Influence of administrative and financial decentralization on investment processes in the Central region of Ukraine

2019 ◽  
pp. 134-144
Author(s):  
Iryna Leshchukh
Keyword(s):  
Central Region ◽  
Capital Investment ◽  
System Analysis ◽  
Capital Expenditures ◽  
Foreign Direct Investments ◽  
Capital Investments ◽  
Health Care Education ◽  
Economic Problems ◽  
Wide Range ◽  
Operational Information

The article examines the tendencies of the investment sector of the Central region of Ukraine, which are formed under the influence of implementation of administrative and financial decentralization in Ukraine. The method of estimation of influence of administrative-financial decentralization on investment processes in the region is proposed on the basis of calculation of indicators of the ratio: a) growth rates of capital investments and foreign direct investments against own incomes; b) the rate of growth of expenditures on socio-economic development (in particular, public administration, health care, education, housing and communal services, repair and maintenance of roads, etc.) against own revenues of local budgets. The author’s method is tested on the example of cities of regional importance and districts of the Central region of Ukraine. It was found that: 1) in 2016-2018 the most effective was the policy of capital investment in Cherkasy region, the least effective – in the Kirovograd region; 2) the increase of the financial potential of the cities of regional importance and districts of the studied region did not cause a significant stimulating influence on attracting foreign investments; 3) the reorientation of local authorities’ own resources on capital expenditures on the development of social, transport and communal infrastructure is extremely slow. Systemic and dialectical methods were used in the study; logical generalization, system analysis, comparison and synthesis; strategic analysis, graphic. The works of leading scientists and specialists on a wide range of socio-economic problems, the operational information of the Main Directorates of Statistics in Vinnitsa, Kirovograd, Cherkasy and Poltava regions of Ukraine as well as information on the implementation of relevant local budgets of the Departments of Finance of Vinnitsa, Kirovograd and Cherkasy regional state administrations constitute the information base of the research.

Did the 2003 Tax Act Increase Capital Investments by Corporations?

2013 ◽  
Vol 35 (2) ◽  
pp. 33-63 ◽  
Author(s):  
John L. Campbell ◽  
James A. Chyz ◽  
Dan S. Dhaliwal ◽  
William C. Schwartz
Keyword(s):  
Capital Investment ◽  
Capital Gains ◽  
Capital Expenditures ◽  
Small Subset ◽  
Capital Investments ◽  
Difference In Differences ◽  
Tax Rate ◽  
Tax Relief ◽  
Internal Funds ◽  
Fund Investment

ABSTRACTOn May 28, 2003, the Jobs and Growth Tax Relief Reconciliation Act of 2003 (2003 Tax Act) reduced shareholder-level taxes on dividends and capital gains. One of the goals of the 2003 Tax Act was to encourage capital investment by corporations. We investigate whether firms increased investment in response to the Act. We first document that capital expenditures increase after the 2003 Tax Act. We then use a difference-in-differences research design to show that this increase in capital expenditures varies predictably with two shareholder-level tax-motivated hypotheses. First, we find that the increase in investment is smaller for firms largely held by investors that are less sensitive to shareholder-level taxes. Second, we find that the increase in investment is larger for firms most likely to fund investment from new equity issuances rather than internal funds. Additional analysis suggests that while the majority of firms increase investment after the tax cut, a small subset of larger, older, and cash-rich firms increased dividend payout instead. Overall, our results suggest that, consistent with the intent of policymakers, the shareholder-level tax rate reductions set forth in the 2003 Tax Act increased corporate investment.JEL Classifications: G12, G31, G32, G24

Why discontinue operations? Interrelated elements of the corporate focus hypothesis

2019 ◽  
Vol 16 (2) ◽  
pp. 182-202
Author(s):  
Richard A. Lord ◽  
Yoshie Saito
Keyword(s):  
Risk Measures ◽  
Cross Product ◽  
Capital Expenditures ◽  
Capital Investments ◽  
Content Type ◽  
Logistic Regression Models ◽  
Wide Range ◽  
Corporate Focus ◽  
Exit Decisions ◽  
Discontinued Operations

Purpose The purpose of this paper is to reexamine the corporate focus hypothesis to establish the characteristics of firms that discontinue operations. The authors concentrate on four interrelated elements of the hypothesis, diversification, performance, financial constraint and market-based risk measures. The authors also examine whether firms reporting positive- or negative-valued discontinued operations have different characteristics. Design/methodology/approach Analyzing discontinued operations provides a broad sample of strategically important exit decisions using a variety of different disposal methods. The authors use logistic regression models to explore whether the elements of the corporate focus hypotheses, and interactions between them, explain decisions to discontinue operations, and also the differences between firms making negative- and positive-valued announcements. Findings Firms that discontinue operations are more diverse, with weak operating performance, higher financial constraints and perform poorly in financial markets. Interrelationships between these factors strongly affect exit decisions. Companies reporting negative-valued discontinued operations are smaller, make lower capital investments and face greater cash constraints and market risk. Those announcing positive-valued discontinuations are larger and make higher payouts and capital expenditures. Their overall performance is weaker than for control firms, but clearly superior to companies discontinuing negative-valued operations. Originality/value Discounted operations represent a wide range of exit decisions. They provide a much larger sample than most previous studies of divestitures. The authors include β, the Sharpe ratio, cash holdings, payouts to shareholders, capital expenditures and also cross-product terms between the elements of the corporate focus hypothesis, all of which have received little attention in prior research. There are significant differences between firms announcing positive and negative-valued discontinued operations.

scholarly journals СУЧАСНІ ТЕНДЕНЦІЇ ІНВЕСТУВАННЯ ГОСПОДАРСЬКОЇ ДІЯЛЬНОСТІ ПІДПРИЄМСТВ

Economical ◽  
2020 ◽  
Vol 1 (1(22)) ◽  
pp. 48-57
Author(s):  
Юлія Волкова ◽  
Keyword(s):  
Economic Activity ◽  
Capital Investment ◽  
System Analysis ◽  
Practical Significance ◽  
Capital Investments ◽  
Industrial Enterprises ◽  
Current State ◽  
Fixed Assets ◽  
Main Factors ◽  
Classification Structure

Research of the current state and structure of capital investments both in Ukraine in general and in the Donetsk region in particular, in the period 2011 - 2019, identification of negative trends and prospects, indication of certain proposals for attracting investment resources. Methodology. The research methodology is generally based on the methods of system analysis, generalization and comparison. Results.The main provisions in the formulation of the concept of "investment" were indicated, the classification structure of investments on various grounds is given. The dynamics of changes in the volume of capital investment in the economy of Ukraine, and, in particular, in the economy of Donetsk region for the period 2011 - 2019, which in turn allowed to determine the causes of fluctuations. The analysis of the structure of capital investments by sources and types of economic activity of Donetsk region is carried out, certain conclusions are made about the changes that took place in the studied period. Recommendations for improving the efficiency of investment attraction are provided. Scientific novelty. The main factors that constrain the attraction of investment in the economy of Ukraine and in the economy of Donetsk region are given. The most priority branch of the region’s economy for investors has been identified, and a structural analysis of capital investments in the region’s economy has made it possible to find out at the expense of which funds the enterprises are renewing their fixed assets. There are some suggestions for effective investment. Prospects for investing in the national economy are substantiated. Practical significance. The results of the study form a practical basis for finding additional sources of investment in economic activity of industrial enterprises on a sustainable basis.

Solar Renewable Energy Credit Price Volatility and Investment Returns: Have Policies Stranded Capital Investment?

Commonwealth ◽  
2017 ◽  
Vol 19 (1) ◽  
Author(s):  
Somayeh Youssefi ◽  
Patrick L. Gurian
Keyword(s):  
Solar Energy ◽  
Capital Investment ◽  
Supply And Demand ◽  
Price Volatility ◽  
The United States ◽  
Investment Model ◽  
Capital Investments ◽  
Demand Model ◽  
Market Prices ◽  
Investment Returns

Pennsylvania is one of a number of U.S. states that provide incentives for the generation of electricity by solar energy through Solar Renewal Energy Credits (SRECs). This article develops a return on investment model for solar energy generation in the PJM (mid-­Atlantic) region of the United States. Model results indicate that SREC values of roughly $150 are needed for residential scale systems to break even over a 25-­year project period at 3% interest. Market prices for SRECs in Pennsylvania have been well below this range from late 2011 through the first half of 2016, indicating that previous capital investments in solar generation have been stranded as a result of steep declines in the value of SRECs. A simple conceptual supply and demand model is developed to explain the sharp decline in market prices for SRECs. Also discussed is a possible policy remedy that would add unsold SRECs in a given year to the SREC quota for the subsequent year.

The value relevance of capital expenditures and the business cycle

2018 ◽  
Vol 35 (3) ◽  
pp. 386-406 ◽  
Author(s):  
Sungsoo Kim ◽  
Brandon byunghwan Lee
Keyword(s):  
Business Cycles ◽  
Stock Returns ◽  
Value Relevance ◽  
Financial Data ◽  
Capital Expenditures ◽  
Capital Investments ◽  
Content Type ◽  
Market Participants ◽  
Business Conditions

Purpose This paper aims to clarify the relationship between corporate capital investments and business cycles. Specifically, a major purpose of this paper is to investigate whether there are inherent differences in corporate investment patterns and whether the stock market exhibits different reactions to the value relevance of capital expenditures across different business conditions. Design/methodology/approach The authors use pooled ordinary least square regressions with archival stock price data and financial data from CRSP and Compustat. The authors regress buy and hold returns on the main test variables and control variables that are identified to be related to the investment literature. Findings This paper provides empirical evidence that US firms’ capital expenditures are more value relevant to capital market participants during expansionary business cycles and, conversely, less value relevant during contractionary business cycles. This evidence validates previous literature that has found the information content of capital expenditures to be uncertain and cyclical in nature. Research limitations/implications The main limitation of this paper, as with other work dealing with stock returns and archived financial data, is that the authors try to match stock returns with contemporaneous financial data in an association study context. The precise mapping in this methodology is always challenging and has been questioned in the literature. Practical implications This paper has various implications for capital market participants. Capital expenditures are good news for investors, but they will make a better investment when firms make capital investments during an expansionary period. Creditors deciding whether to extend credit to firms would benefit from more accurate information on the viability of long-term investment. The results also suggest to creditors that an excessive number of loans during the contractionary period may be suboptimal because firms’ returns on capital investment are smaller in that period than in the expansionary period. Social implications Given the valuation of implications of long-term capital investments across different business conditions, this paper sheds light on asset allocations for mutual funds, institutional investors who are entrusted with investors’ investments including retirement funds. Originality/value This paper fulfils an identified need to study how capital investments are valued differently across different business conditions.

Design of Pipe Steel Hot Rolling Technological Process Based on System Analysis

2021 ◽  
Vol 316 ◽  
pp. 449-454
Author(s):  
Elena Shiriaeva ◽  
Marina Polyakova
Keyword(s):  
Technological Process ◽  
Hot Rolling ◽  
Steel Sheet ◽  
System Analysis ◽  
Pipe Steel ◽  
Rolling Process ◽  
Technological Operation ◽  
Hot Rolling Process ◽  
Wide Range ◽  
Material Energy

Pipe steel sheet is manufactured by hot rolling technological process. Technological regimes of every technological operation can vary in a wide range affecting pipe steel sheet properties. It is shown that system analysis provides the effective way for searching out the basics for mathematical modeling of multi-variant technological processes. The detailed scheme of steel sheet hot rolling process is presented, determining its input and output parameters. Flows of material, energy, and information are presented for each technological operation. Metallurgical concept of pipe steel manufacturing is shown as the basics for competitive product manufacturing. It is proposed to analyze the hot rolling process as a set of target functions, which will make it possible to achieve the pipe steel sheet with the desired level of mechanical properties. The proposed approach based on system analysis allows to find tendencies for further development of hot rolling.

Establishment of the symbiosis in Convoluta roscoffensis

1983 ◽  
Vol 63 (2) ◽  
pp. 419-434 ◽  
Author(s):  
A. E. Douglas
Keyword(s):  
Central Region ◽  
Related Species ◽  
Initial Contact ◽  
Structural Studies ◽  
Algal Population ◽  
Recognition Mechanism ◽  
Wide Range ◽  
Algal Photosynthesis ◽  
Convoluta Roscoffensis

Of a wide range of algae tested, juvenile Convoluta roscoffensis ingested only Platymonas convolutae, the natural symbiont; related species of the genera Platymonas, Prasinocladus and Tetraselmis; and Chlamydomonas coccoides. Platymonas convolutae was not ingested to a greater extent than Prasinocladus marinus, Tetraselmis tetrathele and Tetraselmis verrucosa, or taken up in preference to T. verrucosa when animals were exposed to a choice between the two species. Convoluta ingested fewer cells of C. coccoides than P. convolutae and related species. Uptake of P. convolutae was not affected by pretreatment of the cells with lectins or proteases, incubation in media of pH 5·0–9·0 or inhibition of algal photosynthesis, but was substantially reduced if the algae were killed.Cells of P. convolutae, Pr. marinus, T. tetrathele and T. verrucosa persisted and divided in juvenile Convoluta. The algal population in the worms started to increase 2–3 d after ingestion and within 15–20 d the animals were uniformly green. These algae formed a viable symbiosis with Convoluta and promoted the growth of the animals. In contrast, C. coccoides cells did not persist in Convoluta for more than 12–24 h a nd were probably disrupted.P. convolutae cells lost their thecae within a few days of ingestion and before migration from the central to sub-epidermal region of the animal. Animal vacuoles surrounded recently ingested thecate algae. Structural studies of the adult symbiosis suggest that the algae were also intracellular and enclosed in vacuoles.It is proposed that Convoluta discriminates against algae unrelated to P. convolutae on initial contact and in the central region of the host. The nature of the recognition mechanism(s) has not been established.

scholarly journals The Success of Japanese Foreign Market Investments in Hungary

2021 ◽  
Vol 12 (4) ◽  
pp. 92-98
Author(s):  
Botond Kálmán ◽  
◽  
Arnold Tóth
Keyword(s):  
Economic Growth ◽  
Market Access ◽  
Dominant Role ◽  
Foreign Market ◽  
Foreign Direct Investments ◽  
Capital Investments ◽  
Positive Effects ◽  
Special Area ◽  
Role Based ◽  
Japanese Fdi

This study examines the recent history and current state of a special area of Japanese-Hungarian economic relations, foreign direct investments (FDI) in Hungary. We reviewed the flow of Japanese capital into Hungary. Foreign direct capital investments can improve productivity on the one hand via technology transfer, and one the other hand, they may have further positive effects through corporate relationships, such as market access or improved financing conditions. Through these means, they strengthen economic growth. When analyzing the data on the historical development of Japanese investment, we showed that the automotive industry plays a dominant role. Based on our results, the influx of Japanese FDI into the Hungarian economy is mutually advantageous to both parties. The most important result for Hungary was economic growth and for Japan, the easier access to the EU markets. Japanese-Hungarian relations are not limited to economic cooperation, they are present in everyday life and continue to grow closer.

scholarly journals Transformation of banking in the new paradigm strategy of Ukraine’s development

2018 ◽  
pp. 20-33
Author(s):  
Bohdan Lutsiv
Keyword(s):  
Dynamic Model ◽  
Industrial Policy ◽  
Banking Sector ◽  
System Analysis ◽  
Banking System ◽  
Modern World ◽  
Capital Investments ◽  
New Paradigm ◽  
Systematic Analysis ◽  
Integration Strategies

Transformation of banking in the new paradigm strategy of Ukraine’s development Bohdan Lutsiv Abstract The article considers the issues of transformation of banking into the new strategy of Ukraine’s development in conformity with the accelerating comprehensive transformations of the modern world. It is found that the crisis of globalization is deepening, resulting in the end of the industrial matrix of globalization and the beginning of post-industrial paradigm. It is pointed out that due to the networking transformation of the world a strategic perspective is rather an apolar world than a multipolar one, or a world of equivalent entities. This signals the end of Euro-centrism. In the paper, it is shown that Ukraine’s course to European integration should correlate with current Euro-integration strategies. The systematic analysis of the modern state of the economic backwardness of Ukraine was carried out and the dynamic model of development with the new industrial policy in the reform of the economy was used. A system analysis of the current economic underdevelopment in Ukraine is carried out and a dynamic model of development with a new industrial policy is proposed. Taking into account the deterioration of investment climate, Ukraine’s position in the global investment flows is determined. The structure of capital investments is analyzed by funding sources. In order to mitigate investment risks, a scheme of interaction between tools and instruments used for attracting investments to Ukraine’s economy is proposed. It is stressed that a sustainable stabilization of Ukraine’s banking system is a key driver for the recovery of the real sector. Since the banking sector has been and continues to be a leader and a driving force for reforms in the country, the current state of Ukraine’s banking system after a “big banking cleansing” is assessed. It is concluded that restoration of lending is an essential result received from the transformation of banking. The roots of non-performing loans in bank portfolios are defined and ways for restructuring non-performing loans are outlined. It is noted that addressing the problem of insider lending plays an important role in improving loan portfolios.

scholarly journals Regional features of the arctic states

2020 ◽  
Vol 4 (2) ◽  
pp. 116-128
Author(s):  
P. Sevost'yanov ◽  
Yu. Davydova ◽  
A. Matyukhin
Keyword(s):  
System Analysis ◽  
Arctic Region ◽  
State Regulation ◽  
The Arctic ◽  
Modern World ◽  
Regional Features ◽  
Eastern Hemisphere ◽  
Wide Range ◽  
Historical Methods ◽  
The Arctic Region

The purpose of the article is to identify regional features of the Arctic States of the Eastern hemisphere. The Arctic region has enormous geopolitical and economic potential, and in the twenty-first century it is becoming one of the main objects of conflict of interests of the leading powers of the modern world. In their research, the authors used experimental-theoretical methods, as well as system analysis, logical and historical methods. The results of the analysis of the literature used, actual data, and research searches have shown that the key element in determining the region is its borders. There are many definitions of the Arctic, but due to the Northern features, none of them fully corresponds to the tasks of state regulation of territories. Along with the General assessment of the region and space, the article analyzes in detail various approaches to determining the borders of the Arctic region of all the countries participating in the Eastern hemisphere: Denmark, Russia, Finland, Sweden, and Iceland. A retrospective analysis of the existing definitions for a wide range is carried out. The conclusions summarize that among the Arctic countries, the astronomical approach in combination with the administrative and political definitions of the participating countries themselves prevails, which begins to form trends towards changing approaches to the Arctic as a whole.

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