Search results for "macroeconomic"
showing 10 items of 503 documents
Firms’ investment, indebtedness and financial constraints: Size does matter
2022
Abstract This paper provides evidence of the importance of size in explaining the impact of financing conditions on firms´ investment rate. The study makes two main contributions: a) it allows the relationship between indebtedness and firms´ investment to be non-linear; and b) it contrasts whether the impact of indebtedness and the degree of financial restriction differ depending on the size of the company (SME vs large). Results show that while in SMEs indebtedness has a negative impact on investment, there is a threshold beyond which this effect is even larger (based on a debt/assets ratio of 59%). However, in large companies the impact of indebtedness is positive although there is also a…
Private–Public Partnerships as Strategic Alliances
2008
A new approach to the design of concession contracts of port infrastructures that adapts some of the methods used in the design and start-up of strategic alliances is presented. From a cost–benefit analysis of the project, based on the industry benchmarks, a revenue-sharing model dependent on the investment interest and the risk undertaken or transferred by each partner was formulated. This model aids in the calculation of the amount of the canons (lease and royalty charges) that should be stated in the contract. Also, to avoid complicated renegotiations and undesired deadlock situations, methods are presented for the dynamic actualization of such canons according to changes that might occ…
A Methodology to Detect the Deviations of the Project s Budget Compared to Market Prices
2015
[EN] The budget of a project reflects the cost of the investment needed to build an infrastructure, install a system or acquire new materials or supplies. A well-formulated budget in accordance with market prices, allows contractors to prepare offers according to their technical, economic and financial characteristics. On the other hand, it avoids current philosophies that aim to get the contract at any price. Philosophies subsequently used to point out problems and claims during the execution of the project (contradictory prices, delays, etc.) in order to recover some or the entire economic bid carried out during the tendering. In this paper a simple and fast methodology is developed to ch…
The influence of financial features and country characteristics on B2B ICOs’ website traffic
2021
Abstract Technology, blockchain, and initial coin offerings (ICOs) have changed the established ways of financing companies and doing business. The changes that affect organizational communications, specifically marketing communications, remain unclear, especially in the context of business-to-business (B2B) organizations. The current trend is for B2B companies to view social media as an optimal way to enhance lasting and valuable relationships with other companies. There is little research on social media marketing strategies by B2B organizations. To fill this gap, this study uses a sample of 57 B2B ICOs completed by December 2019 and qualitative comparative analysis to examine how the com…
DEVELOPMENT OF LATVIAN AUTO ROADS AND ADMINISTRATIVE SYSTEM IMPROVEMENT
2012
Auto road sector in national economy, is a sector development of which, with appropriate funding, creates basis for other sector development and facilitates competitiveness of country in international market. The goal of auto road sector is auto road network maintenance and development, in order to contribute to the development of the whole country, increase of standards of living of inhabitants, as well as facilitate compliance of Latvian auto roads with the European Union requirements for auto road network. Effective resource utilization and investment attraction to auto road sector is determinant for favorable conditions to overcome economic crisis, structural changes in national econom…
Testing-the-Waters Policy With Hypothetical Investment: Evidence From Equity Crowdfunding
2020
International audience; Digitization has enabled “testing-the-waters” in entrepreneurial finance whereby investors can make nonbinding commitments in equity crowdfunding prior to an actual campaign to ascertain interest in the project. We consider whether these nonbinding equity investment commitments are informative about actual investments during the campaign and, thus, ultimate startup funding success. The data indicate that only 18% of nonbinding commitments are, in fact, invested. The evidence is consistent with hypothetical bias. Hypothetical bias is significantly less pronounced among women and among investors living in higher income areas or in areas with higher levels of education.…
Evaluation of investment subsidies: when is deadweight zero?
2008
In the evaluation of investment subsidies one of the critical issues concerns the assessment of deadweight, that is, the degree to which projects would have been carried out without grant assistance. With the increasing restrictions on and cuts in subsidies for investment projects in the EU countries maximisation of the impact of the public resources that remain can be achieved through their allocation for projects with minimum deadweight. This paper studies the profile of subsidised zero deadweight investment projects – projects that would be abandoned without public subsidies – in Finland. The empirical analysis is conducted using micro level data on investment projects by private sector …
The History of European Infrastructure Finance: An Analytical Framework
2016
How can socio-economic resources be mobilized to pay for works that offer benefits only in the future, often in the distant future? We discuss what we understand by infrastructure, a term that can have different meanings/semantic contents, and whose definition issues reveal some recurrent conceptual problems. Finance is here understood in the very broad sense of a set of mechanisms bringing to investment, and future benefits, the resources needed in advance to pay for it. We offer a brief discussion of technological and organizational change, as several of our examples and other literature that we cite show that investment and finance decisions are deeply interwoven with knowledge, manageme…
Allocation of logistic risk-investment in public-private-partnership – use of fuzzy TOPSIS method
2018
Appropriate risk assessment related to the project, and then its distribution between partners is the core of cooperation in the framework of public-private partnership (PPP). Risk analysis for investment project in the PPP formula includes: preliminary identification of risks associated with the investment, preliminary assessment and forecast of probability of occurrence of risks in the recommended option of investment implementation, initial analysis of the distribution of risks between a public and private entity depending on the legal and organizational model adopted, including the determination of the appropriate separation between the parties to the contract. The article presents the …
Franchising in Spain: Agency and capital scarcity perspectives
2005
Franchising is currently perhaps the most interesting formula, financially speaking, for generating self-employment, as the capital risk on the investment needed to set up a business is kept to a minimum. Since the aim of this research is to combine the agency and scarcity theories, we conducted a study throughout the total number of observations existing in Spain to determine the importance of the sector. Factors under examination included the number of distribution units that are franchised units as a proportion of the total number of units, the number of years since the firm was set up, yearly growth rate, geographical scope of operation, average start-up costs and average royalty rates.