Suchergebnisse

The article examines the situation of appearance of a non-optimal capital-labor ratio on the basis of a comparison of the relative speed of the dynamics of indicators of labor productivity, capital productivity and capital-labor ratio in machine building industry of Ukraine in recent years. Mathematical determination of the optimal capital-labor ratio is substantiated on the basis of production functions taking into account dynamics of the most important indicators of economic activity, presented in value terms. Methodological and applied aspects of the use of the equimarginal principle from microeconomics are discussed to determine the optimal capital-labor ratio within the limits of substitutional production functions. It is proved that at the point of optimal capital-labor ratio, the marginal rate of replacement of production factors' substitution is equal to one. The resulting conclusion is used as a basis for development of a procedure for finding optimum capital-labor ratio using econometric models, which adequately describe the relationship of time series of product sales, basic productive assets and labor costs based on substitutional production functions. The use of the proposed procedure for determining the optimal capital-labor ratio is carried out on the example of the Cobb-Douglas-Tinbergen production function, the dynamised CES-function and the linear function. The methodological recommendations on calculation of unknown parameters are presented for these functions, as well as the formulas of optimal capital-labor ratio with indicated extreme values of products sold and the total costs for basic production assets and labor payment. The obtained theoretical results are tested according to the data of Ukraine's machine building. The hypothesis about non-optimal capital-labor ratio in 2007-2015 is confirmed in terms of volumes of sales of the industry production. It turns out that for the analyzed period of time, the basic production assets of machine building were relatively abundant compared with the payment of labor. In 2016-2017, a positive trend begins in dynamics of the capital-labor ratio in the industry to a certain reduction and a gradual approach to the optimal value.

This study concerns with the recent government policy on banking in term of cash ratio, loan-to-deposit ratio and capital-asset ratio. It is especially aims at analyzing: 1) the correlation between cash ratio, loan-to-deposit ratio and capital-asset ratio on one side and bank profitability in terms ROA on the other; 2) The dominant variable(s) which influence profitability. The unit of analysis of this case in bank stocks traded at the Jakarta Stock Exchange during the period of 1995-1998. Descriptive as well as regression analysis are employed in this study using a five percent confidence level. The result reveal that first, cash ratio, loan-to-deposit ratio, and capital-asset ratio proved to affect ROA significanly. Second, capital-asset ratio does not have strong correlation with ROA. It can be conclused that the underlined variables are significant estimates to the government policy regulating the capital-asset ratio.

PurposeFor many authors, the difference between the market value of companies' shares and their book value is the consequence of intellectual capital (IC). To test this, this paper suggests a methodology to study the relationship between IC indicators and the market‐to‐book ratio (MBR). In addition, it presents an exploratory application of that methodology in the field of human capital (HC) and within the Spanish banking industry. In this research, the relationships between HC, MBR and other business performance indicators are measured.Design/methodology/approachThe methodology mentioned above creates a score for each of the three main IC components: human, structural and relational capital. These scores try to measure the relative position of companies in the same industry in each of the IC blocks. Then, a global score is set, combining the scores of the previous blocks. For these calculations to be done, a common set of indicators in the companies studied is needed. The lack of balance nowadays between showing strategy uniqueness and delivering comparable information across firms, when preparing external IC reports, has limited the empirical application of the proposed methodology to HC indicators.FindingsPreliminary results show a clear positive relationship between HC indicators and MBR, and almost a non existent one between HC indicators and banks' efficiency and financial return. In any case, the highest correlations found are between, on the one hand, banks' efficiency and financial return and, on the other hand, MBR.Originality/valueThe value of this paper lies mainly in the methodology it provides for external IC benchmarking