Browsing by Subject "Investition"

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Auswirkungen der Nutzung mobiler Kommunikation auf die Verbindlichkeit in engen Freundschaften
(2018) Alius, Daniel
Our world becomes faster, more flexible and more short-term due to the possibilities of mobile communication. This development raises the question of its impact on our social relationships as long-term constructs. The present work examines the consequences of the use of mobile communication and online-vigilance on the commitment, responsiveness and behavior in friendships. The theoretical basis of the study is the investment model of Rusbult (1983). Data collection was conducted by an online-survey and a convenience sample in March 2018. 677 users of mobile communication (68% female/ 32% male) from Germany, with an average age of 30, participated in the survey. To investigate the relationships, a structural equation model with latent variables was specified. In addition, mediation effects were examined for their significance. The results show that the use of mobile communication promotes commitment and responsiveness in friendships. Online-vigilance, which captures the cognitive focus on online content and communication, has both, positive and negative effects on the commitment. On the one hand, it leads to a decrease in satisfaction in friendships and, subsequently, to a lower level of commitment, on the other hand, it increases the perception of investment, which increases the commitment. A high level of online-vigilance is also attended by a greater degree of non-committal behavior.
How do entrepreneurial portfolios respond to income taxation?
(2017) Steiner, Viktor; Rostam-Afschar, Davud; Rees, Ray; Fossen, Frank M.
We investigate how personal income taxes affect the portfolio share of personal wealth that entrepreneurs invest in their own business. In a reformulation of the standard portfolio choice model that allows for underreporting of private business income to tax authorities, we show that a fall in the tax rate may increase investment in risky entrepreneurial business equity at the intensive margin, but decrease entrepreneurial investment at the extensive margin. To test these hypotheses, we use household survey panel data for Germany eliciting the personal wealth composition in detail in 2002, 2007, and 2012. We analyze the effects of personal income taxes on the portfolio shares of six asset classes of private households, including private business equity. In a system of simultaneous demand equations in first differences, we identify the tax effects by an instrumental variables approach exploiting tax reforms during our observation period. To account for selection into entrepreneurship, we use changes in entry regulation into skilled trades. Estimation results are consistent with the predictions of our theoretical model. An important policy insight is that lower taxes drive out businesses that are viable only due to tax avoidance or evasion, but increase investment in private businesses that are also worthwhile in the absence of taxes.
Rentabilität und Risiko typischer Ackerbaubetriebe in der Russischen Föderation
(2009) Breunig, Peter; Zeddies, Jürgen
Consistent world population growth, changing diets in emerging markets and the growing impact of biofuels led to considerable price increases for agricultural commodities since 2006, in particular for grains and oilseeds. Among other things this results in a growing interest of capital investors in investments in agricultural companies. Capital investments from outside the agricultural sector play ? especially in Russia ? a major role, due to the farm structure and the predominantly capital-oriented farm businesses. Until now, it is not yet clear, how these investments perform in comparison to the capital market regarding risk and return, which is critical for the future volume and sustainability of these investments. Therefore, the aim of this work is to analyze risk and return of typical arable farms in selected regions of the Russian Federation from 2000 to 2007 and make forecasts from 2008 to 2015. Additionally, the risk-return-performance of the analyzed farms is compared to a russian stock market index. This allows for the examination of the relative excellence based on risk and return among the typical farms and in comparison to the russian capital market. The evaluation of investments in arable farms in the Russian Federation based on risk and return analysis is done by two methods. The first method calculates performance ratios that are based on risk and return values of each typical farm. This is done by analyzing and forecasting financial models of the typical farms, which are based on farm surveys in the relevant regions. In total, eight typical farms in four regions (Voronesh, Stavropol, Samara and Omsk) of the Russian Federation are modeled. For the analysis of historic risk and return values, historic price and yield data from official statistics are integrated into the farm models and the relevant performance ratios are thus calculated. Future performance, price and yield data and their volatility is forecasted by using mathematical methods and published forecasts. The performance ratios of each typical farm are subsequently compared to the russian stock market index MICEX. The second method to evaluate investments in arable farms in the Russian Federation is based on the "Capital Asset Pricing Model". With this model, the return that agricultural companies in Russia have to achieve to have the same risk-return-performance as the Russian stock market can be calculated. This is done by analyzing the movement of applicable stocks relative to the total Russian stock market. Additionally investments in arable land are analyzed in the context of investments in arable farms. The results of the thesis show that in the historical period (2000 to 2007) only the typical farms in the Stavropol region are able to exceed the performance of the Russian stock market index. In the forecast period (2008 to 2015) one typical farm in the Voronesh region as well as the typical farms in the Stavropol region are expected to outperform the russian stock market. Furthermore, it can be shown that the arable farms in Samara and Omsk have a considerably lower risk-return-performance compared to the other typical farms in the west and southwest of Russia. The results validate the strong increase in investments in arable farms in the west and southwest of Russia in recent years. Moreover it is assumed that in the Samara and Omsk region similar investment volumes like in the western regions of Russia cannot be expected.
Success factors of farm investments : the example of Swiss dairy farms
(2021) Kramer, Benedikt; Doluschitz, Reiner
This scientific analysis aims to identify success factors of farm investments, which are supported by interest free loans. The data basis consists of data from the Farm Accountancy Data Network (FADN) from 2003 through 2014 from Switzerland, which is matched to data from the Meliorations- und Agrarkredit-Projekt-Informations-System (MAPIS), where all supported dairy barn investments in Switzerland are registered. In addition, a Gini coefficient on the level of municipality is added, calculated from agricultural census data (AGIS). One of the main variables analysed is calculated profit. Another important variable, analysed in this work, is herd size. As a first step, the development of calculated profit and herd size change after investment are analysed by two separate fixed-effects panel regression models. The results show, that calculated profit is significantly and positively influenced by the amount of agricultural land of the farm and significantly reduced for the first three years after investment. From the fourth year onwards, no coefficients are significant anymore, which might either be caused by a divergent development of individual farms or by the diminishing number of observations. Herd size change is positive and significantly influenced by the amount of agricultural land. Also the period of quota phasing out affected herd size change positively. Dairy herds probably grew in the year before investment already and kept growing till five years after investment. Both dependent variables indicate that farms undergo an adjustment phase after investment. For the analysis of investment probability, the data sample is extended by including observations of all dairy farms and combined dairy/arable crop farms in the valley and hill region. Observations after investment are excluded. A logit regression model of the pooled data reveals that among the financial variables, only equity and farm income have a small positive and significant effect on investment probability. Social characteristics show a larger effect. The investment probability increases with age, farm household size and the presence of a partner. In order to analyse influencing factors of successful investments, investments that enable the farm to achieve the same or higher calculated profit as before, are considered successful. The year before investment is used as the basis and a Cox Proportional-Hazard-model is used to investigate those influencing factors. The model reveals that for farm having a higher calculated profit before investment, it is more difficult to restore that level after investment. Off-farm income and expenses for purchase of additional animals affect recovery of calculated profit significantly negative. The largest significant negative impact comes with more family labour. The results suggest that family labour which is likely to be freed up by productivity gains, is not reallocated to off-farm income. Additional indicators for land competition on the level of municipality are used. Agricultural income per family working unit is analysed as financial measure. This is a precursor for calculated profit and reflects financial efficiency of the input of family labor. In addition, growth of the dairy herd is analyzed. A random effects model is used for both variables. For dairy herd growth, utilized agricultural area and milk quota abolishment have a positive effect. More subsidized projects within a municipality and a higher concentration of acreage have a negative effect. For agricultural income per family working unit, utilised agricultural area, number of subsidized projects within a municipality, valley region and equity have a positive effect while milk quota abolishment has a negative effect. Off-farm income, which has been used as off-farm income per full-time working unit, showed no statistically significant effect. Neighboring effects appear to be more important for dairy herd growth than for agricultural income. Based on the derived definitions, success factors are identified. An adjustment phase is confirmed, while the productivity of family labour seems to be the most important influencing factor for recovering calculated profits of the pre-investment situation. Structural influences seem most important for herd size growth. With regard to the negative effect of off-farm labour, off-farm labour might be seen as enabling farms with off-farm labour to accept a lower level of labour productivity. In general, the social characteristics of farms seem to have a larger impact on dairy farm investments than financial variables. For investment support, the results imply not only to put emphasis on financial characteristics. In addition, the adjustment phase must be considered with investment plans. With such long lasting investments like dairy barns, strategic decisions by the farmer combined with family characteristics might be more important than financial indicators.
Wachstums- und Investitionsdynamik in Deutschland
(2012) Hagemann, Harald; Erber, Georg
Wachstums- und Investitionsdynamik in Deutschland
(2014) Hagemann, Harald; Erber, Georg; Geiger, Niels; Schwarzer, Johannes; Zwiessler, Oliver
Sowohl auf theoretischer als auch auf empirischer Ebene wurde die wichtige Rolle privater und staatlicher Investitionstätigkeit für das Wirtschaftswachstum deutlich. Zu betonen ist hierbei, dass beide Investitionsarten in einer komplementären Beziehung zueinander stehen, so dass ein entsprechend ausbalancierter Mix an privaten und staatlichen Investitionen wesentlich für das Erreichen eines dynamischen Wachstumspfades ist. Die Bedeutung der privaten Investitionstätigkeit für den Konjunktur- und Wachstumsverlauf einer Volkswirtschaft wurde anhand verschiedener Modelle wie z.B. dem Multiplikator-Akzelerator-Modell diskutiert und hervorgehoben. Die besondere Rolle der staatlichen Investitionstätigkeit und deren Auswirkungen auf das Wirtschaftswachstum wurden im Rahmen der Aschauer-Hypothese vertieft dargestellt. Insgesamt ist aber auf theoretischer Ebene dennoch kritisch zu hinterfragen, auf welcher Grundlage ein bestimmter Investitionsmangel identifiziert wird und wie ein optimales Investitionsniveau bestimmt werden kann. Auf Grund dieser geradezu fundamentalen Bedeutung der Investitionen für das Wirtschaftswachstum erscheint es um so erschreckender, dass gerade in Deutschland als eine der weltweit führenden Industrienationen die Investitionstätigkeit seit Jahren auf internationaler Ebene nicht ebenso im Spitzenfeld zu finden ist. Dies ist insofern von besonderer Brisanz, da die Deutsche Wirtschaft und deren Schlüsselbranchen wie die Automobilindustrie, in einem harten internationalen Wettbewerb stehen und somit eine verhaltene Investitionstätigkeit auf privater und staatlicher Ebene langfristig entsprechend negative Konsequenzen für die Produktion und den Arbeitsmarkt erwarten lassen. Ganz allgemein lassen sich negative Beschäftigungseffekte in einer dynamischen Weltwirtschaft und angesichts eines immer voranschreitenden technologischen Wandels nie ganz vermeiden. Wie aber in dieser Studie herausgearbeitet wurde, sind gerade daher Investitionen auch in Bezug auf den Arbeitsmarkt langfristig vorteilhaft, um die Beschäftigung aufrecht zu erhalten. Besonders hervorzuheben sind hierbei Bildungsinvestitionen und die Anpassung der Arbeitsmarktinstitutionen an die neuen Herausforderungen an Flexibilität und Qualität des Arbeitskräftepotentials. Die in diesem Zwischenbericht angeschnittenen Themen und Fragestellungen werden im Endbericht noch vertieft dargestellt und ausgebaut werden. So wird z.B. die Investitionsentscheidung der privaten Unternehmen mikroökonomisch fundiert hergeleitet werden. Die bereits im Rahmen der Aschauer-Hypothese angedachten Bereiche der staatlichen Investitionstätigkeit werden eingehend betrachtet und diskutiert werden. Im Fokus werden hierbei insbesondere öffentliche Bildungs- und Infrastrukturinvestitionen stehen. Diese Analyse wird sowohl theoretisch als auch empirisch durchgeführt werden, wobei bezüglich der empirischen Untersuchung die Revision der VGR und deren Auswirkungen auf das gemeldete Wirtschaftswachstum im Blickpunkt stehen werden. Entsprechende wirtschaftspolitische Überlegungen und Fragestellungen werden die Studie abschließen. Hierbei wird insbesondere ein Augenmerk auf die Bestimmung einer optimalen Investitionstätigkeit und auf die Notwendigkeit und Möglichkeit der Investitionsförderung gelegt werden.