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In the current study, the exergoeconomic analysis of a cogeneration pulp and paper plant under bi-operating modes at different environment temperatures of 290, 295, 305, 310, and 320 K was investigated. Two operating modes of the cogeneration system, i.e., a hybrid operating mode using a power boiler and a recovery boiler and a singular operating mode using a power boiler only, were considered. Natural gas was utilized as the main fuel in the power boiler, while black liquor with heavy fuel oil was employed in the recovery boiler. The total capital investment, total operating, exergy, unit exergy, and exergy destruction costs for each operating mode were evaluated. The results indicated that the total capital investment cost was 3420.27 $/h, and the total capital investment and the operation and maintenance costs in the hybrid and singular modes were 5853.27 and 6226.67 $/h, respectively. As well, the unit exergy cost and the exergy cost of steam introduced by the power boiler were 39.31 $/MWh and 2503.69 $/h, respectively. Where these values for the recovery boiler were 34.69 $/MWh and 554.30 $/h, respectively. Furthermore, the exergy destruction costs at an environment temperature of 320 K for the power and recovery boilers were 1436.6 and 213.63 $/h, respectively. In the hybrid mode, the soda at a 10% concentration was recovered, with a rate of 32 t per hour desired for the cooking process in the pulp mill. In addition, the use of black liquor as a bio-fuel in the recovery boiler saved 14% of the consumption of natural gas. • Exergoeconomic analysis was performed for the pulp and paper industry. • Hybrid and singular operating modes for different ambient temperatures were studied. • Unit exergy cost, exergy cost, and exergy destruction cost were evaluated. • Using black liquor as a bio-fuel in RB saved about 14% of natural gas consumption. [ABSTRACT FROM AUTHOR]

This paper presents a MILP (Mixed Integer Linear Programming) model for a continuous packed-bed biomass dryer. The model minimizes total drying costs, including both capital and operational costs, of the dryer. Heated air, which flows through a biomass bed and perforated conveyor, is used as drying gas by the dryer. We define the dryer size with the help of an experimentally-measured characteristic drying curve. The MILP model is tested in a case study where the dryer is assumed to have been installed at a Scandinavian pulp and paper mill. There are three different heat sources available for the heating of drying air: warm water at 60 °C, warm water at 80 °C and backpressure steam at the pressure of 0.4 MPa. The results indicate that, in practice, the use of only low-temperature warm water flows for heating of drying air is the most economic method when their prices are low (below 1 € MWh −1 in the case study). Warm water flows are usually waste heat from pulp and paper mills and their prices are low compared to the price of back-pressure steam (typically from 10 to 15 € MWh −1 ). The use of steam for drying may be reasonable if the price of warm water is for some reason clearly higher than the price of a typical waste-heat stream. The MILP model presented in this work can be used for minimizing drying costs of any material (not only biomass) dried in a continuous packed-bed dryer if the characteristic drying curve of the material is available. [ABSTRACT FROM AUTHOR]

Research background: The rapid development of digital economy has set off a new wave of enterprise reform. Developing the digital economy is not only an urgent requirement of the current situation, but also an important way to meet the people's better life. Purpose of the article: This paper attempts to reveal the important role of the development of digital technology on the debt financing cost of micro enterprises, and provide micro evidence for the integration of digital economy and real economy. At the same time, this paper wants to provide relevant guidance for formulating digital related policies and reducing the financing cost of the real economy. Methods: Taking China's A-share listed companies from 2007 to 2020 as a sample, this paper empirically tests the impact of enterprise digital transformation on debt financing cost and its mechanism. In the robustness test, this paper uses the measures of changing independent variables and dependent variables, instrumental variable method and quantile regression method. In the mechanism test, this paper uses the intermediary effect model. In the further study, this paper uses the method of group regression. Findings & value added: The study finds that the digital transformation of enterprises significantly reduces the cost of debt financing. Mechanism tests show that the role of enterprise digital transformation in reducing debt financing costs is mainly realized by reducing information asymmetry and alleviating agency problems. Further tests show that the relationship between enterprise digital transformation and debt financing cost is affected by the degree of market competition, whether it is a high-tech enterprise and audit quality. When the degree of market competition is high, the enterprise is a high-tech one, or it is audited by the four major international accounting firms, the effect of enterprise digital transformation on the reduction of debt financing cost is more significant. The method used in this paper is also applicable to the study of other economic management problems. This paper proves a positive significance of digital transformation, which is conducive to promoting the digital transformation of enterprises. Especially for those enterprises in non-high-tech industries, they should speed up the pace. At the same time, this paper has a certain guiding role for the introduction and implementation of policies to encourage digital transformation. [ABSTRACT FROM AUTHOR]

Compared with financial information, whether corporate social responsibility disclosure has impacts on debt financing cost has obviously become a heated topic in the academic. This paper selects A-share listed companies in Shanghai and Shenzhen stock markets of China from 2013 to 2017 as sample to study the impact of corporate social responsibility disclosure on debt financing cost, including bond financing cost and bank loan cost. In addition, this paper divides the sample into voluntary corporate social responsibility disclosure group and mandatory corporate social responsibility disclosure group and studies whether the effects of voluntary corporate social responsibility disclosure and mandatory corporate social responsibility disclosure on bond financing cost and bank loan cost are different. The empirical results are presented as follows: Firstly, enterprise disclosing high-quality corporate social responsibility report is more conducive to reducing the debt financing cost. Specifically, corporate social responsibility disclosure significantly lowers both the bond financing cost and bank loan cost. Moreover, the reduction impact of corporate social responsibility disclosure on bond financing cost is greater than that of bank loan cost. Secondly, enterprises voluntarily disclosing corporate social responsibility reports are more conducive to reducing the debt financing cost than that of enterprises mandatorily disclosing corporate social responsibility reports. Thirdly, non-state-owned enterprises are more conducive to reducing debt financing cost than that of state-owned enterprise. The enterprises with more market competition are more conducive to reducing the debt financing cost than the oligopolistic enterprises. Finally, this paper concludes and gives policy implications. This paper amplifies the literature regarding the economic consequences of corporate social responsibility disclosure and improves the understanding of the impact of corporate social responsibility disclosure on debt financing cost. [ABSTRACT FROM AUTHOR]

One of the main challenges of Lombok Island, Indonesia, is the significant disparity between peak load and base load, reaching 100 MW during peak hours, which is substantial considering the island's specific energy dynamics. Battery energy storage systems provide power during peak times, alleviating grid stress and reducing the necessity for grid upgrades. By 2030, one of the proposed capacity development scenarios on the island involves deploying large-scale lithium-ion batteries to better manage the integration of solar generation. This paper focuses on the life cycle assessment and life cycle costing of a lithium iron phosphate large-scale battery energy storage system in Lombok to evaluate the environmental and economic impacts of this battery development scenario. This analysis considers a cradle-to-grave model and defines 10 environmental and 4 economic midpoint indicators to assess the impact of battery energy storage system integration with Lombok's grid across manufacturing, operation, and recycling processes. From a life cycle assessment perspective, the operation subsystem contributes most significantly to global warming, while battery manufacturing is responsible for acidification, photochemical ozone formation, human toxicity, and impacts on marine and terrestrial ecosystems. Recycling processes notably affect freshwater due to their release of 4.69 × 10−4 kg of lithium. The life cycle costing results indicate that over 85% of total costs are associated with annualized capital costs at a 5% discount rate. The levelized cost of lithium iron phosphate batteries for Lombok is approximately 0.0066, demonstrating that lithium-ion batteries are an economically viable option for Lombok's 2030 capacity development scenario. A sensitivity analysis of input data and electricity price fluctuations confirms the reliability of our results within a 20% margin of error. Moreover, increasing electricity prices for battery energy storage systems in Lombok can reduce the payback period to 3.5 years. [ABSTRACT FROM AUTHOR]

In recent years, the global economy has been hit by a sequence of severe shocks that affected the two largest economies, the USA and the Euro Area, severely. Uncertainties about the future abound. While the challenges are similar for both economies and the policy tools resemble each other, they apply to different economic landscapes. What can they learn from each other? This paper looks at the basic structural facts, the nature of uncertainty shocks, and the efficiency of policy tools in the two economies. The key to understanding recent developments is uncertainty. This paper argues that the channel through which uncertainty influences inflation, wage cost, and unemployment is the markup firms charge to cover their cost of capital. While the measurements of uncertainty are uncertain, adding a proxy for uncertainty can improve the estimates of the basic New Keynesian model. The Federal Reserve Bank has been more successful because it operates in a more integrated capital market. In the Euro Area, uncertainty is higher than in the US and this could make disinflation in Europe more painful in terms of unemployment. [ABSTRACT FROM AUTHOR]

This paper demonstrates whether the impact of agency costs on firm value depends on the level of managerial power using the fraction of capital held by the manager, as well as their level of voting rights. Focusing on a sample of 120 non-financial French firms incorporated in the CAC All-Tradable Index for the period 2008–2022, the first empirical analysis provides strong evidence that agency costs of equity, as measured in terms of operating expenses, administrative expenses and the agency cost of free cash flow, exert a negative impact on the firm's market value. In a second empirical analysis, we split our sample into three sub-samples with the aim of capturing the effect of managerial power. The findings lead us to believe that the association between the agency cost measurement and the firm's market value depend on the level of managerial power. This paper challenges prior studies by strengthening our understanding of managerial behavior (incentive, neutral, and entrenchment) in relation to shareholder wealth. Furthermore, it contributes to the recent literature by enabling a better knowledge of the disparity related to studies conducted in other countries with different governance models. [ABSTRACT FROM AUTHOR]