Revenue Variability Research Articles

Characterizing weather-related biophysical and financial risks in algal biofuel production

Algal biofuels are a renewable liquid fuel with advantages over crop-based biofuels, including higher yield per acre, the ability to recycle production inputs, and the option to create valuable co-products. Previous analyses suggest that algal biofuels could become cost-competitive if technological improvements are achieved. Most previous research, however, does not consider the impact of seasonal and year-to-year uncertainty in weather factors, such as solar irradiance and temperature, on biomass productivity, and those that do are based on limited meteorological records. This study explores the influence of weather uncertainty on biomass growth and biorefinery revenues as well as impacts from market price uncertainty. The performance of a hypothetical algal biorefinery in Vero Beach, Florida is explored by combining stochastic weather generation, biophysical growth modelling, stochastic market price generation, and techno-economic analysis. Results show coefficient of variation values of 8–15% in seasonal revenues for an algae producer, and that the variation in annual revenues was lower than that of corn, soybean, and cotton. In sensitivity analyses, both weather and price fluctuations are found to be significant sources of financial risk. This is the first probabilistic quantification of weather-related production impacts for algae producers, which is relevant given global growth in the algae industry as evidenced by the new eligibility of algae for crop insurance in the US 2018 Farm Bill.

Efficiency Measurement on the Effectiveness of Train and Wagon Maintenance: A Data Envelopment Analysis Perspective

"Research Aims: This research aimed to analyse the efficiency measurement on the effectiveness of train and wagon maintenance in three Decision Making Units (DMU) of Balai Yasa of Indonesian Railways Company (KAI). It focused on both output and input orientations and the effectiveness of production. Design: The research methodology was descriptive and quantitative, employing data envelopment analysis (DEA) and overall equipment effectiveness (OEE). The input variables were maintenance costs, spare parts inventory and people operating hours, while the output variable was OEE. A stepwise approach with backward method steps was used to examine the relationship between effectiveness and efficiency. Findings: The results showed that DMU 2 was efficient, while DMUs 1 and 3 were not yet efficient. This indicated that the more effective an organisation is, the more efficient it is. DMU 2 has the highest effectiveness value at 86.19%, while DMUs 1 and 3 had values of less than 85%, indicating the need for improvement in their production departments. Theoretical Contribution: A stepwise approach uses a forward method, adding revenue variables that have not been implemented in previous studies. Managerial Implications in the Southeast Asian Context: Efficacy and revenue have a significant impact on organisational efficiency, which means that if the revenue is high and the organisation is effective, organisational efficiency will be high. Research Limitation and Implications: This research is limited to DMUs, and its focus is on improving the effectiveness and efficiency of the train and wagon maintenance program in Java. The scope can be expanded to Sumatra and/or a comparison with other Southeast Asian countries by considering the characteristic differences of their operations and economies."

The effects of population synchrony, life history, and access constraints on benefits from fishing portfolios.

Natural resources often exhibit large interannual fluctuations in productivity driven by shifting environmental conditions, and this translates to high variability in the revenue resource users earn. However, users can dampen this variability by harvesting a portfolio of resources. In the context of fisheries, this means targeting multiple populations, though the ability to actually build diverse fishing portfolios is often constrained by the costs and availability of fishing permits. These constraints are generally intended to prevent overcapitalization of the fleet and ensure populations are fished sustainably. As linked human-natural systems, both ecological and fishing dynamics influence the specific advantages and disadvantages of increasing the diversity of fishing portfolios. Specifically, a portfolio of synchronous populations with similar responses to environmental drivers should reduce revenue variability less than a portfolio of asynchronous populations with opposite responses. We built a bioeconomic model based on the Dungeness crab (Metacarcinus magister), Chinook salmon (Oncorhynchus tshawytscha), and groundfish fisheries in the California Current, and used it to explore the influence of population synchrony and permit access on income patterns. As expected, synchronous populations reduced revenue variability less than asynchronous populations, but only for portfolios including crab and salmon. Synchrony with the longer-lived groundfish population was not important because environmentally driven changes in groundfish recruitment were mediated by growth and natural mortality over the full population age structure, and overall biomass was relatively stable across years. Thus, building a portfolio of diverse life histories can buffer against the impacts of poor environmental conditions over short time scales. Increasing access to all permits generally led to increased revenue stability and decreased inequality of the fleet, but also resulted in less revenue earned by an individual from a given portfolio because more vessels shared the available biomass. This means managers are faced with a trade-off between the average revenue individuals earn and the risk those individuals accept. These results illustrate the importance of considering connections between social and ecological dynamics when evaluating management options that constrain or facilitate fishers' ability to diversify their fishing.

THE ROLE OF FINANCIAL RISK IN MANAGING THE CAPITAL STRUCTURE AND PERFORMANCE OF RUSSIAN COMPANIES

Issues related to the formation and optimization of the capital structure are an important component of the company's financial management system. The effectiveness of decisions depends on external and internal factors that affect the financial activities of the company, including financial risk. The article reveals the concept of financial risk and assesses its role in the analysis of the relationship between the capital structure and profitability indicators. It is established that the negative impact of the level of debt in the capital structure on the return on assets weakens as the financial risk increases, measured in terms of current liquidity coefficients and interest coverage. An increase in the debt burden leads to an increase in the return on equity when the company has enough funds to service the debt and the revenue variation is at an average level.

Vaccine Practice Payment Schedules Create Perverse Incentives for Unnecessary Medical Procedures – at What Cost to Patients?

No published assessment of revenue variation associated with variance in pediatric vaccine uptake exists. Using data from patients in a pediatric practice that provides full-service with informed consent, we provide a detailed analysis of the financial realities of respecting informed consent and allowing parents to exercise their legal right to refuse some or all pediatric vaccines. The data from a 30-day period of billing were tracked and analyzed via superbills, noting vaccines that were ordered and those that were refused. Considering that other practice income covered all operating expenses; these numbers reflect actual profits (from vaccines given) and losses (from vaccines refused). Patients in the practice exhibited increased refusal of some or all vaccines over a period of approximately ten years. These real-world data show losses would exceed one million US dollars for a practice that bills out just over 3 million (gross revenue). With pediatric administrative overhead running 60–80%, it becomes clear that the financial incentives to vaccinate are now a matter of survival for pediatric practices.

HUMAN RESOURCE COSTS AND FINANCIAL PERFORMANCE OF QUOTED COMPANIES IN NIGERIA

Accounting from the very beginning is confined to record only those business transactions which can be expressed in monetary terms. This study seeks to empirically investigate the relationship between human resource costs and financial performance of quoted companies in Nigeria. Panel data on different types of human resource costs and financial performance spanning from 2016-2017 were collected from financial reports and accounts of quoted companies on Nigeria stock exchange and federal Inland Revenue Service. Ordinary Least Square Multiple Regression, Auto Regressive Lag. Augmented Dickey-Fuller, Co-integration test, Granger Causality Test, Error Correction Model was used in analyzing the data with the aid of E-view version 12. The empirical results indicate that human resource cost significantly relate to financial performance, explaining about 80.1% of the total variation in revenue, human resource accounting were found to significantly relate to financial performance. The study conclude that human resource cost relate positively and significantly to financial performance and recommends that Management should not recruit more staff and should consider retaining only efficient staff, this implies that insurance firms should downsize their number of staff and focus on training and re-training of the most efficient members of staff. Management should make retirement benefits attractive so as to attract best brains to their respective firms, and there should be a well-coordinated program for staff development if the firm’s profitability and performance are desired to increase positively.

Influence of technology adoption on tax audit in Osun state, Nigeria

This study examined the influence of technology adoption on tax audit in Osun State. This workused the Survey research design, and the source of data was primary which was generated by the administrationof well-structured questionnaire which was ranked with five-point Likert scale, 100 copies ofquestionnaire were randomly distributed amongst staffer of Federal Inland revenue service, Osun state,Osun State internal revenue service and some business owners out of which 75 were filled and returned.Ordinary least square method of regression analysis was used to analyse the data collected. Findingsfrom this analysis showed that the coefficient of determination indicated that technology explains 50%of the total variation in tax compliance while it explains 69% of the total variation in revenue increase.It was established that there was positive relationship between adoption of technology and tax complianceand revenue increase in Osun state. Pearson Correlation matrix shows the direction, significantand strength of the bivariate associations amongst the variables in the study. The study recommendedthat the Government should invest heavily on technology for the purpose revenue increase, Governmentshould review tax law to reduce tax evasion to barest minimum, and that the tax authority shouldendeavor to be completing every tax audit at record time. Key words: technology, tax audit, tax administration, tax evasion, tax avoidance.

Pengaruh Pendapatan Asli Daerah dan Dana Perimbangan Terhadap Belanja Modal Pemerintahan Daerah Kabupaten

This study aims to determine the effect of regional own-source revenue and balance funds on capital expenditure in Langkat District Government. This type of research is quantitative with an associative approach. The type of data used is secondary data in the form of APBD reports obtained from the Regional Financial Management Agency and Langkat District. Data collection techniques with documentation and observation with data analysis techniques using multiple linear regression. The results showed that partially local revenue variables had significant effect on capital expenditure and balancing funds had a significant and significant effect on capital expenditure in Langkat District and simultaneously regional original income and balance funds had a positive and significant effect on capital expenditure in Langkat District.

Renewable Power and Electricity Prices: The Impact of Forward Markets

Increasing variable renewable power generation (e.g., wind) is expected to reduce wholesale electricity prices by virtue of its low marginal production cost. This merit-order effect of renewables displacing incumbent conventional (e.g., gas) generation forms the theoretical underpinning for investment decisions and policy in the power industry. This paper uses a game-theoretic market model to investigate how intermittently available wind generation affects electricity prices in the presence of forward markets, which are widely used by power companies to hedge against revenue variability ahead of near-real-time spot trading. We find that in addition to the established merit-order effect, renewable generation affects power prices through forward-market hedging. This forward effect reinforces the merit-order effect in reducing prices for moderate amounts of wind generation capacity but mitigates or even reverses it for higher capacities. For moderate wind capacity, uncertainty over its output increases hedging, and these higher forward sales lead to lower prices. For higher capacities, however, wind variability conversely causes power producers to behave less aggressively in forward trading for fear of unfavorable spot-market positions. The lower sales counteract the merit-order effect, and prices may then paradoxically increase with wind capacity despite its lower production cost. We confirm the potential for such reversals in a numerical study, suggesting new empirical questions while providing potential explanations for previously contradictory observed effects of market fundamentals. We conclude that considering the conventional merit-order effect alone is insufficient for evaluating the price impacts of variable renewable generation in the presence of forward markets. This paper was accepted by Vishal Gaur, operations management.

What Drives Bank Peformance?

<ns3:p>Focusing on some key metrics of bank performance, such as revenues and loan charge-off rates, we estimate the fraction of the observed variation in these metrics that can be attributed to changes in economic conditions. Macroeconomic factors can explain the preponderance of the fluctuations in charge-off rates. By contrast, bank-specific, idiosyncratic factors account for a sizable share of the variation in bank revenues. These results point to importance of bank-specific business models as a driver of performance.</ns3:p>

A Comparison of NCAA FBS Head Coaches Salary Determination From New and Modified Contracts

Previous research examines head football coaches’ salary only using aggregate athletic department revenues. Using detailed football program fixed and variable revenues provided in the NCAA Membership Financial Reporting System data, head football coaches signing either new and modified contracts are able to capture both variable and fixed revenues when negotiating salaries. Additionally, for the two other labor groups (student athletes and assistant head coaches), assistant head coaches salary is positive and statistically significant with respect to head coaches’ salary, while student athletes aid is statistically insignificant, possibly due to the cap imposed on student athletic aid during this time period.

Global analysis of optimal cleaning cycle and profit of soiling affected solar panels

The photovoltaics (PV) industry is poised to capture most of the energy sector within the next few decades. As the installed PV capacity increases, even the smallest improvements on the system and operations of the solar farms can accumulate to a significant gain in revenue. One such scope is efficient mitigation of dust accumulation on panels or soiling. While installed capacities are two of the highest in Asia and around US deserts, these locations are also dust prone. The Middle East and North Africa (MENA) regions having good insolation are also highly potential candidates for PV farms with the added complexity of soiling losses. Therefore, while soiling may not be an issue in many locations over the globe, it is in fact relevant to the majority of the PV installation sites. The analysis of the effects of soiling losses on energy yield and economics are of great importance for these locations. In this work, we have extended the empirical soiling model found in the literature to include the effects of temporal variation on soiling and insolation. Our study on variation in revenue with unoptimized cleaning intervals estimates the soiling loss, which can particularly interest PV farms with accessibility issues such as agrophotovoltaic systems. We analyze the optimal cleaning cycle and corresponding normalized revenue (cash inflow normalized to the rated clean farm revenue). A numerical model is used to explain the effects under seasonal and sudden (e.g., sand storm or rain) variations in soiling and insolation. Our closed-form analytical expressions can predict the cleaning cycle and normalized revenue within 0.1% of the numerical results by using the soiling and insolation data averaged over the seasons. Finally, we discuss these results in a global scenario using our estimated world-map for soiling rates. This predicts the worldwide revenue loss under location-specific optimal cleaning cycles, assuming one of the lowest cleaning costs seen globally. In Asia and MENA regions, for example, median revenue loss due to soiling is 2.5% even after optimal cleaning every 5–6 days. This loss is 1.5% in the US for 12 days of cleaning interval. Considering region-specific cleaning costs, the revenue loss of optimally cleaned PV farm is 2%–5% for Asia, MENA, North America, and Europe.

PENGARUH JUMLAH PERCEPATAN RESTITUSI PAJAK PERTAMBAHAN NILAI TERHADAP PENERIMAAN PAJAK PERTAMBAHAN NILAI (Studi pada Kantor Pelayanan Pajak Pratama Malang Utara)

The Accelerated of Value Added Tax Restitution is Indonesian government’s policy to a preliminary refund of value added tax overpayment. The simplification or the acceleration of the provision of restitution is done without strict examination and long process, but by simple research. Accelerated restitution policy is given to the Taxpayer who fulfills certain requirements (certain amount of restitution as mentioned above), certain criteria (Taxpayers who comply) and they are low risk Taxable Entrepreneurs that determined by the Minister of Finance. The Acceleration of Value Added Tax restitution is expected to reduce the cost compliance because the provision of restitution is done without examination and it is hoped that this policy could increase cash flow and liquidity of the economy. The research’s purpose is determine to impact the number of acceleration of value added tax restitution to the acceptance of value added tax. The type of research is explanatory research with a quantitative approach. The research’s data is secondary data that obtaine from the Pratama Tax Office Malang Utara. The research’s data is time series data during the periode of April 2018 – November 2019. The data analysis technique on the research is a simple regresi linier analysis. The results of this research is variable number of acceleration restitution on value added tax impact and significant for the revenue value added tax in the Pratama Tax Office Malang Utara. The value of R Square earned is 0.374 which means that the number of accelerated restitution of value added tax has an impact on the variable revenue of value added tax is 37.4%.

Oil prices and fiscal policy in an oil-exporter country: Empirical evidence from Oman

This paper studies the impact of oil price shocks on fiscal policy and real GDP in Oman using new unexplored data. We find that an oil price shock explains around 22% and 46% of the variation in the government revenue and GDP, respectively. Decomposing the government revenue and GDP further into petroleum and non-petroleum related components, we find that an oil price shock explains around 26% of the variation in petroleum revenue and 90% of the petroleum-GDP. Though petroleum and non-petroleum GDP respond positively to oil price shocks, government expenditure is not affected by oil prices but is affected by government revenue. The results suggest that the Omani government uses its reserve fund and local and international debt to smooth and reduce the impact of oil price fluctuations.

Oil Prices and Fiscal Policy in an Oil-Exporter Country: Empirical Evidence from Oman

This paper studies the impact of oil price shocks on fiscal policy and real GDP in Oman using new unexplored data. We find that an oil price shock explains around 22% and 46% of the variation in the government revenue and GDP, respectively. Decomposing the government revenue and GDP further into petroleum and non-petroleum related components, we find that an oil price shock explains around 26% of the variation in petroleum revenue and 90% of the petroleum-GDP. Though petroleum and non-petroleum GDP respond positively to oil price shocks, government expenditure is not affected by oil prices but is affected by government revenue. The results suggest that the Omani government uses its reserve fund and local and international debt to smooth and reduce the impact of oil price fluctuations.

Variability of Farm Income and Revenue on Upland Farms

Variability of Farm Income and Revenue on Upland Farms

The effect of locally-generated revenue, capital expenditure, and investment on economic growth in Lamongan (Indonesia), 2010–2019

Since economic growth is a macro indicator of successful development, all countries strive to get maximum economic growth to create public welfare, especially for developing countries. Therefore, using the example of a city in one such country, namely Lamongan in Indonesia, let’s examine the effects of local income, capital expenditure and partial investment simultaneously on economic growth. Thus, the object of the research is the influence of locally-generated revenue, capital expenditure, partial investment, and simultaneously economic growth in the Lamongan in 2010–2019.This research was established with a quantitative approach. The data used are secondary data published by the Central Bureau of Statistics of Lamongan, the Regional Financial and Asset Management Agency of Lamongan, the Office of investment, and One-Stop Services, Lamongan in 2010–2019. The results of the study conclude that partially the locally-generated revenue variable has a significant negative effect on economic growth in Lamongan in 2010–2019, capital expenditure has a significant positive impact on economic growth in Lamongan in 2010–2019, and investment did not hurt economic growth in Lamongan in 2010–2019. Simultaneously, the locally-generated revenue variables, capital expenditure, and acquisition significantly affected Economic Growth in Lamongan in 2010–2019. This study’s results are expected to become information, reference materials, and references to develop and expand future research. For the Lamongan government, this research can be used as a necessary consideration and input to improve policies related to increasing economic growth of country.

Expenditure on sports and leisure by the Government of the State of Piauí

The present study aimed to analyze the participation of the government of Piauí in the bottom-up funding of sport and leisure public policies from 2013 to 2017, embracing four aspects: (1) comparison of expenditure with tax revenue; (2) comparison of expenditure with other social agendas, notably Social Assistance and Culture; (3) identifying the spending behavior regarding subfunctions; (4) analyzing the efficiency in resource liquidation comparatively. Quantitative data were collected from the National Treasure website and submitted to descriptive statistics. In a conclusive manner, the study indicated that: (a) state government expenditure with the SLF is far shorter than the estimated by the II National Sport Conference; (b) expenditure has not followed the positive revenue variation during the period; (c) when compared to Social Assistance and Culture, Sport and Leisure has been the less considered area on the government’s agenda; (d) there has been an abrupt chance in the government’s agenda towards performance sport; (e) the government acts in an efficient way regarding the liquidation of planned resources.

Financing Buprenorphine Treatment in Primary Care: A Microsimulation Model.

We sought to determine the financial impact to primary care practices of alternative strategies for offering buprenorphine-based treatment for opioid use disorder. We interviewed 20 practice managers and identified 4 approaches to delivering buprenorphine-based treatment via primary care practice that differed in physician and nurse responsibilities. We used a microsimulation model to estimate how practice variations in patient type, payer, revenue, and cost across primary care practices nationwide would affect cost and revenue implications for each approach for the following types of practices: federally qualified health centers (FQHCs), non-FQHCs in urban high-poverty areas, non-FQHCs in rural high-poverty areas, and practices outside of high-poverty areas. The 4 approaches to buprenorphine-based treatment included physician-led visits with nurse-led logistical support; nurse-led visits with physician oversight; shared visits; and solo prescribing by physician alone. Net practice revenues would be expected to increase after introduction of any of the 4 approaches by $18,000 to $70,000 per full-time physician in the first year across practice type. Yet physician-led visits and shared medical appointments, both of which relied on nurse care managers, consistently produced the greatest net revenues ($29,000-$70,000 per physician in the first year). To ensure positive net revenues with any approach, providers would need to maintain at least 9 patients in treatment, with a no-show rate of <34%. Using a simulation model, we estimate that many types of primary care practices could financially sustain buprenorphine-based treatment if demand and no-show rate requirements are met, but a nurse care manager-based approach might be the most sustainable.

Pengaruh Struktur Modal, Struktur Kepemilikan, Faktor Teknikal Terhadap Profitabilitas dengan Total Pendapatan Sebagai Variabel Moderasi Pada Sub Sektor Perkebunan Di Bursa Efek Indonesia Periode 2015-2018

This research aims to look at the influence of capital structure, ownership structure, technical factors on profitability with total income as a moderation variable in the plantation sub-sector on the Indonesia Stock Exchange period 2014 – 2018. This research, using secondary data, is data obtained from official reports issued by issuers, institutions and competent authorities. This study used Smart PLS 3.0 where all latent variables in this study had reflective indicators. The results showed that 1). capital structure has no effect on profitability, and has a negative (debilitating) direction. 2). The ownership structure has no effect on profitability, but has a positive direction (strengthening). 3). Technical factors have no effect on profitability, but have a positive direction (strengthening) 4). Moderation variables i.e. total income are not able to moderate the relationship between capital structure variables to profitability variables, with positive direction (strengthening). 5). Total revenue variables are unable to moderate the relationship between ownership structure variables to profitability variables in a positive (corroborating) direction. 6). Total revenue variables are unable to moderate the relationship between technical factor variables to profitability variables in a positive (strengthening) direction.