Hasil untuk "Capital. Capital investments"

K. Lins, H. Servaes, Ane Tamayo

Z. Ouyang, Hua Zheng, Yi Xiao et al.

William D. Marder, D. Hough

J. Lintner

S. Titman, K. Wei, Feixue Xie

J. Mincer, S. Polachek

It has long been recognized that consumption behavior represents mainly joint household or family decisions rather than separate decisions of family members. Accordingly, the observational units in consumption surveys are "consumer units," that is, households in which income is largely pooled and consumption largely shared. More recent is the recognition that an individual's use of time, and particularly the allocation of time between market and nonmarket activities, is also best understood within the context of the family as a matter of interdependence with needs, activities, and characteristics of other family members. More generally, the family is viewed as an economic unit which shares consumption and allocates production at home and in the market as well as the investments in physical and human capital of its members. In this view, the behavior of the family unit implies a division of labor within it. Broadly speaking, this division of labor or "differentiation of roles" emerges because the attempts to promote family life are necessarily constrained by complementarity and substitution relations in the household production process and by comparative

M. Youndt, Mohan Subramaniam, S. Snell

N. Bosma, M. van Praag, R. Thurik et al.

H. Blossfeld, J. Huinink

Nihat Aktas, E. Croci, D. Petmezas

We examine the value effect of working capital management (WCM) for a large sample of US firms between 1982–2011. Our results indicate (i) the existence of an optimal level of working capital policy; and (ii) firms that converge to that optimal level (either by increasing or decreasing their investment in working capital) improve their stock and operating performance. We also document that corporate investment is the channel through which efficient WCM translates into superior firm performance. In particular, efficient WCM allows firms to redeploy underutilized corporate resources to higher-valued use, such as the funding of cash acquisitions.

Joanna Wyszkowska-Kuna

The aim of this article is to assess the competitiveness and specialisation of Polish knowledge-intensive business services (KIBS) export during the years 2004–2022. The product mapping method is used, which is based on the values of two indicators, i.e.: the normalised revealed comparative advantage index (NRCA) and the trade balance index (TBI). The study contributes to the academic literature by: (1) identifying the leading exported KIBS as well as KIBS with the potential to gain comparative advantage in Polish exports; (2) examining export competitiveness and specialisation in very narrow KIBS categories for the entire period of Poland's participation in European Single Market; (3) comparing the competitiveness and export specialisation of the KIBS sector in Poland in the EU and non-EU markets. The empirical results demonstrate that some of the KIBS industries in Poland have improved their competitiveness during the period of EU membership, but rather in exports outside the EU than to the EU. This may be due to strong competition in EU market and the fact that distance does not play a significant role in trade in services, especially in case of KIBS delivered online (e.g. computer services). Poland has developed a regional specialisation in the export of accountancy services, which is proved by the highest values of both indicators for this category, compared to other KIBS categories in Poland and compared to other EU countries. On the other hand, computer services appeared to be the leading exported product from the KIBS sector, but only outside the EU. Unfortunately, despite the upward trends, the importance of the leading exported KIBS in Polish exports is still small, especially in EU market. Therefore, it is necessary to take further actions aimed at strengthening the competitiveness of the KIBS sector in Poland, and the support for investments in human capital, digital transformation and R&D is crucial.

Zetao Yan

Portfolio optimization is a process that involves distribution of capital with the purpose of maximizing returns and at the same time minimizing risks. The current paper discusses the use of Transformer networks in supervised learning for portfolio optimization which can set new standards for machine learning-based investment strategies. The experiments show that the portfolio management method that utilizes attention mechanisms goes beyond traditional optimization methods with a substantial difference. The performance of the recommended model in terms of average annualized return and Sharpe ratio was 24.8% and 1.69 respectively over the 14 test cases. These are considerable improvements over the benchmark strategies like equal-weighted portfolios (Sharpe ratio: 0.54), market capitalization-weighted portfolios (Sharpe ratio: 0.43), and traditional index portfolios (Sharpe ratio: 0.37). The attention mechanism is what makes the model able to dynamically adjust the portfolio weights according to the changing market forces, thus, it can blend active and passive investments efficiently. Moreover, it managed to maintain a very good risk control capacity with a Sortino ratio of 2.45 while its performance during market volatility was still quite good. So, this research serves to provide both quantitative finance and machine learning with a proof that the novel deep learning architectures can easily beat the conventional portfolio optimization methods, even in the case of small asset pools.

Phimlikid Kaewhanam, Kathanyoo Kaewhanam, Eko Priyo Purnomo et al.

IntroductionPoverty remains a persistent and complex challenge in Thailand, particularly in structurally disadvantaged provinces such as Kalasin. Despite multiple national development strategies, poverty rates in Kalasin have remained consistently high over the past decade. This study addresses the structural factors influencing poverty alleviation using the Sustainable Livelihood Framework (SLF) as the theoretical lens.MethodsA longitudinal quantitative design was applied using household survey data from 2020 (n = 9,390), 2021 (n = 2,549), and 2023 (n = 1,949). The analysis focused on five forms of livelihood capital—human, physical, financial, natural, and social—and examined their changing significance over time. Structural Equation Modeling (SEM) was used to evaluate interrelationships among these capitals and their impact on poverty outcomes. Model robustness was ensured through confirmatory factor analysis (CFA), bootstrapping for bias correction, and multicollinearity diagnostics using VIF scores. Model fit was excellent across all years (RMSEA < 0.01, CFI and TLI > 0.98).ResultsFinancial capital was the dominant contributor to poverty reduction in 2020 and 2023, whereas social capital exhibited the strongest influence in 2021, reflecting the short-term benefits of community-based support during economic and social stress. Human capital maintained a moderate and stable effect across all years, while physical capital consistently showed the least contribution to poverty alleviation.Discussion and conclusionThe findings suggest that poverty alleviation in Kalasin requires an integrated policy approach that combines capability enhancement with structural responsiveness. Investments should prioritize financial capital while fostering social and human capital resilience, particularly during times of crisis. This research provides a predictive model for capital investment prioritization and contributes to policy design for sustainable poverty reduction in rural provinces.

Pavel Pereslavtsev, Christian Bachmann, Joelle Elbez-Uzan et al.

There is widespread use of nuclear radiation for medical imagery and treatments. Worldwide, almost 40 million treatments are performed per year. There are also applications of radiation sources in other commercial fields, e.g., for weld inspection or steelmaking processes, in consumer products, in the food industry, and in agriculture. The large number of neutrons generated in a fusion reactor such as DEMO could potentially contribute to the production of the required radioactive isotopes. The associated commercial value of these isotopes could mitigate the capital investments and operating costs of a large fusion plant. The potential of producing various radioactive isotopes was studied from material pieces arranged inside a DEMO equatorial port plug. In this location, they are exposed to an intensive neutron spectrum suitable for a high isotope production rate. For this purpose, the full 3D geometry of one DEMO toroidal sector with an irradiation chamber in the equatorial port plug was modeled with an MCNP code to perform neutron transport simulations. Subsequent activation calculations provide detailed information on the quality and composition of the produced radioactive isotopes. The technical feasibility and the commercial potential of the production of various isotopes in the DEMO port are reported.

Ishfaq Hamid, Md. Shabbir Alam, Muntasir Murshed et al.

J. Shaw, T. Park, Eugene Kim

Wu Jun, Zheng Shiyong, Zheng Shiyong et al.

With the disclosure of ESG, the investment related to ESG disclosure has increased, and the trend of changes in intangible capital has shown an “inverted S-shaped” curve. The research shows that, in the initial stage of investment in ESG construction, new ESG investments increase intangible capital. With the increase in ESG investment and the advancement of time, the positive effect of the increase in ESG scores on intangible capital begins to appear and gradually offsets the cost of ESG investment. However, when the ESG score of a company is raised to a certain level, the marginal effect of continuing to increase ESG investment will reduce the increase in intangible capital.

Vanja Grozdić, B. Marić, Mladen Radišić et al.

The main goal of this study was to examine the effects of capital investments on firm performance, using panel-data analysis. For this purpose, financial data were gathered for 60 manufacturing firms based in Serbia, in the period from 2004 to 2016. The main research hypotheses were developed in accordance with the definition, nature, and time aspect of capital investments. Therefore, empirical expectation of this study was that the relationship between capital investments and firm performance should be positive—they probably bring losses to the firm in the short term, but they should increase firm performance in the long term. Finally, the results have indeed shown that capital investments have statistically significant negative effect on the short-term performance, but positive effect on the long-term performance of the analyzed firms, while controlling for time-fixed effects and certain internal factors.

Shawn M. Riley, S. Michael, Joseph T. Mahoney

Norma Silvana Lanciotti

The article analyses the performance and profitability of the firms controlled by the River Plate Trust Group in Argentina and Uruguay from 1879 to 1960 to challenges the notion that British investments in the Southern Cone involved greater default or insolvency risks because of nationalism, expropriations, and over-taxation. Also known as Morris or Morrison group, River Plate Trust became the most important British business group in the region during the First Global Period, as it controlled a number of public utilities, mortgage and financial firms. Our case shows that the decline of British investment in mortgage and financial activities did not mark the end of this business cycle after WWI; rather, it signalled a change in the direction of capital flows. Capital outflows from host economies to Great Britain—via dividends—continued over the interwar period, with only a brief interruption between 1931 and 1934. The business cycle of British firms entered a new phase, characterized by stagnant British investments and increasing capital returns from Argentina and Uruguay to Great Britain. Moreover, British public utility firms continued to invest in the River Plate until the 1940s, because profits from the region supported the distribution of high dividends to shareholders.