Hasil untuk "Capital. Capital investments"

Gita Gopinath, Gita Gopinath, S. Kalemli‐ozcan et al.

R. Peters, Lucian A. Taylor

W. Sharpe

Merton H. Miller

G. Becker

M. Grossman

R. C. Merton

R. C. Merton

B. Kiker

R. G. Hubbard, R. G. Hubbard

Will Drover, Lowell W. Busenitz, Sharon F. Matusik et al.

Nasif Ozkan, Sinan Cakan, Assoc. Dr. Murad Kayacan

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

P. Fleming

Avishek Bhandari, David Javakhadze

W. Drobetz, S. Ghoul, O. Guedhami et al.

Abstract We examine the effect of economic policy uncertainty on the relation between investment and the cost of capital. Using the news-based index developed by Baker et al. (2016) for twenty-one countries, we find that the strength of the negative relation between investment and the cost of capital decreases during times of high economic policy uncertainty. An increase in policy uncertainty reduces the sensitivity of investment to the cost of capital most for firms operating in industries that depend strongly on government subsidies and government consumption as well as in countries with high state ownership. Consistent with the price informativeness channel, we find that an increase in policy uncertainty reduces the investment-cost of capital sensitivity for firms from more opaque countries, firms with low analyst coverage, firms with no credit rating, and small firms. We conclude that economic policy uncertainty distorts the fundamental relation between investment and the cost of capital.

A. E. Bayraktaroglu, F. Calisir, M. Baskak

Purpose The purpose of this paper is to propose an extended and modified value-added (VA) intellectual coefficient (VAIC) model, which includes intellectual capital (IC) components which were missing in the original VAIC approach. The proposed model has been used to explore the relationship between IC and firm performance for Turkish manufacturing firms on a more detailed level. Design/methodology/approach Multiple regression analysis has been employed to identify the IC components, which predict the performance of the firm and the moderating effect of some IC components on IC components–firm performance relationship. Data are required to calculate the IC components, and firm performance variables have been obtained from the financial reports of the Turkish manufacturing firms for the period 2003–2013. Findings According to the results for Turkish manufacturing sector innovation capital efficiency has a moderating effect on the relationship between structural capital efficiency (SCE) and profitability, meaning, depending on an increase in R&D expenses, the effect of SCE on profitability also increases. On the other hand, it has been found that innovation capital efficiency has a direct impact on firms’ productivity. The results also showed that IC efficiency components have a moderating role on the relationship between capital employed efficiency and profitability. Research limitations/implications There might be a time lag until the effect of R&D investments can be observed in firms’ performance. However, this lagged impact of innovation capital and also other IC components on future firm performance has not been investigated due to concerns related to sample size. Originality/value The proposed model differs from the original VAIC model in three ways: it, namely, includes two additional IC components, customer capital (CC) and innovation capital. It explores the moderating effect of innovation capital on structural capital–firm performance relationship and the moderating effect of IC components on employed capital–firm performance relationship. As the last difference, it proposes an alteration in the VA calculation due to newly added IC components, CC and innovation capital.

Alessio Abeltino, Tiziano Bacaloni, Andrea Bernardini et al.

Understanding how corporate control concentrates in modern ownership systems is crucial in an economy increasingly shaped by cross-border mergers and acquisitions. Rather than expanding productive capacity, these operations reorganize ownership and control over existing firms through complex transnational structures involving financial intermediaries, holding companies, and investment vehicles. As a result, corporate control may become highly concentrated even when formal ownership appears fragmented. This paper examines how foreign direct investments-related capital centralization reshapes firm-level governance by tracing how control converges on individual companies through multi-layered ownership networks. Focusing on two strategically relevant Italian firms, we show that control is rarely exercised solely by ultimate owners, but instead arises from the interaction of a small set of financially interconnected intermediaries operating along transnational ownership chains. The results show how small equity stakes translate into substantial governance power, highlighting the role of financial intermediation and raising implications for strategic autonomy and economic sovereignty in key sectors.

H. Fraisse, Mathias Lé, D. Thesmar

we measure the impact of bank capital requirements on corporate borrowing and investment using loan-level data. The Basel II regulatory framework makes capital requirements vary across both banks and across firms, which allows us to control for time varying firm-level risk and bank-level credit supply shocks. We find that a 1 percentage point increase in capital requirement reduces lending by 9%. Firms can attenuate this reduction by substituting borrowing across banks, but only partially. The resulting reduction in borrowing capacity impacts investment: for firms whose effective capital requirement increases by 1 percentage point, fixed assets are reduced by 2.5%.

S. Sahasranamam, M. Nandakumar

Drawing on capital theory and institutional theory, we hypothesize the contingent role of a country's formal institutions (financial, educational, and political) on the relationship between individual capital (financial, human and social capital) and social entrepreneurship entry. Using the Global Entrepreneurship Monitor data, we find that all three forms of individual capital are important for social entrepreneurship entry. Moreover, we find that this relationship is contingent on the formal institutional context such that (i) philanthropy-oriented financial systems have a positive moderating effect on investment of financial capital; (ii) educational systems have a positive moderating effect on investment of human capital; and (iii) political systems have a positive moderating effect on investment of both human and financial capital. We make substantial contributions to the literature on social entrepreneurship by ascertaining the nature of contingent effects of formal institutions on the relationship between individual capital and the emergence of social enterprises.

Roger Lee Mendoza

Rate-making — a vital component of insurance and risk management — can be creative and at times contentious because pricing is its central goal. In the United States, the Affordable Care Act (ACA) permits insurers in the non-group and small group markets to vary health insurance premiums only on the basis of age, geographic location, family coverage, and tobacco use. Tobacco use as a rating factor in setting insurance premiums cannot exceed 50 percent of the non-smoker rate. Academic literature is limited and focuses on questions of insurance accessibility and equity, and smoking cessation impact. There is yet no study or evidence available on the price or financial burden that may be imposed by rate-making on (different variants of) the smoker or tobacco surcharge. In approaching the surcharge from a payer — rather than enrollee — standpoint, this study conceptually investigates how insurers might devise tobacco surcharges to manage objective risk and their premium price implications while meeting both regulatory and business imperatives. The federal standard age curve of the CMS (Centers for Medicare & Medicaid Services) and sampled insurer rating schedules were used in this study to develop illustrations of multiplicative and additive rate structures of the tobacco surcharge. Findings suggest that insurers have latitude to apply tobacco surcharges within and perhaps beyond the substantive intent of healthcare reform, provided the state where they operate does not prohibit it or only reduces the federal cap. ACA implementing and state regulations do not appear to restrict or diminish such flexibility. The risk-related and public policy consequences of modified community rating for smokers are addressed by way of conclusion.