scholarly journals Institutions, the Cost of Capital, and Long-Run Economic Growth: Evidence from the 19th Century Capital Market

2012 ◽  
Author(s):  
Ron Alquist ◽  
Benjamin Remy Chabot
Keyword(s):  
Economic Growth ◽  
19Th Century ◽  
Capital Market ◽  
Cost Of Capital ◽  
Long Run ◽  
The Cost ◽  
The 19Th Century

THE TOWNSEND JOURNAL: ACCOUNTING FOR THE MARITIME TRADE IN 1840s BOSTON BASED ON B. F. FOSTER'S APPROACH

2021 ◽  
Author(s):  
Brandi L Holley ◽  
Dale L. Flesher
Keyword(s):  
United States ◽  
Economic Growth ◽  
19Th Century ◽  
Joint Venture ◽  
Young Men ◽  
The United States ◽  
Maritime Trade ◽  
The 19Th Century

ABSTRACT: The 19th century brought on much economic growth and advancement in accounting in the United States. The teaching of accounting began to veer away from rules and instead sought the logical underpinnings of the system. It was a time when accounting evolved into accountancy through the development of theory, such as the proprietary theory and the theory of two-account series. The Townsend Journal (1840-1841), which chronicles the joint venture between two young men in the Boston maritime trade, is a case study of this progression in commerce and accounting during this pivotal time. B. F. Foster's contemporaneous Boston publications on bookkeeping provide the framework to understand this evolution in accountancy, as well as the recordings in the Townsend Journal. Through the examination of the Townsend Journal alongside B. F. Foster's texts, this paper preserves and illustrates a historical link in the evolution of the field.

Euro-African Trade Relations and Socioeconomic Development in West Africa, 1450–1900

2019 ◽  
Author(s):  
Joseph Inikori
Keyword(s):  
West Africa ◽  
19Th Century ◽  
Socioeconomic Development ◽  
Critical Role ◽  
Positive Contribution ◽  
Trade Relations ◽  
15Th Century ◽  
Long Run ◽  
Commercial Enterprise ◽  
The 19Th Century

Since direct contact between Europeans and West Africans was established in the mid-15th century by the Portuguese, Euro-African trade relations have played a major role in West Africa’s long-run socioeconomic development. This critical role was connected to two totally different kinds of trade conducted by Europeans at different points in time: trade in commodities (the products of West African labor and natural resources) and trade in human captives. The first 200 years (1450–1650) of European commercial enterprise in West Africa were dominated overwhelmingly by trade in commodities; trade in human captives overwhelmingly dominated in the 200 years which followed (1650–1867). Trade in commodities returned with a bang in the last decades of the 19th century (1870–1900). The respective effects of these two trades on the development process in West Africa were as different as the trades themselves. The early trade in commodities contributed positively to the process; the transition from the trade in commodities to the trade in human captives had a disastrous effect; the 19th-century transition to commodity trade made an immense positive contribution. The positive contribution was significantly enhanced by the ending of the socioeconomic crises engendered by the trade in human captives, and by the establishment of general peace (Pax Britannica) by British colonial rule, with its free trade policy. However, the failure of the colonial administration to take advantage of the general increase in real household incomes and purchasing power and encourage domestic manufacturing in the colonies prevented the transformation of short-term growth into structural transformation and long-run development.

Does environmental information disclosure affect the performance of energy-intensive firms’ borrowing ability? Evidence from China

2018 ◽  
Vol 29 (5) ◽  
pp. 685-705 ◽  
Author(s):  
Haiqing Hu ◽  
Chun-Ping Chang ◽  
Minyi Dong ◽  
Wei-Na Meng ◽  
Yu Hao
Keyword(s):  
Capital Market ◽  
Information Disclosure ◽  
Cost Of Capital ◽  
Environmental Information ◽  
Influential Factors ◽  
Environmental Information Disclosure ◽  
Loan Size ◽  
The Cost ◽  
The Impact ◽  
Positive Effect

In recent years, a growing strand of China’s listed companies chose to disclose environmental information, which may potentially affect their financial performance then further influence its performance of financial supports. To quantitatively investigate the impact of enterprise’s environmental information disclosure on the ability of firms’ borrowing in China, this paper divides the measurements of information disclosure into five categories and evaluates firms’ performance in capital market through its availability of a loan and the cost of capital. In total, 97 listed energy-intensive companies in China are selected and their data covering the period of 2000–2014 are utilized for empirical study. The empirical results indicate that enterprise’s environmental information disclosure appears to have a significantly positive effect on the loan size available, while the cost of capital is less sensitive to environmental information disclosure. The empirical evidence also suggests that, among the five aspects of information disclosure measurements, the future plan and monetary information are the most influential factors of the cost of capital.

The 19th century Newfoundland seal fishery and the influence of Scottish whalemen

Polar Record ◽  
1980 ◽  
Vol 20 (126) ◽  
pp. 231-251 ◽  
Author(s):  
Chesley W. Sanger
Keyword(s):  
Economic Growth ◽  
19Th Century ◽  
Newfoundland And Labrador ◽  
Dominant Role ◽  
Major Influence ◽  
Southern Coast ◽  
Large Area ◽  
Hooded Seal ◽  
The 19Th Century

The origins of the contemporary Newfoundland Harp and Hooded Seal fisheries can be traced back to the 16th and 17th centuries when ‘Biscainers’ (Spanish Basques) hunted whales, walrus and seals in the Gulf of St Lawrence and along the southern coast of Labrador (Prowse, 1895, p 43; Barkham, 1978). Throughout the next 400 years, as the seal fishery developed—both the landsmen and vessel operations—it became a major influence on the spread and character of settlement over a large area of Newfoundland and Labrador. By the middle of the 19th century, the large off-shore vessel operation had assumed the dominant role, and its contribution to the overall economic growth was second only to the cod fishery.

scholarly journals Capital Market and Economic Growth in Nigeria: An Autoregressive Distributed Lag (ARDL) Bounds Testing Approach

2021 ◽  
Vol 1 (2) ◽  
Author(s):  
Panan Danladi Gwaison ◽  
Livinus Nkuri Maimako ◽  
Pokyes Shekara Mwolchet
Keyword(s):  
Economic Growth ◽  
Capital Market ◽  
Stock Exchange ◽  
Series Data ◽  
Fair Trading ◽  
Market Capitalization ◽  
Distributed Lag ◽  
Autoregressive Distributed Lag ◽  
Long Run ◽  
The Capital Market

The role of the capital market in the growth and development of any economy need not be over-emphasized. The capital market is a complex institution and mechanisms through which economic units desirous to invest their surplus fund, interact directly or through financial intermediaries with those who wish to procure funds for their businesses. The Nigerian capital market started operations in mid-1961 with eight stocks and equities; with about seven United Kingdom (UK) firms quoted on the Nigerian Stock Exchange (NSE) which had, at the same time, dual quotations on the London Stock Exchange. This study examined the impact of the capital market on economic growth in Nigeria from 1981 to 2018. The expo facto research design was adopted for this study. The time-series data for the study were sourced from CBN statistical bulletin. Autoregressive Distributed Lag (ARDL) was used with the aid of e-view 10 software. The ARDL Bounds test revealed the existence of a long-run relationship among the variables. The result revealed that market capitalization has positive and insignificant effects on economic growth both in the short and long run. There is unidirectional causality among the variables.  The study recommended that regulatory authorities should restore confidence in the market by ensuring transparency and fair trading dealings and transactions in the market to enhance economic growth. There should be an improvement in the moribund market capitalization, by encouraging more foreign investors to participate in the market, maintain a state of the art technology like automated trading and settlement practices, electronic fund clearance, and eliminate physical transfer of shares.

scholarly journals The Macroeconomic Impacts of E-Business on the Economy

2010 ◽  
pp. 1-11 ◽  
Author(s):  
Daniel Heil ◽  
James E. Prieger
Keyword(s):  
Economic Growth ◽  
Information And Communications Technology ◽  
Communications Technology ◽  
Profound Impact ◽  
Macroeconomic Conditions ◽  
Long Run ◽  
Macroeconomic Impacts ◽  
Business Changes ◽  
The Cost ◽  
Effectiveness Of Monetary Policy

The growing use of information and communications technology (ICT) by business—e-business— has a profound impact on the economy. E-business lowers costs and increases the choices available to consumers and firms. These microeconomic changes work their way through the economy and ultimately influence macroeconomic conditions. Overall, e-business benefits the economy in many ways. Nevertheless, not all the effects of e-business on macroeconomic conditions are positive, and some aspects of e-commerce may limit the effectiveness of monetary policy. E-business changes the macroeconomy in several beneficial ways. Some gains are static in nature, arising from the more efficient use of existing resources. For example, increases in productivity increase a nation’s GDP. In addition, by lowering search and transaction costs, e-business unleashes deflationary pressures (Willis, 2004). Other gains are dynamic, altering the path national growth takes. By lowering the cost of transferring and employing knowledge, ICT enables greater R&D and innovation, which is crucial to long-run economic growth.

scholarly journals Fixed Investment and Economic Growth: ARDL and Causality Exploration for SADC Countries

2021 ◽  
Vol 11 (4) ◽  
pp. 18
Author(s):  
Reginald Masimba Mbona ◽  
Chilombo Stephania Mumba ◽  
Tinashe Mangudhla
Keyword(s):  
Economic Growth ◽  
Purchasing Power Parity ◽  
Power Parity ◽  
Fixed Investment ◽  
Economic Activities ◽  
Long Run ◽  
Short Run ◽  
Using Data ◽  
The Cost ◽  
Marginal Returns

In assessing the short run and the long-run effects of fixed investment and economic growth among Southern Africa countries, we evaluated the economic progress of the SADC (Southern African Development Committee) region. Our objective is to determine how variables (GDP, purchasing power parity, inflation, electricity, balance-of-payments, and unemployment) can be affected by the fixed investment. In determining how fixed investment affects economic activities and policies among the states, the ADRL estimation approach is applied. Using data from 13 countries in the SADC region from the period 1992-2018, we enumerate the variables’ marginal returns against the fixed investment component. The results of diagnostic and other tests show that all statistical procedures are robust. The result proves that the benefits of fixed investment are yielded over a long period rather than short periods. As a result, the cost in the short term cannot be compared to the benefits that will be enjoyed later by an economy as it becomes productive. Furthermore, the lack of consistent fixed investment among countries will eventually lead to insufficient cash flow, which will negatively affect the currency. These results would seem to suggest that the introduction of policies that promote investment will massively contribute to increased productivity and positive economic growth in the region.

scholarly journals Institutional investors and cost of capital: The moderating effect of ownership structure

PLoS ONE ◽  
2021 ◽  
Vol 16 (4) ◽  
pp. e0249963
Author(s):  
Xiaoping Huo ◽  
Hongying Lin ◽  
Yanan Meng ◽  
Peter Woods
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Capital Market ◽  
Institutional Investors ◽  
Cost Of Capital ◽  
Listed Companies ◽  
Moderating Effect ◽  
Theory And Practice ◽  
The Cost ◽  
The Relationship

Guiding institutional investors to actively participate in corporate governance is a hot issue to improve the internal governance of China’s listed companies. This study seeks to provide a comprehensive understanding of the mechanism that underlies the governance effects of the heterogeneity of institutional investors on the cost of capital, and the influence of ownership structure on the relationship between them. Using an unbalanced panel data on A-share listed companies of Shanghai and Shenzhen in China’s capital market during the 2014–2019 period, this study reveals how institutional investors with longer holding period and higher shareholding ratio are negatively associated with the cost of capital in China’s capital market. Furthermore, this study successfully confirms the moderating effect of ownership structure in the relationship between institutional investors and the cost of capital. China’s state-owned enterprises are more likely to introduce improvements at the corporate governance level, and ownership concentration weakens the negative influence of institutional investors on the cost of capital. The research contributes to a deeper understanding of the impacts of institutional investor’s heterogeneity and ownership structure on the cost of capital in China. In the process, the study yields useful implications for the theory and practice of corporate governance.

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