Linking bonding and bridging ownership social capital in private firms : moderating effects of ownership-management overlap and family firm identity

NARCIS (Netherlands)

Lorraine M. Uhlaner; Marta M. Berent-Braun; Ilse A. Matser; Roberto H. Flören

2015-01-01

This study examines the relationship between bonding and bridging ownership social capital (OSC) for a random sample of 679 privately held small and medium-sized firms. Results confirm the positive effects of bonding OSC (quality of relationships and shared vision) on bridging OSC (network

Origin and concentration: corporate ownership, control and performance in firms after privatization

Czech Academy of Sciences Publication Activity Database

Hanousek, J.; Kočenda, E.; Švejnar, Jan

2007-01-01

Roč. 15, č. 1 (2007), s. 1-31 ISSN 0967-0750 Grant - others:GA ČR(CZ) GA402/06/1293 Program:GA Institutional research plan: CEZ:AV0Z70850503 Keywords : corporate ownership * performance in firms * privatization Subject RIV: AH - Economics Impact factor: 0.736, year: 2007

Logging firms, nonindustrial private forests, and forest parcelization: evidence of firm specialization and its impact on sustainable timber supply

Science.gov (United States)

Mark Rickenbach; Thomas W. Steele

2006-01-01

Increasing forest parcelization has raised concerns about tract-size economies and sustainable timber supply. We explored this issue by examining the logging sector and forest ownership in northern Wisconsin and Michigan's Upper Peninsula. Using 2004 survey data, we found that 48% of logging firms demonstrated a near exclusive reliance on nonindustrial private...

White certificates — Energy efficiency programs under private information of consumers

International Nuclear Information System (INIS)

Wirl, Franz

2015-01-01

Energy efficiency is an objective of public interventions at least since the Public Utility Regulatory Policy Act of 1978 (PURPA). Recently, conservation has received considerable attention in the United States and in particular in the European Union but this time in order to mitigate global warming. Policy measures include regulations at the technical level and the introduction of white certificates in order to force utilities and firms to invest into conservation in a way similar to the already existing renewable energy quota. This paper derives the optimal mechanism if utilities must deal with white certificates facing consumers holding private information. The optimal mechanism has some theoretically interesting features like restricted participation and a discontinuity. - Highlights: • Energy efficiency programs are again an objective of public interventions. • White certificates force utilities to invest in conservation. • However, issues of private information are ignored. • Conservation program accounting for private information • The optimal contract has non-standard features like a discontinuity

The Effects of the Specialization of Private Equity Firms on their Exit Strategy

DEFF Research Database (Denmark)

Rigamonti, Damiana; Cefis, Elena; Meoli, Michele

2016-01-01

We investigate how industry and stage specialization of Private Equity (PE) firms affect the likelihood to exit investments by means of trade sales, Initial Public Offerings (IPOs), or Secondary Buyouts (SBOs). Our empirical analysis relies on competing risks models. Using a sample of 818 Leverag...

Domains of State-Owned, Privately Held, and Publicly Traded Firms in International Competition.

Science.gov (United States)

Mascarenhas, Briance

1989-01-01

Hypotheses relating ownership to domain differences among state-owned, publicly traded, and privately held firms in international competition were examined in a controlled field study of the offshore drilling industry. Ownership explained selected differences in domestic market dominance, international presence, and customer orientation, even…

Tax incentives and firm size : effects on private R&D investment in Spain

NARCIS (Netherlands)

Labeaga Azcona, J.; Martínez-Ros, E.; Mohnen, P.

2014-01-01

The use of fiscal policy instruments to stimulate private R&D is widespread and important in some countries like Spain. In this paper we explore the effectiveness of R&D tax incentives on knowledge capital accumulation in Spanish manufacturing firms using an unbalanced panel and compare the

Industrial environmental practices in Polish Firms

DEFF Research Database (Denmark)

Kræmer, Trine Pipi

, and environment. The five case firms all had a Communist past. The firms represent three different industrial sectors; i.e. textile, energy, and publishing and printing industries. Furthermore, the firms are both private and state owned as well as in the process of privatisation.......The study investigates how discursive developments in Poland interact with industrial environmental practices in five production firms. The analysis of the discursive development covers the period from the end of World War I to the turn of the century. The areas in focus are identity, industry...

Exploring effective factors on privatization, firm performance and export development: Evidence from steel industry

Directory of Open Access Journals (Sweden)

Seyed Mohsen Seyedaliakbar

2016-01-01

Full Text Available Privatization means establishing a new system based on the market mechanisms and consequently making a change, alteration in different aspects of economy and is a process in which the government can examine the possibility of transferring the duties and facilities to the private sector on any level and if necessary, exerts such transfer. On the other hand, exports in industry sector can be a noticeable point for the economic growth of any country. Enhancing the exports of the steel industry of the country can have a principal role in the economic pursuit of the country’s non-oil products. Such an enhancement brings about a positive effect in the efficiency of the stocks within the financial markets by developing the steel industry. Researchers of this field claim that privatization in the steel industry results in the further development of the steel stock market and exports. This paper presents a comprehensive survey on factors influencing on privatization of the firms in steel industry. The study has designed a questionnaire in Likert scale and distributed it among some experts who worked for Mobarakeh steel producer in Iran. Using principle component analysis, the survey has concluded that export activities were influenced the most by six major factors including creativity, technological limitation, opportunities and challenges, being up to date, customer orientation and financial sanction. Moreover, firm performance was influenced by two major factors of stakeholder’s satisfaction and organizational culture. Finally, two factors of rationalism and market orientation influenced the most on privatization.

The Impact of Government Subsidies on Private R&D and Firm Performance: Does Ownership Matter in China’s Manufacturing Industry?

Directory of Open Access Journals (Sweden)

Zhenji Jin

2018-06-01

Full Text Available Government subsidies as a policy instrument are used to alleviate market failure in research and development (R&D activities. We aim to understand the influence of government subsidies on enterprises’ R&D investment and performance. We are also interested in examining how the attributes of enterprise ownership act as a moderating variable for the relationship between government subsidies, R&D investment, and firm performance. We use firm-level data on China’s manufacturing listed companies from 2011 to 2015. The results show that receiving government subsidies improves private R&D investment and firm performance, and state-owned enterprises (SOEs can obtain more subsidies than private-owned enterprises (POEs. However, the impact of government subsidies on private R&D investment is stronger in POEs than in SOEs of China. In additional analyses, we also examine this relationship by industry, region, subsidy intensity, and R&D intensity. This study has important policy implications for regulators to improve the effectiveness of government subsidies.

How does innovation work within the developmental network state? New data on public-private agreements in a U.S. Department of Energy laboratory

Directory of Open Access Journals (Sweden)

Matthew R. Keller

Full Text Available Abstract The value of the Department of Energy (DOE-owned national laboratories to the U.S. national innovation system has long been a subject of debate. Advocates have drawn attention to the central role of the labs in the development of technologies including advanced batteries, solar energy breakthroughs, imaging technologies, and various IT endeavors, among others. Critics have recurrently suggested that the labs’ innovative capacities have been undermined by a lack of engagement with commercial firms and managerial tactics. Perhaps surprisingly, what has often been missing from the debate is a thorough review of data on the public-private partnerships in which the labs engage with private firms. This paper draws on heretofore non-public data on one type of contractual arrangement - Work-For-Others (WFO agreements - in which the labs perform contract work for private firms. We review 10 years of WFO data for a single DOE laboratory. Our analysis provides an initial picture of the surprisingly diverse geography and array of firms that employed the labs as contract R&D providers, as well as of key characteristics of these agreements. Although our data capture only a single laboratory’s agreements, the findings reinforce the importance of looking at the complex, overlapping network of programs within the U.S. federal system that support private sector innovation.

10 CFR 904.6 - Charge for capacity and firm energy.

Science.gov (United States)

2010-01-01

... 10 Energy 4 2010-01-01 2010-01-01 false Charge for capacity and firm energy. 904.6 Section 904.6... CANYON PROJECT Power Marketing § 904.6 Charge for capacity and firm energy. The charge for Capacity and Firm Energy from the Project shall be composed of two separate charges; a charge to provide for the...

Energy efficiency determinants: An empirical analysis of Spanish innovative firms

International Nuclear Information System (INIS)

Costa-Campi, María Teresa; García-Quevedo, José; Segarra, Agustí

2015-01-01

This paper examines the extent to which innovative Spanish firms pursue improvements in energy efficiency (EE) as an objective of innovation. The increase in energy consumption and its impact on greenhouse gas emissions justifies the greater attention being paid to energy efficiency and especially to industrial EE. The ability of manufacturing companies to innovate and improve their EE has a substantial influence on attaining objectives regarding climate change mitigation. Despite the effort to design more efficient energy policies, the EE determinants in manufacturing firms have been little studied in the empirical literature. From an exhaustive sample of Spanish manufacturing firms and using a logit model, we examine the energy efficiency determinants for those firms that have innovated. To carry out the econometric analysis, we use panel data from the Community Innovation Survey for the period 2008–2011. Our empirical results underline the role of size among the characteristics of firms that facilitate energy efficiency innovation. Regarding company behaviour, firms that consider the reduction of environmental impacts to be an important objective of innovation and that have introduced organisational innovations are more likely to innovate with the objective of increasing energy efficiency. -- Highlights: •Drivers of innovation in energy efficiency at firm-level are examined. •Tangible investments have a greater influence on energy efficiency than R&D. •Environmental and energy efficiency innovation objectives are complementary. •Organisational innovation favors energy efficiency innovation. •Public policies should be implemented to improve firms’ energy efficiency

Second-best energy policies for heterogeneous firms

International Nuclear Information System (INIS)

Verhoef, E.T.; Nijkamp, P.

1999-01-01

This paper investigates second-best issues in the regulation of external costs of energy use by heterogeneous firms. The efficiency of regulatory energy policies depends in general on the policy incentives given for both output reduction and input substitution. The resulting endogeneity of firms' supply functions appears to lead to complicated policy rules. In contrast to earlier efforts, the analysis considers an arbitrarily large number of non-identical price-taking firms in a joint market; a large variety of possible production functions, including varying levels of economies of scale and possibilities for input substitution; and elasticities of market demand which may vary from completely elastic to completely inelastic. Two second-best instruments are considered, namely output taxes and energy-efficiency standards, and are compared to the benchmark of first-best energy taxes. The underlying market factors determining the relative efficiency of these second-best instruments, when used optimally, are identified

Asset stripping and firm survival in mass privatization: testing the Hoff-Stiglitz and Campos-Giovannoni models in Montenegro

Czech Academy of Sciences Publication Activity Database

Koman, M.; Lakićević, M.; Prašnikar, J.; Švejnar, Jan

2015-01-01

Roč. 43, č. 2 (2015), s. 274-289 ISSN 0147-5967 Institutional support: PRVOUK-P23 Keywords : asset stripping * mass privatization * firm survival Subject RIV: AH - Economics Impact factor: 1.380, year: 2015

Privatization and the globalization of energy markets

Energy Technology Data Exchange (ETDEWEB)

NONE

1996-10-01

This report reviews recent global efforts to privatize energy resources and outlines the opportunities and challenges privatization has presented to U.S. and foreign multinational energy companies. The group of energy companies studied in this report includes the major U.S. petroleum companies and many foreign companies. The foreign companies reviewed include state-run energy enterprises, recently privatized energy enterprises, and foreign multinationals that have been privately held. The privatization of non-petroleum energy industries, such as electricity generation and transmission, natural gas transmission, and coal mining, are also discussed. Overseas investments made by electric companies, natural gas companies, and coal companies are included. The report is organized into six chapters: (1) economics of privatization; (2) petroleum privatization efforts among non-U.S. Organization for Economic Cooperation and Development nations; (3) petroleum privatization efforts in Latin America; (4) privatization in socialist and former socialist regimes; (5) privatization efforts in global electric power generation, transmission, and distribution industries; and (6) privatization and globalization of world coal.

Firm Innovation and the Ratchet Effect Among Consumer Packaged Goods Firms

OpenAIRE

Christine Moorman; Simone Wies; Natalie Mizik; Fredrika J. Spencer

2012-01-01

We consider how public firms influence their stock market valuations by timing the introduction of innovative new products. Our focus is on innovation ratchet strategy --firms timing the introduction of innovations in order to demonstrate an improvement in the number of introductions over time. We document that public firms use an innovation ratchet strategy more often than do private firms and that the stock market rewards public firms for doing so. These rewards from the stock market, howev...

Investment, firm value, and risk for a system operator balancing energy grids

International Nuclear Information System (INIS)

Dockner, Engelbert J.; Kucsera, Dénes; Rammerstorfer, Margarethe

2013-01-01

With the liberalization of energy markets integrated energy companies have separated into entities that specialize in production and/or transmission of energy. Transmission of energy requires balancing the grid to guarantee system security, which is performed by the (independent) system operator (SO). When the SO faces stochastic demand, grid balancing has sizeable consequences on current and future profits, and hence, on firm value and firm risk. We explore these value and risk consequences with and without an investment option to expand transmission capacity. We show that firm value consists of the value of the transmission capacity in place plus the value of a short put and a short call option that are the result of the SO's balancing actions. Firm risk without investment option is non-linear and determined by the short option positions. It is decreasing with increasing energy demand. The existence of an option to expand transmission capacity increases firm value and firm risk. - Highlights: ► Grid balancing under stochastic demand affect current and future revenues, and firm value and firm risk. ► Balancing firm value consists of the value of the transmission capacity plus the value of a short strangle. ► Firm risk without investment option is determined by the short strangle and decreasing with increasing energy demand. ► The existence of an expansion option implies that transmission capacity increases firm value and firm risk

Shareholders' reactions to announcements of acquisitions of private firms : Do target and bidder markets make a difference?

NARCIS (Netherlands)

von Eije, Henk; Wiegerinck, Helene

We study announcement effects of cross-border acquisitions of private firms on short-term bidders stock market returns in the European Union. We assume that the development status of the target market and the governance within the bidder market make a difference. Investors of bidding companies react

Angels or demons? Evidence on the impact of private equity firms on employment

OpenAIRE

Nathusius, Eva; Achleitner, Ann-Kristin

2009-01-01

The impact of private equity firms on employment in their portfolio companies is a controversial topic widely discussed in academia and in practice in recent years. A large body of research has resulted from this debate. The studies are focused on different aspects of employment and are based on a variety of methodologies as well as samples representing e.g. different types of buyouts and geographies. The aim of this paper is to provide access to and enhance the understanding of the highly fr...

Energy efficiency and exporting: Evidence from firm-level data

International Nuclear Information System (INIS)

Roy, Jayjit; Yasar, Mahmut

2015-01-01

While exporting firms and non-exporters have been compared across several dimensions, empirical comparisons on the basis of environmental performance are relatively few. Moreover, analyzing the environmental implications of firm-level exports is not trivial due to non-random selection into exporting. In this light, we examine the impact of exporting on firms' energy efficiency by resorting to an instrumental variables strategy based on a differencing approach (Pitt and Rosenzweig, 1990). Utilizing data from Indonesia, we find (i) exporting to reduce the use of fuels (relative to electricity) and (ii) concerns over endogeneity of exporting status to be relevant. - Highlights: • We examine the impact of exporting on firms' energy efficiency. • We employ cost share equations, firm-level data from Indonesia, and an instrumental variables strategy. • Exporting is found to reduce the use of fuels (relative to electricity).

Do managerial incentives drive cost behavior? Evidence about the role of the zero earnings benchmark for labor cost behavior in Belgian private firms

NARCIS (Netherlands)

Dierynck, B.; Landsman, W.R.; Renders, A.

2012-01-01

This study investigates the influence of managerial incentives to meet or beat the zero earnings benchmark on labor cost behavior of private Belgian firms. We posit that relative to managers of firms reporting healthy profits, managers meeting or beating the zero earnings benchmark will increase

Energy Saving by Firms. Decision-Making, Barriers and Policies

Energy Technology Data Exchange (ETDEWEB)

De Groot, H.L.F.; Verhoef, E.T.; Nijkamp, P. [Vrije Universiteit Amsterdam (Netherlands)

1999-04-01

Promoting investments in energy saving technologies is an important means for achieving environmental goals. Unfortunately, the empirical evidence on success conditions of policies is scarce. Based on a survey among Dutch firms, this paper sets out to identify the factors that determine the investment behaviour of firms, their attitude towards various types of energy policy, and their responsiveness to changes in environmental policy in the Netherlands. On the basis of discrete choice models, this paper aims to investigate empirically whether (and how) these strategic features vary over firm characteristics and over sectors. 15 refs.

Energy saving by firms. Decision-making, barriers and policies

Energy Technology Data Exchange (ETDEWEB)

De Groot, H.L.F.; Verhoef, E.T.; Nijkamp, P. [Department of Spatial Economics and Tinbergen Institute, Vrije Universiteit, De Boelelaan 1105, 1081 HV Amsterdam (Netherlands)

2001-11-01

Promoting investments in energy-saving technologies is an important means for achieving environmental goals. Empirical evidence on success conditions of associated policies, however, is scarce. Based on a survey among Dutch firms, this paper sets out to identify the factors that determine the investment behaviour of firms, their attitude towards various types of energy policy, and their responsiveness to changes in environmental policy in the Netherlands. On the basis of discrete choice models, this paper aims to investigate empirically, whether (and how) these strategic features vary over firm characteristics and over sectors.

Energy saving by firms. Decision-making, barriers and policies

International Nuclear Information System (INIS)

De Groot, H.L.F.; Verhoef, E.T.; Nijkamp, P.

2001-01-01

Promoting investments in energy-saving technologies is an important means for achieving environmental goals. Empirical evidence on success conditions of associated policies, however, is scarce. Based on a survey among Dutch firms, this paper sets out to identify the factors that determine the investment behaviour of firms, their attitude towards various types of energy policy, and their responsiveness to changes in environmental policy in the Netherlands. On the basis of discrete choice models, this paper aims to investigate empirically, whether (and how) these strategic features vary over firm characteristics and over sectors

Asset stripping and firm survival in mass privatization: testing the Hoff-Stiglitz and Campos-Giovannoni models in Montenegro

Czech Academy of Sciences Publication Activity Database

Koman, M.; Lakićević, M.; Prašnikar, J.; Švejnar, Jan

2015-01-01

Roč. 43, č. 2 (2015), s. 274-289 ISSN 0147-5967 R&D Projects: GA ČR(CZ) GA15-24642S Institutional support: RVO:67985998 Keywords : asset stripping * mass privatization * firm survival Subject RIV: AH - Economics Impact factor: 1.380, year: 2015

Energy-saving technology choices by Dutch glasshouse firms

NARCIS (Netherlands)

Pietola, K.; Oude Lansink, A.G.J.M.

2006-01-01

This paper estimates a sequence of energy-saving technology choices by Dutch glasshouse firms. The model allows for time-constant, firm-specific effects and serial correlation of errors and it is estimated on panel data over the period 1991¿1995. The unobserved error sequences are simulated in the

Working Capital Management and Firm Listing Status

OpenAIRE

Seraina Anagnostopoulou

2012-01-01

This study comparatively examines the determinants of working capital management for listed vs. unlisted firms, and assesses the impact of this policy on profitability by focusing on the cash conversion cycle, a commonly used measure of working capital management. By using a large UK public and private firm sample, it is found that private firms have significantly lower cash conversion cycles than their public counterparts, and that traditional determinants of the cycle significantly differ b...

Industrial electricity demand and energy efficiency policy: The role of price changes and private R and D in the Swedish pulp and paper industry

International Nuclear Information System (INIS)

Henriksson, Eva; Söderholm, Patrik; Wårell, Linda

2012-01-01

The objective of this paper is to analyze electricity demand behaviour in the Swedish pulp and paper industry in the context of the increased interest in so-called voluntary energy efficiency programs. In these programs tax exemptions are granted if the participating firms carry out energy efficiency measures following an energy audit. We employ a panel data set of 19 pulp and paper firms, and estimate both the own- and cross-price elasticities of electricity demand as well as the impact of knowledge accumulation following private R and D on electricity use. The empirical results show that electricity use in the Swedish pulp and paper industry is relatively own-price insensitive, and the self-reported electricity savings following the voluntary so-called PFE program support the notion of important information asymmetries at the company level. However, the results display that already in a baseline setting pulp and paper firms tend to invest in private R and D that have electricity saving impacts, and our model simulations suggest that up to about one-third of the industry sector's self-reported electricity savings in PFE could be attributable to pure baseline effects. Future evaluations of voluntary energy efficiency programs must increasingly recognize the already existing incentives to reduce energy use in energy-intensive industries. - Highlights: ► We analyze electricity demand behaviour in the Swedish pulp and paper industry. ► An important context is the voluntary energy efficiency programs PFE. ► The electricity savings following PFE are significant, but price responses are low. ► Still, already in a baseline setting firms tend to invest in electricity-saving R and D. ► These baseline issues are not adequately addressed in PFE.

Structural Break, Stock Prices of Clean Energy Firms and Carbon Market

Science.gov (United States)

Wang, Yubao; Cai, Junyu

2018-03-01

This paper uses EU ETS carbon future price and Germany/UK clean energy firms stock indices to study the relationship between carbon market and clean energy market. By structural break test, it is found that the ‘non-stationary’ variables judged by classical unit root test do own unit roots and need taking first difference. After analysis of VAR and Granger causality test, no causal relationships are found between the two markets. However, when Hsiao’s version of causality test is employed, carbon market is found to have power in explaining the movement of stock prices of clean energy firms, and stock prices of clean energy firms also affect the carbon market.

Shared vision promotes family firm performance.

Science.gov (United States)

Neff, John E

2015-01-01

A clear picture of the influential drivers of private family firm performance has proven to be an elusive target. The unique characteristics of private family owned firms necessitate a broader, non-financial approach to reveal firm performance drivers. This research study sought to specify and evaluate the themes that distinguish successful family firms from less successful family firms. In addition, this study explored the possibility that these themes collectively form an effective organizational culture that improves longer-term firm performance. At an organizational level of analysis, research findings identified four significant variables: Shared Vision (PNS), Role Clarity (RCL), Confidence in Management (CON), and Professional Networking (OLN) that positively impacted family firm financial performance. Shared Vision exhibited the strongest positive influence among the significant factors. In addition, Family Functionality (APGAR), the functional integrity of the family itself, exhibited a significant supporting role. Taken together, the variables collectively represent an effective family business culture (EFBC) that positively impacted the long-term financial sustainability of family owned firms. The index of effective family business culture also exhibited potential as a predictive non-financial model of family firm performance.

Shared Vision promotes family firm performance

Directory of Open Access Journals (Sweden)

John Edward Neff

2015-05-01

Full Text Available A clear picture of the influential drivers of private family firm performance has proven to be an elusive target. The unique characteristics of private family owned firms necessitate a broader, non-financial approach to reveal firm performance drivers. This research study sought to specify and evaluate the themes that distinguish successful family firms from less successful family firms. In addition, this study explored the possibility that these themes collectively form an effective organizational culture that improves longer-term firm performance. At an organizational level of analysis, research findings identified four significant variables: Shared Vision (PNS, Role Clarity (RCL, Confidence in Management (CON, and Professional Networking (OLN that positively impacted family firm financial performance. Shared Vision exhibited the strongest positive influence among the significant factors. In addition, Family Functionality (APGAR, the functional integrity of the family itself exhibited a significant supporting role. Taken together, the variables collectively represent an effective family business culture (EFBC that positively impacted the long-term financial sustainability of family owned firms. The index of effective family business culture also exhibited potential as a predictive non-financial model of family firm performance.

Risks and financing decisions in the energy sector: An empirical investigation using firm-level data

International Nuclear Information System (INIS)

Rashid, Abdul

2013-01-01

Using a sample of 102 UK energy firms over the period 1981–2009, this paper empirically examines the effects of uncertainty on firms' leverage decisions. The results indicate that both firms-specific and macroeconomic uncertainty have negative, sizeable, and statistically significant impacts on the UK energy sector firms' target leverage. The results also indicate that the profitability of energy firms plays an important role in uncertainty–leverage relationship by changing the (total) effect of uncertainty on leverage. While more profitable firms appear to reduce their leverage by a relatively large amount in response to increased macroeconomic uncertainty, they are less likely to be affected by firm-specific uncertainty. These results suggest that stability in macroeconomic conditions and business activity is important to the stability of the capital structure of firms in the energy sector which would in turn be conducive to stability in their investments and production. - Highlights: • I examine the effect of uncertainty on the UK energy firms' leverage decisions. • Both firm-specific and macroeconomic uncertainty have negative effects on leverage. • Firm profitability plays an important role in uncertainty–leverage relationships. • The total effect of uncertainty on leverage varies with changes in profitability

What is the energy policy-planning network and who dominates it?: A network and QCA analysis of leading energy firms and organizations

International Nuclear Information System (INIS)

Crawford, Seth

2012-01-01

This study examines the structure of the energy industry and the energy policy-planning network (EPPN). I use cross-sectional director interlocks from 2002 to examine the social networks amongst a sample of the largest energy firms, between these firms and the EPPN, and to calculate relative network centrality measures for the firms. I then use qualitative comparative analysis (QCA) to isolate specific combinations of energy firm attributes that are associated with network position. I find that the energy industry has several key intra-firm interlocks that link dominant companies to each other and that the industry is well represented on the boards of EPPN organizations. Additionally, several dominant energy firms provide links between ultra-conservative and moderate policy development organizations. Finally, QCA models suggest that firms with many employees, high revenue, and who produce oil are most likely to hold prominent positions in the EPPN—though above average political campaign contributions offer an alternative path into the network. - Highlights: ► Identifies organizations in the Energy Policy-Planning Network (EPPN). ► Examines measures of network association between EPPN organizations and energy firms. ► Isolates key attributes of energy firms who are highly embedded within the EPPN. ► Large, oil producing firms hold key positions in the network. ► EPPN organizations act as a bridge between many firms, linking them indirectly.

Energy efficiency barriers in commercial and industrial firms in Ukraine: An empirical analysis

International Nuclear Information System (INIS)

Hochman, Gal; Timilsina, Govinda R.

2017-01-01

Improvement in energy efficiency is one of the main options to reduce energy demand and greenhouse gas emissions. However, large-scale deployment of energy-efficient technologies is constrained by several factors. Employing a survey of 509 industrial and commercial firms throughout Ukraine and a generalized ordered logit model, we quantified the economic, behavioral, and institutional barriers that may impede the deployment of energy-efficient technologies. Our analysis shows that behavioral barriers resulted from lack of information, knowledge, and awareness are major impediments to the adoption of energy-efficient technologies in Ukraine, and that financial barriers may further impede investments in these technologies especially for small firms. This suggests that carefully targeted information provisions and energy audits will enhance Ukrainian firms' investments in energy-efficient technologies to save energy consumption, improve productivity, and reduce carbon emissions from the productive sectors. - Highlights: • Employing a survey of 509 industrial and commercial firms throughout Ukraine • A generalized ordered logit model is used in the analysis. • The paper quantifies the economic, behavioral, and institutional barriers to energy-efficient technologies. • Behavioral barriers are major impediments to the adoption of energy-efficient technologies. • Financial barriers may further impede investments in these technologies especially for small firms.

Closing the Energy Efficiency Gap—A Systematic Review of Empirical Articles on Drivers to Energy Efficiency in Manufacturing Firms

Directory of Open Access Journals (Sweden)

Mette Talseth Solnørdal

2018-02-01

Full Text Available Research has identified an extensive potential for energy efficiency within the manufacturing sector, which is responsible for a substantial share of global energy consumption and greenhouse gas emissions. The purpose of this study is to enhance the knowledge of vital drivers for energy efficiency in this sector by providing a critical and systematic review of the empirical literature on drivers to energy efficiency in manufacturing firms at the firm level. The systematic literature review (SLR is based on peer-reviewed articles published between 1998 and 2016. The findings reveal that organizational and economic drivers are, from the firms’ perspective, the most prominent stimulus for energy efficiency and that they consider policy instruments and market drivers to be less important. Secondly, firm size has a positive effect on the firms’ energy efficiency, while the literature is inconclusive considering sectorial impact. Third, the studies are mainly conducted in the US and Western European countries, despite the fact that future increase in energy demand is expected outside these regions. These findings imply a potential mismatch between energy policy-makers’ and firm mangers’ understanding of which factors are most important for achieving increased energy efficiency in manufacturing firms. Energy policies should target the stimulation of management, competence, and organizational structure in addition to the provision of economic incentives. Further understanding about which and how internal resources, organizational capabilities, and management practices impact energy efficiency in manufacturing firms is needed. Future energy efficiency scholars should advance our theoretical understanding of the relationship between energy efficiency improvements in firms, the related change processes, and the drivers that affect these processes.

Consumer Networks and Firm Reputation

DEFF Research Database (Denmark)

Huck, Steffen; Lünser, Gabriele K.; Tyran, Jean-Robert

Arguing that consumers are the carriers of firms' reputations, we examine the role of consumer networks for trust in markets that suffer from moral hazard. When consumers are embedded in a network, they can exchange information with their neighbours about their private experiences with different ...... sellers. We find that such information exchange fosters firms' incentives for reputation building and, thus, enhances trust and efficiency in markets. This efficiency-enhancing effect is already achieved with a rather low level of network density......Arguing that consumers are the carriers of firms' reputations, we examine the role of consumer networks for trust in markets that suffer from moral hazard. When consumers are embedded in a network, they can exchange information with their neighbours about their private experiences with different...

Do family CEOs impact firm value? An empirical analysis of Indian family firms

Directory of Open Access Journals (Sweden)

Lakshmi Kalyanaraman

2015-01-01

Full Text Available We study the association between family CEO and firm value on a sample of 288 family firms during the 6-year period, from 2009 to 2014. The sample is drawn from domestic private companies belonging to non-financial services sector included in the NSE CNX 500 index. We find that family CEO has no significant association with firm value, when the family is not the majority shareholder. Family shareholding has positive relationship with firm value, but does not moderate the relationship of family CEO with firm value. We show that family CEO and firm value are negatively related when the family does not hold majority equity stake in the family firm. While family shareholding has no significant relationship with firm value, it has a negative interaction effect on the relationship between family CEO and firm value. The research findings have important implications for family firms as well as the nonfamily investors in the family firms.

Solar hybrid power plants: Solar energy contribution in reaching full dispatchability and firmness

Science.gov (United States)

Servert, Jorge F.; López, Diego; Cerrajero, Eduardo; Rocha, Alberto R.; Pereira, Daniel; Gonzalez, Lucía

2016-05-01

Renewable energies for electricity generation have always been considered as a risk for the electricity system due to its lack of dispatchability and firmness. Renewable energies penetration is constrained to strong grids or else its production must be limited to ensure grid stability, which is kept by the usage of hydropower energy or fossil-fueled power plants. CSP technology has an opportunity to arise not only as a dispatchable and firm technology, but also as an alternative that improves grid stability. To achieve that objective, solar hybrid configurations are being developed, being the most representative three different solutions: SAPG, ISCC and HYSOL. A reference scenario in Kingdom of Saudi Arabia (KSA) has been defined to compare these solutions, which have been modelled, simulated and evaluated in terms of dispatchability and firmness using ratios defined by the authors. The results show that: a) SAPG obtains the highest firmness KPI values, but no operation constraints have been considered for the coal boiler and the solar energy contribution is limited to 1.7%, b) ISCC provides dispatchable and firm electricity production but its solar energy contribution is limited to a 6.4%, and c) HYSOL presents the higher solar energy contribution of all the technologies considered: 66.0% while providing dispatchable and firm generation in similar conditions as SAPG and ISCC.

Electric energy costs and firm productivity in the countries of the Pacific Alliance

Science.gov (United States)

Camacho, Anamaria

This paper explores the relation between energy as an input of production and firm-level productivity for Chile, Colombia, Mexico and Peru, all country members of the Pacific Alliance economic bloc. The empirical literature, has explored the impact of infrastructure on productivity; however there is limited analysis on the impact of particular infrastructure variables, such as energy, on productivity at the firm level in Latin America. Therefore, this study conducts a quantitative assessment of the responsiveness of productivity to energy cost and quality for Chile, Colombia, Mexico and Peru. For this, the empirical strategy is to estimate a Cobb-Douglas production function using the World Bank's Enterprise Survey to obtain comparable measures of output and inputs of production. This approach provides estimates of input factor elasticities for all of the factors of production including energy. The results indicate that electric energy costs explain cross-country differences in firm level productivity. For the particular case of Colombia, the country exhibits the lowest capital and labor productivity of the PA, and firm output is highly responsive to changes in energy use. As a result, the evidence suggests that policies reducing electric energy costs are an efficient alternative to increase firm performance, particularly in the case of Colombia.

Efficiency inducing taxation for polluting oligopolists: the irrelevance of privatization

OpenAIRE

Denis Claude; Mabel Tidball

2010-01-01

International audience; This paper studies the optimal environmental policy in a mixed market when pollution accumulates over time. Specifically, we assume quantity competition between several private firms and one partially privatized firm. The optimal emission tax is shown to be independent of the weight the privatized firm puts on social welfare. The optimal tax rule, the accumulated stock of pollution, firms' production paths and profit streams are identical irrespective of the public fir...

Policy Pathways: Joint Public-Private Approaches for Energy Efficiency Finance

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-09-06

This Policy Pathway outlines, through the experiences and lessons learned from country examples, the critical elements to put in place a public-private partnership to finance energy efficiency. It focuses on three mechanisms - dedicated credit lines, risk guarantees, and energy performance service contracts and presents the planning, implementing, monitoring, and evaluating phases of implemention. Accelerating and scaling up private investment in energy efficiency is crucial to exploit the potential of energy efficiency. However many barriers remain to private investment such as access to capital, uncertainty of future energy prices, transaction costs, perceived higher risk, and lack of knowledge. As part of the IEA 25 Energy Efficiency Policy Recommendations, the IEA recommends that governments support private investment in energy efficiency. A joint public-private approach can use public finance and regulatory policy to support the scaling up of private investment in energy efficiency.

Stockholders' interests in the energy system privatization

International Nuclear Information System (INIS)

Matei, Magdalena; Matei, Lucian

2004-01-01

The paper highlights the benefits and objectives of competition and privatization in the power sector. The reasons for electric utility privatization are numerous and vary from country to country. Some of the more evident reasons include the following: - Raising revenues for the state through asset sales; - Acquiring investment capital; - Improving managerial performance; - Moving toward market-determined prices; - Technology transfer; - Reducing the frequency of power shortages; - Reducing the cost of electricity to consumers through efficiency gain; - Taking advantage of creating national and regional power grids. Several objectives commonly associated with privatization, includes: - Improving access to private capital resources for the rehabilitation, replacement and eventual expansion of the electric power infrastructure; - Improving access to new technology and management practices designed to improve the performance of the sector; - Reducing corruption through the introduction of commercial practices which will lead to strengthened collections, transparent and accountable delivery of electricity and reduced political interference in commercial operations; - Improving customer service and customer choice through continued reform of the power sector as a result of innovation and reform introduced by the new owners; - Human resources development; - Improving environmental performance . The paper addresses the following items: - Some elements of a successful power sector privatization; - Stockholders' position versus privatization in Romania; - Managing 'The Change'; - Power sector privatization in Romania. The paper demonstrates that the power sector privatization is a key condition for EU's support for Romania accession. The international organization push towards this essential economic change, which will guarantee a real competition and a liberalized energy market in facto. Strategic privatization can be a positive step in improving energy service and

Is the effect of a political event more pronounced for government controlled firms?

Directory of Open Access Journals (Sweden)

Irwan Trinugroho

2016-11-01

Full Text Available This study investigates market reaction to a political event, which is the presidential election of Republic of Indonesia in 2014 by studying 387 publicly traded firms in the Indonesia Stock Exchange. It employs event study method to measure the information content of this event. By going deeper, this study looked at the effect difference between government controlled firms (partially privatized firms and private firms. The results show that there was a significant abnormal return around the event date. The negative abnormal return one day before the election date, which was followed by rebounding one day after the event, indicate that investors consider that the election had been done well particularly with respect to the political stability and security. Moreover, this paper reveals that the effect of presidential election is more pronounced for government-controlled firms than private firms. Government controlled firms may be more susceptible to political event.

Mobilizing private finance to drive an energy industrial revolution

International Nuclear Information System (INIS)

Mathews, John A.; Kidney, Sean; Mallon, Karl; Hughes, Mark

2010-01-01

While uptake of renewable energies as a solution to climate change is widely discussed, the issue of public vs. private financing is not yet adequately explored. The debates over the Kyoto Protocol and its successor, culminating in the COP15 Climate Change Conference in Copenhagen in December 2009, maintained a strong preference for public over private financing. Yet it is also clear to most observers that the energy revolution will never happen without the involvement of private finance to drive private investment. In this Viewpoint, we discuss the ways in which private financing could be mobilized to drive the energy industrial revolution that is needed if climate change mitigation is to succeed.

What Drives Private and Public Merger Waves in Europe?

DEFF Research Database (Denmark)

Bartholdy, Jan; Blunck, Benjamin

What drives merger waves? Harford 2005 argues that mergers are an efficient response to economic shocks to an industry, whereas Rhodes-Kropf, Robinson & Viswanathan 2005 argues that merger waves are driven by overvaluation of the acquiring firm, and to a lesser extent, the target firm. Both paper...... significant differences between driving forces for listed firms and for private firms. Public or listed firm mergers and acquisitions are primarily driven by overvaluation or behavioural factors, whereas private transactions are driven by economic factors.......What drives merger waves? Harford 2005 argues that mergers are an efficient response to economic shocks to an industry, whereas Rhodes-Kropf, Robinson & Viswanathan 2005 argues that merger waves are driven by overvaluation of the acquiring firm, and to a lesser extent, the target firm. Both papers...... are based on empirical analyses of listed US firms. This paper presents additional evidence of merger waves in the European Union (EU). The use of European data allows a more detailed analysis, since firm level data is available for both listed as well as private transactions. This analysis reveals...

Conflicting logics in Public Private Innovation

DEFF Research Database (Denmark)

Nissen, Helle Aarøe

The article explores the interplay between conflicting logics, when private firms interact with potential public customers, as the firms aim to commercialize welfare innovations developed through Public Private Innovation (PPI) projects. Commercialization of welfare innovations in healthcare may...... be challenging, as a ‘not invented here’ (NIH) logic is perceived as present across hospitals in the Danish healthcare system. Based on a study of 17 PPI projects 5 cases are investigated consisting of 5 PPI projects, where 1 extreme case is illustrated in depth. The findings show that firms experience...

Renewable Firming EnergyFarm Final Report

Energy Technology Data Exchange (ETDEWEB)

Stepien, Tom [Primus Power, Hayward, CA (United States); Collins, Mark [Primus Power, Hayward, CA (United States)

2017-01-26

flexible EnergyFarm®. 2. Accelerate adoption of renewable energy and enhance grid stability by firming the output of wind & solar farms. 3. Demonstrate improved grid asset utilization by storing energy during off-peak periods for dispatch during local load peaks. 4. Establish an advanced battery manufacturing industry in the U.S. 5. Reduce CO2 emissions from utilities. This report summarizes the key milestones, data, results and lessons learned from the project. The desired goals and benefits of the cooperative agreement with the DOE have all been achieved. The project has contributed to reducing power costs, accelerating adoption of renewable energy resources, reducing greenhouse gas emissions and establishing advanced battery manufacturing in the U.S. The Recovery Act funds provided thru the DOE have been leveraged multiple times by additional private equity investment. Primus Power continues to ship low cost, long life and long duration EnergyPod® flow battery systems to utilities, commercial/industrial, microgrid and data center customers. After the conclusion of this project, Primus Power has modified the EnergyPod® design to optimize around energy performance. Primus Power has moved to a prefabricated enclosure instead of multiple EnergyCells in a container. This lowers capital and maintenance costs and can optimize site design. Utilities are starting to adopt energy storage for a variety of functions. The market will grow as the technology is proven and profitable applications expand.

From Social to Private Ownership

DEFF Research Database (Denmark)

Gregoric, Aleksandra; Masten, Arjana Brezigar; Zajc, Katarina

2011-01-01

of the multiple blockholder structures that these firms were assigned at privatization. We observe significant path dependence: patterns of ownership and control are in part determined by the persistence of the initial privatization owners (state funds, privatization investment funds, employees, and managers...

Privatization and environmental pollution in an international mixed Cournot model

Science.gov (United States)

Ferreira, Fernanda A.

2016-06-01

In this paper, we consider a competition between a domestic public firm and a foreign private firm, supposing that the production processes generates environmental pollution. Introducing the residents' environmental preference into the public firm's objective function, we analyse its economic impacts. We also analyse the economic impacts of the privatization.

Energy privatization in the Middle East

International Nuclear Information System (INIS)

Tetreault, M.A.

1997-01-01

The issue of energy privatization in the Middle East was discussed with particular examples from Kuwait. The development of Kuwait's domestic political institutions is unique in the Arab Gulf which makes privatization more complicated than in other Middle Eastern countries. The major issue in Kuwait is whether foreign investors and domestic private investors will be allowed equity participation in oil and gas production projects. It was suggested that the answer depends on general assessments of national financial and state security interests and on individual case judgements respecting each potential partnership. Historically, one of the main reasons for nationalization of private investment in oil and gas in the Middle East was the desire of governments to increase state revenues. Nationalization permitted states to set prices and production levels themselves and to keep the difference between costs and prices instead of sharing it with corporate owners. However, nationalization is not without its problems as indicated by the difficulties encountered by governments in trying to make the the OPEC-managed hydrocarbon regime work. The three main reasons for the current willingness of Middle Eastern governments to consider re-admitting private companies as equity participants in their energy industries, namely market share and terms of access, interstate disputes, and desire to minimize corruption, were also discussed. It was suggested that these are strong arguments that support taking another look at privatization as a strategy that is in the long-term interest of Middle Eastern oil producing states. 19 refs

Sustainable Energy for All and the private sector

Energy Technology Data Exchange (ETDEWEB)

Bellanca, Raffaella; Wilson, Emma

2012-06-15

The UN's Sustainable Energy for All initiative (SE4ALL) has a strong focus on the private sector to deliver universal energy access, improved efficiency and increased investment in renewable energy. Leading private sector associations have bought into SE4ALL, including the World Business Council for Sustainable Development (WBCSD) and the Global Compact. However, critics argue that SE4ALL is focusing too much on large-scale infrastructure investment and is missing opportunities to stimulate enterprise more locally and to benefit the poorest. The private sector – including large and smaller-scale businesses, both local and international – is keen to get involved in energy access in low-income markets and sees the value of an initiative such as SE4ALL. Yet some feel that SE4ALL is failing to engage all levels of the private sector effectively. To deliver universal energy access, SE4ALL needs to address the lack of finance for enterprises and end users, especially in untested markets; infrastructure and support services for new businesses; local skills, capacity and information about workable models; and favourable policy frameworks. With the right incentives, business can open up low-income markets by providing lifeimproving services to emerging middle class populations who are still excluded from energy access. To reach the poorest SE4ALL can promote private sector partnerships with government and NGOs, encourage corporate responsibility initiatives and support social entrepreneurs.

Sustainable Energy for All and the private sector

Energy Technology Data Exchange (ETDEWEB)

Bellanca, Raffaella; Wilson, Emma

2012-06-15

The UN's Sustainable Energy for All initiative (SE4ALL) has a strong focus on the private sector to deliver universal energy access, improved efficiency and increased investment in renewable energy. Leading private sector associations have bought into SE4ALL, including the World Business Council for Sustainable Development (WBCSD) and the Global Compact. However, critics argue that SE4ALL is focusing too much on large-scale infrastructure investment and is missing opportunities to stimulate enterprise more locally and to benefit the poorest. The private sector – including large and smaller-scale businesses, both local and international – is keen to get involved in energy access in low-income markets and sees the value of an initiative such as SE4ALL. Yet some feel that SE4ALL is failing to engage all levels of the private sector effectively. To deliver universal energy access, SE4ALL needs to address the lack of finance for enterprises and end users, especially in untested markets; infrastructure and support services for new businesses; local skills, capacity and information about workable models; and favourable policy frameworks. With the right incentives, business can open up low-income markets by providing lifeimproving services to emerging middle class populations who are still excluded from energy access. To reach the poorest SE4ALL can promote private sector partnerships with government and NGOs, encourage corporate responsibility initiatives and support social entrepreneurs.

Public-Private Partnership for Regional Development of Renewable Energy

Directory of Open Access Journals (Sweden)

Andreea ZAMFIR

2011-11-01

Full Text Available This study investigates the public-private partnership as a possible solution for regional development of renewable energy. Firstly, the study reveals the strong connection between renewable energy and sustainable regional development, and secondly, the study discloses some reasons for developing renewable energy through public-private partnerships in Romania’s regions. The findings of this study reveal that there is a strong need for a renewable energy partnership between public authorities, business community and civil society in order to achieve the regional development of renewable energy. The results of this study may be used for upcoming research in the area of implementing renewable energy projects through public-private partnerships in order to achieve sustainable regional development.

Serial private infrastructures

NARCIS (Netherlands)

van den Berg, V.A.C.

2013-01-01

This paper investigates private supply of two congestible infrastructures that are serial, where the consumer has to use both in order to consume. Four market structures are analysed: a monopoly and 3 duopolies that differ in how firms interact. It is well known that private supply leads too high

Recent developments in the Dutch firm-size distribution

NARCIS (Netherlands)

M.A. Carree (Martin); A.R. Thurik (Roy)

1991-01-01

textabstractThis study investigates the development of the firm-size distribution in the Netherlands using various measures. Data are used for the period 1978 through 1989 covering practically the entire Dutch private sector. The results show a general tendency towards smaller firm sizes in

Energy saving by firms: decision making, barriers and policies

NARCIS (Netherlands)

de Groot, H.L.F.; Verhoef, E.T.; Nijkamp, P.

2001-01-01

Promoting investments in energy-saving technologies is an important means for achieving environmental goals. Empirical evidence on success conditions of associated policies, however, is scarce. Based on a survey among Dutch firms, this paper sets out to identify the factors that determine the

Financial Private Regulation and Enforcement

OpenAIRE

MILLER, Geoffrey

2011-01-01

This paper has been delivered within the context of the research project "Transnational Private Regulatory Regimes: Constitutional foundations and governance design". This paper considers the topic of private regulation and enforcement for internationally active financial services firms. The paper documents the following types of regulation and enforcement that involve significant private input: house rules, contracts, internal compliance, management-based regulation, private standard-sett...

Private standards and labour productivity in the food sector in Viet Nam

DEFF Research Database (Denmark)

Trifkovic, Neda

standards affect labour productivity of small and medium firms from the food sector in Viet Nam. The results based on a 3-year panel show that the application of private standards improves labour productivity. These gains primarily occur to firms operating above a threshold labour-intensity level. Firms......A rising number of firms from developing countries have adopted voluntary private standards in the last decade. This has become an area of active research, especially in terms of the impact of private standards on trade, organizational performance, and employee outcomes. This paper analyses how...

The cross-section of returns, benchmark model parameters, and idiosyncratic volatility of nuclear energy firms after Fukushima Daiichi

International Nuclear Information System (INIS)

Lopatta, Kerstin; Kaspereit, Thomas

2014-01-01

This study analyzes how the stock market returns, the factor loadings from the Carhart (1997) 4-factor model, and the idiosyncratic volatility of shares in energy firms have been affected by the Fukushima nuclear accident. Unlike existing studies, which provide evidence of a wealth transfer from nuclear to renewable energy firms for specific countries, we use an international sample and investigate whether changes in the regulatory environment and the firm-specific commitment to nuclear and renewable energies correlate with the capital market's reactions to the Fukushima Daiichi accident. Our findings suggest that the more a firm relies on nuclear power, the more its share price declined after the accident. A commitment to renewable energies does not prevent declines in share prices but significantly helps to reduce the increase in market beta that is associated with this event. Nuclear energy firms domiciled in countries with a higher number of regulatory interventions that were triggered by the catastrophe have lower abnormal returns than those that are domiciled elsewhere. However, as a cross-sectional analysis reveals, a stronger commitment to nuclear power is the main driver for negative stock market returns. Furthermore, nuclear energy firms domiciled in countries with stronger regulatory shifts away from nuclear energy experience significant increases in market beta and the book-to-market equity factor loading according to the Carhart (1997) 4-factor model. We conclude that capital market participants are able to differentiate between the affectedness of firms with respect to their product portfolio. Energy firms could prevent increases in market beta due to catastrophes such as the Fukushima Daiichi accident by shifting some of their energy production from nuclear to renewable or other sources. - Highlights: • Abnormal stock returns of nuclear energy firms around Fukushima Daiichi depend on the mix of their energy portfolio. • Higher commitment to

Debt and taxes for private firms

DEFF Research Database (Denmark)

Bartholdy, Jan; Mateus, Cèsario

2011-01-01

This paper tests for "pecking order" financing of small and medium size firms. The main sources and "pecking order" of financing for SMEs are equity (internally generated cash), trade credit paid on time, credit provided by institutions such as banks and leasing companies, other sources of debt...... and delayed payment on trade credit. The "pecking order" of financing is driven by the costs of asymmetric information (cost of gathering and analysing information) and financial distress costs. Empirical tests do not confirm that SMEs follow a pecking order....

Private equity and public-to-private transactions

NARCIS (Netherlands)

P.G.J. Roosenboom (Peter)

2013-01-01

textabstractWhat considerations lie behind the decision to mount a management buy-out of a publicly listed firm, and should third party investors be involved? Indeed, does the involvement of private equity investors actually aid company performance after a deal is done?

Energy privatization: sensitivities and realities

Energy Technology Data Exchange (ETDEWEB)

Stevens, P. [University of Dundee, Dundee (United Kingdom). Centre for Petroleum and Mineral Law and Policy

1997-12-31

It is a commonly held belief at present that privatization will improve the efficiency of the state run energy sector, and benefit customers as well as the new owners, and the government selling the industry. Experience so far has been in well run Western economies, in particular in the UK, and even here many mistakes have been made, leading to increasingly strong intervention by regulators. In developing countries, where corruption is pervasive, efficient regulation is unlikely. Thus, privatisation may prove to be far worse for the consumer than the original state monopoly. The drive for privatization appears to be part ideological, part greed, as far as developing countries are considered. Certainly, political reform is needed before privatization can work in favour of the consumer. Examples are given from the UK electricity, gas, coal and rail industries.

Real Time Pricing and the Real Live Firm

Energy Technology Data Exchange (ETDEWEB)

Moezzi, Mithra; Goldman, Charles; Sezgen, Osman; Bharvirkar, Ranjit; Hopper, Nicole

2004-05-26

Energy economists have long argued the benefits of real time pricing (RTP) of electricity. Their basis for modeling customers response to short-term fluctuations in electricity prices are based on theories of rational firm behavior, where management strives to minimize operating costs and optimize profit, and labor, capital and energy are potential substitutes in the firm's production function. How well do private firms and public sector institutions operating conditions, knowledge structures, decision-making practices, and external relationships comport with these assumptions and how might this impact price response? We discuss these issues on the basis of interviews with 29 large (over 2 MW) industrial, commercial, and institutional customers in the Niagara Mohawk Power Corporation service territory that have faced day-ahead electricity market prices since 1998. We look at stories interviewees told about why and how they respond to RTP, why some customers report that they can't, and why even if they can, they don't. Some firms respond as theorized, and we describe their load curtailment strategies. About half of our interviewees reported that they were unable to either shift or forego electricity consumption even when prices are high ($0.50/kWh). Reasons customers gave for why they weren't price-responsive include implicit value placed on reliability, pricing structures, lack of flexibility in adjusting production inputs, just-in-time practices, perceived barriers to onsite generation, and insufficient time. We draw these observations into a framework that could help refine economic theory of dynamic pricing by providing real-world descriptions of how firms behave and why.

Determinants of sovereign wealth fund investment in private equity

NARCIS (Netherlands)

Johan, S.A.; Knill, A.M.; Mauck, N.

2010-01-01

This paper examines investment patterns of 50 sovereign wealth funds (SWFs) in nations around the world. We study investment by SWFs in 903 public and private firms over the period 1984-2009. As expected, we observe SWFs investments are more often in private firms when the market returns of target

Exuberance in China's renewable energy investment: Rationality, capital structure and implications with firm level evidence

International Nuclear Information System (INIS)

Zhang, Dayong; Cao, Hong; Zou, Peijiang

2016-01-01

The new century has witnessed phenomenal worldwide growth in renewable energy investments. China has been especially remarkable, surpassing both the US and the EU in 2013. Some recent facts, however, have raised the question of whether exuberant investment in China’s renewable energy sector is rational. This paper aims to contribute to the literature and to the debate in two ways. First, it tests the over-investment hypothesis based on the main stream finance methodology; second, it analyzes the role of capital structure in the performance of China's renewable energy firms. Empirical results show that overinvestment in the renewable energy sector exists. The problem is more significant in the biomass and wind sector. Capital structure is found to be more important to downstream firms, indicating that policy makers may provide support that enables these firms to finance their investments through corporate bonds, commercial credit, or long-terms debts. - Highlights: •We test the over-investment hypothesis of renewable energy firms in China. •The role of capital structure is also empirically investigated. •We find irrational investment and confirm the role of financing structure. •The results are sensitive to the main business sectors and industrial line.

Determination of the Cascade Reservoir Operation for Optimal Firm-Energy Using Genetic Algorithms

Directory of Open Access Journals (Sweden)

Azmeri

2013-08-01

Full Text Available Indonesia today face a new paradigm in water management where aim to apply integrated water resources management has become unavoidable task in purpose of achieving greater level of effectiveness and efficiency. On of most interesting case study is the case of Citarum river, one of the most potential river for water supply in West Java, Indonesia. Alongside the river, Saguling, Cirata and Djuanda Reservoirs had been constructed in series/cascade. Saguling and Cirata reservoirs are particularly operated for hydroelectric power and Djuanda is multipurpose reservoir mainly operated for irrigation and contribute domestic water supply for Jakarta (capital city of Indonesia. Basically all reservoirs are relying on same resources, therefore this condition has considered addressing management and operational problem. Therefore, an approach toward new management and operation system are urgently required in order to achieve the effective and efficient output and to avoid conflicts of water used. This study aims to obtain energy production from Citarum Cascade Reservoir System using Genetic Algorithms optimization with the objective function to maximize firm-energy. Firm-energy is the minimum energy requirements must be available in a certain time period. Then, the result obtained by using the energy produced by GA is compared to the conventional searching technique of Non-Linier Programming (NLP. The GA derived operating curves reveal the higher energy and firm-energy than NLP model

Modelling future private car energy demand in Ireland

International Nuclear Information System (INIS)

Daly, Hannah E.; Ó Gallachóir, Brian P.

2011-01-01

Targeted measures influencing vehicle technology are increasingly a tool of energy policy makers within the EU as a means of meeting energy efficiency, renewable energy, climate change and energy security goals. This paper develops the modelling capacity for analysing and evaluating such legislation, with a focus on private car energy demand. We populate a baseline car stock and car activity model for Ireland to 2025 using historical car stock data. The model takes account of the lifetime survival profile of different car types, the trends in vehicle activity over the fleet and the fuel price and income elasticities of new car sales and total fleet activity. The impacts of many policy alternatives may only be simulated by such a bottom-up approach, which can aid policy development and evaluation. The level of detail achieved provides specific insights into the technological drivers of energy consumption, thus aiding planning for meeting climate targets. This paper focuses on the methodology and baseline scenario. Baseline results for Ireland forecast a decline in private car energy demand growth (0.2%, compared with 4% in the period 2000–2008), caused by the relative growth in fleet efficiency compared with activity. - Highlights: ► Bottom-up private car energy forecasting model developed. ► The demographic and technological distribution of vehicle activity is a key veriable. ► Irish car energy demand growth predicted to slow steadily. ► Change in vehicle taxation forecast to save 10% energy.

Firm-level determinants of energy and carbon intensity in China

International Nuclear Information System (INIS)

Cao, Jing; Karplus, Valerie J.

2014-01-01

In recent years, China's leaders have sought to coordinate official energy intensity reduction targets with new targets for carbon dioxide (CO 2 ) intensity reduction. The Eleventh Five-Year Plan (2006–2010) included for the first time a binding target for energy intensity, while a binding target for CO 2 intensity was included later in the Twelfth Five-Year Plan (2011–2015). Using panel data for a sample of industrial firms in China covering 2005 to 2009, we investigate the drivers of energy intensity reduction (measured in terms of direct primary energy use and electricity use) and associated CO 2 intensity reduction. Rising electricity prices were associated with decreases in electricity intensity and increases in primary energy intensity, consistent with a substitution effect. Overall, we find that energy intensity reduction by industrial firms during the Eleventh Five-Year Plan translated into more than proportional CO 2 intensity reduction because reducing coal use—in direct industrial use as well as in the power sector—was a dominant abatement strategy. If similar dynamics characterize the Twelfth Five-Year Plan (2011–2015), the national 17 percent CO 2 intensity reduction target may not be difficult to meet—and the 16 percent energy intensity reduction target may result in significantly greater CO 2 intensity reduction. - Highlights: • We describe China's Eleventh Five-Year Plan energy policies. • We examine the drivers of energy, electricity and carbon intensity reduction. • Higher electricity prices correlated with reductions in industrial electricity intensity. • Energy intensity reduction efforts were effective at reducing carbon intensity

Nr 150 - Private bill introducing a progressive energy tariff

International Nuclear Information System (INIS)

Brottes, Francois; Le Roux, Bruno

2012-01-01

This document presents a private bill which, by introducing a progressive energy tariff, aims at speeding up energy transition (by inciting households to reduce their consumption, notably by insulating their housing), and at addressing the ineluctable issue of energy price increase. This private bill notably applies a bonus-malus concept by defining an energy consumption threshold which is to be determined by means of several parameters related to climate, housing occupancy, heating mode. This raises several issues concerning for example housing insulation of rented housing. All these aspects lead to a rather complex process to define and implement such a progressive pricing approach

Determination of Duty Cycle for Energy Storage Systems in a Renewables (Solar) Firming Application

Energy Technology Data Exchange (ETDEWEB)

Schoenwald, David A. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Electric Power Systems Research Dept.; Ellison, James [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Electric Power Systems Research Dept.

2016-04-01

This report supplements the document, “Protocol for Uniformly Measuring and Expressing the Performance of Energy Storage Systems,” issued in a revised version in April 2016, which will include the renewables (solar) firming application for an energy storage system (ESS). This report provides the background and documentation associated with the determination of a duty cycle for an ESS operated in a renewables (solar) firming application for the purpose of measuring and expressing ESS performance in accordance with the ESS performance protocol.

The Private Military Firms: Historical Evolution and Industry Analysis

National Research Council Canada - National Science Library

Alabarda, Yusuf; Lisowiec, Rafal

2007-01-01

.... This new industry, where firms not only supply the goods of warfare, but also fulfill many of the professional functions, is not only significant to the defense community, but has wider ramifications...

Risk reduction and the privatization option: First principles

Energy Technology Data Exchange (ETDEWEB)

Bjornstad, D.J.; Jones, D.W.; Russell, M. [Joint Inst. for Energy and Environment, Knoxville, TN (United States); Cummings, R.C.; Valdez, G. [Georgia State Univ., Atlanta, GA (United States); Duemmer, C.L. [Hull, Duemmer and Garland (United States)

1997-06-25

The Department of Energy`s Office of Environmental Restoration and Waste Management (EM) faces a challenging mission. To increase efficiency, EM is undertaking a number of highly innovative initiatives--two of which are of particular importance to the present study. One is the 2006 Plan, a planning and budgeting process that seeks to convert the clean-up program from a temporally and fiscally open-ended endeavor to a strictly bounded one, with firm commitments over a decade-long horizon. The second is a major overhauling of the management and contracting practices that define the relationship between the Department and the private sector, aimed at cost reduction by increasing firms` responsibilities and profit opportunities and reducing DOE`s direct participation in management practices and decisions. The goal of this paper is to provide an independent perspective on how EM should create new management practices to deal with private sector partners that are motivated by financial incentives. It seeks to ground this perspective in real world concerns--the background of the clean-up effort, the very difficult technical challenges it faces, the very real threats to environment, health and safety that have now been juxtaposed with financial drivers, and the constraints imposed by government`s unique business practices and public responsibilities. The approach is to raise issues through application of first principles. The paper is targeted at the EM policy officer who must implement the joint visions of the 2006 plan and privatization within the context of the tradeoff between terminal risk reduction and interim risk management.

Understanding energy efficiency barriers in Ukraine: Insights from a survey of commercial and industrial firms

International Nuclear Information System (INIS)

Timilsina, Govinda R.; Hochman, Gal; Fedets, Iryna

2016-01-01

Improvement of energy efficiency is an important element of energy policy for a sustainable supply of energy in Ukraine. However, the country is facing several challenges to the large-scale deployment of energy efficient technologies. We conducted a two-stage quota sample survey of 509 commercial and industrial firms of all regions of Ukraine to understand the barriers to energy efficiency improvements. Our study finds that more than two-thirds of the commercial and industrial firms in the country view improvement of energy efficiency very important to their business. However, due to several barriers they are unable to realize the improvements of energy efficiency. Among the 19 potential barriers investigated in the study, the survey results show that high upfront investment requirement, lack of government policies to support energy efficiency improvements, higher cost of capital, and lack of information and awareness are the most critical barriers to the improvement of energy efficiency in the industrial and commercial sectors in Ukraine. - Highlights: • Despite attractiveness, large scale deployment of energy efficiency is lacking. • Several barriers are responsible for slow implementation of energy efficiency. • Understanding the barriers from the field is crucial to design effective policies. • A survey of commercial and industrial firms reveals the key barriers. • Financial barriers are the main hurdles to adopt energy efficient technologies.

10 CFR 603.1230 - Commercial firm.

Science.gov (United States)

2010-01-01

... 10 Energy 4 2010-01-01 2010-01-01 false Commercial firm. 603.1230 Section 603.1230 Energy... Used in this Part § 603.1230 Commercial firm. A for-profit firm or segment of a for-profit firm (e.g., a division or other business unit) that does a substantial portion of its business in the commercial...

Concentration in the Greek private hospital sector: a descriptive analysis.

Science.gov (United States)

Boutsioli, Zoe

2007-07-01

Over the last 20 years, governments all around the world have attempted to boost the role of market and competition in health care industries in order to increase efficiency and reduce costs. The increased competition and the significant implications on costs and prices of health care services resulted in health care industries being transformed. Large firms are merging and acquiring other firms. If this trend continues, few firms will dominate the health care markets. In this study, I use the simple concentration ratio (CR) for the largest 4, 8 and 20 companies to measure the concentration of Greek private hospitals during the period 1997-2004. Also, the Gini coefficient for inequality is used. For the two different categories of hospitals used (a) general and neuropsychiatric and (b) obstetric/gynaecological it is evident that the top four firms of the first category accounted for 43% of sales in 1997, and 52% in 2004, while the four largest firms of the second category accounted for almost 83% in 1997, and 81% in 2004. Also, the Gini coefficient increases over the 8-year period examined from 0.69 in 1997 to 0.82 in 2004. It explains that the market of the private health care services becomes less equal in the sense that fewer private hospitals and clinics hold more and more of the share of the total sales. From a cross-industry analysis it is clear that the private hospital sector has the highest concentration rate. Finally, it appears that the market structure of the private hospitals in Greece resembles more closely to an oligopoly rather than a monopolistic competition, since very few firms dominate the market.

Barriers to Investment in Energy-Saving Technologies in Small Firms: The Energy-Efficiency Paradox Revisited

NARCIS (Netherlands)

Koetse, M.J.; de Groot, H.L.F.; Nijkamp, P.

2008-01-01

Despite the fact that energy-saving technologies are considered profitable using standard net-present-value calculations, their adoption rates have been low, particularly in small firms. This study reviews the theoretical and empirical literature that explains this phenomenon, generally known as the

Privatization and subsidization in a leadership duopoly

Science.gov (United States)

Ferreira, Fernanda A.

2017-07-01

In this paper, we consider a competition in both mixed and privatized markets, in which the firms set prices in a sequential way. We study the effects of optimal production subsidies in both mixed and privatized duopoly.

Differing perspectives of major oil firms on future energy developments: An illustrative framework

International Nuclear Information System (INIS)

Chang Youngho; Yong Jiayun

2007-01-01

This study develops a framework to analyse the perspectives of major oil firms in terms of their perceptions of current energy developments and projections of future energy potentials, and illustrates their views on the possibility of a paradigm shift in fuel use. The three A's themes-availability of resource (AV), applicability of technology (AP) and acceptability by society (AC)-make up the analytical framework. Divergence in oil firms' behaviour and perspectives are captured by the 3-A triangle that illustrates how the four largest oil firms in the world balance their stakes among the three A's. ExxonMobil's position is markedly skewed towards the theme of AV, whilst BP has the most balanced approach among the four. Shell and Total both share a similarly shaped 3-A triangle with more stakes placed on the theme of AP. The results would imply that a paradigm shift in resource use or a full-scale transition to a backstop technology is unlikely in the coming decades

Post-privatisation changes in management control, firm activities and performance : the case of Eritrea-based firms

NARCIS (Netherlands)

Redda, B.M.

2007-01-01

Privatisation is mainly encouraged by the World Bank and the IMF to offer solutions for the failures of public ownership (Shirley & Walsh, 2001). The transfer of ownership and control of public firms into private owners was presumed to bring outcomes like improved Management Control System [MCS

The good, the bad and the ugly: The privatization of the Brazilian electricity distribution sector

Energy Technology Data Exchange (ETDEWEB)

Silvestre, Bruno; Hall, Jeremy; Matos, Stelvia; Figuiera, Luiz Augusto

2010-09-15

This paper analyzes the evolution of five electricity distribution companies in the Northeast of Brazil using technical and financial indexes. Three privatized and two public firms were analyzed between 1997 and 2008. The financial indexes are related to the capacity of the business to generate value for shareholders, while the technical indexes are related to the quality of service provided to customers. We observed the privatized firms had their financial indexes improved after the privatization, increasing the value of the firm for the shareholders. However, there is no evidence that the privatization affected the quality of service provided to consumers.

Facilitated inter-firm collaboration in Ghana

DEFF Research Database (Denmark)

Kuada, John Ernest; Sørensen, Olav Jull

2005-01-01

Since the mid-1980s, aid agencies have endorsed the need to support private enterprise development in developing countries as an instrument for overall economic development and poverty reduction. Facilitation of collaboration between developed and developing country firms has become one of the mo...

Labor reallocation and firm growth: Benchmarking transition countries against mature market economies

OpenAIRE

Mitra, Pradeep; Muravyev, Alexander; Schaffer, Mark E.

2014-01-01

This paper uses firm-level survey data to study labor reallocation and firm growth in the transition countries over 1996 - 2005, including benchmarking against developed market economies. The data shows rapid growth of the new private sector and of the micro- and small-firm sectors, with the size distribution of firms moving towards the pattern observed in comparable surveys of developed market economies. Throughout, the regional patterns suggest greater convergence in the transition countrie...

Family Business/Entrepreneurial Studies: A Small Private Liberal Arts College Approach

Science.gov (United States)

Bledsoe, M. Tony

2004-01-01

The Center for Women's Business Research reports that, "As of 2002, there are an estimated 10.1 million privately-held majority or 50% women-owned businesses in the U.S., accounting for 46% of all privately-held firms. These firms generate $2.3 trillion in sales and employ 18.2 million workers." Further it states, "In North…

The Impacts of Different Expansion Modes on Performance of Small Solar Energy Firms: Perspectives of Absorptive Capacity

Directory of Open Access Journals (Sweden)

Hsing Hung Chen

2013-01-01

Full Text Available The characteristics of firm’s expansion by differentiated products and diversified products are quite different. However, the study employing absorptive capacity to examine the impacts of different modes of expansion on performance of small solar energy firms has never been discussed before. Then, a conceptual model to analyze the tension between strategies and corporate performance is proposed to filling the vacancy. After practical investigation, the results show that stronger organizational institutions help small solar energy firms expanded by differentiated products increase consistency between strategies and corporate performance; oppositely, stronger working attitudes with weak management controls help small solar energy firms expanded by diversified products reduce variance between strategies and corporate performance.

Energy and exergy use in public and private sector of Saudi Arabia

Energy Technology Data Exchange (ETDEWEB)

Dincer, I. E-mail: idincer@kfupm.edu.sa; Hussain, M.M.; Al-Zaharnah, I

2004-09-01

In this paper, we deal with the analysis of energy and exergy utilization in the public and private sector of Saudi Arabia by considering the energy and exergy flows for the years between 1990 and 2001. Energy and exergy analyses for the public and private sector are undertaken to study the energy and exergy efficiencies. These sectoral efficiencies are then compared, and energy and exergy flow diagrams for the public and private sector over the years are presented, respectively. Energy and exergy efficiencies of the public and private sector are compared for its six sub-sectors, namely commercial, governmental, streets, Mosques, hospitals and charity associations, particularly illustrated for the year 2000. Hospital sub-sector appears to be the most energy efficient sector and government sub-sector the most exergy efficient one. The results presented here provide insights into the sectoral energy use that may assist energy policy makers for the country. It is believed that the present techniques are useful for analyzing sectoral energy and exergy utilization, and that they provide Saudi Arabia with energy savings through energy efficiency and/or energy conservation measures. It is also be helpful to establish standards to facilitate application in industry and in other planning processes such as energy planning.

Energy and exergy use in public and private sector of Saudi Arabia

International Nuclear Information System (INIS)

Dincer, I.; Hussain, M.M.; Al-Zaharnah, I.

2004-01-01

In this paper, we deal with the analysis of energy and exergy utilization in the public and private sector of Saudi Arabia by considering the energy and exergy flows for the years between 1990 and 2001. Energy and exergy analyses for the public and private sector are undertaken to study the energy and exergy efficiencies. These sectoral efficiencies are then compared, and energy and exergy flow diagrams for the public and private sector over the years are presented, respectively. Energy and exergy efficiencies of the public and private sector are compared for its six sub-sectors, namely commercial, governmental, streets, Mosques, hospitals and charity associations, particularly illustrated for the year 2000. Hospital sub-sector appears to be the most energy efficient sector and government sub-sector the most exergy efficient one. The results presented here provide insights into the sectoral energy use that may assist energy policy makers for the country. It is believed that the present techniques are useful for analyzing sectoral energy and exergy utilization, and that they provide Saudi Arabia with energy savings through energy efficiency and/or energy conservation measures. It is also be helpful to establish standards to facilitate application in industry and in other planning processes such as energy planning

Privatization considerations of environmental remediation of DOE wastes

International Nuclear Information System (INIS)

Zocher, M.A.; Paananen, O.H.; Kost, K.

1997-01-01

The US Department of Energy (DOE) is in the process of privatizing the application of environmental cleanup technologies to remediate nuclear waste within the DOE complex. These wastes are the legacy of the production of nuclear materials during the cold war era. It is anticipated that the privatization strategy will result in more efficient and less expensive approaches to the cleanup of DOE wastes. Similar privatization initiatives have the potential to achieve increased efficiency and cost savings at sites under the Department of Defense (DOD) and other Federal agencies. The DOE is privatizing a major, complex portion of the Tank Waste Remediation System (TWRS) Program at the Hanford nuclear reservation located in eastern Washington State. This effort will involve private companies that will design, permit, construct, operate, and finally deactivate waste treatment facilities that will be owned entirely by the private sector. The DOE will purchase treated waste products on a unit cost basis from the facilities after supplying the vendors with waste from the tank farm at Hanford. The privatization of selected United States and international Government functions involve decisions that are based on accurate and valid cost information. Private firms are beginning to privatize certain corporate activities so that they may concentrate business activities along main product or mission lines. In either the public or private sector, many aspects of cost engineering are utilized to make prioritization a success

Canadian firms hear pitch from Pakistan

Energy Technology Data Exchange (ETDEWEB)

Lorenz, A.

2000-12-11

A high Pakistani government official recently paid a visit to Canadian resource exploration and investment companies to assure them that Pakistan is open for business. The government is carrying through a massive privatization campaign and is about to finalize a Canadian government-sponsored regulatory agency modeled on Alberta's Energy and Utilities Board; a further indication of a more secure environment for private sector investment. The Pakistani government intends to privatize all formerly government-owned exploration and production companies and sell up to 51 per cent of each company. The delegation hopes to entice Husky Oil, Talisman Energy, Bow Valley Industries, Enbridge Pipelines and BC Gas to look closely at the potential in Pakistan. With a domestic market of 142 million and energy-hungry neighbours on all sides who are willing to buy any oil or gas that Pakistan can produce, and total proven recoverable reserves estimated at 643 million barrels, with remaining recoverable reserves of 240 million barrels, the prospects for a healthy oil and natural gas industry in Pakistan are very good, indeed. On the gas side, about 24 Tcf of gas remains of the 40 Tcf discovered. Pakistan currently exports 10,000 barrels of waxy crude each day which their refineries can't handle. The remainder of domestic production is consumed locally, but it satisfies only about 20 per cent of the nation's current needs. The balance is imported from Saudi Arabia, Iran and the United Arab Emirates. All natural gas produced within Pakistan is consumed domestically, but currently only 16 per cent of the population has access to natural gas. Since October 1999, 33 new wells have been drilled resulting in some excellent discoveries. These will add about one bcf of gas to the current average daily production of 2.3 bcf. Despite the good prospects and the appeal of the privatization plan, Pakistan remains a hard sell. The risk of political unrest and deadly violence is high

Technical efficiency of FDI firms in the Vietnamese manufacturing sector

Directory of Open Access Journals (Sweden)

Vu Hoang Duong

2016-09-01

Full Text Available The study examines technical efficiency of Foreign Direct Investment (FDI firms in the Vietnamese manufacturing sector by applying stochastic production frontier model and making use of cross-sectional data in the period 2009-2013. The average level of technical efficiency of FDI firms is about 60% and it is higher than that of domestic firms (including private firms and state-owned firms. In addition, the study also analyses correlation between technical efficiency of FDI firms and other factors. It finds that there are positive correlations between FDI technical efficiency and net revenue per labour, firm’s age or export activities in 2013. However, the study is unable to find evidence of a relationship between FDI technical efficiency and infrastructure or firm’s investment activities.

5 CFR 300.503 - Conditions for using private sector temporaries.

Science.gov (United States)

2010-01-01

... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Conditions for using private sector... REGULATIONS EMPLOYMENT (GENERAL) Use of Private Sector Temporaries § 300.503 Conditions for using private... help service firm for the brief or intermittent use of the skills of private sector temporaries, when...

Sudbury District Energy - a public/private partnership model

International Nuclear Information System (INIS)

Prudhomme, H.

1999-01-01

The issue of public/private partnership as it relates to the Sudbury District Energy Project was discussed. When completed, it will be the first cogeneration-based district heating and cooling project involving private sector/public sector partnership in Canada. The equal partners include Toromont Energy and Sudbury Hydro. Sudbury Hydro is a community owned energy and communications utility. It was the first electric utility in Ontario to retail natural gas in the new competitive market place. The Sudbury District Energy Project began in 1996, when the utility began the development of a community district energy system in partnership with the City of Sudbury. At the time, the downtown district heating/cooling system supplied cold and hot water to Sudbury's Wellness Centre. In 1998, Toromont Energy accepted a 50/50 partnership arrangement between themselves and the public sector partners to form the Sudbury District Energy Corporation. Sudbury Hydro will benefit from the project because it will reduce their peak loads and it will also be an alternate source of revenue. It is expected that the project will displace 39,600 tons of carbon dioxide, a greenhouse gas which contributes to global warming

Private investment purchase and nursing home financial health.

Science.gov (United States)

Orfaly Cadigan, Rebecca; Stevenson, David G; Caudry, Daryl J; Grabowski, David C

2015-02-01

To explore the impact of nursing home acquisition by private investment firms on nursing home costs, revenue, and overall financial health. Merged data from the Medicare Cost Reports and the Online Survey, Certification, and Reporting system for the period 1998-2010. Regression specification incorporating facility and time fixed effects. We found little impact on the financial health of nursing homes following purchase by private investment companies. However, our findings did suggest that private investment firms acquired nursing home chains in good financial health, possibly to derive profit from the company's real estate holdings. Private investment acquired facilities are an important feature of today's nursing home sector. Although we did not observe a negative impact on the financial health of nursing homes, this development raises important issues about ownership oversight and transparency for the entire nursing home sector. © Health Research and Educational Trust.

Private equity and venture capital in South Africa: A comparison of project financing decisions

Directory of Open Access Journals (Sweden)

David Portmann

2013-09-01

Full Text Available This paper investigates the manner in which private equity and venture capital firms in South Africa assess investment opportunities. The analysis was facilitated using a survey containing both Likert-scale and open-ended questions. The key findings show that both private equity and venture capital firms rate the entrepreneur or management team higher than any other criterion or consideration. Private equity firms, however, emphasise financial criteria more than venture capitalists do. There is also an observable shift in the investment activities away from start-up funding, towards later-stage deals. Risk appetite has also declined post the financial crisis.

Ownership and firm performance after large-scale privatization

Czech Academy of Sciences Publication Activity Database

Kočenda, Evžen; Švejnar, Jan

-, č. 4143 (2003), s. 1-36 ISSN 0265-8003 Institutional research plan: CEZ:AV0Z7085904 Keywords : industrial organization * ownership * performance and privatization Subject RIV: AH - Economics www.cepr.org/pubs/dps/DP4143.asp

Age structure of the workforce and firm performance

DEFF Research Database (Denmark)

Westergård-Nielsen, Niels Chr.; Grund, Christian

2008-01-01

Purpose - Given the ongoing demographic change in European countries, this paper aims to exploreempirically the link between age structures of employees in firms and firm performance. Design/methodology/approach - Based on theoretical considerations, the paper examines the linkbetween both...... the average age and the standard deviation of employees' age and firms' value added per employee. Linked employer employee data of all private-sector firms in Denmark with at least 20 employees is used. Findings - A pyramidal or inverse U-shaped interrelation is found between mean age and standarddeviation...... of age and value added per employee, respectively. Research limitations/implications - It would be interesting to determine whether the results hold for different countries with other institutional environments.Originality/value - This is the first paper to examine the link between corporate age...

Private Investment Purchase and Nursing Home Financial Health

Science.gov (United States)

Cadigan, Rebecca Orfaly; Stevenson, David G; Caudry, Daryl J; Grabowski, David C

2015-01-01

Objective To explore the impact of nursing home acquisition by private investment firms on nursing home costs, revenue, and overall financial health. Data Sources Merged data from the Medicare Cost Reports and the Online Survey, Certification, and Reporting system for the period 1998–2010. Study Design Regression specification incorporating facility and time fixed effects. Principal Findings We found little impact on the financial health of nursing homes following purchase by private investment companies. However, our findings did suggest that private investment firms acquired nursing home chains in good financial health, possibly to derive profit from the company’s real estate holdings. Conclusions Private investment acquired facilities are an important feature of today’s nursing home sector. Although we did not observe a negative impact on the financial health of nursing homes, this development raises important issues about ownership oversight and transparency for the entire nursing home sector. PMID:25104476

A Review and Assessment of Privatization in Canada

Directory of Open Access Journals (Sweden)

Aidan R. Vinning

2012-01-01

Full Text Available Most privatizations in Canada occurred in the 10-year period from the mid-1980s to the mid1990s, and while many of the remaining candidates are both politically and economically problematic, the Harper government has signalled its renewed interest in more privatizations. This paper, written by two of Canada’s leading experts on the subject, comprehensively assesses hard data from the earlier privatizations in Canada, including sectors such as energy, transport and telecommunications. They find that the overall impacts have been largely positive, in many cases impressively so. Key economic indicators such as capital expenditures, dividends, tax revenues and sales per employee tended to increase, while others such as employment initially fell, only to rise again over the long term. Ultimately, most of the privatized firms continue to operate efficiently, making them positive contributors to Canadians’ social welfare through the provision of increased economic opportunities, higher profits and taxes. Drawing on lessons learned, the authors propose a common-sense framework to guide future privatizations and ensure all Canadians derive the maximum possible benefits from them. No Canadian government has ever formulated such a plan for a privatization regime, making this paper a must-read for anyone with a stake in the future of Canadian business.

The determinants of loan contracts to business firms

OpenAIRE

Pham, Thi Thu Trà; Lensink, Robert

2006-01-01

This paper deals with loan contracting from a private bank in Vietnam. We focus on the main loan contract features that the bank uses in lending to business firms, namely loan maturity, collateral and loan interest rate. Based upon the simultaneous equation model of Dennis et al. (2000) and the bank’s loan contracting policies, we examine the possible interdependency of the three different loan contract terms. Also, we try to determine which firm characteristics and exogenous factors are rele...

Organizational Structure and Firms' Demand for HRM Practices

OpenAIRE

Eriksson, Tor; Ortega, Jaime

2014-01-01

A question largely left unanswered in previous studies of firms’ use of HRM practices, and the consequences thereof, is why some firms adopt these practices while others do not. We examine empirically the determinants of firms’ demand for HRM pay, work and training practices with a special focus on the role of differences in the organizational structure of firms. For this purpose we merge data from a detailed questionnaire study of Danish private sector firms’ use of HRM practices with workfo...

48 CFR 37.112 - Government use of private sector temporaries.

Science.gov (United States)

2010-10-01

... use of private sector temporaries. Contracting officers may enter into contracts with temporary help service firms for the brief or intermittent use of the skills of private sector temporaries. Services... part 300, subpart E, Use of Private Sector Temporaries, and agency procedures. [56 FR 55380, Oct. 25...

Entry modes of European firms in Vietnam

Directory of Open Access Journals (Sweden)

Daniel Simonet

2012-09-01

Full Text Available Purpose: The purpose of the paper is to explore the entry modes of EU firms setting up operations in Vietnam. Design/methodology/approach: we use a case study approach on Haymarket, Cadbury, Creative Education, Fairchild, Aventis and Artemisinin and Farming International using interviews from managerial professionals in Vietnam. Findings: Despite the fact that Vietnam has been opening up for more than 20 years, licensing is the preferred entry mode because of the risks involved in venturing with local firms; that preference signals a low level commitment and a high perception of risk and state interference. In line with Vietnam transition to state - rather than private market - capitalism, a foreign company opting for a joint-venture will do so with a state-owned rather than privately-owned company. The choice of a subsidiary can be explained by the lack of trust in partners and institutions, not by improvement in the socio-political environment. Limitations: In determining the entry mode strategy, the paper focuses on the Uppsala school’s “psychic distance” (e.g. cultural distance, lack of trust rather than on firm-specific advantages (Rugman, 1980; 2006. Key-words: international entry mode; emerging markets; subsidiary; joint-venture; India; Vietnam

Privatization of electricity distribution in the Northeast of Brazil. The good, the bad, the ugly or the naive?

Energy Technology Data Exchange (ETDEWEB)

Silvestre, Bruno; Hall, Jeremy; Matos, Stelvia [Faculty of Business Administration, Simon Fraser University, 8888 University Drive, Burnaby, BC (Canada); Figueira, Luiz Augusto [Centrais Eletricas Brasileiras - ELETROBRAS, Av. Presidente Vargas, 409, Centro, Rio de Janeiro, CEP: 20071-003 (Brazil)

2010-11-15

This paper analyzes the evolution of five electricity distribution companies in the Northeast of Brazil using technical and financial indicators. Three privatized and two public firms were analyzed between 1997 and 2008. The financial indicators are used as proxies for the capacity of the business to generate value for shareholders, while the technical indicators are used as proxies for service quality provided to consumers. We observed that the privatized firms had their financial indicators improved after privatization, increasing the value of the firm for the shareholders. However, there is no evidence that privatization affected the quality of service provided to consumers. (author)

Privatization of electricity distribution in the Northeast of Brazil: The good, the bad, the ugly or the naive?

Energy Technology Data Exchange (ETDEWEB)

Silvestre, Bruno, E-mail: bruno_silvestre@sfu.c [Faculty of Business Administration, Simon Fraser University, 8888 University Drive, Burnaby-BC, V5A 1S6 (Canada); Centrais Eletricas Brasileiras-ELETROBRAS, Av. Presidente Vargas, 409, Centro, Rio de Janeiro, CEP: 20071-003 (Brazil); Hall, Jeremy, E-mail: jkh5@sfu.c [Faculty of Business Administration, Simon Fraser University, 8888 University Drive, Burnaby-BC, V5A 1S6 (Canada); Matos, Stelvia, E-mail: smatos@sfu.c [Faculty of Business Administration, Simon Fraser University, 8888 University Drive, Burnaby-BC, V5A 1S6 (Canada); Figueira, Luiz Augusto, E-mail: augusto@eletrobras.com.b [Centrais Eletricas Brasileiras-ELETROBRAS, Av. Presidente Vargas, 409, Centro, Rio de Janeiro, CEP: 20071-003 (Brazil)

2010-11-15

This paper analyzes the evolution of five electricity distribution companies in the Northeast of Brazil using technical and financial indicators. Three privatized and two public firms were analyzed between 1997 and 2008. The financial indicators are used as proxies for the capacity of the business to generate value for shareholders, while the technical indicators are used as proxies for service quality provided to consumers. We observed that the privatized firms had their financial indicators improved after privatization, increasing the value of the firm for the shareholders. However, there is no evidence that privatization affected the quality of service provided to consumers.

Privatization of electricity distribution in the Northeast of Brazil: The good, the bad, the ugly or the naive?

International Nuclear Information System (INIS)

Silvestre, Bruno; Hall, Jeremy; Matos, Stelvia; Figueira, Luiz Augusto

2010-01-01

This paper analyzes the evolution of five electricity distribution companies in the Northeast of Brazil using technical and financial indicators. Three privatized and two public firms were analyzed between 1997 and 2008. The financial indicators are used as proxies for the capacity of the business to generate value for shareholders, while the technical indicators are used as proxies for service quality provided to consumers. We observed that the privatized firms had their financial indicators improved after privatization, increasing the value of the firm for the shareholders. However, there is no evidence that privatization affected the quality of service provided to consumers.

Privatization and Optimum-Welfare in an International Cournot Duopoly

Directory of Open Access Journals (Sweden)

Fernanda A. Ferreira

2017-12-01

Full Text Available In this paper, we will analyse the relationship between privatization of a public firm and tax revenue for the domestic government in an international competition, with import tariffs. We consider a duopoly model where a domestic public firmand a foreign private firmcompete in the domesticmarket, asCournot players. Furthermore, the domestic government imposes a tariff to regulate an imported good, and may have a higher preference for tariff revenue than for social welfare. We compute the outputs at equilibrium and we show that privatization (i will increase the profits of both domestic and foreign firms; (ii will increase the tariff imposed to the imported good; and (iii will decrease the domestic welfare. Furthermore, we demonstrate that a rise in the government’s preference for tariff revenues raises the social welfare in both mixed and private models.

Applying the Theory of the Firm to Examine a Technology Startup at the Investment Stage

Directory of Open Access Journals (Sweden)

Michael Ayukawa

2012-05-01

Full Text Available The investment stage of a new technology firm is when resources, opportunities, investors, and early customers first converge. Currently, technology entrepreneurs make many expensive mistakes. They invest in assets and develop capabilities that prove to have limited value. They take too long to discover and validate the product-market fit for their firms during the investment stage and run out of time and money. Understanding how theory can help entrepreneurs make decisions during the investment stage is important to accelerate new-firm formation and growth as well as to reduce the uncertainty of founders and stakeholders of technology firms. This article introduces a model developed to examine deal making during the investment stage of a new technology firm. It is an extension of a model of lateral firm scope proposed by Oliver Hart and Bengt Holmstrom. The extensions come from considering a technology firm as being both a deal-making entity and a pool of resources during the investment stage. A deal is the result of a decision the entrepreneur and others make to coordinate (i.e., work together to achieve a common objective. Benefits from a deal include cash profits for the firm and private benefits for the entrepreneur. This extended model is then applied to examine the author’s firm which is still in the investment stage. Application of the extended model to a real-life situation generated two important insights: i when private benefits include learning from experimentation, the number of deals increases and ii at the start of the investment stage, private benefits drive deal-making, whereas at the end of the investment stage, cash profits derived from asset ownership drive deal-making.

R and D investment of electricity-generating firms following industry restructuring

International Nuclear Information System (INIS)

Kim, Jihwan; Kim, Yeonbae; Flacher, David

2012-01-01

Since electricity market restructuring, questions over adequate levels of R and D investments persisted. Using an unbalanced panel data of 70 electricity-generating firms across 15 Organisations of Economic Co-operation and Development countries from 1990 to 2008, this paper empirically examines the impacts of entry liberalization (allowing third party access, establishing a wholesale market, and deregulating a retail market), vertical unbundling, privatization, and firm size on R and D investments. Entry liberalization is associated with a decline in R and D investment. Establishing a wholesale market exhibits the greatest negative effects on R and D investment. Regulated TPA and retail market deregulation also decrease R and D. The effect of privatization is not independently salient but interacts with a wholesale pool to lower R and D investments. Large firms spend more on R and D investment than small firms. Results indicate that the restructuring of the electricity industry reduces R and D investment, which may be detrimental to the reliability and the efficiency of the electricity system as well as to the creation and maintenance of the innovation capabilities necessary to address demand and environmental concerns. - Highlights: ► Entry liberalization decreases R and D outlays of electricity generating utilities. ► Establishment of a wholesale market leads to a substantial decline in R and D spending. ► Private ownership interacts with entry liberalization to lower R and D investment.

Shadow Cost of Public Funds and Privatization Policies

OpenAIRE

Sato, Susumu; Matsumura, Toshihiro

2017-01-01

We investigate the optimal privatization policy in mixed oligopolies with shadow cost of public funds (excess burden of taxation). The government is concerned with both the total social surplus and the revenue obtained by the privatization of a public firm. We find that the relationship between the shadow cost of public funds and the optimal privatization policy is non-monotone. When the cost is moderate, then higher the cost is, the lower is the optimal degree of privatization. ...

Attitudes and behaviours of private sector landlords towards the energy efficiency of tenanted homes

International Nuclear Information System (INIS)

Hope, Alexander John; Booth, Alexander

2014-01-01

The UK's housing stock generates approximately 27% of the country's total annual carbon emissions. In light of the legally binding targets to reduce carbon emissions, new housing is subject to a tightening of regulations governing energy demand and efficiency resulting in a gradual improvement in carbon emissions. The question is how to achieve the deep carbon emission reductions from existing domestic properties, of which 75% will still be in use in 2050. Government has sought to provide incentives to homeowners to improve the energy efficiency of their households, and mandate improvements in socially rented housing using a range of fiscal measures, most recently the ‘Green Deal’. There has however been little consideration of the 18% of UK households who privately rent their home, a tenure that is growing fast. The aim of this research is to investigate the factors that influence private sector landlords when considering energy efficiency improvements to their tenanted homes. The results indicate that government policy has consistently failed to engage private sector landlords in the issue of energy efficiency and thus measures must be taken to understand the motivations of landlords in order to design effective incentives and interventions. - Highlights: • Attitudes of private sector landlords to energy efficiency in their tenanted homes are analysed. • Reports on the actions taken by private landlords to improve energy efficiency. • Privately rented homes poorly performing in terms of energy performance. • The private rented sector is disengaged with the issue of housing energy performance. • Current government initiatives such as Green Deal offer little incentive for improvements

The adoption of energy efficiency enhancing technologies. Market Performance and Policy Strategies in Case of Heterogeneous Firms

Energy Technology Data Exchange (ETDEWEB)

Verhoef, E.; Nijkamp, P. [Department of Spatial Economics, Free University Amsterdam, Amsterdam (Netherlands)

1997-07-01

The adoption of energy-efficiency enhancing technologies by heterogeneous firms is analyzed. The fact that energy use does not only cause external environmental costs through pollution, but also directly affects the profitability of the firm and hence its behaviour on input and output markets is taken for granted. It is demonstrated that the consideration of such market processes may have important implications for the efficiency of environmental policies concerned with energy use. The analysis focuses in particular on the efficiency of the market-led adoption and diffusion process under various policy regimes. It is shown that the promotion of energy-efficiency enhancing technologies might have unexpected effects in that it could lead to an increase in energy use, while the use of energy taxes might actually reduce the attractiveness of energy-saving technologies. 22 refs.

Full employment maintenance in the private sector

Science.gov (United States)

Young, G. A.

1976-01-01

Operationally, full employment can be accomplished by applying modern computer capabilities, game and decision concepts, and communication feedback possibilities, rather than accepted economic tools, to the problem of assuring invariant full employment. The government must provide positive direction to individual firms concerning the net number of employees that each firm must hire or refrain from hiring to assure national full employment. To preserve free enterprise and the decision making power of the individual manager, this direction must be based on each private firm's own numerical employment projections.

Investment In Energy Efficiency: Do The Characteristics Of Firms Matter?

OpenAIRE

Stephen J. Decanio; William E. Watkins

1998-01-01

The literature on energy efficiency provides numerous examples of apparently profitable technologies that are not universally adopted. Yet according to the standard neoclassical theory of investment, profit-maximizing firms should undertake all investments with a positive net present value. The standard theory also holds that the discount rate for computing the present value of a project should be the return available on other projects in the same risk class, and therefore should not depend o...

Restructuring the oil segment in South America: public policy, private capital and energy integration

International Nuclear Information System (INIS)

Fiorotti, A.; Tiomno Tolmasquim, M.; Tiomno Tolmasquim, M.; Alveal, C.

2006-01-01

The World Oil Industry (WOI) developed through two types of economic organization, built up around vertically integrated and internationalized enterprises: the US model, based on private international firms, and the model centered on setting up State-run enterprises, initially in the United Kingdom, Argentina and Mexico. However, from the first oil crisis (1973) onwards, the World Oil Industry has gradually been un-bundled through nationalization and the loss of control over the reserves by the oil majors. With this new configuration of the industry, from the 1980's onwards, the strategies of the major international oil companies focused on developing the spot market, while lowering investment and operating costs, introducing correlated diversification strategies, and enhancing industrial concentration through mergers and acquisitions and/or cooperation agreements between companies. The core purpose of these strategic shifts is to obtain control over new oil field areas. The restructuring processes of national oil industries all over the world - particularly in South America - constituted an important drive aligned with these new guidelines, headed up by the global oil operators. This paper analyzes the changes in the South American oil sector during the 1990's, analyzing aspects involved in awarding mineral rights in the upstream segment. Despite similar policies, market deregulation processes follow different patterns. However, the most significant aspect is an increase in the presence of international private capital in the dynamics of this sector, mainly in regional energy integration processes. (authors)

Views of CEOs on Firm Performance

Directory of Open Access Journals (Sweden)

Dario Berginc

2014-11-01

Full Text Available Researching the managerial perspective of performance can contribute to a better understanding of firm performance, and offer a valuable contribution to research on objective performance measurement. The aim of this article is to examine how managers evaluate firm performance and which factors, in their opinion, have the biggest influence on performance. We particularly wanted to investigate the influence of top management and owners on firm performance. We conducted a qualitative study among the CEOs of some of the most successful Slovenian firms. The results show that CEOs connect positive performance with long-term growth and satisfying the needs of key stakeholders (employees, customers and owners, but short-term positive financial performance represents the basic foundation. The second most important factor is a united top management, capable of generating new ideas and acting as a role model to employees. This can lead to a higher degree of engagement by employees and a better understanding of the firm's goals. Owners can contribute to a positive firm performance with their active, strategic and long-term orientation, and with their ability to set clear goals and to trust top management in the long run. Another important factor that influences firm performance is the ownership structure. In the opinion of CEOs, dominant and private ownership has a more positive impact on firm performance than dispersed and state ownership. The present research findings provide several examples of good and bad practice, and highlight opportunities for further research, from an in-depth study of individual factors of firm performance to the search for a more comprehensive model of performance factors, based on a larger sample of CEOs and other managers.

Budget savings through the responsible use of energy in Navy privatized housing communities

OpenAIRE

Sachinski, Jeffrey M.; Cook, Rudolph W.; Matteson, Beth M.

2014-01-01

Approved for public release; distribution is unlimited In 1996, Congress authorized the Military Housing Privatization Initiative, which led to the increase in basic allowance for housing (BAH) for active duty members to achieve zero out of pocket housing expenses while living in military privatized housing. Privatized housing residents are not fully incentivized to conserve energy. Average energy costs, taken over like sized groups, are used as a baseline to justify the amount paid to the...

The Regional Heterogeneity of Productivity Determinants: Evidence from Ukrainian Firms

Directory of Open Access Journals (Sweden)

Cieślik Andrzej

2017-03-01

Full Text Available This paper studies the determinants of the total factor productivity (TFP for Ukrainian firms in the manufacturing sector across macro-regions using recent micro-level datasets for 2013. Our empirical results show some degree of heterogeneity across Ukrainian macro-regions; in particular, the link between the total factor productivity, firm size, imports and the level of competition seems to be valid for all macro regions. However, the effects of private ownership status, capital intensity and exports seems to be region specific. In addition, we found no relationship between firm productivity and foreign ownership for any of the regions.

Private Security Contractors in Iraq: Background, Legal Status, and Other Issues

National Research Council Canada - National Science Library

Elsea, Jennifer K; Schwartz, Moshe; Nakamura, Kennon H

2008-01-01

.... In Iraq, private firms known as Private Security Contractors (PSCs) serve to protect individuals, transport convoys, forward operating bases, buildings, and other economic infrastructure, and are training Iraqi police and military personnel...

Risk reduction and the privatization option: First principles

International Nuclear Information System (INIS)

Bjornstad, D.J.; Jones, D.W.; Russell, M.; Cummings, R.C.; Valdez, G.; Duemmer, C.L.

1997-01-01

The Department of Energy's Office of Environmental Restoration and Waste Management (EM) faces a challenging mission. To increase efficiency, EM is undertaking a number of highly innovative initiatives--two of which are of particular importance to the present study. One is the 2006 Plan, a planning and budgeting process that seeks to convert the clean-up program from a temporally and fiscally open-ended endeavor to a strictly bounded one, with firm commitments over a decade-long horizon. The second is a major overhauling of the management and contracting practices that define the relationship between the Department and the private sector, aimed at cost reduction by increasing firms' responsibilities and profit opportunities and reducing DOE's direct participation in management practices and decisions. The goal of this paper is to provide an independent perspective on how EM should create new management practices to deal with private sector partners that are motivated by financial incentives. It seeks to ground this perspective in real world concerns--the background of the clean-up effort, the very difficult technical challenges it faces, the very real threats to environment, health and safety that have now been juxtaposed with financial drivers, and the constraints imposed by government's unique business practices and public responsibilities. The approach is to raise issues through application of first principles. The paper is targeted at the EM policy officer who must implement the joint visions of the 2006 plan and privatization within the context of the tradeoff between terminal risk reduction and interim risk management

Is environmental impact assessment regulation a 'burden' to private firms?

International Nuclear Information System (INIS)

Annandale, David; Taplin, Ross

2003-01-01

The impact of environmental regulation on macroeconomic performance has been studied in some depth over the last 15 years. Similarly, impact on profit performance, investment intention and location decisions of firms has also been studied, although in less depth. There has been less academic interest, however, in the impact that environmental regulation has on the strategic objectives of companies. This article reports on a research project that focused on the impact that environmental approvals regulation (predominantly environmental impact assessment, EIA) has on proposed new development in the international mining sector. Based on a large and externally valid survey of senior mining company executives in Australia and Canada in the late 1990s, the research indicated that a significant majority of firms consider the environmental approvals process to be an important determinant of investment strategy. An initial reaction to these figures might suggest that the majority of respondents believe the environmental approvals process to be a negative influence. However, further questioning indicated that only a small proportion of companies in both countries thought of the environmental approvals process as an impediment to development. Instead, it is clear that most firms see EIA as a catalyst for integrating environmental design into the early planning of a project, thereby alleviating the need to spend money on overcoming environmental problems once a poorly designed project has been commissioned. The somewhat surprising conclusion that companies see environmental approvals regulation as important, but as an encouragement to development rather than as an impediment, goes against much previous industry and academic comment and, at least in relation to the mining sector, refutes the idea that EIA is ''burdensome''

Comparable Worth Comes to the Private Sector: The Case of Ontario

OpenAIRE

Michael Baker; Nicole Fortin

2000-01-01

We investigate the effect of pro-active comparable worth legislation, covering both the public and private sectors, on wages, employment and the gender gap. Our focus is the pay equity initiative adopted by the Canadian province of Ontario in the early 1990s. Our preliminary finding is that the law fell short of its goal of reducing gender based wage differentials.Firm surveys indicate that the effect of the legislation was blunted by lack of compliance in small private firms, the low inciden...

Ownership Structure and Publicness of Firms: A Literature Review

Directory of Open Access Journals (Sweden)

Wisnu Untoro

2017-11-01

Full Text Available There has been an extensive body of literature studying the link between ownership structure and firm performance. Some of them focus on the performance difference across ownership types (i.e. state vs foreign vs private domestic. On the other hand, some studies stress ownership structure on the fraction of ownership based on agency theory (i.e. majority versus minority and its derivatives (e.g. ultimate ownership, cross listing. However, an important element has not been explored while discussing ownership structure of firms which is the concept of publicness of firms. Publicness is important to explain to which extent an organization is related with governmental institutions. In fact, there are many engagements of firms with governmental bodies (e.g. deposit and lending from and to public organization. In this present paper, I provide a comprehensive literature review on the intersection between publicness level of firms and ownership structure. Going deeper, I also provide a literature review on the measurement of publicness and postulate a model to link between these two and firm performance as a venue for future studies.

Leveraging energy efficiency to finance public-private social housing projects

International Nuclear Information System (INIS)

Copiello, Sergio

2016-01-01

The Italian housing model relies on a high rate of privately owned houses. In comparison, few dwellings are built and managed by the public sector. The social housing stock has been built mainly during some post-second world war decades; instead, since the early nineties, it underwent a privatization process. Such a model is inefficient and iniquitous in the long run. Therefore, after being disregarded for several years, social housing has gone back to be among the main agenda items. Nonetheless, due to the lack of public grants, new funding sources are required. The government now fosters an increasing involvement of private finance through Public-Private Partnership schemes. A first outcome can be found in some pioneering experiences. Their comparative analysis allows bringing out worthwhile findings, which are useful to steer housing policies. Moderate to low yields entail the need to involve new kinds of private entities, particularly those adopting a venture philanthropy approach. Meanwhile, building energy performance measures are a crucial driver of feasibility. They allow the tenants to be willing to pay agreed rents somehow higher than both social rents of protected tenancies and fair rents of regulated tenancies. - Highlights: •In Italy, the provision of affordable dwellings was disregarded for years. •Recently, instead, social housing has come back to be among the main agenda items. •Latest regulations try to tie together social housing and Public-Private Partnership. •Social tenants may be asked to pay more than in protected and regulated tenancies. •Energy-efficient measures allow keeping the tenants neutral about the rent increase.

How are firms affected by the crisis and how do they react?

DEFF Research Database (Denmark)

Neamtu, Ioana; Westergård-Nielsen, Niels

The recession started in 2008 constituted a massive shock to consumers and most firms all over the Western World. Firms were hit on their sales and finances. However, little is known on how badly they were hit and how they coped with the difficulties. This paper gives a rare and fairly early...... glimpse on how private Danish firms were hit and how they adjusted in order to survive the crisis. The first phase of the recession led to the largest loss of jobs since the oil crisis, in Denmark. Four years into the recession we see that larger firms are gradually creating jobs again, although...

76 FR 52133 - Defense Federal Acquisition Regulation Supplement; Contractors Performing Private Security...

Science.gov (United States)

2011-08-19

... Outside the United States.'' DFARS 225.302-3, Definitions, provides the definition of ``private security... this total, 361, or 20 percent, were awarded to small businesses. Firms performing private security... private security functions in response to a perceived immediate threat; (2) Ensure that all employees of...

Alternatives to electricity for transmission and annual-scale firming - Storage for diverse, stranded, renewable energy resources: hydrogen and ammonia

Energy Technology Data Exchange (ETDEWEB)

Leighty, William

2010-09-15

The world's richest renewable energy resources 'of large geographic extent and high intensity' are stranded: far from end-users with inadequate or nonexistent gathering and transmission systems to deliver energy. Output of most renewables varies greatly, at time scales of seconds-seasons: energy capture assets operate at low capacity factor; energy delivery is not 'firm'. New electric transmission systems, or fractions thereof, dedicated to renewables, suffer the same low CF: substantial stranded capital assets, increasing the cost of delivered renewable-source energy. Electricity storage cannot affordably firm large renewables at annual scale. Gaseous hydrogen and anhydrous ammonia fuels can: attractive alternatives.

Firm and Product Heterogeneity in China's Automotive Exports

Directory of Open Access Journals (Sweden)

Jing Wang

2015-12-01

Full Text Available The main purpose of this paper is to provide an in-depth analysis of the anatomy of China's automotive exports, relying on the literature on firm and product heterogeneity. For this purpose, we use highly disaggregated HS 8-digit product-category level data collected by the Chinese Customs Office for 2000 and 2008, and we distinguish between foreign firms, domestic public firms, and domestic private firms. We also decompose automotive products into autos and auto parts and components (P/C. We then calculate both the extensive margins – number of products exported – and intensive margins – average value of exports per product – of China's automotive exports. We estimate gravity equations to assess the determinants of China's exports of autos and auto P/C. Overall, our analysis yields a number of new, interesting stylized facts about China's automotive exports by confirming the need for taking into account different types of heterogeneity in analyzing international trade.

Gender matters: Private sector training in Vietnamese SMEs

DEFF Research Database (Denmark)

Trifkovic, Neda; Bjerge, Benedikte Alkjærsig; Torm, Nina

such training may be in closing the gender wage gap. We use a matched employer–employee panel dataset to assess why firms train and whether formal training affects wage outcomes in Vietnamese SMEs. Training is generally found to be firm-sponsored and specific in nature. We find that training is associated......, firm-sponsored on-the-job training helps close the gender wage gap.......In many developing countries the skill base is a cause of concern with respect to international competition. Firm-provided training is generally seen as an important tool for bridging the skills gap between labour force and private sector demand. Yet little is known about how successful...

Innovation and risk-averse firms: Options on carbon allowances as a hedging tool

International Nuclear Information System (INIS)

Szolgayová, Jana; Golub, Alexander; Fuss, Sabine

2014-01-01

In a regulated world where government seeks to decarbonize the energy sector, firms face both indirect and direct costs of emitting CO 2 . This study seeks to take the perspective of the firm, which needs to maximize profits implying minimization of (carbon) cost as well. In this study, the firm can compose the cost-optimal portfolio of (a) investing into carbon-saving technology, which is currently expensive, (b) investing into carbon-saving technology R and D and adopt this technology at a later point, (c) buying allowances per ton of emitted CO 2 in a carbon market (alternatively this could be formulated as a tax), and (d) buying offsets traded in the same market, which are based on reduced emissions from deforestation and degradation (REDD+). Uncertainties in the cost of carbon coming from a lack of commitment in policy-making leading to fluctuations in markets and uncertainty in the payoff of R and D activities could provide disincentives to incur large up-front sunk cost and raise the economic value of being flexible. We apply a real options approach with stochastic carbon-saving technology costs and stochastic CO 2 costs. Assuming that firms are risk-averse, they will not only value flexibility, but also risk reductions from diversification over the different (carbon mitigation) options. - Highlights: • We study the compliance problem of a private firm under both regulatory and technological uncertainty in an optimal control setting. • When firms are risk-averse, forest-backed offset options will be part of the compliance portfolio. • R and D creates valuable options on new technology

Firm-Led Malaria Prevention in the United States, 1910-1920.

Science.gov (United States)

Carson, Byron

2016-05-01

In the absence of capable government services, a railroad company in Texas and multiple cotton mills in North Carolina successfully prevented malaria in the early twentieth century. This Article looks through the lens of economics to understand how and why people had the incentive to privately coordinate malaria prevention during this time, but not after. These firms, motivated by increases in productivity and profit, implemented extensive anti-malaria programs and used their hierarchical organizational structures to monitor performance. The factors underlying the decline of private prevention include a fall in the overall rate of malaria, the increasing presence of the federal government, and technological innovations that lowered exposure to mosquitoes. Understanding how, why, and when firms can prevent diseases has important implications for current disease policy, especially where governments, international organizations, and technologies are not enough.

Pharmaceutical R&D performance by firm size: approval success rates and economic returns.

Science.gov (United States)

DiMasi, Joseph A

2014-01-01

The R&D productivity of pharmaceutical firms has become an increasingly significant concern of industry, regulators, and policymakers. To address an important aspect of R&D performance, public and private data sources were used to estimate clinical phase transition and clinical approval probabilities for the pipelines of the 50 largest pharmaceutical firms (by sales) by 3 firms size groups (top 10 firms, top 11-20 firms, and top 21-50 firms). For self-originated compounds, the clinical approval success rates were 14.3%, 16.4%, and 18.4% for top 10 firms, top 11-20 firms, and top 21-50 firms, respectively. The results showing higher success rates for smaller firms were largely driven by outcomes for the small-molecule drugs. Adjustments for the relatively small differences in therapeutic class distributions across the firm size groups showed that the success rate for small-molecule self-originated drugs was 6% below average for top 10 firms and 17% above average for top 21-50 firms. Although success rates for small firms were higher, this advantage was offset to some degree by lower returns on approved drugs, suggesting different strategic objectives with regard to risk and reward by firm size.

R&D Cooperation Between Firms---A Perceived Transaction Cost Perspective

OpenAIRE

Klaus Brockhoff

1992-01-01

Transaction cost is considered as an explanatory variable for the choice between markets and various organizational arrangements for performing some predefined tasks, such as engaging in private R&D. With respect to R&D cooperation between firms, we show that the perception of high transaction cost is related to certain characteristics of the firm and to the type of R&D task. We also show a relationship between the perception of transaction cost and the perceived success of the cooperation. T...

The Benefits of Privatization – Real or Imaginary?: The Nigerian ...

African Journals Online (AJOL)

This paper examines the benefits of privatization to see whether they are real or imaginary, using the Nigerian experience. Proponents of privatization argue that the exercise will promote efficiency, leading to improved productivity and profitability of firms. That government by removing its hands from the running of public ...

Initiative EnergieEffizienz : An information campaign on energy efficiency for private households

International Nuclear Information System (INIS)

Agricola, Annegret-Cl.; Ahrens, Wiebke

2005-01-01

Unnecessary energy consumption can be avoided easily by making intelligent decisions when buying and using household equipment and hence cut the electricity bill and reduce carbon dioxide emissions. This is the key message imparted by the information campaign on energy efficiency for private households. The campaign addresses three main topics: the reduction or avoidance of stand by energy consumption of consumer electronics and IT-equipment, energy efficient high quality lighting and energy efficiency in the white goods sector. Consumers are addressed via a broad range of communication measures highlighting the efficiency issue. These instruments include advertisement in nationwide print media, regular press releases, public relations activities etc. Special information material are made for young people as well as for the Turkish minority in Germany. The main strategy of the campaign is to co-operate with retailers: consumers are to gain information on energy efficiency at the point of sale where domestic appliances and lighting equipment are sold. The campaign offers information for the point of sale including brochures for customers as well as for sales assistants. By December 2004 approximately 7,200 points of sale all over in Germany were equipped with the campaign's information. The German national energy agency (dena) runs the information campaign in co-operation with the German associations of power suppliers, the German foundation for environmental protection and the Federal Ministry of Economy and Labour. The campaign started in 2002. Its aims are to arise consumers' awareness, to inform consumers on energy efficient appliances and give motivation when buying and using them. Through these aims the campaign should contribute to reduce carbon dioxide emissions in the private sector In order to measure the campaign's impact a quantitative analysis is carried out. First results show a change in public's awareness and attitude towards energy efficiency

The Impunity of Private Authority

DEFF Research Database (Denmark)

Leander, Anna

2007-01-01

. It begins by pointing to the tension involved in any effort to hold an authority (private or public) accountable, namely the tension between the centrality of acceptance for authority and accountability measures that necessarily involve contestation. It then proceeds to analyse this tension in the case...... of private security companies (PSCs). PSCs have become authorities in their own right in the security sphere. This has raised the question of their accountability and also resulted in considerable efforts to improve the accountability of the firms. This paper looks at why these efforts bear so little fruit...

The Time-Inconsistency of Alternative Energy Policy

OpenAIRE

D'ARTIGUES, Agnès; PERCEBOIS, Jacques; VIGNOLO, Thierry

2007-01-01

Time-inconsistency can arise when a government attempts to convince private sector to use a particular alternative energy (gas, green electricity...) rather than petroleum products. By introducing taxes and feed-in prices, a government would encourage firms and households to switch to an alternative energy rather than use petroleum products. However, even if a government is in favor of increasing alternative energy consumption, it can benefit from considerable financial resources resulting fr...

Evaluation of banks’ commercial credit applications using the analytic hierarchy process and Grey relational analysis: A comparison between public and private banks

Directory of Open Access Journals (Sweden)

Zeliha Kaygısız Ertuğ

2015-08-01

Full Text Available The purpose of this study is to develop an evaluation model that considers the quantitative and qualitative criteria for the appropriate selection of firms demanding commercial credit for both public and private banks. In this paper, the authors propose an integrated model that combines the Analytic Hierarchy Process (AHP and Grey Relational Analysis (GRA into a single evaluation model. The model is illustrated with a case study on bank experts to demonstrate the effectiveness of this integrated method for four firms that applied for a commercial loan. In this study, AHP is applied to determine the weight of the criteria, and GRA is performed to determine the most appropriate firm. The results of this study indicate that, whereas firm morality and news criteria are the main criteria with the highest priority, sale and marketing constructions are the main criteria with the lowest priorities for both public and private banks. In addition, according to the results of GRA, the most appropriate firm for a public bank is Firm 1, and the most appropriate firm for a private bank is Firm 2.

Private Placements as Sources of Long Term Funds for publicly ...

African Journals Online (AJOL)

Thereafter, an overview of the concept of private placement is given to enable a better appreciation of its unique role in raising funds for organizations that are not publicly quoted in a registered stock exchange. It concludes with an exposition of the problems of allowing private placements for publicly quoted firms.

Tariff regulation with energy efficiency goals

International Nuclear Information System (INIS)

Abrardi, Laura; Cambini, Carlo

2015-01-01

We study the optimal tariff structure that could induce a regulated utility to promote energy efficiency by its customers given that it is privately informed about the effectiveness of its effort on demand reduction. The regulator should optimally offer a menu of incentive compatible two-part tariffs. If the firm's energy efficiency activities have a high impact on demand reduction, the consumer should pay a high fixed fee but a low per unit price, approximating the tariff structure to a decoupling policy, which strengthens the firm's incentives to pursue energy conservation. Instead, if the firm's effort to adopt energy efficiency actions is scarcely effective, the tariff is characterized by a low fixed fee but a high price per unit of energy consumed, thus shifting the incentives for energy conservation on consumers. The optimal tariff structure also depends on the cost of the consumer's effort (in case the consumer can also adopt energy efficiency measures) and on the degree of substitutability between the consumer's and the firm's efforts. - Highlights: • We study the optimal tariff structure that induces an utility to adopt energy efficiency activities. • The regulator optimally offer a menu of incentive compatible two-part tariffs. • If energy efficiency activities have a high effectiveness, decoupling emerges as a solution. • If the energy efficiency actions are less effective, the tariff has a higher per unit price and lower fixed fee. • The optimal tariff structure also depends on the degree of substitutability between the consumer's and the firm's efforts

A resource-based view on collaboration between firms and local partners in a non-urban Swedish context

NARCIS (Netherlands)

Svensson, Lotten

2016-01-01

Is it feasible to stimulate informal collaboration among non-urban firms and local public- and other private-sector actors, whereby they jointly strengthen the competitiveness of these firms? To answer this question, firms’ collaboration with local partner’s actors were examined. Most of the studied

Book-tax conformity in Polish private companies

Directory of Open Access Journals (Sweden)

Anna Białek-Jaworska

2016-12-01

Full Text Available The purpose of this paper is to identify whether financial income differs significantly from the tax base in Poland and what determines these differences between accounting and taxable results in Polish private entities that are not listed on the stock exchange. In this paper, besides examining the level of book-tax conformity in Poland, we investigate the determinants of book-tax differences in the one-book and twobook accounting systems, with deferred income tax. We use the single factor ANOVA variance analysis, robust fixed effects estimator and the fixed effects linear model with an AR(1 disturbance estimator for panel data of 26,657 private limited liability and non-public joint-stock companies for the period of 2003–2014 (177,667 firm-year observations. The originality of this paper results from the deep quantita-tive analysis of the determinants of book-tax conformity on a novel dataset of Polish private firms. We confirm a strong significant influence of tax law on the shape of the one-book accounting system in Poland. Larger enterprises show fewer book-tax differences. Book-tax conformity is lower in private companies that incur financial losses and in private companies conducting the one-book accounting system. Family-owned companies have higher mean and median book-tax conformity than businessgroups members, due to higher demand for information from their accounts to support stewardship func-tions and to monitor the activities of the management board in the business groups.

Strategic Renewal in Regulatory Environments. How inter- and intra-organisational institutional forces influence European incumbent energy firms

International Nuclear Information System (INIS)

Stienstra, M.

2008-01-01

How do incumbent firms strategically renew in regulatory environments? Assuming that regulation can both constrain and enable a firm's strategic renewal opportunities, we investigate how and to what extent incumbent firms undertake exploitative and explorative strategic renewal actions in order to remain competitive. Exploitative strategic renewal involves those actions that strengthen or optimise a firm's current resource deployments, whereas explorative strategic renewal relates to actions that generate new sources of value creation for the firm. Based on old institutional theory, new institutional theory, neo-institutional theory and institutional entrepreneurship literature, a multi-level framework that combines selection and adaptation arguments has been developed and applied to investigate strategic renewal behaviour of a sample of European energy incumbents. At industry level of analysis, results show how inter-organisational institutional forces significantly impact firms' choices of exploitative and explorative strategic renewal actions through regulative, normative and cognitive forces. At organisational unit level of analysis, we find that the extent of intra-organisational regulative forces is positively related to exploitative strategic renewal actions. In addition, entrepreneurial proclivity appears to be a catalyst of both exploitative and explorative strategic renewal actions. Finally, our results provide insights how environmental selection and firm level adaptation are interrelated in the context of regulation. The extent of inter-organisational regulative forces positively moderates the relationship between intra-organisational regulative forces and exploitative strategic renewal actions.

Exploring the private finance initiative as a route to finance for renewable energy projects

Energy Technology Data Exchange (ETDEWEB)

NONE

2000-07-01

This report reviews the private financing of public sector Renewable Energy projects through the Private Finance Initiative (PFI), and the relevance of such a technique to the renewables industry generally. (author)

private military contractors, war crimes and international

African Journals Online (AJOL)

HP USER

work.10 Military history has recorded a strong role for private actors in military affairs firmly ..... Evidence records that, while the state military officers found by a military ... Should it be the chief executive officer (CEO) of .... The Financial Times.

Three empirical essays on energy and labor economics

Science.gov (United States)

Chow, Melissa

This dissertation analyzes the differences between private and non-private firms in two contexts. Chapters 1 and 2 examine the electricity industry in the United States and the motivation behind electric utilities' usage of demand side management programs. The first chapter focuses on load management programs, which decrease electricity demand during the peak hours of the day. It looks into the impact of a plausibly exogenous decrease in natural gas prices on the utilization and capacity of these programs. The second chapter analyzes the relationship between electricity market deregulation and electric utilities' energy efficiency activity. The third chapter investigates the impact of Chinese enterprise restructuring on employment, wage bills, and productivity. All three chapters show that different objectives due to ownership type lead to differences in firm behavior.

公司特征、定向增发公告与股票流动性%Firm Characteristics, Private Placement Announcement and Stock Liquidity

Institute of Scientific and Technical Information of China (English)

陈婷

2017-01-01

以A股市场2011—2015年发布定向增发公告的上市公司为样本,采用事件研究法,构建Fama-Macbeth回归模型,综合利用高频与非高频数据,多角度探究股票流动性对定向增发公告的反应及公司特征对该反应特征的影响.结果表明,上市公司定向增发公告后短期内股票流动性水平显著提升;公司特征对不同流动性测度指标变化影响不同,总体上流动性改善程度与公告前后股价和交易量的变化值正相关,与波动率的变化值负相关.研究结论提供了市场微观结构对定向增发公告反应的经验证据,同时也说明不同的流动性测度指标影响因素不同,有助于完善市场监管和投资者风险管理.%Choosing listed companies issuing private placement announcement during 2011 to 2015 in the A-share market, using the method of event study, constructing the Fama -Macbeth regression model, with the comprehensive utilization of high frequency and low frequency data, the paper studies stock liquidity response to the private placement announcement and the effects of firm characteristics .The results show that:in the short term after the announcement of private placement of listed com-panies, stock liquidity of listed companies significantly improved;firm characteristics have different effects on the change of dif-ferent liquidity measures, but on the whole, the degree of stock liquidity improvement is positively related to the change of stock price and trading volume, and negatively related to the change of volatility .The research results provide empirical evidence of the response of market microstructure to private placement announcements, and also indicate that different liquidity measures have different influencing factors, which should be taken into account in future research .

Inter-firm and intra-firm efficiency measures

NARCIS (Netherlands)

Oude Lansink, A.G.J.M.; Silva, E.; Stefanou, S.

2001-01-01

Intra-firm efficiency involves computing a particular firm's efficiency degree over time relative to the firm-specific production frontier. Inter-firm efficiency reveals a particular firm's performance over time relative to the ``best practice frontier'' among the set of comparable firms. These

Public Private Partnerships in Water and Electricity in Africa

International Nuclear Information System (INIS)

Auriol, Emmanuelle; Blanc, Aymeric

2007-01-01

The paper analyzes the costs and benefits of private participation in the electricity and water industries in Sub- Saharan Africa. Contrary to conventional wisdom, the participation of private unregulated firms in the supply of services for the middle class and poor is fairly common in the region. This private involvement reflects the extreme weakness of African governments. By contrast, service to the rich is provided by public utilities. Theory then suggests that prices should be high, so that the public firms make a profit. Yet piped water, and to a lesser extent electricity, are heavily subsidized. This signals a problem of capture by the ruling elite. It is a matter of justice and efficiency to increase public utilities revenues to subsidize investment and fiscal relief. This is especially relevant in electricity, where the economies of scale are much larger than in water. Electrification is the biggest challenge to the African economy because it requires huge investment. Local and regional private investors can play a non-negligible role in reducing penury. However, their involvement is conditional on the financial health of the sector and on strong government commitment. (authors)

Restructuring and privatization in energy sector

International Nuclear Information System (INIS)

Stojchev, D.; Pyrvanov, V.

1994-01-01

The ways of solving problems of the transition period to market economy are discussed. The current conditions in Bulgarian energy sector are defined taking into account different processes, stages, elements, objects. The criteria of the transition -economical. technological, organizational, social, ecological -and the problems - unemployment, requalification, privatization, contamination - are postulated. The recent experience of Bulgaria and other ex-communist countries in restructuring and privatization of the economy are considered. The scope of suitable approaches, methods, means and rates are outlined. The mechanisms of the tackled processes are analyzed by comparative investigation and management ways for impact on different levels are looked for. The possible consequences of given situation, advantages and shortcomings of different alternatives are formulated. The ways for assessment and selection of compromise solutions are proposed. An overall technology for assessment and application of different ways of transition is discussed. Their tools for business estimation of economic units, the legislative, economic and social aspects of the process are scrutiny observed. Some problems of a real example of application of proposed assessment are discussed. Conclusions about methodology and efficiency of different alternatives are made. 2 refs

Private Equity Capital in a Less Developed Economy: Evidence, Issues and Perspectives

Directory of Open Access Journals (Sweden)

Melusi Mpofu

2015-10-01

Full Text Available This study investigates the structure of the private equity industry and issues that impact on its development and growth in Zimbabwe. Studies conducted internationally have unequivocally demonstrated the importance of private equity investments in assisting firms at start/growth phase and decline phase. However there is a dearth of literature on how these financial intermediaries assist in unlocking firm value from an emerging markets perspective. The study uses the document analysis and an exploratory research paradigms to achieve the stated objectives. The study finds that the venture capital industry in Zimbabwe mimics similar industries in other countries except that it is constrained by market liquidity. Lack of regulation and viable business sectors coupled with excessive risks in the political economy narrows the scope of private equity operations. Several issues impacting on the development of the private equity industry are identified and evaluated. The study has policy implications for the development of regulatory framework to bolster the growth of the private equity industry in emerging market economies. This study provides new evidence and policy suggestions on the operations of the private equity industry in a liquidity constrained and less developed economy.

Wine quality, reputation, denominations: How cooperatives and private wineries compete?

Directory of Open Access Journals (Sweden)

Schamel Guenter H.

2014-01-01

Full Text Available We analyze how cooperatives in Northern Italy (Alto Adige and Trentino compete with private wineries regarding product quality and reputation, i.e. if firm organization affects wine quality and winery reputation. Moreover, we examine if cooperatives with deep roots in their local economy specialize in specific regional denomination rules (i.e. DOC, IGT. Compared to private wineries, cooperatives face additional challenges in order to raise wine quality, among them appropriate incentives that induce individual growers to supply high quality grapes (e.g. vineyard management and grape pricing schemes to lower yields. The quality reputation of a winery with consumers depends crucially on its winemaking skills. Wine regions differ with respect to climatic conditions and quality denomination rules. Assuming similar climatic conditions within wine regions as well as winemaking skills between firms, incentive schemes to induce individual growers to supply high quality grapes and quality denomination rules remain crucial determinants of wine quality and winery reputation when comparing different regions and firm organizational forms. The data set analyzed allows differentiating local cooperatives vs. private wineries and denotes retail prices, wine quality evaluations, indicators for winery reputation, and distinct denomination rules. We employ a hedonic pricing model in order to test the following hypothesis: First, wines produced by cooperatives suffer a significant reputation and/or wine quality discount relative to wines from private producers. Second, cooperatives and/or private wineries specialize in specific wine denominations for which they receive a price premium relative the competing organizational form. Our results are mixed. However, we reject the hypothesis that cooperatives suffer a reputation/wine quality discount relative to private producers for the Alto Adige wine region. Moreover, we find that regional cooperatives and private

A study to measure the impact of privatized industries

Directory of Open Access Journals (Sweden)

Seyed Hossein Miri

2012-08-01

Full Text Available One of the most important issues in privatization is to measure the impact of such decisions on improving efficiency of governmental organizations. Privatization, in the past, has had both positive and negative consequences in different countries. Therefore, it is necessary to measure the impact of privatization in Iran to see the outcome of such decision. In this paper, we present an empirical study to measure the financial performance of the privatized firms three years before and three years after privatization happed using pairwise t-student. We use five financial figures of asset turnover, working capital turnover, return on assets, return on equity and earnings per share. The results indicate that there was no meaningful relationship between these financial figures before and after privatization occurred.

Strategic Renewal in Regulatory Environments. How inter- and intra-organisational institutional forces influence European incumbent energy firms

Energy Technology Data Exchange (ETDEWEB)

Stienstra, M.

2008-11-20

How do incumbent firms strategically renew in regulatory environments? Assuming that regulation can both constrain and enable a firm's strategic renewal opportunities, we investigate how and to what extent incumbent firms undertake exploitative and explorative strategic renewal actions in order to remain competitive. Exploitative strategic renewal involves those actions that strengthen or optimise a firm's current resource deployments, whereas explorative strategic renewal relates to actions that generate new sources of value creation for the firm. Based on old institutional theory, new institutional theory, neo-institutional theory and institutional entrepreneurship literature, a multi-level framework that combines selection and adaptation arguments has been developed and applied to investigate strategic renewal behaviour of a sample of European energy incumbents. At industry level of analysis, results show how inter-organisational institutional forces significantly impact firms' choices of exploitative and explorative strategic renewal actions through regulative, normative and cognitive forces. At organisational unit level of analysis, we find that the extent of intra-organisational regulative forces is positively related to exploitative strategic renewal actions. In addition, entrepreneurial proclivity appears to be a catalyst of both exploitative and explorative strategic renewal actions. Finally, our results provide insights how environmental selection and firm level adaptation are interrelated in the context of regulation. The extent of inter-organisational regulative forces positively moderates the relationship between intra-organisational regulative forces and exploitative strategic renewal actions.

Explaining the inefficiency of electrical distribution companies. Peruvian firms

Energy Technology Data Exchange (ETDEWEB)

Perez-Reyes, Raul [Organismo Supervisor de la Inversion en Energia y Mineria, OSINERGMIN (Peru); Tovar, Beatriz [Infrastructure and Transport Research Group (EIT), Department of Applied Economics, University of Palmas de Gran Canaria (Spain)

2010-09-15

This paper investigates the extent to which the structural reform of the Peruvian electricity market, implemented in the 1990s, has improved the efficiency of the distribution companies; and it evaluates the influence on efficiency of firm specific explanatory variables. To do this, we rely on data from 14 distribution companies between 1996 and 2006. The results indicate that the incentives generated by the reform process led to the firms becoming more efficient. Moreover, the time trend and private management of the distribution companies are variables that positively affect the levels of efficiency, whereas the lower network densities are then the greater the inefficiency. (author)

Explaining the inefficiency of electrical distribution companies. Peruvian firms

International Nuclear Information System (INIS)

Perez-Reyes, Raul; Tovar, Beatriz

2010-01-01

This paper investigates the extent to which the structural reform of the Peruvian electricity market, implemented in the 1990s, has improved the efficiency of the distribution companies; and it evaluates the influence on efficiency of firm specific explanatory variables. To do this, we rely on data from 14 distribution companies between 1996 and 2006. The results indicate that the incentives generated by the reform process led to the firms becoming more efficient. Moreover, the time trend and private management of the distribution companies are variables that positively affect the levels of efficiency, whereas the lower network densities are then the greater the inefficiency. (author)

Firm performance and the role of environmental management.

Science.gov (United States)

Lundgren, Tommy; Zhou, Wenchao

2017-12-01

This paper analyzes the interactions between three dimensions of firm performance - productivity, energy efficiency, and environmental performance - and especially sheds light on the role of environmental management. In this context, environmental management is investments to reduce environmental impact, which may also affect firm competitiveness, in terms of change in productivity, and spur more (or less) efficient use of energy. We apply data envelopment analysis (DEA) technique to calculate the Malmquist firm performance indexes, and a panel vector auto-regression (VAR) methodology is utilized to investigate the dynamic and causal relationship between the three dimensions of firm performance and environmental investment. Main results show that energy efficiency and environmental performance are integrated, and energy efficiency and productivity positively reinforce each other, signifying the cost saving property of more efficient use of energy. Hence, increasing energy efficiency, as advocated in many of today's energy policies, could capture multiple benefits. The results also show that improved environmental performance and environmental investments constrain next period productivity, a result that would be in contrast with the Porter hypothesis and strategic corporate social responsibility; both concepts conveying the notion that pro-environmental management can boost productivity and competitiveness. Copyright © 2017 Elsevier Ltd. All rights reserved.

Corruption and ethical issues regarding public-private partnership

Directory of Open Access Journals (Sweden)

Bianca COBÂRZAN

2005-10-01

Full Text Available The paper raises general questions about ethical problems that taint public-private partnership. Everybody talks about the economical benefits of encouraging firms to invest in the community using different incentives offered by the public institutions. In the same time, every day, newspapers bring to our attention cases of misuse of public resources for private gain or cases of private investors who give bribes in order to get a contract with a public institution. The purpose of this paper is to synthesize our understanding of the entrepreneurial movement and analyze its implications for potential problems of corruption that can arise in the relation between the public and the private sector.a

Nr 17 - Private bill aiming at preparing transition towards a energy efficient system

International Nuclear Information System (INIS)

Bartolone, Claude

2012-01-01

This private bill indicates which new articles and which modifications are introduced in the French energy code to implement progressive energy tariffs and favour energy savings by households. These new articles define how a bonus-malus on household energy consumptions is determined. They also define accompanying measures

Multi-Objective Reservoir Optimization Balancing Energy Generation and Firm Power

Directory of Open Access Journals (Sweden)

Fang-Fang Li

2015-07-01

Full Text Available To maximize annual power generation and to improve firm power are important but competing goals for hydropower stations. The firm power output is decisive for the installed capacity in design, and represents the reliability of the power generation when the power plant is put into operation. To improve the firm power, the whole generation process needs to be as stable as possible, while the maximization of power generation requires a rapid rise of the water level at the beginning of the storage period. Taking the minimal power output as the firm power, both the total amount and the reliability of the hydropower generation are considered simultaneously in this study. A multi-objective model to improve the comprehensive benefits of hydropower stations are established, which is optimized by Non-dominated Sorting Genetic Algorithm-II (NSGA-II. The Three Gorges Cascade Hydropower System (TGCHS is taken as the study case, and the Pareto Fronts in different search spaces are obtained. The results not only prove the effectiveness of the proposed method, but also provide operational references for the TGCHS, indicating that there is room of improvement for both the annual power generation and the firm power.

Water-related planning and design at energy firms

International Nuclear Information System (INIS)

Abbey, D.; Lucero, F.

1980-11-01

Water related planning and design at energy firms are examined. By identifying production alternatives and specifying the cost of these alternatives under a variety of conditions, one gains insight into the future pattern of water use in the energy industry and the response of industry to water-related regulation. In Part II, the three principal decisions of industry that affect water allocation are reviewed: where to build plants, where to get water, and how much water to use. The cost of water use alternatives is reviewed. Part III presents empirical data to substantiate the inferences derived from engineering/economic analysis. The source of water, type of cooling system, and pattern of discharge for electric plants constructed during the 1970s or projected to come on line in this decade are reported. In the 1970s in the US, there was a trend away from once-through cooling toward use of evaporative cooling. Freshwater, as a source of supply, and discharge of effluent were standard practice. In the 1980s, almost all new capacity in the states and basins surveyed will use evaporative cooling. It is pointed out that a thorough understanding of industrial water use economics and water markets is a precursor to successful regulation

Study of energy R and D in the private sector

Energy Technology Data Exchange (ETDEWEB)

1980-01-01

This study supplies DOE with information pertinent to the formulation of realistic national energy research policies and facilitates cooperation between government and business in the development and commercialization of new and improved energy technologies. The study gathered information on the amount of energy-related research and development that private companies are doing, types of energy-related programs they report, and their perceptions about appropriate areas for government support. Mail questionnaires obtained data on the amount of corporate research funding in specific energy-related technology areas and the interviews gathered information on corporate energy strategies, major commercial activities, and specific research plans in four major areas - conservation, supply, energy production and transmission, and new products. (MCW)

Gender Wage Differentials in Private and Public Sector Jobs

OpenAIRE

Zweimuller, Jopsef; Winter- Ebmer, Rudolf

1993-01-01

In this study gender wage differentials in private and public sector jobs in Austria are calculated. Occupational attainment is considered as endogeneous by the use of an ordered response model. Results show that wage discrimination is also present in the public sector,though on a lower level. Both in private firms and for public servants a substantial part of this unwarranted differential is due to unequal professional advancement.

Timing of Investment and Dynamic Pricing in Privatized Sectors

OpenAIRE

Sandro Brusco; Ornella Tarola; Sandro Trento

2012-01-01

In equipment-intensive sectors - such as water utilities, power generation, gas - billions of dollars are spent in capital equipment. We discuss and characterize the optimal policy of a profit-maximizing firm and compare it with the optimal policy of a welfare-maximizing planner. When there is no technical progress, the duration of the plant is longer for a private firm. With technical progress, we show that duration tends to increase when the installed capacity increases over time, while it ...

Essays on liberalized energy markets

Energy Technology Data Exchange (ETDEWEB)

Nese, Gjermund

2003-07-01

This thesis consists of four essays that aim at contributing to the understanding of some of the new challenges associated by the liberalized energy markets. More specifically the essays consider investments in energy generation projects; international trade of Green Certificates, market power in a Green Certificate system, and finally the behaviour of public firms in liberalized markets. Essay 1 considers energy investment, when a choice has to be made between fossil fuel and biomass fired production technologies. A dynamic model is presented to illustrate the effect of the different degrees of input price uncertainty on the choice of technology and the timing of the investment. It is shown that when the choice of technology is irreversible, it may be optimal to postpone the investment even if it would otherwise be optimal to invest in one or both of the plant types. We provide a numerical example based on cost estimates of two different power plant types. Essay 2 presents an analytical equilibrium model for simultaneously functioning international markets for electricity and Green Certificates is formulated. The percentage requirement is perceived as the policy instrument affecting the level of green electricity in end-use consumption. In none of the cases considered does an increase in the country's percentage requirement necessarily result in an increase in the generation of green electricity in that country, but it may have a positive effect on the trading partner's generation of green electricity. Further, under quite realistic assumptions, a country maximizes its generation of green electricity by setting the percentage requirement to zero. In essay 3 an analytic equilibrium model for a simultaneously functioning electricity market and a market for Green Certificates is formulated. The major focus of the paper is the effect of market power in a Green Certificate system. One of the main results is that the certificate system faced with market power

Essays on liberalized energy markets

International Nuclear Information System (INIS)

Nese, Gjermund

2003-01-01

This thesis consists of four essays that aim at contributing to the understanding of some of the new challenges associated by the liberalized energy markets. More specifically the essays consider investments in energy generation projects; international trade of Green Certificates, market power in a Green Certificate system, and finally the behaviour of public firms in liberalized markets. Essay 1 considers energy investment, when a choice has to be made between fossil fuel and biomass fired production technologies. A dynamic model is presented to illustrate the effect of the different degrees of input price uncertainty on the choice of technology and the timing of the investment. It is shown that when the choice of technology is irreversible, it may be optimal to postpone the investment even if it would otherwise be optimal to invest in one or both of the plant types. We provide a numerical example based on cost estimates of two different power plant types. Essay 2 presents an analytical equilibrium model for simultaneously functioning international markets for electricity and Green Certificates is formulated. The percentage requirement is perceived as the policy instrument affecting the level of green electricity in end-use consumption. In none of the cases considered does an increase in the country's percentage requirement necessarily result in an increase in the generation of green electricity in that country, but it may have a positive effect on the trading partner's generation of green electricity. Further, under quite realistic assumptions, a country maximizes its generation of green electricity by setting the percentage requirement to zero. In essay 3 an analytic equilibrium model for a simultaneously functioning electricity market and a market for Green Certificates is formulated. The major focus of the paper is the effect of market power in a Green Certificate system. One of the main results is that the certificate system faced with market power may

Leveraging Renewable Energies in Distributed Private Clouds

Directory of Open Access Journals (Sweden)

Pape Christian

2016-01-01

Full Text Available The vast and unstoppable rise of virtualization technologies and the related hardware abstraction in the last years established the foundation for new cloud-based infrastructures and new scalable and elastic services. This new paradigm has already found its way in modern data centers and their infrastructures. A positive side effect of these technologies is the transparency of the execution of workloads in a location-independent and hardware-independent manner. For instance, due to higher utilization of underlying hardware thanks to the consolidation of virtual resources or by moving virtual resources to sites with lower energy prices or more available renewable energy resources, data centers can counteract their economic and ecological downsides resulting from their steadily increasing energy demand. This paper introduces a vector-based algorithm for the placement of virtual machines in distributed private cloud environments. After outlining the basic operation of our approach, we provide a formal definition as well as an outlook for further research.

New Firm Survival: Industry versus Firm Effects

NARCIS (Netherlands)

D.B. Audretsch (David); P. Houweling (Patrick); A.R. Thurik (Roy)

1997-01-01

textabstractRecent studies show that the likelihood of survival differs significantly across firms. Both firm and industry characteristics are hypothesized to account for this heterogenity. Using a longitudinal database of manufacturing firms we investigate whether firm or industry characteristics

Transport Emissions and Energy Consumption Impacts of Private Capital Investment in Public Transport

Directory of Open Access Journals (Sweden)

Yunqiang Xue

2017-10-01

Full Text Available Introducing private capital into the public transport system for its sustainable development has been increasing around the world. However, previous research ignores emissions and energy consumption impacts, which are important for private capital investment policy-making. To address this problem, the system dynamic (SD approach was used to quantitatively analyze the cumulative effects of different private capital investment models in public transport from the environmental perspective. The SD model validity was verified in the case study of Jinan public traffic. Simulation results show that the fuel consumption and emission reductions are obvious when the private capital considering passenger value invests in public transport compared with the no private capital investment and traditional investment models. There are obvious cumulative reductions for fuel consumption, CO2, CO, SO2, and PM10 emissions for 100 months compared with no private capital investment. This research verifies the superiority of the passenger value investment model in public transport from the environmental point of view, and supplies a theoretical tool for administrators to evaluate the private capital investment effects systematically.

The Unintended Effects of Private School Competition

DEFF Research Database (Denmark)

Andersen, Simon Calmar; Serritzlew, Søren

2007-01-01

We examine whether competition from private schools improves public school performance and expenditure. It is difficult methodologically to isolate the effect of competition, but we use new measures of competition in both the public and the private school sector and a data set comprising detailed...... background information on more than 35,000 public school students in the Danish voucher system. This design provides a relatively firm support for the conclusion that competition does not improve achievement of public school students but that it increases public expenditure per student. Finally, we argue...

Skill and Luck in Private Equity Performance

DEFF Research Database (Denmark)

Korteweg, Arthur; Sørensen, Morten

2017-01-01

Private equity (PE) performance is persistent, with PE firms consistently producing high (or low) net-of-fees returns. We use a new variance decomposition model to isolate three components of persistence. We find high long-term persistence: the spread in expected net-of-fee future returns between...... top and bottom quartile PE firms is 7–8 percentage points annually. This spread is estimated controlling for spurious persistence, which arises mechanically from the overlap of contemporaneous funds. Performance is noisy, however, making it difficult for investors to identify the PE funds with top...... quartile expected future performance and leaving little investable persistence....

Determinants of dividend policy: Evidence from listed firms in the African stock exchanges

Directory of Open Access Journals (Sweden)

Nnadi Matthias

2013-01-01

Full Text Available The study demonstrates that much of the existing theoretical literature on dividend policy can be applied to the emerging capital markets of Africa. Using available financial data of listed firms in the 29 stock exchanges in Africa, the study finds similarities in the determinants of dividend policy in African firms with those in most developed economies. In particular, agency costs are found to be the most dominant determinant of dividend policy among African firms. The finding is non-synonymous with emerging capital markets which have a high concentration of private ownership and trading volumes. Agency cost theory may be important in both emerging and developed capital markets but the nature of the agency problem may be different in each case. Other factors such as level of market capitalization, age and growth of firms, as well as profitability also play key roles in the dividend policy of listed African firms.

Overeducation, wages and promotions within the firm

NARCIS (Netherlands)

Hartog, J.

2004-01-01

We analyse data from personnel records of a large firm producing energy and telecommunication and test for the effect of deviations between required and attained education of workers. Required education is measured as hiring standards set by the firm. We find the usual effects of over- and

On the importance of forest assets for micro-firm performance

Directory of Open Access Journals (Sweden)

Katarina Haugen

2013-08-01

Full Text Available Business start-ups are on the increase, a development which is accompanied by hopes that these new firms will generate a potential for, e.g., local and regional development and a strengthening of local labour markets as well as the national economy. However, the long-term performance and viability of new firms are often rather poor. This research aims to analyse the importance of access to assets in the form of forest holdings for the performance of Swedish micro-firms. The analyses are based on official register data and fixed-effects panel regression modelling. A hypothesis is that a firm whose owner also possesses forest holdings is more viable thanks to the different resources (in the form of capital from logging or mortgaging, or non-pecuniary other values the forest holdings may provide, and which possibly contribute to the firm’s economic stability and resilience to economic fluctuations. From a general point of view, we find support for the hypothesis that forest assets positively and significantly influence firm performance in terms of earnings before interest and taxes (EBIT, but not in terms of value added. Access to forest assets is never detrimental to firm performance, although it does not have a significant positive effect in all sub-categories of entrepreneurs based on different combinations of age, gender and firm type. Particularly, the economic performance of private firms run by older men benefits from resources stemming from their forest holdings. No significant effects were found for female entrepreneurs or for limited companies. As regards regional variations, firms located outside the metropolitan regions – as compared to those at the top of the urban hierarchy – are likely to perform better, thus indicating that local development may benefit from resource transfers from the forest sector to micro-firms engaged in non-primary activities.

Manisa İlinde Özel İstihdam Bürolarının Etkinliği(The Efficiency of Private Employment Agencies in Manisa Province

Directory of Open Access Journals (Sweden)

İnci Kayhan KUZGUN

2008-01-01

Full Text Available The purpose of this paper is to investigate the efficient of the private employment agencies in Manisa province. The distribution of employment by sectors, number of private employment firms, the size of private sector’s firms, the share of causal employees and causal women labour force in total employment have been accepted as the determinated indicator. As the result, it is observed that there is a relationship between the efficient of the private employment agencies and the social-economic characteristics of Manisa province.

taxing or aiding private universities: educational administration view ...

African Journals Online (AJOL)

Dr Ekanem

aiding private universities in Nigeria and its implications for policy modification. This survey ... individuals, firms and companies to finance ... But then, such decision is against .... income to avoid payment of tax to government while 59.09 per cent indicated that taxation may bring about ... DISCUSSION OF RESULTS.

Three essays in energy economics

Science.gov (United States)

Kim, Dae-Wook

Deregulation in electricity and natural gas market in an attempt to alleviate market power of privately owned utilities is widespread throughout the United States. Beginning with Gollop and Roberts (1979), a number of empirical studies have allowed the data to identify industry competition and marginal cost levels by estimating the firms' first order condition within a conjectural variations framework. The first chapter of my dissertation uses direct measures of marginal cost for the California electricity market to measure the extent to which estimated mark-ups and marginal costs are biased. My results suggest that the New Empirical Industrial Organization technique poorly estimates the level of mark-ups and the sensitivity of marginal cost to cost shifters. The second chapter takes advantage of the market structure of electricity and natural gas varies in the United States. The goal of the chapter is to analyze whether combined-billed residential households of electricity and natural gas firms face information costs associated with determining the portion of their monthly energy bill attributed to natural gas consumption and the portion attributed to electricity consumption. However, if households are unable to determine whether an increase in their energy bill is the result of an increase in the price of electricity or an increase in the price of natural gas, they act as if electricity and natural gas were complements. I find that own-price elasticities are smaller in absolute terms in combined-billed markets, while cross-price elasticities are more positive, compared to separate-billed markets; both of these results are consistent with the presence of information costs. In chapter 3, I provide an empirical evidence of the impact of variations in ownership, regulation and market structure on the electric and natural gas markets in the United States. My results suggest that the private firms in electricity markets are associated with higher prices than public

Healthy firms: constraints to growth among private health sector facilities in Ghana and Kenya.

Directory of Open Access Journals (Sweden)

Nicholas E Burger

Full Text Available BACKGROUND: Health outcomes in developing countries continue to lag the developed world, and many countries are not on target to meet the Millennium Development Goals. The private health sector provides much of the care in many developing countries (e.g., approximately 50 percent in Sub-Saharan Africa, but private providers are often poorly integrated into the health system. Efforts to improve health systems performance will need to include the private sector and increase its contributions to national health goals. However, the literature on constraints private health care providers face is limited. METHODOLOGY/PRINCIPAL FINDINGS: We analyze data from a survey of private health facilities in Kenya and Ghana to evaluate growth constraints facing private providers. A significant portion of facilities (Ghana: 62 percent; Kenya: 40 percent report limited access to finance as the most significant barrier they face; only a small minority of facilities report using formal credit institutions to finance day to day operations (Ghana: 6 percent; Kenya: 11 percent. Other important barriers include corruption, crime, limited demand for goods and services, and poor public infrastructure. Most facilities have paper-based rather than electronic systems for patient records (Ghana: 30 percent; Kenya: 22 percent, accounting (Ghana: 45 percent; Kenya: 27 percent, and inventory control (Ghana: 41 percent; Kenya: 24 percent. A majority of clinics in both countries report undertaking activities to improve provider skills and to monitor the level and quality of care they provide. However, only a minority of pharmacies report undertaking such activities. CONCLUSIONS/SIGNIFICANCE: The results suggest that improved access to finance and improving business processes especially among pharmacies would support improved contributions by private health facilities. These strategies might be complementary if providers are more able to take advantage of increased access to

Healthy firms: constraints to growth among private health sector facilities in Ghana and Kenya.

Science.gov (United States)

Burger, Nicholas E; Kopf, Daniel; Spreng, Connor P; Yoong, Joanne; Sood, Neeraj

2012-01-01

Health outcomes in developing countries continue to lag the developed world, and many countries are not on target to meet the Millennium Development Goals. The private health sector provides much of the care in many developing countries (e.g., approximately 50 percent in Sub-Saharan Africa), but private providers are often poorly integrated into the health system. Efforts to improve health systems performance will need to include the private sector and increase its contributions to national health goals. However, the literature on constraints private health care providers face is limited. We analyze data from a survey of private health facilities in Kenya and Ghana to evaluate growth constraints facing private providers. A significant portion of facilities (Ghana: 62 percent; Kenya: 40 percent) report limited access to finance as the most significant barrier they face; only a small minority of facilities report using formal credit institutions to finance day to day operations (Ghana: 6 percent; Kenya: 11 percent). Other important barriers include corruption, crime, limited demand for goods and services, and poor public infrastructure. Most facilities have paper-based rather than electronic systems for patient records (Ghana: 30 percent; Kenya: 22 percent), accounting (Ghana: 45 percent; Kenya: 27 percent), and inventory control (Ghana: 41 percent; Kenya: 24 percent). A majority of clinics in both countries report undertaking activities to improve provider skills and to monitor the level and quality of care they provide. However, only a minority of pharmacies report undertaking such activities. The results suggest that improved access to finance and improving business processes especially among pharmacies would support improved contributions by private health facilities. These strategies might be complementary if providers are more able to take advantage of increased access to finance when they have the business processes in place for operating a successful business

Firm behavior, environmental externalities and public policy

Science.gov (United States)

Curtis, Earnest Markell, IV

This dissertation consists of three essays which examine environmental policy, employer mandates and energy consumption. The essays explore how firms respond to government policies such as environmental regulation and employer mandates. Understanding how firms adjust to government policies is crucial to law makers attempting to design optimal policies that maximize net benefits to society. The first essay, titled Who Loses under Power Plant Cap-and-Trade Programs tests how a major cap-and-trade program, known as the NOx Budget Trading Program (NBP), affected labor markets in the region where it was implemented. The cap-and-trade program dramatically decreased levels of NOx emissions and added substantial costs to energy producers. Using a triple-differences approach that takes advantage of the geographic and time variation of the program as well as variation in industry energy-intensity levels, I examine how employment dynamics changed in manufacturing industries whose production process requires high levels of energy. After accounting for a variety of flexible state, county and industry trends, I find that employment in the manufacturing sector dropped by 1.7% as a result of the NBP. Young workers experienced the largest employment declines and earnings of newly hired workers fell after the regulation began. Employment declines are shown to have occurred primarily through decreased hiring rates rather than increased separation rates, thus mitigating the impact on incumbent workers. The second essay, titled Evaluating Workplace Mandates with Flows versus Stocks: An Application to California Paid Family Leave uses an underexploited data set to examine the impact of the California Paid Family Leave program on employment outcomes for young women. Most papers on mandated benefits examine labor outcomes by looking at earnings and employment levels of all workers. Examining these levels will be imprecise if the impacts of the program develop over time and firms are wary

Private power in China

International Nuclear Information System (INIS)

Daniel, Martin

1999-10-01

Contains Executive Summary and Chapters on: Introduction; Political and economic background; Energy supply; The Chinese electricity sector; Private power in China; Issues for private investors; Fuel choice in private projects; Private investors in China; Listed Chinese generators; Private power prospects; Implemented private generation projects; Planned private Generation Projects; Plants owned by listed Chinese generators. (Author)

Capital market financing, firm growth, and firm size distribution

OpenAIRE

Didier Brandao,Tatiana; Levine,Ross Eric; Schmukler,Sergio L.

2015-01-01

How many and which firms issue equity and bonds in domestic and international markets, how do these firms grow relative to non-issuing firms, and how does firm performance vary along the firm size distribution? To evaluate these questions, a new data set is constructed by matching data on firm-level capital raising activity with balance sheet data for 45,527 listed firms in 51 countries. T...

Success for energy efficient renovation of dwellings—Learning from private homeowners

International Nuclear Information System (INIS)

Risholt, Birgit; Berker, Thomas

2013-01-01

Large scale energy efficient renovation of buildings is one of the most important tools to realize the society's need of a more sustainable building stock. Most Norwegians own their own homes. Therefore private homeowners are a focus group for the government urging to accelerate the dwelling energy efficiency rates. Success factors were identified in the in-depth study of the decision process of eleven homeowners. Large differences in energy use due to the building's condition and the occupants' behavior was encountered in the sample. Only homeowners who were conscious consumers and did not trust expert advice or that had special knowledge due to their professions succeeded in realizing energy efficiency by renovation. Lack of knowledge, bad advice from craftsmen or priority to work that they can do themselves stopped other homeowners from implementing energy efficiency. Increased knowledge on all the gains from energy efficiency, the availability of attractive products and services as well as easy access to reliable advice on the better renovation solutions have a large potential to get more homeowners to make energy efficient choices in the process of renovation. Coordination of more of policy strategies including specific information and incentives are needed to facilitate this. - Highlights: • Private homeowners are a key group to increase the dwelling energy efficiency rates. • The annual energy use varies from 103 kW h/m 2 to 240 kW h/m 2 in similar dwellings. • Homeowners that are conscious consumers or have knowledge succeed in saving energy. • Access to relevant and reliable advice can get homeowners to realize energy savings. • Craftsmen could be mediators between available products and the specific building

Private equity and entrepreneurial management in management buy-outs

NARCIS (Netherlands)

J. Bruining (Hans); E. Verwaal (Ernst); D.M. Wright (Mike)

2013-01-01

textabstractCritics claim that short-term profit orientation and high deal price strategies of private equity (PE) firms can negatively affect the ability of management buyouts to initiate and sustain entrepreneurial management. This study investigates this claim by comparing effects of majority PE

The Growth of Private Regulation of Labor Standards in Global Supply Chains

DEFF Research Database (Denmark)

Knudsen, Jette Steen

2013-01-01

Multinational corporations (MNCs) have come under pressure to adopt private regulatory initiatives such as supplier codes of conduct in order to address poor working conditions in global supply chain factories. While a well-known literature explores drivers and outcomes of such monitoring schemes...... requirements in global supply chains even though compliance is a “mission impossible” for many smaller firms. As a result of this development, the private regulatory system is facing growing strain.......Multinational corporations (MNCs) have come under pressure to adopt private regulatory initiatives such as supplier codes of conduct in order to address poor working conditions in global supply chain factories. While a well-known literature explores drivers and outcomes of such monitoring schemes......, this literature focuses mainly on large firms and has ignored the growing integration of small- and medium-sized enterprises (SMEs) into global supply chains. Furthermore, the literature on corporate social responsibility (CSR) in SMEs primarily emphasizes domestic initiatives and not global challenges. Focusing...

Energy from wastes and the private waste contracting industry

International Nuclear Information System (INIS)

Burnett, J.S.

1993-01-01

The focus of this ongoing work is the utilisation of general non hazardous industrial and commercial waste as an energy or fuel source. Whereas much of the existing experience in energy from waste (EFW) is related to municipal solid wastes (MSW), there is very little direct experience with these other waste streams and the shortage of reliable information in this field is notoriously lacking. It is important to have a good understanding of the private waste contracting industry (pwci) in order to establish the conditions under which energy from waste technologies may play an economically and technically feasible role within that industry's development. The Non Fossil Fuel Obligation (NFFO) has encouraged entrepreneurial interest through premium payments for electricity generated from renewable sources. (author)

Developing public private partnerships in Denmark

DEFF Research Database (Denmark)

Buser, Martine; Koch, Christian

2005-01-01

these various sectors in producing present public services. The paper analyse the emergent network and the metagovernance frame. Examples of Danish PPP are given highlighting the role of the construction firms. The experiences illustrate the importance of recognizing public private partnerships as emergent......The establishment of private public partnerships in Denmark in relation to construction has been a long and reluctant process. In the spring of 2004 however the government launched an action plan and PPP arrangements are now emerging. A first wave of PPP arrangements started flourishing however...... of networking, learning and establishing of institutions. Drawing on new public management perspectives it is argued that the future model of public services is the network of a mixed set of players (private, voluntary and public). Such networks might be strong in combining forces and strength from...

A public firm on a market for tradable emission permits. A case study for the Netherlands

International Nuclear Information System (INIS)

Koster, J.M.M.

2001-01-01

In chapters 2 and 3 a survey is given of the literature concerning imperfections in a market for tradable emission permits. Chapter 2 concentrates on profit maximizing firms functioning on unregulated output markets, while Chapter 3 focuses entirely on the inefficiencies arising from participation in the tradable permit scheme of firms that do not minimize their costs. From the survey of the literature in chapters 2 and 3, it appears that researchers have neglected environmental decision making in public firms of the type that have dominated the utility sectors in Europe during the twentieth century. Although their numbers have been reduced by the deregulation and privatization wave in the past two decades, the public firm has certainly not disappeared from the stage in Europe. In chapter 6 we shall fill this gap in the literature and develop a model of decision making in the public firm that can be applied to its decision on pollution abatement, in particular in case a scheme of tradable emission permits is the instrument of environmental policy. Electricity is one of the traditional utility sectors where the public firm was the dominant form of organization. In order to test the applicability of our public firm model we will use it to simulate the decisions of the Dutch electricity production sector in chapters 8 and 9. The chapters 4 and 5 prepare the ground by presenting the relevant facts about the economic regulation of the electricity sector and the relevant environmental policy. Chapter 4 gives a survey of the organization of production and distribution of electricity in the Netherlands during the period 1989-2001. Chapter 5 gives a sketch of air pollution control policy in the Netherlands in so far as it is relevant for the Dutch electricity sector and for the Dutch chemical industry. In chapter 6 we combine the knowledge of the previous chapters and present a model of a public firm which maximizes its utility from output, emission reduction and

Environmental investment and firm performance: A network approach

International Nuclear Information System (INIS)

Bostian, Moriah; Färe, Rolf; Grosskopf, Shawna; Lundgren, Tommy

2016-01-01

This study examines the role of investment in environmental production practices for both environmental performance and energy efficiency over time. We employ a network DEA approach that links successive production technologies through intertemporal investment decisions with a period by period estimation. This allows us to estimate energy efficiency and environmental performance separately, as well as productivity change and its associated decompositions into efficiency change and technology change. Incorporating a network model also allows us to account for both short-term environmental management practices and long-term environmental investments in each of our productivity measures. We apply this framework to a panel of detailed plant-level production data for Swedish manufacturing firms covering the years 2002–2008. - Highlights: • We use a network DEA model to account for intertemporal environmental investment decisionsin measures of firm productivity. • We apply our network technology model to a panel of firms in Sweden's pulp and paperindustry for the years 2002 - 2008. • We model environmental investments and expenditures separately from other productionoriented inputs. • We find evidence of positive relationships between energy efficiency, environmental performance, and firm productivity.

Private financing and market orientation in the renewable energy sector; Private Finanzierung und marktwirtschaftliche Orientierung im Bereich des Regenerativen Energiesektors

Energy Technology Data Exchange (ETDEWEB)

Jakubowski, M. [WRE AG, Frankfurt (Germany)

1998-06-01

Private investment in the renewable energy sector should best be encouraged by creating favourable market conditions, not by political regulation. Investment incentives that stem from political decisions offer the investor insufficient security because, as experience shows, political decisions can all too quickly be overturned by shifts in political power. [Deutsch] Um private Investitionen in dem Sektor der Erneuerbaren Energiequellen zu intensivieren, muss man mit Marktbedingungen und nicht mit politischen Regulierungen arbeiten. Durch politische Entscheidungen sanktionierte Investitionen sind fuer einen Investor keine ausreichende Absicherung seiner Investition, da die Erfahrung gelehrt hat, dass solche politischen Entscheidungen durch neue politische Konstellationen schnell umgeworfen werden koennen. (orig.)

Firm-level perspectives on State-Business Relations in Africa

DEFF Research Database (Denmark)

Charles, Goodluck; Jeppesen, Søren; Kamau, Paul

2017-01-01

interviews with 41 firms, 20 key informants and a range of secondary sources on the food-processing sectors of Kenya, Tanzania and Zambia. The article shows that businesses in these countries have limited policy influence, find policies and programmes to be inadequate when targeting the needs......Experiences from developed and emerging economies inform us that close state–business relations (SBRs) are crucial for economic development and structural transformation. Based on the positive experiences from other parts of the world, most African governments have begun processes to establish...... collaborative SBRs. Amongst other initiatives, these processes include amendments to existing laws to facilitate public–private interaction, direct support to existing business associations (BAs). This article draws on an analysis of survey data from 210 local firms, complemented with qualitative data from...

Kirkilas appeals to patriotism of private energy firm

Index Scriptorium Estoniae

2007-01-01

Leedu peaminister kutsub kolme Leedu energeetikaettevõtet ühinema ehitamaks uut tuumaelektrijaama. Valitsus pole rahul ühinevate ettevõtete varade hinnanguga, mille tegi audiitorfirma KPMG Baltics

The crucial role of the private sector.

Science.gov (United States)

Barberis, M; Paxman, J M

1986-12-01

Private support for the development of family planning programs continues to grow and now includes industries that provide family planning services, commercial outlets that distribute contraceptives, community groups that help to build demand, private medical practitioners who include contraception as a part of health care, organizations that provide technical and financial assistance to developing country programs, pharmaceutical firms, and foundations that underwrite contraceptive research. Although the mix of private and public programs differs from country to country, these 2 family planning programs complement each other and often work in close partnership. The private sector has the advantages of being able to pioneer innovative programs the public sector is unwilling or unable to pursue, to bring foreign financial and technical assistance to developing countries without political implications, and to achieve financially self-sustaining family planning efforts that are linked to other development efforts. In many countries, the private sector has been instrumental in developing a national family planning program and in eliminating barriers to family planning in countries with restrictive laws and policies. The private sector has been especially important in pioneering grassroots programs that improve the status of women through education, health care, training, and economic opportunity.

The Rise and Decline of U.S. Private Sector Investments in Energy R&D since the Arab Oil Embargo of 1973

Energy Technology Data Exchange (ETDEWEB)

Dooley, James J.

2010-11-01

This paper presents two distinct datasets that describe investments in energy research and development (R&D) by the US private sector since the mid1970s, which is when the US government began to systematically collect these data. The first dataset is based upon a broad survey of more than 20,000 firms’ industrial R&D activities. This broad survey of US industry is coordinated by the US National Science Foundation. The second dataset discussed here is a much narrower accounting of the energy R&D activities of the approximately two dozen largest US oil and gas companies conducted by the US Department of Energy’s Energy Information Agency. Even given the large disparity in the breadth and scope of these two surveys of the private sector’s support for energy R&D, both datasets tell the same story in terms of the broad outlines of the private sector’s investments in energy R&D since the mid 1970s. The broad outlines of the US private sector’s support for energy R&D since the mid 1970s is: (1) In the immediate aftermath of the Arab Oil Embargo of 1973, there is a large surge in US private sector investments in energy R&D that peaked in the period between 1980 and 1982 at approximately $3.7 billion to $6.7 billion per year (in inflation adjusted 2010 US dollars) depending upon which survey is used (2) Private sector investments in energy R&D declined from this peak until bottoming out at approximately $1.8 billion to $1 billion per year in 1999; (3) US private sector support for energy R&D has recovered somewhat over the past decade and stands at $2.2 billion to $3.4 billion. Both data sets indicate that the US private sector’s support for energy R&D has been and remains dominated by fossil energy R&D and in particular R&D related to the needs of the oil and gas industry.

Executive compensation and firm performance: Evidence from Indian firms

Directory of Open Access Journals (Sweden)

Mehul Raithatha

2016-09-01

Full Text Available The study examines the relationship between executive compensation and firm performance among Indian firms. The evidence suggests that firm performance measured by accounting, as well as market-based measures, significantly affects executive compensation. We also test for the presence of persistence in executive compensation by employing the system-generalised methods of moments (GMM estimator. We find significant persistence in executive compensation among the sample firms. Further, we report the absence of pay–performance relationship among the smaller sample firms and business group affiliated firms. Thus, our findings cast doubts over the performance-based executive compensation practices of Indian business group affiliated firms.

On the Competitive Interaction Between Private Label and Branded Grocery Products

OpenAIRE

Ronald W. Cotterill; Ravi Dhar; William P. Putsis Jr.

1996-01-01

Recent research in marketing has focused on cross-category variation in the market share of private label products, while recent work in the economics and industrial organization literature has focused on the determinants of firm price setting behavior. In this paper, the authors develop a framework for estimating market share and price reaction equations simultaneously in an attempt to understand the nature of competitive interaction in the market for private label and branded grocery produc...

Eco-Efficiency Actions and Firm Growth in European SMEs

Directory of Open Access Journals (Sweden)

Elisenda Jové-Llopis

2018-01-01

Full Text Available This study investigates the effects of eco-efficiency actions on firm performance in terms of sales growth in an extensive sample of 11,336 small- and medium-sized enterprises (SMEs located in 28 European countries. Our empirical results suggest that not all eco-strategies are positively related to better performance, at least not in the short term. We found that European companies using renewable energies, and recycling or designing products that are easier to maintain, repair, or reuse, perform better. Those that aim to reduce water or energy pollution, however, seemed to show a negative correlation to firm growth. Our results also indicate that high investment in eco-strategies improves firm growth, particularly in new members that joined the EU from 2004 onwards. Finally, we observed a U-shaped relationship between eco-strategies and firm growth, which indicates that a greater breadth of eco-strategies is associated with better firm performance. However, few European SMEs are able to either invest heavily or undertake multiple eco-strategies, thus leaving room for policy interventions.

Buenos Aires: The Unattainable Energy Transition of a Fragmented Metropolis

International Nuclear Information System (INIS)

Prevot-Schapira, Marie-France; Velut, Sebastien

2013-01-01

The case of Buenos Aires (13 million inhabitants) exemplifies the evolution of energy supply and distribution in a developing metropolis characterized by the growth of consumption, spatial extension and social contrasts. After the 2001 economic and political crisis, the energy sectors underwent a major reorganization. For the city this meant growing state intervention in energy supply, private firms and the fixing of energy prices. The resulting evolution does not meet the criteria of energy transition as conceived in Europe, but it highlights the weight of the federal government upon a fragmented metropolis where local actors struggle to find their own spaces of action

Do firm characteristics influence mutual fund performance? An empirical study for European mutual funds

NARCIS (Netherlands)

de Jong, F.C.J.M.; Wingens, L.

2013-01-01

This study investigates the influence of fund management firm characteristics on mutual fund performance. Using a sample of European domiciled open-end equity funds for the period 1998-2008, this study finds that the funds of private companies have performed better than the funds of public

Influence of consumer behaviour on the energy requirement of private households. Einfluss des Verbraucherverhaltens auf den Energiebedarf privater Haushalte

Energy Technology Data Exchange (ETDEWEB)

1982-01-01

The papers read at the meeting deal with the causes and effects of consumer tendencies towards careful use of energy in private households. The technical, social, and economic marginal conditions are thereby set into relief. Specific statements have only become possible since social scientists and engineers have jointly evolved practicable methods to analyze consumer behaviour.

Private Sector Investments from Small States in Emerging Markets: Can International Financial Institutions Help Handle the Risks?

Directory of Open Access Journals (Sweden)

Hilmar Þór Hilmarsson

2008-12-01

Full Text Available The private sector plays an important role in the economic reconstruction of emerging market economies, and international financial institutions (IFIs increasingly work in partnership with the private sector to increase economic growth and reduce poverty in those economies. IFIs, for example, offer: (i equity financing and/or loans for private sector projects, (ii investment guarantees against political risks (or non-commercial risks, (iii technical assistance, and (iv advisory services, etc. This article will briefly discuss the services that IFIs offer the private sector in emerging markets and cases in which these services could be useful for Icelandic companies. The institutions discussed are (i the World Bank Group, (ii the European Bank for Reconstruction and Development (EBRD, (iii the Asian Development Bank (AsDB, (iv the Inter-American Development Bank (IDB, and (v the African Development Bank (AfDB. A few Icelandic firms already have plans for relatively large projects in emerging market economies, especially in the energy sector, some of them in countries that could be classified as being risky. The ongoing economic crisis in Iceland will make project financing in emerging markets more problematic than before and therefore investments in partnership with international financial institutions could be an option that Icelandic firms will increasingly need to consider if they intend to invest abroad. However, increased private sector and IFI partnerships will not happen without government action. Iceland is a member of only two of the above-mentioned IFIs: the World Bank Group and the EBRD. The decision for Iceland to become member of the AsDB, IDB and AfDB rests solely with the government. Further government inaction in this area could become an impediment for foreign direct investment from Iceland to emerging markets and increase risks when the Icelandic private sector invests in those economies. Unnecessary risks might not only hurt

DETERMINATION OF THE INFLUENCING FACTORS TO MENU PLANNING IN BIG SIZED FOOD&BEVERAGE FIRMS (SAMPLE OF TURKEY)

OpenAIRE

SARIOĞLAN, Mehmet

2016-01-01

AbstractIndividuals who spend their time in destinations far away from their home because of the facts such as business, education, health, vacation and meeting has brought about eating habit in locations (outdoors). Since that increasing rate of eating habits outdoors of the individuals day by day, bigsized Food&Beverage firms has been showed up. Big sized Food&Beverage firms become influential as a supportive role on producing factors of the public, private or corporate ente...

Corporate Social Responsibility Applied for Rural Development: An Empirical Analysis of Firms from the American Continent

Directory of Open Access Journals (Sweden)

Miguel Arato

2016-01-01

Full Text Available Corporate Social Responsibility has been recognized by policymakers and development specialists as a feasible driver for rural development. The present paper explores both theoretically and empirically how firms involved in CSR provide development opportunities to rural communities. The research first evaluates the applied literature on the implementation of CSR by private firms and policymakers as means to foster sustainable rural development. The empirical research analyses the CSR activities of 100 firms from a variety of industries, sizes, and countries to determine the type of companies who are involved in rural development and the kind of activities they deployed. Results from the empirical research show that although rural development initiatives are not relevant for all types of companies, a significant number of firms from a variety of industries have engaged in CSR programs supporting rural communities. Firms appear to be interested in stimulating rural development and seem to benefit from it. This paper also includes an exploration of the main challenges and constraints that firms encounter when encouraging rural development initiatives.

India's petroleum privatization gathering speed

International Nuclear Information System (INIS)

Anon.

1994-01-01

Privatization of India's petroleum industry is seen as inevitable, even by the staunchest supporters of the state owned sector there. What has become clear is that the huge investments required for Indian exploration, refining, and marketing are beyond the scope of even the biggest state owned firms, such as Oil and Natural Gas Commission (ONGC) and Indian Oil Corp. (IOC). A proposal was put forth last fall to offer Bombay High offshore oil fields to leading multinationals for redevelopment to stem the production slide in India's mainstay producing area. Some of those projects could entail capital outlays of as much as $1 billion. In another step to attract foreign investment to the petroleum sector, India last month decided to take steps for phased decontrol of domestic crude oil prices to bring them in line with world market levels and help set the stage for privatization of ONGC. The paper describes major projects, the slide in oil production, price changes, the need for privatization, and the lukewarm interest in exploration

How private car purchasing trends offset efficiency gains and the successful energy policy response

International Nuclear Information System (INIS)

O Gallachoir, Brian P.; Howley, Martin; Cunningham, Stephen; Bazilian, Morgan

2009-01-01

In 2006, energy-related CO 2 emissions from transport energy in Ireland were 168% above 1990 levels. Private cars were responsible for approx 45% of transport energy demand in 2006 (excluding fuel tourism). The average annual growth of new cars between 1990 and 2006 was 5.2%. This paper focuses on these new cars entering the private car fleet, in particular the purchasing trend towards larger size cars. This has considerably offset the improvements in the technical efficiency of individual car models. The analysis was carried out on the detailed data of each individual new vehicle entering the fleet in 2000-2006. The average CO 2 emissions per kilometre for new petrol cars entering the Irish fleet grew from 166 to 168 g CO 2 /km from 2000 to 2005 and reduced to 164 in 2006. For diesel cars the average reduced from 166 in 2000 to 161 in 2006. The paper also discusses how a recent change in vehicle registration taxation and annual motor tax had a significant impact purchasing trends by supporting lower emission vehicles. Cars with emissions up to 155 g CO 2 /km represented 41% of new private cars sold in Ireland in 2007 compared with 84% during the period July-November 2008.

Workload Classification & Software Energy Measurement for Efficient Scheduling on Private Cloud Platforms

OpenAIRE

Smith, James W.; Sommerville, Ian

2011-01-01

At present there are a number of barriers to creating an energy efficient workload scheduler for a Private Cloud based data center. Firstly, the relationship between different workloads and power consumption must be investigated. Secondly, current hardware-based solutions to providing energy usage statistics are unsuitable in warehouse scale data centers where low cost and scalability are desirable properties. In this paper we discuss the effect of different workloads on server power consumpt...

Small Business Financing: Differences Between Young and Old Firms

OpenAIRE

Alicia M. Robb

2002-01-01

Financial capital is necessary not only for business formation but also for business survival and expansion: its role is well documented in the literature. While venture capital and IPOs often make the popular press, the fact is most firms are unable to tap into this market. Instead, they depend on owner equity, other private equity, and debt financing. Survey data from the Federal Reserve Board allow an in depth look at the patterns of small business financing in the late nineties. Evidence ...

Altruism, Rivalry and Crowding-Out in the Nonprofit Firm's Supply of Charity Services: The Case of Hospitals

OpenAIRE

Richard G. Frank; David S. Salkever

1988-01-01

This paper extends previous research on Individuals' supply of charitable donations to the behavior of nonprofit firms. Specifically, we study provision of charity care by private, nonprofit hospitals. We demonstrate that In the absence of large positive income effects on charity care supply, convex preferences for the nonprofit hospital imply crowding out by other private or government hospitals. Extending our model to include patient heterogeneity and impure altruism (rivalry) provides a po...

Going-Private Decisions and the Sarbanes-Oxley Act of 2002. A Cross-Country Analysis

National Research Council Canada - National Science Library

Kamara, Ehud; Karaca-Mandic, Pinar; Talley, Eric

2005-01-01

.... To address this difficulty, we examine the post-SOX change in the propensity of public American target firms to favor private acquirers over public ones with the corresponding change for foreign...

Which Subsidy Mode Improves the Financial Performance of Renewable Energy Firms? A Panel Data Analysis of Wind and Solar Energy Companies between 2009 and 2014

OpenAIRE

Huiming Zhang; Yu Zheng; Dequn Zhou; Peifeng Zhu

2015-01-01

The effectiveness of subsidies in improving the performance of renewable energy firms has aroused significant research attention in recent years. As subsidy modes may affect corporate financial performance,we have chosen companies specializing in wind and solar energy in the Shanghai and Shenzhen stock markets as samples.The relationships between the subsidy modes and financial performance of these two types of companies are investigated with a panel data model. Results of the total sample in...

Do Peer Firms Affect Firm Corporate Social Responsibility?

OpenAIRE

Shenggang Yang; Heng Ye; Qi Zhu

2017-01-01

Peer-firm strategies are a critical factor for corporate finance, and corporate social responsibility (CSR) is the main trend for evaluating the behavior of firms. On the basis of the connection between peer strategy and CSR, this paper explores the CSR strategies employed by a sample of Chinese firms during the 2008–2015 period. Our two main empirical findings are as follows. First, the CSR strategies of firms have a positive effect on their CSR behavior. Second, when there is the CSR gap be...

Privatization, industry integration and international politics: The case of energy and the role of business leadership in South America

Science.gov (United States)

Mireur, Yannick

2000-10-01

This thesis analyzes how matters traditionally decided by states because deemed strategic such as cross-border physical energy integration, are now the product of corporate strategy. As a direct result of state divestiture implemented in the scope of a changing model of political economy, corporate bodies have taken on an increasingly important role in the achievement of regional integration. The privatization and ownership transfer of a strategic industry, namely energy, has indeed positioned the private sector at the forefront of regional economic affairs. The study also points out the political impact of private sector-driven projects of infrastructure, particularly between two countries that have been separated by strong antagonism in the recent past, the launching of regional energy integration by private companies has provided the substance that was lacking to governments, even though these were willing to operate a rapprochement. The parameters of foreign policy decisions have been modified and rapprochement has been accelerated as a result of initiatives from the private sector. The thesis thus explores the links between the adoption of a neo-liberal political economy that includes the privatization of the energy sector, regional energy integration, and foreign relations. It analyzes how the transformation of transnational economic ties usually derived from decisions of state can now be the product of private business deals. It emphasizes the role of corporate executives in carrying out projects and shaping a new economic reality that governments have proved to be unable or unwilling to create in the past. Its focus is the Chile-Argentina energy integration process and rapprochement in the nineties. The spread of neo-liberalism in the Southern Cone has taken place in a time of waning alternative discourse on development strategy in the international public arena and of acute sense of development imperative in the so-called emerging economies. The thesis

Institutional investor activism : Hedge funds and private equity, economics and regulation

NARCIS (Netherlands)

Mc Cahery, Joseph; Bratton, W.

2015-01-01

The increase in institutional ownership of recent decades has been accompanied by an enhanced role played by institutions in monitoring companies’ corporate governance behaviour. Activist hedge funds and private equity firms have achieved a degree of success in actively shaping the business plans of

Innovative private micro-hydro power development in Rwanda

International Nuclear Information System (INIS)

Pigaht, Maurice; Plas, Robert J. van der

2009-01-01

Under the 'Private Sector Participation in Micro-Hydro Development Project in Rwanda', four newly registered Rwandan companies are each constructing a micro-hydro electricity plant (100-500 kW) and building a low-voltage distribution grid. These companies financed their plants through their own equity and debt with support from the PSP Hydro project. This support comprised a subsidy of 30-50% of investment costs, technical and business development assistance, project monitoring and financial controlling. The experiences gained so far have important implications for similar future micro-hydro energy sector development projects and this paper puts forward three key messages: (i) institutional arrangements rather than technical quality determine the success of such projects; (ii) truly sustainable rural electrification through micro-hydro development demands a high level of local participation at all levels and throughout all project phases, not just after plant commissioning; and (iii) real impact and sustainability can be obtained through close collaboration of local private and financial sector firms requiring only limited external funds. In short, micro-hydro projects can and will be taken up by local investors as a business if the conditions are right. Applying these messages could result in an accelerated uptake of viable micro-hydro activities in Rwanda, and in the opinion of the authors elsewhere too.

Bank service quality in private sector: Evidence from Iran

Directory of Open Access Journals (Sweden)

Niloufar Asgarian

2013-02-01

Full Text Available Service quality plays an important role in service industries such as banks, insurance firms, etc. The purpose of this paper is to investigate level of service quality in private banking industry in Iran. The proposed model of this paper uses SERVQUAL tool for measuring service quality and population of this study includes customers of three private banks in Tehran. Results show that except efficiency, other variables of SERVQUAL obtained suitable level mean in this study. As a result, with the development of electronic commerce, internet banking has become an alternative for developing, operating and offering bank services.

Transport energy demand in Andorra. Assessing private car futures through sensitivity and scenario analysis

International Nuclear Information System (INIS)

Travesset-Baro, Oriol; Gallachóir, Brian P.Ó.; Jover, Eric; Rosas-Casals, Marti

2016-01-01

This paper presents a model which estimates current car fleet energy consumption in Andorra and forecasts such consumption as a reference scenario. The base-year model is built through a bottom-up methodology using vehicle registration and technical inspection data. The model forecasts energy consumption up to 2050, taking into account the fleet structure, the car survival profile, trends in activity of the various car categories, and the fuel price and income elasticities that affect car stock and total fleet activity. It provides an initial estimate of private car energy demand in Andorra and charts a baseline scenario that describes a hypothetical future based on historical trends. A local sensitivity analysis is conducted to determine the most sensitive input parameters and study the effect of its variability. In addition, the scenario analysis explores the most uncertain future aspects which can cause important variability in the results with respect to the Reference scenario and provides a broad estimate of potential energy savings related to different policy strategies. - Highlights: •A private car energy model is built using aggregated available data. •Andorra's current car fleet energy consumption is estimated and forecasted to 2050. •Potential energy savings have been estimated using sensitivity and scenario analysis.

Future energy and emissions policy scenarios in Ireland for private car transport

International Nuclear Information System (INIS)

Daly, Hannah E.; Ó Gallachóir, Brian P.

2012-01-01

In this paper we use a technological model of Ireland's future car stock to simulate the impact of a range of policy measures on the baseline trend in energy demand in the period to 2030. The policies and measures modelled comprise meeting deployment targets for electric vehicles and compressed natural gas vehicles, an EU regulation for the improvement of vehicle efficiency, implementation of a national biofuel obligation, as well as several behavioural measures (encouraging modal shifting and reduced travel demand). The impact of the different measures simulated is measured in terms of their contribution to meeting Ireland's ambitious targets for energy savings, for renewable energy penetration and for greenhouse gas (GHG) emissions reductions. The results point to a possible improvement of 32% in car stock efficiency, the achievement of 7.8% renewable energy share of road and rail transport and a 22% reduction in non-ETS private car CO 2 emissions relative to 2009 levels. A scenario analysis on meeting the EV penetration target shows a significant range of CO 2 emissions reductions depending on the cars (and mileage) displaced and on the electricity generation portfolio. - Highlights: ► Private car policy scenarios for Ireland modelled. ► Impact of vehicle efficiency, fuel switching and behavioural measures evaluated. ► Highlights distance to EU non-ETS emissions and renewable energy targets. ► Analysis of EV target shows that GHG mitigation potential is very sensitive.

Firm-Level Perspectives on Public Sector Engagement with Private Healthcare Providers: Survey Evidence from Ghana and Kenya

Science.gov (United States)

Sood, Neeraj; Burger, Nicholas; Yoong, Joanne; Kopf, Dan; Spreng, Connor

2011-01-01

Background Health systems in Sub-Saharan Africa (SSA) are in urgent need of improvement. The private health sector is a major provider of care in the region and it will remain a significant actor in the future. Any efforts by SSA governments to improve health systems performance therefore has to account for the private health sector. Regional and international actors increasingly recognize importance of effectively engaging with the private health sector, and initiatives to improve engagement are underway in several countries. However, there is little systematic analysis of private health providers' view and experience with engagement. Methodology/Principal Findings In this study we surveyed private health facilities in Kenya and Ghana to understand the extent to which and how governments interact and engage with these facilities. The results suggest that government engagement with private health facilities is quite limited. The primary focus of this engagement is “command-and-control” type regulations to improve the quality of care. There is little attention paid to building the capacity of health care businesses through either technical or financial assistance. The vast majority of these facilities also receive no government assistance in meeting public health and social goals. Finally, government engagement with private pharmacies is often neglected and clinics receive a disproportionate share of government assistance. Conclusions/Significance Overall, our findings suggest that there may be considerable untapped potential for greater engagement with private health facilities—particularly pharmacies. Improving engagement will likely help governments with limited resources to better take advantage of the private sector capacity to meet access and equity objectives and to accelerate the achievement of the Millennium Development Goals. PMID:22132092

Firm-level perspectives on public sector engagement with private healthcare providers: survey evidence from Ghana and Kenya.

Directory of Open Access Journals (Sweden)

Neeraj Sood

Full Text Available BACKGROUND: Health systems in Sub-Saharan Africa (SSA are in urgent need of improvement. The private health sector is a major provider of care in the region and it will remain a significant actor in the future. Any efforts by SSA governments to improve health systems performance therefore has to account for the private health sector. Regional and international actors increasingly recognize importance of effectively engaging with the private health sector, and initiatives to improve engagement are underway in several countries. However, there is little systematic analysis of private health providers' view and experience with engagement. METHODOLOGY/PRINCIPAL FINDINGS: In this study we surveyed private health facilities in Kenya and Ghana to understand the extent to which and how governments interact and engage with these facilities. The results suggest that government engagement with private health facilities is quite limited. The primary focus of this engagement is "command-and-control" type regulations to improve the quality of care. There is little attention paid to building the capacity of health care businesses through either technical or financial assistance. The vast majority of these facilities also receive no government assistance in meeting public health and social goals. Finally, government engagement with private pharmacies is often neglected and clinics receive a disproportionate share of government assistance. CONCLUSIONS/SIGNIFICANCE: Overall, our findings suggest that there may be considerable untapped potential for greater engagement with private health facilities--particularly pharmacies. Improving engagement will likely help governments with limited resources to better take advantage of the private sector capacity to meet access and equity objectives and to accelerate the achievement of the Millennium Development Goals.

"Lines of Credit and Relationship Lending in Small Firm Finance"

OpenAIRE

Allen N. Berger; Gregory E. Udell

1994-01-01

This paper examines the role of relationship lending using a data set on small firm finance. The abilities to acquire private information over time about borrower quality and to use this information in designing debt contracts largely define the unique nature of commercial banking. Recently, a theoretical literature on relationship lending has appeared which provides predictions about how loan interest rates evolve over the course of a bank-borrower relationship. The study focuses on small, m...

Organization and Information: Firms' Governance Choices in Rational-Expectations Equilibrium

OpenAIRE

Robert Gibbons; Richard Holden; Michael Powell

2012-01-01

We analyze a rational-expectations model of price formation in an intermediate-good market under uncertainty. There is a continuum of firms, each consisting of a party who can reduce production cost and a party who can discover information about demand. Both parties can make specific investments at private cost, and there is a machine that either party can control. As in incomplete-contracting models, different governance structures (i.e., different allocations of control of the machine) crea...

Business-State Relations in the Differentiated Private Sector in Vietnam

DEFF Research Database (Denmark)

Thomsen, Lotte

2011-01-01

Abstract This paper examines private businesses' access to land and capital in Vietnam. It finds that the allocation of these resources to private firms is still excessively state-driven and personalised, and examines the links that business people of different ethnical and regional backgrounds...... have with the state and how this facilitates or hinders their access to land and capital. Lacking relationships with the state may have profound consequences for unconnected private enterprises, which are accordingly subject to uneven competition from connected ones. The paper suggests that private...... businesses' uneven opportunities are basically a consequence of the general history of the country and the role that individual business people have played in it, in such respects as having had former state-sector employment, party membership, the 'side' they were on before and during the Vietnam War etc...

Foreign firms to get equal opportunity in Mexican selloff plans

International Nuclear Information System (INIS)

Wood, A.; Alvarez, C.

1993-01-01

Petroleos Mexicanos (Pemex) has not finalized details of its long-awaited petrochemical privatization program. However, the state oil group has made it clear the selloff schedule, due to begin during the next two months, will give equal investment opportunity to foreign firms, dashing the hopes of Mexican groups that they would be given first right of refusal in the privatization program. Meanwhile, Pemex has agreed with Shell Oil on a previously announced refining joint venture involving Shell's 225,000-bbl/day refinery at Deer Park, TX. Under the plan, Pemex will purchase a 50% stake in the refinery and join Shell in a $1-billion upgrade with would enable it to handle more Mexican crude. Sources believe that Shell and other US oil groups are interested in acquiring assets from Pemex Petroquimica

Private and Public Supply of Liquidity

OpenAIRE

Bengt Holmstrom; Jean Tirole

1998-01-01

This paper addresses a basic yet unresolved question: Do claims on private assets provide sufficient liquidity for an efficient functioning of the productive sector? Or does the State have a role in creating liquidity and regulating it either through adjustments in the stock of government securities or by other means? In our model, firms can meet future liquidity needs in three ways: by issuing new claims and diluting old ones, by obtaining a credit credit line from a financial intermediary, ...

A fruitful partnership with the private sector

International Nuclear Information System (INIS)

Ouellet, D.

1993-01-01

Hydro-Quebec's successful partnership with the private sector, in particular with the consulting engineering profession, was highlighted, as an indication of the unprecedented economic activity generated by the public utility throughout its fifty year existence, and most noticeably since the 1960s, when the 'Quiet Revolution' of the Lesage government set the tone for favoring Quebec consulting firms. The Corporation's rapid growth also stimulated the development of the province's private engineering sector, and served as the incentive for electrical equipment manufacturers, and the source of new skills and enterprises emerging from environmental concerns. Special mention was made of the economic advances made by native peoples through their involvement in land clearing, excavation, construction, and provision and transportation of supplies to remote construction sites

Estimating risk propagation between interacting firms on inter-firm complex network.

Science.gov (United States)

Goto, Hayato; Takayasu, Hideki; Takayasu, Misako

2017-01-01

We derive a stochastic function of risk propagation empirically from comprehensive data of chain-reaction bankruptcy events in Japan from 2006 to 2015 over 5,000 pairs of firms. The probability is formulated by firm interaction between the pair of firms; it is proportional to the product of α-th power of the size of the first bankrupt firm and β-th power of that of the chain-reaction bankrupt firm. We confirm that α is positive and β is negative throughout the observing period, meaning that the probability of cascading failure is higher between a larger first bankrupt firm and smaller trading firm. We additionally introduce a numerical model simulating the whole ecosystem of firms and show that the interaction kernel is a key factor to express complexities of spreading bankruptcy risks on real ecosystems.

Estimating risk propagation between interacting firms on inter-firm complex network.

Directory of Open Access Journals (Sweden)

Hayato Goto

Full Text Available We derive a stochastic function of risk propagation empirically from comprehensive data of chain-reaction bankruptcy events in Japan from 2006 to 2015 over 5,000 pairs of firms. The probability is formulated by firm interaction between the pair of firms; it is proportional to the product of α-th power of the size of the first bankrupt firm and β-th power of that of the chain-reaction bankrupt firm. We confirm that α is positive and β is negative throughout the observing period, meaning that the probability of cascading failure is higher between a larger first bankrupt firm and smaller trading firm. We additionally introduce a numerical model simulating the whole ecosystem of firms and show that the interaction kernel is a key factor to express complexities of spreading bankruptcy risks on real ecosystems.

A look at the European domestic and foreign energy policy

International Nuclear Information System (INIS)

Lesourne, J.

2008-01-01

After having defined the main characteristics of energy considered as a good (a private good, a product of first necessity, a redistributed product, a strategic good), the author presents the actors of the European energy policy: European authorities, member state governments, firms (operators and big consumers), and households. He presents the European domestic energy policy which comprises three main themes: the creation of a domestic market, the taking of government commitments for 2020 into account, and the emission trading scheme. He identifies and comments the three main objectives of the European foreign energy policy: supply security, struggle against climate change, and support to the less developed countries

Exploratory analysis of prospects for renewable energy private investment in the U.S

International Nuclear Information System (INIS)

Aguilar, Francisco X.; Cai, Zhen

2010-01-01

Opportunities for private investments in renewable energies were explored using a stated-preference investment allocation instrument. Allocation alternatives included conventional and renewable energy investments. Among renewable energy investments, solar and wind energy were ranked the highest while grass and wood-based technologies were at the bottom of the renewable energy list. This ranking mirrors the allocation of investments in sustainable energy technologies in global markets. Results were analyzed using a two-limit tobit model which suggests that certainty of investments, a diversified portfolio and expectation on financial returns were the primary drivers behind funds allocated to renewable energy investments. Using cluster analysis, twenty-three percent of our sample of current and future investors was identified as individuals most willing to invest in renewable energies. (author)

Credit conditions and firm investment: Evidence from the MENA region

OpenAIRE

Herrala, Risto; Turk Ariss, Rima

2012-01-01

The Arab Spring is a clear indicator of the urgency of achieving inclusive growth and ensuring job creation in the Middle East and North Africa (MENA) region, where private sector development is still hindered by limited access to credit. Following Kiyotaki and Moore's (1997) seminal model, we apply a novel methodological approach to a unique data set of MENA firms to estimate credit limits and their impacts on capital accumulation. Notably, we find higher credit limits in countries where the...

Transformation of Manufacturing Firms to Servitisation Firms

DEFF Research Database (Denmark)

Lin, Chih-Cheng; Ma, Zheng; Tanev, Stoyan

2014-01-01

It is crucial for the manufacturing SMEs to reconsider their business strategy in order to be able to launch customer-centric solutions. This ability is associated with a paradigm shift from a product-orientation to service-orientation. One of the major challenges to success in transforming...... a traditional manufacturing firm to service-oriented firms is the conspicuous lack of publications in this research stream. Applying a case study research approach, this study explores the transformation model for manufacturing SMEs to servitisation firms by adopting a network approach, and reveals...

10 CFR 603.615 - Financial management standards for-profit firms.

Science.gov (United States)

2010-01-01

... 10 Energy 4 2010-01-01 2010-01-01 false Financial management standards for-profit firms. 603.615... § 603.615 Financial management standards for-profit firms. (a) To avoid causing needless changes in participants' financial management systems, an expenditure-based TIA will make for-profit participants that...

Private power development and environmental protection in India

Energy Technology Data Exchange (ETDEWEB)

Das, S.; Wilbanks, T.J.

1997-12-01

This report assesses relationships between private power development in India and environmental protection in that country. The central question is whether private firms generating and distributing electricity in developing countries will do a better or a worse job in environmental protection, as a part of their overall corporate responsibility, than public-sector institutions. After reviewing the fundamental question, why it is asked, and the context in which it operates in the nation of India, this report continues with an analysis of available information, quantitative and qualitative, that can help to resolve the issues in the particular case of India. Finally, it ends with conclusions from the analysis and recommendations for reducing remaining uncertainties in the future.

The integration of Chinese and European renewable energy markets: The role of Chinese foreign direct investments

International Nuclear Information System (INIS)

Lv, Ping; Spigarelli, Francesca

2015-01-01

In the renewable energy (RE) sectors, foreign direct investments are becoming an important mean of regional integration between China and Europe, as a result of the combined effect of Europe–China dialog on energy issues; Chinese energy policy; and Chinese Go Global policy. Using a firm level data set from the Chinese Ministry of Commerce, we perform an analysis on location choice by Chinese RE firms from 2004 to 2013, within Europe. We depict a map of “where to where” (home province vs. host country) and “who to where” (firm level characteristics vs. host country), to find out how characteristics of home and host regions affecting the integration of Chinese and European RE markets. Main results are the following. Investment pairs in RE sectors reflect a duality: firms tend to seek countries with similar institutional environment, compared with their origin regions. Countries with weak and immature institutions are attractive for immature and inexperienced Chinese firms. Main features of Chinese investors are the following: private, non-listed firms, entering through greenfield, focusing on sales. Market-seeking investors tend to enter countries with both well-developed institutional environment and industry development base. R&D-oriented investments are more likely to flow to countries with well-developed institutional environment. -- Highlights: •A map of Where to Where of Chinese investments in Europe is depicted. •Characteristics of home and host regions affect Chinese integration in Europe. •Investment pairs in renewable energy sectors reflect a duality. •Chinese firms localize in EU countries with similar institutional environment. •Through a Who to Where analysis, key features of Chinese investors are outlined

Female Directors and Firm Performance: Evidence from UK Listed Firms

Directory of Open Access Journals (Sweden)

Pananda Pasaribu

2017-08-01

Full Text Available The impact of female directors on firm performance has lacked consistency in the previously conducted empirical studies, which may be due to the endogeneity problem, or certain characteristics (i.e. governance, industry, competition. This study examines the relationship between female directors and firm performance by addressing those problems. This study analyses all non-financial UK listed firms during the period 2004-2012 and employs several econometric models. The regression results indicate that there is little evidence that female directors have a positive and strong relationship with firm performance. But, further analysis reports that the UK’s small listed firms experience a positive significant effect, because small firms do not suffer from the problem of over-monitoring and they have more flexibility in composing their boards of directors.

Value acceleration: lessons from private-equity masters.

Science.gov (United States)

Rogers, Paul; Holland, Tom; Haas, Dan

2002-06-01

The most successful private-equity firms regularly spearhead dramatic business transformations, creating exceptional returns for their investors. To understand how those firms do it, the authors studied more than 2,000 PE transactions over the past ten years and discovered that the top performers' success stems from the rigor with which they manage their businesses. This article describes the four management disciplines vital to the success of the best PE firms. First, for each business, they define an investment thesis: a brief, clear statement of how to make the business more valuable within three to five years. The thesis, which guides all actions by the company, usually focuses on growth. PE firms know that the demonstration of a path to strong growth produces the big returns on investment. Second, they don't measure too much. They zero in on a few financial indicators that most clearly reveal the business's progress in increasing its value. They watch cash more closely than earnings and tailor performance measures to each business, rather than imposing one set of measures across their entire portfolio. Third, they work their balance sheets, mining undervalued assets, turning fixed assets into sources of financing, and aggressively managing their physical capital. Last, they make the center the shareholder. Corporate staffs in PE firms make unsentimental investment decisions, buying and selling businesses when the price is right and bringing in new management when performance falters. These firms also keep their corporate centers extremely lean. By adopting these four disciplines, executives at public companies should be able to reap significantly greater returns from their own business units.

Knowledge management a competitive edge for law firms in Botswana in the changing business environment

Directory of Open Access Journals (Sweden)

Madeleine Fombad

2015-08-01

Full Text Available Background: Law firms in Botswana offer a particularly interesting context to explore the effects of transition in the knowledge economy. Acquiring and leveraging knowledge effectively in law firms through knowledge management can result in competitive advantage; yet the adoption of this approach remains in its infancy. Objectives: This article investigates the factors that will motivate the adoption of knowledge management in law firms in Botswana, and creates an awareness of the potential benefits of knowledge management in these firms. Method: The article uses both quantitative and qualitative research methods and the survey research design. A survey was performed on all 115 registered law firms and 217 lawyers in Botswana. Interviews were conducted with selected lawyers for more insight. Results: Several changes in the legal environment have motivated law firms to adopt knowledge management. Furthermore, lawyers appreciate the potential benefits of knowledge management. Conclusion: With the rise of the knowledge-based economy, coupled with the pressures faced by the legal industry in recent years, law firms in Botswana can no longer afford to rely on the traditional methods of managing knowledge. Knowledge management will, therefore, enhance the cost effectiveness of these firms. Strategic knowledge management certainly helps to prepare law firms in Botswana to be alive to the fact that the systematic harnessing of legal knowledge is no longer a luxury, but an absolute necessity in the knowledge economy. It will also provide an enabling business environment for private sector development and growth and, therefore, facilitate Botswana’s drive towards the knowledge-based economy.

Firm Culture and Leadership as Firm Performance Predictors : a Resource-Based Perspective

NARCIS (Netherlands)

Wilderom, C.P.M.; van den Berg, P.

2000-01-01

In this study, we tested part of the resource-based view of the firm by examining two 'soft' resources, firm culture and top leadership, as predictors of 'hard' or bottom-line firm performance.Transformational top leadership was found to predict firm performance directly while the link between firm

Application of Systems Engineering to U.S. Department of Energy Privatization Project Selection at the Hanford Nuclear Reservation

International Nuclear Information System (INIS)

Layman, John Scott

1999-01-01

The privatization efforts at the U.S. Department of Energy's Hanford Nuclear Reservation have been very successful primarily due to a disciplined process for project selection and execution. Early in the development of Privatization at Hanford, the Department of Energy determined that a disciplined alternatives generation and analysis (AGA) process would furnish the candidate projects with the best probability for success. Many factors had to be considered in the selection of projects. Westinghouse Hanford Company was assigned to develop this process and facilitate the selection of the first round of candidate privatization projects. Team members for the AGA process were assembled from all concerned organizations and skill groups. Among the selection criteria were legal, financial and technical considerations which had to be weighed

Financing renewable energy in developing countries. Drivers and barriers for private finance in sub-Saharan Africa

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-02-15

The focus of this report is to identify and portray current barriers to the scaling up of private investment and finance for electricity generation from renewable energy sources in the sub-Saharan region. Best practice in tackling these barriers is identified, partly from a literature review but especially from the results of a survey conducted among 36 financial institutions that are UNEP Finance Initiative members and two non-member banks (all survey respondents have experience in the field of energy infrastructure finance). Promising avenues in the areas of local policy reform, incentive mechanisms and international de-risking instruments are highlighted. In particular, this report addresses the following questions: (a) Why are sub-Saharan Africa and developing countries elsewhere failing to expand electricity generation from renewable sources? What are the barriers to such expansion? What is keeping the risk-return profile of renewable energy investments in sub-Saharan Africa unattractive and projects commercially unviable?; (b) What have been the experiences of private sector lenders and investors in the area of renewable energy projects in developing countries? What barriers and drivers have they encountered, and how can these experiences be of use in sub-Saharan Africa?; (c) What can be learned from the modest but encouraging successes of a few sub-Saharan African countries? Can these results be replicated? What was done in these countries to improve the risk-return profile of renewable energy and unlock private finance?.

Energy research strategic plan

International Nuclear Information System (INIS)

1995-08-01

Research and development is an essential element of economic prosperity and a traditional source of strength for the U.S. economy. During the past two decades, the way of introducing technological developments into the national economy has changed steadily. Previously, industry did most long-term technology development and some basic research with private funding. Today, the Nation's industry relies mostly on federally-funded research to provide the knowledge base that leads to new technologies and economic growth. In the 1980s, U.S. firms lost major technology markets to foreign competition. In response, many firms increased emphasis on technology development for near term payoff while decreasing long term research for new technology. The purpose of the Office of Energy Research of the U.S. Department of Energy (DOE) is to provide basic research and technology development that triggers and drives economic development and helps maintain U.S. world leadership in science. We do so through programs of basic and applied research that support the Department's energy, environmental and national defense missions and that provide the foundation for technical advancement. We do so by emphasizing research that maintains our world leadership in science, mathematics, and engineering and through partnerships with universities, National Laboratories, and industries across the Nation

Firms plunge into the sea. Marine Biotechnology Industry, a first investigation

OpenAIRE

Gaia Raffaella eGreco; Marco eCinquegrani

2016-01-01

Marine biology made in the last four decades giant leaps. Several scientific and technological breakthroughs shaped research in the marine environment. Thanks to the revelation of the enormous width and complexity of sea life, marine biotechnology began a fast path of development that involved both the public and the private domain. Although there exist some studies on the dimensions and the evolution of the industry, few and scattered is the knowledge about the firms and the dynamics that ch...

US firms leave business lobby group

Science.gov (United States)

Gwynne, Peter

2009-11-01

Three US energy and hi-tech firms have left the US Chamber of Commerce - a powerful group that lobbies on behalf of business - because it has openly questioned the science behind climate change. The departing organizations protest that the chamber and another business lobbying group, the National Association of Manufacturers (NAM), could cripple advances in renewable energy by becoming representatives of fossil-fuel interests.

Foreign Firms, Domestic Wages

DEFF Research Database (Denmark)

Malchow-Møller, Nikolaj; Markusen, James R.; Schjerning, Bertel

to the firm?s productivity. Foreign-owned firms have, on average, higher productivity in equilibrium due to entry costs, which means that low-productivity foreign firms cannot enter. Foreign firms have higher wage growth and, with some exceptions, pay higher average wages, but not when compared to similarly...... large domestic firms. The empirical implications of the model are tested on matched employer-employee data from Denmark. Consistent with the theory, we find considerable evidence of higher wages and wage growth in large and/or foreign-owned firms. These effects survive controlling for individual...... characteristics, but, as expected, are reduced significantly when controlling for unobservable firm heterogeneity. Furthermore, acquired skills in foreign-owned and large firms appear to be transferable to both subsequent wage work and self-employment...

Privatizing policy: Market solutions to energy and environmental problems

International Nuclear Information System (INIS)

Stroup, R.

1995-01-01

This paper discusses how and why privatization can improve policy, not only in terms of managing production, but also in terms of regulation. Three major aspects of privatization are discussed. The importance for the environment of economic efficiency and prosperity is examined. The role of private law and a rights-based policy for controlling pollution is considered. Finally the claim that privatization would replace farsighted government decisions with shortsighted decisions by owners is examined. 83 refs., 2 figs

Why do mainland Chinese firms succeed in some sectors and fail in others? A critical view of the Chinese system of innovation

OpenAIRE

Tylecote, Andrew; Cai, [Unknown; Liu, Jing; Jiajia, [Unknown

2010-01-01

Domestically owned firms in mainland China have shown disappointing technological performance in higher-technology sectors. We argue that deficiencies in the systems of finance and corporate governance are largely to blame. Private firms have been starved of financial resources. The key weakness of Chinese State-Owned Enterprises (SOEs), lies in their corporate governance: the officials monitoring them have been 'disengaged', with the consequence that the investment of money and effort, which...

Innovative private micro-hydro power development in Rwanda

Energy Technology Data Exchange (ETDEWEB)

Pigaht, Maurice; Van der Plas, Robert J. [MARGE-Netherlands, Brem 68, 7577 EW Oldenzaal (Netherlands)

2009-11-15

Under the 'Private Sector Participation in Micro-Hydro Development Project in Rwanda', four newly registered Rwandan companies are each constructing a micro-hydro electricity plant (100-500 kW) and building a low-voltage distribution grid. These companies financed their plants through their own equity and debt with support from the PSP Hydro project. This support comprised a subsidy of 30-50% of investment costs, technical and business development assistance, project monitoring and financial controlling. The experiences gained so far have important implications for similar future micro-hydro energy sector development projects and this paper puts forward three key messages: (1) institutional arrangements rather than technical quality determine the success of such projects; (2) truly sustainable rural electrification through micro-hydro development demands a high level of local participation at all levels and throughout all project phases, not just after plant commissioning; and (3) real impact and sustainability can be obtained through close collaboration of local private and financial sector firms requiring only limited external funds. In short, micro-hydro projects can and will be taken up by local investors as a business if the conditions are right. Applying these messages could result in an accelerated uptake of viable micro-hydro activities in Rwanda, and in the opinion of the authors elsewhere too. (author)

Privatisation of Security: Private Military Contractors Serving Governments

Directory of Open Access Journals (Sweden)

Jarosław Piątek

2017-12-01

Full Text Available Privatisation of security did not appear in the process of revolution. Under conditions of deepening international relations, as well as integration and globalisation processes, security of the state, as well as other entities, is subject to a number of dependencies. The article casts some doubt on how much states are prepared to take such actions, while not losing the attribute of monopoly on violence. Moreover, the article presents doubts about the ranks of modern armed forces. Private Military Firms (PMFs are new actors the actions of which affect the security. The contemporary image of the PMF functioning is a phenomenon on a global scale. In the twenty-first century, small businesses can have a huge impact on the reality and international affairs. Leaving military firms without state control proves that they do not understand the dynamics, range, risks and challenges posed by cooperation with entities that are allowed to use force. Furthermore, despite devastating consequences that occurred during the state stabilisation operations, these firms continued to outsource services to contractors, while not creating any legal control over them.

Public-Private roundtables at the fourth Clean Energy Ministerial, 17-18 April 2013, New Delhi, India

Energy Technology Data Exchange (ETDEWEB)

Crowe, Tracey [Energetics, Incorporated, Washington, DC (United States)

2013-06-30

The Clean Energy Ministerial (CEM) is a high-level global forum to share best practices and promote policies and programs that advance clean energy technologies and accelerate the transition to a global clean energy economy. The CEM works to increase energy efficiency, expand clean energy supply, and enhance clean energy access worldwide. To achieve these goals, the CEM pursues a three-part strategy that includes high-level policy dialogue, technical cooperation, and engagement with the private sector and other stakeholders. Each year, energy ministers and other high-level delegates from the 23 participating CEM governments come together to discuss clean energy, review clean energy progress, and identify tangible next steps to accelerate the clean energy transition. The U.S. Department of Energy, which played a crucial role in launching the CEM, hosted the first annual meeting of energy ministers in Washington, DC, in June 2010. The United Arab Emirates hosted the second Clean Energy Ministerial in 2011, and the United Kingdom hosted the third Clean Energy Ministerial in 2012. In April 2013, India hosted the fourth Clean Energy Ministerial (CEM4) in New Delhi. Key insights from CEM4 are summarized in the report. It captures the ideas and recommendations of the government and private sector leaders who participated in the discussions on six discussion topics: reducing soft costs of solar PV; energy management systems; renewables policy and finance; clean vehicle adoption; mini-grid development; and power systems in emerging economies.

Pengaruh Family Control, Firm Size, Firm Risk, Dan Firm Life Cycle Terhadap Profitabilitas Dan Nilai Perusahaan Sektor Industri Barang Konsumsi

OpenAIRE

Servin, Servin

2014-01-01

This study aims to examine the effect of family control, firm size, firm risk, and firm lifecycle towards profitability and firm's value. Sampels were taken from 27 consumer goodscompanies, listed in Indonesia Stock Exchange, ranging from 2010 – 2012. The hypotheseswere tested using multiple regression analysis. In this study, profitability was measured byROA (Return on Asset) and firm's value was measured by Tobin's q. The result were, familycontrol and life cycle stage-growth had negative i...

Do we have a common future with regard to energy?

International Nuclear Information System (INIS)

Stigson, B.

2007-01-01

The World Business Council for Sustainable Development (WBCSD) groups 190 international firms that are calling for a sustainable economic development based on an optimized combination of solutions for solving energy problems while fighting against climatic change. Besides efforts to save energy, improve efficiency and develop innovative low-carbon techniques, it is essential to work out a balanced mix of actions for maximizing the advantages to be drawn from various energy sources. Public policies must organize and support research and development so that all worthwhile options are explored and the results put on the market in time. Special opportunities for public-private partnerships exist in the construction of prototypes and demonstration of innovations in nuclear energy. (author)

Division of Labor, Transaction Cost, Emergence of the Firm and Firm Size

OpenAIRE

Pak-Wai Liu; Xiaokai Yang

1999-01-01

In this paper a general equilibrium model is constructed to explain the emergence of firms and change in firm size by the tradeoff between economies of specialization and transaction cost. We show that firms emerge from the development of division of labor if the transaction efficiency for labor is smaller than that for intermediate goods. Given the emergence of firms, change in the average size of firms (average employment) will depend on the change in transaction efficiency for intermediate...

Default Risk and Firm Value of Shipping & Logistics Firms in Korea

Directory of Open Access Journals (Sweden)

Hyun Jung Nam

2017-07-01

Full Text Available As shipping and logistics industry is one of the core industries in Korea, the volume was ranked in the fifth highest in the world. However, shipping and logistics industry of Korea has suffered from default risk since Global Financial Crisis in 2008. This study examines the relationship between the default risk, as measured by the Altman K-Score, and firm value, as measured by the Return on Assets (ROA, of shipping and logistics firms in Korea and compares the impact of default risk on firm value between good financial health firms and poor financial health firms. As the trends of KScores over a ten-year periods, shipping and logistics firms in Korea register weak-to-moderate financial healthy rage. We find that Altman K-Score is significantly linked with firm value and also higher performing firms as measured by the ROA exhibit higher financial health as measured by KScore. Although nine years have been passed since Global Financial Crisis 2008, Korean shipping and logistics industry is still under the financial depression. This study proposes that systematic financial alert system of Korean shipping and logistics industry should be required to decrease default risk reflecting significance of Korean economy.

How private housholds can use environment - higher energy consumption despite efficiency increasement; Wie private Haushalte die Umwelt nutzen - hoeherer Energieverbrauch trotz Effizienzsteigerung. Hintergrundpapier

Energy Technology Data Exchange (ETDEWEB)

NONE

2006-11-15

Energy saving potentials are not being used satisfactorily to date, especially as regards the use of electricity. No-load losses caused by electrical devices such as television sets and computers amount to some 17 billion kilowatt hours per year for private households alone. This makes 3.3. billion euros in electricity costs. Having an easily accessible mains switch that disconnects electrical devices from the mains can already help to avoid no-load losses. White goods such as fridge-freezers, washing machines or dish washers also offer considerable saving potentials. Efficient technologies could contribute annual savings from this product sector in the order of seven billion kilowatt hours, equivalent to 5.8% of the total electricity consumption of private households.

Energy conservation. Federal shared energy savings contracting

International Nuclear Information System (INIS)

Fultz, Keith O.; Milans, Flora H.; Kirk, Roy J.; Welker, Robert A.; Sparling, William J.; Butler, Sharon E.; Irwin, Susan W.

1989-04-01

A number of impediments have discouraged federal agencies from using shared energy savings contracts. As of November 30, 1988, only two federal agencies - the U.S. Postal Service (USPS) and the Department of the Army -had awarded such contracts even though they can yield significant energy and cost savings. The three major impediments we identified were uncertainty about the applicability of a particular procurement policy and practice, lack of management incentives, and difficulty in measuring energy and cost savings. To address the first impediment, the Department of Energy (DOE) developed a manual on shared energy savings contracting. The second impediment was addressed when the 100th Congress authorized incentives for federal agencies to enter into shared savings contracts. DOE addressed the third impediment by developing a methodology for calculating energy consumption and cost savings. However, because of differing methodological preferences, this issue will need to be addressed on a contract-by-contract basis. Some state governments and private sector firms are using performance contracts to reduce energy costs in their buildings and facilities. We were able to identify six states that were using performance contracts. Five have established programs, and all six states have projects under contract. The seven energy service companies we contacted indicated interest in federal shared energy savings contracting

Political connections, corruption, and privatization of public services: Evidence from contracting out water services in Spain

OpenAIRE

Bel i Queralt, Germà, 1963-; González Gómez, Francisco; Picazo Tadeo, Andrés José

2015-01-01

Political corruption is a type of market failure. One area of public policy where corruption is relatively common is the contracting out of public services. Private firms can improve their chances of obtaining contracts by bribing politicians or public servants and funding political parties. In the same vein, firms can gain access to policy makers by hiring influential former politicians –a practice commonly referred to as revolving-doors. In Spain, a number of corruption cases, involving all...

Strategic culture and environmental dimensions as determinants of anomie in publicly-traded and privately-held firms

NARCIS (Netherlands)

Johnson, J.L.; Martin, K.D.; Saini, A.

2011-01-01

Anomie is a condition in which normative guidelines for governing conduct are absent. Using survey data from a sample of U.S. manufacturing firms, we explore the impact of internal (cultural) and external (environmental) determinants of organizational anomie. We suggest that four internal

Policy changes that encourage private business investment in Colombia

OpenAIRE

Dailami, Mansoor

1989-01-01

Private business investment has expanded remarkably in Colombia's recent economic recovery. Sustained expansion of this investment is considered crucial to continued economic growth and increases in production. Having analyzed demand, the cost of capital, and the availability and allocation of investable funds, the paper makes the following conclusions. First, motivating firms to expand capacity is a key requirement for continued expansion. Secondly, frequent forecasting of such variables as ...

Privatization and competition in the energy sector in Ukraine

International Nuclear Information System (INIS)

Kalnichenko, L.

2002-01-01

An overview is presented of the electric power industry of Ukraine. The major elements of the privatization process are discussed. The procedures and timeline of privatization are shown. Key investment considerations include market potential, the country's strategic position, fuel source diversification, balanced group of Oblenergos offered for sale, government's commitment to privatization, controlling stakes offered for sale, and favorable business environment. (R.P.)

The adverse effects of government spending on private consumption in New Keynesian Models

NARCIS (Netherlands)

Kuehn, S.; Veen, van A.P. (Tom); Muysken, J.

2009-01-01

Empirical evidence shows that government spending crowds in private consumption, a Keynesian phenomenon. The current state of the art, New Keynesian models based on optimising households and firms, is not able to predict such a result. We show with a graphical framework as well as a formal model why

Does Government Support for Private Innovation Matter? Firm-Level Evidence from Turkey and Poland

OpenAIRE

Wojciech Grabowski; Teoman Pamukcu; Krzysztof Szczygielski; Sinan Tandogan

2013-01-01

The aim of the project is to analyze government support for innovation in a comparative perspective by first examining the main existing instruments of financial support for innovation in Turkey and Poland, and secondly to assess their effectiveness by applying recent econometric techniques to firm-level data for both countries obtained from the Community Innovation Survey (CIS). Comparing Turkey to Poland is both meaningful and promising from a policy-analysis point of view. Both countries a...

Thermodynamics of firms' growth

Science.gov (United States)

Zambrano, Eduardo; Hernando, Alberto; Hernando, Ricardo; Plastino, Angelo

2015-01-01

The distribution of firms' growth and firms' sizes is a topic under intense scrutiny. In this paper, we show that a thermodynamic model based on the maximum entropy principle, with dynamical prior information, can be constructed that adequately describes the dynamics and distribution of firms' growth. Our theoretical framework is tested against a comprehensive database of Spanish firms, which covers, to a very large extent, Spain's economic activity, with a total of 1 155 142 firms evolving along a full decade. We show that the empirical exponent of Pareto's law, a rule often observed in the rank distribution of large-size firms, is explained by the capacity of economic system for creating/destroying firms, and that can be used to measure the health of a capitalist-based economy. Indeed, our model predicts that when the exponent is larger than 1, creation of firms is favoured; when it is smaller than 1, destruction of firms is favoured instead; and when it equals 1 (matching Zipf's law), the system is in a full macroeconomic equilibrium, entailing ‘free’ creation and/or destruction of firms. For medium and smaller firm sizes, the dynamical regime changes, the whole distribution can no longer be fitted to a single simple analytical form and numerical prediction is required. Our model constitutes the basis for a full predictive framework regarding the economic evolution of an ensemble of firms. Such a structure can be potentially used to develop simulations and test hypothetical scenarios, such as economic crisis or the response to specific policy measures. PMID:26510828

Portugal's Petrogal eyes expansion amid continuing privatization

International Nuclear Information System (INIS)

Anon.

1995-01-01

Portugal's recently privatized state oil company Petrogal is about to embark on a major expansion worldwide. That comes against the backdrop of major change in Portugal's energy sector and the rocky road to Petrogal's partial privatization. Despite the controversy, there remain opportunities for foreign companies investing in Portugal's energy sector. The most attractive opportunities are in Portugal's downstream petroleum sector and in the country's continuing campaign to develop its natural gas industry. Typical of the latter is Portugal's participation in the Trans-Maghreb gas pipeline megaproject. The paper discusses the background to privatization, its current status, Petrogal strategy, modernization of refineries, a joint partnership with Venezuela, constraints, energy policy program, gas pipeline privatization, and concerns of the gas industry

Procurement with specialized firms

NARCIS (Netherlands)

Boone, Jan; Schottmuller, C.

2016-01-01

We analyze optimal procurement mechanisms when firms are specialized. The procurement agency has incomplete information concerning the firms' cost functions and values high quality as well as low price. Lower type firms are cheaper (more expensive) than higher type firms when providing low (high)

From Energy to Environmental Analysis : Improving the Resolution of the Environmental Impact of Dutch Private Consumption with Hybrid Analysis

NARCIS (Netherlands)

Benders, Rene M. J.; Moll, Henri C.; Nijdam, Durk S.

Unsustainable private consumption causes energy and environmental problems. This occurs directly (resource depletion and emissions through using cars for transport) or indirectly (purchase of consumer goods and services for which the production uses energy and emits damaging gases). A hybrid energy

Public and private energy RTD expenditures in Belgium, Luxembourg and the Netherlands. A pilot study on behalf of SenterNovem based on an IEA format

International Nuclear Information System (INIS)

Lako, P.; Ros, M.E.

2007-07-01

This study aims to present a broad view of energy RTD expenditures of Belgium, Luxembourg, and the Netherlands, in the public domain and by private enterprises. Data is provided as much as possible by disaggregating into a format of the IEA (IEA code). IEA data serve as the starting point for data collection. The main task is to fill in the gaps in the database, viz.: Completing the IEA database for Belgium with regard to public energy RTD; Starting with a database of public energy RTD for Luxembourg; Collecting, retrieving, and analysing private energy RTD data for the Netherlands. The latter data, based on a 'bottom-up' approach, are compared to recent data of SenterNovem based on an R and D subsidy scheme in the Netherlands. The private energy RTD expenditures from both sources (the bottom-up approach in this study and the data of SenterNovem) are combined to one database of private energy RTD that may be used for, e.g., the IEA

Founder Control, Ownership Structure and Firm Value: Evidence from Entrepreneurial Listed Firms in China

Directory of Open Access Journals (Sweden)

Lijun Xia

2008-06-01

Full Text Available In emerging markets, the deviation between the ultimate controlling shareholders' voting rights and their cash flow rights (hereafter “DVC” in the listed firms is quite prevalent. DVC could be introduced due to the ultimate controlling shareholders' opportunistic incentives, as well as by their incentives to improve firm efficiency. This study uses 229 listed firms ultimately controlled by individuals or families (hereafter “entrepreneurial firms” for 2004 in China, to investigate the effect of DVC on firm value and to determine whether it is different between founder and non-founder controlled firms. We find that DVC has a positive effect on firm value for founder controlled firms. This result implies that investors believe that their interests are better protected by founder controlled firms than by non-founder controlled firms.

Firm Traits and Web Based Disclosures in Top Nigerian Firms

Directory of Open Access Journals (Sweden)

Bello Ayuba

2016-02-01

Full Text Available The use of the internet as a medium of dissemination of information to stakeholders is increasingly gaining grounds. This study extends existing literature on web disclosures by investigating the characteristics that predict the extent of web-based disclosures. In this study, corporate websites of top Nigerian firms are used as sources of data, while a regression analysis is employed to examine the extent of prediction. Results indicate that the firm size and industry type are significant determinants of web disclosures. However, other firm traits such as ownership dispersion and financial performance do not significantly explain the extent of internet disclosures. The study recommends that a regulatory template for corporate web disclosures be put in place by government regardless of the size or industry classification of the firm. This is with a view to considerably reduce agency conflicts arising from information asymmetry in publicly listed firms in Nigeria.

The occupational and environmental status of Polish industry: a comparative study of the private and public sectors.

Science.gov (United States)

Broszkiewicz, Roman; Brown, Halina Szejnwald; Hibner, Zofia

2002-01-01

During the last decade, Poland has made a successful transition toward democracy and market economy. Since the mid-1990s, we have studied the reforms in the environmental and occupational protection system in Poland, focusing on the privately owned firms. We found that considerable progress has taken place, especially in increasing the accountability of private employers and in improved enforcement. The fundamental legitimacy of regulators and the regulatory process, and the capacity for case-specific decision-making, are among the key explanatory factors. The case-specific implementation in Poland is consistent with models advocated by several authors in relation to other industrialized European economies. We attribute these developments in Poland to the continuity of institutions, and the generally good "fit" between the policies and institutions on one hand, and their social context on the other, including a wide sharing of certain values and norms. The outstanding question from our previous work has been the fate of state-owned firms, which may be facing different issues than the privatized ones, both in terms of economics, organizational culture, and relationships with the regulatory authorities. In this article, we report the results of a comparison between the private and state-owned firms, based on the questionnaire surveys of the two sectors. We find a striking similarity in performance of both sectors and in the authorities' attitudes toward both. These findings support our earlier proposition that Poland's success in instituting an effective occupational protection system is deeply embedded in the attitudes toward protecting workers' health and safety and toward balancing competing societal objectives. These attitudes have not changed during the transition to the market economy.

Firm size and taxes

OpenAIRE

Chongvilaivan, Aekapol; Jinjarak, Yothin

2010-01-01

The scale dependence in firm growth (smaller firms grow faster) is systematically reflected in the size distribution. This paper studies whether taxes affect the equilibrium firm size distribution in a cross-country context. The main finding is that the empirical association between firm growth and corporate tax (VAT) is positive (negative), with notable differences in the response of manufacturing firms and that of the others. We draw implications for recent debate on the impact of taxes and...

Privatization, but to what extent? Privatization of the Dutch energy sector

International Nuclear Information System (INIS)

Schaap, H.A.; Jitta, J.

2004-01-01

An overview is given of the development of the market of and regulations for electric and water utilities in the Netherlands with regard to the present changes as a result of the deregulation and privatization of the market for utilities [nl

Female Directors and Firm Performance: Evidence from UK Listed Firms

OpenAIRE

Pasaribu, Pananda

2017-01-01

The impact of female directors on firm performance has lacked consistency in the previously conducted empirical studies, which may be due to the endogeneity problem, or certain characteristics (i.e. governance, industry, competition). This study examines the relationship between female directors and firm performance by addressing those problems. This study analyses all non-financial UK listed firms during the period 2004-2012 and employs several econometric models. The regression results indi...

The energy consumption of private households 1990 - 2035 - Results of scenarios I - IV

International Nuclear Information System (INIS)

Hofer, P.

2007-01-01

This comprehensive report for the Swiss Federal Office of Energy (SFOE) presents four scenarios concerning the development of energy consumption in Swiss private households for the period 1990 - 2035. The four scenarios - status quo, increased co-operation between the state and the economy with various levies, global reduction of energy consumption and, finally, scenario IV 'on the way to a 2000-Watt Society' - are briefly described. In particular, the scenarios are examined for various sensitivities: high gross domestic product GDP, high prices and warmer climate. The results of the sensitivity analyses are compared and discussed and the necessary instruments are examined. This comprehensive report contains a large number of data-tables and graphical representations

Leverage, Investment, and Firm Growth

OpenAIRE

Larry Lang; Eli Ofek; Rene M. Stulz

1995-01-01

We show that there is a negative relation between leverage and future growth at the firm level and, for diversified firms, at the segment level. Further, this negative relation between leverage and growth holds for firms with low Tobin's q, but not for high-q firms or firms in high-q industries. Therefore, leverage does not reduce growth for firms known to have good investment opportunities, but is negatively related to growth for firms whose growth opportunities are either not recognized by ...

The Heterogeneity of Job Creation and Destruction in Transition and Non-transition Developing Countries: The Effects of Firm Size, Age and Ownership

Directory of Open Access Journals (Sweden)

Haggai Kennedy Ochieng

2017-12-01

Full Text Available This paper investigates how firm age, size and ownership are related with job creation and destruction, and how these patterns differ across transition and non-transition economies. The analysis finds that age is inversely related with gross job creation and net job creation in the two samples. This finding is consistent with the theory of the learning effect. The relationship between age and job destruction is indifferent in non-transition economies. On the contrary, old firms in transition economies destroy more jobs than young ones. The paper further establishes an inverse relationship between size and gross job creation in the two groups. However, there is divergence between the two samples; small firms in non-transition economies also exhibit a higher gross job destruction rate. Consequently large firms have a higher net job creation rate. In transition economies, small and large firms exhibit similar rates of job destruction. But small firms retain a higher net job creation rate. A more intriguing finding is that state owned firms do not underperform domestic private ones. This means these countries may be using soft budget constraint which allows state owned firms to overstaff. Finally, crowding out of SMEs by foreign owned firms is not evident in transition economies.

Performance of Patenting Firms

DEFF Research Database (Denmark)

Madsen, Erik Strøjer; Smith, Valdemar; Nielsen, Anders Østergaard

2000-01-01

Most countries focus on industries with high technology and the governments grant subsidies to innovating firms. However, there has been remarkable few studies of the performance of innovative firms or industries. This study examines the performance of patent active firms compared to the non-patenting...... firms within the manufacturing sector in Denmark. Performance is measured both by growth in employment as well as in the return on equity and profit share in turnover. The results suggest that differences in performance of patenting and non-patenting firms are very small, which questions the political...

When Intra-Firm and Inter-Firm Collaborations Co-Occur

DEFF Research Database (Denmark)

Schleimer, Stephanie Christine; Sculman, Arthur D.

2011-01-01

There is evidence that intra-firm collaboration and inter-firm collaboration are important for new service development (NSD) and new product development (NPD) success. However, evidence of the contributions of each to innovative outcomes is inconsistent. This inconsistency is associated with the ...

Environmental Management Practices and Firm Performance in a South African Mining Firm

Directory of Open Access Journals (Sweden)

Gibson Nyirenda

2013-09-01

Full Text Available This paper examines the impact of environmental management practices on the financial performance of a South African mining firm. The major aim of this paper is to investigate whether such practices have a close relationship with the mining firm’s financial performance (represented by return on equity [ROE]. The approach is a case study of a South African mining firm listed under the socially responsible index (SRI of the Johannesburg Stock Exchange (JSE. It uses Green-Steel sa (pseudonym used in place of the real name as a case study. Using multiple regression statistics, the return on equity of Green-Steel sa is regressed on three environmental management practices of Green- Steel (carbon reduction, energy efficiency, and water usage. The result shows there is no significant relationship between the variables and this lends credence to information gathered from Green-Steel environmental reports that Green-Steel’s environmental management practices are driven mostly by a desire to abide by regulations and also by a moral obligation to use environmental management practices to mitigate climate change impact.

Shifting the burden: the private sector's response to the AIDS epidemic in Africa.

Science.gov (United States)

Rosen, Sydney; Simon, Jonathon L.

2003-01-01

As the economic burden of human immunodeficiency virus/acquired immunodeficiency syndrome (HIV/AIDS) increases in sub-Saharan Africa, allocation of the burden among levels and sectors of society is changing. The private sector has more scope to avoid the economic burden of AIDS than governments, households, or nongovernmental organizations, and the burden is being systematically shifted away from the private sector. Common practices that transfer the burden to households and government include pre-employment screening, reductions in employee benefits, restructured employment contracts, outsourcing of low skilled jobs, selective retrenchments, and changes in production technologies. Between 1997 and 1999 more than two-thirds of large South African employers reduced the level of health care benefits or increased employee contributions. Most firms also have replaced defined-benefit retirement funds, which expose the firm to large annual costs but provide long-term support for families, with defined-contribution funds, which eliminate risks to the firm but provide little for families of younger workers who die of AIDS. Contracting out previously permanent jobs is also shielding firms from benefit and turnover costs, effectively shifting the responsibility to care for affected workers and their families to households, nongovernmental organizations, and the government. Many of these changes are responses to globalization that would have occurred in the absence of AIDS, but they are devastating for the households of employees with HIV/AIDS. We argue that the shift in the economic burden of AIDS is a predictable response by business to which a deliberate public policy response is needed. Countries should make explicit decisions about each sector's responsibilities if a socially desirable allocation is to be achieved. PMID:12751421

Shifting the burden: the private sector's response to the AIDS epidemic in Africa.

Science.gov (United States)

Rosen, Sydney; Simon, Jonathon L

2003-01-01

As the economic burden of human immunodeficiency virus/acquired immunodeficiency syndrome (HIV/AIDS) increases in sub-Saharan Africa, allocation of the burden among levels and sectors of society is changing. The private sector has more scope to avoid the economic burden of AIDS than governments, households, or nongovernmental organizations, and the burden is being systematically shifted away from the private sector. Common practices that transfer the burden to households and government include pre-employment screening, reductions in employee benefits, restructured employment contracts, outsourcing of low skilled jobs, selective retrenchments, and changes in production technologies. Between 1997 and 1999 more than two-thirds of large South African employers reduced the level of health care benefits or increased employee contributions. Most firms also have replaced defined-benefit retirement funds, which expose the firm to large annual costs but provide long-term support for families, with defined-contribution funds, which eliminate risks to the firm but provide little for families of younger workers who die of AIDS. Contracting out previously permanent jobs is also shielding firms from benefit and turnover costs, effectively shifting the responsibility to care for affected workers and their families to households, nongovernmental organizations, and the government. Many of these changes are responses to globalization that would have occurred in the absence of AIDS, but they are devastating for the households of employees with HIV/AIDS. We argue that the shift in the economic burden of AIDS is a predictable response by business to which a deliberate public policy response is needed. Countries should make explicit decisions about each sector's responsibilities if a socially desirable allocation is to be achieved.

ARE SMALL-FIRM CLUSTERS EMERGENT PHENOMENA? EVIDENCE FROM ZIMBABWE’S SMALL FURNITURE- MANUFACTURING FIRMS

Directory of Open Access Journals (Sweden)

Godfrey MUPONDA

2014-07-01

Full Text Available The purpose of this study was to explore the reasons behind the rapid growth and apparent dynamism of Zimbabwe’s small-firm industrial clusters. The hypothesis behind the study was that these small-firm clusters are emergent phenomena. The study analysed the capital utilisation techniques of small firms located in a large industrial cluster in order to determine the factors that lead to the collective efficiency of such firms. The study found that, in comparison with large, stock exchange-listed firms, the cluster environment enables the small firm to operate from a relatively small capital base and also to use its capital more efficiently in creating revenues and profits. The individual firm does not have to invest its capital in a large assets base as this is done by a specialised group of firms within the cluster. Thus, the cluster has the characteristics of an emergent phenomenon.

A Firm-Specific Analysis of the Exchange-Rate Exposure of Dutch Firms

NARCIS (Netherlands)

A. de Jong (Abe); J. Ligterink; V. Macrae

2002-01-01

textabstractWe examine the relationship between exchange-rate changes and stock returns for a sample of Dutch firms over 1994-1998. We find that over 50% of the firms are significantly exposed to exchange-rate risk. Furthermore, all firms with significant exchange-rate exposure benefit from a

Point Climat no. 27 'Unlocking private investments in energy efficiency through carbon finance'

International Nuclear Information System (INIS)

Shishlov, Igor; Bellassen, Valentin

2013-01-01

Among the publications of CDC Climat Research, 'Climate Briefs' presents, in a few pages, hot topics in climate change policy. This issue addresses the following points: According to the latest IEA World Energy Outlook, energy efficiency is a 'key option' in transition to a low-carbon economy. A decade of experience with the CDM and JI demonstrates that carbon finance can be used as an effective tool to unlock private investments in energy efficiency. Capital investments in offset projects may significantly exceed the expected carbon revenues resulting in an average weighted leverage ratio of 4:1 and 9:1 for the CDM and JI respectively, which is comparable to other international financial instruments. So far carbon finance has been used mostly for large-scale industrial energy efficiency projects in advanced developing countries and economies in transition, although it is increasingly suited to tap into scattered household energy efficiency projects

Policies to Spur Energy Access. Executive Summary; Volume 1, Engaging the Private Sector in Expanding Access to Electricity; Volume 2, Case Studies to Public-Private Models to Finance Decentralized Electricity Access

Energy Technology Data Exchange (ETDEWEB)

Walters, Terri [National Renewable Energy Lab. (NREL), Golden, CO (United States); Rai, Neha [International Institute for Environment and Development (IIED), London (England); Esterly, Sean [National Renewable Energy Lab. (NREL), Golden, CO (United States); Cox, Sadie [National Renewable Energy Lab. (NREL), Golden, CO (United States); Reber, Tim [National Renewable Energy Lab. (NREL), Golden, CO (United States); Muzammil, Maliha [Univ. of Oxford (United Kingdom); Mahmood, Tasfiq [International Center for Climate Change and Development, Baridhara (Bangladesh); Kaur, Nanki [International Institute for Environment and Development (IIED), London (England); Tesfaye, Lidya [Echnoserve Consulting (Ethiopia); Mamuye, Simret [Echnoserve Consulting (Ethiopia); Knuckles, James [Univ. of London (England). Cass Business School; Morris, Ellen [Columbia Univ., New York, NY (United States); de Been, Merijn [Delft Univ. of Technology (Netherlands); Steinbach, Dave [International Institute for Environment and Development (IIED), London (England); Acharya, Sunil [Digo Bikas Inst. (Nepal); Chhetri, Raju Pandit [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bhushal, Ramesh [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2015-09-01

Government policy is one of the most important factors in engaging the private sector in providing universal access to electricity. In particular, the private sector is well positioned to provide decentralized electricity products and services. While policy uncertainty and regulatory barriers can keep enterprises and investors from engaging in the market, targeted policies can create opportunities to leverage private investment and skills to expand electricity access. However, creating a sustainable market requires policies beyond traditional electricity regulation. The report reviews the range of policy issues that impact the development and expansion of a market for decentralized electricity services from establishing an enabling policy environment to catalyzing finance, building human capacity, and integrating energy access with development programs. The case studies in this report show that robust policy frameworks--addressing a wide range of market issues--can lead to rapid transformation in energy access. The report highlights examples of these policies in action Bangladesh, Ethiopia, Mali, Mexico, and Nepal.

Essays on Family Firms

OpenAIRE

Zhou, Haoyong

2012-01-01

The dissertation examines corporate performance and capital structure of family firms, contributing to the limited empirical research on family firms. Family firms are prevalent in national economies all over the world. It is the prevalence that makes family firms receive increasing attentions from academia. The dissertation consists of an introduction and three chapters. Each chapter is an independent paper. The first chapter is a joint work with Professor Morten Bennedsen and...

Sustainable Entrepreneurship in the Energy Sector: A Perspective from a Brazilian Power Utility Firm

Directory of Open Access Journals (Sweden)

Marcus Vinicius de Oliveira Brasil

2013-12-01

Full Text Available The key question in this article consists of identifying the conditions under which the social projects developed by the firm Alpha are really promoting the sustainable development in the state of Ceará, located in Northeast Brazil. The general goal is to discuss if the firm’s social projects are related to the sustainable corporate entrepreneurship (SCE. This paper intends to stimulate the scientific community to advance knowledge on entrepreneurial, innovation and sustainability. This case study focuses on four Alpha’s projects: Ecological Initiative, Efficient Exchange, Social Energy, and School of Efficient Paths. The thematic content’s analysis methodology was used in this article. The documental research served as primary data source and helped to better elucidate the studied object. The researcher obtained 12 questionnaires answered. It was found an agreement of respondents to the categories: values, transparency and governance, workforce, environment, suppliers, consumers and customers and community. For the theme government and society, the results showed a disagreement with the category and for the last theme, innovation, the respondents are indifferent. After lexical analysis of data the results confirm in accordance with state of art of literature the existence of triple bottom line in the social projects of Alpha, by the categories resulted (profit, planet, people from content’s analysis of open questions. Alpha is a strong example of social commitment with poverty and environment. In conclusion, the research confirms that the firm promotes sustainable entrepreneurship and innovativeness leading to sustainable development.

Private equity and venture capitalists' investment criteria in the Czech Republic

Directory of Open Access Journals (Sweden)

Marek Zinecker

2010-01-01

Full Text Available For investment decision making to be rational, the existence of investment criteria is required. In the theory of financial management, the effectiveness of investment is traditionally judged by the degree to which an investment proposal contributes to achieving the main financial goal of business, i.e. market value maximization of the firm.So far, potential businesses for Private Equity and Venture Capital financing in the Czech Republic have not had information regarding investment criteria and their significance, when considered by investors, at their disposal, which is due to absence of relevant research results.This article presents results of the research project whose aim is to establish which criteria are considered to perform an essential role in the selection of business proposals by firms investing Private Equity and Venture Capital in the Czech Republic as well as the most common reasons for rejecting the proposals. Based on practical experience of financing by Private Equity and Venture Capital, the research made it possible to identify the most significant criteria, namely characterization of mana­gement, market, product and the rate of investment capital appreciation. The results of the research are consequently compared with findings which were published in similar studies undertaken in the past (e.g. Tyebjee, Bruno, 1984; Fried, Hisrich, 1994; MacMillan et al., 1985, 1987; Muzyka et al., 1996; Eisele, 2002.The research supports the thesis that, when considering business proposals, above-average weight is attached to criteria concerning the characterization of management, i.e. experience and competencies in all stages of business life cycle. Nevertheless, the fulfilment of the criteria is not sufficient for investors to evaluate a business proposal positively. They also place an emphasis on selected criteria related to market and product. By publishing empirical data, an important signal regarding up-to-date evaluative criteria

Global Sourcing and Firm Selection

DEFF Research Database (Denmark)

Kohler, Wilhelm; Smolka, Marcel

2014-01-01

We analyze the sourcing strategies of firms active in the Spanish manufacturing sector. We show that firms that select strategies of vertical integration and of foreign sourcing ex post tend to have been more productive, ex ante, than other firms.......We analyze the sourcing strategies of firms active in the Spanish manufacturing sector. We show that firms that select strategies of vertical integration and of foreign sourcing ex post tend to have been more productive, ex ante, than other firms....

Whom do new firms hire?

DEFF Research Database (Denmark)

Dahl, Michael S.; Klepper, Steven

2015-01-01

Using the matched employer-employee data set for Denmark and information on the founders of new firms, we analyze the hiring choices of all new firms that entered from 2003 to 2010. We develop a theoretical model in which the quality of a firm’s employees determines its average cost, a firm......, and firm size influence the wages firms pay to their early hires. We find that beginning with the time of entry, larger firms consistently pay higher wages to their new hires. These are firms with greater survival prospects at the time of entry based on the pre-entry backgrounds of their founders...

Examination of employment in the atomic energy field

International Nuclear Information System (INIS)

Baker, J.G.

1978-02-01

This study, which focuses on the years 1968--1975, singles out important employment trends in the atomic energy field and develops causal explanations for these trends. The study also provides a descriptive profile of employment in the field. Employment in the atomic energy field has grown from 138,519 in 1963 to 197,466 in 1975, an annual rate of 3.0 percent. The deployment of scientists, engineers, and technicians in the government-owned, contractor-operated (GOCO) sector changed little from 1968 to 1975. Private sector deployment altered considerably, with a large increase. Within the scientist group, the GOCO sector employment by field has changed little from 1968 to 1975. Private sector scientists have seen considerable alteration of their employment. There has been little change in the employment shares of engineering fields in the GOCO sector for the 1968 to 1975 period. Private sector engineers have seen much greater change, with civil engineers increasing their share 6% to 11%. Of all GOCO technicians, physical science technicians have increased their employment share from 12% to 17%. Of all private sector technicians, draftsmen have increased their share from 29% to 37% and reactor operators from 4% to 7%. Total employment in the field is shifting toward smaller firms. Employment by region has changed considerably in the private sector from 1968 to 1975. GOCO regional employment has also changed. The percentage of scientists and engineers involved in research and development has declined from 68% in 1968 to 39% in 1975. Three private sector industrial segments--reactor design and manufacturing, nuclear facilities design and engineering, and operation and maintenance of reactors--have experienced tremendous growth from 1968 to 1975. 8 figures, 32 tables

Firm-specific factors and financial performance of firms in the Czech Republic

Directory of Open Access Journals (Sweden)

Pathirawasam Chandrapala

2013-01-01

Full Text Available The objective of this study is to investigate the role of internal factors in generating financial performance of firms in the Czech Republic. The paper examines the impact of firm specific factors on company financial performance of 974 firms in the Czech Republic over the period 2005 to 2008, using data in the Albertina database. Pooled and panel cross-sectional time series techniques are used for the data analysis. Return on Assets (ROA is the dependent variable of the model and eight firm specific factors are introduced as the explanatory variables. Using Return on Assets as the dependent variable, it is established that the firm size, sales growth and capital turnover are having significant positive impact on financial performance of firms. At the same time, debt ratio and inventory reflect significant negative impact on financial performance of firms. Overall explanatory powers of the two models are low and further research is necessary to increase the statistical power of the model. The results from the present study may be very encouraging and useful for managers as well as investors to plan investment and operational activities to achieve profitability objectives more efficiently and effectively. The findings have important managerial implications.

The Relationship between Offshoring Strategies and Firm Performance: Impact of innovation, absorptive capacity and firm size

NARCIS (Netherlands)

M.W. Roza-van Vuren (Marja)

2011-01-01

textabstractHow do offshoring strategies impact firm performance? And how are innovation, absorptive capacity and firm size influencing this relationship? This research investigates how firms of varying size, well-established firms and growing firms may profit from relocating business activities to

THE EFFICIENCY OF IMPLEMENTING PRIVATE MANAGEMENT IN STATE COMPANIES

Directory of Open Access Journals (Sweden)

Mungiu-Pupăzan Mariana Claudia

2012-09-01

Full Text Available In 2012, nine state-owned companies are expected to have private management giving up the statemanagement. Therefore, a full debate of this issue is required, taking into consideration the fact that, in ouropinion, this process involves more than just the replacement of a manager with another. The implementationof private management in companies of national strategy, currently in state ownership, is desired to be aprofound and also very complex process, aiming to change organizational culture in depth, both verticallyand horizontally, so as to increase efficiency in these companies.Implementation of private management could be a good opportunity for an efficient development ofthese companies, for an increasing level of competitiveness on the international market, but only in terms ofa leadership team chosen on performance criteria, with a coherent set of objectives and a high independencelevel of decision.There are some opinions from people with experience in managing both private and statecompanies. They believe that the idea of establishing a private management in state companies, is, in themain, good, but it is essential to take into consideration the idea of a team trained to lead the company,instead of one person as a general manager.Another element to be taken into account, so that this idea of private management may have thedesired effect, is to precisely determine companies where private management teams should be installed. Notall companies are suitable for the same private management strategy. This type of leadership is better forcompanies with a real international perspective, such as Tarom, while strategic companies should be ratherreformed, including management privatization, and kept as state strategic areas. However, strict criteria ofstate intervention in decision-making process should be established, a striking question concerning thecircumstances under which such a management team could be successful, given that state firms are

Dealing with Cultural Differences in Public-Private R&D Projects: The Experience of the Australian Seafood Sector

NARCIS (Netherlands)

Dentoni, D.; English, F.

2012-01-01

This essay 1) discusses the current agribusiness managers’ human capital problem of dealing with cultural differences in public-private Research & Development (R&D) projects involving firms, government agencies and universities and 2) proposes a “learning by doing” process for managers to

Financing schemes increasing energy efficiency and renewable energy use in public and private buildings. Comparative study

International Nuclear Information System (INIS)

2014-03-01

What are the solutions to the municipal budget cuts? How can the cities finance their energy transition? What can we do to make it a driving force to boost the local economy and job creation? What are the new financial cash flows for this new economy? One of the solutions is to rethink financing solutions, and the local authorities that are engaged in energy transition are the best placed to do so. Many cities have voluntarily committed to reducing CO_2 emissions on their territories, notably by increasing energy efficiency and the use of renewable energy sources. Nearly 6,500 cities are committed to the objective to meet and exceed the European Union 20% CO_2 reduction objective by 2020. They have already developed their Baseline Emissions Inventories and Sustainable Energy Action Plans and thus are well aware of the energy flows on their territories, energy saving potential and the cost-effectiveness of the planned measures. The next step is to secure their financing sources and here both the private and public sector play a key role. Governments at all levels (European, national, regional and local), financial institutions, businesses, citizens and other local stakeholders should channel part of their funds to measures that help achieving our common energy and climate goals. Local authorities' role is to motivate and coordinate players on their territory. For its part, the European Union increased the amount allocated to energy efficiency and renewable energy projects in its 2014-2020 budget, giving a signal that a shift towards a low carbon economy is one of its top priorities. This could be a significant boost for local energy transition. However, the European Commission also announced that the EU budget should be spent in a more sustainable way and announced a progressive move from grants to loans and innovative financial instruments, in particular for projects that are viable on the current market. Many front-running Covenant signatories dedicate their human

Firm-Specific Learning and the Nature of the Firm

DEFF Research Database (Denmark)

Knudsen, Thorbjørn

2007-01-01

that a conjoint research program, encompassing both transaction costs and capabilities, must be developed and tested empirically. Cet article discute les limites d'une explication de l'existence de la firme fondée exclusivement sur les coûts de transaction en indiquant quelques facteurs additionnels susceptibles...... d'intervenir. Un modèle heuristique simple montre que les effets d'apprentissage spécifiques à la firme peuvent surmonter les coûts de surveillance des employés et expliquer l'existence de la firme même en l'absence de coûts de transaction liés au mode d'organisation de marché. Une comparaison de l......'importance relative des explications fondées sur les coûts de transaction et celles fondées sur les compétences en ce qui concerne l'existence de la firme montre qu'il n'y a aucune raison a priori de supposer la suprématie d'un type d'explication à l'autre. Nous soutenons qu'un programme de recherche conjoint...

Interest in energy wood and energy crop production among Finnish non-industrial private forest owners

International Nuclear Information System (INIS)

Raemoe, A.-K.; Jaervinen, E.; Latvala, T.; Toivonen, R.; Silvennoinen, H.

2009-01-01

EU targets and regulations regarding energy production and the reduction of greenhouse gas emissions have been tightening in the 2000s. In Finland the targets are planned to be achieved mainly by increasing the use of biomass. Wood already accounts for a marked proportion of Finnish energy production, but additional reserves are still available. Energy crop production also has considerable potential. Practically all Finnish farmers are also forest owners. Therefore, private forest owners are in a decisive position regarding the supply of energy wood and crops in Finland. In this paper the future supply of biomass is examined according to their past behaviour, intentions and attitudes. Finnish forest owners have a positive attitude towards the use of wood and crops in energy production. Price is becoming more critical as a motive for the supply of energy wood. Recreation and nature conservation play a smaller role than factors related to wood production and forest management as for motives for harvesting energy wood. However, almost a half of forest owners in this study were uncertain of their willingness to supply biomass. This is partly due to limited knowledge of the issues involved in energy wood and agricultural energy crop production and the underdeveloped markets for energy biomass. In order to achieve the targets, supply should be activated by further developing market practices, information, guidance and possibly other incentives for landowners. In general, there is interest among landowners in increasing the supply of energy biomass. However, the growth of supply presumes that production is an economically attractive and competitive alternative, that the markets are better organized than at present, and that more comprehensive information is available about bioenergy and biomass markets and production techniques.

Energy management at public-private partnerships. A reference model for energy efficient building construction projects; Energiemanagement bei Oeffentlich-Privaten Partnerschaften. Ein Referenzmodell fuer energieeffiziente Hochbauprojekte

Energy Technology Data Exchange (ETDEWEB)

Heidel, Robin

2013-04-01

The enhancement of the energy efficiency reduces the life cycle costs of real estates, and is an important component in achieving global climate goals. In the construction and operation of public building constructions, the state has to assume the function of a role model. Due to the budgetary position of the public authority continuously in deficit, the alternative form of procurement public-private partnerships will become increasingly important. The author of the contribution under consideration reports on the design of building construction projects of public-private partnerships in order to guarantee an energy efficient operation. A reference model with process descriptions for the single phases of the project is developed. The author describes the possible benefit of this model by means of an application example.

Stakeholder Governance, Competition and Firm Value

OpenAIRE

Allen, Franklin; Carletti, Elena; Marquez, Robert

2014-01-01

In many countries, the legal system or social norms ensure that firms are stakeholder oriented. We analyze the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers compared to shareholder-oriented firms in a model of imperfect competition. Stakeholder firms are more (less) valuable than shareholder firms when marginal cost uncertainty is greater (less) than demand uncertainty. With globalization shareholder firms and stakeholder firms ofte...

Compressed air energy storage technology program. Annual report for 1980

Energy Technology Data Exchange (ETDEWEB)

Kannberg, L.D.

1981-06-01

All of the major research funded under the Compressed Air Energy Storage Technology Program during the period March 1980 to March 1981 is described. This annual report is divided into two segments: Reservoir Stability Studies and Second-Generation Concepts Studies. The first represents research performed to establish stability criteria for CAES reservoirs while the second reports progress on research performed on second-generation CAES concepts. The report consists of project reports authored by research engineers and scientists from PNL and numerous subcontractors including universities, architect-engineering, and other private firms.

Investigating different factors influencing on return of private banks

Directory of Open Access Journals (Sweden)

Pegah Motamedi

2013-09-01

Full Text Available Return of Investment has always been an interesting area of research among academics as well as investors. Although capital asset pricing model (CAPM is capable of estimating risk of investment, many people argue that CAPM is not able to predict long-term return, properly. This paper presents an empirical investigation to find the effects of different financial figures including systematic risk (Beta, size of firm, ratio of book value to market share, volume of trade and the ratio of price/earnings (P/E on return of private banks in Iran. The study gathers the necessary information over the period 2005-2011 from private banks in Iran. The study uses multiple regression technique to find the effects of mentioned variables on return of private banks. The results indicate that there are some meaningful and positive relationship between return of banks and systematic risk (Beta, size, volume of trade and P/E. The study also finds some meaningful and reverse relationship between bank return and book value on market value.

Firm Exit, Technological Progress and Trade

DEFF Research Database (Denmark)

Schröder, Philipp; Sørensen, Allan

The dynamics of export market exit and firm closure have found limited attention in the new heterogeneous-firms trade literature. In fact, several of the predictions on firm survival and exit stemming from this new class of models are at odds with the stylized facts. Empirically, higher productiv......The dynamics of export market exit and firm closure have found limited attention in the new heterogeneous-firms trade literature. In fact, several of the predictions on firm survival and exit stemming from this new class of models are at odds with the stylized facts. Empirically, higher...... productivity firms survive longer, most firm closures are young firms, higher productivity exporters are more likely to continue to export compared to less productive exporters and market exits as well as firm closures are typically preceded by periods of contracting market shares. The present paper shows...... liberalization on export market exit and firm closure....

Determinants of the cost of capital for privately financed hospital projects in the UK.

Science.gov (United States)

Colla, Paolo; Hellowell, Mark; Vecchi, Veronica; Gatti, Stefano

2015-11-01

Many governments make use of private finance contracts to deliver healthcare infrastructure. Previous work has shown that the rate of return to investors in these markets often exceeds the efficient level. Our focus is on the factors that influence that return. We examine the effect of macroeconomic, project- and firm-level variables using a detailed sample of 84 UK private finance initiative (PFI) contracts signed between 1997 and 2010. Of the above variables, macroeconomic conditions and lead sponsor size are related to the investor return. However, our results show a remarkable degree of stability in the return to investors over the 14-year period. We find evidence of a 'prevailing norm' that is robust to project- and firm-level variation. The sustainability of excess returns over a long period is indicative of a concentrated market structure. We argue that policymakers should consider new mechanisms for increasing competition in the equity market, while ensuring that authorities have the specialist resources required to negotiate efficient contract prices. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

Corporate Governance Provisions, Family Involvement, and Firm Performance in Publicly Traded Family Firms

Directory of Open Access Journals (Sweden)

Esra Memili

2015-07-01

Full Text Available This study examines the moderation effects of corporate governance provisions on the link between family involvement (i.e., family ownership and family management in publicly-traded firms and firm performance by drawing upon agency theory, with a focus on principal-principal agency issues, and the extant family governance literature. We develop and test the hypotheses on 386 of the S&P 500 firms longitudinally. Findings support the hypotheses suggesting the moderation effects of the use of provisions (a protecting controlling owners in terms of their sustainability of controlling status, and (b protecting management legally on the inverted U-shaped relationship between family ownership and firm performance. We also found support for the moderation effects of provisions (c protecting controlling owners in terms of their voting rights, (d protecting noncontrolling owners, and (e protecting management monetarily on the inverted U-shaped relationship between family management and firm performance. By this, our study provides empirical support for the principal-principal agency perspective on the corporate governance in publicly-traded family firms. As such, it suggests new avenues of research for both the corporate governance literature, as well as for the theory of the family firm. Our study also offers insights to policy directed toward monitoring the actions of large shareholders such as family and enhancing the overall shareholder value in publicly-traded family firms.

To PPP or not to PPP? (Public-)Private Partnerships involving green gas

NARCIS (Netherlands)

Sanders, Maurits; Heldeweg, Michiel A.; Harmsen, M.

2014-01-01

To realize a proper ‘energy transition’ government has to collaborate with private sector organizations. In the energy sector these latter organizations are often already involved in private-private partnerships for collaboration towards energy transition. The question seems justified if, upon

The economy of privately owned windmills

International Nuclear Information System (INIS)

1994-01-01

The Danish government ordered that an investigation of the economy of privately owned windmills be undertaken from 1991. Updating is a part of the follow-up of Danish energy policy designated ''Energi 2000'' (Energy 2000). The report contains descriptions of the calculation methods used and related conditions, data on individual privately owned windmills, a summary of the most important tax and duty regulations, details of conditions for private windmill owners, a sensitivity analysis and an analysis of the development of the economy of privately owned windmills since 1991. It is concluded that, based on the current values named in the 1991 report, there is a drop in the case of cooperatively owned windmills of ca. 235,000 DKr and a rise in current value in the case of one-man owned windmills of 270,000 DKr. It is concluded that the changed conditions of the economy since 1991 has resulted in a poorer economy in relation to cooperatively owned windmills and an improvement in single-ownership windmills so that the current value in the latter is now positive. (AB)

Defining the private partners in PPP

International Nuclear Information System (INIS)

Van der Vleuten-Balkema, F.; Stam, N.

2004-01-01

Now that the public private partnerships are seen to be the way forward in solar electrification in developing countries, it is important to question who will be the private partner in the partnership? For decentralized energy technologies such as solar home systems, that are being disseminated to vast numbers of highly dispersed end-users, the private partners of today are the hundreds or thousands of often non specialized local entrepreneurs. The public private partnerships of tomorrow should be reoriented accordingly. (authors)

Private Governance, Hegemonic Struggles, and Institutional Outcomes in the Transnational Cotton Commodity Chain

Directory of Open Access Journals (Sweden)

Amy Quark

2015-08-01

Full Text Available Transnational firms have rolled out new forms of private governance at the same time as the rise of new economic powerhouses like China has fomented growing inter-state tensions. This points to critical questions: how does inter-state competition shape private governance of transnational commodity chains and how does private governance shape inter-state rivalries? I explore these questions by tracing the construction and dissolution of sectoral hegemonic coalitions that govern commodity chains. Drawing on the case of cotton quality governance from 2000-2012, I argue that a coalition of the U.S. state and transnational merchants has reconstituted its sectoral hegemony to allow expanded accumulation and accommodate their main rival~China. The U.S. state created standards with Chinese characteristics, while transnational merchants made the authority structure of their institutions more inclusive. However, this reconstituted hegemony remains unstable. Facing continued regulatory competition from China, the U.S. state has constructed new forms of meta-governance that could facilitate a shift to Chinese-led sectoral hegemony but under U.S. oversight. Moreover, these sectoral hegemonic struggles compelled Western transnational merchants to fracture their long-standing relationship with the U.S. state in the hegemonic coalition in order to position their private institutions as geopolitically neutral and thus compatible with the hegemonic leadership of either the U.S. or Chinese states in the sector. By tracing struggles among coalitions of leading firms and states for hegemony over the institutions governing particular commodity chain sectors, we can shed light on possible trajectories within broader world-system level hegemonic struggles that at once constitute and are constituted by these sectoral dynamics.

Firming Up Inequality

OpenAIRE

Jae Song; David J. Price; Fatih Guvenen; Nicholas Bloom; Till von Wachter

2015-01-01

Earnings inequality in the United States has increased rapidly over the last three decades, but little is known about the role of firms in this trend. For example, how much of the rise in earnings inequality can be attributed to rising dispersion between firms in the average wages they pay, and how much is due to rising wage dispersion among workers within firms? Similarly, how did rising inequality affect the wage earnings of different types of workers working for the same employer—men vs. w...

Clean energy: Revisiting the challenges of industrial policy

International Nuclear Information System (INIS)

Morris, Adele C.; Nivola, Pietro S.; Schultze, Charles L.

2012-01-01

Large public investments in clean energy technology arguably constitute an industrial policy. One rationale points to market failures that have not been corrected by other policies, most notably greenhouse gas emissions and dependence on oil. Another inspiration for clean energy policy reflects economic arguments of the 1980s. It suggests strategic government investments would increase U.S. firms' market share of a growing industry and thus help American firms and workers. This paper examines the reasoning for clean energy policy and concludes that: •While a case can be made that subsidizing clean energy might help address market failures, the case may be narrower than some assert, and turning theory into sound practice is no simple feat. •An appropriate price on greenhouse gases is an essential precondition to ensuring efficient incentives to develop and deploy cost-effective emissions-abating technologies. However, efficient prices alone are unlikely to generate efficient levels of basic research and development by private firms. •Government investments in clean energy are unlikely to produce net increases in employment in the long run, in part because pushing home-grown technologies at taxpayers' expense offers no guarantee that the eventual products ultimately would not be manufactured somewhere else. •Spending on clean energy technologies is not well suited to fiscal stimulus. The authors recommend that: •Federal energy spending should invest in technologies with the lowest expected cost of abatement and highest probability of market penetration. •Funding decisions ought to be insulated – as much as possible – from rent-seeking by interest groups, purely political distortions, and the parochial preferences of legislators. - Highlights: ► Clean energy technology policy may be less justifiable than many assert, and doing it well is hard. ► The government should appropriately price greenhouse gas emissions and fund technology R and D. �

A firm-specific exposure analyis of the exchange-rate exposure of Dutch firms

NARCIS (Netherlands)

de Jong, A.; Ligterink, J.; Macrae, V.

2006-01-01

We examine the relationship between exchange-rate changes and stock returns for a sample of Dutch firms over 1994-1998. We find that over 50 per cent of the firms are significantly exposed to exchange-rate risk. Furthermore, all firms with significant exchange-rate exposure benefit from a

THE DETERMINATION OF BETA COEFFICIENTS OF PUBLICLY-HELD COMPANIES BY A REGRESSION MODEL AND AN APPLICATION ON PRIVATE FIRMS

Directory of Open Access Journals (Sweden)

METİN KAMİL ERCAN

2013-06-01

Full Text Available It is possible to determine the value of private companies by means of suggestions and assumptions derived from their financial statements. However, there comes out a serious problem in the determination of equity costs of these private companies using Capital Assets Pricing Model (CAPM as beta coefficients are unknown or unavailable. In this study, firstly, a regression model that represents the relationship between the beta coefficients and financial statements’ Variables of publicly-held companies will be developed. Then, this model will be tested and applied on private companies.

THE USE OF EXCHANGEABLE BONDS DURING THE PRIVATIZATION PROCESS

Directory of Open Access Journals (Sweden)

Damian Kaźmierczak

2014-04-01

Full Text Available In our article we present the use of hybrid securities in the privatization process. We show that exchangeable bonds may be successfully applied during privatization of state companies throughout the world. It may be profitable for many reasons. Firstly, the exchangeables offer a much lower coupon in comparison with the ordinary government bonds which may be crucial for highly indebted countries. Secondly, throughout the entire maturity period the state remains the owner of the privatized firm which means that the government can be a beneficiary of high dividends paid by the public enterprises and can actively manage them. Thirdly, in the case of unfavorable market conditions the authorities get an opportunity to wait for the end of economic turmoil in order to avoid selling the equity participations under their true value. Finally, the issue of certain types of exchangeables (e.g. callable exchangeables or mandatory exchangeables and adding several provisions (e.g. greenshoe option or clean-up call makes the instrument more flexible for the issuer. We also present a few examples of the privatization processes by means of exchangeable bonds i.a. in Germany and in Austria. Most of such operations, e.g. German Deutsche Post, Austrian Telekom Austria or Portuguese Galp Energia SGPS S.A. were completed with success.

Nonlinear Effect of Financial Efficiency and Financial Competition on Heterogeneous Firm R&D: A Study on the Combined Perspective of Financial Quantity Expansion and Quality Development

Directory of Open Access Journals (Sweden)

Yang Gao

2018-05-01

Full Text Available Manufacturing firm data and district financial quantity and quality indicators for 2005–2007 combined with heterogeneous firm characteristics were used with a threshold panel to study the effect of financial inefficiency on firm R&D and the financial boundaries of efficiency improvement. The results show that: (1 extensive financial quantity expansion cannot support high innovation efficiency R&D (Research and Development activities in private enterprises, low- and medium-technology enterprises, and underdeveloped area enterprises, as it causes financial inefficiency problems and a shortage of R&D inputs; and (2 financial efficiency and financial competition have nonlinear effects on firm R&D. Financial inefficiency and either low or excessive financial competition result in a lack of highly efficient firm R&D. Only improvements in financial efficiency and moderate competition can significantly promote firm R&D. The results of this study reveal an important way to improve the influence of financial inefficiency on firm R&D by moving away from simply expanding financial quantity to promoting quality instead.

Effect of Work-Life Balance Practices on Firm Productivity: Evidence from Japanese firm-level panel data

OpenAIRE

YAMAMOTO Isamu; MATSUURA Toshiyuki

2012-01-01

This paper examines how firm practices that could contribute to worker attainment of work-life balance (WLB) affect the total factor productivity (TFP) of a firm, by using panel data of Japanese firms from the 1990s. We observed a positive correlation between the WLB practices and TFP among sampled firms. However, that correlation vanished when we controlled for unobserved firm heterogeneity, and we found no general causal relationship in which WLB practices increase firm TFP in the medium or...

ECUT: Energy Conversion and Utilization Technologies program. Industry, university and research interest in the US Department of Energy ECUT biocatalysis research activity

Science.gov (United States)

Wilcox, R. E.

1983-01-01

The results of a Research Opportunity Notice (RON) disseminated by the Jet Propulsion Laboratory for the U.S. Department of Energy Conversion and Utilization Technologies (ECUT) Program's Biocatalysis Research Activity are presented. The RON was issued in late April of 1983 and solicited expressions of interest from petrochemical and chemical companies, bioengineering firms, biochemical engineering consultants, private research laboratories, and universities for participating in a federal research program to investigate potential applications of biotechnology in producing chemicals. The RON results indicate that broad interest exists within the nation's industry, universities, and research institutes for the Activity and its planned research and development program.

Willingness of nonindustrial private forest owners in Norway to supply logging residues for wood energy

Science.gov (United States)

Hanne K. Sjolie; Dennis Becker; Daniel Habesland; Birger Solberg; Berit Hauger Lindstad; Stephanie Snyder; Mike. Kilgore

2016-01-01

Norway has set ambitious targets for increasing bioenergy production. Forest residue extraction levels are currently very low, but residues have the potential to be an important component of the wood energy supply chain. A representative sample of Norwegian nonindustrial private forest owners having at least 8 ha (20 acres) of productive forest land was surveyed about...

Organizational learning capability, firm innovativeness, and firm performance: A meta-analysis

DEFF Research Database (Denmark)

Schlägel, Christopher; Reichel, Lisa-Marie; Richter, Nicole Franziska

In the last twenty years a growing number of empirical studies tested the association be-tween organizational learning capability (OLC) and various economic outcomes. While these studies have provided a better understanding of these relationships, the literature is characterized by the use...... different measures. Based on 53 studies (13,663 firms), we (a) provide a systematic overview of the most commonly used OLC measures, (b) use meta-analytic techniques to highlight the relevance of OLC for firm innovativeness (ruc = .39) and firm perfor-mance (ruc = .41), and (c) explore the unique and common...

Firm Search for External Knowledge

DEFF Research Database (Denmark)

Sofka, Wolfgang; Grimpe, Christoph

2012-01-01

ignored the institutional context that provides or denies access to external knowledge at the country level. Combining institutional and knowledge search theory, we suggest that the market orientation of the institutional environment and the magnitude of institutional change influence when firms begin......The innovation performance of modern firms is increasingly determined by their ability to search and absorb external knowledge. However, after a certain threshold firms "oversearch" their environment and innovation performance declines. In this paper, we argue that prior literature has largely...... to experience the negative performance effects of oversearch. Based on a comprehensive sample of almost 8,000 firms from ten European countries, we find that institutions matter considerably for firms' search activity. Higher market orientation of institutions increases the effectiveness of firms' search...

Optimal model of congestion management in deregulated environment of power sector with promotion of renewable energy sources

International Nuclear Information System (INIS)

Sood, Yog Raj; Singh, Randhir

2010-01-01

In the competitive electricity market it becomes very much important to give special consideration for development of renewable energy sources (RESs) due to environmental and other social problems related with conventional generations. So this paper presents an optimal model of congestion management with special emphasis for promotion of RES in competitive electricity market. This paper presents a generalized optimal model of congestion management for deregulated power sector that dispatches the pool in combination with privately negotiated bilateral and multilateral contracts while maximizing social benefit. This model determines the locational marginal pricing (LMP) based on marginal cost theory. It also determines the size of non-firm transactions as well as pool demand and generations. Both firms as well as non-firm transactions are considered in this model. The proposed model has been applied to IEEE-30 bus test system with addition of some RES for analysis of the proposed model. The RES supplies its power to load either through the firm transaction or through power pool. The power from RES is not subjected to any curtailment in proposed model of congestion management. (author)

The relationship between strategic type and firm capabilities in Chinese firms

NARCIS (Netherlands)

Benedetto, Di A.C.; Song, X.M.

2003-01-01

Proposes that firms of different Miles and Snow strategic types will have different bundles of firm-level capabilities; that is, certain capabilities will be more important to certain strategic types. Specifically, proposes that prospectors have greater relative inside-out capabilities and

Rapidly- growing firms and their main characteristics: a longitudinal study from United States

DEFF Research Database (Denmark)

Keen, Christian; Etemad, Hamid

2011-01-01

concerning the theoretical relations between high-growth and location, size and temporal characteristics of the high-growth enterprises. Using non parametric tests, we analyze a 21-year longitudinal database of privately held rapidly growing enterprises from the USA. This analysis indicates that these firms...... are relatively smaller enterprises and their high growth rates are not restricted to a particular location, industrial region, size or time period. The findings of this analysis point to a population of high-growth enterprises with diverse locations, sizes and times with important implications for scholarly...

Social security and firm performance

DEFF Research Database (Denmark)

Lee, Sangheon; Torm, Nina

2017-01-01

This article investigates how social security provision - a key determinant of formality - impacts on small and medium-sized firm performance in Viet Nam. Based on enterprise census data covering all registered firms from 2006 to 2011, the authors find that firms which increase their social...... security coverage by 10 per cent experience a revenue gain of 1.4-2.0 per cent per worker and a profit gain of up to 1.8 per cent, depending on the survival time of the firm. However, given the time lag between 'investment' (in social security contributions) and returns (enhanced firm performance...

Decomposing Firm-level Sales Variation

DEFF Research Database (Denmark)

Munch, Jakob Roland; Nguyen, Daniel Xuyen

, and that for the median product it drives 31% of the sales variation. When we remove first-time exports from our sample, the median value increases to 40%, implying that firm-destination-specific effects are most important the first year. We conclude that while firm-specific productivity can account for some......We measure the contribution of firm-specific effects to overall sales variation within a destination and find it remarkably low. Our empirical decomposition is structurally motivated by a heterogeneity model of exporting involving destination-specific, firm-specific, and firm......-destination-specific latent effects with incidental truncation. We use a highly detailed dataset with exports by products and destinations for all Danish manufacturing fi…rms. We fi…nd the contribution of firm-specific heterogeneity to within-destination sales variation varies greatly across HS6 products...

Family firm research – A review

Directory of Open Access Journals (Sweden)

Qiang Cheng

2014-09-01

Part I of the article discusses the fundaments of family firms: the prevalence of and the agency conflicts within family firms. Part II summarizes the findings of recent U.S. family firm studies. It reviews the evidence on the family firm premium (how, which, and when family firms are associated with a valuation premium, the manifestation of the agency conflict between majority and minority shareholders in family firms, earnings quality and corporate disclosure, and the determinants of family ownership and control. Part III discusses the prevalence and characteristics of Chinese family firms and reviews the findings of related studies. The article concludes with some suggestions for future research.

Meeting EU's energy needs through nuclear fission: Synergy of public and private research in an international context

International Nuclear Information System (INIS)

Bamberger, Yves; Hutin, Jean-Pierre; Delbecq, Jean-Michel

2011-01-01

Highlights: → Nuclear will play an important part in the world energy mix of tomorrow. → More R and D is necessary to make nuclear facilities safer, cleaner, more reliable and cost-effective. → Part of these R and D needs should be addressed through cooperation involving public and private sector. → Public-private cooperation is relevant for R and D relating to Gen 4 reactors but also for many Gen 2 and Gen 3 issues. → R and D program should also be helpful in maintaining appropriate expertise and competencies. - Abstract: The availability of an affordable and sustainable energy supply is becoming a major and growing concern for world's future. It is very likely that there is not one single solution to the problem but that it is necessary to call upon a whole set of means such as energy efficiency improvement, deployment of renewable energies, clean coal technologies including CO 2 capture and storage, nuclear development. Indeed, it is more and more recognized that nuclear energy offers a very effective way to contribute to this worldwide challenge. It can be a safe, clean, reliable and cost-effective source of energy, the price of which remaining quite stable. Although the 'generations' of nuclear systems are at different degrees of maturity, the scientific, technological and industrial gaps are quite well identified and assessed so that it is possible to describe a detailed roadmap of their development, including R and D needs. A significant part of these R and D needs should be addressed through cooperation involving public and private sector. It is the case for programs relating to safety, radiation protection, PRA (probabilistic risk assessment) methodology, background knowledge about ageing, fuel and fuel cycle for future light water reactors (Gen 3), pre-normative research for the purpose of harmonizing safety demonstration methodologies, Gen 4 systems with an emphasis on sodium-cooled fast breeder, large R and D infrastructures like test reactors

Private Security Companies (PSCs) as a Piracy Countermeasure

DEFF Research Database (Denmark)

Struwe, Lars Bangert

2012-01-01

Private Security Companies (PSC) are a part of the Best Management Practice in the shipping industry. The ship owners are using PSCs to protect their vessels against pirates, but protection of the vessels is just a part of the services that PSCs can provide. The services can be divided in four main...... groups: (1) security intelligence, risk assessment and consulting; (2) security services; (3) crisis response; and (4) intervention. While the use of PSCs may offer some deterrent value, the potential costs of hiring these firms would appear to outweigh the benefits. The argument in this article...

Liberalization of energy markets: local policies of public-private contractual relations; Liberalisation des marches energetiques: les politiques locales de relations contractuelles public-prive

Energy Technology Data Exchange (ETDEWEB)

Cahn, M; Schilken, P

2001-07-01

This state-of-the-art focusses on the contractual relations between the local authorities and the private sector in the domain of energy. In the past, specialized services were supplied and internally managed by utilities and monopolies, while today the same services are ensured by private companies selected according to their efficiency and competitiveness. In France, country of centralized tradition, such practices are not really developed while they are already in UK and Germany. This study gives an overview of the advantages of these practices using some examples taken in four domains: the helps to the choice of an electricity supplier and of the quality of power, the contracts of concessions of power distribution, the supply of energy advice services by external experts, and the helps for the investment in the domain of mastery of energy demand. Nine case-forms illustrate the experience of nine European countries in these public-private energy partnerships: Basel (CH), Berlin, Hagen and Heidelberg (DE), Brent, Leicester and Waltham Forest (GB), Graz (AT) and Jablonec (CZ). (J.S.)

Connected Firms and Investor Myopia

NARCIS (Netherlands)

Ginglinger, Edith; Hébert, Camille; Renneboog, Luc

2017-01-01

Conglomerates, multinational corporations and business groups are non-exclusive forms of complex firms. Often organized as corporate networks, complex firms control a myriad of firms connected through ownership links. We investigate whether parent-subsidiary links within corporate networks enhance

Inference from concave stochastic frontiers and the covariance of firm efficiency measures across firms

International Nuclear Information System (INIS)

Dashti, Imad

2003-01-01

This paper uses a Bayesian stochastic frontier model to obtain confidence intervals on firm efficiency measures of electric utilities rather than the point estimates reported in most previous studies. Results reveal that the stochastic frontier model yields imprecise measures of firm efficiency. However, the application produces much more precise inference on pairwise efficiency comparisons of firms due to a sometimes strong positive covariance of efficiency measures across firms. In addition, we examine the sensitivity to functional form by repeating the analysis for Cobb-Douglas, translog and Fourier frontiers, with and without imposing monotonicity and concavity

Assessing energy supply security: Outage costs in private households

International Nuclear Information System (INIS)

Praktiknjo, Aaron J.; Hähnel, Alexander; Erdmann, Georg

2011-01-01

The objective of this paper is to contribute to the topic of energy supply security by proposing a Monte Carlo-based and a survey based model to analyze the costs of power interruptions. Outage cost estimations are particularly important when deciding on investments to improve supply security (e.g. additional transmission lines) in order to compare costs to benefits. But also other policy decisions on measures that have direct or indirect consequences for the supply security (e.g. a phasing out of nuclear energy) need to be based on results from outage cost estimations. The main focus of this paper lies with residential consumers, but the model is applied to commercial, industrial and governmental consumers as well. There are limited studies that have approached the problem of evaluating outage cost. When comparing the results of these studies, they often display a high degree of diversification. As consumers have different needs and dependencies towards the supply of electricity because of varying circumstances and preferences, a great diversity in outage cost is a logical consequence. To take the high degree of uncertainties into account, a Monte Carlo simulation was conducted in this study for the case of private households in Germany. - Highlights: ► A macroeconomic model to assess outage cost is proposed. ► Possibilities for substitution are considered by analyzing individual preferences for the time-use. ► Uncertainties are taken into account by using a Monte Carlo simulation. ► This study reveals the distribution of outage costs to different electricity consumers. ► Implications for energy policy decisions are discussed.

Gender Segregation Small Firms

OpenAIRE

Kenneth R Troske; William J Carrington

1992-01-01

This paper studies interfirm gender segregation in a unique sample of small employers. We focus on small firms because previous research on interfirm segregation has studied only large firms and because it is easier to link the demographic characteristics of employers and employees in small firms. This latter feature permits an assessment of the role of employer discrimination in creating gender segregation. Our first finding is that interfirm segregation is prevalent among small employers. I...

Overview of dual process behavioural models and their implications on decision-making of private dwellers regarding deep energy renovation

OpenAIRE

Taranu, Victoria; Verbeeck, Griet

2016-01-01

Understanding both rational and heuristic thinking is important for explaining proenvironmental behaviour. Theoretical findings regarding dual process models can be useful to explain and influence decisions of private owners in the context of energy renovation. The existing building stock has a big potential in contributing to the reduction of energy consumption. Even though surveys show that dwellers acknowledge the importance of energy efficient buildings and the technologies to achieve ...

Energy drinks consumption practices among medical students of a Private sector University of Karachi, Pakistan.

Science.gov (United States)

Usman, Asma; Bhombal, Swaleha Tariq; Jawaid, Ambreen; Zaki, Samar

2015-09-01

Consumption of energy drinks has become popular among students and athletes over the past few years. To explore the phenomenon, a cross-sectional survey was conducted through a self-administered pilot-tested questionnaire. Frequency of energy drinks consumption was found to be 121(52%) in a sample of 233 medical students. Red bull was the most common brand consumed 101(43%). The major reasons reported for its usage were to gain/replenish energy by 36(15.4%), and studying for examination by 34(14.6%). Television was reported as the major source of information 153(66%) followed by friends 113(48%). There was a high frequency of energy drinks' consumption among medical students of a private university. There is a strong need to create awareness regarding these drinks, especially among adolescents and teenagers.

How small firms contrast with large firms regarding perceptions, practices, and needs in the U.S

Science.gov (United States)

Urs Buehlmann; Matthew Bumgardner; Michael. Sperber

2013-01-01

As many larger secondary woodworking firms have moved production offshore and been adversely impacted by the recent housing downturn, smaller firms have become important to driving U.S. hardwood demand. This study compared and contrasted small and large firms on a number of factors to help determine the unique characteristics of small firms and to provide insights into...

A sustainability assessment system for Chinese iron and steel firms

DEFF Research Database (Denmark)

Long, Yunguang; Pan, Jieyi; Farooq, Sami

2016-01-01

from financial and sustainability reports of four leading Chinese iron and steel firms. The proposed sustainable assessment system is envisaged to help Chinese iron and steel firms to objectively investigate their sustainability performance, provide clear and effective information to decision makers......The environmental impact of the Chinese iron and steel industry is huge due to its high consumption of ore, coal and energy, and water and air pollution. It is important not only for China but also for the rest of the world that the Chinese iron and steel industry becomes more sustainable....... A sustainable assessment indicator system is an important tool to support that development. Currently, however, a sustainable assessment system, specifically designed to match the characteristics of Chinese iron and steel firms, is not available. In this paper such a system is proposed and evaluated using data...

Europe sees mixed results from public-private partnerships for building and managing health care facilities and services.

Science.gov (United States)

Barlow, James; Roehrich, Jens; Wright, Steve

2013-01-01

Prompted in part by constrained national budgets, European governments are increasingly partnering with the private sector to underwrite the costs of constructing and operating public hospitals and other health care facilities and delivering services. Through such public-private partnerships, governments hope to avoid up-front capital expenditure and to harness private-sector efficiencies, while private-sector partners aim for a return on investment. Our research indicates that to date, experience with these partnerships has been mixed. Early models of these partnerships-for example, in which a private firm builds a hospital and carries out building maintenance, which we term an "accommodation-only" model-arguably have not met expectations for achieving greater efficiencies at lower costs. Newer models described in this article offer greater opportunities for efficiency gains but are administratively harder to set up and manage. Given the shortages in public capital for new infrastructure, it seems likely that the attractiveness of these partnerships to European governments will grow.

Board diversity in family firms

OpenAIRE

Menozzi, Anna; Fraquelli, Giovanni; Novara, Jolanda de

2015-01-01

The paper deals with diversity as a key factor to improve the board of directors’ decision process in family firms. The empirical literature about board diversity points at the positive impact of diversity on board functioning and firm performance. The paper uses a statistical diversity index to capture the heterogeneity of board of directors and put it in relation with firm performance, as measured by firm profitability. The empirical analysis is based on a newly collected panel of 327 famil...

Collaborative Communities of Firms

DEFF Research Database (Denmark)

2011-01-01

and developing strategic initiatives that aid the community as a whole. We discuss the facilitator role of the shared services provider, contrasting it with the coordinator role found in other multi-firm organizations, and we show how shared services providers function by describing three examples...... is an organizational model called the collaborative community of firms. This chapter addresses an important organizational role in a collaborative community, that of the shared services provider. The shared services provider acts as a facilitator in the community, helping member firms collaborate with one another...... of collaborative communities of firms from different sectors: the U.S.-based Blade.org and two Denmark-based communities, the Kalundborg Industrial Symbiosis and MG50. Implications for the theory and practice of organization design are discussed....

7 CFR 51.893 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.893 Section 51.893 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Table Grapes (European or Vinifera Type) 1 Definitions § 51.893 Firm. Firm means...

Firm-Level Corruption in Vietnam

DEFF Research Database (Denmark)

Rand, John; Tarp, Finn

This paper uses a unique panel dataset on firm-level corruption. It contains quantitative information on bribe payments by a sample of formal and informal Vietnamese firms. We show that bribe incidence is highly associated with firm-level differences in (i) visibility, (ii) sunk costs, (iii...

A firm's activity in social media and its relationship with corporate reputation, firm size and firm performance

OpenAIRE

Mäkinen, Hanna

2015-01-01

The significance of social media has increased greatly in the past few years, leading companies to increase their social media activity and also increase their interest in knowing whether it is genuinely worth being active on social media, including knowing the potential advantages. This study aims to examine the relationship between social media activity and three variables: reputation, firm size and firm performance. The study analyzes the relationships between the constru...

A local initiative for energy efficiency improvements in motor driven systems in public and private companies - case studies

Energy Technology Data Exchange (ETDEWEB)

Tamm, G. [Behoerde fuer Stadtentwicklung und Umwelt, Hamburg (Germany)

2005-07-01

In the free and hanseatic town Hamburg reduction potentials in public buildings are developed systematically in the context of the energy management by standardised efficiency programs. The City has had special means ready for financing energy saving measures for many years, because the investments amortize themselves by the operation cost reduction. Examples of efficient electrical motor systems in public buildings: ventilation facilities and air conditioning, heating pumps energy saving program. The city of Hamburg also offers a promotional program ''enterprises for resource protection'' for private investors from the Hamburg economy. With this program voluntary investment measures are initiated in private enterprises by financial subsidies to conserving resources. Examples of efficient electrical motor driven systems in enterprises: mill: speed controlled exhauster drives, spice mill: speed controlled mill drives, printer: efficient ventilation techniques at a paper exhaust system, wastewater treatment: adjustable fans for pressure aerators, hazardous waste incineration plant: optimisation of the SO{sub 2}-gas scrubbing system by mass flow controlled pumps. With these programs efforts to climate protection can be realised more economically. (orig.)

Strategic Renewal in Regulatory Environments: How inter- and intra-organisational institutional forces influence European incumbent energy firms

NARCIS (Netherlands)

M. Stienstra (Marten)

2008-01-01

textabstractHow do incumbent firms strategically renew in regulatory environments? Assuming that regulation can both constrain and enable a firm’s strategic renewal opportunities, we investigate how and to what extent incumbent firms undertake exploitative and explorative strategic renewal actions

Selection of workers and firm heterogeneity

NARCIS (Netherlands)

G.W.J. Hendrikse (George)

1992-01-01

textabstractA model based on differences between workers regarding their preferences for wage and leisure drives the heterogeneity of firms result. The more industrious workers are driven to small firms due to free riding in large firms. An industry consisting of small and large firms turns out to

Increasing Energy Access in Sub-Saharan Africa: Exploring Public-Private Models for Intervention

Energy Technology Data Exchange (ETDEWEB)

Bazilian, Morgan; Pless, Jacquelyn

2014-01-16

This report, by Morgan Bazilian and Jacquelyn Pless, examines ways that Energy+ could make a large impact in providing energy access to the poor, focusing on four promising models. While there remains a focus on a technology (PV), and a region (SSA) in this report, the models the authors explore are amenable to other specifications as well. Thus, the models presented provide an opportunity for stakeholders and the international community to collaborate and leverage capacities, resources, and networks. Of course, these models are only a few of the very wide range of possible mechanisms. They also are somewhat focused on engaging the private sector. The report does not provide a full context for the complex landscape of energy access and energy poverty. Rather, the paper is focused around the specifics of the interventions. It remains the case that the fundamental building blocks of capacity building, good governance and planning, and the ability to find funding for 'upfront' due diligence and analysis remain critical. Those items are, however, largely outside the scope of this short report.

7 CFR 51.1551 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.1551 Section 51.1551 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Potatoes 1 Definitions § 51.1551 Firm. Firm means that the potato is not shriveled...

7 CFR 51.696 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.696 Section 51.696 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... § 51.696 Firm. Firm as applied to common oranges, means that the fruit is not soft, or noticeably...

7 CFR 51.1353 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.1353 Section 51.1353 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Pears for Canning Definitions § 51.1353 Firm. Firm means that the pear is fairly solid and...

7 CFR 51.1006 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.1006 Section 51.1006 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Persian (Tahiti) Limes Definitions § 51.1006 Firm. Firm means that the fruit is not soft or...

7 CFR 51.1824 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.1824 Section 51.1824 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Florida Tangerines Definitions § 51.1824 Firm. Firm means that the flesh is not soft...

7 CFR 51.765 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.765 Section 51.765 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Florida Grapefruit Definitions § 51.765 Firm. Firm means that the fruit is not soft...

40 CFR 745.89 - Firm certification.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 30 2010-07-01 2010-07-01 false Firm certification. 745.89 Section 745... § 745.89 Firm certification. (a) Initial certification. (1) Firms that perform renovations for compensation must apply to EPA for certification to perform renovations or dust sampling. To apply, a firm must...

Admissibility and policies of public-private partnerships on communal level in the field of energy supply; Rechtliche Zulaessigkeit und Handlungsvorgaben gemischt-wirtschaftlicher Unternehmen mit kommunaler Beteiligung im Bereich der Energieversorgung

Energy Technology Data Exchange (ETDEWEB)

Chen, Hsing-An

2012-11-01

The investigation comprised four steps. In the first step, background information on public-private partnerships is presented, and trends are outlined. The relationship between PPP and privatisation is discussed, definitions are given, and basic models of PPP are presented before proceeding to a discussion of public-private partnerships in the energy supply sector. The second part focuses on communal energy supply. The role of energy supply within the range of services provided by communal administration is defined, and public-private partnerships in the communal sector are gone into. In the third section, legal boundary conditions for the establishment of public-private energy utilities in the communal sector are analyzed. The emphasis is on the legal requirements and limitations to be observed by communities intending to establish public-private energy utilities or cooperate in them. Finally, the fourth section goes into the policies that should be adapted by communal PPP utilities under energy industry law. A distinction is made between the different activities of energy utilities, i.e. as grid operators and power suppliers, and the different legal obligations involved. Pricing is another important consideration. For this reason, the regulations of cartel law and energy industry law concerning pricing in power supply are investigated in detail, especially as grid connection, grid access and base load power supply are concerned.

The impact of firm and industry characteristics on small firms' capital structure

NARCIS (Netherlands)

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

2012-01-01

We study the impact of firm and industry characteristics on small firms’ capital structure, employing a proprietary database containing financial statements of Dutch small and medium-sized enterprises (SMEs) from 2003 to 2005. The firm characteristics suggest that the capital structure decision is

Leverage, Growth Opportunities and Firm Investment: The Case of Manufacturing Firms in China

OpenAIRE

Di Sheng; Shuyang Hou

2014-01-01

This paper examined the impact of financial leverage on investment decisions offirms using the panel data of publicly traded Chinese firms. We collected data for511 manufacturing companies during the period from 2005 to 2013 to do theresearch. The data shows that financial leverage is negatively correlated with afirm’s investment. Moreover, after we categorized the data into two types: 1)high-growth firms and 2) low-growth firms, it demonstrated that such negativecorrelation is significant fo...

7 CFR 51.634 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.634 Section 51.634 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing...) Definitions § 51.634 Firm. Firm means that the fruit is not soft, or noticeably wilted or flabby, and the skin...

Firm-level perspectives on State-Business Relations in Africa

DEFF Research Database (Denmark)

Charles, Goodluck; Jeppesen, Søren; Kamau, Paul

2017-01-01

Experiences from developed and emerging economies inform us that close state–business relations (SBRs) are crucial for economic development and structural transformation. Based on the positive experiences from other parts of the world, most African governments have begun processes to establish...... collaborative SBRs. Amongst other initiatives, these processes include amendments to existing laws to facilitate public–private interaction, direct support to existing business associations (BAs). This article draws on an analysis of survey data from 210 local firms, complemented with qualitative data from...... and requirements of local businesses and that BAs in these countries are poorly organised. In spite of initiatives taken by the states and other actors, including an increase in the number of formal relations between state and businesses, it is difficult to conclude whether SBRs are collaborative or collusive...

Experiences of Emerging Economy Firms

DEFF Research Database (Denmark)

Experiences of Emerging Economy Firms investigates the different elements of the experiences of emerging economy firms and sheds essential light on a large variety of aspects associated with their functioning in both home and host contexts. For example, firms must be able to overcome the liability...... of foreign and emerging issues when they expand their activities in various contexts, enter, exit, and re-enter overseas markets; they have to overcome institutional barriers, adapt the cultural challenges in foreign markets, undergo the impact of large multinational firms from developed economies...

7 CFR 51.1156 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.1156 Section 51.1156 Agriculture Regulations... Standards for Grades of Florida Oranges and Tangelos Definitions § 51.1156 Firm. Firm as applied to common... oranges of the Mandarin group (Satsumas, King, Mandarin), “firm” means that the fruit is not extremely...

Preliminary analysis of the study of a Nuclear Energy Center at Green River, Utah

Energy Technology Data Exchange (ETDEWEB)

1979-03-01

The planning phase for the study of a conceptualized Regional Nuclear Energy Center (NEC) at Green River, Utah to serve a four state area is discussed and an outline of the proposed study is presented. It is assumed that the more technical issues of a NEC have already been studied in detail for generic sites and that this study will address the site specific impacts of a NEC at a representative site. The emphasis will be on the institutional, legal, political, sociological, economic and environmental impacts of a NEC. An assessment is made of the willingness and ability of related public and private entities to participate in the study. These include local, state and regional government agencies, colleges and universities, research organizations, private firms and consultants, and relevant federal agencies in Utah and the region.

Firm Leverage and the Financial Crisis

OpenAIRE

Fatih Altunok; Arif Oduncu

2014-01-01

The firm growth dynamics is an important topic since the growth performance of firms is the main source of the economic growth in countries. Generally, crises produce a sharp decline in firms’ growth and this leads to a decline in both the level of employment and the income of households. This paper focuses on the role of firm leverage on the growth performance of the firm during the global financial crisis. We investigate whether the firms that experienced a large leverage increase before th...

The Identity of Ownership on Firm Internationalization

DEFF Research Database (Denmark)

Strandskov, Jesper; Madsen, Tage Koed; Pedersen, Bent

2016-01-01

The paper develops an integrative ownership-internationalization model that explores the influences of various owner types (i.e. investor-owned firms, family-owned firms, employee-owned firms, cooperative–owned firms, and state-owned firms) on firm internationalization. Based on a comparative...... analysis of the various owner types, we discuss how each owner group’s main objectives, risk behavior and provision of resources influence their internationalization strategies and decisions (i.e. scale, scope and speed decisions)....

The Role of Firm Ownership on Internationalization

DEFF Research Database (Denmark)

Hobdari, Bersant; Gregoric, Aleksandra; Sinani, Evis

2011-01-01

This paper investigates how different types of owners influence the extent of firm internationalization, measured by the share of firm exports in total sales. The results of the analysis carried out using firm level data of Estonian and Slovenian firms, show that the firms under the control...... in internationalization process. Finally, high market share also leads to increased internationalization through exports as firms seek to expand in foreign markets after having dominated the domestic ones....

Did the financial crisis lead to changes in private equity investor preferences regarding renewable energy and climate policies?

International Nuclear Information System (INIS)

Hofman, Daan M.; Huisman, Ronald

2012-01-01

examined the preferences of 60 clean-tech venture capital and private equity investors regarding renewable energy and climate policies in 2007. This paper presents the results of a research project that examined whether these investor preferences changed due to the financial crisis. We re-conducted that part of survey that focuses on the preferences for 12 market-pull policies. Comparing our results with those from 2007, we found that the popularity of 11 out of 12 policies decreased. The decrease was significant for those policies that involve subsidies and trade related schemes such as CO 2 emissions and green certificates trading. The decrease in the popularity of the policies was mainly the result of changes in the preferences of European investors, whereas the preferences of North American investors did not change noteworthy. - Highlights: ► We re-conducted a survey among clean-tech private equity and venture capital investors. ► We compare their preference for renewable energy and climate market-pull policies with survey results from 2006. ► We found a significant decrease in popularity for those policies such as subsidies and trade related schemes. ► Especially the preferences for renewable energy policies of European investors declined. ► The financial crises lead to a reduced preference for renewable energy policies.

GROWTH AND VENTURE CAPITAL INVESTMENT IN TECHNOLOGY-BASED SMALL FIRMS THE CASE OF HUNGARY

Directory of Open Access Journals (Sweden)

Becsky Nagy Patricia

2014-07-01

Full Text Available Venture capital backed enterprises represent a low proportion of companies, even of innovative ones. The research question was, whether these companies have an important role in innovation and economic growth in Hungary compared to other countries. In the first part of the article I present the theoretical background of technology-based small firms, highlighting the most important models and theories of the economic impact and the special development of innovative technology-oriented small firms. In the second part of the article I present the status of the most important indicators of innovation in connection with entrepreneurship, than I elaborate on the measures of start-ups, mainly the high-tech ones with high-growth potential. I describe the current position of venture capital industry, detailing the venture capital investments, with particular emphasis on classical venture capital investments that points out the number and the amount of venture capital investments financing early stage firms with high-growth potential. At the end I summarize the status of Hungarian technology-based small firms and their possibilities to get financial sources form venture capital investors, with regards to the status and the prospects of the JEREMIE program. In Hungary the number of internationally competitive firms, ready and willing to obtain venture capital, is much lower than in the US or Western European countries. Hungary could take advantage of its competitive edges in some special fields of innovation. The efficiency of information flow would reduce the information gap between the demand and the supply side of the venture capital market and more Hungarian firms could be internationally successful through venture capital financing. The recent years’ policy and special programs like JEREMIE generated more transactions, that helped to inform the entrepreneurs about venture capital and helped to co-invest public resources with private equity more

Foreign Exchange Exposures of Korean Firms

Directory of Open Access Journals (Sweden)

Sungbin Cho

2011-03-01

Full Text Available We measure foreign exchange exposures as sensitivity of firm's value to FX premium in the CAPM plus FX premium model, and try to find determinants of the exposures; using data of non-financial companies listed in the Korea Exchange from the year 2007 to 2008. Main findings are as follows. If Korean won depreciates, only a small number of firms is benefitted while majority of firms are harmed to the contrary of common knowledge. As a firm's export increases, the foreign exchange exposure increases up to a certain level and after that it declines. And, smaller firms of negative foreign exchange exposures are more sensitive to foreign exchange changes. These suggest heterogeneous effects of foreign exchange rates on industries and firms.

Essays in economics: 1. Pre-committed government spending and partisan politics. 2. Investment in energy efficiency: Do the characteristics of firms matter? 3. Information processing and organizational structure

Science.gov (United States)

Watkins, William Edward, Jr.

1. Spending commitments requiring future outlays are important for understanding partisan politics because they prevent a conservative government from scaling back spending programs. In a one-government-good model, a "stubborn liberal" policy maker can use precommitted spending to prevent a later conservative government from imposing spending cuts. In a model where parties differ about spending priorities, re-election uncertainty creates a bias towards higher government spending and higher taxes. 2. The literature on energy efficiency provides examples of profitable technologies that are not universally adopted. Theory indicates that firms should undertake all investments with a positive net present value, and that the discount rate for computing the present value of a project should be the return available on other projects in the same risk class, not on characteristics of the firm. This model is tested by examining whether firms' characteristics influence their decision to join the Environmental Protection Agency's Green Lights program. A discrete choice regression is estimated over a sample of participating and non-participating firms. Missing values in the data matrix are replaced with multiple imputations using the EM algorithm. The results show that: (1) substantial improvements in the power of hypothesis tests can be achieved through imputation of missing data, and (2) characteristics of firms do affect their decision to join Green Lights. 3. Standard theories of the firm stress profit maximization as the foundation for derivation of predictable behavior. Yet evidence continues to accumulate that firms do not act as required by the neoclassical framework. Instead of being represented by ever more elaborate maximization models, the firm can be modeled simply as a network of information-processing agents. The actions of the firm are then a function only of the network structure and the information-processing capabilities of the agents. This approach can be

Heterogeneity in Firm Performance During Economic Crisis

Directory of Open Access Journals (Sweden)

Sergio Bruni

2014-06-01

Full Text Available What happens to firms during periods of deep economic crisis? Did different types of firms perform differently under the economic crisis? With the aid of a rich database and focusing on the literature regarding the growth of firms, this paper investigates the relative profitability performance of Italian firms during the current economic crisis, exploring those factors, which help certain firms to do relatively better even in the slowdown period. Some preliminary results show that the Italian firms that are relatively young in age, with relatively better current liquidity and more focused on domestic market have performed better than other firms. Furthermore, firms operating in high-tech and in highly concentrated sectors have enjoyed a better performance in this period.

Lessons Learned from the Private Sector

Energy Technology Data Exchange (ETDEWEB)

Robichaud, Robert J [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

2017-09-07

This session is focused on lessons learned from private sector energy projects that could be applied to the federal sector. This presentation tees up the subsequent presentations by outlining the differences between private and federal sectors in objectives, metrics for determining success, funding resources/mechanisms, payback and ROI evaluation, risk tolerance/aversion, new technology adoption perspectives, and contracting mechanisms.

Gibrat's Law and the Firm Size / Firm Growth Relationship in Italian Services

NARCIS (Netherlands)

R. Piergiovanni; E. Santarelli (Enrico); L. Klomp (Luuk); A.R. Thurik (Roy)

2002-01-01

textabstractSeveral surveys on intra-industry dynamics have recently reached the conclusion from a large body of evidence that Gibrat's Law does not hold, i.e., the main finding is that firm growth decreases with firm size. However, almost all of these studies have been based on manufacturing. In

Drivers of Discretionary Firm Donations in Brazil

Directory of Open Access Journals (Sweden)

Rodrigo Bandeira-de-Mello

2008-10-01

Full Text Available Discretionary firm donation is usually related to the stakeholder theory and corporate social performance. Although theoretical explanations for this social behavior are pervasive in related literature, empirical modeling remains underdeveloped. We developed an explanatory structural model of discretionary firm donation using firm and industry level indicators. Unlike previous research, we estimated the explanatory power of the construct we called stakeholder orientation. Our tentative model was tested on a Brazilian sample of 101 publicly traded donor firms, using data on firm donations to social projects and to political candidates in electoral campaigns. The main results suggest that discretionary donation seems to be a strategy for managing conflicting claims in highly stakeholder oriented firms; the characteristics of the firm are more important than industry effects in explaining firm donations; and large firms, showing slack resources, and with a less concentrated ownership structure tend to engage in discretionary donation more intensively.

Foreign Entry and Heterogeneous Growth of Firms

DEFF Research Database (Denmark)

Deng, Paul Duo; Jefferson, Gary H.

We adopt the framework of Schumpeterian creative destruction formalized by Aghion et al. (2009) to analyze the impact of foreign entry on the productivity growth of domestic firms. In the face of foreign entry, domestic firms exhibit heterogeneous patterns of growth depending on their technologic...... manufacturing. Our empirical results confirm that foreign entry indeed generates strong heterogeneous growth patterns among domestic firms.......We adopt the framework of Schumpeterian creative destruction formalized by Aghion et al. (2009) to analyze the impact of foreign entry on the productivity growth of domestic firms. In the face of foreign entry, domestic firms exhibit heterogeneous patterns of growth depending on their technological...... distance from foreign firms. Domestic firms with smaller technological distance from their foreign counterparts tend to experience faster productivity growth, while firms with larger technological distance tend to lag further behind. We test this hypothesis using a unique firm-level data of Chinese...

In search of loyalty: private label packaging solutions for the retail grocery industry

OpenAIRE

Bullen, Christine Angela Holly

2006-01-01

The U.S. corrugated packaging industry is highly concentrated, competitive and mature, facing only modest growth in the United States. The objective of this paper is to understand the opportunity that private label grocery products present to the corrugated packaging industry and how Weyerhaeuser Company might increase demand of corrugated boxes. Industry analyses of both the U.S. retail and corrugated packaging industry are provided in conjunction with summaries of major firms in the respect...

Essays on Firm Behavior in Developing Economies

Science.gov (United States)

Abeberese, Ama Baafra

The performance of firms is central to growth in developing economies. A burgeoning literature within development economics seeks to understand the behavior of firms in developing countries and the constraints to their performance. This dissertation explores two types of constraints---infrastructure-related constraints and trade-related constraints---faced by manufacturing firms in developing countries. Despite the widely acknowledged importance of infrastructure for economic growth, there has been relatively little research on how infrastructure affects the decisions of firms. Electricity, in particular, is commonly cited by firms in developing countries as a major obstacle to their performance. In the first two chapters, I analyze the responses of firms to two types of electricity constraints, namely electricity prices and electricity shortages. Chapter 1 provides evidence on how electricity prices affect a firm's industry choice and productivity growth using data on Indian manufacturing firms. I construct an instrument for electricity price as the interaction between the price of coal paid by power utilities, which is arguably exogenous to firm characteristics, and the initial share of thermal generation in a state's total electricity generation capacity. I find that, in response to an exogenous increase in electricity price, firms reduce their electricity consumption and switch to industries with less electricity-intensive production processes. I also find that firm output, machine intensity and labor productivity decline with an increase in electricity price. In addition to these level effects, I show that firm output and productivity growth rates are negatively affected by high electricity prices. These results suggest that electricity constraints faced by firms may limit a country's growth by leading firms to operate in industries with fewer productivity-enhancing opportunities. Chapter 2 examines the impact of electricity shortages on firm investment. I

Government-to-private sector energy programs: Identification of common elements leading to successful implementation

Science.gov (United States)

Stockton, Keith M.

-and-control programs we examined also create market distortions that both limit the flexibility of private markets to adjust to changing economic conditions and discourage the adoption of competing technologies. We conclude our research by recommending that future policy makers maximize the range of methods availability to the private sector to meet legislative goals and limit the use of financial incentives. With these measures, energy programs may achieve higher levels of success by reaching their goals with maximum economic efficiency and minimal negative unanticipated consequences.

Do Treasure Islands Create Firm Value?

DEFF Research Database (Denmark)

Lai, Tat-kei; Ng, Travis

They do! Otherwise, their use would not have been so prevalent among firms. How much firm value they create, however, is still an open question. Exploiting a political event in the U.K. that suddenly raised the cost of using tax havens, we find that there was a 0.87% reduction in cumulative...... abnormal return (CAR) among the sampled firms, corresponding to about £532 million in market capitalization. The firms of stronger corporate governance registered a stronger reduction in CAR. A simple linear extrapolation suggests that the firm value contributed by tax havens can be as much as £31 billion....

A resource based view to small firms' sustainable competitive advantages: A case of Iranian small firms

Directory of Open Access Journals (Sweden)

Ali Reza Babakhan

2012-10-01

Full Text Available During the last decades, the importance of small firms as one of the main economical parts in each country has been proved. Considering to the resources limitation in one hand, and the competitive global market in the other hand, it is very important that firms can obtain sustainable competitive advantages (SCAs to compete with other rivals. This paper, at the first step, tries to explore the potentially SCAs of Qom's small firms by using of Structural Equation Model (SEM. Then, the real current situation of firms in using these competitive advantages has been examined. The results tell that except firms' location, other potentially SCAs do not have acceptable condition.

Do Work-Life Balance Policies Increase a Firm's Total Factor Productivity?: Evidence from panel data of Japanese firms (Japanese)

OpenAIRE

YAMAMOTO Isamu; MATSUURA Toshiyuki

2011-01-01

This paper examines how firms' policies for workers' work-life balance (WLB) affect total factor productivity (TFP) in the long run, by using panel data of Japanese firms from the 1990s. Although we observed a positive correlation between firms' WLB policies and their TFP, once controlling for unobserved firm heterogeneity, we found no causal relationship where WLB policies increase a firm's TFP in the long run. Under the following conditions, however, WLB policies would likely improve a firm...

Agility in a small software firm

DEFF Research Database (Denmark)

Schmidt, Thomas; Mathiassen, Lars

2009-01-01

Small software firms are vulnerable to environmental uncertainty. While agile methods and other technologies offer suggestions to this challenge, we know little about how these firms combine project and firm level capabilities to effectively respond to changes. On this backdrop, we examine a small...... Danish software firm, TeachTech Inc., through the lens of Haeckel's sense-and-respond approach. Our analysis suggests that: the firm has appropriate sense-and-respond cycles, but improving process modularity and human resource flexibility, could increase its ability to respond faster and more effectively......; the firm focuses on specific business goals, but these are not clearly explicated and expressed as empowering governing values enabling a quick and coordinated response; complex and demanding challenges are related to dynamically reassigning commitments and the supporting mechanisms are insufficient...

Foreign Firms, Domestic Wages

DEFF Research Database (Denmark)

Malchow-Møller, Nikolaj; Markusen, James R.; Schjerning, Bertel

Many papers have documented a wage premium in foreign-owned and large firms. However, there is very little formal theory in the literature and empirical analyses are typically not based on hypotheses which are rigorously derived from theory. This paper contributes to the theory-empirics gap...... by developing a model that allows for two "pure" explanations for the wage premium. The first is a heterogenous-worker explanation along the lines of Yeaple (2005), where firms that select more scaleintensive technologies select ex-ante more productive workers. In this case, the wage premium is a pure selection...... phenomenon. The second explanation builds on the heterogeneous-firm model of Melitz (2003) combined with on-the-job learning as in Markusen (2001). Productivity differences between firms are internalized by ex-ante homogeneous workers, so the wage premium is a pure learning phenomenon due to ex-post higher...

Essays on Energy Technology Innovation Policy

Science.gov (United States)

Chan, Gabriel Angelo Sherak

Motivated by global climate change, enhancing innovation systems for energy technologies is seen as one of the largest public policy challenges of the near future. The role of policy in enhancing energy innovation systems takes several forms: public provision of research and develop funding, facilitating the private sector's capability to develop new technologies, and creating incentives for private actors to adopt innovative and appropriate technologies. This dissertation explores research questions that span this range of policies to develop insights in how energy technology innovation policy can be reformed in the face of climate change. The first chapter of this dissertation explores how decision making to allocate public research and development funding could be improved through the integration of expert technology forecasts. I present a framework to evaluate and optimize the U.S. Department of Energy's research and development portfolio of applied energy projects, accounting for spillovers from technical complimentary and competition for the same market share. This project integrates one of the largest and most comprehensive sets of expert elicitations on energy technologies (Anadon et al., 2014b) in a benefit evaluation framework. This work entailed developing a new method for probability distribution sampling that accommodates the information that can be provided by expert elicitations. The results of this project show that public research and development in energy storage and solar photovoltaic technologies has the greatest marginal returns to economic surplus, but the methodology developed in this chapter is broadly applicable to other public and private R&D-sponsoring organizations. The second chapter of this dissertation explores how policies to transfer technologies from federally funded research laboratories to commercialization partners, largely private firms, create knowledge spillovers that lead to further innovation. In this chapter, I study the U

Foreign Firms, Domestic Wages

DEFF Research Database (Denmark)

Malchow-Møller, Nikolaj; Schjerning, Bertel; R. Markusen, James

2013-01-01

Three types of theories have been used to explain the wage premium in foreign firms: the theories of heterogeneous workers, heterogeneous learning, and heterogeneous firms. We set up a model that explicitly encompasses two of these theories, and that can illustrate the third. This unifying...

Location of New Firms

DEFF Research Database (Denmark)

Backman, Mikaela; Karlsson, Charlie

2017-01-01

characteristics, such as the commuting experience. Our results show that commuting influences the firm location choice. The probability of establishing a firm in the work municipality increases if the entrepreneur is a commuter, holding constant the type of region and unobservable and observable individual...

How do Economic Crises Impact Firm Boundaries?

DEFF Research Database (Denmark)

Foss, Kirsten

2010-01-01

How economic crises impact the boundaries of firms has been offered virtually no attention in the literature on the theory of the firm. I review the best-known theories of the firm and identify the variables that matter for the explanation of firm boundaries. I then examine how an economic crisis...... may impact these variables and change efficient firm boundaries. The various theories of the firm have difficulties explaining how firms efficiently adapt their boundaries to such prominent characteristics of economic crisis as declining demand and increased costs of external finance. However, all...... these theories stress uncertainty as an antecedent of firm organization, and as uncertainty is also an important characteristic of an economic crisis I examine how uncertainty is allowed to play out in the various theories in order to identify what predictions we can derive from the theory regarding changes...

Bundling and mergers in energy markets

International Nuclear Information System (INIS)

Granier, Laurent; Podesta, Marion

2010-01-01

Does bundling trigger mergers in energy industries? We observe mergers between firms belonging to various energy markets, for instance between gas and electricity providers. These mergers enable firms to bundle. We consider two horizontally differentiated markets. In this framework, we show that bundling strategies in energy markets create incentives to form multi-market firms in order to supply bi-energy packages. Moreover, we find that this type of merger is detrimental to social welfare. (author)

Innovative knowledge sharing, supply chain integration and firm performance of Australian manufacturing firms

NARCIS (Netherlands)

Singh, Prakash J.; Power, Damien

2014-01-01

A number of reports show that innovation in Australian manufacturing firms is declining. We propose that better knowledge sharing practices can assist these firms to become more innovative. In this paper, we examine this proposition by empirically testing the relationship between knowledge sharing

Integrating the NEPA 216 process with large-scale privatization projects under the US Department of Energy

International Nuclear Information System (INIS)

Eccleston, C.H.

1994-05-01

The US Department of Energy (DOE) is considering the possibility of replacing the existing Hanford Site 200 Are steam system through a privatization effort. Such an action would be subject to requirements of the National Environmental Policy Act (NEPA) of 1969. Section 216 of the Doe NEPA Implementation Procedures (216 Process) provides a specific mechanism for integrating the DOE procurement process with NEPA compliance requirements

Does Labor Diversity Affect Firm Performance?

DEFF Research Database (Denmark)

Pytlikova, Mariola; Pozzoli, Dario; Parrotta, Pierpaolo

/education significantly enhances firm performance as measured by firm TFP. Conversely, diversity in demographics and ethnicity brings mixed results – both dimensions of workforce diversity have either no or negative effects on firm TFP. Hence, it seems as if the negative effects, coming from communication and integration...... costs connected to a more demographically and culturally diverse workforce, counteract the positive effects of diversity on firm TFP, coming from creativity and knowledge spillovers. However, we find that ethnic diversity is valuable for firms operating in industries characterized by above-average trade...... openness, giving support to the hypothesis that an ethnically diverse workforce provides information and access to global markets....

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.

Procurement with Specialized Firms

NARCIS (Netherlands)

Boone, J.; Schottmuller, C.

2011-01-01

This paper analyzes optimal procurement mechanisms in a setting where the procurement agency has incomplete information concerning the firms’ cost functions and cares about quality as well as price. Low type firms are cheaper than high type firms in providing low quality but more expensive when

Firms, crowds, and innovation.

Science.gov (United States)

Felin, Teppo; Lakhani, Karim R; Tushman, Michael L

2017-05-01

The purpose of this article is to suggest a (preliminary) taxonomy and research agenda for the topic of "firms, crowds, and innovation" and to provide an introduction to the associated special issue. We specifically discuss how various crowd-related phenomena and practices-for example, crowdsourcing, crowdfunding, user innovation, and peer production-relate to theories of the firm, with particular attention on "sociality" in firms and markets. We first briefly review extant theories of the firm and then discuss three theoretical aspects of sociality related to crowds in the context of strategy, organizations, and innovation: (1) the functions of sociality (sociality as extension of rationality, sociality as sensing and signaling, sociality as matching and identity), (2) the forms of sociality (independent/aggregate and interacting/emergent forms of sociality), and (3) the failures of sociality (misattribution and misapplication). We conclude with an outline of future research directions and introduce the special issue papers and essays.

Technological Capability and Firm Performance

Directory of Open Access Journals (Sweden)

Fernanda Maciel Reichert

2014-08-01

Full Text Available This research aims to investigate the relationship between investments in technological capability and economic performance in Brazilian firms. Based on economic development theory and on developed countries history, it is assumed that this relationship is positive. Through key indicators, 133 Brazilian firms have been analyzed. Given the economic circumstances of an emerging economy, which the majority of businesses are primarily based on low and medium-low-technology industries, it is not possible to affirm the existence of a positive relation between technological capability and firm performance. There are other elements that allow firms to achieve such results. Firms of lower technological intensity industries performed above average in the economic performance indicators, adversely, they invested below average in technological capability. These findings do not diminish the merit of firms’ and country’s success. They in fact confirm a historical tradition of a country that concentrates its efforts on basic industries.

An Aspirational Community Theory of the Firm

DEFF Research Database (Denmark)

Li, Xin

propose an aspirational community theory of the firm (ACT) as a candidate theory by conceptualizing the firm as an aspirational community, the core of which is a group of like-minded people sharing similar or same aspiration/vision. To explain the existence of the firm, we make a distinction between......All of the three major theories of the firm, i.e., the transaction cost theory, knowledge-based theory and the entrepreneurship theory, offer some insightful analyses of the nature of the firm. However, they all have limitations and weaknesses in answering the fundamental question of the existence...... of the firm. In addition, they are all partial due to their particular focus on the multifaceted phenomenon of the firm. We argue that it is necessary and sufficient to develop a comprehensive yet integrative theory of the firm that combines the three competing yet complementary logics. Toward this end, we...

Supervision in Firms

OpenAIRE

Vafaï , Kouroche

2012-01-01

URL des Documents de travail : http://centredeconomiesorbonne.univ-paris1.fr/bandeau-haut/documents-de-travail/; Documents de travail du Centre d'Economie de la Sorbonne 2012.84 - ISSN : 1955-611X; To control, evaluate, and motivate their agents, firms employ supervisors. As shown by empirical investigations, biased evaluation by supervisors linked to collusion is a persistent feature of firms. This paper studies how deceptive supervision affects agency relationships. We consider a three-leve...

LEGO firm devices for atomic industry

International Nuclear Information System (INIS)

Makarov, P.V.; Egunova, E.M.

2007-01-01

Analytical problems of atomic industry enterprises are considered. Possibilities of LECO firm devices for following analysis kinds: 1) ore materials under ore processing; 2) chemical composition analysis and properties of metals and oxides under implementation of production manufacturing for nuclear industry; 3) spectral analysis; 4) structure analysis and properties of metallic materials - are shown. All above-listed analysis methods are applying at quality control operation. Examples of LECO device application at different nuclear energy enterprises of Russia, Kazakhstan, and other CIS and Baltic countries are cited

Merger incentives and the failing firm defense

NARCIS (Netherlands)

Bouckaert, J.M.C.; Kort, P.M.

2014-01-01

The merger incentives between profitable firms differ fundamentally from the incentives of a profitable firm to merge with a failing firm. We investigate these incentives under different modes of price competition and Cournot behavior. Our main finding is that firms strictly prefer exit of the

Firm Based Trade Models and Turkish Economy

Directory of Open Access Journals (Sweden)

Nilüfer ARGIN

2015-12-01

Full Text Available Among all international trade models, only The Firm Based Trade Models explains firm’s action and behavior in the world trade. The Firm Based Trade Models focuses on the trade behavior of individual firms that actually make intra industry trade. Firm Based Trade Models can explain globalization process truly. These approaches include multinational cooperation, supply chain and outsourcing also. Our paper aims to explain and analyze Turkish export with Firm Based Trade Models’ context. We use UNCTAD data on exports by SITC Rev 3 categorization to explain total export and 255 products and calculate intensive-extensive margins of Turkish firms.

Strategic Adjustment Capacity, Sustained Competitive Advantage, and Firm Performance: An Evolutionary Perspective on Bird Flocking and Firm Competition

Directory of Open Access Journals (Sweden)

Shou Chen

2017-01-01

Full Text Available Imitating the positioning rules in the bird flocking system, the strategic adjustment capacity is decomposed into three aspects, which are the organizational learning capacity from the top firms, the extent to which firms maintain or rely on the best operational capacity vector in history, and the ability to overcome the disadvantage while maintaining the advantage of the operational capacity vector from the previous years, respectively. Financial vectors are constructed to represent the results of corporate strategic adjustment and listed firms in the China A stock are chosen as the samples. As empirical analysis reveals, there is a positive correlation between the organizational learning capacity from the top firms and the firm performance and a U-shaped relation between the learning capability from the previous best operational capacity vector and the firm performance. However, no significant correlation between the inertia control ability of the current operational capacity vector of the firms and their performance improvement can be observed. This study verifies that the issue of corporate competitiveness and performance can be investigated by utilizing the principles of competition in nature. Moreover, a firm can obtain a sustainable competitive advantage by improving its ability to learn from top firms in the industry.

Strong Firms Lobby, Weak Firms Bribe

DEFF Research Database (Denmark)

Bennedsen, Morten; Feldmann, Sven E.; Lassen, David Dreyer

that are larger, older, exporting, government-owned, are widely held and/or have fewer competitors, have more political influence, perceive corruption to be less of a problem and pay bribes less often; (c) influence increases sales and government subsidies and in general makes the firm have a more positive view...

Stakeholder capitalism, corporate governance and firm value

OpenAIRE

Allen, Franklin; Carletti, Elena; Marquez, Robert

2007-01-01

In countries such as Germany, the legal system is such that firms are necessarily stakeholder oriented. In others like Japan social convention achieves a similar effect. We analyze the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers compared to pure shareholder-oriented firms. We show that in a context of imperfect competition stakeholder firms have higher prices and lower output than shareholder-oriented firms. Surprisingly, we also ...

Energy Division annual progress report for period ending September 30, 1992

Energy Technology Data Exchange (ETDEWEB)

Counce, D.M.; Wolff, P.P. [eds.

1993-04-01

Energy Division`s mission is to provide innovative solutions to energy and related Issues of national and global importance through interdisciplinary research and development. Its goals and accomplishments are described in this annual progress report for FY 1992. Energy Division`s total expenditures in FY 1992 were $42.8 million. The work is supported by the US Department of Energy, the US Department of Defense, many other federal agencies, and some private organizations. Disciplines of the 116.5 technical staff members include engineering, social sciences, physical and life sciences, and mathematics and statistics. The division`s programmatic activities cover three main areas: (1) analysis and assessment, (2) energy conservation technologies, and (3) military transportation systems. Analysis and assessment activities involve energy and resource analysis, preparation of environmental assessments and impact statements, research on waste management, technology transfer, analysis of energy and environmental needs in developing countries, and civilian transportation analysis. Energy conservation technologies focus on electric power systems, building envelopes (walls, foundations, roofs, attics, and materials), and methods to improve energy efficiency in existing buildings. Military transportation systems conduct research for sponsors within the US military to improve the efficiency of military deployment, scheduling, and transportation coordination. Much of Energy Division`s research is valuable to other organizations as well as to sponsors. This information is disseminated by the staff`s involvement in professional and trade organizations and workshops; joint research with universities and private-sector firms; collaboration with state and local governments; presentation of work at conferences; and publication of research results in journals, reports, and conference proceedings.

Diversified boundaries of the firm

OpenAIRE

Kimura, Koichiro

2012-01-01

We analyze diversification of boundaries of local firms in developing countries under the economic globalization. The globalization has an aspect of homogenization of the world economy, but also has another aspect of diversification through international economic activities. Focusing on boundary-level of the firm, this article shows that the diversification from a comparison with boundaries of foreign firms in developed countries is brought by a disadvantage of technology deficit and a home a...

Market-Oriented Product Innovation in Small Firms

NARCIS (Netherlands)

Verhees, F.J.H.M.

2005-01-01

Description: This thesis deals with product-innovation in small firms. It aims at a better understanding of the determinants of product innovation in small firms, particularly those determinants that are related to the market orientation of small firms. The focus of the study is on small firms that

Non-conventional energy sources: potential and prospects for IXth plan

International Nuclear Information System (INIS)

Majumdar, Debashish

1998-01-01

Looking beyond the year 2000, it seems certain that we are moving to an era when the energy costs are going to rise, and the pressure on fossil fuels and wood is going to become more and more acute. The energy supply patterns are going to determine the course of the future economic and social development. Energy supply will be the basis for a high and sustainable level of security and comfort. The energy mix will also determine the environment and ecological balance. Before I proceed further, let me emphasise my firm belief the renewable energy can help meet energy service needs in an ever widening array of applications for sustainable human and economic development. To make the best use of these innovative options, we need to continue to develop cost-effective renewable energy technologies, and we also need to focus our efforts on replicable, innovative institutional and financing models which are based on cost recovery principles and fostering private partnerships to enable the developing countries to use these technologies. (author)

Electricity privatizations in Sahel: A U-turn?

International Nuclear Information System (INIS)

Gualberti, Giorgio; Alves, Luis; Micangeli, Andrea; Graca Carvalho, Maria da

2009-01-01

This paper examines the process of privatization of electrical utilities for the country members of CILLS (Burkina Faso, Cape Verde, The Gambia, Guinea-Bissau, Mali, Mauritania, Niger, Chad and Senegal). These Sahelian countries, the majority of whom rank at the bottom positions of the HDI and present extremely low access rates to modern energy services, together started a process of energy sector reform and energy utility privatization in the 1990s. The reforms, endorsed by the International Financial Institutions, focused on the privatization of the electrical utilities, and encountered many difficulties. The objective of this article is to analyze what happened in each of these nine countries and to understand the reasons that led to a general halt or reversal of the process. The analysis is first introduced by a brief examination of regional energy situations and of the international context in which the reforms took place; this includes the policy guidelines introduced by the IFIs and the investment decisions of energy corporations. We analyze management processes and ownership changes for each country. Finally, the article identifies the problems encountered as a result of reform design and the interaction of behaviors between the governments, the International Corporations and the IFIs; lastly, we draw conclusions.

Correlation between Sales of Foreign Affiliates and Productivity of Multinational Firms: Evidence from Korean Firm-Level Data

Directory of Open Access Journals (Sweden)

Jung Hur

2013-09-01

Full Text Available Using firm-level panel data for Korean multinational enterprises (MNEs, we make a distinction between being the only affiliate of a parent firm and being one of the multiple affiliates of a parent firm. In particular, we attempt to find a correlation between the sales of foreign affiliates and the productivity of multinational firms. Our main empirical results in this paper suggest that productive Korean MNEs would enlarge the number of affiliates in the host country.

Swedish Listed Family Firms and Entrepreneurial Spirit

OpenAIRE

Bjuggren, Per-Olof; Palmberg, Johanna

2008-01-01

This paper investigates the entrepreneurial spirit in Swedish listed family firms. We associate family firms with entrepreneurship in the sense that there is an identifiable person that takes the uninsurable risk in the sense of Knight. This paper analysis two questions: Do entrepreneurial family firms have a higher rate of growth and do they invest in a more profit maximizing fashion than other listed firms? The analysis shows that entrepreneurial family firms in general are smaller in terms...

7 CFR 51.1831 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.1831 Section 51.1831 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Florida Tangerines Definitions § 51.1831 Fairly firm. Fairly firm means that the...

24 CFR 200.47 - Firm commitments.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Firm commitments. 200.47 Section 200.47 Housing and Urban Development Regulations Relating to Housing and Urban Development (Continued... Eligibility Requirements for Existing Projects Commitment Applications § 200.47 Firm commitments. A valid firm...

7 CFR 51.774 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.774 Section 51.774 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Florida Grapefruit Definitions § 51.774 Fairly firm. Fairly firm means that the...

7 CFR 51.2843 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.2843 Section 51.2843 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Fairly firm. Fairly firm means that the onion may yield slightly to moderate pressure but is not...

7 CFR 51.3204 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.3204 Section 51.3204 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Bermuda-Granex-Grano Type Onions Definitions § 51.3204 Fairly firm. Fairly firm...

7 CFR 51.1167 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.1167 Section 51.1167 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Florida Oranges and Tangelos Definitions § 51.1167 Fairly firm. Fairly firm as...

Entrepreneurship and the Economics of the Firm

DEFF Research Database (Denmark)

Foss, Nicolai Juul

The study of entrepreneurship and the study of economic organizing lack contact. In fact, the modern theory of the firm virtually ignores entrepreneurship, while the literature on entrepreneurship often sees little value in the economic theory of the firm. In contrast, we argue in this chapter...... that entrepreneurship theory and the theory of the firm can be usefully integrated, and that doing so would improve both bodies of theory. Adding the entrepreneur to the theory of the firm provides a dynamic view that the overly static analysis of firm organizing cannot support. Moreover, adding the firm to the study...... of the entrepreneur provides important clues to how we can understand entrepreneurship....

Which Subsidy Mode Improves the Financial Performance of Renewable Energy Firms? A Panel Data Analysis of Wind and Solar Energy Companies between 2009 and 2014

Directory of Open Access Journals (Sweden)

Huiming Zhang

2015-12-01

Full Text Available The effectiveness of subsidies in improving the performance of renewable energy firms has aroused significant research attention in recent years. As subsidy modes may affect corporate financial performance,we have chosen companies specializing in wind and solar energy in the Shanghai and Shenzhen stock markets as samples.The relationships between the subsidy modes and financial performance of these two types of companies are investigated with a panel data model. Results of the total sample indicate that both indirect and non-innovative subsidy have significant effects on the financial performance of renewable energy companies. The regressive coefficient of the former,however, is a negative value, which illustrates that taxation, bonus, and other market-based mechanisms impair corporate profitability. Moreover, the influence of innovative subsidy is weak, which means that the subsidy used for research and development, technical demonstration, and other innovations of renewable energy enterprises have failed to effectively enhance corporate financial performance. In terms of sub-industries, the direct subsidy for wind energy companies has achieved a significant effect. Incomparison, the indirect subsidy and innovative subsidy acquired by solar energy companies have notably reduced corporate profitability. Thissuggests an urgent reform of subsidy policy for this industry is needed. The government should consider differences in the effects subsidies have for wind and solar energy companies when improving subsidy policy. In addition, market-based subsidy mechanisms should be perfected, and the structure of innovative subsidies should be ameliorated.

The market for firms

DEFF Research Database (Denmark)

Davis, Jerome Dean; Keiding, Hans

2010-01-01

and as a consequence a higher sales value of the firm. Buyers take this signaling into consideration, but irrespective of their countermoves, the equilib- rium result may be a lowering of ex ante product prices, and an ex post market overvaluation of the firm. This model is utilized to suggest possible explanations...

7 CFR 51.705 - Fairly firm.

Science.gov (United States)

2010-01-01