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Article
Publication date: 1 August 2000

A. Tanik, B. Beler Baykal and I.E. Gonenc

Ömerli reservoir is the major reservoir of Istanbul in terms of water supply potential. However, rapid population increase, unplanned and illegal housing, irrelevant industries…

987

Abstract

Ömerli reservoir is the major reservoir of Istanbul in terms of water supply potential. However, rapid population increase, unplanned and illegal housing, irrelevant industries and motorways passing through the protection zones of the catchment area, together with insufficient infrastructure, cause the water quality of the reservoir to tend towards the eutrophic stage from the mesotrophic stage parallel to the land use profile. In order to achieve a long‐term water supply from the reservoir and to arrive at sanitary solutions, new land use plans should be developed. Therefore, the key idea of this paper is to develop a convenient protection strategy to keep the reservoir from further deterioration, in light of the guidelines of a new land use plan, and to allow the watershed to be used in accordance with the tendencies of society in a controlled manner, so as to maintain the sustainability of the reservoir for drinking water supply and to assure continuing control by implementing economic sanctions.

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Environmental Management and Health, vol. 11 no. 3
Type: Research Article
ISSN: 0956-6163

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Article
Publication date: 1 August 2004

D.Z. Seker, A. Tanik, M. Gurel, A. Ekdal, A. Erturk, S. Kabdasli and A. Aydingakko

This paper presents part of the results of ongoing integrated and interdisciplinary studies conducted at a vulnerable coastal lagoon system with the aim of protecting it from…

730

Abstract

This paper presents part of the results of ongoing integrated and interdisciplinary studies conducted at a vulnerable coastal lagoon system with the aim of protecting it from further anthropogenic pollution. The target area is in southwestern Turkey, consisting of a lake that joins the Mediterranean Sea via a lagoon channel system. Land resources in the watershed are identified, including all the elements of the physical environment that influence potential land‐use, and are illustrated by the application of geographical information systems through mapping and visualization of various thematic layers of land. This study will enlighten those working on lagoon watersheds aiming at conservation of natural resources since it states the results of the studies conducted so far through various disciplines, and presents how data are utilized by the groups in an integrated manner. Based on the available data, pre‐modelling studies on hydrodynamic modelling and on water quality modelling are also referred. Identification of a watershed depends on gathering satisfactory data, which will further be used to establish sustainable development and management plans, apart from utilizing the obtained data for watershed and hydrodynamic modelling approaches and to better understand such complex systems.

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Management of Environmental Quality: An International Journal, vol. 15 no. 4
Type: Research Article
ISSN: 1477-7835

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Article
Publication date: 20 November 2019

Khairul Anwar

This paper aims to find the pattern of interaction of political actors in situations of tenurial conflict in the watershed through a review of cases of social conflicts of…

225

Abstract

Purpose

This paper aims to find the pattern of interaction of political actors in situations of tenurial conflict in the watershed through a review of cases of social conflicts of plantation villages around Siak watershed 2009-2014.

Design/methodology/approach

In harmony with the Research Master Plan (RIP) of Riau University, the socio-political of Riau Malay society and the fundamental scientific pattern of Riau university, the development of the resources of area and waters and Malay culture, since 2001, the writer has conducted a study related to the issues of natural resources policy, especially oil palm in the era of regional autonomy and decentralization. This is in line with the umbrella of research developed by the University of Riau namely studying various aspects of natural resources (especially oil palm) and human resources of Watershed (DAS). The writer's review is; first, the dynamics of politics in relation to the issue of oil palm plantation policy in Riau. This study shows that there are many central policies when implemented at the local level including watersheds clashing with local interests such as forests and land ownership. Second, the writer has also reviewed the policy issues and problems of oil palm plantations in Riau watershed in 2000. This study shows there are many issues and problems formulated differently by different people.

Findings

Mapping and strategy are examined through the study of political strategies on oil palm plantations and use them to answer the following two questions: what kind of political model which can be used to manage the watershed conflict since regional autonomy is implemented. Economic factors are influential in mapping and management strategies for the emergence of tenurial conflicts in the Siak River Rivershed 2009-2014. The tenurial conflict management model of Siak rivershed, which is considered relevant, is a conflict-based model of cooperation with a partnership pattern between local government, watershed civil society and plantation business actors. The change of agrarian structure is directed to the effort to open the space for the accesibility of society in decision-making.

Originality/value

Some of these studies have not reached the tenurial conflicts in the watershed areas, especially Siak watershed. In fact, about 80 per cent of Riau province region consists of watershed. This becomes the originality and gap of this study with previous studies. This research was conducted further as an effort to synergize Riau's development policy with Riau University's research in harmony with RIP that was created and aimed to find the pattern of interaction of political actors in situations of tenurial conflict in Watershed through a review of cases of social conflicts of plantation around Siak watershed in 2009-2014.

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Journal of Science and Technology Policy Management, vol. 10 no. 5
Type: Research Article
ISSN: 2053-4620

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Article
Publication date: 23 June 2022

Ahsan Ahmed, Rozaimah Zainudin and Shahrin Saaid Shaharuddin

This paper investigates the impact of financial integration on the capital structure of the firms operating in mainland China, examining the firm-level and country-level…

298

Abstract

Purpose

This paper investigates the impact of financial integration on the capital structure of the firms operating in mainland China, examining the firm-level and country-level integrating variables for 2,878 listed Chinese firms over the period of 1991–2016 in regard to the firms' capital structures. Finally, the study revisits the associations for the state-owned and multinational firms in the context of China.

Design/methodology/approach

A large sample of unbalanced data from firms were used to explore the relationship firm-level and country-level integrating variables has with firm leverage and maturity; this is accomplished using the fixed effect model. For robustness, a system-generalised method of moments was used.

Findings

The results indicate that internationalisation positively impacts the leverage and debt maturity of all listed Chinese firms and multinational firms and that state-owned firms are financed mainly by the state. For country-level integration, the authors find that credit and equity markets are negatively related to a firm's leverage. A negative relation with credit markets suggests that Chinese firms have much cheaper financing options than the benefits that arise from credit market integration. Moreover, the effect of equity market integration is more pronounced on Chinese firms' capital structure and debt maturity than credit market integration.

Practical implications

The results provide valuable implications of financial integration for policymakers as well as capital structure decision-making for managers in China.

Originality/value

Few studies have examined the impact of integration on firms' capital structures in developing countries. After controlling for unobserved heterogeneity and endogeneity, this study adds new multilevel integration evidence on the capital structure of Chinese firms.

Details

International Journal of Emerging Markets, vol. 19 no. 2
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 21 November 2023

Umar Farooq, Ahmad A. Al-Naimi, Muhammad Irfanullah Arfeen and Mohammad Ahmad Alnaimat

The current analysis aims to explore the role of cash holdings in the nexus of national governance and capital investment (CIN).

229

Abstract

Purpose

The current analysis aims to explore the role of cash holdings in the nexus of national governance and capital investment (CIN).

Design/methodology/approach

To achieve this aim, the authors sample the nonfinancial enterprises from 5 Brazil, Russia, India, China, South Africa (BRICS) economies and employ system generalized method of moments(GMM) models as an estimation technique.

Findings

The empirical analysis infers that national governance has a positive relationship with CIN and a negative relationship with cash holdings. The cash holdings negatively determine CIN. However, the cash holdings show a positive relationship with CIN in the presence of the national governance index (NGI).

Research limitations/implications

The important policy layout of the current analysis is that corporate managers should reduce cash holdings during better governance situations. Alternatively, corporate managers can disentangle the negative impact of bad country governance conditions on CIN by holding more cash.

Originality/value

The study is innovative as it explores mediating impact of cash holdings in the NGI-CIN nexus.

Details

Asian Review of Accounting, vol. 32 no. 4
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 28 October 2024

Pranshu Tripathi and Anil K. Sharma

Creditor rights reduce or increase agency problems in corporations, affecting financial decisions. This study examines the impact of India’s Insolvency and Bankruptcy Code of 2016…

88

Abstract

Purpose

Creditor rights reduce or increase agency problems in corporations, affecting financial decisions. This study examines the impact of India’s Insolvency and Bankruptcy Code of 2016 (hereinafter referred to as the Code) on firms’ investment and investment sensitivity based on their health, considering this Code as more creditor-friendly than pre-existing bankruptcy laws.

Design/methodology/approach

This study uses a quasi-natural experiment that employs the difference-in-differences (DID) and propensity score matching difference-in-differences (PSM DiD) approach by considering the Code as treatment and categorizing the firms into distressed (treated group) and healthy (control group) firms. For the purpose of analysis, a fixed-effect regression model is used.

Findings

This study finds that distressed firms reduce their investment after the Code, but healthy firms do not observe any change. It shows that the reduction in investment of the distressed group is significantly greater than that of the healthy group due to agency conflict and the liquidation bias hypothesis. However, the reduction in investment is not followed by the change in investment sensitivity.

Originality/value

This study adds to the existing studies on the impact of the Insolvency and Bankruptcy Code, 2016 on investment. No study explores the relationship between this Code and investment based on the financial health of the firms. Also, none of the studies explores the impact of the Code on investment sensitivity. The results show that this Code has provided stronger protection to the creditors, which hurts the internal stakeholders’ interests. The study has implications for policymakers and academicians.

Details

Managerial Finance, vol. 51 no. 1
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 28 June 2019

Felice Matozza, Anna Maria Biscotti and Elisabetta Mafrolla

This paper aims to examine whether firms in polluting industries improve their environmental performance to effectively repair their financial reputation in the aftermath of an…

769

Abstract

Purpose

This paper aims to examine whether firms in polluting industries improve their environmental performance to effectively repair their financial reputation in the aftermath of an accounting restatement – a financial reputation-damaging event.

Design/methodology/approach

The authors test their hypotheses using multiple regression analysis of a sample of firms listed in International Financial Reporting Standards (IFRS)-adopting countries. They use a comparative empirical design in which a sample of firms that underwent a restatement (henceforth, restating firms) are compared with control groups of pair- and multiple-matched firms that did not undergo restatements (non-restating firms).

Findings

The study finds that restating firms have higher environmental performance in the aftermath of restatement events. Additionally, the authors demonstrate that this environmentally based reputation repair positively influences the financial reputation of the firms, as measured by analyst coverage and recommendations and which previously decreased because of the restatement event.

Practical implications

Because environmental levers are a substantial contextual factor in polluting industries, shifting the stakeholder debate to firms’ environmental commitment can improve financial stakeholders’ opinions and favour the repair of the multifaceted reputation of the financially damaged firm.

Social implications

With a worldwide growing attention to environment there is a critical need for understanding how polluting firms integrate sustainability and financial reputation. We demostrate that polluting firms recover from a financial failure pursuing their environmental performance.

Originality/value

Contributing to the behavioural theory of reputation repair and in line with the legitimacy perspective in environmental disclosure research, this paper shows that polluting firms recover from a loss to their financial reputation by diverting stakeholders’ attention towards the environmental field, thus restoring their financial reputation, as financial analysts value environmental performance improvement – a substantial contextual factor of polluting firms’ reputation repair process.

Details

Sustainability Accounting, Management and Policy Journal, vol. 10 no. 5
Type: Research Article
ISSN: 2040-8021

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Publication date: 9 August 2023

Ayse Sargin

Social movements are sites of knowledge production. Green criminologists are interested in activism both as an informal response to environmental harms/crimes and in their…

Abstract

Social movements are sites of knowledge production. Green criminologists are interested in activism both as an informal response to environmental harms/crimes and in their explorations of the possibility of activist green criminology. In this chapter, the author calls attention to a related issue – the significance of knowledge produced in social movements. Drawing on her study of the resistance movements against hydropower in Turkey, the author discusses how movement knowledge can contribute to green criminology in relation to the (i) complexity of harm and victimisation; (ii) politics of knowledge in identifying harm; and (iii) limits of formal processes in preventing harm. The author concludes by highlighting the importance of recognising activists as subjects who produce knowledge, in academic engagement with activism.

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Article
Publication date: 17 May 2022

Osama El-Ansary and Hatem Fouad Hamza

This paper aims to discover the underlying mechanisms by which corporate financial policies, cash holdings, capital structure and dividend payouts, transmit their effects on firm…

782

Abstract

Purpose

This paper aims to discover the underlying mechanisms by which corporate financial policies, cash holdings, capital structure and dividend payouts, transmit their effects on firm value in the “Middle East and North Africa” (MENA) emerging markets.

Design/methodology/approach

The authors employ a novel integration of path modelling with parallel multiple mediation analysis to empirically test the hypothesised indirect effects through the mechanisms represented by the value of financial flexibility (VOFF) and agency costs.

Findings

The authors do not find any evidence of the association between cash holdings, dividend payouts, and firm value when the mechanisms through the VOFF and agency costs are considered. While these two forces, i.e. the VOFF and agency costs, have balanced mediation effects on the relationship between cash holdings and firm value, they represent equivalent and complementary mechanisms by which dividend payouts transmit their positive impact on firm value. Moreover, we document a significant negative partial mediation effect of agency costs on the relationship between leverage and firm value; however, we do not find any evidence supporting the mediation effect of the VOFF on such a relationship.

Originality/value

This paper sheds new light on the forces that govern the nature of the relationships between corporate financial policies and firm value.

Details

Asia-Pacific Journal of Business Administration, vol. 15 no. 3
Type: Research Article
ISSN: 1757-4323

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Book part
Publication date: 1 May 2023

Jui-Chuan Della Chang, Zhi-Yuan Feng, Wen-Gine Wang and Fang-Chi Tsao

Agency problems are more severe for multinational corporations (MNCs) and multinational enterprises compared to their domestic counterparts. As companies develop diversified…

Abstract

Agency problems are more severe for multinational corporations (MNCs) and multinational enterprises compared to their domestic counterparts. As companies develop diversified operations, their managers face more challenges. An incentive compensation structure has been designed to align the benefits of managers with those of shareholders. Additionally, corporate social responsibility (CSR) has become increasingly crucial for companies. MNCs must gain the trust of more investors to improve their corporate reputation and financial performance. CSR enables MNCs with a high sense of social responsibility to expand their investor base, reduce perceived risks, and decrease information asymmetry. Our empirical findings reveal that Taiwanese MNCs can enhance their performance by implementing cash-based compensation and pursuing CSR activities.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-80382-401-7

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