Expansion Of Investment Research Articles

Entrepreneurial investment and financing with third-party guarantees under present-biased preferences

Some guarantors in China promise to make equity investments to finance entrepreneurial firms’ future expansion investment, beyond guaranteeing their existing bank debt. This paper employs a real options model to study entrepreneurial firms’ expansion investment decisions, the valuation of the fair guarantee premium, and guarantors’ equity investment policies when entrepreneurs exhibit present-biased preferences. We show that as the degree of present bias increases, entrepreneurial firms invest later and guarantors make smaller equity investments. We demonstrate an inverted U-shaped relationship between the fair guarantee premium and the degree of present bias. Finally, present-biased entrepreneurs’ optimal capital structure decisions are discussed.

IMPLEMENTASI MODEL EDUKASI INVESTASI SAHAM SYARIAH DI ERA DIGITAL BAGI MAHASISWA PELAKU UMKM

<em>Until today, the Indonesian people have had little involvement in the stock market. The main source of the problem is a lack of capital market literacy, which must be addressed by the Indonesia Stock Exchange as a regulator as well as other parties such as academia. Investments in capital market instruments can undoubtedly benefit the community, especially MSMEs players who can distribute some of the revenue generated by the firms they run and then use the returns on these investments for business expansion. Based on these conditions, our service program seeks to improve MSMEs' performance through Sharia-compliant stock investment instruction and mentorship programs.</em> <em>The Community Service Method (PKM) incorporates the Deming Cycle concept, namely plan; do; check; and act, as well as the capital market education model developed by the PKM team. PKM partners are 33 MSME students from Bandung's various educational universities.</em> <em>The PKM results show a significant positive increase in the level of literacy and understanding of Islamic stock investment practices, as evidenced by the results of the different tests where the t-value is greater than the t-table, namely 20.375 > 2.0345, implying that the PKM program was effective. This boost in competence is likely to assist MSME students earn more money to help their businesses grow. This PKM tool also generates capital market investment modules that novice investors can simply understand.</em>

Pathways to Industrialisation and Urban Spatial Outcomes: The Case of Addis Ababa - Bishoftu Economic Growth Corridor, Ethiopia

ABSTRACTEconomic developments affect urban land-use changes. Using Lefebvre’s production of (urban) space as a conceptual framework, this study investigated the industrialisation process and its urban spatial outcomes in three cities (Galan, Dukem, and Bishoftu) along the southern outlet of Addis Ababa, Ethiopia’s capital. Landsat images were used to quantify the changing patterns of the three cities from the period 2006 to 2021. Interviews with key informants and document analysis were used to supplement these findings. The analysis reveals that in Addis Ababa-Bishoftu economic growth corridor, the unruly urban land-use changes have become a serious issue, challenging the sustainable development of cities. The study confirms that the proximity to Addis Ababa has contributed to the urbanisation process and urban corridor formation through investment expansion. This calls for a high level of expertise as well as integrated regional development for sustainable urban and industrial development.

Supply chain risk management of badminton supplies company using decision tree model assisted by fuzzy comprehensive evaluation

AbstractSupply chain risk management is crucial for the management of sports goods companies, which can help enterprises better complete the transparent and efficient management of the whole process from production to sales. However, there are inevitably some potential risks. Thereby, to study the supply chain risk management of badminton supplies companies in the general environment, the supply chain risk evaluation index system of badminton supplies companies is established in this study by studying the connotation of supply chain risk management and combining the steps of fuzzy comprehensive evaluation (FCE) method. Then, according to these evaluation indexes, the modelling process of the classification and regression tree (CART) algorithm in the corporate overall supply chain risk decision tree is proposed. Moreover, the corporate overall supply chain risk decision tree is established. Moreover, the financial data of 10 A‐share listed companies of badminton and other sports goods listed on the Shanghai Stock Exchange in 2020 are selected as the sample dataset for model training and testing. The potential risks of badminton enterprises are predicted. The results show that the scale of badminton enterprises has been increasing gradually since 2018, but the return on total assets has steadily decreased with the increase of years. It shows that the badminton supplies enterprise's input and output assets are unbalanced, and the overall asset operation effect is relatively poor. However, the growth rate of total assets shows a significant upward trend from 2018 to 2020, rising from 4% to 12.69%. It indicates that the corporate investment and domestic and foreign investment expansion in recent years are high‐speed. The FCE method is employed to obtain the maximum eigenvalue of the enterprise, which is 5.4698. Then, the C.I value is 0.1205, the R.I value is 1.12, and the consistency ratio value is 0.0958 < 0.1, indicating that the judgement matrix is acceptable. It suggests that under the influence of the macro environment and economic situation, the sales situation of the badminton supplies company is subtly affected by the macro environment, and there is a great business risk.

Look (Act) East Policy and Northeast India Achievements, Expectations and Realities

The government as well as a large section of experts claimed that the Look (Act) East Policy (LEP) could become an instrument of economic development for Northeast India through the expansion of trade and investments to the East and Southeast Asian countries. The claim is not only due to the strategic location of Northeast India but also to the abundant resources and potential for trade in the region. In this light, the present paper examines the achievements of Northeast India in terms of expansion of trade and investments during three decades of the LEP. The paper argues that the policy has failed to augment exports and also could not contribute to the economic development of the region as the region still continues to decelerate in socio-economic parameters, largely depending on central grants and aid. Moreover, Northeast India could attract a negligible amount of foreign direct investment even after three decades of economic reforms and the LEP. Finally, the paper also made a reality check of the ‘export-led growth’ strategy for the region, especially under the aegis of Act East Policy, given the stress on ‘connectivity’ development projects with South Asia, East Asia and Southeast Asia, where Northeast India is centrally located.

Future Grid Configuration of AC/DC Distribution Network Considering the Influence of Photovoltaic Permeability

With the implementation of China’s “carbon neutral, carbon peak” dual carbon target action plan and the construction of a new power system, access to a high proportion of new energy and microgrid has changed the function and form of the distribution network. The current capacity of the distribution network to absorb a high proportion of new energy cannot fully meet the needs of future development. Through rational planning, the carrying capacity of a distribution network for new energy can be improved, operation efficiency can be improved, and expansion investment can be delayed. Therefore, based on the analysis of the current typical network architecture of the distribution network, combined with the development trend of the AC/DC distribution network and the development trend of a high proportion of new energy penetration, this paper puts forward the future architecture and network shape of the AC/DC distribution network, focusing on the short-term, long-term and cellular AC/DC distribution network shape characteristics. It also discusses the influence of Photovoltaic (PV) permeability level on the grid configuration selection of AC/DC distribution network. Finally, it discusses the problems worthy of attention in the future planning of AC/DC distribution networks.

Provision of Telemental Health Before and After COVID-19 Onset

To examine the organizational characteristics associated with telemedicine services provided by mental health care organizations before and after onset of the COVID-19 pandemic in the United States. Using 2019-2020 National Mental Health Services Survey data, we assessed changes in provisions of telemedicine services by mental health care facilities before and after onset of the COVID-19 pandemic. We estimated multivariable logistic regression models comparing pre- vs postpandemic changes in prevalence of telemedicine offered by mental health care facilities. We incorporated mental health care organizations' characteristics, including facility type, accepted payment, geography, and language service provisions, as well as state-level policies, such as payment parity laws, shelter-in-place laws, and number of COVID-19 cases. Mental health care facilities had 4 times the odds (odds ratio [OR], 4.3; 95% CI, 4.09-4.61)​​ of telemedicine provision post pandemic in 2020 compared with prepandemic in 2019. In 2020, facilities that accepted Medicaid (OR, 1.3; 95% CI, 1.11-1.49) and Medicare (OR, 1.3; 95% CI, 1.14-1.39) were more likely to provide telemedicine than those that did not. Facilities that offered American Sign Language (OR, 1.3; 95% CI, 1.16-1.43) and non-English language services (OR, 1.3; 95% CI, 1.15-1.44) were more likely to provide telemedicine than facilities that did not. Facilities located in states with payment parity laws (OR, 1.2; 95% CI, 1.11-1.36) were more likely to offer telemedicine than states without. Telemedicine availability in mental health facilities has expanded post COVID-19 pandemic, but telemedicine provision has been uneven across organizational and state-level factors. Expansion of regional investments and payment parity might be necessary to ensure equitable provision of telemedicine.

The Growth of Service Sectors, Institutional Environment and Quality Development in China’s Manufacturing

The path of exploring the high-quality development of the manufacturing industry has become one of the focus issues in China. In terms of experience, the impact of service sector growth on the quality of China’s manufacturing industry is unclear. Therefore, institutional environment is incorporated in the research frame, and the Sys-GMM is used to estimate the relationship between them based on China’s provincial panel data from 2010 to 2020. The main results showed that: (1) Both the service sector growth and institutional environment can improve the quality of manufacturing development, and they have a significant interaction. (2) The impact of service sector growth on the quality of manufacturing industry decreases in the eastern, central and western regions of China. The expansion of foreign direct investment in services cannot significantly improve the quality development in China’s manufacturing, and there is no obvious interaction between SFDI and the institutional environment. However, the domestically funded service sector is the opposite. The main contribution of this paper is to empirically verify the impact of service sector growth on the quality of manufacturing development in China, and consider the differences in the impact of regional development of service sectors and the heterogeneity of investment subjects. In addition, from the perspective of system development, this article considers the influence of the institutional environment, so as to analyze the former’s impact on the latter in more detail.

Firms' financial structure with contingent convertible debt, risky debt and multiple growth options

PurposeThe objective of this paper is twofold: first, to model the value of the firm in the presence of contingent capital and multiple growth options over its life cycle in a stochastic universe to ensure financial stability and recover losses in case of default and second, to clarify how contingent convertible (CoCo) bonds as financial instruments impact the leverage-ratio policies, inefficiencies generated by debt overhang and asset substitution for a firm that has multiple growth options. Additionally, what is its impact on investment timing, capital structure and asset volatility?Design/methodology/approachThe current paper elaborates the modeling of a dynamic problem with respect to the interaction between funding and investment policies during multiple sequential investment cycles simultaneously with dynamic funding. The authors model the value of the firm in the presence of contingent capital that provides flexibility in dealing with default risks as well as growth options in a stochastic universe. The authors examine the firm's closed-form solutions at each stage of its decision-making process before and after the exercise of the growth options (with and without conversion of CoCo) through applying the backward indication method and the risk-neutral pricing theory.FindingsThe numerical results show that inefficiencies related to debt overhang and asset substitution can go down with a higher conversion ratio and a larger number of growth options. Additionally, the authors’ analysis reveals that the firm systematically opts for conservative leverage to minimize the effect of debt overhang on decisions so as to exercise growth options in the future. However, the capital structure of the firm has a substantial effect on the leverage ratio and the asset substitution. In fact, the effect of the leverage ratio and the risk-shifting incentive will be greater when the capital structure changes during the firm's decision-making process. Contrarily to traditional corporate finance theory, the study displays that the value of the firm before the investment expansion decreases and then increases with asset volatility, instead of decreasing overall with asset volatility.Research limitations/implicationsThe study’s findings reveal that funding, default and conversion decisions have crucial implications on growth option exercise decisions and leverage ratio policy. The model also shows that the firm consistently chooses conservative leverage to reduce the effect of debt overhang on decisions to exercise growth options in the future. The risk-shifting incentive and the debt overhang inefficiency basically decrease with a higher conversion ratio and multiple growth options. However, the effect of the leverage ratio and the risk-shifting incentive will be greater when the capital structure changes during the firm's decision-making process.Originality/valueThe firm's composition between assets in place and growth options evolves endogenously with its investment opportunity and growth option financing, as well as its default decision. In contrast to the standard capital structure models of Leland (1994), the model reveals that both exogenous conversion decisions and endogenous default decisions have significant implications for firms' growth option exercise decisions and debt policies. The model induces some predictions about the dynamics of the firm's choice of leverage as well as the link between the dynamics of leverage and the firm's life cycle.

Challenges to delivering evidence-based palliative medicine

Established as a medical specialty in 1987, palliative medicine approaches middle age facing existential questions of identity, purpose and vision. Time has weakened strong foundations laid by Dame Cicely Saunders in research, education and clinical excellence. Clinical knowledge gaps are wide, and widening. Palliative medicine research is underfunded and underrepresented in discourse. Despite huge advances in modern medicine, there is still clinical uncertainty about simple interventions, such as whether artificial hydration at the end of life is helpful or harmful. Where good quality data do exist, the pace of change is slow, if change is happening at all. Trial design often fails to assess the holistic impact of interventions, using primary endpoints that are inconsistent with outcomes most valued to the patient. Recent years have seen a rapid expansion in innovation and investment in digital technologies, embraced by many in palliative medicine. Experience shows that caution must be applied where the evidence base is sparse. While as a specialty we must remain forward looking and progressive in our mindset, it cannot be assumed that these new interventions alone will provide the solutions to the old problems that exist in palliative medicine.This review summarises the key points presented in the Palliative Medicine section of the RCP Clinical Medicine Conference, 2022.

Industrial energy efficiency and determinants in Vietnam: A stochastic frontier analysis using firm-level data

ABSTRACT In this study, we employ the Shephard energy distance function to evaluate the impacts of three broad aspects (i) government involvement, (ii) firm’s managerial behaviour and (iii) technology adoption on energy (in)efficiency. Using a true fixed-effect model with a firm-level dataset of eight major industries in Vietnam from 2011 to 2016, the results suggest that these three aspects influence energy efficiency at varying degrees. The novel finding is that government involvement in business improves energy efficiency in less efficient industries. Furthermore, import activities negatively impact energy efficiency while the quality of labour increases efficiency. However, production expansion investment worsens the energy inefficiency situation.

Crimean Tatars and Leading Powers of Islamic Civilization: Investments in Expansion

The article reveals the main methods of influence of Islamic states on the Crimean Tatars since the 1990 s. The object of the study is the policy of Islamic states in the post-Soviet space, the subject is the Crimean Tatar factor in the policy of Islamic states. After the repatriation of the Crimean Tatars to Crimea in the 1980 s, various subjects of international relations, including Turkey, Saudi Arabia, the United Arab Emirates, Kuwait, Iran, etc., financed economic, socio-cultural, religious projects on the peninsula. The Republic of Turkey has had the most significant impact on the Crimean Tatars since the 1990 s in comparison with other Islamic states. Until 2014, Turkey carried out systematic work in relation to the Crimean Tatar ethnic group on the territory of Crimea. A significant role in the formation of the attractive image of the Turkish Republic for this ethnic group was played by: state structures of Turkey, representatives of business circles, the Crimean Tatar diaspora of Turkey, religious organizations and foundations, higher educational institutions of Crimea and Turkey, mass media. After the Crimea came under the jurisdiction of Russia in 2014, the work of Islamic states, including Turkish organizations on Crimean Tatar issues continued from the territory of Ukraine. Since the Crimean Tatar issue plays for Ankara one of the key roles in the system of checks and balances in cooperation with Russia.

Optimal ownership and capital structure with expansion investment, debt renegotiation and private benefits of control

Optimal ownership and capital structure with expansion investment, debt renegotiation and private benefits of control

ПРОСТРАНСТВЕННЫЕ ОСОБЕННОСТИ ИНВЕСТИЦИОННОЙ АКТИВНОСТИ МОСКОВСКОЙ МЕТРОПОЛИИ

Based on statistics from Rosstat, the Central Bank and other open source data, the article studies the spatial features of the economic and investment activity of the regions of the Moscow metropolitan area, which includes 10 constituent entities of the Russian Federation. The analysis revealed a significant dichotomy between the metropolitan territories – the capital region (including Moscow and the Moscow region) and the other 8 constituent entities – in terms of investment indicators and their dynamics. We identified a steady trend toward the centralization of economic and investment activity during the post-Soviet period, as a result of which by now Moscow and the Moscow region (Moscow Oblast) have concentrated 70% of the population, 86% of the gross regional product and investments in fixed assets as well as over 95% of foreign direct investment of the metropolitan area. From 2013 to 2021, the centralization of investment activity in Moscow and the Moscow region intensified, although the number of investment infrastructure facilities increased in all metropolitan regions over 8 years. Naturally, huge domestic and foreign investment flows are directed toward Moscow; however, the hierarchical-wave diffusion of investment distribution from larger centers to less significant ones, which is peculiar to metropolitan development, is unstable, primarily due to a series of economic shocks (starting from the crisis of 2008-2009 and ending with the COVID-19 pandemic) and is giving way to the ‘neighborhood effect’. Nevertheless, in view of the Moscow region’s saturation with investment infrastructure, as well as its expansion into other metropolitan regions, it can be concluded that as the investment climate in the country stabilizes, investment expansion toward the peripheral regions of the metropolitan area will increase, taking the form of classical hierarchical-wave diffusion.

Growth Opportunities for an Alpine Ski Resort in Norway

This paper explores growth opportunities for an Alpine ski resort in Norway, examining potential investments in infrastructure, market expansion, and diversification of services. The financial implications of capital expenditure (CapEx) and operational expenditure (OpEx) are considered with digitalization alongside their projected impact on the resort's profitability. An analysis of the Norwegian ski industry and trends in global tourism is presented to provide a comprehensive understanding of growth potential. The findings of this study will provide guidance to resort stakeholders seeking to capitalize on emerging market opportunities and improve financial performance.

Expansion of Psychosocial Care Centers and their relationship with health and human rights.

To analyze the factors associated with the expansion of the number of Brazilian Psychosocial Care Centers (CAPS) considering aspects related to the general health scenario and the institutionalization of human rights. An analytical document-based study, developed between February 2020 and May 2022, whose secondary data on the 27 Brazilian capitals were collected on platforms in the public domain, based on the time series from 2015 to 2020. Indicators were listed based on health system infrastructure and quality of life. For data analysis, descriptive statistics, Pearson's correlation test and Student's t test were used. The capitals that expanded the number of CAPS in the analyzed period were the ones that presented the greatest political-legal framework for the protection of human rights. The results suggest that the greater the commitment of governments in favor of human rights, the greater the investment for CAPS expansion.

Techno-economic analysis of battery storage systems and hydrogen-based storage systems as an alternative to grid expansion in the medium voltage grid in Germany

<abstract> <p>The decentralization of the energy system in Germany is leading to enormous investments in grid expansion, as the current regulation creates an obligation to expand the power grid to eliminate bottlenecks. Meanwhile, opportunities to leverage grid-friendly control of storage systems are neglected to alleviate the need for investment. For this reason, it is necessary to investigate intelligent alternatives to grid expansion, such as storage systems, to efficiently integrate distributed technologies into the power system and reduce the need for grid expansion. In this work, two representative configurations of a medium voltage grid in Germany are developed for the years 2022 and 2050, and different storage systems are compared economically with the grid expansion in a model-based simulation. Hydrogen storage and battery storage were chosen as storage systems. The results show that grid expansion is the least expensive option if only the grid expansion costs are included in the analysis. However, if additional uses for the storage systems are considered, the battery storage systems are more economical. While in the scenario for 2050 the grid expansion causes costs of approx. 56,000 EUR per year, revenues of at least 58,000 EUR per year can be achieved via the revenue opportunities of the battery storage, representing a 3.5% margin. Heat extraction, arbitrage trading, and avoidance of grid expansion in superimposed grid levels were integrated as additional revenue streams/sources. A robust data basis and cost degressions were assumed for the simulations to generate meaningful results. Overall, hydrogen storage systems are economically inferior to battery storage systems and grid expansion for this use case. The results demonstrate the complexity of analyzing the trade-offs in terms of storage as an alternative to grid expansion as well as the opportunities presented using battery storage instead.</p> </abstract>

Animo nullius: on AI's origin story and a data colonial doctrine of discovery

AbstractThis paper traces elements of the theoretical origins of artificial intelligence to capitalism, not neurophysiology. It considers efforts in the twentieth and twenty-first centuries to formalize a science of mental behaviour using the dynamics of social rather than neural phenomena. I first revisit early American theorists’ controversial ambivalence toward neurophysiology, showing how this group benefited from post-war corporate and military investments in commercial and imperial expansion, which sustained and expanded their influence over the emerging field. I then trace the lasting effect of the founders’ early rhetoric through AI's institutionalization after 1960, arguing that from the 2010s technology corporations set out to veil their enclosure of the data commons via appeal to a curious precedent: the scientific pedigree of AI. By relating the field to the history of capitalism, and specifically the rise of assetization in modern technoscience, I invite reflection on AI's origin story and on broader parallels between historical colonialism and data colonialism. I offer a heuristic – animo nullius, for ‘no persons’ mind’ – as an attempt to name rhetorical manoeuvres that leverage the authority of mind-as-computer metaphors in order to naturalize acts of seizure.

제조업 스마트공장 시스템 구축에 반영되는 OT·IT·AT가 기업성과에 미치는 영향

Purpose The purpose of this study is to verify the effect of operations technology(OT), information technology(IT), and automation technology(AT) reflected in the establishment of a smart factory system on corporate performance. Methods The audit report of a total of 803 companies conducted over the past two years(2020-2021) was used as basic data, and a hierarchical regression analysis was performed using SPSS 21.0 to verify the established hypothesis. Results It was confirmed that OT and IT had a significant effect on corporate performance, but AT did not. In addition, positive result was obtained as a result of checking whether sales had a moderating effect between smart factory construction technologies(OT, IT, AT) and corporate performance. Conclusion Based on the establishment and stable operation management of OT, the input of IT suitable for the characteristics of the company is required. Also, it is necessary to actively seek measures to increase sales volume that can lead to the expansion of corporate profits and new investments.

지방정부 지속가능발전 정책의 동태적 효과 분석: 세종시를 중심으로

The purpose of this study is to analyze the effects of the regional government’s sustainable development policies in Sejong City from the perspective of urban dynamics. Scenario analysis was conducted focusing on the main issues of sustainable development in Sejong City. As a result of analyzing changes in urban dynamics by applying different levels of investment in industry, social services, and SOC, it was found that the larger the investment size, the higher the attractiveness of the region in all scenarios. In particular, since SOC investment is closely related to the relocation of the National Assembly, which is a major issue in Sejong City, it is necessary to prioritize investment expansion. Despite several limitations, the results of this study are expected to contribute to the establishment of policy directions for sustainable development in Sejong City and the prioritization of policy implementation.