Forest Sciences
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Browsing Forest Sciences by Subject "Research Subject Categories::FORESTRY, AGRICULTURAL SCIENCES and LANDSCAPE PLANNING::Area economics::Forest economics"
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Item An attempt to assess the monetary value of carbon absorbed in the Polish forest sector(Sciendo (De Gruyter), 2018-05-19) Jabłoński, Krzysztof; Stempski, WłodzimierzForests and forest management play a vital role in capture and storage of carbon dioxide, which contributes to mitigation of climate change. Forests are not only a natural carbon sink. Proper forest management can enhance biomass production, providing wood to be converted into e.g. construction timber, paper and furniture as well as wood fuels and, as a result, considerably enlarge this carbon sink. Poland, being a party of the Climate Convention and Kyoto Protocol and a member of the EU is obliged to provide yearly reports on carbon emissions and sequestration, includ ing the Land Use, Land Use Change and Forestry (LULUCF) sector, of which forestry is the leading constituent. Forests, with the sequestration rate at a level of 3.93 t CO2·ha-1 form practically the only important carbon sink in the LULUCF category. Unfortunately the LULUCF sector has not been yet included in the current climate policy framework. The purpose of the study was an attempt to estimate the hypothetical value of carbon stored in forestry, resulting from the reported quantities of the emitted and sequestered carbon. The calculations were based on figures included in the National Inventory Report for Poland, reported yearly to the Secretariat of the Climate Convention. Among the forestry carbon sources/sinks, reported annually, the sequestration resulting from forest management significantly exceeds the net sequestration from afforestation/deforestation activities. Average data from recent years show that forest management is a net CO2 sink, with 12 Mt CO2·y-1 (above the forest management reference level, (FMRL), and when combined with the carbon pool change resulting from afforestation/deforestation activities, it can be regarded as a net carbon sink sequestering nearly 15 Mt CO2·y-1. That value, when multiplied by the price of carbon emission allowance (e.g. EUA), could be a source of over 80 mill Euros per year, if used as a commodity on the emissions market. Due to high price volatility of CO2 emission allowances, the calculated profits are hypothetical, and the EU Emissions Trading System does not include forestry. These potential gains can become realistic after the LULUCF sector has been included in the emissions trading system.Item Identification of financial ratios applicable in the construction of a prediction model for bankruptcy of wood industry enterprises(Sciendo (De Gruyter), 2018-05-19) Adamowicz, Krzysztof; Noga, TomaszAt present, many early warning systems (EWS) are available. Most EWSs have been constructed based on data coming from various branches of economy. As a result, the effectiveness of these models in specific sectors of the national economy is frequently insufficient. There are no models dedicated to a specific branch, particularly the wood industry. Based on the Polish homogenous financial data supplied by the wood industry, it was decided to identify respective indexes, which may be used to construct a sector prediction model for bankruptcy in the wood industry. This study presents an analysis of indexes applied in 10 most popular EWSs used in Poland. In the course of the research process, a total of 5 financial ratios (FRs) were selected as best fitting to the investigated branch of economy. These included: profit from sales/balance sheet total, total income/mean annual total assets, operating costs/current liabilities, (operating profit – depreciation)/sales of products and equity capital/total debt.Item The unresolved problem of determining the forest interest rate(Sciendo (De Gruyter), 2018-07-20) Adamowicz, KrzysztofValuation of forests and their components is a significant problem, both for science and practice. At present, in many countries, the market of forest property is limited. As a result, no conclusions may be inferred on the forest value based on the information on forest purchase and sale transactions. In this situation, we apply static methods of forest valuation. The problem of forest statics has been discussed for years (e.g., Brukas et al. 2001; Chang 1983, 2001; Dieter 2001; Hartman 1976; Manley and Bare 2001; Mohring 2001; Zhang 2001; Viitala 2016). Static methods of forest valuation are well known. In the construction of the proposed mathematical formula (Eq. 6), the Faustmann theory was applied, concerning the economic equilibrium in forestry. Numerous modifications of his equation for economic equilibrium were used to develop, for example, an income method for forest valuation based on discounting the final value or prolongation of initial value. The forest interest rate is a key element in these equations. At present, there are no procedures for the establishment of this interest rate, which would be generally accepted by the scientific community. Therefore, the article presents and discusses selected concepts for determining the forest interest rate.