Game theory approach to optimal capital cost allocation in pollution control

This paper tries to integrate game theory, a very useful tool to resolve conflict phenomena, with optimal capital cost allocation issue in total emission control. First the necessity of allocating optimal capital costs fairly and reasonably among polluters in total emission control was analyzed. Then the possibility of applying game theory to the issue of the optimal capital cost allocation was expounded. Next the cooperative N person game model of the optimal capital cost allocation and its solution ways including method based on Shapley value, least core method, weak least core methods, proportional least core method, CGA method, MCRS method and so on were delineated. Finally through application of these methods it was concluded that to apply game theory in the optimal capital cost allocation issue is helpful to implement the total emission control planning schemes successfully, to control pollution effectively, and to ensure sustainable development.

Concerning the Capitalization Restriction of Training Cost According to IAS 38

In today＇s knowledge-based economy, the role played by human capital in the determination of the market value of a firm is recognized. To be able to persist in the open competition, entities are forced to invest increasingly in the professional training of their employees. Inconsistent with this rising importance is the prohibition to capitalize professional training cost according to international accounting standards （IAS） 38.69 （b）. Highly qualified employees ensure competitive advantages and thus lead to an increase in shareholder value. Regarding the financial statement as a primary source of information, it does not seem reasonable to leave such a valuable resource completely unnoticed in the balance sheet. Consequently, a truthful representation of a firm＇s asset should take training costs into account. This article pleads for a limitation of this general legal prohibition and analyzes under which premises those expenditures for training can comply with the common criteria of capitalization according to IAS 38.

Analysis of Road Traffic Accident Costs in Sudan Using the Human Capital Method

In this study, we used the Human Capital (HC) accident analysis method, to determine the road traffic accident costs in Sudan in two successive years (2010 and 2011) with slight modifications to the recommended and known framework in the way it handles currently and future accident cost components. We evaluated and compared the significance and impact of the economic loss caused by road traffic accidents in Sudan using detailed information on road traffic accident casualties, classified by severity level, vehicle type, and other key parameters such as discount rates and medical and insurance information for Sudan in its entirety. The total cost of road traffic accidents in Sudan in 2010 was estimated at US $391 million, which represents 0.57% of the Gross Domestic Product (GDP), while in 2011 the cost was calculated to reach US $413 million, representing 0.62% of GDP. Findings show that the amount of accident costs is estimated to a certain extent at less than 1% of the total GDP of the country in the two estimation years, but we believe that the evaluation process used fulfilled the eligibility criteria of HC studies and that the produced values for Sudan are valid and reliable. Unit costs for each crash severity level were also estimated in the two years such as death, disability, serious injury, slight injury, and vehicle damage. Death or fatality was equal to US $38,932 and 39,508;disability was equal to US $43,113 and US $45,165;serious injury was equal to US $6963 and US $7596;slight injury was equal to US $2570 and US $3198 and vehicle damage only was equal to US $2268 and US $2579 in the assessment years 2010 and 2011, respectively.

Is Earnings Management a Technique to Reduce Cost of Capital？ Exploratory Study on Indian Companies

Earnings management has attracted lots of academicians towards the research due to the emerging frauds and downfall of great corporate giants of the world. Mainly earnings measurement is based on the accounting estimates which managers can easily manipulate for their self-interest. The study investigates the relationship between cost of capital and the earnings measurement for the Indian firms. Measurement of earnings is mostly computed by taking either discretionary accruals （DAC） or non-discretionary accruals （NDAC）. Present study has used Dechow, Sloan, and Sweeney （1995） model for earnings measurement and for analyzing the results. Panel data regression has also been used. Findings of the study conclude that DAC has a significant influence on cost of capital, but NDAC has no influence.

Estimating the severity levels of road traffic crashes in Bahrain with crash costs estimated with different approaches

An important issue in analyzing accident blackspots is the estimation of severity levels of different types of accidents.This study aims to estimate the severity level of accidents in Bahrain using crash costs.These crash costs were calculated by the Human Capital Approach(HCA)and total reported costs from the victims.The data was collected from the General Directorate of Traffic,insurance companies,Ministry of Works(MoW)and Ministry of Health.It was found,from the survey responses,that there was no significant effect of victim characteristics on the total cost of the accidents.The severity levels were found to be higher than those found in previous literature or adopted by local authorities which could be attributed to the economic conditions of Bahrain.Moreover,the weights found by both approaches were different from each other.Therefore,it is recommended to use the HCA approach due to its comprehensive calculations involving future costs.

Evaluating the moderated-mediation effects of switchingcosts in the link between social capital and NPD performance

In this study,we explore the causes and performance outcomes of switching costs in the context of new product development(NPD)from both the supplier and customer perspectives,and discuss the role that switching costs play as moderators and mediators in the relationship between social capital and NPD performance.Based on data from 214 Chinese manufacturers,we employ the structural equation model to test our conceptual model and hypotheses.The results indicate that relationship quality and customer involvement positively and negatively affect switching costs,respectively,and that switching costs negatively affect NPD performance.Switching costs mediate and moderate the relationship between social capital and NPD performance.Furthermore,switching costs significantly and positively moderate the relationship between relationship quality and NPD performance.On the other hand,switching costs insignificantly and negatively moderate the relationship between customer involvement and NPD performance.The theoretical and managerial implications of the findings are discussed.

An Empirical Studyon the Impact of Corporate Social ResponsibilityInformation Disclosure on EquityCapital Cost

Taking public companies of Shenzhen A-share as samples,the paper analyses the impact of CSR disclosure on the cost of equity capital and the differences in various disclosure ways.The empirical results show that:the CSR disclosure has negative correlation with the cost of equity capital,and different ways of disclosure are not relative to the cost of equity capital.Corporate social responsibility information disclosure plays a critical role in the company's management.

Regional Difference in Social Capital and Its Impact on Regional Economic Growth in China

Social capital has played an increasingly important role in regional development.China is a country with high stocks of social capital.Using several different indicators of social capital,this study tries to research the regional disparities in social capital and the influence of social capital on economic growth of China in 1978-2004.Measuring social capital with indicators of associations,charities and blood donation rates,this study finds significant regional disparities in social capital at provincial level in China.Those indicators for social capital are highly correlated with regional economic performance.Statistical analysis shows that social capital has a significant and positive effect on a long-term provincial economic growth.This relationship exists after controlling policy,macro location factors,and per capita GDP in the initial year.The empirical findings indicate that institutions,culture and social relations are critical for regional development in China.Therefore,the creation and support of social capital should be paid more attention to when making regional policy.

Optimal dividend and capital injection problem with a random time horizon and a ruin penalty in the dual model

In the dual risk model, we consider the optimal dividend and capital injection problem, which involves a random time horizon and a ruin penalty. Both fixed and proportional costs from the transactions of capital injection are considered. The objective is to maximize the total value of the expected discounted dividends, and the penalized discounted both capital injections and ruin penalty during the horizon, which is described by the minimum of the time of ruin and an exponential random variable. The explicit solutions for optimal strategy and value function are obtained, when the income jumps follow a hyper-exponential distribution.Besides, some numerical examples are presented to illustrate our results.

Agricultural Land Use Responses to the Rising Labor Opportunity Cost in Sui County,China

Rising labor opportunity cost is one of the most important characteristics of farmers' economic environment in present China,and brings great agricultural land use changes correspondingly.Based on the stratified random sample of rural households in Sui County,this paper estimates the opportunity cost of farm labors,and then analyzes its effect on farmers' agricultural land use decisions.The findings show that the households with higher labor opportunity cost are more likely to reduce labor intensity and increase labor-saving input in their land use decisions.From the descriptive analysis,we also find these households always prefer grain crop planting,reduce yield-raising input or even rent out their cultivated land.As labor and yield-raising input are two essential positive factors for grain production,continuous declining of labor input and yield-raising input caused by rising labor opportunity cost may influence the grain yield per unit area in the future.

Religious atmosphere and the cost of equity capital:Evidence from China

The cost of equity capital(ICC)is a crucial component of investment decisions and corporate performance evaluations.This study explores the effect of a region’s religious atmosphere on ICC and finds that ICC tends to be lower when stronger religious atmosphere is created.We further use the mediation effect method to clarify the specific channel through which religious atmosphere reduces ICC,and find that earnings quality,corporate investment efficiency and corporate social responsibility partially mediate the effect of religious atmosphere on ICC.Moreover,the relationship between religious atmosphere and ICC is more pronounced in firms with stronger external law environments and higher audit quality,indicating that formal institutions and religious tradition complement each other.

The Analysis and Modification of Opportunity Cost of Investment

We think we should use basic return rate of industry to measure the opportunity cost of capital and use the rule of Maximum NPV （Net Present Value） to modify the wrong solution in the book.

Analysis of the Effect of Corporate Governance Attributes and Disclosure Level on Firms＇ Costs of Financing

The purpose of this article is to analyze the impact of corporate governance and disclosure policy on corporate financial performance by examining the combined effect of board characteristics and disclosure level on financing costs. The empirical analysis, conducted on a sample of 192 Canadian companies, generally shows the importance of board characteristics in determining the level of disclosure and firms＇ costs of financing. In particular, the results found indicate that boards whose characteristics meet the governance requirements that are associated with greater transparency in disclosure on governance attributes reduce the costs of financing of their companies by debt as well as by equity capital.

Human Resource Accounting： Costs and Benefits Analysis

Human resource accounting is related with intellectual capital in literature. This study adds another dimension for human resource accounting field. It is costs, human resource management related costs. Research topic is intellectual capital and human resource costs in human resource accounting. Research question is that human resource accounting is technic of management accounting. Research methodology is the case study approaches. Main result of study is that human resource costs are recorded in financial accounting and this information might be used by human resource leaders and other executives. Further, human resource of company may be recorded as intellectual capital in balanced sheet. Quantity of record might become total compensation of firms. In conclusion, HR accounting is management accounting technic with its support for information role and decision-making role.

A Simplified Approach for Implementing Capital Gain Tax in Stock Marketing

The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share markets are paramount to better govern a country. The capital gain tax (CGT), which is incurred in disposing the shares or stocks owned by an investor or an institution, is one of the taxes implemented in stock markets. Though in the past many attempts have been made to properly streamline the CGT, the methodologies or the approaches used in the implementation of CGT, even in the United States, are not well-grounded from a scientific point of view. Therefore, in this paper, a simplified approach based on the assumption that the CGT is implemented on a yearly basis is proposed. The CGT is calculated for each stock owned by an investor or an institution. The approach is implemented using an open access platform: AMP (Apache-MySQL-PHP). Subsequently, the proposed approach is tested using some hypothetical data. The proposed approach, which is easy-to-use, practical and un-biased, is of use to any country that is willing to progress towards the sustainability. Moreover, the proposed approach with the current technology will enhance the developing nations which have large size of informal economy, on designing and implementing effective tax policies and administrations.

Financial development and the cost of equity capital:Evidence from China

This study examines the relation between province-level financial development and the cost of equity in China.Our main findings are that(1)stock market development reduces the cost of equity in general,but the effect diminishes significantly in state-owned enterprises(SOEs)and firms with high growth potential or innovation intensity and(2)banking development only marginally lowers the cost of equity,but the effect is stronger in non-SOEs.Further analysis reveals that stock market development substitutes for such institutional factors as accounting quality,law enforcement,stock market integration and the split-share structure reform in lowering the cost of equity.We also find that lack of banking competition and banking marketization and under-development of the non-state economy partially account for the weak effect of banking development on the cost of equity.

ESG performance and cost of debt

We analyze China Securities Index Co.,Ltd.(CSI)environmental,social and governance(ESG)scoring data,which incorporate Chinese characteristics,to assess the impact of ESG performance on corporate debt financing costs.Our findings indicate that better CSI ESG scores are correlated with lower debt financing costs.Additionally,improvements in local environmental execution enhance the effect of CSI ESG scores on debt financing costs.However,this effect diminishes with increased internal control quality and marketization.Governance has the greatest impact on reducing debt financing costs,followed by social and environmental factors.Superior CSI ESG scores reduce corporate debt financing costs by enhancing debt repayment capacity and reducing information asymmetry.Economic consequence analysis confirms that lower financing costs,driven by improved ESG performance,significantly enhance total factor productivity and firm value.CSI ESG scores also significantly impact bank loans but not corporate bond financing.

Analysis on Capitalization of Rural Land Ownership in China by Law and Economics

To find solutions for legal system for capitalization of rural land ownership in China,this paper studied and analyzed existing problems in rural land system and legal environment using legal theory and transaction cost theory. Results indicated that(i) the restriction of institutional condition upon property right and transaction is more essential,and key points include the relationship of entities of right formed jointly by the state,collective and farmers,accurate positioning of property right structure,and security for land appreciation income right and allocation mechanism;(ii) the land property right structure should select a legal structure with minimum transaction cost. It is concluded that entitling the ownership to a single entity is an economical method to eliminate current conflict of rural land right.

数字化转型能提升国有企业资本配置效率吗?

进入数字经济时代,数字化转型已成为国有企业高质量发展的必经之路。在此背景下,探究数字化转型与资本配置效率之间的内在逻辑关系,对增强国有企业活力和提升国有企业资本效率具有重要理论和实践意义。以2009-2021年沪深A股上市的非金融国有企业为样本,从外部成本以及内部治理两个层面实证检验数字化转型对国有企业资本配置效率的影响效果及作用机制。结论说明:1)数字化转型能够显著改善国有企业资本要素错配,提升国企资本配置效率。2)机制分析表明,数字化转型能通过缓解信息不对称、降低代理成本以及改善融资约束,优化国有企业资本要素配置。3)从市场、政府以及国有企业自身层面来看,首先数字化转型在一定程度上能替代外部不完备的资本市场。在资本市场发育程度较低环境中,数字化转型更能改善国有企业资本要素错配。其次较高的财政补贴隐含过多的政策性负担,弱化数字化转型对国有企业资本效率提升效果。最后在较高水平内部控制环境中,数字化赋能显著提升国企资本配置效率。研究有助于深化数字化转型赋能国有企业资本配置效率的效果和机制,为探究我国国有企业高质量发展提供学理依据及决策参考。