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The present study conceptualizes and simulates a methanol production process through the direct hydrogenation of captured CO2. CuO/ZnO/ZrO2 was employed as the catalyst and Aspen HYSYS was used for the process simulation. Configurational optimization of the process flowsheet was carried out using a step-by-step hierarchical approach. Many alternate flowsheets have resulted, and their capital investment, product cost, and profitability measures were calculated. The discrimination among the competing flowsheets was carried out based on net profit and percent return on investment. The retained flowsheet was further analyzed for optimizing the recycle ratio and evaluating the effect of the price of captured CO2, green H2, natural gas (fuel), and catalyst on the economic performance of the plant. The optimum value of the recycle ratio was computed to be 4.23. Additionally, it was found that the price of H2 is the most important parameter in defining the feasibility and profitability of the process. Mathematical correlations were also developed that relate the profitability and price of the above-mentioned feed materials. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine the carbon emission data of the firms listed in the Borsa Istanbul Sustainability Index in Turkey and analyze the relationship between carbon emissions and the financial performance of these firms. In this research, annual data for 31 firms listed in the Borsa Istanbul Sustainability Index for the period 2017–2020 were used. The relationship between the financial performance indicators of the firms and their carbon emissions was analyzed using a random effects panel data model. The dependent variables identified were return on assets and return on equity as measures of financial performance, while carbon emissions were considered as the independent variable, along with control variables such as firm size, leverage ratio, firm growth, and firm value. The research findings indicate that carbon emissions have a negative impact on both return on assets and return on equity [ABSTRACT FROM AUTHOR]

The paper aims to identify the essential factors affecting CFROI (based on a comparative analysis of theoretical sources, case studies and conclusions from our research) with a subsequent analysis of the implementation process of this method. The consequence of the connection is the systematic, holistically incorporated principles of the method into managers' decision-making. The procedure for applying the CFROI method consists of eight parts, namely data collection, determination of the value of depreciated assets and their useful life, calculation of the value of depreciated assets at current prices, calculation of the value of non-depreciated assets, determination of the value of the investment, quantification of cash flow, calculation of the CFROI indicator and its economic interpretation. [ABSTRACT FROM AUTHOR]

The aim of this study was to investigate the financial sustainability of retail food SMEs for the 2016–2021 period, in Romania, from the perspective of financial equilibrium and performance. A multivariate analysis was used, including a correlation analysis, a principal component analysis (PCA), and a cluster analysis. The empirical results show a positive link between the financial performance and financial equilibrium indicators. We employed the PCA in order to build a composite financial index using financial equilibrium indicators (ratios of liquidity, solvency, collection, and payment period) and financial performance indicators (Return on Assets and Return on Equity). The results show that financial equilibrium and performance are the two main dimensions which the financial sustainability index (FSI) was constructed on. Taking into account the dimensions of financial sustainability, the analyzed SMEs were clustered in four homogeneous clusters. The research findings clearly demonstrated that the retail food SMEs with a good/acceptable financial sustainability also have a good/acceptable financial balance and performance situation. Furthermore, a significant part of the analyzed SMEs faces difficulties regarding financial sustainability, being characterized by the lowest values of FSI, determined by both an uncertain situation in terms of liquidity, leading to a financial disequilibrium, and a negative financial performance. Therefore, this research emphasizes some specific measures that need to be taken to boost financial sustainability of these businesses in the retail food sector. [ABSTRACT FROM AUTHOR]

Purpose: The aim of the current study is to identify the impact of financial flexibility in achieving financial recovery, through the use and employment of indicators of financial flexibility in achieving financial recovery for commercial banks listed in the Iraq Stock Exchange. Theoretical framework: Financial flexibility is seen as multiple patterns that reflect the work of the characteristics and rules of each job, but it crystallizes around a specific topic, which is the ability of financial institutions to respond to environmental changes and fluctuations through their ability to take actions and decisions that direct and restore the functions of institutions and resources in a manner consistent with the development of goals and strategic vision of the management, thus achieving financial recovery and achieving an increase in the economic activity of the financial institution during the period of time through an increase in the value of assets. Design and methodology: Multiple linear regression and statistical program (SPSS 26) were relied upon by analyzing the relationship between financial flexibility and financial recovery of Iraqi commercial banks during the fiscal period (2009-2020). Results: The results showed that there is a statistically significant effect of indicators of financial flexibility on indicators of financial recovery of Iraqi commercial banks. Recommendations: The need for commercial banks to utilize a culture and philosophy of financial flexibility, because of its effective role in facing banking risks and achieving financial recovery for them, as this culture makes commercial banks able to confront them with financial crises. [ABSTRACT FROM AUTHOR]

Environmental, social and economic transformation changes stakeholder expectations. Now, companies are dealing with a much more responsible and demanding stakeholder group. Companies also develop many innovative applications to meet changing expectations. Integrated reporting as a new generation reporting tool is among these innovations. The goal of this study is to analyze whether integrated reports have an impact on the financial performance of reporting companies. Companies listed in BIST Bank index are included in the scope of the review. Panel Data Analysis is preferred as a method. Return on assets and return on equity are used as financial performance indicators. As a result of the analysis made for the years 2015-2021, there is no effect of integrated reporting on financial performance. [ABSTRACT FROM AUTHOR]

Global awareness of damage to nature has increased over the years as a result of the reflections of the technological developments in the production sector. Firms have started to prepare sustainability reports that include social and environmental issues apart from economic reports. Stakeholders follow not only the financial data of companies but also their sustainability activities. Studies indicate that companies that attach importance to sustainability are seen as valuable by investors. This has increased the research that affects the relationship between sustainability reporting and firm performance. The purpose of this study is to empirically examine whether the financial performance indicators of companies have an effect on publishing sustainability reports. The variables of Return on Assets, Return on Equity, Net Profit Margin, Size and Financial Leverage were used as the financial performance indicator. 351 firm/year data between the years 2014-2021 of 44 firms included in the BIST Sustainability Index was used. The effect of the variables in publishing sustainability report was analyzed with logistic regression method, which is used when the dependent variable is categorical. The results indicate that variables other than size do not have a significant effect, but companies tend to publish sustainability reports as their financial size increases. [ABSTRACT FROM AUTHOR]

Recurring summer cyanobacteria blooms in the Baltic Sea has gained academic interests for decades. The harvest of wild cyanobacteria, for example, Nodularia spumigena, during summer blooms in the Baltic Sea has been studied in the past but lacked evaluation for environmental and economic performances. This study provides a first‐hand assessment of environmental and economic performance from an energy perspective, using energy return on investment (EROI) as evaluation method where harvest of biomass and the downstream conversion of biomass to biogas and biofertilizer are considered for Gotland, Sweden. Energy analysis results indicate fuel consumption during harvest and transport operations to be the major energy consumer. Traditional sailing boats have been suggested as an alternative. Overall, when considering only biogas yield and usage of sailing boats, a break‐even EROI of 1 is achieved. When including biofertilizer as product, a breakeven EROI of 1 is also achieved. Depending upon the biomass concentration in the Baltic Sea at the time of harvest, an EROI > 6 is possible, surpassing the economic viability EROI benchmark of 3, indicating the importance of nutrient recovery as the driver for harvest of wild cyanobacteria biomass during blooms in the Baltic Sea. This article met the requirements for a gold‐gold JIE data openness badge described at http://jie.click/badges. [ABSTRACT FROM AUTHOR]

This study aims to analyze whether companies with the ESG (Environmental, Social and Governance) seal listed in the Corporate Sustainability Index (ISE) have better risk management of their short and long-term liabilities compared to companies that do not obtain this classification on the BM&FBovespa. Carrying out this quantitative and qualitative research, the Balance Sheet and Cash Flow Statement, for the periods 2017 to 2020, of 298 companies listed on the Stock Exchange (B3), among which are listed on the ISE, were analyzed, excluding the financial economic sector from the analysis. The indicators analyzed were liquidity ratios, operating cash flow return on equity and long-term liabilities, and Net Working Capital (CGL) requirements. The research is classified as descriptive and exploratory in terms of its objectives, and bibliographical and documental in terms of procedures. The results observed through the calculations of the data of the financial indicators reveal that the companies in the ISE and B3 have similar results and present good risk management when combining the three indicators, in addition it was identified that, despite some indicators, they favor companies that do not are on the ISE, they presented financial performance similar or better to group B3 and consequently revealed to have a lower or similar economic-financial risk. As a suggestion for future research, the study of the international market and the financial economic sector was suggested. [ABSTRACT FROM AUTHOR]

Since the industrial revolution, greenhouse gas emissions, especially carbon dioxide (CO2) emissions, cause climate change. In addition, the stakeholders of the firms are conscious about the management of climate change risks and demand non-financial information as well as financial information from the firms. Therefore, in the fight against climate change, firms provide explanatory information in sustainability and Carbon Disclosure Project (CDP) reports to their stakeholders about what they do to reduce greenhouse gas emissions and the number of emissions over the years. Because the amount of carbon emissions is not only for global warming, but also affects the financial performance of firms and jeopardizes their sustainability. In this context, the purpose of the study is to investigate the effect of carbon emissions on the financial performance of non-financial firms listed in the BIST100 Index in the period of 2014-2021 with panel regression models. Accordingly, the relationship between firms' total carbon emissions and financial performance indicators (return on assets, return on equity, Tobin's Q, net profit margin and earnings per share) has been tested. The findings show that although there is a significant and negative relationship between carbon emissions, return on assets and earnings per share, there is no significant relationship with other financial performance indicators. [ABSTRACT FROM AUTHOR]

Purpose: This study aimed to analyze the relationship between executive remuneration and the economic-financial and socio-environmental performance of publicly traded Brazilian companies. Methodology: The study sample comprises companies in the Brazil Index 50 (IBrX-50), portfolio from May to August 2020. After exclusions, the final survey sample is composed of 34 companies, with a total of 68 observations and the period of analysis was the years 2018 and 2019. Data were collected manually in the Reference Form, item 13 and on the website of each company. For data analysis, statistical techniques were used, such as descriptive, correlations and multiple linear regressions. Results: For model 1, the Return on Equity (ROE) and Business Sustainability Index (ISE) variables showed significant and negative relationships with the RTM, indicating that the higher the ROE of the companies, the lower the Average Total Compensation (RTM). Also, the variable ENVID showed a significant and positive relationship, where the higher the company's Total Debt (ENDIV), the higher the RTM. For model 2 of Fixed Compensation (RF), the ROE also presented a significant and negative relationship. The Earnings per Share (LPA) and ENDIV variables showed a significant and positive relationship, indicating that higher values in these variables will increase the RF given to executives. Contributions of the Study: This study contributes to the literature on compensation and performance by adding social and environmental variables to the theoretical and practical framework through the interconnection of executive compensation. Thus, it was possible to understand new relationships between traditional economic-financial and socio-environmental factors, while good communication and good governance practices with stakeholders present positive results for the organization. [ABSTRACT FROM AUTHOR]

A study is carried out to improve the current process of glucose production by acid inversion from refined sugar that isdeveloped in the Argentine UEB located in Camagüey, usingSuperPro Designer v10.0 simulator. The plant has a simple technology, transfer from Czechoslovakia and an annual production plan of 250 t of glucose. For each 6 t of refined sugar, 1 t of glucose is currently obtained, caused by the low conversion in hydrolysis reaction. Two alternatives are presented to increase the yield of glucose production, both based on enzymatic hydrolysis and two different processes for glucose separation: Enzymatic hydrolysis + crystallization-centrifugation, Enzymatic hydrolysis + chromatographic separation. With the first alternative, glucose production increases 1,48 times due to the higher degree of conversion that can be obtained. For the second alternative, which involves the purchase of equipment, an economic evaluation was carried out using Hand's method, resulting in an investment cost of 5 640 000 CUP. The following economic indicators were calculated: the net present value that was positive, the period of recovery of the capital of 2,4 years, a period of recovery of the discounted capital of 3,4 years, an internal rate of return of 30 % and a return on investment of 41,1 %. These favorable indicators for alternative 2 and the increase achieved in glucose production with alternative 1 show that both are feasible. [ABSTRACT FROM AUTHOR]

Financial performance indicators are the most sought-after diagnostic methods by enterprise's stakeholders, such as profitability, payable capacity and capital management, however, a growing interest has been redirected to the social reflexes of business activities, beyond the economic result. One of the contemporary ways of evaluating social indicators is by analyzing quotients from the Value Added Statement (VAS). After selecting economic and social performance variables, the present paper aimed to investigate the possible correlation between such constructs in the non-cyclical market segment of the Brazilian stock market. Data collected by analyzing the individual financial statements of the entities selected revealed a strong canonical correlation between social performance and economic performance, with highlights to the correlated power between return on equity (ROE), indebtedness and the potential of the entity's net equity to generate added value. [ABSTRACT FROM AUTHOR]

Purpose -- The study aims to analyze the relationship between intangible assets and the economic performance of Brazilian public companies. Design/methodology/approach -- We calculated the Degree of Intangibility (DI) to segregate companies into two groups: intangible-intensive and tangible-intensive in a sample of Brazilian public companies from 2012 to 2016. We applied the Mann-Whitney test to verify whether there were statistically significant differences between these two groups of companies concerning the Operating Margin, Return on Equity, Return on Assets, Market Value Added and Earning per Share. Findings -- The results show that intangible-intensive companies presented higher economic performance in most part of the indicators and years analyzed. In addition, we did not find significant results for Earnings per Share, although the signed rank sum mean values of intangible-intensive are higher than tangible-intensive companies in most part of the years. Practical implications - The findings seek to contribute to discussions about the importance of intangible resources as determinants of competitive advantages and reflecting in higher economic performance, and thus increasing market value. In this sense, investments in intangible resources can be applied in adopting initiatives in markets and definition of strategic positions in companies. Finally, our study seeks also to contribute to capital markets since the relationship between intangible assets and economic performance can be useful in detecting investment opportunities. Originality/value -- Previous studies analyzed the relationship between intangible assets and economic performance with other periods and samples. We also measured different proxies for economic performance as Operating Margin, Return on Equity, Return on Assets, Market Value Added and Earnings per Share. [ABSTRACT FROM AUTHOR]

Background: Health disparities are pervasive and are linked to economic losses in the United States of up to $135 billion per year. The Flint Center for Health Equity Solutions (FCHES) is a Transdisciplinary Collaborative Center for health disparities research funded by the National Institute of Minority Health and Health Disparities (NIMHD). The purpose of this study was to estimate the economic impact of the 5-year investment in FCHES in Genesee County, Michigan.Methods: The estimated impacts of FCHES were calculated using a U.S.-specific input/output (I/O) model, IMPLAN, from IMPLAN Group, LLC., which provides a software system to access geographic specific data regarding economic sector interactions from a variety of sources. This allowed us to model the cross-sector economic activity that occurred throughout Genesee County, Michigan, as a result of the FCHES investment. The overall economic impacts were estimated as the sum of three impact types: 1. Direct (the specific expenditures impact of FCHES and the Scientific Research and Development Services sector); 2. Indirect (the impact on suppliers to FCHES and the Scientific Research and Development Services sector); and 3. Induced (the additional economic impact of the spending of these suppliers and employees in the county economy).Results: The total FCHES investment amounted to approximately $11 million between 2016 and 2020. Overall, combined direct, indirect, and induced impacts of the total FCHES federal investment in Genesee County included over 161 job-years, over $7.6 million in personal income, and more than $19.2 million in economic output. In addition, this combined economic activity generated close to $2.3 million in state/local and federal tax revenue. The impact multipliers show the ripple effect of the FCHES investment. For example, the overall output of over $19.2 million led to an impact multiplier of 1.75 - every $1 of federal FCHES investment led to an additional $.75 of economic output in Genesee County.Conclusions: The FCHES research funding yields significant direct economic impacts above and beyond the direct NIH investment of $11 million. The economic impact estimation method may be relevant and generalizable to other large research centers such as FCHES. [ABSTRACT FROM AUTHOR]

Marketing is one of the key elements of the success of all companies, including the wine sector. Given the importance of wine producers for agriculture, it is important to define and monitor key performance indicators in marketing (KPIs) for a successful stay in the market and a competitive position at home and abroad. Today, the increase in competitive advantage includes mainly marketing, innovation and information and communication technologies. New digital tools and innovations have changed the way we approached data and decisions. A modernly adapted and effective strategic marketing strategy represents for wine companies an understanding mainly of their possibilities as well as the possibilities to influence the customer. This article evaluates the key performance indicators in marketing (KPI) and its relationship and impact on the financial situation of wine producers in Slovakia. The research sample includes 80 respondents. We obtained the primary data through a questionnaire, which was filled in by the leaders of wine companies. We verified the accuracy by means of descriptive statistics and multiple linear regression and Kruskall-Wallis test. We have verified the reliability of the data with the Cronbach alpha test. We have formulated scientific assumptions for in-depth analysis: hypothesis 1 - assumes that key performance indicators have a significant influence on financial situation of selected companies, hypothesis 2 - the use of ICT in marketing is statistically related to the key performance indicators. The results showed a statistically significant impact of KPIs on the financial situation of companies. We have identified significance in customer satisfaction and loyalty, brand awareness and return of investment. However, we were unable to statistically confirm the impact of other indicators (sales growth, market share, gaining new customers). We also identified significant differences in the use of ICT in marketing with key performance indicators in hiring new customers and return on investment. This research contributes positively to the importance of brand building in the eyes of customers as well as customer service, building loyalty and satisfaction, which returns to the loyal approach of customers to the repurchase of wine products and provides advice for professionals. Return on investment helps in more accurate business decisions that can be used when purchasing new equipment (technology), hiring employees, or properly assessing the profitability of marketing strategies. [ABSTRACT FROM AUTHOR]

Purpose: The research intends to verify the relationship between meeting the requirements for joining and staying at PROFUT and the economic and financial situation of Brazilian football clubs listed in the National Club Ranking (RNC). Methodology: The study was operationalized by the deductive method, taking an empirical approach, using the analysis of individuals, facts and consequences researched. As for the procedures adopted, the research is classified as a bibliographic and documentary review and a quantitative approach. The matter was addressed through the application of an investigation of the points of the legislation, through a checklist, and the presentation of economic and financial indicators: indebtedness, current liquidity, tangibility, size and return on equity. Results: Given the investigation carried out, it was noticed that, even with the current requirements of the legislation and criteria of enforceability for participation in PROFUT, adherence to the program does not guarantee a better economic and financial situation, mainly related to the factors inherent to the capital structure. Contributions of the Study: The work contributes in a theoretical way in the production of a contextualized analysis of the main existing researches and shows new explanations of the studied fact based on different perspectives. With regard to the practical contribution, based on the main findings found, and seeking to relate the level of commitment of the analyzed clubs, which adhered to PROFUT, with the management of their capital structure, it was noticed the absence of a direct relationship between adherence to this type of financing and the management of the sources of capital obtained. [ABSTRACT FROM AUTHOR]

The importance of knowledge management as a competitive advantage is evident to everyone, and it is considered one of the critical factors of successful organizations. The capitalist view of knowledge management has led to the measurement of the return on investment resulting from it, and the return on investment has been recognized as a financial indicator for measuring knowledge management. What are the main components of knowledge management? Have components the same coefficients? The impact of the components is different and has different values. In order to achieve this importance, the present study was conducted to develop a return on investment model in knowledge management. This Practical research is mixed method, and in the form of exploratory schema in three stages, qualitative (using grounded theory and the use of interview tools), quantitative (using a descriptive method, a survey using questionnaire tool), quantitative (using a descriptive method, a survey using questionnaire tool) has been done. Each method is analyzed using, respectively, MAX QDA and SPSS software. The findings of the first stage of the study include identifying the benefit and costs of knowledge management. Then, the components validity is obtained, and then in the third stage, a coefficient is assigned to each of them. Identifying costs and benefit Components is a first stage achievement. Experts measured the validity of each component to identify components accurately. Furthermore, finally, in the third stage, each of these components was assigned a coefficient. The development of a new formula, taking into account each of these coefficients, is considered research innovation. [ABSTRACT FROM AUTHOR]

Graphene coatings, which have many applications in electronics and biomedical, show high performance even when applied at a few nanometers thickness, and have also been applied in solar systems. When graphene is applied to the glass surface of photovoltaic (PV) modules, they result in more energy recovery and lower cleaning service fees due to their features such as high permeability, hydrophobic self-cleaning, and low dust retention. In this study, it was determined how much energy gain and CO2 emission reduction could be achieved as a result of graphene-coating on PV modules compared to standard modules, and if PV modules are applied under Turkish conditions, the investment costs, payback period, and return on investment to the user after the payback period was determined. As a result of the calculations, although the initial investment cost of graphene coating is 0.78 %, more than the standard modules, it is concluded that it offers a lower payback period and high return on investment due to the amount of energy it produces, its ability to self-clean, and low dust retention. [ABSTRACT FROM AUTHOR]

The aim of the study is to select pepper genotypes with increased drought tolerance based on an economic assessment of productivity in conditions of water deficit. The experiments were conducted during 2018- 2019 in glasshouse Venlo type in the MVCRI. Two variants of irrigation regime are applied: 100% irrigation norm and 50% irrigation norm according to the technology adopted for this production in eight pepper (Capsicum annuum L.) genotypes - lines № 1966, 1917, 1931, 1936, 1928, 1930, C41 and C45, which were cultivated as a substrate culture (PE bag 16 L) without heating. In assessing the economic indicators in greenhouse production of pepper in order to select drought-tolerant genotypes of pepper according to the summary indicator rate of return with the highest economic effect of drought achieved with reduced to 50% irrigation regime are distinguished lines № 1928, № 1966 and № 1931. [ABSTRACT FROM AUTHOR]

In this work two alternatives are presented: 1) based on making changes in the operational parameters of the plant without making an economic investment and 2) based on the purchase of fans for the crystallization process with economic investment, to increase the yield in the process of glucose production in the Argentine UEB located in the province of Camagüey, since it has a simple technology, the result of a technology transfer from Czechoslovakia and with an annual production plan of 250 tons of glucose. With the objective of evaluating this glucose plant, the SuperPro Designer v10.0 program was used to obtain a simulation model that allows proposing alternatives to solve the problems detected, other than seeing the quality and performance of the process. The economic evaluation of the alternative that involves an investment was carried out using the Hand method, resulting in an investment cost of 27,000 CUP. The following economic indicators were calculated: the net present value that was positive, the capital recovery period of 2.5 years, a discounted capital recovery period of 3.46 years, an internal rate of return of 29% and a return on investment of 40.1%. These indicators show that the alternative is feasible. [ABSTRACT FROM AUTHOR]

The state is working to increase the supply of white meat in Egypt. Fattening chickens' projects is one of the medium-intensive projects for operating capital in the area unit. It falls within the projects that attract private investment in Egypt. The research aims to conduct an economic feasibility study for a project of a fattening chicken farm with a capacity of 5000 chicks in the session in Assiut Governorate. It is estimating the indicators of the economic efficiency of the project. In addition to assessing the indicators of the financial evaluation of the project by using some non-discounted measures such as the recovery period of the invested capital and Rate return of on investment, by using the discounted measures such as benefit/cost ratio, the net present value of the project and internal rate of return of the project. It is conducting a sensitivity analysis of the project to test its ability to face the unfavourable conditions that may face the project in the future, according to several scenarios represented by the increase in costs or the decrease in revenues or both. The research relied on unpublished secondary data as well as on preliminary data from a questionnaire and a personal interview for a large number of workers in this industry with their various jobs, for the 2019/2020 productive season. The most important results of estimating the financial evaluation measures of the project were that the recovery period of capital amounted to about3.17 years and that the return to costs ratio amounted to1.15, 1.13at the discount rates 9% and 12%, and that the net present value of the project at the discount rates amounted to1937936, 1336377pound for each of them, respectively, and the internal rate of return for the project reached 40% and therefore the project is acceptable and financially profitable. The sensitivity analysis showed the project's ability to withstand unfavourable changes according to the three assumptions assumed by the research, as the internal rate of return was about 17%, 15%, and 16%, for each case respectively, and the project is more sensitive to imposing a decrease in revenues than in the case of the other two assumptions. In light of the results obtained, the research recommends that the project be accepted for its financial and economic viability. In the context of encouraging investors to adopt this project, the following is recommended: The necessity of working to stabilize the prices of production requirements such as feed, medicine and chicks by encouraging expansion in producing its components locally instead of relying on import, working to provide appropriate financing for the project from the social fund and other financing institutions with easy interest while providing technical assistance to investors in the fields of production and marketing, encouraging investors to insure farms to reduce production risks by facilitating procedures and reducing costs insurance. [ABSTRACT FROM AUTHOR]

The aim of this paper is focused on analyzing the financial performance indicators of enterprises operating in the fields of forestry and forestry exploitation in northeastern Romania, and their effects on sustainable development in view of the priorities established in the EU, with the adoption by the Member States of the Agenda 2030. In this respect, the most important 200 enterprises in northeastern Romania were selected, and the main performance indicators registered during 2009-2017 were analyzed, and a statistical model in which the balance indicators are correlated with the financial ratios being developed in the sense of assessing the financial or commercial sustainability of enterprises with which to assess the qualitative parameters of sustainable development. Results show that the entities that operate in the field of forestry exploitation, which have an over-average turnover, are more concerned with the acceleration of the rotational speed of the circulating assets with direct favorable effects on performance indicators (benefit and rate of return), but with negative effects on the decrease of the forest fund through its administration policies, which may conflict with article No. 14 of the 2030 Agenda. This paper has an innovative character, assessing the pillar of business activities within sustainable development in objective terms of sustainability. [ABSTRACT FROM AUTHOR]

We study the various sectors of the Bombay Stock Exchange (BSE) for a period of eight years from January 2006-March 2014. Using the data of the daily returns of a period of eight years we investigate the financial cross-correlation co-efficients among the sectors of BSE and Price by Earning (PE) ratio of BSE Sensex. We show that the behavior of these quantities during normal periods and during crisis is very different. We show that the PE ratio shows a particular distinctive trend in the approach to a crash of the financial market and can therefore be used as an indicator of an impending catastrophe. We propose that a model of analysis of crashes in a financial market can be built using two parameters: (i) the PE ratio and (ii) the largest eigenvalue of the cross-correlation matrix. [ABSTRACT FROM AUTHOR]

• An integrated, multi-product approach can improve biorefining economics. • The scenario with the highest product offering has the highest return of 13%. • Product prices, feedstock cost, and CAPEX have an impact on the return. • Syngas fermentation is a viable, novel process to valorize biorefinery by-products. The production of multiple products, in an integrated manner, encourages the full valorization of biomass feedstock and reduces waste streams. This may improve the economic outlook of the biorefinery and provide a hedge for investors. There is limited understanding of the techno-economics of an integrated, multi-product biorefinery. This study addresses this gap. In this study, we investigated an integrated, multi-product biorefinery. In addition to bio-oil, the valuable products ethanol and hydrogen are produced from fast pyrolysis by-products. We developed process models for bio-oil, ethanol, and hydrogen production from spruce woodchips in an integrated syngas fermentation and fast pyrolysis plant. Six scenarios set against a base fast pyrolysis plant were investigated, and the economic performance of each scenario was evaluated based on the rate of return. The scenarios differ in terms of the use of the non-condensable gases and the type of external fuel used for process heat. In every scenario, biochar is used for ethanol production and bio-oil is assumed to be a final product. The base case had a return rate of 7.0%, while the return rate ranged between 7.46 and 13.01% among the six scenarios. The scenario producing hydrogen from hydrogen-rich non-condensable gases and ethanol from biochar was the most profitable. The profitability was found to be most sensitive to product prices, capital cost, and feedstock cost. The study's results show that an integrated, multi-product approach to biorefining has the potential to improve the economics of biorefineries and biofuel production. [ABSTRACT FROM AUTHOR]

• Construction companies followed either lower or higher business performance patterns. • Most companies presented lower patterns of occupational injuries overtime. • Low performing companies had a higher likelihood of experiencing high injury rates. • Labor-to-revenue ratio was associated with higher injury rates in all company sizes. To identify patterns in business performance and occupational injuries (OIs) in the Swedish construction sector between 2003 and 2015 and investigate associations between these trajectories. Company-level data were gathered from national registers. An open cohort of 13,089 private construction companies were classified by size. Yearly business performance indicators were return on equity, operating margin, and labor-to-revenue ratio. OIs rate was defined as number of injuries divided by number of employees. Group-based trajectory models were performed to identify companies with similar patterns in business performance and OIs rate over time. Associations were investigated with binomial regression models. The model identified two main patterns (high/low) of injuries and business indicators for all company sizes. Trends in low labor-to-revenue ratio were associated with a high injury rate with a pooled estimate of 1.43 (95% CI 1.22–1.64) with some variation by company size: super small OR 1.3 (95% CI 1.01–1.62), small, OR 1.74 (95% CI 1.39–2.18), medium OR 1.3 (95% CI 0.9–1.8) and large OR 2.1 (95% CI 0.77–5.7). Similarly, low patterns of returns on equity were associated with high injury rate patterns across all company sizes, excluding small enterprises. No associations were found for operating margin patterns. Low returns on equity and labor-to-revenue ratio were associated with higher OIs rate trajectories in the Swedish construction sector, which has implications for injury prevention as well as targeted surveillance and inspection. Further studies could investigate other economic sectors and possible mechanisms for this association. [ABSTRACT FROM AUTHOR]

Enhanced indexation (EI) is the problem of selecting a portfolio that should produce excess return with respect to a given benchmark index. In this work, we propose a linear bi-objective optimization approach to EI that maximizes average excess return and minimizes underperformance over a learning period. Our model can be efficiently solved to optimality by means of standard linear programming techniques. On the theoretical side, we investigate conditions that guarantee or forbid the existence of a portfolio strictly outperforming the index. On the practical side, we support our model with extensive empirical analysis on publicly available real-world financial datasets, including comparison with previous studies, performance and diversification analysis, and verification of some of the proposed theoretical results on real data. [ABSTRACT FROM AUTHOR]

Abstract: It seems reasonable to expect financial market efficiency to be related to the economic development level. We study a 16year sample, covering 22 countries. The Hurst–Mandelbrot–Wallis rescaled range is our efficiency measure, which we apply to returns and volatility. We find strong evidence of long memory persistence in volatility over time, which is unsurprising. However, unlike previous researchers, we could not find evidence of rescaled ranges trending down over time. However, we introduce an alternative measure of economic development, namely, whether FTSE (2011) classify an emerging market as ‘advanced’ or ‘secondary’. This measure shows greater efficiency in returns and volatility for ‘advanced’ emerging markets. [Copyright &y& Elsevier]

The crude oil futures market plays a critical role in energy finance. To gain greater investment return, scholars and traders use technical indicators when selecting trading strategies in oil futuresmarket. In this paper, the authors used moving average prices of oil futures with genetic algorithms to generate profitable trading rules. We defined individuals with different combinations of period lengths and calculation methods as moving average trading rules and used genetic algorithms to search for the suitable lengths of moving average periods and the appropriate calculation methods. The authors used daily crude oil prices of NYMEX futures from 1983 to 2013 to evaluate and select moving average rules. We compared the generated trading rules with the buy-and-hold (BH) strategy to determine whether generated moving average trading rules can obtain excess returns in the crude oil futures market. Through 420 experiments, we determine that the generated trading rules help traders make profits when there are obvious price fluctuations. Generated trading rules can realize excess returns when price falls and experiences significant fluctuations, while BH strategy is better when price increases or is smooth with few fluctuations. The results can help traders choose better strategies in different circumstances. [ABSTRACT FROM AUTHOR]

The present study aim to investigate the relationship of macroeconomic variables on stock returns in Pakistan. The study used monthly data from January 2001 to December 2010. For data analysis different econometrics model were used such as auto regressive distributed lag (ARDL), augmented dickey fuller (ADF), vector error correction model (VECM) are used. The study found that there is short as well as long run relationship exists between macroeconomic variables and stock returns. Money supply, exchange rate, and consumer price index have significant long run relationship with stock prices, while oil prices have no significance relations with stock returns. In short run money supply and exchange has positive significant relation with stock returns, while consumer price index and oil prices have no significant relation with stock returns. [ABSTRACT FROM AUTHOR]

Within the economics literature, the 'psychic costs' of migration have been incorporated into theoretical models since Sjaastad (J Polit Econ 70:80-93, ). However, the existence of such costs has rarely been investigated in empirical papers. In this paper, we look at the psychic costs of migration by using alcohol problems as an indicator. Rather than comparing immigrants and natives, we look at the native-born in a single country and compare those who have lived away for a period of their lives and those who have not. We use data from the first wave of the Irish Longitudinal Study on Ageing which is a large, nationally representative sample of older Irish adults. We find that men who lived away are more likely to have suffered from alcohol problems than men who stayed. For women, we again see a higher incidence of alcohol problems for short-term migrants. However, long-term female migrants are less likely to have suffered from alcohol problems. For these women, it seems that migration provided psychic benefits, and this is consistent with findings from other research which showed how migration provided economic independence to this group. The results remain when we adjust for endogeneity and when we use propensity score matching methods. [ABSTRACT FROM AUTHOR]

This work evaluated the economic viability of a Pinus elliottii plantation submitted to thinning, in small farms (marginal lands). The following economic criteria of project analysis were applied: Net Present Value (NPV), Benefit-Cost ratio (BCR), Internal Return of Rate (IRR), Mininum Attractive Rate of Return (MARR), Return on Investment (ROIA) and Payback Period. The discount rate applied was 6.5% per year. The indicators showed the economic viability of the Pinus plantation, under the conditions established in the analysis. [ABSTRACT FROM AUTHOR]

Abstract: Modern societies would potentially reap large benefits from upgrading low skilled''s education. However, this is difficult to put into practice because employers are reluctant to train low skilled and because low skilled are unwilling to participate. To circumvent this potential market imperfection, a large supply of formal education in Sweden is complemented with the eligibility of enrollees for financial support. This study uses detailed data on Swedish siblings aged 24–43 in 1994 to evaluate the impact on annual earnings. The estimated average return was 4.4% in 2004. Calculations indicate that this is barely sufficient to cover society''s total costs. [Copyright &y& Elsevier]

Corporate social responsibility (CSR) is one of the main drivers of corporate reputation. Many studies show that CSR can positively affect financial performance (FP) and vice versa. However, the relationship between FP and CSR depends on the type of industry in which the company operates, and there is little research regarding the energy sector in this area. The basis of empirical research in this study is slack resource theory which argues that financial performance is the cause of corporate social performance. This paper aims to analyze if financial performance affects corporate social responsibility adoption in energy sector companies. In order to achieve this goal, the study specifically examines the relationship between selected financial performance indicators and CSR adoption. Analyzing an international sample of 219 companies from thirty-two countries for 2020, we observed the statistically significant relations between financial performance and the implementing of the CSR strategy of the energy industry companies. The Return on Assets measure (ROA) and the Earnings Before Interest and Taxes measure (EBIT) were significantly higher among companies implementing the CSR strategy. The Enterprise Value to earnings before interest, taxes, depreciation, and amortization ratio (EV EBITDA) was lower among companies that adopted CSR. We did not confirm that the Return on Equity measure (ROE), Beta coefficient, and EBITDA per Share correlated with CSR adoption. Our research had implications for firms' investment policies in social initiatives and highlighted the relation between the financial performance and CSR initiatives of the energy sector companies. [ABSTRACT FROM AUTHOR]

This article presents an analysis on the use of yield curve as an indicator of future economic activity. Yield curve is used as a predictor of recessions. Factors that influence yield curve include monetary policy and changes in investor expectations. There are several models or methods that can be maximize the use of yield curve to predict recessions, such as the probability model and measuring the spread between long-term and short-term rates.

Determines the differences of internal rate of return (IRR) and net present value (NPV) as indicators in investment decisions. Details of IRR as a financial indicator; Discussion on NPV as an economic indicator of a capital investment.

The hope has arisen that the internet will ultimately evolve into a Global Information Infrastructure (GII). The GII will create a global information marketplace and in the process narrow the poverty gap and eliminate many of the geographic obstacles to prosperity and equality. However commerce-primarily US commerce-is driving the development of the internet. As a result investors will want a return on their money in the form of access to new markets. Many countries will have to accept privatisation and competition wholeheartedly. Also, sooner or later local resources will have to replace external funding and external technical expertise. Many countries lack the regional, social and economic integration found in the USA and in addition have deep political, linguistic and cultural divisions that do not exist in the USA. This article examines issues of connectivity, language and content and concludes that in reality the internet concentrates economic activity and power more narrowly in one group. As a result there is a real risk that we are moving towards a two-tier technology society that perpetuates the old distinctions between North and South. [ABSTRACT FROM AUTHOR]

Patchouli oil is a commercially important essential oil in the flavor and fragrance industry. In this study, a technoeconomic feasibility assessment was conducted to commission a supercritical fluid extraction plant for the extraction of patchouli oil in Singapore. The study revealed that the manufacturing cost for patchouli oil is 53.87 USD/kg for a plant processing capacity of 400,000 kg of raw material/year with the cost of utilities being a major contributing factor to the manufacturing cost. In addition, financial indicators such as net present value, discount cash flow rate of return, return on investment and payback period have been applied to evaluate the profitability of the supercritical fluid extraction plant. The total investment cost for the plant is around 4.77 million USD. Calculation of the discounted cash flow rate of return shows that a maximum interest rate of 26.3% can be loaned from investors and the project would still breakeven. At an interest rate of 5.25%, the return on investment for the project is calculated to be 27.4% and the payback time is estimated to be 5.4 years with a total profit of 5.27 million USD after 10 years. [Display omitted] • Cost estimation and profitability analysis were applied on the SFE of patchouli oil. • Specific cost of manufacturing for patchouli oil was 53.87 USD/kg. • Cost of utilities is the largest contributor in the COM of patchouli oil. • Difference between selling price and patchouli oil COM showed economic feasibility. • Profitability study presented 27.4% ROI and payback time of 5.4 years. [ABSTRACT FROM AUTHOR]

This study aimed to identify the financial indicators that strongly affect the return on equity (ROE) in the Romanian energy industry. Literature has revealed that firms that benefit from a higher ROE ratio often have some competitive advantage that allows for greater profit and thus greater return for investors. In this context, it seems absolutely necessary to identify and study those factors that have the strongest influence on ROE. The research was carried out on a sample of 1253 companies from the Romanian energetic industry. To identify the most powerful drivers of ROE we used a linear regression model. Also, the analysis was performed on three groups of companies, divided by their size to see any differences in drivers of ROE, depending on the company's belonging to a particular group. Other financial ratios were introduced into the research. Thus, the study involved the use of five indicators/ratios that were believed to have a major influence on ROE. According to the results we have obtained, asset turnover, price to earnings, price to book and financial leverage were the most relevant ratios to determine ROE, with the indication that asset turnover and price to earnings have had the strongest influence. • We analyzed the impact of some financial indicators on the return on equity ratio. • The research was performed for the energy industry using a DuPont based analysis. • Asset turnover, price to earnings, price to book, financial leverage influence ROE. • Asset turnover and price to earnings have the strongest influence on the ROE ratio. [ABSTRACT FROM AUTHOR]

Presents views on biotechnology investments. Options for investing in biotechnology; Aspects of compound annual growth rate (CAGR) and internal rate of return(IRR); Highlights of taxable investment account.