Laos-Vietnam trade hub prospects are unconvincing

2017 ◽  
Keyword(s):  
Sovereign Debt ◽  
Economic Benefit ◽  
Private Capital ◽  
Joint Stock Company ◽  
Unexploded Ordnance ◽  
Infrastructure Development ◽  
Stock Company ◽  
Content Type

Subject Lao and Vietnamese cooperation in infrastructure development and Laos's prospects as an inland trade hub. Significance Laos's government announced on May 25 that it is considering creating a public-private joint stock company to facilitate links with Vietnamese partners as both countries cooperate to develop the Vung Ang port. Proceeding with the project signals a renewed attempt to make Laos land-linked, rather than landlocked. Impacts Laos's leaders face a challenge encouraging neighbours to use the Vung Ang port. Laos-oriented trade alone will be insufficient to make the port commercially viable. In coming years, no major economic benefit for Laos directly stemming from the Vung Ang project is likely. War-era unexploded ordnance may slow construction of the Vung Ang rail link. Absent adequate private capital, sovereign debt could be required for the Vung Ang project, problematic for debt-burdened Laos.

Joint stock company with variable capital (JSCVC)

2014 ◽  
Vol 56 (4) ◽  
pp. 302-310 ◽  
Author(s):  
Bijan Bidabad
Keyword(s):  
Design Methodology ◽  
Joint Stock Company ◽  
Islamic Banks ◽  
Stock Company ◽  
Investment Funds ◽  
Content Type ◽  
Legal Personality ◽  
Profit Distribution ◽  
Practical Implications ◽  
Financial Outcome

Purpose – The purpose of this paper is to propose joint stock company with variable capital (JSCVC), as financial sharing funds and banks necessitate that their capital and number of shareholders be instantaneously variable. Legal personality and accounts clearing of this type of corporations are different from conventional companies. Design/methodology/approach – JSCVC is a corporation in which capital and shares of shareholders vary by new entrance or withdrawal of shareholders at any point of time. Findings – Interest rate-based calculations were removed and Rastin Sharing Accounting was applied for JSCVS. Shareholders of JSCVC share the company’s nominal capital proportional to nominal values of their shares. Financial outcome of JSCVC is proportional to values of shares weighted by shares duration of participation. Research limitations/implications – To prevent spoiling of shareholders’ rights, legal procedure of issuing shares for JSCVC should be defined in compliance with domestic commerce laws in any country. Practical implications – JSCVC can be used by majority of investment funds, credit unions, saving and loan associations, pension and provident funds, thrift saving plans as well as Islamic banks and financial sharing activities. In JSCVC, deposit at a bank is treated as a share of the company (bank). Social implications – JSCVC has fair profit distribution and accounts clearing arrangements. Originality/value – Different variable capital companies have been defined in many countries’ laws, but essential modifications are presented in JSCVC definition to regulate financial sharing arrangements and bank’s performances.

Development Trends of Joint Stock Companies

2021 ◽  
pp. 55-62
Author(s):  
Vladimir Galanov ◽  
A. Galanova
Keyword(s):  
Modern Society ◽  
Private Capital ◽  
Joint Stock Company ◽  
Stock Company ◽  
Investment Funds ◽  
Specific Composition ◽  
The Social ◽  
Private Savings ◽  
The One ◽  
Further Development

Joint-stock company is the pinnacle of development of organizational forms of functioning of private capital. Having emerged at a certain stage in the development of the market, a joint-stock company has become the leading form of concentration of private capital and the main source of their further growth including the form of citizens' money savings. The expansion of the size and circle of private capital owners, in turn, required further development of the specific composition of joint-stock companies, on the one hand, towards increasing their publicity and increasing the number of shareholders, and, on the other hand, in order to ensure the processes of the fastest, cheapest, complete and the relatively “safe” inclusion of small private savings in total equity. This revealed the specific process of the division of labor in the field of investment. Investment funds that specialized in "collecting" private savings for their investment in stakes in different companies have emerged, and professional financial intermediaries have developed in order to provide all the necessary services to ensure the process of mass investment in shares. Taken together, all these processes reflect the growth of the social character of modern private capital uniting in joint-stock companies and similar organizations. However, this process of growth of "socialization" of private capital has its own internal limit, which is that any form of pooling of private capital should not cease to be a source of growth of private capital and personal wealth of members of modern society.

Doing business in the non-ferrous metals industry: how to survive in a mature market in crisis

2015 ◽  
Vol 5 (1) ◽  
pp. 1-10
Author(s):  
Igor Vladimirovitch Lipsits ◽  
Elena Alexandrovna Vigdorchik
Keyword(s):  
Strategic Management ◽  
Capacity Utilization ◽  
Processing Plant ◽  
Joint Stock Company ◽  
Stock Company ◽  
Content Type ◽  
Ferrous Metals ◽  
Non Ferrous Metals ◽  
Metals Processing

Subject area Crisis management, Strategic management. Study level/applicability This case study can be used for teaching MBA and pre-experience Masters students as part of a strategic management course. Case overview This case study tells the story of Kirov non-ferrous metals processing plant located in Kirov (USSR, presently the Russian Federation). Founded in 1956, this company had long been one of the USSR's leading manufacturers in the industry of non-ferrous metals processing. The situation changed dramatically in the first half of 1990s. During those years, instead of state-planned economy, Russia saw the formation of market economy. It was the first time when the company (as a result of privatization, it became a joint-stock company with a small number of pure portfolio investment owners) was faced with the need to look for marketing outlets for its products on its own. At the same time, after having been privatized, the company could not receive government investments anymore. Due to all these conditions, in 1995, capacity utilization in this company fell to 16 per cent, and it appeared to be on the verge of bankruptcy. Expected learning outcomes The main learning objectives of the case study are: to develop students' skills to analyze complex managerial situations; to help students in understanding the logic of company's strategic choice, depending on the stage of the market life cycle (especially, in case of mature markets); and to provide the training for the students' ability to justify management decisions using the example of companies in B2B markets. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email [email protected] to request teaching notes.

Emerging multinationals investing in developed countries

2017 ◽  
Vol 15 (1) ◽  
pp. 124-142 ◽  
Author(s):  
Selena Aureli ◽  
Massimo Ciambotti ◽  
Alessandro Dragoni
Keyword(s):  
Development Strategy ◽  
Developed Countries ◽  
Annual Reports ◽  
Primary Data ◽  
Joint Stock Company ◽  
Structured Interviews ◽  
Stock Company ◽  
Content Type ◽  
Evaluation Phase

Purpose The aim of this work is to investigate the key factors that lead to a successful deal in the case of acquisitions of Western companies by multinationals from emerging countries (EMNCs). Design/methodology/approach This study adopts a qualitative paradigm and uses a case study method as a tool of analysis. The case concerns Fondalmec, an Italian unlisted medium-sized joint stock company. The company was acquired in 2007 by the Indian multinational Endurance. Primary data were collected through semi-structured interviews and integrated with secondary data retrieved from relevant documents such as annual reports prepared before and after the acquisition. Findings Research findings show that EMNCs have some country-specific characteristics, which should be adequately assessed and realigned to the characteristics of the host country and targets’ resources during both the evaluation phase and the integration process. Research limitations/implications The research limitation is attributed to there being only one case study analysis. Practical implications The study recommends examining the country of origin of the acquirer and suggests EMNCs’ managers to prefer a “light-touch” integration of Western target companies to gain access to their intangible assets and achieve success. Originality/value This work differs from much of the existing literature on mergers and acquisitions because it focuses on EMNCs and analyses the target company together with the buyer and their post-operative development strategy. Furthermore, it is one of the few empirical research studies on non-listed companies, which are often overlooked given the greater difficulty of accessing data.

scholarly journals Strategic Alliance for Vietnam Domestic Real Estate Companies Using a Hybrid Approach Combining GM (1,1) with Super SBM DEA

2020 ◽  
Vol 12 (5) ◽  
pp. 1891 ◽  
Author(s):  
Chia-Nan Wang ◽  
Hsien-Pin Hsu ◽  
Jing-Wein Wang ◽  
Yang-Chin Kao ◽  
Thi-Phuong Nguyen
Keyword(s):  
Strategic Alliance ◽  
Hybrid Approach ◽  
Joint Stock Company ◽  
Grey Theory ◽  
Data Envelopment ◽  
Infrastructure Development ◽  
Stock Company ◽  
Time Period ◽  
Target Company ◽  
The Right

The high economic development in Vietnam contributes much momentum to boost the estate industry in this country. However, competition in this market is also increased. To survive better in this industry, the estate companies in the Vietnam estate industry can apply strategic alliance which, however, depends heavily on forming the right partnership. For this purpose, a hybrid approach combining Grey Theory with Data Envelopment Analysis (DEA) has been proposed in this research to assess and predict the performance of some Vietnamese estate companies, in addition to helping to form the right partnership. For empirical study, 16 companies in the Vietnam estate industry have been selected as Decision Making Units (DMUs). After collecting these DMUs’ historical data in the time period 2012-2017, the grey model GM (1,1) was first used to forecast the performance of these DMUs in 2018-2020. Then, the slacks-based measure (SBM) super efficiency (super SBM) model was used to assess their performance. To initiate partnerships, Becamex Infrastructure Development Joint Stock Company (IJC) has been selected as a target company and it can develop 15 different strategic alliance scenarios. The experimental results show that only some of the scenarios are beneficial. Thus, prudence is a necessity when using strategic alliance.

scholarly journals Financing infrastructure development: time to unshackle the bonds?

2016 ◽  
Vol 34 (3) ◽  
pp. 208-224 ◽  
Author(s):  
Norman Hutchison ◽  
Graham Squires ◽  
Alastair Adair ◽  
Jim Berry ◽  
Daniel Lo ◽  
...  
Keyword(s):  
Risk Premium ◽  
Sovereign Debt ◽  
Quantitative Methods ◽  
Bank Lending ◽  
Infrastructure Investment ◽  
Infrastructure Development ◽  
Content Type ◽  
Investment Projects ◽  
Qualitative And Quantitative Methods ◽  
Level Of Risk

Purpose – The purpose of this paper is to consider the merits of using projects bonds to finance infrastructure investment projects and considers the pricing of such bonds and the level of risk premium demanded by the market. Design/methodology/approach – The research used a mix of qualitative and quantitative methods with desk-based study and interviews. Interviews were held with policy makers, local authority staff, planners, developers, investors, fund managers and academics. Infrastructure bond data were obtained from the Bloomberg database on all project bonds issued in four Asian countries – Malaysia, China, Taiwan and India – over the period 2003-2014. Findings – The analysis indicates investor appetite for project bonds and suggests that a risk premium of between 150 and 300 basis points over the comparable government bond is appropriate depending on the sector and the degree of government involvement in underwriting the issue. Practical implications – The paper argues that the introduction of project bonds would be an important innovation, assisting the financing of infrastructure investment at a time when bank lending is likely to remain fragile. The current conditions in the sovereign debt market, where strong demand has forced down yields, has opened up the opportunity to introduce project bonds offering a higher yield to satisfy institutional investment demand for long term fixed income products. Originality/value – The originality of this paper stems from the analysis of the merits of using projects bonds to finance infrastructure investment projects, the pricing of such bonds and the level of risk premium demanded by the market.

Infrastructure management in Singapore: privatization and government control

2015 ◽  
Vol 4 (3) ◽  
pp. 299-311 ◽  
Author(s):  
David S. Jones
Keyword(s):  
Private Capital ◽  
Central Feature ◽  
Business Practices ◽  
Infrastructure Development ◽  
Free Enterprise ◽  
Government Control ◽  
Critical Approach ◽  
Content Type ◽  
Direct Government ◽  
City State

Purpose – Singapore is a small, densely populated city-state, which has become a prosperous global trading, investment and communications hub. In light of this, particular challenges have arisen in the development of its infrastructure to meet its needs. These challenges are met by harnessing private capital in the design, building, management and funding of the infrastructure. The purpose of this paper is to examine various arrangements in using private capital within key infrastructure sectors: mass rapid transit, roads, water supply, electricity generation and transmission, maritime ports and airport, ITC services, and industrial infrastructure, and to consider how full privatization, limited privatization (government-linked companies), direct government provision through statutory authorities (relying partly on private borrowing), and a mix of the above arrangements require infrastructure providers, even statutory authorities, to follow business practices. Design/methodology/approach – This paper adopts an empirical, discursive and critical approach. Findings – The Singapore government has continued to see its role as steering the economy into niche sectors where Singapore can acquire a competitive edge, and to overall facilitate economic development through active intervention. This includes, amongst other things, state-sponsored training and education, capital grants to start-ups, trade promotion, various fiscal incentives to businesses, guarantees for bank credit, etc. (Ghesquiere, 2007). This twin-pronged approach has been reflected in the development and management of the infrastructure. In line with the creation of a strong free enterprise economy, privatization and private capital has been a central feature of infrastructure investment and management. Originality/value – The paper shows how private capital can be used through privatization and borrowing from the private sector to manage the infrastructure. This may be considered an appropriate means to meet the needs of a densely populated small state which is also a global hub for trade, research, investment and communications. It also shows how the harnessing of private capital can be combined with continued government control to ensure that the infrastructure development reflects public policy and adheres to required standards.

scholarly journals Dana Gas Sukuk default: a juristic analysis of court judgement

2019 ◽  
Vol 12 (4) ◽  
pp. 569-585 ◽  
Author(s):  
Saheed Abdullahi Busari ◽  
Akhtarzaite AbdulAziz ◽  
Luqman Zakariyah ◽  
Muhammad Amanullah
Keyword(s):  
Court Case ◽  
Joint Stock Company ◽  
Stock Company ◽  
English Court ◽  
Difficult Situation ◽  
Specific Element ◽  
Content Type ◽  
The Right ◽  
The Impact

Purpose This study aims to analyse the facts of the case in the judgement made by the High Court of Justice, England, UK, in the case of Dana Gas Public Joint Stock Company (PJSC) v. Dana Gas Sukuk Limited (Ltd.) and Ors. Design/methodology/approach This study uses descriptive and juristic analysis to explain the factual terms in the case of Dana Gas sukuk default. It also uses juristic opinions to analyse the underpinning argument in the Dana Gas court case between the decision of Sharjah Court, UAE, and the English Court, UK. Findings The study concluded that despite the position of Dana Gas PJSC that specific element of the muḍārabah sukuk is non-Sharī’ah-compliant, the English court decision which established the enforceability of the purchase undertaking seems to be fair based on the Islamic maxims such as “Difficult situation cannot violate the right of other” and “The conditional matters among Muslims are binding.” Research limitations/implications The impact of this study is that Dana Gas sukuk default has thought stakeholders of Sukuk investment lessons on the importance of documentation and consideration of tighter clauses to ensure its bindingness in the law court. Hence, this study is expected to be a contribution towards the call for standardization of the role of Sharī’ah scholars across the globe. Originality/value This study illustrates the fact in the case of Dana Gas sukuk default and analyses the court’s decision from a fiqh perspective.

Joint-Stock Company As a Focus of Trends in the Formation of Private Wealth

2021 ◽  
Vol 10 (1) ◽  
pp. 48-55
Author(s):  
Vladimir Galanov ◽  
A. Galanova
Keyword(s):  
Limited Liability ◽  
Modern Society ◽  
Point Of View ◽  
Private Capital ◽  
Organizational Forms ◽  
Joint Stock Company ◽  
Limited Liability Company ◽  
Stock Company ◽  
Natural Forms ◽  
Legal Forms

Joint-stock company is the most developed form of private capital association historically and logically growing out of the previous organizational forms of the existence of market organizations. A joint stock company is the result of the development of two interrelated processes. From the standpoint of economic content, a joint-stock company is the result of the development of the relations of production themselves from its natural forms to the commodity form and then to the form of the capitalist economy. From the point of view of the forms in which this content develops, in the form of a joint-stock company, the process of improving organizational forms that allow uniting private capital to achieve a single goal – making a profit – finds its "logical conclusion". Unlike the legal forms of a general partnership and a limited liability company, the form of a joint-stock company allows to combine a potentially unlimited number of investors and their capital on terms that most contribute to the maximization and preservation of private wealth, potentially for all members of modern society.

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