This paper investigates the finite-time ruin probability in the dependent renewal risk model, where the claim sizes are independent and identically distributed random variables with strongly subexponential tails, and the interarrival times are negatively dependent. We establish an asymptotic estimate, which holds uniformly for the time horizon varying in the positive half line.
Simultaneously protecting the environment and promoting the economy are two critical dimensions for sustainable development. Carbon productivity is popularly used in assessing the environmental and economic efficiency over time, and is deemed as the appropriate indicator of sustainable development. Given the prominent contribution of energy consumption to sustainable development, this study incorporates energy consumption into the Log Mean Divisia Index (LMDI) decomposition model to explore the main factors influencing carbon productivity change. Based on the data from 19 industries in Beijing from 2013 to 2016, this study then reports the carbon productivities and their changes. Energy productivity change is the main cause of carbon productivity changes, and its correlation with carbon productivity change is significantly positive, whereas there is a weak correlation and no significant difference in energy consumption per unit of carbon emissions. Although the average carbon productivities in all 19 industries increased year over year in Beijing, the average level could be further promoted by improving energy productivity. The carbon productivities of the primary and secondary industries are less than the average, and far below the tertiary industry level. For the primary industry, increasing economic levels is conducive to improving carbon productivity; for secondary industry, reducing energy consumption and enhancing energy efficiency are most effective; and for tertiary industry, maintaining an outstanding performance will guarantee sustainable development in Beijing. This study has defined carbon productivity change from the energy consumption perspective and for the first time, comprehensively measured it for all industries in Beijing. The results are expected to assist these industries to essentially improve productivity performance and thus improve development sustainability.
Purpose
This paper aims to investigate the impact of ownership concentration of the largest shareholder and foreign ownership on the demand for an external audit for small and medium-sized enterprises (SMEs) in six Latin American countries. In particular, the authors test whether foreign-owned firms (compared with domestic private-owned firms) and domestic firms with minority foreign shareholders are more likely engaged in audit assurance.
Design/methodology/approach
The authors applied the logit model to estimate the impact of ownership concentration and owner/shareholder type on audit demand, using a sample of 4,609 SMEs. The probabilities of being audited for firms in these countries are then calculated from the estimation results.
Findings
The empirical results suggest an inverse relationship between ownership concentration and audit demand only for Uruguay and Peru. However, foreign-owned firms and domestic private-owned firms with minority foreign ownership have a high probability of being audited for all sample countries.
Research limitations/implications
Policymakers in developing countries may promote foreign investments in domestic private-owned firms to improve their corporate transparency and governance.
Originality/value
This study contributes to the growing literature on the impact of ownership on audit demand by particularly focusing on foreign owners and foreign minority shareholders. The findings indicate that foreign ownership (either majority or minority) contributes to corporate transparency and business environments in emerging countries.
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