Search results

1 – 10 of over 3000
Article
Publication date: 1 July 2005

Kamran Ahmed, A. John Goodwin and Kim R. Sawyer

This study examines the value relevance of recognised and disclosed revaluations of land and buildings for a large sample of Australian firms from 1993 through 1997. In contrast…

Abstract

This study examines the value relevance of recognised and disclosed revaluations of land and buildings for a large sample of Australian firms from 1993 through 1997. In contrast to prior research, we control for risk and cyclical effects and find no difference between recognised and disclosed revaluations, using yearly‐cross‐sectional and pooled regressions and using both market and non‐market dependent variables. We also find only weak evidence that revaluations of recognised and disclosed land and buildings are value relevant.

Details

Pacific Accounting Review, vol. 17 no. 2
Type: Research Article
ISSN: 0114-0582

Keywords

Article
Publication date: 23 August 2013

Syamsul Herman bin Mohammad Afandi, Zaiton Samdin and Ahmad bin Shuib

The study aims to conduct a critical analysis of available economic tools to value non‐market rural tourism products and services, and assess the strengths and weaknesses of these…

Abstract

Purpose

The study aims to conduct a critical analysis of available economic tools to value non‐market rural tourism products and services, and assess the strengths and weaknesses of these tools.

Design/methodology/approach

The paper reviews existing valuation methods to better understand how estimates of rural tourism products and services are conducted. The paper also critically evaluates the applicability of these methods.

Findings

The study concludes that the selection of a method is mainly based on applicability of the approach. In assessing the non‐market value of rural tourism products and services, a method is selected by identifying its strengths and weaknesses. A review of previous studies suggests the evaluation of the practicality of each method according to the topic studied.

Originality/value

The paper contributes to a better understanding of available valuation approaches that give reliable estimates on non‐market rural tourism products and services.

Details

Worldwide Hospitality and Tourism Themes, vol. 5 no. 4
Type: Research Article
ISSN: 1755-4217

Keywords

Article
Publication date: 1 July 2000

Jeff Bennett

Whilst demands for benefit cost analysis (BCA) to be applied to a wide variety of policy decisions are growing, there remains a degree of dissatisfaction amongst policy makers…

Abstract

Whilst demands for benefit cost analysis (BCA) to be applied to a wide variety of policy decisions are growing, there remains a degree of dissatisfaction amongst policy makers, non‐economist specialists and some economists with its use. Part of that dissatisfaction arises because of a degree of confusion relating to what is meant by the term value as it is used in BCA. Furthermore, proponents of other techniques that have been suggested as substitutes for BCA are keen to cast doubts on the ability of BCA to perform its role in consolidating the disparate information relating to the outcomes of alternative policies. An attempt is made to clarify the notion of value as it is used in a variety of guises. These alternative notions are assessed in terms of their abilities to assist in policy formulation. Second, some of the alternative techniques are critiqued, with particular attention being paid to the use of the value concept. Concludes that clarity in the specification of the goals to which a specific concept of value is to be applied is vital. Different concepts relate to different goals and the application of the wrong concept to a goal could be costly. In a final section, the confusion that has arisen within the discipline regarding the concept of value that underpins some non‐market valuation techniques is explored.

Details

International Journal of Social Economics, vol. 27 no. 7/8/9/10
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 30 August 2018

Ulrich J. Frey

A major problem in environmental economics is to estimate the monetary value of non-market goods. This is especially relevant for environmental goods. To assess their non-use value

Abstract

Purpose

A major problem in environmental economics is to estimate the monetary value of non-market goods. This is especially relevant for environmental goods. To assess their non-use value, different approaches have been used measuring stated and revealed preferences. However, both methodologies are associated with criticism. The purpose of this paper is to propose a new method to estimate non-use values of environmental goods, i.e., to calculate revealed preferences in crowdfunded projects.

Design/methodology/approach

Since millions of individuals invest in various crowdfunded projects, the willingness to pay (WTP) can be robustly derived for any kind of project. Here, data on 19 projects on three endangered species are collected from various crowdfunding platforms.

Findings

With the new method introduced to estimate the monetary value of non-market goods, the WTP could be determined for a number of projects. Across projects, the average WTP per person is $42 for dolphins, $45 for falcons and $38 for butterflies. This new approach is validated by comparing these values to a meta-analysis of contingent valuation studies reporting on average $42 for dolphins, $37 for falcons and $24 for butterflies.

Research limitations/implications

The limitation of this study is the small number of projects which are for demonstration only.

Practical implications

Validating this method by a comparison with a meta-analysis of contingent valuation shows that estimating WTP via crowdfunding may serve as a new instrument. Given the large number of subjects and diversity of projects in crowdfunding, a robust WTP could be derived for many topics in the future.

Originality/value

A new method to estimate the monetary value of non-market goods is introduced. Estimating the WTP via crowdfunded projects makes it possible to measure revealed preferences for a large variety of environmental and other projects.

Details

Management of Environmental Quality: An International Journal, vol. 30 no. 3
Type: Research Article
ISSN: 1477-7835

Keywords

Article
Publication date: 12 August 2022

Xabier Mendizabal Leiñena, Leire San-Jose and Jose-Domingo García-Merino

European elite professional basketball clubs do not pursue economic profit maximization per se, but they also seek to create social value for stakeholders due to the community…

Abstract

Purpose

European elite professional basketball clubs do not pursue economic profit maximization per se, but they also seek to create social value for stakeholders due to the community outreach and the emotional bonding that such organizations create. Here the purpose of this paper is to use an accounting system called social accounting to measure the social effects of an organization's activity in an effort to monetize and describe the holistic value created by these sports organizations for their stakeholders.

Design/methodology/approach

This study applies an adapted, redesigned social accounting using SPOLY methodology to two elite basketball clubs in the ACB League (Spanish First Division), in order to monetize their social value. This methodology integrates non-market social value (value created for stakeholders without a financial transaction) with market social value (value created for stakeholders through market transactions), by monetizing validated dimensions for non-market and market social value obtained via information provided by clubs and their financial statements.

Findings

Clubs create a quantifiable social value for stakeholders through non-market and market dimensions. Value creation is not merely restricted to securing financial profit for shareholders but rather takes on another dimension in which the various stakeholders receive a holistic value from clubs.

Originality/value

This study provides evidence that clubs generate a quantifiable social value for their stakeholders that complements their economic value. This can help clubs to set up their own narrative concerning value creation for stakeholders and enable them to convey and manage the overall distributed value for stakeholders.

Details

Sport, Business and Management: An International Journal, vol. 12 no. 5
Type: Research Article
ISSN: 2042-678X

Keywords

Abstract

Details

Handbook of Microsimulation Modelling
Type: Book
ISBN: 978-1-78350-570-8

Article
Publication date: 2 February 2015

Esther H.K. Yung and Edwin H.W. Chan

This study aims to evaluate the relationship between the major factors of social value and the willingness to pay amount for conserving a historic site, using Hong Kong as a case…

1855

Abstract

Purpose

This study aims to evaluate the relationship between the major factors of social value and the willingness to pay amount for conserving a historic site, using Hong Kong as a case study of a dense urban city with immense tension between conservation and development. It also evaluates, in monetary terms, the social values, which are almost impossible to measure in built heritage conservation.

Design/methodology/approach

It adopts evaluation ratings and the contingent valuation method to estimate Hong Kong citizens’ willingness to pay (WTP) for the conservation of the Central Police Station compound.

Findings

The results of 256 surveys suggest that the extent to which the historic site can provide a “sense of place and identity”, “social inclusion” and “community participation” is positively correlated to the WTP amount. The respondents’ satisfaction with the new use of the site, their work location and education level affected the amount they were willing to contribute to the conservation project. The reasons given for not being willing to contribute were also analysed to provide insights for cultural heritage policy.

Originality/value

The findings provide an enhanced understanding of the relationship between the major factors of social value and the WTP amount. This study proposes a partial tool to elicit the non-market value of heritage site which should be supplemented with experts’ evaluation to assist decision-making. It enhances public participation, particularly in the public–private partnership model of heritage conservation. Thus, it provides valuable insights for policymakers and planners to understand the public’s perception on the value of heritage conservation in cities facing immense redevelopment pressures.

Details

Facilities, vol. 33 no. 1/2
Type: Research Article
ISSN: 0263-2772

Keywords

Article
Publication date: 1 November 2005

Svanhild Aabø

The paper reports from a valuation study of the Norwegian public libraries, aiming to provide a better understanding of their total value, both use and non‐use value, as viewed by…

3656

Abstract

Purpose

The paper reports from a valuation study of the Norwegian public libraries, aiming to provide a better understanding of their total value, both use and non‐use value, as viewed by the population. An objective was to explore whether or not the citizens found that their benefits outweighed the costs to provide them.

Design/methodology/approach

The study applies the contingent valuation method, developed in economics to valuate non‐market goods. Contingent valuation is based on representative questionnaire surveys and has been used to valuate several cultural goods, including a few library valuation studies.

Findings

The empirical data based on a representative population sample demonstrates that the value of the Norwegian public libraries decidedly outweigh their costs. Elicitation of the population's awareness of property rights to their local library showed that an overwhelming majority of the population (94 per cent) perceive they have such rights. The valuation result indicates that the benefits from the public libraries are four times their costs.

Research limitations/implications

The method is based on hypothetical markets. More contingent valuation studies of libraries are necessary to refine the measure instruments. The study explores the benefit‐cost relation at the national level. Further research is needed for studying the benefit‐cost relation at the municipal level.

Practical implications

The findings can be used as one way of documenting the value of public libraries to politicians, local authorities and the general public.

Originality/value

This appears to be the first contingent valuation study of public libraries at a national level, in Norway and internationally.

Details

New Library World, vol. 106 no. 11/12
Type: Research Article
ISSN: 0307-4803

Keywords

Open Access
Article
Publication date: 27 August 2020

Dieter Koemle and Xiaohua Yu

This paper reviews the current literature on theoretical and methodological issues in discrete choice experiments, which have been widely used in non-market value analysis, such…

8998

Abstract

Purpose

This paper reviews the current literature on theoretical and methodological issues in discrete choice experiments, which have been widely used in non-market value analysis, such as elicitation of residents' attitudes toward recreation or biodiversity conservation of forests.

Design/methodology/approach

We review the literature, and attribute the possible biases in choice experiments to theoretical and empirical aspects. Particularly, we introduce regret minimization as an alternative to random utility theory and sheds light on incentive compatibility, status quo, attributes non-attendance, cognitive load, experimental design, survey methods, estimation strategies and other issues.

Findings

The practitioners should pay attention to many issues when carrying out choice experiments in order to avoid possible biases. Many alternatives in theoretical foundations, experimental designs, estimation strategies and even explanations should be taken into account in practice in order to obtain robust results.

Originality/value

The paper summarizes the recent developments in methodological and empirical issues of choice experiments and points out the pitfalls and future directions both theoretically and empirically.

Details

Forestry Economics Review, vol. 2 no. 1
Type: Research Article
ISSN: 2631-3030

Keywords

Article
Publication date: 13 January 2020

Silvia Ayuso, Pablo Sánchez, José Luis Retolaza and Mònica Figueras-Maz

This paper aims to explore how to quantify the social value generated by higher education from a social accounting perspective. The proposed approach is integrated social value

Abstract

Purpose

This paper aims to explore how to quantify the social value generated by higher education from a social accounting perspective. The proposed approach is integrated social value (ISV) analysis, a social accounting model that considers both the economic value and the social value created by an organisation for its stakeholders.

Design/methodology/approach

The ISV analysis has been applied to Pompeu Fabra University, following a participatory action research process with representatives of the university and its stakeholders.

Findings

The final ISV includes not only the social value created through the university’s economic activity – captured by economic and financial accounting indicators – but also the specific social value created for the different stakeholders by means of non-market relationships, which were monetised through the use of indicators and financial proxies.

Research limitations/implications

Like other social accounting methodologies, ISV analysis suffers from some limitations regarding data availability and economic pricing, that partly will be resolved with maturation of the methodology and increasing standardisation.

Practical implications

By using appropriate proxies, the non-market value of the university can be monetised and integrated with university’s market value. The social value results become a valuable tool for developing useful indicators for internal management and external communication.

Social implications

The process of measuring the social value created by universities provides a way to meet the rising demands for greater accountability and transparency and facilitates engagement with stakeholders on how these institutions are contributing to a sustainable society.

Originality/value

ISV is a recently proposed social accounting model that combines an organisation’s economic and social results into a single concept of value creation and thus contributes to advance the field of social accounting.

Details

Sustainability Accounting, Management and Policy Journal, vol. 11 no. 1
Type: Research Article
ISSN: 2040-8021

Keywords

1 – 10 of over 3000