Hasil untuk "Capital. Capital investments"

Yael V. Hochberg, Alexander P. Ljungqvist, Yang-Kai Lu

G. Becker

J. Stein

Y. Ben—porath

G. Becker, Kevin M. Murphy, Robert Tamura

O. Sorenson, Toby E. Stuart

A. Foster, M. Rosenzweig

Jafar M. Olimov, Yi-Chan Tsai, Hao-Yu Yang

We study the production, entry, and technological decisions of firms in the presence of bribery. We find that bribery can be justified even in the absence of bureaucratic inefficiencies. We document substantial technology-specific heterogeneity in bribery in 148 countries and incorporate it into a general equilibrium model, where firms use capital-intensive or labor-intensive technology. When bribery more heavily affects less efficient labor-intensive firms, resources move toward more efficient capital-intensive firms, resulting in higher capital accumulation and aggregate output. In poorer countries, the elimination of bribery only for capital-intensive firms increases the capital stock by 18.7% more and the aggregate output by 3.4% more than the complete elimination of bribery. In wealthier countries, the elimination of bribery only for capital-intensive firms increases the capital stock by 44.4% more and the aggregate output by 15.4% more than the complete elimination of bribery. Our findings challenge the established view of bribery as uniformly harmful and demonstrate how the within-country heterogeneity in bribery can explain cross-country differences in income.

OTILIA MANTA

In a world marked by accelerated digitalization, recurring economic crises, and growing pressures from climate change and the transition to a sustainable economy, national economies must rethink their financing strategies. Given this context, innovative financial instruments are gaining importance, providing flexible and adaptable solutions to the needs of a dynamic and globalized market. Financing the national economy involves mobilizing and allocating the resources required for the development and functioning of key sectors such as infrastructure, education, and health, with the aim of fostering sustainable economic and social progress. This paper examines both public financing (through the state budget and governmental mechanisms) and private financing (through investments, bank loans, and capital markets), using a qualitative approach to assess Romania’s position in the field. The findings highlight the need to understand the main sources of financing — internal, such as national savings, taxes, and private contributions, and external, including loans from international financial institutions, foreign direct investment, and grants — in order to boost the sustainable growth of the national economy in the current digital context.

AHMED OLUWATOBI ADEKUNLE

The global transition to sustainable energy is reshaping corporate investment strategies and investor behavior, especially in emerging markets like South Africa. As environmental accountability gains momentum, energy firms are increasingly investing in renewable energy assets. This study investigates the impact of renewable energy investment measured by capital expenditure on renewables, government subsidies, and carbon emission reductions on the stock performance of South African energy firms listed on the Johannesburg Stock Exchange (JSE). A quantitative longitudinal design is employed, covering firm-level data from 2010 to 2023. The dependent variable, stock performance, is measured using annual stock return, while independent variables include renewable energy capital expenditure, government green subsidies, and CO₂ emission reductions (measured via emissions intensity metrics). Data are obtained from annual financial reports, sustainability disclosures, and Bloomberg ESG databases. Analytical procedures are conducted using Stata 17, including descriptive statistics, a correlation matrix, and OLS regression to estimate the relationship between renewable energy investment and stock returns. Diagnostic tests are performed to confirm the robustness of the model, including normality, multicollinearity, and heteroscedasticity assessments. Preliminary results indicate a positive and significant relationship between renewable energy investments and stock performance, particularly for firms receiving higher government subsidies and reporting substantial emission reductions. Capital allocation toward green assets appears to enhance investor confidence and firm valuation. The study concludes that renewable energy initiatives can be a strategic asset for shareholder value creation. It recommends that firms intensify their low-carbon investment strategies and leverage policy incentives to enhance both environmental and financial performance.

Ramat Titilayo Salman, Segun Abogun

This study is carried out on intellectual capital efficiency and the market value of Nigerian quoted companies. The specific objectives were to: determine the influence of human capital efficiency on market value of the listed Nigerian companies; examine the influence of structural capital efficiency on market value of the listed Nigerian companies; and evaluate the influence of capital employed efficiency on market of the listed Nigerian companies firms in Nigeria. The data were sourced from 2018 to 2022 annual audited accounts of the 117 companies quoted on the Nigerian Exchange Group. The regression technique was employed to analyse the data. The findings showed that capital employed efficiency positively influenced market value throughout the five years but the human capital efficiency and structural capital efficiency have mixed results. Human capital efficiency and structural capital efficiency were both positively and negatively influenced market value of the sampled Nigerian companies for the periods of observation. The study thus concluded that intellectual capital influenced the market value of the sampled Nigerian companies and provided the recommendation that the sampled companies should improve their investments on intellectual capital resources (such as staffs’ training, staff welfare) and physical assets.

Lu Wang, Defa Li

Asia is not only the primary region for global pig production but also the largest consumer of pork worldwide. Although the pig production in Asia has made great progress in the past, it still is confronted with numerous challenges. These challenges include: inadequate land and feed resources, a substantial number of small-scale pig farms, escalating pressure to ensure environmental conservation, control of devastating infectious diseases, as well as coping with high temperatures and high humidity. To solve these problems, important investments of human and financial capital are required to promote large-scale production systems, exploit alternative feed resources, implement precision feeding, and focus on preventive medicine and vaccines as alternatives to antibiotics, improve pig breeding, and increase manure recycling. Implementation of these techniques and management practices will facilitate development of more environmentally-friendly and economically sustainable pig production systems in Asia, ultimately providing consumers with healthy pork products around the world.

Meysam Doaei, Kazem Dehnad

This research aims to provide a detailed and comprehensive analysis of trends and developments in scientometrics and bibliometrics in the sukuk market in order to present global findings and outline new perspectives and practical strategies for the improvement and development of Iran's capital market in this area. In this study, a scientometric analysis of the sukuk domain was conducted on 391 selected documents, using a scientific search method in the Web of Science database, spanning from 2010 to 2023. For this purpose, Biblioshiny, a web-based application using the R language, which includes bibliometric interpolation, was utilized. Prominent journals, authors, countries, papers, and topics were identified through this software workflow, and citation analysis, co-citation, and social network analyses were performed. In the Iran section, papers and books on sukuk were extracted and examined. The findings indicate that the field of sukuk has emerged as a developed domain over time. The bibliometric and scientometric analysis of sukuk in the capital market clarifies the field's conceptual framework and delves into the existing intellectual and social structural patterns. This analysis illustrates the alignment of global experiences with current developments in the sukuk market and emphasizes the importance of suggestions for improving and developing Iran's capital market. Moreover, the current research examines the intellectual and social structures associated with the field and provides insights into its conceptual framework. This research, through the bibliometric and scientometric analysis of the sukuk market, elucidates the developments and intellectual and social patterns in this field and effectively contributes to the development of knowledge and improvement of Iran's capital market by offering suggestions based on global experiences.

Talent Kondo, Simba Mutsvangwa, Felix Chari et al.

This paper analyses the causal relationship between Foreign Portfolio Investment (FPI), Equities Market Volatility, Exchange Rate and Inflation in Zimbabwe using a monthly time series data between October 2018 and November 2021. The granger causality model was used to present the link between the variables, and EGARCH was used to account for volatility and asymmetric effects on the variables. To incorporate innovations and responses into the Granger model, impulse response functions were used. Links between exchange rate and foreign portfolio investments were found. This only suggests that exchange rate volatility will vary when overseas investors purchase and sell financial securities on the Zimbabwe Stock Exchange (ZSE). In contrast, foreign investors sell local financial securities when local stock market returns are negative, leading to a significant outflow of foreign portfolio investment thereby reducing demand for currency. A significant causal relationship was found between the volatility of the exchange rate and stock market returns. It is assumed that stock market returns, and foreign portfolio investments are caused by fluctuating currency rates. The relationship between exchange rate and ZSE returns, and inflation was found based on Granger causality. This implies that stocks are not suitable for long-term investments that compensate investors for their diminished purchasing power. Policy makers should advise the Zimbabwe Stock Exchange to recommend a reduction in capital gains tax and withholding tax and this encourages investors to hold local equities for a long time.

R. Gatti, Aart C. Kraay, C. Avitabile et al.

By improving their skills, health, knowledge, and resilience—their human capital—people can be more productive, flexible, and innovative. Human capital is a central driver of sustainable growth and poverty reduction. Investments in human capital have become more important as the nature of work has evolved. Yet despite substantial progress, significant gaps in human capital investments are leaving the world poorly prepared for what lies ahead. The World Bank Group has launched the Human Capital Project (HCP) to mobilize efforts to address these gaps. The project is intended to raise awareness of the costs of inaction and make the case for investing in people through country engagement and analytical work. The goal of the HCP is a world in which all children arrive at school ready to learn, the time spent in school translates into better learning, and they can grow up to live and work as healthy, skilled, and productive adults. The main text of this volume—which also appears as chapter 3 in the 2019 World Development Report: The Changing Nature of Work —describes the evidence supporting the importance of human capital for people, economies, and societies and lays out the rationale and context for the HCP’s theory of change. The Human Capital Index methodology is detailed in the appendix.

Evgeny Kuzmin, Maksim Vlasov, Wadim Strielkowski et al.

This study examines the role of human capital investment in driving sustainable socio-economic growth within the energy industry. The fuel and energy sector undeniably forms the backbone of contemporary economies, supplying vital resources that underpin industrial activities, transportation, and broader societal operations. In the context of the global shift toward sustainability, it is crucial to focus not just on technological innovation but also on cultivating human capital within this sector. This is particularly relevant considering the recent shift towards green and renewable energy solutions. In this study, we utilize bibliometric analysis, drawing from a dataset of 1933 documents (represented by research papers, conference proceedings, and book chapters) indexed in the Web of Science (WoS) database. We conduct a network cluster analysis of the textual and bibliometric data using VOSViewer software. The findings stemming from our analysis indicate that investments in human capital are perceived as important in achieving long-term sustainable economic growth in the energy companies both in Russia and worldwide. In addition, it appears that the role of human capital in the energy sector is gaining more popularity both among Russian and international researchers and academics.

Darryl Biggar

In regulatory proceedings, few issues are more hotly debated than the cost of capital. This article formalises the theoretical foundation of cost of capital estimation for regulatory purposes. Several common regulatory practices lack a solid foundation in the theory. For example, the common practice of estimating a single cost of capital for the regulated firm suffers from a circularity problem, especially in the context of a multi-year regulatory period. In addition, the relevant cost of debt cannot be estimated using the yield-to-maturity on a corporate bond. We suggest possible directions for reform of cost of capital practices in regulatory proceedings.

Marie-Chantale Pelletier, Claire Horner, Mathew Vickers et al.

Purpose: The aim of this study was to explore the feasibility of natural capital accounting for the purpose of strengthening sustainability claims by reporting entities. The study linked riparian land improvement to ecosystem services and tested options for incorporating natural capital into financial accounting practices, specifically on the balance sheet. Methodology: To test the approach, the study used a public asset manager (a water utility) with accountabilities to protect the environment including maintaining and enhancing riparian land assets. Research activities included stakeholder engagement, physical asset measurement, monetary valuation and financial recognition of natural capital income and assets. Natural capital income was estimated by modelling and valuing ecosystem services relating to stormwater filtration and carbon storage. Findings: This research described how a water utility could disclose changes in the natural capital assets they manage either through voluntary disclosures, in notes to the financial statements or as balance sheet items. We found that current accounting standards allowed the recognition of some types of environmental income and assets where ecosystem services were associated with cost savings. The proof-of-concept employed to estimate environmental income through ecosystem service modelling proved useful to strengthen sustainability claims or report financial returns on natural capital investment. Originality/value: This study applied financial accounting processes and principles to a realistic public asset management scenario with direct participation by the asset manager working together with academic researchers and a sub-national government environment management agency. Importantly it established that natural assets could be included in financial statements, proposing a new approach to measuring and reporting on natural capital.

Pierre Gosselin, Aïleen Lotz

This paper provides a general method to translate a standard economic model with a large number of agents into a field-formalism model. This formalism preserves the system's interactions and microeconomic features at the individual level but reveals the emergence of collective states.We apply this method to a simple microeconomic framework of investors and firms. Both macro and micro aspects of the formalism are studied.At the macro-scale, the field formalism shows that, in each sector, three patterns of capital accumulation may emerge. A distribution of patterns across sectors constitute a collective state. Any change in external parameters or expectations in one sector will affect neighbouring sectors, inducing transitions between collective states and generating permanent fluctuations in patterns and flows of capital. Although changes in expectations can cause abrupt changes in collective states, transitions may be slow to occur. Due to its relative inertia, the real economy is bound to be more affected by these constant variations than the financial markets.At the micro-scale we compute the transition functions of individual agents and study their probabilistic dynamics in a given collective state, as a function of their initial state. We show that capital accumulation of an individual agent depends on various factors. The probability associated with each firm's trajectories is the result of several contradictory effects: the firm tends to shift towards sectors with the greatest long-term return, but must take into account the impact of its shift on its attractiveness for investors throughout its trajectory. Since this trajectory depends largely on the average capital of transition sectors, a firm's attractiveness during its relocation depends on the relative level of capital in those sectors. Moreover, the firm must also consider the effects of competition in the intermediate sectors that tends to oust under-capitalized firm towards sectors with lower average capital. For investors, capital allocation depends on their short and long-term returns and investors will tend to reallocate their capital to maximize both. The higher their level of capital, the stronger the re-allocation will be.

Olena Brintseva

Objective: To perform a comparative analysis of the effectiveness of investments in human capital in Poland and Ukraine; to identify priority directions of implementing the Polish experience for increasing the effectiveness of investments in education, healthcare and the social and labour sphere. Research Design & Methods: Cost method was used to determine the value of human capital, which is based on an assessment of human capital investment in three areas – education costs, enterprise spending on advanced training, and healthcare costs – and adjusted by the human capital efficiency ratio. Comparative analysis is also used to characterise the situation in Ukraine and Poland in key areas of human capital reproduction. Findings: The results indicate that the efficiency of human capital in Ukraine is low. This is caused primarily by negative economic dynamics, but also by fairly low public spending on education and healthcare. Implications / Recommendations: A review of the literature shows that implementation of the Polish experience could boost the effectiveness of human capital investments in Ukraine. Conducting a comparative analysis will make it possible to identify the main areas and directions of their implementation. Contribution: The article contributes to the scientific literature on evaluating the effectiveness of human capital investment. It also identifies current shortcomings in the creation, development, use and preservation of human capital, and which should be improved in such areas as education, healthcare and the social and labour sphere.