Return Values Research Articles

FAKTOR-FAKTOR YANG MEMPENGARUHI KETEPATAN WAKTU PELAPORAN KEUANGAN PADA PERUSAHAAN MANUFAKTUR

This study aims to determine the effect of Return on Assets, Company Size, Debt to Equity Ratio, Current Ratio, and Company Age on Timeliness of Financial Reporting in manufacturing companies listed on the Indonesia Stock Exchange during 2018-2020. The sample taken using purposive sampling method and valid data are 57 companies. The data processing technique is logistic regression analysis using EVIEWS version 10 and Microsoft Excel 2010. The results of this study indicate that Return on Assets, Company Size, Debt to Equity Ratio, and Company Age have no significant effect on the timeliness of financial reporting. While the Current Ratio has a negative and significant effect on the timeliness of financial reporting. The implication of this research is that investors can pay attention to the timeliness of financial reporting in making investment decisions which can be seen through the value of Return on Assets, Company Size, Debt to Equity Ratio, Current Ratio, and Company Age.

Weed infestation and productivity of wheat crop sown in various cropping systems under conventional and conservation tillage.

Climate change, pest infestation, and soil degradation are significantly reducing wheat (Triticum aestivum L.) yield. Wheat is cultivated in rice-wheat and cotton-wheat cropping systems and escalating global population is exerting substantial pressure on the efficiency of these systems. Conservation tillage and crop rotation could help in lowering soil degradation and pest infestation, and improving wheat yield. This three-year study evaluated soil properties, weed infestation and wheat yield under various tillage and cropping systems. Six different cropping systems, i.e., cotton-wheat, sorghum-wheat, mungbean-wheat, rice-wheat, sunflower-wheat, and fallow-wheat (control) and three tillage systems, i.e., conventional tillage (CT), zero-tillage (ZT) and minimum tillage (MT) were included in the study. The individual and interactive effects of tillage and cropping systems significantly affected soil properties, weed infestation and yield of wheat crop. Overall, CT resulted in lower soil bulk density and higher porosity, while ZT behaved oppositely at all locations in this regard. Similarly, mungbean-wheat cropping system resulted in lower bulk density and higher porosity and nitrogen (N) contents, while fallow-wheat cropping system resulted in higher bulk density, and lower soil porosity and N contents. Similarly, ZT and CT resulted in higher and lower weed infestation, respectively. Likewise, lower and higher weed density and biomass were recorded in wheat-sorghum and wheat-fallow cropping systems, respectively at all locations. In the same way higher number of productive tillers, number of grains per spike, 1000-grain weight, grain yield, and economic returns of wheat crop were recorded for CT, whereas ZT resulted in lower values of these traits. Regarding interactions, wheat-mungbean cropping system with CT resulted in lower bulk density and higher porosity and N contents, whereas wheat-fallow system with ZT behaved oppositely at all locations in this regard. Similarly, higher and lower values for yield-related traits and economic returns of wheat crop were noted for mungbean-wheat cropping system under CT and fallow-wheat and sorghum-wheat cropping systems under ZT, respectively. It is concluded that the mungbean-wheat cropping system improved wheat productivity and soil health and sorghum-wheat cropping system could lower weed infestation. Therefore, these cropping systems can be practiced to lower weed infestation and improve wheat yield and economic returns.

Strategi Investasi Saham di Pasar Modal Indonesia Perspektif Hukum Ekonomi Syariah

Stock investment has a high level of risk, directly proportional to the return value that will be obtained. This study aims to describe various profitable stock investment strategies in the Indonesian capital market that are used by several experienced stock investor informants in the stock exchange. from the research results obtained then analyzed using a sharia economic law analysis knife. So that in the end a complete picture of a good and correct investment strategy is obtained in accordance with sharia provisions, so that what is sought and obtained will be blessed in the afterlife. This research is qualitative field research with a qualitative writing method that is descriptive analytical. The primary data source comes from interviews with investor informants. and secondary data taken from electronic media, books, journals, and other literature related to the topic of study. This study found that the strategies that were mostly used by investor informants were trading (scalping and swing) and income. Apart from that, the most important thing is stock analysis (technically and or fundamental analysis) to choose the stocks to buy and the technical execution of the stocks. As for sharia economic law, it has not fully complied with sharia standards because 1) in intraday transactions some investors still use margin, 2) in the aspect of stock selection, it does not pay attention to the type of sharia or non-sharia shares.

Research on smart contract vulnerability detection method based on domain features of solidity contracts and attention mechanism

The smart contract, a self-executing program on the blockchain, is key to programmable finance. However, the rise of smart contract use has also led to an increase in vulnerabilities that attract illegal activity from hackers. Traditional manual approaches for vulnerability detection, relying on domain experts, have limitations such as low automation and weak generalization. In this paper, we propose a deep learning approach that leverages domain-specific features and an attention mechanism to accurately detect vulnerabilities in smart contracts. Our approach reduces the reliance on manual input and enhances generalization by continuously learning code patterns of vulnerabilities, specifically detecting various types of vulnerabilities such as reentrancy, integer overflow, forced Ether injection, unchecked return value, denial of service, access control, short address attack, tx.origin, call stack overflow, timestamp dependency, random number dependency, and transaction order dependency vulnerabilities. In order to extract semantic information, we present a semantic distillation approach for detecting smart contract vulnerabilities. This approach involves using a syntax parser, Slither, to segment the code into smaller slices and word embedding to create a matrix for model training and prediction. Our experiments indicate that the BILSTM model is the best deep learning model for smart contract vulnerability detection task. We looked at how domain features and self-attentiveness mechanisms affected the ability to identify 12 different kinds of smart contract vulnerabilities. Our results show that by including domain features, we significantly increased the F1 values for 8 different types of vulnerabilities, with improvements ranging from 7.35% to 48.58%. The methods suggested in this study demonstrate a significant improvement in F1 scores ranging from 4.18% to 38.70% when compared to conventional detection tools like Oyente, Mythril, Osiris, Slither, Smartcheck, and Securify. This study provides developers with a more effective method of detecting smart contract vulnerabilities, assisting in the prevention of potential financial losses. This research provides developers with a more effective means of detecting smart contract vulnerabilities, thereby helping to prevent potential financial losses.

COST ANALYSIS OF DEPLOYING FEMTOCELLS IN SPEED TRAINS IN NIGERIA TO IMPROVE INDOOR COVERAGE AND CAPACITY OF LTE NETWORK

The cost analysis of deployment of femtocells in speed trains along Abuja-Kaduna standard gauge railway line to improve the coverage and capacity of Long Term Evolution (LTE) network for 5000 commuters using that route daily is presented in this paper. Additional cost will include the cost of femtocells procurement, license, installation, backhaul, operation & maintenance. The cost analysis is carried out using techno-economic model to determine the business viability of embarking on such a project by LTE network providers in Nigeria. The estimated capital expenditure (CAPEX) and operating expenditure (OPEX) as well as the projected revenues accrues from this project form the cash outflows and cash inflows used to simulate the net present value (NPV) and internal rate of return (IRR) in MS Excel environment on a discount rate and tax rate of 22% and 30% respectively to determine the feasibility of the investment. The results of their NPV values which are positive show that the macro-femtocell arrangement in speed train plying AbujaKaduna railway route is cost effective for a life time of 10 years and is feasible up to an IRR 40% which exceeds the estimated discount rate of 22%. The value of the payback period indicates that it will not take long for any LTE network provider in Nigeria to recover their investment. The result of the NPV sensitivity analysis shows how various cost and non-cost parameters affect the costeffectiveness of such investment.

Extreme Value Analysis of Ground Magnetometer Observations at Valentia Observatory, Ireland

AbstractUnderstanding global space weather effects is of great importance to the international scientific community, but more localized space weather predictions are important on a national level. In this study, data from a ground magnetometer at Valentia Observatory is used to characterize space weather effects on the island of Ireland. The horizontal component of magnetometer observations and its time derivative are considered, and extreme values of these are identified. These extremes are fit to a generalized extreme value distribution, and from this model return values (the expected magnitude of an observation within a given time window) are predicted. The causes of extreme values are investigated both in a case study, and also statistically by looking at contributions from geomagnetic storms, substorms, and sudden commencements. This work characterizes the extreme part of the distribution of space weather effects on Ireland (and at similar latitudes), and hence examines those space weather observations which are likely to have the greatest impact on susceptible technologies.

Pengaruh Pengaruh Return on Assets dan Debt to Equity Ratio Terhadap Return Saham Perusahaan IDX30 di Bursa Efek Indonesia

This study aims to determine the effect of return on assets (X1) and debt to equity ratio (X2) on stock returns (Y) with the analytical method using, multiple linear regression, multiple correlation, determination, t test and F test. The data used in this study is secondary data derived from the IDX30 company's annual report on the Indonesia Stock Exchange. According to the results of the multiple linear regression test, the equation Y = –0.165 + 1.416 X1 – 0.019 X2 is obtained. From the results of the multiple correlation test, the value (R) = 0.374 is in the coefficient interval of 0.20 - 0.399, meaning that there is a low correlation between the variable return on assets (X1) and the debt-to-equity ratio (X2) to stock returns (Y). From the test results of the coefficient of determination, the value of R2 = 0.113 or (11.3%) means that together return on assets (X1) and debt to equity ratio (X2) contribute to stock returns (Y) of R2 0.113 or (11.3%) while 88.7% is influenced by other variables not examined in this study. From the results of the t test, the calculated t value of return on assets (X1) is 2.248 with α = 0.028 smaller than α = 0.05 meaning that return on assets (X1) has a significant effect on stock returns (Y). The t value of the debt-to-equity ratio (X2) is -0.572 with α = 0.569 greater than α = 0.05 meaning that the debt-to-equity ratio (X2) has no effect on stock returns (Y). From the test results Fcount is 5.129 with α = 0.009 smaller than α = 0.05 means that Ha is accepted. Then simultaneously return on assets (X1) and debt to equity ratio (X2) have a significant effect on stock returns (Y).

Analisis Kelayakan Pembangunan Distribution Center Pada Perusahaan Bidang Pertanian

PT Esa Sarwaguna Adinata is a company engaged in the agricultural sector that always strives to maintain the quality of its products, resulting in an increase in the number of demand points by twice the amount of the previous demand points. The addition of these demand points has caused the company to struggle to fulfill all demands. Therefore, PT Esa Sarwaguna aims to make an additional investment in the form of a distribution center to meet all demands. The purpose of this research is to test the feasibility of adding a distribution center to PT Esa Sarwaguna Adinata in fulfilling all demands. The testing is carried out using the Net Present Value (NPV), Payback Period, and Interest Rate of Return (IRR) methods. Based on the analysis of the processed data that has been conducted previously regarding feasibility, seen from technical aspects such as the feasibility of investing in adding a new distributor hub, the calculation is based on the Net Cash Flow (NCF) value held by PT Esa Sarwa Adinata, resulting in an Interest Rate of Return (IRR) value of 148%, and there will be a return in the first year based on the payback period calculation, which indicates that the investment in adding a new distributor hub at PT Esa Sarwa Adinata is feasible to be carried out

Pelatihan Sehat Keuangan dan Sadar Investasi bagi Para Nasabah Mikro kepada Para Pemimpin Unit Bank BRI di Purbalingga.

The public has not received much literacy about investment properly. Banks that are in contact with the public in relation to the economy should provide this literacy to the public. If the public has good knowledge of investment literacy, the higher the savings and return value obtained from the investment. Investment is a guarantee for the future against accidents, disasters or death. This training activity provides knowledge and an invitation to BRI Purbalingga branch unit leaders to be able to provide counseling and play an active role in inviting the public to invest. The more people care about investment, the greater the potential return of value obtained, and increasing can also be helped by the large amount of funds collected and which can be distributed to other activity units or programs.

Attribution of the heavy rainfall events leading to severe flooding in Western Europe during July 2021

In July 2021 extreme rainfall across Western Europe caused severe flooding and substantial impacts, including over 200 fatalities and extensive infrastructure damage within Germany and the Benelux countries. After the event, a hydrological assessment and a probabilistic event attribution analysis of rainfall data were initiated and complemented by discussing the vulnerability and exposure context. The global mean surface temperature (GMST) served as a covariate in a generalised extreme value distribution fitted to observational and model data, exploiting the dependence on GMST to estimate how anthropogenic climate change affects the likelihood and severity of extreme events. Rainfall accumulations in Ahr/Erft and the Belgian Meuse catchment vastly exceeded previous observed records. In regions of that limited size the robust estimation of return values and the detection and attribution of rainfall trends are challenging. However, for the larger Western European region it was found that, under current climate conditions, on average one rainfall event of this magnitude can be expected every 400 years at any given location. Consequently, within the entire region, events of similar magnitude are expected to occur more frequently than once in 400 years. Anthropogenic climate change has already increased the intensity of the maximum 1-day rainfall event in the summer season by 3–19 %. The likelihood of such an event to occur today compared to a 1.2 ^{circ }C cooler climate has increased by a factor of 1.2–9. Models indicate that intensity and frequency of such events will further increase with future global warming. While attribution of small-scale events remains challenging, this study shows that there is a robust increase in the likelihood and severity of rainfall events such as the ones causing extreme impacts in July 2021 when considering a larger region.

The Effect of Political Contestation on Investor Reaction: Evidence from Indonesia Sharia Stock

Political events can cause uncertainty in the business environment and affect stock returns. This study aims to examine the reaction of sharia stock investor to political events in 2019. Some previous studies found that the influence of political events in Indonesia on investors' reactions is not yet conclusive. Therefore, this research utilized five political events during the general election they are: candidates inauguration, candidates’ final debate, quick count announcement, Election Commission (KPU) announcement, Constitutional Court (MK) announcement. This research used cumulative average abnormal return (CAAR) and average abnormal return (AAR) values as indicators in detecting investor reactions and used actively traded stocks listed on the Indonesian Sharia Stock Index (ISSI) from 2017 to 2019. The results of this study indicate that there is a negative reaction on t-1 before the debate of candidates. Furthermore, the opposite results occurred during the announcement of the presidential election results conducted by the Election Commission (KPU). This result indicates that investors quickly get information about political uncertainty. The implication is that political events are one of the relevant event studies to determine sharia stock prices to investors.

Economic Analysis of litchi Production in Muzaffarpur District of Bihar

"The Study was carried out with an objective to estimate cost and returns of Litchi under different size of sample farms in Muzaffarpur District of Bihar. The empirical data were gathered from agriculture year 2018- 19 during production period of litchi through survey of litchi growers’. The multistage sampling techniques were used to select the location/ area where abundantly litchi orchard occupied and their respondents’ for required information. Thus, a total 90 litchi growers (8 marginal, 18 small, 46 semi- medium and 18 medium) were selected with equal chance or opportunity of all farms categories in groups from 2 blocks from six selected villages of the Muzffarpur district of Bihar. The gross value of the litchi production on overall farms was estimated on an average in ` 2.95 lakhs per hectare against cost C as well as annual maintenance costs was in ` 65.93 thousand per hectare. The costs of production of litchi on overall farms was accounted on an average to be in ` 941.52 per quintal litchi, which were varies from ` 1197.58 per quintal litchi and estimated higher on marginal farms, followed by ` 1045.77 per quintal on small farms, ` 898.75 per quintal on semi-medium farm, and ` 872.97 per quintal on medium farms. Result revealed that cost of production of litchi decreased with increase in land owner farm groups. The establishment (first to fifth year’s i.e. juvenile stage) costs of litchi orchard on overall farms were estimated to be ` 2.56 lakhs and further estimated amortized costs on an average was ` 1329.37 per hectare. The establishment and annual maintenance cost both were included fixed costs increases with increase in land possession of farms groups, but variable cost include in total costs (fixed and variable cost) were reduced with increase in land holding farms groups. The NPV of overall farms were on an average in ` 6.21 lakh, benefit-cost ratio (BCR) in ` 2.77 against one rupee spend. Internal rate of returns (IRR) value was obtained 25.64 percent greater than chosen discount rate as 15 and 20 per cent to make the decision about reinvestment opportunity to prioritize the area of reinvestment by litchi growers."

Comparative Exploration of Traditional versus Improved Cultivation Practices vis-à-vis Return on Investment of Jute Production System in lower Gangetic Plain of India

"In the current study, an effort has been conferred to estimate the comparative return value per one-rupee investment for jute cultivation with traditional and improved practices. The research was carried out in four villages of two selected blocks of Murshidabad district in West Bengal and cost concepts were used for the estimation of the return on investment. In this inquiry, all calculations were done as per the land unit of acre (1 acre = 0.406 ha or 3.03 bigha). There were 35.85% savings in case of hired labour costs, while following improved practices over traditional practices. The Cost C2 for improved practices was almost 20% less than the Cost C2 incurred for traditional practices. Both the probability metric, B:C ratio and return on investment had been calculated in this manuscript. The benefit-cost (B:C) ratio over Cost C2 (includes all the production costs) and Cost B1 (total cost excluding the rental value of owned land and imputed value of family labour) for improved practices were 40.16% and 49.62% higher than that of traditional practices, respectively. The return on investment over both the Cost C2 and Cost B1 for improved practices were almost 100% than the traditional practices. That’s why the inclusion of improved technologies like multi-row seed drill, CRIJAF nail weeder, high-quality seeds like JRO 204, talc-based microbial consortium ‘CRIJAF SONA’, etc. are indispensable for jute production. So, it was evident that there was much more profitability in case of jute cultivation with improved practices for the marginal land-holding farmers."

Perhitungan Kelayakan Investasi Mesin Amplas Pada UD. Surya Sejati Dengan Pendekatan NPV Dan IIR

Surya Sejati is a company engaged in manufacturing backrests, seats and table bases, in the production process of table mats there are problems of wasting time in the process of refining table mats, this study aims to analyze the activities of the production process and provide suggestions in the form of a sanding machine , and the results obtained are reduced production time, and work efficiency, the feasibility of the sanding machine will be tested by calculating the depreciation, machine costs, and production capacity time on the sanding machine, in calculating the feasibility of the sanding machine investment using the NPV (net present value) approach ) and IIR (internal rate of return) in order to determine whether the investment is feasible or not in business management at UD. Surya Sejati, in the calculation of investment feasibility the NPV value is more than 0, which is Rp.478,626,819. and the IIR (internal rate of return) value is 30% and the MAAR (Minimum Attractive Rate of Return) value is 12%, with a value (IIR > MAAR)

COMPARISON ANALYSIS OF INDEX IDX30 OPTIMAL SHARE PORTFOLIO WITH INDONESIAN EQUITY FUND PORTFOLIO PERFORMANCE

Based on the results of the study, the conclusions that can be drawn are as follows. The optimal portfolio calculation results on the Single Index Model method for stocks show that stocks with UNVR issuers are the only ones that are optimal. Whereas in Mutual Funds there is no optimal portfolio calculation results. The results of calculations using the Markowitz method for all stock issuers obtained a return value of 0.000634 with a risk of 0.036057, namely at alpha 0.9. Meanwhile, for all stock mutual fund issuers, a return value of 0.003195 was obtained with a risk of 0.033629, namely at alpha 0.9. Compared to calculations using the Single Index Model Method for all stocks, a return value of 0.0050 is obtained with a risk of 0.0218, while for Equity Mutual Fund issuers a return value of 0.0072 is obtained with a risk of 0.0194, in this case the calculation of the optimal portfolio in stocks and mutual funds using the Markowitz Method produces a smaller return and greater risk than the Single Index Model method. The Single Index Model method which produces stock return calculations is superior to the Markowitz method. This is obtained from the results of the return value obtained on the Single Index Model which is greater than the Markowitz model so that stock investment will be more profitable if using the Single Index Model method. The Single Index Model method is superior to the Markowitz method in calculating mutual fund returns. This is obtained from the results of the return value obtained in the Single Index Model which is greater than the Markowitz model so that mutual fund investment will be more profitable if using the Single Index Model method. The Single Index Model method is superior to the Markowitz method in calculating stock risk. This is obtained from the results of the stock risk value obtained in the Single Index Model which is smaller than the Markowitz model so that stock investment will be riskier if using the Markowitz method. The Single Index Model method is superior to the Markowitz method in calculating mutual fund risk. This is obtained from the results of the mutual fund risk values obtained in the Single Index Model which are smaller than the Markowitz model so that mutual fund investments will be riskier if using the Markowitz method.

Proses Pembibitan serta Kelayakan Finansial Pembibitan Mangrove oleh Masyarakat dalam Upaya Pelestarian Lingkungan Pesisir

This study aims to determine the process of mangrove nurseries. To determine the benefits obtained for the community from producing mangrove nurseries in coastal environments, to determine the financial feasibility of weighting mangroves through empowering the surrounding community. The data analysis method used is qualitative descriptive analysis related to the flow or stages of the mangrove nursery business mechanism in the Suwung mangrove nursery and quantitative methodology in the form of business financial analysis on the Financial Feasibility of Mangrove Nursery Business in Efforts to Preserve the Coastal Environment. The mangrove nursery business includes several stages: location preparation and production facilities, providing planting media in polybags, making nursery beds, sorting mangrove fruit, planting mangrove fruit, and maintaining them until they become ready-to-plant seedlings. The benefits of the mangrove nursery process are physical and financial benefits for the community. The Suwung mangrove nursery shows economic feasibility. Namely, the Net Present Value (NPV) is obtained based on the results of calculating the respondent's mangrove nursery business, which is a positive value. The resulting Internal Rate of Return (IRR) of 31.24% indicates a higher return value than the prevailing bank interest rate. The Net Benefit Cost Ratio (Net B/C) obtained is 1.7 showing efficient implementation.

RESERVES FOR SHARIA LIFE INSURANCE CONTRIBUTIONS USING THE GROSS PREMIUM VALUATION (GPV) METHOD BASED ON VASICEK MODEL

Determining reserve for life insurance contributions has factors that influence it, such as contributions developed by participants and operational costs. Based on the financial services authority Number 71 of 2016, related to the company's financial health, one of which is that sharia insurance companies can make reserve for contributions. In this study, we discuss the calculation of the contribution of the initial value of return on investment which is sensitive and different calculations for the technical calculation of the contribution of sharia life insurance using the gross premium assessment method (GPV) by applying the Monte-Carlo simulation and using the vasicek model in calculating the discount factor so that with this method can recommend several possible contributions and contributions reserve from sharia life insurance products.

APPLICATION OF THE BLACK SCHOLES METHOD FOR COUNTING AGRICULTURAL INSURANCE PREMIUM PRICE BASED ON RAINFALL INDEX IN KAPUAS HULU REGENCY

High-intensity rainfall is one of the factors that can interfere with the state of agriculture. Agricultural insurance is an insurance that can be used to reduce risks related to agricultural losses such as rice production. Climate-based agricultural insurance is a management of climate-related risks. This study aims to determine the rainfall index and calculate the value of agricultural insurance premiums based on the climate index (rainfall) in Kapuas Hulu Regency using the Black Scholes method. In calculating the value of agricultural insurance premiums based on the rainfall index, it starts by calculating the value of the correlation coefficient between rainfall and rice production. Then the value of the rainfall index is obtained, which then the value of the index is tested for lognormality to meet the assumptions on the Black Scholes method, after which it calculates the ln return value of the index value obtained, the last step is to calculate the value of agricultural insurance premiums. Based on case studies, the results obtained are when the risk-free interest rate is 3.5% and rainfall is 54.23 mm the premium paid is Rp 2,386,824 and when the rainfall is 75.39 mm the premium paid is Rp 3,898,142. If the risk-free interest rate is 4% and the bulk is 54.23 mm, the premium paid is IDR 2,383,842, and when the rainfall is 75.39 mm the premium paid is IDR 3,893,272. When the risk-free interest rate is 5% and rainfall is 54.23 mm the premium paid is Rp 2,377,890 and if the rainfall is 75.39 mm the premium paid is Rp 3,883,551. So, the higher the rainfall, the greater the premium value payment. If the risk-free interest rate gets bigger then the premium payment will be smaller.

Evaluating the sustainability of forest utilization in the protected areas of Mandalagiri Forest, West Java, Indonesia

Abstract. Mutaqin F, Nurrochmat DR, Supriyanto B. 2023. Evaluating the sustainability of forest utilization in the protected areas of Mandalagiri Forest, West Java, Indonesia. Biodiversitas 24: 2745-2755. Forests have tangible and intangible benefits, which can be included accordingly in vital sectors for development. Currently, forest management mainly focuses on timber extraction while paying less attention to Non-Timber Forest Products (NTFPs) and environmental services. It causes timber production to decrease yearly and a decline in the forestry sector's contribution to the state's income. The Forest area covers more than 60% of the Indonesian land surface, but the sector's contribution to the national Gross Domestic Product (GDP) in 2022 was only 0.6%. It implies that there is a need for more efforts to increase the productivity of the forestry sector and its contribution to the national economy. One of the institutions that have the potential to optimize the utilization of forest areas is the Mandalagiri Forest Management Resort, West Java, Indonesia. Cultivated commodities come from NTFPs (pine gum and coffee) as the primary commodities. This area's management applies a social forestry system by cooperating with the community. These ongoing activities have not been able to significantly contribute to the regional stakeholders (government) or the community. Therefore, this study aimed to create an efficient concept of optimal forest utilization in running a business and managing social problems and describes the results of identifying enabling factors to encourage the application of multi-business forestry in protected areas. The feasibility of sustainable forest utilization was measured through an analysis of social acceptance, financial analysis (Net Present Value, Benefit-Cost Ratio, and Internal Rate of Return), and an analysis of the ecological feasibility of the model that has been built. The research ended with identifying enabling factors from a policy, social and environmental perspective. This study concluded that forestry multi-business could be carried out in this location because it can potentially restore biophysical conditions and support forest and land rehabilitation efforts. In addition, various selected plant species can contribute to strengthening the soil, reducing the rate of surface water run-off, and enriching the crop. Financially, the forest multi-businesses are feasible to apply with NPV>0, BCR>1, and IRR>I. Ecologically, these schemes can reinforce biophysical conditions.

Development and techno-economic analysis of hybrid annuity model for highway projects of India

The hybrid annuity model is relatively new in the Indian economy as the private investors are still reluctant to adopt this public–private partnership model. This paper aims at developing and proposing a suitable hybrid annuity model for a highway project in Gujarat, India. A detailed financial analysis has been carried out to compute the net present value and internal rate of return. It has been observed that the breakeven and payback period is obtained after about 8 to 9 years. The corresponding net present value is about 28.253 million Indian rupee. The corresponding internal rate of return as observed from the analysis is about 20%. Thereby, the HAM model has been found to be techno-economically suitable and feasible for the development of new highways in Indian subcontinent particularly in the stretches of low traffic density.