Reduction In Profits Research Articles

Effects of shading on tropical grass characteristics and cattle performance in silvopastoral systems: systematic review and meta-analysis

Context Shading reduces forage mass and can reduce animal production and profitability per area in silvopastoral systems (SPSs) with tropical grasses. This reduction in profitability is the main obstacle to using such systems. Aims This study evaluated the effects of shading by different tree arrangements on tropical grass characteristics and cattle performance in SPSs. Methods Systematic searches were conducted in databases and directly in scientific journals, and 66 articles were selected. Data were grouped into SPS subgroups on the basis of tree type: with Eucalyptus with 1–14 m between rows; with Eucalyptus with 15–28 m between rows; with Eucalyptus with more than 28 m between rows; with leguminous trees; with palm trees; and with other types of tree. Data were analysed with random-effects model by using mean difference with 95% confidence interval (at P = 0.05). Results A large reduction in forage mass significantly reduced animal weight gain per area and stocking rate of beef cattle reared in SPSs with row spacing of up to 28 m, compared with pasture monoculture. There was a small reduction in forage mass in SPSs with Eucalyptus with more than 28 m between rows, compared with pasture monoculture, but no reduction in stocking rate. This result allowed an increase in weight gain per area and indicated the need to use more than 28 m between Eucalyptus rows in systems the main objective of which is animal production. There was also a small reduction in forage mass in leguminous tree SPSs, but weight gain per area was similar to that in pasture monoculture; the animals also had a higher dry-matter intake, crude protein intake and milk production in these SPSs. The tropical grasses in palm tree SPSs had a higher crude protein and a lower forage mass than did those in pasture monoculture, and no reduction in weight gain per area compared with those in pasture monoculture, which indicated the possibility of productive animal production together with palm trees. The SPSs with other types of tree had a higher weight gain per area than did pasture monoculture. This result indicated that the use of SPSs with native trees can integrate animal production with environmental preservation. Conclusions The SPSs with Eucalyptus with more than 28 m between the rows or with other types of tree had a higher weight gain per area than did pasture monoculture, whereas leguminous and palm tree SPSs had a weight gain per area similar to that of pasture monoculture, which indicated that there was no significant negative effect of shading on livestock production. Implications Silvopastoral systems with higher weight gain per leaf area than, or similar to that of pasture monoculture can increase the total system production and profitability (considering wood and animal productions), which is beneficial and may be a factor in motivating producers to adopt these SPSs on commercial farms.

Designing Watersheds for Integrated Development (DWID): Combining hydrological and economic modeling for optimizing land use change to meet water quality regulations

By combining information on nutrient output from the Soil & Water Assessment Tool (SWAT) and secondary data on local profits from different crop types, we devise a profit maximization problem subject to dynamic water quality constraints, which become gradually more restrictive over time. The solution aims to detect the optimal allocation of land parcels by crop type that maximizes the total net present value of landowner profits throughout the watershed. Over a nine-year time span, our model construct is applied to the Little River Experimental Watershed (LREW) in South Georgia. Water quality constraints involve the landowner adhering to specific permittable limits on numeric nutrient criteria recorded at the watershed outlet under various scenarios, including i) NO3–N constraints, ii) total phosphorus (P) constraints, and iii) concurrent NO3–N and P constraints. In the most extreme case, a reduction in aggregate profits of $24.1 million and $8.1 million was observed for combined NO3– N and P constraints relative to commensurate solo constraints on NO3–N and P, respectively. The Designing Watersheds for Integrated Development (DWID) model could support policymaking for ascertaining trade-offs between economics and water quality channelized through direct and indirect land use change considering environmental regulations in Georgia and beyond.

КОНЦЕПТУАЛЬНІ ОСНОВИ РОЗВИТКУПОТЕНЦІАЛУ ПІДПРИЄМСТВ ОБОРОННО-ПРОМИСЛОВОГО КОМПЛЕКСУ В ЕКОНОМІЧНОМУ ЗРОСТАННІУКРАЇНИ

As for objectives, it was taken into consideration the fact that due to the military state of Ukraine caused by wide-broaden war actions and aggression of Russian federation, economy of the country is characterized by reduction of production volumes, GDP and profitability. Accordingly, it was underlined the importance of industrial increase of national producers, and the right way to solve this problem is to activate production growth of defense industrial complex. In this case, it is significant not only for economy, but military forces of Ukraine supply. Results. On the basis of analysis of production activities of defense industrial enterprises through recent years, especially since 2014 when the Crimea territory was annexed by Russia and Donbas region military actions started, it was defined the level of its production and economic potential that deals with high, normal and low points. It allowed understanding if Ukraine’s defense industrial complex has possibilities to fulfill economic growth and military forces supply in particular. Further, it was presented analysis of international place of Ukraine’s defense industrial complex and its tendency through the years since 2014. It was set up that most of all Ukrainians enterprises characterized by high and normal production and economic potential that also deals with positive demand on international market of weapons and ammunition. In order to describe if there were started the necessary strategies, programs, plans and actions on state, regional and administrative levels, it was systematized the list of actual and important documents. In the end, it was made the scheme of conceptual basis of production potential development of defense industrial enterprises in the economic growth of Ukraine. The core elements were proposed as government defense order programs, innovations, foreign investments, system of monitoring and guarantees for partners and national producers, activation of accompanying supporting branches of Ukraine’s economy. Conclusions. In order to get out of recession, increase GDP and achieve the appropriate level of economic growth, it is significant to activate both quality and capacitive volumes of defense industrial complex production that can become as catalyst for development of all spheres of national reproduction in Ukraine. As for export volumes, during the entire duration of war actions, military state and restoration of safety positions, it is advisable to limit it, and to extend only those foreign trade contracts that are long-term and strategically valuable for integration of Ukraine into European Union.

Оценка влияния агломерационных факторов на экономическую активность (микроэкономический анализ)

While agglomeration effects are an essential element of the economic environment determining the decision-making on the capacity allocation and implementation of infrastructure projects, their impact in the East of Russia is questioned. Development conditions of Novosibirsk oblast can have a contradictory effect on agglomeration forces. The paper aims to obtain quantitative estimates of the impact of agglomeration effects on enterprise performance by analysing the SPARK-Interfax database for 2019. To this end, the visualisation of the spatial distribution of the sample data, average output and profit characteristics was performed. Additionally, the econometric analysis of the influence of agglomeration factors on enterprise performance was conducted. As a result, the microeconomic analysis showed a statistically significant impact of agglomeration effects on the productivity of firms in Novosibirsk oblast. A two-fold increase in the distance to the regional capital leads to a reduction in output and profitability of enterprises by 3.5 %. This finding supports the development and implementation of private and public infrastructure projects. The analysis demonstrated a higher differentiation of profit indicators in cities, as well as a significant drop in performance and efficiency of companies located in the immediate neighbourhood of the regional capital. The revealed patterns characterising the heterogeneous functioning of Novosibirsk economy can be considered by regional and local authorities when making decisions to support and develop business.

The Impact of Trade Credit Provision on Retail Inventory: An Empirical Investigation Using Synthetic Controls

Trade credit is an important source of short-term financing and an integrated part in supply contracts. Although a number of theories have been proposed on how trade credit could improve supply chain efficiency, causal studies on the impact of trade credit on operational decisions are scarce. In this study, we examine the impact of trade credit on inventory decisions using an empirical strategy that leverages (i) an exogenous shock imparted by the French government’s intervention to impose a ceiling on trade credit duration, (ii) a triple difference-in-differences identification strategy, and (iii) synthetic controls (SCs). By considering the 60-day ceiling coverage and SC construction requirements, we identify four French retail sectors as our main sample. Among them, in the postregulation period, the hardware retail sector firms on average exhibited a significant 16% decline in trade credit usage. Correspondingly, these firms also displayed a significant 11% decline in inventory level. In the remaining three sectors, we found mixed results in the main sample. All the four sectors, however, show consistent support for a causal link between trade credit and inventory in a subsample compiled using a stringent 90-day ceiling criterion. Collectively, our findings offer direct evidence that trade credit is an indispensable financing source for inventory procurement. Finally, in the postregulation period, the hardware retailers exhibited a 15.5% decline in revenue and 3.5% reduction in gross profit. This cautions policy makers that regulations limiting the use of trade credit may have unintended consequences on downstream firms, and may harm overall supply chain efficiency. This paper was accepted by Vishal Gaur, operations management. Funding: This work was supported by Indiana University Bloomington and the London Business School. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2022.4600 .

An analysis of labor regulations for transportation network companies

There is a growing movement worldwide to regulate transportation network companies (TNCs) such as Uber and Lyft. This is driven by concerns over low driver wages. Two recent labor regulations that were passed in California are Assembly Bill 5 (AB5) and Proposition 22 (Prop 22). AB5 classifies drivers (and other gig-economy workers) as employees as opposed to contractors. The implication is that ride-hailing companies must pay drivers a minimum wage and associated benefits, and that the drivers work full-time. This negatively impacts the TNC business model in two ways: (a) wage effect: higher wages and benefits reduce profit margins significantly, and (b) flexibility effect: having a base of full time drivers reduces the ability of TNCs like Uber and Lyft to match driver supply to customer demand on a fine temporal scale. As an alternative, TNCs lobbied fiercely for Prop 22. This regulation offers drivers 120% of minimum wage, but only for driving hours spent servicing a trip (engaged time).This paper studies the impacts of these and other possible regulations using data from the city of San Francisco. We develop a market-equilibrium model that captures passenger demand and driver supply in response to TNC’s pricing decisions. We show that the flexibility effect under AB5 can be largely mitigated by offering staggered driver shifts. The wage effect is substantial and undermines the viability of the TNC business model. We find that the wage effect leads to a 18% decrease in TNC profit, whereas the flexibility effect results in a profit reduction ranging between 1%–10% depending on how shifts are designed. On the other hand, Prop 22 will preserve TNC profitability, but the guaranteed engaged time wage promised by Prop 22 is insufficient to materially increase driver wages. We show that this concern cannot be addressed by further increasing the engaged time wage, as it will increase passenger fares, increase driver cruising time, reduce efficiency, and significantly reduce TNC profit. We then suggest suitable modifications to each of the above regulations that can improve outcomes for drivers and passengers without jeopardizing the TNC business model.

“Fast money” around Federal Statistics Releases

AbstractMany public statistics are closely followed by the public as they provide valuable information for decision making. Although economic theory suggests that low‐latency traders (LLTs) can earn excess arbitrage profits from trading on public statistics releases due to their speed advantage, the empirical literature fails to find meaningful LLTs' stock market profits when trading on macroeconomic statistical releases. Here we confirm previous findings with improved techniques, but also show that excess profits can be earned quickly in agricultural commodity futures markets around United States Department of Agriculture (USDA) statistical releases. We attribute differences in the magnitude of the profits to the straightforward nature of the information and to the direct relevance of the reports to traders for the markets considered. Motivated by market concerns, USDA and the United States Department of Labor recently changed their news media prerelease lockup policy to mitigate LLTs' speed advantage. However, we find the policy change had little effect on the speed advantage as no significant reduction in LLTs' profits occurred. Implications of the research are relevant for government agencies concerned with mitigating LLT speed advantages particularly during the release of public statistical information.

Impact of rotation length of Eucalyptus globulus Labill. on wood production, kraft pulping, and forest value

Most of the wood from Eucalyptus globulus Labill. plantations in Uruguay is harvested for pulp industry at an average age of 11 years. In this study we evaluated the volume and quality of the wood produced and the economic return for owners using different rotation length (from 6 to 13 years) and two different provenances (Jeeralang, Australia and Chivilingo, Chile) in experimental plots planted at two different sites (southwest and southeast of Uruguay). Silvicultural practices, industrial process, and economic aspects of the plantations were evaluated by measuring the following variables: survival, individual and per hectare growth, basic density, cellulose yield, wood consumption, cellulose production per hectare, dry solids content, fiber length, paper resistance, internal rate of return, and soil expectation value. The results showed that an increase in the harvest age generates: (i) an increase in the production of wood and cellulose per hectare at decreasing rates; (ii) an increase in wood density and yield; (iii) a reduction in the consumption of wood and solid contents in the cooking liquor; and (iv) a reduction in economic profitability at the farm level. No differences were found in the fiber length and resistance properties of the paper from wood harvested at different ages.

Evaluating nutrient abatement policies for a pastorally farmed catchment-lagoon ecosystem: A New Zealand case study

Anthropogenic nutrient input is one of the greatest causes of freshwater and coastal eutrophication worldwide. In many catchments, nutrient losses must be reduced to meet the water quality outcomes sought by communities and regulators. To achieve this, policy makers must find an acceptable balance between the economic value of land use activities and sustained health of the receiving ecosystem. Abatement policies for an intermittently closed and open lagoon catchment ecosystem in the Southland region of New Zealand were evaluated. The objective was to assess the cost-effectiveness of different policies aimed at reducing nutrient loads entering the lagoon while minimizing reductions in farm operating profit by considering production losses and costs of mitigations. An economic-environmental optimization model that selects farm system (e.g., reduced fertilizer input and stocking rate) and edge-of-field (e.g., constructed wetlands) mitigations most suitable to each pastoral farm (dairy, dairy support, sheep and beef) was developed. Three optimization strategies, either with a focus on nitrogen (N), phosphorous (P), or both, were evaluated: a differentiated strategy considering nutrient loss and profitability differences between farms; a uniform strategy requiring a similar proportional reduction for all farms; and a nutrient cap strategy requiring all farms to achieve losses below a set cap in kg ha−1 year−1. Results indicate that it will be a challenge to achieve the currently recommended target of 50 % reduction in the load of both nutrients. When N was the focus, the best outcomes achieved around 50 % and 30 % reduction in N and P loads respectively, but it required a reduction in total farm income, before interest and tax, of 22–38 % (approximately NZ$5–9 M year−1 at current prices). The catchment-wide differentiated policy was the most cost-effective from a farmer and economic point of view, but still required land retirement for approximately 30 % of the farm businesses. A double nutrient cap strategy of 40 kg ha−1 for N and 1 kg ha−1 for P only achieved around 20 % reduction in both nutrients at 10 % reduction in farm income. Another option, a nutrient cap strategy of 40 kg ha−1 for N and 0.8 kg ha−1 for P, resulted in 30–35 % reduction in both nutrients at around 17 % reduction in profit (NZ$4 M year−1). The work demonstrates the importance of evaluating the cost-efficiency of nutrient loss mitigations at farm scale when evaluating different abatement policy options at catchment scale. It demonstrates utility for other similar sites by showing how the focus can be on individual farm businesses, while searching for balanced environmental and economic outcomes at the larger scale.

Earnings management and bank risk-taking behavior in Asia-Pacific region

The issue of bank risk-taking behavior has regained attention in Asia-Pacific banking sector as banks in this region are facing rising risk and capital costs. This study investigates the association between earnings management and risk-taking behavior in Asia-Pacific banks. We argue that earnings management induces banks to invest in riskier assets to ‘search for yield’ since earnings management increases banks’ capital cost leading to reduction in profitability. Using a sample of 237 listed commercial banks across 13 Asia-Pacific countries and territories in the period of 2001–2017, our research finds that there is a significant positive relationship between earnings management using loan loss provisions and bank risk-taking behavior.

Matching NPK fertilization to summer rainfall for improved wheat production and reduced environmental cost

Driven by a national commitment to achieve food security in China, policies have unintentionally favored overfertilization, with implications for the environmentally concerning release of reactive nitrogen (N r ) and greenhouse gas (GHG) emissions. We assessed current winter wheat yield, protein concentration, N r losses, GHG emissions, and net profit in the winter wheat–summer fallow system in the Loess Plateau of China, using a combination of (i) original data from a 14-year field experiment, including five N fertilizer rates from unfertilized control to 320 kg N ha –1 , (ii) surveys from 1167 farmers, and (iii) modeling. The study emphasized on N, with a secondary focus on phosphorus (P) and potassium (K). Farmer yields ranged from 1500 to 13,500 kg ha –1 , and fertilizer rates ranged from 0 to 465 kg N ha –1 , 0–454 kg P 2 O 5 ha –1 , and 0–279 kg K 2 O ha –1 . Five yield scenarios were compared: (1) Y max , defined as the maximum from the yield–N rate curve; (2) Y uptake , defined as the yield when N application rate equaled N uptake; and (3) low, (4) moderate and (5) high yields in farms. The yield–N rate curve accounted for summer rainfall, with Y uptake expected to return smaller environmental impacts than Y max . Compared with Y max , targeting Y uptake would reduce N fertilizer rate (40%), N r losses (25%), and GHG emissions (14%), with modest reductions in yield (7%), protein concentration (6%), and net profit (11%). Compared with current practice, Y uptake would increase net profit (140%) and decrease N r losses (23%) and GHG emissions (14%). Scaling to the Loess Plateau region (246.3 × 10 4 ha wheat-growing area), targeting Y uptake would return a production of 1.4 × 10 7 t yr –1 and increase annual net profit by US$7.3 × 10 8 with less N r losses (17,200 Mg) and GHG emissions (1.2 × 10 6 Mg CO 2 eq) in relation to farmer practice. Therefore, targeting Y uptake and matching NPK fertilization to summer rainfall should be adopted to improve wheat yield and net profit and reduce environmental risk in the Loess Plateau and similar regions. • Five yield scenarios were modeled using data from a field experiment and farm survey. • Yield, protein, N r losses, GHG emissions, and net profit were compared between scenarios. • Promoting fertilization accounting for summer rainfall and crop N uptake were recommended. • Targeting Y uptake reduced N r (23%) and GHG (14%) compared to current practice.

COVID-19 impacts on the Bangladesh shrimp industry: A sequential survey-based case study from southwestern Bangladesh.

Shrimp farming is fundamental to the national economy of Bangladesh, particularly through earning foreign currency. The nationwide lockdown and international cargo restriction jeopardized the sector and breaking its marketing chain. Assessing the degree of farming socio-economic peril from COVID-19 and suggesting early coping strategies and long-term mitigation measures are pressing to build resilience for this food production sector. To collect survey data, two key-informant face-to-face surveys with 51 shrimp farmers and 62 consumers in southwest Bangladesh were accomplished. As national lockdowns restricted access to export markets and movements within the country, farm incomes decreased against rising production costs. To compensate, farmers reduced their workforce (29.4%), but even with the sale of co-cultured finfish still suffered from large drops in revenue (42.8% average profit reduction). Furthermore, we present evidence that shrimp farmers should consider diversification of aquaculture product type as co-culture of additional shrimp species was a poor mitigation strategy against large market price fluctuations. Product price reductions were passed on to the consumer, who enjoyed falling product prices including more expensive shrimp products, but the markup for nearly all aquaculture products increased. The current jeopardy and consequences of shrimp farming future are discussed, including coping strategies to help policymakers in building resilience against future uncertainties.Supplementary InformationThe online version contains supplementary material available at 10.1007/s12562-022-01630-0.

Which is better for durable goods producers, exclusive or open supply chain?

We explore the supply chain problem of a downstream durable goods monopolist, who chooses one of the following trading modes: an exclusive supply chain with an incumbent supplier or an open supply chain, allowing the monopolist to trade with a new efficient entrant in the future. The expected retail price reduction in the future dampens the profitability of the original firms. An efficient entrant's entry magnifies such a price reduction, causing a further reduction of original firms' joint profits. In equilibrium, the downstream monopolist chooses the exclusive supply chain to escape further price reductions, although it expects efficient entry.

How a Reduction in Nursing Impacts Hospital Centers; A Scoping Review

This article explores the relationship between the reduction in nurse staffing levels and the quality of patient care and hospital financial performance. The online database PubMed was searched by employing the MeSH terms “Nurse Staffing AND Hospitals AND (Patient Care OR Financial Performance)” and incorporating a set of inclusion (e.g., tracks trends in nurse staffing numbers and are conducted in adult medical units) and exclusion criteria (e.g., out-patient medical centers that aren’t affiliated with an academic institution). Through integrating a systematic search methodology into the format of a scoping literature review, this paper identifies that reducing nurse staffing correlates with higher rates of patient mortality and patient complications. Lower RN levels also correlated with higher costs in hospitals, thus a reduction in profit; though, this finding was inconsistent across included articles. The findings from this review contribute to the rising debate over the vitality of nurses in the healthcare industry. Along with the quantity of staffing, the quality of employment provided to nurses will help hospitals efficiently use their resources in providing patients with high value care—the best care possible.

Planning and scheduling of a parallel-machine production system subject to disruptions and physical distancing

Abstract This paper aims to quantify the effects of production disruptions (PDs) and physical distancing constraints due to the pandemic in a parallel-machine production environment. The machines are non-identical and are utilized for producing a finite set of jobs (parts) in a plastic injection moulding production. The production process is subjected to random production downtime disruptions. A mixed-integer linear programming (MILP) model is developed for optimizing the joint production plan and schedule, which maximizes the production’s total benefit. The model is utilized to plan and schedule a set of 17 machines in a Canadian manufacturing company. To explore the effects of physical distancing and PDs on the production’s total net profit, four different scenarios for normal operation and production during the pandemic, with and without production downtimes, are considered. A genetic algorithm is utilized to solve the model. The results show that considering machines’ random breakdowns and physical distancing individually reduces the total profit of the production by 71.58 and 57.98%, respectively; while their joint effect results in a 88.54% reduction in the annual net profit.

An optimal investor-state dispute settlement mechanism

Many investment treaties include investor-state dispute settlement (ISDS) provisions which are supposed to protect a foreign investor against opportunistic behavior of a host country. This paper scrutinizes the optimal design of ISDS provisions that solve the holdup problem. It shows that an efficient investor protection mechanism requires an arbitrator as established in investment treaties. However, this arbitrator does neither have to learn nor to evaluate the circumstances of the dispute. Furthermore, any ISDS compensation from the government to the investor should not be based on reductions in investor profits but on the host country’s welfare effects.

Força de trabalho e gerenciamento de resultados: Evidências no mercado de capitais brasileiro

ABSTRACT We aimed to investigate the relationship between workforce [força de trabalho (FT)] and earnings management in the Brazilian capital market and, additionally, identify whether operating activities management is a substitute for management by accruals. Evidence of the effect of the FT on earnings management practice is controversial, sometimes showing an effect on the reduction or smoothing of profit or even no effect. In Brazil, there are no studies that investigate how the intensity of the FT affects the managers’ behavior regarding the manipulation of profit. The research is relevant to the regulatory bodies because it brings empirical evidence of the incentives generated by the pressure of the FT so that the top executives reduce the result of the period, in a substitute way, to the manipulation of the company's operational activities. In addition, it is relevant for users of accounting information, as it demonstrates that the FT influences the recognition of results, affecting the quality of accounting information. The findings may assist regulatory bodies and investors, as it demonstrates that pressure from the FT is an important incentive for decision-making by executives and workers at the operating levels of companies and can support the improvement of labor regulations. Following Pae (2005), we use Jones' modified model (1991) with lagged accruals to detect earnings management. To capture the FT intensity, we employed the proxies presented by Hilary (2006) and a variable calculated from the statement of value added [demonstração do valor adicionado (DVA)]. We analyzed 119 companies listed on the Brazilian stock exchange during the period 2012-2018. It were found that the intensity of the FT negatively influences earnings management by accruals [gerenciamento de resultados por accruals (GRA)], expanding the evidence on the effects of workers' bargaining power on accounting choices.

Development of the design of pre-sowing mounted leveller TEA-7

Crop cultivation technology is a complex of agronomic practices, carried out in a certain order, aimed at meeting the biological requirements of the crop and obtaining a given amount and quality of yield. The tasks can be solved by using different technological methods, which are selected individually not only for the crop as a whole, but also as the best option for each variety or hybrid, as applied to specific soil and climatic conditions. Development of new technologies and elements of cultivation technology, their maximum coordination with the biological requirements of crops and individual approach to each variety (hybrid) will allow to maximize the potential of the cultivated crop. In modern conditions, resource-saving technologies are one of the priority areas in modern agriculture, the development of which has become a priority task, because in modern crop production there are a number of problems: reduction of profitability of agriculture, significant depreciation of machinery fleet and the trend towards deterioration of soil fertility.

Optimization of water and land allocation in salinity and deficit- irrigation conditions at farm level in Qazvin plain.

Improper extraction of water from resources especially in arid and semi-arid regions leads to a decrease in the quality of water and soil resources. In such areas, management activities such as increasing water productivity in agricultural sector would be a key step towards sustainable development. Therefore, water resources management to improve the allocation of limited water supplies is essential. In this study, a non-linear programming optimization model have been combined with a AquaCrop model to determine the optimal water and land allocation considering the quality issues of both water and soil resources with focusing on enhancing agriculture water productivity. For this purpose, the spatial variations of chemical and physical properties of soil in the Qazvin plain were taken into account. The soil of study site was divided into three salinity classes, and three weather conditions were identified by Standardized Precipitation Index (SPI). Moreover, five irrigation strategies were modeled under each weather condition. To understand the response of major crops under cultivation to water and salinity, the AquaCrop model was calibrated and validated (2005-2020) and utilized in the objective function. Accordingly, the production functions of the different products were obtained, and the cultivation area as well as amount of water consumption of the crops were optimized by using the target functions of maximum net income and maximum water use efficiency. The results showed that the model is capable of simulating crop yield in salinity and water deficit conditions. The coefficient of determination (R2) for barley, wheat and maize was equal to 0.86, 0.92, and 0.96, respectively. Findings reveal that total irrigation water could be reduced by 20% on average without profit reduction when compared to the profit of the present situation. Total economic profit could be increased by 18% on average through the optimization of water allocation and cropping pattern with the same water supply amount as that of the current situation. Also, the water productivity increased between 12 to 30% under these conditions. Therefore, the proposed model can efficiently optimize the amount of irrigation water and cultivation area on a regional scale considering salinity conditions.

PENGARUH PERPUTARAN KAS, PERPUTARAN PIUTANG DAN PERPUTARAN MODAL KERJA TERHADAP RETURN ON ASSETS (ROA) PADA PERUSAHAAN SUB SEKTOR PROPERTY & REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2014-2018

The economic growth rate in 2018 has remained flat in the area of 5% because people's purchasing power has not increased significantly. In early April 2018, this highlighted the performance of four issuers that reported a reduction in profits, with some declines to 98% year on year (YoY). This study aims to determine the effect of Cash Turnover, Accounts Receivable Turnover, and Working Capital Turnover on Return on Assets simultaneously in property & real estate sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2018 period. The type of research used is associative which aims to determine the relationship between two or more variables that are causal. Determination of the sample using purposive sampling method in order to obtain a sample of 9 companies with an observation period of 5 years. This data processing uses IBM SPSS Version 23. The data analysis technique uses multiple linear regression. The findings revealed that simultaneously the cash turnover variable, receivable turnover variable and working capital turnover variable had a significant and significant effect on return on assets.