Capital Resource Management Technical Brief

Science.gov (United States)

Meyers, Coby; Bhatt, Monica; Wraight, Sara; Behrstock, Ellen; Cushing, Ellen

2010-01-01

Training, recruiting, developing, and supporting talented and effective educators throughout their careers is known as human capital resource management (HCRM) in education. HCRM has been identified in recent literature as one of the ways in which districts and states may increase school effectiveness and improve student learning (Heneman &…

State Policies on Human Capital Resource Management: Ohio. Human Capital Resource Management Technical Brief

Science.gov (United States)

Bhatt, Monica; Wraight, Sara; Behrstock, Ellen; Cushing, Ellen

2010-01-01

Training, recruiting, developing, and supporting talented and effective educators throughout their careers is known as human capital resource management (HCRM) in education. HCRM has been identified in recent literature as one of the ways in which districts and states may increase school effectiveness and improve student learning (Heneman &…

Returns to Tenure, Firm-Specific Human Capital and Worker Heterogeneity

DEFF Research Database (Denmark)

Bingley, Paul; Westergård-Nielsen, Niels Chr.

2003-01-01

Workers with longer job tenure are paid more, on average, than those with shorter tenure. This paper re-opens the debate about whether individual financial returns to tenure are due to firm-specific human capital accumulation or sorting according to unobserved individual productivity heterogeneity...... firms to distinguish between firm-specific human capital and worker heterogeneity. Although the proportion of tenure returns due to firm-specific human capital is smaller than that found in the US, it has increased from 10% in 1980 to 30% in 1998 in Denmark. This change coincides with decentralisation...

Human Capital and Cross-Country Comparison of Inequality

OpenAIRE

Jean-Marie Viaene; Itzhak Zilcha

2002-01-01

textabstractThe paper studies the effects of cross-country differences in the production process of human capital on income distribution and growth. Our overlapping gen- erations economy has the following features: (1) consumers are heterogenous with respect to parental human capital and wealth; (2) intergenerational transfers take place via parental education and, public investments in education financed by taxes (possibly, with a level determined by majority voting); (3) due to investment i...

The Importance of Intangible Resources in Regional Developing:human capital, social capital

OpenAIRE

POPA Florina

2010-01-01

A region’s competitiveness is the product of its creative, attractive and maintenance activities which may increase its influence, assuming that for a sustainable economic development there are needed both the existence of resources and the implementation of some policies conductive to growth,employment and stability. The study focuses on the importance of intangible resources highlighting – human capital, social capital, the relationships they create within the region and the influence they ...

Application methods for identification of delphi bases comprehensive development of human capital

OpenAIRE

Lenka Bartková

2012-01-01

BACKGROUND: This article focuses on the question of nurturing human capital in a company environment with emphasis on developing human capital not only by education, but also by investing into a healthy lifestyle, development of key competencies, social capital etc. Human capital development is usually interpreted as education. The bearer of knowledge, the employee, is often of secondary focus and not being taken into account. Increasing the efficiency of companies as well as the productivity...

The Interaction between Human and Organizational Capital in Strategic Human Resource Management (P.49-62)

OpenAIRE

Audia Junita

2017-01-01

Studies in strategic human resource management emphasize the contribution of human and human resource management to organizational performance achievement. Human and organizational capitals are strategic capability and mechanism to create value in an organization.This paper seeks to identify an interactive relationship between human and organizational capital in strategic human resource management theoretically, which so far, have not got adequate attention, particularly in a systemic relatio...

Asset management and the calculation of capital costs for mains-usage fees

International Nuclear Information System (INIS)

Huser, A.; Liggenstorfer, S.; Bill, M.

2007-01-01

This article discusses the requirements stipulated in the Swiss Electricity Supply Law that capital costs for all mains-levels must be declared on a yearly basis. The costs are calculated from current market value and depreciation according to technical lifetime. The authors examine the requirements placed on the declaration of capital costs and how they are calculated. The detailed book-keeping needed is discussed as is the large volume of data involved. The role of existing mains information systems is looked at, as are methods of assessing current assets. Experience gained in practice is discussed: This is taken as the basis for future processes. Utilities participating in the project and a number of solutions available are noted

26 CFR 1.179B-1T - Deduction for capital costs incurred in complying with Environmental Protection Agency sulfur...

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 3 2010-04-01 2010-04-01 false Deduction for capital costs incurred in... capital costs incurred in complying with Environmental Protection Agency sulfur regulations (temporary... the deduction allowable under section 179B(a) for qualified capital costs paid or incurred by a small...

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

Science.gov (United States)

Okifo, Joseph; Ayo, Abel O.

2015-01-01

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

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

NARCIS (Netherlands)

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

2016-01-01

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

Empirical Studies of Human Capital Formation: The Role of Family, Sibling, and Neighborhood

OpenAIRE

Chen, Huei-Ling III

1998-01-01

The formation of human capital is the main issue in this dissertation. More specifically, this dissertation discusses two alternative types of transferring human capital, in contrast to the transfer of human capital from parents to their children's education. These two types of transfer are sibling effect and neighborhood effect on children's education. Chapter 1 discusses the sibling effect on children's education, "Household Models and Formations of Human Capital with Sibling Effect in I...

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

Directory of Open Access Journals (Sweden)

Osvaldo Javier López-Ruiz

2009-12-01

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

Comparing Swedish and Norwegian Teachers' Professional Development: How Human Capital and Social Capital Factor into Teachers' Reading Habits

Science.gov (United States)

Reichenberg, Monica; Andreassen, Rune

2018-01-01

The present study compares how Swedish (n = 340) and Norwegian (n = 236) teachers' human capital and social capital support reading habits as an aspect of professional development. The overall aim was to describe how teachers' human and social capital support their professional development as measured by the aspect of reading habits during leisure…

The role of human capital in the modern economy and indicators of its evaluation

Directory of Open Access Journals (Sweden)

N. A. Serebryakova

2017-01-01

Full Text Available The development of a modern economy, increasing its competitiveness is impossible without the accumulation and development of human capital, since the foundation of the transformation of the economic system into an innovation economy is human capital. In this regard, the level of development and effectiveness of the use of human capital is of paramount importance. In this study, an attempt is made to assess the effectiveness of the use of human capital for its contribution to the economy of the country. The authors emphasize that the modern economy makes new demands on workers, therefore it is necessary to constantly accumulate human capital, its development through continuous training, which will allow the domestic economy to exit on the trajectory of sustainable economic growth. The need to create conditions for a comprehensive increase in the level of development of human capital was stressed. The authors propose an author's approach to assess the level of development and efficiency of the use of human capital on the basis of indicators: the index of labor productivity, the share of high-technology and knowledge-intensive industries in GDP, the increase in the number of high-productivity jobs, the innovative activity of organizations, the share of domestic expenditure on research and development in GDP, the coefficient of inventive activity. The article presents the results of the study of human capital in the Russian Federation. The role of human capital in the economic development of the country has been studied and justified. Key indicators of the effectiveness of the use of human capital are analyzed. Trends in the development of human capital in the Russian Federation for 2011–2016 are shown. The analysis of the results of the assessment will reveal problems in the formation and use of human capital and determine the main directions and necessary conditions for increasing the contribution of human capital to the economy.

Assessment of labour market returns in the case of gender unique human capital

OpenAIRE

Paas, Tiiu; Tverdostup, Maryna

2016-01-01

Maryna Tverdostup, Tiiu Paas, ERSA 2016: The paper focuses on the identification of the unique, non-reached by the opposite gender human capital and the analysis of its effect on the earning profiles of unique human capital holders. The overwhelming research aim is to better understand the possible reasons behind gender wage disparities, focusing on the unique features of male and female human capital and their returns. When assessing the gender pay disparities, variation of human capital cha...

Social Capital, Human Capital and Parent-Child Relation Quality: Interacting for Children's Educational Achievement?

Science.gov (United States)

von Otter, Cecilia; Stenberg, Sten-Åke

2015-01-01

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.…

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

Directory of Open Access Journals (Sweden)

Cuevas Homero

1996-06-01

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

Understanding the cost of capital of logistics service providers: an empirical investigation of multiple contingency variables

OpenAIRE

Lampe, Kerstin; Hofmann, Erik

2014-01-01

The article analyzes the influence of company-, industry- and market-related variables on the cost of capital of logistics service providers, as well as on their systematic risk. Financial information has become more and more important in strategic decision making (especially in the international context); in addition of being a measure of performance, the cost of capital is an important variable for logistics service providers in decisions about investing capital and developing the appropria...

Job satisfaction and job performance – impacts on human capital

OpenAIRE

Gotvassli, Kjell-Åge; Haugset, Anne Sigrid

2010-01-01

Within macroeconomics it is a well established point of view that investments in human capital is important for the economic growth of a region. In this paper we will look at the connection between job satisfaction and job performance and its impact on the “use” of human capital.

Should large Spanish municipalities be financially compensated? Costs and benefits of being a capital/central municipality

OpenAIRE

Bosch Roca, Núria; Espasa Queralt, Marta; Montolio, Daniel

2014-01-01

We determine the costs and benefits of being a capital or central municipality, where central costs are understood to be incurred specifically as a result of the problems large municipalities located at the centre of an urban agglomeration face (including costs associated with social issues, immigration, commuting and diseconomies of scale) and capital costs result from the presence of regional and/or central government institutions in the municipality (loss of revenue or increase in expendit...

INVESTMENT IN HUMAN CAPITAL – PREREQUISITE FOR THE GROWTH OF THE ORGANIZATIONAL PERFORMANCE

Directory of Open Access Journals (Sweden)

BÎRCĂ ALIC

2015-12-01

Full Text Available This paper is devoted to investment in human capital as an essential element for ensuring organizational performance. Human capital investments may be direct, more focused on professional training, as well as indirect, more oriented towards the health of employees and the purchase of equipment for their development. In Moldovan organizations investments in human capital are more oriented towards training and professional development of employees. At the same time, in the recruitment and selection of candidates’ process, organizations are trying to attract people that have a high level of professional knowledge and skills, which contribute to increasing the value of their human capital. In order to assess the involvement level of the organizations from Republic of Moldova in terms of human capital development investment, a sociological research that included 152 organizations was conducted. The result of investigations have shown us that human capital value into an organization depends, in the first instance, on the selection tools and techniques that allow election of candidates with an intellectual and professional potential at higher level. Human capital value within organizations increases provided that their staff participates in various professional training programs.

Human Material in the Communication of Capital

Directory of Open Access Journals (Sweden)

Atle Mikkola Kjøsen

2013-09-01

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

Measuring the Effects of Human Capital on Growth in the Case of Romania

Directory of Open Access Journals (Sweden)

Olimpia NEAGU

2012-04-01

Full Text Available It is obvious that human capital is critical for economic growth. The exploration of the impact of human capital on growth could bring valuable information for policy makers to substantiate their development strategies and to stimulate factors leading to economic growth. The paper aims to investigate the relationships between human capital and economic growth in the romanian economy by analyzing the correlations between statistical variables measuring human capital and economic growth. Using a regression model, it is analyzed the impact of the educational and health capital on the economic output. In the paper, a linear regression model of the relation of human capital to economic growth is subjet of an empirical analysis, firstly, taking into consideration only education as human capital and secondly, incorporating in the model the both components: health and education. A strong correlation between educational variables and GDP, for 1990-2010, was found. The quality of the educational capital has a determinant role in the economic growth, the highly educated people are influencing more the economic output than the secondary educated ones. GDP per capita is negatively correlated with the number of worked hours and positively influenced by the life expectancy. The most important contribution contained by this article refers to the incorporation of the two components of human capital in the same econometric model explaining the economic growth. The added value of paper consists in offering suggestions and orientation for national educational policies.

Enhancement of human capital assets role in current economic situation

Directory of Open Access Journals (Sweden)

Pechenaia Liudmila Timofeevna

2014-02-01

Full Text Available The paper presents transformation of the notion “human capital assets” in economics. Methodical approaches to evaluation of human capital assets and involvement in innovation process. Generalization of theoretical overview data allows conclusion about strong interest to this economic category, testifying to good promise of this field development.

What's your real cost of capital?

Science.gov (United States)

McNulty, James J; Yeh, Tony D; Schulze, William S; Lubatkin, Michael H

2002-10-01

In valuing any investment project or corporate acquisition, executives must decide what discount rate to use in their estimates of future cash flows. The traditional approach is to apply the capital asset pricing model (CAPM), which has remained fundamentally unchanged for 40 years. But the formula--in particular, its beta element--has long been a source of frustration. In fact, corporate executives and investment bankers routinely fudge their CAPM estimates, say the authors, because experience and intuition tell them the model produces inappropriate discount rates. CAPM has three main problems: First, beta is a measure of both a stock's correlation and its volatility; second, beta is based on historical data; and third, CAPM rates don't take into account the term of the investment. These factors together result in discount rates that defy common sense. As an alternative to CAPM and its beta element, the authors developed a forward-looking approach to calculating a company's cost of capital, the market-derived capital pricing model (MCPM). It does not incorporate any measure of historical stock-to-market correlation, relying instead on estimates of future volatility derived from the options market. This is helpful since investor expectations from the options market are built into a company's current stock price. Using GE as an example, the authors give step-by-step instructions for how to calculate discount rates with MCPM. They also offer evidence from a range of industries to show that MCPM's discount rates are more realistic--especially from the corporate investor's perspective--than are CAPM's.

76 FR 69031 - Order of Succession for the Office of the Chief Human Capital Officer

Science.gov (United States)

2011-11-07

... Office of the Chief Human Capital Officer AGENCY: Office of the Chief Human Capital Officer, HUD. ACTION: Notice of order of succession. SUMMARY: In this notice, the Chief Human Capital Officer for the... Human Capital Officer. DATES: Effective Date: October 20, 2011. FOR FURTHER INFORMATION CONTACT: Lynette...

Influence of Components of Net Working Capital on Costs of Companies Manufacturing Machinery and Equipment in the Czech Republic

Directory of Open Access Journals (Sweden)

Zdeněk Motlíček

2015-01-01

Full Text Available The approach to working capital management significantly affects the performance of companies. Nevertheless, this effect varies depending on the observed industry and company’s size and it may be assumed that it is also dependent on territory differences. The paper presents an empirical research aiming to identify particular links between net working capital and costs of the company. The outcomes indicate a relatively strong positive correlation between the variables, especially in case of inventory. Furthermore he ratio of financial costs to ordinary costs is low, as well as the impact of net working capital components on financial costs. It follows that a focus on collection period would not lead to significant savings. The findings appropriately complement Czech and foreign literature focused more on impact of net working capital or working capital on profitability indicators. Further studies concerning a more detailed analysis of the influence of net working capital on corporate costs are difficult to be found. The present research has been conducted on medium-sized companies located in the Czech Republic and manufacturing machinery and equipment. The obtained results suggest the most suitable area of focus for optimization of working capital in relation to costs for the types of companies defined above.

Can we replace CAPM and the Three-Factor model with Implied Cost of Capital?

OpenAIRE

Löthman, Robert; Pettersson, Eric

2014-01-01

Researchers criticize predominant expected return models for being imprecise and based on fundamentally flawed assumptions. This dissertation evaluates Implied Cost of Capital, CAPM and the Three-Factor model abilities to estimate returns. We study each models expected return association to realized return and test for abnormal returns. Our sample covers the period 2000 to 2012 and includes 2916 US firms. We find that Implied Cost of Capital has a stronger association with realized returns th...

Human Capital, Population Growth and Economic Development: Beyond Correlations

OpenAIRE

Rosenzweig, Mark R.

1987-01-01

Empirical evidence on three assertions commonly-made by population policy advocates about the relationships among population growth, human capital formation and economic development is discussed and evaluated in the light of economic-biological models of household behavior and of its relevance to population policy. The three assertions are that (a) population growth and human capital investments jointly reflect and respond to changes in the economic environment, (b) larger families directly i...

Human Capital Linkages to Labour Productivity: Implications from Thai Manufacturers

Science.gov (United States)

Rukumnuaykit, Pungpond; Pholphirul, Piriya

2016-01-01

Human capital investment is a necessary condition for improving labour market outcomes in most countries. Empirical studies to investigate human capital and its linkages on the labour demand side are, however, relatively scarce due to limitations of firm-level data-sets. Using firm-level data from the Thai manufacturing sector, this paper aims to…

Principles in selecting human capital measurements and metrics

Directory of Open Access Journals (Sweden)

Pharny D. Chrysler-Fox

2014-09-01

Research purpose: The study explored principles in selecting human capital measurements,drawing on the views and recommendations of human resource management professionals,all experts in human capital measurement. Motivation for the study: The motivation was to advance the understanding of selectingappropriate and strategic valid measurements, in order for human resource practitioners tocontribute to creating value and driving strategic change. Research design, approach and method: A qualitative approach, with purposively selectedcases from a selected panel of human capital measurement experts, generated a datasetthrough unstructured interviews, which were analysed thematically. Main findings: Nineteen themes were found. They represent a process that considers thecentrality of the business strategy and a systemic integration across multiple value chains inthe organisation through business partnering, in order to select measurements and generatemanagement level-appropriate information. Practical/managerial implications: Measurement practitioners, in partnership withmanagement from other functions, should integrate the business strategy across multiplevalue chains in order to select measurements. Analytics becomes critical in discoveringrelationships and formulating hypotheses to understand value creation. Higher educationinstitutions should produce graduates able to deal with systems thinking and to operatewithin complexity. Contribution: This study identified principles to select measurements and metrics. Noticeableis the move away from the interrelated scorecard perspectives to a systemic view of theorganisation in order to understand value creation. In addition, the findings may help toposition the human resource management function as a strategic asset.

Bringing human, social, and natural capital to life: practical consequences and opportunities.

Science.gov (United States)

Fisher, William P

2011-01-01

Capital is defined mathematically as the abstract meaning brought to life in the two phases of the development of "transferable representations," which are the legal, financial, and scientific instruments we take for granted in almost every aspect of our daily routines. The first, conceptual and gestational, and the second, parturitional and maturational, phases in the creation and development of capital are contrasted. Human, social, and natural forms of capital should be brought to life with at least the same amounts of energy and efficiency as have been invested in manufactured and liquid capital, and property. A mathematical law of living capital is stated. Two examples of well-measured human capital are offered. The paper concludes with suggestions for the ways that future research might best capitalize on the mathematical definition of capital.

Human Capital Efficiency and Firm Performance: An Empirical Study on Malaysian Technology Industry

Directory of Open Access Journals (Sweden)

Rahim Azlina

2017-01-01

Full Text Available This study examined the relationship between human capital efficiency and firm’s performance in Malaysian technology industry. Using accounting data, this study reviewed annual reports of all technology companies listed under Main Market and Ace Market of Bursa Malaysia in year 2009. The study applied Value Added Intellectual Coefficient (VAICTM methodology developed by Ante Pulic to measure human capital efficiency. The results showed that there was not much difference in terms of human capital efficiency between the Main Market and Ace Market. Results from correlation analysis indicate that human capital efficiency has significant and positive relation with firm’s performance. Findings from this study may be useful to companies’ managers to make better decision pertaining to the proper deployment of their strategic asset, namely human capital.

Human Capital Accountability and Construct: Evidence from Islamic Microfinance Institutions in Malaysia

Directory of Open Access Journals (Sweden)

Amrizah Kamaluddin

2018-03-01

Full Text Available To identify the human capital construct that significantly relates to the performance of Islamic organizations, this study obtained data from Islamic microfinance organizations in Malaysia using the survey questionnaire method. In addition, we interviewed renowned scholars in the fields of Islamic accounting and Shariah law. Consequently, this study proposes an extended model of human capital that is applicable to Islamic organizations. Apart from knowledge and competency, this study includes spiritual value as another construct of human capital in Islamic organizations. Knowledge includes ideas that are relevant to the accounting and auditing spectra, as well as Shariah principles and jurisprudence. By contrast, competency refers to the ability to innovate unique Shariah-compliant products that are rare and difficult to imitate. Meanwhile, spiritual values embrace the elements of “Siddiq,” “Amanah,” “Fathonah,” and “Tabligh.” This study affirms that knowledge, competency, and satisfaction are the most significant constructs of human capital that explain performance. Factor analysis indicates that spiritual value is embedded in and forms part of the human capital construct. Hence, spiritual value is a key element in company culture and contributes significantly to organizational success. This model can be a platform for human capital reporting in the relevant Islamic and conventional organizations.

The Internationalization of Small and Medium Enterprises and Human Capital

Directory of Open Access Journals (Sweden)

Laura Godelytė

2015-05-01

Full Text Available Small and medium enterprises (SME’s are generally recognised as a factor, which influences economic growth and impacting competitiveness of country. In the context of globalization the impact of internationalization of SME’s is increasing and determines development of new technologies. The internationalization of SME’s is determined to a large extent by the human capital of entrepreneurs/managers. The aim of this article is to analyse and summarise elements of human capital, that are discussed in scientific literature and to distinguish the most important for SME’s internationalization. The research is based on the evaluation of human capital in scientific literature and analysis and synthesis of questions of SME’s internationalization.

A national accounts satellite for human capital and education

OpenAIRE

Bos, Frits

2011-01-01

The official national accounts statistics do not show the role of human capital in the national economy. A set of satellite tables supplementing the standard national accounts statistics could serve this data need. In this satellite account, expenditure on education and training are recorded as human capital formation. This includes not only the expenditure on primary, secondary and tertiary education, but also expenditure on training and courses by employers and the earnings foregone by stud...

Design approaches to achieve competitive LMFBR capital costs

International Nuclear Information System (INIS)

Arnold, W.H.; Ehrman, C.S.; Sharbaugh, J.E.; Young, W.H.

1982-01-01

Through analysis of the essential functional elements of an LMFBR, numerous ways were found to simplify system design, reduce the size of components and equipment, and eliminate some components and systems. The projected capital cost per net kW of this design is competitive with that of current PWRs. RandD programs and the construction and operation of CRBRP now are needed to prove out the features of this new design

Framework for Human Capital Development in Nigeria: A Public-Private Partnership Approach.

OpenAIRE

Akande, Emmanuel

2010-01-01

This paper investigates the framework for human capital development in Nigeria through a public-private partnership (PPP) approach. No doubt, population of a country determines the subsisted human capital resources and this in turn determines the economic status of such country. Therefore, human capital development becomes a mantra for economic development. Unfortunately, government spending on education and health is so negligible as to make any meaningful impact on Nigerian economy. It is...

Evolution of the Concept of "Human Capital" in Economic Science

Science.gov (United States)

Perepelkin, Vyacheslav A.; Perepelkina, Elena V.; Morozova, Elena S.

2016-01-01

The relevance of the researched problem is determined by transformation of the human capital into the key economic resource of development of the postindustrial society. The purpose of the article is to disclose the content of evolution of the human capital as a scientific concept and phenomenon of the economic life. The leading approach to the…

How to combine human resource management systems and human capital portfolios to achieve superior innovation performance

OpenAIRE

Rupietta, Christian; Backes-Gellner, Uschi

2013-01-01

Firms generate new knowledge that leads to innovations by recombining existing knowledge sources. A successful recombination depends on both the availability of a knowledge stock (human capital pool) that contains innovation-relevant knowledge and the regulation of the knowledge flow through the application of human resource management practices. However, while human resource theory expects complementarities between both the human capital pool and the human resource management system it does ...

Application methods for identification of delphi bases comprehensive development of human capital

Directory of Open Access Journals (Sweden)

Lenka Bartková

2012-03-01

Full Text Available BACKGROUND: This article focuses on the question of nurturing human capital in a company environment with emphasis on developing human capital not only by education, but also by investing into a healthy lifestyle, development of key competencies, social capital etc. Human capital development is usually interpreted as education. The bearer of knowledge, the employee, is often of secondary focus and not being taken into account. Increasing the efficiency of companies as well as the productivity of employees is often discussed only in context of their education. It is not our intention to derogate the importance of spreading knowledge, but in our opinion, this particular field is being emphasized to the prejudice of other components of a human being as the bearer of knowledge as well as of a human being as the basis of human capital. We believe it is important to consider more complex paradigms of human capital development as well as other factors besides education, such as health, physical development, aesthetics etc. We assume that every company can gain a competitive advantage by using appropriate methods and tools to develop human potential. The European Union set a strategic goal for this decade at the conference in Lisbon in year 2000: "Becoming the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion". Based on the recommendation of the European Council from June 26th 2003 on the Broad Economic Policy Guidelines for Member States the EU considered this objective as one of the most strategic. In connection with this strategic goal, finding the potential for increasing the competitiveness of the European economy was accentuated. With the adoption of this strategy, companies, not only in the Czech Republic, focus on the human capital and its development as a means to fulfilling strategic objectives. OBJECTIVES: The aim of this paper is to

Peoples Human and Social Capital Benefiting Careers in Entrepreneurship

DEFF Research Database (Denmark)

Ashourizadeh, Shayegheh; Rezaei, Shahamak; Schøtt, Thomas

2016-01-01

A person may develop a vocational intention – whether to become entrepreneur – based on human capital in form of competencies, such as self-efficacy, opportunity-alertness and risk-propensity obtained partly through education, and on social capital in form of networking, such as knowing...

Human Capital-Intensive Firms and Symbolic Value Creation

Directory of Open Access Journals (Sweden)

Cezanne Cécile

2014-06-01

Full Text Available The aim of this paper is to study the process of symbolic value creation of human capital-intensive firms. Human capital is a critical resource for firms’ activities. Nevertheless, this dimension is often obscured by industrial economists. In the light of critical resource theory, we analyze how taking into account the inalienable and inimitable nature of specific human capital entails a reconsideration of the role and boundaries of the firm. We show that the firm seeks to coordinate the specialization of its key partners within the frame of its economic boundaries to ensure the long-term optimization of its potential of value. Therefore, the value of the firm depends on all the resources that the firm coordinates. Then we focus on the way HCIF can create different values. We suggest that the firm builds its competitive advantage on different forms of values, in particular the symbolic value incorporated in human capital. Finally, on the basis of these considerations, we identify the wealth included in the critical resources of the firm and to bring to light the process of symbolic value creation associated with it. We suggest that the firm is the value creating entity and the customer both recognizes and derives the value created from whatever it is that the firm provides. We propose a definition of this value and a schema of its creation process based on management works attempts. We conclude by proposing paths of research that could fruitfully be explored to further develop this new subject.

Earnings progression, human capital and incentives

DEFF Research Database (Denmark)

Frederiksen, Anders

progression by investigating the effects of on-the-job human capital acquisition, explicit short-run incentives and career concern incentives on earnings progression. The model leads to predictions about the incentive structure and the progression in both cross-sectional and individual earnings which...

Relationship between cost of equity capital and voluntary corporate disclosures

NARCIS (Netherlands)

Petrova, E.; Georgakopoulos, G.; Sotiropoulos, I.; Vasileiou, K.Z.

2012-01-01

The relationship between disclosure and cost of equity capital has always been interesting not only for managers, but for investors as well. Economic theory suggests that by increasing the level of corporate reporting firms not only increase their stock market liquidity, but they also decrease the

Trends in nuclear power plant capital-investment cost estimates - 1976 to 1982

International Nuclear Information System (INIS)

Bowers, H.I.; Fuller, L.C.; Myers, M.L.

1983-09-01

This report describes trends in power plant capital investment cost estimates over the time period from 1976 to 1982. A review of economic parameters, inflation and escalation rates and cost of money, and a review of cost-size scaling relationships are included. Reference cost estimates are provided for light-water reactor and coal-fired electric power plants based on safety and environmental regulations in effect in January 1982. The sensitivity of the reference cost estimates to numerous economic parameters is analyzed

How many Enrons? Mark-ups in the stated capital cost of independent power producers' (IPPs') power projects in developing countries

International Nuclear Information System (INIS)

Phadke, Amol

2009-01-01

I analyze the determinants of the stated capital cost of IPPs' power projects which significantly influences their price of power. I show that IPPs face a strong incentive to overstate their capital cost and argue that effective competition or regulatory scrutiny will limit the extent of the same. I analyze the stated capital costs of combined cycle gas turbine (CCGT) IPP projects in eight developing countries which became operational during 1990-2006 and find that the stated capital cost of projects selected without competitive bidding is 44-56% higher than those selected with competitive bidding, even after controlling for the effect of cost differences among projects. The extent to which the stated capital costs of projects selected without competitive bidding are higher compared those selected with competitive bidding, is a lower bound on the extent to which they are overstated. My results indicate the drawbacks associated with a policy of promoting private sector participation without an adequate focus on improving competition or regulation. (author)

Factors of human capital related to project success in health care work units.

Science.gov (United States)

Suhonen, Marjo; Paasivaara, Leena

2011-03-01

To explore factors of human capital related to project success that employees expect from nurse managers. Human capital refers to those resources that managers working with projects possess, such as abilities, knowledge and qualities of character. The data were collected by open interviews (n=14) with nurses, public health nurses and nurse managers working in primary health care and a hospital. Data analysis was carried out using qualitative content analysis. The main factors of human capital related to project success proved to be as follows: (1) management of enthusiastic project culture, (2) management of regeneration and (3) management of emotional intelligence. Future research is needed on the kind of means nurse managers use in human capital management in projects and how they see their possibilities in managing human capital. Human capital management skills should be underlined as an important competence area when recruiting a nurse manager. The success of health care projects cannot be improved only through education or by training of nurse managers; in addition, projects need nurse managers who understand workplace spirituality and have high emotional intelligence. © 2011 The Authors. Journal compilation © 2011 Blackwell Publishing Ltd.

Iraq Reconstruction: Lessons in Human Capital Management

National Research Council Canada - National Science Library

Bowen, Jr., Stuart W; Nash, William L

2006-01-01

...) 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...

The friction cost method: a comment.

Science.gov (United States)

Johannesson, M; Karlsson, G

1997-04-01

The friction cost method has been proposed as an alternative to the human-capital approach of estimating indirect costs. We argue that the friction cost method is based on implausible assumptions not supported by neoclassical economic theory. Furthermore consistently applying the friction cost method would mean that the method should also be applied in the estimation of direct costs, which would mean that the costs of health care programmes are substantially decreased. It is concluded that the friction cost method does not seem to be a useful alternative to the human-capital approach in the estimation of indirect costs.

Managing Human Resource based Intellectual Capital in a Global setting

DEFF Research Database (Denmark)

Gretzinger, Susanne; Lemke, Sarah; Matiaske, Wenzel

2014-01-01

From a strategic management perspective human capital and the embedded knowledge can be viewed as intellectual capital and became inevitably important for companies in general as well as for multinationals. While national companies just have to (re-)combine resources within a homogeneous...... if culturally differentiated incentive systems are necessary for optimised retention management? In the empirical part of this study it was made us of data from 32 countries. The research results reveal a moderating impact of cultural dimensions and therefore a cultural dependency for the effectiveness...... of incentives on retention management and therewith implicates that retention management is significant for the process of developing and fostering a MNCs intellectual capital. To improve their human-resource based intellectual capital MNCs have to adapt their initiatives to the cultural background...

The impact of human capital on company performance case of the ...

African Journals Online (AJOL)

Human capital is getting wider attention with increasing globalization and also the saturation of the job market due to the recent downturn in the various economies of the world. Developed and developing countries put emphases on a more human capital development towards accelerating the economic growth by devoting ...

Auditor human capital and audit firm survival - The Dutch audit industry in 1930-1992

NARCIS (Netherlands)

Brocheler, [No Value; Maijoor, S; van Witteloostuijn, A; Bröcheler, V.

2004-01-01

This paper studies the relationship between auditor human capital and audit firm survival. Specifically, the effects are investigated of the human capital of auditors on the survival chances of newly established audit firms. Human capital is analyzed both at the time of entry of a new audit firm and

A Case Study On Human Capital Mismanagement In The United States Air Force

Science.gov (United States)

2016-05-08

AIR COMMAND AND STAFF COLLEGE AIR UNIVERSITY A Case Study on Human Capital Mismanagement in the United States Air Force By John P...Force does not effectively manage its human capital to develop and retain a technically literate acquisitions workforce. A detailed look at the...Several solutions are suggested to improve the human capital management and increase the quality and relevancy of the acquisitions community at

Increasing Returns to Education and the Impact on Social Capital

Science.gov (United States)

Leeves, Gareth D.

2014-01-01

The returns to education have been increasing. It is suggested that high-skilled workers' social capital investment has been adversely affected by the increasing incentives to devote human capital to career development. Lower social capital is linked to reduced economic growth and innovation and higher transaction costs and is detrimental to…

Human capital in the nursing management of hospitals.

Science.gov (United States)

Cordeiro, Ana Lúcia Arcanjo Oliveira; Fernandes, Josicélia Dumêt; Mauricio, Maria Deolinda Antunes Luz Lopes Dias; Silva, Rosana Maria de Oliveira; Barros, Claudia Silva Marinho Antunes de; Romano, Cátia Maria Costa

2017-08-17

To analyze how the components of human capital are used in the nursing management of hospital organizations. This was an exploratory and qualitative study. Data collection took place between October 2014 and May 2015 using semi-structured interviews. The data were analyzed according to content analysis. Twelve nurse managers participated. The components of human capital used by the nurses in personnel management were: during the hiring process, when requiring specialized education in the field and prior professional experience; when retaining talents with promotion strategies; in building capacities of professionals through support and training; and in collective work to construct processes and outcome assessment. The components of human capital need to be managed strategically with a focus on professional skills and development, with the aim of transforming individual and collective knowledge into new technology. Analisar como os componentes do capital humano são utilizados na gestão de enfermeiras em organizações hospitalares. Estudo exploratório, com abordagem qualitativa. A coleta de dados ocorreu de outubro de 2014 a maio de 2015 com a utilização de entrevistas semiestruturadas. Os dados foram analisados segundo a análise de conteúdo. Participaram 12 gestoras de enfermagem. Os componentes do capital humano utilizados pelas enfermeiras na gestão de pessoas foram: no processo admissional ao utilizar como critérios para contratação a exigência de especialização na área e experiência profissional prévia; na manutenção de talentos com estratégias de promoção; na capacitação de profissionais com apoio e treinamento; e no trabalho coletivo para a construção dos processos e avaliação dos resultados. Os componentes do capital humano precisam ser gerenciados estrategicamente com foco nas competências e no desenvolvimento do profissional, visando transformar os conhecimentos individuais e coletivos em novas tecnologias.

Trends in the capital costs of CANDU generating stations

International Nuclear Information System (INIS)

Yu, A.M.

1982-09-01

This paper consolidates the actual cost experience gained by Atomic Energy of Canada Limited, Ontario Hydro, and other Canadian electric utlities in the planning, design and construction of CANDU-PHWR (CANada Deuterium Uranium-Pressurized Heavy Water Reactor) generating stations over the past 30 years. For each of the major CANDU-PHWR generating stations in operation and under construction in Canada, an analysis is made to trace the evolution of the capital cost estimates. Major technical, economic and other parameters that affect the cost trends of CANDU-PHWR generating stations are identified and their impacts assessed. An analysis of the real cost of CANDU generating stations is made by eliminating interest during construction and escalation, and the effects of planned deferment of in-service dates. An historical trend in the increase in the real cost of CANDU power plants is established. Based on the cost experience gained in the design and construction of CANDU-PHWR units in Canada, as well as on the assessment of parameters that influence the costs of such projects, the future costs of CANDU-PHWRs are presented

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

Directory of Open Access Journals (Sweden)

Jakub Bartak

2016-03-01

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

WHERE HAVE OUR PEOPLE GONE SEQUESTRATION’S EFFECTS ON DOD HUMAN CAPITAL

Science.gov (United States)

2017-06-01

AIR COMMAND AND STAFF COLLEGE AIR UNIVERSITY WHERE HAVE OUR PEOPLE GONE? SEQUESTRATION’S EFFECTS ON DOD HUMAN CAPITAL by...reduction combined with decreased funding allocated for training is having hazardous effects on the human capital of the DOD. The quantitative data...cuts that had a direct impact on the human capital , or knowledge and abilities of the people that complete the mission. One of the major implications

AN ANALYSIS OF HUMAN CAPITAL DEVELOPMENT AND PRODUCTIVITY GROWTH- CASE STUDY, NIGERIA

Directory of Open Access Journals (Sweden)

Opeyemi Oluwabunmi Adejumo

2017-09-01

Full Text Available In order to address the direction of causality between human capital and productivity growth in Nigeria, the study first investigated the pattern of productivity growth in Nigeria between 1970 and 2010. Following the endogenous growth model, which argued that technical progress, through an effective labor force, could lead to long-run growth which can be determined from within an economy; but it actually depends on the efficiency with which resources available to such an economy are utilized. This is against the exogenous growth model which emphasized that long-run growth can be attained by some unexplained technological progress, which is exogenous to any economy. Based on this controversy in literature, this study empirically determined the productivity growth in Nigeria, as well as the causal relation between human capital development and productivity growth in Nigeria using the Engle-Granger causality test. The results revealed that productivity growth has been very low and unstable in Nigeria as it oscillated between -1.5% and 0.6%. In addition, the nexus between human capital and productivity growth was examined. The findings revealed that while productivity growth caused human capital development, human capital development did not cause productivity growth.

Impact of HIV/aids epidemic on human capital development in West Africa.

Science.gov (United States)

Dauda, Rasaki Stephen

2018-01-12

West Africa occupies the third position with respect to the burden of human immunodeficiency virus/acquired immune deficiency syndrome (HIV/AIDS) globally, after Southern and East Africa. About 5 million adults and children are infected with the disease in the subregion, while HIV prevalence in the general population hovers around 2% and 5%. This paper attempts to investigate the impact of HIV/AIDS epidemic on human capital development in 11 West African countries over the period 1990 to 2011. The study used a dynamic panel data modeling approach, using first difference, difference generalized methods of moment, and system generalized methods of moment estimating techniques. Four measures of HIV/AIDS and 2 human capital measures were used in the study. The findings revealed that HIV/AIDS pandemic had negative and significant impact on human capital in West Africa. However, the statistical significance was more pronounced on life expectancy (a measure of human capital), while the negative impact on school enrolment (another human capital measure) was not significant. It is therefore recommended that the spread of HIV/AIDS disease in West Africa should be effectively controlled, while the number of infected persons undergoing antiretroviral therapy in the subregion should be increased to a near 100% coverage. Copyright © 2018 John Wiley & Sons, Ltd.

The worth of land use: a GIS-emergy evaluation of natural and human-made capital.

Science.gov (United States)

Mellino, Salvatore; Buonocore, Elvira; Ulgiati, Sergio

2015-02-15

Natural systems make their natural capital and ecosystem services available to human economy. A careful analysis of the interplay between natural and human-made capital is needed to prevent natural capital being overexploited for present economic benefits, affecting lifestyles and wellbeing of future generations. In this study, the emergy synthesis is used to evaluate the natural and the human-made capital of Campania region (southern Italy) by accounting for the environmental support directly and indirectly provided by nature to resource generation. Furthermore, geographic information system (GIS) models are integrated with the emergy accounting procedure to generate maps of the spatial patterns of both natural and human-made capital distribution. Regional storages of natural and human-made capital are identified and evaluated in emergy units (seJ). The human-made capital of the Campania region (6.29E+24seJ) results to be about 11 times higher than the natural capital (5.69E+23seJ) due to the past and present exploitation of the natural resources needed to generate it over time. Moreover, by overlaying the total natural capital map and the total human-made capital map with a map of the protected areas within the region, only the 19% of the regional natural capital appears to be concentrated within protected areas, while most of it (81%) is concentrated outside. These findings suggest that the conservation of natural resources is also necessary outside protected areas by means of suitable policies, directives and investments. The human-made capital is mainly concentrated (88%) inside non-protected areas and interacts with the local natural capital. A management of the interactions between the two categories of wealth is crucial to prevent that the growth of human-made storages degrades the natural ecosystems and the environment. The proposed emergy-GIS framework reveals to be a useful tool for environmental planning and resource management aimed to conserve and

Human Capital as a Binding Constraint to Economic Growth: The Case of Macedonia

Directory of Open Access Journals (Sweden)

Darko Lazarov

2016-06-01

Full Text Available The main objective of the paper is to explore the assumption if the lack of skilled and well-educated workforces (human capital holds a potential of a binding constraint to economic growth of the Macedonian economy. Not neglecting growth econometrics’ insights for the investigation of the relationship between human capital and economic growth, the work is primarily based on a growth diagnostic approach. The empirical techniques used in this paper are: growth accounting decomposition production method; macro and micro assessment of the return rate on investment in human capital; and, comparative benchmark analysis concerns with regard to unemployment distribution according to education and age structure and companies’ perceptions about the quality of workforce. The estimated results indicate an important contribution of human capital to economic growth (its relative contribution in terms of growth rate composition is approximately 22 percent. The macro and micro assessment of the rate of return on investment in human capital shows that the rate of return to higher education is significantly superior to corresponding returns to secondary education. Finally, the international benchmark analysis helps in comparative human capital impact analysis (educational structure of labor force in the wider region. Predominantly, it is based on educational structure, unemployment distribution and the companies’ perception about the quality of the workforce.

Deflationary Expectations and Real Cost of Capital -Micro-Level Estimates of Investment Function in the1990s (in Japanese)

OpenAIRE

Satoshi Shimizutani; Terai Akira

2003-01-01

The Japanese economy in the 1990s experienced a substantial decrease in the nominal interest rate. The positive effect on the business investment, however, should have been canceled out, since deflationary expectations raised the real cost of capital. In this study, we address this unexplored issue by taking advantage of firm-level micro data. First, we calculate firm-level real cost of capital in the 1990s. Our estimates demonstrate that the speed of reduction in the real cost of capital was...

The effect of non-financial risk information on the evaluation of implied cost of capitals

OpenAIRE

Norio Kitagawa; Hyonok Kim; Masatoshi Goto

2011-01-01

The purpose of this paper is to examine the effect of voluntary disclosure of `business risk' information (hereafter referred to as `risk information' ), which is a significant determinant of the information environment, on estimating the cost of capital. Recently, some studies indicate that the reliability of the cost of capital estimation differs according to the accounting standards and the information environment of the firm (e.g. Chen et al., 2004; Easton and Monahan, 2005). On the basis...

Does Famine Matter For Aggregate Adolescent Human Capital Acquisition In Sub-Saharan Africa?

OpenAIRE

Julius A. Agbor and Gregory N. Price

2012-01-01

To the extent that in utero and childhood malnutrition negatively affects later stage mental and physical health, it can possibly constrain later stage human capital acquisition, which is an important driver of economic growth. This paper considers the impact of famine on aggregate adolescent human capital formation in Sub-Saharan Africa. We parameterize a joint adolescent human capital and food nutrition production function to estimate the effects of famine on primary school completion rates...

Human Capital Development and Poverty Alleviation in Nigeria: A Symbiotic Overview

Science.gov (United States)

Asaju, Kayode

2012-01-01

Human Capital development through education is a long time investment made by the state to enhance the well being of her citizenry. By investing in education, well educated individuals bring to bear their talents, knowledge, skills and experiences as they function in the various sectors of the economy. Human Capital development is therefore a…

A Note on Human Capital and the Feldstein-Horioka Puzzle

OpenAIRE

Katsimi, Margarita; Moutos, Thomas

2007-01-01

In this paper we reexamine the Feldstein-Horioka finding of limited international capital mobility by using a broader view (i.e., including human capital) of investment and saving. We find that the Feldstein-Horioka result is impervious to this change.

The impact of social and human capital on new venture internationalization

DEFF Research Database (Denmark)

Neergaard, Helle

2003-01-01

The article seeks to address how industry affiliation affects the way in which social and human capital is used by technology- and knowledge-based entrepreneurs in the internationalisation process.......The article seeks to address how industry affiliation affects the way in which social and human capital is used by technology- and knowledge-based entrepreneurs in the internationalisation process....

MANAGEMENT OF INNOVATIVE IMPROVEMENT OF QUALITY OF LIFE AND HUMAN CAPITAL

Directory of Open Access Journals (Sweden)

T. H. Usmanova

2016-01-01

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

STAFF AND COMPANY VALUE MANAGEMENT ON THE BASIS OF HUMAN CAPITAL ESTIMATION

Directory of Open Access Journals (Sweden)

Dokukina S. M.

2014-09-01

Full Text Available The statement «the main asset of any company is its staff» has already become axiomatic. People is the only competitive advantage the companies have now, although for many years the possession of technologies is considered as a competitive advantage. The article covers essential questions connecting with staff management to executive strategy of value based management. The problems connected with the estimation of human capital as long-term factor of the company’s value growth are described. However one can implement in practice only in condition that it may be estimated or measured. The author puts forth his conception of the technique of human capital estimation. Approaches and methods of the estimation of human capital of company are systematized and described. The estimation of human capital elements allows to find out the potential of this intangible asset in order to increase the value of company.

The Impact of Human Capital on Company performance Abera D

African Journals Online (AJOL)

Administrator

capital development towards accelerating the economic growth by devoting necessary ... extent does human capital create impact on firm performance? This study ... Till 2010 majority of their exports are semi-processed leather products such as pickled ...... Leather Industry Development Institute, AAU MSc thesis economics.

Business capital accumulation and the user cost: is there a heterogeneity bias?

OpenAIRE

FATICA SERENA

2016-01-01

Using data from 23 market economy sectors across 10 OECD countries over the period 1984-2007 we show that the homogeneity assumption underlying empirical models for aggregate capital accumulation may lead to misspecification. Thus, we adopt a fully disaggregated approach – by asset types and sectors – to estimate the responsiveness of investment to the tax-adjusted user cost of capital. In this framework, we are able to link unobserved common factors to the nature of the shocks affecting the ...

Neoliberalism, Human Capital and the Skills Agenda in Higher Education--The Irish Case

Science.gov (United States)

Holborow, Marnie

2012-01-01

The making of human capital is increasingly seen as a principal function of higher education. A keyword in neoliberal ideology, human capital represents a subtle masking of social conflict and expresses metaphorically the commodification of human abilities and an alienating notion of human potential, both of which sit ill with the goals of…

Human Capital Externalities : Effects for Low-Educated Workers and Low-Skilled Jobs

NARCIS (Netherlands)

Broersma, Lourens; Edzes, Arjen J. E.; Van Dijk, Jouke

2016-01-01

Investments in human capital are essential themes in many policy programmes. Besides the direct private returns of education, there is evidence of positive human capital externalities at the level of regions and firms. The results in this paper show that both production and consumption externalities

The human capital theory. Encouragement and criticism

Czech Academy of Sciences Publication Activity Database

Kolomiiets, Uliana; Petrushenko, Y.

2017-01-01

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

Human Capital Theory: A Holistic Criticism

Science.gov (United States)

Tan, Emrullah

2014-01-01

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

The Ways of Advanced Human Capital: Discussions from Experiences

Directory of Open Access Journals (Sweden)

Rayén Amanda Rovira Rubio

2015-11-01

Full Text Available The present research aimed to know the significance of academic training experienced by postgraduate students who are pursuing their studies abroad under the context of a Training Program for Advanced Human Capital promoted by the Government of Chile. A feminist epistemology of situated knowledge was used as methodological framework, and narrative productions were used as technique of data collection. With this approach, the experiences of seven graduate students in Spanish universities, mostly of them beneficiaries of scholarships from Chile, were analyzed. The main findings were: the positive assessment of the experience of studying abroad, the divergent testimonies about these experiences, which based on previous educational trajectories and the socioeconomic level of the professional. These aspects influenced the identifications with the concept of Advanced Human Capital for Chile. Also, for some participants, the Advanced Human Capital is seen as an imposed concept which does not coincide with the real opportunities for the professional practice in the country. Therefore, the participants are sceptical about the possibilities of adequate job insertion in the return to Chile.

The human capital theory. Encouragement and criticism

Czech Academy of Sciences Publication Activity Database

Kolomiiets, Uliana; Petrushenko, Y.

2017-01-01

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

Conceptual capital-cost estimate and facility design of the Mirror-Fusion Technology Demonstration Facility

International Nuclear Information System (INIS)

1982-09-01

This report contains contributions by Bechtel Group, Inc. to Lawrence Livermore National Laboratory (LLNL) for the final report on the conceptual design of the Mirror Fusion Technology Demonstration Facility (TDF). Included in this report are the following contributions: (1) conceptual capital cost estimate, (2) structural design, and (3) plot plan and plant arrangement drawings. The conceptual capital cost estimate is prepared in a format suitable for inclusion as a section in the TDF final report. The structural design and drawings are prepared as partial inputs to the TDF final report section on facilities design, which is being prepared by the FEDC

Early‐Stage Capital Cost Estimation of Biorefinery Processes: A Comparative Study of Heuristic Techniques

Science.gov (United States)

Couturier, Jean‐Luc; Kokossis, Antonis; Dubois, Jean‐Luc

2016-01-01

Abstract Biorefineries offer a promising alternative to fossil‐based processing industries and have undergone rapid development in recent years. Limited financial resources and stringent company budgets necessitate quick capital estimation of pioneering biorefinery projects at the early stages of their conception to screen process alternatives, decide on project viability, and allocate resources to the most promising cases. Biorefineries are capital‐intensive projects that involve state‐of‐the‐art technologies for which there is no prior experience or sufficient historical data. This work reviews existing rapid cost estimation practices, which can be used by researchers with no previous cost estimating experience. It also comprises a comparative study of six cost methods on three well‐documented biorefinery processes to evaluate their accuracy and precision. The results illustrate discrepancies among the methods because their extrapolation on biorefinery data often violates inherent assumptions. This study recommends the most appropriate rapid cost methods and urges the development of an improved early‐stage capital cost estimation tool suitable for biorefinery processes. PMID:27484398

Specific Human Capital as a Source of Superior Team Performance

OpenAIRE

Egon Franck; Stephan Nüesch; Jan Pieper

2009-01-01

In this paper, we empirically investigate the performance effect of team-specific human capital in highly interactive teams. Based on the tenets of the resource-based view of the firm and on the ideas of typical learning functions, we hypothesize that team members’ shared experience in working together positively impacts team performance, but at diminishing rates. Holding a team’s stock of general human capital and other potential drivers constant, we find support for this prediction. Implica...

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

International Nuclear Information System (INIS)

Pendergrass, J.H.

1978-01-01

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

Knowledge Creation and Human Capital for Development: The Role of Graduate Entrepreneurship

Science.gov (United States)

Mitra, Jay; Abubakar, Y. A.; Sagagi, M.

2011-01-01

Purpose: Tackling structural and emergent problems in the labour market, valorising skilled human capital (HC) for opportunity creation, economic development and growth, are some of the key drivers for graduate entrepreneurship. This paper aims to examine developments in Africa, focusing on the significance of improving human capital through…

The effect of childhood conduct disorder on human capital.

Science.gov (United States)

Webbink, Dinand; Vujić, Sunčica; Koning, Pierre; Martin, Nicholas G

2012-08-01

This paper estimates the longer-term effects of childhood conduct disorder on human capital accumulation and violent and criminal behavior later in life using data of Australian twins. We measure conduct disorder with a rich set of indicators based on diagnostic criteria from psychiatry. Using ordinary least squares and twin fixed effects estimation approaches, we find that early-age (pre-18) conduct disorder problems significantly affect both human capital accumulation and violent and criminal behavior over the life course. In addition, we find that conduct disorder is more deleterious if these behaviors occur earlier in life. Copyright © 2011 John Wiley & Sons, Ltd.

Relative cost of capital for marginal firms over the business cycle

OpenAIRE

Gikas A. Hardouvelis; Thierry A. Wizman

1992-01-01

The authors compare the effects of the business cycle on the cost of capital faced by small, distressed firms and their larger, more financially secure counterparts. The analysis draws on stock market returns data for a broad range of traded companies during the 1963-91 period.

Evaluation methods of the intellectual capital of the enterprise as a factor of production

Directory of Open Access Journals (Sweden)

O. Y. Kolomytseva

2016-01-01

Full Text Available Intellectual capital is currently developing rapidly and is becoming the main source of innovation development and economic competitiveness. Defining intellectual capital as the sum of knowledge of all employees and tools of the organization, increasing the body of knowledge, i.e. everything that can be converted to value and secure economic competitiveness, it is necessary to distinguish three main structural element of intellectual capital: human, organizational and customer capital of the organization. And that's a property of their interaction, not their individual functioning, it forms a synergistic phenomenon. But at the same time, the cost of most of the components of intellectual capital are not reflected in the financial statements, and due to the lack of transparency and absence of market criteria rather difficult to evaluate intellectual capital. The article considers methods of assessment of intellectual capital of organization as factor of production on the example of scientific-production organization, JSC "Institute "VEGA". Performing analysis of the known methods of evaluation of intellectual capital, it should be concluded that the method of value added intellectual Ante Police most fully developed and gives the opportunity to assess the effectiveness of human capital in the performance of the enterprise, what's most important to domestic business. This technique includes a number of indicators that allow to take into account such characteristics as revenue, cost, capital investment and value-added physical, human and structural capital value added human capital that most accurately reflects the intellectual capital, what is the difference between market and book value and scoring.

Capital Adequacy, Cost Income Ratio and the Performance of Saudi Banks (2007-2011)

OpenAIRE

Ahmad Aref Almazari

2013-01-01

This paper examines the relationship between Capital adequacy and profitability. Necessary data were gathered from the financial statements of nine Saudi banks listed in the stock exchange market over the period of 2007-2011. The results of analyzing the data based on the implementation of linear regression technique reveals that there is a meaningful relationship between capital adequacy, cost-income ratio and bank size with profitability. Profitability represented in this study by the retur...

Child stunting is associated with weaker human capital among native Amazonians.

Science.gov (United States)

Undurraga, Eduardo A; Behrman, Jere R; Emmett, Susan D; Kidd, Celeste; Leonard, William R; Piantadosi, Steven T; Reyes-García, Victoria; Sharma, Abhishek; Zhang, Rebecca; Godoy, Ricardo A

2018-01-01

We assessed associations between child stunting, recovery, and faltering with schooling and human capital skills in a native Amazonian society of horticulturalists-foragers (Tsimane'). We used cross-sectional data (2008) from 1262 children aged 6 to 16 years in 53 villages to assess contemporaneous associations between three height categories: stunted (height-for-age Z score, HAZ-1), and three categories of human capital: completed grades of schooling, test-based academic skills (math, reading, writing), and local plant knowledge. We used annual longitudinal data (2002-2010) from all children (n = 853) in 13 villages to estimate the association between changes in height categories between the first and last years of measure and schooling and academic skills. Stunting was associated with 0.4 fewer completed grades of schooling (∼24% less) and with 13-15% lower probability of showing any writing or math skills. Moderate stunting was associated with ∼20% lower scores in local plant knowledge and 9% lower probability of showing writing skills, but was not associated with schooling or math and writing skills. Compared with nonstunted children, children who became stunted had 18-21% and 15-21% lower probabilities of showing math and writing skills, and stunted children had 0.4 fewer completed grades of schooling. Stunted children who recovered showed human capital outcomes that were indistinguishable from nonstunted children. The results confirm adverse associations between child stunting and human capital skills. Predictors of growth recovery and faltering can affect human capital outcomes, even in a remote, economically self-sufficient society. © 2017 Wiley Periodicals, Inc.

HUMAN CAPITAL IN ECO-ECONOMY AND SUSTAINABLE DEVELOPMENT OF ROMANIA

OpenAIRE

Ion PETRESCU

2013-01-01

The current modern civilization and, in this context, the Romanian one, faces a great challenge in finding the most effective and practical methods of implying the human capital in the process of ensuring the eco-economic progress and the sustainable development one in which people to live in communion with nature. In our communication we aim to analyze issues related to human capital involvement in eco-economy and sustainable development of Romania, based on the assessment of the impact of t...

Optimal taxation and debt with uninsurable risks to human capital accumulation

OpenAIRE

Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki

2015-01-01

We consider an economy where individuals face uninsurable risks to their human capital accumulation, and analyze the optimal level of linear taxes on capital and labor income together with the optimal path of government debt. We show that in the presence of such risks it is beneficial to tax both labor and capital and to issue public debt. We also assess the quantitative importance of these findings, and show that the benefits of government debt and capital taxes both increase with the magnit...

Employee coaching and counseling program metode alternatif untuk optimalisasi human capital pada pegawai aparatur sipil negara (ASN

Directory of Open Access Journals (Sweden)

Marina Sulastiana

2017-06-01

Full Text Available State Civil Servants Apparatus (ASN have to be more integrity, professional, neutral and capable to carrying out a public service to the community. It was an important one that can be optimized through development of human capital. Based on previous research investigated role of Human Capital towards Services and performance of Public Service, shows that staff and head divison level only has moderate degree of human capital. While, Emotional Capital was a most dominan aspect in Human Capital. Otherwise, Social Capital aspects results in the low level. It comes with consequences to optimized them through psychological intervention with group Employee Coaching and Counseling Program (ECCP. This study was action research, experimental one group preteset and postest design. The result shows that ECCP was contribute effectively to enhance Human Capital, particularly in Emotional Capital optimization.

Transit forecasting accuracy : ridership forecasts and capital cost estimates, final research report.

Science.gov (United States)

2009-01-01

In 1992, Pickrell published a seminal piece examining the accuracy of ridership forecasts and capital cost estimates for fixed-guideway transit systems in the US. His research created heated discussions in the transit industry regarding the ability o...

Report: EPA Prepared to Implement Strategic Human Capital Management Activities But Challenges Remain

Science.gov (United States)

Report #2004-P-00024, September 20, 2004. EPA’s headquarters and regional offices are prepared to implement strategic human capital management activities, but an alignment of office-level activities to the Agency’s Strategy for Human Capital is lacking.

Strategic Human Capital: Preserving a Vital National Asset

National Research Council Canada - National Science Library

Scott, Lynn

1997-01-01

.... These reductions neither account for the strategic value of human capital nor for the possible consequences of its depletion and the resulting dispersal and loss of strategic knowledge, skills and experience...

Analysis of reactor capital costs and correlated sampling of economic input variables - 15342

International Nuclear Information System (INIS)

Ganda, F.; Kim, T.K.; Taiwo, T.A.; Wigeland, R.

2015-01-01

In this paper we present work aimed at enhancing the capability to perform nuclear fuel cycle cost estimates and evaluation of financial risk. Reactor capital costs are of particular relevance, since they typically comprise about 60% to 70% of the calculated Levelized Cost of Electricity at Equilibrium (LCAE). The work starts with the collection of historical construction cost and construction duration of nuclear plants in the U.S. and France, as well as forecasted costs of nuclear plants currently under construction in the U.S. This data has the primary goal of supporting the introduction of an appropriate framework, supported in this paper by two case studies with historical data, which allows the development of solid and defensible assumptions on nuclear reactor capital costs. Work is also presented on the enhancement of the capability to model interdependence of cost estimates between facilities and uncertainties. The correlated sampling capabilities in the nuclear economic code NECOST have been expanded to include partial correlations between input variables, according to a given correlation matrix. Accounting for partial correlations correctly allows a narrowing, where appropriate, of the probability density function of the difference in the LCAE between alternative, but correlated, fuel cycles. It also allows the correct calculation of the standard deviation of the LCAE of multistage systems, which appears smaller than the correct value if correlated input costs are treated as uncorrelated. (authors)

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

Science.gov (United States)

Akpinar, Taner; Gün, Servet

2016-01-01

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

AACP Special Taskforce on Diversifying Our Investment in Human Capital Interim Update.

Science.gov (United States)

White, Carla; Adams, Jennifer

2016-09-25

The 2015-2017 AACP Special Taskforce on Diversifying our Investment in Human Capital was appointed for a two-year term, therefore the interim update from the Taskforce. A full report will be provided in 2017 in the form of a white paper for academic pharmacy on diversifying our investment in human capital.

Intercity passenger rail : Amtrak will continue to have difficulty controlling its costs and meeting capital needs

Science.gov (United States)

2000-05-01

This report responds to the request to review Amtrak's costs and capital investment needs. In particular, this report discusses changes since 1995 in Amtrak's operating costs, including labor costs, payments to freight railroads to access their track...

Valuable human capital: the aging health care worker.

Science.gov (United States)

Collins, Sandra K; Collins, Kevin S

2006-01-01

With the workforce growing older and the supply of younger workers diminishing, it is critical for health care managers to understand the factors necessary to capitalize on their vintage employees. Retaining this segment of the workforce has a multitude of benefits including the preservation of valuable intellectual capital, which is necessary to ensure that health care organizations maintain their competitive advantage in the consumer-driven market. Retaining the aging employee is possible if health care managers learn the motivators and training differences associated with this category of the workforce. These employees should be considered a valuable resource of human capital because without their extensive expertise, intense loyalty and work ethic, and superior customer service skills, health care organizations could suffer severe economic repercussions in the near future.

Resource efficiency in agricultural development: human capital ...

African Journals Online (AJOL)

Resource efficiency in agricultural development: human capital development perspective and poverty challenges in developing countries. ... in Nigeria and contributed about 23.9% of the Gross National Domestic product in 2016. ... Equally, the new focus on agriculture involves training on new technologies and evolving ...

PENGARUH HUMAN CAPITAL TERHADAP KINERJA AUDITOR PADA KAP YANG ADA DI BANDUNG

Directory of Open Access Journals (Sweden)

Nono Supriatna

2014-04-01

Full Text Available This research starting from the professionalism accountants as human capital at accountant firm as a service company. This research is intended  to study the effect of human capital on auditor performance at KAP in Bandung to propose the hypothesis that human capital has positive influence on auditors performance, either partially or simultaneously. Some dimensions of the sub-variables that make up the human capital that will be studied is represented by the factors individual capability, individual motivation, leadership, the organizational climate, and workgroup effectiveness. The auditor’s performance is measured by three factors that make up the performance:  (1 individual factor, (2 psychology factor, and (3 organization factor.             The research was conducted at the accounting firm located in Bandung. Of the number of samples taken at random population consisting of senior accountants and junior accountants as respondents. Technique of data collecting used  questionnaire. In accordance with the measurement scale, the data has been collected tested the validity of the formula Spearman Rank correlation and reliability with Cronbach alpha. The data has been tested and found valid and reliable then analyzed by correlation and regression analysis.             Based on the results of correlation and regression analysis to test hypotheses derived research findings that human capital simultaneously has a fairly close relationship with performance. While the multiple regression analysis known that each dimension contributes to the performance of the auditor's diverse and significant at p = 0.05, so the significance of test results, either partially or simultaneously can be concluded to accept the research hypothesis, namely human capital has positive influence on the performance of auditors.

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

Science.gov (United States)

Karasik, Bradley

2012-01-01

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

The Impact of Corporate Governance and the Cost of Capital in Shipping

Directory of Open Access Journals (Sweden)

Vicky Zampeta

2015-10-01

Full Text Available Purpose - The main aim of this paper is to analyze the impact of corporate governance and the cost of capital in shipping industry. The present study grasps on a doctoral thesis aiming to analyze the above developments in the shipping industry in general and mostly in the Greek owed shipping companies and how these developments have been evaluated by the top executives based on a market research we have conducted. Design/methodology/approach - The main idea for the consolidation of the results of the regression methodology used is to analyze research hypotheses related to effects of Corporate Governance in the shipping industry, emerged in a previous article by Zampeta (2011 and Thalassinos and Zampeta (2012. The research hypotheses will be explored with econometric methodology to be confirmed or rejected depending on the statistical significance of the coefficients of the factors - variables selected and express their respective cases. The specific way of analyzing the answers from the questionnaires used sufficiently cover the concept of triangulation (triangulation because they use primary research data (sample analysis questionnaires, with acceptable bibliography concerning the impact of globalization and the evolution international trade financing cost of shipping enterprises. There is a need to exploit the results of the factorial analysis used by Zampeta (2011, Thalassinos and Zampeta (2012 and Thalassinos and Zampeta (2015 to the methodology of regression to analyze research hypotheses related to the Factor of the Cost of Capital and the Factor of Corporate Governance and their impacts in the Shipping Industry. Findings - The results of the subject research confirm the views of the top executives that specific explanatory variables are forming the factors referring to corporate governance and the cost of capital in the shipping industry. In addition, they have influenced the decision of the shipping companies to adopt the Corporate

Should large Spanish municipalities be financially compensated? Costs and benefits of being a capital/central municipality [WP-IEB

OpenAIRE

Bosch Roca, Núria; Espasa Queralt, Marta; Montolio, Daniel

2013-01-01

This paper analyse the costs and benefits of being a capital or central municipality, where central costs are understood to be incurred specifically as a result of the problems large municipalities located at the centre of an urban agglomeration face and capital costs are understood to result from the presence of regional and/or central government institutions in the municipality. However, these two qualities might also be beneficial to municipalities, resulting in a direct increase in their ...

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

Science.gov (United States)

Gilead, Tal

2009-01-01

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

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

Energy Technology Data Exchange (ETDEWEB)

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

2010-07-01

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

THE RELATIONSHIP OF HUMAN CAPITAL AND TAXATION SYSTEM IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT

Directory of Open Access Journals (Sweden)

E. G. Filimonova

2014-01-01

Full Text Available Summary. Maintaining a stable level of the national economy is a priority objective of socio-economic policy in Russia. It is known that the economic development of the state affected by several factors, among them the paramount levels of investment, including investment in human capital, which have a huge impact on the country's economic development, especially in the current situation in the economy, because human capital is one of the most important factors of economic growth. The problem of human capital - one of the most important in a changing world today. Translational motion of society crucially depends on his level and state (level of material well-being, attitude to work, education and qualifications are recognized in the scale of society's ideals and values, they define social norms, work motivation and social behavior, and the like .The article examines the relationship of the state investment in human capital and progressive economic development opportunities, as well as depending on the public investment in human capital from the existing tax system and tax policy pursued.

Next Generation Safeguards Initiative: Human Capital Development

International Nuclear Information System (INIS)

Scholz, M.; Irola, G.; Glynn, K.

2015-01-01

Since 2008, the Human Capital Development (HCD) subprogramme of the U.S. National Nuclear Security Administration's (NNSA) Next Generation Safeguards Initiative (NGSI) has supported the recruitment, education, training, and retention of the next generation of international safeguards professionals to meet the needs of both the International Atomic Energy Agency (IAEA) and the United States. Specifically, HCD's efforts respond to data indicating that 82% of safeguards experts at U.S. Laboratories will have left the workforce within 15 years. This paper provides an update on the status of the subprogramme since its last presentation at the IAEA Safeguards Symposium in 2010. It highlights strengthened, integrated efforts in the areas of graduate and post-doctoral fellowships, young and midcareer professional support, short safeguards courses, and university engagement. It also discusses lessons learned from the U.S. experience in safeguards education and training as well as the importance of long-range strategies to develop a cohesive, effective, and efficient human capital development approach. (author)

Taxes, bankruptcy costs, and capital structure in for-profit and not-for-profit hospitals.

Science.gov (United States)

Huang, Sean S; Yang, Jie; Carroll, Nathan

2018-02-01

About 60% of the US hospitals are not-for-profit and it is not clear how traditional theories of capital structure should be adapted to understand the borrowing behavior of not-for-profit hospitals. This paper identifies important determinants of capital structure taken from theories describing for-profit firms as well as prior literature on not-for-profit hospitals. We examine the differential effects these factors have on the capital structure of for-profit and not-for-profit hospitals. Specifically, we use a difference-in-differences regression framework to study how differences in leverage between for-profit and not-for-profit hospitals change in response to key explanatory variables (i.e. tax rates and bankruptcy costs). The sample in this study includes most US short-term general acute hospitals from 2000 to 2012. We find that personal and corporate income taxes and bankruptcy costs have significant and distinct effects on the capital structure of for-profit and not-for-profit hospitals. Specifically, relative to not-for-profit hospitals: (1) higher corporate income tax encourages for-profit hospitals to increase their debt usage; (2) higher personal income tax discourages for-profit hospitals to use debt; and (3) higher expected bankruptcy costs lead for-profit hospitals to use less debt. Over the past decade, the capital structure of for-profit hospitals has been more flexible as compared to that of not-for-profit hospitals. This may suggest that not-for-profit hospitals are more constrained by external financing resources. Particularly, our analysis suggests that not-for-profit hospitals operating in states with high corporate taxes but low personal income taxes may face particular challenges of borrowing funds relative to their for-profit competitors.

Teachers as Human Capital or Human Beings? USAID's Perspective on Teachers

Science.gov (United States)

Ginsburg, Mark

2017-01-01

This article analyzes three USAID education strategy documents (1998, 2005, and 2011) as well as USAID's requests for proposals for three projects to assess how teachers are represented. The main findings indicate that USAID education strategy documents a) treat teachers as human capital, a human resource input, rather than as human beings and b)…

The impact of corruption on the sustainable development of human capital

Science.gov (United States)

Absalyamova, Svetlana; Absalyamov, Timur; Khusnullova, Asiya; Mukhametgalieva, Chulpan

2016-08-01

The article explains the use of the human capital sustainable development index (HCSDI) to assess the quality of the reproduction of human capital. The paper provides the algorithm for calculating HCSDI and its components. Authors estimated cross-country differences of HCSDI and developed econometric model of the impact of corruption on HCSDI. The use of this model has allowed to reveal the mechanism and assess the impact of corruption on HCSDI and its components. The results of econometric analysis revealed a negative multiplier effect: an increase in the corruption of the socio-economic system of the state by 1% caused HCSDI reduce by more than 1%. The results and conclusions may be proxy-assessments of the socio-economic consequences of violations of the stability of reproduction of human capital in the conditions of the growth of corruption in the country

A PANEL REGRESSION ANALYSIS OF HUMAN CAPITAL RELEVANCE IN SELECTED SCANDINAVIAN AND SE EUROPEAN COUNTRIES

Directory of Open Access Journals (Sweden)

Filip Kokotovic

2016-06-01

Full Text Available The study of human capital relevance to economic growth is becoming increasingly important taking into account its relevance in many of the Sustainable Development Goals proposed by the UN. This paper conducted a panel regression analysis of selected SE European countries and Scandinavian countries using the Granger causality test and pooled panel regression. In order to test the relevance of human capital on economic growth, several human capital proxy variables were identified. Aside from the human capital proxy variables, other explanatory variables were selected using stepwise regression while the dependant variable was GDP. This paper concludes that there are significant structural differences in the economies of the two observed panels. Of the human capital proxy variables observed, for the panel of SE European countries only life expectancy was statistically significant and it had a negative impact on economic growth, while in the panel of Scandinavian countries total public expenditure on education had a statistically significant positive effect on economic growth. Based upon these results and existing studies, this paper concludes that human capital has a far more significant impact on economic growth in more developed economies.

Non-Monotonicity of Fertility in Human Capital Accumulation and Economic Growth

OpenAIRE

Spyridon Boikos; Alberto Bucci; Thanasis Stengos

2012-01-01

This paper investigates the relationship between per-capita human capital investment and the birth rate. Since the consequences of higher fertility (birth rate) on per-capita human capital accumulation (the so-called dilution effect) are not the same (in sign and magnitude) across different groups of countries with different birth rates, we analyze the growth impact of a non-linear dilution-effect. The main predictions of the model (concerning the relationship between population and economic ...

Economic Growth—Human Capital Nexus in Post-Soviet Ukraine, 1989-2009

OpenAIRE

Osipian, Ararat

2008-01-01

This book presents theoretical and empirical investigation of economic growth and the possible impact of human capital on economic growth in Ukraine, the Russian Federation, Poland, and Hungary during the period of 1989-2009. This research defines place and role of human capital in the process of transition from the exogenous to the endogenous forms of growth and socio-economic development. It research presents an extended statistical analysis of transition economies. Substantial part of the ...

Human Capital Development as a Strategy for Sustainable ...

African Journals Online (AJOL)

Nneka Umera-Okeke

unfinished business of the Millennium Development Goals, and is intended ... The Sustainable Development Agenda has 17 global goals with 169 targets. .... Quality human capital has become one of the front burning issues in Nigeria today.

Human Capital Investment and Economic Growth in Nigeria ...

African Journals Online (AJOL)

Human Capital Investment and Economic Growth in Nigeria. ... relationship between investment in education, health and economic growth in Nigeria, ... in order to accelerate growth and liberate Nigerians from the vicious cycle of poverty, the ...

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

Science.gov (United States)

2010-10-01

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

Carbon Emission Reduction with Capital Constraint under Greening Financing and Cost Sharing Contract.

Science.gov (United States)

Qin, Juanjuan; Zhao, Yuhui; Xia, Liangjie

2018-04-13

Motivated by the industrial practices, this work explores the carbon emission reductions for the manufacturer, while taking into account the capital constraint and the cap-and-trade regulation. To alleviate the capital constraint, two contracts are analyzed: greening financing and cost sharing. We use the Stackelberg game to model four cases as follows: (1) in Case A1, the manufacturer has no greening financing and no cost sharing; (2) in Case A2, the manufacturer has greening financing, but no cost sharing; (3) in Case B1, the manufacturer has no greening financing but has cost sharing; and, (4) in Case B2, the manufacturer has greening financing and cost sharing. Then, using the backward induction method, we derive and compare the equilibrium decisions and profits of the participants in the four cases. We find that the interest rate of green finance does not always negatively affect the carbon emission reduction of the manufacturer. Meanwhile, the cost sharing from the retailer does not always positively affect the carbon emission reduction of the manufacturer. When the cost sharing is low, both of the participants' profits in Case B1 (under no greening finance) are not less than that in Case B2 (under greening finance). When the cost sharing is high, both of the participants' profits in Case B1 (under no greening finance) are less than that in Case B2 (under greening finance).

Carbon Emission Reduction with Capital Constraint under Greening Financing and Cost Sharing Contract

Science.gov (United States)

Qin, Juanjuan; Zhao, Yuhui; Xia, Liangjie

2018-01-01

Motivated by the industrial practices, this work explores the carbon emission reductions for the manufacturer, while taking into account the capital constraint and the cap-and-trade regulation. To alleviate the capital constraint, two contracts are analyzed: greening financing and cost sharing. We use the Stackelberg game to model four cases as follows: (1) in Case A1, the manufacturer has no greening financing and no cost sharing; (2) in Case A2, the manufacturer has greening financing, but no cost sharing; (3) in Case B1, the manufacturer has no greening financing but has cost sharing; and, (4) in Case B2, the manufacturer has greening financing and cost sharing. Then, using the backward induction method, we derive and compare the equilibrium decisions and profits of the participants in the four cases. We find that the interest rate of green finance does not always negatively affect the carbon emission reduction of the manufacturer. Meanwhile, the cost sharing from the retailer does not always positively affect the carbon emission reduction of the manufacturer. When the cost sharing is low, both of the participants’ profits in Case B1 (under no greening finance) are not less than that in Case B2 (under greening finance). When the cost sharing is high, both of the participants’ profits in Case B1 (under no greening finance) are less than that in Case B2 (under greening finance). PMID:29652859

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

NARCIS (Netherlands)

Kessels, Joseph; Poell, Rob F.

2004-01-01

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

Los Alamos National Laboratory Human and Intellectual Capital for Sustaining Nuclear Deterrence

Energy Technology Data Exchange (ETDEWEB)

McAlpine, Bradley [Los Alamos National Lab. (LANL), Los Alamos, NM (United States)

2015-04-01

This paper provides an overview of the current human and intellectual capital at Los Alamos National Laboratory, through specific research into the statistics and demographics as well as numerous personal interviews at all levels of personnel. Based on this information, a series of recommendations are provided to assist Los Alamos National Laboratory in ensuring the future of the human and intellectual capital for the nuclear deterrence mission. While the current human and intellectual capital is strong it stands on the precipice and action must be taken to ensure Los Alamos National Laboratory maintains leadership in developing and sustaining national nuclear capabilities. These recommendations may be applicable to other areas of the nuclear enterprise, including the Air Force, after further research and study.

Los Alamos National Laboratory Human and Intellectual Capital for Sustaining Nuclear Deterrence

International Nuclear Information System (INIS)

McAlpine, Bradley

2015-01-01

This paper provides an overview of the current human and intellectual capital at Los Alamos National Laboratory, through specific research into the statistics and demographics as well as numerous personal interviews at all levels of personnel. Based on this information, a series of recommendations are provided to assist Los Alamos National Laboratory in ensuring the future of the human and intellectual capital for the nuclear deterrence mission. While the current human and intellectual capital is strong it stands on the precipice and action must be taken to ensure Los Alamos National Laboratory maintains leadership in developing and sustaining national nuclear capabilities. These recommendations may be applicable to other areas of the nuclear enterprise, including the Air Force, after further research and study.

Overview of Researches on Social Capital, Human Capital and Social Integration of New Generation Migrant Workers

OpenAIRE

Luan, Wenjing; Lu, Honghong; Tong, Yulin; Lu, Danna

2013-01-01

With urbanization and socio-economic development, new generation migrant workers play an increasingly important role in urban construction. However, for a long time, their social integration situation in inflow places is not ideal. Academic circle has done a lot of researches, but no effective strategy is so far put forward. Through analysis of domestic and foreign researches, it is found that social capital and human capital have an important influence on social integration of new generation...

Birth order and human capital development: evidence from Ecuador

NARCIS (Netherlands)

de Haan, M.; Plug, E.; Rosero, J.

2012-01-01

In this paper we examine the effect of birth order on human capital development in Ecuador using a large national database together with self-collected survey data. Using family fixed effects models we find significant positive birth order effects; earlier born children stay behind in their human

Disaster Impacts on Human Capital Accumulation Shown in the Typhoon Haiyan Case

Science.gov (United States)

Özceylan Aubrecht, Dilek; Aubrecht, Christoph

2014-05-01

School children and their school environment are increasingly exposed to all kinds of hazards. Many disaster events have shown the extent of disaster impacts on the education sector which this study also highlights in the Typhoon Haiyan Case. Disasters do not only cause loss of lives or damage to educational facilities, they also entail significant economic and social consequences on human capital development in the short and long-run. While the trend of short term disaster impact can easily be analyzed in rapid post disaster assessments taking destroyed assets as proxy, usually analyses of medium and long-term effects of disasters include large inherent uncertainties and are of less tangible nature, require more time and complex methods and can often not give comprehensive results. The consequences of disasters especially in developing countries are therefore to a certain extent often left unknown. Generally, economic and social effects of disasters on human capital seem to be ambiguous and to some degree these effects are related to economic, social and institutional well-being. Thus, clear understanding is crucial to interpret its complex effects on human capital accumulation. This essential nature of medium and long-term effects has not been reflected in many analyses. Focus has mostly been given on the extent of physical damage, displacements, lives and assets lost instead of targeting resilience of social and economic characteristics of communities in terms of preventing human capital accumulation disruption. Main objective of this study is to provide a conceptual framework illustrating the impacts of disasters on schooling which might help in assessing such effects, as one of the fundamental components of human capital accumulation (Ozceylan Aubrecht, 2013). The dimensions of human capital building and its relationship to disasters under the light of past disaster events are discussed with a special focus on the recent Typhoon Haiyan that struck the

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

Directory of Open Access Journals (Sweden)

J. H.v.H De Wet

2008-12-01

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

CONSTRUCTION OF A DYNAMIC INPUT-OUTPUT MODEL WITH A HUMAN CAPITAL BLOCK

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Baranov A. O.

2017-03-01

Full Text Available The accumulation of human capital is an important factor of economic growth. It seems to be useful to include «human capital» as a factor of a macroeconomic model, as it helps to take into account the quality differentiation of the workforce. Most of the models usually distinguish labor force by the levels of education, while some of the factors remain unaccounted. Among them are health status and culture development level, which influence productivity level as well as gross product reproduction. Inclusion of the human capital block to the interindustry model can help to make it more reliable for economic development forecasting. The article presents a mathematical description of the extended dynamic input-output model (DIOM with a human capital block. The extended DIOM is based on the Input-Output Model from The KAMIN system (the System of Integrated Analyses of Interindustrial Information developed at the Institute of Economics and Industrial Engineering of the Siberian Branch of the Academy of Sciences of the Russian Federation and at the Novosibirsk State University. The extended input-output model can be used to analyze and forecast development of Russian economy.

PENGARUH HUMAN CAPITAL TERHADAP KINERJA AUDITOR PADA KAP YANG ADA DI BANDUNG

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Nono Supriatna

2017-04-01

Full Text Available This study is based on the importance of accountant professionalism as human capital in accounting firm as a service company. This research is intended to study the effect of human capital on the performance of auditors in KAP in Bandung by proposing research hypothesis that, human capital have positive effect on auditor performance, either partially or simultaneously. Several dimensions as sub-variables that form human caputals to be studied are represented by individual capability, individual motivation, leadership, the organizational climate, and workgroup effectiveness factors. The auditor's performance is measured by three factors that make the performance are (1 individual factors, (2 psychological factors, and (3 organizational factors. The study was conducted at an accounting firm located in Bandung. From the number of population taken random sample consisting of senior accountant and junior accountant as respondent. Data collection technique used is by using questionnaire. In accordance with the measurement scale, the data that have been collected tested the validity of Rank Spearman correlation formula and reliability with Alpha Cronbach. Data that have been tested and declared valid and reliable are then analyzed by correlation and regression analysis. Based on the results of correlation and regression analysis to test the hypothesis obtained findings of research results that human capital simultaneously have a fairly close relationship with its performance. While from multiple regression analysis it is known that each dimension gives various contribution to auditor performance and significant at p = 0,05, so from result of significance test, either partially or simultaneously can be concluded to accept research hypothesis, that is human capital have positive effect to auditor performance

The Department of Defense's Civilian Human Capital Strategic Plan Does Not Meet Most Statutory Requirements

National Research Council Canada - National Science Library

Farrell, Brenda S

2008-01-01

To examine the extent to which DOD's civilian human capital strategic plan addresses congressional reporting requirements, we obtained and analyzed the "Department of Defense Civilian Human Capital...

Human Capital Development in Nigeria: A Socio-Economic Analysis ...

African Journals Online (AJOL)

The paper establishes the link between education and selected human development indicators. Rapid socio-economic development has been observed to depend essentially on the calibre of human capital in a nation. Although Nigeria is one of the most populous nations in Africa, the country is still largely ...

HUMAN CAPITAL GROWTH AND POVERTY: EVIDENCE FROM ETHIOPIA AND PERU.

Science.gov (United States)

Attanasio, Orazio; Meghir, Costas; Nix, Emily; Salvati, Francesca

2017-04-01

In this paper we use high quality data from two developing countries, Ethiopia and Peru, to estimate the production functions of human capital from age 1 to age 15. We characterize the nature of persistence and dynamic complementarities between two components of human capital: health and cognition. We also explore the implications of different functional form assumptions for the production functions. We find that more able and higher income parents invest more, particularly at younger ages when investments have the greatest impacts. These differences in investments by parental income lead to large gaps in inequality by age 8 that persist through age 15.

Analyzing the impact of human capital factors on competitivenes

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Óhegyi Katalin

2014-01-01

Full Text Available There are a number of approaches to measure national competitiveness. However, in these reports human capital typically appears indirectly. The author's purpose is to uncover how human capital contributes to competitiveness of economies and to propose an approach to identify the most effective improvement opportunities for countries, illustrated on the example of Hungary. The analysis is based on the data of the Global Talent Index Report (2011 and the Global Competitiveness Report 2012-2013. The components of the Global Talent Index (GTI and their relation to the Global Competitiveness Index (GCI were analyzed with a linear programming based similarity analysis method, component-based object comparison for objectivity (COCO. Based on the output of the analysis it was identified how sensitive the Global Competitiveness Index is to the components of the GTI. Hungary's position was analyzed further to quantify improvement opportunities and threats based on the step function resulted by the COCO analysis. The author concludes that the human resource of a country is a pivotal element of national competitiveness. By developing human capital of the country the overall competitive position may be improved. Areas of priorities may be identified and the level of intervention may be quantified specific to a country. This could help policy makers to decide in the allocation of resource to maximize effectiveness, leading to improve (or protect a country's overall competitive position in the global arena.

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

OpenAIRE

Turner, Sheelah; Morrell, Peter

2003-01-01

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

Analysis of the Capital Budgeting Practices: Serbian Case

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Lidija Barjaktarovic

2016-09-01

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

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

Science.gov (United States)

Abel, Jaison R.; Deitz, Richard

2009-01-01

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

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

Science.gov (United States)

Gillies, Donald

2011-01-01

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

A REVIEW OF THE EFFECT OF SOCIAL CAPITAL ON HUMAN DEVELOPMENT IN IRAN

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Mohammad Javad Razmi

2012-01-01

Full Text Available The present study aims to investigate the effect of social capital on human development in Iran. For this purpose, Iran society in the period 1984 to 2009 by using time series data and Autoregressive Distributed Lags (ARDL technique has been studied. Due to the quality of social capital variable two variables i.e. the number of judicial cases related to nonsufficient fund checks and embezzlement, bribery and forgery, and elections' participation rate have been used to measure the effect of social capital. The results suggest that there is a negative and significant effect of judicial cases on human development index (HDI level and elections' participation index statistically has not significant effect on Iran's human development index.

Influence of socio-cultural modernization on development of human capital assets in Russia

Directory of Open Access Journals (Sweden)

2014-01-01

Full Text Available The paper presents major points of research into socio-cultural conditions of human capital assets accumulation in Russia. Notion of social justice, social responsibility of business, realization of their role as “vehicle of capital” by employees, national mentality – all this essentially influences on efficiency of human capital assets accumulation in Russia.

Human Capital Development Policies: Enhancing Employees Satisfaction

Science.gov (United States)

Wan, Hooi Lan

2007-01-01

Purpose--The aim of this article is to gain insight into some of the human capital development (HCD) policies that enhance employee satisfaction. A salient focus of the study is to assess whether employees in globalised foreign-owned MNCs are likely to be more satisfied with the HCD policies than with the practices employed by locally owned MNCs.…

The U.S. Intelligence Community's Five Year Strategic Human Capital Plan

National Research Council Canada - National Science Library

2006-01-01

.... The National Intelligence Strategy (NIS) requires a 5-year human capital strategy that will build an agile, "all source" workforce by projecting and planning for mission critical human resource requirements...

The Option Value of Human Capital

OpenAIRE

Yongseok Shin; Sang Yoon (Tim) Lee

2013-01-01

We study college enrollment and completion decisions in the presence of risk in individuals' returns to college. Although the human capital acquired through education is irreversible (i.e., it cannot be decumulated or sold off), college education comes with two inherent options: (i) college students may drop out after obtaining additional information on their post-graduation wages and (ii) college graduates may take jobs that does not require a college degree, effectively protecting themselve...

Strategy of Slovak Republic's government to use higher education as an investment into human capital

OpenAIRE

Smereková, Erika

2016-01-01

Bc. Erika Smereková Strategy of Slovak Republic's Government to use higher education as an investment in human capital Abstract The Master thesis on the topic "Strategy of Slovak Republic's government to use higher education as an investment in human capital" presents results to the following research question: To what extent is it a part of strategy of Slovak Republic's educational policy to use higher education as an investment in human capital? The thesis specifically focuses on the idea o...

On the uncertain nature of human capital investments

NARCIS (Netherlands)

Mazza, J.

2012-01-01

The four studies presented here pertain to an often neglected characteristic of educational investments in human capital literature: its unpredictability and how individuals account for and respond to it. The first study elicits, from a sample of Dutch high school students, the level of information

Regional unemployment and human capital in transition economies

Czech Academy of Sciences Publication Activity Database

Jurajda, Štěpán; Terrell, K.

2009-01-01

Roč. 17, č. 2 (2009), s. 241-274 ISSN 0967-0750 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : unemployment * human capital * regional labour markets Subject RIV: AH - Economics Impact factor: 0.774, year: 2009

Exploring the Relationship between Human Capital Investment and Corporate Financial Performance of Jordanian Industrial Sectors

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Faris Nasif ALSHUBIRI

2013-12-01

Full Text Available The revolution of globalization, computerization and information technology has entered to Jordanian market. This phenomenon requires company's attention of human element and the acquired knowledge, experience and the development of the so-called concept of intellectual capital.(IC In this study I used only the human capital as a part of IC. This study aims to exploring the relationship between human capital investment (HCI, and corporate financial performance. This study used an 11 industrial sectors listed of Amman Stock Exchange from 2005to 2011. Correlation analysis tests used in this study and the results indicate the high positive significant relationship between HCI and corporate financial performance related to, ROE , PTBV , log of sales , log of assets , DPS and ICR but no significant relationship between HCI and WCTO. The researcher recommends industrial companies to strengthen and stimulate the concept of human capital in the companies and the need for develop administrative innovation program. For future analysis may be used more sectors listed in market in addition used the all parts of intellectual capital related to structural and physical capital with corporate financial performance.

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

DEFF Research Database (Denmark)

Paldam, M.; Svendsen, Gert Tinggaard

2000-01-01

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

RISIKO INVESTASI, BID-ASK SPREAD, DAN COST OF EQUITY CAPITAL DI PASAR MODAL INDONESIA

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Agus Haryono

2017-03-01

Full Text Available A number of studies investigated how financial information affected investment decisions. The study extendedthis line of research by examining the effect of risk, proxied by price per share, number of shareholders, numberof dealers, trading volume, accounting risk and market risk measures on the bid ask spread. Further, theresearch tried to test the relationship between bid ask spread and cost of equity capital. The samples of thisresearch were the manufacturing companies listed at Indonesian Stock Exchange which shared the dividendfor 3 years; there were 40 companies. Data analysis technique used multiple regression analysis. The results ofregression provided evidence of statistically significant effect of price per share, market value, asset size andprice variability on bid ask spread. At last, there was a positive relationship between bid ask spread and cost ofequity capital

Strategic Management of Human Capital in Education: Improving Instructional Practice and Student Learning in Schools

Science.gov (United States)

Odden, Allan R.

2011-01-01

"Strategic Management of Human Capital in Education" offers a comprehensive and strategic approach to address what has become labeled as "talent and human capital." Grounded in extensive research and examples of leading edge districts, this book shows how the entire human resource system in schools--from recruitment, to selection/placement,…

Knowledge-Intensive Entrepreneurship and the Impact of Human Capital

DEFF Research Database (Denmark)

Madsen, Henning; Neergaard, Helle; Ulhøi, John Parm

2002-01-01

The purpose of this paper is to address selected aspects of human capital in association with the entrepreneurial process in technology-based new ventures. Until recently, research investigating the founding of new businesses has mainly focused on the personal characteristics of entrepreneurs...... experiences are both considered to be critical to the entrepreneurial process, as they both seem to impact on new venture establishment. The longer the career path before venture founding, the more experience an entrepreneur has gathered. Therefore, age seems to have a positive influence on the success...... of a newly founded venture. Furthermore, the dimensions of human capital, experience and previous employment, seem to be essential in building the networks that help secure both the early as well as a continuous pool of finance for the ventures....

Building Credible Human Capital Analytics for Organizational Competitive Advantage

DEFF Research Database (Denmark)

Minbaeva, Dana

2018-01-01

Despite the enormous interest in human capital analytics (HCA), organizations have struggled to move from operational reporting to HCA. This is mainly the result of the inability of analytics teams to establish credible internal HCA and demonstrate its value. In this article, we stress the import......Despite the enormous interest in human capital analytics (HCA), organizations have struggled to move from operational reporting to HCA. This is mainly the result of the inability of analytics teams to establish credible internal HCA and demonstrate its value. In this article, we stress...... the importance of conceptualizing HCA as an organizational capability and suggest a method for its operationalization. We argue that the development of HCA within an organization requires working with three dimensions of HCA: data quality, analytics capabilities, and strategic ability to act. Moreover, such work...

Regional unemployment and human capital in transition economies

Czech Academy of Sciences Publication Activity Database

Jurajda, Štěpán; Terrell, K.

-, č. 345 (2007), s. 1-34 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : unemployment * human capital * regional labor markets Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp345.pdf

Regional unemployment and human capital in transition economies

Czech Academy of Sciences Publication Activity Database

Jurajda, Štěpán; Terrell, K.

-, č. 6569 (2007), s. 1-34 ISSN 0265-8003 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : human capital * unemployment * labour mobility Subject RIV: AH - Economics http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=6569.asp

Dynamic Interactions Between Health, Human Capital and Wealth

Directory of Open Access Journals (Sweden)

Wei-Bin Zhang

2018-03-01

Full Text Available This paper proposes a dynamic economic model with health, human capital and wealth accumulation with elastic labor supply. The economic system consists of one industrial, one health, and one education sector. Our model is a synthesis of four main models in economic theory: Solow’s one-sector neoclassical growth mode, the Uzawa-Lucas two sector model, Arrow’s learning by doing model, and Grossman’s growth model with health. The model also includes Zhang’s idea about creative leisure or learning by consuming. Demand and supply of health service and education are determined by market mechanism. The model describes dynamic interdependence among wealth, health, human capital, economic structure, and time distribution among work, health caring, and education under perfect competition. We simulate the model and examine effects of changes in the propensity to consume health caring, the efficiency of producing health caring, the propensity to receive education, and the propensity to save.

The contribution of international trade to economic growth through human capital accumulation: Evidence from nine Asian countries

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Mirajul Haq

2014-12-01

Full Text Available This study is an attempt to test the hypothesis “international trade contributes to economic growth through its effects on human capital accumulation.” To assess the hypothesis empirically, we employed the extended Neo-Classical growth model that reflects some features of the endogenous growth models. We thus ended up with a model in which the change in human capital is sensitive to change in trade policies. Unlike conventional approaches, the model serves to assess and determine the impact of international trade on the accumulation of human capital. The empirical analysis estimates dynamic panel growth equations by using a data-set of nine Asian countries, over the period 1972–2012. The overall evidence substantiates the fact that in countries under consideration, international trade enhances the accumulation of human capital and contributes to economic growth positively through human capital accumulation.

Human Capital Intensity in Technology-Based Firms Located in Portugal: Do Foreign Multinationals Make a Difference?

OpenAIRE

Ana Teresa Tavares; Aurora A. C. Teixeira

2005-01-01

This paper contributes to the scarce empirical literature on the impact of foreign ownership on human capital intensity. New evidence is provided, based on a comprehensive, large-scale survey of technology-based firms located in Portugal. Using two alternatives measures of human capital (one based on skills, another on education), the key findings are that: (1) foreign ownership directly (and significantly) impacts on firms general human capital (education); (2) foreign ownership indirectly (...

Reducing the cost of health care capital.

Science.gov (United States)

Silberman, R

1984-08-01

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.

Immigrant self-employment : testing hypotheses about the role of origin- and host country human capital and bonding and bridging social capital

NARCIS (Netherlands)

Kanas, A.M.; Tubergen, F.A. van; Lippe, T. van der

2009-01-01

Using large-scale data on immigrants in the Netherlands, the authors tested competing arguments about the role of origin- and host-country human capital and bonding and bridging social capital in immigrants’ self-employment. When taking job-skill level into account, immigrants with a higher level of