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Articles containing the keyword 'capital'

Category : Article

article id 5105, category Article
John Eid. (1981). Forest as a capital asset. Silva Fennica vol. 15 no. 1 article id 5105. https://doi.org/10.14214/sf.a15046
Keywords: forestry; profitability; small-scale forestry; capital management; capital investments
Abstract | View details | Full text in PDF | Author Info

The paper discusses certain aspects of the capital management of forest assets. These aspects are of importance when one wants to consider what means to use to influence the capital management on both small and big forest properties. When quantifying the effects of different uses of capital, one must necessarily have a scale. The rate of return is for this purpose the usual measure of profitability. We will first discuss the differences between nominal and real rate of return, and point out the assumptions which are often implicit in analyses of the profitability of investments in forestry. We will the discuss certain liquidity and risk aspects of capital investments in forestry, and at the end deal with certain consequences of taxation.

  • Eid, E-mail: je@mm.unknown (email)

Category : Article

article id 7055, category Article
K. T. Jutila. (1921). Varsinaisen itsehoidetun maatalouden pääomasuhteista. Acta Forestalia Fennica vol. 18 no. 3 article id 7055. https://doi.org/10.14214/aff.7055
English title: Studies on the economic and housing situation in Lapland and Perä-Pohjola in Northern Finland.
Original keywords: maatalous; asutus; maatilat; pääoma; maatilatalous; talous
English keywords: agriculture; settlement; farms; farm economy; capital
Abstract | View details | Full text in PDF | Author Info

The article is a survey about the economic situation of the farms in the northernmost Finland, commissioned by the senate of Finland. Agriculture practiced in Northern Finland has differed markedly from the rest of the land. The farms were small and pioneer farming was common. The lands were predominantly owned by the state which had assigned wide areas for new settlements in the area. The article includes a detailed survey of 154 farms in the area. Statistics of different categories of capital is listed; stock, equipment, land, and domestic animals, in addition to overview on the different types of farms in the area.

The PDF includes a summary in German.

  • Jutila, E-mail: kj@mm.unknown (email)
article id 7054, category Article
K. T. Jutila. (1921). Perä-Pohjolan ja Lapin talous- ja asutusoloista. Varsinaisen itsehoidetun maatalouden pääomasuhteista. Acta Forestalia Fennica vol. 18 no. 3 article id 7054. https://doi.org/10.14214/aff.7054
English title: Studies on the economic and housing situation in Lapland and Peräpohjola.
Original keywords: maatalous; asutus; pääoma
English keywords: agriculture; settlement; capital
Abstract | View details | Full text in PDF | Author Info

The agriculture in the Northern Finland differs markedly from the rest of the land. The farms are small and pioneer farming is common. The article is a survey about the economic situation of the agriculture in the Northern Finland, commissioned by the senate of Finland. The lands are predominantly owned by the state, which has annually assigned wide areas for new settlements in the area. The survey shows values of different categories of capital, namely stock, equipment; land, domestic animals, and gives an overview on the types of farms in the area.

The PDF includes a summary in German.

  • Jutila, E-mail: kj@mm.unknown (email)
article id 7507, category Article
Reijo Mykkänen. (1994). Aspiration-based utility functions in a planning model for timber flow management. Acta Forestalia Fennica no. 245 article id 7507. https://doi.org/10.14214/aff.7507
Keywords: bounded rationality; income trajectories; capital theory; intertemporal choice; resource economics
Abstract | View details | Full text in PDF | Author Info

The study presents a theory of utility models based on aspiration levels, as well as the application of this theory to the planning of timber flow economics. The first part of the study comprises a derivation of the utility-theoretic basis for the application of aspiration levels. Two basic models are dealt with; the additive and the multiplicative. Applied here solely for partial utility functions, aspiration and reservation levels are interpreted as defining piecewisely linear functions. The standpoint of the choices of the decision-makers is emphasized by the use of indifference curves. The second part of the study introduces a model for the management of timber flows. The model is based on the assumption that the decision-maker is willing to specify a shape of income flow which is different from that of the capital-theoretic optimum. The utility model comprises four aspiration-based compound utility functions.

The theory and the flow model are tested numerically by computations covering three forest holdings. The results show that the additive model is sensitive even to slight changes in relative importance and aspiration levels. This applies particularly to nearly linear production possibility boundaries of monetary variables. The multiplicative model, on the other hand, is stable because it generates strictly convex indifference curves. Due to a higher marginal rate of substitution, the multiplicative model implies a stronger dependence on forest management than the additive function. For income trajectory optimization, a method utilizing an income trajectory index is more efficient than one based on the use of aspiration levels per management period. Smooth trajectories can be attained by squaring the deviation of the feasible trajectories from the desired one.

  • Mykkänen, E-mail: rm@mm.unknown (email)

Category : Research article

article id 102, category Research article
Anne Toppinen, Katja Lähtinen, Leena A. Leskinen, Niklas Österman. (2011). Network co-operation as a source of competitiveness in medium-sized Finnish sawmills. Silva Fennica vol. 45 no. 4 article id 102. https://doi.org/10.14214/sf.102
Keywords: collaboration; social capital; strategic resources; competitive advantage; business processes
Abstract | View details | Full text in PDF | Author Info
In the Finnish sawmill industry, inter-firm collaboration has often been brought up as a means of creating a competitive edge in global markets by achieving economies of scale. According to the resource-based view (RBV), a firm can evaluate its current or potential partners by considering firm-level collaboration as a portfolio of complementary strategic resources. The specific focus of the study is on examining the types and forms of sawmill co-operation, how the co-operation emerged and which firm-specific resources are mainly related to co-operation. Based upon this, we can see how the managers of medium-sized sawmills perceive network co-operation as facilitating the achievement of a sustainable competitive advantage. The empirical data for this study were collected by interviewing 16 managers and employees in medium-sized non-integrated sawmills, a joint-venture marketing company and other co-operative partners. The findings of the study show that meaningful and beneficial co-operation partnerships exist in the Finnish sawmilling industry, but the sawmill managers do not perceive this collaboration as a strategic resource. The marketing company was the only firm in this study that relied on its co-operative networks in seeking a sustainable competitive advantage. To make more of co-operative partnerships, the principles of co-operative networking should be understood better in the sawmilling industry in order to know what to expect from co-operation. Furthermore, the managers should have the courage to engage in more extensive co-operation in order for strategic rents to materialize. Since the selection of the right partners is fundamental, further studies could be conducted on the reasons behind failed or terminated co-operative arrangements to gather further empirical knowledge in this subject area.
  • Toppinen, University of Helsinki, Department of Forest Sciences, P.O. Box 27, FI-00014 University of Helsinki, Finland E-mail: anne.toppinen@helsinki.fi (email)
  • Lähtinen, Finnish Environment Institute (SYKE), Joensuu, Finland E-mail: kl@nn.fi
  • Leskinen, Rantalankuja 4, Joensuu, Finland E-mail: lal@nn.fi
  • Österman, University of Helsinki, Department of Forest Sciences, P.O. Box 27, FI-00014 University of Helsinki, Finland E-mail: no@nn.fi
article id 583, category Research article
Hans Fredrik Hoen, Tron Eid, Petter Økseter. (2001). Timber production possibilities and capital yields from the Norwegian forest area. Silva Fennica vol. 35 no. 3 article id 583. https://doi.org/10.14214/sf.583
Keywords: forest management; timber production possibilities; rate of return; capital yield
Abstract | View details | Full text in PDF | Author Info
How intensely should a forest be grown? This is a fundamental question in the process of formulating policy guidelines for the management of a forest area, both at the individual property level as well as at the national level. The question is related to a number of factors; the objective(s) of the forest owner, the productivity of the forestland, the initial growing stock, the accessibility within the forest, assumptions regarding future prices and costs and the required real rate of return. This paper presents an applied analysis with the objective of mapping possible future paths for the growing stock on, and timber harvest from the productive forest area in Norway. The analysis is deterministic. The regeneration strategy is a key factor for the long run development of a forest and is thus given particular attention. The analysis is restricted to deal with timber production only and maximisation of the net present value of the forest area is used as the objective function. The required real rate of return is varied and used as the driving force to find the best (optimal) level of intensity in silvicultural management and thus optimal paths for harvesting and growing stocks.
  • Hoen, Agricultural University of Norway, Dept. of Forest Sciences, P.O. Box 5044, N-1432 Ås, Norway E-mail: hans.hoen@isf.nlh.no (email)
  • Eid, Agricultural University of Norway, Dept. of Forest Sciences, P.O. Box 5044, N-1432 Ås, Norway E-mail: te@nn.no
  • Økseter, Agricultural University of Norway, Dept. of Forest Sciences, P.O. Box 5044, N-1432 Ås, Norway E-mail: po@nn.no

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