The aim of this paper is to assess the impact of intellectual capital （IC） on firms＇ financial performance with reference to a sample of companies operating in the European Union （EU） area during the period from ...The aim of this paper is to assess the impact of intellectual capital （IC） on firms＇ financial performance with reference to a sample of companies operating in the European Union （EU） area during the period from 2006 to 2013. The analyses are further differentiated by country of domicile, industry sector, and historical period （pre-crisis and crisis）. We investigate whether the value of the components of IC is a relevant factor that influences firms＇ performance, proposing and testing a modified version of the value added intellectual capital （VAICTM） model which also considers country-specific differences in terms of default risk. The empirical results evidence the relevance of the information on IC disclosed by companies. Differences arise depending on the reference country, industry, and historical period examined. The main limitations of the research are the unbalanced structure of the sample among countries and industries and the specificity of the examined sample （listed firms applying IAS/IFRS system）. The main implication of the study is that, since we demonstrate the value relevance of IC, our findings could be of interest for standard setters for defining a standard （qualitative and quantitative） level of information on human resources to be disclosed by companies in their financial statements. Our contribution to the literature is the proposal of some relevant modifications to the original VAICTM model and providing new evidence on the influence that IC had in recent years on business performance in the EU.展开更多
Over the past several years, the Taiwan Power Company has launched two smart pricing programs to assess the demand response of residential customers： the TOU （time-of-use） rate scheme and the DRI （demand reduction...Over the past several years, the Taiwan Power Company has launched two smart pricing programs to assess the demand response of residential customers： the TOU （time-of-use） rate scheme and the DRI （demand reduction incentive） scheme. This paper discusses these two programs and evaluates their respective performances. We develop an efficient approach based on marginal cost pricing to redesign the TOU rate scheme. In our finding, the TOU price levels could be revised to encourage more customers to participate by enlarging the price gap. Moreover, the DRI scheme can be further improved in order to reach an efficient win-win solution among customers, the utility and society. This can be achieved via a careful design of incentive tariff discounts to take account of the time-of-use or location-specific features of the power supply/demand condition.展开更多
文摘The aim of this paper is to assess the impact of intellectual capital （IC） on firms＇ financial performance with reference to a sample of companies operating in the European Union （EU） area during the period from 2006 to 2013. The analyses are further differentiated by country of domicile, industry sector, and historical period （pre-crisis and crisis）. We investigate whether the value of the components of IC is a relevant factor that influences firms＇ performance, proposing and testing a modified version of the value added intellectual capital （VAICTM） model which also considers country-specific differences in terms of default risk. The empirical results evidence the relevance of the information on IC disclosed by companies. Differences arise depending on the reference country, industry, and historical period examined. The main limitations of the research are the unbalanced structure of the sample among countries and industries and the specificity of the examined sample （listed firms applying IAS/IFRS system）. The main implication of the study is that, since we demonstrate the value relevance of IC, our findings could be of interest for standard setters for defining a standard （qualitative and quantitative） level of information on human resources to be disclosed by companies in their financial statements. Our contribution to the literature is the proposal of some relevant modifications to the original VAICTM model and providing new evidence on the influence that IC had in recent years on business performance in the EU.
文摘Over the past several years, the Taiwan Power Company has launched two smart pricing programs to assess the demand response of residential customers： the TOU （time-of-use） rate scheme and the DRI （demand reduction incentive） scheme. This paper discusses these two programs and evaluates their respective performances. We develop an efficient approach based on marginal cost pricing to redesign the TOU rate scheme. In our finding, the TOU price levels could be revised to encourage more customers to participate by enlarging the price gap. Moreover, the DRI scheme can be further improved in order to reach an efficient win-win solution among customers, the utility and society. This can be achieved via a careful design of incentive tariff discounts to take account of the time-of-use or location-specific features of the power supply/demand condition.
