Non-financial factors in the formation of the company's financial policy: composition, structure, relationships

2020 ◽  
Author(s):  
Irina Hvostova ◽  
Aleksey Makarov ◽  
Aleksandr Larin

When implementing the financial policy of the Corporation, the object of attention of owners and managers is increasingly becoming non-financial indicators of the development of modern companies, such as corporate governance characteristics, socio-economic and environmental indicators. Without denying the need to calculate and analyze financial and economic criteria for evaluating the effectiveness of financial policy, the authors of the monograph describe and systematize the composition and structure of non-financial factors of financial policy, based on the theory of Agency relations and the concept of sustainable development. Along with the theoretical analysis of non-financial factors of financial policy formation, the monograph presents the results of their empirical analysis for emerging markets, as well as an empirical analysis of trends in the use of non-financial indicators in modern corporate Finance research. It is intended for a wide range of readers, including researchers, practitioners, postgraduates, applicants and students studying in the fields of "Economics", "Management".

2021 ◽  
Author(s):  
Aleksey Makarov ◽  
Irina Hvostova ◽  
Elena Ryabova ◽  
Aleksandr Larin

The actualization of environmental problems makes it necessary to study them in connection with the financial and economic aspects of the modern company. The main content of the monograph is formed by the conceptual, theoretical and methodological aspects of the analysis of corporate financial policy, studied in conjunction with the study of the factors of environmental responsibility of the company. The necessity of revision is analyzed and the directions of improvement of the methodological apparatus for the formation and implementation of financial policy in new conditions are determined. Particular attention is paid to the empirical analysis of indicators of environmental responsibility and environmental efficiency at different organizational levels. The results obtained are valuable in order to improve corporate practices for managing environmental responsibility factors and improving the financial efficiency of companies. For a wide range of readers, including researchers, practitioners, postgraduates, applicants and students studying in the areas of "Economics", "Finance and Credit", "Management".


Forests ◽  
2021 ◽  
Vol 12 (2) ◽  
pp. 209
Author(s):  
Luiza Tymińska-Czabańska ◽  
Jarosław Socha ◽  
Marek Maj ◽  
Dominika Cywicka ◽  
Xo Viet Hoang Duong

Site productivity provides critical information for forest management practices and is a fundamental measure in forestry. It is determined using site index (SI) models, which are developed using two primary groups of methods, namely, phytocentric (plant-based) or geocentric (earth-based). Geocentric methods allow for direct site growth modelling, in which the SI is predicted using multiple environmental indicators. However, changes in non-static site factors—particularly nitrogen deposition and rising CO2 concentration—lead to an increase in site productivity, which may be visible as an age trend in the SI. In this study, we developed a geocentric SI model for oak. For the development of the SI model, we used data from 150 sample plots, representing a wide range of local topographic and site conditions. A generalized additive model was used to model site productivity. We found that the oak SI depended predominantly on physicochemical soil properties—mainly nitrogen, carbon, sand, and clay content. Additionally, the oak SI value was found to be slightly shaped by the topography, especially by altitude above sea level, and topographic position. We also detected a significant relationship between the SI and the age of oak stands, indicating the long-term increasing site productivity for oak, most likely caused by nitrogen deposition and changes in climatic conditions. The developed geocentric site productivity model for oak explained 77.2% of the SI variation.


Author(s):  
Nicola M. Shadbolt ◽  
Stuart D. Morriss ◽  
Terry C. Kelly

Agri-environmental indicators developed in New Zealand to date have focused more on environmental and biophysical indicators than on social and financial measures. However, the latter are increasingly seen as pre-requisites to achieving long-term financial and social viability in agriculture. At present environmental costs are internalised in the financial performance of farm businesses because environmental protection in agriculture is funded almost entirely by farmers. This paper presents a preliminary examination of the perceptions of farmers on the relationship between farm financial resources and the environmental effects of farming. It aims to identify pragmatic and reliable financial indicators of sustainable agriculture at both the farm and the regional or national level. The paper will introduce a range of indicators used to measure the financial health of a business and will evaluate them for their ability to measure the economic sustainability of farm businesses over time. Farmer perceptions of the existence of links between the financial and environmental indicators will be explored through analysis of interview responses. Keywords: financial health, sustainability indicators, environmental indicators, financial indicators


2019 ◽  
Vol 196 ◽  
pp. 00010 ◽  
Author(s):  
Igor Anufriev ◽  
Evgeniy Shadrin ◽  
Evgeniy Kopyev

A promising method for spraying liquid hydrocarbons by a high-speed jet of superheated steam was studied experimentally. Information on the disperse composition and structure of the gas-droplet flow during the spraying of used transmission automotive oil was obtained using the method of shadow photography. Size distributions of fuel droplets were obtained in a wide range of operating parameters (flow rate and temperature of steam, fuel consumption).


Author(s):  
Vsevolod Chernyshenko ◽  
Vladimir Soloviev ◽  
Vadim Feklin ◽  
Mikhail Koroteev ◽  
Nikita Titov

The chapter formalizes the financial task for the definitions and properties of financial indicators under study. A wide range of traditional approaches used for predicting economic time series were reviewed. Investigated as well were the advanced algorithms for predicting moments of reversals of market trends based on machine learning tools. The chapter discusses the effectiveness of different kinds of approaches, which is illustrated with related examples. Described is an original securities price dynamics trend classification algorithm, based on the use of the sliding window methodology and financial agents. General scheme of the classification algorithm to identify market phases is analyzed and results of computer modeling are presented. Selection of initial and resulting metrics is grounded.


Author(s):  
Hill Steven ◽  
Favuzza Federica

This chapter provides a general overview of the types of international military headquarters (IMHQs) and their legal nature. IMHQs encompass a wide range of structures that are in use in the contemporary practice of States and international organifzations. States tend to find them attractive options for a variety of reasons, including the promotion of cooperation and coordination and the expression of shared political and/or military commitments. They can also be an important tool to help States address resource constraints, including by taking advantage of efficiencies gained through specialization and economies of scale. IMHQs all share the common characteristic of being in one way or the other ‘international’. Their nature varies widely, including with respect to their mission and their composition and structure. Because of this diversity, the chapter only discusses selected legal issues that tend to arise in connection with IMHQ and will likely arise in the future.


Author(s):  
Nazli Choucri ◽  
Gaurav Agarwal

The term lateral pressure refers to any tendency (or propensity) of states, firms, and other entities to expand their activities and exert influence and control beyond their established boundaries, whether for economic, political, military, scientific, religious, or other purposes. Framed by Robert C. North and Nazli Choucri, the theory addresses the sources and consequences of such a tendency. This chapter presents the core features—assumptions, logic, core variables, and dynamics—and summarizes the quantitative work undertaken to date. Some aspects of the theory analysis are more readily quantifiable than others. Some are consistent with conventional theory in international relations. Others are based on insights and evidence from other areas of knowledge, thus departing from tradition in potentially significant ways. Initially applied to the causes of war, the theory focuses on the question of: Who does what, when, how, and with what consequences? The causal logic in lateral pressure theory runs from the internal drivers (i.e., the master variables that shape the profiles of states) through the intervening variables (i.e., aggregated and articulated demands given prevailing capabilities), and the outcomes often generate added complexities. To the extent that states expand their activities outside territorial boundaries, driven by a wide range of capabilities and motivations, they are likely to encounter other states similarly engaged. The intersection among spheres of influence is the first step in complex dynamics that lead to hostilities, escalation, and eventually conflict and violence. The quantitative analysis of lateral pressure theory consists of six distinct phases. The first phase began with a large-scale, cross-national, multiple equation econometric investigation of the 45 years leading to World War I, followed by a system of simultaneous equations representing conflict dynamics among competing powers in the post–World War II era. The second phase is a detailed econometric analysis of Japan over the span of more than a century and two World Wars. The third phase of lateral pressure involves system dynamics modeling of growth and expansion of states from 1970s to the end of the 20th century and explores the use of fuzzy logic in this process. The fourth phase focuses on the state-based sources of anthropogenic greenhouse gases to endogenize the natural environment in the study of international relations. The fifth phase presents a detailed ontology of the driving variables shaping lateral pressure and their critical constituents in order to (a) frame their interconnections, (b) capture knowledge on sustainable development, (c) create knowledge management methods for the search, retrieval, and use of knowledge on sustainable development and (d) examine the use of visualization techniques for knowledge display and analysis. The sixth, and most recent, phase of lateral pressure theory and empirical analysis examines the new realities created by the construction of cyberspace and interactions with the traditional international order.


2020 ◽  
Author(s):  
Keith Bloomfield ◽  
Benjamin Stocker ◽  
Colin Prentice

<p>Accurate simulations of gross primary production (GPP) are vital for Earth System Models that must inform public policy decisions.  The instantaneous controls of leaf-level photosynthesis, which can be measured in manipulative experiments, are well established.  At the canopy scale, however, there is no consensus on how GPP depends on (a) light or (b) other aspects of the physical environment such as temperature and CO<sub>2</sub>.  Models of GPP make a variety of different assumptions when ‘scaling-up’ the standard model of photosynthesis.  As a troublesome consequence, they make a variety of different predictions about how GPP responds to contemporary environmental change.</p><p>This problem can be tackled by theoretically based modelling, or by empirical analysis of GPP as reconstructed from eddy-covariance flux measurements.  Theoretical modelling has provided an explanation for why ‘light-use efficiency’ (LUE) models work well at time scales of a week or longer.  The same logic provides a justification for the use of LUE as a key metric in an empirical analysis.  By focusing on LUE, we can isolate the controls of GPP that are distinct from its over-riding control by absorbed light.  We have used open-access eddy covariance data from over 100 sites, collated over 20 years (the number of sites has grown with time).  These sites, located in a wide range of biomes and climate zones, form part of the FLUXNET network.  We have combined the flux data with a satellite product (FPAR from MODIS) that provides spatial estimates of the fraction of incident light absorbed by green vegetation.  Soil moisture at flux sites was estimated using the SPLASH model, with appropriate meteorological inputs, and soil water-holding capacity derived using SoilGrids.  LUE was then calculated as the amount of carbon fixed per unit of absorbed light.  We then considered additive models (incorporating multiple explanatory factors) that support non-linear responses, including a peaked response to temperature.  Recognising that our longitudinal data are not fully independent, we controlled for the hierarchical nature of the dataset through a variance structure that nests measurement year within site location.</p><p>In arriving at a final parsimonious model, we show that daytime air temperature and vapour pressure deficit, and soil moisture content, are all salient predictors of LUE.  The same explanatory terms are retained in iterations of this analysis run at timescales from weeks to months.  Model performance was not significantly improved by inclusion of additional variables such as rainfall, site elevation or vegetation category (e.g. Plant Functional Type, PFT).  This empirical analysis supports the notion that GPP is predictable using a single model structure that is common to different PFTs.</p>


MRS Bulletin ◽  
1990 ◽  
Vol 15 (2) ◽  
pp. 17-18 ◽  
Author(s):  
Troy W. Barbee

Multilayers, as considered in the following articles, are manmade thin-film materials periodic in one dimension in composition or in composition and structure. This composition/structure variation is generated during synthesis, which is typically accomplished using atom-by-atom technologies. Individual component layers in a multilayer may vary in thickness from one atomic layer (~2 Å) to hundreds of atomic layers (~1,000 Å) of a given material.An example of these synthetic micro-structures, a lattice image transmission electron micrograph of a cross section of a hundred period titanium (63 Å)/titanium-nickel (40 Å) multilayer microstructure fabricated using magnetron sputtering, is shown on the cover of this issue of the MRS BULLETIN. The titanium-nickel layers are amorphous as a result of the low substrate temperature (<75°C) and the very large atomic quench rates characteristic of vapor deposition (>1012 K/s). The elemental titanium layers are fiber textured with the basal plane of this hexagonal close-pack structure element in the plane of the layers. These (00.1) planes are the ones lattice imaged in this electron micrograph.The general concept of a multilayer structure, as illustrated above, is now well accepted because the ability to synthesize such materials for scientific study and technological application has been demonstrated at many nationally and internationally based laboratories.


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