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Financial Capital (financial + capital)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	53%
Humanities and Social Sciences	40%

Selected Abstracts

The Role of Human and Financial Capital in the Profitability and Growth of Women-Owned Small Firms

JOURNAL OF SMALL BUSINESS MANAGEMENT, Issue 3 2007
Susan Coleman
This paper examines the relationship between human and financial capital and firm performance for women- and men-owned small firms in the service and retail sectors. Results indicate that human capital variables, including education and experience, had a positive impact on the profitability of women-owned firms, whereas measures of financial capital had a greater impact of the profitability of men-owned firms. The ability to secure financial capital also had a positive impact on the growth rate of men-owned firms, but did not appear to affect the growth rate of women-owned firms. These findings suggest that the growth aspirations for women-owned firms may be driven by factors other than human capital or the ability to secure external capital. [source]

Regional Integration and the Co-ordination of Capital Income Taxation

ECONOMIC NOTES, Issue 1 2002
Valeria De Bonis
This paper addresses the question of the need for income tax harmonization in the context of regional integration. It analyses the international distortions and fiscal interdependence arising in the presence of tax rate differentials both under a theoretical and an empirical perspective, and with reference to actual experiences of harmonization attempts. Attention is also paid to the influence of the countries' size on the results, to the strategic behaviour of countries under different international taxations rules, and to the relationships with the countries excluded by the integration process. International tax uniformity does not appear to be the preferable solution, even if some form of concerted agreements might help in reducing inefficiencies deriving from taxation differentials. For instance, in the case of highly mobile factors, like financial capital, if the integrating countries apply the source principle and the interest rate is the same across them, the source-based tax rate on non residents must equal the residence country tax rate on residents. Such a rule would allow the countries to set autonomously their tax rate and, at the same time, eliminate cross-border effects. If there are more than two integrating countries, the tax rates on non residents should discriminate according to the internal tax rate of the residence country. (J.E.L.: H87, F20, H20). [source]

Tailored for Panama: Offshore Banking at the Crossroads of the Americas

GEOGRAFISKA ANNALER SERIES B: HUMAN GEOGRAPHY, Issue 1 2002
Barney Warf
With the steady integration of a deregulated world of hypermobile capital, offshore banking has become an increasingly significant part of the geography of international finance. Many interpretations tend to treat offshore banking centres as identical sites of investment that can be easily substituted for one another by completely mobile, fungible capital. This paper explores the nature of offshore banking in one largely overlooked centre, Panama. It charts the historic context that led to the creation of Latin America's most important centre of international banking, emphasizing the unique qualities that stand in contrast to hyperglobalist interpretations, including the Canal and the role of the US dollar. Second, it summarizes the regulatory changes initiated in the face of global neoliberalism, including the absence of a central bank and recent reforms designed to attract foreign capital. Using primary and secondary data, the paper maps Panama's growing role as a net capital exporter, charting domestic and foreign loan markets. Finally, it also addresses the trade,offs between confidentiality, and transparency in the context of illicit activities frequently alleged to occur in offshore banking centres, which in Panama revolve around drug trafficking and money laundering. It concludes by noting that even in an ostensibly seamless world, offshore banking exhibits the place,based embeddedness of financial capital within local institutional relations. [source]

The Financialization of Urban Redevelopment

GEOGRAPHY COMPASS (ELECTRONIC), Issue 8 2010
Ted Rutland
Spurred by the conviction that not only financial capital but also changes in finance and changes in its relations with non-financial activities have immense and complicated consequences for ongoing processes of urban redevelopment, this article puts the presently separate financialization and urban redevelopment literatures in conversation. The article begins with a review of the financialization literature, outlining and evaluating four different approaches to the topic and seeking to consider what, if anything, they might have to offer to an area of inquiry that has long considered finance to be a central concern. The second section examines how financial capital has been analyzed in the urban redevelopment literature since the pioneering work of David Harvey in the 1970s. The final section examines how financialization has played out in the medium-sized port city of Halifax, Nova Scotia. Drawing on interviews with financiers and property developments, as well as secondary research materials, the study describes how a recent urban design process in Halifax enlisted urban images and ideas to rewrite development regulations, eliminate popular political involvement in the development approvals process, and lever open the downtown landscape to the whims of worldwide financial markets. The essay concludes that studies of urban redevelopment would indeed gain something by engaging with the financialization literature, so long as the former continue to attend not just to financial capital but also to the material and ideological mechanisms through which property is continually reproduced as a financial asset. [source]

Social capital and children's wellbeing: a critical synthesis of the international social capital literature

INTERNATIONAL JOURNAL OF SOCIAL WELFARE, Issue 1 2006
Kristin M. FergusonArticle first published online: 13 JAN 200
Drawing on social capital literature from the international realm, this article presents a critical synthesis of this social resource in relation to children's and youth's wellbeing. Although considerable evidence indicates that social capital can have a positive impact on future outcomes for children and youth, no prior comprehensive review exists of the literature on social capital and children's wellbeing. Adopting the systematic review method (SR), the author explores how social capital has been conceptualised and operationalised as an explanatory variable in research on individual and collective wellbeing with children and youth. Oft-cited indicators of family social capital and community social capital are identified, together with common control variables, such as human and financial capital. The author concludes by examining several social capital trends in relation to children's wellbeing and offering recommendations for future research using a social capital theoretical framework to explore additional outcomes related to children's and youth's wellbeing. [source]

TRANSFORMING ENRON: THE VALUE OF ACTIVE MANAGEMENT

JOURNAL OF APPLIED CORPORATE FINANCE, Issue 4 2001
Vince Kaminski
Soon after Enron was formed as a regulated gas pipeline company in 1985, economic events forced a dramatic reorganization of the company. The result was the creation of an unregulated energy trading operation whose mission was to capitalize on opportunities arising from the deregulation of the natural gas market The initial form of the new business was that of a "gas bank" in which Enron became an intermediary between buyers and sellers of gas, locking in the spread as profit. Since there was no source of liquidity to the market, Enron had to develop its own risk management system. Furthermore, the need to respond quickly to rapidly changing market conditions required that Enron flatten its organizational structure and hire new people whose skills were better suited to the new decentralized organization. The focus of the new Enron accordingly became human and intellectual capital, not physical assets. Employees were encouraged to move about the firm to staff new business ventures. And in what may well be a unique feature in corporate America, Enron's top management today uses its human capital flows to guide its allocations of financial capital. Other aspects of the Enron model include attempts to capitalize on the option (as opposed to current DCF) value of assets, recognition of the value of networks in adding value to trading platforms, and the use of mark-to-market accounting for business transactions as a means of ensuring transparency and promoting timely decision-making. [source]

The ecological research needs of business

JOURNAL OF APPLIED ECOLOGY, Issue 2 2010
Paul R. Armsworth
Summary 1.,Businesses have an unrivalled ability to mobilize human, physical and financial capital, often manage large land holdings, and draw on resources and supply products that impact a wide array of ecosystems. Businesses therefore have the potential to make a substantial contribution to arresting declines in biodiversity and ecosystem services. To realize this potential, businesses require support from researchers in applied ecology to inform how they measure and manage their impacts on, and opportunities presented to them by, biodiversity and ecosystem services. 2.,We reviewed papers in leading applied ecology journals to assess the research contribution from existing collaborations involving businesses. We reviewed applications to, and grants funded by, the UK's Natural Environment Research Council for evidence of public investment in such collaborations. To scope opportunities for expanding collaborations with businesses, we conducted workshops with three sectors (mining and quarrying, insurance and manufacturing) in which participants identified exemplar ecological research questions of interest to their sector. 3.,Ten to fifteen per cent of primary research papers in Journal of Applied Ecology and Ecological Applications evidenced business involvement, mostly focusing on traditional rural industries (farming, fisheries and forestry). The review of UK research council funding found that 35% of applications mentioned business engagement, while only 1% of awarded grants met stricter criteria of direct business involvement. 4.,Some questions identified in the workshops aim to reduce costs from businesses' impacts on the environment and others to allow businesses to exploit new opportunities. Some questions are designed to inform long-term planning undertaken by businesses, but others would have more immediate commercial applications. Finally, some research questions are designed to streamline and make more effective those environmental policies that affect businesses. 5.,Business participants were forward-looking regarding ecological questions and research. For example, representatives from mining and quarrying companies emphasized the need to move beyond biodiversity to consider how ecosystems function, while those from the insurance sector stressed the importance of ecology researchers entering into new types of interdisciplinary collaboration. 6.,Synthesis and applications. Businesses from a variety of sectors demonstrated a clear interest in managing their impacts on, and exploiting opportunities created by, ecosystem services and biodiversity. To achieve this, businesses are asking diverse ecological research questions, but publications in leading applied ecology journals and research council funding reveal limited evidence of direct engagement with businesses. This represents a missed opportunity for ecological research findings to see more widespread application. [source]

Tapping Deep Pockets: The Role of Resources and Social Capital on Financial Capital Acquisition by Biotechnology Firms in Biotech,Pharma Alliances

JOURNAL OF MANAGEMENT STUDIES, Issue 8 2008
Shanthi Gopalakrishnan
abstract Strategic alliances with pharmaceutical firms allow small biotechnology firms to acquire needed financial capital in exchange for sharing new, cutting-edge technologies. This study draws from aspects of resource-based view and social capital theory to examine the factors that influence the extent of financial capital biotech firms acquire when forming an alliance with pharmaceutical firms. Using a sample of 184 alliances from the period 1995,2000, we found that alliances where the pharmaceutical firm has greater management control are associated with greater acquisition of financial capital by the biotech firm. We also found that the credibility of the pharmaceutical firm is positively associated with the extent of financial capital acquired by the biotechnology firm and that the number of patents that the biotech firm has is negatively associated to the financial capital the biotech firm receives. We discuss the implications of our findings for theory, research, and management practice. [source]

Capital at Home and at School: Effects on Child Social Adjustment

JOURNAL OF MARRIAGE AND FAMILY, Issue 1 2001
Toby L. Parcel
We argue for analyzing school and family social capital, human capital, and financial capital as parallel concepts and investigate their effects on child social adjustment. We use the National Longitudinal Survey of Youth (NLSY) merged Child-Mother Data, to which we add indicators of capital in the children's schools. Findings suggest that although school capital effects are present, family social capital and maternal and child human capital effects are more prevalent. Interactions between family and school capital refine these findings. We derive inferences regarding how investment at home and at school can work together to promote child social adjustment. [source]

Portfolio Choice and Life Insurance: The CRRA Case

JOURNAL OF RISK AND INSURANCE, Issue 4 2008
Huaxiong Huang
We solve a portfolio choice problem that includes life insurance and labor income under constant relative risk aversion (CRRA) preferences. We focus on the correlation between the dynamics of human capital and financial capital and model the utility of the family as opposed to separating consumption and bequest. We simplify the underlying Hamilton,Jacobi,Bellman equation using a similarity reduction technique that leads to an efficient numerical solution. Households for whom shocks to human capital are negatively correlated with shocks to financial capital should own more life insurance with greater equity/stock exposure. Life insurance hedges human capital and is insensitive to the family's risk aversion, consistent with practitioner guidance. [source]

The Role of Human and Financial Capital in the Profitability and Growth of Women-Owned Small Firms

RENEWING PEOPLE AND PLACES: INSTITUTIONAL INVESTMENT POLICIES THAT ENHANCE SOCIAL CAPITAL AND IMPROVE THE BUILT ENVIRONMENT OF DISTRESSED COMMUNITIES

JOURNAL OF URBAN AFFAIRS, Issue 5 2006
REX L. LAMORE
ABSTRACT:,The challenges confronting distressed communities in the United States are complex and multifaceted. Communities large and small have been significantly affected by a myriad of social, environmental, and economic forces, including a continuing decline in manufacturing employment, uncontrolled sprawl, and the transition to a global economy. The traditional choice between a "place-based" theory of redevelopment strategy versus a "people-focused" theory no longer seems feasible or appropriate. This article outlines sustainable development as an alternative strategy that combines a place-based development strategy, a human development focus, and an environmentally mindful approach. It posits that there exists a direct positive relationship between the creation of social capital, the redevelopment of the built environment utilizing sustainable development practices, and community-based organizations in distressed communities. Furthermore, the authors suggest that through community investment,a socially responsible investment strategy,institutions of higher education can facilitate the rebuilding of communities by providing financial capital while gaining a moderate yet secure financial return as well as a substantial social return. [source]

The Financial Sector and Economic Growth,

THE ECONOMIC RECORD, Issue 2009
ARUSHA COORAY
The Mankiw,Romer,Weil (1992) augmented Solow,Swan (Solow 1956; Swan 1956) model is extended to incorporate the financial sector in this study. Distinguishing between financial capital, physical capital and human capital, the research attempts to identify, in particular, the effects of financial capital on economic growth. The effects of financial sector efficiency on economic growth are also examined. The financial sector augmented model is tested on a cross-section of 35 economies. Strong support is found for the model. [source]