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Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series , 2007,
Abstract: This paper analyzes the impact of Government decisions on the enterprise investment decision, taking into account the important role of the investments in economic growth. After presenting the fiscal policy instruments used by the EU countries to stimulate investments, we notice that the most widely used instruments are fiscal deductions, fiscal credits and tax rate reduction.On the other hand, in Romania we observe the deductible caracter of interest expenditures and fixed assets break-even expeditures, and although the 16% rate of income tax. In conclusion, the flat tax offers some advantages, among which we have observed the increase of the investment level, the increase of the budgetary incomes as a result of the increase of the tax basis, the increase of the attractiveness of the economic environment, with a positive impact towards attracting foreign investors, the decreasing of tax evasion.
Assessment of the economic consequences of investment decisions companies
O.Yu. Shilova
Marketing ì Mened?ment Innovacìj , 2011,
Abstract: In the article the features of investment decisions taking into account the existing capacity to attract a variety of sources of funding. We propose a methodological approach to assessing the impact of the capital structure of the investment project entity in financial and economic condition of the enterprise as a whole.
Joint Investment and Operation of Microgrid  [PDF]
Hao Wang,Jianwei Huang
Computer Science , 2015,
Abstract: In this paper, we propose a theoretical framework for the joint optimization of investment and operation of a microgrid, taking the impact of energy storage, renewable energy integration, and demand response into consideration. We first study the renewable energy generations in Hong kong, and identify the potential benefit of mixed deployment of solar and wind energy generations. Then we model the joint investment and operation as a two-period stochastic programming program. In period-1, the microgrid operator makes the optimal investment decisions on the capacities of solar power generation, wind power generation, and energy storage. In period-2, the operator coordinates the power supply and demand in the microgrid to minimize the operating cost. We design a decentralized algorithm for computing the optimal pricing and power consumption in period-2, based on which we solve the optimal investment problem in period-1. We also study the impact of prediction error of renewable energy generation on the portfolio investment using robust optimization framework. Using realistic meteorological data obtained from the Hong Kong observatory, we numerically characterize the optimal portfolio investment decisions, optimal day-ahead pricing and power scheduling, and demonstrate the advantage of using mixed renewable energy and demand response in terms of reducing investment cost.
An Optimal Multiple Stopping Approach to Infrastructure Investment Decisions  [PDF]
Eric Dahlgren,Tim Leung
Quantitative Finance , 2015,
Abstract: The energy and material processing industries are traditionally characterized by very large-scale physical capital that is custom-built with long lead times and long lifetimes. However, recent technological advancement in low-cost automation has made possible the parallel operation of large numbers of small-scale and modular production units. Amenable to mass-production, these units can be more rapidly deployed but they are also likely to have a much quicker turnover. Such a paradigm shift motivates the analysis of the combined effect of lead time and lifetime on infrastructure investment decisions. In order to value the underlying real option, we introduce an optimal multiple stopping approach that accounts for operational flexibility, delay induced by lead time, and multiple (finite/infinite) future investment opportunities. We provide an analytical characterization of the firm's value function and optimal stopping rule. This leads us to develop an iterative numerical scheme, and examine how the investment decisions depend on lead time and lifetime, as well as other parameters. Furthermore, our model can be used to analyze the critical investment cost that makes small-scale (short lead time, short lifetime) alternatives competitive with traditional large-scale infrastructure.
Pop Mugurel Gabriel Sorin
Annals of the University of Oradea : Economic Science , 2012,
Abstract: We propose in this study, to make an analysis of the influence of the investment decision on the return of the company. The goal of our research is the quantification of the influence of investment activity on profitability. Fulfilling such a goal has forced us to research the existing literature in this field, both in our country and abroad, ascertaining the existence of a unitary meaning of the criteria for investment projectsa€ evaluation. Of course, the realization of such research was possible only after close consideration of the opinions expressed in the relevant literature on this area. Our research aims to be a theoretical-applied one. It is based on comparisons we make between the two criteria for assessing investment projects namely: that of net present value (VAN) and internal rate of return (RIR). By creating a suite of phase calculations, based on information from economic and financial documentation of corporate investments, we separated the influence of the policy investment decisions on profitability. We are convinced that the most accurate determination of the influence of policy investment decisions on profitability helps the financial management, facilitating the process of adopting the most appropriate policy decisions that ultimately leads to the objectives formulated by the financial policy. The result of our research is the quantification of the influence of investment policy decisions of the firm on profitability.
Research on Knowledge Resources Investment Decisions in Cooperated New Product Development  [PDF]
Jiangbo Zheng, Yanan Wang
Journal of Service Science and Management (JSSM) , 2018, DOI: 10.4236/jssm.2018.111010
Abstract: Existed researches on resources investment decisions in cooperated new product development always omit the enterprise’s knowledge level, often ignore the impact of knowledge resources on the value of new products and cooperation. Based on the existing research on transactional behavior among supply chain enterprises, most of them consider the transaction of physical substances and less consider knowledge resources, this paper takes the cooperated R & D among enterprises as an example to explore the optimal resource investment decisions of cooperative participants under the condition that both parties invest knowledge resources. By constructing the Stackelberg game model, we discussed the optimal cooperative decisions of manufacturers and suppliers, and the influences of different factors on cooperative decision-making.
Megaprojects, Complexity, and Investment Decisions  [PDF]
Uyiosa Omoregie
Open Journal of Business and Management (OJBM) , 2016, DOI: 10.4236/ojbm.2016.42023
Abstract: The need for basic infrastructure for economic development in developing countries has made megaprojects popular, in such parts of the world. Megaprojects can be very important to a host country: the Nigeria Liquefied Natural Gas (NLNG) Project has contributed about four percent of Nigeria’s Gross Domestic Product. However, due to the complexity involved with megaprojects, project failure rate is high around the world, especially so for upstream oil and gas projects. This paper recommends a systems approach to megaprojects analysis, for a better understanding of these projects: from the pre-final investment decision (FID) stage through project execution. This author believes that a system approach to megaprojects analysis should provide better decision quality for decision makers.
Cultural Factors that Shape Investment Decisions
Samuel S Boye
Pakistan Journal of Social Sciences , 2012,
Abstract: Models are abstracts of reality and the primary objective for ‘modeling` is to provide us with the ability to manipulate reality without causing any destruction. But for a model to be useful it has to be requisite, that is, it must contain all the relevant variables of the reality it intends to represent. Usually, economic models do not spell out the procedures by which decisions of the economic unit are made; moreover they tend to be generic without any discrimination on aggregate variables for decision makers, like culture. If anything at all, behavioural models capture cultural influences implicitly. This study is the report of a study to establish and document how investment decisions are made, paying particular attention to the nature of the factors that determine how the prospective investor goes through the choice of investment instruments. It is an attempt to explicitly capture the influences of culture on the decision making process. An attempt to find an answer to the question as to why traders in Ghana engage in a savings which requires that they make a payment for the savings instead of depositing the money in a savings account with a bank where they would have received interest on it. The present study was motivated by the suspicion that a hidden cultural factor influenced this rather strange phenomenon. Generally Western thinking is that investment decisions must be fully analytical. Consequently, several organizations exist with the primary objective of providing information to assist in the careful and systematic analysis of investment opportunities. But this presupposes that the decision maker himself is analytical in his thinking, which is only true if considered in Western environments. Unfortunately, that may not hold true in other societies, as the observed phenomenon reveals is not the case in at least the Ghanaian environment. This preliminary investigation seems to suggest otherwise.
A study on relevance of demographic factors in investment decisions
N. Geetha,M. Ramesh
Perspectives of Innovations, Economics and Business , 2012,
Abstract: This study attempts to find out the significance of demographic factors of population such as gender, age, education, occupation, income, savings and family size over several elements of investment decisions like priorities based on characteristics of investments, period of investment, reach of information source, frequency of investment and analytical abilities. The study was made by conducting a survey in Nagapattinam district of Tamilnadu, South India and the statistical inferences were deduced using computer software tools. The study reveals that the demographic factors have a significant influence over some of the investment decision elements and insignificant in others elements too. The study also discloses a general view of investors perception over various investment avenues.
Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series , 2009,
Abstract: This paper presents the impact of the tax policy on the enterprises decisions about the location of investment in the context of globalization. We study this aspect for the European Union, seen like a successful answer to the globalization provocations.First of all we define the globalization and secondly we find that the changes of economic envi-ronment (the creation of Single Market and of the Monetary Union) have added a greater relevance for the tax policy in the investment decision making process, because the fiscal competition (through lower tax levels and fiscal facilities) can determine the investment’ “delocalization” (geographically moving the location of an investment).Finally, we conclude that the taxation plays an important role in the investment decision making process, but an enterprise must take into consideration also other aspects (the infrastructure, the available labour, the legislation, the quality of the local services, etc.) if it wants to be efficient.
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