The market valuation of environmental capital expenditures by pulp and paper companies

The objective of this study is to examine the market valuation of environmental capital expenditure investment related to pollution abatement in the pulp and paper industry. The total environmental capital expenditure of $8.7 billion by our sample firms during 1989-2000 supports the focus on this industry. In order to be capitalized, an asset should be associated with future economic benefits. The existing environmental literature suggests that investors condition their evaluation of the future economic benefits arising from environmental capital expenditure on an assessment of the firms' environmental performance. This literature predicts the emergence of two environmental stereotypes: low-polluting firms that overcomply with existing environmental regulations, and high-polluting firms that just meet minimal environmental requirements. Our valuation evidence indicates that there are incremental economic benefits associated with environmental capital expenditure investment by low-polluting firms but not high-polluting firms. We also find that investors use environmental performance information to assess unbooked environmental liabilities, which we interpret to represent the future abatement spending obligations of high-polluting firms in the pulp and paper industry. We estimate average unbooked liabilities of $560 million for high-polluting firms, or 16.6 percent of market capitalization.

An analysis of changing management roles in small Australian services exporters in response to the stages in industry development

Life cycle models have become important in explaining the changing size structure of firms based on the carrying capacity of regions or industries. In particular, the population ecology model predicts stages of growth, maturity and eventually decline in the number of firms in an industry. There has been criticism of such models because of their focus on external variables as pre-determinants of the potential for enterprise development. This paper attempts to reconcile the external focus of the population ecology model with relevant internal management factors in enterprise development. A survey was conducted of Australian services exporters, and the results not only confirm the existence of four separate life cycle stages in the population ecology model, but also identify the external and internal variables that are strategically relevant at each of the stages. The findings provide potentially useful information in a range of contexts including the design of small business assistance as well a providing “guide posts” to entrepreneurs engaged in enterprise development.

The impact of market forces on the sustainability of the biotechnology industry

his paper contains a warning for investors, executives, analysts and scientists about the sustainability of the biotechnology industry. The study upon which the paper is based examines the impact of market forces on the biotechnology industry and argues that the short-term focus of market driven policies and practices impacts on the sustainability of firms operating in the industry. The market is represented by the National Association of Securities Dealers, Automated Quotations Market (NASDAQ), considered to be one of the vehicles of the promotion of ''new economy'' companies and principles. Through the application of bibliometric data (using both refereed and non-refereed papers), matched with the long term tracking of the NASDAQ Biotechnology Index, the authors provide a clear indication that the short-term investment thinking is leading an industry that is characterised by long R&D cycles. There is an incompatibility between the shorter-term investment considerations and the long-term scientific developments the biotechnology industry is attempting to achieve. Graphs and illustrations are provided to portray the comparative data.

Industry-specific human capital, knowledge labour, and industry wage structure in Taiwan

This paper investigates the role of industry-specific human capital (ISHC) in determining industry wage structure. The model presented in this paper distinguishes between knowledge labour and physical labour. Knowledge labour is physical labour embodied with ISHC. It is postulated that more ISHC-intensive industries, such as high-tech industries, pay higher wages and the wage premiums increase with workers' experience. The hypothesis is tested using a merged sample of 1997 - 1999 manpower utilization survey data from a newly industrialized economy - Taiwan. The findings show support for the effect of ISHC.

Economic benefits of dolphins in the United States eastern tropical Pacific purse-seine tuna industry

This paper provides a profit-maximizing model with vessel-level dolphin mortality limits for purse seiners harvesting tunas in the eastern tropical Pacific Ocean. The model analytically derives the shadow price (estimated economic value) for dolphin mortality, the fishing-fleet size, and the annual tuna harvest as functions of a few key fishing parameters. The model also provides a statistical method to determine the accuracy of all needed parameter estimates. The paper then applies the model to the year 1996 and the period from 1985 to 1987. The shadow price measures the economic value to the US tuna fleet of dolphins lost in the harvesting of tuna. This value is essential when attempting to evaluate the economic benefits and costs to society of any action designed to reduce the mortality of dolphins in the harvesting of tuna in the eastern tropical Pacific Ocean.

Participatory approach for the identification of dairy industry needs in the design of research, development and extension actions: Australian and Brazilian case studies

In both Australia and Brazil there are rapid changes occurring in the macroenvironment of the dairy industry. These changes are sometimes not noticed in the microenvironment of the farm, due to the labour-intensive nature of family farms, and the traditionally weak links between production and marketing. Trends in the external environment need to be discussed in a cooperative framework, to plan integrated actions for the dairy community as a whole and to demand actions from research, development and extension (R, D & E). This paper reviews the evolution of R, D & E in terms of paradigms and approaches, the present strategies used to identify dairy industry needs in Australia and Brazil, and presents a participatory strategy to design R, D & E actions for both countries. The strategy incorporates an integration of the opinions of key industry actors ( defined as members of the dairy and associated communities), especially farm suppliers ( input market), farmers, R, D & E people, milk processors and credit providers. The strategy also uses case studies with farm stays, purposive sampling, snowball interviewing techniques, semi-structured interviews, content analysis, focus group meetings, and feedback analysis, to refine the priorities for R, D & E actions in the region.

An industry/university collaboration to upgrade software engineering knowledge and skills in industry

This paper describes an ongoing collaboration between Boeing Australia Limited and the University of Queensland to develop and deliver an introductory course on software engineering. The aims of the course are to provide a common understanding of the nature of software engineering for all Boeing Australia's engineering staff, and to ensure they understand the practices used throughout the company. The course is designed so that it can be presented to people with varying backgrounds, such as recent software engineering graduates, systems engineers, quality assurance personnel, etc. The paper describes the structure and content of the course, and the evaluation techniques used to collect feedback from the participants and the corresponding results. The immediate feedback on the course indicates that it has been well received by the participants, but also indicates a need for more advanced courses in specific areas. The long-term feedback from participants is less positive, and the long-term feedback from the managers of the course participants indicates a need to expand on the coverage of the Boeing-specific processes and methods. (C) 2004 Elsevier Inc. All rights reserved.

Magnetic susceptibility measurement applied to the minerals industry

The efficiency of numerous mineral processing operations can be determined by measuring the magnetic properties of the process streams. This measurement, if done at all, is currently performed by laboratory testing of spot samples. This is an inherently slow process and, where feed grades are variable, optimum performance is generally not achieved. This paper describes the rapid measurement of the magnetic properties of minerals. AC measurement techniques, including the analysis of the phase component of the magnetic vector; frequency dependent magnetic susceptibility and the effect of applied magnetic field strength will be discussed. Industrial applications in mineral sands, copper smelting, ferrosilicon testing and drill core scanning will be reported. (C) 2006 Elsevier Ltd. All rights reserved.

Introducing employee social identification to customer satisfaction research: a hotel industry study

The purpose of this paper is to address the concept of linkage research and propose the addition of social identity theory as an important consideration in managing employee-customer interactions and customer satisfaction.