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Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We develop and apply a dynamic economic simulation model to analyze the multi-regional impacts of, and mechanisms of recovery from, a major disaster, the HayWired scenario — a hypothetical Magnitude 7.0 earthquake affecting California's San Francisco Bay Area. The model integrates loss pathways: capital stock damage, labor supply shocks due to short-term population displacement and longer-run out-migration from damaged areas, and the exacerbating effects of damage to transportation infrastructure capital, as well as various aspects of static and dynamic economic resilience. With input substitution-based static inherent resilience and dynamic resilience in the form of optimal intertemporal and spatial investment allocation, gross output losses range from 0.5 percent to 6 percent across regions, and welfare losses are 0.4 percent statewide but can be ten times as large in hardest-hit areas. Large-scale reconstruction investment is supported by substantial interregional transfers of resources through intra-state trade. Increased output via firms engaging in the key adaptive resilience tactic of production recapture can alleviate a substantial fraction of losses—but only if upstream and downstream barriers to recovery can be lowered quickly. [ABSTRACT FROM AUTHOR]

Pandemics and political responses to them can bring about short- and long-term economic and environmental effects. This paper aimed to understand the effects of a pandemic and the policy responses to it on Iran's economy and environmental conditions using a Bayesian dynamic stochastic general equilibrium model. The results suggested that a pandemic can decrease the value of macroeconomic variables. In the health sector, a pandemic reduces health capital stock, thereby increasing quarantine hours and household health expenditures. Following an increase in quarantine hours and a decrease in economic activities, air pollution decreases, causing a short-term improvement in the quality of the environment. Moreover, an increase in public health expenditure during a pandemic leads to an accelerated convergence of economic and environmental variables into a steady state. Considering that the positive environmental effects of the outbreak of an infectious disease are short-term, and since industrialization is necessary for economic growth, it is recommended that in order to achieve sustainable development, we should move toward energy-efficient industries and clean fuels and technologies. [ABSTRACT FROM AUTHOR]

This study shows that, unlike the positive role played by other institutional investors documented in the literature, venture capital (VC) in pursuit of short‐term gains through exit strategies reduces the stock price informativeness of portfolio companies, especially when VC is associated with a higher level of the ability (longer‐term VC directors, large VC syndicate), incentive (private VC sponsors), and willingness (less reputable VCs) to manipulate information. Furthermore, internal and external monitoring helps mitigate the negative impact of VC on stock price informativeness. Finally, earnings management and reduced information disclosure mediate the relationship between VC involvement and stock price informativeness. [ABSTRACT FROM AUTHOR]

The manufactured capital, usually denoted as material stocks from an industrial ecology perspective, has thus far received wide attention in sustainability and circularity science. Sustainable resource management should be rooted in detailed knowledge of manufactured capital accumulation in society at a high spatial resolution. Previous studies demonstrated that night‐time light (NTL) data provide a great opportunity for monitoring material stocks dynamics at a higher spatial resolution on the regional and global scale. However, the potential of historical–geographical refined material stocks has not been fully analyzed and explored because of the inconsistency of NTL images detected by the different satellites. In this study, based on a new set of material stocks data in China and harmonized NTL images (1992–2018), we map the national stocks of 13 bulk materials (including cement, gravel, wood, brick, sand, asphalt, glass, lime, plastic, rubber, copper, aluminum, and steel) at a 1 × 1 km resolution from 1992 to 2018. The results find that the total material stocks increased from 190,000 to 460,000 t/km2 between 1992 and 2018. Among the five end‐use sectors, buildings have the highest density of 430,000 t/km2, while domestic appliances have the lowest density of 140 t/km2. Four manufactured capital clusters, including the Yangtze River Delta, Pearl River Delta, Beijing–Tianjin–Hebei, and Chengdu–Chongqing agglomerations, possess 38% of the national total stocks in 2018, revealing an unbalanced distributed pattern of manufactured capital across China. Our results provide valuable support for policymakers and business decision‐makers on efficient resource management and urban mining. [ABSTRACT FROM AUTHOR]

In a game world, if you are having trouble, you may ask experienced players for help; after leveling up, you may help novice players avoid difficulties in turn. This phenomenon is called in-game "upstream reciprocity (UR)". In this article, we studied the motivations for novice players seeking help and experienced players helping others through focus groups and tested the theoretical models of potential recipients (N = 232) and donors (N = 258), respectively. Our analyses showed that for both potential recipients and donors, higher degrees of extraversion and perceived value (utilitarian and hedonic values) increased in-game UR intention. Loneliness showed the opposite outcome in models that recipients with high loneliness degrees and donors with low loneliness degrees increased in-game UR intention. Besides, self-determination theory (autonomy, competence, and relatedness) was positively associated with UR intention in the donor model. Furthermore, we tested the discouraging factor hindering players from UR. Combining all the results, we suggested the keys for designers are to improve the function and gameplay of the multiplayer mode, encourage the sharing of in-game capital, and lower the rewards of social cooperation to increase autonomy. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Administrative Sciences / Yonetim Bilimleri Dergisi is the property of Canakkale Onsekiz Mart Universitesi, Terzioglu Kampusu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Due to the tourism sector being one of the main drivers of economic growth in several countries, many studies have been conducted on the economic impact of the tourism sector. However, the economic effect of the different tourism activities, especially birth tourism has not been sufficiently explored in the existing literature. Using different proxies that capture the development of birth tourism, we examine the economic effect of birth tourism on economic growth in New Zealand for the period, 1980–2019. Novel machine-learning techniques including random forest algorithm and partial dependence plots have been used to estimate the relationship between the variables in a framework, which also include capital stock and financial development. The empirical findings of this study show that there is a non-linear relationship between per capita income and birth tourism-related variables in New Zealand. These results offer fresh insights to policymakers on the importance of birth tourism. [ABSTRACT FROM AUTHOR]

Using a dataset comprised of US publicly traded firms from 2002 to 2018, this paper reveals a significantly negative relationship between social capital and stock price crash risk. Firms located in regions with higher levels of social capital tend to have lower stock price crash risk. This result holds after addressing potential endogeneity. The negative association is more prominent for firms located in rural areas, with greater R&D expenditure, with higher default risk, and during the time periods of non‐financial crisis, respectively. The results of this study are robust to alternative measurements of stock price crash risk, index interpolation, index aggregation, and additional controls. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to empirically investigate how external debt vulnerability has affected the economy of emerging countries over time, with particular reference to Sub-Saharan African countries. It also deals with the policy issues associated with the economic effects. Design/methodology/approach: The techniques of dynamic ordinary least squares and fully modified ordinary least squares are used in this investigation, covering the period 1990–2022. A panel of 43 Sub-Saharan African countries is used in the study. Findings: The estimation results reveal that external debt vulnerability impacted negatively on economic growth, thus validating the concerns raised about the debt problem in Sub-Saharan Africa. Furthermore, the results revealed that domestic credit and openness of economy played a passive role and were therefore unable to cushion the adverse effect of debt vulnerability. Capital stock, however, stands out as the only variable that played a significant positive role in facilitating economic growth. The results are considered to be highly reliable for short-term forecast of economic growth and formulation of relevant policies. Originality/value: Over the years, economic analysts and stakeholders have expressed concern about the inadequate ratio of foreign reserves to external debt in developing countries. The effect of this external debt vulnerability on the economy of these countries has yet to be given sufficient attention by researchers. In view of this perceived void, this current study is carried out to determine the economic and policy consequences of the problem. [ABSTRACT FROM AUTHOR]

Russia has posted a stronger-than-expected economic performance in the first half of 2024. Defying our earlier forecast, the capital stock and private consumption grew more rapidly than expected. Accordingly, we have revised upwards our growth outlook to 3½ percent for this year. In the second half of this year, we expect slowdown in economic growth due to Russia's stretched labour supply and production capacity constraints. Russian economic growth should decelerate further in 2025 and 2026 to around 1 % p.a., a level close to the economy's long-term potential growth rate. Higher growth would require a substantial increase in productivity, which seems unlikely given that a considerable share of investment is already dedicated to branches serving the war effort either directly or indirectly. Tighter sanctions have also impaired Russia's access to critical technologies. [ABSTRACT FROM AUTHOR]

The relationship between corruption and income inequality has been widely studied, but there is no consensus on whether corruption increases or reduces inequality. We conduct an extreme bounds analysis (EBA) to test the robustness of the explanatory variables proposed in the literature. Using a sample of up to 150 countries, with data mostly going back to 1980, we find that corruption does not appear to have a clear positive effect on inequality or may even reduce it. Also, contrary to what is sometimes suggested in the literature, the results do not support an inverted U‐shaped effect of corruption on income distribution. A more important role in explaining income distribution seems to be played by the level of financial development, the old‐age dependency ratio, the unemployment rate, the capital stock to GDP ratio and the population growth rate. These are often found to be significant drivers of inequality, regardless of the set of control variables and the definition of corruption used. [ABSTRACT FROM AUTHOR]

Job creation has become an urgent agenda for policymakers of many sub-Saharan African nations who are struggling with unemployment. Thus, this study has attempted to examine the determinants of labour demand in the manufacturing sector in Ethiopia using industry-level panel data containing 37,555 firms grouped into 100 industries with 919 observations over the period of 2002–2020. By using a two-step system generalised method of moments estimator, the study reveals that the real wage and product market competition difficulty impact the labour demand of manufacturing industries significantly and negatively, while the value of energy, locally sourced and imported raw material used as well as the output, fixed capital stock and labour demand first lag has a positive and significant effect, holding other factors constant. In addition to the lags of the endogenous variables, the pension of the worker contributed by the industries and the percentage of firms facing a high raw material shortage in the industries were used as external instruments to treat the endogeneity of real wage and output, respectively. The consistence of the results was checked by using the robust form of ordinary least square and fixed effect model estimations. In order to address the problem of raw materials shortage, it is suggested to provide incentives for agricultural production driven by industry needs. Policy interventions aimed at lowering the proportion of raw material imports are recommended due to the severe shortage of foreign currency. In addition, industries' labour demand will rise as a result of fixed capital formation, improved energy provision and efficient consumption, and smoothing competition in the product market. [ABSTRACT FROM AUTHOR]

The mixed-ownership reform has been the mainstream for the SOE reform in China, but rarely is known whether this reform can improve the overall profitability of SOEs. Therefore, this paper would like to fill this literature gap by testing the impact of China's ongoing mixed-ownership reform on SOEs profitability.This reform encourages private capital to purchase shares of SOEs, so it can be regarded as a privatization plan for SOEs. Using the Difference-in-Differences (DiD) approach, we treat SOEs undergoing the reform as the treatment group and those not undergoing the reform as the control group. Our results indicate that the reform significantly increases the profitability of reformed SOEs. Mechanism analysis suggests that the reform enhances SOE profitability by reducing redundant workers, administrative fees, and related-party transactions. We also find that the effects of the reform are heterogeneous, with greater impacts observed among SOEs in unregulated industries, local SOEs, and SOEs in areas with low marketization. Overall, our research enriches the literature on privatization and mixed-ownership reform, and also provides empirical evidence to promote mixed-ownership reform. [ABSTRACT FROM AUTHOR]

Amidst increasing global attention on corporate environmental responsibility, the impact of carbon emission disclosure on financial outcomes remains a pertinent question. Existing literature suggests that transparency in carbon disclosure can influence investor perception and capital costs, yet detailed mechanisms and broader economic implications are less understood. In this study, using data from Chinese publicly traded companies from 2017 to 2022, we investigate how carbon emission disclosure affects the implied cost of capital, with a focus on the mediating role of stock liquidity. Our findings reveal that enhanced transparency in carbon reporting significantly lowers the implied cost of capital by improving stock liquidity, a previously underexplored channel. This effect is particularly pronounced in sectors with high carbon footprints and within regions emphasizing sustainable finance policies. The results underscore the economic benefits of environmental transparency, suggesting that robust disclosure practices can serve as a strategic tool for firms to reduce financing costs while contributing to broader sustainability goals. [ABSTRACT FROM AUTHOR]

This study examines the asymmetric effect of economic complexity and macroeconomic stability on carbon emissions for OECD countries over the period between 1995 and 2020. We construct a nonlinear panel ARDL-PMG model to assess the short- and long-run impact of the positive and negative shifts of economic complexity and macroeconomic stability on carbon emissions. The asymmetric findings prove that macroeconomic stability and instability positively impact carbon emissions in the long run. Moreover, asymmetric economic complexity shocks increase pollution in the long run. The impact of short-run shocks on carbon emissions returns to long-run equilibrium in 2.75 years (33 months) with an annual correction of 36.4%. One of the most striking findings of this study is that the sophisticated, complex production structure may pollute the environment less than traditional production. However, it still increases environmental degradation in absolute terms. Therefore, economic complexity only slows the rate of increase in environmental pollution. Capital stock and institutional quality have a weaker effect on emissions, while openness does not. [ABSTRACT FROM AUTHOR]

We investigate whether social capital and trust provide a form of liquidity/trading resilience, more specifically, whether social capital and trust played a role in the speed of stock recovery following activation of the market‐wide circuit breaker (MWCB) that occurred at the beginning of the COVID‐19 pandemic in March 2020. Our finding that high‐social capital firms rebounded more swiftly in terms of stock liquidity and quality of the stock trading environment provides new evidence that social capital and trust can safeguard firms' stocks against a potential liquidity drain and rapid deterioration in the stock trading environment under extreme market conditions. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomik Yaklaşim is the property of Ekonomik Yaklasim Dernegi (Ekonomik Yaklasim Association) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Mexican manufacturing shows a long-run divergence between a rising profit share of income and a flat rate of capital accumulation. Following the Cambridge equation, the paper studies the determinants of capital accumulation and finds the divergence to be partly explained by a reduction in the output/capital ratio, which opened a gap between a rising profit share and falling profit rate. But besides this classical, Marxian mechanism, two additional factors were at play: first, nonlinear profitability effects, which reveal that, at the high profitability rates observed in Mexico, profitability was not a binding constraint on accumulation; and second, foreign profitability effects, which show that a rise in US profits rates affected negatively accumulation in Mexico. The results come from estimated equations for the capital accumulation rate and investment share of profits in an annual panel of 17 manufacturing industries during the period 1992–2019. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Finance & Financial Law / Finanse i Prawo Finansowe is the property of Wydawnictwo Uniwersytetu Lodzkiego and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The study investigates the causes of rising economic inequality among Indian states between 2000 and 2017. To identify the components of output growth that are driving rising regional inequality in the Solow Model framework, we first create state-level data on capital stock and labour force, which are not published in India's national accounts. While we find beta divergence in per capita state domestic product (SDP) between states, there is no evidence of beta divergence in capital stock accumulation. Therefore, differences in TFP growth, rather than capital stock accumulation, may be one of the factors contributing to India's rising regional inequality. Furthermore, a productivity index for Indian states was created using the physical and social infrastructure, health, education, digital connectivity, and energy access to help explain the differences in states' TFP. When common factor models were used to account for the high cross-sectional dependence between state growth rates, the influence of capital accumulation and productivity index on state growth was significantly reduced. Hence, the Indian economy's common growth factor emerges as a major driver of the SDPs, with higher per capita SDP states benefiting more from overall growth than the lower per capita SDP states, resulting in growing regional disparities. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Physical capital stock is the basic indicator of macroeconomic empirical studies and also an important manifestation of macroeconomic activity capacity. When measuring China's provincial physical capital stock by the perpetual inventory method, the treatment for the depreciation rate and the initial physical capital stock in the existing literature has some defects in reflecting the economic performance. The purpose of this paper is to build the most reliable and reasonable statistical series of China's provincial physical capital stock. We establish a measurement formula in form of the variable depreciation rate and improve the treatment for the depreciation rate and the initial physical capital stock. For the depreciation rate, we measure the benchmark depreciation rate of physical capital and determine the variable depreciation rate according to the economic growth rate, which makes the variable depreciation rate reflect the economic growth. For the initial physical capital stock, we measure the initial physical capital stock according to the capital output ratio, which makes the initial physical capital stock reflect the economic aggregate. Based on these improvements, we measure China's provincial physical capital stock from 1952 to 2022 by the perpetual inventory method. Through analyzing the measurement results, we have a more distinct insight into the temporal and spatial characteristics of China's provincial physical capital stock: The growth rate of physical capital stock at the provincial level has slowed in spite of remaining high; The eastern region is much higher than the central and western regions. According to these two characteristics, it is suggested that policymakers need to improve market mechanisms and adjust investment policies to promote a benign profile of economic growth and a regional optimization of capital formation. [ABSTRACT FROM AUTHOR]

In order to save transaction costs, a sparse portfolio that consists of a small subset of the constituent stocks is commonly requested especially when the target index has a large number of assets. To the best of our knowledge, a large body of literature on sparse index tracking are mainly focus on the penalized least squares estimation under the no-short selling constraint. Accordingly, these procedures are highly sensitive to outliers and their efficiency may be significantly decreased when the noise distribution is unknown and possibly heavy-tailed. As promising alternatives, robust loss functions such as L1 loss and Huber's loss have been well characterized in penalized M-estimation techniques. This paper considers robust sparse portfolios to simultaneously perform stock selection and capital allocation for high-dimensional index tracking. Through the simulation, we show that newly proposed approach is resistant to heavy-tailed errors or outliers in the response. Finally, we illustrate the superior performance of the proposed method through tracking the Standard & Poor's 500 Index. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This note examines evidence of non-fundamentalness in the rate of variation of annual per capita capital stock for OECD countries in the period 1955–2020. Leeper et al. (2013) proposed a theoretical model in which, due to agents performing fiscal foresight, this economic series could exhibit a non-fundamental behavior (in particular, a non-invertible moving average component), which has important implications for modeling and forecasting. Using the methodology proposed in Velasco and Lobato (2018), which delivers consistent estimators of the autoregressive and moving average parameters without imposing fundamentalness assumptions, we empirically examine whether the capital data are better represented with an invertible or a non-invertible moving average model. We find strong evidence in favor of the non-invertible representation since for the countries that present significant innovation asymmetry, the selected model is predominantly non-invertible. [ABSTRACT FROM AUTHOR]

We study trade disruptions at different stages of development in a two‐country, three‐sector model of Spain and United Kingdom from 1850 to 2000. The impact of trade disruptions depends on trade openness and the productivity gap between countries. A trade collapse today (more openness, less gap) comparable to the Inter‐War Trade Collapse (IWTC) decreases the capital stock threefold (12% instead of 4%) and lifetime consumption fourfold (1.58% instead of 0.37%). Capital accumulation amplifies the cost of trade disruptions. The IWTC promoted Spanish industrialization, while the opposite would be true today. [ABSTRACT FROM AUTHOR]

We analyse the relationship between Energy-saving Technological Change (ESTC) and economic growth, using panel data of 280 cities in China from 2010 to 2018, and explore the possible moderating effect and threshold effect of factor endowment structure between technological progress of energy-saving and regional economic growth. We have the following findings: (1) ESTC has a significant negative effect on regional economic growth. Each unit increase in ESTC reduces economic growth by 0.4–0.8 percentage points. (2) An increase in factor endowment structure will significantly alleviate the inhibiting effect of ESTC on regional economic growth, showing a specific moderating effect. (3) The impact of ESTC on regional economic growth is heterogeneous depending on the regional factor endowment structure. However, the regions with a capital stock per capita of more than 92.002, ESTC will have no impact on potential economic growth rates. Thus, we provide a new perspective on how to achieve ESTC without compromising economic growth. [ABSTRACT FROM AUTHOR]

The main objective is to find out the impact of the Tax Credit (ITC) in the GST structure on the utilitarian capacity and liquidity of micro, small and medium-sized enterprises (MSMEs) in India. Using a coordinated survey to gather information on working capital stocks and GST consistency, 200 MSMEs in Assam, India, were selected to conduct a quantitative assessment. The results show that there are significant areas for the relationship between better working capital conditions and the use of ITS. This suggests that MSMEs can have greater financial flexibility and fewer pay restrictions if they do register ITC claims. According to the practical implications of the assessment, policymakers should deal with the ITC system and offer additional assistance to ensure that MSMEs can fully benefit from the GST. This study is novel because it is uniquely relevant to the state of Assam, offering alternative, progressive views on the specific impact of the goods and services tax on small businesses in that state. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of REMAH Journal is the property of Research & Development of Human Recourses Center (REMAH) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The literature relating to mergers & acquisitions points out that many operations fail due to cultural difference among enterprises. Yet, eventhough the acknowledgment of intercultural management was predominant in research these last thirty years, few studies have addressed the connection between the impact of knowledge sharing and socio-cultural integration in mergers & acquisitions. Using the analysis of a merger case, this article aims at understanding the dynamics of sociocultural integration thanks to the implementation of a formalized intercultural management resting on social capital and knowledge sharing. [ABSTRACT FROM AUTHOR]

Using 1930s panel data from Osaka City, we estimate the production function in the metal and machinery sectors in Japan to identify the factors that influence the establishment of mass‐production methods. Subcontracting income per total revenue had a positive correlation with metal and machinery output. While material‐intensive technology was used, scale‐economy‐type technology was not observed in this sector. The greater return on capital for smaller plants was attributed to efficient capital stock utilisation and subsistence wages. The division of labour between firms, through which materials and parts were traded, contributed to output expansions in the 1930s. [ABSTRACT FROM AUTHOR]

This paper analyzes a firm's investment timing and capacity decision by considering the manager's time‐inconsistent preferences and continuous economic depreciation of the capital stock cannot be completely offset. The demand shock of the underlying product evolves according to a double exponential jump‐diffusion process. Within a real options framework, we derive the explicit expressions for the optimal investment threshold and investment size when the manager is sophisticated. We find that time‐inconsistent preferences will lead the firm to delay investment when capital depreciation rate is low and accelerate investment when the rate of capital depreciation is high. Further, we show that capital depreciation rate has a monotonic positive effect on the investment size of a time‐consistent manager but a non‐monotonic effect on that of a sophisticated manager. A sophisticated manager tends to choose a smaller investment size than a time‐consistent manager. Finally, we demonstrate that compared with the geometric Brownian motion, the firm invests later with a larger capacity under the jump‐diffusion model. [ABSTRACT FROM AUTHOR]

Purpose: This paper focuses on the different Shari'ah resolutions on preference shares. This study aims to provide a systematic review to cover all authentic, peer-reviewed literature on this issue between the years 2001 and 2020. Design/methodology/approach: This library research combines, compares and contrasts the discussions and the results of all these papers besides the opinions and discussions of some renowned scholars in the field. Findings: The aim of this paper was met as every research during that period was included and scrutinized which resulted in a comprehensive knowledge about the presence shares. Research limitations/implications: One of the limitations was the limited research on the Shari'ah issues in preference shares as a regulatory capital that meets Basel III accords. Originality/value: This paper will be the reference for any researcher who wants to add value on this issue and to start from where researchers ended. [ABSTRACT FROM AUTHOR]

This study aims to examine the influence of net interest margin, non-performing loans, and capital adequacy ratio on the stock prices of banks classified as KBMI 4, which are listed on the Indonesia Stock Exchange (IDX) for the period from 2014 to 2021. The research employs a purposive sampling method, resulting in a sample of four banking companies. Multiple linear regression analysis is utilized to analyze the data, with the assistance of the Eviews 12 software. The findings indicate that the capital adequacy ratio positively affects banking stock prices, whereas the net interest margin negatively impacts them. Conversely, non-performing loans do not exhibit a significant effect on the stock prices of these banks. [ABSTRACT FROM AUTHOR]

The article focuses on critiquing sociologist, William I. Robinson's views on imperialism and transnational exploitation from a Marxist perspective. It argues that imperialism remains a significant global economic structure, perpetuating unequal relations between nations. It uses economic data and Marxist theory to highlight ongoing hierarchical exploitation within capitalist systems.

In the era of globalization and increasingly fierce competition, companies are required to increase their competitiveness by optimally utilizing the assets they own, one of the assets that is increasingly important for companies is intellectual capital. The purpose of this study is to examine whether intellectual capital affects stock returns through financial performance, which has the aim of knowing the influence of intellectual capital on financial performance, the influence of intellectual capital on stock returns, the effect of stock returns on financial performance, and whether or not financial performance mediates the relationship between intellectual capital and stock returns. A multiple linear regression analysis model with path analysis is an analysis method used in this study that aims to test whether there is a direct or indirect influence between independent, dependent, and intervening variables. Data testing tool using SPPS24 software. The population object in this study is companies listed on the IDX Indexes LQ45 for the 2018-2022 period; with the purposive sampling method, the samples collected are 33 companies with a total of 45 companies' observation data. The results showed that intellectual capital affects financial performance. These results show that the effect of financial performance on stock returns is statistically significant. The indirect influence of the statistical analysis results is greater than the direct influence of intellectual capital on stock returns. Thus, financial performance mediates the influence of intellectual capital on stock returns. This result explains that the company must utilize and maintain intellectual capital, and sound financial performance affects the stock returns received by investors, which later show good company value. Companies must utilize and maintain their intellectual capital because good financial performance, which results from the utilization of intellectual capital, will increase stock returns and reflect good company value in the eyes of investors. [ABSTRACT FROM AUTHOR]

This paper analyzes the impact of "spirit of capitalism" on stationary welfare and stability properties of a one‐sector Ramsey economy, where the demand of money is motivated by a cash‐in‐advance constraint on consumption expenditures. Preferences are defined over consumption and capital stock. There is a monetary authority that follows either a money growth pegging rule or an interest rate pegging rule. When a money growth pegging rule is introduced, a unique steady state emerges. A slight desire for status is a sufficient condition for an increase in the money growth rate to exert a local stabilizing effect and to improve stationary welfare. When an interest rate pegging rule is introduced, two steady states may emerge: a "liquidity trap" and an "interior" steady state. Both steady states are locally determinate. Moreover, we show that a slight desire for status is also a sufficient condition to ensure that the stationary welfare at "interior" steady state is higher than the one of the "liquidity trap". It follows that an increase in the policy rate is, then, an efficient way to exit the "liquidity trap" steady state. Under similar conditions, a higher policy rate increases the stationary welfare at the "interior" steady state. [ABSTRACT FROM AUTHOR]

Recent literature gives emphasis on the services provided by telecommunication capital which might be subject to internal and external-networking effects, as well as costly irreversible investment pointing out to a more important and complicated effect from these services on productivity and growth. The objective of this paper is to model these effects using a production function framework, along with a newly constructed dataset. A TFP growth approach is employed taking into consideration all the above characteristics, and a smooth coefficient semiparametric model is used. From the analysis, we observe that the services of telecommunication capital depend on the level of telecommunication capital stock. There is a significant positive, but heterogeneous, relationship between telecommunication capital and country productivity. Even though the effect is positive, it diminishes with its level but increases with networking, captured by number of users. Also, telecommunication capital growth and its own effect appear to be raising income in all countries used in our sample, even those who experienced output reduction. These characteristics should be taken into consideration when new telecommunication investment policy is considered within a country. [ABSTRACT FROM AUTHOR]

In this paper, we introduce the delayed-advanced Kaldorian business cycle model and consider how time-delay and time-advance affect economic fluctuations. Given the asymptotic stability of the original Kaldor model, we first show that an approximated Kaldor model by a Taylor series expansion can accurately describe the dynamics of the delayed Kaldor model. We also confirm that the delay has a destabilizing effect. When time-delay is replaced with time-advance, we have an advanced Kaldor model. Taking the advanced capital stock formulation, we derive the stability conditions and find that the time-advance has a stabilizing effect. Lastly, we examine these opposite-signed effects in a modified delayed-advanced model. [ABSTRACT FROM AUTHOR]

The improvement of the digital construction level is the material and technological foundation to build a strong network and digital country, and the efficiency of human capital investment is a key factor affecting the sustainable development of the digital economy. In order to ensure the efficient development of digital construction and human capital investment efficiency and to test whether digital construction can effectively promote the improvement of human capital investment efficiency and narrow the regional human capital investment efficiency gap, we used a coupling coordination model to examine the consistency between the level of digital construction and the efficiency of human capital investment. The purpose and findings of the paper are as follows. The research results indicated that the efficiency of digital construction and human capital investment in central and western regions is stronger than that in the eastern region. The coupling level of the above two aspects is relatively low, and there are significant differences among different regions. Based on the research results, it is proposed that the government should guide the optimization of human capital investment structure, and enterprises should lead the improvement of human capital investment efficiency. In addition, the government should promote digital infrastructure guided by technology integration, and the enterprises should expand digital applications in intelligent scenarios. Furthermore, to improve the coordination level of digital construction and the human capital investment, could take measures by coordinating digital construction and interoperability and sharing human capital. [ABSTRACT FROM AUTHOR]

Aging is a challenge to global development. This challenge is particularly significant for China because it has the largest elderly population worldwide. The proportion of aging population continues to increase, and solely relying on government efforts to meet the needs of the elderly is inadequate. Hence, involvement of social organizations in elderly care services is needed. Their core members exhibit higher sense of responsibility and identification with the organization than regular members, thus profoundly affecting organizational development. Based on the Social Capital Theory, this study employed a multistage stratified random sampling method to examine the social capital stock of elderly social organizations and their core members across six cities in Anhui Province, China. Chi-square tests analyzed the relationship between the core members' demographic factors and individual performance. Independent-sample t-tests assessed the relationship between social capital and individual performance. Finally, binary logistic regression models determined the factors influencing the individual performance of core members. Social networks within core members' social capital and the internal social capital of elderly caring social organizations (ESOs) affect the individual performance of core members. Therefore, organizations should provide more training opportunities for core members to expand their networks. Cultivating a shared language and vision as components of social capital can enhance organizational cohesion and operational stability. [ABSTRACT FROM AUTHOR]

Building and other construction assets constitute a significant part of a country's physical and economic infrastructure. According to several writers, the knowledge of reliable data of building and other construction assets of a specific country or region is a crucial element for the long-term management of these assets. Built capital stock statistics at the national or international levels have been available for most countries of the world, both developed and less developed ones, for some time, but construction infrastructure stock statistics at the disaggregated level are very scarce, even for most developed countries. Furthermore, the methodologies to produce the estimates of built capital stock, at the international level, do not consider countries' specificities. This paper discusses the methodologic issues for producing construction infrastructure stock statistics for Cape Verde, and makes estimates for the period 1980-2019. The paper outlines the Perpetual Inventory Method (PIM) used to produce capital estimation, data employed, and the assumptions made to estimate missing data. The paper analyses the level of the construction infrastructure stock estimates for Cape Verde, as well as their impact on the development pattern of the country's construction industry, and suggests how further studies can enhance our comprehension of the relationship between construction investment and economic growth and development. [ABSTRACT FROM AUTHOR]

• Unveiling insights into the Chinese low consumption puzzle by emphasizing the impact of monopolistic and strategic land supply on the final consumption rate. • Monopolistic land supply suppresses the final consumption rate by expanding government income share and widening urban-rural income gaps. • Strategic land supply suppresses the final consumption rate by driving up the share of capital income and housing prices. • Reducing land transaction monopolies and optimizing supply structures can yield substantial benefits for economic rebalancing. The challenge of low consumption presents a complex development issue in China, one that has been insufficiently analyzed through the lens of land supply. This paper introduces a fresh perspective to the Chinese low consumption puzzle by shedding light on the constraints imposed by monopolistic/strategic land supply on the final consumption rate. Our findings reveal that China's distinctive land supply patterns systematically restrict consumption, as monopolistic land supply hinders total consumption by widening the share of government sector income and the urban-rural income gap. Additionally, strategic land supply curtails consumption by increasing the share of capital income and driving up housing prices. This study underscores the significance of land supply-side reforms in bolstering consumption, offering valuable policy insights for China and other transitioning economies. [ABSTRACT FROM AUTHOR]

Capital costs are not directly observed since firms own part of their capital stock. I show under which assumptions variation in firms' input choices reveals the user cost of capital. Using Compustat data for the United States, I find that the costs of tangible capital as a share of output have not been increasing, while economic profits have been increasing over the past 50 years from around 4% to around 9% of sales. About three-quarters of the fall in the labour share is associated with a rise in profits and the remainder is associated with a rise in intangible intensity. [ABSTRACT FROM AUTHOR]

The latest legislative amendments to Companies Law no. 31/1990 are expected to be well received by the business community, being described by the legislator, among others, as a relaxation of the conditions for registration and operation of the Limited Liability Company. Thus, significant changes concern the elimination of the minimum value of the share capital for this type of company, as well as the emphasis of the new provisions on the will of the shareholders regarding the transfer of shares, by removing the term of opposability to transfer provided in favour of third parties. Without claiming a thorough analysis of the matter, the article aims to highlight the most important aspects of these legislative changes. [ABSTRACT FROM AUTHOR]

Only by adhering to the scientific concept of capital as explained by Marx in Capital, and by drawing a clear line between the two different views of capital based on materialist and idealist conceptions of history, can we understand the phenomenon of capital in the real economy of contemporary China. In the real economy of developing commodity production, public and private capital share some common features, but there are differences in their nature. The misunderstanding, created by Western bourgeois economics, of the relationship between public and private capital harms efforts to achieve a scientific regulation of the healthy development of various types of capital, and needs to be clarified. Where the practical work of regulating and guiding the healthy development of capital is concerned, great importance should be attached to restoring and guaranteeing the dominant position of public capital within social capital as a whole; to ensuring that state-owned capital effectively fulfills the dominant role; to strictly governing the otherwise disorderly development of private capital; to strengthening control over the quantity and quality of foreign capital introduced to the economy; and to keeping state-owned capital firmly in control of the national financial system. [ABSTRACT FROM AUTHOR]

This study analyzes the impact of knowledge capital (KC), a key element of firms' innovation and competitiveness, on stock returns during economic crises when sustainable competitiveness becomes particularly important. We analyze the impact of the Global Financial Crisis and COVID-19 as economic crises, focusing on manufacturing industries with a high proportion of investment shifts from physical capital to KC. Our findings indicate that KC is positively associated with stock returns during the Global Financial Crisis and COVID-19. This positive relationship is strengthened by the firm's ability to leverage KC, as measured by greater product market share, higher Tobin's Q, and larger cash holdings. This study emphasizes the protective role of KC during the economic crisis when the market pays more attention to corporate sustainability and provides implications to corporate managers and investors. [ABSTRACT FROM AUTHOR]