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Book part
Publication date: 2 September 2016

Bernard Paranque

This chapter reconsiders commonly held views on the ownership and management of private property, contrasting capitalist and simple property, particularly in relation to…

Abstract

Purpose

This chapter reconsiders commonly held views on the ownership and management of private property, contrasting capitalist and simple property, particularly in relation to how a firm shareholder governance model has shaped society. This consideration is motivated by the scale and scope of the modern global crisis, which has combined financial, economic, social and cultural dimensions to produce world disenchantment.

Methodology/approach

By contrasting an exchange value standpoint with a use value perspective, this chapter explicates current conditions in which neither the state nor the market prevail in organising economic activity (i.e. cooperative forms of governance and community-created brand value).

Findings

This chapter offers recommendations related to formalised conditions for collective action and definitions of common guiding principles that can facilitate new expressions of the principles of coordination. Such behaviours can support the development of common resources, which then should lead to a re-appropriation of the world.

Practical implications

It is necessary to think of enterprises outside a company or firm context when reflecting on the end purpose and means of collective, citizen action. From a methodological standpoint, current approaches or studies that view an enterprise as an organisation, without differentiating it from a company, create a deadlock in relation to entrepreneurial collective action. The absence of a legal definition of enterprise reduces understanding and evaluations of its performance to simply the performance by a company. The implicit shift thus facilitates the assimilation of one with the other, in a funnel effect that reduces collective projects to the sole projects of capital providers.

Originality/value

Because forsaking society as it stands is a radical response, this historical moment makes it necessary to revisit the ideals on which modern societies build, including the philosophy of freedom for all. This utopian concept has produced an ideology that is limited by capitalist notions of private property.

Details

Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance
Type: Book
ISBN: 978-1-78560-980-0

Keywords

Abstract

Details

Contingent Valuation: A Critical Assessment
Type: Book
ISBN: 978-1-84950-860-5

Article
Publication date: 14 August 2007

Nick French and Laura Gabrielli

In January 2005, the International Valuation Standards Committee (IVSC) published the International Valuation Guidance Note No. 8 entitled The Cost Approach for Financial

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Abstract

Purpose

In January 2005, the International Valuation Standards Committee (IVSC) published the International Valuation Guidance Note No. 8 entitled The Cost Approach for Financial Reporting – (DRC). This guidance note provides background to the use of depreciated replacement cost (DRC) in connection with International Valuation Application 1 (IVA 1), Valuation for Financial Reporting and suggests that the valuer reports the result of a DRC valuation as market value subject to the test of adequate profitability or service potential. This suggestion has caused a lot of debate and consternation in the UK where the DRC approach has always been considered as a method of last resort and not a market valuation. However, in continental Europe the cost approach (DRC) is often the principal method of valuation and has always been considered to produce market value. The purpose of this paper is to discuss the impact of this change to valuation practice in the UK.

Methodology/design/approach

In this paper, we discuss the concept of market value and its relationship to DRC in an attempt to identify the principal areas of concern in the UK and, through the use of an Italian case study, show how the DRC approach can be adopted as an appropriate method (not basis) for calculating Market Value.

Findings

It is probable that most valuers will still provide the DRC valuation using exactly the same calculation as they did before. They are likely to provide the same (relative to the valuation date) figure; the difference is that they will feel less easy about the robustness of that figure

Originality/value

It is argued that the UK market has, for too long, hidden behind DRC being a basis of value that UK valuers now feel uncomfortable in reporting DRC as market value. They are uncertain with the valuation figure. However, this uncertainty can be addressed in other ways and a suggested “solution” to help the valuer overcome their discomfort with the market valuation is proffered.

Details

Journal of Property Investment & Finance, vol. 25 no. 5
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 1 December 2005

Roxanne Missingham

This paper aims to outline the development of research into the value of libraries over the past decade.

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Abstract

Purpose

This paper aims to outline the development of research into the value of libraries over the past decade.

Design/methodology/approach

Recent studies using contingent valuation for the British Library, South Carolina Public Libraries, Florida Public Libraries and St Louis Public Libraries are summarised both in terms of methodology and findings. Studies into two national bibliographic services (Canada and New Zealand) are reviewed to demonstrate the application of value studies to specific services.

Findings

There are many questions that have yet to be answered through using this methodology. At the most basic level it is not yet clear whether any particular numerical result represents the best return on investment for an individual library. The lack of comparative of studies means that the appropriate level of return on investment than that which the taxpayer or investor should expect, has yet to be established.

Research limitations/implications

There is a need for further research to identify the relative position in which libraries in the major sectors should expect to be found. More significantly, there is a need to consider how a value identified for current use of a service should be balanced against future use, and to establish how these two analyses might be combined.

Originality/value

Shows consistent use of contingent valuation and return on investment for libraries in public and national library sectors. Each study took considerable resources and man‐hours to establish a community/user based economic result.

Details

Performance Measurement and Metrics, vol. 6 no. 3
Type: Research Article
ISSN: 1467-8047

Keywords

Article
Publication date: 16 November 2015

Dousa Daneshdoust

Considering built heritage as public goods demands a lot of planning as usually historic sites and monuments are administrated by governments. The purpose of this paper is…

Abstract

Purpose

Considering built heritage as public goods demands a lot of planning as usually historic sites and monuments are administrated by governments. The purpose of this paper is to propose and apply contingent valuation method (CVM) for the value assessment of historic sites as public goods.

Design/methodology/approach

The aim of this research is to apply CVM to assess the total value as well as sub values, use and non-use values of a historic site. Ferdowsi mausoleum in Tus historic area near Mashhad city in Iran has been chosen as a case study.

Findings

The paper indicates that historic sites meet all the criteria for being considered as public goods and obtained high amount of willingness to pay proves the significance of Ferdowsi mausoleum to the people of Mashhad city and its tourists. Non-use values comprise the highest share of value and cultural identity has the highest value among non-use values.

Practical implications

It is recommended that CVM be applied in cost-benefit analysis of historic sites. This is useful in the process of prioritization of restoration and maintenance of historic sites and could be used by policy makers in policy crafting processes.

Originality/value

CVM has been used for the first time for a mausoleum and for a site in Iran and sub values have been measured for the first time for a historic site.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. 5 no. 3
Type: Research Article
ISSN: 2044-1266

Keywords

Content available
Article
Publication date: 23 April 2018

Sue Ogilvy and Michael Vail

There is a great deal of interest in ecosystem or natural capital accounting and in methods to estimate monetary valuations of ecosystems. This paper aims to explore…

Abstract

Purpose

There is a great deal of interest in ecosystem or natural capital accounting and in methods to estimate monetary valuations of ecosystems. This paper aims to explore methods that may assist agricultural (livestock grazing) enterprises to estimate the monetary value of the productive capacity of the ecosystems they use. Such estimations are expected to provide a more complete set of information about the performance of pastoral operations and may assist them to assure ecological and economic sustainability.

Design/methodology/approach

This paper applies five different methods for valuation of the productive ecosystems used in extensive agricultural (grazing) systems. The methods apply different approaches to valuation described in the United Nations System of Environmental-Economic Accounting (SEEA) and Australian Accounting Standards (AASs). To do this, the paper uses financial information drawn from the long-term performance of an economically and environmentally sustainable pastoral enterprise.

Findings

SEEA- and AAS-compliant methods to measure the value in use of provisioning ecosystems are practical and useful. The estimations contribute to a reasonable range of fair values required by AASs and improve the availability of information that would be useful in improving the performance of the operation and compare it to reasonable alternate management strategies.

Research limitations/implications

The SEEA is an international standard and AASs are closely aligned to the International Accounting Standards, so the methods described in this paper are likely to be generalisable to enterprises grazing low-rainfall rangelands in other countries. However, their ability to appropriately accommodate the extensive modifications to ecosystems caused by cultivation and fertilisation needs to be tested before they are applied to grazing operations in high-rainfall areas or other forms of agriculture such as cropping or horticulture.

Practical implications

The availability of standards-compliant methods for ecosystem valuation means that companies who wish to include ecosystems on a voluntary and informal basis as sub-classes of land in their general purpose financial reports may be able to do so. If these methods are SEEA-compliant, they could be combined with information about the ecosystem type, extent and condition to produce a set of national ecosystem accounts so that the contribution of ecosystems to the economy can be estimated.

Social implications

Many of the enterprises that rely on extensive agricultural ecosystems are unable to generate sufficient financial returns to cover their obligations to owners and creditors. The ability to determine the monetary value of the annual inputs provided by the ecosystems may assist landowners and citizens to detect and avoid depletion of their economic and ecological resources.

Originality/value

This paper applies an explicit interpretation of AAS and draws from valuation methods recommended in the SEEA to demonstrate that current accounting standards (national and corporate) provide a strong foundation for the valuation of the ecosystems used as economically significant factors of production.

Details

Sustainability Accounting, Management and Policy Journal, vol. 9 no. 2
Type: Research Article
ISSN: 2040-8021

Keywords

Article
Publication date: 1 August 2016

Aziz Madi

Although social networking sites (SNS) are providing marketers a lot of information, it is also providing consumers with the ability to present their virtual identities…

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Abstract

Purpose

Although social networking sites (SNS) are providing marketers a lot of information, it is also providing consumers with the ability to present their virtual identities, limiting the benefit of such information. The purpose of this paper is to understand how marketers can segment virtual consumers.

Design/methodology/approach

A review of the literature is first conducted. Followed by a survey method, data from 258 consumers were analyzed using a combination of scales including best-worst scaling. Classes and other demographics, behavioral and psychographic covariates were determined using latent-class analysis.

Findings

Findings show there exist three different segments based on values: self-conservers, social entertainers, and achievers. The results show how SNS consumers differ in their motivation to use social media, even when there is similarity in the uses (virtual behaviors) of SNS.

Research limitations/implications

Analyzing behavior of virtual consumers can be limited by the fact that they are presenting their virtual identity. Psychographic metrics should be the focus of future research when dealing with online consumers, values and motivations provide a better way as they are more consistent than the virtual behavior.

Practical implications

Practitioners should look for more ways to integrate SNS segments with traditional segments, values-segmentation can aid in this. Additionally, practitioners should maximize the information access benefits of SNS by focussing also on underlying motives to certain behaviors on SNS.

Originality/value

This research value is derived from the fact that it is the first to perform values-segmentation on SNS. The results show that it is reliable and necessary when segmenting consumers on SNS.

Details

Marketing Intelligence & Planning, vol. 34 no. 5
Type: Research Article
ISSN: 0263-4503

Keywords

Article
Publication date: 14 October 2014

Tommy D. Andersson and John Armbrecht

– The purpose of this paper is to propose and test a model explaining the value of event experiences.

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Abstract

Purpose

The purpose of this paper is to propose and test a model explaining the value of event experiences.

Design/methodology/approach

Three versions of the explanatory model are tested by regression analysis of data from a survey of 650 visitors to a sports event.

Findings

The three model versions are significant and explain the value of event experiences with satisfactory R2 values (0.29, 0.46 and 0.68) using the concepts “Extent of visit”, “Experience intensity” and “Expenditure”. The measures of event experiences (Use-Value, Direct Use-Value as well as Indirect Use-Value) meet requirements for reliability and validity.

Originality/value

The paper reveals that explanatory models are basic but novel in a sports event context and provide a basis for further research. Furthermore, the definition of Indirect Use-Value has been clarified and adapted for higher relevance to destination managers focusing on event tourism.

Details

International Journal of Event and Festival Management, vol. 5 no. 3
Type: Research Article
ISSN: 1758-2954

Keywords

Article
Publication date: 1 January 2006

Anthony Andrew and Michael Pitt

To help facilities managers understand the origins and aims of the National Health Service (NHS) asset valuation and capital charging system, of the depreciated…

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Abstract

Purpose

To help facilities managers understand the origins and aims of the National Health Service (NHS) asset valuation and capital charging system, of the depreciated replacement cost (DRC) approach to valuation, its strengths and weaknesses and how under devolution the Scottish Health Service is adapting DRC assumptions to meet multiple policy priorities.

Design/methodology/approach

This paper examines the history of the system since inception in 1989, as an accounting and FM tool, subsequent debates on problems arising from DRC valuation methodology and recent developments in the Scottish NHS.

Findings

The original aim of the capital charging system in 1989 was to adapt a primarily financial accounting system of asset registers to create a dynamic management system to inform facility managers of the opportunity cost of their assets, encourage them to sell obsolete assets and drive modernisation of the estate. In Scotland much modernisation has now occurred. Other issues have emerged to preoccupy managers such as sustainability, preservation in use of historic buildings and concern not to overburden health bodies with an inherited older estate with onerous charges.

Practical implications

The paper presents new historic material identifying trends in the health service and professional thinking. It continues the debate between FM and valuation professionals, central government clients and researchers. The debate has implications for other specialised public sector estates such as prisons, courts, roads and defence and specialised private sector estates valued on DRC.

Originality/value

The paper explains recent developments in the UK's NHS asset valuation methodology in Scotland, and the historic roots of the capital charging system.

Details

Facilities, vol. 24 no. 1/2
Type: Research Article
ISSN: 0263-2772

Keywords

Article
Publication date: 13 March 2009

Mason Gaffney

A tax based on land value is in many ways ideal, but many economists dismiss it by assuming it could not raise enough revenue. Standard sources of data omit much of the…

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Abstract

Purpose

A tax based on land value is in many ways ideal, but many economists dismiss it by assuming it could not raise enough revenue. Standard sources of data omit much of the potential tax base, and undervalue what they do measure. The purpose of this paper is to present more comprehensive and accurate measures of land rents and values, and several modes of raising revenues from them besides the conventional property tax.

Design/methodology/approach

The paper identifies 16 elements of land's taxable capacity that received authorities either trivialize or omit. These 16 elements come in four groups.

Findings

In Group A, Elements 1‐4 correct for the downward bias in standard sources. In Group B, Elements 5‐10 broaden the concepts of land and rent beyond the conventional narrow perception, while Elements 11‐12 estimate rents to be gained by abating other kinds of taxes. In Group C, Elements 13‐14 explain how using the land tax, since it has no excess burden, uncaps feasible tax rates. In Group D, Elements 15‐16 define some moot possibilities that may warrant further exploration.

Originality/value

This paper shows how previous estimates of rent and land values have been narrowly limited to a fraction of the whole, thus giving a false impression that the tax capacity is low. The paper adds 14 elements to the traditional narrow “single tax” base, plus two moot elements advanced for future consideration. Any one of these 16 elements indicates a much higher land tax base than economists commonly recognize today. Taken together they are overwhelming, and cast an entirely new light on this subject.

Details

International Journal of Social Economics, vol. 36 no. 4
Type: Research Article
ISSN: 0306-8293

Keywords

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