1,720,983 research outputs found
TAX EFFECTS ON FIRM'S DECISIONS UNDER UNCERTAINTY: A NUMERICAL ANALYSIS
Full text linkTAX EFFECTS ON FIRM'S DECISIONS UNDER UNCERTAINTY: A NUMERICAL ANALYSISTAX EFFECTS ON FIRM'S DECISIONS UNDER UNCERTAINTY: A NUMERICAL ANALYSI
Carbon Taxation and Electricity Price Dynamics: Empirical Evidence from the Australian Market
Full text linkCost–benefit analysis of landfill emergency securing: Two applications in Southern Italy
No full textCorporate Social Responsibility and Firms’ Performance: A Stratigraphical Analysis
Full text linkOver the last two decades in OECD countries an increasing number of firms are obtaining certification as Socially Responsible. Several studies (including Preston and O’Bannon, 1997; Waddock and Graves, 1997; McWilliams and Sieger, 2001; Ullman, 1985) have sought to test whether there is a relation between Social Responsibility certification and the firms’ performance. Our work builds a CSR index that intersects two of the three main international indices (Domini 400 Social Index, Dow Jones Sustainability World Index, FTSE4Good Index), in order to overcome some problems related to the multiplicity of CSR definitions and certifications. By using this database, our work carries out a stratigraphical analysis in order to verify whether some variables are statistically different in the CSR group with respect to the benchmark case (non-CSR). The main results show that there are several interesting differences in some economic indicators between CSR and non-CSR firms and between USA and EU, and among different industrial sectors
Measure the Performance with the Market Value Added: Evidence from CSR Companies
Full text linkAn increasing number of firms in OECD countries are obtaining certification as Socially Responsible. Literature is sensitive in testing whether there is a relation between firm performance and Social Responsibility certification. In order to overcome problems related to the multiplicity of Corporate Social Responsibility (CSR) definitions and certifications, our work implements a CSR index based on the intersection between two of the three main international indices (Domini 400 Social Index, Dow Jones Sustainability World Index and FTSE4Good Index). By using this database in a panel framework, our work shows that among Corporate Performance Measures (CPF), Market Value Added (MVA) is affected by a firm’s social responsible behaviour and certification. The results support the idea that CSR firms have better long-run performance. Thanks to the reputation effect, they achieve higher sales volumes and profits and a reduction in long-run costs: these effects compensate the costs due to the certification
Business Tax Policy under Default Risk
Full text linkIn this article we use a stochastic model with one representative firm to study business tax policy under default risk. We will show that, for a given tax rate, the government has an incentive to reduce (increase) financial instability and default costs if its objective function is welfare (tax revenue)
Mothballing in a Duopoly: Evidence from a (Shale) Oil Market
Full text linkThe mothballing option has been studied in the literature, but mainly in decision theoretic frameworks. This paper looks at it from a strategic point of view and applies it to an incumbent-entrant framework. In particular, based on the recent strategic interactions between OPEC and the shale oil industry, we conduct a case study where the incumbent OPEC is a exible producer that competes with a representative shale oil firm. Upon entry, the latter produces a fixed amount but it can apply the mothballing option in times of low demand. Our main results are threefold. First, we find that under low demand uncertainty, the mothballing option has a negative effect on the value of the entrant. Second, a large market share of the entrant will stimulate mothballing, caused by a so-called squeeze strategy of the incumbent. Third, our empirical analysis of the (shale) oil market learns that a higher demand elasticity induces mothballing
Brown price and green firms:An ETS price floor for a clean transition?
Full text linkWe examine the optimal behavior of carbon-emitting companies operating under the European Union Emission Trading System (EU ETS), under which firms are obliged to purchase emission permits on the secondary market if their emissions exceed their allowance. Specifically, we consider the scenario where firms are endowed with the (real) option to undertake a “green” investment to cut their emissions and, thus, permit expenditures. The central challenge is the determination of the optimal time for investment within a stochastic framework characterized by uncertainty in EU ETS permit prices. We address the problem for a heterogeneous group of companies with diverse technological capabilities across industrial sectors. Furthermore, we incorporate a price floor for permit prices to mirror policy efforts aimed at promoting green transition by elevating emission costs. We solve this problem analytically and through numerical simulations calibrated to real market data. In addition to offering insights into individual firm behavior, our findings can support regulators in refining environmental policies, particularly regarding the role of permits price floor and its potential to expedite the green transition
- …
