Reduction In Profits Research Articles

Geographical differences in the financial impacts of different forms of tobacco licence fees on small retailers in Scotland

ObjectiveRetailer licencing fees are a promising avenue to regulate tobacco availability. However, they face strong opposition from retailers and the tobacco industry, who argue significant financial impacts. This study compares...

Political legitimacy and CSR reporting: Evidence from non-SOEs in China

This study explores the corporate social responsibility (CSR) reporting initiatives of Chinese non-state-owned enterprises (non-SOEs) after losing their political connections due to exposure of corruption scandals. Using difference-in-differences estimation, we show that firms are more likely to issue CSR reports voluntarily after losing their political connections. This phenomenon is more prevalent for firms facing severe financial constraints, those located in provinces with low marketisation, and those in industries with high competition. Our mediation analysis suggests that a reduction in profitability serves as a channel through which the loss of political connections influences firms' decision to disclose CSR. Furthermore, we find that the loss of political connections reduces economic benefits for corruption-related firms. These results imply that non-SOEs voluntarily disclose their CSR reports to build political legitimacy, which is valuable capital for firms to maintain their competitiveness in the market. Our results are robust to alternative measurements of the key variables and rule out several alternative explanations.

<p>Does climate change pose physical and transition risks to the financial stability of Türkiye? Evidence from Fourier Bootstrap ARDL</p>

Türkiye is experiencing unprecedented events of climate-related natural disasters in recent years ranging from wildfires, drought, floods, and earthquakes. These natural disasters may trigger financial instability via physical risk, arising from damages to fixed capital, disrupting coastline operations, and decline in agricultural products. The introduction of environmental regulations, policies, and innovations aimed at the mitigation of physical risk might trigger transition risk. This affects the value of the assets held by businesses within the fossil fuel industry and carbon-related industries; leading to increased insurance liability, reduction in cashflows, profitability, and insurability of corporations that depend on ecosystem services. Thus, the impact of physical and transition risk on the financial stability of Türkiye was investigated from 1980-2020 using the novel Fourier Bootstrap ARDL technique. The analysis revealed that physical risk measured as the frequency of natural disasters increases the risk of financial instability in Türkiye both in the short and long run. Contrarily, transition risks measured by environmental taxes and environmental technologies were found to increase the financial stability in Türkiye. As a major policy implication, it is suggested that companies must consider the risk of climate change during the infrastructure planning and building process. In addition, the government should revise environmental taxes to boost environmental innovation for a sustainable future.

Impact of Capital Structure on Firm Performance of Financial Companies Listed on the Indonesia Stock Exchange

In the current business landscape, effective management of a company's financial strategy is paramount for sustainable growth, with a particular emphasis on optimizing the capital structure to fulfill the funding requirements of day-to-day operations. This research investigates how the capital structure influences the financial performance of non-bank financial institutions listed on the Indonesia Stock Exchange in the year 2022. The study focuses on two key dependent variables: the return on assets ratio and the return on equity ratio. The independent variables, represented by the capital structure, encompass the debt-to-assets ratio and the debt-to-equity ratio. The results obtained through regression analysis of the data unveil a significant negative impact of the capital structure on financial performance, particularly affecting the return on equity. These findings underscore the importance of non-bank financial institutions exercising caution when managing capital resources secured through debt financing. Excessive reliance on debt within the company's capital structure could potentially elevate financial burdens, ultimately leading to a reduction in overall profitability. Consequently, prudent capital management practices are recommended to maintain financial stability and bolster long-term prosperity.

Rework investigation in residential building projects: Cost, factors and effects

AbstractThis article aims at investigating rework cost, factors and effects in residential building projects in the West Bank – Palestine. Questionnaire survey is used to collect and rank the main factors and effects of rework from consultants' and constructors' point of view. Respondents show that more than 80% of the projects completed with rework cost of value greater than 5% of the total project cost. Overall, respondents' view concludes that the top rework factors include: mistakes in design, unskilled labors, unqualified subcontractors, non-conformance with required specifications, and bid awarding policy. Respondents indicate that the main effects of rework are cost overrun, project time extension, material waste excess and profit reduction. Spearman correlation test concludes a good correlation between contractors and consultants in ranking of rework factors and effects. Data collected from 47 residential projects reveal a high rework impact on cost overrun in construction projects. The results of this study would be helpful for researchers and professionals to guide their efforts to minimize rework in construction projects and to improve projects outcomes in term of cost, time and quality.

A review of the biology, distribution, and management challenges posed by the invasive weed Ziziphus mauritianaL., with special reference to its invasion in Australia

AbstractZiziphus mauritiana is an economically detrimental and environmentally destructive plant in non‐native areas where it has escaped cultivation. It forms dense, impenetrable thickets that restrict the movement of livestock across the landscape and has the capacity to alter various ecological functions at the site of invasion, all of which contribute towards land degradation and the reduction of economic profitability. Although there are several management strategies implemented to control Z. mauritiana, it is clear that no single‐method approach will effectively control the species in the long‐term. Whilst chemical and mechanical methods appear to show promising results, they tend to be restricted to areas that are easily accessible and, even so, can be challenging and laborious to treat evenly across dense thicket areas. Several prospective biological control agents have been identified for Z. mauritiana, although further investigations are required to ascertain the host specificity, and to explore and identify their climatic and environmental suitability of host specific agents for release in non‐native regions. Ecological burning alone is not effective in controlling Z. mauritiana and will likely increase its emergence. As such, it could be adopted as part of an integrated management approach to assist other methods for long‐term control, but again the development of such an approach requires further investigation. To contribute towards the control of Z. mauritiana, this review explores its biology, distribution and management challenges whilst identifying areas of research that will assist in the long‐term and confident control of the species, with an emphasis on its invasion in Australia.

Enhancing Fishery Management in Tanghe Reservoir, China: Insights from Food Web Structure and Ecosystem Analysis

Situated within China’s Liaoning Province, Tanghe Reservoir stands as an exemplar in the realm of reservoirs dedicated to eco-friendly fisheries development. Regrettably, frequent incidents compromising water quality and substantial reductions in reservoir fishery profits have plagued the area due to the absence of effective stocking theory guidance. However, the internal ecosystem drivers responsible for these outcomes have remained elusive. This study, leveraging an Ecopath model, delves into an exploration of the food web structure and ecosystem characteristics inherent to Tanghe Reservoir. The findings gleaned from this research demonstrate that the Tanghe Reservoir ecosystem boasts a considerable capacity for material cycling, yet it has not reached full maturity. A multitude of fish species, zoobenthos, and even zooplankton entities exhibit eco-trophic efficiencies exceeding 0.9, indicative of their rampant overexploitation. Notably, the primary cultured species, Aristichthys nobilis and Hypophthalmichthys molitrix, command significant biomass levels but register lower nutritional conversion efficiencies, signifying their overstocked status. Drawing from the tenets of maximum sustainable yield (MSY) theory, we advocate for a heightened emphasis on the harvest of Aristichthys nobilis and Hypophthalmichthys molitrix.

СВЯЗЬ НЕРАВЕНСТВА ДОХОДОВ И НАУЧНО-ТЕХНИЧЕСКОГО ПРОГРЕССА С ТОЧКИ ЗРЕНИЯ ПОЛИТЭКОНОМИИ

The article analyzes the views of scientists of the late 20th and early 21st centuries on the question of whether there is a connection between income inequality and the development of the digital economy. Based on an analysis of the works of Lawrence F. Katz, David Autor, David Deming, Dani Rodrik, Robert Solow, Joseph Schumpeter and Klaus Schwab, the author answers the research question – what factors are determining for the generation of inequality in the digital economy. As such factors, the author identifies globalization, a reduction in the share of labor in the world GDP with a simultaneous reduction of the capital profitability, an increase in economic rent from the possession of technology, and a greater profitability for capital compared to labor from the introduction of technology. As a result of a comparative analysis of the concepts set out in the works of the above mentioned authors, it is concluded that they all recognize the fact that as a result of the introduction of new technologies, there is an increase in inequality. It was also found that the IT industry is developing according to the same laws as conventional production. As a new technology is widely introduced, it becomes «routinized,» and accordingly, as a large number of workers master the technology, wages fall. Moreover, the development of technology can, in principle, lead to layoffs of workers, which further deepens the problem of inequality. To verify the results of the analysis, the author analyzed statistical indicators for achieving SDG 10 «Reducing inequality within and between countries» based on the annual UN Sustainability Report. It was found that the target will not be achieved by 2030, but it significantly lays behind the other 16 SDGs. Thus, the author’s hypothesis about the growth of income inequality under the influence of digitalization processes is confirmed.

Greenium and Its Determinants at Various Phases of Life Cycle of European Green Bond Market

The paper explores the evolution of greenium in European corporate primary green bond markets from 2013 to 2023. It introduces a new perspective by studying the phases of the life cycle of this market. The sample included 22,259 bond issues from 23 European countries, with 1,040 being green bonds. During this period the green bond yield discount was around 15 bps for banks and 40 bps for non-financial companies. Our findings revealed significant dependence on the size of the greenium on the phases of the lifecycle of the market. The most significant shift was observed after 2022 when the yield discount for green bonds changed by the premium to conventional bond yields of 36 bps. For non-financial corporates the previous 70 bps discount has been replaced by a premium of up to 27 bps compared to conventional bonds. Issuers in “clean” industries saw their yields increase by 43 basis points compared to conventional bonds. The result reflected energy crisis in Europe which is accompanies by tighter monetary policy, and reduction of corporate profits. The findings are crucial for researchers, central banks, and authorities responsible for financial stability and sustainable development.

Dynamic Analysis of a Dual-Channel Closed-Loop Supply Chain with Heterogeneous Players and a Delay Decision

This paper considers a dual-channel closed-loop supply chain (CLSC) consisting of a manufacturer who wholesales new products through the traditional retail channel and distributes remanufactured products via a direct (online) channel established by himself. Two dynamical Stackelberg game models are developed based on the assumption that the retailer is an adaptive player, and the manufacturer is a bounded rational player who may adopt a delay decision. The existence and locally asymptotic stability of the Nash equilibrium are examined. Moreover, the impacts of key parameters on the complexity characteristics of the models and the performance of chain members are studied by numerical simulation. The results reveal that the excessively fast price adjustment speeds of the manufacturer, the larger consumers’ discount perception for the remanufactured products, and the consumers’ preference for the direct channel have a strong destabilizing effect on the Nash equilibrium’s stability. Furthermore, the delay decision implemented by the manufacturer could be a stabilizing or destabilizing factor for the system. The manufacturer will tolerate a considerable profit reduction while the retailer gains more profits when the dual-channel CLSC system enters periodic cycles and chaotic motions.

Modeling the power trading strategies of a retailer with multi-microgrids: a robust bi-level optimization approach

ABSTRACT The primary contribution of this paper lies in the development of a bi-level optimization framework designed to model a retailer’s power trading strategies within the context of multi-microgrids. Another noteworthy aspect of this research is managing the risk associated with the retailer’s decision-making process, achieved by addressing the unpredictability of market prices through a robust bi-level structure. In this model, the upper-level problem focuses on the retailer’s decision-making, while the lower-level problem addresses microgrid considerations. Furthermore, a load-shifting strategy is integrated into the microgrid problem to enhance the profitability-to-cost ratio for both the retailer and the microgrids. The results demonstrate a 3% increase in the retailer’s profits and a significant 30% reduction in the microgrids’ costs using the load-shifting strategy. In the most unfavorable scenario, the retailer experiences a profit reduction of 21.67%, while the maximum increase in the microgrids’ costs reaches 238.3%.

Emissions offset incentives, carbon storage and profit optimization for Australian timber plantations

This article evaluates additional carbon storage that becomes profitable over a range of carbon credit prices through Australian Emissions Reduction Fund (ERF) methods introduced in 2017 for timber plantations. We found prices of $20 and $50 CO2-eq t−1 motivated switching 4% and 29% of southern Australian case study estate stands from short-rotation E. globulus to long-rotation P. radiata, resulting in 10% and 48% more estate carbon storage. We found no uptake of not for harvest environmental plantings to be profitable, even at carbon prices of $100 CO2-eq t−1. This appears to be because of the relatively faster initial growth and carbon gain for long-rotation timber as compared to environmental planting species and the detail of baseline and comparison scenario definitions used in credit calculations. We also evaluated carbon storage versus profit trade-offs over the full set of technically possible and efficient estate management options to achieve abatement, greater than levels that maximize profit. Key conclusions from this analysis were that significant carbon storage increases even beyond what is profitable are possible for the case study estate at relatively little reduced profit opportunity cost for carbon prices of $20 CO2-eq t−1 and less. In contrast, managing all stands in the estate for the sole objective of improving carbon storage could nearly double carbon storage but result in a significant 27% profit reduction under a $20 CO2-eq t−1 carbon price scenario.

Internal parasitic helminth infecting reared fishes from the West Region of Cameroon: Epidemiological profile and effects on fish health

Intensification of the fish farming sector in Cameroon can result to reduction of profitability and public health concerns due to emergence of parasites amongst which zoonotic ones. Unfortunately, limited and outdated data are available on internal parasites of reared fish as well as their impact on the infected fish. A total of 2254 live fish samples of males and females were randomly obtained made up of Clarias gariepinus (692), Cyprinus carpio (593) and Oreochromis niloticus (969). The skin, the gastrointestinal tract of the fish was examined for the presence of parasite, using standard procedures. An overall prevalence of 8.47% coupled with a very low intensity was assessed. This study revealed a diverse parasitic fauna made up of Acanthocephala sp. (4.84%), Cappilaria sp. (1.91%), Eustrongylides sp. (1.06%), Camallanus sp. (1.2%) and Orientatractis sp. (0.34%). Meanwhile, intensities mean values were higher in Cappilaria sp. followed by Eustrongyloides sp., Camallanus sp. and finally Acanthocephalus sp. Prevalence of internal parasites was higher in Cyprinus carpio (8.77%). Clarias Gariepinus on the other hand, had a higher intensity. Fish were mostly infected during the dry season. Nevertheless, a high parasitic load was observed in the rainy season. Specimens collected in the earthen ponds show a higher prevalence (p < 0.05), while those in concrete ponds had a higher infection intensity. Females were more prevalent contrary to males which have a higher intensity. Parasites were identified from the body cavities and gastrointestinal tracts of fishes. Comparison of Length/Weight relationship and Fulton condition index K does not show any differences between the parasitized and non-parasitized specimens. Parasites with a zoonotic potential were detected in this study, highlighting the importance of intensifying biosecurity and parasite control measures in fish farms in West Cameroon.

Supply chain short‐term financing for responsible production at small and medium‐sized enterprises

Companies have increasingly used supply chain financing instead of bank financing when engaging with financially constrained suppliers. We investigate the effectiveness of different financing mechanisms at supporting supply chain responsibility. We consider a decentralized supply chain where a buyer sources from a financially constrained supplier who borrows from either a bank or the buyer to finance his production. The buyer audits the supplier for responsibility compliance and will refuse to accept and pay for the order if the supplier fails the audit. We find that under conventional bank financing, the bank is concerned with the supplier's audit failure and will raise the interest rate. This not only hinders the supplier's compliance effort but also hurts the profitability of every stakeholder. In contrast, under buyer financing, the buyer may offer the supplier a low interest rate to motivate him to be more compliant when the supplier's collateral is of low value. However, if the supplier's collateral is of high value, the buyer may be tempted to set a high interest rate to exploit the supplier—leading to a reduction in supplier's compliance and supply chain profitability. Thus, we conclude that buyer (bank) financing is more preferable for encouraging responsibility when the supplier has low (high) collateral. Our findings suggest that buyer financing may not always be an effective approach for encouraging supply chain responsibility. As such, we propose an alternative mechanism under which the buyer offers a reward to the supplier if he passes the audit while the supplier continues to borrow from a bank. We prove that this combination of bank financing and buyer reward always improves the compliance level and in most cases increases the total supply chain profit. It is even more effective than buyer financing in encouraging responsibility especially when the supplier's collateral is of low value.

Bi-objective Optimization for Resource-constrained Robust Construction Project Scheduling

Construction projects are often executed in complex environments, and various uncertain factors (e.g., bad weather, machine breakdown) prolong activity duration in practice, which may cause project completion delays or profit reduction. Moreover, previous studies often optimized net present value or robustness in project scheduling separately, they neglected the linkage between the value of obtaining NPV and the capacity of tackling uncertainties in a project schedule. To achieve optimal profit and enhance the stability of a project schedule simultaneously, this study proposes a bi-objective optimization for resource-constrained robust construction project scheduling problem (RCRCPSP), which aims at optimizing NPV and robustness, and builds a bi-objective optimization model for the RCRCPSP based on five typical cash flow models. Then an ε-constraints procedure embedded with a genetic algorithm is proposed to solve the model. The ε-constraints procedure performs better than the multi-objective genetic algorithm proposed by the previous study through case study. Furthermore, the findings demonstrate that a trade-off relationship exists between NPV and robustness, and cash flow models have little impact on robustness, while the relaxed deadline can improve a project schedule with high robustness. The fruits of this study can help contractors balance the NPV and the robustness in an indeterministic environment.

Pasture growth curve impacts the economic merit of extended lactation: a simulation study

Voluntarily increasing the calving interval beyond 12-months (extended lactation; EL) has possible benefits in reducing labour requirements, herd replacement rate, and surplus calf numbers. With limited information on feed balance and economic effects with EL, reductions in profitability were hypothesised. A MS Excel spreadsheet model was developed to compare calving systems: spring calving annually (Base), two herds between spring and autumn calving with 18-month calving intervals (EL18), or two herds calving in alternating springs with 24-month intervals (EL24). Weekly feed balances using pasture growth curves for four regions (Northland, Waikato, Canterbury, Southland) and partial budget analysis informed estimations of supplement costs and net income (NI). The EL24 system had lower supplement costs (-$240 /ha) and higher NI (+$439 /ha) than the Base system for Northland only. The EL18 systemalways had the highest annual milk production and total revenue, but highest supplement costs and lowest NI in the four regions. Replacement, calving, and mating costs were lower for EL systems than Base; however, costs for milking and repairs and maintenance were higher. This preliminary study indicates there is merit in investigating EL systems, particularly for Northland. Further data from EL systems are needed to increase confidence in the system’s potential.

Two sided disassembly line balancing problem with rest time of works: A constraint programming model and an improved NSGA II algorithm

In the process of disassembly, it is difficult for workers who have been in working condition for a long time to ensure the high-quality completion of the tasks they undertake, which will lead to the reduction of disassembly profit. Providing workers with longer rest time within a certain range can improve the quality of work and thus increase dismantling profits. In response to the above phenomenon, this study proposes for the first time a two sided disassembly line balancing problem with rest time of works (TDLBP-RTW), aiming to optimize the disassembly profit, number of workstations, number of sub workstations, workload smoothness, and hazard index. In addition, the existing algorithms for solving the disassembly line balance problem often do not consider the distribution of feasible solutions. Their search process for the solution space tree is quite random, leading to serious repeated searches and resulting in a significant waste of search resources. To solve the above problems, this study improves the NSGAII algorithm and designs a multi-objective evolutionary algorithm (NSGAII-FSDRSA) considering feasible solution distribution and real-time search resource allocation. The biggest difference between NSGAII-FSDRSA and traditional methods is that NSGAII-FSDRSA can analyze the distribution of feasible solutions and the allocation of search resources, and allocate more search resources to areas with dense feasible solution distribution and less search resource allocation based on the analysis results. The performance of the proposed algorithm is verified by solving three classical examples and by comparing with many meta-heuristic algorithms. Then apply the proposed model and method to the refrigerator disassembly production line of a disassembly enterprise in China. The disassembly scheme of NSGAⅡ-FSDRSA is superior to five classic multi-objective algorithms. The results indicate that this method can improve the performance of the disassembly line.

Analysis of the Effect of Operational Costs on the Profitability of the Tirta Dharma Regional Drinking Water Company, Belu Regency

This study aims to identify and analyze operating costs to increase the profits of the Tirta Dharma Drinking Water Regional Company in Belu Regency. This study employs quantitative descriptive research, specifically analyzing operational costs as variable X by calculating the ratio of operating expenses to operating income (BOPO) and assessing profitability ratios as variable Y by calculating Net Profit Margin, Return On Asset, and Equity. Data were collected through observation, interviews, and documentation methods. The study findings suggest that the profit gained by PDAM Tirta Dharma Belu Regency through Net Profit Margin (NPM) calculation has been fluctuating. This implies that the net earnings from sales have not been maximized. Additionally, the calculation of Return on Asset (ROA) reveals the fluctuating profit obtained by the company. Moreover, the computation of Return on Equity (ROE) reveals that PDAM Tirta Dharma Belu Regency has also faced fluctuations. This suggests that the company could not utilize capital assistance to its full potential. The reduction in profitability at the Regional Drinking Water Company of Belu Regency can be attributed to suboptimal fund management and excessive operating expenses. In other words, despite the company's ability to generate profits from its business activities, it could not lower the high operating costs. As a result, the operating costs are not optimal, making it difficult to enhance the company's profitability efficiently

Pengaruh Good Corporate Governance, Corporate Risk, dan Capital Intensity Terhadap Tax Avoidance Perusahaan Sub-Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia (BEI)

Tax avoidance is a method of reducing tax legally with the aim of minimizing the tax burden by taking advantage of loopholes in the tax provisions of a country to maximize the amount of profit after tax, because in this case the tax is an element of profit reduction. This research aims to analyze the effect of Good Corporate Governance, corporate risk, and capital intensity on tax avoidance either partially or simultaneously. The population in this research is the banking sub-sector companies listed on the Indonesia Stock Exchange for the 2018-2021 period, totaling 43 companies. The method of determining the sample using the purposive sampling method with several predetermined criteria, there are 10 companies with observations for 4 years, so the sample in this research is 40 data. The analytical method used in this research is multiple linear regression analysis. The results show that partially Good Corporate Governance and capital intensity have no effect on tax avoidance, while corporate risk has an negative effect on tax avoidance. Simultaneously Good Corporate Governance, corporate risk, and capital intensity affect tax avoidance

Optimal stochastic scheduling of a multi-carrier multi-microgrid system considering storages, demand responses, and thermal comfort

This paper focuses on the day-ahead scheduling of a multi-carrier multi-microgrid that delivers electricity, heat, and hydrogen to its customers. The microgrids are equipped with renewable sources, combined heat and power, gas boiler, electric boiler, multi-energy storage, and power-to-hydrogen facilities, and aim at minimizing their operational and environmental costs. Demand response for electrical and hydrogen loads as well as thermal comfort for heat demand have been considered to increase flexibility. The distribution company, which aims at maximizing its profit, imports electricity and natural gas from the main grid. Stochastic optimization is proposed, and the generated scenarios were reduced using the mixed-integer linear programming method. Considering that the problem possesses two conflicting objective functions, the problem was two-level with nonlinear terms. The Karush–Kuhn–Tucker conditions, duality theory, and Fortuny–Amat transformation were implemented to transfer the problem into a single-level mixed-integer linear programming problem. The effectiveness of the proposed framework in four cases has been tested on a hypothetical multi-carrier multi-microgrid. Energy storage, demand response, and thermal comfort resulted in a microgrid cost reduction of 12.31 % and a distribution company profit reduction of 17.25 %. According to the results, thermal comfort can reduce MGs costs remarkably since it adds more flexibility.