ABSTRACTThe benefits of biofuels depend on the feedstock, conversion pathway and local context. This paper assesses biofuels technology readiness and developments to provide foresight to biofuels development in Southern Africa. Efficient conversion pathways, coupled with biomass from waste or high-yielding energy crops, will reduce both the costs of biofuels production, and the environmental impacts. Compared to petroleum fuels, the current commercial biofuels (ethanol, biogas and biodiesel) typically offer carbon emission reductions of 30–50% but are marginally more expensive. The extent of biofuels market penetration will therefore be influenced by mandates (blending targets) and subsidies (green premium). Advanced biofuels promise greater efficiencies and carbon emission reductions at reduced cost but will require further research and development to reach commercialisation. If developed appropriately, biofuels can reduce carbon emissions and improve energy security, while enabling sustainable agriculture and improved natural resources management. 相似文献
To advance understanding of informal sector entrepreneurship, the aim of this paper is to evaluate and explain the cross-country variations in the prevalence of informal sector competitors. To do so, World Bank Enterprise Survey (WBES) data is reported from 142 countries. This reveals that 27% of formal enterprises view competition from the informal sector as a major constraint on their operations, although this varies from 72% of formal enterprises in Chad to no formal enterprises in El Salvador. To explain these cross-country variations, four competing theories are evaluated which variously view informal sector entrepreneurship and enterprise to be more prevalent when there is either: economic under-development (modernisation theory); high taxes and state over-interference (neo-liberal theory); too little state intervention (political economy theory), or an asymmetry between the laws and regulations of formal institutions and the unwritten socially shared rules of informal institutions (institutional theory). A multilevel probit regression analysis confirms the modernisation and institutional theories, but not the neo-liberal and political theories. Beyond economic under-development, therefore, it is not too much or too little state intervention that is associated with the prevalence of informal sector competition but rather, whether the laws and regulations developed by governments are in symmetry with the norms, values and beliefs of entrepreneurs. The paper concludes by discussing the theoretical and policy implications of these findings.
This study provides insights from accounting practitioners on China's convergence with International Financial Reporting Standards (IFRS). Through a survey of 33 senior financial executives of Chinese listed companies in 2014, the study reports their perceptions on the following issues: first, the degree of convergence between IFRS and Chinese Accounting Standards (CAS); second, the choice between fair value and historical cost accounting, and the usefulness of fair value accounting for Chinese companies’ financial reporting; third, challenges in the process of China's harmonisation with IFRS; and finally, essential capabilities of Chinese accounting professionals in the process of China's harmonisation with IFRS. Multivariate regression was used for further analysis. The survey findings reveal that in general CAS have converged with IFRS, with a few exceptions that reflect the unique Chinese context. Historical cost accounting is the preferred measurement base to fair value accounting. Exercising professional judgement was identified as a challenge for China's full convergence with IFRS. Ownership structure and the expertise of accounting practitioners were found to affect respondents’ judgements on China's convergence with IFRS. This study has policy implications for international accounting standard setters and accounting educators to consider the contextual issues of implementing IFRS in an emerging economy. 相似文献
This paper develops a growth model in which product cycles arise endogenously from investment in incremental and breakthrough innovations. Incumbent firms invest in incremental technology improvements with the aim of reducing production costs. Market entrants develop breakthrough product designs in order to capture the market from vintage product lines. The competing objectives of the two types of innovation generate product cycles within an environment of creative destruction, as new products displace old and are then manufactured using production technologies that are continuously refined. Investigating the relationship between innovation incentives and the average length of product cycles, we characterized three stable patterns of product evolution: incremental innovation alone, breakthrough innovation alone, and product cycles with both types of innovation. Numerical examples suggest that when the market exhibits stable product cycles, subsidies to either type of innovation raise the rate of economic growth and improve welfare. 相似文献
This article contrasts the proposed benefits of social impact bonds (SIBs) with the more mixed performance of initial projects, and reviews the early literature, revealing a similar divide between initial optimism and subsequent critique. Despite this, SIBs continue to receive high-level support, while expanding their reach through controversial new ‘development’ and ‘environmental’ impact bonds. This situation deserves more scrutiny in the accounting literature. 相似文献
In this paper, we propose a new unrelated question model for estimating the prevalence of a sensitive characteristic within a population by utilizing two decks of cards. The resultant estimator is then compared to its competitors as to efficiency and as to protection of respondents. A real data application analyzing e-cigarette use among college students is considered. 相似文献
This research addressed the questions: do audit committees (AC) in Victorian local government function effectively? Qualitative and quantitative data were collected to measure the perceptions, attitudes and perspectives of mayors, chief executives and chairs of the AC. The results were compared with perceptions of committee members of the Local Government and Shires Association of New South Wales and board members of the Municipal Association of Victoria as the representative bodies of local government in New South Wales and Victoria. There was a similarity of views in relation to: (1) inputs of an AC; (2) the behavioural nuances of the rigour of debate, trust and effective communications; and (3) the relationships with councillors and management. Limitations to effectiveness included: (1) attraction and retention of members; (2) the variability of expertise and the skills of the members; (3) continuing professional development for members; (4) ‘gaming’ behaviours; (5) power games associated with the appointment process; and (6) domination of the AC by members or management. The suggested way forward is the reinforcement of a strong governance culture in local government and an effective AC providing oversight of compliance, governance, internal control and risk processes. 相似文献
Taking advantage of the China’s recent anti-corruption campaign, we attempt to examine the effect of public governance on a firm’s incentive to commit fraud. Using enforcement actions data from the Chinese Securities Regulatory Commission (CSRC) from 2004 to 2014, we find that, due to enhanced public governance, firms are less likely to commit fraud in the post-campaign period than in the pre-campaign period. We further show that the effect of public governance is more evident in privately held listed firms, in firms with weak legal environment, and in firms in areas with poor local economies. In addition, we find that older CEOs respond less actively to the public governance caused by anti-corruption regulations. This paper offers clear policy implications for business ethics by indicating that public governance provides external monitoring of corporate decisions. 相似文献
This article accounts for carbon emissions in the S&P 500 and explores the extent to which capital is at risk from decarbonising value chains. At a global level it is proving difficult to decouple carbon emissions from GDP growth. Top-down legal and regulatory arrangements envisaged by the Kyoto Protocol are practically redundant given inconsistent political commitment to mitigating global climate change and promoting sustainability. The United Nations Environment Programme (UNEP) and European Commission (EC) are promoting the role of financial markets and financial institutions as drivers of behavioural change mobilising capital allocations to decarbonise corporate activity. 相似文献