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1
Fritz, Tizian M., and Georg von Schnurbein. "Beyond Socially Responsible Investing: Effects of Mission-Driven Portfolio Selection." Sustainability 11, no. 23 (December 1, 2019): 6812. http://dx.doi.org/10.3390/su11236812.
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In their pursuit of value creation, charitable foundations are mission- rather than profit-driven. Therefore, foundations are also mission-driven investors. We explore the effects of mission-driven portfolio selection based on three model foundations, representing common fields of activity in Switzerland. Employing a moving block bootstrap approach, we simulate time series. Based on these model foundations and under the integration of qualitative company rating data, such as environmental, social, and governance-related characteristics (ESG), we find both negative and no significant financial effects of portfolio screening. However, screening portfolios substantially increases mission-driven portfolio quality. Additionally, screening reduces reputational risks and even leptokurtic return characteristics under special consideration of governance issues. After a joint analysis of financial and qualitative factors for portfolios with equity shares of 25% and 50%, we did find strong enough evidence to encourage foundations to implement negative and positive screening criteria. Additionally, we argue that without the integration of mission-based qualitative criteria, for instance, the involvement in business activities contradicting the foundation’s mission, an adequate evaluation of investment opportunities’ desirability is not feasible.
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Díaz-Piloneta, Marina, Francisco Ortega-Fernández, Henar Morán-Palacios, and Vicente Rodríguez-Montequín. "Monitoring the Implementation of Exponential Organizations through the Assessment of Their Project Portfolio: Case Study." Sustainability 13, no. 2 (January 6, 2021): 464. http://dx.doi.org/10.3390/su13020464.
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Many organizations are currently face significant challenges in terms of sustainability and technological development. Achieving sustainability in business activities, interweaving social, economic, and environmental perspectives, is one of the most challenging goals for companies. On the other hand, as technology advances exponentially, organizations grow in a linear way. This fact causes a gap which increases over the time. Models and tools have been developed to try to solve both problems separately; on one side to make the organization grow exponentially, and on the other side to incorporate sustainability into the business model. However, they do not allow enough time to know if the actions carried out really achieve their aim. The model presented provides a solution to both problems by monitoring the evolution of organizations towards an exponential structure through the analysis of the project portfolio. The main objective is to know how the orientation of ongoing projects has changed during the last period, in order to position them in terms of achieving the desired sustainability-oriented transformation. With the model designed, it is possible to know if the actions developed by the company are really heading towards a sustainable model and exponential growth. With the aim of validating the model, it has been applied in an innovation organization. With this model, the level of exponential progress of the organization was determined, as well as the goals that have been attained best and worst so far.
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Lee, Seunghoon, Young Hoon Lee, and Yongho Choi. "Project Portfolio Selection Considering Total Cost of Ownership in the Automobile Industry." Sustainability 11, no. 17 (August 23, 2019): 4586. http://dx.doi.org/10.3390/su11174586.
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Project portfolio selection for developing a new product is critical to a company because the attributes of the project reflect on the price, quality, and functionality of the developed product. The market evaluates the developed product and the assessment of the product value determines its sale on the market. The project portfolio selection and sales are interconnected from a corporate perspective. The automobile industry is an industry which responds to the issue of business sustainability sensitively because their business directly relates to the environment. In this study, business sustainability was approached through the perspective of total cost of ownership (TCO) embedded into the project selection model after the attributes of the project, investment and efficiency, and the TCO of the product were combined to generate a sales function. The sales and revenue models were proposed, and the validity of the models was confirmed using a case from the automobile industry. As a result of the experiments, the sales model tended to show that the market share increased by selecting the proper number of projects to maximize sales. In contrast, the revenue model showed a tendency to select projects more than the sales model in order to maximize the profits of the company. By suggesting project selection models in a new perspective different from the ones in existing studies, this study is valuable with regard to the fact that the suggested models preserve project interrelationships, TCO, and product sales in a practical manner to enhance business sustainability.
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Zhao, Fang, and James Moser. "Bank Lending and Interest- Rate Derivatives." International Journal of Financial Research 8, no. 4 (September 14, 2017): 23. http://dx.doi.org/10.5430/ijfr.v8n4p23.
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Using data that cover a full business cycle, this paper documents a direct relationship between interest-rate derivative usage by U.S. banks and growth in their commercial and industrial (C&I) loan portfolios. This positive association holds for interest-rate options contracts, forward contracts, and futures contracts. This result is consistent with the implication of Diamond’s model (1984) that predicts that a bank’s use of derivatives permits better management of systematic risk exposure, thereby lowering the cost of delegated monitoring, and generates net benefits of intermediation services. The paper’s sample consists of all FDIC-insured commercial banks between 1996 and 2004 having total assets greater than $300 million and having a portfolio of C&I loans. The main results remain after a robustness check.
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Yasynska, Nadiia, Inna Fomichenko, Olena Voloshyna, Lada Byvsheva, and Ekaterina Krikunenko. "Assessment of the level of business readiness for digitalization using marketing and neural network technologies." Innovative Marketing 15, no. 3 (August 23, 2019): 42–59. http://dx.doi.org/10.21511/im.15(3).2019.04.
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The marketing environment of the world economy is changing due to intensive digitalization of trade exchange operations. Formation of marketing forecasts based on current and past periods in modern conditions is irrelevant to the current situation. The purpose of the article is to assess the situational precedents of business readiness for digitalization based on monitoring data, operating environment, applications and management system when using the tools of marketing and neural network modeling. The article uses a systematic approach and methods of statistical, financial and marketing analysis, tools for modeling a neural network. Based on the estimated indicators, the current and forecasted levels of electronic retail in the world are revealed. Based on the application of the concept of portfolio analysis to the data of national and international monitoring, а marketing model of research has been built, in which low business efficiency has been determined, situational modeling of business readiness for digital transformation has been carried out and characteristics of the identified precedents have been given. A low degree of business readiness to digitize the economy has been established. The results emphasize the importance of monitoring business readiness for the digitalization of the economy in real time with marketing and neural network modeling.
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Jo, Jang-Hwan, Taewoo Roh, Seunguk Shin, and Yeo-Chang Youn. "Sustainable Assets and Strategies Affecting the Forestry Household Income: Empirical Evidence from South Korea." Sustainability 11, no. 13 (July 4, 2019): 3680. http://dx.doi.org/10.3390/su11133680.
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This study aims to identify the factors determining the forestry household income in South Korea. An empirical analysis was conducted on the Korea Forest Service’s 3-year-panel data. Korea Forest Service is an institution responsible for the sustainable management of South Korea’s forest lands. In the study, the hypothesized factors determining the forestry household income are classified into four types of assets and three types of livelihood strategies. The forestry household income (FHI) is divided into three elements: forestry income (FI), non-forestry income (NFI), and transfer income (TI). The influence of household assets and livelihood strategies on each income were also assessed. A random effect model was used as a statistical analysis of the three-year data of 979 forestry households. Based on the analysis, we found that household head’s age, household head’s labor capacity, savings, business type, cultivated land size, and region are significantly associated with FHI. While FI was influenced by labor capacity, cultivated land size, business type, forestry business portfolio, and region, NFI was determined by household head’s age, household head’s gender, forestry business portfolio, and savings. TI was affected by household head’s age, household head’s education level, forestry business portfolio, savings, and region. The effect sizes and directions varied across different types of income (FHI, FI, NFI, and TI). The findings showed that South Korea forestry was highly dependent on sustainable assets and livelihood strategies. Based on our findings, we expect the effectiveness of forest policies in increasing the forestry household income would differ depending on the source of each income. The results of this study draw attention to the need for an income support policy which considers the characteristics of household assets and livelihood strategies in order to enhance FHI in South Korea.
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Кійко, С. Г. "Predictive adaptation methodology for portfolio management of energy saving projects at metallurgical enterprises." Системи обробки інформації, no. 3(162), (September 30, 2020): 52–64. http://dx.doi.org/10.30748/soi.2020.162.06.
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A methodology for managing portfolios of energy saving projects at metallurgical enterprises is proposed. It forms a paradigm of predictive adaptation based on interconnected adaptive systems for planning, monitoring and managing changes and allows for forecasting energy consumption for complex technological processes and production, as well as modeling and evaluating the quality of the fuel and energy balance, in conditions of limited resources and risks, to form and select energy saving projects for implementation, while coordinating the priorities of the business strategy and the energy efficiency strategy of the metallurgical enterprise. A multi-level model of energy consumption of a metallurgical enterprise has been developed, which makes it possible to assess the effectiveness of energy-saving projects selected for implementation, objectively assess the share of each energy resource in the total flow, determine the energy intensity of a separate production, workshop, and the entire enterprise, and adjust the strategic direction in energy management. Using the model, it is possible to solve a number of tasks, including assessing the rationality and efficiency of the existing energy consumption structure at the enterprise, predicting the expected levels of energy consumption when changing the technology, product range and quality, and comparing various technologies and equipment in terms of energy efficiency, optimal management of energy flows taking into account changes in production conditions. The basic requirements for the organization of a planning and management system for a portfolio of energy saving projects at a metallurgical enterprise are formulated. The block diagram of a computer system for planning and managing a portfolio of energy saving projects at PJSC "Dneprospetsstal" is presented. The developed system of energy saving processes should be built into the system of enterprise processes, correspond to the strategic goals of the enterprise and the characteristics of the production process. The scheme of energy costs planning process implemented at the enterprise was considered.
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Boni, Leonardo, Laura Toschi, and Riccardo Fini. "Investors’ Aspirations toward Social Impact: A Portfolio-Based Analysis." Sustainability 13, no. 9 (May 10, 2021): 5293. http://dx.doi.org/10.3390/su13095293.
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In the last ten years, we have witnessed a proliferation of investors claiming blended value strategies, i.e., pursuing both economic and social returns in their investments. Aside from this rush for self-selecting in a blended value finance context, we still do not know to what extent the investors’ claims actually reflect investment decisions. Evidence suggests that, in some cases, such investors tend to maximize the social performance over the financial performance; in some others, the effect is reverted, but literature currently lacks studies aligning the analysis of the investment decisions with the investment portfolios. Yet, it is still unclear whether blended value investment decisions are enacted as a result of investors’ deliberate strategies and what influences this relationship. In this paper we tackle this issue, analyzing the extent to which investors’ finance firms pursuing goals aligned with their strategic aspirations. Specifically, adopting a Fractional Logistic Regression model, we test the effect of investors’ aspirations toward social impact on the extent to which their investees (i.e., the portfolio of firms in which they invest) pursue social returns. Results suggest the existence of a positive and significant investor–portfolio alignment effect (i.e., the higher the investors’ aspirations toward social impact, the higher the number of investees with higher social aspirations). Yet, this effect is influenced by contingencies at both investor and portfolio levels. Investors with strong aspirations toward social impact that: (i) invest in countries with high levels of social inequality, and (ii) are located in countries that support social progress and maximize, in their portfolios, the presence of businesses pursuing social impact. We discuss implications for future researchers, policymakers and practitioners.
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Sinulingga, Rizky Amalia. "Risk Management System in PT. Unilever Indonesia, Tbk." TIJAB (The International Journal of Applied Business) 3, no. 1 (April 30, 2019): 38. http://dx.doi.org/10.20473/tijab.v3.i1.2019.38-58.
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Unilever is a multinational company produced various products which are foods, beverages, cleaning agents and personal care. One most important BoD duty are responsible for identifying and evaluating the company’s exposure to risks, and ensuring that potential risks are effectively mitigated. Effective risk management is fundamental for great business management, and Unilever Indonesia’s success as an organization depends on company ability to identify and exploit the key risks and opportunities for the business. Internal assurance and compliance monitoring are in place to review the strategy risk setting. Internal independent re-assurance (internal audit and corporate audit) and external re-assurance play a key role in ensuring that operational risks and business execution risks are properly addressed and managed. This research aims to describe the Unilever business risk matrix in the recent risk environment and concerned were assigned to manage the risks within their respective streams. The result show, the highest risk that Unilever faced is high competition because competitors have more differentiated products and declining demand for the company product. The mitigation must be implemented to reduce the loss. The company should monitor external market trends and collect feedback from consumer, Implemented research and development function to translate the trends, Regularly update business forecast of business results and cash flows and rebalance investment priorities, and also Flexible business model allows the company to adapt all portfolio and respond to develop new offerings.
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Mansell, Paul, Simon P. Philbin, and Tim Broyd. "Development of a New Business Model to Measure Organizational and Project-Level SDG Impact—Case Study of a Water Utility Company." Sustainability 12, no. 16 (August 10, 2020): 6413. http://dx.doi.org/10.3390/su12166413.
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Achievement of the United Nations’ 2030 Global Goals for Sustainability is of paramount importance. However, for engineers and project managers to take meaningful action, they need the practical tools, processes and leadership to turn grand rhetoric into viable engineering solutions. Linking infrastructure project sustainability performance to sustainable development goals (SDG) targets is problematic. This article builds on the previous development of an innovative infrastructure business model, called the “Infrastructure SDG Impact-Value Chain” (IVC) to link local-level project delivery with global-level SDG impacts. It uses a case study of a water utility company to demonstrate how the IVC business model can integrate the “triple bottom line” to ensure the balanced definition of success across economic, environmental and social thematic areas. The results led to a proposed methodology for business leaders to align stakeholders on a common definition of project success during the design phase. The study includes the selection of longer-term outcomes and strategic SDG impacts, which, it is suggested, are improved definitions of project success. Although the findings that are from a single case study cannot automatically be extended to the entire water industry, the study’s methodology has potential to be used to evaluate multiple projects across different sectors. The practical application is significant since it offers the flexibility to be used at both project and portfolio levels, thereby linking tactical delivery to organisational SDG impacts and leading to improved investment decisions with increased likelihood of success in achieving the SDG 2030 targets.
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Borodin, Alex, Manuela Tvaronavičienė, Irina Vygodchikova, Andrey Kulikov, Marina Skuratova, and Natalia Shchegolevatykh. "Improving the Development Technology of an Oil and Gas Company Using the Minimax Optimality Criterion." Energies 14, no. 11 (May 28, 2021): 3177. http://dx.doi.org/10.3390/en14113177.
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The article deals with the problem of adaptation of the Russian oil and gas company (Novatek, Russia) to the rapidly changing external environment, the avalanche of data from competitors, and the need to filter important information for business development and the prosperity of the industry as a whole. The approach is based on the system of integrated software monitoring of key business processes at the enterprise developed by the authors—from the formation of the idea of a new product to its implementation to paying customers. The scientific novelty lies in the use of an optimization model that allows for minimizing the maximum losses of the investor at all levels of decision-making, from the distribution of capital between companies, to the optimization of internal reserves to increase the competitiveness of the company. The toolkit is a minimax model that allows you to redistribute the shares of investor influence at the portfolio level, and then within the business processes of each company selected by investors, in order to achieve the optimal solution in accordance with the selected estimated indicators. Application of the well-known portfolio investment models of Markowitz, Tobin, Sharp, etc. is not possible due to the lack of necessary data on the basis of which the probabilistic parameters involved in the model are estimated. Even if we get them, it is necessary to take into account the level of correlation influence of the technological process in the composition of each subsystem, which is unacceptable for the data used, as it leads to a strong increase in errors. Using minimax and a systematic approach allows you to minimize such errors by choosing a balanced concentration of distributed assets for both the investor and the buyer. To this end, a three-way analysis of the company’s development was carried out and a technology for comprehensive improvement of the company’s activities was developed in the following areas: the company’s rating in the industry, financial condition, and interaction with counterparties using merchandising technologies. Tools for optimal image zoning at the Novatek site using the minimax approximation criterion have been developed. The technology provides a procedure for creating a comfortable mode of image perception based on high-tech visualization of merchandising, zoning of the screen area, and a mathematical approach that allows you to develop a calculation algorithm.
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Galera-Zarco, Carlos, and José Antonio Campos. "Exploring Servitization in Industrial Construction: A Sustainable Approach." Sustainability 13, no. 14 (July 17, 2021): 8002. http://dx.doi.org/10.3390/su13148002.
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Off-site manufacturing is emerging as an advantageous production model in the construction industry. In recent years, many tier 1 construction companies are including off-site production as part of their portfolio. Likewise, this change of model is attracting new entrants to the sector. The shift from the traditional on-site construction model to off-site manufacturing is unleashing positive impacts on projects in terms of cost, time efficiency, sustainability, and improved quality. Nonetheless, this phenomenon has yet to be analysed from the perspective of how this change in production processes influences the inclusion of services in company business models. This study explores whether and how industrialisation arises as an enabler for servitization in the construction sector. By means of an in-depth case study, our research identifies different product-service system (PSS) typologies associated with industrial construction and reveals their potential to increase additional services. Furthermore, the research sheds light on how industrial construction provides an opportunity to integrate offers and features that work towards reducing the environmental impact of construction projects and the operation and maintenance of built assets.
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Franzoi, Fabio, and Mark Mietzner. "Family affairs – Corporate governance involvement of families and stock market returns." Investment Management and Financial Innovations 18, no. 2 (June 28, 2021): 350–64. http://dx.doi.org/10.21511/imfi.18(2).2021.28.
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This study explores the association between family influence in firms and stock market returns in Germany, a country with a less investor-friendly corporate governance system where shareholders cannot directly influence top managers. The study forms portfolios of firms with and without the influence of families as shareholders or members of the firm’s legal bodies. The models estimate portfolio returns from 2003-2013 using a four-factor model. Results suggest that corporate governance is highly correlated with stock returns in Germany. Specifically, they document a significant relationship between family influence and firm valuation. Firms with stronger family influence via voting rights and board-participation are found to have a higher firm value (annualized excess return: 0.48%-6.00%). The study interprets this to mean that families may improve a firm’s internal corporate governance, as their strong motivation and ability to become actively engaged in a firm’s daily operations or to assume a monitoring role distinguishes them from other corporate blockholders. The results add to those of an increasing number of publications finding a positive association between strong family governance and performance. They contribute to a year-long scholarly exploration of performance differences among family and non-family businesses, mainly by defining the former by mere ownership. The study combines a large set of governance provisions into a novel, transparent, and replicable index of family involvement and then estimates the empirical relation with market performance. The index captures influence via shareholder voting rights, considers direct influence of owners on day-to-day operations, and controls for indirect influence via supervisory board. AcknowledgmentThe authors acknowledge support by the Open Access Publication Funds of the HTWK Leipzig.
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Lee, Carman-Ka-Man, Lucas Lui, and Yung-Po Tsang. "Formulation and Prioritization of Sustainable New Product Design in Smart Glasses Development." Sustainability 13, no. 18 (September 15, 2021): 10323. http://dx.doi.org/10.3390/su131810323.
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Due to fierce competition in the global market, success in product innovation has always been challenging for most enterprises to be able to stand out in business values and product novelty. Typically, available technological features in the market are taken into consideration in the innovation process for differentiation from existing products. In order to enhance the likelihood of innovation success, project portfolio management (PPM) has recently been advocated to examine the supply chain performance of new product development (NPD) projects in terms of economic, social, and sustainable aspects. In this study, a two-stage methodology is proposed to formulate and select the most appropriate NPD project portfolio by means of multi-criteria decision-making (MCDM) approaches in probabilistic and group decision-making processes. In stage one, the available product features on the market are searched for and ranked to indicate a number of potential NPD projects. In stage two, such projects are evaluated by the sustainable supply chain operation reference (SustainableSCOR) model to select the most sustainable NPD project for product development. Moreover, a case study of developing augmented reality (AR) smart glasses is conducted to demonstrate the above methodology, with the result indicating that the functions of voice commands, 3D visualization, and phone calls should be focused on for the next generation of smart glasses.
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Wu, Chuanrong, Xiaoming Yang, Veronika Lee, and Mark E. McMurtrey. "Influence of Venture Capital and Knowledge Transfer on Innovation Performance in the Big Data Environment." Journal of Risk and Financial Management 12, no. 4 (December 12, 2019): 188. http://dx.doi.org/10.3390/jrfm12040188.
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Technological innovation requires large investments. Venture capital (VC) is a prominent financial source for innovative start-ups. A venture capitalist will inevitably transfer knowledge to facilitate the innovation of a firm while monitoring and advising its portfolio companies. Only when a firm has its own valuable new knowledge and high growth potential would venture capitalists select it. At the same time, big data knowledge, such as customer demands and user preferences, is also important for the new product development of a firm in the big data environment. Therefore, private knowledge transferred from venture capitalists, new knowledge developed independently by a firm itself, and big data knowledge are the three main types of knowledge for venture-backed firms in the big data environment. To find the influences of VC and knowledge transfer on the innovative performance of venture-backed firms, a model of maximizing the present value of the expected profit of new product innovation performance of a venture-backed firm in the big data environment is presented. The model can help venture capitalists to determine the scale of investment and the optimal exit time and predict the internal rate of return (IRR). This model can also help innovative start-ups to illustrate the value and prospects of a project to attract investment in their business prospectus.
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Brown, Phil, Nancy Bocken, and Ruud Balkenende. "How Do Companies Collaborate for Circular Oriented Innovation?" Sustainability 12, no. 4 (February 22, 2020): 1648. http://dx.doi.org/10.3390/su12041648.
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Collaborative innovation is necessary to explore and implement circular economy strategies. Yet, empirical investigations into such collaborations are scarce. It is unclear whether the circular context creates differences or represents adaptions within how collaborative innovation is conducted. We draw upon strategic management and open innovation literature to highlight what is known about collaborative innovation and the types of innovation conducted. We use these insights to investigate explorative qualitative case research into how practitioners in the Netherlands have conducted collaborative circular oriented innovation. Our findings show that open innovation criteria can aid our understanding and analysis. Key managerial considerations relate to the incremental or systemic nature of the innovation pursued, which induce different collaborative projects and knowledge management structures. For incremental innovation, we observe phases of collaboration, whereas for more systemic innovation, we observe a more collaborative portfolio and layered approach. Furthermore, the more radical innovation pursuits that explore slowing or recovery strategies, especially beyond business-to-business arrangements, challenge companies. A crucial challenge remains related to how to develop and assess collaborative and system-oriented business models in the transition towards a circular economy. Finally, future research is needed to assess whether the current modes of collaborative innovation are sufficient to deliver a circular economy transition.
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Zubizarreta, Mikel, Jaione Ganzarain, Jesús Cuadrado, and Rafael Lizarralde. "Evaluating Disruptive Innovation Project Management Capabilities." Sustainability 13, no. 1 (December 22, 2020): 1. http://dx.doi.org/10.3390/su13010001.
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Firms must adapt to a business environment in constant flux. Economic and political factors and the constant interruption of new technologies force firms and organizations to change and to adapt, so that they are not left behind. Over recent years, the development of disruptive innovations has completely revolutionized past scenarios. These innovations break with what is already established and firms from various sectors face no choice other than to incorporate them into their project management portfolios, so as to ensure survival and business sustainability. Using MIVES methodology as its foundation, a business sustainability management model is presented in this paper for the management of disruptive innovation projects that a firm may wish to develop within a given sector. The management model is designed to facilitate disruptive innovation project management for firms within technological-industrial sectors, by assessing the sustainability of the project. The model is applied to two firms, one from the machine-tooling sector and another from the construction sector. Finally, a sensitivity analysis was performed, the results of which verified the validity and the stability of the proposed model.
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SAYILIR, Özlem, and Muhammad FARHAN. "Enterprise Risk Management and Its Effect on Firm Value in Turkey." Journal of Management Research 8, no. 4 (December 26, 2016): 86. http://dx.doi.org/10.5296/jmr.v9i1.10124.
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Enterprise Risk Management (ERM)is an integrated risk management approach, which considers risks in the context of business strategy and manages them with a portfolio perspective through well defined risk responsibilities and strong risk monitoring processes. The purpose of this study is to examine the impact of ERM on firm value for 130 firms operating in the manufacturing industry and listed in Borsa Istanbul. For this purpose, we utilized panel regression models on financial data collected in the period 2008-2013. The dependent variable is Tobin’s Q, which is used as a proxy of firm value. The independent variable is ERM implementation, whereas the control variables are firm size, leverage ratios and profitability ratios. We tested the hypothesis that there is a relationship between ERM and firm value. Our findings suggest that there seems to be no statistically significant relationship between firm value and ERM. We also employed a survey to explore how firms implement ERM and to obtain information about motivation behind adoption of ERM, challenges of ERM implementation and effects of ERM adoption.
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Tajani, Francesco, Pierluigi Morano, and Klimis Ntalianis. "Automated valuation models for real estate portfolios." Journal of Property Investment & Finance 36, no. 4 (July 2, 2018): 324–47. http://dx.doi.org/10.1108/jpif-10-2017-0067.
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Purpose As regards the assessment of the market values of properties that compose real estate portfolios, the purpose of this paper is to propose and test an automated valuation model. In particular, the method defined allows for providing for objective, reliable and “quick” valuations of the assets in the phases of periodic reviews of the property values. Design/methodology/approach Aiming at both predictive and interpretative purposes, the method, based on multi-objective genetic algorithms to search those model expressions that simultaneously maximize the accuracy of the data and the parsimony of the mathematical functions, is applied to a sample data of office properties characterized by medium and large size, located in the city of Milan (Italy) and sold in the period between 2004 and 2015. Findings The model obtained could be an integration of the canonical methodologies (market approach, income approach, cost approach) implemented in the assessment of the market values of properties, so as to provide an additional tool to verify the results. In particular, the inclusion of economic variables in the model is consistent with the need to reiterate the valuations, contextualizing them to the locational characteristics and to the current property cycle phase in the specific area. Practical implications The model can be applied by all the operators involved in the periodic reviews of the values of property portfolios: from real estate funds’ insiders, in order to monitor the values obtained through the canonical approaches, to the public institutions, such as the revenue agencies, in order to ensure the fair payment of the taxes through the updating values of the properties according to the actual and current market trends. Originality/value The method proposed can be a valid support for all public and private entities that hold significant property assets and that, for various reasons (periodic reviews of the balance sheets, sales, enhancement, investment, etc.), require cyclical updated values of the properties. The automated valuation model developed can be used for the assessment of “comparison” values with the estimates values obtained by other assessment techniques, in order to ensure a further monitoring tool of the results from the subjects involved.
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Han, Jeong Hugh, and Hyun-Yong Park. "Sustaining Small Exporters’ Performance: Capturing Heterogeneous Effects of Government Export Assistance Programs on Global Value Chain Informedness." Sustainability 11, no. 8 (April 22, 2019): 2380. http://dx.doi.org/10.3390/su11082380.
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The previous literature extensively highlighted the importance of export promotion programs (EPPs) provided by governments to enhance small- and medium-sized enterprises’ (SMEs) export performance. However, the literature still (1) lacks sufficient depth in analysing the way different types of EPPs sustain SME export performance and (2) suffers from the absence of an EPP portfolio that guides an efficient resource allocation for different EPP types. To fill these gaps, our study (1) developed a research model that integrates three different types of EPPs and (2) tested their indirect impacts on sustainable export performance via global value chain informedness, which is a largely ignored but indispensable capability in exporting. Using a partial least-squares equation model (PLS SEM) method to analyze 156 samples collected from 1st of October to 31st of December of 2018 by accessing Korean SMEs’ export managers, our model addresses the different roles of EPP types and also the part of the SME value chain informedness that acts as a critical enabler for sustaining export performance. Furthermore, by complementing the PLS SEM with an importance and performance analysis matrix (IPA matrix), we provide an action plan that guides an appropriate resource allocation to different types of EPPs. In theory, we provide an explanation for how different EPPs work for SMEs via the value chain informedness of SMEs for the export performance. We further capture such EPPs operating over the longer term, with a lasting export performance of SMEs so as to supply a sounder theoretical rationale for the EPP provision. The action plan delivers strategic implications for policy makers dealing with export-assistance programs operations. With the importance of global network involvement and communication with foreign partners, the incorporation of value chain informedness uncovers the necessity of interfirm network-focused informedness in international business literature.
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Sachsenhofer, Wolfgang, Nina Hampl, and Werner Helmut Hoffmann. "Business Model Portfolio Evolution." Academy of Management Proceedings 2018, no. 1 (August 2018): 17981. http://dx.doi.org/10.5465/ambpp.2018.17981abstract.
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Fateev, Nikolai, and Iryna Zaporozhets. "ORGANIZATION OF THE PROJECT MANAGEMENT OFFICE OF SHIP REPAIR ENTERPRISE." Three Seas Economic Journal 1, no. 2 (December 8, 2020): 48–52. http://dx.doi.org/10.30525/2661-5150/2020-2-8.
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The aim of the article is to study the features of ship repair production and, accordingly, develop recommendations for the composition of the functions of the project management office, its structure and stages of development. The characteristics of ship repair production, which determine its features and the structure of management of a ship repair enterprise, are systematically presented. The subject of the study is the models and methods of project management, programs and project portfolios of ship repair enterprises. The object of the study is the corporate project management system of a ship repair enterprise. The project-oriented nature of ship repair production, combined with a high degree of uncertainty in the planning and implementation of ship repair projects, identifies the need to use deterministic network models with a probabilistic estimate of the duration of work. To reduce risks in conditions of uncertainty, it is proposed to use Agile technologies, which organically complement the matrix organizational structure of a ship repair enterprise and ensure effective cooperation with the customer and the success of the business as a whole. The creation of a project management office is proposed to be implemented as a development system that includes four stages of maturity. The key functions of the project management office at each stage of development have been formulated. The role of the information model of the vessel in the implementation of the 6D design methodology, which provides monitoring during the operation of the vessel, predicting the degree of wear of the vessel's elements over time, is justified. The MS Project Standard package allows building interfaces with the information model of the vessel to obtain the parameters of the hull structures, characteristics of the mechanisms and equipment of the vessel, as well as recommendations for repair technology. An important function of the project management office is to participate in the strategic management of project portfolios. To implement this function in the enterprise management system, certain prerequisites for the development of portfolio management must be formed: a formalized strategy, metrics for evaluating projects for compliance with the strategy, a certain culture of management decisions. The duration of vessel repair determines the time of decommissioning. This important strategic indicator is the basis for the formulation of BS (balanced scorecard). An important task of the project management office is to implement feedback and provide information on the status of achieving the planned indicators at all levels of enterprise management. The structure of the function and tools of the project management office are determined by the management of the enterprise depending on the number and complexity of the ship repair projects, level of development of the corporate information system of the enterprise, availability of specialists with appropriate qualifications. The project management office will provide effective communication between project management and functional services of the enterprise, which will significantly improve the quality of the enterprise management system as a whole. The organization of the project management office in the management system of the ship repair enterprise will ensure the effective allocation of resources for projects, accounting for available resources of the enterprise, coordination of goals and tasks of individual projects with strategic plans of the enterprise. All this is aimed at reducing costs and increasing the competitiveness of the ship repair enterprise.
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Muhammad Ahlami Ashraf Roslan, Murizah Kassim,. "Analysisof Students’ Web Browsing Behaviours Using Data Miningat a Campus Network." Turkish Journal of Computer and Mathematics Education (TURCOMAT) 12, no. 6 (April 5, 2021): 2726–38. http://dx.doi.org/10.17762/turcomat.v12i6.5779.
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Analytics provides insight to people based on the analytics of past usage by using techniques such as statistics, data mining, machine learning and artificial intelligence. Lack of monitoring system of browsing causes low engagements that reduce the growth of certain businesses caused by unnecessary browsing for students learning time. This paper presents an analysis on browsing behavior that classifies browsed words followed their ethical word-groups browsing. An Analytic platform is created as a monitoring system of browsing behavior. Data mining, indexing and classification method are used in this research as data is the essential key of creating a predictive model and four types of ethical groups have been filtered based on the browsing behaviors. The browsed words are categorized into four types of browsing called queries, applications, social media, Campus-related sites. The research method uses software tools and data mining process on the browsing data and analytics is presented on the development of the dashboard mainly using the R programming language. Few unethical words using the indexing method are generated in analytic graphs based on the type of browsing versus time. Data collected from the browsing behaviors of students’analysis taken from browsing database of personal computer and laboratory computer in the campus network. The result shows that othercategories are the highest categories which reached79.6% for personals' computer browsing compared to72.4% browsing at the laboratory computers. It is identified that about 21% of the browsing behavior was filtered during the data mined processed. The other category is still on the research portfolio where these libraries must be filtered in detail to identify whether they are learning or non-learning activities. This research is significant in that helps to increase the effectiveness of suggestions applications, optimize the internet usage by blocking unnecessary words or webpages, and even campus guide systems by monitoring the surrounding browsing behavior of the students’ usages of the campus network computer labs.
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Melnychenko, Svitlana, Myroslava Bosovska, and Alla Okhrimenko. "THE FORMATION OF A NATION TOURISM BRAND OF UKRAINE." Baltic Journal of Economic Studies 7, no. 2 (March 26, 2021): 161–69. http://dx.doi.org/10.30525/2256-0742/2021-7-2-161-169.
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Performing a large range of functions, tourism implies an embodiment of an important economic, social, and geopolitical factor affecting the competitive innovative development of all the countries. Despite the COVID-19 influence, the tourism sector remains one of drivers for the global and nation economies because it plays the generating and integrating role within the context of ensuring the positive dynamics of quantitative and qualitative parameters describing the development of economic systems. Furthermore, the tourism sector is an effective multiplier with regard to enhancing the main macroeconomic indicators. A brand is a powerful means for promoting tourism in the internal and global tourism markets. Forming and supporting a nation tourism brand constitute an important goal for effective development of the tourism sector, as well as a precondition for capturing its opportunities and strategic prospects. The article’s purpose is to substantiate conceptual basics and methodical frameworks regarding the formation and development of the nation tourism brand of Ukraine. Having generalized scientific and analytical researches, we have revealed that Ukraine ranks low on the level of tourism attractiveness and value of its nation tourism brand. In addition, we have observed the low level of competitiveness of its tourism sector in the global market. Therefore, there is a need to draw up a branding conception grounded in the holistic approach and implementation of its provisions into the tourism sector through a leverage portfolio, instruments of mechanisms, and recommendations concerning improvement of processes of formation, development, monitoring, and supporting the nation brand of Ukraine. The nation tourism brand of Ukraine is considered as the integral unique tourism image and a behaviour model for Ukraine as a country supplying a tourism product. A tourism product integrates outcomes of more than 50 industries of the economy and contains immanent attributes and determinants, which embody its identity and determine value for consumers alongside advantages for stakeholders. The formation of the nation tourism brand contemplates the structural and logical consequence of processes, which comprises six stages: brand-context, brand-monitoring, brand-start, brand-support, brand-effect, and brand-foresight. A semantic model for creating and supporting the nation tourism brand of Ukraine reflects the main groups of descriptors: stakeholders, principles, factors, functions, processes, results, and aims. The identification of these descriptors enables to indicate the content, intrinsic features, functions, and processes of the tourism branding of Ukraine. We have suggested a three-level model of the nation tourism brand’s advantages for stakeholders, which describes expenses and benefits for indicated groups of stakeholders within the context of the functioning of the formed tourism brand of the country. Forming the nation tourism brand will foster ensuring the competitiveness, image, leadership positions, business perfection, customer loyalty, positive perception of tourism products by stakeholders, tourism sector, and nation tourism system of Ukraine.
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Yang, Wenke, Qianting Ma, Meile Tian, Lei Wang, and Jianmin He. "The Staged Financing Selection Mechanism for Government to Maximize the Green Benefits of Start-Ups." Mathematical Problems in Engineering 2021 (June 17, 2021): 1–13. http://dx.doi.org/10.1155/2021/9921355.
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In this study, we investigate the most common forms of government grant in green start-ups, which are appropriation, interest-free bank loans, and tax subsidies. These mechanisms are used to mitigate the problem of higher research costs and sunk costs of start-ups on green innovation and help venture investors better monitor the business plan, asset use, and agency cost and regularly collect information of start-ups to retain the right to terminate financing projects and improve the efficiency of them. The aim of this work is to develop a theoretical model of the agency among the government, the venture capitalists who only pursue monetary income, the strategy investors who pursue strategic objectives and monetary income, and the entrepreneur who takes into account both the influence of different forms of government grant on entrepreneur financing at a different stage and the improved monitoring process of venture investors owe to the staged capital infusion of government. The model shows that the optimal staged financing decision is given when the first target of the government is to achieve social welfare optimization and the secondary goal of maximizing green benefits. Moreover, the model explains the optimal staged financing decision of venture investors and equity stake share in different rounds. Ultimately, we find the optimal staged financing portfolios for green start-ups to acquire venture investment, reduce the staged financing uncertainty, and help the government realize a national green innovation strategy.
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Buss, Phillipp, Nina Hampl, Werner Helmut Hoffmann, and Florian Smeritschnig. "Business Model Portfolio Configurations and Firm Performance." Academy of Management Proceedings 2020, no. 1 (August 2020): 14863. http://dx.doi.org/10.5465/ambpp.2020.14863abstract.
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Asai, Manabu, and Michael McAleer. "A Portfolio Index GARCH model." International Journal of Forecasting 24, no. 3 (July 2008): 449–61. http://dx.doi.org/10.1016/j.ijforecast.2008.06.006.
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�������� and Elena Petrenko. "Model of self-financing portfolio formation." Russian Journal of Project Management 5, no. 4 (December 20, 2016): 45–55. http://dx.doi.org/10.12737/22621.
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The problem of business portfolio formation with budget constraint using model of self-financing portfolio formation is investigated in this work. This research casts a light on the unexplored practical and theoretical fields of project portfolio management and proposes an effective solution for the problem stated. Basing on the traits of the existing models and factors included in them requirements for the new model were defined. Due to the fact that business projects differ from other kinds of projects new factor was integrated into the model. This factor is the managing the proportion of debt and equity used for investing in portfolio. Except for the limitation on leverage the optimization of the NPV was employed in the model of self-financing portfolio formation. Managing the leverage ratio is important as the exceeding amount of debt means loss of control over business in case of the changing environment. Thus, such model is also aimed at reducing the risk of bankruptcy. The model was implemented for finding results for the elaborated case. The alternatives received proved to be effective for the business portfolio. The proposed model enabled to reduce significantly the amount of debt capital used while preserving close to the initial level of NPV. Thus, the way of solving the problem of business portfolio formation with the model of self-financing portfolio was shown in the work.
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Caliman, Tiziana, and Paolo Nardi. "Technical efficiency drivers for the Italian water industry." ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, no. 1 (July 2010): 87–103. http://dx.doi.org/10.3280/efe2010-001008.
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The aim of this work is to introduce a first analysis concerning the relevance that ownership and financial structure, but also market dimension and business portfolios, have on the technical efficiency of Italian water utilities. Even though scholars have provided information on the influence of some dimensional or geographical variables, mono-utility character or ownership on efficiency, no paper, to the best of our knowledge, has ever considered the presence of all these hedonic variables as efficiency shifters or drivers. Antonioli and Filippini (2001) have not included ownership; Benvenuti and Gennari (2008) have included ownership and multi-utility strategy, but excluded the geographical dimension; Fabbri and Fraquelli (2000) have not included geographical location, business strategy or ownership; furthermore, most analyses of the Italian water sector have focused on the ATO level (investments, labour costs) and not on utility performances. We have estimated four heteroskedastic stochastic production frontiers: two different parametric models, where the hedonic dummy mono is either in the model as an additional variable or it is used to parameterize the variance of the inefficiency term; two competitive statistical formulations have also been introduced to specify the inefficiency component distribution, that is, the half normal and the exponential distributions. The most important findings of this paper can be summarized as follows. The labour, capital and other input elasticities are always highly significant, positive and quite stable in all the performed models, as expected for a well-behaved production function. The main results show that the mono-business strategy is not efficient; at the same time, operating water and sewerage together implies higher efficiency than water- only management. Theoretically, the population density can have an ambiguous effect on efficiency: on one hand, it could be more expensive to serve dispersed customers, but, on the other, it could generate congestion problems. It could be argued that the second effect prevails, therefore a higher density is accompanied by a higher inef- ficiency. The analysis points out that the variance of the idiosyncratic term is a function of the size of the firm, which is measured as the number of connected properties; the null hypothesis, that the firms use a constant returns-to-scale technology, has also been rejected. Considering the 1994 reform, it is possible to state that the integration of water and sewerage has substantially been positive; at the same time, the economies of scale and the ambiguity of density justify the division into provincial basins. The role of the private sector in the water industry, in agreement with previous literature, has neither a positive nor a negative impact on efficiency and ownership is simply not influent [obviously the quality of service should be considered, although the same indifference seems to emerge (Dore et al., 2001)]. Southern Italy suffers from a higher degree of inefficiency (also recently confirmed by Svimez, 2009), and this is probably the most important issue that has to be dealt with, because of the risks of drought and watering bans in those Regions during summer.
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Ginsberg, Ari. "CONSTRUING THE BUSINESS PORTFOLIO: A COGNITIVE MODEL OF DIVERSIFICATION." Journal of Management Studies 26, no. 4 (July 1989): 417–38. http://dx.doi.org/10.1111/j.1467-6486.1989.tb00737.x.
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Ando, Tomohiro. "Bayesian portfolio selection using a multifactor model." International Journal of Forecasting 25, no. 3 (July 2009): 550–66. http://dx.doi.org/10.1016/j.ijforecast.2009.01.005.
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Norouzi, Ashraf, and Amir Albadvi. "A hybrid model for customer portfolio analysis in retailing." Management Research Review 39, no. 6 (June 20, 2016): 630–54. http://dx.doi.org/10.1108/mrr-04-2014-0082.
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Purpose Marketing/finance interface and application of its new insights in marketing decisions have recently found great interest among marketing researchers and practitioners. There is a relatively large body of marketing literature about incorporating modern portfolio theory (MPT) into customer portfolio context and taking advantage of it in marketing resource allocation decisions. Previous studies have modelled customer portfolio risk in the form of historical return/profitability volatility of customer base. However, the risk is a future-oriented measure, and deals with future volatility associated with return stream. This study aims to address this research problem. Design/methodology/approach The well-known Pareto/non-binomial distribution (NBD) approach is used to model customer purchases in a non-contractual setting of research practice. Then, the results were used to simulate the customers’ future buying behaviour and associated returns via the Monte Carlo simulation approach. Subsequently, the mean-variance portfolio optimization model was applied to find the optimal customer portfolio mix. Findings The results illustrated the better performance of the proposed efficient portfolio versus the current customer portfolio. These results are applicable in analyzing customer portfolio composition, and can be used as a guidance to make decisions about marketing resource allocation in different segments. Originality/value This study proposes a new approach to analyze customer portfolio by using the customers’ future buying behaviour. Taking advantage of rich marketing literature about statistical assumptions describing the customers’ buying behaviour, this study tries to take some steps forward in the application of the MPT theory in customer portfolio management context.
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Martin, Roderick, and Tahir M. Nisar. "Activist investment: institutional investor monitoring of portfolio companies." Management Decision 45, no. 5 (May 29, 2007): 827–40. http://dx.doi.org/10.1108/00251740710753657.
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Franz, Randal S., and Henry L. Petersen. "Role of business: a portfolio model of corporate social responsibility." Journal of Global Responsibility 3, no. 1 (May 4, 2012): 83–110. http://dx.doi.org/10.1108/20412561211219300.
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Kiamehr, A. K., A. Azar, and M. D. Nayeri. "A Multi-Objective Optimization Model for Designing Business Portfolio in the Oil Industry." Engineering, Technology & Applied Science Research 8, no. 6 (December 22, 2018): 3657–67. http://dx.doi.org/10.48084/etasr.2023.
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Designing a business portfolio is one of the key decisions in developing corporate strategy. Most of the previous models are either non-quantitative or financial with an emphasis on optimizing a portfolio of investments or projects. This research represents a multi-objective optimization model that firstly, employs quantitative methods in strategic decision-making, and secondly, quantifies and considers non-financial, strategic variables in problem modeling. In this regard, links between businesses within a portfolio have been classified into four groups of market synergy, capabilities synergy, parenting costs, and sharing benefits, and have been structured as a conceptual model. Although the conceptual model can be applied to various industries, it is formulated for designing the portfolio of multi-business companies in Iran oil industry. The model has been solved for three cases by NSGA-II algorithm and strategic insights have been explored for different corporate types.
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Pushkar, Shashank, Prity Kumari, and Akhileshwar Mishra. "IT Project Selection using Fuzzy Real Option Optimization Model." International Journal of E-Entrepreneurship and Innovation 3, no. 3 (July 2012): 37–49. http://dx.doi.org/10.4018/jeei.2012070104.
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Optimal selection of interdependent IT and e-business projects for funding in multi-period has been challenging in the framework of Real Option analysis. This paper presents a mathematical model to optimize the fuzzy Option value for multi-stage portfolio of such projects. A fuzzy Option model is used to maximize the Option value of each project. The IT and e-service portfolio selection problem is formulated as a fuzzy zero–one integer programming model that can handle both uncertain and flexible parameters to determine the optimal project portfolio. The idea of optimizing the fuzzy real option value of the portfolio is to maximize the overall value and to minimize the downside risk of the selected portfolio for funding. A transformation method based on qualitative possibility theory is developed to convert the fuzzy portfolio selection model into a crisp mathematical model from the risk-averse perspective. The transformed model can be solved by an optimization technique. The optimization model and solution approach can help e-entrepreneurs and IT managers in optimal funding decision making for projects prioritization to implement e-business and other IT services.
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Castro, Ignacio, José L. Roldán, and Francisco J. Acedo. "The dimensions of alliance portfolio configuration: A mediation model." Journal of Management & Organization 21, no. 2 (January 20, 2015): 176–202. http://dx.doi.org/10.1017/jmo.2014.74.
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AbstractOur paper contributes to progress on the conceptualization and the operationalization of the alliance portfolio configuration. A variance-based structural equation modeling (partial least squares) has been applied to a sample made up of top global contractors. Previous works on alliance portfolio have analyzed the dimensions of alliance portfolio configuration independently and therefore, the interrelationships between them have not been studied. Results from the data analysis show that the dimensions of alliance portfolio configuration are interrelated in such a way that the relational and the partner alliance portfolio dimensions (a) fully mediate the effect of structural alliance portfolio on the value of the alliance portfolio capital; and (b) this capital exerts significant and positive influences on the growth of the international market share.
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Yeo, Hyun Jin, and Kwang Hyuk Im. "Developing R&D Portfolio Business Validity Simulation Model and System." Scientific World Journal 2015 (2015): 1–5. http://dx.doi.org/10.1155/2015/348369.
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The R&D has been recognized as critical method to take competitiveness by not only companies but also nations with its value creation such as patent value and new product. Therefore, R&D has been a decision maker’s burden in that it is hard to decide how much money to invest, how long time one should spend, and what technology to develop which means it accompanies resources such as budget, time, and manpower. Although there are diverse researches about R&D evaluation, business factors are not concerned enough because almost all previous studies are technology oriented evaluation with one R&D technology based. In that, we early proposed R&D business aspect evaluation model which consists of nine business model components. In this research, we develop a simulation model and system evaluating a company or industry’s R&D portfolio with business model point of view and clarify default and control parameters to facilitate evaluator’s business validity work in each evaluation module by integrate to one screen.
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Loukeris, Nikolaos, and Iordanis Eleftheriadis. "Control of corporate ownership in the evolutional portfolio intelligent complex optimization (EPICO) model." Corporate Ownership and Control 14, no. 4 (2017): 301–13. http://dx.doi.org/10.22495/cocv14i4c1art12.
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We introduce a new methodology that incorporates advanced higher moments evaluation in a new approach of the Portfolio Selection problem, supported by effective Computational Intelligence models. The Evolutional Portfolio Intelligent Complex Optimization (EPICO) model extracts hidden patterns out of the numerous accounting data and financial statements filtering misguiding effects such as noise or fraud, offering an optimal portfolio selection method.
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Kral, Pavol, Katarina Janoskova, and Pavol Durana. "Linear Model for Brand Portfolio Optimization." Economics and Culture 16, no. 1 (June 1, 2019): 32–39. http://dx.doi.org/10.2478/jec-2019-0004.
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Abstract Research purpose. The aim of the paper is to create a model that allows building an optimal brand portfolio, allowing an organisation to achieve its goals. The created model is based on the bivalent programming theory. A mathematical model of optimum brand portfolio is created based on linear programming with restricting conditions being the maximum acceptable risk level and budget. The basic types of resources and basic types of relations between brands are explained, which are part of the process of brand portfolio optimization. Design / Methodology / Approach. Knowledge and many years of experience of mainly economic disciplines were used for the selection of characteristics for brand portfolio specified in this article. Our assumptions were based mainly on project portfolio management, operational analysis and linear programming as well as tools and methods of graph theory. Findings. Brand portfolio management such as creating, planning, organising and then maintaining a successful brand is a costly and long-term process involving effective marketing strategies and decisions. The prerequisite for brand portfolio creation is deciding on the number and type of brands. A properly constructed brand portfolio is a prerequisite for achieving business goals. Originality / Value / Practical implications. Brand portfolio optimisation requires sufficient attention; however, rather than the selection of the highest number of brands, it should be based on compilation of a set, according to pre-defined priorities, which would provide the best possible means to meet the company’s goals for the current limitations. It should be implemented upon objective rules (in our case maximum allowable risk level and available budget). Frequent changes in the brand portfolio structure are not beneficial since they reduce the ability for the company to achieve its targets and represent excessive use of resources. In addition, qualitative brand characteristics have to be respected in the brand portfolio management, but this was not covered in our research.
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García, Fernando, Jairo González-Bueno, Javier Oliver, and Rima Tamošiūnienė. "A CREDIBILISTIC MEAN-SEMIVARIANCE-PER PORTFOLIO SELECTION MODEL FOR LATIN AMERICA." Journal of Business Economics and Management 20, no. 2 (March 7, 2019): 225–43. http://dx.doi.org/10.3846/jbem.2019.8317.
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Many real-world problems in the financial sector have to consider different objectives which are conflicting, for example portfolio selection. Markowitz proposed an approach to determine the optimal composition of a portfolio analysing the trade-off between return and risk. Nevertheless, this approach has been criticized for unrealistic assumptions and several changes have been proposed to incorporate investors’ constraints and more realistic risk measures. In this line of research, our proposal extends the mean-semivariance portfolio selection model to a multiobjective credibilistic model that besides risk and return, also considers the price-to-earnings ratio to measure portfolio performance. Uncertain future returns and PER ratio of each asset are approximated using L-R power fuzzy numbers. Furthermore, we consider budget, bound and cardinality constraints. To solve the constrained portfolio optimization problem, we use the algorithm NSGA-II. We assess the proposed approach generating a portfolio with shares included in the Latin American Integrated Market. Results show that this new approach is a good alternative to solve the portfolio selection problem when multiple objectives are considered.
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Conybeare, John A. C. "A Portfolio Diversification Model of Alliances." Journal of Conflict Resolution 36, no. 1 (March 1992): 53–85. http://dx.doi.org/10.1177/0022002792036001003.
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Chen, Shou, and Xiangqian Jiang. "Modeling Repayment Behavior of Consumer Loan in Portfolio across Business Cycle: A Triplet Markov Model Approach." Complexity 2020 (January 19, 2020): 1–11. http://dx.doi.org/10.1155/2020/5458941.
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With a view to develop a more realistic model for credit risk analysis in consumer loan, our paper addresses the problem of how to incorporate business cycles into a repayment behavior model of consumer loan in portfolio. A particular Triplet Markov Model (TMM) is presented and introduced to describe the dynamic repayment behavior of consumers. The particular TMM can simultaneously capture the phases of business cycles, transition of systematic credit risk of a loan portfolio, and Markov repayment behavior of consumers. The corresponding Markov chain Monte Carlo algorithms of the particular TMM are also developed for estimating the model parameters. We show how the transition of consumers’ repayment states and systematic credit risk of a loan portfolio are affected by the phases of business cycles through simulations.
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Larsen, Jr., Glen A., and Gregory D. Wozniak. "Market Timing For active Asset Allocation: A Discrete Regression Model Approach." Journal of Applied Business Research (JABR) 11, no. 1 (September 21, 2011): 125. http://dx.doi.org/10.19030/jabr.v11i1.5899.
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A discrete regression model (DRM) approach to timing the asset class markets for stocks, bonds, and cash in active asset allocation is presented. The technique involves investing in the asset class whose return is predicted to exceed the other asset class return after observing a sequential signal of estimated probabilities. The empirical results show that the DRM approach provides enhanced portfolio performance when compared to more passive fixed-weight portfolio strategies.
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Mačerinskienė, Irena, and Laura Ivaškevičiūtė. "THE EVALUATION MODEL OF A COMMERCIAL BANK LOAN PORTFOLIO." Journal of Business Economics and Management 9, no. 4 (December 31, 2008): 269–77. http://dx.doi.org/10.3846/1611-1699.2008.9.269-277.
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As in other countries where the traditional banking is dominating, the major part of banks’ assets and loan interest income makes a significant share of banks’ income. Inappropriate loan portfolio evaluation might have negative impact on a commercial bank's performance, the overall banking system, and the economic growth of the country. It is not enough for a bank to have a precise strategy, high lending culture, and observance of general principles to ensure the further growth of profitable loans. It is necessary to apply various evaluation methods of historical and present data, of ratios and factors enabling to implement coherent and comprehensive loan portfolio evaluation, and to encompass different factors as far as possible. Due to a complex business environment and intense competition between banks, it is not enough to evaluate a commercial bank loan portfolio only through the aspect of credit risk, i.e. loss probability level aspect, as is suggested by the scientists. As to every business subject striving for a successful performance and further development, it is essential for a bank to earn profit by financing the other subjects, and to establish the level of assets liquidity.
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Li, Shuying, Xian Zhang, Haiyun Xu, Shu Fang, Edwin Garces, and Tugrul Daim. "Measuring strategic technological strength :Patent Portfolio Model." Technological Forecasting and Social Change 157 (August 2020): 120119. http://dx.doi.org/10.1016/j.techfore.2020.120119.
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SRDIC, GREGOR, and MATJAZ B. JURIC. "MODEL FOR INTEGRATED MONITORING OF BPEL BUSINESS PROCESSES." International Journal of Cooperative Information Systems 22, no. 02 (June 2013): 1350008. http://dx.doi.org/10.1142/s0218843013500081.
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Business process execution language (BPEL) does not provide a native support for defining data and metrics, required to perform business activity monitoring (BAM). Existing industry solutions are vendor-specific while platform-independent scientific approaches separate tightly coupled monitoring definitions from the core BPEL processes into external descriptors, thus increasing the complexity of the development, packaging and deployment processes. Furthermore, existing monitoring solutions reuse platform-specific audit trail events. This requires monitor model developers to be familiar with the details of the process implementation and the custom BPEL engine meta-model. To overcome these issues, this paper presents bpelx4bam — a new approach to defining monitoring data and metrics within BPEL processes, based on BPEL extensions. The bpelx4bam promotes these definitions into the first class citizens of the BPEL specification in order to unify and fully integrate BAM into the BPM lifecycle. It enables a cross-platform migration of BAM-enabled business processes, removes the need for separate models and specifications, eases development, packaging and deployment processes, aligns the separation of concerns with actual process roles and introduces BAM-specific and optimized events. Therefore, it presents a solid ground for a future specification or a standard in this area.
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Kähkönen, Anni Kaisa, and Laura Luukkainen. "Developing the application model for the Kraljics purchasing portfolio." International Journal of Procurement Management 1, no. 1 (2022): 1. http://dx.doi.org/10.1504/ijpm.2022.10040266.
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Da Silva, Alexandre S., Wai Lee, and Bobby Pornrojnangkool. "The Black–Litterman Model for Active Portfolio Management." Journal of Portfolio Management 35, no. 2 (January 31, 2009): 61–70. http://dx.doi.org/10.3905/jpm.2009.35.2.061.
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Yosmar, Siska, S. Damayanti, and S. Febrika. "LQ45 Stock Portfolio Selection using Black-Litterman Model in Pandemic Time Covid-19." Indonesian Journal of Statistics and Its Applications 5, no. 2 (June 30, 2021): 343–54. http://dx.doi.org/10.29244/ijsa.v5i2p343-354.
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The world was shocked by the emergence of a virus that spread very quickly to several countries including Indonesia at the end of 2019. This virus infection is called Corona Virus Disease 2019 (Covid-19). The outbreak of Covid-19 not only threatens human lives but also disrupts various economic, financial, and business activities, especially in Indonesia. A stock portfolio is a collection of financial assets in a unit that is held or created by an investor, investment company, or financial institution. The Black-Litterman model of the stock portfolio is a portfolio model that involves the CAPM equilibrium return and investor views. The purpose of this study is to determine the stock portfolio with the Black-Litterman model using company data listed in the LQ45 stock index from January 2020 to June 2020. Four of the twenty-nine LQ45 stocks were selected as assets in the stock portfolio. The stock portfolio containing the four stocks, namely ICBP, KLBF, MNCN, and TLKM with the Black-Litterman model resulted in an expected return of 2.07% and a risk of 2.82%.