scholarly journals Dealing with Carbon Risk and the Cost of Debt: Evidence from the European Market

2020 ◽  
Vol 8 (4) ◽  
pp. 61 ◽  
Author(s):  
Fabio Pizzutilo ◽  
Massimo Mariani ◽  
Alessandra Caragnano ◽  
Marianna Zito
Keyword(s):  
Climate Change ◽  
Environmental Risk ◽  
Positive Relationship ◽  
European Market ◽  
Financial Impact ◽  
Cost Of Debt ◽  
Specific Component ◽  
The Cost ◽  
The Relationship

The ever-increasing attention towards climate change has led to investigate the economic and financial impact of environmental risk. In this scenario, we aimed at investigating the relationship between a specific component of environmental risk, namely the so-called carbon risk, and the cost of debt. This research is motivated by the fact that few studies have focused on the aforementioned relationship. We fill this gap by using a sample of companies listed on the Eurostoxx 600 Index. Our results evidence a positive relationship between carbon risk and cost of debt, providing a relevant contribution to the scarce existing literature on this topic.

scholarly journals The Effect of Managerial Share Pledges on the Cost of Debt

2021 ◽  
Vol 50 (6) ◽  
pp. 617-650
Author(s):  
Soonhong Park ◽  
Hyeon Sook Kim ◽  
Byungkwon Lim
Keyword(s):  
Ownership Structure ◽  
Risk Taking ◽  
Risk Premium ◽  
Firm Value ◽  
Positive Relationship ◽  
Cost Of Debt ◽  
Controlling Shareholders ◽  
Managerial Risk ◽  
The Cost ◽  
The Relationship

We examines whether share pledges by controlling shareholders influence a firm’s cost of debt. We also investigate whether the relationship between share pledges and the cost of debt stems from the managerial risk-taking incentives or pursuing the private benefits of controlling shareholders. We make three major findings. First, we find the cost of debt is higher in firms with share pledges than in firms without share pledges. Furthermore, we identify a positive relationship between the cost of debt and the level of share pledges. Second, we find that there is no increased corporate financial leverage or investment activities in firms with share pledges. Finally, our empirical evidence demonstrates that the positive relationship between share pledges and cost of debt is more pronounced for lower foreign institutional investor stakes or higher controlling shareholders ownership. Overall, the results indicate that share pledges by controlling shareholders negatively affect the cost of debt. However, the effect of share pledges on the cost of debt is differently influenced by a firm’s ownership structure. Our findings suggest that share pledges induce stockholder-bondholder conflict, and the bondholder requires more risk premium due to the decrease of firm value.

INTERCONNECTION OF SUSTAINABLE DEVELOPMENT COMPONENTS FOR THE INDIGENOUS PEOPLES OF THE NORTH

2020 ◽  
Vol 2 (8) ◽  
pp. 101-110
Author(s):  
N. N. ILYSHEVA ◽  
◽  
E. V. KARANINA ◽  
G. P. LEDKOV ◽  
E. V. BALDESKU ◽  
...  
Keyword(s):  
Climate Change ◽  
Sustainable Development ◽  
Economic Development ◽  
Indigenous Peoples ◽  
Ecological Footprint ◽  
Positive Relationship ◽  
The North ◽  
Strong Positive Relationship ◽  
The Face ◽  
The Relationship

The article deals with the problem of achieving sustainable development. The purpose of this study is to reveal the relationship between the components of sustainable development, taking into account the involvement of indigenous peoples in nature conservation. Climate change makes achieving sustainable development more difficult. Indigenous peoples are the first to feel the effects of climate change and play an important role in the environmental monitoring of their places of residence. The natural environment is the basis of life for indigenous peoples, and biological resources are the main source of food security. In the future, the importance of bioresources will increase, which is why economic development cannot be considered independently. It is assumed that the components of resilience are interrelated and influence each other. To identify this relationship, a model for the correlation of sustainable development components was developed. The model is based on the methods of correlation analysis and allows to determine the tightness of the relationship between economic development and its ecological footprint in the face of climate change. The correlation model was tested on the statistical materials of state reports on the environmental situation in the Khanty-Mansiysk Autonomous Okrug – Yugra. The approbation revealed a strong positive relationship between two components of sustainable development of the region: economy and ecology.

Economic Considerations of Climate Change and Health

Heat Advisory ◽  
2016 ◽  
Author(s):  
Alan H. Lockwood
Keyword(s):  
Climate Change ◽  
Full Time ◽  
The Us ◽  
Compensation Claims ◽  
Property Loss ◽  
Vector Borne ◽  
The Cost ◽  
The Relationship ◽  
Economic Considerations ◽  
Climate Change And Health

Economics govern the relationship between what could be done and what is actually done. A fundamental rule of public health posits that it is medically and economically desirable to prevent rather than to treat an illness. Heat leads to more deaths than any weather-related cause. In the July 2006 California heat wave there were over 16,000 excess emergency room visits and 1,100 hospitalizations. In Washington, there were 3.1 heat-related workman’s compensation claims per 100,000 full time employees. In India the economic burden of dengue is over one billion dollars per year. Puerto Rican data suggest it is the most important and costliest vector-borne disease. Property loss and burdens associated with the production of climate change refugees add to the cost of rising sea level. It’s no surprise that careful studies in the US show that those with the highest social vulnerability will be the most seriously affected. Agriculture will suffer: the 2012 megadrought cost around $30 billion. Economists estimate that heat-related increases in crime will cost each US citizens between $20 and $30 per year by the end of the century.

scholarly journals Population responses of bird populations to climate change on two continents vary with species’ ecological traits but not with direction of change in climate suitability

2019 ◽  
Vol 157 (3-4) ◽  
pp. 337-354 ◽  
Author(s):  
Lucy R. Mason ◽  
Rhys E. Green ◽  
Christine Howard ◽  
Philip A. Stephens ◽  
Stephen G. Willis ◽  
...  
Keyword(s):  
Climate Change ◽  
Climatic Change ◽  
Body Mass ◽  
Positive Relationship ◽  
Breeding Habitat ◽  
Ecological Traits ◽  
Population Responses ◽  
Climate Suitability ◽  
Species Responses ◽  
The Relationship

Abstract Climate change is a major global threat to biodiversity with widespread impacts on ecological communities. Evidence for beneficial impacts on populations is perceived to be stronger and more plentiful than that for negative impacts, but few studies have investigated this apparent disparity, or how ecological factors affect population responses to climatic change. We examined the strength of the relationship between species-specific regional population changes and climate suitability trends (CST), using 30-year datasets of population change for 525 breeding bird species in Europe and the USA. These data indicate a consistent positive relationship between population trend and CST across the two continents. Importantly, we found no evidence that this positive relationship differs between species expected to be negatively and positively impacted across the entire taxonomic group, suggesting that climate change is causing equally strong, quantifiable population increases and declines. Species’ responses to changing climatic suitability varied with ecological traits, however, particularly breeding habitat preference and body mass. Species associated with inland wetlands responded most strongly and consistently to recent climatic change. In Europe, smaller species also appeared to respond more strongly, whilst the relationship with body mass was less clear-cut for North American birds. Overall, our results identify the role of certain traits in modulating responses to climate change and emphasise the importance of long-term data on abundance for detecting large-scale species’ responses to environmental changes.

scholarly journals ESG Scores and the Credit Market

2020 ◽  
Vol 12 (8) ◽  
pp. 3456 ◽  
Author(s):  
Ga-Young Jang ◽  
Hyoung-Goo Kang ◽  
Ju-Yeong Lee ◽  
Kyounghun Bae
Keyword(s):  
Small Firms ◽  
Credit Rating ◽  
Credit Ratings ◽  
Debt Financing ◽  
Corporate Bond ◽  
Cost Of Debt ◽  
Rating Agencies ◽  
Bond Returns ◽  
The Cost ◽  
The Relationship

This study analyzes the relationship between Environmental, Social and Governance (ESG) scores and bond returns using the corporate bond data in Korea during the period of 2010 to 2015. We find that ESG scores include valuable information about the downside risk of firms. This effect is particularly salient for the firms with high information asymmetry such as small firms. Interestingly, of the three ESG criteria, only environmental scores show a significant impact on bond returns when interacted with the firm size, suggesting that high environmental scores lower the cost of debt financing for small firms. Finally, ESG is complementary to credit ratings in assessing credit quality as credit ratings cannot explain away ESG effects in predicting future bond returns. This result suggests that credit rating agencies should either integrate ESG scores into their current rating process or produce separate ESG scores which bond investors integrate with the existing credit ratings by themselves.

scholarly journals PENGARUH PENGHINDARAN PAJAK TERHADAP BIAYA HUTANG DAN KEPEMILIKAN INSTITUSIONAL SEBAGAI PEMODERASI

2019 ◽  
Vol 21 (1) ◽  
pp. 47-60
Author(s):  
FAHREZA UTAMA ◽  
DWI JAYA KIRANA ◽  
KORNEL SITANGGANG
Keyword(s):  
Sampling Method ◽  
Stock Exchange ◽  
Tax Avoidance ◽  
Institutional Ownership ◽  
Cost Of Debt ◽  
Effective Tax Rate ◽  
Tax Rate ◽  
Section Data ◽  
The Cost ◽  
The Relationship

The aim of this study is to test the influence of tax avoidance towards the cost of debt moderated by institutional ownership. In this research, tax avoidance measured by proxy of Book Tax Different (BTD) and Cash Effective Tax Rate (CETR). The population in this research is manufacturing firms that listed on Indonesia Stock Exchange (IDX) with 2015-2017 time periods. The amount of sample before outlier is 198 datas collected with purposive sampling method, then the amount of sample after outlier is 187 datas for first model and 186 datas for second model. Cross section data is used in this research. Multiple linear regression, determination coefficients, and partial test (t-test) is used with some help of programming data using SPSS (Statistical Product and Service Solution) 23th version to analize in this research. The result of this study indicate tax avoidance has not significant influence towards the cost of debt, and institutional ownership can’t moderate the relationship between tax avoidance and the cost of debt.

scholarly journals The relationship between habits and skills in humans

2021 ◽  
Author(s):  
Yue Du ◽  
John W. Krakauer ◽  
Adrian Haith
Keyword(s):  
Essential Role ◽  
Deliberate Practice ◽  
Cognitive Resources ◽  
Specific Component ◽  
Complex Skills ◽  
The Cost ◽  
The Relationship ◽  
Review Current

How do habit and skill relate to one another? We review current frameworks for skills and habits, and suggest a way of relating them through the notion of automaticity. Though various types of habit have been studied, we suggest that “slips-of-action” habits, such as habitually pressing a wrong key on a foreign keyboard, are the kind of habit most relevant to skill. Skilled behaviors rarely become habitual in their entirety, but instead specific component computations become habitual – or, equivalently, automatized – improving performance speed but at the cost of flexibility. We lastly consider the essential role of habits in learning complex skills given limited cognitive resources, and interpret deliberate practice as a process of breaking and restructuring habits to optimize performance.

scholarly journals Hydrological controls on DOC : nitrate resource stoichiometry in a lowland, agricultural catchment, southern UK

2017 ◽  
Author(s):  
Catherine M. Heppell ◽  
Andrew Binley ◽  
Mark Trimmer ◽  
Tegan Darch ◽  
Ashley Jones ◽  
...  
Keyword(s):  
Climate Change ◽  
Organic Carbon ◽  
Dissolved Organic Carbon ◽  
River Water ◽  
Positive Relationship ◽  
Agricultural Landscapes ◽  
Lowland River ◽  
Significant Positive Relationship ◽  
Molar Ratios ◽  
The Relationship

Abstract. The role that hydrology plays in governing the interactions between dissolved organic carbon (DOC) and nitrogen in rivers draining lowland, agricultural landscapes is currently poorly understood, yet important to assess given the potential changes to production and delivery of DOC and nitrate arising from climate change. We measured DOC and nitrate concentrations in river water of six reaches of the lowland River Hampshire Avon (Wiltshire, southern UK) in order to quantify the relationship between Baseflow Index (BFI) and DOC : nitrate molar ratios across contrasting geologies (Chalk, Greensand and clay). We found a significant positive relationship between nitrate and Baseflow Index (p 

The impact of government ownership on the cost of debt and valuation of Vietnamese listed companies

2020 ◽  
Vol 32 (2) ◽  
pp. 255-270
Author(s):  
Ben Le
Keyword(s):  
Instrumental Variable ◽  
Ordinary Least Squares ◽  
Firm Valuation ◽  
The Other ◽  
Cost Of Debt ◽  
Government Ownership ◽  
Content Type ◽  
The Cost ◽  
The Impact ◽  
The Relationship

Purpose This paper aims to examine the impact of government ownership on the cost of debt and firm valuation in listed Vietnamese companies for the period 2007 to 2016. Design/methodology/approach The authors use both the generalised methods of the moment (GMM) and the ordinary least squares (OLS) regressions to analyse a panel data spanning over the period 2007 to 2016 in the markets of Vietnam. Further, the instrumental variable is used in the paper. Findings The authors find that firms with relative higher government stockholdings or state-owned companies where the government owns 50 per cent or more of shares outstanding enjoy a lower cost of debt compared to the other firms. Consequently, these firms have higher firm valuation and profitability. The results are robust for both the GMM and the OLS regressions. Further, firms that no longer retain government ownership have a higher cost of debt than the other firms. The results of the paper imply the importance of political connections in businesses in the market of Vietnam. Originality/value This paper connects the relationship between government ownership and the cost of debt with the relationship between government ownership and firm valuation. The paper tests the relationship between the cost of debt and government ownership using both OLS and GMM specifications and the results are robust for both approaches. The manuscript uses an instrumental variable to show that government ownership has a positive impact on higher firm performance through reducing cost of debt. Further, this paper addresses the possible issue of endogeneity.

" Management of human talent and its relationship to enhance the competitive advantage of some sports federations in the Egyptian and Bahraini societies "

2019 ◽  
Vol 7 (2) ◽  
pp. 21-33
Author(s):  
Hasan Ahmad Alshafea ◽  
Abdelrahman Ahmad Saear ◽  
Abdelrahman Mohamad Megahed
Keyword(s):  
Competitive Advantage ◽  
Positive Relationship ◽  
Talent Management ◽  
Core Sample ◽  
Board Members ◽  
The Difference ◽  
The Cost ◽  
The Relationship

The study aimed to identify the relationship between talent management and enhancing the competitive advantage of some sports federations in the Egyptian and Bahraini societies, in addition to the difference in this according to the variables of both experience and level of employment. To achieve this, the researchers used both Talent Management and Competitive Advantage quetionair as a tool to collect data and information from a sampling sample of (50) and a core sample of (247) board members and employees of Egyptian and Bahraini sports federations. The results of the study showed that there is no relationship between the methods of managing human talent between the Egyptian and Bahrain sports federations. There is a positive relationship in the quality of talent in the Bahraini unions and creativity in the Egyptian and Bahraini federations. The results also indicate that there is no difference between the Bahraini and Egyptian federations in the management of sports talents and the promotion of competitive advantage due to the variables of experience and level of employment. Researchers have recommended that specific criteria be used to attract sports talent and retain competencies to reduce the cost of spending on sports talent.

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