scholarly journals Sustainability and risk

2015 ◽  
Vol 8 (1) ◽  
pp. 66-84
Author(s):  
Erika Meins ◽  
Daniel Sager
Keyword(s):  
Public Transportation ◽  
Probability Distributions ◽  
Property Value ◽  
Discounted Cash Flow ◽  
Content Type ◽  
Sustainability Criteria ◽  
Relative Contribution ◽  
States Of Nature ◽  
The Impact ◽  
Dcf Model

Purpose – This paper aims to identify the relative contribution of sustainability criteria to property value risk. Design/methodology/approach – A discounted cash flow (DCF) model is used to assess the effect of a given set of 42 sustainability sub-indicators on property value. The anticipated demand for each sustainability sub-indicator is described by four future states of nature. Their impact on costs or revenue is estimated and included in the model. Subjective probability distributions describe the occurrence of the future states of nature. Monte Carlo simulations of the DCF model are then used to estimate the impact of an individual feature on the risk (volatility) of the property value distribution. Findings – The results for Switzerland show that “use of thermal energy” (29.3 per cent), followed by “access to public transportation” (16.3 per cent), “day light” (9.6 per cent) and “story height” (6.3 per cent) have the highest single impact on property value risk. Practical implications – The results are used for a risk-based weighting of a sustainability rating. The rating illustrates how sustainability criteria affect the risk of specific properties and are used as a basis for real estate investment decisions. Originality/value – In this paper, an effort is made to rigorously ground sustainability ratings in financial theory.

Is the choice of less-polluting modes of transport for non-work purposes affected by socio-demographic factors? Evidence from India

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Taru Saigal ◽  
Arun Kr. Vaish ◽  
N.V. Muralidhar Rao
Keyword(s):  
Public Transportation ◽  
Demographic Factors ◽  
Sampling Technique ◽  
Policy Makers ◽  
Content Type ◽  
Mode Of Transport ◽  
Socio Demographic Factors ◽  
The Impact ◽  
First Time ◽  
The City

PurposeUsing survey data of a developing country city, this study aims to examine the impact of different socio-demographic factors on the choice of less-polluting modes of transport for purposes other than work.Design/methodology/approachStratified random sampling technique is employed and data on socio-demographic characteristics and mode of transport used is collected. Descriptive statistics complemented with a logit model of choice probabilities is implemented on the data obtained.FindingsMajority of the population in the city uses motorized means of transportation irrespective of the socio-demographic changes existing among them. Women, the individuals belonging to the youngest age group, the least economically well-off group of people, the least educated and the non-working are the individuals more likely to use more of less-polluting modes and less of more-polluting modes for non-work purposes as compared to their counterparts.Research limitations/implicationsThe study also calls for the development of an efficient and secured system of public transportation and non-motorized transportation in the city in such a way so as to neither hamper the goal of sustainability nor the goal of empowerment.Originality/valueTo the best of the authors’ knowledge, this is the first time a comprehensive analysis of the influence of socio-demographic factors on choice of type of mode of transport is carried out in this region of the developing world. This analysis will facilitate the policy makers in catering to the transportation needs of different segments of the society.

International reserves: self-insurance and monetary policy in crisis

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Antonio Francisco de Almeida da Silva Junior
Keyword(s):  
Monetary Policy ◽  
Utility Function ◽  
International Reserves ◽  
Constant Elasticity ◽  
Content Type ◽  
Constant Elasticity Of Substitution ◽  
States Of Nature ◽  
Substitution Elasticities ◽  
Ces Utility Function ◽  
The Impact

PurposeThis work presents a model of a two-period economy to discuss the link between the precautionary motivation for holding international reserves and the country's monetary policy concerns due to a crisis.Design/methodology/approachThere are two possible states of nature in the second period of the economy: a normal state and a crisis state. These states of nature represent uncertainty to the policy maker and he can insure against a crisis. The household has a constant-elasticity-of-substitution (CES) utility function, where utility depends on consumption and money.FindingsBy allowing money in the utility function and in the household financial constraint and considering that the objective of the central bank is to smooth inflation, it is concluded that monetary policy plays a role in the precautionary motivation of holding international reserves.Practical implicationsThe model can be used to calculate optimal reserves holdings in its complete or even in its simplified version. Furthermore, it is possible to evaluate the impact of the intra-temporal substitution elasticity between consumption and real money in the decision of accumulating international reserves.Originality/valueHigher intra-temporal substitution elasticities implies in more insurance via international reserves, and this discussion is not found in the existent literature on international reserves.

Goodwill hunting

2019 ◽  
Vol 37 (5) ◽  
pp. 597-609 ◽  
Author(s):  
Lucy Cradduck ◽  
Clive M.J. Warren
Keyword(s):  
Negative Impact ◽  
Academic Discourse ◽  
Property Value ◽  
Real Property ◽  
Content Type ◽  
Mixed Methods Approach ◽  
Retirement Village ◽  
Valuation Process ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to add to the academic discourse by developing a methodology by which a block of land’s goodwill, or lack of goodwill, can be factored into its valuation. Design/methodology/approach The research was undertaken utilising a mixed-methods approach, which involved doctrinal research, together with qualitative and quantitative analysis of the impact of neighbourhood disputes on real property value. The disputes engaged with for exemplar purposes were those of tree disputes resolved by QCAT order. Findings A dispute can adversely affect a property’s goodwill, which can impact both its saleability and value. Research limitations/implications Due to the sensitive nature of the valuation process and the potential negative impact that any identification of a property may have on its value, it was not appropriate to identify any properties specifically or the area in which these are located. Further, as regards the available details of disputes, the authors were only able to engage with disputes for which an order existed. Practical implications The methodology developed can be applied to other real property interests, for example, lots in freehold retirement village complexes or those within other strata title schemes of either residential or commercial use. Social implications As the number of neighbourhood disputes throughout Australia grows, addressing the impact that a dispute has for property value is a concern relevant to all valuers and owners. Originality/value The authors add to the academic discourse by developing a methodology by which a property’s goodwill, or lack of goodwill, can be factored into its valuation.

Sustainable and socially responsible investing

Humanomics ◽  
2013 ◽  
Vol 29 (3) ◽  
pp. 164-186 ◽  
Author(s):  
Saeed BinMahfouz ◽  
M. Kabir Hassan
Keyword(s):  
Systematic Risk ◽  
Value Systems ◽  
Socially Responsible ◽  
Screening Process ◽  
Content Type ◽  
Responsible Investment ◽  
Sustainability Criteria ◽  
Fama And French ◽  
Investment Portfolios ◽  
The Impact

PurposeThere is a great deal of research that has been done to investigate the investment characteristics of conventional socially responsible investment portfolios compared to their broader conventional counterparts. However, the impact of incorporating sustainability criteria into the traditional Sharia screening process has not so far been investigated. Therefore, the study aims to give empirical evidence as to whether or not incorporating sustainability socially responsible criteria in the traditional Sharia screening process has a significant impact on the investment characteristics of the Islamic investment portfolio.Design/methodology/approachThe paper examines the investment characteristics of four groups of investment portfolios mainly, Dow Jones Global Index, Dow Jones Sustainability World Index, Dow Jones Islamic Market World Index and Dow Jones Islamic Market Sustainability Index. To improve the robustness of the study, the analysis was carried out at different levels. First, absolute mean return and t‐test were used to examine whether the difference between the different groups of investments is statistically significant or not. Second, risk adjusted equilibrium models, both single‐index and Fama and French multi‐index, were employed. This is to control for different risk exposure and investment style bias associated with different investment portfolios examined.FindingsThe paper finds that neither the Sharia nor the sustainability screening process seems to have an adverse impact on the performance and systematic risk of the investment portfolios compared to their unrestricted conventional counterparts. Therefore, Muslim as well as socially responsible investors can choose investments that are consistent with their value systems and beliefs without being forced to sacrifice performance or expose to higher systematic risk.Originality/valueThe study contributes to the existing literature by giving new evidence on the impact of incorporating sustainability criteria into the traditional Sharia screening process that has not so far been investigated.

Union pay premium in China: an individual-level analysis

2016 ◽  
Vol 37 (4) ◽  
pp. 606-627 ◽  
Author(s):  
Morley Gunderson ◽  
Byron Y Lee ◽  
Hui Wang
Keyword(s):  
Wage Gap ◽  
Quantile Regressions ◽  
Pay Gap ◽  
Content Type ◽  
Individual Level ◽  
Relative Contribution ◽  
Nationally Representative ◽  
Union Impact ◽  
The Individual ◽  
The Impact

Purpose – The purpose of this paper is to estimate the union-nonunion pay gap impact separately for wages and bonuses as well as total compensation to include both wages and bonuses in China. The way in which the impact varies as control variables are added is illustrated as is how the impact varies by the type of firm ownership. The overall pay gap is also decomposed into a component due to differences in their pay determining characteristics as well as a component due to differences in their returns to those characteristics. These separate components are also calculated throughout the pay distribution. Design/methodology/approach – Using the 2010 China Family Panel Studies Survey, a nationally representative survey in China, the methodology involves different estimation procedures as appropriate for the nature of the data and the dependent variables. First the authors estimate a single equation to determine the union-nonunion pay gap. Then the authors estimate the union impact on the various components of compensation (wages and bonuses). Next the authors decompose the relative contribution of each factor in explaining the wage gap. Finally, quantile regressions are used to examine the union impact across various levels of the pay distribution. Findings – The authors find a gross union-nonunion pay gap (wages + bonuses) of 42 percent, dropping to 12 percent after controlling for the effect of other pay determining factors. The union impact on wages is only 8 percent, but bonuses are about twice as high for union workers. The union impact is essentially zero for (state-owned firms) SOEs and for foreign-owned firms but it is large at 16 percent for private firms and even larger at 22 percent for government agencies. Of the overall pay gap of 42 percent, about three-quarters is attributable to differences in their endowments of pay determining characteristics and about one-quarter to differences in the returns for the same endowments of characteristics. Quantile regressions reveal that the pure or adjusted union wage premium exhibits a u-shaped pattern being highest in the bottom and to a lesser extent the top of the pay distribution. Originality/value – There are a dearth of studies examining the union-nonunion pay gap in China. Of the studies that examine this issue, all of them are at the enterprise level with no studies at the individual level. Taking a nationally representative dataset at the individual level, the authors are able to estimate the union-nonunion pay gap in China. The authors identify the portion of the gap that reflects differences in endowments of pay determining characteristics and the portion that reflects different returns to those characteristics, and the relative contribution of the different variables to those components; and how these components change over the pay distribution. The authors also offer explanations for many of these patterns.

scholarly journals Sharing economy services in Dhaka: a change towards women’s perception of commuting

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Md. Mukitul Hoque ◽  
Bildana Haque Saumi
Keyword(s):  
Public Transportation ◽  
Sharing Economy ◽  
Research Approach ◽  
Content Type ◽  
Ride Sharing ◽  
Study Results ◽  
Smartphone Technology ◽  
Global Positioning System Tracking ◽  
Buying Behaviour ◽  
The Impact

Purpose In the modern era of transportation, using a ride-sharing service can add an extra value to the lifestyles of women. Also, women are thinking about the ride-sharing service, what are the factors they consider while purchasing the service and so on. The purpose of this study is to find out women’s perception of ride-sharing services. Design/methodology/approach This paper is based on deductive research approach and descriptive research design. This paper has followed mixed research method by using qualitative and quantitative data. By dividing the larger population into subgroups, the researchers have conducted a survey on 240 respondents. To select these respondents, researchers have applied simple random technique. Based on a survey on consumers’ buying behaviour of ride-sharing service, the researchers tested the impact of tangibility, reliability, safety, fare, efficiency and convenience as the factors for choosing ride-share rather than other public transportation. Findings The study results indicate that reliability which includes consistency, punctuality and schedule routes are the major concerning issue for women while choosing ride-share service. Women are also concerned about efficiency which includes global positioning system tracking, smartphone technology and so on. One of the important criteria for choosing a ride-sharing service is safety, which includes verified drivers, and drivers review scores. So, reliability, efficiency and safety are the most effective issues. On the other hand, tangibility, fare and convenience do not affect that much. Originality/value To the best of the authors’ knowledge, this is the first research to scrutinize the sharing economy service in Dhaka city towards women’s perception of commuting.

Relative effects of human capital, social capital and psychological capital on hotel employees’ job performance

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Songshan (Sam) Huang ◽  
Zhicheng Yu ◽  
Yuhong Shao ◽  
Meng Yu ◽  
Zhiyong Li
Keyword(s):  
Social Capital ◽  
Human Capital ◽  
Job Performance ◽  
Work Experience ◽  
Psychological Capital ◽  
Confirmatory Factor Analyses ◽  
Content Type ◽  
Hotel Employees ◽  
Relative Contribution ◽  
The Impact

Purpose This study examines the relative effects of human capital (HC), social capital (SC) and psychological capital (PC) on hotel employees’ job performance. Design/methodology/approach A sample of 417 employees from seven five-star hotels in China was recruited for the study. Both exploratory and confirmatory factor analyses were used to confirm the quality of measurement structures. Stepwise regression was used to examine the relative effects of the three capitals on hotel employees’ job performance. Findings PC was found to be the strongest predictor of self-reported job performance (SJP) among the three capitals under investigation. Education and work experience in the HC domain affected SJP, whereas SC dimensions did not. However, only education and work experience in the HC domain were found to affect supervisor-rated job performance (RJP). Practical implications Given the impact of PC on hotel employee’s SJP, human resource managers should attend to this capital in staff recruitment, retention and training and development. Originality/value This study provides a holistic comparative lens to examine the relative contribution of the three capitals on hotel employees’ job performance. This will help to further clarify the roles played by each of the capitals in hotel service work, thus advancing the development of the theories underlying each of the three capitals.

The impact of tax increment financing on property value

2019 ◽  
Vol 13 (5) ◽  
pp. 689-711
Author(s):  
Chaoran He ◽  
SeyedSoroosh Azizi
Keyword(s):  
Local Economic Development ◽  
Evaluation Process ◽  
Subjective Assessment ◽  
Property Value ◽  
Tax Increment Financing ◽  
Content Type ◽  
Population Ratio ◽  
Stage Estimation ◽  
Socioeconomic And Demographic Factors ◽  
The Impact

Purpose Tax increment financing (TIF) has been adopted widely by municipalities to promote local economic development. This study aims to examine the effect of TIF adoption on property values at the parcel level in Indiana from 2009 to 2016. Design/methodology/approach Concerns of TIF adoption endogeneity are addressed by a two-stage estimation process using urban population ratio and unemployment rates as instruments. Findings In addition to finding influential socioeconomic and demographic factors, the results suggest that parcels located within TIF districts were sold more than parcels outside of TIF districts by approximately $5,000. Such premium is mainly picked up by the positive effect on commercial and agricultural parcels, which outweighs the negative TIF impact on residential types. Originality/value Arm’s length transaction data on property value are used to eliminate the subjective assessment bias, potential calculation errors during the evaluation process and econometric issues caused by using the assessed value.

scholarly journals Hydrogen Infrastructure Project Risks in The Netherlands

Energies ◽  
2021 ◽  
Vol 14 (19) ◽  
pp. 6009
Author(s):  
Pieter W. M. Vasbinder ◽  
Antoine W. G. de Vries ◽  
Wim Westerman
Keyword(s):  
Risk Assessment ◽  
The Netherlands ◽  
Discounted Cash Flow ◽  
Integrated Risk Assessment ◽  
Project Risks ◽  
Infrastructure Project ◽  
Assessment Matrix ◽  
Hydrogen Infrastructure ◽  
The Impact ◽  
Dcf Model

This study aims to assess the potential risks of setting up a hydrogen infrastructure in the Netherlands. An integrated risk assessment framework, capable of analyzing projects, identifying risks and comparing projects, is used to identify and analyze the main risks in the upcoming Dutch hydrogen infrastructure project. A time multiplier is added to the framework to develop parameters. The impact of the different risk categories provided by the integrated framework is calculated using the discounted cash flow (DCF) model. Despite resource risks having the highest impact, scope risks are shown to be the most prominent in the hydrogen infrastructure project. To present the DCF model results, a risk assessment matrix is constructed. Compared to the conventional Risk Assessment Matrix (RAM) used to present project risks, this matrix presents additional information in terms of the internal rate of return and risk specifics.

Motivations behind irrationality in the shipping asset management

2016 ◽  
Vol 1 (2) ◽  
pp. 163-184 ◽  
Author(s):  
Okan Duru
Keyword(s):  
Initial Public Offerings ◽  
Asset Management ◽  
Business Practices ◽  
Maritime Industry ◽  
Discounted Cash Flow ◽  
Content Type ◽  
Flat Rate ◽  
Long Run ◽  
The Impact

Purpose The purpose of this paper is to investigate and clarify “irrationality” problem through the maritime industry practices and leading incentives behind common investors. Design/methodology/approach This paper includes a review of broader business and economics literature; review of shipping business practices and detection of institutional pathways and misleading mechanisms behind the irrational preferences; investigation of data (for some arguments); and introduction of a theoretical approach. Findings There are several industry practices and norms well established and followed by decision makers, which may cause and initiate illogical and irrational (long-run) preferences. Short-termism is an erroneous habit of common shipping investors, which is embedded and forced through traditional financial math (i.e. discounted cash flow), financial system (e.g. initial public offerings with high-frequency transactions, interest rate governance and asset valuation mechanism) or flawed contracting tradition (i.e. commission bias). Practical implications Both shipping business and financial institutions need to redesign their working mechanisms, evaluation systems, risk detection and assessment procedures. As discussed in Section 4.7, commission-based (float) services must be converted to regular flat rate payments with long-term contracts to protect investors from rational choices of intermediaries in the short-run which encourages investor’s irrationality. Having a long-term service contract will also improve sustainability of intermediaries and lower their business risk (win-win). Originality/value The impact of this paper is two-fold. First, it raises critical questions about professional decay and drawbacks of some traditional instruments in the shipping business. For the first time, this paper emphasises on various challenges which deteriorate credibility of the industry and causes ill-defined investments. Some arguments have extreme priority for strengthening the foundations of the industry. Second, this paper establishes a new stream of scholarly research highlighting weaknesses of conventional economic approach and demand for outsourcing other schools of economics (e.g. institutional and behavioural) into the shipping business.

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