Investment Ratio Research Articles

Design and Economic Analysis of a Solar Thermal Pre-Cooling System for Agro-Cold Chain in Lesotho

The agricultural sector in Lesotho grapples with significant challenges regarding post-harvest losses. Given that 40% of all agricultural products require cold storage, food quality is compromised due to lack of cold storage to extract the heat from exposure to high field temperatures after harvest. This research proposes a solar thermal cooling system tailored to the specific needs of preserving fresh agricultural produce, leveraging Lesotho’s abundant solar energy resources. Through TRNSYS simulation and MATLAB economic analysis, optimal system parameters are determined, ensuring both technical efficiency and financial viability. The outcomes indicate that the proposed absorption solar thermal cooling system, incorporating evacuated tube collectors and an auxiliary boiler, effectively manages a cooling load of 7.318 kW, preserving fresh vegetables at 6.1°C. The optimized design features a chiller with a Coefficient of Performance of 0.8, a collector area of 12 m², and a hot storage volume of 0.2 m³, maximizing solar energy utilization. Importantly, economic metrics such as Levelized Cost of Energy ($0.085/kWh), Net Present Value ($9,200), Discounted Payback Period (12 years), and Savings to Investment Ratio (achieving 1 in year 13) demonstrate the financial feasibility and profitability of the system. These findings underscore the potential of solar thermal cooling as a promising investment option for addressing refrigeration needs in Lesotho, offering a sustainable solution to mitigate post-harvest losses and enhance economic performance in the agricultural sector.

Carbon Footprint of the Food Industry and ESG-Related Business Promotion

The carbon emissions of the food industry account for a significant proportion of the overall carbon emissions. Figuring out the carbon footprint of the food industry is a great way to find out the reason for the large amount of carbon emissions. In this part, the paper selected several variations that may have some influence on carbon emissions and did some intensive studies to figure out which one is the major factor. By analyzing through life cycle assessment and regression by Random Forest, it was figured that fertilizer is the most influential factor in carbon emissions, and focusing more on the usage of compound fertilizer and decreasing the usage of other kinds of fertilizer can effectively reduce the carbon emissions. Then the paper tried to figure out whether the reduction is realistic, and the paper did research in the financial field. The paper did an ESG score ranking of the fertilizer company, cultivated the investment weight in the portfolio, and did a risk rating of them. The research adopted the Grey Forecasting Model and quadratic Optimization Formulation to process data. Through the simple study of the carbon footprint of fertilizers and an analysis of the investment ratio of investors, it is finally found that to economically promote and support the development of carbon-reducing compound fertilizers by business is essential. Besides, it coincides with investors’ interests.

Minor straw return enhances net income in a maize-wheat rotation system

Straw returning to the field is a common agricultural practice in China. Nevertheless, in the maize-wheat rotation system of the semi-arid region in Northwest China, it is essential to investigate the optimal approach for coupling straw return and fertilization in order to enhance soil quality and crop yield. A field trial conducted in the semi-arid region of northwest China from 2019 to 2021 examined eight different combinations of straw return and fertilization rates. The results indicated that while straw return had minimal impact on soil total nitrogen in the 0–60 cm layer, it did increase soil available phosphorus and potassium in the 0–40 cm layer. Additionally, all straw return treatments notably improved soil organic matter and humus content compared to the untreated control (CK). Specifically, applying N and P fertilizers in combination with returning 1/3 of the straw (NP+1/3S) produced in that season significantly boosted soil organic matter and humus content compared to the CK. Moreover, the NP+1/3S treatment led to a substantial enhancement in the grain yield of wheat and maize, as well as their yield components, including an increase in the number of ears/spikes per square meter, the number of grains per ear/spike, and the 100 or 1000-grain weight. The results may be attributed to a combination of factors, including improved nutrient availability, enhanced soil structure, and increased microbial activity due to the incorporation of straw. Economic analysis showed that NP+1/3S had the highest production to investment ratio (ROI), indicating its potential suitability for the region. This study highlights the significance of carefully selecting combinations of straw return and fertilization to maximize soil fertility, crop yield, and economic benefits in agricultural systems.

ПУБЛІЧНІ ФІНАНСИ ТА ПУБЛІЧНІ ІНВЕСТИЦІЇ В КОНТЕКСТІ ІНТЕНСИФІКАЦІЇ ЕКОНОМІЧНОГО РОЗВИТКУ

The purpose of this article is to study the interdependence of the state, local governments, institutional investors and the level of foreign direct investment in Ukraine's economy in conditions of instability. The article examines the role of institutional investors and clarifies the main trends in attracting investment resources into the economy of Ukraine, taking into account the European integration vector, the state investment policy of Ukraine should include the main aspects of the main goals and objectives of the new generation investment policy, which takes into account the latest trends and needs of the world economy. In this context, it is especially important to establish the optimal ratio of foreign direct and domestic investment. In the context of European integration processes and ensuring investment security in Ukraine, it is necessary to protect domestic markets from monopolization by foreign investors by setting a limit on foreign direct investment in each sector.

Are gender inclusiveness and rural transformation interlinked? The case of Bangladesh

Gender inclusiveness is important in the rural transformation process of Bangladesh as rural women play key roles in both agricultural and non-agricultural sectors. Gender inclusiveness also leads to gender equity. We empirically evaluate relationships between rural transformation and gender inclusiveness in Bangladesh. We consider three rural transformation indicators: high-value commodities’ share in agricultural output values, non-farm employment’s share in rural labor employment, and non-agricultural GDP’s share in total GDP. Indicators capturing gender inclusiveness include the per capita rural income of males and females, ratio of investments into gender programs, female access to education, access to healthcare, employment participation, land ownership, and asset ownership. We test the effect of the difference in per capita rural income of males and females and the ratio of their incomes and check for the robustness of the gender variables across different model specifications. Analyzing 128 district-level observations from 32 districts of Bangladesh across four time periods (2000, 2005, 2010 and 2016), we use both ordinary least squares and fixed effects panel regression models. We find that female land and asset ownership and access to education and healthcare are robust determinants of various stages of rural transformation. Thus, our results suggest that improving women’s ownership of land and assets and investing in women’s education and healthcare will likely contribute to a more inclusive rural transformation.

Time Scales of the Low-Carbon Transition: A Data-Driven Dynamic Multi-Sector Growth Model

Abstract This paper employs a dynamic multi-sector growth model with changing technology to study the relevance of the price and quantity dimensions involved in the technical substitution of carbon-intensive technology, that is, the low-carbon transition. For the framing of the transition, the stylized market dynamics by Flaschel and Semmler (1987. “Classical and Neoclassical Competitive Adjustment Processes.” The Manchester School 55 (1): 13–37) are used, who propose a cross-dual out-of-equilibrium adjustment process. The major empirical challenge to identify the adjustment speed for quantities and prices is to empirically estimate sector-specific adjustment coefficients. The transition speed is estimated for seven carbon-intensive sectors in six high-income economies (Germany, France, Italy, Netherlands, Japan, and the US) using a mixed-effects varying-slopes model on EU KLEMS data. Directed technical change is enforced by a revenue-neutral, pro-active fiscal policy of a tax–subsidy form, which has the effect to greatly accelerate the phase-out of carbon-intensive technology and the phase-in of green technology. The speed of green substitution that allows decarbonization is then evaluated analytically and computationally along four policy and time dimensions: cost advantage, a percentage tax on carbon-intensive output, a green subsidy rate, and initial investment ratios. Though the tax itself has an impact on the speed of decarbonization, it is significantly improved by green subsidies and green investments. The cost advantage of the green over the carbon technology is shown to have a negligible impact on decarbonization speed by itself. Without ambitious fiscal policy, especially in the form of green investment support, this substitution process appears to be too slow to reach decarbonization in a timely manner.

Is the prediction of precious metal market volatility influenced by internet searches regarding uncertainty?

There are countless articles on the relationship between economic uncertainty and the precious metals market, but studies examining whether economic uncertainty related queries (EURQ) can provide valuable information for the prediction of precious metal price volatility are scarce. Therefore, this paper examines the predictive power of EURQ for price volatility in the precious metals market with the GARCH-MIDAS model structure. The parametric results indicate a significant positive effect of the EURQ indicator on precious metal market volatility and mixed results for its asymmetric variation. Additionally, we investigate the performance of forecasting models that incorporate long- and short-term asymmetric effects from an out-of-sample perspective. We discover that using information from negative changes in returns and positive and negative shocks to the EURQ is more beneficial for forecasting precious metal futures price volatility than forecasting models that consider only a single indicator. Our findings emphasize the importance of queries on uncertainty-related topics in forecasting gold, silver, and copper price volatility and provide valuable guidance for rationally planning investment ratios.

The Influence of Economic Openness on Income Inequality Among Provinces in Indonesia

Economic growth is a macro indicator to measure the success of development, so all countries strive to achieve high economic growth to create prosperity for the society, especially for developing countries. At the beginning of economic growth, income inequality will increase, but over time, income inequality will decrease. This research was conducted to analyze the influence of economic growth rate, non-oil export ratio, non-oil import ratio, and foreign direct investment ratio on income inequality among provinces in Indonesia. The data used in this study is panel data obtained from the Central Statistics Agency covering 34 provinces in Indonesia from 2018 to 2022. The results of this study indicate that the economic growth rate has a positive but not significant effect on income inequality in Indonesia, the non-oil import ratio has a positive and significant effect on income inequality in Indonesia, the foreign direct investment ratio has a negative but not significant effect on income inequality in Indonesia, while the non-oil export ratio does not have a significant effect on income inequality in Indonesia.

Power play in carbon trading market: How status of executives with R&D background incentives companies’ low-carbon innovation

Utilizing the phased initiation of carbon trading pilot projects in eight provinces and municipalities in China from 2013 to 2016 as a quasi-natural experiment, this study matches micro-level data on low-carbon patents and financial information of publicly listed companies from 2009 to 2019. Employing a staggered difference-in-differences framework, it assesses the impact and mechanisms through which the distribution of executive power, among those with R&D backgrounds, influences firms' low-carbon innovation capabilities against the backdrop of a carbon emission trading scheme. The status of executives with R&D backgrounds is characterized by their relative ranking within the team, as denoted in the companies' financial statements. Findings indicate that the carbon emission trading significantly fosters the output of low-carbon patents by firms, with executives possessing R&D backgrounds further enhancing the level of low-carbon innovation. This effect is more pronounced in privately-owned and small to medium-sized enterprises. Further analysis suggests that increasing R&D investment and personnel ratios, correcting managerial overconfidence and myopia, and enhancing corporate attention to green strategies are channels through which R&D-oriented executives lead to an improvement in firms' low-carbon innovation capabilities. The paper proposes government tax incentives and funds for R&D staff, stricter ESG standards for executive accountability, and regulations mandating green goals in company planning.

Çin'in Ekonomik Gelişiminde Dış Ticaret ve Doğrudan Yabancı Yatırımların Etkisi: Ampirik Bir Yaklaşım

China achieved rapid economic development as a result of the reforms implemented in 1978. It is widely believed that foreign direct investments and foreign trade, which increased alongside these reforms, had a significant impact on this rapid economic progress. Consequently, this study sought to examine the effectiveness of foreign direct investments and foreign trade in facilitating China's rapid economic growth between 1978 and 2016, utilizing the SVAR method. Within the scope of the study, three variables were utilized: the growth rate, the ratio of foreign direct investments in GDP, and the ratio of foreign trade volume in GDP. In the initial part of the study, the growth process, foreign direct investments, and foreign trade of China were evaluated using graphical representations. In the following section, in the empirical part, initially crisis periods were incorporated into the model as a dummy variable in order to prevent crisis periods to affecting the results. Following this, unit root tests were conducted, and it was concluded that the series were non-stationary at the level but became stationary after taking their first differences. Therefore, in this study, the first differences of the series were utilized for analysis. In the subsequent part, autocorrelation and heteroskedasticity tests were applied to the model. The results of these tests indicated that the model is suitable for evaluation. Consequently, in the next part, the study proceeded to evaluate the impulse-response functions and variance decomposition results of the model. As a result of these analyses, it was concluded that both foreign direct investments and foreign trade, but especially foreign direct investments, have a significant impact on China's economic growth.

The evolutionary analysis of investment in CCS-EOR under dual carbon target—From the perspective of multi-agent involvement

Carbon capture and storage with enhanced oil recovery (CCS-EOR) technology plays a crucial role in achieving dual carbon targets in China. And the rapid diffusion of technology requires collaboration among various stakeholders involved in industrial chain of CCS-EOR project and then it will cause conflict of interest among the participants. In order to solve the problem existing in CCS-EOR promotion and propel the rapid deployment of low-carbon technology in China, the paper constructs a tripartite evolutionary game model by incorporating the strategic choices of coal-fired power plants, oilfield enterprises and governments into the framework, explores the respective dynamic evolutionary path of three parties and analyzes the impact of each parameter change on the system evolution results Through the numerical simulation, the paper identifies the optimal evolutionary path to spur the application of CCS-EOR and determine their strategy choices of three involved subjects in the game framework. Based on the sensitivity analysis, results are given as follows: (1) The government's clean electricity subsidy and carbon utilization subsidy have pushed the timing of CCS retrofitting significantly forward, but the initial investment subsidy has little impact on it; (2) Under the cooperation mode of coal-fired power plants and oilfield enterprises, the optimal cost-sharing ratio of the initial investment for coal-fired power plants is about 0.4 to promote both sides to reach cooperation faster. Once it exceeds 0.4, the probability of cooperation between them will be significantly reduced; (3) The carbon tax policy effectively propels the development of CCS-EOR technology. When the carbon tax rises from 30 CNY/t to 120CNY/t, power plants will conduct CCS retrofitting investment two years in advance.

Reviewing healthcare financial management: Strategies for cost-effective care

This research investigates the dynamic interplay between healthcare financial management and the pursuit of cost-effective care. The study explores operational efficiency strategies, value-based care models, and technological innovations. It explores their impact on economic outcomes and regulatory compliance. Governed by acts like the Affordable Care Act and initiatives like MACRA, the regulatory landscape significantly shapes financial strategies. Technology, including data analytics and electronic health records, emerges as a critical enabler for optimizing financial efficiency. Evaluating financial outcomes, emphasizing return on investment and cost-effectiveness ratios, reveals the intricate link between fiscal responsibility and enhanced patient care. While challenges persist, including resistance to change and limited resources, the study underscores the imperative for a balanced approach, recommending continued research into long-term financial impacts and innovative financial models aligned with value-based care.

A novel TLFD-GA algorithm for multi-objectives optimization of ORC power plants with the effect of pressure drop considered

This research introduces a novel TLFD-GA algorithm for the three-level criteria optimization of organic Rankine cycle (ORC) power plants. It replaces the non-dominated sorting of NSGA-II with three-level fuzzy decision to simultaneously optimize environmental, thermodynamic, and techno-economic criteria. The algorithm provides direct optimization results without needing additional decision-making methods. Furthermore, the impact of pressure drop in plate heat exchangers is investigated, revealing a proportional relationship between pressure drop and the increment of evaporation pressure. A parametric study on 24 basic and recuperative trans-critical geothermal ORC systems indicates that compensating for pressure drop leads to a 5% decrease in thermodynamic performance, a 20% decrease in techno-economic performance, and a 20–60% increase in heat transfer area per net output power. After TLFD-GA optimization, the saving to investment ratio improves by an average of 4.5% across scenarios. R1270 stands out with a remarkable ratio of 3.13 and 4.32 in medium and high-temperature geothermal reservoirs. Moreover, the proposed TLFD-GA optimization algorithm has demonstrated its superiority in terms of superb convergence and stability when compared to NSGA-II, which suggests its prospective application in the low-carbon and green energy fields.

INVESTIGATING THE ROLE OF FIRM LIFE CYCLE ON FINANCIAL DISTRESS: EVIDENCE FROM BORSA ISTANBUL

This paper aims to examine whether acting non-compatible with life cycle has impact on firm’s financial distress. Considering every life stage requires unique priorities, firms should consider their life phases when determining their strategical decisions. We handle the causes of financial distress from a broad and strategical perspective on corporate finance ground. In this regard, we seek the relationships of investment, finance, and dividend policies with financial distress, considering firm life cycles. We applied panel data analysis examining 154 Borsa Istanbul (BIST) firms in manufacturing sector using their last seven-year data. We find that the ratio of investment to equity is positively correlated with financial distress for growth and decline firms at different levels. Additionally, we find that leverage increases financial vulnerability in all life cycles, however, the impact of leverage is larger for growth firms and decline firms. These findings are significant to navigate managers in the right direction.

OPTIMIZING ISLAMIC BANK PERFORMANCE FOR UNLOCKING PATH OF PROFITABILITY

This study investigated the impact of some investment fund ratios in Islamic banks operating in Syria, represented by both the financing-to-deposits ratio FDR and the resource investment ratio IRR, in addition to the liquidity ratio, on the profitability of these banks, represented by ROA and ROE. In addition, this study aimed to identify the reality of the financial performance of Syrian Islamic banks according to these indicators and clarify the extent to which there are significant differences between them. This was done during the period from 2010 to 2022, based on the annual financial statements published in the annual financial reports issued by the banks under study. 
 The study found that there were significant differences in the performance of the Syrian Islamic banks studied regarding indicators of fund investment. While the performance of these banks was similar in terms of indicators of profitability and liquidity, there were no significant differences between any of them. The study also concluded that there is a positive and significant effect of FDR and IRR on ROE overall, compared to the absence of any significant effect of these two indicators on ROA. There is no significant effect of the liquidity ratio on ROA or ROE overall.

Study of the Impact of Housing Provident Fund on Urban Households’ Investment in Risky Financial Assets

Based on the 2019 CHFS data, this paper utilizes the Tobit model to consider the impact of housing provident fund on urban households' investment in risky financial assets and its mechanism of action. The results show that holding housing provident fund is increases the investment ratio of urban households for financial products and risky financial assets, and there are differences in household income levels and financial literacy. Further research found that housing provident fund significantly increases urban households’ future expectations and happiness, and thus increases the investment ratio of households in financial products and risky financial assets. The better the household’s financial situation, the higher the rate of investment in financial products and risky financial assets will be when the household owns housing provident fund.

“Human capital”, “human potential” and labor law: The experience of an interdisciplinary approach

The article gives the author's analysis of the variety of approaches to the concept of "human capital", which has developed within the framework of economic science. Its positive characteristics, the possibility of using it to solve the problems of theory and practice related to labor law are noted. At the same time, the conventionality of this term, its ambiguity, and insufficient adaptation to legal realities are criticized. The concept of "human potential", its greater objectivity and correlation with empirical data, is assessed more positively. To confirm the author's position, the views on this issue of scientists-economists, both foreign (primarily G. Becker) and domestic, are considered. The article proposes the author's version of the relationship between the concepts of "human capital" and "human potential". The first refers to social spending or “investment in people” of budgetary funds at all levels and household funds. This funding is aimed at the development of education, obtaining professional skills, knowledge, skills, maintenance of employees during the period of disability, social support for families, housing, medical care, cultural development. This formulation of the question allows us to talk about the return on investment of "human capital", i.e. o the ratio of investments and subsequent income (negative, neutral or positive). It will still remain a metaphor (and the equivalence of investments and the return on them will always be relative), but not completely divorced from life. "Human potential", respectively, is considered as the potential ability of a person to realize himself, to participate in the economic life of society. It includes talent, moral and business qualities, education, professional knowledge, skills and abilities, as well as work experience, health status. This potential is not measured in rubles or another currency, but “human capital” is invested in it, relative to which the return is calculated. At the same time, doubts were expressed about the need to introduce "human capital" into the doctrine of labor law.

ОБЕСПЕЧЕНИЕ КАЧЕСТВА ИНВЕСТИЦИОННЫХ ПРОЕКТОВ

The authors conduct a study of current trends in the field of ensuring the quality of investment projects, taking into account the identification of the main stage of the investment decision and its evaluation. This stage is intended to provide an answer about the feasibility of investing in the project as a whole. To implement this stage, there is a wide range of tools, including various methods for ensuring the quality of the solution, in particular, the net present value method, the internal rate of return method, the real options method, the modified internal rate of return method, and the return on investment ratio, as given in the article. Each method has advantages and disadvantages; the article also discusses examples of changes in Russian legislation in the field of project evaluation. The authors analyze practical experience in implementing investment decisions, provide the opinions of experts from among practitioners in the field of application, and analyze specific examples from the point of view of finding opportunities to ensure the quality of the implementation of an investment project.

Bank-Specific and Macroeconomic Determinants of Profitability of Islamic Banks: Evidence from Bangladesh

This study investigates the determinants of profitability of Islamic banks in Bangladesh, considering different bank- specific and macroeconomic variables. This study used ROA and ROE as indicators of Islamic banks’ profitability. The study comprised data from eight Islamic banks spanned from the years of 2011 to 2020. Applying the Fixed Effect Model (FEM), Random Effect Model (REM), and Pooled OLS, the estimated result shows that the three methods classified investment ratio and cost-to-income ratio negatively affect the Islamic bank’s profitability indicators ROA. Whereas the investment-to-deposit ratio and inflation rate positively affect the Islamic bank’s ROE, conversely, Investment to total asset ratio, classified investment ratio, and capital adequacy ratio negatively affect the bank’s profitability of ROE. After applying the robustness method of FGLS, this study found that classified investment ratio, investment to deposit ratio, and the inflation rate is a strong predictor of increasing banks’ overall profitability, and the capital adequacy ratio, cost income ratio, and interest rate are a strong predictor of reducing Islamic banks profitability.

Optimum Portfolio Construction Using Single Index Model: An Empirical Study of Nepal Stock Exchange

Purpose: The purpose of this paper is to construct the optimum portfolio of eight sectors listed in NEPSE applying the Sharpe’s single index model.
 Design/Methodology/Approach: Adopting the judgement sampling method, eight sectors were selected for the study. The study period was taken from august 2018 to august 2021 for the three years period as this time frame is the recent bull period. During this period the market index increased from around 1100 to an all-time high index 3200. To construct the optimum portfolio, daily returns of the market and sectors were used. Cut off rate (C*) was calculated in order to form the optimum portfolio using daily basis data. Those sectors whose excess return to beta ratio is higher than cut off rate were included in the optimum portfolio.
 Findings: The study revealed five sectors- non-life insurance, hydro power, finance, microfinance, and development bank-form the optimum portfolio. In terms of ratio of investment in the optimum portfolio, the proportion of investment is found higher in the finance sector (36.6%) and lower in the development bank sector (11%). Furthermore, in terms of unsystematic risk, non-life insurance (3.681) and hydro power sector (3.508) are found as risky sectors compared to other sectors. This study exclusively used the bull period data to form the optimum portfolio applying the Sharpe’s single index model in a daily basis data.
 Implications: The finding can help the investors to make informed decisions aligned with their risk tolerance, return expectation and overall investment objectives.