multi product budget constrained acquisition and pricing with uncertain demand and supplier quantity discounts abstract we consider the joint acquisition and pricing problem where the retailer sells multiple products with uncertain demands and the suppliers provide all unit quantity discounts the problem is to determine the optimal acquisition quantities and selling prices so as to maximize the retailer s expected profit subject to a budget constraint this is the first extension to consider supplier discounts in the constrained multi product newsvendor pricing problem we establish a mixed integer nonlinear programming minlp model to formulate the problem and develop a lagrangian based solution approach computational results for the test problems involving up to thousand products are reported which show that the proposed approach can obtain high quality solutions in a very short time

why do some emerging economies proactively accelerate the adoption of renewable energy abstract this article analyses the determinants of renewable energy consumption in a panel of six major emerging economies namely brazil china india indonesia philippines and turkey that are proactively accelerating the adoption of renewable energy using fully modified ordinary least square fmols dynamic ordinary least square dols and granger causality methods this paper finds that in the long run renewable energy consumption is significantly determined by income and pollutant emission in brazil china india and indonesia while mainly by income in philippines and turkey causal link between renewable energy and income and between renewable energy and pollutant emission are found to be bidirectional in the short run these results suggest that the appropriateness of the efforts undertaken by emerging countries to reduce the carbon intensity by increasing the energy efficiency and substantially increasing the share of renewable in the overall energy mix

democracy and economic growth a meta analysis despite a sizeable theoretical and empirical literature no firm conclusions have been drawn regarding the impact of political democracy on economic growth this article challenges the consensus of an inconclusive relationship through a quantitative assessment of the democracy growth literature it applies meta regression analysis to the population of 483 estimates derived from 84 studies on democracy and growth using traditional meta analysis estimators the bootstrap and fixed and random effects meta regression models it derives several robust conclusions taking all the available published evidence together it concludes that democracy does not have a direct impact on economic growth however democracy has robust significant and positive indirect effects through higher human capital lower inflation lower political instability and higher levels of economic freedom democracies may also be associated with larger governments and less free international trade there also appear to be country and region specific democracy growth effects overall democracy s net effect on the economy does not seem to be detrimental

optimal inventory and hedging decisions with cvar consideration abstract we consider a newsvendor who makes an ordering decision to meet stochastic demand and buys a put option written on the demand to hedge against the risk of low demand to maximize his expected utility which is measured by the conditional value at risk cvar the put option is fairly priced with specifications for the strike price and the strike quantity with the consideration of lost sale penalty cost we derive structural results on the optimal ordering and hedging polices we show that the newsvendor will not order more than that without the option contract when the strike quantity is pre determined and low and he will order more when the strike quantity is a decision variable moreover the optimal strike quantity is less than or equal to the optimal order quantity in the risk neutral setting and interestingly there are cases in which the optimal hedging ratio first increases then keeps constant as the newsvendor becomes less risk averse we also show that the value of the put option increases as the newsvendor becomes more risk averse and demand becomes more uncertain furthermore the effect of risk aversion on the value of the option highly depends on the magnitudes of the system parameters

production capacity planning for multiple products under uncertain demand conditions abstract this study chiefly deliberates issues regarding capacity allocation for multiple products when producing multiple products a manufacturer needs to allocate a favorable production quantity to each product under conditions of uncertain demand since the excess or shortage of a product will in turn cause the loss of profit the proposed model and the corresponding algorithm in this study are used to find out the optimal capacity allocation under the given probability density function of specific demands and to effectively allocate limited capacity to multiple products with an aim to maximize profit finally the numerical example suggests that the marginal profit the inventory holding cost the shortage cost the loss of excess production and market demands should be considered in an effort to discover an optimal capacity allocation with regard to multiple products

optimal acquisition and remanufacturing policies for multi product remanufacturing systems abstract this paper studies an acquisition and remanufacturing problem in a market driven multi product remanufacturing system where the remanufacturer acquires multiple used products cores of highly variable quality under independently uncertain demand and carbon emissions regulation in order to balance between the environmental and economic benefit the problem is formulated as a nonlinear programming model in presence of the quality variability of cores and carbon tax scheme subject to budget and risk constraints since the average cost of the remanufactured products is independent of the remanufacturing quantity the model is then decomposed into two separated sub problems namely the remanufacturing problem and the acquisition problem in the remanufacturing problem the optimal remanufacturing policies including the optimal remanufacturing cost thresholds and the optimal remanufacturing rate are derived in the acquisition problem the optimal policies of core portfolio acquisition quantities and remanufacturing quantities can be derived the acquisition problem viewed as an extended multi product newsvendor problem mpnp is a convex optimization problem furthermore a two tier bisection method with polynomial computational complexity can be developed to obtain the optimal policies based on the karush kuhn tucker kkt conditions finally numerical experiments are provided to show the application of the model and the effect of the quality variability

the relationship between economic growth and electricity consumption from renewable and non renewable sources a study of turkey abstract the main objective of this study is to analyze the short and long run estimates as well as the causality relationships between economic growth gr electricity consumption from renewable sources relc and electricity consumption from non renewable sources nrelc for turkey in a multivariate model wherein capital k and labor l are included as additional variables using the autoregressive distributed lag ardl approach to cointegration the johansen cointegration test and the gregory hansen cointegration test with structural break we show that gr relc nrelc k and l are cointegrated although nrelc has a long run positive effect on gr the long run estimate of relc is negative but insignificant at 5 level of significance the granger causality test based on the vector error correction model reveals the evidence of neutrality hypothesis between relc and gr and between nrelc and gr in turkey in the short run in addition the granger causality runs from relc nrelc k and l to gr as well as from gr relc k and l to nrelc in the long run which supports the existence of growth hypothesis between relc and gr and feedback hypothesis between nrelc and gr in the long run it is advised that policy makers in the turkish government should continue to reduce the share of electricity consumption from renewable sources and encourage the usage of electricity from non renewable sources to have sustainable long run growth rates it is also essential to promote the investment projects to increase the efficiency of electricity generation from non renewable sources

multi product inventory model for cold items with cost and emission consideration while sharing storage and transportation units is common for many product types cold items usually have different temperature requirements and as a result not all items can share a holding transportation unit consequently the type of products and their compatibility with other products needs to be considered in the inventory model in this paper we propose multi product inventory models for cold items the models determine the inventory levels that minimize either the cost or carbon equivalent emissions we model the compatibility of items as a constraint in the inventory model to solve the model we first find an appropriate family of products that can share a storage transportation unit then for each family of products we develop an approximate solution method to determine the order quantity of each product within a family numerical experiments demonstrate the solution procedure and provide managerial insights into cold item inventory policies

multi item quick response system with budget constraint quick response mechanisms based on effective use of up to date demand information help retailers to reduce their inventory management costs we formulate a single period inventory model for multiple products with dependent multivariate normal demand distributions and a given overall procurement budget after placing orders based on an initial demand forecast new market information is gathered and demand forecast is updated using this more accurate second forecast the retailer decides the total stocking level for the selling season the second order is based on an improved demand forecast but it also involves a higher unit supply cost to determine the optimal ordering policy we use a computational procedure that entails solving capacitated multi item newsboy problems embedded within a dynamic programming model various numerical examples illustrate the effects of demand variability and financial constraint on the optimal policy it is found that existence of a budget constraint may lead to an increase in the initial order size it is also observed that as the budget available decreases the products with more predictable demand make up a larger share of the procurement expenditure

incentives and uncertainty an empirical analysis of the impact of demand on innovation we study the impact of demand on innovation by focusing on a sample of small and medium sized enterprises in several industries and european countries we analyse how demand stimulates innovation by providing economic incentives and reducing uncertainty considering the size of the market as a proxy for the presence of demand we find support for the idea that the presence of incentives stimulates innovation this is particularly true for process innovation in considering interaction with customers as a way to reduce uncertainty we find that firms that see customers as the most important sources of information for both innovation ideas and completion tend to introduce product innovations firm size r d expenditure and sectoral effects also matter

clean energy non clean energy and economic growth in the mist countries abstract this paper explores the causal relationship between clean renewable nuclear and non clean energy consumption and economic growth in emerging economies of the mist mexico indonesia south korea and turkey countries the panel co integration tests reveal that there is a long term equilibrium relationship among gdp capital formation labor force renewable nuclear and fossil fuel energy consumption the panel causality results indicate that 1 there is a positive unidirectional short run causality from fossil fuel energy consumption to economic growth with a bidirectional long run causality 2 there is a unidirectional long run causality from renewable energy consumption to economic growth with positive bidirectional short run causality and a long run causality from renewable to fossil fuel energy consumption with negative short run feedback effects and 3 there is a bidirectional long run causality between nuclear energy consumption and economic growth and a long run causality from fossil fuel energy consumption to nuclear energy consumption with positive short run feedback effects these suggest that mist countries should be energy dependent economies and that energy conservation policies may depress their economic development however developing renewable and nuclear energy is a viable solution for addressing energy security and climate change issues and creating clean and fossil fuel energy partnerships could enhance a sustainable energy economy

growth and renewable energy in europe a random effect model with evidence for neutrality hypothesis this is an empirical study on the causal relationship between economic growth and renewable energy for 27 european countries in a multivariate panel framework over the period 1997 2007 using a random effect model and including final energy consumption greenhouse gas emissions and employment as additional independent variables in the model empirical results do not confirm causality between renewable energy consumption and gdp although panel causality tests unfold short run relationships between renewable energy and greenhouse gas emissions and employment the estimated cointegration factor refrains from unity indicating only a weak if any relationship between economic growth and renewable energy consumption in europe suggesting evidence of the neutrality hypothesis which can partly be explained by the uneven and insufficient exploitation of renewable energy sources across europe

democracy and economic growth a historical perspective recent studies appear to show that democracy has no robust association with economic growth yet all such work assumes that the causal effect of democracy can be measured by a country s regime status in a particular year t which is correlated with its growth performance in a subsequent period t 1 the authors argue that democracy must be understood as a stock rather than a level measure that is a country s growth performance is affected by the number of years it has been democratic in addition to the degree of democracy experienced during that period in this fashion democracy is reconceptualized as a historical rather than a contemporary variable with the assumption that long run historical patterns may help scholars to understand present trends the authors speculate that these secular historical infiuences operate through four causal pathways each of which may be understood as a type of capital physical capital human capital social capital and political capital this argument is tested in a cross country analysis and is shown to be robust in a wide variety of specifications and formats

renewable energy consumption economic growth nexus in turkey abstract this paper examines the renewable energy consumption economic growth causality nexus in turkey studies in the literature can be grouped as country specific and multi country studies the results of these studies are inconsistent and there is no agreement on the existence or the direction of causality between renewable energy consumption and economic growth the results of this country specific study support conservation hypothesis the results of empirical tests from ardl approach show that renewable energy consumption has a negative impact on economic growth and the ones of toda yamamoto causality tests show that there is a unidirectional causality running from economic growth to renewable energy consumption

toward an economic model of the japanese firm i owe a great deal to professor moses abramovitz who suggested that i write this article i appreciate his constant encouragement and guidance which aided me throughout its preparation i am also indebted to three anonymous referees of the journal and to professors ryutaro komiya and michael riordan for their critical comments and helpful suggestions needless to say i am solely responsible for the views expressed in this paper

the renewable energy and economic growth nexus in black sea and balkan countries the aim of this study is to explore the relationship between renewable energy consumption and economic growth within the framework of traditional production function for the period of 1990 2012 in 9 black sea and balkan countries for this purpose we use pedroni 1999 2004 panel cointegration pedroni 2000 2001 co integration estimate methods and dumitrescu and hurlin 2012 heterogeneous panel causality estimation techniques the study has concluded that there is a long term balance relationship between renewable energy consumption and economic growth and renewable energy consumption has a positive impact on economic growth heterogeneous panel causality analysis results support growth hypothesis in bulgaria greece macedonia russia and ukraine feedback hypothesis in albania georgia and romania neutrality hypothesis in turkey and according to the panel data set including all nine countries the results support feedback hypothesis with the findings it was concluded that there is a significant impact of renewable energy consumption on economic growth in balkan and black sea countries

sales maximization and specific human capital profit maximizing owners of firms may find it optimal to provide managers with incentives to maximize sales in addition to profits this influences the outcome of the bargaining game between workers and managers over workers wages and helps to solve the problem of underinvestment by workers in specific human capital iinvestigate optimal managerial contracts from this point of view and show that the optimal contract is a function of sales in addition to profits

the risk averse and prudent newsboy the effects of risk and risk aversion in the single period inventory newsboy problem are examined comparative static effects of changes in the various price and cost parameters are determined and related to the newsboy s risk aversion the addition of a random background wealth and of an increase in the riskiness of newspaper demand are also examined although many of the comparative effects generally are ambiguous some fairly simple restrictions on preferences and or risk increases are shown to lead to qualitatively deterministic results

renewable energy consumption and economic growth nexus evidence from a threshold model abstract the existing literature on renewable energy consumption and economic growth nexus produces mixed results as the effect of renewable energy consumption on economic growth can be either positive negative or not significant this paper examines the causal link between renewable energy use and economic growth by employing a threshold model using a 103 country sample in the 1995 to 2015 period we find that the relationship between renewable energy consumption and economic growth depends on the amount of renewable energy used our results demonstrate that the effect of renewable energy consumption on economic growth is positive and significant if and only if developing countries or non oecd countries surpass a certain threshold of renewable energy consumption however if developing countries use renewable energy below a given threshold level the effect of renewable energy consumption on economic growth is negative however we also find that renewable energy consumption has no significant effect on economic growth in developed countries and a positive and significant effect on economic growth in oecd countries the findings of this paper suggest that for developing countries to realize positive economic growth from their investment to renewable energy they need to surpass a certain threshold of renewable energy consumption

renewable energy consumption and income in emerging economies abstract increased economic growth and demand for energy in emerging economies is creating an opportunity for these countries to increase their usage of renewable energy this paper presents and estimates two empirical models of renewable energy consumption and income for a panel of emerging economies panel cointegration estimates show that increases in real per capita income have a positive and statistically significant impact on per capita renewable energy consumption in the long term a 1 increase in real income per capita increases the consumption of renewable energy per capita in emerging economies by approximately 3 5 long term renewable energy per capita consumption price elasticity estimates are approximately equal to 0 70

top executive rewards and firm performance a comparison of japan and the united states this paper studies top executive turnover and compensation and their relation to firm performance in the largest japanese and u s companies japanese executive turnover and compensation are related to earnings stock returns and to a lesser extent sales performance measures the fortunes of japanese top executives therefore are positively correlated with stock performance and current cash flows or with factors contributing to such performance the relations for the japanese executives are generally economically and statistically similar to those for their u s counterparts there is some evidence however that the fortunes of japanese executives are more sensitive to low income but less sensitive to stock returns than those of u s executives

renewable and non renewable energy consumption growth nexus evidence from a panel error correction model abstract unlike previous renewable energy consumption growth studies this study examines the relationship between renewable and non renewable energy consumption and economic growth for 80 countries within a multivariate panel framework over the period 1990 2007 the pedroni 1999 2004 heterogeneous panel cointegration test show a long run equilibrium relationship between real gdp renewable energy consumption non renewable energy consumption real gross fixed capital formation and the labor force with the respective coefficient estimates positive and statistically significant there is little difference in the elasticity estimates with respect to renewable and non renewable energy consumption the results from the panel error correction model reveal bidirectional causality between renewable and non renewable energy consumption and economic growth in both the short and long run also there is bidirectional short run causality between renewable and non renewable energy consumption indicative of substitutability between the two energy sources

non renewable and renewable energy consumption and co2 emissions in oecd countries a comparative analysis abstract this paper attempts to explore the determinants of co 2 emissions using the stirpat model and data from 1980 to 2011 for oecd countries the empirical results show that non renewable energy consumption increases co 2 emissions whereas renewable energy consumption decreases co 2 emissions further the results support the existence of an environmental kuznets curve between urbanisation and co 2 emissions implying that at higher levels of urbanisation the environmental impact decreases therefore the overall evidence suggests that policy makers should focus on urban planning as well as clean energy development to make substantial contributions to both reducing non renewable energy use and mitigating climate change

the political economy of growth democracy and human capital democracy is more than just another brake or booster for the economy we argue that there are significant indirect effects of democracy on growth through public health and education where economists use life expectancy and education as proxies for human capital we expect democracy will be an important determinant of the level of public services manifested in these indicators in addition to whatever direct effect democracy may have on growth we predict an important indirect effect through public policies that condition the level of human capital in different societies we conduct statistical investigations into the direct and indirect effects of democracy on growth using a data set consisting of a 30 year panel of 128 countries we find that democracy has no statistically significant direct effect on growth rather we discover that the effect of democracy is largely indirect through increased life expectancy in poor countries and increased secondary education in nonpoor countries t he relationship between democracy and economic growth has received considerable attention in recent years as yet however there is no consensus among analysts on the relationship between these two widely studied variables sound theoretical positions have been advanced suggesting that democracy is both an impediment and facilitator of growth careful quantitative tests of the relationship have produced contradictory results in our view existing studies fail to develop an adequate political theory of growth and as a result their empirical models are typically misspecified with competing arguments on both sides of the question many analysts merely add a variable for democracy to existing economic models and then look at the sign of the coefficient and its significance this is inadequate democracy is more than just another brake or booster for the economy we argue that there are important indirect effects of democracy on growth that are manifested through public health and education where economists typically use life expectancy and secondary school enrollment as proxies for human capital we expect that democracy will itself be an important determinant of the level of public services captured in these indicators thus in

foreign market entry strategies and post entry growth acquisitions vs greenfield investments we examine the relationship between the foreign market entry strategy and the subsequent growth of a subsidiary we build upon the penrose theory of firm growth and on the organizational economics international management and foreign market entry strategy literatures we hypothesize that the post entry growth of acquisitions is positively associated with weak and codifiable interdependence within the multinational enterprise network whereas the post entry growth of greenfield investments is positively related to strong and complex interdependence empirical findings from a sample of japanese subsidiaries in the us lend support to our argument

executive turnover and firm performance in china executive turnover and its link to firm performance can provide a crucial measure of how effectively a firm solves the two sets of principal agent problems a the diverging interests between top management and shareholders which may result in managerial entrenchment and b the diverging interests between controlling shareholders and minority shareholders which may lead to the expropriation of the latter by the former or tunneling as referred to in the literature tying the personal fortune of top executives to the firm s performance aligns the interests of shareholders and those of management it also breaks up the insider alliance between the controlling shareholder and management thereby helping protect the interests of minority shareholders although there is a large literature on executive turnover in western firms research on executive turnover in non western firms is limited and this paper is the only one on china a closer look at the executive turnoverperformance link in china one of the two major internal discipline mechanisms in corporate governance is particularly relevant since effective markets for corporate control are missing in china the largest developing and transitional economy in the world furthermore china is an interesting case because both types of agency problems are acute due to poorly defined property rights and weak investor protection which result largely from its command economy legacy

availibility of renewable energy sources in turkey current situation potential government policies and the eu perspective abstract this study aims to explore the availability and potential of renewable energy sources in turkey as well as assessing related government policies financial and environmental aspects of renewable energy projects turkey is a country which has the highest hydropower wind and geothermal energy potential among european countries as a european union eu candidate several incentives were developed in turkey for electricity generation from renewable energy sources by the enactment of law no 5346 in 2005 which was later restructured by law no 6094 in 2010 the most important ones are ease of land acquisition and feed in tariffs which promise purchasing of electricity generated and domestic manufacturing of equipment by the private companies with a price of 5 30 9 69 and 0 3 2 55 c kwh respectively depending on the type of the renewable and the equipment however feed in tariff amounts take reservoir area into account instead of installed capacity for hydroelectric power plants moreover environmental impact assessment eia report is not mandatory for all renewable energy plants according to the multi criteria analysis tool developed in this study to evaluate the renewable energy source res technologies the most appropriate renewable energy alternative for turkey is biomass simply because of the highest social benefit among others

optimal ordering quantities for multi products with stochastic demand return cvar model abstract multi product ordering problem with stochastic demand is often optimized by the expected cost reduction or the expected profit improvement in most of previous works moreover risk preference of decision maker is often ignored evidently this approach is impracticable when the corresponding volatility is larger based on the outstanding characteristics of conditional value at risk cvar as a risk measure the paper proposes an optimal order model for multi product with cvar constraints also the model is finally formulated as a linear programming problem the model is simulated for the case of a newsvendor to analyze to what degree it succeeds the solution in fact is bound consistent fully with the decision maker s intuition on return risk decision making finally results of return cvar model and the classical model are compared and shows that return cvar model is more flexible than the classical model

firm leadership and innovative performance evidence from seven eu countries this paper considers the effect of different firm leadership on the innovative performance of firms from seven eu countries we investigate whether owner led or manager led firms achieve a larger share of their turnover with product innovations economic theory does not propose clear answers to this question in the empirical analysis it turns out that the manager led firms are more active innovators the share of sales based on new products is larger if firms managers do not hold any of the firms capital surprisingly there are no differences between the seven countries included in the regression analysis

globalization and convergence in corporate governance evidence from infosys and the indian software industry in contrast to the much studied role of capital markets in fostering convergence in corporate governance practices worldwide we argue that the globalization of product and talent markets has affected corporate governance of firms in the indian software industry we model several possible reasons why a particular firm infosys has emerged as the exemplar of good corporate governance in india traditionally a backwater of corporate governance practices we further analyze the manner in which infosys has attempted to shape corporate governance practices in india more generally and why these attempts have had limited effects thus far

subordination of american capital abstract to economists agency problems present challenges that can be resolved through optimal contracting or incentive mechanisms to politicians agency problems represent entitlements to be allocated among favored constituencies corporate management constitutes a powerful constituency independent of the interests of workers local communities and other corporate stakeholders the political process has for politically rational but economically dabatable reasons systematically subordinated investors desire to resolve agency problems to managers desire to be protected from capital market discipline politically explicit modes of analysis thus complement traditional tools of finance theory and improve our ability to explain capital market structure and behavior

optimal returns policy for supply chain with e marketplace abstract we study in this paper a supply chain which is integrated by a returns policy in the past owing to a lack of sales channels the returned products would worth very little now with the advance of the e commerce the returned products can be sold with a higher price on the e marketplace in light of this we first investigate the optimal returns policy under the existence of the e marketplace through a mean variance analysis we further study the risk issue associated with the optimal policy extensive simulations are then carried out and the managerial insights are discussed

does the japanese governance system enhance shareholder wealth evidence from the stock price effects of top management turnover this article examines the stock price effects of top management turnover announcements for 432 japanese corporations from 1985 to 1990 we find that these announcements are associated with significantly positive abnormal returns the returns are greater when turnover is forced than when turnover represents normal succession the stock price effects are also significantly positive when turnover is forced and the successor is appointed from outside the firm we find that large shareholders play an important role during outside succession this evidence suggests that the disciplinary decisions of japanese governance mechanisms are consistent with shareholder wealth maximization article published by oxford university press on behalf of the society for financial studies in its journal the review of financial studies

energy consumption and gdp in tunisia cointegration and causality analysis abstract in this paper the johansen cointegration technique is used to examine the causal relationship between per capita energy consumption pcec and per capita gross domestic product pcgdp for tunisia during the 1971 2004 period in order to test for granger causality in the presence of cointegration among the variables a vector error correction model vecm is used instead of a vector autoregressive var model our estimation results indicate that the pcgdp and pcec for tunisia are related by one cointegrating vector and that there is a long run bi directional causal relationship between the two series and a short run unidirectional causality from energy to gross domestic product gdp the source of causation in the long run is found to be the error correction terms in both directions hence an important policy implication resulting from this analysis is that energy can be considered as a limiting factor to gdp growth in tunisia conclusions for tunisia may also be relevant for a number of countries that have to go through a similar development path of increasing pressure on already scarce energy resources

recent incentives for renewable energy in turkey abstract recently the importance of renewable energy sources has increased significantly as climate change has become an important long term threat to global ecosystems and the world economy in the face of increased concern about climate change and high fossil fuel costs together with a reduction in the primary energy sources such as oil natural gas and coal alternative energy sources renewables are increasingly needed to respond to the threat of climate change and growing energy demand in the world recent developments in turkey such as the liberalization of the electricity market and improvements in the renewable legislations have accelerated the growth process and investment opportunities in the field of renewable energy turkey s naturally endowed potential for renewables such as solar geothermal and wind also accompanied these developments and attracted world attention to this market in turkey renewable energy sources have gained great importance in the last decades due to growing energy demand and incentive policies which foster the utilization of renewable energy sources this study aims to explore the availability and potential of renewable energy sources in turkey and discuss the government policies and economic aspects

mean variance analysis of a single supplier and retailer supply chain under a returns policy abstract in the literature most of the supply chain coordinating policies target at improving the supply chain s efficiency in terms of expected cost reduction or expected profit improvement however optimizing the expected performance alone cannot guarantee that the realized performance measure will fall within a small neighborhood of its expected value when the corresponding variance is high moreover it ignores the risk aversion of supply chain members which may affect the achievability of channel coordination as a result we carry out in this paper a mean variance mv analysis of supply chains under a returns policy we first propose an mv formulation for a single supplier single retailer supply chain with a newsvendor type of product the objective of each supply chain decision maker is to maximize the expected profit such that the standard deviation of profit is under the decision maker s control we study both the cases with centralized and decentralized supply chains we illustrate how a returns policy can be applied for managing the supply chains to address the issues such as channel coordination and risk control extensive numerical studies are conducted and managerial findings are proposed

renewable energy in turkey great potential low but increasing utilization and an empirical analysis on renewable energy growth nexus abstract concerns about the exhaustion of fossil energy sources energy security problems and increasing environmental problems have led policy makers to pay greater attention to renewable energy sources all over the world additionally high current account deficits stemming from energy import dependency make substitution of fossil energy with renewable energy a necessity for turkey although turkey has a great potential in terms of renewable energy it has not begun to utilize this great potential until recent years however turkey has many motives to utilize renewable energy further this paper aims to investigate whether renewable energy consumption raises gdp in turkey for this purpose the paper uses data spanning the period 1990 2015 and employs cointegration and causality tests which can present efficient output in small samples the findings indicate that gdp is not related to renewable energy consumption and there is no causality between gdp and renewable energy consumption in turkey in conclusion the paper argues that these findings may stem from the low share of renewable energy in total energy and turkey needs to utilize renewable energy sources further to i meet energy needs for economic activities ii mitigate environmental problems and iii reduce energy import dependency and current account imbalances

were japanese stock prices too high abstract this paper asks whether market fundamentals can explain the recent run up and decline of japanese equity values and price earnings ratios accounting differences explain about half of the long run disparity between u s and japanese p e s for example if japanese firms used u s accounting rules the japanese p e ratio would have been 32 6 not 53 7 in 1989 accounting differences cannot however explain the doubling of this ratio in 1986 nor its decline in 1990 similarly we are unable to isolate changes in required stock returns or growth expectations that are large enough to explain recent japanese stock price movements

a benchmark solution for the risk averse newsvendor problem in this paper we derive the first order conditions for optimality for the problem of a risk averse expected utility maximizer newsvendor we use these conditions to solve a special case where the utility function is any increasing differentiable function and the random demand is uniformly distributed this special case has a simple closed form solution and therefore it provides an insightful and practical interpretation to the optimal point we show some properties of the solution and also demonstrate how it can be used for assessing the newsvendor utility function parameters

inventory control with an exponential utility criterion a base stock policy is shown to be optimal when a dynamic version of the news vendor model is optimized with respect to an exponential utility criterion

the newsstand problem a capacitated multiple product single period inventory problem abstract practically all of the many earlier papers on the newsboy problem consider a single newsboy product with no capacity constraint this paper presents formulations and solution procedures for handling multiple newsboy type products under two cases a one resource capacity constraint and b multiple resource constraints for case a we present a necessary extension to the classical hadley whitin result for handling general demand distributions for case b we present a solution procedure that can efficiently handle the common situation where a very large number of products are involved

determinants of management compensation with risk averse agents and dispersed ownership of the firm abstract the salaries of top managers consist of two parts one part depending on profits the other being constant in a model of management compensation schemes with risk averse agents holmstrom and milgrom 1987 predict that an increasing variance in profits should reduce the profit relatedness of salaries using data from germany we show that indeed a larger variance of profits reduces the pay performance sensitivity moreover we analyze the relative influence of profits as compared to firm size on managerial compensation in general as well as the relationship between pay performance sensitivity and ownership structure

does renewable energy consumption add in economic growth an application of auto regressive distributed lag model in pakistan abstract the objective of the study is to examine the relationship between renewable energy consumption and economic growth by incorporating capital and labour as potential determinants of production function in case of pakistan this study used auto regressive distributed lag ardl model and rolling window approach rwa for cointegration in context of pakistan the study used quarterly data over the period of 1972q1 2011q4 the causality analysis applied through vecm granger causality and innovative accounting approaches the results reveal that all the variables in the study are cointegrated that shows the long run relationship between the variables furthermore renewable energy consumption capital and labour boost economic growth the causality analysis shows the feedback effect between economic growth and renewable energy consumption

energy consumption and economic growth in central america evidence from a panel cointegration and error correction model abstract this study examines the relationship between energy consumption and economic growth for six central american countries over the period 1980 2004 within a multivariate framework given the relatively short span of the time series data a panel cointegration and error correction model is employed to infer the causal relationship based on the heterogeneous panel cointegration test by pedroni pedroni p 1999 critical values for cointegration tests in heterogeneous panels with multiple regressors oxford bulletin of economics and statistics 61 653 670 pedroni p 2004 panel cointegration asymptotic and finite sample properties of pooled time series tests with an application to the ppp hypothesis new results econometric theory 20 597 627 cointegration is present between real gdp energy consumption the labor force and real gross fixed capital formation with the respective coefficients positive and statistically significant the granger causality results indicate the presence of both short run and long run causality from energy consumption to economic growth which supports the growth hypothesis

a clash of capitalisms foreign shareholders and corporate restructuring in 1990s japan this article examines the clash between stakeholder and shareholder based business systems resulting from an increase in foreign portfolio investment in the japanese economy during the 1990s an analysis of 1 108 firms between 1991 and 2000 shows that as foreign institutional investors who were more interested in investment returns than in long term relationships replaced domestic shareholders one fundamental pillar of japan s stakeholder capitalism began to crack japanese firms began to adopt downsizing and asset divestiture practices more characteristic of anglo american shareholder economies the influence of foreigners however was weaker in firms more deeply embedded in the local system through close ties to domestic financial institutions and corporate groups thus foreign investors were influential primarily in firms less embedded in the existing stakeholder system this research contributes to debates on globalization and convergence of business systems institutional change and corporate

renewable energy sources for clean and sustainable energy policies in turkey abstract energy is an essential factor to achieve sustainable development so countries striving to this end are seeking to reassess their energy systems with a view towards planning energy programmes and strategies in line with sustainable development goals and objectives as would be expected the rapid expansion of energy production and consumption has brought with it a wide range of environmental issues at the local regional and global levels states have played a leading role in protecting the environment by reducing emissions of greenhouse gases turkey is an energy importing country with more than half of the energy requirement being supplied by imports and air pollution is becoming a great environmental concern in the country on the other hand turkey s geographical location has several advantages for extensive use of most of the renewable energy sources in this regard renewable energy resources appear the most efficient and effective solutions for clean and sustainable energy development in turkey this paper provides an overview of global energy use and renewables for clean and sustainable energy policies in turkey

corporate performance and managerial remuneration an empirical analysis abstract economic theories of efficient compensation predict a positive relationship between executive pay and corporate performance and yet efforts to document this relationship have been largely unsuccessful in this paper we argue that previous cross sectional studies have omitted important variables which seriously bias their results using data that focus on individual executives over time we find that executive compensation is strongly positively related to corporate performance as measured by shareholder return and growth in firm sales the results are robust to the stock market performance measure utilized

aggregate constrained inventory systems with independent multi product demand control practices and theoretical limitations in practice inventory managers are often confronted with a need to consider one or more aggregate constraints these aggregate constraints result from available workspace workforce maximum investment or target service level we consider independent multi item inventory problems with aggregate constraints and one of the following characteristics deterministic leadtime demand newsvendor basestock policy rq policy and ss policy we analyze some recent relevant references and investigate the considered versions of the problem the proposed model formulations and the algorithmic approaches finally we highlight the limitations from a practical viewpoint for these models and point out some possible direction for future improvements

what do firms disclose and why enforcing corporate governance and transparency in central and eastern europe this version may 10 2005 jel classification codes g15 g18 key words corporate governance ownership concentration transition economics disclosure enforcement site stockholm school of economics the data collection for this paper was financed through the swedish hungarian business research council anete pajuste also acknowledges financial support from cerge ei foundation under a program of the global development network the authors have benefited from comments by stijn claessens colin mayer and participants at the ecgi

aggregation and linearity in the provision of intertemporal incentives we consider the problem of providing incentives over time for an agent with constant absolute risk aversion the optimal compensation scheme is found to be a linear function of a vector of n accounts which count the number of times that each of the n kinds of observable events occurs the number n is independent of the number of time periods so the accounts may entail substantial aggregation in a continuous time version of the problem the agent controls the drift rate of a vector of accounts that is subject to frequent small random fluctuations the solution is as if the problem were the static one in which the agent controls only the mean of a multivariate normal distribution and the principal is constrained to use a linear compensation rule if the principal can observe only coarser linear aggregates such as revenues costs or profits the optimal compensation scheme is then a linear function of those aggregates the combination of exponential utility normal distributions and linear compensation schemes makes computations and comparative statics easy to do as we illustrate we interpret our linearity results as deriving in part from the richness of the agent s strategy space which makes it possible for the agent to undermine and exploit complicated nonlinear functions of the accounting aggregates

economic welfare impacts from renewable energy consumption the china experience over the last years renewable energy sources have increased their share on electricity generation of china due to environmental and security of supply concerns in this work author assesses the role of both the amount and share of renewable energy consumption in economic welfare using cobb douglas type production functions this assessment is carried out by multivariate ols and spss software for china from 1978 to 2008 results indicate that a 1 increase in renewable energy consumption rec increases real gdp by 0 120 gdp per capita by 0 162 per capita annual income of rural households by 0 444 and per capita annual income of urban households by 0 368 respectively the impact of renewable energy consumption share srec on economic welfare is insignificant and an increasing share of rec negatively affects economic welfare growth to a certain extent in this paper the cost structural demand accounting mechanism and policy reasons of renewable energy development are interpreted marginal effects analysis show that the shape of sound and robust renewable energy institutions and policies would matter for increasing the standards of economic welfare in the context of speeding up renewable energy development and increasing share of renewable energy consumption especially the goal oriented policy refinement should be addressed efficiently in improvement households income while increasing share of renewable energy consumption c 2011 elsevier ltd all rights reserved

ownership structure control type classifications and the performance of large british companies ownership structure among 470 u k listed companies is described by concentration indices and by control type the latter defined using both a fixed percentage shareholding and the degree of control the authors also test for possible controlling coalitions among groups of shareholders control type effects on performance are tested using reduced form equations for valuation ratio profit margin return on capital growth rates and directors pay there is no clear evidence to support managerial theories ownership structure is analyzed with the results that greater size and capital cost beta imply greater shareholding dispersion a probit model of control type gives weak results copyright 1991 by royal economic society

multi product newsvendor problem with value at risk considerations abstract we consider the single period stochastic inventory newsvendor problem with downside risk constraints the aim in the classical newsvendor problem is maximizing the expected profit this formulation does not take into account the risk of earning less than a desired target profit or losing more than an acceptable level due to the randomness of demand we utilize value at risk var as the risk measure in a newsvendor framework and investigate the multi product newsvendor problem under a var constraint to this end we first derive the exact distribution function for the two product newsvendor problem and develop an approximation method for the profit distribution of the n product case n 2 a mathematical programming approach is used to determine the solution of the newsvendor problem with a var constraint this approach allows us to handle a wide range of cases including the correlated demand case that yields new results and insights the accuracy of the approximation method and the effects of the system parameters on the solution are investigated numerically

effects of higher order moments on the newsvendor problem abstract in this paper we propose a stochastic programming model for the well known single period newsvendor problem by adopting the conditional value at risk cvar as the risk metric in the objective function the demand uncertainty is modeled in terms of discrete scenarios that reflect the empirical distributions implied by market demand data our numerical results demonstrate that the higher order moments skewness and kurtosis of demand have obvious effects on the newsvendor problem and the stochastic programming framework provides a flexible and effective decision support tool for the newsvendor problem

competition in japan japan registered a remarkable 6 5 percent rate of economic growth from 1955 to 1990 catching up with high income western countries in its level of economic development during the 1950s 1960s 1970s and into the 1980s japan s share of world exports rose dramatically from 2 9 percent in 1960 to 6 1 percent in 1970 8 2 percent in 1980 and a peak of 9 8 percent in 1985 porter takeuchi and sakakibara 2000 japanese firms were increasingly successful internationally in large visible industries such as automobiles semiconductors and consumer electronics the striking economic success of japan was widely attributed to a set of economic institutions and policies that encouraged collaboration and limited competition the japanese case then called into question many of the bedrock assumptions of competition thinking it seemed to show that there was a different path to economic prosperity this article begins by examining competition in japan and the supporting policies and institutions during the twentieth century many factors seem to suggest that competition in japan has been less intense but there is an awkward complication the empirical evidence about the intensity of competition in japanese industry does not support the conclusion the story clearly is more complicated we seek to reconcile the apparent differences between policy and institutional circumstances and the empirical evidence by examining the types of competition that prevail across japanese industries and the underlying causes japan indeed pursued an array of policies that limited competition but these policies were not applied throughout the economy in fact those industries in which competition

energy use and output growth in canada a multivariate cointegration analysis using a neo classical one sector aggregate production technology where capital labor and energy are treated as separate inputs this paper develops a vector error correction vec model to test for the existence and direction of causality between output growth and energy use in canada using the johansen cointegration technique the empirical findings indicate that the long run movements of output labor capital and energy use in canada are related by two cointegrating vectors then using a vec specification the short run dynamics of the variables indicate that granger causality is running in both directions between output growth and energy use hence an important policy implication of the analysis is that energy can be considered as a limiting factor to output growth in canada

a literature survey on energy growth nexus abstract this paper provides a survey of the recent progress in the literature of energy consumption economic growth and electricity consumption economic growth causality nexus the survey highlights that most empirical studies focus on either testing the role of energy electricity in stimulating economic growth or examining the direction of causality between these two variables although the positive role of energy on growth has become a stylized fact there are some methodological reservations about the results from these empirical studies a general observation from these studies is that the literature produced conflicting results and there is no consensus neither on the existence nor on the direction of causality between energy consumption electricity consumption and economic growth as a policy implication to avoid from conflicting and unreliable results the authors may use the autoregressive distributed lags bounds test two regime threshold co integration models panel data approach and multivariate models including new variables such as real gross fixed capital formation labor force carbon dioxide emissions population exchange rates interest rates etc thus the authors should focus more on the new approaches and perspectives rather than by employing usual methods based on a set of common variables for different countries and different intervals of time

the saving and investment nexus for china evidence from cointegration tests the saving and investment nexus as postulated by feldstein and horioka fh 1980 is revisited the saving investment correlation for china is estimated over the periods 1952 1998 and 1952 1994 the latter culminating in a period of fixed exchange rate regime amongst the key results it is found that saving and investment are correlated for china for both the period of the fixed exchange rate and the entire sample period with high saving investment correlation the results suggest that the chinese economy is in conformity with the fh hypothesis this is a valid outcome for in china capital mobility was fairly restricted over the 1952 1994 period as indicated by the relatively low foreign direct investment

can biomass energy be an efficient policy tool for sustainable development abstract this paper first reviews the potential causality from biomass energy to co2 emissions and economic development within relevant literature later the paper examines statistically the impacts of biomass energy consumption on co2 emissions and gdp in the us to this end paper observes environmental and economic implications of biomass fuel usage throughout energy literature and launches asymmetric causality test to confirm disconfirm the literature output the findings of the tests indicate that biomass energy consumption per capita mitigates co2 emissions per capita and increases gdp per capita eventually upon its output this research asserts that biomass energy consumption can be an efficient policy tool for environmentally sustainable development in the us and that hence biomass production technologies and biomass consumption need to be promoted in other countries as well as in the us on the other hand analyses underline the fact that policy makers should consider as well some potential constraints of biomass energy usage such as land use constraints and carbon leakage from biomass production therefore although this paper explores the remedial impact of biomass on environment and growth one may suggest also that further possible works consider the effects of biomass sources in detail to minimize the some worsening influence of biomass usage on climate change