Long-term Lease Research Articles

IMPORTANCE OF PUBLIC FUNDS AND DEBT CAPITAL IN FINANCING INVESTMENTS IN POLISH AGRICULTURE IN 2004-2022

The article assesses the importance of public funds and debt capital in financing investment outlays in agriculture in Poland in 2004-2022. The analysis used statistical data on inputs of production factors in agriculture, in particular investment outlays, as well as budget expenditure on agriculture, farmers’ credit indebtedness and leasing of agricultural machinery. The analysis included both nominal values and values adjusted for the CPI index. It has been shown that capital expenditure in agriculture increased in the years 2004-2022, including nominal and real investment expenditure. During the period under study, the importance of public funds, from the national budget and European funds, in financing agriculture increased. This also applied to investments in agricultural farms. In 2004-2019, a dynamic increase in investment outlays financed in the form of bank loans and leasing could also be observed. A positive correlation was demonstrated between investment expenditure in agriculture and the level of budget expenditure on agriculture and farmers’ credit indebtedness. In the last years of the period under review, i.e. 2020-2022, a decrease in the share of external capitals in the form of long-term bank loans and leasing in financing fixed assets in agriculture was observed.

Adoption of electric vehicles in corporate enterprises: enhancing sustainability, economic efficiency, and operational management

The global automotive industry is currently undergoing a transformation driven by a number of factors, including environmental concerns, sustainability targets, and the advent of innovative technologies. The adoption of electric vehicles represents a pivotal aspect of this transformation, offering individual and corporate users in the car rental sector a significant alternative to traditional internal combustion engine vehicles. The economic and operational advantages of electric vehicles, coupled with the opportunity for car rental companies to fulfil their environmental responsibilities, are accelerating the transformation of the automotive industry. This study presents a case study on the utilization of electric vehicles for long-term car leasing companies for the purpose of providing corporate internal services. The aim is to provide a comprehensive evaluation of the issue from multiple perspectives. The objective of this paper is to provide a comprehensive overview of the concept of electric vehicle leasing, encompassing a range of considerations pertinent to decision-making. These include environmental sustainability, economic advantages, user experience, and operational efficiency.

Conservation Imperatives: securing the last unprotected terrestrial sites harboring irreplaceable biodiversity

Ambitious biodiversity goals to protect 30% or more of the Earth’s surface by 2030 (30x30) require strategic near-term targets. To define areas that must be protected to prevent the most likely and imminent extinctions, we propose Conservation Imperatives—16,825 unprotected sites spanning ~164 Mha of the terrestrial realm that harbor rare and threatened species. We estimate that protecting the Conservation Imperatives would cost approximately US$169 billion (90% probability: US$146—US$228 billion). Globally, 38% of the 16,825 sites are either adjacent to or within 2.5 km of an existing protected area, potentially reducing land acquisition and management costs. These sites should be prioritized for conservation action over the next 5 years as part of a broader strategy to expand the global protected area network. The expansion of global protected areas between 2018 and 2023 incorporated only 7% of sites harboring range-limited and threatened species, highlighting a renewed urgency to conserve these habitats. Permanently protecting only 0.74% of land found in the tropics, where Conservation Imperatives are concentrated, could prevent the majority of predicted near-term extinctions once adequately resourced. We estimate this cost to be from US$29 billion to US$46 billion per year over the next 5 years. Multiple approaches will be required to meet long-term protection goals: providing rights and titles to Indigenous Peoples and Local Communities (IPLCs) conserving traditional lands, government designation of new protected areas on federal and state lands, and land purchase or long-term leasing of privately held lands.

From access toward sovereignty: A scoping review of municipal land access policies for urban agriculture in the United States

Accessing land—and protecting that access—for the purpose of growing food and other agricultural products is a significant challenge in urban agriculture (UA), an issue exacerbated by racial and wealth disparities and high land values in cities. While local policies and programs supporting the use or sale of public land for UA have increased steadily since the early 21st century, limited research has examined the diversity, accessibility, and permanency of mechanisms facilitating land access and tenure. To address this gap, we compared the availability and characteristics of land access mechanisms across the 40 most populous U.S. cities. While 75% of cities employed at least one mechanism to facilitate land access, few (20%) offered multiple options. Mechanisms facilitating temporary use of public land for UA such as Adopt-A-Lot programs and city-run farms and gardens were more common than those enabling more secure tenure through long-term leases, land trusts, and simplified sales processes. Most policies and programs explicitly focused on local residents and nonprofit/community groups rather than for-profit entities. Nearly half (45%) of cities designed their land access mechanisms with a focus on equity or supporting underserved populations. Less than a quarter of cities offered subsidized water access, liability insurance, soil testing, or funding to complement public land access. The diversity of available mechanisms for facilitating land access underscores how different cities are enabling UA for different goals. Additionally, the incongruence between advocates’ demands for land sovereignty and the mechanisms currently offered raise questions about the extent to which cities are advancing permanent land reforms or provisional interventions at risk of revocation. Our findings may be of use to policymakers and advocates who are creating, comparing, and adapting land access policies and programs to best address growers’ needs and advance sustainable and equitable food transformations.

‘People need housing to live in’: precarity and the rental market during tourism gentrification

Numerous studies from the twenty first century underscore how housing challenges have increased in Western countries. This article focuses on the dynamics of renting, showing how housing precarity today is increasingly shaped by transnational mobilities, intersecting with localized policymaking. While these studies have mainly centred on Southern Europe, this article focuses on Iceland, representing a Northern European country. Our analysis shows that policies geared toward tourism inadvertently amplified housing demand and decreased the supply of long-term leasing accommodations. Our qualitative study (n = 27) of renters illustrates the intersectionality of housing regulations with tourism-centric strategies, thereby perpetuating precariousness amongst renters. During the COVID-19 pandemic, renters hesitated to move into newly available units in the market, suspecting that demand for Airbnb rentals would force them to vacate once the pandemic ended. We contend that analyses of rental markets must consider the complex entanglements and frictions of global environments – characterized by transnational mobilities – and local histories in shaping experiences and notions of precarity.

Study on Corporate Governance and Default Effect of Financial Lease Debt

This paper empirically analyzes the corporate governance effect and default of financial lease debt. The results show that: (1) Financial lease debt is conducive to reducing asset substitution, expanding debt scale, optimizing debt structure, reducing corporate debt cost, extending debt maturity and adjusting corporate investment, etc., and is conducive to solving corporate agency problems. (2) The corporate governance effects of financial lease debt with different transaction types and term structures are heterogeneous. In terms of transaction types, direct financial leasing can reduce agency costs, reduce inefficient investment, and have significant corporate governance effects. Sale-leaseback can alleviate the agency problem to some extent, but it can not restrain the inefficient investment. Other financial leases do not have corporate governance effects. In terms of term structure, short-term financial leasing has stronger corporate governance effect than long-term financial leasing. In addition, through the analysis of debt default distance (DTD), this paper finds that compared with direct financial leasing, the probability and default level of debt default are higher under the impact of COVID-19. When the company's future earnings decline or cash flow fluctuation range is 15%, the sale-leaseback debt has potential default risk.

Behavioural drivers of long-term land leasing adoption: application of an extended theory of planned behaviour

AbstractIncreasing agricultural productivity while also protecting the environment, requires careful stewardship of the most important resource in production – land. Most land in Northern Ireland is controlled via owner occupation and granting access to others is a matter for careful consideration. Proprietorial caution, combined with custom and values attributed to land in the region has resulted in a pattern of tenure dominated by short-term rental agreements called conacre. An insecure, short-term land rental system, such as the conacre may be a disincentive to farmers in their decision-making around investing in land management and development, consequently resulting in reduced farm-level sustainability. In this study, we analysed the psychological and behavioural factors influencing farmers’ intention to take up long-term land leasing in Northern Ireland. To achieve our objective, we employed a mixed-methods approach and statistically analysed our quantitative data using an extended theory of planned behaviour (TPB) approach in a structural equation modelling framework. The results of our analyses showed that attitude, perceived behavioural control, subjective norm and perceived risk were statistically significant determinants of farmers’ intention to adopt long-term land leasing. The study results have important implications for the design of effective policies aimed at encouraging long-term land leasing through behavioural change to ensure sustainable agricultural production and effective land management.

О ВЛИЯНИИ БЕРЕГОВОГО ЛОВА ЛОСОСЕЙ НА ПОПУЛЯЦИЮ КОРОТКОКЛЮВОГО ПЫЖИКА BRACHYRAMPHUS BREVIROSTRIS РОССИЙСКОГО СЕКТОРА БЕРИНГОВА МОРЯ

As a result of studies carried out in 2010–2014 it was established that coastal salmon fishery does not have serious negative consequences for the Kittlitz’s murrelet population inhabiting the north-east part of Kamchatka and the adjacent seacoast of Chukotka. The reasons for that are 1) the main salmon fishing gears in Kamchatka are trap and haul nets which, according to their design and operating characteristics, are safe for birds; 2) areas of summer murrelet concentrations and salmon catching by marine gill nets, which represent the greatest threat to birds, were poorly overlapped during our research; 3) on the Kamchatka Bering Sea coast the use of net gears was declined significantly after fishing plots were assigned to fishermen on the basis of a long-term lease in 2009, moreover, the use of gill nets has been prohibited at all marine plots for commercial fishery since 2019. Sporadic cases of Kittlitz’s murrelet bycatch in nets are not excluded, but it is not critical for their population state in the region.

Long-term Lease on Waqf Lands in Khorezm: A New Form of Privileges of Sacred Lineages

Abstract The aim of this paper is to examine the mechanism of long-term lease on religious endowment (waq f) lands in Khorezm. In particular, the primary focus of the present study is twofold. Firstly, it investigates the practice of long-term lease on waq f lands on the basis of rental contracts, as well as other concomitant records from 19th-century Khorezm. Secondly, this study examines the social background of and reciprocal relations between participants, who were involved in long-term lease operations. As becomes evident from the documents under study, the family members of Muḥammad Šarīf Īšān, a prominent figure of the Naqshbandiyyah-Mujaddidiyyah in Khorezm, acted in the capacity of trustee (mutawallī) of waq f properties of the Sayyid Muḥammad Raḥīm Ḫān’s madrasa in Khiva, regularly commissioned and financially supported by the ruler himself, as well as other representatives of the Qonghrat dynasty (1770-1920). Moreover, members of Muḥammad Šarīf Īšān’s family also participated as tenants of occasionally large waq f assets in long-term lease contracts. To this end, this study posits that the employment of long-term lease practice on waq f land was a principal means of providing financial support by the Khivan ruling circles to various Sufi lineages in Khorezm. Thus, the long-term lease operation clearly illustrates yet another pattern of patronage between the ruling dynasty and descendants of a particular Sufi lineage, as well as an additional source of income and financial privilege of the latter.

Overcoming the “tenant-owner dilemma” to foster energy efficiency in residential private rented housing

Purpose The Recast Energy Efficiency Directive 2023 has defined the concept of “split incentive,” also known as “tenant-owner dilemma.” This dilemma refers to the situation where neither landlords nor tenants have incentives to invest in energy efficiency upgrades. Although the Energy Efficiency Directive calls Member States to overcome legal barriers to remove split incentives and to encourage retrofits, the list of possible measures is too vague. This paper aims to discuss tenancy law measures designed to increase the energy efficiency of residential housing and to detect which Member States have already addressed this phenomenon. Design/methodology/approach This paper analyses, from a civil legal perspective, the possible private law barriers arising from the tenant-owner dilemma when performing energy efficiency works in selected countries and proposes legal reforms in tenancy law and related policies to overcome them. To do so, this paper follows a legal-dogmatic and comparative law methodology. Findings This paper concludes that some tenancy law provisions, such as the possibility to increase the rent after energy efficiency renovations and long-term leases, may challenge the tenant-owner dilemma in private rented markets, thus promoting renovations and retrofitting for energy efficiency purposes. It also proposes other policies intended to increase parties’ willingness to undertake works. Research limitations/implications More research on the economic and legal efficiency to regulate some of the civil law measures to challenge the tenant-owner dilemma should be necessary. Practical implications The civil law measures included in this paper may help national policymakers meet the energy efficiency targets, according to what is established in the Recast Energy Efficiency Directive 2023. Originality/value Based on the economic theory of the tenant-owner dilemma, this paper investigates the elements of tenancy law that may contribute to less energy-efficient homes, proposing policies for those countries interested in addressing the energy-efficiency challenge from a private law point of view.

Future possibilities for long-term business cooperation between private forest owners and forest service providers in Slovenia

Abstract Private forest ownership, with small and fragmented forest properties prevailing in Europe, is affected by demographic, economic and social changes as well as by forest-related policy goals. This is reflected in the lack of knowledge about forest management, insufficient forest management and underutilization of forest resources. Considering that, business cooperation between private forest owners and with forest service providers or managers is recognized as one of the key instruments to increase the efficiency of private forest management. The aim of this study is to investigate whether there is a potential for further development of forest lease as form of long-term business cooperation. In this research, interviews (n=8) were conducted with tenants who have signed long-term forest lease contracts with private forest owners in Slovenia. The results show that there are limited possibilities for further development of long-term business cooperation between private forest owners and forest service providers/managers (e.g. forest lease). The results indicate that there are many benefits of long-term business cooperation for both sides, but private forest owners’ interest is questionable. If we want long-term business cooperation (forest lease) to succeed, forest lease should be recognized in legislation, education about business cooperation (forest lease) should be given to public forest service employees, so they could promote forest lease and provide information to private forest owners. In addition, a connection between potential business partners should be established and examples of good practice should be promoted to gain trust between business partners, which could increase private forest owners’ interest and consequently improve private forest management and utilization of forest resources from private forests.

After the pandemic: Contemplating the future of central office buildings

The COVID-19 pandemic has dramatically changed the nature of office work. The main driver is remote work, a concept theorised for years, but upon its arrival has become a significant disruptor of commercial real estate. Buildings and the city cores they occupy in large urban centres have hollowed out. Large organisations, still tied to long-term leases, try shedding space to adapt. As they do, cities reliant on property tax revenues find themselves at odds with institutional landlords over asset values. The upheavals unfolding in the industry, particularly in the office sector, are enough for prominent media organisations to declare downtown office buildings dead. But are they? By analysing quantitative and qualitative data and evidence from high-profile organisations, it becomes apparent that although building occupancy may not be what it was prior to the pandemic, indicators point to a macroeconomic reset where the steady rise in occupancy will establish a new equilibrium, probably not too different from what it looked like pre-pandemic. Along the way, a new industry metric, the Idle Space Index (ISI) is introduced to define an interrelationship between occupancy and vacancy rates, which can greatly assist strategic space planning. In the medium term, chaos will reign supreme, as corporate real estate (CRE) executives try to engage in longer-term planning. Building assessments will remain a contentious issue until that new equilibrium is established, but for an industry described as being on its last legs, it seems there is plenty of life left.

Methodology of Establishing the Limit Sizes of Lot Lands for the Agricultural Use

This study aims to develop a methodology for determining and calculating the limit size of agricultural land plots that can be leased by individuals and legal entities of the Republic of Kazakhstan. The article substantiates agricultural production after the current long-term lease terms end. The basic condition is the formation of land use, in which there is a close dependence on conditions and factors of production, where land, material resources, and labor are in certain proportions and balanced. The main criteria for determining the limiting sizes of land are: land area, leased to a single entity should not exceed 1/3 of the area of farmland rural district specific administrative area, and the physical person no more than 15% of the area of agricultural enterprises of the same specialization. Emerging land uses should be subject to zonal specialization by natural and agricultural zoning; take into account the minimum thresholds for the area of crop rotation in the crop production sectors and the size of livestock in herds of different types of livestock by the breed composition in the livestock industry.

How Much Nebraska Ag Land is Owned by Foreign Entities?

The Agricultural Foreign Investment Disclosure Act of 1973 (AFIDA) established a mandatory reporting system, overseen by the USDA, that requires foreign entities to provide information on all U.S. agricultural and non-agricultural land in which they hold an interest. “Interest” is reported as a fee interest (legal possession of both the surface and mineral rights), partial fee interest (must state percent ownership), life estate, trust beneficiary, purchase contract, or other. “Other” includes leases that are 10-years or longer. The regulations exempt foreign entities with interests solely in mineral rights and leases of less than 10 years in duration from reporting. In this report, the terms “owner” and “ownership” will refer to all types of interest held by the foreign entity, including long-term leases. According to the most recent AFIDA report, foreign investment in agricultural lands has increased over the past decade. As of December 31, 2021, just over 30 million acres (3.1%) of agricultural land in the U.S. was held by foreign entities. Texas has the distinction of having the most acreage held by foreign entities (almost 5.3 million acres or 3.4% of Texas’ acreage) but Maine holds the number one spot for the highest percentage of agricultural land held by foreigners (3.6 million acres equating to 20.1% of Maine’s acreage). Canada holds the largest percentage of Maine’s foreign-held acreage for the purpose of timber production (Foreign Ownership and Holdings of U.S. Agricultural Land, 2023).

Analisis Penerapan IFRS 16 Pada PT Garuda Indonesia (Persero) Tbk

The International Accounting Standards Board (IASB), issued International Financial Reporting Standards (IFRS) 16 which treats all leases as finance leases within the lessee company. The lease will be capitalized according to the present value of the lease payments and report the lease asset and liability on the company's balance sheet. With the enactment of IFRS 16, IAS 17 no longer applies. So this research highlights the changes that will occur in financial reports and financial ratios after the enactment of IFRS 16 in the company PT Garuda Indonesia Persero, Tbk which is listed on the Indonesia Stock Exchange (BEI). The method used in this research is the Library Method, namely collecting data and information from books and literature including journals from valid sources to strengthen the theoretical basis and as a basis for reference in writing research and the Document method, namely by collecting data from the object being observed, data is form the 2017 audited financial report. The results obtained from this research are that there was a change in profit of (146,764,604) due to a decrease in operating expenses of 663,142,477 due to the elimination of operating lease expenses. An increase in the number of non-current assets of 6,284,596,468. An increase in the number of long-term liabilities that are due within one year. amounting to 1,386,075,496 Additional long-term finance lease liabilities amounting to 4,751,756,386 Decreased current ratio by 21% There was an increase in Total Debt to Total Asset ratio by 14% There was an increase in Debt to Equity ratio by 525% There was an increase in Net Profit Margin by 3%

‘All our eggs in one basket’: touristification and displacement amidst the pandemic in Seville, Spain

Touristification refers to the multi-dimensional transformation of an area due to severe and rapid tourism intensification, which can harm that place's inhabitants in different ways. The activity’s boom in the 2010s brought about an exponential increase in short-term tourist rentals (STRs) in traditionally non-tourist areas across cities worldwide, triggering or expanding displacement dynamics. The study delves into the connections between touristification and displacement and how the latter has conditioned neighbors’ lives. As the health crisis abruptly stopped tourist hypermobility, we also question how displacement has been affected and the ways in which it might evolve in the post-pandemic city. We focus on Seville, the capital of Andalusia in southern Spain, a region highly dependent on the tourism and real estate sectors that has annually broken its visitors’ records until the Covid-19 pandemic broke out. We reflect upon how local populations in central and increasingly tourist neighborhoods have experienced expulsion before and amidst the pandemic through thirty interviews with residents and displacees from different socio-economic backgrounds in Seville's historic district. We conclude that the reconversion of STRs into long-term leases during and after the pandemic has resolved little compared with the damage already done.

Investigating the Factors Influencing the Intention to Adopt Long-Term Land Leasing in Northern Ireland

Short-term land rental agreements such as the traditional conacre system in Northern Ireland offer flexibility between the landowners and the farmers renting the land. However, the uncertainty of tenure linked to such short-term land rental systems does not allow for farmers renting the land to make longer-term investment planning and decisions, particularly around sustainable land management practices. Long-term tenancy agreements have been identified as a viable option to cope with short-term uncertainties and improve the environmental management of the land. In this study, we analysed the factors influencing farmers’ intention to adopt long-term land leasing with and without income tax incentives in Northern Ireland. To achieve our objective, we employed ordered logistic regression models complemented with qualitative analysis. The results of our analyses showed that varying factors including risk attitude, pro-environmental behaviour, profit consciousness, having a dairy enterprise, the area of farmland owned, the presence of a successor, and the age and education of the farmer influence farmers’ intention to adopt long-term land leasing. However, variability exists depending on the farmers’ rental status and availability of income tax incentives. It can be concluded from the study that policies aimed at encouraging long-term land leasing should take a holistic approach that incorporates environmental and socioeconomic factors.

The social dynamics of access to land, livelihoods and the rural youth in an era of rapid rural change: Evidence from Ethiopia

In recent years, a great interest in the social dynamics of access to land and livelihoods across Africa, especially that of youth, has emerged in the context of increased competing demands for land and youth employment challenges. Research on land issues in Ethiopia tends to focus on documenting how small and fragmented landholdings have become or on how rural people adapt to these land constraints, often focusing on the application of other agricultural inputs. As a result, studies have rarely focused on the evolving dynamics of access to land. Based on fieldwork in Ethiopia, this paper explores whether and how land is accessed, especially by the rural youth, under the prevailing context of narrowing access to land and the implications of this for rural migration. The paper demonstrates that young people are less likely than their parents’ generation to be able to access land independently, suggesting generational patterns of differentiation around land access and livelihood trajectory. It demonstrates that currently there are very limited opportunities for the rural youth to gain access to land except through land inheritance and gifts from their parents. But even these long-standing land distribution practices appear unsustainable. As the prospect of gaining access to land has become more challenging, young people are increasingly engaging in labour migration to find work elsewhere. Employment opportunities are, however, limited and unevenly distributed. In light of this, key issues that policymakers should be concerned with include improving rural youth’s access to farmland and employment opportunities. This point is important vis à vis the government's recent drive to facilitate the acquisition of large expanses of farmland in various areas of the country by large investors and local elites in the form of long-term leases to establish plantations, thus reducing the amount of land which the rural youth can potentially access.

Long-Term Leases vs. One-Off Purchases: Game Analysis on Battery Swapping Mode Considering Cascade Utilization and Power Structure

The electric vehicle industry faces intense competition and the sustainability problem. In order to obtain a differential competitive advantage, enterprises actively promote the battery swapping mode (BSM) to respond to cost pressures caused by the mismatch between demand and supply. Considering cascade utilization, the Stackelberg game models of electric vehicle supply chain under three different scenarios, in the secondary supply chain consisting of a battery manufacturer (BM) and a vehicle manufacturer (VM), were constructed, respectively. Additionally, then, through the contrastive analysis of differential power structures, the influence of power structures and related parameters on the optimal pricing strategy and enterprise profits of both parties in the supply chain were studied and compared. The conclusions show that the dominance of the supply chain determines the profit level of enterprises in BSM. Compared with VMs, the adoption of the BSM has provided BM greater profit growth. Secondly, the number of reserve batteries in the battery swapping stations and the revenue of cascade utilization are essential factors affecting the profits of battery swapping service (BSS), especially for VMs. In addition, setting a reasonable range for the pricing of BSS can achieve a win–win situation for both manufacturers.

Economic consequences of operating lease recognition

Accounting Standards Update No. 2016–02 (ASU 2016–02) generated considerable debate between managers and standard setters. We find evidence that after issuance of ASU 2016–02, lessee firms decreased their use of long-term operating leases, increased their use of short-term operating leases, and increased their use of capital expenditures. The shift from long-term operating leases to capital expenditures is more pronounced for firms that had greater reporting incentives to use operating leases prior to ASU 2016–02. However, we find no evidence that the change in leasing behavior leads to negative outcomes predicted by managers (i.e., no evidence of a decrease in reported firm performance, a decrease in firm value, increase in firm risk, decrease in credit ratings, increase in debt covenant violations, or decrease in employment). Our study adds to the literature on the real impacts of accounting standards on managers' investment behavior and economic consequences for lessee firms and their stakeholders.