Search Results (76)

This study examines the effects of capital lease arrangements on the operating performance of shipping firms as proxied by Return on Assets (ROA). The maritime industry is highly capital-intensive, often requiring substantial investments in fleet acquisition and maintenance, making ROA particularly relevant as it captures the effectiveness of firms in utilizing their leased and owned assets to generate operating income. As such, many firms rely on lease arrangements to access necessary resources while preserving liquidity and financial flexibility. Using an international sample of 209 shipping firms, we estimate fixed effects regressions to assess the relationship between lease intensity and performance of the shipping firms. The findings reveal that capital lease intensity is positively associated with operating performance, indicating that leasing can be a value-enhancing financing strategy in this sector. However, the performance benefits of capital leases diminish under IFRS 16 reporting, particularly for firms with higher leverage. These findings offer important implications for investors, regulators, and managers evaluating capital structure decisions and financial reporting strategies in capital-intensive industries post-IFRS 16 implementation. Full article

Diversified application scenarios and business models are effective ways to improve the utilization and economic benefits of energy storage systems. In response to the current problems of single application scenarios, high idle rates, and imperfect price formation mechanisms faced by energy storage on the power generation side, a robust two-stage optimization operation strategy for shared energy storage is proposed, taking into account leasing demand and multiple uncertainties, from the perspective of the sharing concept. A multi-scenario application framework for shared energy storage is established to provide leasing services for wind farm clusters, as well as auxiliary services for participating in the electric energy markets and frequency regulation markets, and the participation sequence is streamlined. Based on the operating and opportunity costs of shared energy storage, a pricing mechanism for leasing services is designed to explore the driving forces of wind farm clusters participating in leasing services from the perspective of cost assessment. Considering the uncertainty of wind power output and market electric prices, as well as the market operational characteristics, an optimized operation model for shared energy storage in the day-ahead and real-time stages is constructed. In the day-ahead stage, a Stackelberg game model is introduced to depict the energy sharing between wind farm clusters and shared energy storage, forming leasing prices, leasing capacities, and energy storage pre-scheduling plans at different time periods. In the real-time stage, the real-time prediction results of wind power output and electric prices are integrated with scheduling decisions, and an improved robust optimization model is used to dynamically regulate the pre-scheduling plan for leasing capacity and shared energy storage. Based on actual data from the electricity market in Guangdong Province, effectiveness verification is conducted, and the results showed that diversified application scenarios improve the utilization rate of shared energy storage in the power generation side by 52.87%, increasing economic benefits by CNY 188,700. The proposed optimized operation strategy has high engineering application value. Full article

The bullwhip effect is the phenomenon of distorted information that causes the amplification of variability of demand in supply chains. We examine the relationship between the bullwhip effect and cost behavior using a large sample of U.S. public firms from 1980 to 2019. Our empirical results show that the costs of firms with a higher intensity of bullwhip effect are significantly more responsive to changes in sales, suggesting that firms facing higher amplification of demand will adopt a less rigid short-term cost structure with lower fixed and higher variable costs. Furthermore, the bullwhip effect is associated with a higher elasticity of number of employees, operating leases, and rental expenses with respect to sales. The findings of mediation analyses suggest that firms are likely to lease capacity resources to increase the flexibility and manage the operating risk associated with the bullwhip effect. The results are robust to alternative model specifications. This study contributes to both the cost accounting and supply chain management literature, and documents large sample evidence on whether and how the bullwhip effect affects a firm’s choice of cost structure. Full article

The fragmented nature of Chinese households’ forestland hinders the realization of economies of scale in forestry production. Understanding the role of forestry service outsourcing organizations in mitigating this fragmentation provides a critical foundation for the exploration of pathways to scaled forestry management. Based on tracking data from 500 households across 10 counties in Fujian Province between 2013 and 2018, this study examines an unbalanced panel containing six periods and 2780 valid observations. It constructs a panel Logit model to examine the influence of forestry service outsourcing organizations on the likelihood of forestland transfer by households, and it employs a panel Tobit model to analyze the relationship between these organizations and the scale of forestland transferred. To capture potential heterogeneity, the analysis incorporates households’ part-time status and the forestland terrain conditions. The results indicate that the duration of establishment of county-level forestry project teams and forestry companies in households’ regions significantly reduces the tendency of households to lease out their forestland, especially for those in plain and hilly regions and part-time forestry producers. Furthermore, the longer the establishment history of township-level forestry project teams, the more inclined households are to retain their family forestland management rights. Our study demonstrates that, when specialized forestry service outsourcing organizations emerge in the market, households are less likely to lease out their forestland, thereby retaining management rights, avoiding the risk of forestland loss, and reducing forestland abandonment. As forestry service outsourcing organizations continue to develop and expand—with improvements in service levels and production efficiency—forestry production is gradually transitioning toward a new stage of service-oriented scale operations. Full article

This entry proposes an integrative approach to assessing market power in airport retail environments that highlights the impact of strategic and operational factors on the performance of the enterprise in a regulated and restrictive commercial environment. Using the Analytic Hierarchy Process (AHP), this entry discerns and quantifies important factors determining market power using weights that include price flexibility, consumer conduct, brand value, technological uptake rate, and barriers to entry. To support this qualitative analysis, this entry combines a quantitative countervailing power model (CP_A/E) and a market penetration model (MP_E/A) to determine the levels of retailer penetration in airport authorities and passenger markets. The integration of these models makes it possible to perform a multivariate analysis of market domination, geographical interdependence, and bargaining power. The findings highlight the configurational complexity in strategic positioning in terms of organizational size, dependence levels, and digital preparedness and provide actionable information for airport managers, concession planners, and policymakers determined to maximize lease deals and improve commercial performance in the face of changing risk profiles. Full article

Energy storage technology is a critical component in supporting the construction of new power systems and promoting the low-carbon transformation of the energy system. Currently, new energy storage in China is in a pivotal transition phase from research and demonstration to the initial stage of commercialization. However, it still faces numerous challenges, including incomplete business models, inadequate institutional policies, and unclear cost and revenue recovery mechanisms, particularly on the generation and grid sides. Therefore, this paper focuses on grid-side new energy storage technologies, selecting typical operational scenarios to analyze and compare their business models. Based on the lifecycle assessment method and techno-economic theories, the costs and benefits of various new energy storage technologies are compared and analyzed. This study aims to provide rational suggestions and incentive policies to enhance the technological maturity and economic feasibility of grid-side energy storage, improve cost recovery mechanisms, and promote the sustainable development of power grids. The results indicate that grid-side energy storage business models are becoming increasingly diversified, with typical models including shared leasing, spot market arbitrage, capacity price compensation, unilateral dispatch, and bilateral trading. From the perspectives of economic efficiency and technological maturity, lithium-ion batteries exhibit significant advantages in enhancing renewable energy consumption due to their low initial investment, high returns, and fast response. Compressed air and vanadium redox flow batteries excel in long-duration storage and cycle life. While molten salt and hydrogen storage face higher financial risks, they show prominent potential in cross-seasonal storage and low-carbon transformation. The sensitivity analysis indicates that the peak–valley electricity price differential and the unit investment cost of installed capacity are the key variables influencing the economic viability of grid-side energy storage. The charge–discharge efficiency and storage lifespan affect long-term returns, while technological advancements and market optimization are expected to further enhance the economic performance of energy storage systems, promoting their commercial application in electricity markets. Full article

Construction machinery operations are intrinsically linked to critical societal challenges, including safety risks and carbon emissions. In response to the high incidence of fatal accidents during installation and dismantling phases, the Chinese government has officially promoted integrated installation–dismantling services to enhance construction safety since 2023. However, the economic viability of this policy for leasing companies remains largely underexplored. To address this gap, this paper develops a leasing-oriented closed-loop construction machinery supply chain model that incorporates integrated installation–dismantling services under an industrial internet platform. The study first compares and analyzes the product leasing demand, installation and dismantling demand, and supply chain profits under both centralized and decentralized decision-making scenarios. Based on these analyses, a profit–cost sharing joint contract is designed to coordinate the supply chain. Furthermore, the interrelationships among key parameters are examined through a sensitivity analysis and numerical simulation. The results reveal that enhancing leasing information services increases both the demand for construction machinery and the platform’s operating costs. These costs are positively correlated with the product’s selling price, leading to higher purchasing costs for lessees. Similarly, improving information services for installation and dismantling raises the platform’s operating costs and enhances service levels, which in turn increases installation and dismantling costs for lessees. The findings demonstrate that within a certain range of cost-sharing and leasing-sharing proportional coefficients, the joint contract enables the supply chain to achieve Pareto optimization. This approach simultaneously alleviates economic pressure on lessees, improves construction safety, and promotes the integration of installation and dismantling services. Full article

To explore the operation strategy of battery leasing and battery swapping services (the two services), this paper constructs a battery swapping supply chain consisting of the battery manufacturer and the vehicle company. Taking the battery manufacturer as a core enterprise, this paper examines four service operation strategies: two self-operated services, self-operated battery swapping services, self-operated battery leasing services and two outsourcing services. Through comparative analysis, the findings indicate that the optimal strategy for the battery manufacturers depends on the vehicle body price. Specifically, when the vehicle body price is low, self-operating both services maximizes profitability and effectively stimulates demand for battery-swapping vehicles. Conversely, when the price is high, a complete outsourcing strategy is preferable, as it is the most effective way to stimulate battery-swapping vehicle demand. Similarly, the optimal strategy for the vehicle company is influenced by the vehicle body price. The vehicle company should provide the two services only when the vehicle body price is low; otherwise, they should focus on producing battery-swapping vehicles. Moreover, to stimulate demand for battery-swapping services, the determination of the optimal strategy is contingent upon several key variables, including the vehicle body price, the battery-swapping service price sensitivity, and the battery-swapping operating cost-sharing ratio. Full article

This research focused on the development of small farms, which in many countries form the basis of the agricultural sector. The specifics of this type of farm, as well as the way in which they operate, influence the possibilities for these farms to realise the model of sustainable agriculture. This study considers income and the rate of reproduction of fixed assets as the main measures of farm development, which are influenced by a number of endo- and exogenous factors. The research period covered 2017–2021, and the subjects of analysis were small individual farms located in Greece, Portugal, Lithuania, and Poland. The figures for the research were taken from the FADN system database. The purpose of this study was to assess the impact of endogenous agricultural factors on the development of small farms as measured by farm income and reproduction of fixed assets in four selected European Union (EU) countries, i.e., Greece, Portugal, Lithuania, and Poland. Spearman’s non-parametric rank correlation method was used to assess the impact of endogenous factors. Selected on the basis of correlation relationships, the farm development factors showed a significantly higher correlation with farm income than with the reproduction of the farm’s fixed assets. The analysis indicated that, irrespective of the location of the farm, factors significantly affecting income levels included the area of agricultural land and the number of full-time employees. Only in some countries was there a statistically significant correlation between farm income and the share of leased land, the number of full-time workers per 100 ha of UAA, the share of hired labour input, as well as the level of total farm subsidies received. Full article

Efficient supply–demand management in Product-as-a-Service (PaaS) markets requires tools to evaluate pricing strategies while integrating sustainability goals like reuse, efficiency, and carbon footprint reduction. This paper introduces a declarative modeling framework aimed at balancing the three pillars of profitability, cost optimization, and sustainability in PaaS markets. The framework addresses risks such as equipment failure, usage variability, and economic fluctuations, helping providers optimize pricing and operating costs while enabling customers to manage expenses. A declarative model is developed to assess the PaaS market balance to determine optimal leasing offers and requests for quotations. A case study is used to validate the framework, involving devices with specific rental prices and failure rates, as well as customer expectations and budget constraints. Computational experiments demonstrate the model’s practical applicability in real-world scenarios and it can be used by PaaS providers to develop competitive leasing strategies, policymakers to assess market stability, and enterprises to optimize procurement decisions. The findings show that the framework can guide decision making, offering insights into the impact of new technologies, compatibility conditions for leasing offers, and strategies for balancing providers’ profits and customers’ costs. The proposed framework has broad applicability across industries such as manufacturing, healthcare, logistics, and IT infrastructure leasing, where efficient resource allocation and lifecycle management are crucial. Full article

High-speed railway (HSR) has become a key infrastructure that shapes land use, specifically industrial distribution, and therefore affects urban industrial structure and regional economic patterns. This paper develops a new approach to examine the intercity industrial distribution effects (IDE) of HSR using nighttime light (NTL) data from 290 cities in China over a long period of time. Our study shows that the tertiary industries exhibit higher luminous intensity than the secondary industries, and the operation of HSR fosters the concentration of tertiary industries in megacities and supercities, especially those in the eastern economic regions, while leading to the dispersion of secondary industries from those cities. As a result, the proportion of tertiary industry in most medium and small cities decreased, and that of the secondary industry increased. Furthermore, among tertiary industries, producer services, especially transportation, warehousing, postal services, financial services, and leasing and business services, are most affected by HSR. These results highlight the intercity variation in the industrial impacts of HSR and provide valuable insights for industrial planning and policy-making in HSR cities. The proposed approach in this study can effectively identify the IDEs of HSR. Our findings suggest that cities cannot blindly rely on the operation of HSR to pursue economic development, and policymakers need to consider both the industrial situation of the HSR city itself and that of the cities connected through HSR to formulate distinct land use policies to address the impact of HSR on its industries. Full article

Under California’s Clean Miles Standard (or SB 1014), transportation network companies (TNCs) must transition to zero-emission vehicles by 2030. One significant hurdle for TNC drivers is the electric vehicle (EV) acquisition and operating costs versus an internal combustion engine (ICE) vehicle. This study therefore evaluates net TNC driving earnings through EV acquisition pathways—financing, leasing, and renting—along with EV-favoring policy options. Key metrics assessed include (1) total TNC income when considering service fees, fuel costs, monthly vehicle payments, etc., and (2) the time EVs take to reach parity with their ICE counterparts. Monthly comparisons illustrate the earning differentials between new/used EVs and gas-powered vehicles. Our analyses employing TNC data from 2019 to 2020 suggest that EV leasing is optimal for short-term low-mileage drivers; EV financing is more feasible for those planning to drive for TNCs for over two years; EV rentals are only optimal for higher mileages, and they are not an economical pathway for longer-term driving. Sensitivity analyses further indicate that EV charging price discounts are effective in shortening the time for EVs to reach cost parity over ICEs. Drivers may experience a total asset gain when reselling their TNC vehicle after two to three years. Full article

As global trade continues to intensify, the role of pallets becomes increasingly crucial, as they are essential for the movement of goods worldwide. Wooden pallets are the most common packaging type in Italy and Europe, and their widespread use in distribution and freight transportation means that the relatively minor environmental impact of an individual pallet is greatly magnified by the overall scale of operations. The management of pallets can significantly influence both the emissions and the costs associated with pallet operations. This work presents a case study representative of the emerging trends in sustainable transportation and logistics in Italy, aiming to compare the carbon footprint of the standard pallet exchange system with the system employed by the company Nolpal. Unlike the conventional exchange model, which requires companies to purchase and own EPAL pallets, Nolpal provides leased pallets to the market across Italy, supported by a nationwide network of collection hubs. A comparative life cycle assessment (LCA) between the Nolpal system and the conventional pallet exchange system showed that Nolpal’s approach achieves a 35% reduction in CO_2-eq emissions. These findings highlight how the company’s model could serve as a blueprint for future advancements in more sustainable pallet management strategies. Full article

The imbalance between supply and demand for slot resources and empty containers has led to resource waste and excessive operating costs for liner companies. Moreover, intense competition among ports has made both container ship slots and port equipment resource allocation inefficient. To address these challenges, this paper aims to solve the collaborative optimization problem of slot allocation and empty container repositioning within port clusters concerning inventory control. A cooperative possession strategy and a hybrid (T, s) inventory control policy are incorporated in this paper. A novel mixed-integer programming model is proposed, enabling us to simultaneously track slot allocation, empty container repositioning, empty container leasing, and slot renting. To solve the model, a new branch-and-bound algorithm based on Lagrangian relaxation and the ascendancy principle (BBLRAP) is developed. Numerical experiments are conducted to demonstrate the effectiveness of the proposed model and algorithm. The results show that the new collaborative optimization method, incorporating the cooperative possession strategy and (T, s) inventory policy, can increase liner company revenues by expanding market share, reducing costs, and improving the utilization of slot resources, ultimately achieving a win–win outcome for both liner companies and their partners. Compared to state-of-the-art studies, the following paper makes new contributions to proposing a cooperative possession strategy within port clusters for the first time. This paper ensures that liner companies and partners achieve a win–win situation in the cooperative game, expanding market shares and improving customer satisfaction. Full article

A double-layer robust optimization method for capacity configuration of shared energy storage considering cluster leasing of wind farms in a market environment is proposed based on the autonomy and profitability of shared energy storage. The feasibility of the leasing model of shared energy storage in the current market environment in China is discussed, and a commercial operation model for shared energy storage to provide leasing services and participate in spot market transactions is proposed. A robust optimization model of a master-–slave game for the capacity configuration of shared energy storage is constructed, considering output uncertainties of wind-driven generators and spot prices at multiple time scales. The upper layer of the model aims to minimize the annual cost of shared energy storage and determines the leasing prices and capacity-planning schemes for each period of shared energy storage in the scenario of an interactive game of wind farm clusters. The lower level of the model aims to minimize the assessment cost of the wind farm cluster and updates the leasing capacity for each time period by utilizing the leasing prices and the leasing demand of the wind turbine output power in the worst scenario. By comparing and analyzing multiple scenarios, the master–slave-game-formed lease improves the shared-storage lease benefit by $1.46 million compared to the fixed tariff, and the multi-timescale uncertainty promotes the shared-storage cost-effectiveness to be reduced by 8.7%, while the configuration result is more robust, providing new ideas for optimizing the capacity configuration of shared energy storage in multiple application scenarios. Full article