On Market Concentration and Disclosure

2021 ◽  
Author(s):  
Edwige Cheynel ◽  
Amir Ziv
Keyword(s):  
Voluntary Disclosure ◽  
Production Costs ◽  
Reduced Form ◽  
Proprietary Costs ◽  
Cournot Game ◽  
Form Representation ◽  
Partial Disclosure ◽  
The Cost ◽  
Proprietary Cost ◽  
Managerial Horizon

Verrecchia (1983,1990) introduced the proprietary cost hypothesis in which exogenous disclosure costs are a reduced-form interpretation of lost competitive advantage in product markets. We develop a micro-foundation for this disclosure cost in a Cournot game and explicitly derive the cost as a function of market structure. When the market is sufficiently competitive, this model has a reduced-form representation similar to a standard voluntary disclosure game with a partial disclosure equilibrium. Proprietary costs are increasing in the number of competitors, the degree of product substitution, overall uncertainty and production costs. The analysis also offers new empirical predictions on the interaction between disclosure choice, managerial horizon and entry.

scholarly journals Goodwill impairment test disclosures under IAS 36: Compliance and disclosure quality, disclosure determinants, and the role of enforcement

2019 ◽  
Vol 16 (1-1) ◽  
pp. 145-167
Author(s):  
Marius Gros ◽  
Sebastian Koch
Keyword(s):  
Voluntary Disclosure ◽  
Strategic Behavior ◽  
Disclosure Quality ◽  
Goodwill Impairment ◽  
Disclosure Requirements ◽  
Quality Disclosure ◽  
Low Levels ◽  
The Cost ◽  
Proprietary Cost

Prior research documented that higher disclosure quality reduces information asymmetry and the cost of capital. Accordingly, firms have an incentive to comply with disclosure requirements and to provide voluntary disclosure. However, prior research on mandatory disclosures on goodwill impairment testing reveals low compliance among European firms. In this paper, we contribute to the literature and assist regulators, enforcers, and standard setters by shedding light on the determinants of the observed low levels of compliance and voluntary disclosure. Consistent with economic theory, we reveal that firms determine the level of disclosure strategically. We find firms with higher preparation and proprietary cost to show lower compliance and less voluntary disclosure while firms with higher growth opportunities provide better compliance and more voluntary disclosure. However, the strategic behavior is constrained by enforcement. Consequently, our results are more (less) pronounced within a weak (strong) enforcement environment.

SELISIH BIAYA PRODUKSI SEBAGAI ALAT PENGENDALIAN MANAJEMEN PT INDO PUSAKA BERAU

2019 ◽  
Vol 3 (02) ◽  
pp. 397
Author(s):  
SAFITRI NURHIDAYATI ◽  
RIZKI AMELYA SYAM
Keyword(s):  
Raw Materials ◽  
Field Research ◽  
Analytical Tool ◽  
Production Costs ◽  
Raw Material ◽  
Labor Costs ◽  
Material Costs ◽  
Library Research ◽  
The Difference ◽  
The Cost

This study aims to analyze whether the difference that occurs in the cost of raw materials, direct labor, and factory overhead costs between the standard costs and the actual costs in PLTU LATI is a difference that is favorable or unfavorable. Data collection techniques with field research and library research. The analytical tool used is the analysis of the difference in raw material costs, the difference in direct labor costs and the difference in factory overhead costs. The hypothesis in this study is that the difference allegedly occurs in the cost of raw materials, direct labor costs, and factory overhead costs at PT Indo Pusaka Berau Tanjung Redeb is a favorable difference. The results showed that the difference in the cost of producing MWh electricity at PT Indo Pusaka Berau Tanjung Redeb in 2018, namely the difference in the price of raw material costs Rp. 548,029.80, - is favorable, the difference in quantity of raw materials is Rp. 957,216,602, - is (favorable) , the difference in direct labor costs Rp 2,602,642,084, - is (unfavorable), and the difference in factory overhead costs Rp 8,807,051,422, - is (favorable) This shows that the difference in the overall production cost budget is favorable or profitable. This beneficial difference shows that the company is really able to reduce production costs optimally in 2018.  

Discretionary Risk Disclosures

2003 ◽  
Vol 78 (2) ◽  
pp. 449-469 ◽  
Author(s):  
Bjorn N. Jorgensen ◽  
Michael T. Kirschenheiter
Keyword(s):  
Stock Returns ◽  
Risk Premium ◽  
Voluntary Disclosure ◽  
Cash Flows ◽  
Share Price ◽  
Risk Disclosure ◽  
Share Prices ◽  
Ex Post ◽  
Partial Disclosure ◽  
Future Cash Flows

We model managers' equilibrium strategies for voluntarily disclosing information about their firm's risk. We consider a multifirm setting in which the variance of each firm's future cash flow is uncertain. A manager can disclose, at a cost, this variance before offering the firm for sale in a competitive stock market with risk-averse investors. In our partial disclosure equilibrium, managers voluntarily disclose if their firm has a low variance of future cash flows, but withhold the information if their firm has highly variable future cash flows. We establish how the manager's discretionary risk disclosure affects the firm's share price, expected stock returns, and beta, within the framework of the Capital Asset Pricing Model. We show that whereas one manager's discretionary disclosure of his firm's risk does not affect other firms' share prices, it does affect the other firms' betas. Also, we demonstrate that a disclosing firm has lower risk premium and beta ex post than a nondisclosing firm. Finally, we show that ex ante, the expected risk premium and expected beta of each firm are higher under a mandatory risk disclosure regime than in the partial disclosure equilibrium that arises under a voluntary disclosure regime.

scholarly journals Monitoring the technological processes in the wood industry in order to make them more efficient through technical overhauling

2019 ◽  
Vol 290 ◽  
pp. 02007
Author(s):  
Radu Dan Paltan ◽  
Cristina Biriş ◽  
Loredana Anne-Marie Rădulescu
Keyword(s):  
Automotive Industry ◽  
Operating Mode ◽  
Solid Wood ◽  
Production Costs ◽  
Operating Costs ◽  
Future Research ◽  
Wood Industry ◽  
Research Article ◽  
State Of Research ◽  
The Cost

Of many techniques that are used to optimize production and costs, the studies conducted within a profile company lead to our choice for testing the 6Sigma method (the most used method in the automotive industry) in view of the economic efficiency applied in the wood Industry company. This method measures how many flaws exist in a process and determines in a systematic way how to improve it by technical overhauling and eliminating or minimizing the process for efficiency. This research article aims to study the state of research on the optimization of the production process through technical overhauling for panels reconstituted from solid wood and ways to make production more efficient by cutting costs through technical overhauling. From preliminary research, we estimate that all the items founded and others that will result from further research will result in a significant decrease in production costs that are reflected in the cost of the finished product and consequently in increasing the yield of the company by maximizing its profit. At the same time it may be the basis of future research studies in the field. The easier it is to maximize profits, the lower the operating costs are and the higher recovery rate of investments are, that will result a change in the operating mode: “working smarter not harder”.

scholarly journals Bioethanolic yeasts from dung beetles: tapping the potential of extremophilic yeasts for improvement of lignocellulolytic feedstock fermentation

2021 ◽  
Vol 14 (1) ◽  
Author(s):  
Anita Ejiro Nwaefuna ◽  
Karl Rumbold ◽  
Teun Boekhout ◽  
Nerve Zhou
Keyword(s):  
Treatment Process ◽  
Dung Beetles ◽  
Production Costs ◽  
Industrial Wastes ◽  
Major Drawback ◽  
Renewable Fuel ◽  
Extreme Stress ◽  
Pre Treatment ◽  
The Cost ◽  
Simultaneous Saccharification

AbstractBioethanol from abundant and inexpensive agricultural and industrial wastes possesses the potential to reduce greenhouse gas emissions. Bioethanol as renewable fuel addresses elevated production costs, as well as food security concerns. Although technical advancements in simultaneous saccharification and fermentation have reduced the cost of production, one major drawback of this technology is that the pre-treatment process creates environmental stressors inhibitory to fermentative yeasts subsequently reducing bioethanol productivity. Robust fermentative yeasts with extreme stress tolerance remain limited. This review presents the potential of dung beetles from pristine and unexplored environments as an attractive source of extremophilic bioethanolic yeasts. Dung beetles survive on a recalcitrant lignocellulose-rich diet suggesting the presence of symbiotic yeasts with a cellulolytic potential. Dung beetles inhabiting extreme stress environments have the potential to harbour yeasts with the ability to withstand inhibitory environmental stresses typically associated with bioethanol production. The review further discusses established methods used to isolate bioethanolic yeasts, from dung beetles.

Unequal Treatment of Identical Agents in Cournot Equilibrium

1999 ◽  
Vol 89 (3) ◽  
pp. 585-604 ◽  
Author(s):  
Stephen W Salant ◽  
Greg Shaffer
Keyword(s):  
Marginal Cost ◽  
Consumer Surplus ◽  
Production Costs ◽  
Cournot Equilibrium ◽  
Unequal Treatment ◽  
Marginal Costs ◽  
Second Stage ◽  
Policy Debates ◽  
The Cost ◽  
Antitrust Regulation

Oligopoly models where prior actions by firms affect subsequent marginal costs have been useful in illuminating policy debates in areas such as antitrust regulation, environmental protection, and international competition. We discuss properties of such models when a Cournot equilibrium occurs at the second stage. Aggregate production costs strictly decline with no change in gross revenue or gross consumer surplus if the prior actions strictly increase the variance of marginal costs without changing the marginal-cost sum. Therefore, unless the cost of inducing second-stage asymmetry more than offsets this reduction in production costs, the private and social optima are asymmetric. (JEL D43, L13, L40)

scholarly journals Synthesis of the Microbial Polysaccharide Gellan from Dairy and Plant-Based Processing Coproducts

2021 ◽  
Vol 2 (2) ◽  
pp. 234-244
Author(s):  
Thomas P. West
Keyword(s):  
Corn Steep Liquor ◽  
Nitrogen Sources ◽  
Soluble Starch ◽  
Culture Conditions ◽  
Water Soluble ◽  
Production Costs ◽  
Microbial Polysaccharide ◽  
Steep Liquor ◽  
The Cost ◽  
Condensed Distillers Solubles

This review examines the production of the microbial polysaccharide gellan, synthesized by Sphingomonas elodea, on dairy and plant-based processing coproducts. Gellan is a water-soluble gum that structurally exists as a tetrasaccharide comprised of 20% glucuronic acid, 60% glucose and 20% rhamnose, for which various food, non-food and biomedical applications have been reported. A number of carbon and nitrogen sources have been tested to determine whether they can support bacterial gellan production, with several studies attempting to optimize gellan production by varying the culture conditions. The genetics of the biosynthesis of gellan has been explored in a number of investigations and specific genes have been identified that encode the enzymes responsible for the synthesis of this polysaccharide. Genetic mutants exhibiting overproduction of gellan have also been identified and characterized. Several dairy and plant-based processing coproducts have been screened to learn whether they can support the production of gellan in an attempt to lower the cost of synthesizing the microbial polysaccharide. Of the processing coproducts explored, soluble starch as a carbon source supported the highest gellan production by S. elodea grown at 30 °C. The corn processing coproducts corn steep liquor or condensed distillers solubles appear to be effective nitrogen sources for gellan production. It was concluded that further research on producing gellan using a combination of processing coproducts could be an effective solution in lowering its overall production costs.

Paper fillers innovations: From design of particles to preparing filler composites

BioResources ◽  
2020 ◽  
Vol 15 (2) ◽  
pp. 2117-2118
Author(s):  
Shunxi Song ◽  
Zeshi Wu ◽  
Jingyi Nie
Keyword(s):  
Filler Content ◽  
Production Costs ◽  
Critical Properties ◽  
Single Particles ◽  
Paper Mills ◽  
Market Competitiveness ◽  
Academic Researchers ◽  
The Cost ◽  
Natural Fillers

The increase of filler content in paper is an effective way to reduce production costs and to promote the market competitiveness of paper mills. A shift from natural fillers to synthetic fillers has enabled improvements in the critical properties of paper. Meanwhile, innovations from single particles of filler to filler composites has made it possible to increase the filler content of paper. Among various filler innovations, the design of fiber/filler composites has aroused general attention from industry and academic researchers. However, concerns related to the cost and recyclability of composite fillers remain to be addressed.

Perhitungan Harga Pokok Produksi (Cost) Hasil Produk Inovatif UMKM Desa Kemuning Ngargoyoso Jawa Tengah

2021 ◽  
Vol 2 (2) ◽  
pp. 89-96
Author(s):  
Lailah Fujianti ◽  
Shinta Budi Astuti ◽  
Rizki Ramadhan Putra Yasa
Keyword(s):  
Local Government ◽  
Raw Materials ◽  
Production Costs ◽  
The South ◽  
The West ◽  
The North ◽  
Central Java ◽  
Innovative Products ◽  
The Cost ◽  
Central Java Province

Abstrak   Kemuning adalah desa di kecamatan Ngargoyoso, Kabupaten Karanganyar, Provinsi Jawa Tengah. Secara geografis batas Desa Kemuning  sebelah barat berbatasan dengan Desa Ngargoyoso, sebelah timur berbatasan dengan Desa Segoro Gunung, sebelah Utara  berbatasan Kecamatan Jenawi dan sebelah selatan berbatasan Desa Girimulyo. Desa ini memiliki Misi yang ingin diwujudkan  yaitu Desa Wisata. Pemerintah setempat  memberikan pelatihan untuk membuat produk inovatif guna melengkapi kebutuhan sebagai desa wisata kepada pelaku UMKM dan Penrajin. Produk Inovatif tersebut akan dijual kepada pengunjung wisata sebagai oleh-oleh. Akan tetapi pelaku UMKM dan Penrajin memiliki kelemahan pembukuan usaha terlebih lagi dalam penetuan biaya produksi produk inovatif. Mereka hanya memperhitungkan biaya bahan baku sebagai komponen biaya produksi.   Tim pengabdian FEB Universitas melaksanakan pengabdian  untuk memberikan materi mengenai konsep perhitungan biaya produksi yang dilakukan dengan interaktif.     Kata Kunci: Desa Kemuning, Harga Pokok Poduksi, Smart Village   Abstract:  Kemuning Villages is one of the villages located in Ngargoyoso district, Karanganyar Regency, Central Java Province. Geographically, Kemuning Village is bordered to the west by Ngargoyoso Village, to the east by Segoro Gunung Village, to the north by Jenawi District and to the south by Girimulyo Village. Kemuning village has a mission to be realized, namely the Tourism Village. The local government provides training to make innovative products to complement the needs of a tourism village for MSMEs and craftsmen. These innovative products will be sold to tourist visitors as souvenirs. However, SMEs and craftsmen have weaknesses in business bookkeeping, especially in determining the cost of producing innovative products. They only take into account the cost of raw materials as a component of production costs. The Team from FEB University Pancasila carried out the service to provide material on the concept of calculating production costs which was carried out interactively.     Keywords: Desa Kemuning, Cost of Good Sold, Smart Village

Ambiguous Customer Identity Disclosure and the Cost of Equity Capital

2017 ◽  
Vol 20 (03) ◽  
pp. 1750021 ◽  
Author(s):  
Hsin-Yi Yu ◽  
Li-Wen Chen
Keyword(s):  
Information Asymmetry ◽  
Market Competition ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Proprietary Information ◽  
Customer Information ◽  
Identity Disclosure ◽  
The Cost ◽  
Proprietary Cost

In deciding how much customer information to disclose, managers face a tradeoff between the benefits of reducing information asymmetry and the losses of revealing proprietary information. This paper investigates which factors affect the level of ambiguous customer identity disclosure and whether such ambiguous disclosure affects the cost of equity capital. The empirical evidence shows that the proprietary cost is a crucial factor in ambiguous customer identity disclosure. Firms with a higher level of ambiguous customer identity disclosure generate a higher cost of equity capital. Moreover, the higher cost of equity capital is concentrated among firms under imperfect market competition.

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