Political Economy - Development: Environment eJournal最新文献

{"title":"A Study on Impacts of the Institutional Environment and Climate Change on Sustainability of Agriculture – the Case of Bulgaria","authors":"Hrabrin Bachev Храбрин Башев","doi":"10.2139/ssrn.3944236","DOIUrl":"https://doi.org/10.2139/ssrn.3944236","url":null,"abstract":"Achieving diverse goals of sustainable development greatly depends on the specific socio-economic, institutional and natural environment in a particular country, industry, region, community, etc. Despite its importance, in Bulgaria, like in other East European countries, there are very few empirical studies on the impact(s) of institutional environment and climate change on agrarian sustainability. This paper incorporates the interdisciplinary New Institutional Economics and assesses the impact of major elements of institutional environment and climate change on agrarian sustainability in Bulgaria. First, the methodological framework is outlined. After that, the impacts of various components of institutional environment and climate change on agrarian sustainability were evaluated. Finally, conclusions with implications for further research are presented. The study is based on in-depth interviews with managers of “representative” market-oriented farms of different juridical types, sizes, specializations, and ecological and geographical locations. Institutional components most contributing to the improvement of agrarian sustainability at the current state of development are personal connections, available information for prices, markets, innovations, etc., established reputation, existing trust, and existing possibilities for free contracting. Factors mostly deterring sustainable agrarian development are existing conflicts over agrarian resources, investment possibilities and obstacles, existing monopoly and power positions, and climate change. Studies of this type are to be further expended as precision and representation increased through improving methods, data sources, and cooperation with interested parties.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126469589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Carbon Disclosure, Carbon Performance and Financial Performance: International Evidence","authors":"Abubakar Siddique, Akhtaruzzaman, Afzalur Rashid, Helmi Hammami","doi":"10.2139/ssrn.3794968","DOIUrl":"https://doi.org/10.2139/ssrn.3794968","url":null,"abstract":"Abstract This study examines how carbon performance affects carbon disclosure and how carbon disclosure affects financial performance. With a sample of global firms, the study analyses how relationships between carbon disclosure, carbon performance and financial performance vary in institutional contexts. Our results show that carbon disclosure positively affects carbon performance, consistent with the signalling theory. We find that carbon disclosure negatively (positively) affects financial performance in the short-term (long-term). Our findings have significant implications for investors as some firms use carbon disclosure as part of impression management. Our results help regulators to monitor carbon disclosure and assist investors with investment decisions.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"175 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115465499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Climate on Economic and Financial Cycles: A Markov-switching Panel Approach","authors":"Monica Billio, R. Casarin, E. De Cian, M. Mistry, A. A. Osuntuyi","doi":"10.2139/ssrn.3764427","DOIUrl":"https://doi.org/10.2139/ssrn.3764427","url":null,"abstract":"This paper examines the impact of climate shocks on 13 European economies analysing jointly business and financial cycles, in different phases and disentangling the effects for different sector channels. A Bayesian Panel Markov-switching framework is proposed to jointly estimate the impact of extreme weather events on the economies as well as the interaction between business and financial cycles. Results from the empirical analysis suggest that extreme weather events impact asymmetrically across the different phases of the economy and heterogeneously across the EU countries. Moreover, we highlight how the manufacturing output, a component of the industrial production index, constitutes the main channel through which climate shocks impact the EU economies.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127383410","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Geo-economic Aspects of the Green Economy in Industry 4.0","authors":"N. Konina","doi":"10.1007/978-3-030-75405-1_30","DOIUrl":"https://doi.org/10.1007/978-3-030-75405-1_30","url":null,"abstract":"","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"333 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131987652","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Каква е управленческата устойчивост на селското стопанство в България (What is Governance Sustainability of Bulgarian Agriculture)","authors":"Hrabrin Bachev Храбрин Башев","doi":"10.2139/ssrn.3750549","DOIUrl":"https://doi.org/10.2139/ssrn.3750549","url":null,"abstract":"<b>Bulgarian Abstract:</b> Необходимоста от включване на “четвърти” управленчески стълб в концепцията за разбиране и в системата за оценка на (съвкупната и) аграрната устойчивост нарастващо се обосновава в академичната литература и намира място в подходите на правителствени, международни, частни и др. организации. В България, подобно на много други страни, практически няма цялостни оценки на управленческата устойчивост на селското стопанство и на нейната значимост за цялостното аграрно развитие. Тази разработка прави опит за оценка на управленческата устойчивост на отраслово, подотраслово, екосистемно, регионално и стопанско ниво в България.<br><br>Многопринципната, критериална и индикаторна оценка на управленческата устойчивост на българското селско стопанство установи, че цялостната устойчивост е на “добро”, но близко до “задоволителното” ниво. Освен това, съществува значителна диференциация на равнищата на интегрална управленческа устойчивост на основните подотрасли, агро-екосистеми, агро-райони, и типове ферверски организации. Нещо повече, индивидуалните показатели с най-високи и ниски стойности за устойчивост определят “критичните” фактори подсилващи и влошаващи частната и интегрална управленческа устойчивост на оценяваната агро-система. Последно, но не и най-малко важно, резултатите от оценката на интегралната устойчивост в тази разработка базирани на микро (стопански) и макро (статистически и др.) данни показват определено разминаване, което следва да се има пред вид при анализите и интерпретациите, като същевременно оценителните показатели, методи и данни продължават да се подобряват.<br><br>Имайки пред вид значимостта на холистични оценки от този тип за подобряване на аграрната устойчивост като цяло, и на управленческата устойчивост на селското стопанство като частност, те следва да се разширяват и тяхната прецизност и представителност подобрява. Това изисква повишаване на прецизността чрез разширяване на анкетираните ферми и заинтересовани страни, и използване на по-“обективни” данни от проучвания, статистика, професионални експертизи в дадената област , и др.<br><br><b>English Abstract:</b> This study tries to assess the governance sustainability of Bulgarian agriculture at the national, sectoral, ecosystem, and farming levels. Multiple Principles, Criteria and Indicators assessment of the Governance sustainability of Bulgarian agriculture indicates that the Overall Governance Sustainability is at a “Good” but very close to the “Satisfactory” level. Besides, there is considerable differentiation in the level of Integral Governance sustainability of individual subsectors, agro-ecosystem, agro-region, and farming organizations. What is more, the individual indicators with the highest and lowest sustainability values determine the “critical” factors enhancing and deterring the particular and integral Governance sustainability of the evaluated agro-system. Last but not least important, results on the integral agrarian sustainability assess","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128295984","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Sustainability and Profit Maximisation in the Land of Unicorns","authors":"Jessica Östberg","doi":"10.2139/ssrn.3731281","DOIUrl":"https://doi.org/10.2139/ssrn.3731281","url":null,"abstract":"Promotion of sustainability is a key issue for political and corporate leaders as well as for society at large. Attention has turned to the question of the corporate purpose and a number of prominent scholars have argued that companies should adopt a broad, stakeholder-oriented purpose in order to promote corporate sustainability. \u0000 \u0000Against the background of the statutory profit maximisation purpose set out in the Swedish Companies Act this article contributes to the ongoing debate by discussing the successful reconciliation of both high sustainability and shareholder centricity in Sweden. Sweden has the second largest concentration of billion-dollar companies per capita in the world while simultaneously ranking in the very top of global sustainability league tables. Consequently, the Swedish setting can offer valuable observations and insights for scholars, practitioners and politicians alike. \u0000 \u0000The article critically examines, inter alia, the problem of short-termism, the main corporate governance theories, the specific features of the Swedish corporate governance system, the interpretation and application of the Swedish profit maximisation purpose and corporate sustainability from a Swedish perspective. The study indicates (i) that the profit maximisation purpose in the Swedish Companies Act is fully compatible with the promotion of corporate sustainability, and (ii) that the corporate purpose forms part of and should be consistent with inter alia the relevant corporate governance system in order to be effective. Another important finding is that there are in general quite strong arguments for a model like the Swedish one, where the stakeholders are provided with strong protection primarily through statutory rules and where the directors are bound to protect and work for the long-term shareholder value. As the corporate purpose can only be understood when viewed through the lens of a particular legal framework, caution should however be taken with respect to legal transplants. Any convergence in the field of corporate governance must consider factors such as the structure of corporate governance system, the shareholder-structure, the enforcement rules and the political economy.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115157338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Optimal Investment Strategy in Renewable Energy Technologies","authors":"M. Ondra, Thomas Dangl","doi":"10.2139/ssrn.3742080","DOIUrl":"https://doi.org/10.2139/ssrn.3742080","url":null,"abstract":"This paper analyzes the energy manager's investment decision in renewable energy technologies in the presence of uncertain production volumes. In this model, we assume the energy manager to be a price taker who aims at minimizing the cost to cover the firm's electricity demand, by deciding upon the optimal level of investment in renewable self-generation facilities. We show, that the \"reliability-based planning paradigm'', where threshold on the demand coverage probability is imposed, leads to suboptimal renewable energy portfolios compared to the \"balancing-cost-based planning paradigm'', where the price of demand coverage violations is exogeneously fixed. We analyze the energy manager's optimal investment decision in renewables in the balancing-cost-based approach for two different types of the outside option, i.e., purchasing residual power (i) via pre-contracted energy at a fixed price or (ii) at the balancing market with a stochastic energy price. We find that the energy manager is reluctant to invest in renewable energy technologies, when the price of pre-contracted energy is below a critical threshold price, which itself decreases with decreasing prices of the investment goods. Moreover, the energy manager increases investment in renewables with increasing spot price volatility in order to hedge against spot price risk. In the presence of negative correlations between the power output and spot price, i.e. whenever there is a shortfall in the power supply energy prices tend to be higher, the energy manager's optimal decision is to increase (decrease) the optimal level of investment depending on weather the level of investment in the uncorrelated scenario is high (low).","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116351877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Inventory of Concrete Measures to Facilitate the Flow of Sustainable FDI: What? Why? How?","authors":"K. Sauvant, Matthew Stephenson, K. Hamdani, Yardenne Kagan","doi":"10.2139/ssrn.3739179","DOIUrl":"https://doi.org/10.2139/ssrn.3739179","url":null,"abstract":"The Inventory was prepared in the framework of the investment facilitation for development project undertaken by the International Trade Centre (ITC) and the German Development Institute (DIE). It is an informal and unofficial compilation of investment facilitation measures, their rationale and ways in which these measures are—or can be—implemented in practice. It is a capacity-building tool meant to help participants engaged in the WTO negotiations of a multilateral framework on investment facilitation for development, paying special attention to measures that directly increase the development contribution of FDI. Following the agreed scope of the WTO negotiations, it does not include measures related to investment protection, investor-state dispute settlement (ISDS) and market access. The Inventory can also be of use to investment promotion agencies seeking to facilitate FDI flows.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132151026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exploring Conflict Management and the Environment: The Kenyan Journey","authors":"Dr. Kariuki Muigua, Ph.D","doi":"10.2139/ssrn.3908455","DOIUrl":"https://doi.org/10.2139/ssrn.3908455","url":null,"abstract":"This paper is meant to capture the main themes that have featured in Kariuki Muigua’s work, his contribution to the academia, policy and legal development in Kenya. It traces the running thread through his work with the aim of demonstrating that conflict management and environmental matters are not linear subjects and should be treated as such as they impact on every sphere of the human life. The paper is also important in that it traces the jurisprudential development of these themes within the Kenyan framework to show how far we have come as a country in guaranteeing environmental rights and creates an opportunity for the stakeholders in the justice sector and environmental management to reflect on the successes, challenges and the future prospects in ensuring that every Kenyan will access justice and a right to clean and healthy environment.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126883552","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does Sustainable Investing Deprive Unsustainable Firms from Fresh Capital?","authors":"David Blitz, L. Swinkels, Jan Anton van Zanten","doi":"10.2139/ssrn.3728025","DOIUrl":"https://doi.org/10.2139/ssrn.3728025","url":null,"abstract":"This paper examines the sustainability characteristics of listed firms that raise fresh capital by issuing stocks or bonds. Issuance, i.e. the primary market, should be of paramount importance to sustainable investors since this is where the demand for and supply of capital meet, contrary to the secondary market where ownership of existing stocks and bonds is merely exchanged between investors. We find no evidence that fresh capital is flowing more towards sustainable than to unsustainable firms. The sustainability profile of equity issuers is generally similar to the broad market, while debt issuers even tend to have a below-average sustainability profile. Thus, unsustainable firms appear to have no problems in obtaining funding in public markets. Our results suggest that the current level of sustainable investing does not deprive unsustainable firms from fresh capital, although it cannot be disproved that sustainable investing may have prevented such firms from raising even more capital. It remains an open question whether a more widespread adoption of sustainable investing would have a more noticeable impact on capital flows.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130408780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}