Capital structure and asset utilization: the case of resource intensive industries

This research studies the relationship between the capital structure of a firm and its asset utilization rate in resource intensive industries. We study this issue from both private and public policy perspectives. From a private perspective, it's conceivable that a positive relationship may exist because a company is trying to increase its use of debt to effect a more efficient utilization of its assets. However, from a public policy perspective, finding a positive relationship between asset utilization and debt levels in natural resource sensitive industries may signal a sub-optimal exploitation of natural resources when debt levels rise. This research examines measures of leverage and asset utilization in firms from the mining, oil, and timber industries to determine whether the behavior alleged in the PALCO/MAXXAM case (an increased cutting rate to pay off junk bond financing) has been observed more systematically. We observe a positive relationship between leverage and asset utilization in all three industries when leverage is calculated using book value measures. When market value measures are used, this positive relationship no longer holds in the mining industry. Possible explanations for these results are offered.     

Nonstructural Urban Stormwater Quality Measures: Building a Knowledge Base to Improve Their Use

This article summarizes a research project that investigated the use, performance, cost, and evaluation of nonstructural measures to improve urban stormwater quality. A survey of urban stormwater managers from Australia, New Zealand, and the United States revealed a widespread trend of increasing use of nonstructural measures among leading stormwater management agencies, with at least 76% of 41 types of nonstructural measures being found to be increasing in use. Data gathered from the survey, an international literature review, and a multicriteria analysis highlighted four nonstructural measures of greatest potential value: mandatory town planning controls that promote the adoption of low-impact development principles and techniques; development of strategic urban stormwater management plans for a city, shire, or catchment; stormwater management measures and programs for construction/building sites; and stormwater management activities related to municipal maintenance operations such as maintenance of the stormwater drainage network and manual litter collections. Knowledge gained on the use and performance of nonstructural measures from the survey, literature review, and three trial evaluation projects was used to develop tailored monitoring and evaluation guidelines for these types of measure. These guidelines incorporate a new evaluation framework based on seven alternative styles of evaluation that range from simply monitoring whether a nonstructural measure has been fully implemented to monitoring its impact on waterway health. This research helps to build the stormwater management industry’s knowledge base concerning nonstructural measures and provides a practical tool to address common impediments associated with monitoring and evaluating the performance and cost of these measures.     

Local Transport Problems and Possible Solutions: Comparing perceptions of residents,elected members,officers and organisations

It is generally accepted that the current growth in personal car use poses a serious threat to local communities and the environment, and that radical changes in transport policy are needed. In order for local authorities to develop acceptable sustainable transport options, it will be necessary that they have a clear view of the attitudes and perceptions of various groups in their community. This research compared the views of elected members and officers with those of residents and organisations in relation to the local transport situation and the use of car travel reduction measures. It was found that the views of elected members and officers reflect those of residents rather well. The views of local organisations, however, were different. Organisations were, in particular, more negative about policy measures that aim to reduce car use in the town centre. They also attached more importance to the viability of the local economy than the other respondents. However, they did agree with the other groups that the quality of life in the community would improve if there was less traffic. The consequences of these findings for local transport planning are discussed.     

福建生态文明试验区全面推行河长制评估研究

河长制是由各级党政主要负责人担任河长、负责辖区内河湖全面管理的机制性安排。福建生态文明试验区在全面推行河长制过程中,面临部分改革工作进展缓慢、效果不如预期等问题,亟待进行全面评估。本文剖析了河长制在生态文明试验区建设中的地位和作用,甄别了河长制与相关政策的逻辑联系,从政策过程的制定和执行阶段出发,通过指标法进行评估。所构建的指标体系包括一级指标2个、二级指标5个、三级指标39个,并给出各级指标权重,制定相应的评估标准。从得分情况来看,福建省全面推行河长制总分为0.90分,评估结果为优秀;从一级指标评估结果来看,政策执行阶段总体好于政策制定阶段;从二级指标得分来看,长效执行机制评估结果为良好,方案制定的评估结果为合格,其余为优秀;从三级指标得分来看,优良率达71.79%。在此基础上,从法律法规、政策协同、跨省协调、任务统筹、管护手段、社会参与等方面指出了存在的问题,并提出了有针对性的对策建议。     

Augmenting Watershed Model Calibration with Incorporation of Ancillary Data Sources and Qualitative Soft Data Sources

Watershed simulation models such as the Soil & Water Assessment Tool (SWAT) can be calibrated using “hard data” such as temporal streamflow observations; however, users may find upon examination of model outputs, that the calibrated models may not reflect actual watershed behavior. Thus, it is often advantageous to use “soft data” (i.e., qualitative knowledge such as expected denitrification rates that observed time series do not typically exist) to ensure that the calibrated model is representative of the real world. The primary objective of this study is to evaluate the efficacy of coupling SWAT‐Check (a post‐evaluation framework for SWAT outputs) and IPEAT‐SD (Integrated Parameter Estimation and Uncertainty Analysis Tool‐Soft & hard Data evaluation) to constrain the bounds of soft data during SWAT auto‐calibration. IPEAT‐SD integrates 59 soft data variables to ensure SWAT does not violate physical processes known to occur in watersheds. IPEAT‐SD was evaluated for two case studies where soft data such as denitrification rate, nitrate attributed from subsurface flow to total discharge ratio, and total sediment loading were used to conduct model calibration. Results indicated that SWAT model outputs may not satisfy reasonable soft data responses without providing pre‐defined bounds. IPEAT‐SD provides an efficient and rigorous framework for users to conduct future studies while considering both soft data and traditional hard information measures in watershed modeling.     

Local Transport Problems and Possible Solutions: comparing perceptions of residents, elected members, officers and organisations

It is generally accepted that the current growth in personal car use poses a serious threat to local communities and the environment, and that radical changes in transport policy are needed. In order for local authorities to develop acceptable sustainable transport options, it will be necessary that they have a clear view of the attitudes and perceptions of various groups in their community. This research compared the views of elected members and officers with those of residents and organisations in relation to the local transport situation and the use of car travel reduction measures. It was found that the views of elected members and officers reflect those of residents rather well. The views of local organisations, however, were different. Organisations were, in particular, more negative about policy measures that aim to reduce car use in the town centre. They also attached more importance to the viability of the local economy than the other respondents. However, they did agree with the other groups that the quality of life in the community would improve if there was less traffic. The consequences of these findings for local transport planning are discussed.     

Integrating Environmental and Socio-Economic Indicators of a Linked Catchment–Coastal System Using Variable Environmental Intensity

Can we develop land use policy that balances the conflicting views of stakeholders in a catchment while moving toward long term sustainability? Adaptive management provides a strategy for this whereby measures of catchment performance are compared against performance goals in order to progressively improve policy. However, the feedback loop of adaptive management is often slow and irreversible impacts may result before policy has been adapted. In contrast, integrated modelling of future land use policy provides rapid feedback and potentially improves the chance of avoiding unwanted collapse events. Replacing measures of catchment performance with modelled catchment performance has usually required the dynamic linking of many models, both biophysical and socio-economic—and this requires much effort in software development. As an alternative, we propose the use of variable environmental intensity (defined as the ratio of environmental impact over economic output) in a loose coupling of models to provide a sufficient level of integration while avoiding significant effort required for software development. This model construct was applied to the Motueka Catchment of New Zealand where several biophysical (riverine water quantity, sediment, E. coli faecal bacteria, trout numbers, nitrogen transport, marine productivity) models, a socio-economic (gross output, gross margin, job numbers) model, and an agent-based model were linked. An extreme set of land use scenarios (historic, present, and intensive) were applied to this modelling framework. Results suggest that the catchment is presently in a near optimal land use configuration that is unlikely to benefit from further intensification. This would quickly put stress on water quantity (at low flow) and water quality (E. coli). To date, this model evaluation is based on a theoretical test that explores the logical implications of intensification at an unlikely extreme in order to assess the implications of likely growth trajectories from present use. While this has largely been a desktop exercise, it would also be possible to use this framework to model and explore the biophysical and economic impacts of individual or collective catchment visions. We are currently investigating the use of the model in this type of application.     

我国水资源管理的经济政策耦合效果仿真研究

水资源管理的经济政策效果模拟是从政策理论到政策实践的关键步骤，让决策者感知政策效果的方向和影响程度，才能更好地促进政策实践转化。本研究引入系统动力学方法，构建水资源经济政策耦合机制下水资源系统动力学（SD）模型，将我国划分为三种类型区域（干旱地区、丰水地区和过渡地区），进行三类四种水资源管理经济政策（水资源有偿使用，水价政策和水权政策；水污染收费，排污收费政策；水生态保护，水生态保护补偿政策）的耦合仿真实证研究。以我国水资源管理政策设计为目标，进行不同水管理政策耦合的生态经济效果仿真和效果定量评价，结果发现：干旱地区有偿使用的经济政策是目前经济水平下效果最好的；过渡地区有偿使用结合污水排放收费政策效果是最好的；而丰水地区必须同时实施水资源有偿使用和水污染收费两类经济政策。     

Evaluating an Employer Transport Plan: Effects on travel behaviour of parking charges and associated measures introduced at the University of Sheffield

Journeys to work form a significant proportion of all car journeys and employer transport plans have been advocated as a way to manage the transport needs of workers in order to contain the level of car trips and, therefore, emissions and other negative effects. A questionnaire survey and focus group interviews were used to evaluate the success of an employer transport plan implemented by the University of Sheffield in September 1997. The policy was associated with a marginal (7%) reduction in car use and promoted a limited increase in travel diversity. An objection to the principle of paying to park at work and ineligibility for a permit both deterred car use. The policy caused a re-evaluation of the journey to work. Nevertheless, a number of factors worked against switches in behaviour, particularly employees' perceptions of the university's motivation for introducing the plan and attitudes towards car use and public transport. Disincentives to car use need to be much more significant to persuade more employees to leave their car at home, and need to be tied to substantial improvements in the availability of non-car alternatives.     

Informing or Empowering? Disclosure in the United States and the Netherlands

This paper studies the emergence of one particular 'new' environmental policy instrument: disclosure of emission and pollution data. Disclosure is part of a relatively new sub-set of regulatory measures, based on monitoring, transparency, citizen-empowerment and accountability. It originated in the United States but has recently attracted international attention. The attractiveness of disclosure is obvious; it promises environmental improvement combined with strengthened environmental democracy and community empowerment. By analysing the experiences in the US, and the developments in the Netherlands, this paper seeks to assess the functioning and effectiveness of disclosure. The available empirical evidence suggests that disclosure has a positive impact on the environmental performance of industrial facilities as well as a democratising effect. It is argued that Dutch policy makers wrongfully assume that disclosure cannot work in the Netherlands. The consequence is that citizens are provided with little specific information that cannot be used to put pressure on polluters.     

Sustainable development and participatory practices in community forestry: the case of FUNDECOR in Costa Rica

This paper studies the emergence of one particular ‘new’ environmental policy instrument: disclosure of emission and pollution data. Disclosure is part of a relatively new sub‐set of regulatory measures, based on monitoring, transparency, citizen‐empowerment and accountability. It originated in the United States but has recently attracted international attention. The attractiveness of disclosure is obvious; it promises environmental improvement combined with strengthened environmental democracy and community empowerment. By analysing the experiences in the US, and the developments in the Netherlands, this paper seeks to assess the functioning and effectiveness of disclosure. The available empirical evidence suggests that disclosure has a positive impact on the environmental performance of industrial facilities as well as a democratising effect. It is argued that Dutch policy makers wrongfully assume that disclosure cannot work in the Netherlands. The consequence is that citizens are provided with little specific information that cannot be used to put pressure on polluters.     

Road Traffic Pollution Monitoring and Modelling Tools and the UK National Air Quality Strategy

This paper provides an assessment of the tools required to fulfil the air quality management role now expected of local authorities within the UK. The use of a range of pollution monitoring tools in assessing air quality is discussed and illustrated with evidence from a number of previous studies of urban background and roadside pollution monitoring in Leicester. A number of approaches to pollution modelling currently available for deployment are examined. Subsequently, the modelling and monitoring tools are assessed against the requirements of local authorities establishing air quality management areas. Whilst the paper examines UK-based policy, the study is of wider international interest.     

A systems approach to the evaluation of natural resource management initiatives

Adopting a new paradigm for natural resource and environmental policy that emphasises continuous change, adaptation and learning demands a new approach to evaluation to enable improvements in the way these initiatives contribute to sustainable resource use. Evaluation is fundamental to identifying change, supporting an adaptive approach that is flexible enough to meet the challenge of change, and enabling learning at individual, community, institutional and policy levels. Based on a consideration of changing approaches to natural resource management (NRM) policy and observations and experiences in the practical assessment of on-the-ground initiatives, the authors develop a set of principles for evaluation in NRM that: (a) addresses evaluation from a systems perspective, (b) links objective to consequence, (c) considers the fundamental assumptions and hypotheses that underpin core policy or program objectives, (d) is grounded in the natural resource, policy/institutional, economic, socio-cultural and technological contexts of implementation in practice, (e) establishes practical and valid evaluation criteria by which change can be monitored and assessed, (f) involves methodological pluralism including both quantitative and qualitative methods to ensure rigour and comprehensiveness in assessment, and (g) integrates different disciplinary perspectives (i.e. social, economic, environmental, policy and technological). The paper develops a systems-based evaluation framework that incorporates these principles and also recognises the multiple levels and nested nature of NRM policy, namely: problem characterisation, policy formulation and intent, program logic, and on-ground implementation. Finally, we demonstrate its utility through application to three contrasting Australian case studies: a community-based Integrated Catchment Management policy implementation; a resource information delivery system; and the development of a Decision Support System.     

Is research keeping up with changes in landscape policy? A review of the literature

Several innovative directions for landscape policy development and implementation have emerged over recent years. These include: (i) an expansion of scope to include all landscape aspects and landscape types, (ii) an increased emphasis on public participation, (iii) a focus on designing measures appropriate for different contexts and scales, and (iv) encouraging support for capacity-building. In this paper, we evaluate the extent to which these policy directions are reflected in the practice of academic landscape research. We evaluate all research papers published in three leading landscape journals over six years, as well as published research papers relating directly to the European Landscape Convention. The latter, which was adopted in 2000, establishes a framework for landscape protection, planning and management in Europe and is to date the only international legal instrument of its kind. Results indicate that whilst policy innovations do not appear to be a major stimulus for academic research, studies nevertheless address a range of landscape aspects, types and scales (albeit with a slight bias towards bio-physical landscape aspects). However, geographical representativeness of research is weak and dominated by the United States and northern/western Europe, and research capacity likewise appears to be unevenly distributed. Landscape research is also limited in the extent to which it involves stakeholders or develops innovative methods for doing so, notwithstanding that this remains a key challenge for policy-makers. Results point to the potential for landscape research to address areas (topical and geographical) which have received little attention to date, as well as suggesting mutual benefits of stronger links between policy and academia.     

Air Quality Management in UK Local Authorities: Public Understanding and Participation

Science and technology are an integral part of informing public policy on air pollution and transport management. Expectations of science and technology by society and their use by air quality policy makers has led to increasing reliance upon this evidence to promote health and well-being. This can be seen, for example, in the setting of the UK national objectives for air pollutants based on exposure and health effects. This paper addresses three questions. It assesses, through the use of focus groups, the public perceptions of air pollution and the atmospheric dispersion model output from the Atmospheric Dispersion Modelling System-Urban. Then it assesses their understanding of this information and its current presentation to the layperson. Finally, it assesses how their perceptions and understanding influence their solutions to local air quality management in the London Borough of Camden. The results show that participants in the study struggled with the concept of air pollution outside their sphere of experience, and they did not understand the scientific basis or modelling used to inform local policy. This is partly a result of the way this information is presented. They did not relate the technological evidence to their opinions of acceptable solutions or they expressed reluctance to suggest specific options. It is proposed that a well-informed public would make comprehensive decisions on air quality based upon a broader range of factors, incorporating the scientific reasoning and technological information as well as emotive and socio-economic factors. A balance between science and technological understanding with the validity of local expertise will improve air quality policy making to the greater satisfaction of all stakeholders.     

Hyperautomobility and Governmentality in Auckland

Abstract

A number of cities around the world are associated with very high levels of private motor car usage, and Auckland provides an example of one of these ‘hyperautomobile’ cities. There are many problems with this system of transportation and dependence on the private car, including environmental, social and city design dimensions. Though there is a clear aspiration to move towards reduced levels of car usage in the city's transport and spatial planning strategies, there are major difficulties in implementation terms. We develop and consider future scenarios to 2041 to reduce these levels of motorization, and subsequent transport CO₂ emissions, with a much greater use of public transport, walking and cycling, urban planning, and low emission vehicles. The current implementability of such a ‘sustainable mobility’ future is however questioned in the current political and social context, and critically debated in terms of the available governance mechanisms and the limited attempts to shape the behaviour of the public. We conclude by calling for a reconsideration of the policy measures being considered, including the range and levels of application and investment; with a much wider framing of the transport planning remit, and carried out within a much stronger participatory framework for decision-making.     

Changes in Use of Three Oregon, USA, Wildernesses

/ Several studies have suggested that use of wildernesses within national forests is declining. Data from three wildernesses in Oregon (based on mandatory permits and voluntary registration) indicate that between 1976 and 1991 in two areas and between 1980 and 1993 in another area the number of recreational visitor days (RVDs) has declined between 23% and 63%. However, the number of visits has remained roughly stable in one area and more than doubled in the other two. The disparity between the two measures of use may be the result of shifts from mainly overnight to mainly day use in these wildernesses. Day use has increased from about 30% to over 60% of all visits. Trends are different enough in each wilderness to warrant independent analyses over time. Management implications of using different measures of use as well as observed trends are discussed.KEY WORDS: Wilderness management; Wilderness use; Trends     

Evaluating an Employer Transport Plan: effects on travel behaviour of parking charges and associated measures introduced at the University of Sheffield

Journeys to work form a significant proportion of all car journeys and employer transport plans have been advocated as a way to manage the transport needs of workers in order to contain the level of car trips and, therefore, emissions and other negative effects. A questionnaire survey and focus group interviews were used to evaluate the success of an employer transport plan implemented by the University of Sheffield in September 1997. The policy was associated with a marginal (7%) reduction in car use and promoted a limited increase in travel diversity. An objection to the principle of paying to park at work and ineligibility for a permit both deterred car use. The policy caused a re-evaluation of the journey to work. Nevertheless, a number of factors worked against switches in behaviour, particularly employees' perceptions of the university's motivation for introducing the plan and attitudes towards car use and public transport. Disincentives to car use need to be much more significant to persuade more employees to leave their car at home, and need to be tied to substantial improvements in the availability of non-car alternatives.