WorldWideScience

Sample records for performance capital costs

  1. 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...

  2. 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.

  3. Structural and performance costs of reproduction in a pure capital breeder, the Children's python Antaresia childreni.

    Science.gov (United States)

    Lourdais, Olivier; Lorioux, Sophie; DeNardo, Dale F

    2013-01-01

    Females often manage the high energy demands associated with reproduction by accumulating and storing energy in the form of fat before initiating their reproductive effort. However, fat stores cannot satisfy all reproductive resource demands, which include considerable investment of amino acids (e.g., for the production of yolk proteins or gluconeogenesis). Because capital breeders generally do not eat during reproduction, these amino acids must come from internal resources, typically muscle proteins. Although the energetic costs of reproduction have been fairly well studied, there are limited data on structural and performance costs associated with the muscle degradation required to meet amino acid demands. Thus, we examined structural changes (epaxial muscle width) and performance costs (constriction and strength) over the course of reproduction in a pure capital breeder, the children's python (Antaresia childreni). We found that both egg production (i.e., direct resource allocation) and maternal care (egg brooding) induce muscle catabolism and affect performance of the female. Although epaxial muscle loss was minimal in nonreproductive females, it reached up to 22% (in females after oviposition) and 34% (in females after brooding) of initial muscle width. Interestingly, we found that individuals with higher initial muscular condition allocated more of their muscle into reproduction. The amount of muscle loss was significantly linked to clutch mass, underscoring the role of structural protein in egg production. Egg brooding significantly increased proteolysis and epaxial loss despite no direct allocation to the offspring. Muscle loss was linked to a significant reduction in performance in postreproductive females. Overall, these results demonstrate that capital-breeding females experience dramatic costs that consume structural resources and jeopardize performance.

  4. Controlling Capital Costs in High Performance Office Buildings: A Review of Best Practices for Overcoming Cost Barriers

    Energy Technology Data Exchange (ETDEWEB)

    Pless, S.; Torcellini, P.

    2012-05-01

    This paper presents a set of 15 best practices for owners, designers, and construction teams of office buildings to reach high performance goals for energy efficiency, while maintaining a competitive budget. They are based on the recent experiences of the owner and design/build team for the Research Support Facility (RSF) on National Renewable Energy Facility's campus in Golden, CO, which show that achieving this outcome requires each key integrated team member to understand their opportunities to control capital costs.

  5. 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...

  6. 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

  7. 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

  8. The Opportunity Cost of Capital

    Directory of Open Access Journals (Sweden)

    Ayman Chit PhD

    2015-04-01

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

  9. The Opportunity Cost of Capital

    Science.gov (United States)

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

    2015-01-01

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

  10. Cost of capital to the hospital sector.

    Science.gov (United States)

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

    1988-03-01

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

  11. The Performance of Intellectual Capital

    DEFF Research Database (Denmark)

    Murthy, Vijaya; Mouritsen, Jan

    2011-01-01

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

  12. Performance systems and social capital

    DEFF Research Database (Denmark)

    Rasmussen, Grane Mikael Gregaard; Edwards, Kasper

    2014-01-01

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

  13. INSURANCE AND THE CORPORATE COST OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Monika Wieczorek-Kosmala

    2012-04-01

    Full Text Available The purpose of the paper is to provide some support to the thesis that insurance may reduce the cost of capital in a company by influencing both the cost of capital components and the need for rising capital. The problem is here perceived from two perspectives – the classical concept related to the weighted average cost of capital (WACC and a novel concept related to the risk-based capital structure model with the total average cost of capital (TACC. The paper explains the idea of insurance as a retrospective (post-loss risk financing tool and the risk transfer mechanism upon it. As the risk financing tool insurance reduces the need for the balance-sheet capital in a company and thus the financial distress costs. Also, insurance may reduce the level of operating risk and thus influences the required returns of the capital providers. These observations allow emphasising the impact of insurance on the WACC. However, according to the novel concept of the risk-based capital structure, insurance (as a risk financing tool represents an off-balance sheet capital component. As a consequence, it extends the volume of total capital. The presented conceptual model, based on the TACC concept, indicates that large volume of insurance (the insurance sum and its relatively low cost (the insurance premium gives the possibility to the significant reduction of the cost of capital on average. The concluding remarks discuss some dilemmas over the utility of the TACC concept.

  14. Capital-cost behavior: is nuclear different

    International Nuclear Information System (INIS)

    Lotze, C.D.; Riordan, B.J.

    1978-01-01

    The capital costs of coal-fired and nuclear power plants are found to be comparable when costs for pollution control are included. Trends in capital costs reveal a similar rate gain that retains the same economic balance. Graphs of selected cost indices are used to show that the rapid increase in direct construction costs is not unique to nuclear plants, those of hydroelectric plants as well as coal-fired having the same pattern. Comparisons of indirect capital costs, based on analyses of direct capital and total capital costs, show estimated average growth rates of total costs to be 14% for coal and 13.6% for nuclear, while direct cost growth rates are 10.2% and 10.4%. The economics of market competition can be expected to push alternative energy source projects into balance

  15. 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.

  16. Social opportunity cost of capital: empirical estimates

    Energy Technology Data Exchange (ETDEWEB)

    Townsend, S.

    1978-02-01

    This report develops estimates of the social-opportunity cost of public capital. The private and social costs of capital are found to diverge primarily because of the effects of corporate and personal income taxes. Following Harberger, the social-opportunity cost of capital is approximated by a weighted average of the returns to different classes of savers and investors where the weights are the flows of savings or investments in each class multiplied by the relevant elasticity. Estimates of these parameters are obtained and the social-opportunity cost of capital is determined to be in the range of 6.2 to 10.8%, depending upon the parameter values used. Uncertainty is found to affect the social-opportunity cost of capital in two ways. First, some allowance must be made for the chance of failure or at least of not realizing claims of a project's proponents. Second, a particular government project will change the expected variability of the returns to the government's entire portfolio of projects. In the absence of specific information about each project, the use of the economy-wide average default and risk adjustments is suggested. These are included in the empirical estimates reported. International capital markets make available private capital, the price of which is not distorted by the U.S. tax system. The inclusion of foreign sources slightly reduces the social-opportunity cost of capital. 21 references.

  17. 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

  18. 42 CFR 412.302 - Introduction to capital costs.

    Science.gov (United States)

    2010-10-01

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

  19. 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

  20. 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

  1. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-04-01

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

  2. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-02-01

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

  3. 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.

  4. 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.

  5. 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)

  6. Capital Flight and Economic Performance

    OpenAIRE

    Beja, Edsel Jr.

    2007-01-01

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

  7. 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...

  8. Cost-based industrial enterprise human capital management

    Directory of Open Access Journals (Sweden)

    Glukhov Sergei

    2017-01-01

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

  9. 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…

  10. 'Blue' social capital and work performance

    DEFF Research Database (Denmark)

    Grøn, Sisse; Svendsen, Gunnar Lind Haase

    2012-01-01

    (Progoulaki & Roe 2011). This challenges social capital on board, i.e. the resources inherent in network cooperation associated with norms of reciprocity and trust (Putnam 2000: 19). Fragmentizing ‘blue’ social capital should however be restored, because work performance depends on the quality of cooperation...... findings suggest that a balance between three types of social capital – bonding, bridging and linking – is needed to achieve a high-performance work system (Gittell et al. 2010). Hence, main actors within the shipping sector should take ‘blue’ social capital into account in order to increase work...... efficiency and economic performance....

  11. 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.)

  12. 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.

  13. 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

  14. 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.

  15. 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...

  16. 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...

  17. 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)

  18. Business performance and participation of foreign capital

    OpenAIRE

    Merková, Martina; Rajnoha, Rastislav; Dobrovič, Ján

    2016-01-01

    This paper analyzes business performance based on the return on equity indicator, and reveals certain common aspects for companies with better business performance. The results of statistical testing proved positive dependences between turnover, performance and foreign ownership as well as the importance of foreign capital origin for companies. Certain signs typical for companies with participation of foreign capital against local firms are identified. © Martina Merkova, Rastislav Rajnoha, Ja...

  19. 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)

  20. Quarterly Aggregate Capital Input and the Cost of Capital for the

    OpenAIRE

    Subhash C. Sharma; Yijian He

    1995-01-01

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

  1. 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.

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

    OpenAIRE

    Porteous, Bruce; Tapadar, Pradip

    2008-01-01

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

  3. 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.

  4. 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.

  5. 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.

  6. 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...

  7. Adjustment costs in a two-capital growth model

    Czech Academy of Sciences Publication Activity Database

    Duczynski, Petr

    2002-01-01

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

  8. 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%.

  9. 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...

  10. Linking intellectual capital and intellectual property to company performance

    Directory of Open Access Journals (Sweden)

    Mohammad Reza

    2016-12-01

    Full Text Available The purpose of this paper is to measure the effects of intellectual capital components; namely, human capital, structural capital and relational capital on company performance in Iranian auto industry. The study uses a questionnaire consists of 100 questions to cover intellectual capital and company performance in Likert scale and it is distributed among 180 experts in one of Iranian auto industry. Cronbach alphas for intellectual capital components, i.e. human capital, relational capital and structural capital are 0.82, 0.80 and 0.80, respectively. In addition, Cronbach alpha for company performance is 0.82. Using structural equation modeling, the study has determined a positive and meaningful relationship between intellectual capital and company performance. The study has also determined a positive and meaningful relationship between human capital and structural capital. Among components of performance, efficiency maintained the highest effect while innovation represents the minimum effect.

  11. Social Capital, ICT Use and Company Performance

    DEFF Research Database (Denmark)

    Scupola, Ada; Steinfield, Charles; Lopez-Nicolas, Carolina

    2010-01-01

    to information and opportunity predicted company performance, particularly for small start-up companies. The pattern of results complements prior work that establishes the importance of social capital in regional business clusters by demonstrating how certain ICT uses complement personal relationships to enhance......This study explores how some uses of ICTs, as well as having social capital and other means of access to knowledge resources, are related to company performance in a knowledge-intensive business cluster. Data were collected through a survey of companies in the Medicon Valley biotech region located...... in Denmark and Southern Sweden. Responding companies included established producers of biotechnology-related products as well as small biotechnology start-up firms emphasizing research and development.  The results suggest that when ICT use was aimed at accessing and enhancing human and intellectual capital...

  12. Social Capital, ICT Use and Company Performance

    DEFF Research Database (Denmark)

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

    2009-01-01

    to information and opportunity predicted company performance, particularly for small start-up companies. The pattern of results complements prior work that establishes the importance of social capital in regional business clusters by demonstrating how ICT use complements personal relationships to enhance......This study explores how some kinds of ICT uses, as well as social capital and other means of access to knowledge resources, are related to company performance in a knowledge-intensive business cluster. Data were collected through a survey of companies in the Medicon Valley biotech region located...... in Denmark and Southern Sweden. Responding companies included established producers of biotechnology-related products as well as small biotechnology start-up firms emphasizing research and development.  The results suggest that when ICT use was aimed at accessing and enhancing human and intellectual capital...

  13. 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

  14. Organisational Social Capital through Corporate Social Performance

    Directory of Open Access Journals (Sweden)

    Adrian Henorel Niţu

    2014-01-01

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

  15. Organisational Social Capital through Corporate Social Performance

    Directory of Open Access Journals (Sweden)

    A.H. Niţu

    2014-06-01

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

  16. 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

  17. 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

  18. 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.)

  19. 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.

  20. Capital costs of modular HTR reactors

    International Nuclear Information System (INIS)

    Kugeler, K.; Froehling, W.

    1993-01-01

    A decisive factor in the introduction of a reactor line, in addition of its safety, which should exclude releases of radioactivity into the environment, is its economic development and, consequently, its competitiveness. The costs of the pressurized water reactor are used for comparison with the modular HTR reactor. If the measures proposed for evolutionary increases in safety of the PWR are taken, cost increases will have to be expected for that line. The modular HTR can now attain specific construction costs of 3000 deutschmarks per electric kilowatt. Mass production and the introduction of cost-reducing innovations can improve the economy of this line even further. In this way, the modular HTR concept offers the possibility to vendors and operators to set up new economic yardsticks in safety technology. (orig.) [de

  1. 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.

  2. 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)

  3. 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.

  4. 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.

  5. 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)

  6. 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

  7. 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

  8. 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)

  9. 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...

  10. 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

  11. Capital Structure Influence on Construction Firm Performance

    Directory of Open Access Journals (Sweden)

    Jayiddin Nur Faezah

    2017-01-01

    Full Text Available The interconnectedness between capital structure and firm performance is a topic of high interest among scholars and management alike. The scholars tend to unveil the why segment of the relationship, while the management looks into the how side to promote capital structure policy which can optimise the firm performance. While many studies have looked into this relationship across multiple industries and spanning across decades of data, the current study trains its lens on Malaysian public listed company companies which operate in the construction sector, and with data window between 2010 to 2014. This specific sector was chosen for their high gearing which renders firms to relatively high insolvency exposure emanating from interest rate fluctuations. The five-year timeframe was selected to isolate potential data contaminations streaming from global financial crisis which winds down in 2009. Financial data of the company were extracted from Bloomberg Terminal based on a pre-prepared list of Bloomberg tickers. A total of 225 observations were recorded in this study. Using Tobin’s Q as a proxy for firm performance, this study finds a mixed result where short term debts ratio indicates a significant negative effect, while long term debt ratio presents a non-significant influence. Explanations on this output are therefore discussed in this paper.

  12. Capital Adequacy and the Performance of Ghanaian Banks | Barnor ...

    African Journals Online (AJOL)

    The purpose of this paper is to examine the relationship between capital adequacy ... between capital adequacy ratio (CAR) bank performance (Return on Assets ... The paper amongst others recommends that, other factors such as risk, size ...

  13. The Effect of Capital Adequacy on Banks' Performance: Evidence ...

    African Journals Online (AJOL)

    Journal of Business Research ... This study estimates the effect of capital adequacy on bank earnings and profitability in Nigeria. ... regulatory framework in the management liquidity and bank capital to shore-up bank performance in Nigeria.

  14. 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...

  15. 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...

  16. Intellectual Capital Performance Sektor Perbankan di Indonesia

    Directory of Open Access Journals (Sweden)

    Ihyaul Ulum MD

    2008-01-01

    Full Text Available The paper seeks to estimate and analyze the Value Added Intellectual Coefficient (VAICTM for measuring the value-based performance of the Indonesian banking sector for three years, 2004 to 2006. Annual reports, especially the profit/loss account and balance-sheet of the banks concerned for the relevant years, were used to obtain the data. A review is conducted of the international literature on intellectual capital with specific reference to literature that reviews measurement techniques and tools, and the VAICTM method is applied in order to analyze the data of Indonesian banks for the three years period. The study confirms the improvement in the overall performance over three years. In 2004 and 2006, the overall performance of Indonesian banking sector is “good performers” (the VAICTM score is 2.07. While in 2005, the performance is “common performers” (the VAICTM score is 1.95. Abstract in Bahasa Indoensia: Penelitian ini bertujuan untuk mengestimasi dan menganalisis Value Added Intellectual Coefficient (VAIC dalam pengukuran kinerja yang berbasis pada nilai atas perusahaan perbankan di Indonesia selama tiga tahun, 2004-2006. Data yang digunakan adalah laporan tahunan, khususnya laporan laba/rugi dan neraca, diperoleh baik melalui website resmi masing-masing bank maupun dari website BEI. Hasil kajian ini menunjukkan bahwa pada tahun 2004 dan 2006, secara umum kinerja perusahaan perbankan di Indonesia masuk dalam kategori good performers dengan skor VAIC 2.07. Sedangkan pada tahun 2005, kinerjanya turun menjadi common performers (dengan skor VAIC 1.95. Keterbatasan penelitian ini adalah data yang digunakan hanyalah perusahaan perbankan yang terdaftar di BEI (24 bank, sementara jumlah keseluruhan bank per Desember 2006 adalah 130. Dengan demikian hasil penelitian ini tidak dapat digunakan untuk mengeneralisir populasi. Kata kunci: intellectual capital, sektor perbankan, aset tidak berwujud, Value Added Intellectual Coefficient (VAICTM

  17. Depreciation cost for the capital investment of a pyroprocess facility

    Energy Technology Data Exchange (ETDEWEB)

    Kim, S. K.; Lee, S. H.; Ko, W. I. [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

    2015-10-15

    The pyroprocess produces U/TRU metal ingots using four important processes, pretreatment, electrochemical reduction, electrorefining and electrowinning, in order to recycle spent fuel. KAPF+'s capacity is shown the cost that is injected into the KAPF+. The pyroprocess unit cost is data that are essential for inputting to calculate the pyroprocess-Sodiumcooled Fast Reactor (SFR) nuclear fuel cycle cost. Moreover, since the pyroprocess facility's depreciation cost is included in the manufacturing indirect cost of the pyroprocess cost, it can become an important element for judging the pyroprocess' economic viability. Since the pyroprocess unit cost calculates the sum of the costs that are incurred each year by dividing with the total amount of U/TRU ingot produced, the pyroprocess unit cost uncertainty increases as well when the uncertainty of the costs incurred by each year increases. KAPF+, which is a commercialization facility, was set as the cost object, and the existing methods (straightline method and fixed percentage of declining-balance method) used today and the depreciation cost of the ADDM were subjected to a comparative analysis. The results are as follows. First, in case of the straight-line method that calculated the durable period as 40 years, and in case of ADDM that factored in a 5% deceleration rate, the difference in the depreciation costs of $65.26/kgHM and $119.05/kgHM resulted during the first and last years, respectively. Accordingly, it was analyzed that there is a significant difference in terms of the cost of the capital investment every year depending on the depreciation method. Secondly, since the depreciation cost is a component of the manufacturing indirect cost, it is necessary to maintain a trend that is similar to that of the direct labor cost in addition to the direct material cost.

  18. Depreciation cost for the capital investment of a pyroprocess facility

    International Nuclear Information System (INIS)

    Kim, S. K.; Lee, S. H.; Ko, W. I.

    2015-01-01

    The pyroprocess produces U/TRU metal ingots using four important processes, pretreatment, electrochemical reduction, electrorefining and electrowinning, in order to recycle spent fuel. KAPF+'s capacity is shown the cost that is injected into the KAPF+. The pyroprocess unit cost is data that are essential for inputting to calculate the pyroprocess-Sodiumcooled Fast Reactor (SFR) nuclear fuel cycle cost. Moreover, since the pyroprocess facility's depreciation cost is included in the manufacturing indirect cost of the pyroprocess cost, it can become an important element for judging the pyroprocess' economic viability. Since the pyroprocess unit cost calculates the sum of the costs that are incurred each year by dividing with the total amount of U/TRU ingot produced, the pyroprocess unit cost uncertainty increases as well when the uncertainty of the costs incurred by each year increases. KAPF+, which is a commercialization facility, was set as the cost object, and the existing methods (straightline method and fixed percentage of declining-balance method) used today and the depreciation cost of the ADDM were subjected to a comparative analysis. The results are as follows. First, in case of the straight-line method that calculated the durable period as 40 years, and in case of ADDM that factored in a 5% deceleration rate, the difference in the depreciation costs of $65.26/kgHM and $119.05/kgHM resulted during the first and last years, respectively. Accordingly, it was analyzed that there is a significant difference in terms of the cost of the capital investment every year depending on the depreciation method. Secondly, since the depreciation cost is a component of the manufacturing indirect cost, it is necessary to maintain a trend that is similar to that of the direct labor cost in addition to the direct material cost

  19. 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

  20. 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

  1. 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.

  2. 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.

  3. 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.

  4. The Impact of Human Capital on the Cost of Air Force Acquisition Programs

    National Research Council Canada - National Science Library

    Feuring, Jeffrey C

    2007-01-01

    .... The measure of output is the average cost overrun of Air Force contracts. A time series regression was conducted while controlling for other economic factors such as budgetary fluctuations and inflation. The results show positive effects of Human Capital on performance. Other policy implications of the study are the importance of budgetary stability, inflation predictions and the Defense Acquisition Workforce Improvement Act (DAWIA).

  5. 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...

  6. 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

  7. 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

  8. 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

  9. Cooperation, social capital and economic performance

    Directory of Open Access Journals (Sweden)

    Marcos Fernandes Gonçalves da Silva

    2006-09-01

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

  10. 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.

  11. 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.

  12. 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.

  13. The Capital Market and Performance of the Nigerian Economy: A ...

    African Journals Online (AJOL)

    A vibrant capital market plays a crucial role in promoting the growth and development of the economy. This study examined the performance of the capital market and its impact on the economic growth of Nigeria. Using a time series data covering a period of 26 years (1985–2010) and employing the econometric tool of ...

  14. 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.

  15. How does capital affect bank performance during financial crises?

    NARCIS (Netherlands)

    Berger, A.N.; Bouwman, C.H.S.

    2013-01-01

    This paper empirically examines how capital affects a bank’s performance (survival and market share) and how this effect varies across banking crises, market crises, and normal times that occurred in the US over the past quarter century. We have two main results. First, capital helps small banks to

  16. 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...

  17. 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)

  18. 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)

  19. 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)

  20. 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.

  1. Standardization of PWR power plants: Impact of capital investment cost

    International Nuclear Information System (INIS)

    Vincent, C.

    1991-01-01

    The French program is certainly specific to the French context but it is a large and a real experiment of standardized series of units from which we can abstract the main ideas and ranges available in different contexts. It was estimated that the standardized part could reach more than 60% of the capital cost and this percentage does not take into account a regionalized part which also could have been standardized. The main condition is a large program which could be issued from a country or a partnership between different countries. That means, common terms of reference, lists of standardized equipment, same design documents. With a levelized rhythm of erection, beneficial effects of the series could be expected. The scale effect is fairly well known, also we can wonder for instance about the choice between five units of 600 MW and three units of 1000 MW. The answer is depending on the number of units and on the discount rate. (author)

  2. The Implementation Analysis of Intellectual Capital to Department Performance in Padang State University

    Directory of Open Access Journals (Sweden)

    Sulastri sulastri

    2015-09-01

    Full Text Available The purpose of this research was to observe the effect of the age of the organization department in Padang State University on performance through human capital, structural capital and relational capital. The sample is all of department in Padang State University, which is 33 departments. The data were collected through questionnaires and analyzed using partial least squares (PLS. The results showed that the age of the department is not direct and significant impact on the department performance. While the age departments significantly affect the department's human capital, structural capital and relational capital. Furthermore, the human capital, structural capital and relational capital significantly positive affect the department performance. This research failed to prove the existence of variable human capital, structural capital and relational capital as a mediating variable but serves as an intervening variable. Its means that age of department performance cannot determine performance without increasing the human capital, structural capital and relational capital.

  3. 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%.

  4. The sensitivity of capital services measurement : Measure all assets and the cost of capital

    NARCIS (Netherlands)

    Inklaar, R.

    The measurement of capital inputs is still a contentious issue: many choices have to be made that have potentially large effects on the resulting capital input series. This paper compares a large number of methodological choices and their impact on U.S. capital services at the industry and aggregate

  5. 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

  6. 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 ...

  7. Capital Structure and Firm Performance During Global Financial Crisis

    OpenAIRE

    Khodavandloo, Marzieh; Zakaria, Zukarnain; Nassir, Annuar Md.

    2017-01-01

    The relationship between capital structure and firm performance has been extensively investigated in the recent decades. However, only few studies investigate this relationship during financial crisis. Recent global financial crisis provides an opportunity to examine the effect of the crisis on the relationship between capital structure and firm performance. Therefore, this paper aims to investigate this relationship based on 45 listed companies involved in trading and services sector of the...

  8. 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...

  9. 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

  10. OPPORTUNITY COST OF EDUCATIONAL HUMAN CAPITAL INVESTMENT. APPLICATION FOR THE POSITION OF BENEFICIARY-INVESTOR

    OpenAIRE

    Florea Voiculescu

    2009-01-01

    The present paper focuses on providing a model of applying the opportunitycost concept on investments in human educational capital. In the first part we haveshown that the real costs of educational capital investment does not involve direct andindirect educational costs only but also the opportunity costs, i.e. the earnings that arelost by choosing to invest in education (and not in something else). From our researchthere results the fact that the share of the opportunity cost within the tota...

  11. The Impact of Intellectual Capital on the Performance of Universities

    OpenAIRE

    Umer Shehzad; Zeeshan Fareed; Bushra Zulfiqar; Farrukh Shahzad; Hafiz Shahid Latif

    2014-01-01

    Intellectual capital is a concept that is achieving researcher’s attention day by day. The main purpose of this research study is to explore the role and relationship of intellectual capital and its three components on the performance and efficient working of universities in Pakistan. Education sector especially universities were selected because it plays a critical role for the development and growth of knowledge intensive sector. So in this research study 3 components of intellectual capita...

  12. The Sensitivity of Capital Services Measurement : Measure all assets and the cost of capital

    NARCIS (Netherlands)

    Inklaar, Robert

    2008-01-01

    The measurement of capital inputs is still a contentious issue: many choices have to be made that have potentially large effects on the resulting capital input series, some entailing differing assumptions about firm behaviour. This paper compares a large number of methodological choices and their

  13. 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.

  14. INDIAN CAPITAL MARKET REVIEW: ISSUES, DIMENSIONS AND PERFORMANCE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Mohd. Shamim Ansari

    2012-12-01

    Full Text Available The purpose of an efficient capital market is to mobilize funds from those who have it and route each them to those who can utilize it in the best possible way. India’s financial market is multi-facet but not balanced. It has state of art equity market but relatively less developed and immature corporate bond market. The Indian capital market in the recent year has undergone a lot of innovation in term regulation and mode of operation. A well developed corporate bond market is also essential for financial system stability, efficiency and overall economic growth. However, If we look at the scenario of capital market in India we find that Indian households have traditionally preferred parking their surpluses in bank deposits, government savings schemes and less than 10% of their investments in financial assets in shares, debentures and mutual funds. The Indian capital market has recently put the worst behind and moved towards strong growth. In this back drop the present paper aims to (i identify various grey points of Indian capital market; (ii Evaluated how it performed during post financial crisis period; and (iii suggests necessary policy reforms for a relatively mature capital market.

  15. 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...

  16. 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...

  17. 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...

  18. 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...

  19. 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.

  20. 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...

  1. 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.

  2. 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.

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

    Directory of Open Access Journals (Sweden)

    Joilson Dias

    2015-01-01

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

  4. Downsizing?-?Intellectual Capital Performance Anorexia or Enhancement?

    Science.gov (United States)

    Williams, S. Mitchell

    2004-01-01

    The objective of this paper is to investigate if downsizing contributes to, or impedes, a firm's intellectual capital performance (ICE) based on a longitudinal analysis of 56 United States publicly listed companies that significantly downsized their workforce during the mid-1990s. Empirical analysis indicates that for the majority of firms, ICE…

  5. 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...

  6. 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.

  7. Intellectual Capital and Innovation Performance: Empirical Evidence in the Turkish Automotive Supplier

    Directory of Open Access Journals (Sweden)

    Muammer Zerenler

    2008-12-01

    Full Text Available The purpose of this study was to investigate the influence of intellectual capital of Turkish automotive supplier industry upon their innovation performance. This study showed that three types of intellectual capital – employee capital, structural capital, and customer capital – had a significantly positive relationship with innovation performance. Moreover, the results also indicated that the higher the growth rate of an industry, the stronger were the positive relationships between three types of intellectual capital and innovation performance. Besides, customer capital was the greatest among these three types of intellectual capital in Turkish automotive supplier industry, employee capital was the next, and structural capital was the least. This shows two points; first, Turkish automotive supplier industry emphasized the interactive “relations” with their suppliers, clients, and partners; second, it was imperative for Turkish manufacturing enterprises to develop their structural capital to increase their innovation performance.

  8. 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

  9. 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...

  10. 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...

  11. 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...

  12. 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...

  13. 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...

  14. 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 ...

  15. 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.

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

    Directory of Open Access Journals (Sweden)

    Rajennd A/L Muniady

    2015-10-01

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

  17. 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).

  18. 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)

  19. 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.

  20. Capital Structure and Corporate Performance: Evidence from Jordan

    Directory of Open Access Journals (Sweden)

    Rami Zeitun

    2007-12-01

    Full Text Available This study is to investigate the effect which capital structure has had on corporate performanceusing a panel data sample representing of 167 Jordanian companies during 1989-2003. Ourresults showed that a firm’s capital structure had a significantly negative impact on the firm’sperformance measures, in both the accounting and market’s measures. We also found that theshort-term debt to total assets (STDTA level has a significantly positive effect on the marketperformance measure (Tobin’s Q. The Gulf Crisis 1990-1991 was found to have a positiveimpact on Jordanian corporate performance while the outbreak of Intifadah in the West Bank andGaza in September 2000 had a negative impact on corporate performance.

  1. ASCR{trademark}: lower NOx removal costs without sacrificing performance

    Energy Technology Data Exchange (ETDEWEB)

    Bible, S.; Rummenhohl, V.; Siebeking, M.; Thomas, R.; Triece, C. [Fuel Tech (United States)

    2011-05-15

    With recent regulatory initiatives, the new Industrial Emissions Directive in Europe, and new rules being proposed by EPA in the USA, the question for power plants is now whether they will be required to reduce NOx emissions in the future to stay in operation, but when. What is needed is a low-capital-cost but high-performance NOx removal technology. 7 figs.

  2. 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.

  3. How Does Shared Capitalism Affect Economic Performance in the UK?

    OpenAIRE

    Alex Bryson; Richard Freeman

    2008-01-01

    This paper uses nationally representative linked workplace-employee data from the British 2004 Workplace Employment Relations Survey to examine the operation of shared capitalist forms of pay – profit-sharing and group pay for performance, employee share ownership, and stock options—and their link to productivity. It shows that shared capitalism has grown in the UK, as it has in the US; that different forms of shared capitalist pay complement each other and other labour practices in the sense...

  4. Capital and operating costs of irradiated natural uranium reprocessing plants

    International Nuclear Information System (INIS)

    Thiriet, L.; Jouannaud, C.; Couture, J.; Duboz, J.

    1966-01-01

    This paper presents first a method of analysing natural uranium reprocessing plants investment costs (method similar to LANG and BACH well known in the fuel oil industry) and their operating costs (analysed according to their economic type). This method helps establishing standard cost structures for these plants, allowing thus comparisons between existing or planned industrial facilities. It also helps evaluating the foreseeable consequences of technical progress. Some results obtained are given, concerning: the investment costs sensitivity to the various technical parameters defining the fuel and their comparison according to the country or the economic area taken into account. Finally, the influence of the plants size on their investment costs is shown. (author) [fr

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

    Science.gov (United States)

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

  6. 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)

  7. Proactive personality and job performance: a social capital perspective.

    Science.gov (United States)

    Thompson, Jeffery A

    2005-09-01

    This study of 126 employee-supervisor dyads examined a mediated model of the relationship between proactive personality and job performance. The model, informed by the social capital perspective, suggests that proactive employees reap performance benefits by means of developing social networks that provide them the resources and latitude to pursue high-level initiatives. Structural equation modeling suggested that the relationship between proactive personality and job performance is mediated by network building and initiative taking on the part of the employee. Copyright 2005 APA, all rights reserved.

  8. Cost performance assessment of in situ vitrification

    International Nuclear Information System (INIS)

    Showalter, W.E.; Letellier, B.C.; Booth, S.R.; Barnes-Smith, P.

    1992-01-01

    In situ vitrification (ISV) is a thermal treatment technology with promise for the destruction or immobilization of hazardous materials in contaminated soils. It has developed over the past decade to a level of maturity where meaningful cost effectiveness studies may be performed. The ISV process melts 4 to 25 m 2 of undisturbed soil to a maximum depth of 6 m into an obsidian-like glass waste form by applying electric current (3750 kill) between symmetrically spaced electrodes. Temperatures of approximately 2000 degree C drive off and destroy complex organics which are captured in an off-gas treatment system, while radio-nuclides are incorporated into the homogeneous glass monolith. A comparative life-cycle cost evaluation between mobile rotary kiln incineration and ISV was performed to quantitatively identify appropriate performance regimes and components of cost which are sensitive to the implementation of each technology. Predictions of melt times and power consumption were obtained from an ISV performance model over ranges of several parameters including electrode spacing, soil moisture, melt depth, electrical resistivity, and soil density. These data were coupled with manpower requirements, capitalization costs, and a melt placement optimization routine to allow interpolation over a wide variety of site characteristics. For the purpose of this study, a single site scenario representative of a mixed waste evaporation pond was constructed. Preliminary comparisons between ISV and incineration show that while operating costs are comparable, ISV avoids secondary treatment and monitored storage of radioactive waste that would be required following conventional incineration. It is the long term storage of incinerated material that is the most expensive component

  9. 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...

  10. 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.

  11. 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 ...

  12. Psychological capital, a requisite for organisational performance in South Africa

    Directory of Open Access Journals (Sweden)

    Yvonne Du Plessis

    2012-03-01

    Full Text Available Scholars argue that to address the social, economic and political challenges facing South Africa since 1994, organisational managers/leaders should adopt a positive approach, based on sound organisational behaviour. This study administered the Psychological Capital Questionnaire (PCQ to determine whether human resources practitioners (N=131 as custodians of change and positive behaviour in organisations in South Africa embrace core elements of Positive Organisational Behaviour (POB. Exploratory factor analysis resulted in a three-factor model for the PCQ, renamed the Potential South African PsyCap (PSA-PsyCap instrument. All dimensions displayed acceptable reliabilities. Statistically significant differences exist in the POB of demographic groups, relating to age, marital status, home language, seniority and qualifications. This research reveals that South African HR practitioners and managers should fully embrace psychological capital to effectively create caring workplaces taking cognizance of the broader economic and social issues affecting employees and their performance.

  13. Trojan Decommissioning Project Cost Performance

    International Nuclear Information System (INIS)

    Michael B. Lackey

    2000-01-01

    The Trojan nuclear plant (Trojan) was an 1160-MW(electric) four-loop pressurized water reactor located in Rainier, Oregon. The plant was permanently shut down in 1993 after ∼17 yr of commercial operation. The early plant closure was an economic decision. The key factors in the closure analysis were escalation of inspection and repair costs associated with steam generator tube cracking and the projected availability of inexpensive replacement power in the Pacific Northwest region of the United States. Since the plant closure, Portland General Electric (PGE) has been actively engaged in decommissioning. The Trojan Decommissioning Project currently has a forecast at completion of $429.7 million (all costs are in millions of 1997 dollars, unless otherwise noted). The cost performance of the Trojan Decommissioning Project to date is addressed, as well as the tools that are in place to provide cost control through completion of decommissioning

  14. The Effects of Tax Avoidance, Accrual Earnings Management, Real Earnings Management, and Capital Intensity on the Cost of Equity

    OpenAIRE

    Amrie Firmansyah; Ahmad Sigid Febriyanto

    2018-01-01

    This study aims to examine the effects of tax avoidance, accrual profit management, real profit management, and capital intensity on equity costs. The population of this study is a manufacturing company listed on the Indonesia Stock Exchange which amounted to 146 companies. The sampling technique used was purposive sampling and resulted in 420 units of analysis. This type of research is quantitative causality by performing hypothesis testing analysis is done by using multiple linear regressio...

  15. 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...

  16. 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.

  17. 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...

  18. 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.

  19. EAST ASIAN CORPORATE GOVERNANCE: A TEST OF THE RELATION BETWEEN CAPITAL STRUCTURE AND FIRM PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Ari Warokka

    2011-07-01

    Full Text Available Corporate governance theory predicts that leverage affects agency costs and thereby influences firm performance. Agency costs represent important problems in corporate governance in both financial and non-financial industries. Prior evidences have demonstrated an association between ownership structures, capital structure, and firm performance. This study extends the literature by proposing a further link between capital structure and firm performance in term of post Asian Financial Crisis that is rarely investigated. Using an agency framework, the research argues that the distribution of equity ownership among corporate managers and external block holders has a significant relationship with leverage and firm performance, and there is reverse causality effect between ownership structure, capital structure, and firm performance. The paper tests two hypotheses that explore various aspects of this relationship. This study uses 532 East Asian companies, which are located in INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCE STUDIES Vol 3, No 2, 2011 ISSN: 1309-8055 (Online 2 seven most affected countries when the crisis took place during period 1996-1997. The time frame of analysis is 2000-2001 period that is believed as a start of recovery period. Statistic methods used for testing the hypothesis are t-test and multivariate regression model. The empirical results indicate that the East Asian companies after the crisis apply the efficiency-risk argument. In analyzing the reverse causation of capital structure and corporate performance relation, the result confirms the incentive signaling approach, which debt can be used to signal the fact that firm has prospect and equity issues may be interpreted as a negative signal.

  20. 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

  1. 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.

  2. 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.

  3. 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.

  4. 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

  5. Capital Flight from Russia

    OpenAIRE

    Prakash Loungani; Paolo Mauro

    2000-01-01

    This paper documents the scale of capital flight from Russia, compares it with that observed in other countries, and reviews policy options. The evidence from other countries suggests that capital flight can be reversed once reforms take hold. The paper argues that capital flight from Russia can only be curbed through a medium-term reform strategy aimed at improving governance and macroeconomic performance, and strengthening the banking system. Capital controls result in costly distortions an...

  6. The impact of Energy Performance Certificates on the rental and capital values of commercial property assets

    Energy Technology Data Exchange (ETDEWEB)

    Fuerst, Franz, E-mail: ff274@cam.ac.uk [Department of Land Economy, University of Cambridge, 19 Silver Street, Cambridge, CB3 9EP (United Kingdom); McAllister, Patrick [Real Estate and Planning, Henley Business School, University of Reading, RG6 5UD (United Kingdom)

    2011-10-15

    This paper focuses on the effect of energy performance ratings on appraised capital values, rental values and equivalent yields of UK commercial property assets. The study is based on a cross-section of 708 commercial property assets. Incorporating a range of potential confounding factors such as unexpired lease term, vacancy rate and tenant credit risk, we use hedonic regression procedures to estimate the effect of EPC rating on rental and capital values. The study finds no evidence of a significant relationship between environmental and/or energy performance and rental and capital values. A small subset of 24 BREEAM-rated assets is also tested for significant price effects but a statistically significant effect is only confirmed for equivalent yields. Similarly, there was no evidence that the EPC rating had any effect on Market Rent or Market Value with only minor effects of EPC ratings on equivalent yields. The preliminary conclusion is that energy labelling is not yet having the effects on Market Values and Market Rents that would be expected if high EPC ratings were associated with substantial cost savings that are fully reflected in capital values and/or were readily available and taken into account by prospective tenants and buyers. - Highlights: > Finds no significant effect of EPC ratings on commercial real estate values. > Expected relationships with other price determinants, e.g. age, location confirmed. > Analysis provides some support for effect of EPC and BREEAM rating on yields.

  7. The impact of Energy Performance Certificates on the rental and capital values of commercial property assets

    International Nuclear Information System (INIS)

    Fuerst, Franz; McAllister, Patrick

    2011-01-01

    This paper focuses on the effect of energy performance ratings on appraised capital values, rental values and equivalent yields of UK commercial property assets. The study is based on a cross-section of 708 commercial property assets. Incorporating a range of potential confounding factors such as unexpired lease term, vacancy rate and tenant credit risk, we use hedonic regression procedures to estimate the effect of EPC rating on rental and capital values. The study finds no evidence of a significant relationship between environmental and/or energy performance and rental and capital values. A small subset of 24 BREEAM-rated assets is also tested for significant price effects but a statistically significant effect is only confirmed for equivalent yields. Similarly, there was no evidence that the EPC rating had any effect on Market Rent or Market Value with only minor effects of EPC ratings on equivalent yields. The preliminary conclusion is that energy labelling is not yet having the effects on Market Values and Market Rents that would be expected if high EPC ratings were associated with substantial cost savings that are fully reflected in capital values and/or were readily available and taken into account by prospective tenants and buyers. - Highlights: → Finds no significant effect of EPC ratings on commercial real estate values. → Expected relationships with other price determinants, e.g. age, location confirmed. → Analysis provides some support for effect of EPC and BREEAM rating on yields.

  8. Cost sharing and HEDIS performance.

    Science.gov (United States)

    Chernew, Michael; Gibson, Teresa B

    2008-12-01

    Physicians, health plans, and health systems are increasingly evaluated and rewarded based on Health Plan Effectiveness Data and Information Set (HEDIS) and HEDIS-like performance measures. Concurrently, employers and health plans continue to try to control expenditures by increasing out-of-pocket costs for patients. The authors use fixed-effect logit models to assess how rising copayment rates for physician office visits and prescription drugs affect performance on HEDIS measures. Findings suggest that the increase in copayment rates lowers performance scores, demonstrating the connection between financial aspects of plan design and quality performance, and highlighting the potential weakness of holding plans and providers responsible for performance when payers and benefit plan managers also influence performance. Yet the effects are not consistent across all domains and, in many cases, are relatively modest in magnitude. This may reflect the HEDIS definitions and suggests that more sensitive measures may capture the impact of benefit design changes on performance.

  9. 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

  10. The role of financial market performance in hospital capital investment.

    Science.gov (United States)

    Reiter, Kristin L; Song, Paula H

    2011-01-01

    Many not-for-profit hospitals hold large portfolios of financial investments, making them vulnerable to fluctuations in market performance. This article examines the association of bond and equity market performance with investment in property, plant, and equipment by 194 not-for-profit general hospitals in California over the period 1997 to 2006. The study combines retrospective panel data from the California Office of Statewide Health Planning and Development with year-end returns on the S&P 500 and ten-year US Treasury bonds. Using fixed-effects regression, we find a significant positive association between S&P 500 performance and hospitals' capital investment; investment is not correlated with ten-year Treasury bond performance.

  11. Rightsizing HVAC Systems to Reduce Capital Costs and Save Energy

    Science.gov (United States)

    Sebesta, James

    2010-01-01

    Nearly every institution is faced with the situation of having to reduce the cost of a construction project from time to time through a process generally referred to as "value engineering." Just the mention of those words, however, gives rise to all types of connotations, thoughts, and memories (usually negative) for those in the…

  12. 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.)

  13. The associations between organizational social capital, perceived health, and employeese performance in two dutch companies

    NARCIS (Netherlands)

    Scheppingen, A.R. van; Vroome, E.M.M. de; Have, K.C.J.M. ten; Bos, E.H.; Zwetsloot, G.I.J.M.; Mechelen, W. van

    2013-01-01

    OBJECTIVE: To examine the associations between organizational (bonding, bridging, and linking) social capital, employees' health, and employees' performance. METHODS: Linear regression on cross-sectional data among 718 employees in two Dutch companies. RESULTS: Organizational social capital was

  14. Molten Salt: Concept Definition and Capital Cost Estimate

    Energy Technology Data Exchange (ETDEWEB)

    Stoddard, Larry [Black & Veatch, Kansas City, MO (United States); Andrew, Daniel [Black & Veatch, Kansas City, MO (United States); Adams, Shannon [Black & Veatch, Kansas City, MO (United States); Galluzzo, Geoff [Black & Veatch, Kansas City, MO (United States)

    2016-06-30

    The Department of Energy’s (DOE’s) Office of Renewable Power (ORP) has been tasked to provide effective program management and strategic direction for all of the DOE’s Energy Efficiency & Renewable Energy’s (EERE’s) renewable power programs. The ORP’s efforts to accomplish this mission are aligned with national energy policies, DOE strategic planning, EERE’s strategic planning, Congressional appropriation, and stakeholder advice. ORP is supported by three renewable energy offices, of which one is the Solar Energy Technology Office (SETO) whose SunShot Initiative has a mission to accelerate research, development and large scale deployment of solar technologies in the United States. SETO has a goal of reducing the cost of Concentrating Solar Power (CSP) by 75 percent of 2010 costs by 2020 to reach parity with base-load energy rates, and to reduce costs 30 percent further by 2030. The SunShot Initiative is promoting the implementation of high temperature CSP with thermal energy storage allowing generation during high demand hours. The SunShot Initiative has funded significant research and development work on component testing, with attention to high temperature molten salts, heliostats, receiver designs, and high efficiency high temperature supercritical CO2 (sCO2) cycles. DOE retained Black & Veatch to support SETO’s SunShot Initiative for CSP solar power tower technology in the following areas: 1. Concept definition, including costs and schedule, of a flexible test facility to be used to test and prove components in part to support financing. 2. Concept definition, including costs and schedule, of an integrated high temperature molten salt (MS) facility with thermal energy storage and with a supercritical CO2 cycle generating approximately 10MWe. 3. Concept definition, including costs and schedule, of an integrated high temperature falling particle facility with thermal energy storage and with a supercritical CO2

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

    Energy Technology Data Exchange (ETDEWEB)

    1984-07-01

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

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

    International Nuclear Information System (INIS)

    1984-07-01

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

  17. The Influence of Relational Capital on Product Innovation Performance at Innovative SMEs

    OpenAIRE

    Dorrego, Pedro Figueroa; Costa, Ricardo; Fernández, Carlos Fernández-Jardon

    2013-01-01

    The authors build on the intellectual capital and new product development perspectives to study the influence of relational capital on product innovation performance. An empirical research was conducted, using a questionnaire administered to Portuguese innovative SMEs. The results suggest that relational capital does have a positive effect on product innovation performance. In particular, ”Vertical relationships” stands out as the main relational capital element significantly affecting produ...

  18. Hospital Merger Increased Medicare and Medicaid Payments for Capital Costs.

    Science.gov (United States)

    1983-12-22

    15 provisions relating to depreciation and appraisals, i.e., the very subjects addressed by the draft report, expressly incorporate GAAP . For example...the historical cost for depreciation purposes of "owned" assets and, as stated be- fore, (see p. 54) places limitations on the use of GAAP for es...increased because of the acquisition by a net amount of about $55 million attributable to changes in interest, depreciation , and home office expenses. A

  19. Falling Particles: Concept Definition and Capital Cost Estimate

    Energy Technology Data Exchange (ETDEWEB)

    Stoddard, Larry [Black & Veatch, Kansas City, MO (United States); Galluzzo, Geoff [Black & Veatch, Kansas City, MO (United States); Adams, Shannon [Black & Veatch, Kansas City, MO (United States); Andrew, Daniel [Black & Veatch, Kansas City, MO (United States)

    2016-06-30

    The Department of Energy’s (DOE) Office of Renewable Power (ORP) has been tasked to provide effective program management and strategic direction for all of the DOE’s Energy Efficiency & Renewable Energy’s (EERE’s) renewable power programs. The ORP’s efforts to accomplish this mission are aligned with national energy policies, DOE strategic planning, EERE’s strategic planning, Congressional appropriation, and stakeholder advice. ORP is supported by three renewable energy offices, of which one is the Solar Energy Technology Office (SETO) whose SunShot Initiative has a mission to accelerate research, development and large scale deployment of solar technologies in the United States. SETO has a goal of reducing the cost of Concentrating Solar Power (CSP) by 75 percent of 2010 costs by 2020 to reach parity with base-load energy rates, and to reduce costs 30 percent further by 2030. The SunShot Initiative is promoting the implementation of high temperature CSP with thermal energy storage allowing generation during high demand hours. The SunShot Initiative has funded significant research and development work on component testing, with attention to high temperature molten salts, heliostats, receiver designs, and high efficiency high temperature supercritical CO2 (sCO2) cycles.

  20. Electrostatic direct energy converter performance and cost scaling laws

    International Nuclear Information System (INIS)

    Hoffman, M.A.

    1977-08-01

    This study is concerned with electrostatic type direct energy converters for direct recovery of a large fraction of the plasma ion energy from fusion reactors. Simplified equations are presented for each of the important loss mechanisms in both single-stage direct converters and multistage ''Venetian Blind'' type direct converters. These equations can be used to estimate the efficiency and electric power output of the direct converter subsystem. Scaling relations for the cost of each major component in the direct converter subsystem are also given; these include the vacuum tank, direct converter modules, the DC power conditioning equipment, cryogenic vacuum pumping system and the thermal bottoming plant. The performance and cost scaling laws have been developed primarily for use in overall fusion power plant systems codes. However, to illustrate their utility, cost-effectiveness studies of two specific reference direct converter designs are presented in terms of the specific capital costs (i.e., the capital cost per unit electric power produced) for the Direct Converter Subsystem alone. Some examples of design improvements which can significantly reduce the specific capital costs of the Direct Converter Subsystem are also given

  1. 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

  2. Intellectual capital and financial performance: A study of the Turkish Banking Sector

    Directory of Open Access Journals (Sweden)

    Nasif Ozkan

    2017-09-01

    Full Text Available The purpose of this study is to analyze the relationship between the intellectual capital performance and financial performance of 44 banks operating in Turkey between 2005 and 2014. The intellectual capital performance of banks is measured through the value added intellectual coefficient (VAIC methodology. The intellectual capital performance of the Turkish banking sector is generally affected by human capital efficiency (HCE. In terms of bank types, development and investment banks have the highest average VAIC. When VAIC is divided into its components, it can be observed that capital employed efficiency (CEE and human capital efficiency (HCE positively affect the financial performance of banks. However, CEE has more influence on the financial performance of banks compared to HCE. Therefore, banks operating in the Turkish banking sector should use their financial and physical capitals if they wish to reach a higher profitability level.

  3. 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.

  4. Capital and Operating Cost of Small Arsenic Removal System and their Most Frequent Maintenance Problems

    Science.gov (United States)

    This presentation will first summarize the capital and operating cost of treatment systems by type and size of the systems. The treatment systems include adsorptive media (AM) systems, iron removal (IR), coagulation/filtration (CF), ion exchange (IX) systems, and point-of-use rev...

  5. Does Access to Finance Lower Firms’ Cost of Capital? Empirical Evidence from International Manufacturing Data

    NARCIS (Netherlands)

    Lashitew, Addisu A.

    2011-01-01

    Lack of access to finance is argued to be one of the most binding constraints for firm growth. There is, however, limited empirical evidence on the relationship between access to finance and the cost of capital. This paper uses international manufacturing data to analyze the effect of access to

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

    OpenAIRE

    David Castillo-Merino; Carlota Menéndez-Plans; Neus Orgaz-Guerrero

    2014-01-01

    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). Find...

  7. Enhance hospital performance from intellectual capital to business intelligence.

    Science.gov (United States)

    Karami, Mahtab; Fatehi, Mansoor; Torabi, Mashallah; Langarizadeh, Mostafa; Rahimi, Azin; Safdari, Reza

    2013-01-01

    Business intelligence (BI) refers to technologies, tools, and practices for collecting, integrating, analyzing, and presenting large volumes of information to enable better decision making. The aim of this study is to provide a general overview of BI and its impacts on improving hospital performance. In this paper, literature is reviewed on the concept, classification, and structure of intellectual capital and BI. Research on the building of BI and its impact on the performance of hospitals are briefly summarized. Some areas in healthcare which can utilize BI benefits, including radiology, are also discussed. Used properly, BI is an effective communication tool that can enable hospitals to reach strategic goals and objectives and can also help eliminate information asymmetry.

  8. Some adjustments to the human capital and the friction cost methods.

    Science.gov (United States)

    Targoutzidis, Antonis

    2018-03-21

    The cost of lost output is a major component of the total cost of illness estimates, especially those for the cost of workplace accidents and diseases. The two main methods for estimating this output, namely the human capital and the friction cost method, lead to very different results, particularly for cases of long-term absence, which makes the choice of method a critical dilemma. Two hidden assumptions, one for each method, are identified in this paper: for human capital method, the assumption that had the accident not happened the individual would remain alive, healthy and employed until retirement, and for friction cost method, the assumption that any created vacancy is covered by an unemployed person. Relevant adjustments to compensate for their impact are proposed: (a) to depreciate the estimates of the human capital method for the risks of premature death, disability or unemployment and (b) to multiply the estimates of the friction cost method with the expected number of job shifts that will be caused by a disability. The impact of these adjustments on the final estimates is very important in terms of magnitude and can lead to better results for each method.

  9. Developing a Cost Model and Methodology to Estimate Capital Costs for Thermal Energy Storage

    Energy Technology Data Exchange (ETDEWEB)

    Glatzmaier, G.

    2011-12-01

    This report provides an update on the previous cost model for thermal energy storage (TES) systems. The update allows NREL to estimate the costs of such systems that are compatible with the higher operating temperatures associated with advanced power cycles. The goal of the Department of Energy (DOE) Solar Energy Technology Program is to develop solar technologies that can make a significant contribution to the United States domestic energy supply. The recent DOE SunShot Initiative sets a very aggressive cost goal to reach a Levelized Cost of Energy (LCOE) of 6 cents/kWh by 2020 with no incentives or credits for all solar-to-electricity technologies.1 As this goal is reached, the share of utility power generation that is provided by renewable energy sources is expected to increase dramatically. Because Concentrating Solar Power (CSP) is currently the only renewable technology that is capable of integrating cost-effective energy storage, it is positioned to play a key role in providing renewable, dispatchable power to utilities as the share of power generation from renewable sources increases. Because of this role, future CSP plants will likely have as much as 15 hours of Thermal Energy Storage (TES) included in their design and operation. As such, the cost and performance of the TES system is critical to meeting the SunShot goal for solar technologies. The cost of electricity from a CSP plant depends strongly on its overall efficiency, which is a product of two components - the collection and conversion efficiencies. The collection efficiency determines the portion of incident solar energy that is captured as high-temperature thermal energy. The conversion efficiency determines the portion of thermal energy that is converted to electricity. The operating temperature at which the overall efficiency reaches its maximum depends on many factors, including material properties of the CSP plant components. Increasing the operating temperature of the power generation

  10. 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...

  11. 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

  12. Nexus Between Working Capital Management and Sectoral Performance

    Directory of Open Access Journals (Sweden)

    Suman Talreja

    2018-03-01

    Full Text Available This study aims to examine the impact of aggressive working capital factors/policies on firms’ performance to improve the financial health. Random and Fixed Effect models estimated by taking annual data of two major sectors: automobile and food sectors from 2006 to 2016. According to the findings, aggressive investment factor/policy (AIF has a negative impact on gross operating income (GOI in both sectors while aggressive financing factor/policy (AFF has an adverse effect on GOI in the food sector and positive impact on GOI in the automobile sector. The results of this study should be of great importance to investors, creditors, and financial analysts, especially after the global financial crisis and the collapses of giant organizations worldwide.DOI: 10.15408/ess.v8i1.7075

  13. Investigating the effects of intellectual capital on organizational performance measurement through organizational learning capabilities

    Directory of Open Access Journals (Sweden)

    Nabi ollah Nejatizadeh

    2013-01-01

    Full Text Available During the past few years, there have been growing interests on intellectual capital due to industrial changes on the market. Thus, identifying different ways to create, manage, and evaluate the impact of intellectual capital has remained an open area of research. One of the most important organizational capabilities, which could help organizations create and share knowledge is to effectively use knowledge to create competitive advantage. The primary objective of this study is to investigate the effects of intellectual capital on other components and their impacts on organizational learning capability. The statistical population includes 500 employees of an Iranian organization. The study uses a sample size including 273 people using Morgan statistical table and Cronbach's alpha is calculated as 0.838. The results of this survey indicate that human capital, relational capital and learning capabilities have positive impact on organizational performance. In addition, relational capital positively impacts learning capability and human capital influences positively on relational capital.

  14. 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).

  15. 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

  16. Working Capital Management, Corporate Performance, and Strategic Choices of the Wholesale and Retail Industry in China

    Directory of Open Access Journals (Sweden)

    Chuan-guo Li

    2014-01-01

    Full Text Available We examine the influence of strategic choice on working capital configurations and observe how the relationship between working capital ratio and operational performance differs depending on strategy. By clustering the strategic factors of the wholesale and retail industry, we find three categories of strategies: terminal market strategy, middle market strategy, and hybrid strategy. Using the panel data of the listed companies of the wholesale and retail industry as our sample, we analyze the differences in the ways companies configure working capital, the speed with which working capital adjusts to its target, and the effects of working capital on performance for companies that make different strategic choices. The empirical results suggest that working capital is configured and adjusted to its target in different ways under different competitive strategic choices. This effect is finally transferred to influence the relationship between working capital configuration and operational performance.

  17. Working capital management, corporate performance, and strategic choices of the wholesale and retail industry in China.

    Science.gov (United States)

    Li, Chuan-guo; Dong, Hui-min; Chen, Shou; Yang, Yan

    2014-01-01

    We examine the influence of strategic choice on working capital configurations and observe how the relationship between working capital ratio and operational performance differs depending on strategy. By clustering the strategic factors of the wholesale and retail industry, we find three categories of strategies: terminal market strategy, middle market strategy, and hybrid strategy. Using the panel data of the listed companies of the wholesale and retail industry as our sample, we analyze the differences in the ways companies configure working capital, the speed with which working capital adjusts to its target, and the effects of working capital on performance for companies that make different strategic choices. The empirical results suggest that working capital is configured and adjusted to its target in different ways under different competitive strategic choices. This effect is finally transferred to influence the relationship between working capital configuration and operational performance.

  18. Working Capital Management, Corporate Performance, and Strategic Choices of the Wholesale and Retail Industry in China

    Science.gov (United States)

    Li, Chuan-guo; Dong, Hui-min; Chen, Shou; Yang, Yan

    2014-01-01

    We examine the influence of strategic choice on working capital configurations and observe how the relationship between working capital ratio and operational performance differs depending on strategy. By clustering the strategic factors of the wholesale and retail industry, we find three categories of strategies: terminal market strategy, middle market strategy, and hybrid strategy. Using the panel data of the listed companies of the wholesale and retail industry as our sample, we analyze the differences in the ways companies configure working capital, the speed with which working capital adjusts to its target, and the effects of working capital on performance for companies that make different strategic choices. The empirical results suggest that working capital is configured and adjusted to its target in different ways under different competitive strategic choices. This effect is finally transferred to influence the relationship between working capital configuration and operational performance. PMID:25121141

  19. 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.

  20. The Effects of Tax Avoidance, Accrual Earnings Management, Real Earnings Management, and Capital Intensity on the Cost of Equity

    Directory of Open Access Journals (Sweden)

    Amrie Firmansyah

    2018-03-01

    Full Text Available This study aims to examine the effects of tax avoidance, accrual profit management, real profit management, and capital intensity on equity costs. The population of this study is a manufacturing company listed on the Indonesia Stock Exchange which amounted to 146 companies. The sampling technique used was purposive sampling and resulted in 420 units of analysis. This type of research is quantitative causality by performing hypothesis testing analysis is done by using multiple linear regression model. The findings of this research are tax avoidance will add to the risks that must be borne by investors thus increasing uncertainty over their investment. Investors consider that accrual profit management actions are opportunistic as risk-taking actions as well as real profit management actions. While on Capital Intensity, investors assume the information on the company’s fixed assets is not useful in making investment decisions. The conclusions that can be taken are tax avoidance, accrual profit management, and earnings management real positive to the cost of equity. However, capital intensity has a negative effect.

  1. APPLICATION, PERFORMANCE, AND COSTS OF ...

    Science.gov (United States)

    A critical review of biological treatment processes for remediation of contaminated soils is presented. The focus of the review is on documented cost and performance of biological treatment technologies demonstrated at full- or field-scale. Some of the data were generated by the U.S. Environmental Protection Agency's (EPA's) Bioremediation in the Field Program, jointly supported by EPA's Office of Research and Development, EPA's Office of Solid Waste and Emergency Waste, and the EPA Regions through the Superfund Innovative Technology Evaluation Program (SITE) Program. Military sites proved to be another fertile data source. Technologies reviewed in this report include both ex-situ processes, (land treatment, biopile/biocell treatment, composting, and bioslurry reactor treatment) and in-situ alternatives (conventional bioventing, enhanced or cometabolic bioventing, anaerobic bioventing, bioslurping, phytoremediation, and natural attenuation). Targeted soil contaminants at the documented sites were primarily organic chemicals, including BTEX, petroleum hydrocarbons, polycyclic aromatic hydrocarbons (PAHs), chlorinated aliphatic hydrocarbons (CAHs), organic solvents, polychlorinated biphenyls (PCBs), pesticides, dioxin, and energetics. The advantages, limitations, and major cost drivers for each technology are discussed. Box and whisker plots are used to summarize before and after concentrations of important contaminant groups for those technologies consider

  2. The impact of intellectual capital on firm performance: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mehran Matinfard

    2015-11-01

    Full Text Available The aim of the present research is to study the relationship between intellect capital components and performance evaluation indicators. For measuring intellectual capital, the study uses Pulic’s method [Pulic, A. (2000. VAIC™–an accounting tool for IC management. International Journal of Technology Management, 20(5-8, 702-714.], which consists of three components of physical capital efficiency, human capital efficiency and structural capital efficiency. In the present study first, the value of the intellectual capital of the companies listed on Tehran Stock Exchange over the period 2006-2012 is calculated. Next, the relationship between the components of intellectual capital and financial return of the companies are evaluated. For calculating the financial performance 8 performance indicators in 5 groups presenting market value, profitability, activity, capital return, orientation on value creation are used. In the present research the statistical method used for data analysis is multiple regression and correlation coefficients. The selected sample of research includes 73 companies in continuous way for a time period of 7 years and the size of the company has been considered as a control variable. The findings indicate a positive and significant relationship between intellectual capital and financial performance of companies and a positive effect of the size of company on availability rate of intellectual capital and financial performance of a company.

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

    Directory of Open Access Journals (Sweden)

    mahmoud Gholami Karin

    2016-02-01

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

  4. 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 ...

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

    Directory of Open Access Journals (Sweden)

    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

  6. Conservatism and the Cost of Equity Capital: a Multi-dimensional Measurement Approach

    OpenAIRE

    Gamaliel, Hendrik; Sugiri, Slamet

    2013-01-01

    Conservatism is a permanent phenomenon and issue in the accounting practice. It has beendeveloping in two forms, ex ante and ex post, measured in various ways—the accruals,valuation model, and book-to-market measures. Prior studies document inconclusive findingson the association between conservatism and the cost of equity capital. These inconsistentfindings motivate us to examine whether the various measures of conservatism have differenteffects on the relationship between conservatism and t...

  7. Demand of Insurance under the Cost-of-Capital Premium Calculation Principle

    Directory of Open Access Journals (Sweden)

    Michael Merz

    2014-06-01

    Full Text Available We study the optimal insurance design problem. This is a risk sharing problem between an insured and an insurer. The main novelty in this paper is that we study this optimization problem under a risk-adjusted premium calculation principle for the insurance cover. This risk-adjusted premium calculation principle uses the cost-of-capital approach as it is suggested (and used by the regulator and the insurance industry.

  8. Corporate governance, intellectual capital and performance: Evidence from the public sector in the GCC

    Directory of Open Access Journals (Sweden)

    Udo Braendle

    2017-09-01

    Full Text Available This unique study tries to link corporate governance, intellectual capital and organizational performance in the public sector in the Gulf Cooperation Council (GCC. To do so we collected data from 371 managers in public entities within the GCC region. Our findings indicate the importance of corporate governance (in form of human, social and structural capital to enhance performance in the public sector. Not only have those, results showed that the examined forms of capital are interrelated. We therefore support earlier findings that attribute impact of intellectual capital variables on performance. These results are highly relevant within the context of the GCC public sector. The findings of the papers help both, scholars and practitioners: the findings of the paper help to better understand the links between corporate governance and intellectual capital. Further, the study provides – based on GCC public sector data - the unique opportunity to see the interrelationships between corporate governance, intellectual capital and performance within the GCC public sector

  9. Comparing methodologies for the allocation of overhead and capital costs to hospital services.

    Science.gov (United States)

    Tan, Siok Swan; van Ineveld, Bastianus Martinus; Redekop, William Ken; Hakkaart-van Roijen, Leona

    2009-06-01

    Typically, little consideration is given to the allocation of indirect costs (overheads and capital) to hospital services, compared to the allocation of direct costs. Weighted service allocation is believed to provide the most accurate indirect cost estimation, but the method is time consuming. To determine whether hourly rate, inpatient day, and marginal mark-up allocation are reliable alternatives for weighted service allocation. The cost approaches were compared independently for appendectomy, hip replacement, cataract, and stroke in representative general hospitals in The Netherlands for 2005. Hourly rate allocation and inpatient day allocation produce estimates that are not significantly different from weighted service allocation. Hourly rate allocation may be a strong alternative to weighted service allocation for hospital services with a relatively short inpatient stay. The use of inpatient day allocation would likely most closely reflect the indirect cost estimates obtained by the weighted service method.

  10. Capital cost evaluation of liquid metal reactor by plant type - comparison of modular type with monolithic type -

    International Nuclear Information System (INIS)

    Mun, K. H.; Seok, S. D.; Song, K. D.; Kim, I. C.

    1999-01-01

    A preliminary economic comparison study was performed for KALIMER(Korea Advanced LIquid MEtal Reactor)between a modular plant type with 8 150MWe modules and a 1200MWe monolithic plant type. In both cases of FOAK (First-Of-A-Kind) Plant and NOAK (Nth-Of-A-Kind) Plant, the result says that the economics of monolithic plant is superior to its modular plant. In case of NOAK plant comparison, however, the cost difference is not significant. It means that modular plant can compete with monolithic plant in capital cost if it makes efforts of cost reduction and technical progress on the assumption that the same type of NOAK plant will be constructed continuously

  11. The impact of intellectual capital on performance: Evidence from the public sector

    OpenAIRE

    Assaad Farah; Shadi Abouzeid

    2017-01-01

    This paper investigates the influence of intellectual capital on organizational performance in the public sector and studies the interconnections between intellectual capital variables within the latter setting. It follows a quantitative research approach where data was collected from 371 employees in a public entity within the Gulf Cooperation Council (GCC) region. The findings highlight the importance of human, social and organizational capital in enhancing performance in the studied organi...

  12. Corporate governance, intellectual capital and performance: Evidence from the public sector in the GCC

    OpenAIRE

    Udo Braendle; Assaad Farah; Patrick Balian

    2017-01-01

    This unique study tries to link corporate governance, intellectual capital and organizational performance in the public sector in the Gulf Cooperation Council (GCC). To do so we collected data from 371 managers in public entities within the GCC region. Our findings indicate the importance of corporate governance (in form of human, social and structural capital) to enhance performance in the public sector. Not only have those, results showed that the examined forms of capital are interrelated....

  13. The Impact of capital structure on the performance efficiency of Baltic listed companies

    OpenAIRE

    Norvaišienė, Rasa

    2012-01-01

    The capital structure can influence the behavior of the company as well as its performance results and its value. However, the effect can be quite different. The financial indicators of Lithuanian, Latvian and Estonian listed companies published in their annual reports have been used in order to investigate the impact of capital structure on performance efficiency of the companies. The research included data of only non-financial companies, because the capital structure of financial instituti...

  14. 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...

  15. THEORETICAL FRAMEWORK ON CAPITAL STRUCTURE AND FIRM'S PERFORMANCE

    OpenAIRE

    L. Senthil Kumar

    2017-01-01

    Capital structure is the composition of debt and equity securities that are used to finance company’s assets. Both debt and equity securities are used by most of the companies to raise funds. Having determined its investment policy, a company should plan the sources of finance and their mix. Companies which do not formally plan their capital structures are likely to face difficulties in raising capital on favourable terms in the long-run. Financial experts and authorities differ as to the com...

  16. Impact of gender and ethnic composition of South African boards of directors on intellectual capital performance

    Directory of Open Access Journals (Sweden)

    J-L. W. Mitchell Van der Zahn

    2006-01-01

    Full Text Available This study examines the association between the gender and ethnic composition of boards of directors and firm performance in a transitional nation. In contrast to prior research that largely focuses on firm performance within a financial context, this study concentrates on intellectual capital performance. Using data collected from 84 South African, empirical results indicate a positive association between the percentage of female and non-white directors on the board and a firm’s intellectual capital performance. Additional analysis shows the designation of female directors as an insider has a negative effect of intellectual capital performance. Designation of female and non-white directors as outsiders, meanwhile, has a positive influence on a firm’s intellectual capital performance. Finally, there was no association between the percentage of non-white inside directors on the board and intellectual capital performance.

  17. Capital cost: pressurized water reactor plant. Commerical electric power cost studies

    International Nuclear Information System (INIS)

    1977-06-01

    The investment cost study for the 1139-MW(e) pressurized water reactor (PWR) central station power plant consists of two volumes. This volume includes in addition to the foreword and summary, the plant description and the detailed cost estimate

  18. 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

  19. 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

  20. 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.

  1. Performance of the Higher Education Students Loans Board in Human Capital Investment from 2005-2015

    Science.gov (United States)

    Memba, Albert Zephaniah; Feng, Zhao Zun

    2016-01-01

    Many studies conducted on the Higher Education Students Loans Board (HESLB) have mostly concentrated on its success, sustainability and effectiveness on loans issuance and repayment. None had focused on its performance towards human capital investment. This study sought to explain and analyze HESLB's performance in human capital investment, which…

  2. Figuring what’s fair: The cost of equity capital for renewable energy in emerging markets

    International Nuclear Information System (INIS)

    Donovan, Charles; Nuñez, Laura

    2012-01-01

    The appropriate cost of capital for a renewable energy project depends upon an accurate measure of investment risk. Employing the conceptual framework of a commonly accepted asset pricing model, we analyze the risk faced by renewable energy investors in large emerging markets. We find that firms in Brazil, China and India expose multinational investors to the same risk as investing in emerging markets generally. The risk to domestic investors in those same firms ranges from substantially below-average to above-average, depending upon the country. The results are robust across several model versions and statistical techniques. With an eye toward government efforts to encourage the deployment of renewable energy in developing countries, we establish a range of estimates for the required return on equity capital in this fast-growing and politically important economic sector.

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

    OpenAIRE

    Magni, Carlo Alberto

    2007-01-01

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

  4. The relationship between intellectual capital quality and corporate performance: An empirical study of Russian and European companies

    Directory of Open Access Journals (Sweden)

    Shakina Elena

    2012-01-01

    Full Text Available The purpose of this research is to develop cost-effectiveness tools for the analysis of company’s intellectual resources, in terms of resource-based and value-based approaches. Our study focuses on the evaluation of intellectual capital methods to discover the drivers of company growth. We suppose that the potential effectiveness of intellectual capital resources varies according to different institutional factors. Several statistical methods will be used for the empirical issues in this research, including common cross-sectional and panel data analysis, and the instrumental variables method. The database collected for this purpose will consist of financial and economic indicators underlying the intellectual capital evaluation, such as strategic performance indicators (EVA© and FGV©. The dataset includes companies from different countries and industries according to the Knowledge Economy Index of the World Bank. The industries presented in the dataset are selected according to the predominance of several intellectual capital elements. The database includes financial services, wholesale and retail trade, machinery and equipment manufacture, the chemical industry, and transport and communications. As a result of the empirical research, we expect to answer the following questions: • Is there a close relationship between intellectual capital quality and company performance? • What are the external and internal factors affecting this relationship? (country, industry, company size, market dynamics, etc.

  5. Performance of brazilian state capitals as tourism destinations

    Directory of Open Access Journals (Sweden)

    Erick da Silva Santos

    2015-04-01

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

  6. Improving performance and reducing costs of cooling towers

    International Nuclear Information System (INIS)

    Bartz, J.A.

    1992-01-01

    Cooling towers represent a significant capital investment at a steam electric power station. In addition, deficiencies in thermal performance can result in major operating penalties of fuel cost, replacement energy, and capacity addition. This paper summarizes two recent EPRI research projects aimed at reducing thermal performance deficiencies and decreasing installed costs of evaporative cooling towers. First, EPRI Research Project 2113, Cooling Tower Performance Prediction and Improvement, is summarized. This project has resulted in published data sets on the measured thermal performance characteristics of a variety of cooling tower packings, computer codes to predict tower performance, and computer code validation through large-scale tower performance measurements. Principal results are contained in an EPRIGEMS software module, Cooling Tower Advisor. This PC- based software contains a tutorial plus codes to predict tower thermal performance, arranged in a user-friendly format. The second EPRI effort, Research Project 2819-10/11, Fabric Structures for Power Plant Applications, has resulted in designs and costs of large structures with shells constructed of recently-developed fabrics. Primary power plant applications for such structures are the shells of natural draft cooling towers and coal-pile covers. Fabric structures offer low initial cost, acceptable life, and seismic superiority, among other advantages. Detailed conceptual designs and installed cost data are reviewed. 8 refs., 9 figs., 3 tabs

  7. Capital cost: pressurized water reactor plant. Commercial electric power cost studies

    Energy Technology Data Exchange (ETDEWEB)

    1977-06-01

    The investment cost study for the 1139 MW(e) pressurized water reactor (PWR) central station power plant consists of two volumes. This volume contains the drawings, equipment list and site description.

  8. Capital cost: pressurized water reactor plant. Commercial electric power cost studies

    International Nuclear Information System (INIS)

    1977-06-01

    The investment cost study for the 1139 MW(e) pressurized water reactor (PWR) central station power plant consists of two volumes. This volume contains the drawings, equipment list and site description

  9. 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

  10. The impact of intellectual capital on performance: Evidence from the public sector

    Directory of Open Access Journals (Sweden)

    Assaad Farah

    2017-06-01

    Full Text Available This paper investigates the influence of intellectual capital on organizational performance in the public sector and studies the interconnections between intellectual capital variables within the latter setting. It follows a quantitative research approach where data was collected from 371 employees in a public entity within the Gulf Cooperation Council (GCC region. The findings highlight the importance of human, social and organizational capital in enhancing performance in the studied organization. Furthermore, the results show that the examined forms of capital can be interconnected. These outcomes support the earlier findings on the positive impact of intellectual capital variables on performance and, provide valuable and rather rare insights on the latter interrelationships within the GCC public sector.

  11. Social Capital and School Performance: A Local-Level Test.

    Science.gov (United States)

    Plagens, Gregory K.

    Scholars theorize that social contacts affect the productivity of individuals and groups. Robert Putnam claims to have found support for this theory in his studies of Italy and the United States. In each case he concludes that the presence of social capital generalized norms of trust and reciprocity is sufficient to predict progress on a variety…

  12. Fair Value Accounting and the Cost of Equity Capital: The Moderating Effect of Risk Disclosure

    Directory of Open Access Journals (Sweden)

    Dignah Ashwag

    2017-01-01

    Full Text Available Evidence thus far suggests fair value accounting poses risk and affects firms’ returns in some ways. This research, on a sample of Asian banks, improves the understanding of the information risk effect of fair value accounting by examining the moderating role of risk disclosure in the relationship between fair value accounting and the cost of equity capital. The results from a generalised method of moments on dynamic panel data analysis, show that risk disclosure mitigates the asymmetric information problem. Thus the findings contribute towards the standard setters’ effort in improving the practice of fair value accounting, and suggest that there are benefits in mandating disclosure especially for banks.

  13. Credit Constraints and Determinants of the Cost of Capital in Vietnamese Manufacturing

    DEFF Research Database (Denmark)

    Rand, John

    2007-01-01

    This paper examines the extent to which borrowing constraints restrict firm access to credit and identifies individual, firm, and loan characteristics, which determine the cost of capital in Vietnamese manufacturing. Using direct information from a Vietnamese enterprise survey the paper shows...... to have the necessary time to go through the many administrative difficulties in the formal credit system if they want to "seize the day". Finally, collateralized loans face larger interest rates, explained by the significant influence of "policy lending" in Vietnamese credit markets...

  14. Does Teacher Evaluation Mediate the Effect of Cultural Capital on Educational Performance?

    DEFF Research Database (Denmark)

    Lund, Asta Breinholt; Jæger, Mads Meier

    This study analyzes whether teachers' evaluations of children's academic skills mediate the effect of cultural capital on educational performance. We use ECLS-K data with repeated measures on children in 1st, 3rd and 5th grade and apply fixed effects models, that control for unobserved time...... invariant child and family characteristics. The analysis shows that teacher evaluations have positive effect on educational performance, but that cultural capital has no effect on teacher evaluations. Instead cultural capital has a direct positive effect on educational performance....

  15. 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.

  16. MANAGEMENT OF THE WORKING CAPITAL AND FIRM PERFORMANCE IN THE ROMANIAN PHARMACEUTICAL SECTOR

    Directory of Open Access Journals (Sweden)

    LAURA RAISA MILOŞ

    2014-12-01

    Full Text Available The objective of the study is to reveal the connection between working capital and firm performance, in the case of some selected Romanian pharmaceutical companies, listed on Bucharest Stock Exchange. Regression analysis was performed in order to check our hypothesis. The main conclusion of our study is that there is a negative, but weak relationship between working capital and firm performance. In other words, the shorter the period between production and sale of products, the larger firm’s profitability.

  17. Internal Capital Market Controls and Financial Performance in Multidivisional Firms.

    OpenAIRE

    Hill, Charles W L

    1988-01-01

    It is proposed that, within the population of M-form firms, the control systems necessary to realize economic benefits from interrelationships between subunits o f a firm are incompatible with the systems necessary to realize benef its from an M-form type internal capital market. This hypothesis is t ested on 156 large U.K. firms. Questionnaire data are used to classif y the firms according to their internal control characteristics. The findings provide tentative support for the hypothesis. C...

  18. 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.

  19. 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.

  20. PREPS2 - a PC-based computer program for performing economic analysis of capital projects

    International Nuclear Information System (INIS)

    Blake, M.W.; Brand, D.O.; Chastain, E.T.; Johnson, E.D.

    1990-01-01

    In these times of increased spending to finance new capacity and to meet clean air act legislation, many electric utilities are giving a high priority to controlling capital expenditures at existing generating facilities. Determining the level of capital expenditures which are economically justified is very difficult; units which have higher capacity factors are worth more to the utility. Therefore, the utility can more readily justify higher capital expenditures to improve or maintain reliability and heat rate than on units with lower capacity factors. This paper describes a PC-based computer program (PREPS2) which performs an economic analysis of individual capital projects. The program incorporates tables which describe the worth to the system of making improvements in each unit. This computer program is currently being used by the six Southern Company operating companies to evaluate all production capital projects over $50,000. Approximately 500 projects representing about $300 million are being analyzed each year

  1. The effects of intellectual capital on financial performance: A case study of petrochemical and pharmaceutical firms

    Directory of Open Access Journals (Sweden)

    Naser Azad

    2012-04-01

    Full Text Available There is no doubt that traditional accounting does not provide actual value of assets since they only measure tangible assets. Intellectual capital provides a new concept for measuring actual value of the assets and we can calculate future values of the firm. In this paper, we first calculate intellectual capital based on the ratio of market value/book value for three years period. Then we investigate the relationship between intellectual capital and growth rate of intellectual capital as well as financial performance of some publicly traded petrochemical and pharmaceutical firms. The results of our survey indicate that there is a positive relationship between intellectual capital and equity growth with EVA and return of assets. However, there is no meaningful relationship between intellectual assets with net earnings.

  2. Cost and Performance Model for Photovoltaic Systems

    Science.gov (United States)

    Borden, C. S.; Smith, J. H.; Davisson, M. C.; Reiter, L. J.

    1986-01-01

    Lifetime cost and performance (LCP) model assists in assessment of design options for photovoltaic systems. LCP is simulation of performance, cost, and revenue streams associated with photovoltaic power systems connected to electric-utility grid. LCP provides user with substantial flexibility in specifying technical and economic environment of application.

  3. Dutch elm disease control: performance and costs

    Science.gov (United States)

    William N., Jr. Cannon; David P. Worley

    1980-01-01

    Municipal programs to suppress Dutch elm disease have had highly variable results. Performance as measured by tree mortality was unrelated to control strategies. Costs for control programs were 37 to 76 percent less than costs without control programs in the 15-year time-span of the study. Only those municipalities that conducted a high-performance program could be...

  4. Creativity as an integral element of social capital and its role for economic performance

    OpenAIRE

    Westlund , Hans; Andersson, Martin; Karlsson, Charlie

    2013-01-01

    In this paper, we focus on the connections between creativity, social capital and economic performance and growth. Our working hypothesis is that both creativity and social capital influences the economy, both each per se, but also through their influence on each other. We regard creativity as one of the sources of entrepreneurship and innovation (although creativity also can have ‘bad’ consequences if bad actors such as criminals perform it). Depending on the types of networks and the norms ...

  5. Individual quality and age but not environmental or social conditions modulate costs of reproduction in a capital breeder.

    Science.gov (United States)

    Debeffe, Lucie; Poissant, Jocelyn; McLoughlin, Philip D

    2017-08-01

    Costs associated with reproduction are widely known to play a role in the evolution of reproductive tactics with consequences to population and eco-evolutionary dynamics. Evaluating these costs as they pertain to species in the wild remains an important goal of evolutionary ecology. Individual heterogeneity, including differences in individual quality (i.e., among-individual differences in traits associated with survival and reproduction) or state, and variation in environmental and social conditions can modulate the costs of reproduction; however, few studies have considered effects of these factors simultaneously. Taking advantage of a detailed, long-term dataset for a population of feral horses (Sable Island, Nova Scotia, Canada), we address the question of how intrinsic (quality, age), environmental (winter severity, location), and social conditions (group size, composition, sex ratio, density) influence the costs of reproduction on subsequent reproduction. Individual quality was measured using a multivariate analysis on a combination of four static and dynamic traits expected to depict heterogeneity in individual performance. Female quality and age interacted with reproductive status of the previous year to determine current reproductive effort, while no effect of social or environmental covariates was found. High-quality females showed higher probabilities of giving birth and weaning their foal regardless of their reproductive status the previous year, while those of lower quality showed lower probabilities of producing foals in successive years. Middle-aged (prime) females had the highest probability of giving birth when they had not reproduced the year before, but no such relationship with age was found among females that had reproduced the previous year, indicating that prime-aged females bear higher costs of reproduction. We show that individual quality and age were key factors modulating the costs of reproduction in a capital breeder but that

  6. Effect of increased regulation on capital costs and manual labor requirements of nuclear power plants

    International Nuclear Information System (INIS)

    Paik, S.; Schriver, W.R.

    1981-01-01

    An attempt is made to explain the impact of increasing governmental regulation on capital costs and labor requirements for constructing light water reactor (LWR) electric power plants. The principal factors contributing to these increases are: (1) market conditions and (2) increased regulation. General market conditions include additional costs attributable to price inflation of equipment, material, labor, and the increased cost of money. The central objective of this work is to estimate the impact of increasing regulation on plant costs and, conversely, on output. To do this it is necessary to isolate two opposing sets of forces which have been in operation during the period of major regulatory expansion: learning based upon plant design experience and economies of scale with increasing size (generating capacity) of newer plants. Conceptual models are specified to capture the independent effects of increasing regulation, learning, and economies of scale. Empirical results were obtained by estimating the models on data collected from industry experience during the 1967-1980 period. 23 refs

  7. Panel discussion : signals for capital investment : systems for assessing performance

    International Nuclear Information System (INIS)

    Shalaby, A.; Van Beers, R.; Keizer, C.; Taylor, R.; Rothstein, S.

    2003-01-01

    This session presented highlights of 5 panelists who discussed signals for capital investment in Ontario's newly opened electricity market. Four main issues were highlighted. The panelists emphasized that the industry does not want a market where the price is managed by anyone. They don't want government interference, which will undermine the market's integrity. In addition, the industry wants a market that reflects scarcity, as well as a transparent market, where all the necessary information is available to all players. It was noted that at the moment, green power is not the priority. Rather, emphasis should be placed on reliability, transmission planning, inter-regional coordination, and joint investments with neighbouring jurisdictions. figs

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

    Directory of Open Access Journals (Sweden)

    Mihaela Brindusa Tudose

    2014-12-01

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

  9. Provision of capital for shutdown, dismantling and disposal. Cost risks and proposals for reform for a responsibility related financing

    International Nuclear Information System (INIS)

    Kuechler, Swantje; Meyer, Bettina; Wronski, Rupert

    2014-01-01

    In Germany the latest discussion on the cost of nuclear phase-out, dismantling and waste disposal has shown that the provision of capital by the concerned companies for these challenges and the actual regulations are not sufficient for a long-term financing security. The study presents a reform concept including the need of improved transparency on the provision of capital, a differentiated financial statement, the introduction of a stock under public law for insolvency protection including a financing responsibility for the companies and subsequent payments in case of cost increase, and an increase of protection in case of insolvency.

  10. 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.

  11. KrF laser cost/performance model for ICF commercial applications

    International Nuclear Information System (INIS)

    Harris, D.B.; Pendergrass, J.H.

    1985-01-01

    Simple expressions suitable for use in commercial-applications plant parameter studies for the direct capital cost plus indirect field costs and for the efficiency as a function of repetition rate were developed for pure-optical-compression KrF laser fusion drivers. These simple expressions summarize estimates obtained from detailed cost-performance studies incorporating recent results of ongoing physics, design, and cost studies. Contributions of KrF laser capital charges and D and M costs to total levelized constant-dollar (1984) unit ICF power generation cost are estimated as a function of plant size and driver pulse energy using a published gain for short-wavelength lasers and representative values of plant parameters

  12. 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.

  13. Social capital and transaction cost on co-creating IT value towards inter-organizational EMR exchange.

    Science.gov (United States)

    Chang, Hsin Hsin; Hung, Chung-Jye; Huang, Ching Ying; Wong, Kit Hong; Tsai, Yi Ju

    2017-01-01

    This study adopts social capital theory and transaction cost theory to explore the feasibility of an inter-organizational cross-hospital electronic medical records (EMR) exchange system, and the factors that affect its adoption. The concept of value co-creation is also used to assess such a system, and its influence on the performance of participating medical institutes. This research collected 330 valid paper-based questionnaires from the medical staff of various institutes. The results showed that social interaction ties and shared vision positively affected medical institutes' willingness to adopt the EMR exchange system, while asset specificity and uncertainty increased the related transaction costs. With a greater willingness to invest in relation-specific assets and to meet the related transaction costs, this behavior lead to an increase in medical IT value, as well as better results for the related medical institutes, medical staff, and patients. Therefore, this study suggests that such institutes encourage their medical staff to participate in seminars or reunions in order to develop their professional and social networks, and set up clear schedules and desire for expected effects when introducing the cross-hospital EMR exchange system. Copyright © 2016 Elsevier Ireland Ltd. All rights reserved.

  14. Uncertainties in early-stage capital cost estimation of process design – a case study on biorefinery design

    DEFF Research Database (Denmark)

    Cheali, Peam; Gernaey, Krist; Sin, Gürkan

    2015-01-01

    Capital investment, next to the product demand, sales, and production costs, is one of the key metrics commonly used for project evaluation and feasibility assessment. Estimating the investment costs of a new product/process alternative during early-stage design is a challenging task, which......) the Monte Carlo technique as an error propagation method based on expert input when cost data are not available. Four well-known models for early-stage cost estimation are reviewed and analyzed using the methodology. The significance of uncertainties of cost data for early-stage process design...

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

    Directory of Open Access Journals (Sweden)

    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.

  16. Interactions Among Psychological Capital, Performance, Intention to Quit and Job Satisfaction: Moderating Effect of Gender

    Directory of Open Access Journals (Sweden)

    Fatih Çetin

    2015-10-01

    Full Text Available The main purpose of this study is to explore the effects of the psychological capital on job satisfaction, job performance and intention to quit and to determine the mediator and moderator roles of job satisfaction and gender in these relations. Focusing just the relations between variables, the data were collected with using survey method from 237 employees working different positions in a large scale private company in Ankara. The instruments were psychological capital scale (Luthans et al, 2007, job satisfaction scale (Hackman & Oldham, 1975, intention to quit scale (Mobley et al, 1978 and job performance ratings. Results showed that psychological capital has positive relations with job satisfaction and job performance, and negative relations with intention to quit; also job satisfaction has a mediator role in the relations between psychological capital and intention to quit. Moreover it was determined that gender has a moderator role in the relations of psychological capital- job satisfaction, and psychological capital-intention to quit. All these results were discussed in the light of previous findings.

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

    OpenAIRE

    Mohsen Iranmahd; Mahmoud Moeinaddin; Nasim Shahmoradi; Forough Heyrani

    2014-01-01

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

  18. Human Capital: Using Incentives to Motivate and Reward High Performance

    National Research Council Canada - National Science Library

    Brostek, Michael

    2000-01-01

    .... An agency's workforce defines its character and its capacity for performance. Thus, if federal agencies are to make major improvements in performance-based management as envisioned by the Government Performance and Results Act (GPRA...

  19. Activity based costing the performance breakthrough

    CERN Document Server

    Turney, Peter B B

    1996-01-01

    Activity-based costing is a method of measuring the cost and performance of activities, products and customers. It is increasingly being seen as a more accurate method of costing than conventional costing systems, which are being superseded by the fact that automation means that direct material and labour consumption is now a far less accurate means of apportioning overheads. This practical book outlines why conventional cost systems fail, before going on to cover the advantages of activity-based costing, and describing how to put the system in place successfully, and how to apply the lessons learnt quickly. The book takes the reader step-by-step through the various processes involved, from setting up the system, through its operation, to evaluation of the results.

  20. Cost and performance of innovative remediation technologies

    International Nuclear Information System (INIS)

    Cummings, J.B.; Kingscott, J.W.; Fiedler, L.D.

    1995-01-01

    The selection and use of more cost-effective remedies requires better access to data on the performance and cost of technologies used in the field. To make data more widely available, the US Environmental Protection Agency is working jointly with member agencies of the Federal Remediation Technologies Round table to publish case studies of full-scale remediation and demonstration projects. EPA, DoD, and DOE have published case studies of cleanup projects primarily consisting of bioremediation, soil vapor extraction, and thermal desorption. Within the limits of this initial data set, the paper evaluates technology performance and cost. In the analysis of cost factors, the paper shows the use of a standardized Work Breakdown Structure (WBS). Use of the WBS will be important in future reporting of completed projects to facilitate cost comparison. The paper notes the limits to normalization and thus cross-site comparison which can be achieved using the WBS. The paper identifies conclusions from initial efforts to compile cost and performance data, highlights the importance of such efforts to the overall remediation effort, and discusses future cost and performance documentation efforts

  1. Evaluation of Effect of Global Economic Meltdown on Capital Market Performance

    Directory of Open Access Journals (Sweden)

    ONAOLAPO ADEKUNLE RAHMAN

    2013-07-01

    Full Text Available The recent financial crisis that loomed the global economy was considered more inclusive than any other period of financial turmoil in the past 60 years. This paper evaluates the implications of the global economic meltdown on the Nigerian Capital Market Performance using the market capitalization of the Nigerian Stock Exchange as a major indicator. When the global economic meltdown came, it poses a recession on the Market Capitalization and the volume of share index of the Nation. This study depends entirely on secondary data in form of annual aggregate time series data of Market capitalization (dependent variable, exchange rate, interest rate, inflation rate, market share index with Dummy variable to represent the period of economic crisis. Ordinary least square of multiple regressions was used to analyze the data into econometric model while F-statistics was used to test for the formulated hypothesis. This study depicts that the global economic meltdown has a negative effect on the Capital Market Performance. It was therefore recommended that the Federal government and the regulatory agencies (CBN, NSE, SEC etc. should come up with intervention and fiscal policies that will suppress these effects and jumpstart the capital market and that the policies should be properly implemented and monitored.

  2. The impact structure of social capital on corporate performance: Empirical evidence from listed companies in China

    Institute of Scientific and Technical Information of China (English)

    SHI Junwei; FU Haiyan; HU Lijun

    2007-01-01

    Vertical relationships with the government, particular relational capital and organizational social network capital, constitute corporate social capital (CSC). Using the empirical data of 97 listed companies in China, this paper examines the impact of CSC on corporate performance, finds that CSC has a positive impact on sales revenue but an insignificant impact on the improvement of ROA. More specifically, when a firm enlarges its sales revenue, the function of organizational network capital is stronger than that of a particular relational capital and that of governmental connections. The paper also finds that state-owned enterprises (SOEs) have more advantages in using governmental connections, therefore leading to better social status than non-SOEs do, who have fewer advantages in using any particular relational capital. The article suggests that managers should appraise carefully the effectiveness of CSC, and combine it with other resources; firms should distinguish the structure of the impact of CSC on performance improvement in a dynamic way. With respect to the implication of this paper, it could help in analyzing firm behaviors in the transitional China.

  3. Sustentabilidade empresarial e o impacto no custo de capital próprio das empresas de capital aberto Sustainable development and consequences for equity costs in public companies

    Directory of Open Access Journals (Sweden)

    Lílian Simone Aguiar da Silva

    2006-12-01

    Full Text Available Este trabalho apresenta o impacto no custo de capital próprio para as empresas brasileiras de capital aberto face à adoção dos princípios de sustentabilidade. O conceito de desenvolvimento sustentável tem se aprimorado num processo contínuo de reavaliação da relação existente entre: crescimento econômico, a sociedade civil e o meio ambiente. O triple-bottom-line das dimensões econômica, ambiental e social da sustentabilidade tem emergido como um modelo de interpretação pelas empresas, embora cada uma dessas dimensões represente um grande desafio. O segmento corporativo vem atendendo às demandas cada vez maiores da sociedade frente a essas questões, ficando a dúvida quanto à legitimidade dessas ações e o questionamento relativo ao papel das empresas na economia e na sociedade. Para avaliar o impacto no custo de capital próprio, foi implementado um modelo de decomposição do beta em medidas contábeis de risco, incluindo uma variável referente à sustentabilidade. O resultado confirma a expectativa de que ao aderir aos padrões de sustentabilidade a empresa reduz o risco corporativo medido pelo risco sistemático, determinando a redução do custo de capital e aumento do valor econômico.This article provides an analysis of equity costs in Brazilian public companies regarding the adoption of sustainability principles. The concept of sustainable development has evolved considering the relation among economic growth, the society and the environment. The triple-bottom-line of economic, environmental, and social dimensions has emerged as an interpretation model by companies, although each of these dimensions may present a challenge. The corporate sector has faced an increasing demand from society regarding these sustainability concepts, though the actions and the role to be played by companies within this context are still being questioned. Equity costs were analyzed by a multivariate regression of beta on accounting measures

  4. Cost of soybean crop yield transgenic in Goias ( crop 2015/2016 equity x third capital

    Directory of Open Access Journals (Sweden)

    Sidney Jordan Silva

    2016-06-01

    Full Text Available Considering the data from the Ministry of Agriculture, in 2014 the Gross Domestic Product - Brazilian agricultural GDP accounted for about 23% of the total GDP of the Brazilian economy, in reais equivalent to R $ 1.1 trillion. And within it agriculture is represented in 70% of the production of agribusiness. Seen it, one sees Brazil's potential in this activity. Therefore, it is evident that this Montate production needs to be managed throughout the production cycle. This includes as a first step planting, a fact that needs initial investment to allow the harvest to the end of the process. Because of this it was thought what are the ways to start agricultural production. This work specifically measured the transgenic soybean crop in the state of Goiás. The source of the resource that defrayed the cost of production was studied. It found that can be made via bank through a rural financing or financing with own resources, considering that the farmer has this option when you start your planting. If the producer utilizasse own resources he would not receive the full amount calculated the profitability of Agribusiness Credit Bills - LCA. By financing the farmer will pay only the interest calculated if using all capital financed the formalization of the contract. And taking into account that the cost of financing ranges from planting to harvest, if the releases are gradually made the producer may also reduce the interest to be paid.

  5. An Empirical Analysis On How Conservatism Influences Cost Of Equity Capital: Evidence From Turkey

    Directory of Open Access Journals (Sweden)

    Mehtap Öner

    2017-07-01

    Full Text Available An extensive review of literature focusing on theoretical and analytical studies reveals that equitymarkets will benefit from accounting conservatism due to the increase in overall informationquality. Conditional conservatism, which is evaluated as to the asymmetry between the impact ofgood and bad news on earnings, is regarded to be a substitute of discretionary disclosure. Therefore,as the firms increase the extent of their voluntary disclosures, the cost of raising capital is alleviatedsince this cost depends on how much information is attained by the firms’ potential investors.This study conducts a two stage analysis on a data set of nonfinancial firms listed on Borsa Istanbul2005-2014, inclusive. Accordingly, the existence of conditional conservatism is tested by usingcross-sectional regression based on the asymmetric timeliness model developed by Basu (1997modified by Khan and Watts (2009. Consequently, the resulting firm-year measure of conditionalconservatism is used as the explanatory variable of the panel data analysis. The originality of the paperstems from the fact that it attempts to provide evidence on the economic consequences of discretionaryaccounting practices from Turkey in this specific strand of literature related to the equityinvestors’ required rates of return.

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

    Science.gov (United States)

    Cornacchione, Edgard; Daugherty, Jenny L.

    2013-01-01

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

  7. 10 CFR Appendix I to Part 504 - Procedures for the Computation of the Real Cost of Capital

    Science.gov (United States)

    2010-01-01

    ... I Appendix I to Part 504 Energy DEPARTMENT OF ENERGY (CONTINUED) ALTERNATE FUELS EXISTING... parameters specified above are not obtainable, alternate parameters that closely correspond to those above... common equity, an alternate methodology to predict the firm's real after-tax marginal cost of capital may...

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

    International Nuclear Information System (INIS)

    Pang, Ho-ming; Edelson, M.C.

    1994-01-01

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

  9. Human Capital: Using Incentives to Motivate and Reward High Performance

    National Research Council Canada - National Science Library

    Brostek, Michael

    2000-01-01

    .... Incentive programs can be an important part of performance management systems because they can serve to align employee performance expectations with agency missions and goals as well as reinforce...

  10. The link between capital structure and banking sector performance in an emerging economy

    Directory of Open Access Journals (Sweden)

    Refilwe Maduane

    2016-11-01

    Full Text Available South African banks are small compared to the international standards and this necessitates them to remain efficient and competitive at both national and international levels. Such competitiveness shelter them from global competitors wishing to enter into the South African market. Putting in mind the critical role played by banks in the economic development of every country, managers in the banking industry should ensure they make sound financial decisions in order to remain profitable and competitive amidst challenges of the debt-equity choice. This study seeks to determine the influence of capital structure on profitability of banks listed at the Johannesburg stock exchange (JSE using the random effect regression model. Empirical studies that studies the impact of capital structure on profitability of the banking sector in emerging markets and Africa are very scant. The few empirical studies that focused on the banking sector are yet to focus on African and to agree on the relationship between capital structure and profitability. It is against these reasons that the current study chose to investigate how profitability of South African banks is affected by their capital structure. The study found out that capital structure is a key determinant of profitability of banks in South Africa. As such, the study recommends that optimal capital policies need to be pursued if banks are to not only to increase profitability but ensure long term stability and sound performance

  11. Photovoltaic technology, performance, manufacturing cost and markets

    International Nuclear Information System (INIS)

    Maycock, P.D.

    1999-01-01

    A comprehensive discussion of key aspects of photovoltaic energy conversion systems will provide the basis for forecasting PV module shipments from 1999 to 2010. Principal areas covered include: (1) Technology and Performance Status: The module efficiency and performance are described for commercial cell technologies including single crystal silicon, polycrystal silicon, ribbon silicon, film silicon on low cost substrate, amorphous silicon, copper indium diselenide, and cadmium telluride; (2) Manufacturing cost: 1999 costs for PV technologies in production (single crystal silicon, polycrystal silicon, and amorphous silicon) are developed. Manufacturing costs for 10--25 MW plants and 100 MW plants will be estimated; (3) The world PV market is summarized by region, top ten companies, and technology; and (4) Forecast of the World Market (seven market sectors) to 2010 will be presented. Key assumptions, price of modules, incentive programs, price of competing electricity generation will be detailed

  12. The Impact of Servitization Strategy on Relational Capital and Relational Performance: Evidences from China's Industrial Enterprises

    Institute of Scientific and Technical Information of China (English)

    SONG Hua; ZHANG Song-bo

    2014-01-01

    By identifying the characteristics of services management and the levels of specialty resources,the servitization strategy in the service supply chain management can be defined as the following three types,i.e.the business process oriented services,the technique application oriented services and the system integrated or packaged services.At the same time,it is found based on an empirical study of the data of China's enterprises that these strategies have different impact on relational capital and relational performance of the customers with different types of size.For large-scale enterprises,the business process oriented services and the technique application oriented services are significant factors impacting their relational capital and relational performance,while for SMEs,their relational capital and relational performance are impacted more by the technique application oriented services and the system integrated and packaged services.

  13. Trends in working capital management and its impact on firms’ performance – An analysis of SMEs

    Directory of Open Access Journals (Sweden)

    Xiaoting Zhang

    2017-06-01

    Full Text Available This paper aims to explore the relationship between the performance of small and medium enterprises (SMEs and working capital management. To make the research robust, accounting performance and measures of market related performance have been used to gauge the SMEs performance. This research utilizes secondary data obtained from the Alternative Investment Market concerning SMEs listed in the London Stock Exchange, to investigate the significance of working capital management towards the performance of SMEs. The working capital management components that were used in research are; account payable period APP, average collection period (ACP, return on assets (ROA and inventory holding period (IHP. The analysis of data involved the use of regression analysis and extensive use of correlation analysis in order to establish the relationship between working capital management and SME performance. The study established that the use of WCM components such as cash conversion cycle, return on assets, cash conversion cycle and inventory holding period have a significant impact on the performance of SMEs. Further, it was established that when SMEs invested heavily in inventories and receivables, they amassed low profits while investment in current assets in relation to total assets lead to elevated profitability. Hence, it was concluded that there is a compelling relationship between WCM and SME performance.

  14. Differentiated strategy, business performance, and intellectual capital: Evidence small medium enterprise from Indonesia

    Science.gov (United States)

    Hariyati; Venusita, L.; Dyani, Z. F.

    2018-01-01

    Small and Medium Enterprises (SMEs) have a very important position in Indonesian economics. Implementation of the differentiated strategy has been impacted on improving the business performance of SMEs where the role of intellectual capital strongly supports the success of the implementation of the differentiated strategy. This study applied quantitative research which used survey method. This research examines the relationship between differentiated strategy to the performance of SMEs with mediated by intellectual capital. The results of this study show that intellectual capital mediates the relationship between differentiation strategies and business performance of SMEs. This study theoretically proves the importance of contextual variables in contingency theory. The practical results of this study contribute to raising awareness of business unit managers or other equivalent positions, especially managers in East Java to understand the importance of the role of intellectual capital, this is because intellectual capital meets the criteria as a unique source of the company that is able to create competitive advantage and increase the firm’s value.

  15. INFLUENCE OF COMPETENCE, TRANSFORMATIONAL LEADERSHIP, SOCIAL CAPITAL AND PERFORMANCE ON EMPLOYEE CAREERS

    Directory of Open Access Journals (Sweden)

    Nia Kusuma Wardhani

    2017-12-01

    Full Text Available Every employee would expect a career enhancement in his job. There are many factors that affect employee careers. This study aims to examine the influence of Competence, Transformational Leadership, Social Capital and Performance to Career Employees of Mercu Buana University, is a quantitative research with Path Analysis method. This research was conducted at Mercu Buana University in West Jakarta area, the research sample was 185 employees using Simple Random Sampling method. Associated with the performance of employees, the results showed that there is an influence of competence on performance, there is the influence of transformational leadership on performance, there is the influence of social capital on performance. In the case of employee career, the result of research indicate that there is influence of competence to career of employee, there is influence of employee career performance, there is influence of social capital to career of employee. The result of path analysis gives a structural equation Y = 0,258X1 + 0,213X2 + 0,229X3 + 0,416X4 + 0,36. Thus it can be explained that the most direct influence on Employee Career is a Performance variable of 41.6%, while the Competence variable of 25.8% and social capital variable of 22.9%.

  16. 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

  17. THE INTELLECTUAL CAPITAL PERFORMANCE OF POLISH BANKS: AN APPLICATION OF VAIC™ MODEL

    Directory of Open Access Journals (Sweden)

    Karol Śledzik

    2013-10-01

    Full Text Available In the knowledge based economy intangible resources are the primary value drivers. This is particularly true of companies such as banks. However, intangible resources (also called Intellectual Capital appear difficult to measure. Today, there are several methods that allow us to measure Intellectual Capital in listed companies. However, not all methods of measurement are adequate for listed banks. This paper uses the Value Added Intellectual Coefficient™ (VAIC™ ratio to measure the Intellectual Capital efficiency of the Polish listed banks using a five years period data set from 2005 to 2009. Three value efficiency indicators, Human Capital Efficiency (HCE, Capital Employed Efficiency (CEE and Structural Capital Efficiency (SCE which are the components of the VAIC™ ratio, were used in the analysis. The data set was divided into two groups of banks. The first group was that of 10 listed Polish banks and the second group was comprised of 10 listed comparable banks from Europe (which was the peer group. The results of the rankings of the banks for the average of five years (2005-2009 showed that for VAIC™ the top two performers in the study were Komercni Banka and BRD Groupe Societe Generale S.A. The BCGE - Banque Cantonale de Geneve, Bankas Snoras and BOŚ Bank were the worst performers. The results of ranking based on Human Capital Efficiency (HCE, showed similar results as that of VAIC™. There was observed a significant decrease of the VAIC™ ratio in the years 2008 and 2009 which was caused by the crisis on financial markets. The results extend the understanding of Intellectual Capital’s role in creation of sustainable advantages for banks in developing economies.

  18. Cost and performance of coal-based energy in Brazil

    International Nuclear Information System (INIS)

    Temchin, J.; DeLallo, M.R.

    1998-01-01

    As part of the US Department of Energy's (DOE) efforts to establish the strategic benefits of Clean Coal Technologies (CCT), there is a need to evaluate the specific market potential where coal is a viable option. One such market is Brazil, where significant growth in economic development requires innovative and reliable technologies to support the use of domestic coal. While coal is Brazil's most abundant and economic fossil energy resource, it is presently under utilized in the production of electrical power. This report presents conceptual design for pulverized coal (PC) and circulating fluidized-bed combustion (CFBC) options with resulting capital, operating and financial parameters based on Brazil application conditions. Recent PC and CFBC plant capital costs have dropped with competition in the generation market and have established a competitive position in power generation. Key issues addressed in this study include: Application of market based design approach for FBC and PC, which is competitive within the current domestic, and international power generation markets. Design, fabrication, purchase, and construction methods which reduce capital investment while maintaining equipment quality and plant availability. Impact on coast and performance from application of Brazilian coals, foreign trade and tax policies, construction logistics, and labor requirements. Nominal production values of 200 MWe and 400 MWe were selected for the CFBC power plant and 400 MWe for the PC. The 400 MWe size was chosen to be consistent with the two largest Brazilian PC units. Fluidized bed technology, with limited experience in single units over 200 MW, would consist of two 200 MWe circulating fluidized bed boilers supplying steam to one steam turbine for the 400 MWe capacity. A 200 MWe capacity unit was also developed for CFBC option to support opportunities in re-powering and where specific site or other infrastructure constraints limit production

  19. Impact of adopting IFRS standard on the equity cost of brazilian open capital companies / Impacto da adoção do padrão IFRS no custo de capital próprio das empresas de capital aberto no Brasil

    Directory of Open Access Journals (Sweden)

    Rafael Confetti Gatsios

    2016-08-01

    Full Text Available Purpose: This study aims to assess the impact of adopting IFRS standard on the equity cost of Brazilian open capital companies in the period of 2004-2013. Originality/gap/relevance/implications: The adoption of International Financial Reporting Standards aims to increase the quality of accounting information. Studies performed in Europe suggest that, after the adoption of the IFRS standard, there was a reduction in the equity cost of companies due to the reduction of information asymmetry and risk. Key methodological aspects: The equity cost was calculated using the capital asset pricing model (CAPM adapted to the Brazilian case. The empirical strategy was the difference analysis in differences, comparing the results of companies that voluntarily adopted the IFRS with companies that adopted IFRS after the mandatory adoption period. Summary of key results: The results indicate that the adoption of the IFRS standard does not contribute to reduce the equity cost in Brazil. Key considerations/conclusions: Suggesting that the process of adopting the international accounting standard may take more time to impact the equity cost of Brazilian open capital companies, since the impact of IFRS is not related only with the adoption, but also with its use by companies and users. Objetivo: Este trabalho se propõe a avaliar o impacto da adoção do padrão IFRS sobre o custo de capital próprio das empresas de capital aberto no Brasil. Originalidade/Lacuna/Relevância/Implicações: A adoção do padrão International Financial Reporting Standards (IFRS apresenta como objetivo o aumento da qualidade das informações contábeis. Estudos realizados para a Europa indicam que após a adoção do padrão IFRS se verificou a redução do custo de capital próprio das empresas devido a redução da assimetria de informação e do risco. Principais aspectos metodológicos: O estudo foi realizado no período de 2004 a 2013. O custo de capital próprio foi calculado

  20. Entrepreneurial Founders’ Imprints, Human Capital Sourcing, and Firm Performance

    DEFF Research Database (Denmark)

    Rocha, Vera; Brymer, Rhett Andrew

    ) early hiring choices affect new venture performance. This gap is surprising, since hiring soon after a firm founding is especially critical to sustained success. We propose that pipeline hiring – i.e., repeated hiring from various source organizations – might be a strategy considered by startups...

  1. Measuring Capital

    OpenAIRE

    W. Erwin Diewert

    2003-01-01

    The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital gains. Five different models of depreciation are considered: (1) one hoss shay; (2) straight line depreciation; (3) declining balance or geometric depreciation; (4) linearly declining efficiency profiles and (5) linearly increasing maintenance profiles. The l...

  2. Wind energy in Brazil. Systemic risks and the cost of the own capital in the context of the cleaning development mechanism; Energia eolica no Brasil. Riscos sistemicos e o custo do capital proprio no contexto do mecanismo de desenvolvimento limpo

    Energy Technology Data Exchange (ETDEWEB)

    Lisboa, Cristines [IBMEC, Rio de Janeiro, RJ (Brazil)], E-mail: cristines.lisboa@gmail.com; Hauser, Philip, E-mail: philipphauser@web.de; Medeiros, Anamelia, E-mail: anameliam@yahoo.com.br

    2010-07-01

    This paper analyses the capital cost of technology based on the CDM rules and the financial practice established and applied by the ANEEL, viewing the establishment of a reference rate for the discussion of financial additional of the projects.

  3. Cost optimal levels for energy performance requirements

    DEFF Research Database (Denmark)

    Thomsen, Kirsten Engelund; Aggerholm, Søren; Kluttig-Erhorn, Heike

    This report summarises the work done within the Concerted Action EPBD from December 2010 to April 2011 in order to feed into the European Commission's proposal for a common European procedure for a Cost-Optimal methodology under the Directive on the Energy Performance of Buildings (recast) 2010/3...

  4. Capital and Operating Costs of Small Arsenic Removal Adsorptive Media Systems

    Science.gov (United States)

    The U.S. Environmental Protection Agency (EPA) conducted 50 full-scale demonstration projects on treatment systems removing arsenic from drinking water in 26 states throughout the U.S. The projects were conducted to evaluate the performance, reliability, and cost of arsenic remo...

  5. Government Performance and Results Act Reporting on Defense Working Capital Funds Net Operating Results

    National Research Council Canada - National Science Library

    2001-01-01

    .... The overall objective of the audit was to determine whether the net operating results for the activity groups of the Defense Working Capital Fund were consistently and accurately compiled. We also assessed internal controls to determine whether management complied with the Government Performance and Results Act of 1993.

  6. Meta-Analysis of the Impact of Positive Psychological Capital on Employee Attitudes, Behaviors, and Performance

    Science.gov (United States)

    Avey, James B.; Reichard, Rebecca J.; Luthans, Fred; Mhatre, Ketan H.

    2011-01-01

    The positive core construct of psychological capital (or simply PsyCap), consisting of the psychological resources of hope, efficacy, resilience, and optimism, has recently been demonstrated to be open to human resource development (HRD) and performance management. The research stream on PsyCap has now grown to the point that a quantitative…

  7. The Impact of Social Capital on Crowdfunding Performance

    Directory of Open Access Journals (Sweden)

    Lady Aprilia

    2017-05-01

    Full Text Available This study aims to analyze the effects of social capital—namely structural,relational, and cognitive dimensions—on crowdfunding performance usingKitabisa.com as a case study for 2013-2015. Using robust ordinary least squares methods, we find two important results. Structural dimension, which is measured by Facebook friends owned by an entrepreneur, affects crowdfundingsuccess. The cognitive dimension, which is measured by the number of wordsthat are written by entrepreneurs in the platform, also affects crowdfundingopportunities in order to wage a successful campaign. Using logistic regressiontechnique, this study finds the same result, namely that the structural dimensionand cognitive dimension have a positive relationship to the performance ofcrowdfunding. From a logistic regression, we can conclude that the number ofFacebook friends and the amount of words to describe the project significantlypositively influence the chances of success of the project; the more the number offriends and the number of words on a project, the greater chance of a project toachieve success. This study concludes Facebook friends owned by entrepreneurand number of words affect positively crowdfunding opportunities toward asuccessful campaign.

  8. Nursing to achieve organizational performance: Consider the role of nursing intellectual capital.

    Science.gov (United States)

    Harris, Alexandra

    2016-05-01

    The success and performance of healthcare organizations relies on the strategic management of knowledge. Nursing Intellectual Capital (NIC) has emerged as a concept involving nursing knowledge resources that create value in healthcare organizations. This article aims to discuss the importance of considering knowledge resources in the context of healthcare performance, with specific reference to NIC. Reflections are then provided on how leaders can look to advance NIC for improved performance. © 2016 The Canadian College of Health Leaders.

  9. Family values: Ownership structure, performance and capital structure of Canadian firms

    OpenAIRE

    King, Michael R.; Santor, Eric

    2007-01-01

    This study examines how family ownership affects the performance and capital structure of 613 Canadian firms using a panel dataset from 1998 to 2005. In particular, we distinguish the effect of family ownership from the use of control-enhancing mechanisms. We find that freestanding family-owned firms with a single share class have similar market performance than other firms based on Tobin's q ratios, superior accounting performance based on ROA, and higher financial leverage based on debt-to-...

  10. Analysis of Cost of Rework on Time and Cost Performance of Building Construction Projects in Abuja, Nigeria

    Directory of Open Access Journals (Sweden)

    Emmanuel Chidiebere Eze

    2018-01-01

    Full Text Available Rework is a menace that leads to undesired and unnecessary loss of efforts, it degrades project cost and schedule performance of construction projects, both at design and construction phases. This study therefore, analyzed the impact of cost of rework on time and cost performance of building construction projects in Nigerian, using selected commercial building project within the country’s capital. A pro forma was adopted for gathering data on rework cost, project cost and time of selected building projects, while structured questionnaire was used to collect information on the likely measures for reducing rework incidences from construction professionals that were involved in the delivery of the identified projects. Regression analysis, relative importance index and Kruskal-Walis test were employed for data analysis. The study revealed a significant relationship between the cost of rework and initial and final project cost of delivering commercial buildings, as an average of 3.53% impact on the initial project cost, 46.60% contribution to cost overrun, and p-value of 0.000 was observed on all assessed projects. For the project delivery time, a significant relationship between the cost of rework and initial and final project duration, as an average of 7.35% impact on the initial delivery time, extra 19 days and p-value of 0.000 was observed on all assessed projects. Team building and education, management commitment, employee involvement, were some of the best possible measures to minimized rework problems.

  11. Perspectives on Monetary Policy and Cost of Capital: Evidence from Turkey

    Directory of Open Access Journals (Sweden)

    Turguttopbas Neslihan

    2017-05-01

    Full Text Available The target of monetary policy is generally set as to create an environment of manageable employment and affordable long-term interest rates. However, priorities of central banks may differ depending on economic and financial circumstances of individual countries. Modern approaches to monetary policy transmission can be grouped under two headings, Money View and Credit View. The money view concentrates on interest rates to explain the effects of monetary policy on aggregate spending by creating an interest rate channel. The credit channel transmission approach focuses on the supply of credits by banks following a monetary policy shift in interest rates. In 2010, the Central Bank of Turkey (CBT developed an interest rate corridor shaped by one-week and overnight repo lending to the financial banks to absorb excessive volatility caused by short-term capital inflows. Under this framework, the CBT implements its monetary policy in two ways; firstly it can alter the interest rates of weekly repo as well as O/N lending rate. Secondly, it can configure the funding structure it provides to the financial intermediaries. In such a framework, the interest rate transmission mechanism has been operated by two benchmark interest rates, one of which is the weighted average of the cost of funds provided by the CBT and the other is the interest rate in Borsa Istanbul (BIST money market transactions at an overnight maturity. There is a strong co-movement between the interest rates and they are affected by the movements in the CBT lending rate in both directions. Interest rates applied to deposits and loans by banks are affected by the policy rate (CBT Average Funding Rate and the market rate (BIST O/N Repo Rate.

  12. Optimization of temperature differences in a utilizer in relation to the lowest sum of capital and operating cost

    International Nuclear Information System (INIS)

    Kustrin, I.; Tuma, M.

    1992-01-01

    Our environment and nature are currently overburdened with the emission of noxious substances. Steam boilers fired with coal are therefore not very popular. Wherever possible, they are being replaced by devices which are less harmful for the environment because they use different fuel. This paper discusses replacing a steam boiler with a gas turbine and an utilizer. A mathematical model for performing the optimization of capital and operating costs is presented. The model optimizes the degree of preheating of the flue gases i.e. the temperature of the entering flue gases. The smallest temperature difference (pinch point) was not estimated by the pinch technology because the presented example is relatively simple and the pinch point temperature difference was chosen according to the values reported in various literature sources. The optimization is supplemented with an analysis of the thermal and exergetical efficiencies of the utilizer under different conditions (average temperature difference between the hot gases and water or steam, exit temperature of the hot gases), which condition the choice of the type of utilizer

  13. Business capital accumulation and the user cost: is there a heterogeneity bias? JRC Working Papers in Economics and Finance, 2017/11

    OpenAIRE

    FATICA SERENA

    2017-01-01

    Empirical models of capital accumulation estimated on aggregate data series are based on the assumption that capital asset types respond in the same way to cost variables. Likewise, aggregate models do not consider potential heterogeneity in investment behavior originating on the demand side for capital, e.g. at the sector level. We show that the underlying assumption of homogeneity may indeed lead to misspecification of standard aggregate investment models. Using data from 23 sectors in 10 O...

  14. Capital and Operating Costs of Full-Scale Fecal Sludge Management and Wastewater Treatment Systems in Dakar, Senegal

    Science.gov (United States)

    2012-01-01

    A financial comparison of a parallel sewer based (SB) system with activated sludge, and a fecal sludge management (FSM) system with onsite septic tanks, collection and transport (C&T) trucks, and drying beds was conducted. The annualized capital for the SB ($42.66 capita–1 year–1) was ten times higher than the FSM ($4.05 capita–1 year–1), the annual operating cost for the SB ($11.98 capita–1 year–1) was 1.5 times higher than the FSM ($7.58 capita–1 year–1), and the combined capital and operating for the SB ($54.64 capita–1 year–1) was five times higher than FSM ($11.63 capita–1 year–1). In Dakar, costs for SB are almost entirely borne by the sanitation utility, with only 6% of the annualized cost borne by users of the system. In addition to costing less overall, FSM operates with a different business model, with costs spread among households, private companies, and the utility. Hence, SB was 40 times more expensive to implement for the utility than FSM. However, the majority of FSM costs are borne at the household level and are inequitable. The results of the study illustrate that in low-income countries, vast improvements in sanitation can be affordable when employing FSM, whereas SB systems are prohibitively expensive. PMID:22413875

  15. Capital and operating costs of full-scale fecal sludge management and wastewater treatment systems in Dakar, Senegal.

    Science.gov (United States)

    Dodane, Pierre-Henri; Mbéguéré, Mbaye; Sow, Ousmane; Strande, Linda

    2012-04-03

    A financial comparison of a parallel sewer based (SB) system with activated sludge, and a fecal sludge management (FSM) system with onsite septic tanks, collection and transport (C&T) trucks, and drying beds was conducted. The annualized capital for the SB ($42.66 capita(-1) year(-1)) was ten times higher than the FSM ($4.05 capita(-1) year(-1)), the annual operating cost for the SB ($11.98 capita(-1) year(-1)) was 1.5 times higher than the FSM ($7.58 capita(-1) year(-1)), and the combined capital and operating for the SB ($54.64 capita(-1) year(-1)) was five times higher than FSM ($11.63 capita(-1) year(-1)). In Dakar, costs for SB are almost entirely borne by the sanitation utility, with only 6% of the annualized cost borne by users of the system. In addition to costing less overall, FSM operates with a different business model, with costs spread among households, private companies, and the utility. Hence, SB was 40 times more expensive to implement for the utility than FSM. However, the majority of FSM costs are borne at the household level and are inequitable. The results of the study illustrate that in low-income countries, vast improvements in sanitation can be affordable when employing FSM, whereas SB systems are prohibitively expensive.

  16. 42 CFR 413.130 - Introduction to capital-related costs.

    Science.gov (United States)

    2010-10-01

    ... rental charges in paragraph (b)(9)(i) of this section, must be used in calculating the limitation on... productivity of an asset significantly over its original productivity. (2) A provider must capitalize and...

  17. How Bank Capital Structure Affects Business Performance---- Empirical evidence from Chinese Commercial banks

    OpenAIRE

    Luo, Ting

    2010-01-01

    In the end of 2006, China realizes the opening of financial market, thus Chinese commercial banks have to face the global competitors. How to exist and develop in the market with fierce competition has been more and more significant to Chinese commercial banks. Because commercial banks’ business performance is the overall reflection of banks’ competence, so they should consider improving the bank business performance. Thus this study aims to discuss how commercial banks’ capital structure aff...

  18. The mediating effect of financial performance on the relationship between intellectual capital & market share: Evidence from Tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Seyed Mohamad Fahimi

    2017-11-01

    Full Text Available Intellectual capital has an important role in this knowledge based economy era. The purpose of this study is to examine the mediating effect of financial performance on the relationship between intellectual capital and market share in the listed Companies in the Tehran Stock Exchange in this study to assess the intellectual capital, the rate of value-added intellectual capital that developed by Pulic (1998 is used. The sample included 99 companies listed in the Tehran Stock Exchange, for a period of five years from 2011 to 2015. The research findings show a significant positive relationship between intellectual capital and market share. Also the results show that there is no mediating effect of financial performance in the relationship between intellectual capital and market share

  19. GASIFICATION PLANT COST AND PERFORMANCE OPTIMIZATION

    Energy Technology Data Exchange (ETDEWEB)

    Samuel S. Tam

    2002-05-01

    The goal of this series of design and estimating efforts was to start from the as-built design and actual operating data from the DOE sponsored Wabash River Coal Gasification Repowering Project and to develop optimized designs for several coal and petroleum coke IGCC power and coproduction projects. First, the team developed a design for a grass-roots plant equivalent to the Wabash River Coal Gasification Repowering Project to provide a starting point and a detailed mid-year 2000 cost estimate based on the actual as-built plant design and subsequent modifications (Subtask 1.1). This unoptimized plant has a thermal efficiency of 38.3% (HHV) and a mid-year 2000 EPC cost of 1,681 $/kW. This design was enlarged and modified to become a Petroleum Coke IGCC Coproduction Plant (Subtask 1.2) that produces hydrogen, industrial grade steam, and fuel gas for an adjacent Gulf Coast petroleum refinery in addition to export power. A structured Value Improving Practices (VIP) approach was applied to reduce costs and improve performance. The base case (Subtask 1.3) Optimized Petroleum Coke IGCC Coproduction Plant increased the power output by 16% and reduced the plant cost by 23%. The study looked at several options for gasifier sparing to enhance availability. Subtask 1.9 produced a detailed report on this availability analyses study. The Subtask 1.3 Next Plant, which retains the preferred spare gasification train approach, only reduced the cost by about 21%, but it has the highest availability (94.6%) and produces power at 30 $/MW-hr (at a 12% ROI). Thus, such a coke-fueled IGCC coproduction plant could fill a near term niche market. In all cases, the emissions performance of these plants is superior to the Wabash River project. Subtasks 1.5A and B developed designs for single-train coal and coke-fueled power plants. This side-by-side comparison of these plants, which contain the Subtask 1.3 VIP enhancements, showed their similarity both in design and cost (1,318 $/kW for the

  20. The effects of regional insolation differences upon advanced solar thermal electric power plant performance and energy costs

    Science.gov (United States)

    Latta, A. F.; Bowyer, J. M.; Fujita, T.

    1979-01-01

    This paper presents the performance and cost of four 10-MWe advanced solar thermal electric power plants sited in various regions of the continental United States. Each region has different insolation characteristics which result in varying collector field areas, plant performance, capital costs, and energy costs. The paraboloidal dish, central receiver, cylindrical parabolic trough, and compound parabolic concentrator (CPC) comprise the advanced concepts studied. This paper contains a discussion of the regional insolation data base, a description of the solar systems' performances and costs, and a presentation of a range for the forecast cost of conventional electricity by region and nationally over the next several decades.

  1. A THEORETICAL APPROACH OF THE CONCEPT OF SOCIAL CAPITAL IN SUPPORTING ECONOMIC PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Boldea Monica

    2012-07-01

    Full Text Available Any activity requires the presence of labor resources. If centuries ago the concept was that their presence was enough, now it takes a lot more. Moreover, since Aristotle the issue was taking into consideration all aspects of the community life that can lead to a "better life". In the current conditions we may consider resources in the broader context of the human factor and of the relations established within a society. Thus social capital was conceptualized. As opportunities of economic growth - based purely on the quantitative aspects of the determinants – were limited, the need occurred to reconsider the qualitative and structural components. Social capital considers a number of the integrative components of social life. These refer to the relations established at family level up to the level of societal institutions. It is necessary that these relationships be well established, and for the proper performance it is necessary that aspects of education and health should be properly valued and assessed. This helps setting up strong institutions. Developed countries have the ability to create a proper environment for the manifestations of social capital; in these countries one can observe the growing importance of formal and more impersonal relations. But this just reinforces the occurrence and development of economic activities based on efficiency criteria leading to the countries’ economic development. The interpretations of economic development issues have undergone changes in recent decades. If previously it was considered that the essential difference between rich and poor countries is reflected in the amount of physical capital per person, later on the concept of capital has been expanded to include as well human capital, the lack of which was considered a serious obstacle to development, particularly in the case of poor countries. And given the fact that the transactions within an economic system take place in an

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

    OpenAIRE

    Herrmann-Pillath, Carsten

    2009-01-01

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

  3. Performance Assessment of the CapitalBio Mycobacterium Identification Array System for Identification of Mycobacteria

    Science.gov (United States)

    Liu, Jingbo; Yan, Zihe; Han, Min; Han, Zhijun; Jin, Lingjie; Zhao, Yanlin

    2012-01-01

    The CapitalBio Mycobacterium identification microarray system is a rapid system for the detection of Mycobacterium tuberculosis. The performance of this system was assessed with 24 reference strains, 486 Mycobacterium tuberculosis clinical isolates, and 40 clinical samples and then compared to the “gold standard” of DNA sequencing. The CapitalBio Mycobacterium identification microarray system showed highly concordant identification results of 100% and 98.4% for Mycobacterium tuberculosis complex (MTC) and nontuberculous mycobacteria (NTM), respectively. The sensitivity and specificity of the CapitalBio Mycobacterium identification array for identification of Mycobacterium tuberculosis isolates were 99.6% and 100%, respectively, for direct detection and identification of clinical samples, and the overall sensitivity was 52.5%. It was 100% for sputum, 16.7% for pleural fluid, and 10% for bronchoalveolar lavage fluid, respectively. The total assay was completed in 6 h, including DNA extraction, PCR, and hybridization. The results of this study confirm the utility of this system for the rapid identification of mycobacteria and suggest that the CapitalBio Mycobacterium identification array is a molecular diagnostic technique with high sensitivity and specificity that has the capacity to quickly identify most mycobacteria. PMID:22090408

  4. Integrated cost estimation methodology to support high-performance building design

    Energy Technology Data Exchange (ETDEWEB)

    Vaidya, Prasad; Greden, Lara; Eijadi, David; McDougall, Tom [The Weidt Group, Minnetonka (United States); Cole, Ray [Axiom Engineers, Monterey (United States)

    2007-07-01

    Design teams evaluating the performance of energy conservation measures (ECMs) calculate energy savings rigorously with established modelling protocols, accounting for the interaction between various measures. However, incremental cost calculations do not have a similar rigor. Often there is no recognition of cost reductions with integrated design, nor is there assessment of cost interactions amongst measures. This lack of rigor feeds the notion that high-performance buildings cost more, creating a barrier for design teams pursuing aggressive high-performance outcomes. This study proposes an alternative integrated methodology to arrive at a lower perceived incremental cost for improved energy performance. The methodology is based on the use of energy simulations as means towards integrated design and cost estimation. Various points along the spectrum of integration are identified and characterized by the amount of design effort invested, the scheduling of effort, and relative energy performance of the resultant design. It includes a study of the interactions between building system parameters as they relate to capital costs. Several cost interactions amongst energy measures are found to be significant.The value of this approach is demonstrated with alternatives in a case study that shows the differences between perceived costs for energy measures along various points on the integration spectrum. These alternatives show design tradeoffs and identify how decisions would have been different with a standard costing approach. Areas of further research to make the methodology more robust are identified. Policy measures to encourage the integrated approach and reduce the barriers towards improved energy performance are discussed.

  5. Uncertainties in Early Stage Capital Cost Estimation of Process Design – A case study on biorefinery design

    Directory of Open Access Journals (Sweden)

    Gurkan eSin

    2015-02-01

    Full Text Available Capital investment, next to the product demand, sales and production costs, is one of the key metrics commonly used for project evaluation and feasibility assessment. Estimating the investment costs of a new product/process alternative during early stage design is a challenging task. This is especially important in biorefinery research, where available information and experiences with new technologies is limited. A systematic methodology for uncertainty analysis of cost data is proposed that employs (a Bootstrapping as a regression method when cost data is available and (b the Monte Carlo technique as an error propagation method based on expert input when cost data is not available. Four well-known models for early stage cost estimation are reviewed an analyzed using the methodology. The significance of uncertainties of cost data for early stage process design is highlighted using the synthesis and design of a biorefinery as a case study. The impact of uncertainties in cost estimation on the identification of optimal processing paths is found to be profound. To tackle this challenge, a comprehensive techno-economic risk analysis framework is presented to enable robust decision making under uncertainties. One of the results using an order-of-magnitude estimate shows that the production of diethyl ether and 1,3-butadiene are the most promising with economic risks of 0.24 MM$/a and 4.6 MM$/a due to uncertainties in cost estimations, respectively.

  6. PERCEPTION OF THE FINANCIAL MANAGERS OF THE SMALL AND MIDDLE BUSINESS WITH RELATIONSHIP AT THE COST OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Márcio André Veras Machado

    2006-06-01

    Full Text Available This article has as purpose to analyze the degree of the financial managers' perception among small and middle organizations about the capital cost. The data were collected within 27 companies in 10 sections of the Brazilian economy. The method chosen for data collection relies greatly on personal interviews based on route previously elaborated. The interviews demonstrated that most of the interviewees even does not know about the cost of equity. The ones who know about it, in its majority, measure like as the minimum rate of profitability, measured for the cost of lost opportunity. In the regard of the cost of debt, most of them know and were unanimous to confirm that the cost of debt is explicit and it already comes defined by the financial institutions, in its contracts. It was observed that among the managers interviewed which affirmed to know the cost of equity and cost of debt, the great part were in the management position, had college degree in accounting or engineering,, had more than 15 years of experience in these functions, had over 40 years, worked within companies 21 years old and over in the market, and were basically male. Key-words: Cost of Equity, Cost of Debt, Small and Middle Business.

  7. A joint estimation of price-cost margins and sunk capital. Theory and evidence from the European electricity industry

    International Nuclear Information System (INIS)

    Roeger, W.; Warzynski, F.

    2004-01-01

    In this paper, we propose a new methodology to jointly estimate market power and the importance of sunk capital extending the work of Hall (1988) and Roeger (1995). Wc then apply this new technique to the European electricity industry using firm level data for the period 1994-1999, and analyze the impact of the 1996 European directive to liberalize electricity markets. We find that the average price cost margin has declined from 0.29 in 1994 to 0.22 in 1999. Moreover, the magnitude of the decline is linked to firm size: the largest firms have experienced a larger percentage fall. The variable cost parameter has increased from 0.36 in 1994 to 0.56 in 1999. The main reason of the change is the switch of the relationship between real labor productivity and the share of variable capital. Our results therefore document a more competitive electricity market and a more flexible and more efficient use of capital. (au)

  8. Learning Curve for Seawater Reverse Osmosis Desalination Plants: Capital Cost Trend of the Past, Present, and Future

    Science.gov (United States)

    Caldera, Upeksha; Breyer, Christian

    2017-12-01

    Seawater reverse osmosis (SWRO) desalination is expected to play a pivotal role in helping to secure future global water supply. While the global reliance on SWRO plants for water security increases, there is no consensus on how the capital costs of SWRO plants will vary in the future. The aim of this paper is to analyze the past trends of the SWRO capital expenditures (capex) as the historic global cumulative online SWRO capacity increases, based on the learning curve concept. The SWRO capex learning curve is found based on 4,237 plants that came online from 1977 to 2015. A learning rate of 15% is determined, implying that the SWRO capex reduced by 15% when the cumulative capacity was doubled. Based on SWRO capacity annual growth rates of 10% and 20%, by 2030, the global average capex of SWRO plants is found to fall to 1,580 USD/(m3/d) and 1,340 USD/(m3/d), respectively. A learning curve for SWRO capital costs has not been presented previously. This research highlights the potential for decrease in SWRO capex with the increase in installation of SWRO plants and the value of the learning curve approach to estimate future SWRO capex.

  9. Tax Incentive, Public Share Proportion, and Firm Performance: Evidence from Indonesian Capital Market

    Directory of Open Access Journals (Sweden)

    Vierly Ananta Upa

    2012-01-01

    Full Text Available Indonesian government has changed the taxation law in 2007. The regulation revealed thatcompanies listed on capital market can obtain reduced income tax rate by 5 percent. Decrease inincome tax rates is granted to domestic corporate taxpayers listed on capital market that have publicownership over 40 percent of the total paid shares and the shares owned by at least 300 parties. Thepurpose of this research is to analyze the effectiveness of government regulation (PP No. 81 of 2007.This research used companies listed on Indonesia Stock Exchange (IDX which have right offeringin 2009-2010 as a sample. Sample selection is performed based on purposive sampling method. Theresult indicates that government regulation related to tax incentives, which was aimed to increasethe proportion of public ownership, is still less effective. In addition, this study also showed that theproportion of public ownership has no significant effect on firm performance

  10. AFFECTS OF WORKING CAPITAL MANAGEMENT ON FIRM’S PERFORMANCE: EVIDENCE FROM TURKEY

    Directory of Open Access Journals (Sweden)

    Gamze Vural

    2012-01-01

    Full Text Available The working capital management has an important role for the firm’s success or failure because of it’s’ effect on firm’s performance and liquidity. The study is based on secondary data collected from 75 manufacturing firms listed on Istanbul Stock Exchange Market for the period 2002-2009 with an attempt to investigate the relationship between working capital management components and performance of the firms by using dynamic panel data analysis. The results demonstrate that firms can increase profitability measured by gross operating profit by shortening collection period of accounts receivable and cash conversion cycle. Leverage as a control variable has a significant negative relationship with firm value and profitability of firms. This means, increase in the level of leverage will lead to decline in the profitability of the firm and the value of the firm.

  11. Low cost high performance uncertainty quantification

    KAUST Repository

    Bekas, C.

    2009-01-01

    Uncertainty quantification in risk analysis has become a key application. In this context, computing the diagonal of inverse covariance matrices is of paramount importance. Standard techniques, that employ matrix factorizations, incur a cubic cost which quickly becomes intractable with the current explosion of data sizes. In this work we reduce this complexity to quadratic with the synergy of two algorithms that gracefully complement each other and lead to a radically different approach. First, we turned to stochastic estimation of the diagonal. This allowed us to cast the problem as a linear system with a relatively small number of multiple right hand sides. Second, for this linear system we developed a novel, mixed precision, iterative refinement scheme, which uses iterative solvers instead of matrix factorizations. We demonstrate that the new framework not only achieves the much needed quadratic cost but in addition offers excellent opportunities for scaling at massively parallel environments. We based our implementation on BLAS 3 kernels that ensure very high processor performance. We achieved a peak performance of 730 TFlops on 72 BG/P racks, with a sustained performance 73% of theoretical peak. We stress that the techniques presented in this work are quite general and applicable to several other important applications. Copyright © 2009 ACM.

  12. Essays on the effects of human capital, innovation and technology on economic performance

    OpenAIRE

    Tiruneh, Esubalew Alehegn

    2014-01-01

    This thesis is on human capital (HC) and innovation in Germany and comprises of three essays. The first essay provides a comparative analysis on the economic performance impacts of creative class and HC at regional level with the purpose of testing whether the contemporary occupation-based creative class or the conventional education-based HC can be used as a better driver of regional economy. In doing so, I disaggregate creative class into creative core (scientific experts), creative profess...

  13. Market value calculation and the solution of circularity between value and the weighted average cost of capital WACC

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-12-01

    Full Text Available Most finance textbooks present the Weighted Average Cost of Capital (WACC calculation as: WACC = Kd×(1-T×D% + Ke×E%, where Kd is the cost of debt before taxes, T is the tax rate, D% is the percentage of debt on total value, Ke is the cost of equity and E% is the percentage of equity on total value. All of them precise (but not with enough emphasis that the values to calculate D% y E% are market values. Although they devote special space and thought to calculate Kd and Ke, little effort is made to the correct calculation of market values. This means that there are several points that are not sufficiently dealt with: Market values, location in time, occurrence of tax payments, WACC changes in time and the circularity in calculating WACC. The purpose of this note is to clear up these ideas, solve the circularity problem and emphasize in some ideas that usually are looked over. Also, some suggestions are presented on how to calculate, or estimate, the equity cost of capital.

  14. The relevance of human capital to firm performance: A focus on the retail industry in Kinshasa, Democratic Republic of Congo

    Directory of Open Access Journals (Sweden)

    Boris Urban

    2015-03-01

    Implications: Research into human capital and links to performance in Africa and emerging markets is valuable as recent research has found that the matching of entrepreneurial human capital with opportunities for growth is the essence of economic development.

  15. An Integrative Model of Organizational Learning and Social Capital on Effective Knowledge Transfer and Perceived Organizational Performance

    Science.gov (United States)

    Rhodes, Jo; Lok, Peter; Hung, Richard Yu-Yuan; Fang, Shih-Chieh

    2008-01-01

    Purpose: The purpose of this paper is to set out to examine the relationships of organizational learning, social capital and the effectiveness of knowledge transfer and perceived organisational performance. Integrating organizational learning capability with social capital networks to shape a holistic knowledge sharing and management enterprise…

  16. Taking it to another level: do personality-based human capital resources matter to firm performance?

    Science.gov (United States)

    Oh, In-Sue; Kim, Seongsu; Van Iddekinge, Chad H

    2015-05-01

    Drawing on the attraction-selection-attrition perspective, strategic human resource management (SHRM) scholarship, and recent human capital research, this study explores organization-level emergence of personality (i.e., personality-based human capital resources) and its direct, interactive, and (conditional) indirect effects on organization-level outcomes based on data from 6,709 managers across 71 firms. Results indicate that organization-level mean emotional stability, extraversion, and conscientiousness are positively related to organization-level managerial job satisfaction and labor productivity but not to financial performance. Furthermore, organization-level mean and variance in emotional stability interact to predict all three organization-level outcomes, and organization-level mean and variance in extraversion interact to predict firm financial performance. Specifically, the positive effects of organization-level mean emotional stability and extraversion are stronger when organization-level variance in these traits is lower. Finally, organization-level mean emotional stability, extraversion, and conscientiousness are all positively related to firm financial performance indirectly via labor productivity, and the indirect effects are more positive when organization-level variance in those personality traits is lower. Overall, the findings suggest that personality-based human capital resources demonstrate tangible effects on organization-level outcomes. Theoretical and practical implications of these findings are discussed along with study limitations and future research directions. (c) 2015 APA, all rights reserved.

  17. Uncertainties in Early-Stage Capital Cost Estimation of Process Design – A Case Study on Biorefinery Design

    International Nuclear Information System (INIS)

    Cheali, Peam; Gernaey, Krist V.; Sin, Gürkan

    2015-01-01

    Capital investment, next to the product demand, sales, and production costs, is one of the key metrics commonly used for project evaluation and feasibility assessment. Estimating the investment costs of a new product/process alternative during early-stage design is a challenging task, which is especially relevant in biorefinery research where information about new technologies and experience with new technologies is limited. A systematic methodology for uncertainty analysis of cost data is proposed that employs: (a) bootstrapping as a regression method when cost data are available; and, (b) the Monte Carlo technique as an error propagation method based on expert input when cost data are not available. Four well-known models for early-stage cost estimation are reviewed and analyzed using the methodology. The significance of uncertainties of cost data for early-stage process design is highlighted using the synthesis and design of a biorefinery as a case study. The impact of uncertainties in cost estimation on the identification of optimal processing paths is indeed found to be profound. To tackle this challenge, a comprehensive techno-economic risk analysis framework is presented to enable robust decision-making under uncertainties. One of the results using order-of-magnitude estimates shows that the production of diethyl ether and 1,3-butadiene are the most promising with the lowest economic risks (among the alternatives considered) of 0.24 MM$/a and 4.6 MM$/a, respectively.

  18. Uncertainties in Early-Stage Capital Cost Estimation of Process Design – A Case Study on Biorefinery Design

    Energy Technology Data Exchange (ETDEWEB)

    Cheali, Peam; Gernaey, Krist V.; Sin, Gürkan, E-mail: gsi@kt.dtu.dk [Department of Chemical and Biochemical Engineering, Technical University of Denmark, Lyngby (Denmark)

    2015-02-06

    Capital investment, next to the product demand, sales, and production costs, is one of the key metrics commonly used for project evaluation and feasibility assessment. Estimating the investment costs of a new product/process alternative during early-stage design is a challenging task, which is especially relevant in biorefinery research where information about new technologies and experience with new technologies is limited. A systematic methodology for uncertainty analysis of cost data is proposed that employs: (a) bootstrapping as a regression method when cost data are available; and, (b) the Monte Carlo technique as an error propagation method based on expert input when cost data are not available. Four well-known models for early-stage cost estimation are reviewed and analyzed using the methodology. The significance of uncertainties of cost data for early-stage process design is highlighted using the synthesis and design of a biorefinery as a case study. The impact of uncertainties in cost estimation on the identification of optimal processing paths is indeed found to be profound. To tackle this challenge, a comprehensive techno-economic risk analysis framework is presented to enable robust decision-making under uncertainties. One of the results using order-of-magnitude estimates shows that the production of diethyl ether and 1,3-butadiene are the most promising with the lowest economic risks (among the alternatives considered) of 0.24 MM$/a and 4.6 MM$/a, respectively.

  19. Linking Working Capital Policy Towards Financial Performance of Small Medium Enterprise (SME in Malaysia

    Directory of Open Access Journals (Sweden)

    Binti Mohamad Nor Edi Azhar

    2017-01-01

    Full Text Available Despite the fact that working capital management (WCM is vital to businesses of any size that operated in developed and emerging countries, WCM is of particular importance to the small business firms operating in emerging markets. The importance of WCM to small and medium-sized enterprises (SMEs stems from the limited financial resources available and heavily reliance of SMEs on WCM as a main source of finance. This study aims to provide empirical evidence on the effects of working capital investment policy on firm’s financial performance for a sample of 103 small and medium-sized firms listed with the SME Corporation of Malaysia. Data for the period from 2008 to 2013 are analysed to examine if investment policy improves firms’ return on total asset. By using correlation and pooled ordinary least square regression, the result provides a significant relationship between the level of aggressiveness of investment policy and SME’s financial performance. The findings of this study not only contribute to the scant WCM literature in Malaysia but throw light on the importance of efficient WCM to the policy makers and regulators in motivating and encouraging relevant parties to pay more attention on working capital through improving investors’ awareness and improving transparency.

  20. Human capital accumulation and its effect on agribusiness performance: the case of China.

    Science.gov (United States)

    Udimal, Thomas Bilaliib; Jincai, Zhuang; Ayamba, Emmanuel Caesar; Sarpong, Patrick Boateng

    2017-09-01

    This study investigates the effect of accumulated human capital on the performance of agribusinesses in China. Four hundred fifty agribusiness owners were interviewed for the study. Growth in sales over the last 5 years was used as a measure of performance. The following variables were reviewed and captured as those constituting human capital: education, raised in the area, parents being entrepreneurs, attending business seminars/trade fairs, managerial experience, similar work experience, cooperative membership, and training. Logit regression model and inferential statistics were used to analyze the data. The logit regression model was used to analyze the effect of accumulated human capital on growth in sales. The inferential statistics on the other hand was used to measure the association between age, education, sex, provinces, and the categories of growth. Our study found that parents who are entrepreneurs and attend business seminars/trade fairs, as well as have managerial experience, similar work experience, education, and training, display a statistically significant positive effect on the growth in sales.

  1. INTEREST RATE REGIME AND THE PERFORMANCE OF THE NIGERIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Edirin Jeroh

    2015-12-01

    Full Text Available This study x-ray’s the interest rates regime in Nigeria as it affects the performance of the Nigerian Capital Market. In order to achieve this objective, relevant data for a period of 33 years spanning from 1981 – 2013 were obtained from the Factbook of the Nigerian Stock Exchange, CBN Statistical Bulletin as well as the annual accounts of quoted firms for the relevant years. The data obtained were analysed with the Ordinary Least Square (OLS technique. The result from our analysis reveal among others that changes in interest rate regimes have majorly influenced the level of the performance of the Nigerian Capital Market. Based on the above, we recommend that capital market regulators and other regulatory agencies should keep an eye on movements in interest rates and the Minimum Rediscount Rate (MRR (now MPR and watch their trend. We also recommend that efforts must be put in place to establish a policy review and reassessment mechanism that would help in assessing the impact of selected policy measures on the economy so that policy makers would know the effectiveness and efficiency of designed policies and be guided in the policy review and development process in the country.

  2. Extended Performance Reporting: Evaluating Corporate Social Responsibility And Intellectual Capital Management

    Directory of Open Access Journals (Sweden)

    James Guthrie

    2007-06-01

    Full Text Available Recent corporate scandals have resulted in heightened attention towards the shortcomings of traditional financial reporting frameworks. Concurrently, the rise of the corporate social responsibility imperative has led to criticisms that financial reports resent an incomplete account  of a firm‟s activities. In addition, growing acknowledgement of the importance of a firm‟s intangibles and intellectual capital has been associated with increased commentary about the need for extra disclosures if a more complete picture of the firm‟s value is to be provided to external stakeholders. This paper responds to these concerns by developing an extended performance reporting framework to the Australian Food and Beverage Industry, which is characterised by both corporate social responsibility and intellectual capital issues.  In relation to the latter, this framework presents a novel attempt to develop an industry-customised framework as called for by both industry bodies and researchers in the area.

  3. Extended Performance Reporting: Evaluating Corporate Social Responsibility And Intellectual Capital Management

    Directory of Open Access Journals (Sweden)

    James Guthrie

    2007-06-01

    Full Text Available Recent corporate scandals have resulted in heightened attention towards the shortcomings of traditional financial reporting frameworks. Concurrently, the rise of the corporate social responsibility imperative has led to criticisms that financial reports resent an incomplete account of a firm‟s activities. In addition, growing acknowledgement of the importance of a firm‟s intangibles and intellectual capital has been associated with increased commentary about the need for extra disclosures if a more complete picture of the firm‟s value is to be provided to external stakeholders. This paper responds to these concerns by developing an extended performance reporting framework to the Australian Food and Beverage Industry, which is characterised by both corporate social responsibility and intellectual capital issues. In relation to the latter, this framework presents a novel attempt to develop an industry-customised framework as called for by both industry bodies and researchers in the area.

  4. 48 CFR 9904.409 - Cost accounting standard-depreciation of tangible capital assets.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Cost accounting standard... ACCOUNTING STANDARDS BOARD, OFFICE OF FEDERAL PROCUREMENT POLICY, OFFICE OF MANAGEMENT AND BUDGET PROCUREMENT PRACTICES AND COST ACCOUNTING STANDARDS COST ACCOUNTING STANDARDS 9904.409 Cost accounting standard...

  5. Costing and performance in healthcare management

    OpenAIRE

    Tarricone, Rosanna; Torbica, Aleksandra

    2012-01-01

    This chapter describes and discusses the methods for cost analysis of healthcare services in order to assess and compare the economic value of health outputs at the level of healthcare organizations. The economic principles underpinning the assessment of the value of healthcare services – opportunity costs and shadow prices – are presented together with the management accounting approach to cost services. The key features of micro-costing and gross-costing are also discussed and their rele...

  6. Job Performance, Job Satisfaction and Human Capital in the Labour Market in Bosnia

    Directory of Open Access Journals (Sweden)

    Erkan Ilgün

    2013-01-01

    Full Text Available The paper analyses the effect of job performance, job satisfaction and humancapital. It shows that together with monetary factors, such factors as theperception of the social importance of the job, the ability to meet good friendsin the team, and the atmosphere within which the respondents work, may alsohave a high level of impact on labour supply through human capital. The paperdemonstrates the power of non-monetary factors in achieving improvementsin the context of the ‘job performance-job satisfaction-human capital’ chain,thus bringing about positive changes in labour market supply in Bosnia.

  7. Strošek lastniškega kapitala podjetja: primer ocene za izbrane slovenske delniške družbe = Cost of Equity Capital: An Example of Evaluation for Selected Slovene Joint-Stock Companies

    Directory of Open Access Journals (Sweden)

    Igor Stubelj

    2009-03-01

    Full Text Available The article sheds light on the evaluation of cost of equity, which is important as it determines the minimum yield the investors require on the invested capital. We use the cost of equity as a discount rate to calculate the present value of the expected free cash flows which belongs to the owners of equity capital. In the article, the methodological solutions for the evaluation of the equity capital cost with the CAPM on the Slovene financial market are shown. The Slovene capital market is a developing market with a short time line of available historical data. We evaluate the equity capital cost for selected Slovene companies.

  8. The influential role of personal advice networks on general practitioners' performance: a social capital perspective.

    Science.gov (United States)

    Calciolari, Stefano; González-Ortiz, Laura G; Lega, Federico

    2017-08-08

    In several health systems of advanced countries, reforms have changed primary care in the last two decades. The literature has assessed the effects of a variety of interventions and individual factors on the behavior of general practitioners (GPs). However, there has been a lack of investigation concerning the influence of the resources embedded in the GPs' personal advice networks (i.e., social capital) on GPs' capacity to meet defined objectives. The present study has two goals: (a) to assess the GPs' personal advice networks according to the social capital framework and (b) to test the influence of such relationships on GPs' capacity to accomplish organizational goals. The data collection relied on administrative data provided by an Italian local health authority (LHA) and a survey administered to the GPs of the selected LHA. The GPs' personal advice networks were assessed through an ad-hoc instrument and interpreted as egocentric networks. Multivariate regression analyses assessed two different performance measures. Social capital may influence the GPs' capacity to meet targets, though the influence differs according to the objective considered. In particular, the higher the professional heterogeneity of a GP personal advice network, the lower her/his capacity is to meet targets of prescriptive appropriateness. Our findings might help to design more effective primary care reforms depending on the pursued goals. However, further research is needed.

  9. On capital flows and macroeconomic performance: Evidence before and after the financial crisis in Turkey

    Directory of Open Access Journals (Sweden)

    Magda Kandil

    2015-12-01

    Full Text Available The paper sheds light on the Turkish experience of capital account liberalization and its effect on key macroeconomic variables, using quarterly data in a multivariate VAR model. We also take into consideration the crisis breakpoint in 2001 and estimate the effect of shocks attributed to capital flows, using quarterly data during the sub-periods 1989:01–2001:01 and 2001:02–2009:03. The findings indicate that capital flows have varying effects on the Turkish economy before and after the crisis in 2001 and the evidence supports significant effects of liberalizing financial flows on macroeconomic performance, especially during the post-crisis period (2001:02–2009:03. Moreover, this latter period exhibited evidence of sterilization policy that has helped mopping up excess liquidity and containing inflationary pressures. These factors seem to signal deliberate efforts by the Central Bank of Turkey to stem the risk of appreciation of the real exchange rate and preserve export competitiveness during periods of high financial inflows, a trend that has been reversed recently by the surge in outflows and currency depreciation in many emerging markets in anticipation of imminent normalization of monetary policy in the United States.

  10. Geography and the costs of urban energy infrastructure: The case of electricity and natural gas capital investments

    Science.gov (United States)

    Senyel, Muzeyyen Anil

    Investments in the urban energy infrastructure for distributing electricity and natural gas are analyzed using (1) property data measuring distribution plant value at the local/tax district level, and (2) system outputs such as sectoral numbers of customers and energy sales, input prices, company-specific characteristics such as average wages and load factor. Socio-economic and site-specific urban and geographic variables, however, often been neglected in past studies. The purpose of this research is to incorporate these site-specific characteristics of electricity and natural gas distribution into investment cost model estimations. These local characteristics include (1) socio-economic variables, such as income and wealth; (2) urban-related variables, such as density, land-use, street pattern, housing pattern; (3) geographic and environmental variables, such as soil, topography, and weather, and (4) company-specific characteristics such as average wages, and load factor. The classical output variables include residential and commercial-industrial customers and sales. In contrast to most previous research, only capital investments at the local level are considered. In addition to aggregate cost modeling, the analysis focuses on the investment costs for the system components: overhead conductors, underground conductors, conduits, poles, transformers, services, street lighting, and station equipment for electricity distribution; and mains, services, regular and industrial measurement and regulation stations for natural gas distribution. The Box-Cox, log-log and additive models are compared to determine the best fitting cost functions. The Box-Cox form turns out to be superior to the other forms at the aggregate level and for network components. However, a linear additive form provides a better fit for end-user related components. The results show that, in addition to output variables and company-specific variables, various site-specific variables are statistically

  11. Capital cost models for geothermal power plants and fluid transmission systems. [GEOCOST

    Energy Technology Data Exchange (ETDEWEB)

    Schulte, S.C.

    1977-09-01

    The GEOCOST computer program is a simulation model for evaluating the economics of developing geothermal resources. The model was found to be both an accurate predictor of geothermal power production facility costs and a valid designer of such facilities. GEOCOST first designs a facility using thermodynamic optimization routines and then estimates costs for the selected design using cost models. Costs generated in this manner appear to correspond closely with detailed cost estimates made by industry planning groups. Through the use of this model, geothermal power production costs can be rapidly and accurately estimated for many alternative sites making the evaluation process much simpler yet more meaningful.

  12. Cost analysis when open surgeons perform minimally invasive hysterectomy.

    Science.gov (United States)

    Shepherd, Jonathan P; Kantartzis, Kelly L; Ahn, Ki Hoon; Bonidie, Michael J; Lee, Ted

    2014-01-01

    The costs to perform a hysterectomy are widely variable. Our objective was to determine hysterectomy costs by route and whether traditionally open surgeons lower costs when performing laparoscopy versus robotics. Hysterectomy costs including subcategories were collected from 2011 to 2013. Costs were skewed, so 2 statistical transformations were performed. Costs were compared by surgeon classification (open, laparoscopic, or robotic) and surgery route. A total of 4,871 hysterectomies were performed: 34.2% open, 50.7% laparoscopic, and 15.1% robotic. Laparoscopic hysterectomy had the lowest total costs (P depreciation included (P < .001) but similar costs if these variables were excluded. Although laparoscopic hysterectomy had lowest costs overall, robotics may be no more costly than laparoscopic hysterectomy when performed by surgeons who predominantly perform open hysterectomy.

  13. 26 CFR 1.263A-1 - Uniform capitalization of costs.

    Science.gov (United States)

    2010-04-01

    ... costs include costs attributable to processing, assembling, repackaging and transporting goods, and... automation or changes in operation or prices, is not a change in method of accounting under section 446(e). A... standard costs that merely reflects current operating conditions, such as increases in automation or...

  14. 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)

  15. Cost and performance analysis of physical security systems

    International Nuclear Information System (INIS)

    Hicks, M.J.; Yates, D.; Jago, W.H.; Phillips, A.W.

    1998-04-01

    Analysis of cost and performance of physical security systems can be a complex, multi-dimensional problem. There are a number of point tools that address various aspects of cost and performance analysis. Increased interest in cost tradeoffs of physical security alternatives has motivated development of an architecture called Cost and Performance Analysis (CPA), which takes a top-down approach to aligning cost and performance metrics. CPA incorporates results generated by existing physical security system performance analysis tools, and utilizes an existing cost analysis tool. The objective of this architecture is to offer comprehensive visualization of complex data to security analysts and decision-makers

  16. The capital investment and electricity cost of 2 x 600 MW PWR nuclear power plant in China

    International Nuclear Information System (INIS)

    Li Zhihua; Xing Leiming

    1990-01-01

    The capital investment and electricity cost of 2 x 600 MW PWR nuclear power plant in China are studied. If the rate of interest R 1 and of escalation R 2 are 7.2% and 10.0% respectively for RMB and the rate of interest R 1 and of escalation R 2 are 6.5% and 2.0% respectively for MK, the total investment is 9270 M RMB Yuan, the Specific investment is 7320 RMB Yuan/kW, the average selling electricity cost is 0.16 RMB Yuan/(kW·h). If the selling electricity price is 0.24 RMB Yuan/(kW·h), the rate of inner return is 7.7%, the dynamic return period is 13 years, the national income is 15800 M RMB Yuan, the profit of nuclear power plant after taxation is 6800 M RMB Yuan

  17. Impact of High - Performance Work Systems on Export - Oriented SMEs Performance: The Mediating Role of Human Capital Development

    Directory of Open Access Journals (Sweden)

    Zeeshan Hamid

    2017-10-01

    Full Text Available Small and medium enterprises (SMEs contribute substantially to the economic development, income generation, poverty reduction, and particularly job creation for both developed and developing economies. However, compared with large firms, SMEs face several challenges related to their performance and competitiveness. The role of human capital (HC and human resource practices (HR Practices in enhancing SMEs competitiveness and performance is vital but understudied areas. Therefore, the purpose of this study was to investigate the role of HC development between the relationship of high-performance work systems (HPWS and export-oriented SMEs performance. Quantitative strategy and cross-sectional survey method was used to collect data from 205 managerial staff through a self-administered structured questionnaire. HPWS had a significant positive impact on export-oriented SMEs performance. The findings of the study provide evidence that HC development plays a mediating role between HPWS and enterprises performance.

  18. Constant Leverage And Constant Cost Of Capital: A Common Knowledge Half-Truth

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez–Pareja

    2008-04-01

    In this document we show that for finite cash flows, Ke and hence WACC depend on the discount rate that is used to value the tax shield, TS and as expected, Ke and WACC are not constant with Kd as the discount rate for the tax shield, even if the leverage is constant. We illustrate this situation with a simple example. We analyze five methods: DCF using APV, FCF and traditional and general formulation for WACC, present value of CFE plus debt and Capital Cash Flow, CCF.

  19. Constant leverage and constant cost of capital : A common knowledge half-truth

    OpenAIRE

    Vélez Pareja, Ignacio; Ibragimov, Rauf; Tham , Joseph

    2008-01-01

    Un enfoque típico para valorar flujos de caja finitos es suponer que el endeudamiento es constante (generalmente como un endeudamiento objetivo o deseado) y que por tanto, el costo del patrimonio, Ke y el costo promedio ponderado de capital CPPC, también son constantes. Para los flujos de caja perpetuos, y con el costo de la deuda, Kd como la tasa de descuento para el ahorro en impuestos o escudo fiscal, Ke y el CPPC aplicado al flujo de caja libre FCL son constantes si el endeudamiento es co...

  20. DO FINANCIAL STATEMENTS PROVIDE ADEQUATE INFORMATION ABOUT THE CAPITALIZATION OF COSTS RELATED TO INTANGIBLE ASSETS?: AN EMPIRICAL RESEARCH ON ITALIAN LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Stefania Vignini

    2015-11-01

    Full Text Available The aim of our research is to verify if Italian listed companies financial statements provide adequate information about the capitalization of costs related to intangible assets and if the information provided are reliable. Moreover, we investigated if they merely comply with law or provide additional information on cost capitalization and reveal if internal control systems (especially managerial accounting systems or other information systems are applied to support the measurement process and the cost control, thus guaranteeing the verifiability and representational faithfulness of the information disclosed. This paper is an empirical analysis and is concerned to investigate the financial statements of 250 Italian listed companies.

  1. Building Energy and Cost Performance: An Analysis of Thirty Melbourne Case Studies

    Directory of Open Access Journals (Sweden)

    Yu Lay Langston

    2012-11-01

    Full Text Available This study investigates the energy and cost performance of thirty recent buildings in Melbourne, Australia. Commonly, building design decisions are based on issues pertaining to construction cost, and consideration of energy performance is made only within the context of the initial project budget. Even where energy is elevated to more importance, operating energy is seen as the focus and embodied energy is nearly always ignored. For the first time, a large sample of buildings has been assembled and analyzed to improve the understanding of both energy and cost performance over their full life cycle, which formed the basis of a wider doctoral study into the inherent relationship between energy and cost. The aim of this paper is to report on typical values for embodied energy, operating energy, capital cost and operating cost per square metre for a range of building functional types investigated in this research. The conclusion is that energy and cost have quite different profiles across projects, and yet the mean GJ/m2 or cost/m2 have relatively low coefficients of variation and therefore may be useful as benchmarks of typical building performance.  

  2. CONSTANT LEVERAGE AND CONSTANT COST OF CAPITAL: A COMMON KNOWLEDGE HALF-TRUTH

    Directory of Open Access Journals (Sweden)

    IGNACIO VÉLEZ-PAREJA

    2008-01-01

    Full Text Available Un enfoque típico para valorar flujos de caja finitos es suponer que el endeudamiento es constante (generalmente como un endeudamiento objetivo o deseado y que por tanto, el costo del patrimonio, Ke y el costo promedio ponderado de capital CPPC, también son constantes. Para los flujos de caja perpetuos, y con el costo de la deuda, Kd como la tasa de descuento para el ahorro en impuestos o escudo fiscal, Ke y el CPPC aplicado al flujo de caja libre FCL son constantes si el endeudamiento es constante. Sin embargo esto no es verdad para los flujos de caja finitos. En este documento mostramos que para flujos de caja finitos, Ke y por lo tanto el CPPC dependen de la tasa de descuento que se utiliza para valorar el ahorro en impuestos, AI y según lo esperado, Ke y el CPPC no son constantes con Kd como la tasa de descuento para el ahorro en impuestos, aunque el endeudamiento sea constante. Ilustramos esta situación con un ejemplo simple. Analizamos cinco métodos: el flujo de caja descontado, FCD, usando APV, el FCD y la formulación tradicional y general del CPPC, el valor presente del flujo de caja del accionista, FCA más deuda y el flujo de caja de capital, FCC.

  3. Low-Cost High-Performance MRI

    Science.gov (United States)

    Sarracanie, Mathieu; Lapierre, Cristen D.; Salameh, Najat; Waddington, David E. J.; Witzel, Thomas; Rosen, Matthew S.

    2015-10-01

    Magnetic Resonance Imaging (MRI) is unparalleled in its ability to visualize anatomical structure and function non-invasively with high spatial and temporal resolution. Yet to overcome the low sensitivity inherent in inductive detection of weakly polarized nuclear spins, the vast majority of clinical MRI scanners employ superconducting magnets producing very high magnetic fields. Commonly found at 1.5-3 tesla (T), these powerful magnets are massive and have very strict infrastructure demands that preclude operation in many environments. MRI scanners are costly to purchase, site, and maintain, with the purchase price approaching $1 M per tesla (T) of magnetic field. We present here a remarkably simple, non-cryogenic approach to high-performance human MRI at ultra-low magnetic field, whereby modern under-sampling strategies are combined with fully-refocused dynamic spin control using steady-state free precession techniques. At 6.5 mT (more than 450 times lower than clinical MRI scanners) we demonstrate (2.5 × 3.5 × 8.5) mm3 imaging resolution in the living human brain using a simple, open-geometry electromagnet, with 3D image acquisition over the entire brain in 6 minutes. We contend that these practical ultra-low magnetic field implementations of MRI (standards for affordable (<$50,000) and robust portable devices.

  4. A study on the impact of Facebook usage on student’s social capital and academic performance

    OpenAIRE

    Shah, Vishal; Subramanian, Sankara; Rouis, Sana; Limyaem, Moez

    2012-01-01

    Prior research has focused on the benefits of usage of social media such as Facebook in terms of the social capital gains they bring. Other research has studied the adverse impact of such usage on academic performance. In this study we try to understand both the beneficial and adverse aspects of Facebook usage in the case of U.S. undergraduate students. Basing on social capital theory and system usage in hedonic context, we tested the dual effect of the usage of Facebook on social capital and...

  5. Incidence and direct hospitalisation costs of hip fractures in Vilnius, capital of Lithuania, in 2010

    Directory of Open Access Journals (Sweden)

    Tamulaitiene Marija

    2012-07-01

    Full Text Available Abstract Background Few epidemiological data on hip fractures were previously available in Lithuania. The aim of this study was to estimate the incidence and hospital costs of hip fractures in Vilnius in 2010. Methods Data were collected from the medical charts of all patients admitted to hospitals in Vilnius (population, 548,835 due to new low-energy trauma hip fracture, during 2010. The estimated costs included ambulance transportation and continuous hospitalisation immediately after a fracture, which are covered by the Lithuanian healthcare system. Results The incidence of new low-energy trauma hip fractures was 252 (308 women and 160 men per 100,000 inhabitants of Vilnius aged 50-years or more. There was an exponential increase in the incidence with increasing age. The overall estimated cost of hip fractures in Vilnius was 1,114,292 EUR for the year 2010. The greatest part of the expenditure was accounted for by fractures in individuals aged 65-years and over. The mean cost per case was 2,526.74 EUR, and cost varied depending on the treatment type. Hip replacement did not affect the overall mean costs of hip fracture. The majority of costs were incurred for acute (53% and long-term care (35% hospital stays, while medical rehabilitation accounted for only 12% of the overall cost. The costs of hip fracture were somewhat lower than those found in other European countries. Conclusion The data on incidence and costs of hip fractures will help to assess the importance of interventions to reduce the number of fractures and associated costs.

  6. [The influence of intellectual capital in performance evaluation: a case-study in the hospital sector].

    Science.gov (United States)

    Bonacim, Carlos Alberto Grespan; Araújo, Adriana Maria Procópio de

    2010-06-01

    This paper contributes to public institutions with the adaptation of a performance evaluation tool based on private companies. The objective is to demonstrate how the impact of an educational activity might be measured in the economic value added for the society of a public university hospital. The paper was divided in four parts, despite the introductory and methodological aspects and the final remarks. First, the hospital sector is explained, specifically in the context of the public university hospitals. Then, the definitions, the nature and measure of the intellectual capital are presented, followed by the disclosure of the main economic performance evaluation models. Finally, an adapted model is presented, under the approach of the value based management, considering adjustments of the return and the respective investment measures, showing the impacts of the intellectual capital management and the education activity on the economic result of those institutions. The study was developed based on a methodology supported by a bibliographical research, using a comparative method procedure in the descriptive modality. At last, it is highlighted the importance of accountability for the society regarding the use of public resources and how this study can help in this way.

  7. Financial development and the cost of equity capital: Evidence from China

    Directory of Open Access Journals (Sweden)

    Jeong-Bon Kim

    2015-12-01

    Full Text Available This study examines the relation between province-level financial development and the cost of equity in China. Our main findings are that (1 stock market development reduces the cost of equity in general, but the effect diminishes significantly in state-owned enterprises (SOEs and firms with high growth potential or innovation intensity and (2 banking development only marginally lowers the cost of equity, but the effect is stronger in non-SOEs. Further analysis reveals that stock market development substitutes for such institutional factors as accounting quality, law enforcement, stock market integration and the split-share structure reform in lowering the cost of equity. We also find that lack of banking competition and banking marketization and under-development of the non-state economy partially account for the weak effect of banking development on the cost of equity.

  8. The relationships between OHS prevention costs, safety performance, employee satisfaction and accident costs.

    Science.gov (United States)

    Bayram, Metin; Ünğan, Mustafa C; Ardıç, Kadir

    2017-06-01

    Little is known about the costs of safety. A literature review conducted for this study indicates there is a lack of survey-based research dealing with the effects of occupational health and safety (OHS) prevention costs. To close this gap in the literature, this study investigates the interwoven relationships between OHS prevention costs, employee satisfaction, OHS performance and accident costs. Data were collected from 159 OHS management system 18001-certified firms operating in Turkey and analyzed through structural equation modeling. The findings indicate that OHS prevention costs have a significant positive effect on safety performance, employee satisfaction and accident costs savings; employee satisfaction has a significant positive effect on accident costs savings; and occupational safety performance has a significant positive effect on employee satisfaction and accident costs savings. Also, the results indicate that safety performance and employee satisfaction leverage the relationship between prevention costs and accident costs.

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

    OpenAIRE

    Pulido, Matilde Maia Mendes

    2016-01-01

    Mestrado em Finanças A presente dissertação pretende analisar a relação entre o nível de planeamento fiscal e o custo de capital ex ante na Europa, tendo em consideração as características específicas de cada país dado o contexto de maior concorrência fiscal entre empresas. Os resultados obtidos mostram que os investidores têm uma percepção diferente sobre o nível de planeamento fiscal praticado consoante a evolução deste. A análise realizada evidencia que à medida que o nível de planeamen...

  10. Gasification Plant Cost and Performance Optimization

    Energy Technology Data Exchange (ETDEWEB)

    Samuel Tam; Alan Nizamoff; Sheldon Kramer; Scott Olson; Francis Lau; Mike Roberts; David Stopek; Robert Zabransky; Jeffrey Hoffmann; Erik Shuster; Nelson Zhan

    2005-05-01

    As part of an ongoing effort of the U.S. Department of Energy (DOE) to investigate the feasibility of gasification on a broader level, Nexant, Inc. was contracted to perform a comprehensive study to provide a set of gasification alternatives for consideration by the DOE. Nexant completed the first two tasks (Tasks 1 and 2) of the ''Gasification Plant Cost and Performance Optimization Study'' for the DOE's National Energy Technology Laboratory (NETL) in 2003. These tasks evaluated the use of the E-GAS{trademark} gasification technology (now owned by ConocoPhillips) for the production of power either alone or with polygeneration of industrial grade steam, fuel gas, hydrocarbon liquids, or hydrogen. NETL expanded this effort in Task 3 to evaluate Gas Technology Institute's (GTI) fluidized bed U-GAS{reg_sign} gasifier. The Task 3 study had three main objectives. The first was to examine the application of the gasifier at an industrial application in upstate New York using a Southeastern Ohio coal. The second was to investigate the GTI gasifier in a stand-alone lignite-fueled IGCC power plant application, sited in North Dakota. The final goal was to train NETL personnel in the methods of process design and systems analysis. These objectives were divided into five subtasks. Subtasks 3.2 through 3.4 covered the technical analyses for the different design cases. Subtask 3.1 covered management activities, and Subtask 3.5 covered reporting. Conceptual designs were developed for several coal gasification facilities based on the fluidized bed U-GAS{reg_sign} gasifier. Subtask 3.2 developed two base case designs for industrial combined heat and power facilities using Southeastern Ohio coal that will be located at an upstate New York location. One base case design used an air-blown gasifier, and the other used an oxygen-blown gasifier in order to evaluate their relative economics. Subtask 3.3 developed an advanced design for an air

  11. Low cost high performance uncertainty quantification

    KAUST Repository

    Bekas, C.; Curioni, A.; Fedulova, I.

    2009-01-01

    Uncertainty quantification in risk analysis has become a key application. In this context, computing the diagonal of inverse covariance matrices is of paramount importance. Standard techniques, that employ matrix factorizations, incur a cubic cost

  12. Effect of construction time, interest rate, and inflation on the capital cost of nuclear power plants

    International Nuclear Information System (INIS)

    Abel, P.S.; Greybeck, E.M.; Omberg, R.P.

    1981-09-01

    Cost estimates for nuclear power plants currently under construction are on the order of four billion dollars. It will be shown, in this paper, that this is a direct consequence of relatively high inflation rates and relatively long construction times. If either inflation rates or construction times, or a combination thereof, should decrease significantly, cost estimates for nuclear power plants could return to approximately two billion dollars

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

    Energy Technology Data Exchange (ETDEWEB)

    Serrano, Ricardo Oliveira L.

    2003-12-01

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

  14. Effects of intellectual capital and knowledge management on Thai food industry organizational performance: A conceptual perspective

    Directory of Open Access Journals (Sweden)

    Pimsara Yaklai

    2017-01-01

    Full Text Available Due to rising urbanization and an expanding middle class, Thailand will rely more on processed foods. This is combined with a 22% export market to other Southeast Asian nations, as well as China and Japan. With an abundance of natural resources combined with significant investments in technology, food safety, R&D, and more efforts at adhering to international quality standards, Thailand has become the ‘Kitchen of the World’, becoming the largest sole net food exporter in Asia. Therefore, the researchers aspire to develop a structural equation model of factors affecting intellectual capital and knowledge management on the Thai food industry organizational performance using both quantitative and qualitative research methods. Questionnaires using a 7-point Likert scale are to be analysed using SEM techniques, with focus being given to financial performance, internal processes and learning and growth and their contributions in enhancing the industry’s global competitiveness and sustainability.

  15. Contrasting the Effect of Risk- and Non Risk-Based Capital Structure on Insurers’ Performance in Nigeria

    Directory of Open Access Journals (Sweden)

    Sunday S. Akpan

    2017-11-01

    Full Text Available Literature on capital-based regulation and performance of insurers in emerging market is not only limited; it is incomplete, particularly on a comparative basis. This has continuously attracts researchers’ interest and concerns for practitioners and policy makers. This paper therefore examines the effect of capital structure on performance of insurers comparatively before and after the implementation of risk-based capital (RBC policy in Nigeria to determine which policy regime enables insurers to perform better. Descriptive statistics are employed to describe the characteristics of the data while the hypotheses are tested using two-stage estimation procedure of fixed and random effect models. Results reveal that insurance capital structure (measured by technical provision ratio has a significant positive effect on insurance performance (measured by earnings per share and return on asset during non-RBC regime when compared to RBC regime. Based on these findings, it is concluded that insurers in Nigeria performed better under non-RBC than RBC era. This finding provides important insight to managers, regulators and investors by fostering more understanding of how to manipulate and regulate insurance capital for performance optimization under RBC scenarios.

  16. HUMAN CAPITAL IN ISLAMIC BANK AND ITS EFFECT ON THE IMPROVEMENT OF HEALTHY ORGANIZATION AND EMPLOYEE PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Muafi

    2017-12-01

    Full Text Available Human resources have become one of strategic issues of Islamic banking in Indonesia. Islamic bank is important to have a good human capital, who has specialized knowledge and expertise related to Islamic aspects. The quality of human resource that is bad will affect the organization to grow unhealthy and also the employee performance. This research aims to test and analyze the role of human capital that affect the healthy organization and the employee performance. This research was conducted on all employees of Islamic banks in the Province of Daerah Istimewa Yogyakarta (DIY and East Java. The reason is because nowadays, Islamic banking in Indonesia is experiencing a slowdown growth of business performance, especially market share so that it needs human capital with good quality. Sampling technique is using purposive sampling. Bank employees came from Islamic bank, government bank, and private bank. The result concludes that human capital (HC has significant positive effect on the improvement of employee performance (EP and healthy organization (HO. Meanwhile, healthy organization (HO has significant positive effect on the improvement of employee performance (EP. Healthy organization mediates the relationship between human capital and employee performance.

  17. HUMAN CAPITAL HETEROGENEITY AND ORGANIZATIONAL PERFORMANCE ANALYSIS: AN EMPIRICAL STUDY ABOUT INTERNATIONAL HOTEL CHAINS IN TURKEY

    Directory of Open Access Journals (Sweden)

    Ali Halici

    2012-01-01

    Full Text Available Today, workforce diversity is not only a legal requirement for organizations, but it is also a must to survive in a highly competitive business environment. The prime motive for this study is to investigate the relationship between workforce diversity and perception of discrimination. The basic hypothesis of the study is that as the workforce diversity increases, the perception of discrimination decreases. In order to test the hypothesis, a survey is carried out international hotel chains in Istanbul. There are 19 international hotel chains in Turkey. In this study research is designed to understand human capital heterogeneity pattern of international chains of hotel industry and how this contribute organizational culture strategically that help to manage organizational performance much more efficiently with cross sectional data. Globalization of markets, changing demographics in the labor market, new business strategies requiring team work and the shift from a manufacturing to a service economy are the prime reasons for human capital heterogeneity (HCH. HCH improves the organizational capabilities in terms of flexibility, creativity, problem solving and competitive advantage. Especially in the service sector, in order to gain competitive advantage, organizations need a diverse workforce for both understanding the diverse needs of customers and answering to these needs in a prompt and proper way.

  18. Nuclear power more profitable than coal if funded with low cost capital: A South-African case study

    International Nuclear Information System (INIS)

    Serfontein, Dawid E.

    2014-01-01

    This study summarizes and expands on economic simulation results from the author’s reviews of the South-African Government’s Draft Integrated Energy Plan (IEP) and Integrated Resource Plan Update 2013 (IRP Update). The Levellized Cost of Electricity (LCOE), as a function of the pre-tax Weighted Average Cost of Capital (WACC%) and the pre-tax % rate of return and the pre-tax nominal profit per unit power sold (R/kWh), as a function of the electricity selling price, are compared for a new Generation III nuclear plant and a new pulverized coal plant with Flue Gas Desulphurization (FGD), built in South Africa. All monetary amounts are expressed in constant real 2012 South African Rand (R), i.e. inflation has been removed. An exchange rate of R8.01/$ was assumed. Since the key economic features of HTRs and Generation III water-cooled nuclear plants are similar, e.g. high initial capital cost followed by low fuel and other variable costs and long plant lives, these results for Generation III nuclear plants are also applicable to HTRs. The results show that the LCOE for nuclear increases sharply with the pre-tax WACC%. For low WACC percentages, nuclear power is much cheaper than coal and vice versa. However the pre-tax nominal profit per unit nuclear power sold (R/kWh) greatly outperforms coal for all values of the electricity selling price, even if the nuclear overnight cost increases to the much maligned $7,000/kW-installed. Especially impressive is the result that nuclear already breaks even at R 0.30/kWh while coal will run at a loss until the price is increased to R 0.68/kWh. This result, that nuclear produces the most profitable power of all readily available sources in South Africa, implies the following power plant construction strategy: Supply the minimum expected new base-load with nuclear plants, augmented by peaking plants, such as hydro and gas turbine in order to balance the constant base-load power supply with the varying demand during different times

  19. 48 CFR 9904.414 - Cost accounting standard-cost of money as an element of the cost of facilities capital.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Cost accounting standard... Acquisition Regulations System COST ACCOUNTING STANDARDS BOARD, OFFICE OF FEDERAL PROCUREMENT POLICY, OFFICE OF MANAGEMENT AND BUDGET PROCUREMENT PRACTICES AND COST ACCOUNTING STANDARDS COST ACCOUNTING...

  20. Carbon information disclosure of enterprises and their value creation through market liquidity and cost of equity capital

    Directory of Open Access Journals (Sweden)

    Li Li

    2015-01-01

    Full Text Available Purpose: Drawing on asymmetric information and stakeholder theories, this paper investigates two mechanisms, namely market liquidity and cost of equity capital, by which the carbon information disclosure of enterprises can benefit their value creation. Design/methodology/approach: In this research, web crawler technology is employed to study the link between carbon information disclosure and enterprises value creation?and the carbon information data are provided by all companies listed in Chinese A-share market Findings: The results show that carbon information disclosure have significant positive influence on enterprise value creation, which is embodied in the relationship between carbon information disclosure quantity, depth and enterprise value creation, and market liquidity and cost of equity capital play partially mediating role in it, while the influence of carbon information disclosure quality and concentration on enterprise value creation are not significant in statistics. Research limitations/implications: This paper explains the influence path and mechanism between carbon information disclosure and enterprise value creation deeply, answers the question of whether carbon information disclosure affects enterprise value creation or not in China. Practical implications: This paper finds that carbon information disclosure contributes positively to enterprise value creation suggests that managers can reap more financial benefits by disclosing more carbon information and investing carbon emissions management. So, managers in the enterprises should strengthen the management of carbon information disclosure behavior. Originality/value: The paper gives a different perspective on the influence of carbon information disclosure on enterprise value creation, and suggests a new direction to understand carbon information disclosure behavior.

  1. Capital cost: high and low sulfur coal plants-1200 MWe. [High sulfur coal

    Energy Technology Data Exchange (ETDEWEB)

    1977-01-01

    This Commercial Electric Power Cost Study for 1200 MWe (Nominal) high and low sulfur coal plants consists of three volumes. The high sulfur coal plant is described in Volumes I and II, while Volume III describes the low sulfur coal plant. The design basis and cost estimate for the 1232 MWe high sulfur coal plant is presented in Volume I, and the drawings, equipment list and site description are contained in Volume II. The reference design includes a lime flue gas desulfurization system. A regenerative sulfur dioxide removal system using magnesium oxide is also presented as an alternate in Section 7 Volume II. The design basis, drawings and summary cost estimate for a 1243 MWe low sulfur coal plant are presented in Volume III. This information was developed by redesigning the high sulfur coal plant for burning low sulfur sub-bituminous coal. These coal plants utilize a mechanical draft (wet) cooling tower system for condenser heat removal. Costs of alternate cooling systems are provided in Report No. 7 in this series of studies of costs of commercial electrical power plants.

  2. The impact of psychological capital on job embeddedness and job performance among nurses: a structural equation approach.

    Science.gov (United States)

    Sun, Tao; Zhao, Xiao Wen; Yang, Li Bin; Fan, Li Hua

    2012-01-01

    The objective of this study was to provide empirical evidence on the relationships between psychological capital, job embeddedness and performance. This paper also seeks to present the theoretical development of psychological capital and job embeddedness in nursing research and their application to nursing practices. Psychological capital was recently identified as a core construct in the literature of positive psychology. However, there is considerably less evidence on its positive effects on job embeddedness and performance among nursing personnel. Questionnaires were distributed to approximately 1000 nurses employed in five university hospitals in Heilongjiang province in China. Data were collected in november 2009. the response rate was 73·3%. structural equation modelling was employed to test the proposed relationships. The results support the hypothesized model. This research outlined a strong relationship between the self-reported psychological capital, job embeddedness and performance of the nurses. The study findings suggest that improving the individual-accumulated psychological state of nurses will have a positive impact on their retention intention and job performance. These findings suggest that higher psychological capital increases the self-reported job embeddedness and performance of these nurses. © 2011 Blackwell Publishing Ltd.

  3. Survey of LWR environmental control technology performance and cost

    International Nuclear Information System (INIS)

    Heeb, C.M.; Aaberg, R.L.; Cole, B.M.; Engel, R.L.; Kennedy, W.E. Jr.; Lewallen, M.A.

    1980-03-01

    This study attempts to establish a ranking for species that are routinely released to the environment for a projected nuclear power growth scenario. Unlike comparisons made to existing standards, which are subject to frequent revision, the ranking of releases can be used to form a more logical basis for identifying the areas where further development of control technology could be required. This report describes projections of releases for several fuel cycle scenarios, identifies areas where alternative control technologies may be implemented, and discusses the available alternative control technologies. The release factors were used in a computer code system called ENFORM, which calculates the annual release of any species from any part of the LWR nuclear fuel cycle given a projection of installed nuclear generation capacity. This survey of fuel cycle releases was performed for three reprocessing scenarios (stowaway, reprocessing without recycle of Pu and reprocessing with full recycle of U and Pu) for a 100-year period beginning in 1977. The radioactivity releases were ranked on the basis of a relative ranking factor. The relative ranking factor is based on the 100-year summation of the 50-year population dose commitment from an annual release of radioactive effluents. The nonradioactive releases were ranked on the basis of dilution factor. The twenty highest ranking radioactive releases were identified and each of these was analyzed in terms of the basis for calculating the release and a description of the currently employed control method. Alternative control technology is then discussed, along with the available capital and operating cost figures for alternative control methods

  4. Capital cost expenditure of high temperature latent and sensible thermal energy storage systems

    Science.gov (United States)

    Jacob, Rhys; Saman, Wasim; Bruno, Frank

    2017-06-01

    In the following study cost estimates have been undertaken for an encapsulated phase change material (EPCM) packed bed, a packed bed thermocline and a traditional two-tank molten salt system. The effect of various heat transfer fluids (air and molten salt), system configuration (cascade vs one PCM, and direct vs indirect) and temperature difference (ΔT = 100-500 °C) on the cost estimate of the system was also investigated. Lastly, the storage system boundary was expanded to include heat exchangers, pumps and fans, and heat tracing so that a thorough cost comparison could be undertaken. The results presented in this paper provide a methodology to quickly compare various systems and configurations while providing design limits for the studied technologies.

  5. Subsidiary Performance In MNCs: The Influences Of Absorptive Capacity And Social Capital On Knowledge Transfer

    OpenAIRE

    John Chiang

    2011-01-01

    Multinational corporation (MNC) subsidiaries have become more closely linked to globalized business networks. The rapid technological changes are accelerating globalization, these changes have forced producers to constantly upgrade their process technologies, introduce new products and reduce costs to increase profits. Subsidiary performance is at the core of increased profits for MNCs. Accordingly, this research focuses upon subsidiary performance regarding three key contingencies that curre...

  6. Omaha company capitalizes on the potential of self-care to drive down costs.

    Science.gov (United States)

    2006-06-01

    Engage patients in managing their own health now. Why? Because lifestyle-related chronic disease is overburdening the nation's health care system, and behavioral change is key to getting the problem under control. See how one Omaha-based company is leveraging the power of self-care to improve outcomes and lower health care-related costs.

  7. Implementing a Capital Plan.

    Science.gov (United States)

    Daigneau, William A.

    2003-01-01

    Addresses four questions regarding implementation of a long-term capital plan to manage a college's facilities portfolio: When should the projects be implemented? How should the capital improvements be implemented? What will it actually cost in terms of project costs as well as operating costs? Who will implement the plan? (EV)

  8. Testing the Feasibility of a Low-Cost Network Performance Measurement Infrastructure

    Energy Technology Data Exchange (ETDEWEB)

    Chevalier, Scott [Indiana Univ., Bloomington, IN (United States). International Networks; Schopf, Jennifer M. [Indiana Univ., Bloomington, IN (United States). International Networks; Miller, Kenneth [Pennsylvania State Univ., University Park, PA (United States). Telecommunications and Networking Services; Zurawski, Jason [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Energy Sciences Network

    2016-07-01

    Todays science collaborations depend on reliable, high performance networks, but monitoring the end-to-end performance of a network can be costly and difficult. The most accurate approaches involve using measurement equipment in many locations, which can be both expensive and difficult to manage due to immobile or complicated assets. The perfSONAR framework facilitates network measurement making management of the tests more reasonable. Traditional deployments have used over-provisioned servers, which can be expensive to deploy and maintain. As scientific network uses proliferate, there is a desire to instrument more facets of a network to better understand trends. This work explores low cost alternatives to assist with network measurement. Benefits include the ability to deploy more resources quickly, and reduced capital and operating expenditures. Finally, we present candidate platforms and a testing scenario that evaluated the relative merits of four types of small form factor equipment to deliver accurate performance measurements.

  9. An Analysis of the Social Capital, Organizational Commitment and Performance in the Public Sector of Southeastern Turkey

    Directory of Open Access Journals (Sweden)

    Abdurrahim EMHAN

    2016-02-01

    Full Text Available Social capital and organizational commitment and performance have long been the subjects of many studies as these concepts drive organizational outputs. This study aims to investigate the relationships between these concepts. The study collected data using a questionnaire survey comprising 26 questions conducted with 308 offi cers working in the tax offi ces of the provinces of Diyarbakır, Batman and Mardin in Southeastern Turkey. A separate form was used to collect some demographic variables from the respondents. The fi ndings indicate a positive and signifi cant relationship between social capital and performance. This study also confi rmed that organizational commitment has a mediating effect between social capital and performance.

  10. How Father's Education and Economic Capital Impact Academic Performance--An Analysis Based on the Mediating Effect and Moderating Effect

    Science.gov (United States)

    Baoyan, Yang; Minggang, Wan

    2015-01-01

    This paper uses survey data from educational tracking upon graduation from middle schools in Q County, Gansu Province, and explores the mechanism in which the level of father's education and economic capital affect academic performance. The study finds that the academic performance of male students is significantly higher than that of female…

  11. Political versus managerial use of cost and performance accounting

    OpenAIRE

    Flury, Reto; Schedler, Kuno

    2006-01-01

    This article explains why it is impossible to use cost and performance accounting in public administration purely as an instrument for internal management. The authors report on a survey in Switzerland which highlighted the different expectations that politicians and managers have for cost and performance accounting. The authors warn that politicians and managers need to be aware of the conflicts arising from their different information needs. New cost and performance accounting systems need ...

  12. Innovative High-Performance Deposition Technology for Low-Cost Manufacturing of OLED Lighting

    Energy Technology Data Exchange (ETDEWEB)

    Scott, David; Hamer, John

    2017-06-30

    In this project, OLEDWorks developed and demonstrated the innovative high-performance deposition technology required to deliver dramatic reductions in the cost of manufacturing OLED lighting in production equipment. The current high manufacturing cost of OLED lighting is the most urgent barrier to its market acceptance. The new deposition technology delivers solutions to the two largest parts of the manufacturing cost problem – the expense per area of good product for organic materials and for the capital cost and depreciation of the equipment. Organic materials cost is the largest expense item in the bill of materials and is predicted to remain so through 2020. The high-performance deposition technology developed in this project, also known as the next generation source (NGS), increases material usage efficiency from 25% found in current Gen2 deposition technology to 60%. This improvement alone results in a reduction of approximately $25/m2 of good product in organic materials costs, independent of production volumes. Additionally, this innovative deposition technology reduces the total depreciation cost from the estimated value of approximately $780/m2 of good product for state-of-the-art G2 lines (at capacity, 5-year straight line depreciation) to $170/m2 of good product from the OLEDWorks production line.

  13. Government Performance and Results Act Reporting on Defense Working Capital Funds Net Operating Results

    National Research Council Canada - National Science Library

    2001-01-01

    ...". The Defense Working Capital Fund provides support services to the Military Departments. The support services include supply management, depot maintenance, finance and accounting, information services, and commissary...

  14. Supercritical Carbon Dioxide Power Generation System Definition: Concept Definition and Capital Cost Estimate

    Energy Technology Data Exchange (ETDEWEB)

    Stoddard, Larry [Black & Veatch, Kansas City, MO (United States); Galluzzo, Geoff [Black & Veatch, Kansas City, MO (United States); Andrew, Daniel [Black & Veatch, Kansas City, MO (United States); Adams, Shannon [Black & Veatch, Kansas City, MO (United States)

    2016-06-30

    The Department of Energy’s (DOE’s) Office of Renewable Power (ORP) has been tasked to provide effective program management and strategic direction for all of the DOE’s Energy Efficiency & Renewable Energy’s (EERE’s) renewable power programs. The ORP’s efforts to accomplish this mission are aligned with national energy policies, DOE strategic planning, EERE’s strategic planning, Congressional appropriation, and stakeholder advice. ORP is supported by three renewable energy offices, of which one is the Solar Energy Technology Office (SETO) whose SunShot Initiative has a mission to accelerate research, development and large scale deployment of solar technologies in the United States. SETO has a goal of reducing the cost of Concentrating Solar Power (CSP) by 75 percent of 2010 costs by 2020 to reach parity with base-load energy rates, and 30 percent further reductions by 2030. The SunShot Initiative is promoting the implementation of high temperature CSP with thermal energy storage allowing generation during high demand hours. The SunShot Initiative has funded significant research and development work on component testing, with attention to high temperature molten salts, heliostats, receiver designs, and high efficiency high temperature supercritical CO2 (sCO2) cycles. DOE retained Black & Veatch to support SETO’s SunShot Initiative for CSP solar power tower technology in the following areas: 1. Concept definition, including costs and schedule, of a flexible test facility to be used to test and prove components in part to support financing. 2. Concept definition, including costs and schedule, of an integrated high temperature molten salt (MS) facility with thermal energy storage and with a supercritical CO2 cycle generating approximately 10MWe. 3. Concept definition, including costs and schedule, of an integrated high temperature falling particle facility with thermal energy storage and with a supercritical CO2 cycle

  15. A study on the impact of campaign finance, political capital and gender on electoral performance

    Directory of Open Access Journals (Sweden)

    Bruno Wilhelm Speck

    2014-04-01

    Full Text Available This article analyzes the association between political finance and electoral performance in the 2010 Brazilian elections for state and federal deputies. It also investigates the interaction effect of incumbency and gender on this association. We conclude: (i there is a positive and statistically significant association between political finance and electoral performance, yet the intensity of this association varies according to the type of candidate; (ii the association is stronger for challengers than for incumbents – thus extending the "Jacobson effect" to the Brazilian case; and (iii the association is stronger for women than for men – which suggests an extension of the idea underlying the "Jacobson effect". The association between finance and electoral performance tends to be stronger for candidates facing electoral disadvantages, whether these stem from limited political capital, gender discrimination, or any other factor not studied here resulting in a similar effect. Political finance works as a tool that, to some extent, may counteract the negative effect of such factors on electoral performance.

  16. Impact on the steam electric power industry of deleting Section 316(a) of the Clean Water Act: Capital costs

    International Nuclear Information System (INIS)

    Veil, J.A.

    1993-01-01

    Many power plants discharge large volumes of cooling water. In some cases, the temperature of the discharge exceeds state thermal requirements. Section 316(a) of the Clean Water Act (CWA) allows a thermal discharger to demonstrate that less stringent thermal effluent limitations would still protect aquatic life. About 32% of total US steam electric generating capacity operates under Section 316(a) variances. In 1991, the US Senate proposed legislation that would delete Section 316(a) from the CWA. This study, presented in two companion reports, examines how this legislation would affect the steam electric power industry. This report describes alternatives available to nuclear and coal-fired plants currently operating under variances. Data from 38 plants representing 14 companies are used to estimate the national cost of implementing such alternatives. Although there are other alternatives, most affected plants would be retrofitted with cooling towers. Assuming that all plants currently operating under variances would install cooling towers, the national capital cost estimate for these retrofits ranges from $22.7 billion to $24.4 billion (in 1992 dollars). The second report quantitatively and qualitatively evaluates the energy and environmental impacts of deleting the variance. Little justification has been found for removing the Section 316(a) variance from the CWA

  17. Availability and cost of major and first-line antiepileptic drugs: a comprehensive evaluation in the capital of Madagascar.

    Science.gov (United States)

    Jost, Jeremy; Raharivelo, Adeline; Ratsimbazafy, Voa; Nizard, Mandy; Auditeau, Emilie; Newton, Charles R; Preux, Pierre-Marie

    2016-01-01

    The prevalence of epilepsy is high in Madagascar (23.5/1000), as is the treatment gap (estimated at 92 %). The health system of the country is underfunded; some AEDs are used, and the national drug policy does not encourage price regulation or the administration of generic agents. We conducted a cross-sectional study to assess the availability and cost of solid oral AED formulations in Antananarivo, capital of Madagascar. Data were gathered from all officially registered pharmacies (according to the drug agency list, updated in 2015) by means of telephone interviews lasting no more than 10 min and conducted by a native Malagasy speaker. With regard to other sources (hospitals, illicit sales) data were obtained at specific visits. The study received ethical approval from the Madagascar Ministry of Health. A total of 91 of 100 pharmacies (the nine not included were because of an inoperative phone number), two of three public hospitals, and two illegal outlets were investigated. Sodium valproate was available in 84.6 % of the pharmacies, while carbamazepine and phenobarbital were available in 68.1 % and 36.3 % of the pharmacies, respectively, but phenytoin was not available in any supply chain. There were more originator brands than generic formulations, with a higher cost (range 20.3-81.1 %, median 40.7 %) compared to the equivalent generic. The public system had only a very limited choice of AED, but offered the lowest costs. Illicit sources were more expensive by 54.3 % for carbamazepine and 62.5 % for phenobarbital. Concerning the annual cost of treatment, the average percentage of the gross national income per capita based on the purchasing power parity was 29.8 %/19.0 % (brand/generic) for sodium valproate, 16.4 %/7.3 % (brand/generic) for carbamazepine, 8.9 %/5.1 % (brand/generic) for phenobarbital. The main sources of AEDs were private pharmacies, but the stocks held were low. The financial burden was still important in the capital of Madagascar

  18. Consecuencias de las prácticas de sostenibilidad en el coste de capital y en la reputación corporativa

    Directory of Open Access Journals (Sweden)

    Jennifer Martínez Ferrero

    2014-07-01

    Los resultados tras aplicar una metodología para datos de panel confirman cómo las prácticas de sostenibilidad son valoradas positivamente por los inversores y otros stakeholders, generando un efecto positivo en la reputación empresarial y un menor coste de capital.

  19. ANALISIS PENGARUH CAPITAL ADEQUACY RATIO (CAR) DAN NON PERFORMING LOAN (NPL) TERHADAP LOAN TO DEPOSIT RATIO (LDR) PADA BANK BUMN PERSERO DI INDONESIA

    OpenAIRE

    TANGKO, IRENE LASTRY FARDANI

    2012-01-01

    Non Performing Loan (NPL)Analisis Pengaruh Capital Adequacy Ratio (CAR) dan Non Performing Loan (NPL) Terhadap Loan to Deposit Ratio (LDR) Pada Bank BUMN Persero Di Indonesia Analysis ofEffect ofCapitalAdequacy Ratio (CAR) and theNon-PerformingLoan(NPL) AgainstLoanto DepositRatio (LDR) Thestate-owned bankinIndonesiaPersero Irene Lastry Fardani Tangko Otto R. Payangan Maat pono Penelitian ini bertujuan untuk menganalisis pengaruh Capital Adequacy Ratio (CAR) dan Non Performin...

  20. Cost and performance of fossil fuel power plants with CO2 capture and storage

    International Nuclear Information System (INIS)

    Rubin, Edward S.; Chen, Chao; Rao, Anand B.

    2007-01-01

    CO 2 capture and storage (CCS) is receiving considerable attention as a potential greenhouse gas (GHG) mitigation option for fossil fuel power plants. Cost and performance estimates for CCS are critical factors in energy and policy analysis. CCS cost studies necessarily employ a host of technical and economic assumptions that can dramatically affect results. Thus, particular studies often are of limited value to analysts, researchers, and industry personnel seeking results for alternative cases. In this paper, we use a generalized modeling tool to estimate and compare the emissions, efficiency, resource requirements and current costs of fossil fuel power plants with CCS on a systematic basis. This plant-level analysis explores a broader range of key assumptions than found in recent studies we reviewed for three major plant types: pulverized coal (PC) plants, natural gas combined cycle (NGCC) plants, and integrated gasification combined cycle (IGCC) systems using coal. In particular, we examine the effects of recent increases in capital costs and natural gas prices, as well as effects of differential plant utilization rates, IGCC financing and operating assumptions, variations in plant size, and differences in fuel quality, including bituminous, sub-bituminous and lignite coals. Our results show higher power plant and CCS costs than prior studies as a consequence of recent escalations in capital and operating costs. The broader range of cases also reveals differences not previously reported in the relative costs of PC, NGCC and IGCC plants with and without CCS. While CCS can significantly reduce power plant emissions of CO 2 (typically by 85-90%), the impacts of CCS energy requirements on plant-level resource requirements and multi-media environmental emissions also are found to be significant, with increases of approximately 15-30% for current CCS systems. To characterize such impacts, an alternative definition of the 'energy penalty' is proposed in lieu of the

  1. 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 ...

  2. Immigrant performance in the labour market: bonding and bridging social capital

    NARCIS (Netherlands)

    Lancee, B.

    2012-01-01

    To what extent can different forms of social capital help immigrants make headway on the labour market? An answer to this pressing question begins here. Taking the Netherlands and Germany as case studies, the book identifies two forms of social capital that may work to increase employment, income

  3. Cost and performance analysis of physical security systems

    International Nuclear Information System (INIS)

    Hicks, M.J.; Yates, D.; Jago, W.H.

    1997-01-01

    CPA - Cost and Performance Analysis - is a prototype integration of existing PC-based cost and performance analysis tools: ACEIT (Automated Cost Estimating Integrated Tools) and ASSESS (Analytic System and Software for Evaluating Safeguards and Security). ACE is an existing DOD PC-based tool that supports cost analysis over the full life cycle of a system; that is, the cost to procure, operate, maintain and retire the system and all of its components. ASSESS is an existing DOE PC-based tool for analysis of performance of physical protection systems. Through CPA, the cost and performance data are collected into Excel workbooks, making the data readily available to analysts and decision makers in both tabular and graphical formats and at both the system and subsystem levels. The structure of the cost spreadsheets incorporates an activity-based approach to cost estimation. Activity-based costing (ABC) is an accounting philosophy used by industry to trace direct and indirect costs to the products or services of a business unit. By tracing costs through security sensors and procedures and then mapping the contributions of the various sensors and procedures to system effectiveness, the CPA architecture can provide security managers with information critical for both operational and strategic decisions. The architecture, features and applications of the CPA prototype are presented. 5 refs., 3 figs

  4. Cost savings from performance-based maintenance contracting

    NARCIS (Netherlands)

    Straub, A.

    2009-01-01

    New procurement approaches combined with performance-based building approaches should reduce costs, but empirical qualitative and quantitative studies are lacking. Performance-based maintenance contracts give maintenance suppliers incentives to improve their way of working. Innovative,

  5. A seismic performance and cost comparison of top and bottom supported liquid metal reactor vessels

    International Nuclear Information System (INIS)

    Carlson, T.M.; Kiciman, O.K.; Petrozelli, J.F.

    1989-01-01

    It is the premise of this paper that the revision of a pool LMR from a TSRV configuration to a specific bottom supported reactor vessel (BSRV) configuration can resolve the above TSRV disadvantages related to load path length and diversity, thereby improving seismic performance and simultaneously reducing RV block costs by reducing weights. This paper demonstrates this premise by comparing a reference TSRV block with a specific BSRV block design. Recent capital cost estimates ($/kWe) for U.S. liquid metal reactor (LMR) plant designs reveal that the balance of plant costs could be reduced below that of the balance of plant costs for a comparable light water reactor plant. However, in regions of high seismicity, non-seismically isolated LMR nuclear steam supply system weights are costs per kWe are two to three times the weights and costs of light water reactor nuclear steam supply systems. While all portions of the LMR nuclear steam supply system require examination for potential cost reductions, the focus of this paper is the reactor vessel (RV) block for a large pool plant

  6. CAPITAL STRUCTURE, COST OF DEBT AND DIVIDEND PAYOUT OF FIRMS IN NEW YORK AND SHANGHAI STOCK EXCHANGES

    Directory of Open Access Journals (Sweden)

    Jun Jiang

    2013-01-01

    Full Text Available The Study collects panel data of listed firms in New York Stock and Shanghai Stock Exchanges during 1992 to 2008. The data are used to perform panel regression estimates for firms in each stock market. The main purpose is to compare the decision on dividend payout of listed firms in the two stock markets. The results from fixed effect estimates show that factors that can explain dividend payout of firms in New York Stock Exchange poorly explain dividend payout of firms in Shanghai Stock Exchange. This paper adds to the literature in that it provides an evidence of difference in dividend policy of firms between advanced and emerging stock markets. For policymakers in the Chinese economy, implementation of measures to enhance the advancement of bond market is necessary. Additionally, firms in Shanghai Stock Exchange should adjust their capital structure to provide room for investors to diversify and adjust their portfolios of stocks and bonds.

  7. Economics of human performance and systems total ownership cost.

    Science.gov (United States)

    Onkham, Wilawan; Karwowski, Waldemar; Ahram, Tareq Z

    2012-01-01

    Financial costs of investing in people is associated with training, acquisition, recruiting, and resolving human errors have a significant impact on increased total ownership costs. These costs can also affect the exaggerate budgets and delayed schedules. The study of human performance economical assessment in the system acquisition process enhances the visibility of hidden cost drivers which support program management informed decisions. This paper presents the literature review of human total ownership cost (HTOC) and cost impacts on overall system performance. Economic value assessment models such as cost benefit analysis, risk-cost tradeoff analysis, expected value of utility function analysis (EV), growth readiness matrix, multi-attribute utility technique, and multi-regressions model were introduced to reflect the HTOC and human performance-technology tradeoffs in terms of the dollar value. The human total ownership regression model introduces to address the influencing human performance cost component measurement. Results from this study will increase understanding of relevant cost drivers in the system acquisition process over the long term.

  8. Impact of Intellectual Capital on Organisational Performance: An Empirical Study of Companies in the Hang Seng Index (Part 2)

    Science.gov (United States)

    Chan, Kin Hang

    2009-01-01

    Purpose: The purpose of this paper, which is written in two parts, is to investigate empirically if intellectual capital (IC) has an impact on the financial aspects of organisational performance as well as attempting to identify the IC components that may be the drivers for the leading financial indicators of listed companies. The study sought…

  9. Impact of Intellectual Capital on Organisational Performance: An Empirical Study of Companies in the Hang Seng Index (Part 1)

    Science.gov (United States)

    Chan, Kin Hang

    2009-01-01

    Purpose: The purpose of this paper, which is written in two parts, is to investigate empirically if intellectual capital (IC) has an impact on the financial aspects of organisational performance as well as attempting to identify the IC components that may be the drivers for the leading financial indicators of listed companies. The study sought…

  10. The influence of the social capital on business performance: an analysis in the context of horizontal business networks.

    Directory of Open Access Journals (Sweden)

    Jayr Figueiredo de Oliveira

    2013-06-01

    Full Text Available Based on the arguments of Nahapiet and Ghoshal (1998, this article analyzes the relation between the social capital of entrepreneurs participating in horizontal networks and their companies’ performance. A survey of 218 business people from 34 horizontal business networks found that the absolute number of contacts of an entrepreneur within the network, the diversity and quality of the relationships and the cognitive similarity positively influence company performance. The results also show that entrepreneurs participating in horizontal networks have access to high levels of relevant information for their businesses, from the social capital developed within the network. The main theoretical contribution of this paper is that it confirms the relevance of social capital in business performance, thus confirming, in the context of inter-organizational networks, the studies by Ahuja (2000, McFadyen and Cannella (2004, Smith, Collins and Clark (2005, Tsang (2005, and Liao and Welsch (2003. As a contribution to a managerial practice, the results show that network managers can create mechanisms to encourage the development of the entrepreneurs’ social capital by promoting the creation and strengthening of ties, with positive consequences for business performance.

  11. The Relationships between Human Capital, Implicit Views of Intelligence, and Literacy Performance: Implications for the Obama Education Era

    Science.gov (United States)

    Williams, Rihana S.; Ari, Omer; Dortch, Cedrick

    2011-01-01

    African American adolescents from families with low levels of human capital (i.e., caregiver level of education) are at risk for poor early adult outcomes. The current study examined the relationships among 48 African American high school students' literacy performance (e.g., reading and vocabulary), their implicit views of intelligence, their…

  12. The role of social capital on trust development and dynamics: Implications for cooperation, monitoring and team performance

    NARCIS (Netherlands)

    Costa, A.C.; Bijlsma-Frankema, K.M.; de Jong, B.A.

    2009-01-01

    This study examined the development and dynamics of trust in project teams and explored the relation with cooperation, monitoring and team performance. Two types of teams were distinguished at the start of the projects: low prior social-capital teams (teams composed of members that have no previous

  13. On the (in)consistency of citizen and municipal level indicators of social capital and local government performance

    NARCIS (Netherlands)

    Kampen, J.K.

    2010-01-01

    We study the empirical consistency of survey based (micro level) indicators of social capital and local government performance on the one, and municipality based (aggregate level) measures of these two concepts on the other hand. Knowledge about the behavior of these indicators is helpful for

  14. Account Managers Creation of Social Capital: Communal and Instrumental Investments and Performance Implications

    NARCIS (Netherlands)

    W.J.M.I. Verbeke (Willem); F.D. Belschak (Frank); S.H.K. Wuyts (Stefan); R.P. Bagozzi (Richard)

    2004-01-01

    textabstractAccount managers invest in two distinct, compensatory social ties to achieve social capital, namely peripheral knowledge ties and implementation support ties. The first ties require communal investments, which consist of organizational citizenship behaviors and peripheral information

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2007-07-01

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

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

    International Nuclear Information System (INIS)

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

    2007-01-01

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

  17. Intellectual Capital (IC Analysis and The Effect to Financial Performance in PT Kalasuba Indonesia (KSI

    Directory of Open Access Journals (Sweden)

    Dwi Ermayanti Susilo

    2016-10-01

    Full Text Available Financial Performance (FP is one of the important things for a company to know the development of the company. One important thing that influences FP is the Intellectual Capital (IC. Research was conducted to get the best IC analysis in order to get success and fulfill the daily human needs which always increases. Therefore, it had research problem ‘how was the components of IC affecting the FP of PT Kalasuba Indonesia (KSI, and the objective is to explore the IC components in affecting the FP. It was interesting to be explored because it had unique characteristics, which consist of spiritual knowledge, attitude, discipline, management knowledge and managerial experience, as well as skill and capabilities, in which the first three points were different from the rest. It used qualitative analysis method as the instrument. It was done by collecting the data through observation and was analyzed using the Robbins theory. It can be concluded that those five IC has important effect in increasing FP of PT KSI and keeping it stable.

  18. Social capital, trust, and firm performance: the value of corporate social responsibility during the financial crisis

    OpenAIRE

    Lins, K V; Servaes, H; Tamayo, A

    2017-01-01

    During the 2008-2009 financial crisis, firms with high social capital, measured as corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higher than firms with low social capital. High-CSR firms also experienced higher profitability, growth, and sales per employee relative to low-CSR firms, and they raised more debt. This evidence suggests that the trust between the firm and both its stakeholders and investors, built through investments i...

  19. 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 ...

  20. A systems engineering cost analysis capability for use in assessing nuclear waste management system cost performance

    International Nuclear Information System (INIS)

    Shay, M.R.

    1990-04-01

    The System Engineering Cost Analysis (SECA) capability has been developed by the System Integration Branch of the US Department of Energy's Office of Civilian Radioactive Waste Management for use in assessing the cost performance of alternative waste management system configurations. The SECA capability is designed to provide rapid cost estimates of the waste management system for a given operational scenario and to permit aggregate or detailed cost comparisons for alternative waste system configurations. This capability may be used as an integral part of the System Integration Modeling System (SIMS) or, with appropriate input defining a scenario, as a separate cost analysis model

  1. The Effect of Family Capital on the Academic Performance of College Students--A Survey at 20 Higher Education Institutions in Jiangsu Province

    Science.gov (United States)

    Yao, Gao; Zhimin, Liu; Peng, Fang

    2015-01-01

    Based on survey data on college students from 20 higher education institutions in Jiangsu Province, the effects of family capital on the academic performances of college students is analyzed. The study finds that family capital, place of origin, and birthplace clearly affect the academic performance, the chances of being appointed student cadres,…

  2. Costs of examinations performed in a hospital laboratory in Chile.

    Science.gov (United States)

    Andrade, Germán Lobos; Palma, Carolina Salas

    2018-01-01

    To determine the total average costs related to laboratory examinations performed in a hospital laboratory in Chile. Retrospective study with data from July 2014 to June 2015. 92 examinations classified in ten groups were selected according to the analysis methodology. The costs were estimated as the sum of direct and indirect laboratory costs and indirect institutional factors. The average values obtained for the costs according to examination group (in USD) were: 1.79 (clinical chemistry), 10.21 (immunoassay techniques), 13.27 (coagulation), 26.06 (high-performance liquid chromatography), 21.2 (immunological), 3.85 (gases and electrolytes), 156.48 (cytogenetic), 1.38 (urine), 4.02 (automated hematological), 4.93 (manual hematological). The value, or service fee, returned to public institutions who perform laboratory services does not adequately reflect the true total average production costs of examinations.

  3. The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies

    Directory of Open Access Journals (Sweden)

    Elena Alexandra Nenu

    2018-04-01

    Full Text Available This paper analyzes the evolution of the main theories regarding the capital structure and the related impact on risk and corporate performance. The capital structure is a dynamic process that changes over time, depending on the variables that influence the overall evolution of the economy, a particular sector, or a company. It may also change depending on the company’s forecasts of its expected profitability, capital structure being, in fact, a risk–return compromise. This study contributes to the literature by investigating the drivers of capital structure of the firms from the Romanian market. For the econometric analysis, we applied multivariate fixed-effects regressions, as well as dynamic panel-data estimations (two-step system generalized method of moments, GMM on a panel comprising the companies listed on the Bucharest Stock Exchange. The analyzed period, 2000–2016, covers a cycle with significant changes in the Romanian economy. Our results showed that leverage is positively correlated with the size of the company and the share price volatility. On the other hand, the debt structure has a different impact on corporate performance, whether this calculated on accounting measures or seen as market share price evolution.

  4. The relevance of the capital structure in firm performance: a multivariate analysis of Brazilian publicly traded companies

    Directory of Open Access Journals (Sweden)

    Luiz Kennedy Cruz Machado

    2016-01-01

    Full Text Available The economic changes in recent years have made the dynamics of the Brazilian market more complex, which directly impacts the administration of large organizations, particularly in management tasks, such as decisions concerning the definition of the capital structure. The literature in this theoretical field is polarized in two seminal works: the first, by Durand (1952, 1959, discusses the existence of an optimal capital structure that maximizes the value of the firm; and, at the other end, the work by Modigliani and Miller (1958, 1963 considers that it is irrelevant how firms are financed. In this sense, the objective was to verify the effective interference of the capital structure in the performance of Brazilian firms listed on BM&FBOVESPA. The sample consisted of cross-sectional data that were selected from the most recent balance sheets of all companies listed on BM&FBOVESPA, available in the Economática® database. The techniques used were the analysis of variance (ANOVA and discriminant analysis. Among the indicators used, it was observed that only general liquidity, the degree of immobilization, Tobin’s Q, and the opportunity for growth were significant at 1%. The results indicate that the capital structure is not directly related to the performance of Brazilian companies listed on BM&FBOVESPA. In the meantime, the results point to the consolidation of the financial theories expounded by Modigliani and Miller (1958, 1963, as opposed to the traditionalist current started in Durand’s studies (1952.

  5. Flash memories economic principles of performance, cost and reliability optimization

    CERN Document Server

    Richter, Detlev

    2014-01-01

    The subject of this book is to introduce a model-based quantitative performance indicator methodology applicable for performance, cost and reliability optimization of non-volatile memories. The complex example of flash memories is used to introduce and apply the methodology. It has been developed by the author based on an industrial 2-bit to 4-bit per cell flash development project. For the first time, design and cost aspects of 3D integration of flash memory are treated in this book. Cell, array, performance and reliability effects of flash memories are introduced and analyzed. Key performance parameters are derived to handle the flash complexity. A performance and array memory model is developed and a set of performance indicators characterizing architecture, cost and durability is defined.   Flash memories are selected to apply the Performance Indicator Methodology to quantify design and technology innovation. A graphical representation based on trend lines is introduced to support a requirement based pr...

  6. Activity-Based Costing Model for Assessing Economic Performance.

    Science.gov (United States)

    DeHayes, Daniel W.; Lovrinic, Joseph G.

    1994-01-01

    An economic model for evaluating the cost performance of academic and administrative programs in higher education is described. Examples from its application at Indiana University-Purdue University Indianapolis are used to illustrate how the model has been used to control costs and reengineer processes. (Author/MSE)

  7. The Effects of Pscyhological Capital on Employees’ Innovative Work Behavior and Their Performance: A Study in Defence Industry

    Directory of Open Access Journals (Sweden)

    Memduh Begenirbaş

    2016-06-01

    Full Text Available The working environment of the employees and their psychology attitudes are thought to be an important factor for the new idea or behavior for the benefit of the organization performance increase and this consideration is the fundamental goal of this study. For this purpose, data are obtained and analyzed from 189 private and public defense sector employees working in Ankara. The relations and effects between variables are presented by correlation and regression analyses. The validity of scales is measured with structural equation model. According to the findings, it is seen that psychological capital dimensions have significant effects on employees’ innovative work behaviors and job performances. And also, it is observed that participants’ innovative work behaviors do not have any mediating role between psychological capital dimensions and job performance.

  8. Defense Sector Consolidation: Will Consolidation Within the Defense Sector Improve the Financial Performance of Defense Contractors While, Simultaneously Yielding Cost Savings to Taxpayers

    Science.gov (United States)

    2005-12-01

    Treaty USSR Union of Soviet Socialist Republics WACC Weighted Average Cost of Capital...a present value using the company’s weighted average cost of capital ( WACC ). Synergy: The Premium for Potential Success For the most part

  9. Machine cost analysis using the traditional machine-rate method and ChargeOut!

    Science.gov (United States)

    E. M. (Ted) Bilek

    2009-01-01

    Forestry operations require ever more use of expensive capital equipment. Mechanization is frequently necessary to perform cost-effective and safe operations. Increased capital should mean more sophisticated capital costing methodologies. However the machine rate method, which is the costing methodology most frequently used, dates back to 1942. CHARGEOUT!, a recently...

  10. An entrepreneur’s social capital and performance The role of access to information in the Argentinean case

    OpenAIRE

    Iván Arribas; Mariel Fornoni; Jose E. Vila

    2012-01-01

    Abstract: Purpose – The aim of this paper is to analyze the impact of an entrepreneur’s social capital on their access to information, and how such access improves the performance of their entrepreneurial project. Design/methodology/approach – A Structural Equations Model (SEM) is estimated and validated from a database including information from 282 Argentinean entrepreneurs who answered a questionnaire specifically designed for this research. The analysis of this model allowed us to determi...

  11. Cost-effectiveness of barium enemas performed by radiographers

    International Nuclear Information System (INIS)

    Brown, Lorraine; Desai, Sharad

    2002-01-01

    AIM: To assess the cost-effectiveness of barium enemas performed by radiographers compared to those performed by consultant radiologists. METHOD: Prospective study of 200 barium enemas carried out by a senior radiographer and a consultant radiologist. The sample was a consecutive sample of adult out-patients over a 3-month period, with no exclusion. The length of time of the enema and the numbers and grades of staff involved in the procedure were recorded. This was translated into staffing costs using the appropriate pay scales. RESULTS: The barium enemas performed by the superintendent radiographer were more cost-effective than those performed by the consultant radiologist (1406 pounds for 100 radiographer-performed barium enemas compared to 1787 pounds for 100 carried out by the consultant radiologist). CONCLUSION: In terms of staffing costs, radiographers performing barium enemas not only liberates radiologist time, it is also a cost-effective method of providing an out-patient barium enema service. Brown, L. and Desai, S. (2002)

  12. Venture capital performance: the disparity between Europe and the United States

    NARCIS (Netherlands)

    Schwienbacher, A.; Hege, U.; Palomino, F.

    2009-01-01

    Abstract: This paper compares the success of venture capital investments in the United States and in Europe by analyzing individual venture-backed companies and the value generated within the stage financing process. We document that US venture capitalists generate significantly more value with

  13. The Effect of Organizational Support, Transformational Leadership, Personnel Empowerment, Work Engagement, Performance and Demographical Variables on the Factors of Psychological Capital

    Directory of Open Access Journals (Sweden)

    Didem Rodoplu Şahin

    2014-03-01

    Full Text Available The relation with the work and the role of managers and organizational factors are effective on psychological capital and individual performance of employees. This article investigates the impact of the work engagement, performanmce, empowerment, organizational support and transformational leadership on psychological capital using survey data.

  14. A high-performance, low-cost, leading edge discriminator

    Indian Academy of Sciences (India)

    Abstract. A high-performance, low-cost, leading edge discriminator has been designed with a timing performance comparable to state-of-the-art, commercially available discrim- inators. A timing error of 16 ps is achieved under ideal operating conditions. Under more realistic operating conditions the discriminator displays a ...

  15. THE EFFECT OF INTELLECTUAL CAPITAL AND ISLAMICITY PERFORMANCE INDEX TO THE PERFORMANCE OF ISLAMIC BANK IN INDONESIA 2010-2014 PERIODS

    Directory of Open Access Journals (Sweden)

    Pandu Dewanata

    2016-09-01

    Full Text Available The purpose of this research is to know the influence of intellectual capital and islamicity performance index by proxy is profit-sharing ratio, zakat performance ratio, and equitable distribution ratio on performance of Islamic bank in Indonesia in the period 2010-2014. The data used in this research is financial statement of 11 Islamic bank in Indonesia 2010-2014 periods. Regression model using panel data with Fixed Effect Model. The result of this research is intellectual capital and zakat performance ratio has significant and positif impact on ROA, while equitable distribution ratio has not significant impact on ROA, and profit sharing ratio has significant and positif impact on ROA.

  16. ACCOUNT INSTRUMENT CAPITAL BORROWED

    Directory of Open Access Journals (Sweden)

    Holt Gheorghe

    2012-03-01

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

  17. Organizational Capital of the Enterprise

    Directory of Open Access Journals (Sweden)

    Vladimir Nikiforovich Belkin

    2016-09-01

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

  18. An opportunity cost model of subjective effort and task performance

    Science.gov (United States)

    Kurzban, Robert; Duckworth, Angela; Kable, Joseph W.; Myers, Justus

    2013-01-01

    Why does performing certain tasks cause the aversive experience of mental effort and concomitant deterioration in task performance? One explanation posits a physical resource that is depleted over time. We propose an alternate explanation that centers on mental representations of the costs and benefits associated with task performance. Specifically, certain computational mechanisms, especially those associated with executive function, can be deployed for only a limited number of simultaneous tasks at any given moment. Consequently, the deployment of these computational mechanisms carries an opportunity cost – that is, the next-best use to which these systems might be put. We argue that the phenomenology of effort can be understood as the felt output of these cost/benefit computations. In turn, the subjective experience of effort motivates reduced deployment of these computational mechanisms in the service of the present task. These opportunity cost representations, then, together with other cost/benefit calculations, determine effort expended and, everything else equal, result in performance reductions. In making our case for this position, we review alternate explanations both for the phenomenology of effort associated with these tasks and for performance reductions over time. Likewise, we review the broad range of relevant empirical results from across subdisciplines, especially psychology and neuroscience. We hope that our proposal will help to build links among the diverse fields that have been addressing similar questions from different perspectives, and we emphasize ways in which alternate models might be empirically distinguished. PMID:24304775

  19. Capital effectiveness in a capital intensive project

    Energy Technology Data Exchange (ETDEWEB)

    Yarossi, M.E. (IPA Institute, The Hague (Netherlands))

    2009-07-01

    The technical difficulty of incorporating new technology in capital intensive projects has been underestimated. Bio-refineries projects are no exemption. These projects in many occasions have assigned inadequate project resources, such as lean project teams and overly optimistic contingencies. Furthermore, project developers have set unrealistic expectations; for example: aggressive schedule duration, low cost targets and optimistic operability targets. These project drivers set before project's authorization compromise the project's outcome. In many cases, this translates into lower return on investment, higher costs, and lower operability. In order to counteract these outcomes, it is critical for capital intensive projects, like bio-refineries, to have a well define project which will enable to increase its chance of success. IPA's research has shown that bio-refineries projects have poor project performance due to poor project practices, lack of owner project controls and inadequate change management. An adequate risk analysis during definition is a critical component of a project's success, especially when there is new technology, like biomass conversion. It is of outmost importance to asses this technology and set realistic expectations. parallel to this, there is a need to have a well established execution strategy, which should be maintained throughout the execution of the project. In conclusion, IPA's research has indicated that bio-refineries, as any other capital intensive project, need to assign adequate resources at an early state of project development, by making sure there is and adequate team in place, reasonable schedule, technical difficulties evaluation, and keeping control during execution. Although these elements might be seen as common practices that should be taken into account when developing a project, many projects being their execution without having a proper foundation, and thus affecting the project

  20. Intellectual Capital.

    Science.gov (United States)

    Snyder, Herbert W.; Pierce, Jennifer Burek

    2002-01-01

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

  1. 47 CFR 65.304 - Capital structure.

    Science.gov (United States)

    2010-10-01

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

  2. The Moderating Role of Corporate Governance on the Relationship between Capital Structure and Financial Performance: Evidence from Manufacturing Sector of Pakistan

    Directory of Open Access Journals (Sweden)

    Muhammad Iqbal

    2017-02-01

    Full Text Available The key purpose of this research paper is to explore the moderating effect of Corporate Governance on the relationship between accounting base financial performance i.e. ROA, and ROE and Capital Structure of 173 Manufacturing firms listed in KSE of Pakistan for the period of 2009 to 2014. In this study multiple regression method is used under fixed effect regression model approach on panel data. The empirical results show that the inclusion of Corporate Governance Index (CGI as moderating variable has influenced the interaction between Capital Structure and Financial Performance which was positively significant. The result is generally found that the most of Pakistani manufacturing listed firms pursue good corporate governance mechanism and use good and optimal level of Capital Mix to get the better and high financial performance. Furthermore, the corporate governance sub-indices i.e. board structure (BOD-I and transparency & disclosure (DISC-III both also have positive and statistically significant association with both firms performance variables: ROA and ROE. Moreover, the ownership structure sub-index (OWS-II has not significant influence on financial performance. In last, the capital structure also has positive relationship with financial performance, interestingly about 70 per cent of Capital is financed by Equity capital and the Debt capital signifies 30 per cent only. The core significance of this paper is to investigate the impact of Corporate Governance practices on financial decisions from the Pakistani perspective.

  3. ANALYSIS OF THE INDICATORS SPECIFIC TO ENTITIES LISTED ON THE CAPITAL MARKET AND THEIR ROLE IN QUANTIFYING COMPANY PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Maria Daniela BONDOC

    2014-06-01

    Full Text Available The paper aims at presenting certain indicators specific to entities listed on the capital market and their analysis based on the financial statements of C.N.T.E.E. Transelectrica S.A., listed on the Bucharest Stock Exchange: growth stock exchange indices (market capitalization, earnings per share, price to book ratio, price to sales ratio, price earnings ratio, cash EPS and dividend stock exchange ratios (dividend per share, dividend yield, and dividend payout ratio. The research methodology involved studying the financial statements of the entity for the 2009-2013 period. The case study method was used to study the evolution of the stock exchange indices and opinions were formulated concerning the performance reflected by the analysed indices.

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

    Directory of Open Access Journals (Sweden)

    Carlos S. Garcia

    2016-08-01

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

  5. Strategic cost management, contingent factors and performance in services

    Directory of Open Access Journals (Sweden)

    Odysseas Pavlatos

    2018-06-01

    Full Text Available The purpose of this paper is to investigate the relationship between contextual factors identified from contingency-based research, the extent of the use of strategic cost management (SCM techniques and business performance in services. An empirical survey was conducted on a sample of 88 services in Greece. The analysis of the survey data indicates that the use of strategic cost management techniques in services can be considered quite satisfactory. By drawing on the grounds of contingency theory, five factors were identified as potentially exhibiting an emergent relationship with strategic cost management. The five factors are; (1 Perceived environmental uncertainty, (2 Structure, (3 Organizational life cycle stage, (4 Strategy and (5 Size. The survey revealed that SCM usage is positively affected by these five contingent factors, while SCM usage, in turn, positively affects performance. A significant mediating effect of SCM usage on performance is evident.

  6. THE ADEQUACY OF THE CAPITAL - CENTRAL OBJECTIVE OF PERFORMANCE MANAGEMENT AND BANKING RISK

    Directory of Open Access Journals (Sweden)

    LOREDANA CIURLĂU

    2016-08-01

    Full Text Available The main objective of this work is to highlight the role that the methods and techniques for the management of banking risks have in internal process the capital adequacy at risk in the future and to reflect the continued growth of the banking risks in the contemporary age, in conjunction with the intensification of cooperation that led to the internationalizing of regulations, within the meaning of the development of national rules in accordance with the principles accepted by several countries, the kind of international groups of studies organized by the Bank for International Settlements the Basel Convention or the application of Community rules, drawn up in the form of the Directives of the European Communities. The work has the research field the theoretical and practical aspects of the completion of the internal process the capital adequacy at risk in banks.

  7. Cost-optimal levels for energy performance requirements

    DEFF Research Database (Denmark)

    Thomsen, Kirsten Engelund; Aggerholm, Søren; Kluttig-Erhorn, Heike

    2011-01-01

    The CA conducted a study on experiences and challenges for setting cost optimal levels for energy performance requirements. The results were used as input by the EU Commission in their work of establishing the Regulation on a comparative methodology framework for calculating cost optimal levels...... of minimum energy performance requirements. In addition to the summary report released in August 2011, the full detailed report on this study is now also made available, just as the EC is about to publish its proposed Regulation for MS to apply in their process to update national building requirements....

  8. Applying a private sector capitation model to the management of type 2 diabetes in the South African public sector: a cost-effectiveness analysis.

    Science.gov (United States)

    Volmink, Heinrich C; Bertram, Melanie Y; Jina, Ruxana; Wade, Alisha N; Hofman, Karen J

    2014-09-30

    Diabetes mellitus contributes substantially to the non-communicable disease burden in South Africa. The proposed National Health Insurance system provides an opportunity to consider the development of a cost-effective capitation model of care for patients with type 2 diabetes. The objective of the study was to determine the potential cost-effectiveness of adapting a private sector diabetes management programme (DMP) to the South African public sector. Cost-effectiveness analysis was undertaken with a public sector model of the DMP as the intervention and a usual practice model as the comparator. Probabilistic modelling was utilized for incremental cost-effectiveness ratio analysis with life years gained selected as the outcome. Secondary data were used to design the model while cost information was obtained from various sources, taking into account public sector billing. Modelling found an incremental cost-effectiveness ratio (ICER) of ZAR 8 356 (USD 1018) per life year gained (LYG) for the DMP against the usual practice model. This fell substantially below the Willingness-to-Pay threshold with bootstrapping analysis. Furthermore, a national implementation of the intervention could potentially result in an estimated cumulative gain of 96 997 years of life (95% CI 71 073 years - 113 994 years). Probabilistic modelling found the capitation intervention to be cost-effective, with an ICER of ZAR 8 356 (USD 1018) per LYG. Piloting the service within the public sector is recommended as an initial step, as this would provide data for more accurate economic evaluation, and would also allow for qualitative analysis of the programme.

  9. Impacts of Leadership on Project-Based Organizational Innovation Performance: The Mediator of Knowledge Sharing and Moderator of Social Capital

    Directory of Open Access Journals (Sweden)

    Junwei Zheng

    2017-10-01

    Full Text Available With the increasing importance of leadership in project-based organizations, innovation is essential for the sustainable development of construction projects. Since few studies have explored the relationship between leadership and innovation in construction projects, this study fills this research gap and makes a significant theoretical contribution to the existing body of literature. Based on a knowledge-rated and resource-based view, this study aims to investigate various effects of different types of leadership on innovation performance in a construction project-based organization. Therefore, a theoretical model was constructed to explore the mediation mechanism and boundary condition of different types of leadership to improve innovation. The theoretical model was validated with empirical data covering project managers and engineers from the project-based organization in China via regression analysis and path analysis. The results show that transformational leadership and transactional leadership have some positively significant effects on knowledge sharing and innovation performance. Meanwhile, knowledge sharing partially mediates the relationship between transformational leadership and/or transactional leadership and innovation performance. Additionally, by considering different levels of social capital, transformational leadership is likely to have a strong positive impact on innovation performance through knowledge sharing. Our findings ensure a better understanding of the role of leadership, knowledge management, and social capital in the innovation process of construction projects. Therefore, project managers should promote a higher stimulation of a leadership behavior, encouraging knowledge management, and establishing the social capital, thus improving the innovation performance in the project-based organizations in construction projects.

  10. Ch-Ch-Ch-changes: how action phase functional leadership, team human capital, and interim vs. permanent leader status impact post-transition team performance

    OpenAIRE

    Maynard, M. Travis; Resick, Christian J.; Cunningham, Quinn W.; DiRenzo, Marco S.

    2017-01-01

    The article of record as published may be found at http://dx.doi.org/10.1007/s10869-016-9482-5 This study addresses the following: (1) does a team leader change along with the quality of the team’s human capital affect post-change team performance?; (2) is functional leadership of the team’s human capital a driver of post-change team performance?; and (3) should interim vs. permanent leaders manage the team’s human capital differently? We analyzed archival data from Major League Baseba...

  11. Physical Protection System Upgrades - Optimizing for Performance and Cost

    International Nuclear Information System (INIS)

    Hicks, Mary Jane; Bouchard, Ann M.

    1999-01-01

    CPA--Cost and Performance Analysis--is an architecture that supports analysis of physical protection systems and upgrade options. ASSESS (Analytic System and Software for Evaluating Security Systems), a tool for evaluating performance of physical protection systems, currently forms the cornerstone for evaluating detection probabilities and delay times of the system. Cost and performance data are offered to the decision-maker at the systems level and to technologists at the path-element level. A new optimization engine has been attached to the CPA methodology to automate analyses of many combinations (portfolios) of technologies. That engine controls a new analysis sequencer that automatically modifies ASSESS PPS files (facility descriptions), automatically invokes ASSESS Outsider analysis and then saves results for post-processing. Users can constrain the search to an upper bound on total cost, to a lower bound on level of performance, or to include specific technologies or technology types. This process has been applied to a set of technology development proposals to identify those portfolios that provide the most improvement in physical security for the lowest cost to install, operate and maintain at a baseline facility

  12. Growth Performance, Haematological Indices and Cost Benefits of ...

    African Journals Online (AJOL)

    Lenovo pc

    Effect of replacing dietary maize with cassava peel meal (CPM) supplemented with Allzyme® SSF (SSF) on the growth performance, haematological indices and cost benefits of growing pigs was investigated. Chemical composition of CPM and diets used were determined using standard procedures. Twenty-four growing ...

  13. Appraisal of the Performance of Contingency Cost Provision for ...

    African Journals Online (AJOL)

    The paper appraised performance of contingency allowance in addressing projects' cost risk. To achieve this aim, impact of contingency provision in some selected building projects were evaluated. Data for the study was collected by means of checklist from 40 completed projects' files. Furthermore, 100 questionnaires on ...

  14. Does Accumulated Knowledge Impact Academic Performance in Cost Accounting?

    Science.gov (United States)

    Alanzi, Khalid A.; Alfraih, Mishari M.

    2017-01-01

    Purpose: This quantitative study aims to examine the impact of accumulated knowledge of accounting on the academic performance of Cost Accounting students. Design/methodology/approach The sample consisted of 89 students enrolled in the Accounting program run by a business college in Kuwait during 2015. Correlation and linear least squares…

  15. Development and Performance Evaluation of a Low Cost Waste ...

    African Journals Online (AJOL)

    The design, development and performance evaluation of a low cost waste-water treatment plant had been carried out. The aim was to harness the usefulness of waste-waters from residential, institutional and commercial sources. The facultative lagoon method of waste-water treatment was adopted. Biological analysis of ...

  16. Downsizing a database platform for increased performance and decreased costs

    Energy Technology Data Exchange (ETDEWEB)

    Miller, M.M.; Tolendino, L.F.

    1993-06-01

    Technological advances in the world of microcomputers have brought forth affordable systems and powerful software than can compete with the more traditional world of minicomputers. This paper describes an effort at Sandia National Laboratories to decrease operational and maintenance costs and increase performance by moving a database system from a minicomputer to a microcomputer.

  17. Comparison of Cloud backup performance and costs in Oracle database

    OpenAIRE

    Aljaž Zrnec; Dejan Lavbič

    2011-01-01

    Current practice of backing up data is based on using backup tapes and remote locations for storing data. Nowadays, with the advent of cloud computing a new concept of database backup emerges. The paper presents the possibility of making backup copies of data in the cloud. We are mainly focused on performance and economic issues of making backups in the cloud in comparison to traditional backups. We tested the performance and overall costs of making backup copies of data in Oracle database u...

  18. Costs and Performance of English Mental Health Providers.

    Science.gov (United States)

    Moran, Valerie; Jacobs, Rowena

    2017-06-01

    Despite limited resources in mental health care, there is little research exploring variations in cost performance across mental health care providers. In England, a prospective payment system for mental health care based on patient needs has been introduced with the potential to incentivise providers to control costs. The units of payment under the new system are 21 care clusters. Patients are allocated to a cluster by clinicians, and each cluster has a maximum review period. The aim of this research is to explain variations in cluster costs between mental health providers using observable patient demographic, need, social and treatment variables. We also investigate if provider-level variables explain differences in costs. The residual variation in cluster costs is compared across providers to provide insights into which providers may gain or lose under the new financial regime. The main data source is the Mental Health Minimum Data Set (MHMDS) for England for the years 2011/12 and 2012/13. Our unit of observation is the period of time spent in a care cluster and costs associated with the cluster review period are calculated from NHS Reference Cost data. Costs are modelled using multi-level log-linear and generalised linear models. The residual variation in costs at the provider level is quantified using Empirical Bayes estimates and comparative standard errors used to rank and compare providers. There are wide variations in costs across providers. We find that variables associated with higher costs include older age, black ethnicity, admission under the Mental Health Act, and higher need as reflected in the care clusters. Provider type, size, occupancy and the proportion of formal admissions at the provider-level are also found to be significantly associated with costs. After controlling for patient- and provider-level variables, significant residual variation in costs remains at the provider level. The results suggest that some providers may have to increase

  19. The effect of marketing innovation, market orientation, and social capital on competitive advantage and marketing performance: A study in MSMEs of embroidery Central Java Province

    OpenAIRE

    Ag. Sunarno Handoyo

    2015-01-01

    This study deals with marketing innovation, market orientation, and social capital in affecting the competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs) of embroidery in Central Java Province. In this respect, this study tried to test and analyze the effect of marketing innovation, market orienta-tion, and social capital on competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs) of embroidery in Central Java Pr...

  20. Understanding coal quality and its relationship to power plant performance and costs

    Energy Technology Data Exchange (ETDEWEB)

    Jennison, K.D.; Stallard, G.S. [Black & Veatch International, Overland Park, KS (United States)

    1995-12-01

    The availability of reliable, reasonably priced energy is a necessary cornerstone for established and emerging economies. In addition to addressing coal quality issues strictly at a plant level, it is now prudent to consider long-term performance and economics of particular fuel sources to be selected in the light of system economics and reliability. In order to evaluate coal quality issues in a more comprehensive manner, it is important to develop both an approach and a set of tools which can support the various phases of the planning/analysis processes. The processes must consider the following: (1) Cost/availability of other potential coal supplies, including {open_quotes}raw{close_quotes} domestic sources, {open_quotes}cleaned {close_quotes} domestic sources, and other internationally marketed coals. (2) Power plant performance issues as function of plant design and fuel properties. (3) System expansion plans, candidate technologies, and associated capital and operating costs. (4) Projected load demand, for system and for individual units within the system. (5) Legislative issues such as environmental pressures, power purchase agreements, etc. which could alter the solution. (6) Economics of potential plans/strategies based on overall cost-effectiveness of the utility system, not just individual units. (7) Anticipated unit configuration, including addition of environmental control equipment or other repowering options. The Coal Quality Impact Model (CQIM{trademark}) is a PC-based computer program capable of predicting coal-related cost and performance impacts at electric power generating sites. The CQIM was developed for EPRI by Black & Veatch and represents over a decade of effort geared toward developing an extensible state-of-the-art coal quality assessment tool. This paper will introduce CQIM, its capabilities, and its application to Eastern European coal quality assessment needs.

  1. The implications of financial performance on stock exchange indicators of listed companies: empirical evidence for the Romanian capital market

    Directory of Open Access Journals (Sweden)

    Iulia-Oana ȘTEFAN(BELCIC-ȘTEFAN

    2016-08-01

    Full Text Available This paper examines and quantifies the implications of financial indicators of performance on the share return of companies listed on Bucharest Stock Exchange. These implications are even more relevant as the Romanian capital market could benefit from increased visibility with its reclassification as an emerging capital market in the near future. The research is conducted at the level of 33 companies listed on BSE for the time frame 2011-2013, building a multiple linear regression model that quantifies the variation in price to book value depending on the evolution of nine financial indicators of performance out of a total of 38 such possible indicators. Correcting the effects of serial correlation within the model led to its respecification resorting to the generalized differences procedure. The value of the R-squared coefficient of determination for the processed model is 0.543, eight of the nine independent variables being significant at the 1% level. The 0 probability associated to the F-test as well as its value confirm that the regression equation is globally significant. Also, all the assumptions for validating the estimated model are confirmed, both general ones, characteristic to the multiple linear regression procedure, and, in particular, according to the specific set of data under processing. The applied usefulness of the regression model is valued in the next step of the research, that of testing the effectiveness of the Romanian capital market, after which it was found that the influence of financial performance indicators was already incorporated into the market price since the end of the reporting period.

  2. Comparison of Cloud backup performance and costs in Oracle database

    Directory of Open Access Journals (Sweden)

    Aljaž Zrnec

    2011-06-01

    Full Text Available Normal 0 21 false false false SL X-NONE X-NONE Current practice of backing up data is based on using backup tapes and remote locations for storing data. Nowadays, with the advent of cloud computing a new concept of database backup emerges. The paper presents the possibility of making backup copies of data in the cloud. We are mainly focused on performance and economic issues of making backups in the cloud in comparison to traditional backups. We tested the performance and overall costs of making backup copies of data in Oracle database using Amazon S3 and EC2 cloud services. The costs estimation was performed on the basis of the prices published on Amazon S3 and Amazon EC2 sites.

  3. Capital regulation and tail risk

    NARCIS (Netherlands)

    Perotti, E.; Ratnovski, L.; Vlahu, R.

    2011-01-01

    The paper studies risk mitigation associated with capital regulation, in a context when banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited liability. When capital raising is costly, poorly

  4. The relevance of psychological capital on individual's perceptions of performance, motivation, work-engagement and job-satisfaction

    OpenAIRE

    Barbosa, Ana Isabel Veloso

    2017-01-01

    The concept of psychological capital (PsyCap) has been a great focus of interest and curiosity from academics and practitioners. The principal purpose of the present research is to study the relevance of PsyCap and its influence in employees’ attitudes, behaviors and performance. This investigation also aims to understand the importance of an authentic leader (leaders with power to influence their followers and to develop their capabilities) and the impact that the leader’s PsyCap may have on...

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

    Energy Technology Data Exchange (ETDEWEB)

    Serrano, Ricardo Oliveira L.

    2003-12-01

    This work studies the own capital cost of the Brazilian electric sector, by using three methodologies: Comparable Accounting Results (CAR), using historical values for measurement, Discounted Cash Flow (DCF) and the CAPM, elaborated from expected values.The obtained results by using the CAR method indicated that the Brazilian electric power sector is not receiving remuneration according to the real maintenance and expansion necessities. Based on this observation, it was considered appropriated to discard the CAR method in the proposed methodology, therefore using the simply average of the CAPM e DCF models. By using the simply average of the models presents the advantage of capturing specific characteristics of each model, and to dilute effects of eventual extreme values.

  6. Intellectual Capital

    DEFF Research Database (Denmark)

    Bukh, Per Nikolaj; Christensen, Karina Skovvang

    2015-01-01

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

  7. 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...

  8. The cost of the sword: escape performance in male swordtails.

    Directory of Open Access Journals (Sweden)

    Alex Baumgartner

    2011-01-01

    Full Text Available The handicap theory of sexual selection posits that male display traits that are favored in mate choice come at a significant cost to performance. We tested one facet of this hypothesis in the green swordtail (Xiphophorus helleri. In this species, the lower ray of male caudal fin is extended into a 'sword', which serves to attract potential mates. However, bearing a long sword may increase drag and thus compromise a male's ability to swim effectively. We tested escape performance in this species by eliciting C-start escape responses, an instinctive escape behavior, in males with various sword lengths. We then removed males' swords and retested escape performance. We found no relationship between escape performance and sword length and no effect of sword removal on escape performance. While having a large sword may attract a predator's attention, our results suggest that sword size does not compromise a male's escape performance.

  9. Brand Reputation and the Cost of Capital: Evidence of Adopting a Brand Name as the Corporate Name

    OpenAIRE

    YiLin Wu

    2011-01-01

    This paper studies how the capital market perceives brand name adoption. I distinguish between brand adoption and radical type of corporate name change. A brand adoption name change occurs when the firm adopts one of its well-established brands as its new corporate name and a radical type occurs when the new name is semantically unrelated to firm history. Improved profitability and increased net investment accompany brand name adoption. After controlling for changes in the competing informati...

  10. Sand in the Wheels of Capitalism

    DEFF Research Database (Denmark)

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

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

  11. Intellectual capital performance and cash-based incentive payments for executive directors: Impact of remuneration committee and corporate governance features

    Directory of Open Access Journals (Sweden)

    J-L. W. Mitchell Van der Zahn

    2005-11-01

    Full Text Available We use a sample of 964 executive directors representing 354 Singapore publicly listed firms to examine linkage between firm performance and cash-based bonus payments. As a pooled OLS regression model may hide different models that characterize subsets of observations we use latent class analysis to further examine the data and to identify more specifically the influence of corporate governance features. Our latent class analysis results indicate that remuneration committees with members having their interests better aligned with shareholders (such as presence of a significant owner appear more likely to consider the incremental value of tying executive director compensation to intellectual capital performance. Remuneration committees with a lower risk of influence from managerial power were also found to be more likely to support a compensation linkage for executive directors to intellectual capital performance. The influence of the remuneration committee features is evident for both entrepreneurial and traditional firms. Overall, our findings are consistent with both the optimal-contract pricing and managerial power views of executive compensation setting.

  12. Key Issues and Challenges in Estimating the Cost of Capital for Energy Network Utilities in Emerging Markets(Gelişmekte Olan Ülkelerde Enerji Şebeke Şirketleri İçin Sermaye Maliyetinin Tahminindeki Ana Konu ve Sorunlar

    Directory of Open Access Journals (Sweden)

    Mustafa GÖZEN

    2012-01-01

    Full Text Available Estimating the cost of capital in emerging markets presents greater difficulties because these markets have relatively illiquid capital markets and higher levels of sovereign risk, economic uncertainties, and political risks. Experience shows that in estimating cost of capital, energy regulators in emerging countries usually depend on the work and recommendations of their staff and/or outside consultancy services. Since the ultimate decision is made by regulators, they need to understand the challenges and key issues in estimating a fair and reasonable cost of capital for energy utilities. The article introduces and discusses the key issues and challenges that regulators have to deal with when estimating cost of capital. Unfortunately, there is no agreement among academics, regulators, bankers, and other practitioners on how to address the key issues and challenges in determining the cost of capital in emerging economies. This makes capital cost estimation even more difficult in emerging economies.

  13. A contemporary perspective on capitated reimbursement for imaging services.

    Science.gov (United States)

    Schwartz, H W

    1995-01-01

    Capitation ensures predictability of healthcare costs, requires acceptance of a premium in return for providing all required medical services and defines the actual dollar amount paid to a physician or hospital on a per member per month basis for a service or group of services. Capitation is expected to dramatically affect the marketplace in the near future, as private enterprise demands lower, more stable healthcare costs. Capitation requires detailed quantitative and financial data, including: eligibility and benefits determination, encounter processing, referral management, claims processing, case management, physician compensation, insurance management functions, outcomes reporting, performance management and cost accounting. It is important to understand actuarial risk and capitation marketing when considering a capitation contract. Also, capitated payment methodologies may vary to include modified fee-for-service, incentive pay, risk pool redistributions, merit, or a combination. Risk is directly related to the ability to predict utilization and unit cost of imaging services provided to a specific insured population. In capitated environments, radiologists will have even less control over referrals than they have today and will serve many more "covered lives"; long-term relationships with referring physicians will continue to evaporate; and services will be provided under exclusive, multi-year contracts. In addition to intensified use of technology for image transfer, telecommunications and sophisticated data processing and tracking systems, imaging departments must continue to provide the greatest amount of appropriate diagnostic information in a timely fashion at the lowest feasible cost and risk to the patient.

  14. Studies in Software Cost Model Behavior: Do We Really Understand Cost Model Performance?

    Science.gov (United States)

    Lum, Karen; Hihn, Jairus; Menzies, Tim

    2006-01-01

    While there exists extensive literature on software cost estimation techniques, industry practice continues to rely upon standard regression-based algorithms. These software effort models are typically calibrated or tuned to local conditions using local data. This paper cautions that current approaches to model calibration often produce sub-optimal models because of the large variance problem inherent in cost data and by including far more effort multipliers than the data supports. Building optimal models requires that a wider range of models be considered while correctly calibrating these models requires rejection rules that prune variables and records and use multiple criteria for evaluating model performance. The main contribution of this paper is to document a standard method that integrates formal model identification, estimation, and validation. It also documents what we call the large variance problem that is a leading cause of cost model brittleness or instability.

  15. The hidden cost of investment. The impact of adjustment costs on firm performance measurement and regulation

    International Nuclear Information System (INIS)

    Nick, Sebastian; Wetzel, Heike

    2014-01-01

    In this study, we address a major problem in the measurement of firm performance and the regulation of natural monopolies, namely the intertemporal character of long-term investment decisions. In specific, we focus on the impact of adjustment costs of investments on estimates of firms' technical and cost inefficiency. We apply nonparametric dynamic data envelopment analysis to investigate the dynamic inefficiency of electricity distribution and transmission companies in the US during the years 2004 to 2011 and compare our results with their static counterparts. Our empirical findings reveal that ignoring long-term investments and their corresponding adjustment costs does significantly distort both firm-specific and industrial inefficiency estimates and may thus create misleading incentives for the regulated firms to cut investments.

  16. Command vector memory systems: high performance at low cost

    OpenAIRE

    Corbal San Adrián, Jesús; Espasa Sans, Roger; Valero Cortés, Mateo

    1998-01-01

    The focus of this paper is on designing both a low cost and high performance, high bandwidth vector memory system that takes advantage of modern commodity SDRAM memory chips. To successfully extract the full bandwidth from SDRAM parts, we propose a new memory system organization based on sending commands to the memory system as opposed to sending individual addresses. A command specifies, in a few bytes, a request for multiple independent memory words. A command is similar to a burst found in...

  17. The effect of marketing innovation, market orientation, and social capital on competitive advantage and marketing performance: A study in MSMEs of embroidery Central Java Province

    Directory of Open Access Journals (Sweden)

    Ag. Sunarno Handoyo

    2015-12-01

    Full Text Available This study deals with marketing innovation, market orientation, and social capital in affecting the competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs of embroidery in Central Java Province. In this respect, this study tried to test and analyze the effect of marketing innovation, market orienta-tion, and social capital on competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs of embroidery in Central Java Province. The samples are 150 respondents as the owners of the embroidery business in Central Java Province. The technical analysis used is Structure Equations Modeling with AMOS Software version 22. The results show that: (1 marketing innovation has significant effect on competitive advantage; (2 market orientation has significant effect on competi-tive advantage; (3 social capital has significant effect on competitive advantage; (4 competitive advantage has significant effect on marketing performance; (5 marketing innovation has significant effect on marketing performance; (6 market orientation has significant effect on marketing performance; (7 social capital has no significant effect on marketing performance. The implication of this study is that the MSMEs of embroidery could improve marketing performance by increasing marketing innovation, market orientation, social capital and competitive advantage. This study also shows that competitive advantage is an intervening variable on marketing performance.

  18. Transition to Clean Capital, Irreversible Investment and Stranded Assets

    OpenAIRE

    Rozenberg, Julie; Vogt-Schilb, Adrien; Hallegatte, Stephane

    2014-01-01

    This paper uses a Ramsey model with two types of capital to analyze the optimal transition to clean capital when polluting investment is irreversible. The cost of climate mitigation decomposes as a technical cost of using clean instead of polluting capital and a transition cost from the irreversibility of pre-existing polluting capital. With a carbon price, the transition cost can be limit...

  19. Accounting for future redesign to balance performance and development costs

    International Nuclear Information System (INIS)

    Villanueva, D.; Haftka, R.T.; Sankar, B.V.

    2014-01-01

    Most components undergo tests after they are designed and are redesigned if necessary. Tests help designers find unsafe and overly conservative designs, and redesign can restore safety or increase performance. In general, the expected changes to the performance and reliability of the design after the test and redesign are not considered. In this paper, we explore how modeling a future test and redesign provides a company an opportunity to balance development costs versus performance by simultaneously designing the design and the post-test redesign rules during the initial design stage. Due to regulations and tradition, safety margin and safety factor based design is a common practice in industry as opposed to probabilistic design. In this paper, we show that it is possible to continue to use safety margin based design, and employ probability solely to select safety margins and redesign criteria. In this study, we find the optimum safety margins and redesign criterion for an integrated thermal protection system. These are optimized in order to find a minimum mass design with minimal redesign costs. We observed that the optimum safety margin and redesign criterion call for an initially conservative design and use the redesign process to trim excess weight rather than restore safety. This would fit well with regulatory constraints, since regulations usually impose minimum safety margins. - Highlights: • Modeling future tests and redesign allows balancing performance and development cost. • We optimize safety margins and redesign criteria for desired balance. • We design with safety margins, with probabilistic optimization to decide the margins. • Redesign also allowed the trade-off of conservativeness and performance. • In our case it paid to be conservative initially but redesign for more

  20. How does the human resource department’s client relationship management impact on organizational performance in China? Mediate effect of human capital

    Directory of Open Access Journals (Sweden)

    Xiaoling Wang

    2015-08-01

    The human resource (HR department’s client relationship management (HRDCRM is an area of growing research interest in the field of strategic human resource management practices. By introducing human capital as a mediating variable, with one questionnaire sent per enterprise to chief executive officers (CEOs, middle and line managers, and line staff in 260 Chinese enterprises, empirical research on the effects of HRDCRM on organisational performance was conducted. Empirical results indicate that controlling by enterprise ownership and life cycle stage, human capital either completely or partially mediates the effects of HRDCRM’s factors on the two parts of organisational performance (new-product performance and business financial performance. The findings show that the combination of HRDCRM as optimal HR management practices and human capital as organisational strategic assets will further improve organisational performance.

  1. [Pay for performance explained by transaction costs theory].

    Science.gov (United States)

    Gorbaneff, Yuri; Cortes, Ariel; Torres, Sergio; Yepes, Francisco

    2011-01-01

    To evaluate the ability of transaction costs theory to explain incentives in the health care chain. We performed a case study of CPS, a health insurance company in Bogota (Colombia), which preferred not to publish its name. CPS moves in the environment of high transaction costs and uses the hybrid form of governance at the outpatient level. Incentive intensity, administrative control and the contract all agree with the theory. At the hospital level, the market is used, despite greater uncertainty. Because of the discrete form (1.0) of the incentives and the absence of administrative control, it is difficult for CPS to relate payment to hospital performance. Transaction costs theory explains the configuration of incentives. Another contribution made by this theory to the literature is the criterion to differentiate between the market and the hybrid. We propose that the market uses discrete-type (1.0) incentives, while the hybrid uses continuous, commission-like incentives. Copyright © 2011 SESPAS. Published by Elsevier Espana. All rights reserved.

  2. Monitoring worksite clinic performance using a cost-benefit tool.

    Science.gov (United States)

    Tao, Xuguang; Chenoweth, David; Alfriend, Amy S; Baron, David M; Kirkland, Tracie W; Scherb, Jill; Bernacki, Edward J

    2009-10-01

    The purpose of this study was to explore the usefulness of continuously assessing the return on investment (ROI) of worksite medical clinics as a means of evaluating clinic performance. Visit data from January 1, 2007, to December 31, 2008, were collected from all the on-site clinics operated for the Pepsi Bottling Group. An average system-wide ROI was calculated from the time of each clinic's opening and throughout the study period. A multivariate linear regression model was used to determine the association of average ROI with penetration/utilization rate and plant size. A total of 26 on-site clinics were actively running as of December 2008. The average ROI at the time of start up was 0.4, which increased to 1.2 at approximately 4 months and 1.6 at the end of the first year of operation. Overall, it seems that the cost of operating a clinic becomes equal to the cost of similar care purchased in the community (ROI = 1) at approximately 3 months after a clinic's opening and flattens out at the end of the first year. The magnitude of the ROI was closely related to the number of visits (a function of the penetration/utilization rate) and the size of the plant population served. Serial monitoring of ROIs is a useful metric in assessing on-site clinic performance and quantifying the effect of new initiatives aimed at increasing a clinic's cost effectiveness.

  3. Intermarket Technical Research of the U.S. Capital Markets and the Czech Stock Market Performance

    Directory of Open Access Journals (Sweden)

    Jana Vychytilová

    2014-01-01

    Full Text Available Globalization of the capital markets increasingly leads the investors to understand the fundamentals and technicals of asset cross-correlations and the global asset allocation seems to be an important task. The paper measures product momentum correlations between the four leading global benchmarks Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index, 30-Year U.S. Treasury Bond Price index and Dollar Index and between these indices and the Czech stock PX index. Empirical results illustrate that statistically significant correlations between U.S. indices existed over some past period at the 95.0% confidence level. In addition, the significant relation between indices Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index and the Czech stock market PX during the past fifteen years has been detected. These conclusions were reached from an analysis of monthly data in the United States and the Czech Republic, from January 1999 to April 2014. The empirical results offer beneficial applications not only for investors to diversify their risk but also for policy-makers to allocate resources more efficiently.

  4. Corporate taxation and capital accumulation

    OpenAIRE

    Stephen Bond; Jing Xing

    2010-01-01

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

  5. Design, performance and cost of energy from high concentration and flat-plate utility-scale PV systems

    International Nuclear Information System (INIS)

    Stolte, W.J.; Whisnant, R.A.; McGowin, C.R.

    1993-01-01

    This paper presents the results of a recent study to assess the near-term cost of power in central station applications. Three PV technologies were evaluated: Fresnel-lens high-concentration photovoltaic (HCPV), central receiver HCPV, and flat-plate PV using thin-film copper indium diselenide (CIS) cell technology. Baseline assumptions included PV cell designs and performances projected for the 1995 timeframe, 25 and 100 MW/year cell manufacturing rates, 50 MW power plant size, and mature technology cost and performance estimates. The plant design characteristics are highlighted. Potential sites were evaluated and selected for the PV power plants (Carrisa Plains, CA and Apalachicola, FL) and cell manufacturing plants (Dallas-Fort Worth, TX). Conceptual designs and cost estimates were developed for the plants and their components. Plant performance was modeled and the designs were optimized to minimize levelized energy costs. Overall, the flat plate design exhibited the lowest energy costs among the designs evaluated. Its levelized energy costs at the Carrisa Plains site were estimated to be 11.8 and 10.8 cents/kWh (1990 $) for 25 and 100 MW/year module production rates, respectively. This meets the 12 cents/kWh DOE near-term goal. The energy cost of the Fresnel lens plant (at Carrisa Plains and a 100 MW/year cell production rate) was estimated to be 12.4 cents/kWh and the corresponding central receiver energy cost was estimated to be 13.1 cents/kWh, both of which are very close to the DOE goal. Further design optimization efforts are still warranted and can be expected to reduce plant capital costs

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

    Science.gov (United States)

    Morrell, Peter

    1999-01-01

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

  7. The Effects of Collaboration on Logistical Performance and Transaction Costs

    Directory of Open Access Journals (Sweden)

    Vieira, J.G.V.

    2015-05-01

    Full Text Available This paper assesses the effect of supplier-retailer collaboration on logistical performance and transaction costs from the viewpoint of retail sector suppliers. The methodology consists of an empirical study conducted over nine months in the logistics department of a large Brazilian supermarket retailer and a survey of 125 representatives of 90 manufacturers. The results show collaboration contributes to an improvement in logistical performance related to urgent deliveries and deliveries that occur during periods of high demand. Interpersonal collaboration and joint actions contribute to the reduction of uncertainties among the participants. These joint actions, together with strategic collaboration, contribute to an increase in investment in specific assets, such as dedicated production lines or specialised vehicle fleets to serve partners. The study provides an analysis of logistical performance and transaction cost elements not previously investigated, including urgent deliveries and deliveries during periods of high demand, contract negotiation and renegotiation, waiting time for agreements to be reached, contingency logistics planning, and various cultural, psychosocial and geographical aspects of the supplier-retailer relationship. Managerial implications, research limitation and future research are also discussed.

  8. Economic and financial approaches to planning relatively high capital cost energy options such as hydroelectric power development

    Energy Technology Data Exchange (ETDEWEB)

    Warnock, J.G.; Merrett, A.J.

    1984-04-01

    The need for levelization has been widely recognized as desirable on grounds of equity. This paper points that it is also essential to the validity of the long-term present value criterion for capital investment. Yet the advocated methods of levelization are generally unacceptable or inefficient. These methods could be made more efficient - for example by the interest differential guarantee proposal outlined above. Until such time as effective and efficient levelization measures are implemented it has to be recognized that under present day inflationary conditions the conventional criteria of long-term present value may well be devoid of any economic validity. These issues can be of very significant importance in judging those energy options for future electrical generator modes.

  9. French Modular Impoundment: Final Cost and Performance Evaluation

    Energy Technology Data Exchange (ETDEWEB)

    Drown, Peter [French Development Enterprises, LLC, North Billerica, MA (United States); French, Bill [French Development Enterprises, LLC, North Billerica, MA (United States)

    2017-05-17

    This report comprises the Final Cost and Performance Report for the Department of Energy Award # EE0007244, the French Modular Impoundment (aka the “French Dam”.) The French Dam is a system of applying precast modular construction to water control structures. The “French Dam” is a term used to cover the construction means/methods used to construct or rehabilitate dams, diversion structures, powerhouses, and other hydraulic structures which impound water and are covered under FDE’s existing IP (Patents # US8414223B2; US9103084B2.)

  10. Corporate social capital and strategic management paradigm : a contingency view on organizational performance

    NARCIS (Netherlands)

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

    2001-01-01

    The strategic management paradigm explains organizational performance through the alignment between environment, strategy, and reference points. We extend this paradigm by incorporating the role of interorganizational networks on firm performance, thus integrating strategic management and corporate

  11. World wide spatial capital.

    Science.gov (United States)

    Sen, Rijurekha; Quercia, Daniele

    2018-01-01

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

  12. On the (In)Consistency of Citizen and Municipal Level Indicators of Social Capital and Local Government Performance.

    Science.gov (United States)

    Kampen, Jarl K

    2010-06-01

    We study the empirical consistency of survey based (micro level) indicators of social capital and local government performance on the one, and municipality based (aggregate level) measures of these two concepts on the other hand. Knowledge about the behavior of these indicators is helpful for evaluating the value of studies carried out in isolated contexts, that is, with access to data on either, but not both, levels. The method is by comparing data collected by Statistics Belgium on Flemish municipalities, to data collected at citizen level by means of a face-to-face survey. The available evidence supplies at best a meager basis for presupposing a shared component of the indicators under study.

  13. Niche public transport operational and capital investment strategies to minimize fares in the light of increased energy costs

    CSIR Research Space (South Africa)

    Letebele, MO

    2009-07-01

    Full Text Available Fuel costs are a significant component of a public transport fare. It is therefore of critical importance for measures aimed at containing household public transport expenditure to explore alternative ways of reducing fuel consumption or fuel...

  14. Analysis of the Effect of Employee Costs on Company Performance

    Directory of Open Access Journals (Sweden)

    Željko Požega

    2010-07-01

    Full Text Available The goal of every economic entity is to accomplish an optimal system of compensation management and to reach maximum returns through optimal employee investment, raising their motivation and knowledge as well as developing their abilities and skills. In order to reach this goal of maximizing company performance it is necessary to systematically approach the management of human resources within a certain economic entity and to create the fairest material and non-material reward and punishment system by using compensation management methods. This in turn will bring about a positive working atmosphere in the company, where employees will rapidly and easily adjust to changes, interact and co-operate with one another at a high level. This research, which studies the effect of employee costs on company performance, is divided into three chapters. The first chapter provides a brief theoretical overview of the importance of compensation management in human resources administration and reaching business efficiency, i.e. the different possibilities of creating a reward and punishment system in a company which aims to organise an optimal working atmosphere. The second chapter demonstrates the applied methodology and illustrates the information from different companies, which has been used in this research and analysis. The information comprises statistical data of employee costs, income, profits and losses from a sample of companies from the Republic of Croatia in 2008. The third part deals with the analysis and interpretation of the research results which show the effect of employee costs on the income and company performance, also expressed per employee. The goal of this research is to test the hypothesis that companies with higher employee cost, i.e. with higher investment in human resources, on average obtain a higher income and a higher profit per employee and are more efficient and more successful on the market. From the given hypothesis, one can

  15. Individual quality and age but not environmental or social conditions modulate costs of reproduction in a capital breeder

    OpenAIRE

    Debeffe, Lucie; Poissant, Jocelyn; McLoughlin, Philip D.

    2017-01-01

    Abstract Costs associated with reproduction are widely known to play a role in the evolution of reproductive tactics with consequences to population and eco?evolutionary dynamics. Evaluating these costs as they pertain to species in the wild remains an important goal of evolutionary ecology. Individual heterogeneity, including differences in individual quality (i.e., among?individual differences in traits associated with survival and reproduction) or state, and variation in environmental and ...

  16. From Knowledge to Firm Performance: An Empirical analysis of Intellectual Capital Impact in Polish and Dutch Listed Firms

    Directory of Open Access Journals (Sweden)

    Koen Verduijn

    2013-09-01

    Full Text Available Purpose: Empirical results about the direct relation of knowledge leading to financial performance at a firm is dispersed. This study aims to examine the impact intellectual capital (IC has on firm performance in Polish and Dutch listed firms.Methodology: Quantitative data is collected based on audited annual reports from the top 20 companies listed at the Warsaw Stock Exchange and Amsterdam Stock Exchange between 2007 and 2011. IC is measured using the VAIC methodology with its individual elements of HCE, SCE, and CEE. Direct relations between ICE, HCE, and SCE and five measures of firm performance are statistically analysed.Results: The results suggest that there is a direct positive relationship between ICE and firm performance of Polish and Dutch listed firms, particularly with ROA, ROE, EP, and to a lesser extent with ATO. Firms listed in Poland provide a stronger positive ICE relation to ROA and ROE where firms listed in the Netherlands provide a stronger positive ICE relation to EP. Regarding individual elements, HCE relates highly positive to ROA, ROE, and EP where SCE finds only partial negative relation with ATO.Implications: Nurturing IC and in particular HC confirms the importance of firm knowledge and employees with right training and other support. Additionally, further clarification regarding SC is required.Originality: This paper presents the first study of the IC relationship with firm performance in Poland as well in the Netherlands. Additionally, the comparison between firms of both countries establishes a novelty in IC research.

  17. THE CAPITAL STRUCTURE AS A RESOURCE AND THE EFFECT ON PERFORMANCE OF FIRMShttp://dx.doi.org/10.5585/riae.v9i1.1661

    Directory of Open Access Journals (Sweden)

    Silvio Parodi Camilo

    2010-07-01

    Full Text Available This article aims to expand the current theoretical and empirical understanding of the capital structure as an important resource to research a firm’s performance, from a financial and strategic perspective. Empirical research on resource-based-view (RBV has either focused on the effects of technological resources and innovative capacity or resources associated with operational efficiency. One feature deserving attention in turbulent environments, such as in Brazil, is the capital structure, as the combination of funding sources is a vital decision. Data was collected from Bovespa listed firms between 2002 and 2007. Two performance constructs were suggested and assessed; firm performance was measured through return on operational assets (ROA and return on equity (ROE. Results provide empirical evidence that decisions concerning financial leverage (DFL are relevant to enhance competitive advantage. This study was inconclusive regarding the capital structure’s influence on the ROA.

  18. The cost risk implementation on design-build project of integrated public spaces child friendly in capital of Jakarta

    Science.gov (United States)

    Mardiaman, Mubarok, Abdul

    2017-11-01

    Jakarta area of 662.33 km2 with a population of 10,075,030 inhabitants and green open spaces 9.98%. The Jakarta government built a child-friendly integrated open space as facilities for playing. Providing of facilities was hoped suitable with time, cost, quality, accountability and proper financial governance. Based on the PU ministerial regulation number 19/PRT/M/2015 on the standards and guidelines for procurement the design and construction work on the integrated build and the PU ministerial regulation No. 07/PRT/M/2011 on standards and guidelines for procurement of construction works and consulting services of public works and the ministry of housing. RPTRA development at 123 locations in Jakarta was implemented base on the contract of design and build. The design study was influenced by the cost elements; the main strength (expert), skilled personnel, support personnel, major equipment and support. The construction fee relies on; expert implementation, hardware implementation, preparation work, land, buildings, courtyards, fences, complementary and governance capabilities for human resources in completing the construction activities to minimize the cost risk. Montecarlo simulations was conducted to determine the average unit price, model and analyze systems. In the cost contract, the percentage of design work stipulated 2.5%, build 97.5%. Base on regulation the minister of public work for design work cost 2.72%, build 97.28%. Then, actual cost for design 2.67% and build 97.33%. From the three reference was shown that there are differentiation one another. The acceleration of planning able to make the cost and time more efficient that impact on the implementation margin.

  19. Provision of capital for shutdown, dismantling and disposal. Cost risks and proposals for reform for a responsibility related financing; Atomrueckstellungen fuer Stilllegung, Rueckbau und Entsorgung. Kostenrisiken und Reformvorschlaege fuer eine verursachergerechte Finanzierung

    Energy Technology Data Exchange (ETDEWEB)

    Kuechler, Swantje; Meyer, Bettina; Wronski, Rupert

    2014-10-10

    In Germany the latest discussion on the cost of nuclear phase-out, dismantling and waste disposal has shown that the provision of capital by the concerned companies for these challenges and the actual regulations are not sufficient for a long-term financing security. The study presents a reform concept including the need of improved transparency on the provision of capital, a differentiated financial statement, the introduction of a stock under public law for insolvency protection including a financing responsibility for the companies and subsequent payments in case of cost increase, and an increase of protection in case of insolvency.

  20. A critical analysis of the 2014 IPCC report on capital cost of mitigation and of renewable energy

    International Nuclear Information System (INIS)

    Trainer, Ted

    2017-01-01

    The Report by the IPCC Working Group 3 on mitigation has been widely reported as showing that a 430 – 480 ppm emissions target can be achieved at a low investment cost in relation to GDP. However there are several reasons why the Report cannot be regarded as having established these claims, mainly to do with the very few sources referred to on the crucial cost issues, the problems evident in those sources, and difficulties encountered when investment sums allocated to various sectors are examined. An exploration of the possible investment required by the renewable energy sector indicates that the costs associated with achieving desired emissions targets would be very high. This strengthens the case that effective policies for dealing with climate and other global problems cannot be achieved unless there is transition from consumer societies committed to affluence and growth. - Highlights: • The logic and structure of the Report re clarified. • Only five pages in Chapter 16 deal with renewable system cost estimates. • The core conclusions are based on only about three references. • These studies are open to fundamental criticism. • An alternative approach indicates higher system costs than the Report claims.

  1. THE INFLUENCE OF SOCIAL CAPITAL AND ENTREPRENEURSHIP ORIENTATION ON BUSINESS STRATEGY AND PERFORMANCE OF MICRO, SMALL AND MEDIUM ENTERPRISES: A STUDY IN TIMOR TENGAH UTARA

    Directory of Open Access Journals (Sweden)

    Fina Y.

    2017-12-01

    Full Text Available This research aims to explain the Influence of Social Capital, Entrepreneurship Orientation on Business Strategy and Performance of Micro, Small and Medium Enterprises (MSME. The population of this study - owners and/or managers of MSME furniture processing industry and traditional weaving industry in district of Timor Tengah Utara with a sample of 40 respondents. Sampling technique is done using simple random sampling. The analysis data technique used in this research is Partial Least Square approach. The results of this study indicate that social capital and entrepreneurship orientation have a significant effect on the business strategy and performance of MSME.

  2. LCP- LIFETIME COST AND PERFORMANCE MODEL FOR DISTRIBUTED PHOTOVOLTAIC SYSTEMS

    Science.gov (United States)

    Borden, C. S.

    1994-01-01

    The Lifetime Cost and Performance (LCP) Model was developed to assist in the assessment of Photovoltaic (PV) system design options. LCP is a simulation of the performance, cost, and revenue streams associated with distributed PV power systems. LCP provides the user with substantial flexibility in specifying the technical and economic environment of the PV application. User-specified input parameters are available to describe PV system characteristics, site climatic conditions, utility purchase and sellback rate structures, discount and escalation rates, construction timing, and lifetime of the system. Such details as PV array orientation and tilt angle, PV module and balance-of-system performance attributes, and the mode of utility interconnection are user-specified. LCP assumes that the distributed PV system is utility grid interactive without dedicated electrical storage. In combination with a suitable economic model, LCP can provide an estimate of the expected net present worth of a PV system to the owner, as compared to electricity purchased from a utility grid. Similarly, LCP might be used to perform sensitivity analyses to identify those PV system parameters having significant impact on net worth. The user describes the PV system configuration to LCP via the basic electrical components. The module is the smallest entity in the PV system which is modeled. A PV module is defined in the simulation by its short circuit current, which varies over the system lifetime due to degradation and failure. Modules are wired in series to form a branch circuit. Bypass diodes are allowed between modules in the branch circuits. Branch circuits are then connected in parallel to form a bus. A collection of buses is connected in parallel to form an increment to capacity of the system. By choosing the appropriate series-parallel wiring design, the user can specify the current, voltage, and reliability characteristics of the system. LCP simulation of system performance is site

  3. Review of PV Inverter Technology Cost and Performance Projections

    Energy Technology Data Exchange (ETDEWEB)

    Navigant Consulting Inc.

    2006-01-01

    The National Renewable Energy Laboratory (NREL) has a major responsibility in the implementation of the U.S. Department of Energy's (DOE's) Solar Energy Technologies Program. Sandia National Laboratories (SNL) has a major role in supporting inverter development, characterization, standards, certifications, and verifications. The Solar Energy Technologies Program recently published a Multiyear Technical Plan, which establishes a goal of reducing the Levelized Energy Cost (LEC) for photovoltaic (PV) systems to $0.06/kWh by 2020. The Multiyear Technical Plan estimates that, in order to meet the PV system goal, PV inverter prices will need to decline to $0.25-0.30 Wp by 2020. DOE determined the need to conduct a rigorous review of the PV Program's technical and economic targets, including the target set for PV inverters. NREL requested that Navigant Consulting Inc.(NCI) conduct a review of historical and projected cost and performance improvements for PV inverters, including identification of critical barriers identified and the approaches government might use to address them.

  4. Risk-adjusted capitation based on the Diagnostic Cost Group Model: an empirical evaluation with health survey information

    NARCIS (Netherlands)

    L.M. Lamers (Leida)

    1999-01-01

    textabstractOBJECTIVE: To evaluate the predictive accuracy of the Diagnostic Cost Group (DCG) model using health survey information. DATA SOURCES/STUDY SETTING: Longitudinal data collected for a sample of members of a Dutch sickness fund. In the Netherlands the sickness

  5. PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA KEUANGAN PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Denny Andriana

    2014-04-01

    Full Text Available The purpose of this research is to examine the influence of intellectual capital and its components, represented by physical capital (capital employed, human capital, and structural capital,on financial performance of mining and manufacturing companies listed in Indonesia Stock Exchange (Bursa Efek Indonesia – BEI period of 2010 – 2012. Total population observed during this research shows 169 mining and manufacturing companies.The sample was determined by purposive sampling method and found a total of 70 samples as the research subjects. The analytical technique for the quantitaive data uses a statistical tool, i.e. multiple regression. Intellectual capital and its components were measured by Pulic Model, while financial performance uses Return on Equty (ROE ratio. The results show that intellectual capital and human capital have negative influence, yet insignificant, impacton companies financial performance. While physical capital (capital employed and structural capital do have positive influence but not significanton companies financial performance.

  6. WAYS OF REDUCING THE IMPACT OF STRESS ON HUMAN CAPITAL PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Nicoleta Valentina FLOREA

    2014-06-01

    Full Text Available The world is a dangerous place, offering people less safe conditions to live, to develop, to work and to perform. The organizations are also under a lot of pressure and stressor factors. Yet, the employees must work, communicate, interrelate and obtain performance and organizations competitive advantage. The article analyze the main stressor factors which are influencing the individual and the organization activity, the different causes of stress appearance and its negative influence over the normal activity of employees. It also analyze the best practices which may be implemented by the organization in order to reduce the impact of stress and obtain performance This article suggests some ways of minimizing the stress appearance, by implementing efficient measures at strategic level, such as implementing efficient regulation and procedures, developing efficient programs of communication, creating a strong organizational culture and implicating the management function in solving the problems and finding pertinent solutions.

  7. Distributed utility technology cost, performance, and environmental characteristics

    Energy Technology Data Exchange (ETDEWEB)

    Wan, Y; Adelman, S

    1995-06-01

    Distributed Utility (DU) is an emerging concept in which modular generation and storage technologies sited near customer loads in distribution systems and specifically targeted demand-side management programs are used to supplement conventional central station generation plants to meet customer energy service needs. Research has shown that implementation of the DU concept could provide substantial benefits to utilities. This report summarizes the cost, performance, and environmental and siting characteristics of existing and emerging modular generation and storage technologies that are applicable under the DU concept. It is intended to be a practical reference guide for utility planners and engineers seeking information on DU technology options. This work was funded by the Office of Utility Technologies of the US Department of Energy.

  8. Total cost of performing analog-to-digital upgrades

    International Nuclear Information System (INIS)

    Albrigo, T.

    1993-01-01

    The financial well-being of nuclear power plants in the United States is dependent on reducing costs. Rapid advances in industrial technology have created a conundrum for utility executives and their engineering staffs. Digital technology is being touted as beneficial in many ways; however, a number of significant issues have been raised regarding the adequacy and financial viability of digital systems in nuclear power plants. Actual or perceived problems with digital system design, development, and installation have caused significant financial losses for nuclear utilities. This paper provides a list of problems that must be considered in performing an analog-to-digital conversion or for doing a large digital upgrade. It is desirable that the full financial risks associated with these types of upgrades are considered. Specific problems encountered at Palo Verde nuclear generating station are reviewed to emphasize some of the problem areas

  9. FASTSim: A Model to Estimate Vehicle Efficiency, Cost and Performance

    Energy Technology Data Exchange (ETDEWEB)

    Brooker, A.; Gonder, J.; Wang, L.; Wood, E.; Lopp, S.; Ramroth, L.

    2015-05-04

    The Future Automotive Systems Technology Simulator (FASTSim) is a high-level advanced vehicle powertrain systems analysis tool supported by the U.S. Department of Energy’s Vehicle Technologies Office. FASTSim provides a quick and simple approach to compare powertrains and estimate the impact of technology improvements on light- and heavy-duty vehicle efficiency, performance, cost, and battery batches of real-world drive cycles. FASTSim’s calculation framework and balance among detail, accuracy, and speed enable it to simulate thousands of driven miles in minutes. The key components and vehicle outputs have been validated by comparing the model outputs to test data for many different vehicles to provide confidence in the results. A graphical user interface makes FASTSim easy and efficient to use. FASTSim is freely available for download from the National Renewable Energy Laboratory’s website (see www.nrel.gov/fastsim).

  10. Intellectual Capital: Comparison and Contrast.

    Science.gov (United States)

    Madsen, Susan R.

    2001-01-01

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

  11. Social Capital and Online Games

    OpenAIRE

    Safferling, Christoph

    2011-01-01

    We use data from an online game economy and econometric matching methods to test whether social capital of players has an impact on game success. Membership in a 'clan', a voluntary organization of players, positively impacts game success. Hence, social capital has a positive effect on outcomes. Yet, top performers do not gain from access to this social capital.

  12. New MEA Materials for Improved DMFC Performance, Durability and Cost

    Energy Technology Data Exchange (ETDEWEB)

    Fletcher, James H. [University of North Florida; Campbell, Joseph L. [University of North Florida; Cox, Philip [University of North Florida; Harrington, William J. [University of North Florida

    2013-09-16

    Abstract Project Title: New MEA Materials for Improved DMFC Performance, Durability and Cost The University of North Florida (UNF)--with project partners the University of Florida, Northeastern University, and Johnson Matthey--has recently completed the Department of Energy (DOE) project entitled “New MEA Materials for Improved DMFC Performance, Durability and Cost”. The primary objective of the project was to advance portable fuel cell MEA technology towards the commercial targets as laid out in the DOE R&D roadmap by developing a passive water recovery MEA (membrane electrode assembly). Developers at the University of North Florida identified water management components as an insurmountable barrier to achieving the required system size and weight necessary to achieve the energy density requirements of small portable power applications. UNF developed an innovative “passive water recovery” MEA for direct methanol fuel cells (DMFC) which provides a path to system simplification and optimization. The passive water recovery MEA incorporates a hydrophobic, porous, barrier layer within the cathode electrode, so that capillary pressure forces the water produced at the cathode through holes in the membrane and back to the anode. By directly transferring the water from the cathode to the anode, the balance of plant is very much simplified and the need for heavy, bulky water recovery components is eliminated. At the heart of the passive water recovery MEA is the UNF DM-1 membrane that utilizes a hydrocarbon structure to optimize performance in a DMFC system. The membrane has inherent performance advantages, such as a low methanol crossover (high overall efficiency), while maintaining a high proton conductivity (good electrochemical efficiency) when compared to perfluorinated sulfonic acid membranes such as Nafion. Critically, the membrane provides an extremely low electro-osmotic drag coefficient of approximately one water molecule per proton (versus the 2-3 for

  13. Psychological Capital as a Predictor of Student Performance and Persistence: An Exploratory Study

    Science.gov (United States)

    Koontz, Richard D.

    2016-01-01

    Academic performance and persistence are critically important issues for both universities and their students. Colleges and universities have invested significant resources trying to improve student outcomes. Unfortunately, in spite of this investment, improvement of student outcomes remains elusive. One key issue is that academic outcomes are…

  14. A Model for Shovel Capital Cost Estimation, Using a Hybrid Model of Multivariate Regression and Neural Networks

    Directory of Open Access Journals (Sweden)

    Abdolreza Yazdani-Chamzini

    2017-12-01

    Full Text Available Cost estimation is an essential issue in feasibility studies in civil engineering. Many different methods can be applied to modelling costs. These methods can be divided into several main groups: (1 artificial intelligence, (2 statistical methods, and (3 analytical methods. In this paper, the multivariate regression (MVR method, which is one of the most popular linear models, and the artificial neural network (ANN method, which is widely applied to solving different prediction problems with a high degree of accuracy, have been combined to provide a cost estimate model for a shovel machine. This hybrid methodology is proposed, taking the advantages of MVR and ANN models in linear and nonlinear modelling, respectively. In the proposed model, the unique advantages of the MVR model in linear modelling are used first to recognize the existing linear structure in data, and, then, the ANN for determining nonlinear patterns in preprocessed data is applied. The results with three indices indicate that the proposed model is efficient and capable of increasing the prediction accuracy.

  15. Laser cost experience and estimation

    International Nuclear Information System (INIS)

    Shofner, F.M.; Hoglund, R.L.

    1977-01-01

    This report addresses the question of estimating the capital and operating costs for LIS (Laser Isotope Separation) lasers, which have performance requirements well beyond the state of mature art. This question is seen with different perspectives by political leaders, ERDA administrators, scientists, and engineers concerned with reducing LIS to economically successful commercial practice, on a timely basis. Accordingly, this report attempts to provide ''ballpark'' estimators for capital and operating costs and useful design and operating information for lasers based on mature technology, and their LIS analogs. It is written very basically and is intended to respond about equally to the perspectives of administrators, scientists, and engineers. Its major contributions are establishing the current, mature, industrialized laser track record (including capital and operating cost estimators, reliability, types of application, etc.) and, especially, evolution of generalized estimating procedures for capital and operating cost estimators for new laser design

  16. Economic burden of fire-related deaths in Finland, 2000-2010: Indirect costs using a human capital approach.

    Science.gov (United States)

    Haikonen, Kari; Lillsunde, Pirjo M; Lunetta, Philippe; Kokki, Esa

    2016-02-01

    The aim of this study was to examine the indirect economic burden of fire-related deaths in Finland in the period 2000-2010. The Human Capital (HC) approach was the main method used to estimate productivity losses due to fire-related deaths. Additionally, Potential Years of Life Lost (PYLL) due to deaths were reported. A total of 1090 fire-related deaths occurred in the period 2000-2010 within a population of some 5.4 million. The majority were male (76% vs 24%), with a mean age of 52 (CI: 51.0-53.2) years for males and 57 (CI: 54.6-59.6) for females; 24% (CI: 21.1-26.2%) of victims were over the retirement age. Most of the victims died of combustion gas poisoning (65%, CI: 61.8-67.6%), followed by burns (33%, CI: 30.6-36.3%). Alcohol was often involved and victims were often socially disadvantaged, with socioeconomic features significantly deviating from those of the general population. Annual PYLL ranged from 2094 (CI: 1861-2326) to 3299 (CI: 3008-3594), with an annual average PYLL of 2763 (CI: 2675-2851). PYLL per death fell in the study period from 34.3 (2000, CI: 31.0-37.7) to 24.6 (2010, CI: 21.8-27.6). The reduction is attributable to a decreasing fraction of young victims and an increase in average ages. Total productivity loss in the period 2000-2010 was c.a. EUR 342 million (CI: 330-354 million), giving an annual average of EUR 31.1 million (CI: 30.0-32.2 million), with the mean for a victim being EUR 0.315 million (CI: 0.30-0.33 million). The economic burden of deaths is considerable and this study remedies the lack of academic knowledge about the burden of fire-related deaths. Copyright © 2015 Elsevier Ltd and ISBI. All rights reserved.

  17. Designing Liquid Rocket Engine Injectors for Performance, Stability, and Cost

    Science.gov (United States)

    Westra, Douglas G.; West, Jeffrey S.

    2014-01-01

    NASA is developing the Space Launch System (SLS) for crewed exploration missions beyond low Earth orbit. Marshall Space Flight Center (MSFC) is designing rocket engines for the SLS Advanced Booster (AB) concepts being developed to replace the Shuttle-derived solid rocket boosters. One AB concept uses large, Rocket-Propellant (RP)-fueled engines that pose significant design challenges. The injectors for these engines require high performance and stable operation while still meeting aggressive cost reduction goals for access to space. Historically, combustion stability problems have been a critical issue for such injector designs. Traditional, empirical injector design tools and methodologies, however, lack the ability to reliably predict complex injector dynamics that often lead to combustion stability. Reliance on these tools alone would likely result in an unaffordable test-fail-fix cycle for injector development. Recently at MSFC, a massively parallel computational fluid dynamics (CFD) program was successfully applied in the SLS AB injector design process. High-fidelity reacting flow simulations were conducted for both single-element and seven-element representations of the full-scale injector. Data from the CFD simulations was then used to significantly augment and improve the empirical design tools, resulting in a high-performance, stable injector design.

  18. Production of synthetic methanol from air and water using controlled thermonuclear reactor power. 2. Capital investment and production costs

    Energy Technology Data Exchange (ETDEWEB)

    Dang, V D; Steinberg, M [Brookhaven National Lab., Upton, N.Y. (USA)

    1977-01-01

    Energy requirement and process development of methanol production from air and water using controlled thermonuclear fusion power was discussed in Part 1 (Steinberg et al., Energy conversion;17:97(1977)). This second part presents an economic analysis of the nine processes presented for obtaining carbon dioxide recovery from the atmosphere or the sea for methanol production. It is found that the most economical process of obtaining carbon dioxide is by stripping from sea water. The process of absorption/stripping by dilute potassium carbonate solution is found to be the most economical for the extraction of carbon dioxide from air at atmospheric pressure. The total energy required for methanol synthesis from these sources of carbon dioxide is 3.90 kWh(e)/lb methanol of which 90% is used for generation of hydrogen. The process which consumes the greatest amount of energy is the absorption/stripping of air by water at high pressure and amounts to 13.2 kWh(e)/lb methanol. With nuclear fusion power plants of 1000to 9000 MW(e), it is found that the cost of methanol using the extraction of carbon dioxide from air with dilute potassium carbonate solution is estimated to be in the range between Pound1.73 and Pound2.90/MMB.t.u. (energy equivalent - 1974 cost) for plant capacities of 21 400 to 193 000 bbl/day methanol. This methanol cost is competitive with gasoline in the range of 19 approximately equal to 33c/gallon. For the process of stripping of carbon dioxide from sea water, the cost is found to lie in the range of Pound1.65 to Pound2.71/MMB.t.u. (energy equivalent) for plant capacities of 21 700 to 195 000 bbl/day methanol which is competitive with gasoline in the range of 18 approximately equal to 30 c/gallon. Projection of methanol demand in the year 2020 is presented based on both its conventional use as chemicals and as a liquid fuel substituting for oil and gas.

  19. Capital planning for clinical integration.

    Science.gov (United States)

    Grauman, Daniel M; Neff, Gerald; Johnson, Molly Martha

    2011-04-01

    When assessing the financial implications of a physician alignment and clinical integration initiative, a hospital should measure the initiative's potential ROI, perhaps best using a combination of net present value and payback period. The hospital should compare its own historical and projected performance with rating agency median benchmarks for key financial indicators of profitability, debt service, capital and cash flow, and liquidity. The hospital should also consider potential indirect benefits, such as retained outpatient/ancillary revenue, increased inpatient revenue, improved cost control, and improved quality and reporting transparency.

  20. Corporate Social Capital and Public Relations : Capital Accumulation by Social Relationship and Rethinking the Definition of Public Relations

    OpenAIRE

    北見, 幸一

    2009-01-01

    This paper discusses Corporate Social Capital and Public Relations. This paper overviewed the Social Capital studies, especially early studies in sociology field, proposed the framework to evaluate Social Capital in a capital. Social Capital has the merit to reduce transaction costs, and should be clearly positioned as a component of capital of corporation. Using the concept of the Corporate Social Capital, to rethink the definition of Public Relations, this paper proposed the following defin...