External Corporate Social and Environmental Reporting （CSER） finds its raison d＇etre in corporations＇ search for both a license to operate and accountability towards society. This suggests a relationship between c...External Corporate Social and Environmental Reporting （CSER） finds its raison d＇etre in corporations＇ search for both a license to operate and accountability towards society. This suggests a relationship between corporations and society. In this study, that relationship is analyzed, specifically the relationship between levels of CSER and economic institutions. A strong link with institutions is an outcome of institutionalization. The economic institutions applied are economic freedom and legal origin as a proxy for national corporate governance systems. The results of this descriptive study show associations between CSER levels and economic freedom. CSER is also related to national corporate governance systems through legal origin. CSER appears to be institutionalized, or in any case, corporations seem to be aware of the economic institutionalization of CSER.展开更多
Private security companies through the services they provide complement the police in crime prevention, order maintenance, and general improvement of security in societies thereby contributing to sustainable national ...Private security companies through the services they provide complement the police in crime prevention, order maintenance, and general improvement of security in societies thereby contributing to sustainable national development In order to fully benefit from their contribution and prevent them from engaging in illegal activities, states formulate and enforce policies that seek to regulate their activities. This paper examines the regulation of private guards companies in Nigeria using Abuja as its empirical core. The main aim is to promote understanding of how the private security industry is regulated and evaluate the effectiveness of the existing regulatory policy. Data for the paper were generated from in-depth interviews with the NSCDC （Nigeria Security and Civil Defence Corps）, analysis of the policy for PSCs （private security companies）, and a review of the annual performance report of the regulatory agency. The results revealed that the current system of PSC regulation is characterized by a lack of specialty classification of private security licences, limited regulatory scope with a focus on licensing of companies, lack of uniform standards on training, and high cost/difficulties in obtaining operational license. The paper concludes that the current regulatory setup for PSCs in Nigeria is ineffective and unsustainable and recommends an urgent review of the legal framework to alien its provisions with global standards and practices in the private security industry.展开更多
Concession contracts in highways often include some kind of clauses （for example, a minimum traffic guarantee） that allow for better management of the business risks. The value of these clauses may be important and ...Concession contracts in highways often include some kind of clauses （for example, a minimum traffic guarantee） that allow for better management of the business risks. The value of these clauses may be important and should be added to the total value of the concession. However, in these cases, traditional valuation techniques, like the NPV （net present value） of the project, are insufficient. An alternative methodology for the valuation of highway concession is one based on the real options approach. This methodology is generally built on the assumption of the evolution of traffic volume as a GBM （geometric Brownian motion）, which is the hypothesis analyzed in this paper. First, a description of the methodology used for the analysis of the existence of unit roots （i.e., the hypothesis of non-stationarity） is provided. The Dickey-Fuller approach has been used, which is the most common test for this kind of analysis. Then this methodology is applied to perform a statistical analysis of traffic series in Spanish toll highways. For this purpose, data on the AADT （annual average daily traffic） on a set of highways have been used. The period of analysis is around thirty years in most cases. The main outcome of the research is that the hypothesis that traffic volume follows a GBM process in Spanish toll highways cannot be rejected. This result is robust, and therefore it can be used as a starting point for the application of the real options theory to assess toll highway concessions.展开更多
文摘External Corporate Social and Environmental Reporting （CSER） finds its raison d＇etre in corporations＇ search for both a license to operate and accountability towards society. This suggests a relationship between corporations and society. In this study, that relationship is analyzed, specifically the relationship between levels of CSER and economic institutions. A strong link with institutions is an outcome of institutionalization. The economic institutions applied are economic freedom and legal origin as a proxy for national corporate governance systems. The results of this descriptive study show associations between CSER levels and economic freedom. CSER is also related to national corporate governance systems through legal origin. CSER appears to be institutionalized, or in any case, corporations seem to be aware of the economic institutionalization of CSER.
文摘Private security companies through the services they provide complement the police in crime prevention, order maintenance, and general improvement of security in societies thereby contributing to sustainable national development In order to fully benefit from their contribution and prevent them from engaging in illegal activities, states formulate and enforce policies that seek to regulate their activities. This paper examines the regulation of private guards companies in Nigeria using Abuja as its empirical core. The main aim is to promote understanding of how the private security industry is regulated and evaluate the effectiveness of the existing regulatory policy. Data for the paper were generated from in-depth interviews with the NSCDC （Nigeria Security and Civil Defence Corps）, analysis of the policy for PSCs （private security companies）, and a review of the annual performance report of the regulatory agency. The results revealed that the current system of PSC regulation is characterized by a lack of specialty classification of private security licences, limited regulatory scope with a focus on licensing of companies, lack of uniform standards on training, and high cost/difficulties in obtaining operational license. The paper concludes that the current regulatory setup for PSCs in Nigeria is ineffective and unsustainable and recommends an urgent review of the legal framework to alien its provisions with global standards and practices in the private security industry.
文摘Concession contracts in highways often include some kind of clauses （for example, a minimum traffic guarantee） that allow for better management of the business risks. The value of these clauses may be important and should be added to the total value of the concession. However, in these cases, traditional valuation techniques, like the NPV （net present value） of the project, are insufficient. An alternative methodology for the valuation of highway concession is one based on the real options approach. This methodology is generally built on the assumption of the evolution of traffic volume as a GBM （geometric Brownian motion）, which is the hypothesis analyzed in this paper. First, a description of the methodology used for the analysis of the existence of unit roots （i.e., the hypothesis of non-stationarity） is provided. The Dickey-Fuller approach has been used, which is the most common test for this kind of analysis. Then this methodology is applied to perform a statistical analysis of traffic series in Spanish toll highways. For this purpose, data on the AADT （annual average daily traffic） on a set of highways have been used. The period of analysis is around thirty years in most cases. The main outcome of the research is that the hypothesis that traffic volume follows a GBM process in Spanish toll highways cannot be rejected. This result is robust, and therefore it can be used as a starting point for the application of the real options theory to assess toll highway concessions.
