Investment Efficiency Research Articles

Quantum fuzzy decision-making for analyzing the service progress life cycle of renewable energy innovation investments

Innovative and effective solutions can be produced by using advanced technologies to increase renewable energy innovation investments. However, many actions taken to increase these investments may cause the costs of enterprises to reach an unmanageable level. As a result, a priority analysis is needed to identify the most critical issues, but in literature, there are limited studies in the literature regarding this issue. Accordingly, the purpose of this study is to evaluate the service progress life cycle of renewable energy innovation investments. A novel model is presented in this process while integrating different approaches. First, the service progress life cycle of renewable innovation investments is weighted. In this scope, two-generation technology S-curve and facial action coding system-based Quantum Spherical fuzzy M-SWARA are considered. Secondly, the renewable innovation investment alternatives are ranked. In this framework, the integer patterns and facial action coding system-based Quantum Spherical fuzzy TOPSIS are taken into consideration. Additionally, these investment alternatives are also ranked by using VIKOR technique to test the validity of the proposed model results. Moreover, a sensitivity analysis is conducted by considering 8 different cases so that coherency of the results can be tested. The main contribution of this manuscript is the consideration of the FACS system to increase both the originality and effectiveness of the proposed model and the development of new technique named M-SWARA. Additionally, conducting a priority evaluation helps to identify the efficient investment strategies to increase renewable energy innovation. It is defined that the same findings can be achieved by both TOPSIS and VIKOR techniques. Furthermore, sensitivity analysis also indicates the same rankings as well. It is understood that the proposed model provides coherent and reliable findings. The findings denote that maturity is the most critical stage of the service progress life cycle of the renewable energy investments. Moreover, advanced technologies are found as the best alternative of the renewable innovation investments for the service progress life cycle. Hence, it is recommended that R&D activities should be prioritized for the provision of advanced technologies in the renewable energy sector. For this purpose, research centers, universities, private sector companies and government institutions can work for the development of innovative and advanced technologies.

IMPROVEMENT OF INNOVATION AND INVESTMENT ACTIVITIES OF THE ORGANIZATION

As noted in previous publications, innovation and investment are closely linked. It is impossible to imagine serious innovation projects without large investments, and effective investments without innovation. Often, companies have their financial reserves, but no investment, again because the company does not have innovative and profitable projects that are attractive to investors. In situations of economic instability, investors select and analyze projects for investment more carefully, since the efficiency and risk of investment are directly related to the structure of the innovation project. Economic analysis in innovation and investment activities is a tool for developing management decisions aimed at improving the efficiency of the enterprise, and is also used to assess the professional skills and competencies of enterprise managers, innovation units and specialists. Currently, there are a sufficient number of fundamental approaches and methods for determining the efficiency of capital investments throughout the investment cycle

Integrated truck drone delivery services with an optimal charging stations

Battery-powered drones, or unmanned aerial vehicles (UAVs), present significant market potential for faster, economical, and eco-friendly urban delivery solutions. Many firms are investing in drone logistics ventures to capitalize on their capabilities. However, the limited range of drone deliveries, dictated by battery capacity, poses a significant challenge. Hybrid delivery systems combining trucks and drones have gained attention to overcome this challenge. Traditional models assume trucks park at customer sites while drones handle additional deliveries, yet this approach may hinder drone efficiency due to constraints in parking availability. Alternative approaches like battery swapping and mobile charging stations on trucks have been explored but exhibit limitations such as blind spots and substantial battery reserves. We propose establishing dedicated drone charging stations and optimizing drone routing for efficient deliveries to address these issues We present a MINLP (Mixed Integer Non-Linear Programming) model aimed at identifying the most cost-effective solution that optimizes both transportation efficiency and charging infrastructure investment. Quantitative experiments demonstrate the efficacy of this approach, alongside sensitivity analysis aiding economic decision-making across various operational scenarios. Notably, our experiments show a 15% reduction in total costs when extending the operational lifespan of charging stations from 2 to 4 years.

Endogenous Uncertainty: Does Investment Inefficiency Contributes to Uncertainty?

Endogenous Uncertainty: Does Investment Inefficiency Contributes to Uncertainty?

Site Suitability Evaluation of a Large Commercial Complex Using an Improved Projection Pursuit Model

In developing countries, especially China, large-scale commercial complexes are the current trend in commercial real estate. Compared with other similar buildings, scientific site selection is very important for the smooth construction and efficient operation of these complexes. However, there is still a lack of a targeted evaluation index system and quantitative evaluation methods. Therefore, this paper put forward the evaluation index system and method of large-scale commercial-complex location based on a projection pursuit model. First, this paper comprehensively considered the environmental, social, and economic factors, and used secondary and tertiary indicators to systematically establish an evaluation index system. This index system effectively dealt with the complex problem of its site selection. Compared with the traditional multi-attribute evaluation method based on expert advice, the evaluation method of the improved projection pursuit model based on a sparrow search algorithm constructed in this paper was to mine key information from the evaluation data, which could evaluate the site suitability of large commercial complexes more scientifically and objectively. In addition, this paper made a detailed empirical study of the Joy City project in Nanchang, China. The research results found the key factors affecting the site selection of the project and determined that the site-selection evaluation result of the project was medium. The research results of this paper provide the scientific and objective decision-making basis for the development enterprises of large commercial complexes to reduce site-selection risk and improve investment efficiency.

Features of multi-agent evaluation of of microgrid systems efficiency in parallel operation with the power system according to the reliability criterion

Ensuring reliable electricity supply to consumers in the face of destruction of critical energy infrastructure and shortage of generating capacities in Ukraine requires the development of distribution systems and their management systems. The purpose of the study was to substantiate the development of models for ensuring the optimal structure of electrical distribution networks under the conditions of connecting micro-networks according to the reliability criterion in conditions of limited investments. The paper uses a method for assessing the structural reliability of complex electrical systems with microgrid structures and forms a rational power distribution of such structures according to the criterion of optimising the reliability indicators of the studied electric power system. A mathematical optimisation model based on a computational system was proposed, designed to solve non-convex problems with minimising integral reliability indicators, considering financial constraints and the investment efficiency curve. Based on the research, the possibilities of optimisation using the BARON solver available on the NEOS server were examined. The results of the model’s performance are demonstrated using examples, considering the parameters of distribution system objects and their limitations on network components. An algorithm and programme for solving the problem of targeting power flows of microgrid structures in multi-node regional power systems are proposed. Algorithms and scenarios for the response of dispatching services are developed, provided that investments are limited, which will ensure the survivability of the power system as a whole. It is established that the development of rational electricity flows of microgrid structures will minimise the under-supply of electric energy by specific load nodes and determine their shares in covering the demand of the energy island in conditions of power shortage. The findings can be used in the operational management of power systems

Managerial focus and investment efficiency:‐ Evidence from spin‐offs

AbstractWe explore investment efficiency before and after a spin‐off to assess whether post‐spinoff managerial structure helps maintain investment efficiency. Our findings reveal that the investment efficiency of parent firms remains significant when there is a clear separation of management between the parent and spun‐off firms. However, a considerable decline in efficiency is observed after the spin‐off in cases where there is overlapping management. This decrease in efficiency is particularly pronounced when the parent and spun‐off firms operate in different industries and are geographically distant from each other. Furthermore, we show that inefficient alignment of incentives for the overlapped management exacerbates this decline in investment efficiency.

The green finance pilot policy and investment efficiency of industrial enterprises

ABSTRACT How does the Green Finance Pilot Policy (GFPP) in China impact the investment efficiency (IE) of industrial enterprises? Utilizing the establishment of green finance reform and innovation pilot zones in eight regions across five provinces in 2017 as a quasi-natural experiment, this paper applies the difference-in-differences method to assess the impact of the GFPP on the IE in the industrial sector. Our findings reveal that the GFPP significantly boosts IE by addressing issues of overinvestment. Furthermore, the GFPP enhances IE by reducing debt financing and improving information transparency. We recommend that policymakers further promote the GFPP and strengthen information disclosure regulations to guide rational investment in industrial enterprises.

Exploring the Nexus: Bibliometric Analysis of Tax Avoidance and Investment Efficiency

A deep understanding of tax avoidance practices can offer a theoretical basis for mitigating the negative impact of investment inefficiency on firms. However, current research on tax avoidance and investment decisions often focuses on specific studies and lacks a comprehensive perspective. In this study, we analyzed 16 years (2008-2023) of publications on tax avoidance and investment efficiency from the Scopus database using bibliometric methods. Our findings indicate a significant increase in the number of published articles over recent decades. The United States, China, and the United Kingdom have been the most prolific contributors to this field. Additionally, several leading journals dominate the field, and there has been substantial collaboration among authors, providing diverse insights and perspectives. Our analysis reveals that tax avoidance affects investment efficiency through various factors, including the quality of accounting information, managers ability, corporate governance, and public policies. By examining keywords, we have identified current research trends and offer recommendations for future research directions.

Multi-resource dynamic coordinated planning of flexible distribution network

The flexible distribution network presents a promising architecture to accommodate highly integrated distributed generators and increasing loads in an efficient and cost-effective way. The distribution network is characterised by flexible interconnections and expansions based on soft open points, which enables it to dispatch power flow over the entire system with enhanced controllability and compatibility. Herein, we propose a multi-resource dynamic coordinated planning method of flexible distribution network that allows allocation strategies to be determined over a long-term planning period. Additionally, we establish a probabilistic framework to address source-load uncertainties, which mitigates the security risks of voltage violations and line overloads. A practical distribution network is adopted for flexible upgrading based on soft open points, and its cost benefits are evaluated and compared with that of traditional planning approaches. By adjusting the acceptable violation probability in chance constraints, a trade-off between investment efficiency and operational security can be realised.

Heat integration analysis based on recycle split vapor ethane recovery process

AbstractRecovering ethane from natural gas involves significant energy consumption. Globally, the recycle split vapor process (RSV) is widely adopted as an efficient method for ethane recovery. Nonetheless, one major challenge faced by the RSV process is the lack of adequate heat integration, despite its overall effectiveness. In this article, we investigate the heat integration of the RSV process and propose two novel ethane recovery processes: the recycle split vapor process with direct heat integration of the feed gas (RSV‐DTI) and the recycle split vapor process with split heat integration of the feed gas (RSV‐SHI). A comparative analysis is conducted among these three processes, focusing on integrated energy consumption, exergy efficiency, and economic investment. The study's findings reveal the following: (1) The RSV‐DTI process distinguishes itself with its reduced energy consumption, enhanced stability, and minimized refrigerant usage. In comparison to the RSV process, the RSV‐DTI process achieves a reduction of over 15% in total compression duty and a remarkable decrease of 68% in propane usage. (2) Electricity emerges as the predominant energy consumed in the ethane recovery process, and the RSV‐DTI process significantly improves upon this aspect. Notably, the RSV‐DTI process incurs the lowest investment cost, yielding a swift payback period of approximately 1 year for the plant. The characteristics of the RSV‐DTI process are investigated, and the effect of changes in feed gas conditions on the heat integration of the RSV‐DTI process is analyzed. The characteristics of the RSV‐DTI process show the following: (1) Different pressures of feed gas existing in the main cold box have different minimum heat integration temperatures (MHIT). When the feed gas temperature is lower than the MHIT, heat integration becomes difficult, and the heat energy can be supplied by hot liquid propane at 48°C. When the feed gas temperature is higher than the MHIT, changes in feed gas temperature have little effect on the process, only affecting the external gas temperature. (2) The heat transfer duty of the demethanizer sideline outlet stream is affected by the feed gas pressure. To enhance heat integration, it is recommended to set the heat transfer duty of the low‐temperature sideline outlet stream (DLTSS) between 40% and 90% of the reboiler duty and the heat transfer duty of the high‐temperature sideline outlet stream (DHTSS) between 40% and 75% of the reboiler duty.

Working with bloggers as an effective tool for promoting a telecommunication company

The article analyzes the use of bloggers as an effective tool for promoting telecommunications companies on social networks and video hosting sites. The author examines in detail the key advantages of cooperation with influencers, such as increasing brand awareness, significantly expanding the reach of the target audience, increasing sales, increasing consumer engagement and loyalty, as well as improving the company’s image as modern and keeping up with digital trends.The article highlights the potential risks of working with bloggers, including the high cost of popular influencers, the possibility of encountering low–quality blogging sites with fake audiences, the threat of reputational losses, legislative restrictions in the field of advertising certain services and the lack of full control over the content created by the blogger.To minimize risks and increase the effectiveness of collaborations, the author gives detailed recommendations on the selection of suitable bloggers. Among the key criteria are: the correspondence of the blogger’s audience to the company’s target audience, a high level of subscriber engagement, the relevance of content to the brand’s theme, successful experience in advertising integrations, as well as adequate cost of services. Telecommunications companies are advised to use special social media monitoring services to analyze the quality of the audience of influencers.In conclusion, it is emphasized that a systematic approach to planning advertising campaigns with bloggers, constant monitoring of their implementation and a comprehensive assessment of results on a number of qualitative and quantitative indicators will allow telecommunications companies to maximize the benefits of cooperation with influencers and achieve high efficiency of investments in blogger marketing.

Board diversity and corporate investment efficiency in emerging markets: an explanation based on principal-agent theory and resource dependence theory

ABSTRACT Using a sample of Chinese listed enterprises over the 2010–2020 period, this study examines and empirically tests the impact of board diversity on inefficient investment. Drawing on principal-agent theory and resource dependence theory, the analysis is conducted within a comprehensive framework. The study provides evidence that board diversity plays a crucial role in mitigating inefficient investment in enterprises by effectively restraining both overinvestment and underinvestment. Mechanism tests indicate that under conditions of high agency costs and high financing constraints, board diversity exerts a stronger inhibitory effect on inefficient investment. Cross-sectional tests show that the impact of board diversity on inefficient investment varies under different ownership properties, firm sizes and levels of marketization. By comprehensively considering multiple characteristics of board diversity, this research fills the research gap and expands the perspectives on inefficient investment in enterprises. It provides valuable insights for shareholders and enterprises on effectively structuring their boards of directors.

How ESG performance affects maturity mismatches between investment and financing: Evidence from Chinese A-share listed companies

This study investigates the relationship between environment, society, and governance (ESG) performance and maturity mismatches between investment and financing based on unbalanced panel data from Chinese listed companies. The results suggest that ESG performance significantly reduces the potential for maturity mismatch between corporate investment and financing and that the ESG activities of Chinese enterprises are consistent with the principles of responsible investment. Specifically, society and governance performance significantly reduces maturity mismatch, while environmental performance exerts an insignificant effect. Enterprises with high ESG performance prefer long-term debt financing structures, and they also have increased trade credit and endogenous financing. In addition, investment efficiency and innovative investment are beneficial for ESG performance to promote the long-term transformation of debt maturity structures. Finally, ESG performance is more effective in reducing maturity mismatch caused by environmental policy and COVID-19.

Optimal Revision Rules of Cost-Based Transfer Prices in a Multi-Period Production Setting

This paper investigates standard cost-based transfer prices in a two-period setting. We analyze whether and how firms should use cost information observed after the first period to revise the transfer price for the second period. Updating the transfer price improves trading decisions if realized cost helps predict future costs, but it causes underinvestment in cost reduction. We find that firms benefit from revising the transfer price based on realized cost instead of keeping it fixed for both periods. Moreover, optimally balancing trade and investment efficiency requires that the firm commits ex ante to a transfer price that does not fully use the information contained in past cost observations to update expected costs in future periods.

The Effect of Job Creation Law Regulation on Mining Business: Economic Impact Analysis on the Mining Industry

This study provides important insights into the impact of Labor Law Regulation on the mining industry, with a focus on PT. Vale Indonesia. By applying simple linear regression analysis to the company’s financial and operational data from 2019 to 2022, the research evaluates the effects of the Labor Law Regulation both before and after its implementation. The study aims to determine how the regulation influences the financial and operational performance of PT. Vale Indonesia. The Labor Law Regulation, as the independent variable, assesses the effectiveness of government policies in supporting the mining sector. Financial performance, the dependent variable, is measured through indicators such as economic impact and perception. The analysis reveals a significant improvement in PT. Vale Indonesia’s financial outcomes post-regulation, suggesting enhanced operational efficiency and capital investment. However, the study also notes the need for further investigation into the social impact on surrounding communities. Overall, the research concludes that the Labor Law Regulation has a positive and statistically significant effect on the mining business, indicating strong government policy support, with a high predictive power.

Local corruption and SME investment

Prior research shows that corruption negatively affects corporate investment in large firms. However, we posit that this effect may be opposite in the context of SMEs. This paper investigates the relationship between local corruption and SME investment in a transition economy. With a sample of 262,767 observations, we document that local corruption is positively related to both SME investment expenditure and investment efficiency.

Academy of Sciences and New Approaches to Economic Planning in the USSR (late 1950s – early 1960s)

In the article the author considers the emergence of new approaches to the planning of the national economy of the USSR in the second half of 1950-s – early 1960-s as a result of departmental struggle between the USSR Gosplan and academic economic institutes for influence on the economic policy of the country. Despite the abundance of historical works covering the planning debates of the 1920s, this subject is poorly covered in historiography in relation to the post-war period. The methodological basis of the article is Michel Kallon’s “sociology of translation”, according to which experts translate the problems of key clients into their language in such a way that their scientific programme and themselves are at the centre of the proposed solution to these problems. The author examines the process of weakening the role of the USSR Gosplan and the emergence of alternative centres of competence on economic policy issues. In accordance with the chosen approach, the rhetorical moves and political techniques that were used by major economists to promote new research directions (economic and mathematical methods, evaluation of capital investment efficiency, etc.) are highlighted. These political techniques were: inserting key words into party programme documents and/or speeches of the party leader; formation of broad coalitions; use of administrative resources of the Academy of Sciences; publishing and educational activities; repelling attempts of the Gosplan to fit into the new agenda, criticism of its staff as incapable of implementing the proposed ideas.

The Role of Capital Expenditure Forecasts in Debt Contracting

This study examines whether the issuance of capital expenditure forecasts facilitates debt contracting by acting as a commitment to not engage in the expropriation of lenders through opportunistic investment activities. We find that firms with higher leverage and lower credit quality are more likely to issue capital expenditure forecasts. Furthermore, for firms that issue capital expenditure forecasts, loan spreads are lower and investment efficiency is greater, and these associations are stronger when the forecasts are more credible. We do not find similar results for earnings forecasts. When comparing the roles of capital expenditure covenant (which typically specify the upper limit of the allowed amount) with capital expenditure forecast, we find that the former reduces overinvestments and the latter reduces underinvestments. These results suggest that capital expenditure forecasts can be a commitment mechanism to reduce contracting costs with creditors. JEL Classification: G31; M4

Efficiency Of Agricultural Investments In The Republic Of Serbia

Efficiency Of Agricultural Investments In The Republic Of Serbia