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The Sustainable Firm: from Principles to Practice  [cached]
Andrea Stocchetti
International Journal of Business and Management , 2012, DOI: 10.5539/ijbm.v7n21p34
Abstract: This article whishes to contribute at filling the gap between the theoretical perspective on business sustainability and the actual need for procedures of preliminary evaluation and control for sustainability performances. A framework for the implementation of a sustainability-oriented approach in firm’s management is proposed. The framework assigns a crucial role to the involvement of middle management and to the definition of a control system that emphasizes interdependencies between firm’s processes. A specific attention is dedicated to the complexity triggered by relationships with external and internal stakeholders. The impact of identifiedinitiativesis assessed with an importance-performance criterion that weight the effects of planned actions with the importance assigned by the process leader (or process owner) to each specific issue. Finally, the feasibility of the various actions is investigated on the basis of a combination of the financial and organizational effort required, together with the potential impact on overall firm’s sustainability assessed in the previous stage.
Firm Projects, NPV and Risk  [PDF]
Jana Hudakova,Ondrej Hudak
Physics , 2005,
Abstract: An investor is estimating net present value of a firm project and performs risk analysis. Usually it is created portfolio hierarchies and make comparison of variants of project based on these hierarchies. Then one finds that portfolio which corresponds to the particular needs of individual groups within the firm. We have formulated a new type of NPV analysis based on the fact that normal distribution of NPV is observed for some projects in some industries. The expected risk of the project is given by variance, in which there is the standard deviation of the year n cash flow, the standard deviation of the investment I in the time zero, the correlation coefficient of the year n cash flow deviation from the average and of the investment I at time zero deviation from the mean investment at time zero, the correlation coefficient of the year n cash flow deviation from the average and of the year n' cash flow deviation from the average. The aim function of the investor into the project was found. The investor is characterized by the constant A. The larger constant A the larger preference is given to the project NPV and the larger acceptable risk of the project, and vice versa. We have found that there are contributions in which we have the aim-function-like contribution to the aim function, which is discounted and in which the risk of the n-th year risk is discounted in the second order. Further there is aim-function-like contribution to the aim-function which comes from the initial investment I and its risk.
Small Firm Internationalization – A Developing Country Perspective  [cached]
Tendy Matenge
International Journal of Business Administration , 2011, DOI: 10.5430/ijba.v2n4p103
Abstract: This study investigates small firm internationalization from a developing country perspective. Despite the vast literature on small firm internationalization, the differences that exist between developing countries and developed countries remain unexplored. Therefore, current theories are influenced by processes and practices in developed countries, which are then applied blindly to developing countries. This study therefore asks: What are the factors that owners/managers in developing countries understand to influence the scope and pace of internationalization of their small firms? An interpretive approach is adopted to explore the factors that influence internationalization of small firms from developing countries. Consequently, case data from four Botswana firms were collected and analyzed. The literature review and case studies are used to propose a framework of a small firm internationalization from a developing country. The framework identifies major factors that influence small firm internationalization in this context as being; nationalentrepreneurial culture, government policies, networks, innovative products, market knowledge and commitment.
Banking Firm, Risk of Investment and Derivatives  [PDF]
Udo Broll, Wing-Keung Wong, Mojia Wu
Technology and Investment (TI) , 2011, DOI: 10.4236/ti.2011.23023
Abstract: The economic environment for financial institutions has become increasingly risky. Hence these institutions must find ways to manage risk of which one of the most important forms is credit risk. In this paper we use the mean-variance (mean-standard deviation) approach to examine a banking firm investing in risky assets and hedging opportunities. The mean-standard deviation framework can be used because our hedging model satisfies a scale and location condition. The focus of this study is on how credit risk affects optimal bank investment in the loan and deposit market when derivatives are available. Furthermore we explore the relationship among the first- and second-degree stochastic dominance efficient sets and the mean-variance efficient set.
Are biofuels sustainable? The EU perspective
Sam Cockerill, Chris Martin
Biotechnology for Biofuels , 2008, DOI: 10.1186/1754-6834-1-9
Abstract: This review argues against this conclusion. Globally, the development of an efficient biofuels industry is an environmental and economic imperative and the UK should leverage its capabilities in life sciences, energy and process industries to help meet this challenge. The EU is right to promote 'sustainable' biofuels through the Renewable Energy Directive, provided that sustainability criteria are implemented effectively and applied consistently.The remit of the EAC, established in 1997 by the newly elected Labour Government, is to advise the UK Government on the likely impact of current policy on environmental protection and sustainable development. Sixteen members of parliament drawn from across party lines form the current committee, the majority of whom are philosophers, historians and agricultural college graduates, with one scientist (Dr Desmond Turner) thrown in for good measure. Since July 2007, the committee has considered an impressive set of oral and written evidence from research organisations, pressure groups, UK Government departments, industry bodies and corporations.One week before the EAC's report came out, the Royal Society published its own report 'Sustainable Biofuels: Prospects and Challenges' [2]. The Royal Society arrived at a different conclusion, that biofuels have the potential to be an important part of the future transport energy mix, and can contribute to greenhouse gas (GHG) reduction and energy security subject to two caveats:1. not all biofuels offer GHG reductions and energy security benefits, and different biofuels must be assessed on their respective merits;2. this assessment must include agronomic, environmental, economic and social evaluation of the complete cycle including up-front land use changes, and address global and regional impacts, not just local ones.Like the EAC, The Royal Society's science policy team produce independent advice aimed at influencing UK Government policy. In contrast to the EAC, the Royal Society's work
Board Advising, Risk-Taking, and Firm Performance  [PDF]
Jianping Li
Journal of Financial Risk Management (JFRM) , 2016, DOI: 10.4236/jfrm.2016.53015
Abstract:
The corporate risk-taking has caught public attention due to the global financial crisis. Using a sample of listed companies in China from 2008 to 2015, this paper investigates how the role of board advising affects corporate risk-taking and the possible economics consequences of risk-taking. The empirical results show that the percentage of advisory directors is positively associated with the level of corporate risk-taking, and the interaction of the percentage of advisory directors and risk-taking is positively correlated with the future firm performance. However, these effects are not significant at all in the state-owned enterprises due to government’s interference.
RISK MANAGEMENT IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT  [PDF]
Gheorghe Mirela
Annals of the University of Oradea : Economic Science , 2012,
Abstract: The objective of the present paper is to present the singularities of risk management in the context of the new requirements and strategies adopted by the European Union in order to ensure sustainable development at organizational level. The paper wishes to approach the complex problem of risk management, given the premise that risk needs to be tackled as a conscious and calculated assumption of reality. The motivation for this research originates from the necessity of having a holistic approach for the risk management process, which will allow risk analysis and evaluation at a strategic, operational, financial, environmental and social level. This integrating approach, the continuous and systematic analysis and evaluation of all risks will constitute a real fundament for the sustainable development of all organizations, generating an efficient management system for all possible risks and opportunities resulting from these risks. The present research is based on the analysis of specialized literature, identifying the characteristics of the risk management process at conceptual level, in order to ensure the organization ¢a a ¢s sustainable development, the managers ¢a a ¢ perception regarding the importance of this process and the necessity for integration in the leading structures of the organization. The adopted research methodology is based on activities specific for descriptive research. Modern management needs to be risk-sensitive, to follow the implementation and utilization of reliable and efficient systems, to elaborate action plans and security schemes which include ranking the objectives on operational levels, adaptable to the permanent changes. An efficient management system does not limit itself to a ¢a short time horizon ¢a a ¢, also but considers further perspectives. In these situations, proactive management turns into prospective management, its purpose being to identify the risks that might arise as a consequence of strategy or environment modifications. Today ¢a a ¢s organizations need to fully absorb the concept of sustainable development and risk management into their strategy, not only to minimize potential losses but also to exploit new business opportunities which result from the principles of sustainable economic development.
Sustainable Housing Development in Africa: Nigerian Perspective  [cached]
O. Sunday Odebiyi
International Business and Management , 2010,
Abstract: The subject, 'Sustainable development' is relevant and applicable in all areas of development and management. Its grand characteristics are its abilities to enhance, protect as well as sustain growth in all ramification. This paper aims at defining sustainability or sustainable development by emphasizing the importance and implications of cultural values, which is believed to be a source of a sustainable development, by positioning 'cultural values' as a critical key to sustainable development in Africa. It seeks to promote the blend of low-cost indigenous practices and high technology of the contemporary building practices (trado-modern approach) for mass housing development for low income earners. In order address the ever growing concern of housing poverty, it is a vital necessity to review cultural legacies embedded in society. Sustainable strategies which dictate a new direction in this mainstream will bring a positive impact on the environmental, social and economic systems. The paper reviews literature on African developments in relation to low-income mass housing provision in Nigeria. It is relevant in sustainability in its emphasis on adherence to cultural values which is believed to be a pillar for sustaining any development. The paper is a developmental discourse on Nigerian perspective with an overview of Sub-Saharan Africa for low-cost (affordable) mass housing development. Key word: Africa; Nigeria; culture; Indigenous architecture; Sustainable development
Leverage, Default Risk, and the Cross-Section of Equity and Firm Returns  [PDF]
Frederick M. Hood III
Modern Economy (ME) , 2016, DOI: 10.4236/me.2016.714143
Abstract: I examine the two components of default risk and how they relate to stock returns, size, and book-to-market. High default risk firms do not necessarily have high levels of systematic asset risk. I show that the two components of default risk, asset volatility and leverage, are negatively related. I provide evidence that leverage differences across firms are not reflected in equity betas. Therefore, I construct firm returns using estimates of firm’s debt returns. The results indicate that a large part of the value premium and some of the size premium can be explained by differences in leverage across firms.
Consistent Aggregation of Generalized Sustainable Values from the Firm Level to Sectoral, Regional or Industry Levels  [PDF]
Natalia Kuosmanen,Timo Kuosmanen,Timo Sipil?inen
Sustainability , 2013, DOI: 10.3390/su5041568
Abstract: This study presents a systematic method for aggregating firm level sustainable value indicators to sector, region or industry levels. The proposed method applies the generalized sustainable value that is based on frontier production functions. The method is illustrated by an empirical application to the Finnish crop and dairy sectors, where the benchmark technology is estimated by data envelopment analysis. Our efficiency assessment shows that the representative crop farm achieves only about a half of its potential output. Efficiency of the representative dairy farm is somewhat higher.
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