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The pulp and paper industry converts roundwood and recycled fibre, collected from wastepaper into printing and writing papers, and other specialty grades of paper. The pulp and paper mills in Ontario have been facing extreme competitive pressures, which have affected their performance leading to several mill closures. The purpose of this study is to evaluate and compare the relative performance of three types of Ontario's pulp and paper mills (using all fibre, only roundwood fibre, and only recycled fibre). This study uses bootstrap data envelopment analysis in analyzing and comparing the operational efficiency of the Ontario's pulp and paper mills, with 224 sample data observations over a period of 17 years. The results indicate low levels of overall technical and managerial efficiencies in the pulp and paper mills using recycled fibre. The results of the study highlight that the pulp and paper industry needs to divert their attention to streamlining the manufacturing processes, reducing costs, improving raw material usage, and making capital investments in the new and improved technology, in order to improve the operational efficiency and competitiveness of the Ontario's pulp and paper mills. The pulp and paper mills using recycled fibre require huge capital investments, especially for installing the latest de-inking technology. The results of this study provide policy makers with detailed performance analysis so that future input resources can be reallocated to improve the performance of the pulp and paper mills in Ontario. [ABSTRACT FROM AUTHOR]

Substantial R &D efforts are currently directed towards the development of combined heat and power (CHP) systems that automatically and seamlessly connect to the power grid. In this paper we develop a real options model to assess the impact that the operational flexibility characterizing such systems will have on the optimal timing and capacity associated with investments in CHP plants. We take the viewpoint of a manufacturer operating in an energy-intensive industry who contemplates investing in CHP. We discuss and compare investments in two types of CHP systems: a standard one that is operationally rigid and a technologically advanced one that is operationally flexible. The interaction between temporal and operational flexibility under uncertainty and irreversibility is central to our analysis. We show that operational flexibility guarantees earlier investment but has an ambiguous effect in terms of capacity. In particular, when operational flexibility is very valuable the potential investor is opting for investing in a plant with larger productive capacity. The potential investor chooses a smaller CHP unit if otherwise. A numerical exercise calibrated using data from the Italian pulp and paper and electricity industries complements our theoretical analysis. [ABSTRACT FROM AUTHOR]

Paper-based packaging is a complex multi-material composed of paper (fibers), plastics, and metals, making efficient material recycling complicated. Currently, most of the fibers are recycled into new paper products while the residual material is commonly incinerated. Therefore, to improve the circularity and reduce the fossil dependency chemical recycling is needed. In this study, recycling of the residual materials was evaluated by thermal and catalytic pyrolysis. First, screening tests were performed using five reject materials and four catalysts in an analytical scale and then, a selection of catalyst and reject materials were evaluated in lab-scale followed by a techno-economic assessment. Experimental results indicated that the conversion was more efficient if the reject had high content of plastics compared to fibers, leading to products with increased heating value, higher hydrocarbon yield and less reactive oxygenates compared to the rejects with low plastic ratio. In the thermal pyrolysis 54 % of the weight of the feedstock and 70 wt% of the carbon in the feedstock ended up in a solid organic product (wax) which contained hydrocarbons and alcohols. In the analytical catalytic pyrolysis, HZSM-5 gave the best result in terms of cracking, deoxygenation, and aromatization. Ex-situ catalytic pyrolysis using HZSM-5 resulted in an improved quality of organic liquid with reduced hydrocarbon length as well as deoxygenated and aromatic compounds. The yield of the organic liquid was up to 19 wt% and contained mainly monoaromatics. The techno-economic evaluation showed, for processing 100,000 tons year−1 residual material, the total plant investment and the annual profit are about 29 and 12 million Euros, respectively, if no incentive for treating the residual material. [Display omitted] • Recycling of multi-material packaging waste via thermal and catalytic pyrolysis. • The higher polymer to biomass ratio in the waste, the more efficient conversion. • Thermal pyrolysis generated up to 54 wt% of condensed solids, mainly hydrocarbons. • Catalytic pyrolysis yielded up to 19 wt% of organic liquid, mainly monoaromatics. • Catalytic pyrolysis is economically feasible if the feed rate is ≥ 10,000 tons/year. [ABSTRACT FROM AUTHOR]

Reports on the performance of the paper industry in the U.S. and Canada. How the North American paper industry reacted to a recessionary economy in 2001; Effectof the recession on financial performance; Changes in capital spending trends.

Air emissions from the U.S. pulp and paper sector have been federally regulated since 1978; however, regulations are periodically reviewed and revised to improve efficiency and effectiveness of existing emission standards. The Industrial Sectors Integrated Solutions (ISIS) model for the pulp and paper sector is currently under development at the U.S. Environmental Protection Agency (EPA), and can be utilized to facilitate multi-pollutant, sector-based analyses that are performed in conjunction with regulatory development. The model utilizes a multi-sector, multi-product dynamic linear modeling framework that evaluates the economic impact of emission reduction strategies for multiple air pollutants. The ISIS model considers facility-level economic, environmental, and technical parameters, as well as sector-level market data, to estimate the impacts of environmental regulations on the pulp and paper industry. Specifically, the model can be used to estimate U.S. and global market impacts of new or more stringent air regulations, such as impacts on product price, exports and imports, market demands, capital investment, and mill closures. One major challenge to developing a representative model is the need for an extensive amount of data. This article discusses the collection and processing of data for use in the model, as well as the methods used for building the ISIS pulp and paper database that facilitates the required analyses to support the air quality management of the pulp and paper sector. [ABSTRACT FROM AUTHOR]

Employing the exogenous scenario of the “New Rules on Asset Management” in April 2018, this paper tries to explore the impact of the contraction of Chinese shadow banking on corporate investment behavior. This paper finds that the regulation leads to a 18.3% decrease in capital expenditure for firms relying on shadow banking system prior to the shock. Then, this paper tests three underlying mechanisms, which include the decrease of corporate borrowing, the increase of corporate financing constraints and the reduction of debt maturity. This paper also provides the empirical evidence that the implementation of the “New Rules on Asset Management” optimizes the allocation of capital across firms. [ABSTRACT FROM AUTHOR]

Explores the changing locational patterns of the pulp and paper industry in Soviet Union. Evaluation of the changes locational pattern of the industry; Range of per capita consumption of the industry; Terms of capital investments.

In recent years, the world has witnessed a soaring inflow of capital into sustainable investment. This is particularly so following the devastating COVID-19 pandemic. However, while a growing amount of literature has been deliberating debt financing in sustainable investment, less ink has been spilt on equity financing in this area, and even less scholarship has explored the role of government and law in supporting sustainable venture capital ('VC') funds. This paper proposes a dualist approach towards facilitating the development of sustainable VC funds encompassing a contractarian strategy with government support. The contractarian approach includes effective contracting covering the entire VC cycle in sustainable investment. It aims to provide strong incentives for all participants, ranging from investors, entrepreneurs and fund managers, to credit-rating agencies and evaluation firms. In the same vein, this paper seeks to craft a role for regulators that facilitates the simultaneous availability of several factors in a sustainable VC cycle (i.e., fund raising, investment and exit). In the fund-raising stage, governments can play an active role by expanding the source of financing for sustainable VC funds and enacting detailed and targeted legislation. In the VC investment stage, sustainable VC funds should make full use of their strong corporate governance rights and monitoring tasks to ensure that start-ups deliver on their sustainable promises. In the exit stage, a specialised sustainability board is strongly recommended to offer viable exit options, together with greater standardisation and comparability in sustainability information disclosure, and regulatory support for trustworthy sustainable impact rating agencies to sustain investor confidence. [ABSTRACT FROM AUTHOR]

The objective of this study is to examine the market valuation of environmental capital expenditure investment related to pollution abatement in the pulp and paper industry. The total environmental capital expenditure of $8.7 billion by our sample firms during 1989-2000 supports the focus on this industry. In order to be capitalized, an asset should be associated with future economic benefits. The existing environmental literature suggests that investors condition their evaluation of the future economic benefits arising from environmental capital expenditure on an assessment of the firms' environmental performance. This literature predicts the emergence of two environmental stereotypes: low-polluting firms that overcomply with existing environmental regulations, and high-polluting firms that just meet minimal environmental requirements. Our valuation evidence indicates that there are incremental economic benefits associated with environmental capital expenditure investment by low-polluting firms but not high-polluting firms. We also find that investors use environmental performance information to assess unbooked environmental liabilities, which we interpret to represent the future abatement spending obligations of high-polluting firms in the pulp and paper industry. We estimate average unbooked liabilities of $560 million for high-polluting firms, or 16.6 percent of market capitalization. [ABSTRACT FROM AUTHOR]

We analyze why firms use nonintermediated short-term debt by studying the commercial paper (CP) market. Using a comprehensive database of CP issuers and issuance activity, we show that firms use CP to provide start-up financing for capital investment. Firms' CP issuance is driven by a desire to minimize transaction costs associated with raising capital for new investment. We show that firms with high rollover risk are less likely to enter the CP market, borrow less CP, and borrow more from bank credit lines. Further, CP is often refinanced with long-term bond issuance to reduce rollover risk. [ABSTRACT FROM AUTHOR]

This paper assesses the growth-enhancing and growth-retarding effects of different budgetary fiscal variables using a balanced panel of 32 middle-income countries for the time period of 2000–2017. Much of previous research requires to be re-evaluated as it ignores the biases associated with either incomplete or wrong specification, or both, of the budget constraint and the money supply. This paper addresses these gaps and obtains more unbiased, consistent and efficient estimates for the fiscal variables, using both static and dynamic panel econometric techniques. Specifically, this paper finds that (1) larger tax and non-tax revenues retard economic growth; (2) higher allocation to public capital expenditure appears to have positive and significant effect on growth; (3) fiscal deficit appears to have neutral-growth effects; and (4) controlling broad money supply corrects for biases in the orthogonal specification. [ABSTRACT FROM AUTHOR]

Building on administrative data and machine-learning models, I develop a firm-specific measure of regulatory intensity: cost of compliance with all federal paperwork regulations. Regulatory intensity increases the cost of goods sold and overhead spending (SGA). It also incentivizes companies to reduce capital investment, hire fewer employees, and lobby more. The effects are particularly strong among financially constrained firms and those with irreversible investment opportunities, suggesting that regulation affects companies through budgetary pressures and heightened uncertainty. The findings highlight the real effects of regulation and the underlying mechanisms. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate how to identify and address production levelling problems in assembly lines utilising an intensive manual workforce when higher productivity levels are urgently requested to meet market demands. Design/methodology/approach: A mixed-methods approach was used in the research design, integrating case study analysis, interviews and qualitative/quantitative data collection and analysis. The methodology implemented also introduces to the literature on operational performance a novel combination of data analysis methods by introducing the use of the Natural Language Understanding (NLU) methods. Findings: First, the findings unveil the impacts on operational performance that transportation, limited documentation and waiting times play in assembly lines composed of an intensive workforce. Second, the paper unveils the understanding of the role that a limited understanding of how the assembly line functions play in productivity. Finally, the authors provide actionable insights into the levelling problems in manual assembly lines. Practical implications: This research supports industries operating assembly lines with intensive utilisation of manual workforce to improve operational performance. The paper also proposed a novel conceptual model prescriptively guiding quick and long-term improvements in intensive manual workforce assembly lines. The article assists industrial decision-makers with subsequent turnaround strategies to ensure higher efficiency levels requested by the market. Originality/value: The paper offers actionable findings relevant to other manual assembly lines utilising an intensive workforce looking to improve operational performance. Some of the methods and strategies examined in this study to improve productivity require minimal capital investments. Lastly, the study contributes to the empirical literature by identifying production levelling problems in a real context. [ABSTRACT FROM AUTHOR]

When solving problems related to capital investments in the company, it is necessary to work out the problem in detail and take into account as many influential parameters as possible in order to make the optimal decision. One such problem is the selection of the main warehouse location for the needs of a given company with dispersed centers. Multi-criteria decision-making methods can be applied to successfully solve such complex problems. In this paper, the EDAS method will be applied to achieve the optimal selection of the location of the main warehouse in a company with several dispersed centers. [ABSTRACT FROM AUTHOR]

The paper analyzes the interaction of economic growth and inflation rate on accounting for both sources of capital investment and global shocks. The analysis method is a time-varying coefficient Bayesian vector autoregression (TVC-BSVAR) model applied in a quarterly data sample of the Vietnam economy over Q2/2001–Q4/2022. The global factors, including the world economic growth and the inflation rate, are the most important drivers of domestic growth and inflation rate. A greater world growth rate raises the domestic growth rate while a higher world inflation rate increases the domestic inflation rate. If the world economy falls into stagflation with declining growth and a rising inflation rate, Vietnam's economic growth reduces while the inflation surges. The monetary and fiscal policy can be employed to recover domestic economic growth but with an associated surge in the domestic inflation rate. [ABSTRACT FROM AUTHOR]

Till now, studies have determined the existence of process innovation using survey data; however, in this paper, we use secondary data to empirically establish its presence in low-tech industries. Our empirical approach consists of data envelopement analysis in the first step followed by regression analysis in the second step. We use a cross-sectional dataset, i.e., Annual Survey of Industries, 2017–2018 for our study. Our results suggest that among Indian low-tech firms, investment in computer equipment and software is the most popular strategy to trigger process innovation followed by investment in plant and machinery. We find that these factors have a greater impact on firms that export products and import inputs, than on firms that export products but do not import inputs. In other words, the export-import orientation of firms induces a differential impact of these factors on process innovation. One policy implication from the study is that government should encourage and incentivize low-tech firms to improve the capabilities of its labour force. This is the first paper in the Indian context that uses secondary data to empirically determine the existence of process innovation in low-tech industries. [ABSTRACT FROM AUTHOR]

This paper aims to explore whether the development of competitive computer gaming (eSports) industries is sustained in China. In doing so, we apply the Generalized Supremum Augmented Dickey-Fuller (GSADF) method to investigate when the bubbles originated and crashed in the Chinese eSports market from 2014 to 2021. Utilizing the data of the Chinese Electronic Sports Thematic Index (CESI), the empirical outcomes show that the Chinese eSports industry may deviate from its market value and that the industry witnesses bubble behaviors. The latent reasons might be attributed to government policies, economic growth, stock market crises, and venture capital investments. Therefore, to promote the stabilized and sustained development of the eSports industry in China, regulators and authorities should pay attention to the evolution of bubbles. Moreover, maintaining policy consistency and continuity may be beneficial in stabilizing investors' expectations and reducing speculative investment behaviors. [ABSTRACT FROM AUTHOR]