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1
Gudiškis, Karolis, and Laimutė Urbšienė. "The relationship between private equity and economic growth." Ekonomika 94, no. 1 (March 31, 2015): 79–96. http://dx.doi.org/10.15388/ekon.2015.1.5321.
Повний текст джерелаАнотація:
The purpose of this paper is to provide empirical evidence on the relationship between private equity, innovations, and economic growth in 13 European countries by using quantitative analysis. The objectives of the paper are as follows: description of private equity; examination of the relationship between private equity and economic growth; investigation of the methods used in the related topics; description and testing of the data used in the empirical research; estimation of the empirical model; reporting and interpretation of the results. The systematic, comparative and critical analysis of the scientific literature is used for determining the relationship between private equity, innovation, and economic growth. Further, the data are tested using unit root tests. The panel vector autoregressive model, Granger causality, impulse response, and variance decomposition analyses are applied for short-term causality. The main findings are as follows: granted patents are the most important measure of innovation, which influence private equity and economic growth. However, patents should be considered an input rather than an output of the private equity investment process. Therefore, granted patents attract private equity, and private equity impacts economic growth by commercializing granted patents in the short term.
2
Baldwin, Adam. "Private Equity and Agency Costs: an Economic Analysis." Economic Affairs 32, no. 3 (October 2012): 107–9. http://dx.doi.org/10.1111/j.1468-0270.2012.02183.x.
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3
Zinecker, Marek, and Tomas Meluzin. "Private Equity and Venture Capital: an Empirical Analysis." Equilibrium 6, no. 2 (June 30, 2011): 47–64. http://dx.doi.org/10.12775/equil2011.011.
Повний текст джерелаАнотація:
The paper deals with the analysis of the private equity and venture capital investment and divestment trends and activities on the European market, particularly on the market of Central and Eastern Europe (CEE), in times of economic crises 2007-2009. The analysis is based on the data published by the European Private Equity and Venture Capital Association (EVCA), the Czech Private Equity and Venture Capital Association (CVCA) and the Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (BVK). The economic crisis in 2008-2009 caused a rapid cooling of the European market. Private equity and venture capital management companies located in Europe have decreased significantly both investment and divestment activity. The economic crisis on CEE market showed a delay and a lower intensity in comparison with Western Europe. CEE market is, however, underdeveloped. This argument is supported by the data indicating annual investment and divestment value, and number of companies received private equity financing.
4
Choi, Gyoung-Gyu. "The Economic Analysis of Volcker Rule." Asian Journal of Law and Economics 12, no. 2 (July 9, 2021): 121–48. http://dx.doi.org/10.1515/ajle-2021-0020.
Повний текст джерелаАнотація:
Abstract This paper aims to analyze the final regulations of the Volcker Rule in order to assess any lingering concerns related to the administration of the Rule. Despite the problems criticized by many practitioner and scholars, implementing the Volcker Rule has benefits for banks and the overall economy. First, prohibiting proprietary trading activities may make individual institutions and the banking system as a whole safer. Second, the prohibition on banks’ ownership interest in private equity and hedge funds directly addresses a source of bank default risk – the Volcker Rule limits banks’ exposure to risky private equity and venture capital activities, which are activities that contributed to banks’ probability of default during the 2008 financial crisis. Third, heightened compliance standards and documentation requirements will help improve transparency of banking activities and contribute to bank stability.
5
Precup, Mihai. "The Economic Growth and the Opportunity for the Private Equity Funds to Divest: An Empirical Analysis for Eastern Europe." Studia Universitatis „Vasile Goldis” Arad – Economics Series 29, no. 3 (September 1, 2019): 1–19. http://dx.doi.org/10.2478/sues-2019-0009.
Повний текст джерелаАнотація:
Abstract The author studies the private equity divestments in Eastern Europe and tests a long-term relation between these divestments and the real GDP variation. This research paper focuses on a sample covering the period 2000-2013 which considers the dynamics of the private equity divestments during the last financial crisis. The empirical analysis follows the methodology developed by Granger (1969), Toda and Yamamoto (1995), Dufour and Renault (1998), Konya (2004), Foresti (2006) and Onuoha, Okonkwo, Okoro, Kingsley (2018). The analysis shows that Eastern European private equity divestment market is still emerging characterized by high volatilities. The results prove that GDP recession explains in at certain degree the evolution of private equity divestments during the crisis. However, the Granger causality test shows that the information provided by the past variation of the real GDP cannot allow us to predict the short-term movements of private equity divestments in Eastern Europe.
6
Precup, Mihai. "What Drives Private Equity Investments in Romania?" Studia Universitatis „Vasile Goldis” Arad – Economics Series 25, no. 4 (November 1, 2015): 25–42. http://dx.doi.org/10.1515/sues-2015-0025.
Повний текст джерелаАнотація:
Abstract This paper aims at presenting the determinants of private equity investments in Romania over the period 2000 - 2013. Additionally, this paper presents the main highlights in terms of evolution, source of funding and activities in which the private equity funds invested during the crisis. Starting from the existing literature, this paper extends the analysis of private equity drivers to Romanian market by including variables such as: economic growth, market capitalization, interest rate, unemployment rate and public R&D expenditure which were already tested in previous papers. In addition, this paper introduces new variables such us productivity and corruption index which we consider important factors in explaining the evolution of private equity investments in Romania. The results of our empirical model confirmed existing hypothesis regarding the importance of some determinants such as: unemployment rate, economic growth, market capitalization and corruption. Based on our empirical results, we have pointed several strategic directions that are meant to support the development of the private equity market in Romania. Keywords: private equity; economic growth; market capitalization; unemployment rate; corruption; private equity determinants; Romania.
7
Lee, Yong-Shik. "An Analysis of Racial Economic Disparity and the Law in the United States." Korea Public Choice Association 1, no. 1 (March 31, 2022): 19–43. http://dx.doi.org/10.55795/jpc.2022.1.1.019.
Повний текст джерелаАнотація:
Over six decades have passed since the civil rights movement began in the mid-50s, but American society has not yet fully realized the promise of the civil rights movement, which at its core embodies the protection and promotion of equity and dignity of all people. Despite the historic improvements that accord the legal protection of equal rights among different races, genders, and ethnic groups, significant economic disparity among races persists. The Reverend Martin Luther King, Jr. declared, “Now our struggle is for genuine equality, which means economic equality.” However, the pursuit of economic equality has not been successful. Growing racial economic disparity creates serious social, economic, and political problems in American society and pulls America away from the ideals of the civil rights movement. Structural economic problems in the United States, such as persistent income and wealth disparities along racial lines have exacerbated inequality that divides the country. This challenge requires a fundamental paradigm change. Racial economic disparity can no longer be overcome solely by individual efforts and self-reliance. The federal government must address racial economic disparity by facilitating economic development for minorities in close cooperation and coordination with state and local governments, as well as the private sector. Before America can fully meet the objectives of the civil rights movement, this country must achieve successful economic development that bridges racial economic disparity.
8
Zhu, Lin, Fan Dong, and Liangwen Hu. "Mechanisms of How Private Equity Drives Industrial Upgrade: An Empirical Study Based on China’s Panel Data." Sustainability 15, no. 3 (January 31, 2023): 2570. http://dx.doi.org/10.3390/su15032570.
Повний текст джерелаАнотація:
In recent years, the investment of private equity funds in China has increased and has become an important tool to promote industrial structure upgrades. Therefore, it is of theoretical and practical significance to study how and why industrial upgrades are driven by private equity funds. First, we use the understanding of heterogeneity to study the differences between the use of private equity funds and other financial instruments to stimulate industrial upgrades, and we represent industrial growth from two perspectives: economic aggregate growth and economic efficiency improvement. Next, we use shift-share analysis to disaggregate industrial upgrades into static and dynamic transfer effects, showing that other financial instruments only promote production factor mobility but not production efficiency, while private equity funds significantly contribute to both mobility and efficiency. Finally, the mediating effect model is used to study how private equity funds drive industrial upgrades: mainly from efficiency improvement based on technological progress and innovation output, and to a lesser extent from the promotion of factor mobility. The findings have practical value and implications for the optimization of financial reforms and the sustainability of regional economies.
9
Fałat–Kilijańska, Ilona. "Private equity and the competitiveness of Polish enterprises." Oeconomia Copernicana 3, no. 1 (March 31, 2012): 88–112. http://dx.doi.org/10.12775/oec.2012.005.
Повний текст джерелаАнотація:
The objective of the article is private equity and venture capital investments and their influence for companies activity. The article presents author’s own studies of the private equity investment influence for the enterprise activity. Comparing venture-backed firms and others shows, that venture-backed companies patent more than others firms and their ideas are higher technological and economic values. The vast majority of polish managers believe their company would not have existed or would have grown less rapidly without venture capital. Respondents also believe that venture capital funding encouraged employment, investment, R&D spending and export. An important source of empirical data are performed author’s own surveys and interviews with representatives of shareholding companies, as well as with private equity fund managers. Years of research: 1998-2009. The study used several research methods: a descriptive method, the method of comparative analysis, using the method of critical analysis and synthesis applications.
10
Islam, SMA. "Distortionary tax and general equilibrium analysis of welfare maximized private and public goods consumption." Progressive Agriculture 29, no. 2 (September 17, 2018): 178–85. http://dx.doi.org/10.3329/pa.v29i2.38304.
Повний текст джерелаАнотація:
There is a debate on economic efficiency and the improvement of economic welfare. In this research, I have fixed the value of rich and poor with equal weight with an assumption that the consumption tax is the source of government expenditure for public goods. This paper optimized improvement of equality and private consumption share of public goods with the prime revenue of consumption tax. This optimization process has also been analyzed in accordance with the theoretical assumption of Roy`s identity and Marshallian ordinary market demand function for justification of equity and welfare. Finally, this process compared implicitly to the process of Kuznets pattern economic development with taking assumption of distortionary consumption tax to penetrate the relationship between long term economic growth and economic welfare. The empirical evidence found in my earlier publication that consumption tax is welfare augmented in long run if the source of government expenditure is consumption tax to produce public goods. This welfare maximized general equilibrium evidences have potential opportunity of welfare augmented resource mobilization in a developing country where consumption tax is the source of prime revenue.Progressive Agriculture 29 (2): 178-185, 2018
11
Zeeshan, Khudsiya, Syed Azhar, and S. Sreenivasa Murthy. "Profitability Analysis of Select Private Equity Funds in India." Journal of Private Equity 22, no. 3 (May 31, 2019): 56–63. http://dx.doi.org/10.3905/jpe.2019.22.3.056.
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Noh, Jung-Hee. "How to Promote ESG in Private Equity." Korean Journal of Financial Studies 51, no. 5 (October 31, 2022): 543–69. http://dx.doi.org/10.26845/kjfs.2022.10.51.5.543.
Повний текст джерелаАнотація:
This study examines ESG in private equity and discusses the methods to promote ESG in private equity investment. Given that private equity investment has a relatively long investment period and is actively engaged in the management of the portfolio company, it can play an important role in the development of ESG. ESG in private equity can be applied across all investment stages such as deal sourcing, investment decision, ownership, and exit. The empirical analysis based on global PEF data found that ESG in private equity shows risk management effects. To promote ESG in private equity, I propose a clear definition of ESG goals for LPs, consideration of ESG factors when selecting GPs, creating value through ESG due diligence, ESG-based active engagement, and collaboration in ESG investing. I hope that this study will help market participants understand ESG in private equity investment and provide useful information on the development of ESG in the Korean private equity investment industry.
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Morri, Giacomo, Ugo Perini, and Rachele Anconetani. "Performance determinants of European private equity real estate funds." Journal of European Real Estate Research 14, no. 2 (May 5, 2021): 207–26. http://dx.doi.org/10.1108/jerer-04-2020-0025.
Повний текст джерелаАнотація:
Purpose The paper aims to investigate the performance determinants of European non-listed private equity real estate funds between 2001 and 2014. Design/methodology/approach Using a sample of 363 funds collected from the Inrev database, the analysis evaluated the impact of fees and other intrinsic characteristics of these funds, such as leverage, size and duration, on the funds’ performance, intending to enhance the understanding underlying their relationship. Findings The findings show a negative relationship between the return of the funds and redemption fee, performance fee and management fee. Conversely, marketing fees have a positive effect on performance. When analyzing the investment style, the results reveal inhomogeneous behaviors of leverage on funds’ performance. This variable has a positive impact on the return in core funds, while there is a negative relationship in value-added investments. Finally, the emphasis on the global financial crisis shows that the effects of the independent variables on the performance do not significantly change in different economic cycles. Practical implications The practical implication of the research is to understand whether an investor can direct its resources in a fund, leveraging on certain intrinsic characteristics that can be observed a priori. Originality/value Even if there is a considerable body of literature on determinants of performance in European non-listed real estate funds, little research has analyzed the role of fees in driving their results. Besides, this paper takes advantage of observations from different investment styles to emphasize the impact of higher or lower risk profiles and from the full economic cycle to understand the effects of the crisis period.
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Mccahery, Joseph A., and Erik P. M. Vermeulen. "How should we regulate private equity and hedge funds?" Maandblad Voor Accountancy en Bedrijfseconomie 81, no. 7/8 (July 1, 2007): 344–50. http://dx.doi.org/10.5117/mab.81.20841.
Повний текст джерелаАнотація:
This paper discusses the activities of hedge funds and private equity funds. We consider the rationale used by proponents for introducing new regulation for hedge funds and private equity. There is a division of opinion regarding whether this alternative asset sector should be subject to new regulation. The competing views are assessed critically. We conclude that more economic evidence is required before new legislation can be introduced. We also focus on the effects of the partial convergence of hedge funds and private equity funds. Clearly the differences in the contractual structure of hedge funds and private equity vehicles indicate that parties are capable of structuring their particular ownership and investment of their instruments without having to satisfy burdensome regulatory requisites. Moreover, even though both private equity and hedge funds are typically organized as limited partnerships, there remain a number of contractual provisions that differentiate the two main alternative investment fund strategies. In this regard, we examine the terms and conditions of fund formation and operation, management fees and expenses, profi t sharing and distributions, and corporate governance of the respective fund structures. On balance, our analysis shows that the contractual basis for each fund type is usually adequate to address the agency problems that abound in this sector.
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Andriosopoulos, Dimitris, and Styliani Panetsidou. "A global analysis of Private Investments in Public Equity." Journal of Corporate Finance 69 (August 2021): 101832. http://dx.doi.org/10.1016/j.jcorpfin.2020.101832.
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Rajan Annamalai, Thillai, Bharat Bansal, and Josephine Gemson. "Private equity investment and real estate development." Journal of Financial Management of Property and Construction 19, no. 3 (October 28, 2014): 202–25. http://dx.doi.org/10.1108/jfmpc-02-2014-0001.
Повний текст джерелаАнотація:
Purpose – The purpose of this paper is to understand the trends and contribution of private equity (PE) investors in real estate development in India because the real estate sector in India had witnessed significant investments from PE firms in recent years. Design/methodology/approach – The study focused on residential segment of real estate development, as it is the largest among all the segments. Two types of analyses have been done in this paper: first was to compare residential projects with PE investment with those that did not have any PE investment. The results were based on an analysis of 453 residential projects. The second was an analysis of only those projects that had PE investment. This paper studied if there were differences in investment patterns between domestic and foreign PE investors, and dedicated and diversified PE investors. Findings – Projects with PE investment were larger, as compared to projects that did not have any PE investment. The results of this paper also showed that PE firms preferred to invest with developers who had significant experience in undertaking larger-sized projects. PE investments significantly happened in projects that were located in metro cities. While PE firms as a whole preferred to invest in project mode, domestic investors were more inclined to invest in a project structure as compared to foreign PE firms. Though foreign PE firms invested more amounts per deal on average, there was a negative relationship between foreign PE firms and the extent of their shareholding in the investment. Practical implications – Encouraging PE investment in real estate projects would contribute toward to increasing the transparency in the sector. Strengthening the domestic PE industry would increase investment flow for real estate projects. PE investors who are able to add value to their investments are able to obtain higher shareholding. Originality/value – Empirical research on Indian real estate industry is scarce because of the lack of transparency and availability of reliable data. This is one of the initial studies on the Indian real estate sector based on a robust dataset.
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Hartono, Risky Kusuma. "Equity Level of Health Insurance Ownership in Indonesia." Kesmas: National Public Health Journal 12, no. 2 (November 30, 2017): 93. http://dx.doi.org/10.21109/kesmas.v0i0.1408.
Повний текст джерелаАнотація:
Social health insurance from government program are expected to be able to reduce inequalities access to health services in the middle of rising of health care cost, while private health insurance is still limited for up and middle class population. This study aimed to analyze the equity level of health insurance ownership including social and private health insurance in Indonesia. This study examined the condition of Indonesia in the middle of entering National Health Insurance (NHI) era. This study used data of Indonesian Socio-Economic Survey 2012. Data were analyzed by using econometric approach through multinomial logit analysis. The results showed that the concentration index of social health insurance ownership was 0.615, which is smaller than private health insurance ownership (0.972). It means that Indonesia social health insurace ownership will be able to increase equity access to the health services especially for poor people (pro poor). Social health insurance ownership increases the use of the health services by people.
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Candrayani, Lia, Ziana Fitri, and Kharis Fadlullah Hana. "PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN FARMASI MILIK BUMN DAN SWASTA DI BEI PERIODE 2016-2018." Mabsya: Jurnal Manajemen Bisnis Syariah 2, no. 1 (June 30, 2020): 19–34. http://dx.doi.org/10.24090/mabsya.v2i1.3877.
Повний текст джерелаАнотація:
The purpose of this study was to determine the comparison of the financial performance of state-owned pharmaceutical companies with private-owned pharmaceutical companies and find out what factors affect differences in company performance based on analysis of profitability, market value rations and EVA. This study using a quantitative approach using a comparative descriptive method that took a sample of 4 pharmaceutical companies listed on the Stock Excahange. The data analysis technique uses a different independent sample T-test by comparing financial data from state-owned and private pharmaceutical companies in the 2016-2018 period. The results of the study show that return on equity (ROE) analysis of state-owned pharmaceutical companies is not safe because there are significant differences in the precentage above 15% and private pharmaceutical above 15%. The earning per share (EPS) analysis results of state-owned companies reached 0,35 and private pharmaceutical companies reached 50,71. As well as economic value added (EVA) analysis produces data there are differences in financial performace where the state-owned pharmaceutical companies have increased and privat pharmaceutical companies have decreased.
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Morris, Peter, and Ludovic Phalippou. "Thirty years after Jensen’s prediction: Is private equity a superior form of ownership?" Oxford Review of Economic Policy 36, no. 2 (2020): 291–313. http://dx.doi.org/10.1093/oxrep/graa004.
Повний текст джерелаАнотація:
Abstract Almost exactly 30 years ago, a famous article by Michael Jensen in the Harvard Business Review predicted that private equity would ‘eclipse’ the public corporation because it was a superior form of corporate ownership. Trends since 1989 seem to bear out Jensen’s prediction. Much time and energy has gone into studying whether the private equity model does see companies being run better for investors and society. Progress has been made and most studies find positive results. But samples are usually relatively small. And the relative complexity of private equity transactions, combined with a high level of privacy, makes it hard to find financial statements that are tractable enough for meaningful analysis. After 30 years of research, we argue that a conclusive answer to the question remains further away than might seem to be the case. In the meantime, the appropriate regulatory response involves narrowing the ‘regulatory gap’ between public and private markets.
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Berezinets, Irina, and Yulia Ilina. "Investor activism strategies of private equity firms: evidence from continental Europe." Studies in Economics and Finance 39, no. 2 (October 24, 2021): 193–218. http://dx.doi.org/10.1108/sef-06-2019-0225.
Повний текст джерелаАнотація:
Purpose This paper aims to deal with the issue of shareholder activism of private equity investors in public companies. The study identifies characteristics of target firms and investors related to the likelihood of private equity activism. The research also examines whether shareholder activism strategy of private equity investors is associated with the better performance in future and value creation of target firms. Design/methodology/approach The paper applies econometric modeling to hand-collected data on private equity investments in listed companies, in the form of private investment in public equity and open-market share purchases, from eight Continental Europe’s countries for the period 2005–2014. Findings The findings indicate that the probability of shareholder activism is higher if the target firm’s industry corresponds to the private equity investor’s industry specialization, if the private equity firm is older, if the target is larger and the average ownership share purchased by the investor is higher. Conversely, the probability of shareholder activism is lower where a private equity firm invests in the target for the first time. A target firm with an activist investor has poorer operational performance results one year following the investment compared to a target firm with a passive private equity investor. Research limitations/implications Results from the analysis of transactions in Continental Europe countries with French and German legal origin may be not generalizable to other markets with the different legal tradition and institutional environment. Originality/value This research provides new empirical evidence on private equity activism in listed companies of Continental Europe. By distinguishing between active and passive investments, testing rarely considered characteristics to provide valuable insights and analyzing the effect of activism on the target firm’s performance, the study contributes variously to the still-limited body of literature on private equity activism in public companies with a governance structure based on concentrated ownership. The findings emphasize the relationship between shareholder activism and both target and investor’s characteristics from perspective of mitigating agency problem and value creation in target firms. By simultaneously investigating investments in public companies from several European markets, the study complements empirical evidence mostly obtained from studies of a single national market.
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Cox, Joshua, and Bronwyn Bailey. "Private Equity Investment and Local Employment Growth: A County-Level Analysis." Journal of Alternative Investments 22, no. 3 (November 8, 2019): 42–54. http://dx.doi.org/10.3905/jai.2019.1.082.
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Peng, Yichen, Jing Zhou, Qiang Xu, and Xiaoling Wu. "Cost Allocation in PPP Projects: An Analysis Based on the Theory of “Contracts as Reference Points”." Discrete Dynamics in Nature and Society 2014 (2014): 1–6. http://dx.doi.org/10.1155/2014/158765.
Повний текст джерелаАнотація:
In recent years, the demand for infrastructure has been largely driven by the economic development of many countries. PPP has proved to be an efficient way to draw private capital into public utility construction, where ownership allocation becomes one of the most important clauses to both the government and the private investor. In this paper, we establish mathematical models to analyze the equity allocation problem of PPP projects through a comparison of the models with and without the effects of the theory of “contracts as reference points.” We then derive some important conclusions from the optimal solution of the investment ratio.
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Lahmann, Alexander D. F., Wiebke Stranz, and Vivek K. Velamuri. "Value creation in SME private equity buy-outs." Qualitative Research in Financial Markets 9, no. 1 (February 6, 2017): 2–33. http://dx.doi.org/10.1108/qrfm-01-2016-0004.
Повний текст джерелаАнотація:
Purpose The purpose of this paper is to analyze specific levers of value creation in small and mid-size private equity deals. Private equity firms add value through various types of value creation measures in their portfolio firms to achieve abnormal returns. Established literature has shown that value creation measures differ across portfolio firms due to the different development stages of the firm and different buy-out types. Despite the fact that the majority of deals belongs to the small and mid-size segment, prior studies mostly analyzed large private equity buy-outs or mixed samples. Design/methodology/approach To explore value generation measures in small and mid-size buy-outs, a single case study format was applied studying the carve-out of QUNDIS from Siemens Building Technologie by CAPCELLENCE as an exceptional successfully private equity deal within this segment. Findings The analysis shows that operational and governance improvements are common value creation measures in all buy-outs. The results suggest a lower leverage for smaller private equity deals indicating that financial engineering is less important. Furthermore, in small and mid-size deals, the strategic focus is growth contrary to downsizing and refocusing in large buy-outs. Research limitations/implications Results of a single case study should be generalized cautiously, as they are perceived as less robust compared to empirical methods or multiple case studies. However, this method is appropriate for explorative studies. Originality/value The paper is original in exploring certain value creation measures applied by private equity firms in their portfolio companies in the small and mid-size segment.
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Du, Jing, Hongyue Wu, and Ruoyu Jin. "Capital Structure of Public–Private Partnership Projects: A Sustainability Perspective." Sustainability 11, no. 13 (June 26, 2019): 3505. http://dx.doi.org/10.3390/su11133505.
Повний текст джерелаАнотація:
Capital is key to achieve the standardized operation of public–private partnership (PPP) projects. The capital structure of PPP projects stresses the structure of equity and debt funds, which are important for securing life-cycle ample funds and achieving the expected outcomes of projects. By incorporating sustainability into PPP projects, the capital structure not only secures current needs of funds, it also focuses on life-cycle stable operations and achieves economic, social, and environmental benefits. This study first set the equity–debt ratio and equity investment ratio of the private sector as the dependent variables and built a selection model of the capital structure of PPP projects from a sustainability perspective using the benefit, cost, and project conditions as core factors based on multi-objective programming and a discounted cash-flow model. Then, the qualitative analysis could be achieved according to the analysis of critical factors that had not been calculated. Afterwards, a selection process which combined the multi-objective programming model with qualitative analysis was proposed to achieve a comprehensive selection of the capital structure of PPP projects from the sustainability perspective. Finally, the process was applied to a real project to verify its rationality and usability. This study not only enriches the theoretical research of PPP projects and provides a new idea on which to build the capital structure selection model, it also proposes a selection process that can provide scientific references for the selection and optimization of the capital structure of PPP projects in practice.
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Portmann, David, and Chipo Mlambo. "Private equity and venture capital in South Africa: A comparison of project financing decisions." South African Journal of Economic and Management Sciences 16, no. 3 (September 2, 2013): 258–78. http://dx.doi.org/10.4102/sajems.v16i3.354.
Повний текст джерелаАнотація:
This paper investigates the manner in which private equity and venture capital firms in South Africa assess investment opportunities. The analysis was facilitated using a survey containing both Likert-scale and open-ended questions. The key findings show that both private equity and venture capital firms rate the entrepreneur or management team higher than any other criterion or consideration. Private equity firms, however, emphasise financial criteria more than venture capitalists do. There is also an observable shift in the investment activities away from start-up funding, towards later-stage deals. Risk appetite has also declined post the financial crisis.
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Sutcliffe, C. M. S. "Pension Scheme Asset Allocation with Taxation Arbitrage, Risk Sharing and Default Insurance." British Actuarial Journal 10, no. 5 (December 1, 2004): 1111–31. http://dx.doi.org/10.1017/s135732170000297x.
Повний текст джерелаАнотація:
ABSTRACTThe asset allocation is a crucial decision for pension funds, and this paper analyses the economic factors which determine this choice. The analysis proceeds on the basis that, in the absence of taxation, risk sharing and default insurance, the asset allocation between equities and bonds is indeterminate and governed by the risk/return preferences of the trustees and the employer. If the employing company and its shareholders are subject to taxation, there is a tax advantage in a largely bond allocation. Risk sharing between the employer and the employees often means that one group favours a high equity allocation, while the other favours a low equity allocation. Underpriced default insurance creates an incentive for a high equity allocation. When taxation, risk sharing and underpriced default insurance are all present, it is concluded that the appropriate asset allocation varies with the circumstances of the scheme; but that a high equity allocation is probably inappropriate for many private sector pension schemes.
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Nicholson, Michael. "The impact of the private provision of WASH services on sustainable economic growth in sub-Saharan Africa." Advances in Social Sciences Research Journal 6, no. 12 (January 2, 2020): 181–89. http://dx.doi.org/10.14738/assrj.612.7078.
Повний текст джерелаАнотація:
This paper analyzes the expanded role of the private sector in the provision of water, sanitation, and hygiene (WASH) services in Africa. Since 2010, private capital has entered the WASH sector throughout the continent via innovative mechanisms such as municipal bonds and equity funds. The surge of capital has attempted to fill the $2.5 trillion annual investment gap that the United Nations (2014) estimates for key development sectors. A tension exists, however, between the private-sector-enabled provision of WASH services and key Sustainable Development Goals, particularly offering affordable water and ending chronic poverty. For example, the World Bank (2016) recently found that in countries that declare the right to “free” water, an underserved impoverished class often must pay a much higher price for water than the rich. The current analysis provides an empirical inquiry into the conditions under which the private sector is attracted to the provision of WASH services and estimates its subsequent impact on both economic growth and inclusive development.
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PORUMBOIU, Cristina. "Exploring the Economic Impact of Private Equity in Emerging Industries – An Analysis of the Dutch Life Sciences Sector." Management Dynamics in the Knowledge Economy 6, no. 4 (2013): 531–51. http://dx.doi.org/10.25019/mdke/6.4.02.
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Viviani, Diego, Marco Giorgino, and Roberto Steri. "Private Equity-Backed IPOs and Long-Run Market Performance Analysis of Italian Firms." Journal of Private Equity 11, no. 3 (May 31, 2008): 50–60. http://dx.doi.org/10.3905/jpe.2008.707202.
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Achleitner, Ann-Kristin, Christian Figge, and Eva Lutz. "Value creation drivers in a secondary buyout – the acquisition of Brenntag by BC Partners." Qualitative Research in Financial Markets 6, no. 3 (November 10, 2014): 278–301. http://dx.doi.org/10.1108/qrfm-06-2012-0018.
Повний текст джерелаАнотація:
Purpose – The purpose of this paper is to identify specific drivers of value creation in secondary buyouts. While this type of private equity deal has risen in importance in recent years, it is not yet well understood. Through an in-depth analysis of the acquisition of Brenntag by BC Partners, we develop propositions on the value creation profile of secondary buyouts. Design/methodology/approach – We use a single case study design to explore the information-rich context of a secondary buyout. The Brenntag case epitomizes the development of a company from forming part of a large conglomerate to being private-equity owned after the primary and secondary buyout, to its final disposition of public listing. Our analysis is based on ten semi-structured interviews with key protagonists and observers, as well as analysis of primary company data and additional secondary data sources. Findings – We propose that even if the investment management and monitoring skills of the primary and secondary private equity group are similar, there is still potential to realize operational improvements in a secondary buyout, due to either early exit of the primary private equity group or measures that further enhance management incentives. In addition, the Brenntag case shows that low information asymmetries can lead to higher leverage and that opportunities for multiple expansions are limited in secondary buyouts. Originality/value – While a secondary buyout has become a common exit route in recent years, we are the first to undertake an in-depth case analysis of a secondary buyout. Our study helps researchers and practitioners enhance their understanding of drivers behind the value creation profile of secondary buyouts.
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Simic Saric, Marija. "Does a Venture Capital Market Exist in the Countries of Former Yugoslavia?" KnE Social Sciences 1, no. 2 (March 19, 2017): 197. http://dx.doi.org/10.18502/kss.v1i2.657.
Повний текст джерелаАнотація:
<p>Venture capital investments spread all over the world during the last few decades. Until then, they were considered only as an American phenomenon. Countries worldwide are interested in attracting venture capital investments because of their undisputable effects on the economy. The effects of the investments are visible through the impact on innovation, creation of new companies, jobs, economic growth, corporate governance and etc.</p><p>Venture capital is a subset of Private equity focused on start-up companies and companies having difficulties in attracting necessary capital. It represents an equity investment made for the launch, early development, or expansion of a business.</p><p>The countries of former Yugoslavia (Croatia, Bosnia and Herzegovina, Former Yugoslav Republic of Macedonia - FYROM, Montenegro, Slovenia and Serbia) are part of the Central and Eastern Europe countries and represent relatively a new market for venture capitalists. They moved from the planned economies to a free market system in the 90s of 20 century. As well as other countries in the World, these countries are also interested in attracting venture capital because of the proven impact on economic growth. Despite the presence of Venture capital and Private equity funds in this region for more than twenty years, the venture capital and private equity market in the countries of former Yugoslavia is underdeveloped compared to other countries of CEE. Indeed, the venture capital investments are so small for some countries of former Yugoslavia that the data about venture capital investment are published jointly.</p><p> </p><p>The objective of this paper is to examine and analyze the development of Venture Capital market in countries o former Yugoslavia. The research is both qualitative and quantitative, and involves an identification, analysis and comparison of PE/VC investments data for selected countries. The time frame for this research is between 2007 and 2014. The total volume of venture capital investments per year, the number of companies invested and the ratio of PE investments to the gross domestic product (GDP) will be used to demonstrate the existence of the venture capital market in countries of former Yugoslavia. The data necessary for the current research were taken from the yearbook of EVCA/PEREP Analytics for 2014 for Baltics and Ex-Y. „PEREP Analytics” is a centralized, non-commercial pan-European private equity database. The „PEREP Analytics” statistics platform monitors the development of private equity and venture capital in 25 European countries.</p>
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Godke Veiga, Marcelo, and Joseph A. McCahery. "The Financing of Small and Medium-Sized Enterprises: An Analysis of the Financing Gap in Brazil." European Business Organization Law Review 20, no. 4 (November 25, 2019): 633–64. http://dx.doi.org/10.1007/s40804-019-00167-7.
Повний текст джерелаАнотація:
AbstractWhile small and medium-sized enterprises (SMEs) are important for economic growth and employment, they face numerous obstacles in accessing external finance. In this article, we review recent developments in the availability of financing for SMEs in Brazil, focusing on the greater use of equity and debt for SMEs. In assessing the barriers to external financing, we focus on the role of bank characteristics, market structure and variations of interest rate spreads across banks and time. Moreover, as banks retreat from SME financing, we examine the potential for SMEs to seek new sources of financing from private equity and venture capital funds. We examine the changes in the availability of bank loans between 2014 and 2016. By considering demand, we estimate the SME loan gap based on Central Bank and publicly available data. Our results show that the loan gap in Brazil is substantial.
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Mohamed, Rayman, Robin Boyle, Allan Yilun Yang, and Joseph Tangari. "Adaptive reuse: a review and analysis of its relationship to the 3 Es of sustainability." Facilities 35, no. 3/4 (March 7, 2017): 138–54. http://dx.doi.org/10.1108/f-12-2014-0108.
Повний текст джерелаАнотація:
Purpose There is a resurgence in the adaptive reuse of buildings. However, there is a lack of literature that pulls all the strands of adaptive reuse together. Furthermore, despite claims that it is motivated by the 3 Es of the sustainability triangle, the authors could find no research that critiques adaptive reuse from this perspective. The purpose of this study is to review the literature to collect pertinent information in a single place and to critically examine whether adaptive reuse incorporates the 3 Es of sustainability. Design/methodology/approach The methodological approach of this study is a literature review and a critical analysis of the practice of adaptive review. Findings Adaptive reuse is concentrated at the environment and economic development corners of the sustainability triangle. There are positive interactions along this edge. The authors attribute this to the fact that the same actors – the private and public sectors – are located at both corners of the triangle, and they have shared interests. This is different from the wider sustainability literature, where major actors at each corner are different and tensions along each edge are resolved through mediation. In adaptive reuse, there are no actors at the equity corner of the triangle, and there are minimal attempts to address concerns along the equity–environment and equity–economic development edges of the triangle. Research limitations/implications This study focuses on the USA. Practical implications This study suggests policy interventions that address the equity issue in adaptive reuse. Originality/value This is the first study to provide a succinct review of contemporary adaptive reuse and that places the practice within the framework of the 3 Es of sustainability.
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Ernst, Sebastian, Christian Koziol, and Denis Schweizer. "Are Private Equity Investors Boon or Bane for an Economy?-A Theoretical Analysis." European Financial Management 19, no. 1 (February 18, 2011): 180–207. http://dx.doi.org/10.1111/j.1468-036x.2010.00586.x.
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Zinecker, Marek. "Private equity and venture capital: investment fund structures in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 59, no. 7 (2011): 541–52. http://dx.doi.org/10.11118/actaun201159070541.
Повний текст джерелаАнотація:
A working private equity and venture capital market (PE/VC market) stimulates the business environment in a positive manner and impacts the level of economic growth of national economies. A study of the Austrian Private Equity and Venture Capital Organisation/AVCO (2004, p. 6) defines prerequisites for a correct operation of the PE/VC market. It views the legislative provision for suitable legal fund structures for PE/VC investments and their tax treatment as a key factor. In its publication, Private Equity & Venture Capital in the Czech Republic (2010, p. 14), the Czech Venture Capital Association/CVCA stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market (fundraising, investment volumes, establishment of the infrastructure required for the operation of PE/VC funds). The purpose of this article is, based on an analysis of the relevant information sources, to assess how the current Czech legislation regulates the legal fund structures for PE/VC investments and their tax treatment. Proposals for a potential improvement of the situation are based on a comparison of the legislative framework applicable in the Czech Republic and the requirements defined by the European Venture Capital Association/EVCA, as well as the AVCO study (2004, 2006).
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Ery, Satriadi, and Murtaqi Isrochmani. "The Viability Gap Funding (VGF) Scheme in Construction Assignment LRT Jabodebek Phase 2 Project Economic and Financial Analysis." European Journal of Business and Management Research 7, no. 4 (July 19, 2022): 139–42. http://dx.doi.org/10.24018/ejbmr.2022.7.4.1526.
Повний текст джерелаАнотація:
The development of transportation infrastructure is very necessary for the process of developing connectivity between regions and an effort for regional equity in Indonesia. This necessity doesn’t align with Indonesia’s financial capacity to finance the infrastructure. This gap creates financing innovations between the Government of Indonesia and business entities, such as the Viability Gap Fund. This research used secondary data from PT. Adhi Karya (Persero) Tbk. A further financial calculation has implemented discounted cash flow method to analyse the financial feasibility of LRT Jabodebek Phase 2. Financial feasibility without the Government of Indonesia support is economically feasible but not financially feasible. Therefore, project financing support from the Government of Indonesia is required. The result of the analysis consisted of NPV of 2,255.9 billion rupiahs and IRR of 10.15% which is higher than the project’s WACC of 9.26%. Therefore, the project is financially feasible, although the IRR of the project might be less attractive for some private investors. In order to make this project more attractive to private investors, it is recommended to increase non-farebox revenue, and create concessions to build TOD (Transit Oriented Development).
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Gill, Gerard F., Dominic P. Geraghty, and Des G. FitzGerald. "Did general practice health assessments of older Australians improve equity?" Australian Health Review 32, no. 3 (2008): 488. http://dx.doi.org/10.1071/ah080488.
Повний текст джерелаАнотація:
Objective: To examine if claims for general practice health assessments of older persons in Australia over the period 1 November 1999 to 30 September 2002 were equitably distributed. Design: Closed cohort study with data analysis using logistic regression. Setting: Private general practice in Australia. Participants: All Australians aged 75 or more years at 1 October 1999, who were eligible to claim for a health assessment. Measures studied: Medicare and Department of Veterans? Affairs (DVA) medical claims data, and personal characteristics of claimants: age, sex, DVA beneficiary status, rurality and socio-economic status of postcode of residence. Rurality was classified by the Rural Remote and Metropolitan Area Classification (RRMA) and socio-economic status by the Index of Relative Socio-economic Deprivation (IRSD) for the postcode. Results: The cohort initially contained 886 185 subjects. Over the 35 months, 271 939 individuals (31%) claimed at least one health assessment. Those most likely to have claimed for a health assessment were aged 80 to 84 years, female, entitled to treatment under DVA arrangements, lived in postcodes classified as RRMA 1?4 and classified as the most disadvantaged IRSD quartile. Conclusion: Over this period, general practice health assessments appear to have been equitably distributed except for those living in postcodes classified as RRMA 5?7.
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Cox, Joshua, and Bronwyn Bailey. "Practical Applications of Private Equity Investment and Local Employment Growth: A County-Level Analysis." Journal of Alternative Investments 22, Supplement2 (January 14, 2020): 1.1–6. http://dx.doi.org/10.3905/jai.22.s2.015.
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Aswin, Aswin, Cahyani Pratisti, and Muhammad Saputra. "Analisis Brand Equity Perguruan Tinggi Swasta di Bandar Lampung." GEMA : Jurnal Gentiaras Manajemen dan Akuntansi 13, no. 2 (October 1, 2012): 105–19. http://dx.doi.org/10.47768/gema.v13i2.237.
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Business competition among education services in Bandar Lampung is rapidly raising, including private universities. Brand equity is proven to increase the universities profitability in the long term. This qualitative research aims to provide a comparison of the brand equity among private universities in Bandar Lampung. Through descriptive analysis and cochran q-test from 560 combined informants from high school and collegues found that in high school IIB Darmajaya was Top of mind IIB Darmajaya, Recall brand was Technocrats University, and Brand recognition that they knew IIB Darmajaya from friends and family. Whereas the collegues obtained Top of mind was IIB Darmajaya, Brand recall IIB Darmajaya was identical to Computer Science and Economics, Brand recognition recognizes IIB Darmajaya from logos, slogans and taglines, Brand association that IIB Darmajaya had a good image, good quality private campus, an innovative campus, had a variety of student activities, and Brand loyalty in good categories also. Promotional activities both directly and digitally to high school students absolutely needed to improve IIB Darmajaya's brand recall.
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Badar, Nouman, and Munib Badar. "Impact of banking institutions on national economy an empirical study of time series analysis in Pakistan." Journal of Governance and Regulation 4, no. 4 (2015): 327–33. http://dx.doi.org/10.22495/jgr_v4_i4_c2_p5.
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This paper examines the long and short term relationship of financial sector development on economic growth of Pakistan where development of financial sector is detected by the variables truly depicts the efficiency of financial sector i.e. Money Supply, size of Advances, Private sector Credit growth and Bank’s equity with economic growth which is pronounced by Gross Domestic Product in this study. Data of almost 22 years ranges from 1992 to 2013 of overall banking industry is taken to obtain results by employing Johnson and Jusellious co integration technique to detect long run association while Granger Casualty test is used to determine cause and effect relationship and to measure short term dynamics Vector Error correction model is used. The result shows that both long and short run relationship exists between growth of financial sector and economy of Pakistan.
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Tserng, Hui Ping, Shih-Ping Ho, Jui-Sheng Chou, and Chieh Lin. "PROACTIVE MEASURES OF GOVERNMENTAL DEBT GUARANTEES TO FACILITATE PUBLIC-PRIVATE PARTNERSHIPS PROJECT." JOURNAL OF CIVIL ENGINEERING AND MANAGEMENT 20, no. 4 (July 4, 2014): 548–60. http://dx.doi.org/10.3846/13923730.2013.801883.
Повний текст джерелаАнотація:
Governmental Debt Guarantees (GDGs) are often used to encourage involvement by promoters and financial institutions in Public-Private Partnerships (PPP) projects. However, even after demonstrating the bankability of a project and reducing debt cost, the success of the project may be prevented by the lack of long-term commitment from shareholders. Equity contributions by promoters in the project company may be recovered from earnings on short-term construction activities. Based on lesson learned from early PPP projects with GDG, the hold-up problem for government in the view of transaction cost economic (TCE) theory may worsen if the designed contractual structure does not adequately manage opportunistic behaviours from promoters. This study empirically examined the effects of a structured GDG mechanism with particular complementary measures applied in joint projects to develop the Taipei Mass Rapid Transit (MRT) stations. A GDG game model was then applied to bridge the theoretical gap based on the Taipei MRT experience. The analysis shows that requiring the promoter to provide sufficient equity and ensuring the commitment of the lender to provide the loan are the appropriate proactive measures. This study demonstrates its practical value for policy makers by combining case study, TCE and game theory in contractual issues.
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Sundarka, Baibhav, and Dr Nilam Panchal. "Holistic Performance Assessment of Indian Private sector Banks: An Empirical Study with Multiple Model Approach." Restaurant Business 118, no. 12 (December 5, 2019): 49–65. http://dx.doi.org/10.26643/rb.v118i12.13071.
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Banks play an important role in the economic growth of each country, especially private banks. This is the performance study of the three main private banks, namely listed on the National Stock Exchange (NSE), including the Bombay Stock Exchange (BSE). The financial measures are used for the statistical analysis of the performance of banks. Three key indicators, the performance of assets (ROA), Q model Tobin (price / book value), return on equity (ROE), an important performance ratio The data relating to the use by investors for the period from 2008 to 2018 selected banks. A multiple regression technique was used to identify the three indicators of financial performance, bank size, credit risk, asset management, operating efficiency and debt ratio. The results show that all selected measures have an impact on the financial performance of private commercial banks.
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Riyadi, Slamet. "The effect of Government investment and Private Investment on Economic Growth and Labor Absorption and Its Impact on Poverty Levels In The Province Of South Kalimantan." Archives of Business Research 7, no. 10 (October 29, 2019): 145–56. http://dx.doi.org/10.14738/abr.710.7287.
Повний текст джерелаАнотація:
High-quality economic growth is economic growth that can encourage industrialization, can create jobs as wide as possible and can encourage the performance of other sectors more efficiently and effectively, high economic growth accompanied by efficient and effective allocation of resources can be stimulus in development to improve people's income so that it can reduce poverty. To reduce the level of poor people, of course, requires increased economic growth and equitable income distribution, rapid economic growth and not balanced with equity will lead to inequality between regions. There are several kinds of disparities that often block a society in its efforts to achieve prosperity, namely: (1) disparities between regions, (2) disparities between sectors, (3) disparities in the income distribution of the community.
Studi aims to examine and analyze the effect of government investment and private investment on poverty levels through economic growth and labor absorption in South Kalimantan Province. The data analysis method used in this study is PLS to test the seven hypotheses formulated in this study.
The conclusions of the results of this study are: 1) Government investment has a significant impact on economic growth. 2) Government investment does not have a significant impact on labor absorption. 3) Private investment does not have a significant impact on economic growth. 4) Private investment has a significant impact on labor absorption. 5) Economic growth has a significant impact on labor absorption. 6) Economic growth has a significant impact on reducing poverty levels. 7) Labor absorption has a significant impact on reducing poverty levels.
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Janicka-Michalak, Teresa. "Venture Capital and Private Equity Funds as Source of Financing Enterprises in Poland." Economic and Regional Studies / Studia Ekonomiczne i Regionalne 13, no. 3 (September 1, 2020): 307–27. http://dx.doi.org/10.2478/ers-2020-0023.
Повний текст джерелаАнотація:
SummarySubject and purpose of work: The main issue of the work is to present the essence of venture capital, i.e. Venture Capital funds and Private Equity funds. The aim of the article is to indicate the size of the share and the role of funds in financing enterprises located in Poland. The time horizon of the presented data covers the years 2012-2019.Materials and methods: The material for analysis is available statistical data, reports of commercial companies and other entities researching the size of the Venture Capital and Private Equity sector in Poland. For the purposes of the study, the literature on the subject was used as well as the data of: Narodowy Centrum Badań i Rozwoju, KPMG Sp. z o.o., the State Development Fund, the Startup Poland Foundation and the European Association of Venture Capital and Private Equity Investors. The method of analysis and criticism of the literature and the method of examining documents were used.Results: The research carried out in Poland makes it possible to assess the size of the implemented venture capital investments, i.e. VC and PE funds, over the years 2012-2019. The presented data indicate that the share of funds in financing Polish enterprises has a variable tendency. The percentage share of VC and PE investors in Europe in 2017-2018 is also variable.Conclusions: The Polish economic market is an attractive investment area in terms of cash allocation needs by venture capital funds. Increasing awareness of enterprise managers about the benefits of using these capitals to subsidize the activities of entrepreneurs allows them to discount VC and PE funds in innovative startups and in other processes, the implementation of which takes place in further phases of the company’s operations. The studies conducted so far cover the entire territory of Poland and are of an overview nature. The VC and PE funds, which are a new financial instrument, allow Polish enterprises to implement innovative projects.
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Ensign, Prescott C. "Ethical Dilemmas in Hawaii’s First Public-Private Venture Capital Fund." Journal of Business Ethics Education 18 (2021): 267–78. http://dx.doi.org/10.5840/jbee20211815.
Повний текст джерелаАнотація:
Are there any business decisions that do not have an ethical dimension? Who decides that a decision is unethical? What impact does ethics have in today’s business environment? The case focuses on the development of Hawaii’s first public-private venture capital fund by three very different entities: the State of Hawaii economic development corporation; a US mainland-based private equity investment firm; and a partnership of two serial entrepreneurs. The case uses a progressive disclosure format so students only read and analyze the actions and ethical issues that occur at a specific point in time: creation of the venture capital fund; selection of startups to be included in the fund’s investment portfolio; and public reaction to decisions and actions by the fund. The case frames the issues confronted at each point as ethical dilemmas. Analysis includes answering questions and formulating recommendations or solutions to each dilemma.
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Uppal, Jamshed Y., and I. U. Mangla. "Accessing International Capital: Pakistan’s Experience, Prospects, and Policy Implications." Pakistan Development Review 35, no. 4II (December 1, 1996): 929–41. http://dx.doi.org/10.30541/v35i4iipp.929-941.
Повний текст джерелаАнотація:
In the 1990s accessing international capital markets has become a major source of external financing for many developing countries. The paper reviews Pakistan’s experience in tapping the global financial markets. We conduct a cross-sectional econometric analysis of the factors influencing the access to international equity and debt capital. Results indicate that the factors as suggested in the earlier literature do appear to be influential in determining the access to international capital. The study finds that the role of credit rating in attracting debt flows and of the local capital markets in attracting equity flows is prominent. The rate of economic growth is a major determinant of the access to foreign debt and equity funds. It also appears that the country rating which is based on a comprehensive set of variables indicating the financial health of the country subsumes the other proxies of economic stability and debt management. This study underscores the importance of institutional factors. Areas where improvement is possible to facilitate access to the international capital markets are identified as (1) political and legal environment, including improvements in the quality of the system of civil laws and its enforcement (2) private sector development through sustaining economic liberalisation and privatisation programmes (3) improvement in macro-economic management through a prudent internal and external debt management (4) development of capital markets through, improvements in market operations, enforcement of market regulations, strengthening of financial institutions and effective dissemination of market information.
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Beecher, Janice A. "Policy Note: A Universal Equity–Efficiency Model for Pricing Water." Water Economics and Policy 06, no. 03 (July 2020): 2071001. http://dx.doi.org/10.1142/s2382624x20710010.
Повний текст джерелаАнотація:
Drawing on theoretical, practical, and normative rationales, the analysis presented here calls for revisiting the prevailing water service paradigm, and the values and frames it reflects. As is increasingly apparent, current pricing policies may not be sufficiently responsive, pragmatic, or durable, particularly in reconciling competing objectives often cast as the equity–efficiency conundrum. Water is a social good that confers both private and public benefits. The proposed universal (all-inclusive) pricing model envisions five concurrent elements: recognize public functionality in cost allocation (scope economies), calibrate a minimum bill to property assessment (capacity value), provide an essential-use allowance for all households (public health), design cost-based rates for variable water usage (resource management), and prohibit disconnection and deploy service limiters instead (water security). The model advances meaningful structural progress toward social equity while comporting with generally accepted principles to fairly allocate costs and send economic price signals where they make sense.
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Zamaro, Renosa Tosca. "THE IMPACT OF HEALTH SUBSIDY ON HEALTH CARE UTILIZATION IN INDONESIA." Jurnal Anggaran dan Keuangan Negara Indonesia (AKURASI) 3, no. 2 (November 29, 2021): 16–37. http://dx.doi.org/10.33827/akurasi2021.vol3.iss2.art129.
Повний текст джерелаАнотація:
Equal opportunity and access to health care services regardless of one’s socio-economic background is important for health equity. To achieve this, the Indonesian government introduced a national health insurance program named Jaminan Kesehatan Nasional in 2014 and provided insurance premium subsidies for poor people. The current study evaluates the health subsidy policy’s impact on the utilization of different kinds of health care facilities, both public and private. Two waves of Indonesian socio-economic surveys, namely 2013 and 2018, and two analysis methods, namely logistic regression, and difference-in-differences, were applied in this study. The results show that in first-level health care facilities, the health subsidy improves the probability of outpatient visits in public health centers and polyclinics but decreases the probability of outpatient visits in medical practices. Then, in secondary-level health care facilities, the health subsidy was found to increase the likelihood of outpatient visits in public hospitals; however, it lowers the probability of outpatient visits in private hospitals.
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FUNG, HUNG-GAY, XIAOQING ELEANOR XU, and QI-ZI ZHANG. "ON THE FINANCIAL PERFORMANCE OF PRIVATE ENTERPRISES IN CHINA." Journal of Developmental Entrepreneurship 12, no. 04 (December 2007): 399–414. http://dx.doi.org/10.1142/s1084946707000782.
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Using the comprehensive 2000 and 2002 surveys of Chinese entrepreneurs conducted by the National Association of Private Entrepreneurs and the Chinese Academy of Social Sciences, we examine the characteristics and financial performance of private enterprises in China. Entrepreneurs, on average, are 40 years old and many are well-educated; more than one-third of them have a college degree or higher. Their companies are young, with an average age of six to seven years. Entrepreneurs contribute most of the equity capital to the private firms, which in general, are profitable with an average return on assets of 16 percent in 2002 and 11 percent in 2000. Further empirical analysis demonstrates the important impact of social, financing and human capital on firms' financial performance. We find that social capital (measured by charitable contributions), financing capital (measured by the equity-to-total capital ratio), and human capital have significant effects on firm profitability, and younger entrepreneurs tend to be more successful in the new Chinese market economy.
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Zena, Haileberhan. "Analysis of the Need for Stock Market in Ethiopia." International Journal of Economics and Finance 13, no. 2 (January 31, 2021): 84. http://dx.doi.org/10.5539/ijef.v13n2p84.
Повний текст джерелаАнотація:
Private sector participation and performance in the Ethiopian economy is weak. This is due to insufficient access of financial resources to the private sector. The credit market in the country has been overwhelmingly dominated by state-owned banks whose lending efforts have been dedicated to expanding public infrastructure projects and state owned enterprises as a matter of policy. The current government reform initiative by the name ‘Home-grown Economic Reform’ is expected to bring some adjustments in the financial system so that the private sector can have better choice for its long term investment needs with the introduction of market-based financial access. This study employed desk review of secondary data with content analysis of appropriate conceptual and empirical literature. Analysis of establishing stock market as a major alternative to bank based system is conducted using two models: business growth life cycle model and the financial structure model. The models are thought to explain the potential contribution of the development of equity market as a complement to the credit market in the financial structure of the country given the early stage of growth of the economy. The findings shown that establishing and developing stock market is strongly recommended to complement bank services and as an alternative financial access system both to investors and entrepreneurs. Issues to be considered in the process of establishing a stock market are provided as a way forward.