This study examines the association between tax avoidance and ex ante cost of equity capital. Based on prior research, we develop two proxies for investors’ expectations of tax avoidance and explore whether deviations from those expectations result in higher ex ante cost of equity capital. We find that the ex ante cost of equity capital increases with tax avoidance that is either below or above investor expectations and that the increase is larger for tax avoidance that exceeds investors’ expectations. We then examine whether firms that alter their future tax avoidance exhibit a lowering of their ex ante cost of equity capital and find that tax avoidance decreases (increases) from the prior year for firms that were above (below) investors’ expectations in the prior year. These results are consistent with the trade‐off suggested by the Scholes and Wolfson framework and reinforce the notion that balancing tax benefits and non‐tax costs is an important feature of firms’ tax planning. 相似文献
Providing nutritious and environmentally sustainable food to all people at all times is one of the greatest challenges currently facing society. This problem is particularly acute in Africa where an estimated one in four people still lack adequate food to sustain an active and healthy life. In this study, we consider the potential impact of future population growth and climate change on food security in Africa, looking ahead to 2050. A modelling framework termed FEEDME (Food Estimation and Export for Diet and Malnutrition Evaluation) was used which was characterized to model the impacts of future climate changes (utilizing the Intergovernmental Panel on Climate Change Special Report on Emissions Scenarios projections) and projected population growth on food availability and subsequent undernourishment prevalence in 44 African countries. Our results indicate that projected rapid population growth will be the leading cause of food insecurity and widespread undernourishment across Africa. Very little to no difference in undernourishment projections were found when we examined future scenarios with and without the effects of climate change, suggesting population growth is the dominant driver of change. Various adaptation options are discussed, such as closing the yield gap via sustainable intensification and increasing imports through trade and aid agreements. These strategies are likely to be critical in preventing catastrophic future food insecurity. 相似文献
Protected areas are key to the conservation of global biodiversity and ecosystem services; however, their success is contingent upon adequate funding. One possibility to increase funding for park management is to “sell” a wider suite of ecosystem services “produced” by protected areas, such as carbon sequestration. We conducted 420 tourist surveys to analyze willingness to pay (WTP) for ecosystem service benefits via a conservation fee in the Tambopata National Reserve in Peru. We also interviewed eight tour operators about their perceptions of the proposed fee. The average stated WTP was 15 USD. Sixty-six percent of tourists stated they would pay 10 USD or more, which, if actually paid, would have resulted in 318,000 USD for park management in 2015. Most respondents stated they would pay an additional fee if it supported biodiversity conservation or local ecosystem services, such as water, but less than 10% of tourists were motivated by carbon sequestration as a reason to pay the fee. Most tour operators supported the additional fee. Our findings suggest that tourists are willing to pay higher fees to support conservation but that interest in paying for additional ecosystem services from parks may not extend to global and intangible benefits such as carbon sequestration. 相似文献
In recent years, a growing number of small-to-medium-enterprises are embracing wind turbine projects not only as part of their cost reduction strategy but also to actively play their part in the global fight against climate change. However, it would appear there are currently limited empirical studies carried out in this emerging industry. This case study analyses the cost effectiveness of one such wind turbine initiative by a company in the Republic of Ireland, who invested in a 300 kW embedded wind turbine project at the end of 2013. The research methodology which is primarily a case study analysis included comparing historical electricity utility bills which allowed the 2013 quantity of electrical energy units imported, i.e. the year before the turbine was installed to be compared with the 2014 value, i.e. the year after the turbine was installed. Numerous site visits were undertaken over a four-year period, during which electric meter readings were recorded and stored. The findings of this piece of research indicate that the installation of the embedded wind turbine had minimal positive effect on the annual electricity costs for the company. Indeed the turbine appears to have significant negative effects such as a need for an increased maximum import capacity and also it appeared to contribute to a deteriorating utility power factor. While the aesthetic nature of the on-site turbine seemed to create a positive image of the company, it would appear that caution should be exercised when business owners select alternative energy providers who claim to be experts in the energy field but may have limited knowledge in this area of wind energy, which as of yet has minimal robust research into all aspects of its benefits/attributes. 相似文献
Medicalized environments around the world are challenged with making trade-offs between the clinical nature of the service and the customer service elements needed to deliver the service. Many medicalized wellness services have yet to achieve an effective balance between their hospitality and hospital features to generate loyalty (repeat patronage). We present a case study of a blood service organization in a developed country that, at the time of data collection (2011), was working to resolve tension between clinical goals and expectations of Millennial donors. The results identified seven principles: ‘control over booking and service interactions’; ‘build social connections’; ‘offer a luxury, indulgent experience’; ‘build relationship with customer beyond the “medical” procedure’. The three remaining principles related to hospital-like features: ‘hide the functional/medical features of the service experience’; ‘demystify the “hidden” processes’; ‘ability for the physical service environment to be modified by the customer’. 相似文献
In the experience economy, working conditions — that is, the experience of work — directly affect both job quality and the quality of the experience produced. We propose an alternative definition of job quality and apply this concept to a qualitative study of casino employees. Pay and benefits are crucial elements of sustainable livelihoods. But building a life also requires time away from the job, good health, and supportive institutions, including employers who treat their workers as human beings with complex lives. A good job reinforces, rather than undermines, a positive sense of identity. 相似文献
Does improving employee happiness affect customer outcomes? The current study attempts to answer this question by examining the impact of employee satisfaction trajectories (i.e., systematic changes in employee satisfaction) on customer outcomes. After accounting for employees’ initial satisfaction levels, the analyses demonstrate the importance of employee satisfaction trajectories for customer satisfaction and repatronage intentions, as well as identify customer-employee contact as a necessary conduit for their effect. From a macro perspective, employee satisfaction trajectories strongly impact customer satisfaction for companies with significant employee–customer interaction, but not for companies without such interaction. From a micro perspective, employee satisfaction trajectories influence customer repatronage intentions for frequent customers, but not for infrequent customers. These effects are robust to controlling for previous customer evaluations and recent employee evaluations. Overall, these findings extend the dominant view of examining static, employee satisfaction levels and offer important implications for the management of the organizational frontline.
Social media usage by health care organizations has increased dramatically. Findings from this research show that 95% of the top ranked hospitals use social media. The purpose of this study is to examine whether social media usage varies according to size of hospital and types of services provided. Since social media platforms appeal to different groups of people, this prompts the question of whether certain platforms are more appealing to people who partake in different health services. Findings reveal differences in social media usage depending on the services provided by a hospital. 相似文献