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Journal articles on the topic 'Contractual constraints'
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Mahmood, Moazam. "Profitability, Productivity and Contractual Choice in Agriculture." Pakistan Development Review 31, no. 4II (December 1, 1992): 911–27. http://dx.doi.org/10.30541/v31i4iipp.911-927.
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This paper examines cross-sectional trends in profitability, and explains them through contractual choice. Producers attempt to increase profits constrained by their production environments of imperfect markets and imperfect information. Contractual choice then offers an important variable which producers manipulate to increase profitability.-These two critical conditions are seen to determine the observed trends in the relationship between farm size and productivity. The study examines two contrasting production environments, two villages in the Punjab. The production enVironments of the canal colony village has two exogenously imposed constraints, eviction of sharecoppers through mechanisation, and a credit bias against small farms. This weakens the traditionally posited inverse relationship, and leads to profitability and productivity being positively related to farm size. The production environment of the Southern Punjab village has an additional endogenous constraint of an imperfect fixed rental market for land. The consequent reliance on sharecropping leads productivity to describe aU-shaped curve across farm size.
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Kós, J. Stephen. "Constraints on the Exercise of Contractual Powers." Victoria University of Wellington Law Review 42, no. 1 (May 2, 2011): 17. http://dx.doi.org/10.26686/vuwlr.v42i1.5405.
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This article considers a topic largely ignored by the standard contract texts: contractual powers vested, usually without express restraints, in one of the contracting parties. It gathers the leading Commonwealth decisions on the subject and considers the nature and limits of the commonly-implied "default rule" that such powers may not be exercised arbitrarily, unreasonably or for an improper purpose. The author concludes that in the case of substantive principles such as error of law, improper purpose and irrationality, there is no fundamental difference between the interests protected by contract law, trust law and public law – and nor is there any fundamental difference between the tools used by each to provide that protection.
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Romana, Gurjinder Singh, Gurmeet Singh Dhillon, and Navneet Kaur Dhaliwal. "Contractual Pisciculture in South West Punjab: Prospects and Constraints." Indian Journal of Economics and Development 13, no. 4 (2017): 729. http://dx.doi.org/10.5958/2322-0430.2017.00237.2.
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Mookherjee, Dilip, and Debraj Ray. "Contractual Structure and Wealth Accumulation." American Economic Review 92, no. 4 (August 1, 2002): 818–49. http://dx.doi.org/10.1257/00028280260344489.
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Can historical wealth distributions affect long-run output and inequality despite “rational” saving, convex technology and no externalities? We consider a model of equilibrium short-period financial contracts, where poor agents face credit constraints owing to moral hazard and limited liability. If agents have no bargaining power, poor agents have no incentive to save: poverty traps emerge and agents are polarized into two classes, with no interclass mobility. If instead agents have all the bargaining power, strong saving incentives are generated: the wealth of poor and rich agents alike drift upward indefinitely and “history” does not matter eventually.
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WAN ISMAIL, WAN NORIZAN, and HAMIMAH ADNAN. "The Influence of Project Characteristics on Contractual Behaviour of Key Participants in Civil Engineering Projects." Built Environment Journal 17, no. 2 (July 15, 2020): 75. http://dx.doi.org/10.24191/bej.v17i2.9030.
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This paper described the importance of paying attention on the aspects of project characteristics in understanding the contractual behavior of key participants in civil engineering projects. The purpose of this paper was to identify the project characteristics variables contributing to the unfavorable contractual behavior of key participants in civil engineering projects. An extensive literature review was carried out using content analysis and unveiled nine (9) civil engineering project characteristics that may contribute to the contractual behavior of key participants. They were project type, project size, project scope changes, design changes, site surrounding condition, ground condition, project complexity, procurement method, type of standard form of contract. The findings provide basis for understanding the factor that influence the contractual behavior of key participants in order to comprehend the constraints faced by them in implementing the civil engineering projects. Hence, the initiatives or proactive preventing actions can be suggested in future study to improve the contractual behavior of key participants and eventually will lead to the project success.
Keywords: Civil Engineering; contractual behavior, project characteristics.
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Bebchuk, Lucian Arye. "Limiting Contractual Freedom in Corporate Law: The Desirable Constraints on Charter Amendments." Harvard Law Review 102, no. 8 (June 1989): 1820. http://dx.doi.org/10.2307/1341358.
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Lehnert, Andreas, Ethan Ligon, and Robert M. Townsend. "LIQUIDITY CONSTRAINTS AND INCENTIVE CONTRACTS." Macroeconomic Dynamics 3, no. 1 (March 1999): 1–47. http://dx.doi.org/10.1017/s1365100599010019.
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Are firms and households constrained in the use of a productive input? Theoretical approaches to this question range from exogenously imposed credit allocation rules to endogenous market failures stemming from some sort of limited-commitment or moral-hazard problem. However, when testing for constraints, researchers often simply ask firms or households if they would wish to borrow more at the current interest rate and/or test for suboptimal use of inputs in production functions relative to a full-information, full-commitment benchmark. We demonstrate that if credit is part of a much larger information-constrained (or limited-commitment) incentive scheme, then input use may very well be distorted away from the first-best. Further, households and firms, in certain well-defined circumstances, may, at the true interest rate or opportunity cost of credit, desire to borrow more (or less) than the assigned level of credit. In other, more constrained, contractual regimes, firms and households would say that they do not want to borrow more (or less), but these regimes are decidedly suboptimal, although the magnitude of the loss does depend on parameter values. We conclude with empirical methods that, in principle, could allow researchers armed with enough data to estimate parameters and distinguish regimes. Researchers then could see if firms and households are truly constrained and, if so, what the welfare loss might be.
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Watson, Dennys. "Setting up academic spin-out companies." Industry and Higher Education 2, no. 1 (March 1988): 20–24. http://dx.doi.org/10.1177/095042228800200105.
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Following some relaxation in recent years of contractual and legal constraints on academic entrepreneurship, there has been an increasing interest in venture capital as a source of financial backing. This paper analyses availability, methodology and management of venture capital investment in this field, looks at how investment projects are chosen, and suggests possible future developments.
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Zimberg, Bernardo, Carlos E. Testuri, and Germán Ferrari. "Stochastic modeling of fuel procurement for electricity generation with contractual terms and logistics constraints." Computers & Chemical Engineering 123 (April 2019): 49–63. http://dx.doi.org/10.1016/j.compchemeng.2018.12.021.
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Fisher, Kenneth W. "The Impact of Contracts on Ship Design Preparation." Journal of Ship Production and Design 28, no. 02 (May 1, 2012): 87–95. http://dx.doi.org/10.5957/jspd.2012.28.2.87.
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The implementation of vessel designs is usually achieved through contracts for ship construction or conversion. Accordingly, the design process and the design organization's product have to anticipate and take into account the constraints and requirements of the contracts that control the use of the design, as well as the contract that initiates the design process. This paper addresses the most common contractual factors that have to be considered during preparation of ship designs.
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Robie, David. "Editorial: Reinventing muckraking." Pacific Journalism Review : Te Koakoa 17, no. 1 (May 31, 2011): 5–9. http://dx.doi.org/10.24135/pjr.v17i1.367.
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Journalists need to be highly committed and determined when pursuing an issue in an investigative way because they inevitably will be confronted with considerable pressures. These pressures include resistance from publishers and editors due to time and resource constraints, threats from those under scrutiny and legal and contractual complications after publication or broadcast. Investigative journalists, particularly in New Zealand and the Pacific, where investigative journalism is in decline, risk being isolated when attempting vigorous Fourth Estate-styled reportage.
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Zhou, Wenliang, Xia Yang, Lianbo Deng, and Jin Qin. "Crew Scheduling Considering both Crew Duty Time Difference and Cost on Urban Rail System." PROMET - Traffic&Transportation 28, no. 5 (November 2, 2016): 449–60. http://dx.doi.org/10.7307/ptt.v28i5.1842.
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Urban rail crew scheduling problem is to allocate train services to crews based on a given train timetable while satisfying all the operational and contractual requirements. In this paper, we present a new mathematical programming model with the aim of minimizing both the related costs of crew duty and the variance of duty time spreads. In addition to iincorporating the commonly encountered crew scheduling constraints, it also takes into consideration the constraint of arranging crews having a meal in the specific meal period of one day rather than after a minimum continual service time. The proposed model is solved by an ant colony algorithm which is built based on the construction of ant travel network and the design of ant travel path choosing strategy. The performances of the model and the algorithm are evaluated by conducting case study on Changsha urban rail. The results indicate that the proposed method can obtain a satisfactory crew schedule for urban rails with a relatively small computational time.
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NIU, Zihan, and Gijs VAN DIJCK. "The Impact of Culture on Chinese Judges’ Decision-Making in Contractual Damages Cases." Asian Journal of Law and Society 6, no. 2 (September 7, 2017): 359–94. http://dx.doi.org/10.1017/als.2017.12.
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AbstractThis research examines the impact of Chinese cultural values on the application of law on contractual damages. Following an experimental design, 43 in-depth interviews were conducted with Chinese judges in 13 cities and provinces across China. The data reveal two patterns. First, the judges took the cultural values into account when determining the amount of damages. Second, the consideration of cultural value factors reduced the judges’ consideration of legal factors. The local cultural values did not change the Chinese judges’ understanding of law. Instead, the judges compromised the legal requirements and cultural desires by using the discretion offered to them or by recommending mediation. The consideration of cultural values is not only the result of judges’ personal preferences, but also of judges seeking social approval. The motivation of Chinese judges to obtain social approval may be enhanced by the assessment criteria and the institutional constraints of Chinese courts.
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DENG, SHI-JIE, and ZHENDONG XIA. "A REAL OPTIONS APPROACH FOR PRICING ELECTRICITY TOLLING AGREEMENTS." International Journal of Information Technology & Decision Making 05, no. 03 (September 2006): 421–36. http://dx.doi.org/10.1142/s0219622006002039.
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An electricity tolling agreement (or, tolling contact) is a supply contract in which the buyer reserves the right to take the output of an underlying electricity generation asset by paying a predetermined premium to the asset owner. We propose a real options approach to value a tolling contract incorporating operational characteristics of the generation asset and contractual constraints. Dynamic programming and value function approximation by Monte Carlo based least-squares regression are employed to solve the valuation problem. The effects of different electricity price assumptions on the valuation of tolling contracts are examined through numerical examples.
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Ouma, Emily, Justus Ochieng, Michel Dione, and Danilo Pezo. "Governance structures in smallholder pig value chains in Uganda: constraints and opportunities for upgrading." International Food and Agribusiness Management Review 20, no. 3 (May 4, 2017): 307–19. http://dx.doi.org/10.22434/ifamr2014.0176.
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This paper analyses governance structures in Uganda’s smallholder pig value chains by applying the New Institutional Economics framework. It utilises cross sectional and qualitative survey data from randomly selected pig value chain actors in 4 districts. A multinomial logit model is applied to assess the determinants of vertical integration among pig traders. The findings indicate that most relationships at the pig production node of the value chain are based on spot market governance structures supported by personal relationships and trust. Live pig traders are mostly vertically integrated. High integration levels of the pig traders are positively influenced by access to market information, value of investments in the value chain, and dedicated asset specificity in terms of backyard slaughter premises. Upgrading opportunities in the value chain in the form of value addition strategies, policy implementation and promotion of business models that link producer organisations to quality inputs and service suppliers through contractual arrangements are identified.
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Hester, Patrick, Larry Thomas, and Sankaran Mahadevan. "Reliability-Based Shipboard Facility Optimization." Journal of Ship Production 21, no. 04 (November 1, 2005): 235–47. http://dx.doi.org/10.5957/jsp.2005.21.4.235.
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This paper develops a methodology for reliability-based facility optimization (RBFO), that is, finding an optimum and reliable solution for a facility layout problem given a set of operational and resource constraints. The RBFO problem examined in this paper involves the TAKE class of ships being designed for the US Navy. The primary goal of the TAKE ships is to provide efficient underway replenishment (UNREP, or delivery of cargo to a deployed ship) of goods and ammunition to ships in the Navy's fleet. As a supply ship delivering goods to deployed ships, the TAKE must complete its mission in minimum cycle time with maximum reliability. The reliability constraints are practical cycle time limits based on Navy contractual requirements developed from existing ships. The proposed methodology combines branch and boundbased optimization, cargo simulation, and probabilistic reliability and sensitivity analyses. The methodology is demonstrated for application to a practical shipboard layout with realistic requirements.
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Gul, Ferdinand A., Stephen G. Lynn, and Judy S. L. Tsui. "Audit Quality, Management Ownership, and the Informativeness of Accounting Earnings." Journal of Accounting, Auditing & Finance 17, no. 1 (January 2002): 25–49. http://dx.doi.org/10.1177/0148558x0201700102.
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This study has two primary objectives. First, it examines whether audit quality moderates the association between informativeness of accounting earnings and management ownership. Second, it also examines whether audit quality moderates the negative association between management ownership and discretionary accruals. Using Australian data, it is shown that the positive relationship between returns-earnings association and management ownership is signijicantly weaker for firms with Big 6 auditors. Similarly, the negative association between management ownership and discretionary accruals is weaker for firms with Big 6 auditors. These results are consistent with the theory that higher quality audits can mitigate insiders' incentives to exploit accounting-based contractual constraints and manage earnings as a result of the separation of ownership and control.
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Akampurira, Emmanuel, David Root, and Winston Shakantu. "Stakeholder perceptions in the factors constraining the development and implementation of public private partnerships in the Ugandan electricity sector." Journal of Energy in Southern Africa 20, no. 2 (May 1, 2009): 2–9. http://dx.doi.org/10.17159/2413-3051/2010/v20i2a3300.
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Amidst increasingly constrained public budgets and inadequate service delivery, private sector participation through public private partnerships is increasingly being used as a means for delivering physical infrastructure. The government of Uganda, which is currently grappling with a crippling electricity power deficit, has over the years, pursued a number of strategies to encourage private sector participation in the electricity sector, but with limited success. This paper presents the findings of research into the relative importance as perceived by sector stakeholders, of factors that hamstring private sector participation in the development of hydropower generation facilities through public private partnerships in Uganda. The stakeholders considered in this paper are those representing the government and private sector entities in the development of the partnerships. A review of literature and project documents enabled the identification of relevant factors. Data was collected from the respondents by means of a self administered structured questionnaire and quantitative methods used for data analysis. Key findings from the research indicate that the respondents regarded the regulatory and legal frameworks as being attractive for private sector participation and this business environment is further enhanced by their confidence in the government’s commitment to honour its contractual obligations. In contrast, difficulties in structuring and obtaining finance together with issues over the cumbersome approval process and resistance from environmental groups were identified as the most significant constraints to the development and implementation of public private partnerships in the Ugandan electricity sector. Recognizing the importance of an adequate and reliable supply of power in Uganda, as in so many other sub-Saharan countries, it is anticipated that the identification of the relative importance of the constraints as perceived by stakeholders, will inform the process of developing measures and strategies to mitigate the constraints thus facilitating the speedy implementation and deal closure of public private partnership initiatives with the ensuing benefits.
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Waddington, Ivan, Andrea Scott-Bell, and Dominic Malcolm. "The social management of medical ethics in sport: confidentiality in English professional football." International Review for the Sociology of Sport 54, no. 6 (October 9, 2017): 649–65. http://dx.doi.org/10.1177/1012690217733678.
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This paper examines one of the major ethical challenges in the practice of sports medicine, confidentiality. Drawing on interview and questionnaire data with doctors and physiotherapists working in English professional football clubs, it explores the degree to which ethical compliance has improved since the publication of, and publicity surrounding, an earlier study of medical practice in professional football conducted by Waddington and Roderick. Thus, it provides an updated empirical examination of the management of medical ethics in sport. The data illustrate how the physical and social environmental constraints of sports medicine practice impinge upon the protection of athlete-patient confidentiality, how ethical codes and conflicting obligations converge to shape clinician behaviour in relation to lifestyle and injury issues, and the ethically problematic contractual constraints under which clinicians and athletes operate. It demonstrates that medical ethical practice continues to be very variable and draws on Freidson’s work on medical ‘work settings’ to argue that there is a need to augment existing confidentiality policies with more structurally oriented approaches to ensure both professional autonomy and medical ethical compliance in sport.
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Szczepaniak-Sienniak, Joanna, and Marek Kośny. "Kierunki zmian w instytucjonalnej opiece nad dziećmi do lat 3 w świetle oczekiwań rodzin – studium przypadku." Studia Demograficzne, no. 1(171) (June 2, 2017): 71–96. http://dx.doi.org/10.33119/sd.2017.1.4.
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New solutions in the field of childcare under the age of 3 were introduced in Poland in 2011. This article, based on a survey conducted among Wroclaw families, provides arguments for the thesis that actual implementation of these new solutions is by far insufficient. An analysis of the instruments showed that nurseries are the most popular and recognizable ones – in contrast to other quite unpopular services, such as children’s clubs, daily caregivers and nannies employed on a contractual basis. The results of the research presented in this article, indicate the existence of constraints on both the supply side, including issues related to financial, legal and organizational aspects, as well as on the demand side. The new solutions introduced in 2011 seem not to fully meet the expectations of families.
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Conway, M. Edye, Cassidi Dailey Kalejta, Darci L. Sternen, and Ila R. Singh. "The Importance of Genetics Experts in Optimizing Genetic Test Orders Through Prospective and Retrospective Reviews." American Journal of Clinical Pathology 153, no. 4 (December 5, 2019): 537–47. http://dx.doi.org/10.1093/ajcp/aqz188.
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Abstract Objectives To demonstrate the impact of genetics specialists on identifying test order errors and improving reimbursement for genetic testing. Methods Forty-four cases in which whole exome sequencing (WES) was performed but not reimbursed were reviewed by a genetic counselor through simulated prospective and retrospective reviews. Results Fifty-two percent of WES requests were ordered by nongenetics providers. Retrospective review revealed that 50% of cases were denied because of contractual constraints on billing. If review by a genetic counselor had occurred in real time, modifications or cancellations would have been recommended in 82% of the cases. Conclusions A laboratory stewardship program involving genetics experts identified test order errors and opportunities for improved reimbursement and cost savings. Significant variables affected reimbursement, including inpatient status, payer criteria, and ordering provider specialty.
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Iñigo, Melissa Mae, Leslie Podlog, and Morgan S. Hall. "Why Do Athletes Remain Committed to Sport After Severe Injury? An Examination of the Sport Commitment Model." Sport Psychologist 29, no. 2 (June 2015): 143–55. http://dx.doi.org/10.1123/tsp.2014-0086.
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The purpose of this study was to examine athletes’ sources of commitment to return to sport following a severe injury using the Sport Commitment Model (Scanlan, Carpenter, Schmidt, Simons, & Keeler, 1993). To address this aim, ten varsity athletes from the University of the Philippines Diliman were interviewed following protocols outlined in the Scanlan Collaborative Interview Method (SCIM; Scanlan, Russell, Wilson, & Scanlan, 2003a). Results indicate that sport enjoyment, valuable opportunities, personal investments, social constraints, and social support were salient sources of commitment, while other priorities had either a neutral or positive effect on commitment. Furthermore, additional constructs were identified, in particular, wanting to be the best, self-affirmation, and contractual obligations. These merit further investigation and possible inclusion in the SCM. Findings are discussed in relation to previous research and practical implications are offered.
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Xie, Jiaping, Jing Li, Ling Liang, Xu Fang, Guang Yang, and Lihong Wei. "Contracting Emissions Reduction Supply Chain Based on Market Low-Carbon Preference and Carbon Intensity Constraint." Asia-Pacific Journal of Operational Research 37, no. 02 (March 16, 2020): 2050003. http://dx.doi.org/10.1142/s0217595920500037.
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Carbon emissions reduction has become a frequently discussed topic in industry and academia. However, how can reduction effects be enhanced with dominant brand and downstream manufacturer? This paper incorporates emissions reduction into a green supply chain which considers consumers’ low-carbon preference behavior and government intensity regulations, in order to discuss the impacts of consumers’ environmental awareness and government constraints on optimal emissions reduction and profit, respectively. The paper first constructs three reduction models on the basis of reality: independent reduction by manufacturer, contractual reduction by brand and collaborative reduction by both. Then it concludes the optimal decisions and compare the models. The results show that both the profits and emissions reduction will be decreased with the strengthened carbon intensity constraint, but the cost-sharing contract can mitigate this negative effect on dominant brand and society. Meanwhile, the acceptable range of cost-sharing ratio will be smaller with a lower cost coefficient of emissions reduction and a higher consumers’ preference. Furthermore, government should design the incentive method or regulate the carbon market to improve the social welfare level. Lastly, a numerical study is conducted, the impact of several key factors on supply chain performance and model selection are presented for management decisions.
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GRZYL, Beata, Emilia MISZEWSKA-URBAŃSKA,, and Agata SIEMASZKO. "SAFETY OF INVESTMENT PROCESS PARTIES IN THE ASPECT OF CONSTRUCTION WORK CONTRACT." Journal of Science of the Gen. Tadeusz Kosciuszko Military Academy of Land Forces 186, no. 4 (October 2, 2017): 208–15. http://dx.doi.org/10.5604/01.3001.0010.7229.
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The essential characteristics of a construction investment project include, but are not limited to: individual, comprehensive, specialized, complex and multi-step nature of activities, significant time constraints, demand for different qualifications and resources (material, financial). The above characteristics are a potential source of risk, which makes it necessary to accurately describe the mutual relations of entities involved in the project - primarily in the scope of the content of a construction work contract. Its task is to settle the commitments of the parties, their rights and obligations, and the responsibility for actions taken at the stage of preparation and implementation of the investment, in order to ensure its safe and non-conflicting realization. Signing a construction work contract results in the assumption of specific responsibilities by each party. In practice there are numerous examples of contractual clauses, which constitute a gross violation of the safety and balance of the parties in the area of fair and even distribution of potential risk. Most often two groups of contractual provisions are observed in the content of works contracts. The first one contains an unreasonable limitation of the contractor's entitlements, the other includes the irrational extension of the contractor's obligations and the transfer of numerous consequences of potential risks. The incorrect, i.e. unequal division of risk and its consequences is the most common cause of disputes between parties to a construction work contract. The paper presents the issue of asymmetry in the allocation of risks and limitations in shaping the contents of the public procurement contract, in terms of the safety of parties to construction work contracts
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Di Peri, Rosita. "Speaking Secular, Acting Sectarian. Lebanese Women’s Rights beyond the Constitution." Oriente Moderno 98, no. 2 (September 7, 2018): 247–64. http://dx.doi.org/10.1163/22138617-12340195.
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Abstract The aim of this paper is to show that, despite the constitutional provisions that sanction the equality of all Lebanese, women’s rights in Lebanon are subject to different (social, religious and political) constraints. In a system characterised by a complex and often perverse interweaving of state norms, religious tribunal norms, society structure and politics, women’s rights have received little to no attention or protection. This is the result, we argue, of the institutionalisation of the communities in the 1900s that has created, over the years, a system of power that has increasingly aimed to exclude state sovereignty from specific areas. The creation of autonomous spaces of power exempt from constitutional dictates and state laws has given religious leaders enormous decision-making (and contractual) power that has contributed to creating systems parallel to the state to manage individuals’ lives. This has had major consequences, especially for women.
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Toledo, Tomer, Omar Mansour, and Jack Haddad. "Optimal Dynamic Tolls for Managed Lanes." Transportation Research Record: Journal of the Transportation Research Board 2606, no. 1 (January 2017): 28–37. http://dx.doi.org/10.3141/2606-04.
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This paper presents a real-time simulation-based control framework to determine dynamic toll rates to optimize an operator's objective subject to various operational and contractual constraints, such as smooth toll rate changes and maintenance of prescribed levels of service on the toll lane. The toll-setting system incorporates models to predict both the vehicle arrival process upstream of the toll lane facility and drivers’ choice whether to use the toll lanes as a function of the toll rate and travel times presented to drivers within the information system. A macroscopic traffic simulation model is used to predict the flow conditions within the prediction horizon. The travel times provided to users as information and the travel times predicted by the traffic flow model are iterated until consistency between them is obtained. The whole process is embedded within an optimization algorithm that sets tolls to optimize a given objective function. Several case studies demonstrate the use of this framework and its potential to provide useful toll settings.
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Brown, Lynton, Terri Seddon, Lawrence Angus, and Peter Rushbrook. "Professional Practice in Education in an Era of Contractualism: Possibilities, Problems and Paradoxes." Australian Journal of Education 40, no. 3 (November 1996): 311–27. http://dx.doi.org/10.1177/000494419604000308.
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Recent policy changes have encouraged the development of a contractualist environment in Australian education, where social relations are organised around the promise of each party to fulfil particular obligations. Contractualism is evident not only in moves to expand contract employment and to organise service delivery around a contractual relationship between service providers and service consumer agencies, but also in government efforts to privatise public services so that individual consumers make choices about the kinds of services they will receive. The focus of this paper is particularly on the impact of the contractualist environment of teachers' professional practice. The paper draws on interview data to document what teachers perceive to be changing in education and in their professional practice, and to identify opportunities and constraints in this shifting policy context. On the basis of these data, some of the challenges and dilemmas of professional practice in an age of contractualism will be discussed.
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Ziff, Elizabeth. "“Honey, I Want to Be a Surrogate”: How Military Spouses Negotiate and Navigate Surrogacy With Their Service Member Husbands." Journal of Family Issues 40, no. 18 (July 18, 2019): 2774–800. http://dx.doi.org/10.1177/0192513x19862843.
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This article examines how military spouses negotiate the decision to become a surrogate with their service member husband and how the two navigate surrogacy together. It is speculated that military spouses are ideal candidates for surrogacy due to their particular status as a military spouse; however, military spouses face structural constraints in their everyday lives which in turn would prove challenging to their desire to become a surrogate. Based on in-depth interviews with 33 military spouses who had been surrogates, this article examines how military spouses discuss, negotiate, and experience surrogacy with their spouses all the while navigating the structural demands of the military and the contractual demands of surrogacy. Findings highlight egalitarian decision making between the spouses, and a mostly collaborative approach to the surrogacy process. Ultimately, this work illuminates how surrogacy is experienced by the women who participate in the practice and provides insight as to how military marriages function.
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Tajani, Francesco, Pierluigi Morano, Francesca Salvo, and Manuela De Ruggiero. "An evaluation model for an effective risk assessment in the rent to buy property market." Property Management 38, no. 1 (November 27, 2019): 124–41. http://dx.doi.org/10.1108/pm-09-2019-0052.
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Purpose In this research a model for the rationalization of the assessment in a rent to buy contract has been proposed, in order to contextualize the economic amounts involved in the negotiation according to the specific market risk of the area where the property is located. The paper aims to discuss this issue. Design/methodology/approach The model borrows the logical principles of operational research, in order to take into account the convenience constraints of the parties involved (seller and buyer) and to determine the minimum amount of the additional annual rent to be charged as down payment on the final sale price, compensating the investment risk. The procedure proposed for the risk assessment combines the discrete modeling of real option analysis and the exponentially weighted moving average method, in order to weigh appropriately the data available for the specific area in the analysis. Findings Considering the limit conditions of variability of the property market value at the time provided for the notarial deed, the proposed model returns two values (minimum and maximum) for a fixed contract duration and for a specific market area for the annual additional rent, which define the reference range to ensure the compliance with the convenience constraints of the parties involved. Practical implications In order to test the reliability of the developed methodology, the model has been implemented to the 24 “microzones” defined by the Italian Revenue Agency for the city of Bari (Southern Italy). The results obtained were then georeferenced, in order to create thematic maps of convenience for the subjects interested in the rent to buy formula. The developed maps define a useful support to be consulted in the negotiation phase between the seller and the buyer, allowing both to verify the investment conveniences within the limits of their disposable incomes and their needs. Originality/value The tabulated values of the down-payment amounts and the related thematic maps constitute a valid support for both the parties in the initial negotiation phase of the contractual conditions: in fact, if comparable data for the assessment of the market value and the market rent at the time of the stipulation of the contract are ordinarily available, the increase in the rent, to be charged as the annual down payment on the final purchase price, is generally entrusted to the contractual capabilities of the subjects involved, since there is no market reference that can direct an appropriate assessment.
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Miller, Sandra K. "The Role of the Court in Balancing Contractual Freedom with the Need for Mandatory Constraints on Opportunistic and Abusive Conduct in the LLC." University of Pennsylvania Law Review 152, no. 5 (May 2004): 1609. http://dx.doi.org/10.2307/3313050.
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Moselhi, Osama. "Schedule compression using the direct stiffness method." Canadian Journal of Civil Engineering 20, no. 1 (February 1, 1993): 65–72. http://dx.doi.org/10.1139/l93-007.
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This paper presents a new method for critical path (CPM) scheduling that optimizes project duration in order to minimize the project total cost. In addition, the method could be used to produce constrained schedules that accommodate contractual completion dates of projects and their milestones. The proposed method is based on the well-known "direct stiffness method" for structural analysis. The method establishes a complete analogy between the structural analysis problem with imposed support settlement and that of project scheduling with imposed target completion date. The project CPM network is replaced by an equivalent structure. The equivalence conditions are established such that when the equivalent structure is compressed by an imposed displacement equal to the schedule compression, the sum of all member forces represents the additional cost required to achieve such compression. To enable a comparison with the currently used methods, an example application from the literature is analyzed using the proposed method. The results are in close agreement with those obtained using current techniques. In addition, the proposed method has some interesting features: (i) it is flexible, providing a trade-off between required accuracy and computational effort, (ii) it is capable of providing solutions to CPM networks where dynamic programming may not be directly applicable, and (iii) it could be extended to treat other problems including the impact of delays and disruptions on schedule and budget of construction projects. Key words: construction scheduling, time–cost trade-off, project cost optimization, scheduling with constraints, project acceleration.
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Ma, Xin. "Stability Analysis of Supply Chain Cooperation Contract under Asymmetric Information." Applied Mechanics and Materials 44-47 (December 2010): 794–98. http://dx.doi.org/10.4028/www.scientific.net/amm.44-47.794.
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The stability of cooperation contract is the result of abandon opportunistic behavior in the process of repeated games among the enterprise and the other subjects in the supply chain from long-term interests, and is also the foundation of healthy development for the whole supply chain. But in real life cooperation contract instability everywhere for a variety of reasons, such as ethical considerations, institutional factors, cultural factors and special reasons during the transition period and so on. From the perspective of information economics and game theory, the main game process of cooperation between enterprise and the other subjects in supply chain is not only the game of information, but also the game of interests. Information structure and the interesting structure are the important factors for the subjects of the game of the implementation of decisions and the basic contractual constraints for cooperative game equilibrium. Cooperation behaviors among the enterprise and the other subjects in the supply chain were studied on the basis of game theory, and the stability of cooperation contract is also being discussed in this paper.
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SHAHRARA, Neda, Tahir ÇELIK, and Amir H. GANDOMI. "Risk analysis of BOT contracts using soft computing." JOURNAL OF CIVIL ENGINEERING AND MANAGEMENT 23, no. 2 (July 1, 2016): 232–40. http://dx.doi.org/10.3846/13923730.2015.1068844.
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Build-Operate-Transfer (BOT) contracts have been widely implemented in developing countries facing budget constraints. Analysing the expected variability in project viability requires extensive risk analysis. An objective analysis of various risk variables and their influence on a BOT project evaluation requires study and integration of many scenarios into the concession terms, which is complicated and time-consuming. If the process of negotiating the financial parameters and uncertainties of a BOT project could be automated, this would be a milestone in objective decision-making from various stakeholders’ points of view. A soft computing model would let the user incorporate as many scenarios as could be provided. Extensive risk analysis could then be easily performed, leading to more accurate and dependable results. In this research, an artificial neural network model with correlation coefficient of 0.9064 has been used to model the relationship between important project parameters and risk variables. This information was extracted from sensitivity analysis and Monte Carlo simulation results obtained from conventional spreadsheet data. The resulting consensus would yield to fair contractual agreements for both the government and the concession company.
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Broderick, James L., and Matthew L. Giles. "Strategies for addressing investor liquidity concerns and funding capital needs in real estate funds." Journal of Investment Compliance 21, no. 4 (December 7, 2020): 193–202. http://dx.doi.org/10.1108/joic-10-2020-0034.
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Purpose To discuss issues that real estate fund sponsors may encounter due to investor liquidity constraints amidst the COVID-19 pandemic (such as investors seeking redemptions or transfers) and to provide guidance on potential ways that fund sponsors can prepare for, and respond to, such inquiries while at the same time addressing their fund’s liquidity needs (such as by utilizing subscription-secured credit facilities). Design/methodology/approach The article identifies the types of requests that investors may make to address their internal liquidity constraints, discusses contractual, legal, regulatory and business issues that fund sponsors should consider in responding to such requests and provides some alternatives for fund sponsors to consider allowing them to be responsive to investor liquidity concerns while also addressing fund capital needs. Findings The article finds that there are specific actions which fund sponsors should take in anticipating, and responding to, investor liquidity requests, such as reviewing partnership documents and credit facility documents and considering consequences in respect of ERISA, tax and compliance with applicable securities laws. The article also finds that specific affirmative actions by fund sponsors, such as increased borrowings under credit facilities, making distributions that are recallable and favoring transfers over withdrawals or redemptions may assist fund sponsors in preserving capital while addressing investor liquidity requests. Practical implications Fund sponsors should carefully review their fund documentation and determine their options and requirements as they pertain to potential liquidity requests. Fund sponsors should be careful to avoid foot-faults under their fund documents and credit facility agreements. Originality/value Practical guidance from experienced fund formation, securities law, tax, ERISA and finance lawyers.
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Mahmood, Moazam. "Growrth and Distribution of Agrarian Assets in the Punjab." Pakistan Development Review 34, no. 3 (September 1, 1995): 181–223. http://dx.doi.org/10.30541/v34i3pp.181-223.
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This is a micro study of the growth and distribution of the non-land agrarian assets in the Punjab between 1970 and 1984. This period of farm accumulation is interesting especially since it allows us to trace the agricultllral productivity impact of the Green Revolution (introduced in the late 1960's) on the distribution of wealth. The Green Revolution was based on a wide spread adoption of inputs, HYV seed, and fertiliser, albeit with some evidence of time lags and differentials across farm size, and it generated a high rate of acquisition of agrarian assets, especially tubewells and mechanisation. The introduction of the HYV inputs definitely enhanced profitability, income, and wealth in the farm sector, but its impact on the distribution of agrarian assets across income classes was not so definite. This study focuses on this less well-researched aspect of the distribution of wealth generated by the Green Revolution. To examine asset accumulation. we posit an analytical framework of exogenous and endogenous constraints on growth, which is useful in picking up both the common and contrasting patterns of growth and distribution across the two distinct regions of the Punjab. the canal colonies. and southern Punjab. The first exogenous constraint of an imperfect credit market is macro in nature. and is common to both regions. which strongly handicaps asset acquisition by small farmers. Further. there is evidence that, given the new technology. the ownership of assets is an important determinant of both growth and distribution. So this initial equity bias against small farmers in the first round of accumulation implies an even greater bias in the second round. The second endogenous constraint is regionally specific to the more land-concentrated southern region. which generates supervision costs for the largest operators. preventing them from expanding their operated area further through increased mechanisation. It also adds to the persistence in southern Punjab of the contractual form of sharecropping, in contrast to the proliferation of self-cultivation and use of wage-labour in the canal colonies.
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Nesticò, Antonio, and Marianna La Marca. "Urban Real Estate Values and Ecosystem Disservices: An Estimate Model Based on Regression Analysis." Sustainability 12, no. 16 (August 5, 2020): 6304. http://dx.doi.org/10.3390/su12166304.
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It is well known that production activities are often the cause of ecosystem disservices. Such disservices can have serious effects on urban real estate values. But how much is the contraction that the market values of housing suffer due to the polluting emissions produced by a medium-sized foundry? And how large is the urban area within which buildings are depreciated? With this research we intend to give an answer. To this aim, with specific regard to urban apartments free from contractual constraints, the use of multiple regression analysis makes it possible to obtain a function that explains the real estate value through multiple variables, one of which is representative of the ecosystem disservice. The study reveals that the urban area that suffers from the negative effects of polluting industrial activities on property prices can be extensive. On the other hand, the contractions of real estate values can even reach 43%. These results, for the first time expressed in quantitative terms, must direct towards urban planning interventions, and more generally of economic policy, aimed at minimizing the environmental impacts of production activities. This is not only for the essential obligations to protect environment and human health, but also in relation to the direct economic implications of the decrease in the value of real estate.
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Vicente, Joana Andrade. "State-owned enterprises’ corporate governance: Evidence from a Portuguese company." Corporate Ownership and Control 18, no. 1 (2020): 127–37. http://dx.doi.org/10.22495/cocv18i1art10.
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This paper analyses state-owned enterprises’ (SOEs) corporate governance, addressing whether there are differences between these and private enterprises that make it necessary to formulate a specific corporate governance theory for the former. This will be achieved through a case study based on Carris company, mitigating the lack of empirical knowledge in this field and taking a step forward by clearly proving what it is suggested by the literature: SOEs’ governance particularities actually influence their day-to-day business and financial viability. That helps to highlight the urgency to apply adequate corporate governance techniques to SOEs, more aligned with their characteristics. SOEs have a different legal status, more volatile operating goals, soft budget constraints, lack of public service contracts (and consequent mismatch of the corresponding compensatory allowances due for the public service provided), and different criteria for professional appointment and selection. More importantly, they suffer from multiple principals’ phenomenon: multiple principals, multiple problems. It is, therefore, recommended some changes regarding their corporate governance, such as the incorporation of the comply-or-explain principle; introduction of a code of best practices in the public managers’ appointment process; and contractual arrangements regarding the public service provided, with the multiannual allocation of the corresponding compensatory allowances.
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DS Susilowati, Kartika, Asminah Rachmi, and Nur Indah Riwajanti. "Analysis of Contract Farming Partnership for Sustainable Supply of Tobacco (a Case Study on the Integrated Production System Program of PT. HM Sampoerna Tbk. - Indonesia)." International Journal of Engineering & Technology 7, no. 4.15 (October 7, 2018): 219. http://dx.doi.org/10.14419/ijet.v7i4.15.22993.
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This study explored the implementation of the integrated production system program established by PT. HM Sampoerna Tbk Indonesia, a leading Indonesian tobacco company, and examined its potential and constraints. The program was intended to develop cooperation between the company and its tobacco suppliers to get a sustainable supply of tobacco from farmers with quantity, quality and price set according to the company’s standards. This study employed an interpretive research design, following a post-positivist paradigm. The data were collected by means of in-depth interviews, observation and document study and were analyzed using the key tenet of Martin Heidegger’s interpretive phenomenology. The interpretive process was achieved through hermeneutic circle to understand how individuals involved in the program interpreted the program including their own experiences as well as their interactions with other parties. The results of the study indicated that the created contract farming partnership was capable of providing the company with a sustainable supply of tobacco and increasing its production volume. Nevertheless, it was unable to improve the quality of the farmers’ lives as it was chiefly intended to meet the company’s commercial needs. The results from the study have direct relevance to policy makers in Indonesia, especially those that have been implemented contract farming and to agribusiness companies seeking contractual relationships for commodity production.
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Mohamed, Muhammad Izzat, and Muhammad Hakimi Mohd Shafiai. "Islamic Agricultural Economic Financing Based On Zakat, Infaq, Alms And Waqf In Empowering The Farming Community." IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita 10, no. 1 (June 29, 2021): 144–61. http://dx.doi.org/10.46367/iqtishaduna.v10i1.334.
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In the development of the agricultural sector, farmers are the key to its success. However, to a certain extent, specific interventions need to be done considering the problems faced by most farmers, such as financial constraints, lack of assistance, facilities, agricultural tools, and lack of land, which are obstacles to developing farmers enterprises. Therefore, this study attempts to analyze the potential of Islamic social finance tools in farmers development, particularly in facilitating financial problems of farmers in line with the government efforts in strengthening the agricultural sector. The distribution of productive zakat, infaq, alms and waqf (ZISWAF), based on the application of contractual contracts inherent from Islamic legislation and the management of productive ZISWAF, will be highlighted in this paper. The methodology of this study is based on a qualitative approach like gathering information from library research, and hence it is analyzed based on a deductive approach. The management of ZISWAF is divided into two, namely consumptive and productive ZISWAF. Consumptive ZISWAF can assist farmers in meeting their daily needs. At the same time, productive ZISWAF can develop farmers agricultural enterprises through musaqah, muzaraah, mukharabah, and ijarah contracts. Accordingly, it can be argued that Islamic social finance can play a positive role and be an alternative solution to farmers to promote agricultural land development.
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Resa, Teresia Dweyana, Achmad jaka Santos Adiwijaya, and Ujang Bahar. "ASAS ITIKAD BAIK DALAM KONTRAK KERJASAMA KEGIATAN PERTAMBANGAN DI INDONESIA." JURNAL ILMIAH LIVING LAW 12, no. 2 (October 2, 2020): 145. http://dx.doi.org/10.30997/jill.v12i2.2625.
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Every human being has a variety of interests both individuals and the interests of the group, of course, to fulfill these interests is required of other human relationships or deeds. One manifestation of human relations is carried out through a conshelf or agreement, in particular cooperation agreements. This research aims to determine the application of the principles of goodwill in the contract of cooperation in mining activities in Indonesia, how the termination of unilateral agreements and how the agreement related to the cooperation with the law Mining in Indonesia.This research uses empirical approach methods. This empirical approach is used in the hopes of being able to obtain a clear and intact picture of the background and the intricacies of the implementation of contractual agreements and also to know the constraints faced in the implementation of the agreement The. Data collection techniques and Data collection tools using observational techniques that are data collection techniques by viewing or observing directly on the research object. Documentation technique is a technique of collecting data obtained from documents that are in the form of archives or other manuscripts obtained from institutions related to research. The research object is the parties who do the cooperation agreement on mining activities in Indonesia (case study of Supreme Court decision No. 2478 K/PDT/2014)
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Dai, Chifeng. "Wealth constraint and contractual arrangements." Canadian Journal of Economics/Revue canadienne d'économique 42, no. 1 (January 28, 2009): 226–43. http://dx.doi.org/10.1111/j.1540-5982.2008.01506.x.
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Chandler, Adrian, and James Devenney. "Breach of contract and the expectation deficit: inconvenience and disappointment." Legal Studies 27, no. 1 (March 2007): 126–54. http://dx.doi.org/10.1111/j.1748-121x.2006.00041.x.
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One of the most controversial aspects of the assessment of damages for breach of contract is the extent to which there can be recovery for ‘intangible’ losses such as disappointment and inconvenience. In Watts v Morrow, Bingham LJ assumed that public policy generally proscribed contractual liability for such losses, unless the object of the contract was to provide pleasure and/or peace of mind, or the breach caused foreseeable physical inconvenience to the victim. Unfortunately, Watts, and its associated case-law, offered scant guidance on the underlying rationale for either the general rule or its two exceptions. Consequently, more recent judicial pronouncements on this issue, particularly from the House of Lords, are to be welcomed insofar as they demonstrate a greater preparedness to eschew the use of arbitrary policy constraints in favour of focusing upon a claimant’s expected benefits as contained within the contract. In so doing, disappointment and inconvenience appear to be subject to the same rules of recovery. This paper will seek to justify and encourage this trend, arguing that a logical application of the principles contained within Hadley v Baxendale and Robinson v Harman dispenses with any need to use ‘policy’ as a means of limiting the recovery of damages for disappointment and inconvenience, more properly takes account of a claimant’s known preferences, and ensures that all forms of inconvenience and disappointment are subject to the same rules; in short, that damages properly reflect the full range of the claimant’s expectation deficit.
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Geretto, Enrico, Maurizio Polato, and Laurence Jones. "Single Supervisory Mechanism and corporate finance: A DSCR based approach for AQR prudential provisioning." Risk Governance and Control: Financial Markets and Institutions 11, no. 2 (2021): 47–57. http://dx.doi.org/10.22495/rgcv11i2p4.
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Asset quality review (AQR) conducted by the European Central Bank (ECB) introduced 2014 indicators and logic typically used in the context of corporate finance. The new approach tries to overcome the backward-looking approach in favour of a completely forward-looking perspective based on the assessment of cash flows. From the AQR point of view, EBITDA and DSCR have taken particular importance also in the prudential provisioning process. As is known, the AQR manual, for calculating the prudential provisioning, provides that banks, in a going-concern perspective, estimate the recoverable amount of loans by appropriately discounting the cash flows. Our work, although under some hypotheses, highlights limitations in the prudential regulatory approach. The paper, using a DSCR-based dual-leg approach, tries to propose a generalisation logically consistent with the guidelines on loan origination and monitoring recently expressed by the European Banking Authority (EBA) (EBA, 2020). Although there is literature dealing with access to credit constraints (Demirgüç-Kunt & Maksimovic, 1999; Beck & Demirgüç-Kunt, 2008; Calabrese, Girardone, & Slip, 2020), with the relationship between credit risk management framework and accounting standard (Porretta, Letizia, & Santoboni, 2020) and with loan loss coverage policies (Alessi, Bruno, Carletti, Neugebauer, & Wolfskiel, 2020), no empirical or theoretical research analyses the relationship between prudential provisioning and underlying incentive structure. This paper offers a contribution in this regard highlighting how an economic approach for provisioning tends to reward companies capable of generating adequate prospective cash flows given the contractual structure of the loan, thus mitigating the potential allocative distortions implicit in the incentive structure underlying the AQR approach.
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Shahsavand, Parvaneh, Akbar Marefat, and Majid Parchamijalal. "Causes of delays in construction industry and comparative delay analysis techniques with SCL protocol." Engineering, Construction and Architectural Management 25, no. 4 (May 21, 2018): 497–533. http://dx.doi.org/10.1108/ecam-10-2016-0220.
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Purpose The purpose of this paper is to reveal the main causes of delays in the projects are from the client (relative importance index (RII)=0.716), labor and equipment (RII=0.701) and contractor (RII=0.698). Hence determining the contractual responsibility of delay is the most likely source of dispute in construction projects and many techniques have been used in the courts to demonstrate the criticalities of a delay event on the project schedule. Therefore, authors try to investigate all process-based techniques of delay claims and evaluated and conformed them with principles by Society of Construction Law (SCL) protocol and Association for the Advancement of Cost Engineering International (AACEI) in order to choose the best techniques based on the specific circumstances of each project. Design/methodology/approach This section is divided into two distinct parts: refers to the methods used to assess the perceptions of clients, consultants, and contractors on the relative importance of causes of delay in construction industry; and refers to advantages and disadvantages of various techniques used to analyze delays and their conform with SCL protocol. A questionnaire was developed to assess the perceptions of clients, consultants, and contractors on the relative importance of causes of delay in Iranian construction industry. The respondents were asked to indicate their response category on 78 well-recognized construction delay factors identified by authors. Findings In total, 78 causes of delay were identified through research. The identified causes are combined into seven groups. The field survey included 58 contractors, 55 consultants, and 62 client. Data collected were analyzed by RII and Statistical Package for Social Sciences (SPSS). The authors identified main causes of delay and ten most important causes, according to Table AII, from the perspective of three major groups of participants (clients, consultants and contractors). The ranking of categories of causes of delay, according to Table I, were: client-related causes (RII=0.716); labor and equipment category causes (RII=0.701); contractor-related causes (RII=0.698); material-related causes (RII=0.690); design-related causes (RII=0.666); external causes (RII=0.662); and consultant-related causes (RII=0.662). But according to the discussions and given that determining the contractual responsibility of delay is the most likely source of dispute in construction industry and many techniques have been used in the courts to demonstrate the criticalities of a delay event on the project schedule. Originality/value All process-based techniques of delay analysis have been present in this paper and categorized in 11 groups. In order to understand the advantages and disadvantages of them by clients, contractor and consultant, a thorough review conducted to reveal the nature of techniques. In the next step, given that selecting the most appropriate technique based on constraints and specific conditions of each project is one of the most important steps to carry out a successful delay analysis. The authors conformed, all process-based techniques of delay analysis, by SCL protocol and AACEI principles. Finally, the result of this match was brought in order to choose the best technique based on the specific circumstances of each project.
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Amorim, Marco, António Lobo, and António Couto. "TOLLING MOTORWAYS IN THE TIME OF ECONOMIC DOWNTURN: THE CASE OF PORTUGAL." Transport 34, no. 3 (February 22, 2019): 146–54. http://dx.doi.org/10.3846/transport.2019.8581.
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The recent European debt crisis has led many governments to impose strict measures to alleviate public expenditure and increase revenue, especially in the southern countries. Many public services and infrastructures became more costly for users due to the increase of existing fees or the implementation of new ones. In Portugal, one of the measures adopted by the government consisted in the removal of shadow tolls and the application of the user-pays principle to the entire network of rural motorways. To rapidly implement, this measure, in the context of financial constraints, the Electronic Toll Collection (ETC), materialized by the installation of gantries in selected motorway segments, was the preferred solution over the more time and resource consuming construction of toll plazas. Toll revenue is directly collected by the state, which intends to cover, at least partially, the expenses associated with the contractual payments to private concessionaires for the traffic using these roads. The main objective of this research is to provide a new optimization tool to allocate toll gantries to the segments of an existing motorway with the aim of maximizing toll revenue, based on the case study of Portuguese motorways. A macroscopic decision model that predicts drivers’ decision on using a tolled segment or the fastest alternative route and an optimization model that sets the price and location of toll gantries along a given motorway work together to provide a valuable tool to maximize the revenue. A special focus has been placed on scenarios of economic downturn, characterized by a negative growth of the Gross Domestic Product (GDP); however, the new tool allows making explanatory analyses for situations of economic growth. The results show that the optimal configuration for ETC vary with the macroeconomic scenario, with the number of tolled segments and price per kilometre inducing relevant variations on the revenue and traffic volume. The proposed methodology may be applied in other countries to assist decision makers in the implementation of ETC in motorways under different conditions. The required data is easy to collect from sources at the disposal of the practitioners.
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Hamrouni, Amal, Ali Uyar, and Rim Boussaada. "Are corporate social responsibility disclosures relevant for lenders? Empirical evidence from France." Management Decision 58, no. 2 (November 27, 2019): 267–79. http://dx.doi.org/10.1108/md-06-2019-0757.
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Purpose The purpose of this paper is to test whether or not CSR disclosure (i.e. aggregate as well as its three sub-indicators) reduces the cost of debt for French corporations listed in the SBF 120 index between 2010 and 2015. Design/methodology/approach CSR disclosure ratings of firms were collected from the Bloomberg database under three dimensions such as environmental, social and governance (ESG). Then, a pooled regression analysis was run. Findings The results indicate that overall CSR disclosure score as a combination of ESG disclosure scores has a negative effect on the cost of debt (i.e. lowers the cost of debt). While environmental disclosure is negatively associated with the cost of debt, social disclosure is unexpectedly positively associated, and governance disclosure has an insignificant association with the cost of debt. Research limitations/implications The study has two main limitations. First, the analysis does not consider contractual constraints and obligations that might exist in debt contracts (Jung et al., 2018). Second, the analyses cover a specific time period (i.e. between 2010 and 2015) for a specific country (i.e. France) excluding utilities and the financial sector. Practical implications Overall, it is inferred from the results that financial markets for lenders take into account CSR disclosure when assessing the creditworthiness of borrowers. Specifically, environmental disclosure is the only subdimension of CSR that is influential on creditors’ decisions to offer favorable interest rates. In line with this outcome, companies can assess their processes and be more aligned with eco-friendly practices, and investors are particularly advised to invest in those types of firms. Originality/value This study extends scant literature on the association between CSR and the cost of debt by exploring how creditors treat CSR dimensions dissimilarly in granting loans to firms. The findings of this study have particular importance as financial debt is one of the most predominant forms of external financing.
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Akhtar, Sajjad, and Maqsood Sadiq. "Occupational Status and Earnings Inequality: Evidence from PIHS 2001-02 and PSLM 2004-05." Pakistan Development Review 47, no. 2 (June 1, 2008): 197–213. http://dx.doi.org/10.30541/v47i2pp.197-213.
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Wage/earnings inequalities are one source of overall inequality in a country. The former inequalities in turn are closely linked with differential occupational status either defined in a contractual or productive/skill sense. Using the Pakistan Standard Classification of Occupations [PSCO (1994)], this paper estimates Gini coefficients for three types (all types, employee, selfemployed) of individuals/earners by occupational status from the Pakistan Integrated Household Survey (PIHS) 2001-02 and Pakistan Social and Living Standards Measurement Survey (PSLM) 2004-05. Long-term trends in earnings inequality from 1992-93 to 2004-05 are documented with the benchmark estimates in the Ahmad (2002) study, while the short-term trends are measured from 2001-02 to 2004-05 for self-employed and paid employee. The long- as well as the short-term trends indicate rising earnings disparities within each occupational category. Over the longer period, these disparities have risen in the range of 50 to 100 percent. Shifts across occupation and across employment status indicate doubling of the share of Shop and Market Sales and Services Workers and the transition towards becoming self-employed. A few tentative explanations for the observed increasing occupational inequalities at the individual level are: (a) Availability of credit and improved efficiency of capital market may have relaxed capital constraints of former employees and enabled them to transit as self-employed. Right-sizing and down-sizing in public organisations may also have pushed the previous employees into utilising the ‘golden handshake’ packages towards self-employment. Assuming that returns on capital (internal or borrowed) are higher and financial contracts are more lucrative than wage contracts, the situation can lead to wider disparities. (b) At the paid employee level, the fall in the share of workers in elementary occupations improved the wage contracts of those still remaining in this occupation, and thereby increased the income/earnings inequality within this category. (c) Premium on skills, education, experience, and talent, in spite of the entry of a large number of individuals in the Service, Shop and Market Sales Workers category, has widened the inequalities within this category.
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Ashraf, Badar Nadeem, and Changjun Zheng. "Shareholder protection, creditor rights and bank dividend policies." China Finance Review International 5, no. 2 (May 18, 2015): 161–86. http://dx.doi.org/10.1108/cfri-08-2014-0057.
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Purpose – The purpose of this paper is to examine the impact of legal protection of bank minority shareholders (noncontrolling shareholders) and bank creditors (e.g. depositors or debt-holders) on bank dividend payout policies using a panel data set of 5,918 banks from 52 countries over the period 1998-2007, after controlling for country-level deposit insurance coverage and bank- and country-level regulatory pressures. Design/methodology/approach – Tobit panel regression models are used to examine the impact of legal protection of shareholders and creditors on bank dividend payout amounts. And, logit panel regression models are used to examine the impact of legal protection of shareholders and creditors on banks’ likelihood to pay dividends. Findings – The authors support the outcome hypothesis by finding that banks pay higher amount of dividends and, are more likely to pay dividends in strong minority shareholder protection countries. However, the authors reject the substitute hypothesis by finding that banks pay higher dividends and are more likely to pay dividends in weak creditor rights countries, and banks do not substitute weak creditor rights with lower dividend payout amounts. Contrary, the authors support the literature which argues the importance of creditor rights for capital market development because one possible reason for low dividend payouts in strong creditor rights countries could be that the banks retain more profits for extending more loans. Practical implications – By finding that creditor rights index has a negative relation with bank dividend policies in contrast to its positive relation with nonfinancial firms’ dividend policies, the authors support the literature which argues that managers of banks give less importance to factors such as current degree of financial leverage, the contractual constraints such as dividend restrictions in debt contracts, and the financing considerations such as the cost of raising external funds, while deciding about the dividend payments. The authors also suggest to keep financial and nonfinancial firms separate, to better understand the dividend puzzle. Originality/value – Extant literature recognizes that legal institutions such as shareholder protection and creditor rights affect corporate firms’ dividend policies significantly but largely excludes banking sector. This paper, by examining the relations between legal protection of shareholders and creditors and bank dividend policies, fills this research gap.
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Kuzina, Viktoriia. "Quality is a key indicator of efficiency of brewery barley production." Ekonomika APK 314, no. 12 (December 28, 2020): 103–11. http://dx.doi.org/10.32317/2221-1055.202012103.
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The purpose of the article is to generalize the theoretical foundations of the formation of brewing quality in grain and practical experience of barley farms and formulate recommendations on ways to improve the quality of grain products as a key indicator of efficiency of production of malting barley. Research methods. The following methods were used in the research: monographic, scientific generalization (in clarifying the essence of the concept of "quality"), dialectical (in determining the role of quality), expert evaluation (to determine the requirements of statistically unaccounted for barley), system analysis and abstract logical, (to determine the dynamics of the market, price conditions, justification of conclusions and proposals). Research results. The essence of the concept of product quality is revealed and the requirements of national standards for the quality of barley in the direction of use in comparison with European and modern contractual specifications of the malt producer directly in Ukraine are comprehensively covered. The factors influencing the quality of barley are clarified and recommendations how to improve it are adapted to the resource constraints of agricultural enterprises and changes in the external environment. A special role in improving the quality of malting barley is given to the integrated quality management system. The definition of brewing quality of grain as an economic category, which forms its additional value at all stages of the chain of physiological and biochemical transformations from barley to malt and beer is substantiated. We believe that the generalizing measure of economically optimal product quality is the price, which represents the ratio of production costs and sales of products with a set of properties. Scientific novelty. Studies of the role of quality, factors of its formation and impact on economic efficiency of production are based on multi-vector analysis of theoretical foundations on quality issues and practical experience in growing barley for brewing in farms cooperating with malting corporations in Ukraine. Practical significance. Conclusions on the need for unambiguous adequate perception of the role and quality problems of market-forming institutions and recommendations for improving the efficiency of malting barley by improving its quality will help to achieve a balance of industrial and commercial relations between related agricultural enterprises and malt corporations and sustainable development. Tabl.: 2. Refs.: 19.
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Durdyyeva, A. A. "PROBLEMS OF DIPLOMACY IN THE PROCESS OF EURASIAN INTEGRATION." MGIMO Review of International Relations, no. 3(36) (June 28, 2014): 37–42. http://dx.doi.org/10.24833/2071-8160-2014-3-36-37-42.
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Nowadays regionalization and integration are key trends in international relations. The creation of alliances and international organizations and the establishment of contractual relations in various spheres have acquired global dimensions. Among such prominent integration groupings as the EU, ASEAN, APEC, NAfTa, MERCOSUR, the African Union and others, one of the most ambitious is the project of the Eurasian Union, which is aimed at the economic, cultural and political integration of states in the CIS area. The evolution of the EAU from idea to the main stages of implementation took quite a lot of time. The modern political initiative proceeding from the leaders of Russia, Kazakhstan and Belarus represents a mature legal form, which actually reflects the historically prevalent tendency of the post-Soviet peoples to associate with each other. The successful functioning of the Customs Union and the Common Economic Space were preconditions to the project of the Eurasian Union. The Union State of Russia and Belarus and Organization of the Collective Security Treaty associations played a particular role in structuring the EAU. Today the establishment of the Union has become one of the defining trends of Russian policy. The basic stages of integration are completed; however, a large number of the economic and political challenges of the future EAU are still to be faced. One of the stumbling blocks is the problem of choosing the model of the future Eurasian diplomacy. The appearance of the chosen model is actually confronted with inevitable and sometimes unforeseen obstacles. The integration experience of other international organizations (primarily in legal, diplomatic and economic spheres) will help to overcome them. In particular, considerable experience has been gained by the European Union. Despite a number of political, cultural and economic constraints, the possibility of transferring the EU diplomatic system to the EAU can't be rejected. The EAU establishment through the legal, economic and political mechanisms used by the EU in elaborating its diplomatic system may lead to a unique system of diplomatic cooperation. The EU experience analysis and the possibility to prevent its mistakes will allow the EAU to make use of the existing integration, political and economic resources more efficiently on its way toward establishment.