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| 1 |
ID:
101096
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2010.
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| Summary/Abstract |
The paper seeks to examine the determinants of Indonesian banks profitability during the period 19902005. The empirical findings indicate that income diversification and capitalization are positively related to bank profitability, while size and overhead costs exert negative impacts. During the period under study, Indonesian banks seem to have been skimping on their resources, particularly during the pre-crisis and crisis periods. The impact of economic growth and banking sector concentration are positive during the pre-crisis and crisis periods. We find that the Asian financial crisis exerts negative and significant impact on the profitability of Indonesian banks, while Indonesian banks have been relatively more profitable during the pre-crisis compared to the post-crisis and crisis periods.
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| 2 |
ID:
071986
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2006.
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| Summary/Abstract |
This paper examines the determinants of the profitability of China's local state enterprises. The investment share of non-state enterprises is found to be positively related to the profitability of regional SOEs. Openness measured by exports share in GDP is positively related to regional SOEs' profitability in all cross-sectional and most panel regressions. Debt ratio is negatively related to SOEs' profitability in most cross-sectional and panel regressions. The ratio of unhealthy assets to total assets is negatively related to the profitability in all cross-sectional regressions and is negatively but insignificantly related to the profitability in most panel regressions.
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| 3 |
ID:
078030
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2007.
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| Summary/Abstract |
Regional disparities within China are now an important policy question. Recently the three provinces of the north-east region have been identified as priority areas for regional development, along with the Western part of the country. The north-east is the old industrial heartland of the country and its economy is based around heavy industry, mineral extraction and state owned enterprises. This paper uses a unique database on medium and large-scale enterprises to establish how far enterprise performance in the north-east differs from the national average and the reasons for any such differences. It finds that even allowing for industrial structure and ownership, performance in the north-east is significantly below that in the rest of the country. This is attributed to aspects of the investment climate in the region.
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| 4 |
ID:
144860
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This paper uses all 1404 initial public offerings (IPO) undertaken between 2002 and 2012 in China to analyze whether venture capital (VC) investment, especially foreign VC investment, brings more or less value-added services to the invested companies during the 3 years following the IPO. The results show that venture capitalists choose to invest in companies with higher value potential, and, in turn, the value of the companies increases after the IPO is undertaken; foreign VC adds more value to companies than domestic venture capital. However, the profitability of VC-backed and non VC-backed companies after IPO does not differ significantly. Nevertheless, it is shown that VC plays an active role in China.
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| 5 |
ID:
150832
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| Summary/Abstract |
Economic network regulation increasingly use quantitative performance models (from econometrics and engineering) to set revenues. In theory, high-powered incentive regulation, such as revenue-caps, induces firms to cost-efficient behavior independent of underlying model. However, anecdotal evidence shows regulated firms occasionally maintaining cost-inefficiency under incentive regulation even under slumping profitability. We present a model for firm-level efficiency under a regime with a probability of failure explaining this phenomenon. The model is based on the hypothesis that the regulatory choice of method can be associated with intrinsic flaws leading to judicial repeal and replacement of it by a low-powered regime. The results show that the cost efficiency policy is proportional to the type of firm (cost of effort), value of time (discount factor) and the credibility of the method (risk of failure). A panel data set for 2000–2006 for 128 electricity distributors in Sweden is used to validate the model predictions (radical productivity slowdown, failing profitability and efficiency) at the launch and demise of a non-credible regulation method. The work highlights the fallacy of viewing incentive regulation as a method-independent instrument, a result applicable in any infrastructure regulation.
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| 6 |
ID:
140232
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This paper examines how bank capital affects bank profitability and risk in China, and how its impact differed before and after the nation entered the WTO. Our study uses the dynamic generalized method of moments approach with a panel database containing 171 Chinese commercial banks. We find that bank capital has significant influence on bank profitability and risk, but its impact has declined since China joined the WTO in 2001. For different sized groups, the impact of capital on profitability exhibits a distinct trend. The effects of capital on bank risk are different for large and small banks depending on the risk variables used for the Chinese banking industry.
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| 7 |
ID:
181380
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This paper offers the results of research into trends in the use of results-based management methods to justify measures for adjusting the joint air defense (AD) system of CIS member states to the task of solving aerospace defense problems.
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| 8 |
ID:
095122
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2010.
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Six authors of the younger generation - three from Armenia and three from Azerbaijan - examine the conflict over Nagorno-Karabakh in a joint effort to overcome their heritage of stereotypes and hostility. While their proposals vary, there is some creative overlap, and all of them recognize the obstacles as four standard characteristics of intractable conflicts: no salient solution, no ripeness, profitability, and no Zone of Possible Agreement (ZOPA). From these obstacles stem some ideas for creative progress, if not immediate solutions.
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| 9 |
ID:
175264
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Whereas Spain used to have one of the most restrictive photovoltaic self-consumption (PVSC) regulations in the world, the new regulation (RD-L 15/2018 & RD 244/2019) improves the economic conditions of PVSC systems, simplifies administrative procedures and allows shared self-consumption. We analyze the impact of the new PVSC regulation on residential, commercial and industrial prosumers’ profitability (internal rate of return). We provide a wide range of results that allow us to explore future profitability depending on the evolution of installation costs, the opportunities of shared self-consumption or storage, and even the potential emergence of new business models. We find that all segments obtain now positive profitability in average conditions. Whereas the residential segment has the lowest profitability level, it has the highest potential by decreasing installation costs and increasing the share of self-consumption, given its higher retail prices. Finally, we identify potential new business models by exploiting the prices and costs differentials across segments and maximizing the share of self-consumed electricity. PVSC systems with industrial costs exploiting residential markets could achieve 35% profitability by reaching 75% self-consumption, and even higher than 40% when self-consumption exceeds 85%.
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| 10 |
ID:
099154
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2010.
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| Summary/Abstract |
This paper considers the cost structure, profitability and productivity of the Chinese textile industry and estimates the impacts of RMB appreciation on this industry. Using data for 1999-2006, we found that the industry has suffered from very low profit margins and returns on capital. Because input prices have been increasing, particularly since 2001, generating profits has become more difficult for the industry. Nevertheless, the industry achieved substantial productivity growth over the period examined. Although at an inadequate level, the profitability of the industry did show some signs of improvement. As long as this trend continues, the industry could obtain a decent level of profitability. Since 2005, however, the industry has faced a new challenge: the appreciation of the RMB. Based on 2006 data, we estimated the maximum rate of RMB appreciation that the industry would be able to sustain to be approximately 5 percent a year.
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| 11 |
ID:
167037
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Despite the rapid development of renewable energy power in China, the sector is facing significant challenges in the form of declining feed-in tariffs (FIT) and serious curtailment problems. However, in the long-run the nationwide carbon emission trading system may provide a new economic incentive to invest in renewable energy projects in China. Against this background, we assess the effect of gradually declining FIT on the profitability of renewable energy power projects in China and evaluate the potential of a carbon price to overcome the resulting financial gap. Based on a dataset of 1552 onshore wind and 414 solar PV power projects from 2010 to 2015, we first estimate the levelized cost of electricity (LCOE) for onshore wind and solar PV investments. We then estimate profitability using different carbon prices and varying levels of FIT. Our findings suggest that revenues from selling certified carbon emissions reductions in the carbon market can compensate partially for the revenue losses caused by declining FIT. However, the current carbon prices of China's carbon-emission trading pilot schemes are not sufficiently high to compensate for revenue losses. For 90% of PV projects to remain profitable with lower FIT, the carbon price would need to rise to USD 64/t of CO2. For on-shore wind plants, lower carbon price levels of up to USD 41/t CO2 would be sufficient.
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| 12 |
ID:
177320
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| Summary/Abstract |
There has recently been a rapid emergence of electricity prosumers at all levels of the grid. However, the skepticism about the feasibility and profitability of their physical disconnection remains. This paper contributes to the exploration of these issues by analyzing the impact of billing policy on the profitability of investment in prosumer schemes in Ontario (Canada). We conclude that the recent fast improvement in commercial storage technologies has made it possible for prosumers to become fully electricity self-sufficient even in locations with high electricity consumption and low availability of renewable energy sources. Among the three options of remaining a conventional consumer, switching to Net Metering or going Off-grid, Off-grid is the least attractive for investment in 2019. However, by 2030 Off-grid gains significant value, and for some locations it becomes even the first or the second most attractive option. Sensitive locations where disconnection is more profitable are characterized by a high share of fixed costs in the total electricity bill. In such locations, it is no longer attractive to remain a conventional consumer in 2030. If the annual bill increase goes beyond 4% and the decreasing trends in the cost of technologies are maintained, Off-grid will become profitable by 2030.
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| 13 |
ID:
125466
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| Publication |
2013.
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| Summary/Abstract |
Using a sample of 102 UK energy firms over the period 1981-2009, this paper empirically examines the effects of uncertainty on firms' leverage decisions. The results indicate that both firms-specific and macroeconomic uncertainty have negative, sizeable, and statistically significant impacts on the UK energy sector firms' target leverage. The results also indicate that the profitability of energy firms plays an important role in uncertainty-leverage relationship by changing the (total) effect of uncertainty on leverage. While more profitable firms appear to reduce their leverage by a relatively large amount in response to increased macroeconomic uncertainty, they are less likely to be affected by firm-specific uncertainty. These results suggest that stability in macroeconomic conditions and business activity is important to the stability of the capital structure of firms in the energy sector which would in turn be conducive to stability in their investments and production.
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| 14 |
ID:
093854
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| Publication |
2010.
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| Summary/Abstract |
This paper empirically studies union effects on the performance of, and employment relations in, China's private enterprises. The study finds a positive and statistically significant union effect on labor productivity, but not on profitability. It further finds that unions lead to better employee benefits and increased contract signing in employment. These findings suggest that, in the era of transition from a centrally planned to a market economy, unions in China's private enterprises do promote workers' interests as unions do in other economies. And they do that without abandoning their traditional role of harmonizing employment relations, as required by the Party.
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| 15 |
ID:
099345
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| Publication |
2010.
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| Summary/Abstract |
This paper studies the impact of combining wind generation and dedicated large scale energy storage on the conventional thermal plant mix and the CO2 emissions of a power system. Different strategies are proposed here in order to explore the best operational strategy for the wind and storage system in terms of its effect on the net load. Furthermore, the economic viability of combining wind and large scale storage is studied. The empirical application, using data for the Irish power system, shows that combined wind and storage reduces the participation of mid-merit plants and increases the participation of base-load plants. Moreover, storage negates some of the CO2 emissions reduction of the wind generation. It was also found that the wind and storage output can significantly reduce the variability of the net load under certain operational strategies and the optimal strategy depends on the installed wind capacity. However, in the absence of any supporting mechanism none of the storage devices were economically viable when they were combined with the wind generation on the Irish power system.
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| 16 |
ID:
144903
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North Korea has been regarded as the least likely place to attract foreign investors due to its poor infrastructure, policy reversals, and totalitarian regime. However, the recent growth of Chinese direct investment in North Korea has drawn much attention due to its implications for the North Korean economy and regional stability. This research provides an analytical framework by considering two fundamental issues that any foreign investor takes into account when making an investment decision: property rights protection and profitability. It examines how recent changes have influenced these two issues, which, in turn, shaped the incentive structure of Chinese private investors.
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