HUMAN CAPITAL AS A MEDIATING FACTOR OF STRUCTURAL CAPITAL AND VALUE ADDITION

Structural capital is one of the components of intellectual capital. The measurement is essential in order to obtain the real value of intellectual capital and its influence on the profitability of the business. The measurement of structural capital value addition can be done directly or via the mediating effect of another component of intellectual capital, i.e. human capital or relational capital. Human capital has been selected as the mediating component for this study based on findings of previous studies that advocate its importance as a major determinant that enhances structural capital changes. This paper aims at measuring the influence of human capital as a mediating factor on the capacity of structural capital value addition for the period of 2002-2018, for Galicia (Spain) and Portugal.

Mathematical model in the banking on the ex ample of simple percentage

Mathematical modeling is the description of the reality in the language of the mathematics and formal logic which creates symbols, mathematical relation and also strictly determined rules of employing them (Jaworski, Micał 2005). This article is devoted to the structure of the model describing the process of increasing the capital value within the time which basis constitutes the calculations based on the rule of simple percentage. In its content are determined the chosen, basic terms associated with the financial activity of the bank (including interest rate, interest, discount). Mathematical models are also discussed enabling to count: the final capital for the initial capital with the fixed annual interest rate for the set time, the initial capital which generated the determined final capital with the fixed annual interest rate for the set time, the interest rate on the basis of the initial and final capital after certain time, the initial value of the loan for the amount of the payoff within the fixed discount rate within the certain time, the value of the commercial discount for one year on the basis of the initial value of the loan and the amount of its payoff. The presented content will supply the reader with the knowledge in calculations applied in the banks associated with the simple percentage. The article constitutes the example of combination of the theoretical knowledge with the practice and it also shows how important mathematical modeling is in the modern world.

Economic world: logic

The article examines logical aspects of the economic universe through the lens of its key elements – resources, institutions and interconnections between them. It is emphasized that starting from the New Times one of the main issuesof economic science has been the study of logic, the historical tendency of movement of two key factors (resources): capital and labour. At this stage logical preconditions of the analysis of natural, financial, technological resources acquire considerable significance. The logic of capital and labour is investigated in the context of economic heritage of A. Smith, K. Marx, R. Luxemburg, representatives of the Cambridge school, modern authors (T. Piketty). Starting from ХІХ century, the correlation between capital value and labour value in the national income has been considered the main integral indicator reflecting the state and logic of labour. The logic of natural resources is most fully exemplified by the concept of sustainable economic development, which reflects the content and types of interrelations between the society and the natural environment both at present and in future. At the same time access, distribution and use of resources should take place on the basis of the expenditures-income principle and continue for each generation in a logical and fair way. The logic of technological resources is revealed primarily through the lens of industrial revolutions. Logical dimensions of financial resources have been represented in the works of J.S. Mill, J. Schumpeter and Ch. Kindleberger. Ch. Darwin’s theory of evolution is the basis of institutional logic. Traditions, customs, their evolution, influence on an individual’s behaviour and the philosophy of American pragmatism were the foundation of logic of Veblen’s institutionalism. The logic of relations between resources and institutions is based on the works of B. Russell, A. Whitehead and R. Carnap. Interactionof resources and institutions has been researched in the light of using resources by different generations of human communities and was called ‘the logic of the play between generations’.

Nature, Labour and Agriculture: Towards Common Ground in New Histories of Capitalism

Goods developed and exchanged in the production of capital value are commodified nature that is acted upon by humans. Yet new histories of capitalism have for the most part ignored nature as impacted by this economic, social, and environmental system, and the agency of nature in commodification processes. This article responds to the call from a leading historian of capitalism to consider “the countryside” as a neglected geography of human-nature relations that is integral to generating capital value. It asks whether co-exploitation of “the soil and the worker,” as Marx stated of industrialising agriculture in Britain, also occurred in Australia. To answer this, I have drawn together histories of environment, economy, and labour that are concerned with soils and labour for agriculture, which has resulted in a twofold conclusion. First, it is a feature of capitalist production in Australia that the tenacity of “yeoman” or family farming as the model for Australian market-based agriculture did not exploit labour. Farming has, however, transformed Australian soils in many places from their natural state. This transformation is viewed as necessary from a resource perspective but damaging from an ecological view. Second, Australian historians of labour and environment do not participate in international debates about whether or how to consider the historical intersection of nature and labour, or, indeed, nature, labour, and capitalism. The reasons for this are historical and methodological. The environment-labour divide among historians is relevant as global environmental and social crises motivate the search for new sources and relational methods to historicise these connected crises.

Well-Digging

Wells are of great importance in this arid zone to provide for household needs and water livestock. Well-digging by individual households in Kala has become a major activity, the number growing from 16 in 1980 to 43 in 1983. Private wells are dug mainly to exchange water with visiting livestock keepers during the dry season, in exchange for the dung from the herd, which builds up soil fertility in the village fields, and produces higher millet yields. Analysis of the profitability of well-digging explores costs and returns, for the four different household types, A, B, C, D in order to understand the wide range in returns from this investment over time. Risks to the well’s capital value, ways to control this risk, and flexibility in such an investment are described before assessing the consequences for those households unable to invest in this asset.

The Natural Capital Value of the Seagrass Posidonia oceanica in the North-Western Mediterranean

Posidonia oceanica is an endemic Mediterranean seagrass used as a ‘biological quality element’ in monitoring programmes of the EU Water Framework Directive, providing information about coastal ecosystems status. The regression of P. oceanica meadows caused a growing interest among policy makers to assess the value of seagrasses and to increase their protection. An evaluation of P. oceanica meadows located in the Ligurian-Provençal basin (NW Mediterranean) through a biophysical approach is here developed. Six meadows located in Liguria (Italy) and Corsica (France) were investigated by applying the emergy analysis to assess the natural capital (NC) stocked by leaves and rhizomes components. Results highlighted the importance of carrying out an analysis of the variations in the NC value in both components: rhizomes defined the growth stage and the capacity to store NC over time; leaves provided information on the variability due to disturbances in the water column. Emergy analysis allows defining the NC, in terms of resources needed to maintain the meadows and to provide services to coastal communities. This research is inserted into the effort of incorporating the NC evaluation into marine planning and decision making to achieve nature conservation goals, while ensuring the sustainable exploitation of marine resources.

INVESTMENT ASPECTS OF CAPITALIZATION UNDER MODERN CONDITIONS OF ENTERPRISE ACTIVITY

The post-industrial specificity of social processes has led to significant changes in all spheres of economic activity, including capital formation. The immanent property of the processes and results of capitalization is their investment nature, which acquires significant changes in modern business conditions, which updated the implementation of this research. According to the results of critical analysis of the content of the category of «capitalization», scientific approaches to its definition were streamlined, which allowed further research to focus on more significant points that characterize the investment specifics of the studied phenomenon. Based on the current provisions of the theory of capitalization, which are determined on the basis of interrelated categories «Capital — Value — Growth» (in the classical interpretation of the theory of capitalization such concepts are «Capital — Cost — growth») it was found that the investment specifics of modern processes and results it is expedient to study on the basis of the concept of impact investment, which provides for the priority of investment not only in commercial but also socially oriented spheres of life, which provide socially significant and environmental effects. The study proved that the key cost results of capitalization in the current conditions of enterprises are dependent on the level of development of unfunded and dematerialized types of capital, areas of activity and investment. Based on the use of the rank correlation method, the relationship between capital formation factors and key cost indicators, calculated on the basis of the fundamental cost approach, was determined. According to the results of research of 19 industrial enterprises of Ukraine during 2009—2018, a high level of dependence between the volume of investments, value results of capital formation and indicators of the fundamental value of capital and its varieties was proved. It is determined that the consequences of investing in the development of management and communication technologies, digitalization of business processes have a fairly high level of connection with the fundamental cost of operating capital of the studied enterprises. The conclusion about strengthening of influence of intellectual and social factors on cost results of capitalization of the enterprises is made. Keywords: capitalization, investment impact, fundamental cost of capital, value results, invested capital, industrial enterprises. Formulas: 0; fig.: 3; tabl.: 0; bibl.: 15.

Pengaruh Intellectual Capital terhadap Kinerja Keuangan pada PT. Bank Rakyat Indonesia dan PT. Bank Negara Indonesia

This research aims to test the influence of intellectual capital on the performance of the company. Intellectual Capital is measured by the VAIC method which has three variables namely Value Added Capital Employed, Value Added Human Capital and Structural Capital Value Added, while the company's performance is measured using Return on Assets. This study uses PT. Bank Rakyat Indonesia and PT. Bank Negara Indonesia data during the period 2015-2020. The analysis method used is regression analysis. The results of this study prove that only Value Added Human Capital and Structural Capital Value Added have a significant positive effect on Return on Assets. The Value Added Capital Employed has no effect on Return on Assets. This shows that PT. Bank Rakyat Indonesia and PT. Bank Negara Indonesia still rely on their physical assets as measured by physical capital followed by human capital in creating added value for the company which ultimately has an impact on improving bank performance.