The Role of Capital Expenditure Forecasts in Debt Contracting

2017 ◽  
Author(s):  
Ashiq Ali ◽  
Zhongwen Fan ◽  
Ningzhong Li
Keyword(s):  
Capital Expenditure ◽  
Debt Contracting

Accounting Conservatism and Firm Growth Financed by External Debt

2016 ◽  
Vol 32 (2) ◽  
pp. 182-208 ◽  
Author(s):  
Tony Kang ◽  
Gerald J. Lobo ◽  
Michael C. Wolfe
Keyword(s):  
Firm Growth ◽  
Positive Relationship ◽  
External Debt ◽  
Debt Maturity ◽  
Accounting Conservatism ◽  
Debt Contracting ◽  
Conservative Accounting ◽  
Agency Risk

Previous research shows that accounting conservatism facilitates debt contracting. Extending this line of literature, we examine whether the role of accounting conservatism in accessing external debt to attain firm growth varies with its maturity. We find evidence of a positive relationship between conservatism and debt maturity. We also observe a positive relationship between conservative accounting and future growth funded by all classes of debt, but this relation is due to long-term rather than short-term debt, which is less prone to agency risk. Furthermore, the associations between conservatism and debt maturity and conservatism and growth financed by long-term debt are mostly observed for firms with fewer anti-takeover provisions in place. These findings suggest that the demand for accounting conservatism is not uniform across different debt maturity horizons.

The information role of audit opinions in debt contracting

2016 ◽  
Vol 61 (1) ◽  
pp. 121-144 ◽  
Author(s):  
Peter F. Chen ◽  
Shaohua He ◽  
Zhiming Ma ◽  
Derrald Stice
Keyword(s):  
Debt Contracting ◽  
Audit Opinions

Fiscal Implications of Special Economic Zones (SEZs) Expansion in India: A Resource Cost Approach

2015 ◽  
Vol 06 (01) ◽  
pp. 1550006 ◽  
Author(s):  
Malini L. Tantri
Keyword(s):  
Capital Expenditure ◽  
Reference Period ◽  
Special Economic Zones ◽  
Fiscal Health ◽  
Cost Approach ◽  
Resource Cost ◽  
The Government ◽  
Economic Zones ◽  
Fiscal Implications

This paper analyzes the fiscal implications of special economic zones (SEZs) on the government exchequer. The analysis is based on aggregating data collected from seven conventional SEZs and taking 1990–1991 to 2007–2008 as the reference period. The exercise reveals that the government has spent huge sums of money to play the role of a trade facilitator and has, in the process, lost considerable revenue as a fiscal manager. This, in turn, has affected both revenue and capital expenditure of the government's budget. Given the magnitude of these costs, one cannot but raise questions about the actual contributions of these enclaves to the national fiscal health and the feasibility of relentlessly adopting measures that seeks to promote these zones across the nation.

Particle Tribology

1975 ◽  
Vol 189 (1) ◽  
pp. 623-633 ◽  
Author(s):  
D. Scott
Keyword(s):  
Relative Motion ◽  
Capital Expenditure ◽  
Controlling Factors ◽  
Careful Examination ◽  
Specific Information ◽  
Failure Prevention ◽  
Machinery Condition Monitoring ◽  
Periodic Maintenance ◽  
History Of

Progress in wear prevention can be made only when a better understanding of the mechanisms by which wear occurs and of the controlling factors has been achieved. Much of the research on wear has been directed towards the study of surfaces in relative motion and the changes brought about by their interaction and the lubricant or environment present. Little attention has been paid to the particles generated by the interaction of surfaces in relative motion and thus valuable information has been neglected. Each particle present in a lubricant carries with it the history of the conditions under which it was formed, and thus careful examination of particles can yield specific information concerning the condition of the moving surfaces from which they were produced. Techniques of particle examination are reviewed and the various theories of wear are considered in the light of information obtained by the examination of lubricant contaminant particles. The development of a powerful new technique of machinery condition monitoring by particle tribology to allow a prognostic approach to failure prevention and the safe switch from expensive periodic maintenance to failure prevention maintenance is outlined with examples from the work of NEL. The role of particle tribo-analysis in the development of machinery to ensure a maintenance and failure free life of sufficient duration to adequately cover capital expenditure is discussed.

scholarly journals Trends in the Internet of Things (IoT) and Influence on the Industries’ Progress

2020 ◽  
Vol 5 (1) ◽  
pp. 176-187
Author(s):  
Vahid Zeynvand Lorestani
Keyword(s):  
Internet Of Things ◽  
Capital Expenditure ◽  
Critical Role ◽  
The Other ◽  
The Internet ◽  
Considerable Influence ◽  
Top Managers ◽  
The Future ◽  
The Internet Of Things

This research aims to investigate the critical role of the Internet of Things in the future of industries’ progress. For this purpose, a survey of 250 top managers across 13 industries has conducted. The objective was to find their view of point about what short and mega trends, in which sector will have the most considerable influence in the five years as well as 30 years ahead. Moreover, various technologies are also identified that will have the most importance in the future according to the majority of the respondents, such as Internet of things, Automation and Artificial Intelligence, and, on the other hand, the segments that capital expenditure is currently being directed towards, such as Energy Efficiency and Personalisation of Services.

scholarly journals The risk management role of nonexecutive directors: from capital expenditure perspective

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tho Anh To ◽  
Yoshihisa Suzuki ◽  
Hong Thu Thi Ho ◽  
Siem Thi Tran ◽  
Tuan Quoc Tran
Keyword(s):  
Stock Return ◽  
Capital Expenditure ◽  
Generalized Method Of Moments ◽  
Moderating Effect ◽  
Return Volatility ◽  
Firm Risk ◽  
Content Type ◽  
Listed Firms ◽  
Stock Return Volatility

PurposeThis study investigates the impact of board independence on firm risk of Vietnamese listed firms and the moderating effect of capital expenditure on this relationship.Design/methodology/approachThis paper applies fixed effects and dynamic generalized method of moments (GMM) models to examine hypothesized associations between the proportion of nonexecutive directors and stock return volatility, as well as the moderating effect of capital expenditure. The robustness tests are implemented by applying alternative measures of overinvestment and firm risk.FindingsThe results show that the presence of nonexecutive directors on board increases firm risk. However, the combination of nonexecutive ratio and capital expenditure ratio has a significant negative impact on firm risk. The result is also confirmed by the difference between the monitoring role of nonexecutive directors in overinvesting and underinvesting firms.Research limitations/implicationsThe results imply that Vietnamese listed firms take stock return volatility into consideration before nominating and appointing nonexecutive directors into their board, especially in overinvesting firms. From another perspective, the shift toward having a majority of nonexecutive directors on boards can play a significant role in pursuing a stable or risky business strategy.Originality/valueThis paper investigates the influences of nonexecutive directors on firm risk in the context of Vietnam.

THE ROLE OF ORIGINAL REGIONAL INCOME AND BALANCE FUNDS IN EFFECTIVE CAPITAL SHOPPING TO INCREASE REGIONAL INDEPENDENCE IN CENTRAL PROVINCE

ProBank ◽  
2020 ◽  
Vol 4 (2) ◽  
pp. 111-136
Author(s):  
Mulyadi Mulyadi ◽  
Endah Nawangsasi
Keyword(s):  
Central Government ◽  
Capital Expenditure ◽  
Sampling Technique ◽  
Capital Expenditures ◽  
Regional Government ◽  
Local Revenue ◽  
Central Java ◽  
Analysis Technique ◽  
The Difference

His study aims to analyze the role of Local Revenue, General Allocation Funds, Special Allocation Funds and SiLpa on Capital Expenditures in Districts/Cities in Central Java Province 2016-2017. The population in this study amounted to 35 districts/cities in Central Java. The sampling technique in this study used purposive sampling and obtained a sample of 33 districts/cities in Central Java. The data analysis technique used is multiple linear regression. The  results showed that the Regional Revenue and the Difference in Budget Financing have a positive and significant effect on capital expenditure, then the General Allocation Fund and the Special  Allocation Fund have a positive but not significant effect on capital  expenditure. The results of the determination test show that capital  expenditure is influenced by variables Independent of 79.5% and  the remaining 20.5% explained by variables outside this study. So the highest contribution is PAD in contributing to Capital Expenditures, because the contribution of the Balancing Fund, namely the General Allocation Fund and the Special Allocation Fund, is relatively small, meaning that the dependence on the Central Government is small,so the conclusion is that the higher the Regional Original Revenue, the greater the authority of the regional government in implement policies so that the region can be independent.

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