查看更多>>摘要：? 2022 Elsevier LtdThe article discusses the idea of social license to operate (SLO), which is currently one of the key elements of building positive relations with external stakeholders of projects in many industries (including mining). The article is a continuation of research conducted by the authors in the field of SLOs in the lignite mining industry in Poland. The analyzed area is located in close proximity to current mining operations. The article attempts to indicate what role local communities currently play as key external stakeholders in mining projects (at the operational and planning stages). The main goal of the research was to determine the state of knowledge of the inhabitants of the prospective area rich in lignite deposits (town and municipality of Z?oczew), among others, in the field of SLO and CSR issues. In order to answer this research question a research methodology was applied based on research tools, i.e. analysis of the literature on the subject (desk research) of legal regulations and scientific articles and survey of external stakeholders. The final part of the article presents the results of the comparative case study in the perspective of 2018–2020. The aim of the comparative analysis was to find out the changes in the perception of mining activities and awareness of the local community of SLO in the perspective of corporate social responsibility/sustainable development.
查看更多>>摘要：? 2022 Elsevier LtdNatural resource abundance has long been one of the most resilient elements of output, having a contrary relationship with economic growth known as the resource curse. From the exploitation of natural resources through their eventual usage, developed counties have been facing a number of environmental concerns at various phases. Hence, limiting rising CO2 emissions due to resource exploitation is unavoidable. In this sense, fiscal decentralization and institutional quality can lessen the hostile effect of natural resource volatility on the environment through effective policies. Therefore, it is crucial to investigate other factors' role in the nexus between TNR and CO2 emissions. This endeavor explores the impact of natural resources volatility, fiscal decentralization, renewable energy (RE) R&D and institutional quality in affecting CO2 emissions for seven selected developed countries. This study broadens the scope of future research by establishing detailed environmental factors. Using CS-ARDL approach, we found a positive impact of income (GDP), total natural resources rent and a negative impact of fiscal decentralization, institutional quality and renewable energy R&D on CO2 emissions. Moreover, we found that fiscal decentralization and institutional quality affect CO2 emissions complementary to natural resource rent. This study suggests that countries could effectively adopt strategies aimed at improving environmental quality by improving governance and empowering the lower layer of government.
查看更多>>摘要：? 2022 Elsevier LtdBased on the GARCH-MIDAS framework, this article mainly explores whether the Seasonal and Trend decomposition using Loess (STL decomposition) and the iterated combination approach can improve the prediction accuracy of crude oil price volatility by using macro variables. We introduce five macro variables, that is, consumer price index, interest rate, producer price index, industrial production index, and unemployment rate, into the long-term component in the GARCH-MIDAS model. Though the model including raw macro variables performs better than the model containing each STL-based single subsequence, we find that the iterated combination forecasts using the forecasts obtained by each subsequence are superior to the corresponding standard ones. Besides, when mean-variance investors perform asset allocation, they can obtain more certainty-equivalent-returns by applying our new iterated combination approach. Finally, various robustness checks can verify the above-mentioned findings. In short, this article may provide a new perspective for economic empirical applications and theoretical research.
查看更多>>摘要：? 2022 The AuthorsAccording to conventional storage theory, the difference between spot and futures prices (known as the ‘basis’) can be explained by the total cost of storing a commodity for a specific period of time. The theory predicts a positive relationship between inventory levels and the basis, and a negative correlation between inventories and marginal convenience yield. We investigate whether there is a defined and quantifiable relationship between inventory levels and market structure – defined as the basis or the corresponding degree of contango/backwardation – and what the exact nature of that relationship might be. The major drivers of inventories – the cost of carry, convenience yield and spread options value – are estimated for eight major international storage hubs using daily data from December 21, 2015, to January 25, 2019. The analysis indicates that basic predictions of inventory theory are valid for daily and weekly frequencies but become less reliable for lower frequency data. We propose an alternative: a spread option-based formulation that adds a locational dimension to the theory and is based on the prices of crude oil at different locations, factoring in costs of storage and transportation, and the time required to transport oil between them. This methodology offers a viable alternative to the traditional cost of carry approach; it can estimate implied convenience yields and the shadow price of inventories. The data and methodology proposed in this study can give policy makers a better understanding of implied convenience yields, shadow storage prices, and market direction. It can also facilitate the construction of timely and efficient policies in the domains of energy security, market stability, and the management of public crude oil inventories. A better understanding of the relationship between inventories and the term structure of oil prices can assist market participants in trading, hedging and inventory management.
查看更多>>摘要：? 2022 Elsevier LtdThis study is the first attempt to analyze the simultaneous time-varying interactions among international oil prices, economic policy uncertainty (EPU) and output for the German economy. Contrary to similar results in the literature, this study reports strikingly interesting findings. First, the responses of the German GDP to both uncertainty and international oil price shocks are time-varying, and these responses are significantly affected by the major historical events such as the Global Financial Crisis and the oil price collapse of 2014. Second, oil price shocks trigger negative responses of EPU, but these responses turn to positive in periods such as the Iraq invasion, the GFC of 2008–2009, and the oil price collapse of 2014. Third, while the responses of the German GDP to EPU shocks are affected by the prevailing economic and political conditions, the responses of EPU to GDP shocks are consistently negative. Finally, the overall responses of international oil prices to the German EPU shocks are negative in the short-term, while these responses in the medium- and long-term are insignificant.
查看更多>>摘要：? 2022 Elsevier LtdThe article addresses the growing problem of implementing and executing the concept of social responsibility. The research began with a review of literature on strategic approaches to defining the concept of Corporate Social Responsibility, and by placing the subject in an international context. The role of a corporate foundation, as an executive tool for CSR projects, was reviewed. The research group consisted of selected joint stock companies, members of the only index in Poland related to social activity (WIG-ESG), operating in the mining sector and related sectors. The main objective of the research was 1. to identify the trend of strategic approach to social responsibility in the research group, 2. to define the existence of foundations in the entities' organizational structure, 3. to identify CSR activities at the time of pandemic as corporate and/or corporate foundation activities. The research methodology was based on the use of research methods, i.e. literature review according to the keywords, case study, comparative method. In the descriptive part, the difference between the CSR strategy, Sustainable Development, Creating Shared Value, and the Responsible Business Conduct approach was identified. The results section indicates which strategy is known and used in the research group. Then the role of the corporate foundation in the strategy of CSR activities was indicated, the forms of these activities were grouped as corporate and corporate foundation activities. The coincidence of the operational CSR strategy of companies with the statutes of corporate foundations, translates into CSR practices, both from the operational level of the entity and from the foundation. The added value is to examine the relation of the employment structure and answer the question if representatives of the founding company (management board, supervisory board) sit on the foundation's bodies.
查看更多>>摘要：? 2022 Elsevier LtdIn Turkey, for mining enterprises to realize their activities and conduct mining production, they are obliged to pay operating license fees annually. This obligation starts from the date of operating license application, about 1–1.5 years before the enterprises obtain a production permit. In recent years, an increase in the operating license fees has occurred as a result of the amendments made in the mining legislation. These increases made in the fees might become revenue loss in the forthcoming years despite creating an increase in the revenues of the state. In Turkey, according to Law No.7164 came into force in 2019, mineral groups, operating license areas and periods are considered in the calculation of operating license fee. In this direction, these factors in the fee calculation were used in the calculations by means of the answers given by enterprises through SurveyMonkey program. These fees paid to start from the mining operating license application to obtaining an operation permit are included in the investment cost. These costs were proportioned to the investment costs of the enterprises. Fees paid after obtaining an operation permit are operating costs. And, these fees were proportioned to the operating costs of the enterprises. Also, operating license fees per hectare were calculated. All these data were compared for the legislation periods 2005–2015, 2016–2019, 2020 and after in Turkey. An increase of 98% on average on US$ basis has arisen in these fees in 2020 compared to the legislation period 2016–2019 due to the new formula foreseen particularly in the calculation of operating license fees. Also, mining enterprises paid these fees 3.5% more on US$ basis in 2021 compared to 2020 due to the license period being considered in the new calculation formula. Although the rate of increase decreases every year, increases close to this rate will emerge. Mining enterprises should be responsible for the calculation method and conditions of operating license fee that is valid on the date when operating licenses are obtained. And, they should annually pay operating license fees according to this method. Considering that enterprises pay high fees for other land uses too, the increasing license fees should be demanded from enterprises in the direction that they will not create mining cost risk and that the state will charge the optimum fee. If there will not be discounts in the other fees required from enterprises, in line with the expectation of the mining sector, the operating license fee calculation methods in the previous legislation periods can be applied. This fee may not be taken before the operation permit. Or, even if the current operating license fee formula is applied, changes can be made in the critera used in the formula. Within the scope, if permit area is used instead of license area in the calculation, operating license fees will be calculated ～50–55% deducted.
查看更多>>摘要：? 2022 Elsevier LtdWe analyze the predictive role of oil-price uncertainty for changes in the UK unemployment rate using more than a century of monthly data covering the period from 1859 (when the drilling of the first oil well started at Titusville, Pennsylvania, United States) to 2020. To this end, we use a machine-learning technique known as random forests. Random forests render it possible to model the potentially nonlinear link between oil-price uncertainty and subsequent changes in the unemployment rate in an entirely data-driven way, where it is possible to control for the impact of several other macroeconomic variables and other macroeconomic and financial uncertainties. We estimate random forests on rolling-estimation windows and find evidence that oil-price uncertainty predicts out-of-sample changes in the unemployment rate, especially at longer (six and twelve months) forecast horizons. Moreover, the relative importance of oil-price uncertainty has undergone substantial swings during the history of the modern petroleum industry. Relative importance was high in the 1970s and the 1980s, and it was higher than the relative importance of changes in the oil price itself for most of the sample period. We also find that oil-price uncertainty has predictive value for changes in the unemployment rate when we use a Lasso estimator, where random forests have a superior forecasting performance relative to the Lasso forecasts.
查看更多>>摘要：? 2022 Elsevier LtdThe purpose of this study was to determine how government policies affect the sustainable management in a circular economy in steel recycling manufacturing companies using Thailand as a case study. To develop and examine a structural equation model, a set of management sustainability indicators from previous studies was used. The study target's (steel recycling manufacturers) behavior was quantitatively analyzed using questionnaire-based surveys. The literature has rarely seen interactions between disparate research structures as a means of integrating circular economics, such as the intricate relationship between government policy and longer product life cycles, steel recycling, and sustainable circular economy management research. In the absence of the ability to regulate government benefits through businesses, businesses will speak to influence policy. It was found that broad enablers such as financial assistance, logistics, and fundraising guidance significantly influenced government policy solutions in the steel sector. Government policies promoting direct and indirect investment as a result of the adoption of the circular economy also heavily rely on infrastructure. Understanding how this policy affects customer perceptions and behavior enables businesses to continue advocating for the positive impact of policymaking on governments, industries, and customers. There is still room for additional research to examine the implications of various policies in different regions in order to determine those policies that are most likely to succeed.
查看更多>>摘要：? 2022 Elsevier LtdThis study aims to use a monthly dataset from 1991 to 2021 to predict West Texas Intermediate (WTI) oil price dynamics using U.S. macroeconomic and financial factors, as well as a global crisis and crashes. We used advanced machine learning models such as Logistic Regression, Decision Tree, Random Forest, AdaBoost, and XgBoost in this study. According to the results, the XgBoost and Random Forest models outperform traditional models. We also used DeLong statistical test procedures to accurately compare machine learning models' performance. In addition, the study used SHAP - SHapley Additive exPlanations values to support model evaluation and interpretability. This new outline highlights the critical features of the WTI crude oil price prediction and provides appropriate model explanations by utilizing the practical SHAP values. The empirical findings showed that machine learning models could successfully and accurately predict the trend of WTI crude oil price changes. Our findings are important for policymakers, companies, and investors, as well as long-term energy-based economic development.
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