The Impact of Governance on Environmental Capital Expenditures

2009 ◽  
Author(s):  
Michelle Rodrigue
Keyword(s):  
Capital Expenditures ◽  
Environmental Capital ◽  
The Impact

scholarly journals Further Examination of the Market Valuation of Environmental Capital Expenditures by Pulp and Paper Companies

2012 ◽  
Vol 2 (1) ◽  
pp. 174
Author(s):  
Perry Warren Solheim
Keyword(s):  
Paper Industry ◽  
Pulp And Paper Industry ◽  
Optimal Choice ◽  
Pulp And Paper ◽  
Capital Expenditures ◽  
Market Values ◽  
The Us ◽  
Best Available Technology ◽  
Available Technology ◽  
Environmental Capital

In this study I use the US pulp and paper industry to explore the equity market’s valuation of environmental capital expenditures. I replicate and extend a study by Clarkson, Li, and Richardson that bifurcates the industry into high and low polluting groups. As with their study, I find evidence indicating that the market values environmental capital expenditures by over-compliant firms while attaching no such value to the same expenditures by minimally compliant firms. I do not find that the market assesses unrecorded liabilities to firms that are minimally compliant. My extension also seeks to address two possible specification issues in the Clarkson, et. Al. approach.  The first, levels model they used is unbiased but inefficient.  Their model scaled by common shares outstanding attempts to rectify this inefficiency but may not be the optimal choice of scaling variable. My results suggest that a “Best Available Technology” approach to environmental regulation may carry additional incentives provided by the capital markets.

Corporate governance mechanisms and corporate investments: evidence from India

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Samridhi Suman ◽  
Shveta Singh
Keyword(s):  
Corporate Governance ◽  
Dynamic Model ◽  
Capital Expenditure ◽  
Agency Problem ◽  
Agency Problems ◽  
Static Model ◽  
Capital Expenditures ◽  
Content Type ◽  
Empire Building ◽  
The Impact

PurposeThe purpose of this paper is to empirically investigate the influence of corporate governance variables relating to the board of directors, audit and ownership on the agency problems that inflict a firm's investments in capital and research and development (R&D) expenditures. This study posits that the R&D investments are inflicted by the agency problem of “quiet life” whereas “empire-building” agency problem affects capital expenditure decisions.Design/methodology/ approachThis study analyses the investment behaviour of non-financial and non-utility firms listed on NIFTY 200 from FY 2009 to FY 2018 using a static and dynamic model.FindingsThe results from the static model suggest that ownership concentration mitigates the agency problem of the “quiet life” that affects R&D expenditures. However, no corporate governance attribute has a significant impact on R&D investments under the assumption of the dynamic model. In respect of capital expenditures, the analysis of static model yields that audits by large auditor firms and usage of non-audit services ameliorate the agency problem of “empire-building”. The results from the dynamic model show that independent boards worsen it. They also continue to provide empirical evidence in favour of large auditors.Originality/valueThis paper contributes to the literature on the corporate governance-investment association by simultaneously examining the impact of multiple corporate governance attributes on the agency problems of “quiet life” and “empire-building” that affect R&D and capital expenditures, respectively, in a static and dynamic context for a sample of Indian firms.

scholarly journals The Impact of Renovation Capital Expenditure on Hotel Property Performance

2018 ◽  
Vol 60 (1) ◽  
pp. 25-39 ◽  
Author(s):  
Michael J. Turner ◽  
James W. Hesford
Keyword(s):  
Customer Satisfaction ◽  
Capital Expenditure ◽  
Significant Decline ◽  
Capital Expenditures ◽  
Short Term ◽  
Beneficial Impact ◽  
Long Term Impact ◽  
The Impact ◽  
Property Performance

This study investigates the impact of renovation capital expenditure on multiple measures of hotel property performance. We conduct analyses in two time periods: for a 3-year period immediately following renovation (short-term impact), and 3 to 6 years following renovation (long-term impact). The study is based on proprietary project, operational and financial data obtained for 305 renovation capital expenditure projects of individual properties within a single budget hospitality chain. We find renovation capital expenditures offer significant short-term beneficial impact in terms of increased revenue, profitability gains, higher customer satisfaction, and decreased repair and maintenance expense. Altogether, these outcomes should be advantageous to hotel property performance. In the long-term, a significant decline is apparent in revenue and profitability. Surprisingly, customer satisfaction does not decline, and repair and maintenance expense does not increase, which are both favorable.

Corporate disclosure of environmental capital expenditures

2012 ◽  
Vol 25 (3) ◽  
pp. 486-507 ◽  
Author(s):  
Charles H. Cho ◽  
Martin Freedman ◽  
Dennis M. Patten
Keyword(s):  
Capital Expenditures ◽  
Corporate Disclosure ◽  
Environmental Capital

scholarly journals THE EFFECT OF FINANCIAL AND NON-FINANCIAL PERFORMANCE ON REGIONAL COMPETITIVENESS OF BUNGO DISTRICT WITH CAPITAL EXPENDITURE AND BUDGET GOVERNANCE AS INTERVENING

2021 ◽  
Vol 1 (4) ◽  
pp. 347-354
Author(s):  
Herawati ◽  
Syamsurijal Tan ◽  
Sri Rahayu ◽  
Syahmardi Yacob
Keyword(s):  
Financial Performance ◽  
Structural Equation Model ◽  
Structural Equation ◽  
Capital Expenditure ◽  
Equation Model ◽  
Primary Data ◽  
Capital Expenditures ◽  
Budget Management ◽  
Regional Competitiveness ◽  
The Impact

This study aims to determine the effect of financial and non-financial performance, capital expenditure, budget management on regional competitiveness. Second, this study also determines the impact of financial and non-financial performance on regional competitiveness through capital expenditures and budget management in the Bungo Regency. Primary data were collected through direct interviews with respondents with predetermined criteria and processed using Structural Equation Model analysis with PLS. The results study found only financial and non-financial performance and budget management had a significant effect on regional competitiveness, while capital expenditure had no effect. This study also found that financial and non-financial performance affects regional competitiveness through budget management, but it had no effect if capital expenditures were intervening.

scholarly journals Monitoring the Development Strategies of the United Territorial Communities of the Kharkiv Region in the Context of the Use of Identification Tools

2020 ◽  
Vol 24 (1) ◽  
pp. 164-170
Author(s):  
I. Popova ◽  
◽  
N. Demchenko ◽  
A. Lebedin ◽  
◽  
...  
Keyword(s):  
Development Strategy ◽  
Agricultural Land ◽  
Financial Resources ◽  
Capital Expenditures ◽  
Social Infrastructure ◽  
Resource Base ◽  
Business Entities ◽  
Fierce Competition ◽  
Management Staff ◽  
The Impact

Annotation. Introduction. Decentralization of power requires the creation of united territorial communities, which should develop strategies for their own development, with the main directions of society development, tasks, prospects for improving the quality of life of the residents of community. In conditions of fierce competition for investment resources, territorial communities, are united, while developing strategies, they must show the peculiarity of their community – local identity, which is the basis for positioning each community. Purpose. The purpose of the article is, monitoring strategies for the development of united territorial communities in the context of the use of identification tools on the example of Kharkiv region. Results. To assess the impact of strategy results on life communities should constantly monitor the effectiveness of implemented programs and projects. The article monitors the development strategy of the united territorial communities of Kharkiv region and identifies the features of each community that must be taken into account in conditions of fierce competition for investment resources, as well as identifies tools to form a positive image of united territorial communities Conclusions. The region has a fairly good education rating of the united territorial communities, which was influenced by the high rates of their population. All the communities of the Kharkiv region, which have been functioning for more than one year, have a stable growth of the resource base, and the vast majority of them do not receive subsidies, on the contrary, they pay a significant reverse subsidy. At the same time, they are also characterized by an increase in the share of expenditures for the maintenance of the management staff in financial resources and a sharp dynamics of capital expenditures, which does not correlate with the growth of budget revenues. At the same time, they are also characterized by an increase in the share of expenditures on the maintenance of the management staff in financial resources and abrupt dynamics of capital expenditures, which does not correlate with the growth of budget revenues. Based on the results, the main identification tools are identified, namely area, population (including demographic structure), income and expenditure level, financing structure, structure of business entities by type of activity and income level, number of social infrastructure facilities, the level of employment and unemployment in the community, the share of agricultural land in the region; the number of enterprises in the region by type of activity; unique name; minerals; the share of certain industries in the region; favorable conditions for tourism development (green, medical, hunting, etc.). The definition of these instruments is the basis for assessing the socio-economic development of society, investment attractiveness. Keywords: united territorial community; strategy, monitoring; tools; identification.

scholarly journals The Impact of Venture Capital Expenditures on Innovation in Europe

2021 ◽  
Author(s):  
Angelo Leogrande ◽  
Alberto Costantiello ◽  
Lucio Laureti
Keyword(s):  
Venture Capital ◽  
Capital Expenditures ◽  
The Impact
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