Capital investments in the latest medical equipment and the replacement of aging facilities are important hospital decisions because they may have a significant influence on operating efficiencies and quality of care. However, hospitals experienced a minimal growth rate in capital expenditures which contributed to the aging of the hospital industry's asset base during the late 1990's and early 2000's. One of the underlying reasons behind this lack of growth might be the financial stresses that hospitals were facing after the Balanced Budget Act (BBA) of 1997, which significantly reducedMedicare reimbursement and had an adverse impact on the financial viability of hospitals. The objective of this study is to empirically evaluate how changes in market, operational and financial factors influence changes in hospital capital investment in the post BBA period.The study employs a panel of nonprofit private and public, short-term general hospitals from 1998 to 2001. Six secondary databases were merged and analyzed by first difference transformation and instrumental variable estimation to eliminate unmeasured, time-invariant hospital characteristics, and to address the endogeneity and possible feedback effects of regressors in the model.The results of the study suggest that changes in hospital capital investment appear to be positively associated with changes in the ratio of primary care physicians to all physicians in market, the size of population, and the ratio of population age 65 over to all population in market. Also significant is change in the age of plant for hospitals that exhibits a negative association with change in capital investment. As expected, the study observes a strong positive effect of changes in liquidity and cash flow on changes in capital investment. However, the effect of change in debt ratio on change in capital investment appears to be marginally significant.Estimation of the effects of changes in variety of factors on changes in hospital capital investment especially in the post-Balanced Budget Act period indicates that hospitals appear to increase their capital expenditures to accommodate the increasing market demand for hospital services, and the results also show that availability of resources, especially financial ones, are most likely to influence capital investment during the financially stressed environment.This study contributes to a limited body of research examining factors affecting capital investment at the hospital level and demonstrates the important role of internal funds in predicting future hospital capital investment.

In final master work “Investment planning and analysis” there was analyzed and systemized conceptual and practical researches of investment analysis of Lithuanian and foreign authors. When analyzing capital investment effectiveness, it is very important to use various methods in complex, not separately. There was performed analysis of investment project of JSC “Lamega”, also there was calculated indicators of investment effectiveness, main factors, which influence final results of a project, were defined, uncertainty and possibilities of the project were evaluated by using Black-Scholes real options evaluation model. Hypothesis, that investment decision depends not on meaning of separate indicator, but their sequence and reciprocity.

This study addresses the fact that the current Cadbury investment appraisal process does not adequately address the strategic implications of many capital investment decisions. Although attempts are made to quantify, in financial terms, the strategic benefits from a given investment, it appears that many perceived benefits are left out of the appraisal process because they lack precise financial quantification, resulting in managers placing greater reliance on the qualitative dimensions of their investment decision-making such as judgement and intuition. The current Cadbury process is based on the unequivocal advice that academics give to organisations and to managers about how to appraise largescale capital investment projects. The use of discounted cash flow techniques, based upon the discounting of decision contingent cash flows at the organisations opportunity cost of capital is regarded as the definitive investment appraisal technique. On this, the academic literature is clear. Whilst there are strong theoretical justifications for the use of discounted cash flow based models, managers continue to use non-DCF appraisal techniques such as payback irrespective of their theoretical shortcomings. The lack of use of a sophisticated risk assessment model is also disappointing, with Cadbury ignoring individual project risk and adopting a naive approach. Finally, this study indicates that Cadbury managers need not be forced into choosing either an economic/normative approach or a strategic/managerial approach to capital-investment decision-making but that rather a hybrid approach, including both the economic and strategic dimensions of choice, is more applicable for effective strategy incorporation.

The purpose of this study is to shed more light on whether the investment tax credit is effective in stimulating capital investment. The sample includes 104 local cooperatives. The majority of the data was collected from the files of the St. Paul, Minnesota, Bank for Cooperatives. The study has a single purpose of determining whether the changes to the Internal Revenue Code in the Revenue Tax Act of 1978 had an effect on the capital expenditure levels of farm supply cooperatives. In 1978 the investment tax credit became fully available to cooperatives. Previous abatement rules were abolished, and unused credit was then passed through in full to the cooperative membership. The research model employed is a pooled time-series and cross-sectional approach, and includes data for years 1975 through 1983. In addition to capital expenditure data, the company-specific variables are debt/asset ratio, local margin, and net margin. Economic variables are a net interest-inflation rate factor, cash receipts from farming, and loan volume of banks for cooperatives. Also included are dummy variables 0 and 1, trend variables 1-9, and interaction variables for all the main-effects variables.

Whenever someone starts a company from scratch there is a great chance he or she (the entrepreneur) looks for funding. People who fund entrepreneurs and start-­‐ups are usually venture capitalists or business angels. Whether it is one or the other these people want to invest wisely. However without last year’s report piling up at the reception of this start-­‐up another approach is necessary. This master thesis focuses on how valuation is possible without haveing financial data. The main focus the thesis is to find whitch personal attributes you should look for in a successful future entrepreneur.

Thesis (MBA.) -- University of Limpopo, 2019 / This research examines the effect of human capital investment on the firm’s performance in South African companies. This research is important given that the human asset has been proven to be one of the most important assets in the organisation and therefore this research set out to examine whether human assets actually contribute to the performance of the firm in the Johannesburg Stock Exchange Social Responsible index (SRI). Therefore the objective of this research was to examine the relationship between human capital investment and firm performance in terms of sales turnover, share price and net profit. Secondary data on human capital investment and companies’ performance (sales turnover, net profit and share price) were collected from integrated report archives of the 28 best performing companies in the JSE SRI Index for the six years from 2010 to 2015. The theoretical foundation was on the human capital theory and related previous literature. The research adopted a quantitative paradigm and applied the regression statistics, which were analysed with the aid of the excel software. Findings from the regression analysis indicate p value of 0.04 for HCI and sales turnover, p value of 0.69 for HCI and the share price and p value of 0.16 for HCI and net profit. This therefore, means that, within the sample of companies, there is a significant relationship between human capital investment and sales turnover of firms and no significant relationship between human capital investment and share price, and net profit of companies. This finding indicates that the result may change from negative to positive with a longer period of data. Over the long term companies that invest in HC would experience profitability (within a range of 10 to 13 years) (Blundell et al, 1999).This means that future research should use a longer period of data and include more companies outside of the JSE SRI Index companies. The research recommends that there is a need for companies to invest in human capital to improve companies’ performance and to win customers’ confidence.

Small and medium-sized enterprises (SMEs) contribute to China's economic growth and help maintain social stability. However, SME business leaders have cited access to finance as an obstacle of SMEs' survival and success. The purpose of this multiple case study was to identify main strategies SME entrepreneurs and business leaders used to attract venture capital (VC) investments to achieve financial sustainability and business expansion. Data were collected from a purposive sample of 23 entrepreneurs and leaders from 4 SMEs in China and an analysis of organizational artifacts. The resource-based view theory served as the primary conceptual framework. The data analysis process entailed using coding techniques to identify keywords, narrative segments, and concepts. Member checking ensured the credibility and trustworthiness of the data interpretation and analysis. The process led to 4 themes including developing a unique and pioneering business model, assembling a management team with industry experience, indicating use of raised capital in investing in technology, and engaging with superior principal endorsements during the fund-raising efforts. The implication for positive social change included the potential to enhance the capability of SME entrepreneurs and business leaders to obtain VC funding to support their businesses, which can increase economic development and improve the social stability of local communities in China. The findings from the study may contribute to the development of the SME sector in China and benefit their owners, business leaders, employees, future entrepreneurs, the local community, as well as economy of China.

Thesis (MA)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: This thesis is a contribution to the “China in Africa” debate. Chinese development assistance includes Foreign Direct Investment (FDI), and recent literature argues a significant proportion of FDI goes to the manufacturing sector in African countries. FDI allocated to industry have the potential to create employment and reduce poverty. This paper takes Zambia as a case, and looks at the textile and clothing industry as a sub- sector of the manufacturing sector. The textile and clothing industry is seen as especially appropriate for Zambia, as it; (i) adds value to natural resources; (ii) creates links to other sectors of the economy; (iii) require only basic skills; and (iv) is labour intensive. Based on primary and secondary data, this paper seeks to understand how Chinese FDI in the Zambian textile and clothing industry impact economic development, measured by; (i) formal employment creation; (ii) technology and skill transfer; (iii) state revenue; and lastly (iv) market creation of the products. Through looking at Zambian national plans and institutions, the cotton-textile-garment value chain and the organisation of Chinese companies in Zambia, this paper found currently no textile and clothing manufacturing under Chinese investors. Although, cotton quality in Zambia has improved, the majority is exported out of the continent. There are currently few textile mills left and the clothing manufacturers largely use imported inputs. Second hand clothes and cheap imports from Asian countries, have taken over large parts of the domestic market for textile and clothing in Zambia. The largest integrated textile mill was the Zambia China Mulungushi Textiles (ZCMT) operating under Chinese investors between 1997 and 2007. Findings show that the Chinese management casualised the workforce, leading to more informal employment. In addition, there were few records of skill transfer to Zambian workers, although there were investments in improving technology. This paper explores the different reasons for the TC mill to close and argue that it was not viable under a liberal market. The Zambian workers were unhappy with the labour system, wage levels and terms of employment, which caused violent riots and strikes up until closure in 2007. The Chinese management was unable to restructure the work force enough to be cost effective and to stay in business. The Lusaka East Multi Facility Economic Zone (MFEZ) is under construction, and will focus on textiles and the supportive links in the industry. It is yet to be seen, how it impacts local economic development. Based on the assumptions of economic development, this paper shows limited impact of Chinese FDI in the Zambian textile and clothing industry. / AFRIKAANSE OPSOMMING: Hierdie tesis is 'n bydrae tot die "China in Afrika” debat. Die Chinese ontwikkelings hulp sluit buitelandse direkte investering (FDI) in, en die onlangse literatuur beweer dat 'n belangrike deel van FDI na die vervaardigingsektor in Afrika-lande gaan. FDI toegeken aan die industrie het die potensiaal om werk te skep en armoede to verminder. Hierdie verhandeling neem Zambië as 'n geval, en kyk na die tekstiel-en klere-industrie as 'n subsektor van die vervaardigingsektor. Die tekstiel en klere bedryf is veral geskik vir Zambië, daar dit; (i) waarde toevoeg tot natuurlike hulpbronne; (ii) skakels skep na ander sektore van die ekonomie; (iii) slegs basiese vaardighede word vereis; (iv) arbeidsintensief is. Deur middel van primêre en sekondêre data, word in hierdie verhandeling gepoog om die impak van die Chinese FDI in die Zambiese tekstiel-en klere-industrie, op die ekonomiese ontwikkeling vas te stel, soos gemeet aan; (i) formele werkskepping; (ii) tegnologie en vaardigheids oordrag; (iii) die staat se inkomste; en laastens ( iv) die skepping van ‘n mark vir die produkte. Deur te kyk na die Zambiese nasionale planne en instellings, die katoen-tekstiel-kleed waardeketting, en die organisasie van die Chinese maatskappye in Zambië, het hierdie verhandeling bevind dat daar tans geen tekstiel-en klere vervaardiging onder Chinese beleggers is nie. Hoewel die gehalte van die katoen in Zambië verbeter het, is die meeste buite die vasteland uitgevoer. Daar is tans min tekstielfabrieke oor, en die klerevervaardigers gebruik grootliks ingevoerde insette. Tweedehandse klere en goedkoop invoere uit Asiatiese lande, het grootliks die binnelandse mark vir tekstiel en klere in Zambië oorgeneem. Die grootste geïntegreerde tekstiel fabriek was die Zambië China Mulungushi Textiles (ZCMT) wat tussen 1997 en 2007 onder Chinese beleggers was. Bevindinge toon dat die Chinese bestuur niepermanente aanstellings gemaak het, wat gelei het tot meer informele indiensneming. Verder, is daar min rekord van vaardigheids-oordrag na die Zambiese werkers, maar daar was beleggings in die verbetering van tegnologie gedoen. Hierdie verhandeling ondersoek die verskillende redes vir die TC meul/fabriek se sluiting, en bevind dat dit nie lewensvatbaar in 'n vrye mark was nie. Die Zambiese werkers was ontevrede met die arbeidstelsel, loonvlakke en terme van indiensneming, wat gewelddadige onluste en stakings veroorsaak het tot die sluiting in 2007. Die Chinese bestuur was nie in staat om die arbeidsmag te herstruktureer om koste-effektief genoeg te wees nie. Die Lusaka-Ooste Multi Fasiliteit Ekonomiese Sone (MFEZ) is onder konstruksie en sal fokus op die tekstiel en die ondersteunende skakels in die bedryf. Dit moet nog gesien word hoe dit die plaaslike ekonomiese ontwikkeling beïinvloed. Op grond van die aannames van ekonomiese ontwikkeling, toon hierdie ondersoek ‘n beperkte impak van die Chinese FDI in die Zambiese tekstiel en klere bedryf aan.

In a developing oil-based economy like Libya the availability of finance is largely affected by the availability of oil revenues which are subjected to disturbances and shocks. Therefore, the decision to save and invest a certain ratio of the country's aggregate output is, to large extent, determined (and affected) by the shocks in the oil markets rather than the requirements of economic development. In this study an attempt is made to determine the optimal rate of saving and investment, both defined as a ratio of the aggregate output, according to the requirements of economic development. For this purpose, a neo-classical Ramsey-type model for Libya is constructed and applied to obtain theoretically and empirically the optimal saving and investment rate during the period (1965-1991). The results reveal that Libya was investing over the optimal level during the oil boom of 1970s and less than the optimal level during the oil crisis of 1980s. In addition, an econometric investigation of the determinants of actual investment by sector (agriculture, non-oil industry, and services) is carried out in order to shed lights on how possible it is for Libya to adjust actual investment towards its optimal level. It is found that, as expected, the most important factor which can be used in this respect is the oil revenues or, generally, the availability of finance. In addition, the study reveals that investment in agriculture is associated, during the period of study, with a very low marginal productivity of capital whereas marginal productivity was higher in both non-oil industry and services. Finally, the study investigates also the future potential saving and investment rates and concludes that the economy, which has already reached its steady state, can be pushed out towards further growth if the economy can be able to increase the level of per worker human capital, proxied by the secondary school enrolment as a percentage of population.

In an attempt to transition from its oil-based economy, the Kingdom of Saudi Arabia is taking further steps towards building a knowledge-based economy. Saudi universities play a pivotal role toward the country’s attempts to achieve the desired sustainable economic growth. And because knowledge production is dependent on the human capital embedded in faculty members working at theses universities, the recommendations of the Saudi National Science and Technology Policy stressed the importance of enhancing research skills of faculty members and researchers at public universities using different means and initiatives. However, a little is known about the impact of the implemented initiatives to promote research on the actual research outcomes of faculty members working at these universities. This study examined the impact of research promoting practices, and faculty personal characteristics (i.e., age, gender, marital status, academic rank, citizenship, and origin of PhD degree) on the levels of faculty research productivity at four Saudi Arabian public universities: King Saud University (KSU), King Abdulaziz University (KAU), King Khalid University (KKU), and King Faisal University (KFU). All PhD holder faculty members working at these universities were included in the sample of the study. A self-administrate web-based survey questionnaire was used to collect data for this study. Out of 7072 distributed questionnaires, 389 answered questionnaires were used for the data analysis. Multiple regression results revealed that the following research-promoting practices have positive and significant relationships with faculty research productivity: supportive collegial environment, the high perception of the academic editing and translating services, the positive perception of the research funding process, the rate of participation in collaboration programs, and conference attendance. Faculty’s perception of the role of research centers and research financial incentives revealed reverse relationships with certain types of faculty research productivity. Among the personal characteristics of faculty members, full professors were found to have the highest levels of research productivity. Citizenship (tenure status), and origin of PhD degree were found to have positive relationships with certain types of faculty research productivity. Male faculty were found to have more publications in refereed journals compared to female faculty. Also, older faculty were found to have more publications in refereed journals compared to junior faculty.