Private Capital Investment Research Articles

Creating conditions for innovative performance of science parks in Europe. How manage the intellectual capital for converting knowledge into organizational action

Purpose – The purpose of this paper is to discuss the concept of innovative performances for science parks as a framework for understanding how effectively human and structural capital (i.e. intellectual assets) are leveraged. The key point is fostering main determinants to investigate and/or make sense of key management activities/factors shaping the evolution and performance of knowledge creating processes. Design/methodology/approach – The study was based on the quantitative and qualitative values, for the period 2000-2011, gathered from a sample of 901 public and private organizations located in the 21 European Union (EU) countries. With regard to the methodology, the hypothesis testing first required an analysis of the correlations between the investigation variables, and then the use of regression analysis to study the relationships between the innovative performance of the research institutions, and the financial, organizational and knowledge characteristics of the science parks investigated. Findings – The empirical research shows that: the allocation of public resources does not influence most of the selected indicators of performance, with the exception of the negative effect seen for the number of patents; the resources provided by venture capitalists have a positive effect on all of the indicators of performance of the science park; the science parks of greater dimensions have better performances; the positive impact of the systemic relationships seems to have an effect that is limited to the increase in the number of contracts stipulated with industry; the number of publications produced by researchers of the science parks seems to have an unclear effect on the innovative performance; and an increase in the number of researchers enhances the innovative performance of the science parks. Research limitations/implications – It seems appropriate to suggest some research lines that arise from the limits of this work. In particular, it should be stressed that there is a need to enlarge the sample investigated to embrace local innovation systems outside the EU, so as to provide further validation to the empirical results of this research. Practical implications – This research has some practical implications of notable interest at the level of European policies. Interventions of public policies supporting innovation should not be concentrated on the increase of public funding but on increasing private capital investment. Originality/value – This paper aims to extend literature about factors explaining the financial, organizational and cognitive performance of science parks in Europe.

Stimulation methods improvement of exit route on railway transport

Purpose. The purpose of the article is to assess the costs, which are redistributed in the system «shipper−railroad−consignee» during routing of rail transportation and the development of tariff simulation methods of shippers to the exit routes formation. Methodology. Using economic and mathematical analysis the distribution of costs among the various participants of transportation process during the exit routes formation is investigated in the article. Findings. For implementation of the tariff simulation methods of exit routes and retention of the existing tariff structure it is proposed to provide in the «Tariff catalogue for freight transportation by railway transport of Ukraine» the discount, differentiated from haulage distance. A new method for determining the fees amount for cars supply and removal on approach tracks by train locomotives was also offered. Originality. As a result of the research a new method for determination of the exit rout efficiency that, unlike the existing one, takes into account the various interests of the individual participants in the transportation process was proposed. The dependence of the correction factors to the tariff for freight transportation in their own cars by direct exit routes from distance haulage was obtained. Implementation of these coefficients provides an approximation of railway tariffs to the traffic handling costs. A method for determination the rate of fees for cars supply and removal on approach tracks by train locomotives was offered. Practical value. InUkraine creation of the tariff discounts system for freight transportation by exit routes consistent with international practice and allows bringing the tariff to the real traffic handling cost. This change on the one hand will provide stimulation for private capital investments in infrastructure development and shunting means of approach tracks, on the other – it will fix the shippers to the railroads and stop their outflow for alternative modes of transport.

Leveraging private capital for climate mitigation: Evidence from the Clean Development Mechanism

To mitigate climate change, states must make significant investments into energy and other sectors. To solve this problem, scholars emphasize the importance of leveraging private capital. If states create institutional mechanisms that promote private investment, they can reduce the fiscal cost of carbon abatement. We examine the ability of different international institutional designs to leverage private capital in the context of the Kyoto Protocol's Clean Development Mechanism (CDM). Empirically, we analyze private capital investment in 3749 climate mitigation projects under the CDM, 2003–2011. Since the CDM allows both bilateral and unilateral implementation, we can compare the two modes of contracting within one context. Our model analyzes equilibrium private investment in climate mitigation. When the cost of mitigation is high, unilateral project implementation in one host country, without foreign collaboration, draws more investment than bilateral contracting, whereby foreign investors participate in the project.

Adding Strategic Internet Marketing to an Equity Crowd Funding Project: Building Information Exchange Based Relationships on the Internet

Technological innovation causes new markets to be created that did not exist before. In the case of private capital markets on the internet, two important new markets are the affinity market of users who share an interest with each other, and the affiliate market of users, who have some potential affiliation with each other. These two new markets require new terms and new explanations in order to use them in a crowd funding marketing strategy. Both affiliate markets and affinity markets are relationship based, and the older marketing concepts that are based upon prices do not work well anymore for finding affiliates and affinity users. In many cases, the new terms generally evolve from the older theories or explanations, but are not very accurate. For example, in marketing theory, professionals use the term “supply chain” as a way of describing the production relationships between producers who “add value” to the product at each step of the chain, as the product makes its way to the final consumer. In the case of using the internet for crowd funding, the internet constitutes the technological platform for facilitating the information exchange relationship, where the behavior of the company and potential investor continues to affect each other’s behavior after a private capital investment has been made. The important point for marketing strategy is that the CEO is looking for potential relationships, and that means anticipating two important types of places, or markets that did not exist before, on the internet to find potential investors.

The Changing Face of Africa: Mozambique's Economic Transformation and its Implications for Aid Harmonisation

Mozambique is undergoing a strong transformation in its economic structure. This mostly resource-led transformation has not only attracted 'new donors' such as China and Brazil; it has also impacted on efforts to make development assistance in Mozambique more effective by better harmonising Mozambique's aid system. For instance, an anticipated resource boom acts as a disincentive for the government to lead efforts to better streamline Mozambique's aid architecture, because it suggests that its aid dependency will decline in the coming years. On the other hand, traditional donors with stagnating or declining aid shares do not want to exit this (potentially) emerging economy, despite the argument that their transaction costs offset the potential development outcomes from their aid provision. Thus, the opportunities that economic transformation holds aside, it also holds challenges for co-operation between Mozambique and its development partners. Based on a desk review and field research, this paper assesses the effects of the economic transformation on attempts by the government and the donor community to overcome donor proliferation and aid fragmentation in Mozambique. It finds that despite 'pockets of effectiveness', efficiency gains through greater rationalisation remain untapped, as commercial and geo-strategic interests of the government and the current 36-plus donors present in Mozambique supplant development objectives. The paper recommends the 'smart management of the delivery of aid' at the sectoral level and advocates for the launch of an overdue discussion *This paper is partially the result of a research project on 'Development policy: questions for the future', funded by the German Federal Ministry for Economic Cooperation and Development. Among other things, the project encompasses analysis of concrete options for improving the implementation of the international aid effectiveness agenda. I am grateful to my interview partners in Mozambique as well as to Stephan Klingebiel, Stefan Leiderer, Mario Negre, Elena Pietschmann and Sebastian Ziaja (of the German Development Institute) for their comments on an earlier draft of this paper. The comments of two anonymous referees strengthened the paper substantially. Editorial assistance from Sarah Downey is greatly appreciated. The usual disclaimer applies. Author's e-mail: Frank.Vollmer@die-gdi.de Irish Studies in International Affairs, Vol. 24 (2013), 137-164. doi: 10.331 8/ISI A.20 1 3 .24.6 This content downloaded from 157.55.39.18 on Sun, 07 Aug 2016 06:08:54 UTC All use subject to http://about.jstor.org/terms 138 Irish Studies in International Affairs on a strategy to make aid truly 'catalytic' for other forms of development finance, such as private capital or foreign direct investment (FDI).

The Changing Face of Africa: Mozambique's Economic Transformation and its Implications for Aid Harmonisation

:Mozambique is undergoing a strong transformation in its economic structure. This mostly resource-led transformation has not only attracted 'new donors' such as China and Brazil; it has also impacted on efforts to make development assistance in Mozambique more effective by better harmonising Mozambique's aid system. For instance, an anticipated resource boom acts as a disincentive for the government to lead efforts to better streamline Mozambique's aid architecture, because it suggests that its aid dependency will decline in the coming years. On the other hand, traditional donors with stagnating or declining aid shares do not want to exit this (potentially) emerging economy, despite the argument that their transaction costs offset the potential development outcomes from their aid provision. Thus, the opportunities that economic transformation holds aside, it also holds challenges for co-operation between Mozambique and its development partners. Based on a desk review and field research, this paper assesses the effects of the economic transformation on attempts by the government and the donor community to overcome donor proliferation and aid fragmentation in Mozambique. It finds that despite 'pockets of effectiveness', efficiency gains through greater rationalisation remain untapped, as commercial and geo-strategic interests of the government and the current 36-plus donors present in Mozambique supplant development objectives. The paper recommends the 'smart management of the delivery of aid' at the sectoral level and advocates for the launch of an overdue discussion on a strategy to make aid truly 'catalytic' for other forms of development finance, such as private capital or foreign direct investment (FDI).

Conceptual Model for Effective Sports Marketing in Nigeria

Effective sports marketing in Nigeria was defined to be sports activities designed by the Nigeria sports sector to meet the sports needs and wants of sports consumers through exchange processes that are aimed at generating revenue that will boost the Nigeria economy. The Federal Republic of Nigeria Economic Transformation Blueprint on Nigeria Vision 20:2020 seeks to improve the standards of her citizen and place the country among the Top 20 economies in the world with a minimum GDP of $900 billion. The conceptual model for effective sports marketing in Nigeria identifies sports producers that are influenced by economic factors, propellants that are influenced by the sports market mix and sports consumers that are influenced by psychological factors and notes that; if the Nigeria government hands off the funding of sports and provides an appropriate legal and regulatory environment for private capital investment as well as cultivate an effective technology transfer programme to fast-track local production of sports, recreation and entertainment equipment/facilities, the sports sector would aid in the attainment of the Vision 20:2020 goals. Key Words: Sports Market Mix, Sports Consumers, Nigeria Economy, Economic Development Mix, Vision 20:2020

Research on Domestic Non-Governmental Capital Investment Mode of Mining Wasteland

The ecological environmental protection and improvement need massive funds, and these funds mostly belong to the historical account and there’s little economic benefits. Under the condition of socialist market economy, the fund performance is not initiative and positive, unable to achieve the diversification of investment. At the same time, management time of the midium- and small-sized mining wasteland of mines is relatively short, The tax of environmental restoration for mining the mining enterprises have paid is insufficient to use in carrying on completely renovation the destroyed land. Therefore, this article analyzed the domestic non-governmental capital which invests the medium and small sized mining destroyed field based on systems dynamics, and to explore the feasibility of mining improvement as well as discuss private capital investment patterns in order to find the proper governance mode and methods.

Industrial Policy Formulation and its Impact on Foreign Investment: The Growth of American Multinational Corporations in the Nigerian Economy, 1950-1966

The Second World War turned industrial capital outwards in the United States and the scientific and technological changes in the post-war period led to the expansion of American private capital investment particularly in the Third World countries. The private sector in the United States became a vital sector for the expansion of national interest in American international economic relations in the post-Second World War period as couched in the Marshall Plan (1948-52). The expansion of American foreign capital investment coincided with a favourable domestic environment of operation in the host countries. Third World economies were deficient in their developmental processes from the 1950s and needed foreign capital investment to stimulate their economic growth. For these reasons, they created liberal investment legislations and signed investment agreements favourable to foreign capital investments for industrialisation. This paper sets out to examine Nigeria’s industrial policies, the American government’s disposition to her private sector’s operation in international investment environment, and the growth of American entrepreneurship in the Nigerian economy between 1950 and 1966.

A Bridge Over Troubled Waters: Alternative Financing and Delivery of Water and Wastewater Services

Too many drinking water and wastewater systems across Canada threaten public health and the environment. In this report, the author writes that many of the municipally owned and operated systems that treat and distribute drinking water perform poorly and lack the financial resources and expertise to meet the challenges posed by aging infrastructure. Indeed, more than 1,000 systems across Canada violate provincial requirements or are subject to boil-water advisories. Brubaker recommends reforms to the financing and operating of utilities to ensure their long-term sustainability. These include introducing competition for water and wastewater services and taking steps to attract more private expertise and capital investment.

Investing in Developed Country Private Infrastructure Funds

Infrastructure investment encompasses multiple sectors, geographies, stages, and investment instruments/ products each with their own risk/return attributes. This broad range makes it a versatile asset permitting its consideration in diverse tailored portfolios. Infrastructure has traditionally been under the purview of governmental bodies. Its importance from a public interest perspective cannot be overstated. For several reasons, there has been globally widespread historical under-investment, resulting in degradation of existing assets with simultaneous failure to add new capacity. As this issue is unlikely to reverse course any time soon, forward thinking countries and government entities have sought to encourage convergence of public and private sector activity. Their aim is to help the creation of economically viable new infrastructure assets and upgrade, properly maintain, manage and operate existing ones. Formal contracting structures through active PPPs supported by recent government initiatives have made progress in encouraging private capital investment in infrastructure. A lot still remains to be done. Despite where they stand in the different stages of the privatization process, the collective market opportunity in developed countries remains substantial. These opportunities are in civil aviation, bridges, roads, mass transit, railways, greenfield and brownfield projects, dams, water, waste management and energy. From an alternative investment perspective, infrastructure assets exhibit different risk and return profiles from other private investments; they can be a source of both alpha as well as a valuable diversification tool in portfolio construction. They provide exposure through both illiquid long-term private vehicles as well as liquid publicly traded funds. This versatility makes them extremely attractive for different investor segments.

학교체육시설 복합화를 위한 민자투자 효율화 방안에 관한 연구

Among The meaning of this study for new and rebuilding school is to prepare alternative supply system, the government, school authorities, local governments, and enterprises move on together, reasonably by examining the current way promoting with BTL(Build-Transfer-Lease) method in uniform, finding out efficient investment plan as private capital investment to compound complementary school sports facilities, and improving it. The results obtained through the above methods are as below. I got two important suggestions about managing and operation plan for complexschool sports facilities. The first is about responsibility of management. The second is about organizing council to minimize friction between education activities and local residents. Specifically, it is about to ease the restriction of a private right of complex school facilities property.

Foreign Direct Investments, Strategic Assets and Sustainable Development: A Critique of International Investment in Nigeria’s Steel Sector

Advocates of trade liberalisation that include the Bretton Woods Institutions (BWIs) and their adherents in the third world encourage foreign direct investment as a means of stimulating economic development in these economies. The arguments in favour of foreign investments are that it provides among other benefits, the required capital for development, facilitates technology transfer, and improve infrastructure development. Foreign direct investment is however criticised for its negative impact on the economies of the third world for a number of reasons. Multinational corporations (MNCs) that account for the highest contributors to FDI through private capital investment are accused of sharp practices that include exploitation, corruption, unethical business practices and environmental degradation. Through their activities, MNC engender loss of sovereignty and policy-making by host economies and loss of control over resources among other negative impacts. One instrument used by Foreign Capital to subjugate developing economies is the control of management of projects and programmes into which investments are made. Management control is therefore a primary objective of investors and this is usually accomplished right from the time agreements are reached between the host states and the investors. The study concluded that more often than not, the implication of management control over investment on developing economies include the desire to recoup capital invested at the shortest possible time, total dependence of the sector on investors for future development, reaping huge profits at the expense of local communities, damaging social networks and instigating political instability by the non-recognition and lack of respect for existing social conditions. Certain measures are therefore inevitable if FDI is to engender sustainable development.

東アジアの食料品貿易構造と中国食料産業の構造変化

A review of the structural change of food products trade in East Asia was firstly carried out, especially focused on China, Japan and South Korea. Then the structural changes of food industry in China and its reason for the growth of food industry were analyzed. The results reveal that intra-regional food products trade in East Asia has expanded very quickly; the structure of China's food industry has polarized because the share of agriculture in food industry in China decreased while the share of food processing industry increased sharply; the growth of food industry is attributed to total factor productivity, fixed capital investment, and number of employees in turn; rapid enlargement of private capital investment makes a great contribution to the growth of food industry while foreign investment keeps propelling the specialization of its export field.

Public Capital Spillovers and Growth Revisited: A long‐run and Dynamic Structural Analysis*

We extend the deterministic growth model of Glomm and Ravikumar (1994) to a stochastic endogenous growth model which nests both exogenous and endogenous growth factors. By introducing simple shocks to production technology, private capital and public capital investment, we can derive testable time series properties of the analytical model. We find evidence of co‐integration between per capita output, per capita private capital and public capital. A nested test of the strictly endogenous growth model is rejected statistically. We find that growth is exogenous even in the presence of significant and sizeable public capital spillover effects. Our long‐run elasticity estimates help to inform the short‐run dynamic transitions of the model. In particular, we are able to structurally rationalise other empirical findings of bi‐directional short‐run effects between public and private capital and also aggregate output.

Does human capital stimulate investment in physical capital?: Evidence from a cost system framework

The direct effect of human capital on economic growth has been widely analysed in the economic literature. This paper, however, focuses on its indirect effect as a stimulus for private investment in physical capital. The methodological framework used is the duality theory, estimating a cost system aggregated with human capital. Empirical evidence is given for Spain for the period 1980–2000. We provide evidence on the indirect effect of human capital in making private capital investment more attractive. Among the main explanations for this process, we observe that higher worker skill levels enable higher returns to be extracted from investment in physical capital.

Fiscal policy, private investment and economic growth: the case of Ghana

PurposeThis paper aims to examine the relationships between disaggregated government fiscal policy variables; private capital investment and economic growth in Ghana, as well as the similarities and differences in the impact of these variables on private investment (PI) and economic growth.Design/methodology/approachCointegration and an error‐correction models are used, with time series properties of the variables investigate using augmented Dickey‐Fuller test and cointegration of the variables tested using Engel‐Granger two step procedure.FindingsThe findings indicate that changes in government recurrent expenditure, current government capital expenditure and international trade taxes are significant for growth while changes in tax on domestic goods and services, tax on international trade and tax on income and property matter for private capital investment. The major difference between the impact of fiscal policy on PI and economic growth, however, lies in the direction of impact.Practical implicationsBased on the findings of this study, it is recommended that different policies be pursued in the promotion of PI and economic growth. Also, given the low correlation between PI and economic growth, it is recommended that the Ghanaian private sector be focused on and fully developed in order for it to perform its role as an engine of growth.Originality/valueGrowth has been shown to be influenced by government expenditure and international trade taxes while private capital investment is influenced by taxes on domestic goods and services, international trade and on income and property. Fiscal policy authorities will find these useful.

Private capital: What impedes its entry into China's minerals industry

The paper commences with an analysis of the nature and status of private capital investment in the minerals industry in China. Based on the analysis, the authors examine the main barriers in terms of the mineral rights market, industry access and investment security that impede the participation of private capital into exploration and development of China's mineral resources. The discussion addresses how to encourage the participation of private capital into mining investment and it concludes that it is of significant importance to ensure the soundness of mineral rights market, impartiality of industry access, and security of mineral rights.

Heritage at Risk: The Fate of Modernist Buildings in Russia

This article paints an overview of the preservation of twentieth-century architecture in Russia, arguing that, despite growing international concern over the survival of modernist buildings and growing expertise on their conservation, Russian preservation lags far behind the rest of the world. Dushkina describes the effects the collapse of the Soviet Union and the wave of private capital investment have had on architectural heritage, and how suspect methods of preservation—either reconstruction or facadism—have become popular in Moscow's heated real-estate market, even as critical preservation of the listed monuments of twentieth-century Russian architecture has faltered.

THE IMPACTS OF TRANSPORTATION INFRASTRUCTURE ON PROPERTY VALUES: A HIGHER‐ORDER SPATIAL ECONOMETRICS APPROACH

ABSTRACT We evaluate the impacts of enhanced transportation systems on property values for U.S. manufacturing firms, allowing for higher‐order spatial error correlation. We use a state‐level model of production cost and input demand that recognizes the productive contribution of public transportation infrastructure stocks. Our findings include significant impacts on property shadow values and input composition from both public highway and airport investment. We also find that these effects have a spatial dimension that depends on the proximity of the transport system; at least one and as many as three spatial error lags are significant in our estimating equations. Further, recognizing production growth from transportation system improvements augments the associated incentives for private capital investment.