733 resultados para Corporate bonds
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Small-scale, decentralized and community-owned renewable energy is widely acknowledged to be a desirable feature of low carbon futures, but faces a range of challenges in the context of conventional, centralized energy systems. This paper draws on transition frameworks to investigate why the UK has been an inhospitable context for community-owned renewables and assesses whether anything fundamental is changing in this regard. We give particular attention to whether political devolution, the creation of elected governments for Scotland, Wales and Northern Ireland, has affected the trajectory of community renewables. Our analysis notes that devolution has increased political attention to community renewables, including new policy targets and support schemes. However, these initiatives are arguably less important than the persistence of key features of socio-technical regimes: market support systems for renewable energy and land-use planning arrangements that systemically favour major projects and large corporations, and keep community renewables to the margins. There is scope for rolling out hybrid pathways to community renewables, via joint ownership or through community benefit funds, but this still positions community energy as an adjunct to energy pathways dominated by large, corporate generation facilities
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This article examines the mid-1840s expansion of the British railway network, which was associated with a large deterioration in shareholder value. Using a counterfactual approach and new data on railway competition, we argue that the expansion of the railway companies, and their subsequent decline in financial performance, was not due to managerial failure. Rather, the promotion of new routes by established railways and mergers with other companies was part of a managerial strategy to maintain incumbent positions, and may have been preferable to not expanding whilst their competitors did.
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It has frequently been argued that multinational companies are moving towards network forms whereby subsidiaries share different practices with the rest of the company. This paper presents large-scale empirical evidence concerning the extent to which subsidiaries input novel practices into the rest of the multinational. We investigate this in the field of human resources through analysis of a unique international data set in four host countries - Canada, Ireland, Spain and the UK - and address the question of how we can explain variation between subsidiaries in terms of whether they initiate the diffusion of practices to other subsidiaries. The data support the argument that multiple, rather than single, factor explanations are required to more effectively understand the factors promoting or retarding the diffusion of human resource practices within multinational companies. It emerges that national, corporate and functional contexts all matter. More specifically, actors at subsidiary level who seek to initiate diffusion appear to be differentially placed according to their national context, their place within corporate structures and the extent to which the human resource function is internationally networked.
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The efficiency of solar-energy-conversion devices depends on the absorption region and intensity of the photon collectors. Organic chromophores, which have been widely stabilized on inorganic semiconductors for light trapping, are limited by the interface between the chromophore and semiconductor. Herein we report a novel orange zinc germanate (Zn-Ge-O) with a chromophore-like structure, by which the absorption region can be dramatically expanded. Structural characterizations and theoretical calculations together reveal that the origin of visible-light response can be attributed to the unusual metallic Ge-Ge bonds which act in a similar way to organic chromophores. Benefiting from the enhanced light harvest, the orange Zn-Ge-O demonstrates superior capacity for solar-driven hydrogen production.
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Scholars have long debated whether ownership structure matters for firm performance. The standard view with respect to Victorian Britain is that family-controlled companies had a detrimental effect on operating profit and shareholder value. Here, we examine this view using a hand-collected corporate ownership dataset. Our main finding is that it was not necessarily the broad structure of corporate ownership that mattered for performance, but whether family blockholders had a governance role. Large active blockholders tended to increase operating performance, implying that they reduced managerial agency problems. In contrast, we find that directors who were independent of large family owners were more likely to increase shareholder value.
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The paper addresses the quality of the interface and edge bonded joints in layers of cross-laminated timber (CLT) panels. The shear performance was studied to assess the suitability of two different adhesives, Polyurethane (PUR) and Phenol-Resorcinol-Formaldehyde (PRF), and to determine the optimum clamping pressure. Since there is no established testing procedure to determine the shear strength of the surface bonds between layers in a CLT panel, block shear tests of specimens in two different configurations were carried out, and further shear tests of edge bonded specimen in two configurations were performed. Delamination tests were performed on samples which were subjected to accelerated aging to assess the durability of bonds in severe environmental conditions. Both tested adhesives produced boards with shear strength values within the edge bonding requirements of prEN 16351 for all manufacturing pressures. While the PUR specimens had higher shear strength values, the PRF specimens demonstrated superior durability characteristics in the delamination tests. It seems that the test protocol introduced in this study for crosslam bonded specimens, cut from a CLT panel, and placed in the shearing tool horizontally, accurately reflects the shearing strength of glue lines in CLT.
Capturing Corporate Headquarters’ Attention: Legitimacy as a Mechanism for Selling Subsidiary Issues
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We consider how in issue selling, subsidiaries draw on different forms of legitimacy to attract corporate headquarters’ (CHQ) positive attention and minimise negative CHQ attention. Through case study evidence, we find that directing CHQ attention to subsidiary issues needs to be executed as a balancing act through forms of subsidiary legitimacy, namely; the personal legitimacy of key individuals at the subsidiary; consequential legitimacy vis-à-vis peer subsidiaries; and linkage legitimacy in the local environment. We develop a typology of subsidiary issue-selling roles and illustrate how negative CHQ attention results from a failure to legitimise issue selling.
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Grupos privados que comercializam eletricidade ao setor residencial estão, atualmente, a implementar programas que procuram alcançar Eficiência Energética (EE). Estes programas levam a um menor consumo do produto core destas empresas. A EE é um tema destacado na atualidade, nações de todo o mundo traçam planos para alcançá-la, indo ao encontro do estabelecido no Protocolo de Quioto. Em Portugal, o setor da energia elétrica encontra-se entre os que mais danos acarretam para o ambiente. O presente estudo quis conhecer a orientação destes grupos nestes programas. Ou seja, conhecer a sua motivação para os implementar, bem como conhecer a abordagem disciplinar utilizada para os “desenhar”, procurando saber até que ponto o Corporate Social Marketing (CSM) é aplicado. O CSM utiliza a tecnologia do Marketing mainstream para alcançar mudanças comportamentais desejadas. Visa o bem-estar social e/ou ambiental e mede os resultados que atinge. A sua aplicação em programas que visam a EE no consumo, tratando-a como um produto social, é o foco da presente pesquisa. Para o efeito delineou-se a pesquisa através da metodologia Estudo de Caso, com o objetivo de estudar a orientação do Grupo EDP nestes programas, através do programa A Tua Energia, sabendo que “os projetos de Eficiência Energética são sempre definidos e implementados pela EDP enquanto Grupo” (EDP, 2012). A metodologia de análise de dados utilizada é a Grounded Theory (GT) que procura ir ao encontro de uma teoria substantiva, emersa dos dados, que se enquadre ao contexto da pesquisa. O Estudo da orientação do Grupo EDP levou a pesquisa a conhecer a realidade do setor elétrico em relação a estes programas, não só em Portugal mas noutro mercado onde a empresa EDP atua, o Brasil. Os principais resultados alcançados quanto à motivação dos Grupos privados para implementar estes programas foram Ganhos Empresariais, nos quais se integram Imagem Positiva, Estratégia de Negócio e Relacionamento com Stakeholders. Os dados revelam que o programa A Tua Energia não é um programa de CSM pois ainda que foque a mudança comportamental não a alcança efetivamente. Já a EDP no Brasil implementa um programa de mudança comportamental assente na abordagem do CSM. Concluiu-se que a envolvente influencia a orientação da EDP nestes programas, ainda que estes sejam designados pela EDP enquanto Grupo.
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Dissertação de Mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2015