DETERMINANTS OF FINANCIAL STRUCTURE OF GREEK COMPANIES

Directory of Open Access Journals (Sweden)

Gargalis PANAGIOTIS

2016-06-01

Full Text Available Capital structure is essential for the survival, growth and performance of a firm. There has been a growing interest worldwide in identifying the factors associated with debt leverage. This article aims to investigate the factors affecting the capital structure of companies listed on the Athens Stock Exchange (ASE. The data set used is composed of indicators reflecting the financial position and performance of 40 firms listed on the ASE in 2014. Using a regression model we estimate in what extent the financial structure of companies is affected by performance indicators and other specific factors like the field of activity or the size of the firms. The results obtained show an important influence of share of tangible assets in total assets of the company on the financial leverage, as main variable selected in order to reflect the capital structure of Greek companies.

Considerations on the financial structure of the company

OpenAIRE

Nitu, Cornelia

2012-01-01

The basic objective of the financial function of the company is the continuous increase of the company’s value, so that there can be achieved a maximization of its value in comparison with the assets structure they form. The financial structure of the company is one of the most important problems of the financial management. It represents the support of the company’s development strategy. Many specialists in financial management have tried to define the concept differently, but the essence is...

Exchange Rate Exposure Management: "Speculation" in Non-Financial Companies

DEFF Research Database (Denmark)

Aabo, Tom

"Speculation" in non-financial companies in relation to exchange rate exposure management constitutes one of the contributing factors behind corporate (or more widespread) crises. Deviations from benchmark positions constitute speculation. An empirical study of Danish non-financial companies finds...... that the larger the company (ability) and the larger its relative sale on foreign markets (relevance), the more likely the company will be to benchmark its exchange rate exposures. However, at the same time the very same factors (size and foreign sale) lead to more extensive speculation. Financial solvency (value...

A comparison of workplace safety perceptions among financial decision-makers of medium- vs. large-size companies.

Science.gov (United States)

Huang, Yueng-Hsiang; Leamon, Tom B; Courtney, Theodore K; Chen, Peter Y; DeArmond, Sarah

2011-01-01

This study, through a random national survey in the U.S., explored how corporate financial decision-makers perceive important workplace safety issues as a function of the size of the company for which they worked (medium- vs. large-size companies). Telephone surveys were conducted with 404 U.S. corporate financial decision-makers: 203 from medium-size companies and 201 from large companies. Results showed that the patterns of responding for participants from medium- and large-size companies were somewhat similar. The top-rated safety priorities in resource allocation reported by participants from both groups were overexertion, repetitive motion, and bodily reaction. They believed that there were direct and indirect costs associated with workplace injuries and for every dollar spent improving workplace safety, more than four dollars would be returned. They perceived the top benefits of an effective safety program to be predominately financial in nature - increased productivity and reduced costs - and the safety modification participants mentioned most often was to have more/better safety-focused training. However, more participants from large- than medium-size companies reported that "falling on the same level" was the major cause of workers' compensation loss, which is in line with industry loss data. Participants from large companies were more likely to see their safety programs as better than those of other companies in their industries, and those of medium-size companies were more likely to mention that there were no improvements needed for their companies. Copyright © 2009 Elsevier Ltd. All rights reserved.

Diagnosing companies in financial difficulty based on the auditor’s report

Directory of Open Access Journals (Sweden)

Robert Zenzerović

2016-04-01

Full Text Available The approach used in this paper expands on existing research that focuses on devising prediction models for companies experiencing financial difficulties and which in turn serves as a criteria-based diagnosis tool for distinguishing healthy companies from those facing seriously financial difficulties. It draws on auditors’ reports on company financial statements that emphasize a company’s ability to continue as a going concern as the main criterion used to distinguish companies experiencing financial difficulties from companies that are not. Two closely-related hypotheses were tested in this paper. First, the authors tested the hypothesis that an auditor’s report accompanied by an explanatory paragraph pointing out issues associated with the going concern assumption is the proper criterion for differentiating companies experiencing financial difficulties from those that are not. Second, the central assumption that is tested relates to a combination of financial ratios whereby authors presume that an appropriate combination of financial ratios is a good analytical tool for distinguishing companies experiencing serious financial difficulties from those that are not. Research results conducted among 191 companies listed on the Zagreb Stock Exchange confirm both hypotheses. The LRA model – a diagnosis tool for identifying companies with financial problems, was also derived using logistic regression analysis. The statistical adequacy and quality of the model was tested using measures like Nagelkerke R2, type 1 and type 2 errors that appear when calculating the classification ability of the model. All measures indicated that model was statistically sufficient and validated its use as a diagnosis tool in recognizing the companies facing financial difficulties.

The Competition between London Companies Regarding Their Financial Performance

Directory of Open Access Journals (Sweden)

Simionescu Mihaela

2016-06-01

Full Text Available There is a high level of competition between companies and the final result is often measured by their financial performance. The main purpose of this study is to evaluate the financial performance of a sample of companies from London. Statistical analysis is performed of 293 companies randomly selected from the population of firms resident in London, the economic indicators being registered for 2014. The main results indicated that most of the variation in financial performance is explained by the book-to-market ratio and cash-to-assets ratio. On the other hand, financial performance is also explained by cash flow and leverage. Most of the firms that were placed in the same group had a successful financial performance in 2014. Few companies located in the other cluster encountered some difficulties regarding cash flow and sales. This situation could be explained by the difficulties of facing the economic crisis. Thus the financial performance evaluation is useful in improving a firm’s financial indicators in order to achieve a higher profit. The diagnosis will help managers in taking the most suitable decisions to solve the financial problems by selecting the best strategies.

FINANCIAL ANALYSIS FUNDAMENT FOR ASSESSMENT THE COMPANY'S VALUE

Directory of Open Access Journals (Sweden)

Goran Karanovic

2010-06-01

Full Text Available Lack of capital market development cause that calculating the value of companies in the small markets, such as the Croatian market, is carried out primarily from the analysis of financial statements. Lack of market development is evident from the unrealistic and unobjective corporate values, as result of too small volumeof securities trading in financial markets. The primary financial analysis is the basic method for estimating company value, and represents the foundation for an objective determination of cash flow components that will be discounted. Trought analysis investors are trying to answer the questions such as: status of the assets,liabilities and capital, the dynamics of business enterprises, the level of solvency and liquidity, utilization of fixed assets, contribution of fixed assets in total income, company profitability rates and investment in the company. Investors use financial analysis only as a basis and as a tool to predict the potential for creating new business value.

Methodological aspects transparency financial statements of construction companies

Directory of Open Access Journals (Sweden)

O. V. Rozhnova

2016-01-01

Full Text Available In modern society, in terms of general information and integration of the economies, information is one of the main market products. There is becoming urgent task of improving financial statement transparency for enterprises in this situation. One of the most challenging in improving transparency can be considered the construction industry, because of the pursuit of privacy and a high degree of corruption. The paper analyzes the possible reasons for reducing the level of transparency in the construction industry companies. The paper highlighted the general and particular causes that affect the transparency of financial reporting of construction enterprises. Common causes are relevant for companies in any industry, and private causes show features characteristic of the construction itself. In addition, the paper analyzes the various methods of increasing the transparency used by companies all over the world. The analysis highlighted the internal and external methods for improving the transparency of financial statements and transparency of construction companies. Leadership and employees at the enterprise level providing transparency of financial reporting, and non-financial information about the company, having interest to stakeholders, carry out internal methods. External methods are applied at the macro level as the joint forces of the enterprises of the construction industry to form associations and the state. The analysis also considered the possibility of using these methods by the Russian construction companies and advantages and disadvantages of their application.

Monitoring mechanisms and financial distress of public listed companies in Malaysia

Directory of Open Access Journals (Sweden)

Soheil Kazemian

2017-05-01

Full Text Available This study examines the relationships between financial distress and financial ratio (liquidity, leverage, profitability, firm’s performance, and dividend among public listed companies, using the Altman Z-Score to determine the financial distress levels among public listed companies in Malaysia. Five-year data has been collected (2010 to 2014 from the annual financial statements and from Data Stream of public listed companies in Malaysia. The findings indicate significant relationships between liquidity, leverage, profitability, firm’s performance, and dividend with the financial distress levels among the companies in question. This study also examines the interaction effects of financial ratios and the year after implementation of the Malaysian Code on Corporate Governance (MCCG in 2012 on financial distress levels. The results suggest that only liquidity and firm’s performance have stronger effects on financial distress levels in two years after MCCG implementation. This indicates that after the implementation of the Code, liquidity and firms’ performance ratios had strong and significant effect on financial distress levels. Overall, this study could help investors, creditors as well as external regulators in monitoring companies from being classified as financially distressed companies.

Financial Performance of Pension Companies Operating in Turkey with Topsis Analysis Method

OpenAIRE

Gulsun Isseveroglu; Ozan Sezer

2015-01-01

In this study, financial performances of the companies were analyzed by TOPSIS method via using financial tables of the sixteen pension and life-pension companies. Firstly, financial ratios which are one of the important indicators for the financial power of companies were determined and calculated for each company separately. Calculated ratios converted to demonstrate of company performance unique point by using TOPSIS method. Companies have sorted according to their calculated performance s...

EFFECTS OF RAISING CAPITAL ON FINANCIAL INDICATORS OF THE COMPANY

OpenAIRE

Gheorghe NEGOESCU

2014-01-01

The financial consequences of growth capital are different depending of accomplishing technical. In these circumstances the General Meeting of Shareholders decide to increase capital. The decision depends on the effect of increasing the potential financial capital, financial stability and financial structure of the company. Next, I will present the financial consequences of growth capital to a company profile in the petrochemical industry.

Predicting financial distress in publicly-traded companies

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Felipe Fontaine Rezende

2017-07-01

Full Text Available ABSTRACT Several models for forecasting bankruptcy have been developed over the years, one of the reasons for which is the important part it plays in decision-making. However, forecasting a company’s bankruptcy leaves a very short time for stakeholders to change the situation. It is in this context that this paper arises in order to develop a model for predicting financial distress, which is identified as a step prior to bankruptcy. The predictive model uses the logistic regression technique with panel data and a sample of Brazilian publicly-traded companies with shares listed on the São Paulo Stock, Commodities, and Futures Exchange between 2001 and 2014. As well as financial variables, the final model includes market expectations (macroeconomic and sector variables. These variables are statistically tested and the hypothesis is confirmed that they improve the accuracy of the model. The research identified the existence of financial distress in 96% of the companies that went bankrupt. In addition, the relationship between the phenomena of bankruptcy and financial distress is verified, using financial and macroeconomic explanatory variables. The results demonstrate that most (83% of the explanatory variables in the model for predicting bankruptcy are also present in the model for predicting the phenomenon of financial distress. The expected gross domestic product variables and the quick ratio, asset turnover, and net equity over total liabilities financial variables are statistically significant in predicting both phenomena. With this evidence, the study suggests the use of the concept of financial distress as a stage prior to bankruptcy and provides a model for predicting financial distress with 89% accuracy when applied to publicly-traded companies in Brazil in the period examined.

EFFECTS OF RAISING CAPITAL ON FINANCIAL INDICATORS OF THE COMPANY

Directory of Open Access Journals (Sweden)

Gheorghe NEGOESCU

2014-06-01

Full Text Available The financial consequences of growth capital are different depending of accomplishing technical. In these circumstances the General Meeting of Shareholders decide to increase capital. The decision depends on the effect of increasing the potential financial capital, financial stability and financial structure of the company. Next, I will present the financial consequences of growth capital to a company profile in the petrochemical industry.

Foreign exchange risk management : how are the largest non-financial companies in Norway managing their foreign exchange rate exposure?

OpenAIRE

Eriksen, Krister; Wedøe, Ola

2010-01-01

The purpose of this thesis is to investigate how the largest non-financial companies in Norway manage their foreign exchange rate exposure. This is investigated through the use of a survey distributed to a sample the largest non-financial firms in Norway. According to our results, the largest non-financial companies in Norway have a predefined strategy for managing foreign exchange risk, which is defined by the board of directors or by the management in the organisation. The companies’ mai...

Monitoring mechanisms and financial distress of public listed companies in Malaysia

OpenAIRE

Soheil Kazemian; Noor Azura Ahmad Shauri; Zuraidah Mohd Sanusi; Amrizah Kamaluddin; Shuhaida Mohamed Shuhidan

2017-01-01

This study examines the relationships between financial distress and financial ratio (liquidity, leverage, profitability, firm’s performance, and dividend) among public listed companies, using the Altman Z-Score to determine the financial distress levels among public listed companies in Malaysia. Five-year data has been collected (2010 to 2014) from the annual financial statements and from Data Stream of public listed companies in Malaysia. The findings indicate significant relationships betw...

Financial management of the construction company

Directory of Open Access Journals (Sweden)

Antosova, Karolina

2016-12-01

Full Text Available This paper informs about the financial management in the construction company. The work describes problems of the management, its tasks, goals, dependencies on the size of the construction company and progress in the construction production and also introduce topic of the risks in the construction business. Also controlling and reporting in the construction company together with basic tools are described in example of Metrostav a.s. in this work.

Modeling Financial Liquidity Of Construction Companies Using Error Correction Mechanism

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Tomasz Stryjewski

2017-03-01

Full Text Available Financial liquidity is one of the most important economic categories in the functioning of the company. There are many methods of assessment of the company in this field, ranging from ratio analysis, to advanced models of financial flows. In this paper was presented econometric model of financial income, which was used to analyze the liquidity of the three construction companies. This analysis was made on the background of methods indicator.

The Interaction between Real Options and Financial Hedging: An Empirical Study of Danish Non-Financial Companies

DEFF Research Database (Denmark)

Aabo, Tom

The interaction between real options and financial hedging is analyzed empirically. A majority of Danish non-financial companies either (1) chooses at times not to hedge an exchange rate operating exposure financially due to the possibility of the company to react to changes in exchange rates...

OGJ200 companies posted strong financial year in 1997

International Nuclear Information System (INIS)

Beck, R.J.; Bell, L.

1998-01-01

Companies on the OGJ200 list of publicly traded oil and gas producers in the US posted a second straight strong financial year in 1997. Net income slipped but was still at the second highest level on record. Most other indicators of financial and operating performance remained at high levels or posted increases in 1997. As always, data for this year's list reflect the prior year's operations. The paper discusses and presents data for the following: assets, revenue, stockholder's equity, drilling activity, financial performance, group operation, changes in the group, the top 20 companies, and the fastest growing companies

12 CFR 225.82 - How does a bank holding company elect to become a financial holding company?

Science.gov (United States)

2010-01-01

... holding company to become a financial holding company shall not be effective if, during the period...) Effective date of election—(1) In general. An election filed by a bank holding company under paragraph (a... financial holding company is effective prior to the 31st day after the date that a complete declaration was...

Financial Structure Analysis of Publicly Held Lodging Companies: An International Comparison

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Erdinç KARADENİZ

2015-12-01

Full Text Available The aim of this study is to analyze financial structure and preference of lodging companies that issues traded in European and Turkish stock markets by using ratio analysis technique. In this context, statements of financial positions of 51 lodging companies from European stock markets and 12 lodging companies from Borsa Istanbul used and calculated 10 financial structure ratios for each company between 2011-2012-2013 years. In the results of ratio analysis, it is determined that Turkish lodging companies use mainly equity while European lodging companies prefer liabilities and debt to finance their activities. In respect to maturity of liabilities it is determined that European lodging companies prefer long term debt while Turkish lodging companies use short term liabilities. Finally, it is determined that European lodging companies use leasing but no Turkish lodging companies to choose leasing.

Ownership Characteristics and Access to Finance: Evidence from a Survey of Large Privatised Companies in Hungary and Poland

OpenAIRE

Isachenkova, N.; Mickiewicz, T.

2003-01-01

We examine financial constraints and forms of finance used for investment, by analysing survey data on 157 large privatised companies in Hungary and Poland for the period 1998 - 2000. The Bayesian analysis using Gibbs sampling is carried out to obtain inferences about the sample companies' access to finance from a model for categorical outcome. By applying alternative measures of financial constraints we find that foreign companies, companies that are part of domestic industrial groups and en...

FINANCIAL MANAGEMENT OF THE COMPANY THROUGH THE CAPITALIZATION OF FINANCIAL-ACCOUNTING INFORMATION

OpenAIRE

Boby COSTI; Marius BOIŢĂ; Cosmina REMEŞ

2014-01-01

This article aims to highlight the role of financial-accounting information for the use in the financial management of the company, starting from the most recent writings in the field. Although it is hard to imagine that the financial management uses individualized financial- accounting information, attributed solely to a particular activity within the enterprise, still we tried to address the information according to the main activities that produce and use information, respectively: of inve...

FINANCIAL BALANCE AND LOANS OF THE SHAREHOLDERS TO THE COMPANY

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Rus Luminita

2012-07-01

Full Text Available The present analyses, based on a case study show the influence on the financial balance of the loans from shareholders , taking into account the accounting treatment of loans. We do not know that the Romanian economic literature to be treated that aspect. That is why we consider the study as being useful to managers, members, shareholders, and all business partners to form the economic decisions. The purpose of this financial analysis is to examine critically the accounting and financial information ofered by the companies to assess their performance and their financial position (Laurence Le Gallo. The financial position of firms is assessed based on the financial structure and financial balance. In a same time the financial balance is approached from a static perspective based on the: net situation, working capital, necessary of working capital, net treasury. The present analyses deals with financial balance in a static manner based on these four indicators listed. The sources of data for the analysis of financial balance are offered mainly in the financial statement. This document has been used data from a company that is engaged in the carriage of goods. Analysis was made over a period of five years. The present analysis showed that financial balance is influenced by the way that the shareholders loans to the company are treated by including them in long-term debt or short-term. Reprocessing of loans and their inclusion in long-term debt, changes the perspective on financial balance showing that on the long-term company has a stable balance. These aspects require preparation of loan agreements with associates as loans work in reality. The contracts must to highlight the progress of the loan on the long term and not to be extended or remodeled the short-term contracts. Of course, there are always solutions to improve the financial balance and in this way the financial position and the performance of the company. However, the proposed solutions

Assessing the financial positions of Ontario`s new electricity companies

Energy Technology Data Exchange (ETDEWEB)

Connell, T. [Standard and Poor`s, Toronto, ON (Canada)

1999-11-01

This paper describes the methodology, including the criteria factors, comparable ratings and key credit issues used in assessing the financial positions of Ontario Power Generation Inc., and the Ontario Hydro Services Company. The rating criteria factors include both business factors (such as ownership structure, regulation, service area, operations, management, etc.,) and financial factors (e.g. financial policies and guidelines, recent financial performance, margin analysis, capital structure and borrowing plans, financial projections and sensitivities). Key credit issues include considerations of competitive dynamics, nuclear portfolio performance (for Genco), regulatory changes, cost control, capital spending program, retail business exposure, future financial performance. Comparisons are made with corresponding positions of comparable entities in Australia, Finland, New Zealand, the UK, and the USA. In the case of Ontario Power Generation Inc., the company is assessed to have significant advantages initially, but various uncertainties over the medium term warrant a more cautious view of the credit profile. For the Ontario Hydro Services Company the business risks appear to be low and moderate leverage entails a strong, stable credit profile. The overall assessment of the two companies is that while certain questions such as the workability and credibility of the new industry structure, the problem of stranded debt and questions about the liquidity of market participants remain unsolved, Ontario Power Generation Inc., and the Ontario Hydro Services Company ratings compare favorably with ratings of global industry peers.

Bankruptcy of the company as a consequence of manipulative financial reporting

Directory of Open Access Journals (Sweden)

Bešlić Dragana

2013-01-01

Full Text Available Business of companies in terms of financial instability and market uncertainty can lead to a significant increase in bankruptcy risk and the risk of financial statements manipulation. A creative accounting practice has led many companies in the world to bankruptcy. Creative accounting means all accounting practices that deliberately deviate from the standardized ones, in order for the external users to be presented with the desired, not the actual yield and the financial strength of the company. Numerous corporate accounting scandals were the cause for initiatives to strengthen the protection of shareholders and all other interested users of financial statements (investors, creditors, tax authorities, etc. from manipulative financial reporting in countries around the world. In such circumstances, responsibility for the detection and prevention of possible manipulation with the data presented in the financial statements have: external and forensic audit, internal control and management of the company, accountants - forensics and state.

The Exchange Rate Exposure of Danish Non-Financial Companies

DEFF Research Database (Denmark)

Aabo, Tom

1999-01-01

of the extra-market exchange rate exposure of individual companies. As such, only a minority of companies has significant exposures when using the effective Danish exchange rate in an OLS regression analysis while half of the companies have significant exposures when using five main exchange rates. A GARCH(1......A shortcut to measuring exchange rate exposure at the company level can be to exploit the information content in the stock prices. A regression analysis is conducted for the main Danish non-financial companies. The use of one all-comprising exchange rate indicator fails to address the complexity......,1) regression analysis is shown to further improve the detection of exposures. The success in identifying exposures for Danish non-financial companies is in contrast to earlier US studies and is relevant in a European context....

Investigation on the Efficiency of Financial Companies in Malaysia with Data Envelopment Analysis Model

Science.gov (United States)

Weng Siew, Lam; Kah Fai, Liew; Weng Hoe, Lam

2018-04-01

Financial ratio and risk are important financial indicators to evaluate the financial performance or efficiency of the companies. Therefore, financial ratio and risk factor are needed to be taken into consideration to evaluate the efficiency of the companies with Data Envelopment Analysis (DEA) model. In DEA model, the efficiency of the company is measured as the ratio of sum-weighted outputs to sum-weighted inputs. The objective of this paper is to propose a DEA model by incorporating the financial ratio and risk factor in evaluating and comparing the efficiency of the financial companies in Malaysia. In this study, the listed financial companies in Malaysia from year 2004 until 2015 are investigated. The results of this study show that AFFIN, ALLIANZ, APEX, BURSA, HLCAP, HLFG, INSAS, LPI, MNRB, OSK, PBBANK, RCECAP and TA are ranked as efficient companies. This implies that these efficient companies have utilized their resources or inputs optimally to generate the maximum outputs. This study is significant because it helps to identify the efficient financial companies as well as determine the optimal input and output weights in maximizing the efficiency of financial companies in Malaysia.

Financial Health of a Commercial Insurance Company and its Coherences

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Svatopluk Nečas

2016-05-01

Full Text Available Purpose of the article: The main purpose of the article is to define the term “financial health of a commercial insurance company” and identify the factors that influence management and its economic results of a commercial insurance company. The above mentioned term will be faced with other similar terms such as financial stability, financial strength, solvency, liquidity or profitability (always with emphasis on the insurance sector. Related to this purpose, this hypothesis is formulated: “Financial health of a commercial insurance company can be identified in the long perspective with the term financial stability and as its synonym the concept of solvency can be stated.” Methodology/methods: The methods of description, analysis, deduction and induction will be used in the article. The research part is based on a qualitative basis. It combines three methods of qualitative research: interviews with experts, a structured interview with open questions, a questionnaire with open questions. Its subject is a managed conversation with leading experts in the field of insurance and related branches, who answered questions related to the topic. Evaluation of interviews was done by method of interview analysis, respectively thematic analysis and subsequent synthesis based on respondents’ answers. The synthesis is used as a method to gain new knowledge. The conclusions are the basis for discussion for the theory completion in the case of the term mentioned above and for statements to other contexts that are defined in the objectives of the article. Synthetic approach is applied in the formulation of conclusions of the research. Significant findings for the theory are obtained by abstraction, as derived from observations of the issues, i.e. financial health of a commercial insurance company. The evaluation also includes a summary of significant matters and it reflects the opinion of the author devised throughout literature and based on interviews

Financial Distress Prediction of Iranian Companies Using Data Mining Techniques

Directory of Open Access Journals (Sweden)

Moradi Mahdi

2013-01-01

Full Text Available Decision-making problems in the area of financial status evaluation are considered very important. Making incorrect decisions in firms is very likely to cause financial crises and distress. Predicting financial distress of factories and manufacturing companies is the desire of managers and investors, auditors, financial analysts, governmental officials, employees. Therefore, the current study aims to predict financial distress of Iranian Companies. The current study applies support vector data description (SVDD to the financial distress prediction problem in an attempt to suggest a new model with better explanatory power and stability. To serve this purpose, we use a grid-search technique using 3-fold cross-validation to find out the optimal parameter values of kernel function of SVDD. To evaluate the prediction accuracy of SVDD, we compare its performance with fuzzy c-means (FCM.The experiment results show that SVDD outperforms the other method in years before financial distress occurrence. The data used in this research were obtained from Iran Stock Market and Accounting Research Database. According to the data between 2000 and 2009, 70 pairs of companies listed in Tehran Stock Exchange are selected as initial data set.

Analysis of Dividend Policy of the Romanian Financial Investment Companies

Directory of Open Access Journals (Sweden)

Nicoleta BARBUTA-MISU

2013-12-01

Full Text Available The purpose of dividend policy, promoted by a joint-stock company may be: building trust and forming a true business ownership, business growth, increase creditworthiness of the company and of trust others to it. The paper aim is to study the dividend policy to those five Romanian Financial Investment Companies in the period 2006-2012, through a series of specific indicators such as: dividend per share, dividend growth rate, dividend distribution rate, dividend yield, earnings per share, price earnings ratio, in order to reflect the performance and the impact of financial crisis on their performance on the financial market. Tracking the dynamics of these indicators allows us to draw conclusions on the position of the companies on the securities market, and their level influences the decision of shareholders to maintain or withdraw of shares, to invest in other more profitable businesses. Dividend yields made every year by Financial Investment Companies justify the high interest from investors for these shares. Currently, these companies offer a very attractive return for investors compared to the average dividend yield of the Stock Exchange. The evolution of the price earnings ratio shows the normal trend of rise of the companies’ shares in the period 2007-2008, after that they have entered the market at highly undervalued levels especially after declining in 2008.

Assessing the financial positions of Ontario's new electricity companies

Energy Technology Data Exchange (ETDEWEB)

Connell, T. (Standard and Poor' s, Toronto, ON (Canada))

1999-01-01

This paper describes the methodology, including the criteria factors, comparable ratings and key credit issues used in assessing the financial positions of Ontario Power Generation Inc., and the Ontario Hydro Services Company. The rating criteria factors include both business factors (such as ownership structure, regulation, service area, operations, management, etc.,) and financial factors (e.g. financial policies and guidelines, recent financial performance, margin analysis, capital structure and borrowing plans, financial projections and sensitivities). Key credit issues include considerations of competitive dynamics, nuclear portfolio performance (for Genco), regulatory changes, cost control, capital spending program, retail business exposure, future financial performance. Comparisons are made with corresponding positions of comparable entities in Australia, Finland, New Zealand, the UK, and the USA. In the case of Ontario Power Generation Inc., the company is assessed to have significant advantages initially, but various uncertainties over the medium term warrant a more cautious view of the credit profile. For the Ontario Hydro Services Company the business risks appear to be low and moderate leverage entails a strong, stable credit profile. The overall assessment of the two companies is that while certain questions such as the workability and credibility of the new industry structure, the problem of stranded debt and questions about the liquidity of market participants remain unsolved, Ontario Power Generation Inc., and the Ontario Hydro Services Company ratings compare favorably with ratings of global industry peers.

The Financial Structure and its Impact on Financial -Economic Results in Cuban Companies

Directory of Open Access Journals (Sweden)

María Esperanza González-del-Foyo

2016-06-01

Full Text Available The financial structure refers to the way a company finances its assets through a combination of equity, debtor hybrid securities. Financial decisions are important in business management, on which heavily rely the viability and rentability of business. Hence the need for managers to know and analyze the financing structure in order to evaluate the impact on its results from the point of view of risk, cost and performance. In the article the main theories of financial structure are based, and the different approaches for its study. Considerations are made on this issue in the Cuban economy, and techniques are applied to evaluate the impact of financing in the form of risk and performance against the company on the “Cecilio Sanchez Valiente” in Santiago de Cuba.

Money matters. Financial world looks at oil companies with Argus eyes

International Nuclear Information System (INIS)

Van Gool, M.

2008-01-01

The financial markets foresee high risks in the energy sector for the big, private oil companies such as ExxonMobil, Shell and BP. It appears that these companies are undervalued, In contrast, financial backers are justifiably positive about companies providing services to the oil sector, such as Schlumberger and Halliburton, and 'utilities', such as Eon and EDF, which still have considerable room for growth, The relatively high valuation of state-controlled oil and gas companies such as Gazprom is somewhat more speculative

Hurdles in tissue engineering/regenerative medicine product commercialization: a pilot survey of governmental funding agencies and the financial industry.

Science.gov (United States)

Bertram, Timothy A; Tentoff, Edward; Johnson, Peter C; Tawil, Bill; Van Dyke, Mark; Hellman, Kiki B

2012-11-01

The Tissue Engineering and Regenerative Medicine International Society of the Americas (TERMIS-AM) Industry Committee conducted a semiquantitative opinion survey in 2010 to delineate potential hurdles to commercialization perceived by the TERMIS constituency groups that participate in the stream of technology commercialization (academia, start-up companies, development-stage companies, and established companies). A significant hurdle identified consistently by each group was access to capital for advancing potential technologies into development pathways leading to commercialization. A follow-on survey was developed by the TERMIS-AM Industry Committee to evaluate the financial industry's perspectives on investing in regenerative medical technologies. The survey, composed of 15 questions, was developed and provided to 37 investment organizations in one of three sectors (governmental, private, and public investors). The survey was anonymous and confidential with sector designation the only identifying feature of each respondent's organization. Approximately 80% of the survey was composed of respondents from the public (n=14) and private (n=15) sectors. Each respondent represents one investment organization with the potential of multiple participants participating to form the organization's response. The remaining organizations represented governmental agencies (n=8). Results from this survey indicate that a high percentage ($2MM into regenerative medical companies at the different stages of a company's life cycle. Investors recognized major hurdles to this emerging industry, including regulatory pathway, clinical translation, and reimbursement of these new products. Investments in regenerative technologies have been cyclical over the past 10-15 years, but investors recognized a 1-5-year investment period before the exit via Merger and Acquisition (M&A). Investors considered musculoskeletal products and their top technology choice with companies in the clinical stage

The Characteristics Of Preferred Strategic Postures By Bulgarian Industrial Companies In The World Financial And Economic Crisis

OpenAIRE

Kiril Dimitrov

2011-01-01

This article presents the results of a survey of Bulgarian industrial organizations with respect to their clashes with the world financial and economic crisis’s effects on local economy. The crisis manifestations under business environment specificity factors and important cultural aspects of dominating managerial behavior in these companies are described and analyzed. The concrete research encompasses two groups of industrial companies, representing two opposite views to crisis – as a threat...

The evolution analysis of listed companies co-holding non-listed financial companies based on two-mode heterogeneous networks

Science.gov (United States)

An, Pengli; Li, Huajiao; Zhou, Jinsheng; Chen, Fan

2017-10-01

Complex network theory is a widely used tool in the empirical research of financial markets. Two-mode and multi-mode networks are new trends and represent new directions in that they can more accurately simulate relationships between entities. In this paper, we use data for Chinese listed companies holding non-listed financial companies over a ten-year period to construct two networks: a two-mode primitive network in which listed companies and non-listed financial companies are considered actors and events, respectively, and a one-mode network that is constructed based on the decreasing-mode method in which listed companies are considered nodes. We analyze the evolution of the listed company co-holding network from several perspectives, including that of the whole network, of information control ability, of implicit relationships, of community division and of small-world characteristics. The results of the analysis indicate that (1) China's developing stock market affects the share-holding condition of listed companies holding non-listed financial companies; (2) the information control ability of co-holding networks is focused on a few listed companies and the implicit relationship of investment preference between listed companies is determined by the co-holding behavior; (3) the community division of the co-holding network is increasingly obvious, as determined by the investment preferences among listed companies; and (4) the small-world characteristics of the co-holding network are increasingly obvious, resulting in reduced communication costs. In this paper, we conduct an evolution analysis and develop an understanding of the factors that influence the listed companies co-holding network. This study will help illuminate research on evolution analysis.

76 FR 64264 - Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies

Science.gov (United States)

2011-10-18

... emerging threats to the stability of the United States financial system.'' In the recent financial crisis... commenters suggested that the Council should assess whether failure of a nonbank financial company would... companies, private equity firms, and hedge funds, these companies may pose risks that are not well-measured...

Financial performances of Romanian wood industry companies

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Fitim DEARI

2015-06-01

Full Text Available The purpose of this study is to analyze financial performances of 40 selected Romanian companies for the 2009-2013 period. The selected companies operate in the wood industry and we have used panel type data to perform a quantitative analysis. We have found that companies with higher total assets, current assets, average inventory and accounts receivables have higher sales. It seems larger companies with higher total and current assets (especially accounts receivable are more profitable than their counterparties. Similarly, larger companies with lower current assets, average inventory and accounts receivable have lower assets turnover. Companies with lower average inventory have higher ROA and assets turnover. Larger companies have more total and current assets, net profit, average inventory and accounts receivable than their counterparties, however they seem to display lower assets turnover and current to total assets ratio. Companies with higher current to total assets ratio have higher assets turnover and ROA.

ANNUAL FINANCIAL STATEMENTS A SOURCE FOR THE FINANCIAL DSECISIONS OF INSOLVENT COMPANIES

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Hada Teodor

2010-12-01

Full Text Available The paper presents the importance of financial statements in determining the insolvency of a company. The first part of the article presents a case study and the main signals of bankruptcy: negative working capital, negative equity capitals, losses, etc. In the end of the paper we detail issues that are not observable and that are related to the actual management of the company.

Methodology of the Integrated Analysis of Company's Financial Status and Its Performance Results

OpenAIRE

Mackevičius, Jonas; Valkauskas, Romualdas

2010-01-01

Information about company's financial status and its performance results is very important for the objective evaluation of company's position in the market and competitive possibilities in the future. Such information is provided in the financial statement. It is important to apply and investigate this information properly. The methodology of company's financial status and performance results integrated analysis is recommended in this article. This methodology consists of these three elements...

A SEQUENTIAL MODEL OF INNOVATION STRATEGY—COMPANY NON-FINANCIAL PERFORMANCE LINKS

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Wakhid Slamet Ciptono

2006-05-01

Full Text Available This study extends the prior research (Zahra and Das 1993 by examining the association between a company’s innovation strategy and its non-financial performance in the upstream and downstream strategic business units (SBUs of oil and gas companies. The sequential model suggests a causal sequence among six dimensions of innovation strategy (leadership orientation, process innovation, product/service innovation, external innovation source, internal innovation source, and investment that may lead to higher company non-financial performance (productivity and operational reliability. The study distributed a questionnaire (by mail, e-mailed web system, and focus group discussion to three levels of managers (top, middle, and first-line of 49 oil and gas companies with 140 SBUs in Indonesia. These qualified samples fell into 47 upstream (supply-chain companies with 132 SBUs, and 2 downstream (demand-chain companies with 8 SBUs. A total of 1,332 individual usable questionnaires were returned thus qualified for analysis, representing an effective response rate of 50.19 percent. The researcher conducts structural equation modeling (SEM and hierarchical multiple regression analysis to assess the goodness-of-fit between the research models and the sample data and to test whether innovation strategy mediates the impact of leadership orientation on company non-financial performance. SEM reveals that the models have met goodness-of-fit criteria, thus the interpretation of the sequential models fits with the data. The results of SEM and hierarchical multiple regression: (1 support the importance of innovation strategy as a determinant of company non-financial performance, (2 suggest that the sequential model is appropriate for examining the relationships between six dimensions of innovation strategy and company non-financial performance, and (3 show that the sequential model provides additional insights into the indirect contribution of the individual

Structure of a Global Network of Financial Companies Based on Transfer Entropy

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Leonidas Sandoval

2014-08-01

Full Text Available This work uses the stocks of the 197 largest companies in the world, in terms of market capitalization, in the financial area, from 2003 to 2012. We study the causal relationships between them using Transfer Entropy, which is calculated using the stocks of those companies and their counterparts lagged by one day. With this, we can assess which companies influence others according to sub-areas of the financial sector, which are banks, diversified financial services, savings and loans, insurance, private equity funds, real estate investment companies, and real estate trust funds. We also analyze the exchange of information between those stocks as seen by Transfer Entropy and the network formed by them based on this measure, verifying that they cluster mainly according to countries of origin, and then by industry and sub-industry. Then we use data on the stocks of companies in the financial sector of some countries that are suffering the most with the current credit crisis, namely Greece, Cyprus, Ireland, Spain, Portugal, and Italy, and assess, also using Transfer Entropy, which companies from the largest 197 are most affected by the stocks of these countries in crisis. The aim is to map a network of influences that may be used in the study of possible contagions originating in those countries in financial crisis.

The art of company financial modelling

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Zoran Lukić

2017-01-01

Full Text Available In corporate finance, the term financial modelling denotes a widely used technique of comprehensive customised quantification of a company’s entire operations. Even though not mathematically strict, such models exhibit descriptive, explanatory and predictive qualities. The paper elaborates on the main steps and principles for building financial models of companies. It also identifies required assumptions and certain statistical properties of well-constructed models. Furthermore, it describes the use of such models for decision support purposes, supplemented by an illustrative example. Finally, it discusses general characteristics and concerns associated with appropriate model construction and use.

HUNGARIAN AND ROMANIAN COMPANIES FINANCIAL AND LIQUIDITY SITUATION IN THE LIGHT OF ECONOMIC CRISIS

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Kinga Emese Zsido

2014-07-01

Full Text Available The behavior of the companies has changed in the last 5-6 years: they became cautious and suspicious about partners and other economic actors. This is a direct consequence of the large number of insolvent and liquidated companies, and other effects of the economic and financial crisis. The impaired financing options, the sharp fall of sales caused difficulties for companies. In general, the financial and liquidity situation of the companies is getting worse, so new financial policies are needed. To make the financial activities efficient, it is indispensable that the policy makers are aware of the real financial and liquidity situation of their own companies. But, in order to conduct successful business relationships, enterprises need to be aware of the financial situation of their partners as well. Intensified trade relations between the EU member states will require these companies to learn more about financial and liquidity situations. This present paper examines two countries, namely, a Hungarian and a Romanian region’s commercial companies financial and liquidity situations of the 2010-2012 periods. The article presents the subject both from theoretical and practical data aspects too. Based on the available e-data reports, the investigation starts with the net working capital’s examination. The working capital management has a crucial role in their financing policies. The size of the net working capital affects the degree of financial policy’s flexibility. The negative net working capital calls the attention for financial problems. The study continues with the calculation of traditional liquidity ratios, which may also reflect the liquidity situation of the companies. It is recommended not to accept the results of these indicators without calculating any other liquidity ratios. These indicators show an actual situation, so they can distort reality (positive or negative. Other indicators and methods are needed to assess the real

Survey research on whether taxes affect decisions of Slovak managers on cross-border financial restructuring operations

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Jana Kubicová

2017-06-01

Full Text Available This paper main question is whether decisions of Slovak companies about cross-border financial restructuring are affected by taxes. Using a questionnaire survey we investigated the opinions of Slovak companies’ managers on the selected tax provisions related to cross-border transactions. The aim was to determine whether taxes represent a major obstacle for cross-border financial restructuring. We have extracted the factors by means of exploratory factor analysis, then we have verified the differences in the identified factors between the companies of different size and level of indebtedness, and by employing logistic regression we have investigated the dependence between performing cross-border restructuring and the identified tax factors. We concluded that Slovak companies perform cross-border restructurings that are currently also tax-motivated. The intended changes of tax provisions that facilitate international tax planning will have adverse impact on motivation to perform cross-border financial restructuring operations by Slovak companies.

Characteristics of companies with a higher risk of financial statement fraud: Five case studies

OpenAIRE

Elda du Toit; Frans N.S. Vermaak

2015-01-01

Various characteristics can be observed in the financials and the behaviour of companies engaging in accounting irregularities. This article explores the usefulness of such characteristics by analysing the financial statements of five companies accused of alleged accounting irregularities. The analysis involves quantitative and qualitative analyses for each of the companies, compared to a relevant control sample. The quantitative study consisted of financial statement analyses. The qualitativ...

Environmental Financial Information: differences in disclosure levels among Brazilian companies

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Janaína da Silva Ferreira

2016-03-01

Full Text Available Issues related to the environment and sustainability have motivated interests of the academic community and organizations. The current model of society is permeated by excessive production and consumption, which is exacerbating man's relationship with nature. It is a fact that, to subsist, society needs the manufacturing of products and delivery of services, but it is also known that manufacturing products and providing services impact the environment. The impact also differs according to the activity that is developed. In Brazil, Law No. 10.165/2000 determines on the National Environmental Policy and ranks companies according to the environmental impact they cause. This research analyzed the voluntary disclosure of environmental financial information in Brazilian companies, classified into sectors with different environmental impacts. Therefore, we investigated the Standardized Financial Statements of the companies that make up the IBRX-50 index, in its portfolio from May to August 2014, in the years 2011, 2012 and 2013. The measure ranked the environmental financial information, distributing the data into seven categories and 30 subcategories. The most evidenced category relates to environmental investments, with 58% of the information disclosed. The highest amount presented was in the category of environmental liabilities and contingencies, with R$259.84 billion. The results show that there is a difference in the disclosure of environmental financial information compared to the amount of sentences disclosed without the number of subcategories evidenced. The nonparametric test and content analysis showed that, in the years analyzed, companies with high environmental impact disclose more environmental financial information.

Effects of the financial crisis on the wealth distribution of Korea's companies

Science.gov (United States)

Lim, Kyuseong; Kim, Soo Yong; Swanson, Todd; Kim, Jooyun

2017-02-01

We investigated the distribution functions of Korea's top-rated companies during two financial crises. A power-law scaling for rank distribution, as well as cumulative probability distribution, was found and observed as a general pattern. Similar distributions can be shown in other studies of wealth and income distributions. In our study, the Pareto exponents designating the distribution differed before and after the crisis. The companies covered in this research are divided into two subgroups during a period when the subprime mortgage crisis occurred. Various industrial sectors of Korea's companies were found to respond differently during the two financial crises, especially the construction sector, financial sectors, and insurance groups.

A financial career in a hospital management company.

Science.gov (United States)

Herr, H T

1980-01-01

Concurrent with the recent development of the hospital financial manager's position has been the emergence of investor-owned multifacility hospital management companies. Many of these companies had their beginnings in the late 1960s. One such company is Hospital Affiliates International, formed in 1967 and now providing management to approximately 150 hospitals. About 50 of these facilities are owned by Hospital Affiliates, and 100 are managed for other, primarily community, nonprofit and governmental organizations. Development of investor-owned management companies has progressed to the extent that as of September 30, 1979 they provided management to approximately 330 hospitals in the United States and in foreign countries.

Analysis of financial soundness of manufacturing companies in Indonesia Stock Exchange

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Widi Hidayat

2016-07-01

Full Text Available This study aims to provide information to the issuer and Bapepam and Indonesian Institute of Accountants with additional important information content of ratings and financial soundness of the indicators that do not harm investors. This is an explanatory and descriptive nature of causality using quantitative methods, using all companies listed on the Indonesia Stock Exchange (ISE taken as the sample. The data were analyzed using discriminant statistical analysis tools are processed with SPSS. The results showed that the level of financial soundness of the manufacturing industries listed on the ISE such as 23 (62% Companies Current Asset Growth (CAG is low as well as Fixed Asset growth (FAG 28 (76% companies is still low, Equity Growth (EqG by 27 (73% the company, Revenue growth (RG 27 (65% companies and Net Income Growth (NIG 35 (95% firms. Two manufacturing companies have a very high NIG, thus, NIG average is very high. The seven models of financial soundness were tested based on the growth of corporate finance such as CAG, FAG, LG, EqG, RG, ExG and NIG. Only one model is not significant, the model RG, while the other model is a significant, with a significant difference be-tween the growths rates of the sound and unsound corporate finances industry groups.

77 FR 35 - Assessment of Fees on Large Bank Holding Companies and Nonbank Financial Companies Supervised by...

Science.gov (United States)

2012-01-03

... will work closely with the Board, to determine the population of assessed companies and the basis for...--Consolidated Balance Sheet) as reported on the bank holding company's four most recent Consolidated Financial... final rule is published and Treasury will work with the companies to verify the total assessable assets...

Audit Committee Quality and Financial Reporting Quality: A Study of Selected Indian Companies

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Kanukuntla Shankaraiah

2017-03-01

Full Text Available This study examines audit committee quality and its relationship with financial reporting quality. The population of this study consists of the companies listed in Bombay Stock Exchange (BSE between years 2002 and 2012. Using Godden sample size formula, 133 companies are selected randomly for the study. It is found that in most of the equity based listed companies at BSE under study have complied with the legal formalities, for instance, appointment of independent directors, number of meetings, size of the audit committee, legal qualifications and financial qualifications of the directors, as they were required for the listing at a stock exchange in India. Further, the analysis and tests state that board size, audit committee meetings and its size have relationship with the financial reporting practices, but the CEO tenure and hold, board independence, net income, proportion of independent directors on board, legal qualifications and financial qualifications of the directors and overlap of audit committee members on compensation committee, have no influence on the financial reporting practices. Thus, it may be inferred that the companies may improve the financial reporting quality, by managing the board size, audit committee meetings and size, as these characteristics have significant relationship with financial reporting quality.

Web communication of CSR and financial performance: Study applied to catalan meat companies

OpenAIRE

Aramayo García, Alejandra; Arimany-Serrat, Nuria; Uribe Salazar, Clara; Sabata Aliberch, Anna

2016-01-01

Purpose: Understanding the relationship between CSR communication on corporate websites and the financial performance of Catalan meat companies. Design/methodology/approach: Qualitative and quantitative analysis of the CSR communication variables of corporate websites identifying the companies with the best CSR web communication’s practices, and economic and financial comparative analysis. It also modelled the financial returns to determine whether CSR communication, as an independent vari...

Satisfying the demand for financial information in public traded companies

DEFF Research Database (Denmark)

Holm, Claus

A public traded company which wishes to comply with IAS standards and stock exchange requirements for full public disclosure of relevant information faces a major communication task. The Investor Relation policy of such a company has to satisfy a demand for financial information which seems...... line focus to the disclosure of cash flow surrogates like EBITA and EBITDA. Overall, the findings suggest a communication strategy intended to satisfy the demand from the professional analysts. However, the shear number of different key figures and financial ratios identified in the study suggest...

ANALYSIS OF FINANCIAL DUE DILIGENCE UNSUCCESSFUL BUSINESS COMPANIES IN SERBIA

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JELENA Toskovic

2015-06-01

Full Text Available In conditions of extreme financial and corporate scandals, in order to achieve a good position in the market and thus maximize profit, modern companies and their top managers must make continual innovation and change, as an adaptation of one of the basic imperatives of modern business. This means that today's modern enterprises are facing numerous challenges, including the need to find a way to survival, growth and development. The global economic crisis that occurred in 2007 passed the downfall of many companies and put into focus the creative application of financial resources in the process of bankruptcy. Each company during its life cycle comes to a situation that is found in some form of crisis, but if it fails to overcome the crisis inevitably is to declare bankruptcy, which is a recognition that the company failed to meet its objectives. The causes of business failure are different, so the task of the financial due diligence to do the recording of enterprises, carefully, systematically and thoroughly investigate, examine and analyze them information company that filed for bankruptcy. The point of introduction of due diligence is in providing input as soon as possible, in order to take advantage of information in the right way and made the right decisions and strategies of the business. So due diligence serves as a tool or vehicle for designing business decisions, which is in the territory of the Republic of Serbia still minimal use. The reorganization process is applied rather than the liquidation process, precisely in order to use all the resources that the company has, and thus protect shareholders, creditors and suppliers. This process is strictly controlled and regularized to avoid possible abuse by management that led the company to bankruptcy. The legislation allows considerable benefits company in the reorganization process, just to fit in a healthy leg, changed unsuccessful business and financial structure of the successful and

77 FR 21637 - Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies

Science.gov (United States)

2012-04-11

... engage in separate, unrelated financial transactions, or that open-end investment companies might not be... company as a source of credit for households, businesses, and State and local governments and as a source of liquidity for the U.S. financial system; (E) The importance of the company as a source of credit...

Methodological Approach to Company Cash Flows Target-Oriented Forecasting Based on Financial Position Analysis

OpenAIRE

Sergey Krylov

2012-01-01

The article treats a new methodological approach to the company cash flows target-oriented forecasting based on its financial position analysis. The approach is featured to be universal and presumes application of the following techniques developed by the author: financial ratio values correction techniques and correcting cash flows techniques. The financial ratio values correction technique assumes to analyze and forecast company financial position while the correcting cash flows technique i...

Identification of the Level of Financial Security of an Insurance Company

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Kozmenko Serhiy M.

2014-02-01

Full Text Available The article is devoted to theoretical and practical aspects of identification of financial security of the insurer. The article justifies urgency of identification of the level of financial security of the insurer and its qualitative assessment. It offers a scientific and methodical approach to identification of the level of financial security of the insurer on the basis of the conducted analysis of advantages and shortcomings of the existing approaches. The basis of the developed methods is a generalised assessment of the level of financial security of the insurer, which is offered to be carried out on the basis of calculation of statistical and dynamic integral indicators of financial security of the insurance company. The obtained integral assessments allow making a conclusion about efficiency of the selected strategy of the insurer and its ability to oppose to negative influence of threats to financial security. Results of calculation of integral indicators of financial security of the insurer allow identification of influence of fraud as the main threat to financial security of domestic insurance companies. The proposed approach was realised in practice of Ukrainian insurers and proved its efficiency.

Web communication of CSR and financial performance: Study applied to catalan meat companies

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Alejandra Aramayo García

2016-02-01

Full Text Available Purpose: Understanding the relationship between CSR communication on corporate websites and the financial performance of Catalan meat companies. Design/methodology/approach: Qualitative and quantitative analysis of the CSR communication variables of corporate websites identifying the companies with the best CSR web communication’s practices, and economic and financial comparative analysis. It also modelled the financial returns to determine whether CSR communication, as an independent variable, affects the net profit generated in relation to the investment of the stakeholders.  The analysis covered a sample of 130 Catalan meat companies. Findings: The report provides a diagnosis of the CSR web communication and also of the financial health of the companies in the period analyzed. The study contributes to the discussion on the relationship between CSR and financial performance. Research limitations/implications: It would be desirable extended periods of economic and financial analysis, and a more in depth study of online communication strategy incorporating the views of those responsible for the strategy and stakeholders. Practical implications: The analysis provides a better understanding of current corporate web communication and the economic and financial situation of the companies analyzed. It has practical benefits in making strategic decisions to improve the relationship with stakeholders and allows us to assess the forecast that has been made for this sector in Catalonia in the period analyzed. Social implications: The results of the study allow the industry to see the future prospects of this sector and to make the necessary changes. The results lead to improved transparency and responsible behavior. Originality/value: The analysis allows the stakeholders of the meat industry to evaluate the company’s social behavior, to assess the financial health and to take appropriate future actions.

Evaluation of Financial Situation of Company DEK TECHNIK, spol. s r.o. and Suggestions for Improvement

OpenAIRE

Kuba, Štěpán

2010-01-01

The objective of this Bachelor thesis is to evaluate financial position of chosen company, trading in engineering. Financial analysis is used as a tool of evaluation resulting from financial statements, mainly the balance sheet, profit and loss statement and cash-flow statement from years in between 2004 and 2008. Based on obtained results is the company's financial situation evaluated and various actions are suggested, meant to be effective in successful future development of a company.

Financial Risk Ratios and Earnings Management: Reducing Uncertainties in Shariah-compliant Companies

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Soheil Kazemian

2018-01-01

Full Text Available This study examines whether Shariah-compliant companies practice earnings management by investigating the relationship among the risk of financial distress, leverage, and free cash flow in discretionary accruals, which function as a substitute for earnings management. This empirical research is conducted on a sample of Malaysian Shariah-compliant companies from all industries in Bursa Malaysia from 2012 to 2014. Results show that Shariah-compliant companies are highly influenced by the risk of financial distress, leverage, and free cash flow. This study argues that working as either Shariah-compliant or non-Shariah-compliant does not affect the level of earnings management through financial distress, high leverage, and free cash flow by managers. Results should be of interest to stakeholders, shareholders, and regulatory bodies (i.e., the Shariah Advisory Council and the Securities Commission that oversee the accountability of corporate financial reporting to prevent earnings management in Shariah-compliant companies. Findings can also aid relevant authorities (i.e., the Shariah Advisory Council and the Security Commission in Malaysia in overcoming or reducing problems related to earnings management. This study is one of the most significant works in Malaysia in terms of sample size and methodology. It argues that the three elements of earnings management (i.e., financial distress, high leverage, and free cash flow influence better disclosure of reported earnings.

THE IMPORTANCE OF FINANCIAL INTERIM REPORTING FOR THE POSITION OF COMPANIES

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Claudia‐Elena\tGRIGORAȘ‐ICHIM

2015-12-01

Full Text Available The importance that each company must grant to the strategic sources of information generates our concern for analysis of the interim financial reporting. In every enterprise, there are doubts on the usefulness of interim financial reports, given the following elements: the necessary time for their preparation (relatively long, their restricted character and the resources necessary to establish them. Finding a common solution to these problems and, implicitly, increasing the interest for interim financial reporting, can help to increase the economic performance of the company, either by reducing the unnecessary costs related to time, or by increasing communication and transparency with third parties. An appropriate management can act early in the direction of counteracting the negative effects in their company or prevention of any commercial or production failures, the overall economic trends in that field and increasing productivity. Starting from these premises, we propose a research in order to capture the main aspects related to the mentioned issues.

Financial frictions and substitution between internal and external funds in publicly traded Brazilian companies

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Márcio Telles Portal

2012-04-01

Full Text Available The present study aimed to document the effects of financial constraints on the negative relationship between cash flow and external funds, a phenomenon associated with the Pecking Order Theory. This theory suggests that companies subject to more expensive external funds (financially constrained firms should demonstrate a stronger negative relationship with cash flow than companies subject to minor financial frictions (financially unconstrained firms. The results indicate that the external funds of constrained firms consistently present less negative sensitivity to cash flow compared with those of unconstrained companies. Additionally, the internal funds of constrained companies demonstrate a positive sensitivity to cash flow, whereas those of unconstrained companies do not show any such significant behavior. These results are in accordance with the findings of Almeida and Campello (2010, who suggest the following: first, because of the endogenous nature of investment decisions in constrained companies, the complementary relationship between internal and external funds prevails over the substitutive effects suggested by the Pecking Order Theory; and second, the negative relationship between cash flow and external funds cannot be interpreted as evidence of costly external funds and therefore does not corroborate the Pecking Order Theory.

The Relationship of CSR and Financial Performance: New Evidence from Indonesian Companies

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Hasan Fauzi

2009-06-01

Full Text Available The research objectives of the study are to investigate whether there are any positive relationships between CFP and CSR under the slack resource theory and to investigate whether there are any positive relationships between CSR and CFP under good management theory by integrating concept of strategic management into the definition of CSR as sustainable corporate performance including economy, social, and environment. To answer the research questions of this study, questionnaire-based survey research design was used. The questionnaires that include items representing variables in this study (corporate social performance, corporate financial performance, business environment, strategy, organization structure, and control system were sent to the respondents who are managers of state-owned companies (BUMN and private-owned companies using post and e-mail services. There is a positive relationship between CFP and CSP under the slack resource theory and under good management theory.

The Impact of Debt Policy on Financial Performance of Romanian Listed Companies

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Nicoleta BARBUTA-MISU

2014-08-01

Full Text Available The purpose of this paper is to study the impact of listed companies’ indebtedness on their financial performance. Theoretical research was relied on the specialty literature concerning the analysis of the capital structure and financial structure of the company based on calculation of the financial structure ratio and financial leverage. This paper focuses on the analysis of debt policy impact on companies’ financial performance using the financial leverage method. The financial leverage method reflects the influence of debt policy on company’s return on equity, as well as the ways it engages loans to finance operating assets so it can get higher return on equity. The main aim of this paper is to investigate and analyze the determinants of leverage effect and financial structure of companies that are operating in Romanian food industry, namely manufacturing of dairy products. The conclusion that emerges in this study is the importance of choosing and establishing funding sources by an enterprise, according to funding costs, in order to obtain the optimal combination between external financing resources and internal funding.

The Financialization of Companies in Italy

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Angelo Salento

2016-09-01

Full Text Available This paper presents an empirical and theoretical analysis of the financialization of companies and the diffusion of shareholder value maximization in Italy. Unlike the anglo-saxon contexts, financial accumulation and short-termism in Italy are not a consequence of institutional investors’ activism: Italian capitalism is still a holigarchic family capitalism, and few blockholders are in control of Italian large firms. Financialization of companies and the orientation to maximize shareholder value in Italy are rather the outcome of isomorphic processes, supported by institutional and legal transformations occurred since 1980s: reforms of finance, company and labour law, the privatization of state firms, the diffusion of finance-oriented accounting rules. The statutory reforms enabled the dominant coalitions within Italian capitalism to operate in a regulatory framework harmonized with a transnational context, largely assimilated to Anglo-Saxon norms, promoting a finance-oriented conception of control and managerial practices.En este trabajo se presenta un análisis empírico y teórico de la financiarización de las empresas y la difusión de la maximización del valor para los accionistas en Italia. A diferencia de los contextos anglosajones, la acumulación financiera y el cortoplacismo en Italia no son una consecuencia del activismo de los inversores institucionales: el capitalismo italiano es todavía un capitalismo familiar holigarchic, y pocos son blockholders en el control de las grandes empresas italianas. La financiarización de las empresas y la orientación para maximizar el valor para los accionistas en Italia son más bien el resultado de los procesos isomórficos, con el apoyo de las transformaciones institucionales y legales ocurrieron desde 1980: las reformas de las finanzas, empresa y derecho laboral, la privatización de empresas estatales, la difusión de finanzas- normas de contabilidad orientados. Las reformas estatutarias

Managerial Opportunism: Monitoring Financial Risk of Malaysian Shariah-compliant Companies

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Aziatul Waznah Ghazali

2018-01-01

Full Text Available Managerial opportunism, such as earnings management, is a rampant, but often discreet, among certain managers. Agency theory and the notion of conflict of interest are used as bases to assume that managers would resolve to engage with inappropriate activities for their personal benefits. Distortion of earnings would erode investor confidence and is detrimental to the capital market. The Islamic capital market with Shariah-compliant firms is expected not to engage in activities that go against the religion code of conduct. The main purpose of this study is to investigate managerial opportunism among Shariah-compliant companies, specifically the relationship between real earnings management and the risk of financial distress, leverage, and free cash flow. This study employs 4,115 data from 694 sample companies for five years (2009–2013. Findings conclude that the risk of financial distress, leverage, and free cash flow have a significant relationship with earnings management among Shariah-compliant companies. This study provides evidence that further improvements on corporate governance are necessary to ensure that Shariah-compliant companies adhere with the Shariah requirement.

Measuring the impact of total quality management on financial performance of croatian companies

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Dubravka Pekanov Starčević

2012-12-01

Full Text Available Changes in the business environment have resulted in increasing the importance of the quality of products and services of a company. Insisting on quality has become a strategic goal of a company and a determiner of competitiveness both in the home and international market. The traditional approach to quality included determination of product quality after production was completed. High costs of testing to determine the quality of products and services concludes that quality assurance must be approached differently. Product controls and tests used until that moment had to be replaced with a more modern, more efficient and more effective approach known as total quality management (TQM. TQM supporters suggest that TQM implementation results in improved product quality, reduced product return, reduced costs of serving unsatisfied customers and other benefits that ultimately lead to improved financial performance of the company. This paper examines the impact of TQM imple- mentation on the financial performance of Croatian companies whose securities are traded within the regulated market. General characteristics of companies were compared in terms of (nonsystematic application of total quality management. Furthermore, the financial performance of the companies that have successfully implemented the method was measured.

Hierarchical level oF managers’ abilities: A Moderator between Quality Management Practices and Company Financial Performance

Directory of Open Access Journals (Sweden)

Wakhid Slamet Ciptono

2007-09-01

Full Text Available This study investigates the moderating impacts of hierarchical level of managers’ abilities on the form and strength of all structural relationships between quality management practices and company financial performance. This study describes the structural relationships among the research constructs —six critical factors of quality management practices (quality improvement program, supervisory leadership, supplier involvement, management commitment, training to improve products/services, cross-functional relationships; the contextual factors of oil and gas companies—world-class performance in operations (world-class company practices, operational excellence practices, company non-financial performance; and company financial performance. It uses a sample of 1,332 managers in 140 strategic business units (SBUs within 49 oil and gas companies operating in Indonesia. The empirical results indicate that the goodness-of-fit of the unconstrained model is much better than that of the constrained model, and this is an indicator that hierarchical level of managers’ abilities moderates all structural relationships among the research constructs. Hence, the hierarchical level of managers’ abilities acts as a moderating variable of the whole model (i.e., among critical factors of quality management practices, world-class company practices, operational excellence practices, company non-financial performance, and company financial performance. It means that the major contribution of the hierarchical level of managers’ abilities is how to make changes in the organizational system. Top level managers’ abilities are deemed the most capable of making significant changes because of their broad sources of power and influence. Conversely, lower level managers’ abilities find it more difficult making significant changes in the system because of bureaucratic control processes that limit their actions —powerlessness or a chronic lack of autonomy

Does Green Investment Increase Financial Performance? Empirical Evidence from Indonesian Companies

Directory of Open Access Journals (Sweden)

Chariri Anis

2018-01-01

Full Text Available The negative effects of globalization and rapid growth of industries on environment have changed the business paradigm from profit issues to profit, people and planet (triple bottom line. Consequently, a number of companies have invested their money in environmental issues (called as green investment. This study aims to investigate the effect of firm characteristics on green investment and how green investment influences financial performance. Using annual reports of companies receiving the Program for Pollution Control, Evaluation and Rating (PROPER award and listed on the Indonesia Stock Exchanges in the year of 2009-2014 as research data, the findings showed that firm size, foreign ownership, industry profile, and frequency of audit committee meeting significantly influenced green investment whereas ISO14001 management certification had no effect on it. Interestingly, green investment positively determined an increase in firm financial performance. This reveals that the better the green investment, the higher the financial performance of the companies. The findings contribute to the importance of adopting green investment as a company's strategy to increase profit without destroying the environment. Secondly, this finding can be used by government as a reference for formulating any regulations concerning business and environment. Finally, the finding contributes to the importance of including environmental issues in business education.

Does Green Investment Increase Financial Performance? Empirical Evidence from Indonesian Companies

Science.gov (United States)

Chariri, Anis; Bukit, Gretta Ratna Sari Br; Eklesia, Octrine Bethary; Christi, Bourinta Uly; Tarigan, Daisy Meirisa

2018-02-01

The negative effects of globalization and rapid growth of industries on environment have changed the business paradigm from profit issues to profit, people and planet (triple bottom line). Consequently, a number of companies have invested their money in environmental issues (called as green investment). This study aims to investigate the effect of firm characteristics on green investment and how green investment influences financial performance. Using annual reports of companies receiving the Program for Pollution Control, Evaluation and Rating (PROPER) award and listed on the Indonesia Stock Exchanges in the year of 2009-2014 as research data, the findings showed that firm size, foreign ownership, industry profile, and frequency of audit committee meeting significantly influenced green investment whereas ISO14001 management certification had no effect on it. Interestingly, green investment positively determined an increase in firm financial performance. This reveals that the better the green investment, the higher the financial performance of the companies. The findings contribute to the importance of adopting green investment as a company's strategy to increase profit without destroying the environment. Secondly, this finding can be used by government as a reference for formulating any regulations concerning business and environment. Finally, the finding contributes to the importance of including environmental issues in business education.

Amortization expenses' influence on financial position of the company

Directory of Open Access Journals (Sweden)

Mijailović Snežana

2016-01-01

Full Text Available Financial strength is a central issue of any business system and is reflected in payment, investing and financing. Depreciation as a form of self-financing aims to create added value company through increase in total revenues and income of a business entity. Since depreciation results from the positive business of the company, it represents its own stable and permanent source or funding available in the most important part of business economics - the process of reproduction. The revaluation of fixed assets, like a derived function of amortization, serves to objectively and more accurately show the property of the company for stakeholders.

ANALYSIS OF COMPANY SIZE, FINANCIAL LEVERAGE, AND PROFITABILITY AND ITS EFFECT TO CSR DISCLOSURE

OpenAIRE

Suskim Riantani; Hafidz Nurzamzam

2015-01-01

This study aims to analyze and recognize the effect of financial performance measured through company size, financial leverage and profitability to Corporate Social Responsibility Disclosure (CSRD). The research was done in Tobacco Company listed in Indonesia Stock Exchange during period of 2007-2011. Descriptive analysis and verification method was used as the research method. The purposive sampling method was used to obtain the sample and there are three cigarette companies as the sample. M...

An assessment of the impact of climate change on the financial performance of South African companies

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M. Moyo

2015-04-01

Full Text Available South African companies face uncertainty about whether they should commit resources to mitigate vulnerabilities and exploit opportunities arising from climate change. There is ambiguity over whether responding to climate change materially affects the financial sustainability of South African companies. The study sought to establish the extent to which responding to climate change impacts financial performance. Secondary analysis of historic data was used to compare the climate-change performance of 70 Johannesburg Stock Exchange listed companies to indicators of their financial performance. The research concluded that there is a positive and statistically significant correlation between climate-change performance and financial performance.

Employer branding through social media platforms in financial consulting companies

OpenAIRE

O' Brien, Krista

2017-01-01

The purpose of this thesis is to analyse the use of social media and its effects on enhancing Employer Branding, as done by 5 case companies in the financial consulting industry. The five case companies have been chosen based on employee size and industry: J.P. Morgan, Deloitte, EY, KPMG, and PwC. Each case company has been matched with a focus country in Northern Europe to better understand the efforts put into local Employer Branding. The social media platforms used for data collection ...

Selection and reliability of financial ratios in an attempt to analyse financial statements. An empirical research of the listed companies at Greek stock exchange in Construction Sector. Dimitrios Tsiolis MA Finance

OpenAIRE

Tsiolis, Dimitrios

2008-01-01

Financial ratio analysis is a widely known financial statements analysis tool and is used to evaluate companies` financial position. Careful selection process in collaboration with other financial statement analysis techniques as well as taking into consideration the financial ratio analysis problems can lead the companies' analysts to a clear determination of their company's financial position.

75 FR 35289 - International Services Surveys: BE-180, Benchmark Survey of Financial Services Transactions...

Science.gov (United States)

2010-06-22

...-AA73 International Services Surveys: BE-180, Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons AGENCY: Bureau of Economic Analysis... Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons...

Cash Flows versus Accounting Earnings in Managing Exchange Rate Exposures: An Empirical Study of Non-Financial Companies

DEFF Research Database (Denmark)

Aabo, Tom

Financial theory argues that companies should manage cash flows and not accounting earnings when they hedge exchange rate exposures. Still, empirical evidence shows that a number of companies choose to manage accounting earnings. This empirical study of Danish, non-financial companies finds (1......) that when hedging the majority of companies expect to add value to their company by avoiding financial distress (reduce down side risk), (2) that when hedging managing cash flows versus managing accounting earnings as a first priority splits the companies in two, (3) a lack of difference (except...... for profitability) in company characteristics between the group of companies that manage cash flows versus the group of companies that manage accounting earnings as a first priority. The decision in real business on whether to manage cash flows or accounting earnings when hedging exchange rate exposures seems...

ANALYSIS OF MARKET TIMING TOWARD LEVERAGE OF NON-FINANCIAL COMPANIES IN INDONESIA

OpenAIRE

Wulandari, Vera Pipin; Setiawan, Kusdhianto

2015-01-01

ABSTRACTThis study aimed to examine the effect of market timing on leverage on non-financial compa-nies in Indonesia. Market timing was tested on the hot and cold market conditions. Hot and cold markets are determined by the monthly market to book ratio. A hot (cold) market occurs when the average market to book ratio of a particular month is above (below) the value of the moving average of the monthly market to book ratio. This study also aimed to test whether non-financial companies in Indo...

5 CFR 5001.102 - Prohibited financial interests in for-hire transportation companies.

Science.gov (United States)

2010-01-01

...-hire transportation companies. 5001.102 Section 5001.102 Administrative Personnel INTERSTATE COMMERCE COMMISSION SUPPLEMENTAL STANDARDS OF ETHICAL CONDUCT FOR EMPLOYEES OF THE INTERSTATE COMMERCE COMMISSION § 5001.102 Prohibited financial interests in for-hire transportation companies. (a) General prohibition...

75 FR 10704 - International Services Surveys: BE-180, Benchmark Survey of Financial Services Transactions...

Science.gov (United States)

2010-03-09

...] RIN 0691-AA73 International Services Surveys: BE-180, Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons AGENCY: Bureau of Economic Analysis... BE-180, Benchmark Survey of Financial Services Transactions between U.S. Financial Services Providers...

Financial Performance of Entry Mode Decisions

DEFF Research Database (Denmark)

Boyd, Britta; Dyhr Ulrich, Anna Marie; Hollensen, Svend

2012-01-01

Based on a survey of 170 Danish SMEs the paper examines influences on entry mode choices and the financial outcome of these decisions. The main research objectives are divided into two steps: Step 1: To determine the factors influencing the choice of foreign entry modes by Danish companies. Step ...... and implications are provided for companies willing to invest more into foreign markets in order to achieve a higher degree of control and better financial results.......Based on a survey of 170 Danish SMEs the paper examines influences on entry mode choices and the financial outcome of these decisions. The main research objectives are divided into two steps: Step 1: To determine the factors influencing the choice of foreign entry modes by Danish companies. Step 2......: To determine the relationship between the choice of entry mode and export performance, measured in terms of financial outcome. Drawing from transaction cost theory the authors develop and test a model where different factors affect the level of control chosen by the parent company. This study contributes...

Characteristics of companies with a higher risk of financial statement fraud: Five case studies

Directory of Open Access Journals (Sweden)

Elda du Toit

2015-04-01

Full Text Available Various characteristics can be observed in the financials and the behaviour of companies engaging in accounting irregularities. This article explores the usefulness of such characteristics by analysing the financial statements of five companies accused of alleged accounting irregularities. The analysis involves quantitative and qualitative analyses for each of the companies, compared to a relevant control sample. The quantitative study consisted of financial statement analyses. The qualitative study involved an analysis of the narrative reports that form part of the published annual report. Nine of the characteristics initially identified were not reliable indicators of accounting irregularities. However, the nine remaining characteristics were positive indicators for the detection of accounting irregularities. Eight additional characteristics, not initially identified, were noted as potential indicators of accounting irregularities.

Using Financial Ratios to Select Companies for Tax Auditing: A Preliminary Study

Science.gov (United States)

Marghescu, Dorina; Kallio, Minna; Back, Barbro

Tax auditing procedures include an investigation of the accounting records of a company and of other sources of information in order to assess whether the taxation has been based on correct and complete information. When there are found discrepancies between the accounting information and the real situation, the taxation should be corrected so that the eventual tax defaults are assessed and debited. The paper analyzes to what extent the financial performance of a company can be used as an indicator of tax defaults. We focus on one type of tax, namely employer's contribution, and four financial ratios. We evaluate the model in a study of Finnish companies by using a binomial logistic regression analysis. The study is exploratory and at a preliminary stage.

Behavioral finance during financial crisis in a banking company

OpenAIRE

Niraula, Saroj

2012-01-01

Panchashil Multi-Purpose Co-Operative Limited, a banking company of Nepal, commissioned this study. After the end of civil war in Nepal, which lasted for ten years, there was a situation of financial crisis. This situation was not brought by any economic changes in the country but be-cause of the bias behaviour of people. The main purpose of this thesis is to use behavioral finance as a tool and suggest the commissioning company a way to overcome the situation caused by an irrational deci...

The Financial Performance of the Companies Approached from the Perspective of Commercial Banks

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Mirela SICHIGEA (GANEA

2015-09-01

Full Text Available Assessment of financial performance of a company aims at highlighting the economic potential and its financial capacity to generate future cash flow. To support the granting of a loan any commercial banking institution goes through several steps of the formal and informal analysis of the applicant. Within the analysis takes into account a system of indicators charactering the last and future performance of the company. The paper presents the steps taken by a commercial bank in the lending process with customizing the system of indicators used by Raiffeisen Bank in characterizing the financial performance of businesses ranging from small and medium enterprises (SMEs.

ANALYSIS OF COMPANY SIZE, FINANCIAL LEVERAGE, AND PROFITABILITY AND ITS EFFECT TO CSR DISCLOSURE

Directory of Open Access Journals (Sweden)

Suskim Riantani

2015-09-01

Full Text Available This study aims to analyze and recognize the effect of financial performance measured through company size, financial leverage and profitability to Corporate Social Responsibility Disclosure (CSRD. The research was done in Tobacco Company listed in Indonesia Stock Exchange during period of 2007-2011. Descriptive analysis and verification method was used as the research method. The purposive sampling method was used to obtain the sample and there are three cigarette companies as the sample. Multiple linear regression and correlation analysis using t test and F test were applied as a technique of analysis. The test of the classical assumption such as the normality, multicollinearity, heteroscedasticity, and autocorrelation applied before the multiple linear regression. The result shows that the company size had positive and significant effect to the CSR disclosure, financial leverage does not show significant effect to the CSR disclosure, profitability does not have significant effect to the CSR disclosure during the investigation.

Sustainability and Financial Performance of Companies in the Energy Sector in Romania

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Dragos Paun

2017-09-01

Full Text Available In the article, we focus on the question of sustainability in the renewable energy sector of Romania. The aim of the current paper is to analyze the financial performance of the companies operating in the field. Our assumption is that the success of the implementation of the energy switch from classic to renewables relies on the businesses operating in this industry. In our article, we have selected the most prominent players in the energy industry, comparing the performance of those that are producing renewable energy to the ones that are producing energy using fossil fuels. Our analysis has shown that, starting with 2013, the companies have encountered financial difficulties, which has led to a halt in investments and the questioning of the sustainability of entering the market. After analyzing the data, we have seen that the investments have been rather opportunistic, based on the commitment of the government to keep the subsidies introduced by the policy, and have not been based on the realistic long-term financial performance of the companies in this area.

TAX IMPLICATIONS OF ADOPTING IFRS FOR STATUTORY FINANCIAL STATEMENT, EMPIRICAL STUDY ON BSE COMPANIES

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Burca Valentin

2013-03-01

Full Text Available The current context of globalization, financial markets mondialisation, internationalization of production and intensification of international trade relations represents references that justify the need for an international project of reducing international accounting differences between the local accounting referential. Recent developments in the area of financial reports improvements interest devotes international accounting convergence solution as the way forward. Regardless of the approach chosen by each country in the process of international accounting convergence, the situation of conflict situation between state vs. accounting profession persists nowadays. This situation has led to the establishment of a dual financial reporting system at the national level, not at all beneficial to the users of financial information. The success of international accounting convergence process is reduced to the level of the consolidated financial statements of listed companies. The next step that needs to be done is also to provide solutions of accounting convergence to the rest of the companies, and also to extend the normalization process for the statutory financial statements too. Positive effects of international accounting referential, confirmed by recent studies, become a solid base for adopting IFRS for statutory financial statements too. The main impediment that needs to be eliminated is to convince the state that this step is appropriate for all players of accounting information market. Considering romanian current situation, where from now IFRS is used to report the statutory financial statements of listed companies too, we try, by an empirical approach at the level of BVB, to look for the impact of such a legislative change. The main objective is to check if the state budget is affected consistently, and also take a look on the economic effects of IFRS adoption gained by companies, especially on evolution of rate-of-equity and short

Different ways to organize the processes of financial administration : a field study of medium-sized Finnish companies

OpenAIRE

Nummela, Maria

2011-01-01

This research concentrates on exploring the ways how financial administration is currently organized in medium-sized companies in Finland. Decentralization, centralization and outsourcing are options that are available to different-sized companies. The study was executed as a field study in seven medium-sized Finnish companies that represent different branches. Furthermore, the research method was qualitative theme interview. As large companies have already established their financial service...

Financial Reporting on the Internet. An Examination Across Industries and Company Size

DEFF Research Database (Denmark)

Holm, Claus

In the later years an increasing number of listed companies have engaged in distributing voluntary financial information through the Internet. The corporate websites provide shareholders, professional analysts, journalists and other interested parties an access to financial information relating...... confirms that investors and other Internet-surfers have access to more than half the listed companies through the Internet, i.e. 55,8%. As noted in previous studies, belonging to the group of most traded companies usually sets a standard for reporting. However, the reporting behavior among the less traded...... undue advantages for individual investors. The opportunity for giving access to continuous updated information is available and often a highly promoted feature of the Internet-technology. However, in light of existing accounting regulations, the existing reporting behavior through the Internet seems...

75 FR 3251 - JP Morgan Chase and Company; JP Morgan Investment Banking, Global Corporate Financial Operations...

Science.gov (United States)

2010-01-20

... Company; JP Morgan Investment Banking, Global Corporate Financial Operations, New York, NY; Notice of... Company, JP Morgan Investment Banking, Global Corporate Financial Operations, New York, New York. The... support operations to/from a foreign country. The subject firm did not import services like or directly...

Relationship between CEO remuneration and company financial performance in the South African retail and consumer goods sector

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Mark Bussin

2015-04-01

Full Text Available Purpose: This study was motivated by the need to better understand the effects of the global financial crisis in 2008 on the relationship between company financial performance and CEO guaranteed cost to company (CTC. The aim of this study was to understand the relationship between company financial performance using DuPont analysis and CEO guaranteed CTC in the South African retail and consumer goods sector. Design: The research was a quantitative, archival study of companies listed on the Johannesburg Stock Exchange (JSE, measured over a period of six years (2006–2011. The statistical analysis included regression and correlation analysis. Findings: The research found that CEO guaranteed CTC has shown no sensitivity towards company financial performance in terms of DuPont analysis over the six-year period, which included the global financial crises in 2008. Furthermore, a negative relationship existed between the return on equity and the guaranteed CTC of CEOs in the retail and consumer goods sector during this period. Practical implications: The findings suggest that there is misalignment between company strategy and performance and the guaranteed CTC of CEOs. A practical implication would be to have independent and competent remuneration committees ensuring alignment of the interests of a company with those of its leaders in this regard.

EFFECTS OF MERGERS AND ACQUISITIONS ON FINANCIAL PERFORMANCE OF THE TARGET COMPANY

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ADRIANA DUŢESCU

2013-05-01

Full Text Available Many studies revealed the fact that mergers and acquisitions are a risky business. Disregarding the M&A advisers’ fees, evaluations show that most of the companies completing M&A transactions disappoint to deliver on promised financial performance. But, as many would say, it is an investment and the highest risks produce the highest results - whether they're good or bad. Within this paper, we were intending to analyse the rate of success of relevant M&A transactions that took place in 2007 in Romania, by comparing the financial statements of the target companies before and after the acquisition, in the current economic context. The main objective of this study is to generally determine the successfulness of the M&A transactions, starting from assessing changes induced by the M&A transaction to the target company, with the help of three important financial ratios: profit margin, ROE and receivable collection period. Even though the study may present some bias, we have tried to be as objective as possible and not influence its outcome: that 80% of 10 most important private Mergers and Acquisitions taking place in Romania in 2007 and that meet several conditions: o The target is part of the consumer goods and services market (mainly trade and tourism and is an important player in its industry o The target is a Romanian private company, and its shares are not listed on the stock exchange o The acquirer is majority shareholder after the transaction The target company remained as a sole entity and was not integrated into the mother company after the transaction were not successful.

Financial Performance Analysis of BIST Tourism Companies with TOPSIS for 2011-2015 Period

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Mahmut ERDOĞAN

2018-01-01

Full Text Available The main aim of this paper is to investigate of financial performance of 13 tourism firms quoted on BIST with TOPSIS method by exploitation of financial ratios for the 2011-2015 period. Basically, to determine financial power of the tourism firms financial ratios have measured and then general corporate performance scores estimated by TOPSIS method. Algorithm of the TOPSIS method is repeated and ranking orders of firms are calculated for each year. However, companies’ yearly performances are outlined and an average ranking is stated for 6 years. Lastly, tourism corporations have ranked with these scores. The result of this paper shows that financial performance of tourism companies point instability out during the all period. According to the results of analysis Net Turizm, Tekart Turizm, and Marmaris Altinyunus have the best performance in 2011 respectively, but Metemtur has the worst. On the other hand, surprisingly, Metemtur has the best financial efficiency and Martı Otel has the worst performance in 2015. However, Net Turizm and Marmaris Altinyunus have been continuing their financial stability and Metemtur is very volatile company in given term.

PREDICTIVE ANALYSIS SOFTWARE FOR MODELING THE ALTMAN Z-SCORE FINANCIAL DISTRESS STATUS OF COMPANIES

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ILIE RĂSCOLEAN

2012-10-01

Full Text Available Literature shows some bankruptcy methods for determining the financial distress status of companies and based on this information we chosen Altman statistical model because it has been used a lot in the past and like that it has become a benchmark for other methods. Based on this financial analysis flowchart, programming software was developed that allows the calculation and determination of the bankruptcy probability for a certain rate of failure Z-score, corresponding to a given interval that is equal to the ratio of the number of bankrupt companies and the total number of companies (bankrupt and healthy interval.

Influence of Rules for Computing Corporate Income Tax on the Accuracy of Financial Statements of Lithuanian Companies

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Cernius Gintaras

2016-03-01

Full Text Available Companies in Lithuania have to follow Business Accounting Standards (BAS when preparing their financial statements. Recording financial transactions according to BAS ensures that the information a company shares with potential lenders and investors gives a true and fair view of its business situation. However, the tax law prescribes its own set of accounting rules, which can result in a difference between what a business shows in financial statements and what it reports on its tax returns. This paper examines whether Lithuanian companies predominantly use tax accounting principles that migrate into their financial statements to create an inaccurate picture of business performance. The method of experts’ evaluation was chosen for that purpose. The results indicate that Lithuanian companies tend to heavily rely on accounting principles prescribed in corporate income tax law thus distorting information contained in financial statements. The paper contributes to the scarce literature on this issue of high relevance to both academics and practitioners.

DEVELOPMENT AND COMPETITIVENESS BETWEEN FINANCIAL INVESTMENTS SERVICES COMPANIES (1995-2016

Directory of Open Access Journals (Sweden)

Ioana Ancuţa IANCU

2017-12-01

Full Text Available In the literature there are studies that deal with intermediaries in banking services (especially, mutual funds and pensions, insurance, real estate, etc. Most of them focus on subjects like investor behaviour, ethical issues and market manipulation. In this paper we intend to observe the stages in the evolution of the Financial Investment Services Companies (SSIF between 1995-2016 in relation with the number of transactions, the volume of traded shares, the number of issuing companies as well as the economic and political situation of our country. Moreover, our study shows that the number of SSIF's is little affected by economic crises or declines and is rather influenced by the annual net incomes of the population. Basically, SSIF’s are in constant competition with the rest of the financial institutions, banks being a good example.

THE IMPACT OF FINANCIAL OPERATIONS OF UTILITY COMPANIES ON THE FINANCIAL POSITION OF THE CITY

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Milan Stanić

2015-12-01

Full Text Available In this paper, the main topic will be the financing of utility companies and the financial impact on the budget of the local business units. A special emphasis will be placed on the financing of utility companies in Slavonski Brod. The paper defines each area of utility services and presents the utilities as services of public interest as well their privatization in general. The paper reports on the financing of these services and on the European Union regulations and directives concerning them. In addition, the paper includes an overview of the sources of funding of utility companies and loan opportunities. Guarantees and subsidies are included as financing measures of the activities of communal companies. The practical part presents an interview with key individuals of the city of Slavonski Brod with regard to the impact of the budget on the financing of utility services of the utility company in this city – “Komunalac Ltd.”.

The Discriminant Analysis: an Exploratory Study Concerning the Degree of Financial Autonomy of Companies in the Context of the Romanian Business Environment

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Marinela Mironiuc

2010-12-01

Full Text Available This study aims at analyzing the evolution of financial autonomy on a sample of 80 companies quoted in the Bucharest Stock Exchange, between 2006-2008. Classically, financial autonomy is measured using the global and day-to-day rates of financial autonomy. However, this study has tested the dependency between the global rate of financial autonomy (Own Capital/ Total debts and a series of economic and financial indicators, with the purpose of obtaining both a score function that would help making a classification of the companies subject to our analysis, in performance groups (companies with a high financial autonomy, companies with a medium financial autonomy, companies with a low financial autonomy, and companies with no financial autonomy, and quantifying the influence of the relative variations of these economic and financial indicators on the relative variation of financial autonomy. In order to calculate the results, the statistic instrument SPSS 15.0 was used, and the work method was the discriminant analysis and the regression and multiple correlation analysis.

Profitability of companies that use Balanced Scorecard (BSC versus companies that use only financial performance indicators Rentabilidade de empresas que utilizam o Balanced Scorecard (BSC versus empresas que utilizam somente indicadores de desempenho financeiros

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Irani Rocha

2012-10-01

Full Text Available This study aims to verify whether there is impact difference on the profitability of companies that use financial and nonfinancial performance indicators, as proposed in the Balanced Scorecard (BSC, and companies that use only financial performance indicators. The survey includes companies listed in the magazines Valor 1000 and Exame Maiores e Melhores and, as for the sample, publicly traded companies listed in both publications, representing 169 companies. In the survey conducted to determine whether or not the company uses BSC, out of the 169 companies contacted, 65 responded and 104 did not answer the questioning. Out of the 65 respondents, 19 use BSC and 46 don´t. The indexes were extracted from the financial statements and the non-financial administration reports and explanatory notes. Three financial indicators were selected and, for the non-financial perspectives, for enterprises using BSC, through content analysis, indicators that characterize the customer perspectives were identified, as well as internal learning and growth processes. For the analysis of company results before and after the implementation of BSC, hypotheses were developed for the indicators that showed a more expressive correlation coefficient. The one-tailed test indicated a high correlation in the indicators of learning and growth perspective and a lower one from the costumer perspectives and internal processes. Although the evidences are not abundant, it was concluded that there is a difference in the profitability of enterprises that use financial and nonfinancial performance indicators compared to the ones using just the indicators of financial performance.O estudo objetiva verificar se há diferença de impacto na rentabilidade de empresas que utilizam indicadores de desempenho financeiros e não financeiros conforme proposto no Balanced Scorecard (BSC e de empresas que somente utilizam indicadores de desempenho financeiros. A população da pesquisa compreende

Empirical Study on the Financial Reporting of Intangible Assets by Romanian Companies

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Cristina-Ionela FĂDUR

2011-08-01

Full Text Available The purpose of this paper is to identify to what extent Romanian companies quoted in the Bucharest Stock Exchange present information concerning intangible assets (IA, what the structure of the assets of the analyzed companies is, and what the difference between the accounting value of companies, computed through the net accounting asset, and their market value is, determined as the product between the number of shares and the average quotation price.We have analyzed the annual financial statements corresponding to the fiscal year closed on 31.12.2010 and the annual reports drawn according to the regulation of the National Commission for Mobile Values no. 1/2006 concerning the issuers and mobile operations for 23 companies quoted in the Bucharest Stock Exchange. In the data collection stage, we have resorted to mediated data collection techniques from the annual financial statements and from the management reports, and in the processing and analysis stage we used the empirical comparative analysis in order to identify the resemblances and differences between the information published by companies in various activity fields and the quantitative analysis. The data have been processed using the SPSS software.

The Role Of Business Valuation For The Financial Management Of Industrial Companies

OpenAIRE

Donka, Andreeva

2013-01-01

The approaches and methods for business valuation of industrial companies, related in a specific way in a methodology, are the focus of this article. These approaches and methods are increasingly attracting attention, especially the attention of financial management, due to the constant need for specifying the value of the industrial company and of its business respectively, currently, as well as in the future. The methods for business valuation of the industrial business company are illustra...

Financial recognition of material misstatement risks of listed companies on GEM

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Jie Ming

2017-11-01

Full Text Available Listed companies on GEM are characterized by strong innovation, great growth ability, high risks and high yields. Starting from these characteristics, this paper carries out analysis by using the financial indicators that are effective to recognize the material misstatement risks and easy to be acquired, and combines with the sample data with high material misstatement risks on GEM in 2012 to 2014 to test the significance of spss difference, and finds that the material misstatement company and the normal company have significant difference in the profitability, solvency, growth ability and cash flow.

17 CFR 250.26 - Financial statement and recordkeeping requirements for registered holding companies and...

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Financial statement and..., PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 Forms, Procedure and Accounts § 250.26 Financial statement and... to form and content of financial statements; and (2) Shall make and keep current accounts, books and...

THE IMAGE OF INVESTMENT AND FINANCIAL SERVICES COMPANIES IN WWW LANDSCAPE (WORLD WIDE WEB

Directory of Open Access Journals (Sweden)

Iancu Ioana Ancuta

2011-07-01

Full Text Available In a world where the internet and its image are becoming more and more important, this study is about the importance of Investment and Financial Services Companies web sites. Market competition, creates the need of studies, focused on assessing and analyzing the websites of companies who are active in this sector. Our study wants to respond at several questions related to Romanian Investment and Financial Services Companies web sites through four dimensions: content, layout, handling and interactivity. Which web sites are best and from what point of view? Where should financial services companies direct their investments to differentiate themselves and their sites? In fact we want to rank the 58 Investment and Financial Services Companies web sites based on 127 criteria. There are numerous methods for evaluating web pages. The evaluation methods are similar from the structural point of view and the most popular are: Serqual, Sitequal, Webqual / Equal EtailQ, Ewam, e-Serqual, WebQEM (Badulescu, 2008:58. In the paper: "Assessment of Romanian Banks E-Image: A Marketing Perspective" (Catana, Catana and Constantinescu, 2006: 4 the authors point out that there are at least four complex variables: accessibility, functionality, performance and usability. Each of these can be decomposed into simple ones. We used the same method, and we examined from the utility point of view, 58 web sites of Investment and Financial Services Companies based on 127 criteria following a procedure developed by Institut fur ProfNet Internet Marketing, Munster (Germany. The data collection period was 1-30 September 2010. The results show that there are very large differences between corporate sites; their creators are concentrating on the information required by law and aesthetics, neglecting other aspects as communication and online service. In the future we want to extend this study at international level, by applying the same methods of research in 5 countries from

Financial Reporting on the Internet and the Practice of Croatian Joint Stock Companies Quotes on the Stock Exchanges

Directory of Open Access Journals (Sweden)

Ivica Pervan

2005-06-01

Full Text Available In the last ten years, the Internet and applications of it have been increasingly widely employed in modern business operations. In developed countries, the Internet is used with increasing frequency for financial reporting. And accordingly a large amount of academic research has been done into the area. Since no such research has yet been carried out in Croatia, it is a research area that is undoubtedly of interest. This investigation was carried out on a basic sample of 38 joint stock companies quoted on Croatian bourses, the shares of all of them being actively traded. The results showed that twenty of the companies made use of Internet financial reporting and eighteen had no such practice. Companies that use Internet financial reporting on the whole publish the annual reports together with the reports of their auditors. In addition, most of the companies use the PDF format for the reports that they publish. Empirical data show that the firms that use Internet financial reporting are on the whole larger and more profitable, and that their shares are more active on the bourses than the shares of companies that have no such reporting practice. Also established was a statistically significant propensity among financial institutions to use Internet reporting. Joint stock companies in the tourist sector were shown not to have a propensity for Internet financial reporting. Bearing in mind the expected growth of GDP, the growth of the capital market, with the constant growth in the number of Internet users, investment in financial reporting on the Internet could be a useful decision for joint stock companies that wish to enhance the transparency of their operations.

Reforming the Financial Assistance Provision in the Second Company Law Directive: A Danish Perspective

DEFF Research Database (Denmark)

Sørensen, Karsten Engsig; Hansen, Søren Friis

2003-01-01

Based on the many Danish cases on the prohibition against companies advances funds to allow a third party to acquire shares in the company (financial assistance), it is debated if there is a need to reform Article 23 of the Second Company Law Directive, and how this reform should look....

THE STAKEHOLDERS ABILITY TO INFLUENCE THE RELATIONSHIP BETWEEN COMPANIES FINANCIAL PERFORMANCE (CFP AND CORPORATE SOCIAL RESPONSIBILITY (CSR

Directory of Open Access Journals (Sweden)

LILIANA NICOLETA SIMIONESCU

2015-03-01

Full Text Available Many scholars, academicians and practitioners have intensively examined corporate social responsibility (CSR and corporate financial performance (CFP in the literature on CSR along the years. Mainstream of these studies suggested a positive relationship or negative, neutral as few others found and/or curvilinear relationships. Hence, this paper develops an understanding for a mediator instrument as regards the relationship between corporate social responsibility and corporate financial performance. The present paper proposes to provide a theoretical framework, which explains how and why, companies through their socially responsible activities leads to a certain company performance by promoting a potential mediator respectively stakeholder ability to influence (SIC. Companies with socially responsible activities accumulate satisfactory SAI stock enjoying an enhanced financial performance. As more the companies invest in CSR activities, the greater SAI stock became. Based on the literature reviewed, the present paper enriches the literature on CSR by proposing three variables that can be used to employ the framework at a company level. The variables are corporate social responsibility (CSR, stakeholder ability to influence (SAI and corporate financial performance (CFP.

Financial Leverage Behaviour and Firm Performance: Evidence from Publicly Quoted Companies in Nigeria

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Godsday Okoro Edesiri

2014-08-01

Full Text Available This paper scrutinizes financial leverage behaviour and firm performance of publicly quoted companies in Nigeria. Data of Leverage, Profitability and Firm Size were sourced from the Nigerian Stock Exchange Fact-book and Annual Report and Accounts of 120 publicly quoted companies in Nigeria during the period 1990 through 2013. Findings suggest that profitability and firm size had a negative effect on financial leverage behaviour of publicly quoted companies in Nigeria. Thus, it was recommended that firms should carry out projects that would help enhance size and profitability in all aspect of the firm. Size in terms of assets would help increase the internal funding. This in turn will have a positive impact on the financial structure of firm as more of internally generated funds will be used instead of external borrowings. Firms should not assume that making of profit shows good application of leverage as this was not found to be true from the analysis. This implies that the result can be relied upon for policy direction.

78 FR 44191 - Proposed Collection of Information: Annual Financial Statement of Surety Companies-Schedule F

Science.gov (United States)

2013-07-23

... Bureau of the Fiscal Service solicits comments concerning the Form FMS-6314 ``Annual Financial Statement... described below: Title: Annual Financial Statement of Surety Companies--Schedule F. OMB Number: 1510-0012... DEPARTMENT OF THE TREASURY Fiscal Service Proposed Collection of Information: Annual Financial...

The model of fraud detection in financial statements by means of financial ratios

OpenAIRE

Kanapickienė, Rasa; Grundienė, Živilė

2015-01-01

Analysis of financial ratios is one of those simple methods to identify frauds. Theoretical survey revealed that, in scientific literature, financial ratios are analysed in order to designate which ratios of the financial statements are the most sensitive in relation with the motifs of executive managers and employees of companies to commit frauds. Empirical study included the analysis of the following: 1) 40 sets of fraudulent financial statements and 2) 125 sets of non-fraudulent financ...

Levels of Management Commitment: A Moderator the Structural Relationships among Critical Success Factors of TQM, World-Class Performance in Operations, and Company Financial Performance

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Wakhid Slamet Ciptono

2012-01-01

Full Text Available This study investigates the moderating impacts of the three levels of management commitment (top, middle, and low levels on the structural relationships among the constructs— six critical success factors of TQM (quality improvement program, supervisory leadership, supplier involvement, management commitment, training to improve products/services, cross-functional relationships; world-class performance in operations (world-class company practices, operational excellence practices, company non-financial performance; and company financial performance. It uses a sample of 1,332 managers in 140 strategic business units (SBUs within 49 oil and gas companies in Indonesia. The empirical results indicate that the goodness-of-fit of the unconstrained model is much better than that of the constrained model, and this is an indicative that the three level of management moderates the structural relationships among the constructs. Those are, three levels of management act as a moderator variable between critical success factors of TQM, world-class company practices, operational excellence practices, company non-financial performance, and company financial performance. Results further reveal that world-class performances in operations (world-class company practices, operational excellence practices, and company non-financial performance were positively mediated the impact of critical success factors of TQM on company financial performance. Results also point out that five of six critical success factors of TQM positively associated with world-class company practices and operational excellence practices under the three levels of management (top, middle, low. World-class company practices and operational excellence practices have direct and significant effects on company non-financial performance (productivity, operational reliability. Furthermore, empirical results suggest that there is a positive and significant relationship between company non-financial

78 FR 64911 - 2013 Company Organization Survey

Science.gov (United States)

2013-10-30

... Organization Survey AGENCY: Bureau of the Census, Commerce. ACTION: Notice of Determination. SUMMARY: The Bureau of the Census (Census Bureau) is conducting the 2013 Company Organization Survey. The survey's... organizations included in the survey, and additional copies are available upon written request to the Director...

FINANCIAL PERFORMANCE ANALYSIS BASED ON THE FINANCIAL STATEMENTS FOR THE COMPANIES LOCATED IN THE BIHOR - HAJDU BIHAR EUROREGION

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Droj Laurentiu

2012-12-01

Full Text Available This paper will be later used within the Doctoral thesis: “The Mechanism of Financing Investment Projects by Usage of European Structural Funds”, which is currently under development at the University Babeș Bolyai Cluj Napoca, Faculty of Economics and Business Management, under the coordination of the prof. univ. dr. Ioan Trenca. This paper comes also as a result of the European Funded project PERINPRO “Cross-Border Research Programme - Performance Indicators of the Economic Entities from Bihor-Hajdu Bihar Euroregion”. The goal of the project was to identify of a set of common indicators that characterizes companies in the Bihor-Hajdu Bihar Euroregion and which will be used to analyze the financial health of the economic entities in the Euroregion of Hajdu-Bihar- Bihor. The first chapter of the paper will introduce the research and also will present the literature review and the methodological framework: by establishing a common set of indicators for the financial analysis of the companies located in the Bihor-Hajdu Bihar Euroregion. Seven of these indicators considered to be highly important will also briefly described and defined. Some of these indicators are used for the first time in a trans-national analysis over companies located in the Romanian-Hungarian cross border area. In the second chapter the research will be focused over establishing a common ground for usage of the financial reporting documents as basis for the analysis. Several characteristics which differentiate the financial reporting documents from Romania and Hungary will be identified and measures for correction of the values of the indicators will be proposed. This comparative study can be considered an innovation, as well, in the cross-border area since in the past no other studies of this types were performed between Romania and Hungary. The third chapter will be focused over the application of seven identified common indicators to companies based

Financial recognition of material misstatement risks of listed companies on GEM

OpenAIRE

Jie Ming; Yicong Jiang

2017-01-01

Listed companies on GEM are characterized by strong innovation, great growth ability, high risks and high yields. Starting from these characteristics, this paper carries out analysis by using the financial indicators that are effective to recognize the material misstatement risks and easy to be acquired, and combines with the sample data with high material misstatement risks on GEM in 2012 to 2014 to test the significance of spss difference, and finds that the material misstatement company an...

The demand for corporate financial reporting: A survey among financial analysts

NARCIS (Netherlands)

A. de Jong (Abe); G.M.H. Mertens (Gerard); A.M. van der Poel (Marieke); R. van Dijk (Ronald)

2010-01-01

textabstractAbstract: We examine financial analysts’ views on corporate financial reporting issues by means of a survey among 306 analysts and interviews among 21 analysts and compare their views with that of CFOs. Since CFOs believe that meeting or beating analysts’ forecasts and managing

75 FR 71417 - 2010 Company Organization Survey

Science.gov (United States)

2010-11-23

... Organization Survey AGENCY: Bureau of the Census, Commerce. ACTION: Notice of determination. SUMMARY: The Bureau of the Census (Census Bureau) is conducting the 2010 Company Organization Survey. The survey's... organizations included in the survey, and additional copies are available on written request to the Director, U...

76 FR 62759 - 2011 Company Organization Survey

Science.gov (United States)

2011-10-11

... Organization Survey AGENCY: Bureau of the Census, Commerce. ACTION: Notice of determination. SUMMARY: The Bureau of the Census (Census Bureau) is conducting the 2011 Company Organization Survey. The survey's... organizations included in the survey, and additional copies are available by written request to the Director, U...

Macroeconomics with Financial Frictions: A Survey

OpenAIRE

Markus K. Brunnermeier; Thomas M. Eisenbach; Yuliy Sannikov

2012-01-01

This article surveys the macroeconomic implications of financial frictions. Financial frictions lead to persistence and when combined with illiquidity to non-linear amplification effects. Risk is endogenous and liquidity spirals cause financial instability. Increasing margins further restrict leverage and exacerbate downturns. A demand for liquid assets and a role for money emerges. The market outcome is generically not even constrained efficient and the issuance of government debt can lead t...

Considerations related to the Analysis of the Financial Balance of the Trading Company Interlink Group SRL

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Anton C.

2009-12-01

Full Text Available The analysis of the financial balance in the company’s activity implies the amortization of the resources with the needs, reflected as the functional balance sheet. The information transmitted by means of the accounting balance sheet as a synthesis document, is processed and grouped so that the view on the company appears from the functional point of view and the functional presentation of the balance sheet highlights financial, structural aspects that best respond to the requirements of the company managers. According to the functional point of view, the company is the economic entity whose essential objective is the production of goods and services, its activity implying the exertion of the production, trade, investments and financing functions. The paper aims at establishing a financial diagnosis allowing the appreciation of the conditions in which financial balance is made for the continuity of INTERLINK GROUP SRL company’s activity and attaining the proposed intend.

Environmental issues and financial reporting trends: A survey in the chemical and oil & gas industries

OpenAIRE

Salomone, Roberta; Galluccio, Giulia

2001-01-01

As environmental performance is increasingly seen to have an influence over financial performance and financial risk assessment, disclosure of environmental issues in the Annual Reports is a fundamental requirement for a company in order to satisfy the information needs of its stakeholders. Given this pressure there is a definite trend among leading companies to report their environmental performances within the financial statements, but the way companies disclose environmental-related inform...

The protection of financial services users: The case of insurance companies and investment funds

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Njegomir Vladimir

2012-01-01

Full Text Available The users of financial services generally do not have the required expertise that they need to process the available financial information when they make financial and investment decisions, and as such they represent a sensitive category of financial market participants, which may intentionally or unintentionally be exposed to manipulation. If the beneficiaries do not have relevant and accurate information, the relationship between the provider and the service user is characterized with information asymmetry, and because of these reasons adequate regulatory instruments are necessary in order to protect the interests of financial services users. In the financial services sector, the development of a long-term successful relationship between providers and users of services should be based on mutual trust and users' feel that they have received a value for the price paid. The aim of the paper is to highlight the modern ways of improving the protection of the interests of consumers of financial services provided by insurance companies and investment funds. The paper analyses the reasons for protection of consumers of financial services, specifics of insurance as financial service, the importance of trust as a key factor for the attraction of service users and the basic principles of operation of investment funds in the developed and the domestic financial market are compared. The particular attention is given to insurance companies and investment funds in terms of regulatory and other mechanisms of governments that are related to the protection of insureds and investment funds investors.

78 FR 66661 - Restrictions on Sales of Assets of a Covered Financial Company by the Federal Deposit Insurance...

Science.gov (United States)

2013-11-06

... bridge financial company's corporate governance structure. Sales conducted in the ordinary course of... have, or may have, contributed to the failure of a ``covered financial company'' cannot buy a covered... as receiver and in its corporate capacity. The FDIC may, in its corporate capacity, purchase a...

Analysis of Financial Ratio to Distinguish Indonesia Joint Venture General Insurance Company Performance using Discriminant Analysis

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Subiakto Soekarno

2012-01-01

Full Text Available Insurance industry stands as a service business that plays a significant role in Indonesiaeconomical condition. The development of insurance industry in Indonesia, both of generalinsurance and life insurance, has increased very fast. The general insurance industry itselfdivided into two major players which are local private company and Joint Venture Company.Lately, the use of statistical techniques and financial ratios models to asses financial institutionsuch as insurance company have been used as one of the appropriate combination inpredicting the performance of an industry. This research aims to distinguish between JointVenture General Insurance Companies that have a good performance and those who are lessperforming well using Discriminant Analysis. Further, the findings led that DiscriminantAnalysis is able to distinguish Joint Venture General Insurance Companies that have a goodperformance and those who are not performing well. There are also six ratios which are RBC,Technical Reserve to Investment Ratio, Debt Ratio, Return on Equity, Loss Ratio, and ExpenseRatio that stand as the most influential ratios to distinguish the performance of joint venturegeneral insurance companies. In addition, the result suggest business people to be concernedtoward those six ratios, to increase their companies’ performance.Key words: general insurance, financial ratio, discriminant analysis

Communications officers and the C-suite: a study of Financial Times Global 500 companies

NARCIS (Netherlands)

Verhoeven, P.

2014-01-01

A content analysis of the websites or annual reports of the 2012 Financial Times Global 500 companies was performed to examine the position of communications officers (COs) on their executive boards. Almost one quarter of the companies examined had a CO on the executive board. Their distribution

Users’ Information Requirements and Narrative Reporting: The Case of Iranian Companies

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Bikram Chatterjee

2010-06-01

Full Text Available This paper investigates whether the narrative section of Iranian companies’ annual reports satisfies theinformation requirements of financial analysts employed by institutional investors. Taking a group ofstakeholders (i.e. financial analysts as the sample, a questionnaire survey was conducted to identify their topthree information needs from the narrative sections of company annual reports in each of three informationcategories: Present, Analytical and Prospective. Following this survey, a checklist was prepared to analysewhether Iranian companies are disclosing this information required by financial analysts. Overall, the resultspartially support stakeholder theory as there is a general lack of information flow on the part of Iranian listedcompanies in meeting their stakeholders’ information needs.

An investigation of corporate governance from a new perspective: Examining the financial performance of companies and the impact of executive turnover

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Tariq Tawfeeq Yousif Alabdullah

2016-01-01

Full Text Available The aim of this paper is to investigate the mechanisms of corporate governance in companies and to delineate their effect from the perspective of two variables: the financial performance of firms; and an examination of executive turnover. An analysis on theoretical grounds of these two variables is made with respect to non-financial companies specifically in the context of the country of Jordan. Also in the context of this study, a company represents a firm. A sample comprising 109 companies from the non-financial sector for the fiscal year 2011 was selected and analyzed. A cross sectional study tested all hypotheses of the study and used statistical software, SPSS 20, to analyze the data. The study has examined the structure of the board of directors and its effects on the financial performance (financial leverage of the non-financial Jordanian companies. Evidence suggests that the corporate governance mechanisms such as increasing the board size has a positive effect on reducing the level of financial leverage, thus leading to enhanced levels of financial performance. On the other hand, board independence and the structure of non CEO-duality have no effect on a company’s financial performance. In addition, the findings revealed that executive turnover has been found to significantly moderate the relationship between some of the factors and that is the board size and financial leverage. Given the diversity of trends utilized to measure the financial performance of companies in the area of corporate governance and the associated performance relationship, empirical research has continued to undergo new financial performance indicators to prevent manipulation and to obtain a realistic picture of the financial performance of companies. Hence, this is the first study that internationally chooses financial leverage to represent the financial performance of companies in their relationship with corporate governance. Crucially, it is globally the

The Environmental, Social, Governance, and Financial Performance Effects on Companies that Adopt the United Nations Global Compact

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Eduardo Ortas

2015-02-01

Full Text Available This paper aims to investigate companies’ environmental, social, governance (ESG, and financial implications of their commitment to the United Nations Global Compact (UNGC. The focus is placed on companies operating in the three countries with the highest number of UNGC participants: Spain, France, and Japan. The results clearly reveal that adoption of the UNGC often requires an organizational change that fosters stakeholder engagement, ultimately resulting in improvements in companies’ ESG performance. Additionally, the results reveal that ESG performance has a significant impact on financial performance for companies that adopted the principles of the UNGC. These findings provide both non-financial and financial incentives to companies to commit to this voluntary corporate social responsibility (CSR initiative, which will have important implications on companies’ strategic management policies that aim to foster sustainable businesses and community development. Finally, the linkages between the UNGC-committed companies’ ESG and financial performance may be influenced by geographical spread, mainly due to the appearance of differences in the institutional, societal, and cultural settings.

EVIDENCE FROM THE GERMAN CAPITAL MARKET REGARDING THE VALUE RELEVANCE OF CONSOLIDATED VERSUS PARENT COMPANY FINANCIAL STATEMENTS

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Muller Victor - Octavian

2011-07-01

Full Text Available Financial statements main objective is to give information on the financial position, performance and changes in financial position of the reporting entity, which is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process of users in general, and investors in particular. Hence, the following question arises logically which of the two sets best serves the information needs of investors (and other categories of users, respectively which of the two sets is more relevant for investors? Of course, the possibility of both sets at the same time best serving the information needs should not be ruled out. In our scientific endeavor we conducted an empirical association study on the problem of market value relevance of consolidated financial statements and of individual financial statements of the parent company, searching for an answer to the above question. In this sense, we analyze the absolute and relative market value relevance of consolidated accounting information of listed companies on the Frankfurt Stock Exchange (one of the largest three stock markets in the European Union between 2003 and 2008. Through this empirical study we intend to contribute to the relatively limited literature on this topic with a comparative time analysis of the absolute and incremental relevance of financial information supplied by the two categories of financial statements (group and individual. The results obtained indicate a statistically significant superiority of the relevance of consolidated statements (in detriment of individual ones. However, we could not statistically prove a superior value relevance of information provided together by consolidated and parent company financial statements as opposed to consolidated information. On the one hand, these results prove the importance (usefulness of consolidated financial statements especially for investors on

The Ability to Assimilate Technology as a Source of Competitive Advantage of Financial Companies in Poland

OpenAIRE

Glabiszewski Waldemar; Zastempowski Maciej

2016-01-01

This article is empirical in nature and attempts to assess the impact of ability to assimilate newly acquired technologies by financial companies operating in Poland gaining market competitive advantages. The outcome of the research conducted proved the existence of this relationship and found it be strong. This means that the development of these abilities within the absorptive potential of financial companies should trigger a significant increase in the market competitive advantages held by...

Internet Financial and Environmental Disclosures by Malaysian Companies

Directory of Open Access Journals (Sweden)

Ali Saleh Alarussi

2009-06-01

Full Text Available This paper investigates whether determinants of financial disclosure are similar to environmental disclosure through the Internet. In other words, this paper examines the relationship between Internet financial disclosure (IFD, Internet environmental disclosures (IED and six variables, namely, ethnic of chief executive officer (CEO, leverage, level of technology, listing status, profitability, and firm size. Six hypotheses formulated in this study were analyzed using data collected from the websites of 189 Malaysian listed companies in 2006. The results indicate that level of technology, ethnic of CEO and firm size are significant factors in explaining both IFD and IED. It is also observed that listing status is positively related to the level of IFD but not IED. On the other hand, profitability is significant factor in explaining the level of IED but not IFD. Finally, leverage is not significantly related to both IFD and IED.

Enterprise Risk Management Implementation Maturity in Non Bank and Financial Companies

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Subagio Tjahjono

2017-07-01

Full Text Available Previous studies of ERM implementation mostly using dummy variable to figure out relation with its determinant. Until today, studies that using risk management maturity as real variable are limited. Therefore, this study intends to determine the maturity level of ERM implementation in non-financial companies listed on Indonesia Stock Exchange during period 2015 and influence of firm’s total assets, total employee, leverage and public ownership to the ERM maturity. The method use are qualitative and multiple regression analysis. The result of data analysis showed that ERM implementation in selected sample during 2015 are still low (majority in initial and repeatable level. In addition, from determinant factors only total asset that have significant influence to the ERM maturity. This result implies that non-financial listed companies are vulnerable to risks. Management should consider future benefit of a mature ERM, not only to comply with regulation.DOI: 10.15408/etk.v16i2.5440 

13 CFR 108.1220 - Requirement for NMVC Company to file financial statements at the time of request for a draw.

Science.gov (United States)

2010-01-01

... file financial statements at the time of request for a draw. 108.1220 Section 108.1220 Business Credit... Nmvc Company § 108.1220 Requirement for NMVC Company to file financial statements at the time of... financial statement on Form 468 (Short Form); and (2) File a statement of no material adverse change in your...

How Consumer Trust in Financial Institutions Influences Relationships Between Knowledge, Cognitive Effort and Financial Healthiness

DEFF Research Database (Denmark)

Hansen, Torben

2014-01-01

Trust not only relates to customer trust in individual financial companies (i.e., narrow-scope trust) but also relates to the broader business context in which consumers carry out their financial decisions (i.e., broad-scope trust). Based on two surveys comprising 1,155 bank consumers and 764...... pension consumers, respectively, the results of this study indicate that broad-scope trust negatively moderates relations between knowledge and financial healthiness and between cognitive effort and financial healthiness. In addition, it is demonstrated that broad-scope trust negatively influences...... cognitive effort and positively influences financial healthiness....

THE EFFECT OF INNOVATION ON FINANCIAL PERFORMANCE OF SOME INFORMATION AND TECHNOLOGY COMPANIES IN TURKEY

OpenAIRE

ŞİŞMANOĞLU, Elçin; YAŞAR AKÇALI, Burçay

2017-01-01

Innovation has become a prime component for gaining a competitive advantage in the market for all companies. Companies should take into consideration research and development (R&D) expenditure to be innovative. This study investigates the effect of R&D expenditure of some information and technology companies in Turkey as an indication of innovation on their financial performance. Data is collected from seven information and technology companies for 2005-2014 periods. Data is a...

Managing climate change risk : emerging financial sector expectations

International Nuclear Information System (INIS)

Williams, R.

2004-01-01

Engagement of the financial sector in the climate change debate is apparent, with social investors and advocacy groups launching 32 climate change related shareholder resolutions with American and Canadian energy companies in 2003. Eos Research and Consulting Ltd. recently conducted a study to examine emerging standards for how energy companies manage climate change related risks. A survey was conducted in the first part of the study to determine the environmental awareness of energy companies. Financial firms were asked whether they sought information concerning GHG inventories; projections of future emissions; action plans for addressing climate change and energy efficiency; evaluation of relative risk; estimation of cost of carbon; assessment of financial impact; evaluation of future regulations; and emissions trading activity. The second part of the study compared the response of 11 leading energy companies. The result was 2 opposing views on how climate change risks should be managed. The survey revealed that while most mainstream financial institutions are not paying much attention to climate change issues, socially responsible investment (SRI) investors are aware and working to factor climate change risk management information into their activities. In addition, SRI is growing at a faster pace than other investment segments, which may lead to greater future expectations for energy companies' climate change risk management efforts. It was concluded that the financial sector may emerge as an important source of direction that will guide energy companies in their future efforts to manage climate change risks. The five trends that contribute to the sector's emerging role are the continuing influence of advocacy groups; evolution of socially responsible approaches to investment; growing concerns for reputation; development of financial risk assessment approaches in terms of climate change; and, increase focus on corporate governance issues. 15 refs., 2 tabs., 1

CONTEMPORARY APPROACHES OF COMPANY PERFORMANCE ANALYSIS BASED ON RELEVANT FINANCIAL INFORMATION

Directory of Open Access Journals (Sweden)

Sziki Klara

2012-12-01

Full Text Available In this paper we chose to present two components of the financial statements: the profit and loss account and the cash flow statement. These summary documents and different indicators calculated based on them allow us to formulate assessments on the performance and profitability on various functions and levels of the company’s activity. This paper aims to support the hypothesis that the accounting information presented in the profit and loss account and in the cash flow statement is an appropriate source for assessing company performance. The purpose of this research is to answer the question linked to the main hypothesis: Is it the profit and loss statement or the cash flow account that reflects better the performance of a business? Based on the literature of specialty studied we tried a conceptual, analytical and practical approach of the term performance, overviewing some terminological acceptations of the term performance as well as the main indicators of performance analysis on the basis of the profit and loss account and of the cash flow statement: aggregated indicators, also known as intermediary balances of administration, economic rate of return, rate of financial profitability, rate of return through cash flows, operating cash flow rate, rate of generating operating cash out of gross operating result. At the same time we had a comparative approach of the profit and loss account and cash flow statement, outlining the main advantages and disadvantages of these documents. In order to demonstrate the above theoretical assessments, we chose to analyze these indicators based on information from the financial statements of SC Sinteza SA, a company in Bihor county, listed on the Bucharest Stock Exchange.

Income smoothing and use of derivatives instruments in non-financial companies listed on BM&FBovespa

Directory of Open Access Journals (Sweden)

Henrique Portulhak

2014-09-01

Full Text Available This paper aims to investigate whether income smoothing and use of derivative financial instruments are related as substitute or complementary practices regarding organizational policies to reduce the volatility of corporate earnings. In order to reach this goal, 214 non-financial companies listed on BM&FBOVESPA stock exchange between 2005 and 2011were analyzed and Eckel (1981 model was applied in order to gather which companies present income smoothing evidences during this period, besides qualitative analysis on explanatory notes to investigate which companies used derivatives in the final year. Chi-square test with Yates correction was employed in order to verify the existence of correlations between income smoothing and derivative instruments. Results indicated, considering the impossibility of rejecting the null hypothesis of the chi-square test with Yates correction, evidence for an inverse relationship between the aforementioned variables. Through the results of this test, it is suggested that organizational policies for use of income smoothing and derivatives can be acting as resource substitutes for non-financial enterprises stock dealers on BM&FBOVESPA, thus meeting individual findings in other international researches.

INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

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CONSTANTIN LAURA-GABRIELA

2014-12-01

Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing

INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

Directory of Open Access Journals (Sweden)

CONSTANTIN LAURA-GABRIELA

2014-12-01

Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing.

An analysis of the financial reporting compliance of South African public agricultural companies

OpenAIRE

2015-01-01

M.Com. (International Accounting) This minor dissertation assesses the extent to which South African public companies that are engaged in agricultural activities are complying with the recognition, measurement and disclosure requirements of IAS 41, Agriculture, as well as whether they are providing any additional voluntary disclosures about their biological assets. Sixteen large South African public companies with material holdings of biological assets in their statements of financial posi...

STUDY REGARDING THE DETERMINATION OF THE FINANCIAL PERFORMANCE OF A COMPANY THROUGH MARKET RATES

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Nicolae Baltes

2015-11-01

Full Text Available Determining the financial performance of an enterprise is necessary when making the decision to invest, which represents the proper selection of securities and the appropriate moment to enter on the market, meaning the time to purchase the securities. The study’s objective is to define, determinate and interpret the market rates, that are used in financial analysis in order to measure the company’s performance. The study, conducted on a Romanian company listed on the Bucharest Stock Exchange, leads to the conclusion that because of the financial crisis, the company’s financial performance was significantly affected.

Survey of Media Forms and Information Flow Models in Microsystems Companies

Science.gov (United States)

Durugbo, Christopher; Tiwari, Ashutosh; Alcock, Jeffery R.

The paper presents the findings of a survey of 40 microsystems companies that was carried out to determine the use and the purpose of use of media forms and information flow models within these companies. These companies as 'product-service systems' delivered integrated products and services to realise customer solutions. Data collection was carried out by means of an online survey over 3 months. The survey revealed that 42.5% of respondents made use of data flow diagrams and 10% made use of design structure matrices. The survey also suggests that a majority of companies (75%) made use of textual and diagrammatic media forms for communication, analysis, documentation and representation during design and development processes. The paper also discusses the implications of the survey findings to product-service systems.

The Financial Performance (Profitability and Corporate Governance Disclosure in the Annual Reports of Listed Companies of Bangladesh

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Abdur Rouf

2011-12-01

Full Text Available This research aims to test empirically the relationship between the Financial Performances (Profitability and the level of Corporate Governance Disclosure (CGD by the listed non-financial companies in Bangladesh. Data are taken from annual reports of the listed companies in the 2007. This paper is based on a sample of 94 listed companies and Used OLS as a method of estimation. The extent of corporate governance disclosure level is measured using 40 items of information and financial performance (profitability is measured by return on assets (ROA. Using an unweighted approach for measuring corporate governance disclosure, this approach is most appropriate when no importance is given to any specific user-groups. After establishing the disclosure index, a scoring sheet was developed to assess the extent of corporate governance disclosures. The result shows that the Financial Performances (Profitability and Board Audit Committee are positively correlated with the level of Corporate Governance Disclosure (CGD. Percentage of Equity Owned by the Insiders is negatively associated with the Corporate Governance Disclosure. The study provides empirical evidence to policy makers and regulators in South Asia.

Empirical research on financial capability evaluation of A-share listed companies in the securities industry based on principal component analysis

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Xiuping Wang

2017-11-01

Full Text Available Based on the relevant financial data indicators of A-share markets of Shanghai and Shenzhen in 2009, with all of 29 listed companies in the securities industry as the research objects, this paper selects 10variables that can fully reflect the financial capability indicators and uses the principal component analysis to carry out the empirical research on the financial capability. The research results show that the comprehensive financial capability of listed companies in A-share securities industry must be focused on the following four capabilities, investment and income, profit, capital composition and debt repayment and cash flow indicators. In addition, the principal component analysis can effectively evaluate the financial capability of listed companies in A-share securities industry, and solve the problems in the previous analysis methods, such as excessive indicators, information overlapping and so on.

Finding the Link between CSR Reporting and Corporate Financial Performance: Evidence on Czech and Estonian Listed Companies

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Jiří Strouhal

2015-09-01

Full Text Available Despite the fact that obligations to publish reports on corporate social responsibility will come into force in the European Union from 2018, an increasing number of companies are starting to implement corporate social responsibility (CSR policy into their everyday business practices, and as a result the information of this activity is disclosed in CSR reports or within annual reports. As the disclosure of such information is currently voluntarily based, we believe that the growing popularity of CSR leads to a direct link between the sustainability of the company and its financial performance. The purpose of this paper is therefore to determine the linkage between CSR and financial performance within two countries in the CEE region – Czech and Estonia – using data from 2012 - 2013. We compare return on assets and normalized market value added of listed companies. Based on the results, we can state that the implementation of a standalone CSR report does not have any direct linkage with the financial performance of the tested companies.

78 FR 5166 - BE-185: Quarterly Survey of Financial Services Transactions Between U.S. Financial Services...

Science.gov (United States)

2013-01-24

... BE-185: Quarterly Survey of Financial Services Transactions Between U.S. Financial Services Providers... Services Transactions between U.S. Financial Services Providers and Foreign Persons (BE-185). This.... person who: (a) Had sales of covered financial services to foreign persons that exceeded $20 million for...

Value Relevance of Consolidated Versus Parent Company Financial Statements: Evidence from the Largest Three European Capital Markets

OpenAIRE

Victor-Octavian MULLER

2011-01-01

Within the European Union, parent companies have to prepare and publish both consolidated and individual financial statements. The objective of financial statements with general purpose is to give information regarding the financial position, performance and changes in financial position of the reporting entity, information that is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process ...

The association between corporate social responsibility disclosure of cigarette company and company’s financial performance

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Desy Ratna Yuwita Amelia

2017-01-01

Full Text Available This research examines the association between Corporate Social Responsibility (CSR disclosure and financial performances-Return on Assets (ROA, Return on Equity (ROE, and Stock Return-within the cigarette companies listed on Indonesian Stock Exchange. This research used 3 cigarettes companies; PT Gudang Garam Tbk., PT Hanjaya Mandala Sampoerna Tbk., and PT Bentoel Internasional Investama. Simple linear regression is used to examine the association between CSR disclosure and the cigarettes companies’ financial performance. The study reveals that the disclosure of CSR only has positive influences toward Return on Assets; yet, it does not correlate with the Return on Equity and Stock Return.

Using social media and machine learning to predict financial performance of a company

OpenAIRE

Forouzani, Sepehr

2016-01-01

Social media have recently become one of the most popular communicating form of media for numerous number of people. the text and posts shared on social media is widely used by researcher to analyze, study and relate them to various fields. In this master thesis, sentiment analysis has been performed on posts containing information about two companies that are shared on Twitter, and machine learning algorithms has been used to predict the financial performance of these companies.

Chief Executive Officer and Chief Financial Officer compensation relationship to company performance in state-owned entities

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Mark H.R. Bussin

2017-10-01

Full Text Available Background: Optimal contracting continues to dominate boardroom and dinner discussions worldwide in light of the 2008 global financial crisis and especially in South Africa, due to the growing income gap. Increased scrutiny is being placed on South African state-owned entities (SOEs, as a result of the seemingly poor performance of SOEs. Some of the SOEs are reported to have received financial bailouts from taxpayers’ money, while executives are raking in millions of rands in remuneration, provoking some concerns on the alignment of executive pay to company performance in SOEs. Aim: The study will assist remuneration committees and policymakers in the structuring of executive pay in SOEs to ensure alignment to company performance. Setting: The study sought to assess, based on empirical evidence, if there is a positive relationship between Chief Executive Officer (CEO and Chief Financial Officer (CFO remuneration and company performance in South African SOEs in the period between 2010 and 2014. All 21 Schedule 2 SOEs were included in the study. Methods: The research was a quantitative archival research methodology. Correlation and multiple regression analysis were the main statistical techniques used in this study. Results: Contrary to popular media, a positive relationship between CEO and CFO remuneration (fixed pay and short-term incentives and company performance in SOEs was observed. Company size appears to be the key determiner of fixed pay in SOEs. The positive relationship was mainly noted on absolute profitability measurements like EBITDA (earnings before interest and tax and depreciation and amortisation and net profit. Conclusion: SOE remuneration committees and policymakers should maintain the positive relationship; however, more emphasis should be placed on financial efficiency measurements so as to enhance efficiencies in SOEs.

Finanční analýza účetní jednotky ABC/Financial Analysis of Company ABC

OpenAIRE

Kaprálová, Aneta

2009-01-01

This thesis is focused on financial analysis of company ABC that works in rubber industry. First part is aimed at theoretical interpretation of financial analysis, its goals, history, users and sources. Attention is paid to sources of information especially financial statements. Further basic methods are defined, which financial analysis uses. Ratios are described in this thesis above all. At the close there is practical display of financial analysis based on data from financial statements of...

EQUILIBRIUM ANALYSIS OF FINANCIAL COMPANY BASED ON INFORMATION PROVIDED BY THE BALANCE SHEET

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Ștefăniță ȘUȘU

2014-06-01

Full Text Available This article highlights the importance of indicators (as net working capital, working capital requirements and net cash by means of which it is considered in the context of financial balances capitalization information released by the balance sheet of an entity tourist profile. Theoretical concepts presented in a logical sequence are combined with the practical example transposed Turism Covasna company. The results of the analysis are interpreted while trying to formulate solutions to the economic and financial viability of the entity.

Inter-Relationship between Profitability, Growth and Size: A Case of Non-Financial Companies from Pakistan

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Rehana Kouser

2012-12-01

Full Text Available The purpose of this paper is to provide an in-depth description of the inter-relationship between firm size, growth, and profitability of non-financial companies listed at Karachi stock exchange. The study is based on the sample of 70 (seventy non-financial companies listed at Karachi Stock Exchange of Pakistan, selected on the basis of their market capitalization. Panel data techniques were employed using 700 observations of each of the variables of study; size(log natural of total assets, growth (sustainable growth rate for firm and profitability (return on assets. Observations are collected for ten years (2001-2010. The study concluded thatthere is study reveals that all the profitability has strong positive relationship with the growth of the firm; however size has less significant and negative impact on the profitability. Onesuggestion for further research would be to replicate the study in order to get more cases. Furthermore, it would be valuable to take a more long-term focus to examine the described relationships in the long run. The paper highlights the importance of these measures which are generally used for performance evaluation. Paper sets out the criteria that under which situations the company should focus which of the measure, so that company may derive its strategies on that way. This paper improves our preferences about the three major measures of the firm. Moreover, it contributes to the literature of financial management that how these three measures have trade-off between them.

Financial management of insurance companies in the context of the new regime Solvency II

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Istrate Costin

2017-07-01

Full Text Available The new solvency regime Solvency II represents a solid and harmonized prudential framework applicable by insurance companies in the European area. Solvency II was implemented in the European Union by adopting Directives 2009/138/EC respectively 2014/51/EU, replacing existing directives regulating solvency former regime, known as Solvency I. Thus, the new European legislation in insurance, applicable from 1 January 2016, was aimed at unifying the main European insurance market and ensuring consumer protection. The responsible authority at EU level with the implementation of the new solvency regime is EIOPA - European Insurance and Occupational Pensions Authority, which dealt in previous periods of testing the European market insurance through organizing quantitative impact studies (last exercise - QIS5, organized in 2011. The main standards derived from Solvency II and also the new IFRS accounting provisions, intended to increase the transparency of risk management and investment, in order to pricing insurance products and profitability of the different classes of insurance rates. Solvency II brings both challenges and opportunities for companies, changing the concept of building protection programs for insured and generating additional concerns about capital requirements in the determination of own funds (basic, auxiliary and surplus that can be used to meet this requirement. Also estimate realistic and prudent risk assumed by insurance contracts concluded transposed to the insurance companies by recording every technical reserves represent a very important element in order to establish an optimal balance of financial resources. Given the significant overlap between IFRS and Solvency II, insurers will have to improve disclosure requirements of additional information and adjust planning and forecasting. All these measures will increase the efficiency of financial management, a series of operational measures and by providing documented and tested

CONSIDERATIONS ON ACCESS TO FINANCE FOR NON-FINANCIAL COMPANIES IN ROMANIA

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Nicoleta Georgeta PANAIT

2016-06-01

Full Text Available The main purpose of this paper is to understand the mechanisms involved in bank lending activity and the effects that this activity has on profitability and business companies. One of the main sources of funding of their work for Romanian companies is the bank lending. Lending is based on the viability of business plans and the debtors' ability to generate revenue, respectively liquidity as the main collateral and source of repayment of loans and payment of interest, commitment to shareholders, management experience and financial stability company. Increasing of the role of major national banks, caused mainly corporate development and financing environment state and the living standards of Romanian benefiting from banking services. However, the European core reforms in recent years has changed substantially all the activities of the banks active in Romania and partnerships with customers and stakeholders and increased both their strategic ability and professionalism.

ANALYSIS OF FINANCIAL DUE DILIGENCE UNSUCCESSFUL BUSINESS COMPANIES IN SERBIA

OpenAIRE

JELENA Toskovic; SLOBODAN Popovic; JASNA Markovic

2015-01-01

In conditions of extreme financial and corporate scandals, in order to achieve a good position in the market and thus maximize profit, modern companies and their top managers must make continual innovation and change, as an adaptation of one of the basic imperatives of modern business. This means that today's modern enterprises are facing numerous challenges, including the need to find a way to survival, growth and development. The global economic crisis that occurred in 2007 pass...

STUDY ON FINANCIAL COMMUNICATIONS FROM PUBLIC RETAIL COMPANIES: COMPARATIVE ANALYSIS – MILANO STOCK EXCHANGE AND BUCHAREST STOCK EXCHANGE

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Veronica R GROSU

2016-09-01

Full Text Available The economic and financial crisis that hit the world economy has shown that for retail companies, growth continued to record only for those who held full control over every point of sale. The objective of our work is focused on the analysis of the most important financial indicators that a retail company should focus on and include in communication with external stakeholders. We make the connection with problems of the real economy through a comparative study of Romania and Italy, in which we analyze retail companies listed on the Bucharest Stock Exchange (BSE and a similar number of retail companies listed on the Milan Stock Exchange (MSE. The importance of the topic stems from the fact that it is essential for understanding how consumers relate the various retail companies and how the latter model their structure or behavior depending on the requirements and needs of the former.

Reporting of financial and non-financial conflicts of interest by authors of systematic reviews: a methodological survey.

Science.gov (United States)

Hakoum, Maram B; Anouti, Sirine; Al-Gibbawi, Mounir; Abou-Jaoude, Elias A; Hasbani, Divina Justina; Lopes, Luciane Cruz; Agarwal, Arnav; Guyatt, Gordon; Akl, Elie A

2016-08-10

Conflicts of interest may bias the findings of systematic reviews. The objective of this methodological survey was to assess the frequency and different types of conflicts of interest that authors of Cochrane and non-Cochrane systematic reviews report. We searched for systematic reviews using the Cochrane Database of Systematic Reviews and Ovid MEDLINE (limited to the 119 Core Clinical Journals and the year 2015). We defined a conflict of interest disclosure as the reporting of whether a conflict of interest exists or not, and used a framework to classify conflicts of interest into individual (financial, professional and intellectual) and institutional (financial and advocatory) conflicts of interest. We conducted descriptive and regression analyses. Of the 200 systematic reviews, 194 (97%) reported authors' conflicts of interest disclosures, typically in the main document, and in a few cases either online (2%) or on request (5%). Of the 194 Cochrane and non-Cochrane reviews, 49% and 33%, respectively, had at least one author reporting any type of conflict of interest (p=0.023). Institutional conflicts of interest were less frequently reported than individual conflicts of interest, and Cochrane reviews were more likely to report individual intellectual conflicts of interest compared with non-Cochrane reviews (19% and 5%, respectively, p=0.004). Regression analyses showed a positive association between reporting of conflicts of interest (at least one type of conflict of interest, individual financial conflict of interest, institutional financial conflict of interest) and journal impact factor and between reporting individual financial conflicts of interest and pharmacological versus non-pharmacological intervention. Although close to half of the published systematic reviews report that authors (typically many) have conflicts of interest, more than half report that they do not. Authors reported individual conflicts of interest more frequently than institutional and

Knowledge, Skills and Competencies of Hospitality Companies in the South Moravian Region

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Klapalova Alena

2013-06-01

Full Text Available In 2009, a survey focused on barriers to entrepreneurship among managers and/or owners of companies in the hospitality industry in the South Moravian Region was carried out (Klapalová,2011 at the College of Business and Hotel Management in Brno. Results of this survey revealed that knowledge together with skills and competencies was considered to be the biggest barrier to sustainable successful entrepreneurship of these companies and this perception wasalso confirmed by Spearman’s correlations analysis with statistically significant coefficient at the 0.05 level (Spearman’s rho=0.214, p=0.18, when analyzing the relation to financial performanceof companies. The issue of knowledge was not investigated deeper in the survey but it raised several questions for further research. This paper offers preliminary and partial results of an inquiry done during the autumn and winter 2011 and spring and summer 2012 which takes up the previous survey from 2009 with the aim to explore the types of knowledge, skills and competencies perceived as the most important for company success and as the most missing in nowadays entrepreneurship of inquired companies. Three relationships of knowledge categories were analysed: relation to the age and size of companies and relation to the indicators of financial performance. The findings have several managerial implications, both for business practice and educational organisations.

Financial Record Checking in Surveys: Do Prompts Improve Data Quality?

Science.gov (United States)

Murphy, Joe; Rosen, Jeffrey; Richards, Ashley; Riley, Sarah; Peytchev, Andy; Lindblad, Mark

2016-01-01

Self-reports of financial information in surveys, such as wealth, income, and assets, are particularly prone to inaccuracy. We sought to improve the quality of financial information captured in a survey conducted by phone and in person by encouraging respondents to check records when reporting on income and assets. We investigated whether…

77 FR 27021 - Proposed Information Collection; Comment Request; Quarterly Survey of Financial Services...

Science.gov (United States)

2012-05-08

... Request; Quarterly Survey of Financial Services Transactions Between U.S. Financial Services Providers [email protected] . SUPPLEMENTARY INFORMATION: I. Abstract Form BE-185, Quarterly Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons, obtains quarterly data from U.S...

Implications of Risk Management Practices on Financial ...

African Journals Online (AJOL)

Implications of Risk Management Practices on Financial Performance of Sugar ... The respondents were functional heads of the companies under the survey. ... of downside losses in order to minimize the negative impact of risk on returns.

Analyzing Influential Factors Against Timeliness of Financial Reporting (Empirical Study of Automation and Components and Telecommunication Companies Listed on Indonesia Stock Exchange.

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Joko Suryanto

2016-12-01

Full Text Available This research aims to examine the effect of the relationship between firm size, profitability, solvency, public ownership, and the audit opinion on the timeliness of financial reporting. The dependent variable in the form of timekeeping company deliver the financial statements to the Stock Exchange. Meanwhile for the independent variables such as firm size measured by total asets of the company, profitability is measured by profit margin ratio, solvency measured by debt-to-equity ratio, public ownership is measured by the percentage of the number of shares owned by the community, and the audit opinion is measured with an unqualified opinion and otherwise unqualified. This study uses secondary data with population automotive companies and telecommunications components and annual financial statements issued on the Stock Exchange in the period 2010-2012. From the analysis conducted in this study it can be concluded that the size of the company significantly influence the timeliness of financial reporting. While profitability, solvency, public ownership, and the audit opinion does not affect the timeliness of financial reporting.

Pengaruh Karakteristik Komite Audit, Keahlian Keuangan Dan Ukuran Perusahaan Terhadap Kemungkinan Kecurangan Laporan Keuangan [The Influence of Audit Committee Characteristics, Financial Expertise, and Company Size toward the Possibility of Financial Report Fraud

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Bambang Leo Handoko

2017-06-01

Full Text Available Related to fraudulent financial statements by PT. Kimia Farma, Indosat, and others, this research looked at fraud committed by companies. The purpose of this research was to determine if the audit committee's independence, the financial expertise of the audit committee, and the size of the company were factors in possible fraudulent financial statements of manufacturing companies listed on the Indonesian Stock Exchange during the period 2013-2015. The possibility of fraudulent financial statements is measured by Beneish M-score. Quantitative research was conducted using an associative methodology and regression analyzing logistics (logistic regression. 82 companies were chosen using purposive sampling technique and secondary data. The results showed that the independence of the audit committee and the size of the company had no effect on the possibility of fraudulent financial statements and the financial expertise of the audit committee had an influence on the possibility of fraudulent of financial statements. BAHASA INDONESIA ABSTRAK:  Terkait kasus kecurangan laporan keuangan yang dilakukan PT.Kimia Farma, Indosat dan lain-lain maka penelitian ini akan mendeteksi kecurangan yang dilakukan perusahaan. Tujuan penelitian ini adalah untuk mengetahui pengaruh komite audit independen, keahlian keuangan komite audit dan ukuran perusahaan terhadap kemungkinan kecurangan laporan keuangan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2013-2015. Kemungkinan kecurangan laporan keuangan diukur melalui Beneish M-score. Jenis penelitiannya kuantitatif dengan metode penelitian asosaitf dan teknis analisis datanya menggunakan regresi logistic (logistic regression. 82 perusahaan dipilih menggunakan teknik purposive sampling dan menggunakan data sekunder. Hasil penelitian menunjukkan komite audit independen dan ukuran perusahaan tidak berpengaruh pada kemungkinan kecurangan laporan keuangan sedangkan keahlian keuangan komite audit

Business cycles and the financial performance of fuel cell companies

International Nuclear Information System (INIS)

Henriques, I.; Sadorsky, P.

2005-01-01

Fuel cells are expected to play a major role in a hydrogen powered world. They will provide power to homes, modes of transportation and appliances. Hydrogen is the most abundant element in nature, but it must be extracted in order to be usable. It can be produced from oil, natural gas and coal or from renewable sources such as biomass, thermal or nuclear reactions. Fuel cells running on hydrogen extracted from non renewable resources have an efficiency of 30 per cent, which is twice as efficient as an internal combustion engine. The greatest barrier to mass commercialization is the cost of making hydrogen-powered auto engines. Also, an infrastructure must be developed to refill hydrogen cars. One solution is to build a hydrogen highway using the existing natural gas grid to produce hydrogen and sell it at existing filling stations. The cost of building 12,000 refueling pumps in urban areas which will provide access to 70 per cent of America's population is estimated at $10 to $15 billion. This paper described the vector autoregression (VAR) model which empirically examines the relationship between financial performance of fuel cell companies and business cycles. It was used to measure how sensitive the financial performance of fuel cell companies are to changes in macroeconomic activity. A four variable VAR model was developed to examine the relationship between stock prices, oil prices and interest rates. It was shown that the stock prices of fuel cell companies are affected by shocks to technology stock prices and oil prices, with the former having a longer lasting impact. These results add to the growing literature that oil price movements are not as important as once thought. 15 refs., 3 tabs., 3 figs

Stock Market Liquidity and Investment Decisions of Non-Financial Quoted Companies in Nigeria

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Rafiu Oyesola Salawu

2016-01-01

Full Text Available The study examined the impact of market liquidity on investment decision of 50 non-financial quoted companies in Nigeria between 2006 and 2012. The study employed secondary source of data collection. Data collected were analyzed using descriptive statistics and inferential statistics such as pool OLS and fixed effect model. The results showed that Size of the Firm (FS and Firms’ Age (FAGE were the only significant determinants of Return on Investment (ROI. The turnover ratio (TOR which is a proxy for market liquidity had positive but insignificant effect on ROI. Based on the above findings, the study concluded that for most of the companies operating in the non-financial sector of the Nigerian economy, the influence of market liquidity on investment decision is positive, but not significant. The study recommended that management should place more emphasis on the firm age and in particular firm size as they can be employed to predict the return on investment.

A SEQUENTIAL MODEL OF INNOVATION STRATEGY—COMPANY NON-FINANCIAL PERFORMANCE LINKS

OpenAIRE

Ciptono, Wakhid Slamet

2006-01-01

This study extends the prior research (Zahra and Das 1993) by examining the association between a company’s innovation strategy and its non-financial performance in the upstream and downstream strategic business units (SBUs) of oil and gas companies. The sequential model suggests a causal sequence among six dimensions of innovation strategy (leadership orientation, process innovation, product/service innovation, external innovation source, internal innovation source, and investment) that may ...

THE EFFECTIVENESS OF FRAUD TRIANGLE ON DETECTING FRAUDULENT FINANCIAL STATEMENT: USING BENEISH MODEL AND THE CASE OF SPECIAL COMPANIES

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Aprillia Aprillia

2015-12-01

Full Text Available Fraudulent financial statement is a serious problem and to be a threat to stakeholders, especially for investor. The thing is happened because there is illegal action done intentionally, such as disclosing financial information that doesn’t match with the real condition. The purpose of this research is to acquire a effectiveness of empirical proof of fraud triangle consisting of Pressure, Opportunity, and Rationalization in detecting financial statement fraud that are indicated by using Beneish Model. The sample of this research consists of 39 companies are indicated doing fraud and 57 companies aren’t indicated doing fraud listing at BEI (Bursa Efek Indonesia in 2012 – 2014. Test of this research uses logistic regression method. Based on the result and conclusion, this research shows that opportunity (independent commissioner ownership has significant effect to fraudulent financial statement while pressure (AGROW, financial target (ROA, and rationalization (Total accrual don’t have significant effect to fraudulent financial statement.

Management according to financial indicators. Short-termism of the oil companies; Styring etter finansielle indikatorer - er oljeselskapene kortsiktige?

Energy Technology Data Exchange (ETDEWEB)

Osmundsen, Petter; Soerenes, Terje; Lindbaeck, Morten E.; Wigestrand, Arnstein O.

2002-07-01

Taking the oil companies as an example, the authors describe some of the valuation methods used by analysts and investment banks. The financial indicators used by the market form an incentive structure for the management of the companies. The article discusses how this affects the behaviour of the companies. It also discusses implications for resource management.

VALUE RELEVANCE OF GROUP FINANCIAL STATEMENTS BASED ON ENTITY VERSUS PARENT COMPANY THEORY: EVIDENCE FROM THE LARGEST THREE EUROPEAN CAPITAL MARKETS

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Müller Victor-Octavian

2012-07-01

Full Text Available Financial statementsn#8217; main objective is to give information on the financial position, performance and changes in financial position of the reporting entity, which is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process of users in general, and investors in particular. Regarding consolidated financial statements, the accounting theory knows four perspectives (theories on which the preparation of those statements is based, namely, the proprietary theory, the parent company theory, the parent company extension theory and the entity theory (Baxter and Spinney, 1975. Of practical importance are especially the parent company extension perspective and the entity perspective. The IASB and FASB decided (within an ED regarding the Improvement of the Conceptual Framework that consolidated financial statements should be presented from the perspective of the group entity, and not from the perspective of the parent-company. However, this support for the entity theory is to our knowledge not backed by empirical findings in the academic literature. Therefore, in our paper we set to contribute with empirical arguments to finding an actual answer to the question about the superior market value relevance of one of the two concurrent perspectives (theories. We set to carry out an empirical association study on the problem of market value relevance of consolidated financial statements based on the entity theory respectively on the parent company (extension theory, searching for an answer to the above question. In this sense, we pursued an analysis of market value relevance of consolidated accounting information (based on the two perspectives of listed entities between 2003-2008 on the largest three European Stock Exchanges (London, Paris and Frankfurt. The obtained results showed that a n#8222;restrainedn#8221; entity perspective, which would combine

Survey Report of Presentation Skills Training in "Fortune 500" Industrial Companies.

Science.gov (United States)

Corder, Lloyd E.

A study surveyed current presentation skills training practices of "Fortune 500" industrial companies. Each company's chief executive officer was sent a cover letter explaining the study and a copy of the survey. Data were obtained from 154 respondents (for a 36% response rate). Results indicated the importance of presentation skills to…

Strengthening financial management, providing financial safeguard mechanism

International Nuclear Information System (INIS)

Sun Wumei

2010-01-01

This article reviewed the history of Zhong He Shanxi Uranium Enrichment Company, summarizing an efficient and systematical financial management method during both construction period and operational period of the company. It related to fundamental financial management structure building, integrated budgeting, fund management, cost management, asset management, tax planning and HR management. of financial staffs. (author)

The Ability to Assimilate Technology as a Source of Competitive Advantage of Financial Companies in Poland

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Glabiszewski Waldemar

2016-12-01

Full Text Available This article is empirical in nature and attempts to assess the impact of ability to assimilate newly acquired technologies by financial companies operating in Poland gaining market competitive advantages. The outcome of the research conducted proved the existence of this relationship and found it be strong. This means that the development of these abilities within the absorptive potential of financial companies should trigger a significant increase in the market competitive advantages held by them. The strong impact was identified both in the total of the analyzed personnel and general-organizational components of the assimilation abilities. As regards elementary components of the analyzed potential, the obtained results are definitely more diverse.

Voluntary Disclosure in the Annual Reports of Financially Distressed Companies in Indonesia

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Wijantini Wijantini

2006-09-01

Full Text Available This paper examines voluntary disclosure in the annual reports of financially distressed companies in Indonesia. The disclosure score range is between 3 percent and 49 percent with the mean and median score of 25 percent and 26 percent, respectively, at the onset of distress. The score is measured as the ratio of the total items disclosed to the maximum possible items score applicable to the firm. The most disclosed items are in the category of financial highlights and general corporate information whereas the three least disclosed items concern projections, liquidity, and research and development. Moreover, the results of this study reveal that the level of voluntary disclosure in the financially distressed firms is higher than that in non-financially distressed firms. There is no significant difference between the types of information disclosed by the 2  groups. The statistical tests are applied for various years. Consistent with findings in previous studies, the size of the firm appears to be a positive variable significantly affecting the disclosure level.

THE IMPORTANCE OF CONTINUOUS AUDIT OF FINANCIAL STATEMENTS OF THE COMPANY OF COUNTRIES JOINING THE EU

Directory of Open Access Journals (Sweden)

SLOBODAN POPOVIĆ

2015-06-01

Full Text Available Approaching the Republic of Serbia the EU, an increasing number of operations of Management Company must comply with the laws and regulations of the EU. One of the most important task is to manage companies and do the job of auditing of financial reporting companies. There are two established types of audits. Internal audit work, done throughout the year and external, done by the end of the financial year. Both have an obligation to express opinions, which must have a background in the competence and independence. The scope of the audit, generally speaking depends on the legislation of national economies, then the law governing accounting, and at the end of the law that frames the audit functions. The auditor's opinion is necessary in order to ensure the credibility of financial statements. Considering the focus, audit can be seen as activity of audits essentially activities related to the financial statements that are subject to services performed by certified auditors. An opinion on the financial statements of companies are included in the audit reports. They are prepared and certified by independent auditors. The revision in the economic terminology means testing of accounting statements of business enterprises. Internal audit work is done throughout the year, but external to the end of the financial year. Both have an obligation to express opinions, which must have a background in competence. Auditing activities are performed independently, objectively and with a great deal of independence in the work, by internal and external authorized auditors, so that they can provide the necessary information to the users of audit reports. Internal auditing can be seen in the two main ranges. The first is within the company in which some processes are functioning the same. Another scope is wide level, including observation of the wider society and the state, and includes observation of the entire public sector of a country. This mode of operation of the

78 FR 19190 - Proposed Information Collection; Comment Request; 2013 Company Organization Survey

Science.gov (United States)

2013-03-29

... DEPARTMENT OF COMMERCE U.S. Census Bureau Proposed Information Collection; Comment Request; 2013 Company Organization Survey AGENCY: U.S. Census Bureau, Commerce. ACTION: Notice. SUMMARY: The Department... Bureau conducts the annual Company Organization Survey (COS) to update and maintain a central...

76 FR 71511 - Proposed Information Collection; Comment Request; 2012 Company Organization Survey

Science.gov (United States)

2011-11-18

... DEPARTMENT OF COMMERCE U.S. Census Bureau Proposed Information Collection; Comment Request; 2012 Company Organization Survey AGENCY: U.S. Census Bureau, Commerce. ACTION: Notice. SUMMARY: The Department... Bureau conducts the annual Company Organization Survey (COS) to update and maintain a central...

Financial and Non Financial Factors on Going-Concern Opinion

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Junaidi Junaidi

2012-09-01

Full Text Available Company's ability to survive is a fundamental uncertainty faced in the preparation and auditing financial statements. Provision of going-concern opinion on these financial statements the company is still being debated. Public Accountant Professional Standards in section 341 states that the auditor is responsible for evaluating whether there is a major doubt on the ability of entities in the continued survival of the appropriate period of time, not more than one year from the date of the financial statements being audited. This research analyzed the financial and non financial factors that affected the provision of going-concern opinion. This research used samples of 63 companies with 315 observations, taken from years 2005-2009. The logistic regression analysis showed that the company's financial condition variables, mitigating evidence, and disclosure significantly influence the acceptance of going-concern opinion. Enterprise risk was not significant at propensity of going-concern opinion.

IMPORTANCE OF LIQUIDITY ANALYSIS IN THE PROCESS OF FINANCIAL MANAGEMENT OF COMPANIES OPERATING IN THE TOURISM SECTOR IN SLOVAKIA: AN EMPIRICAL STUDY

Directory of Open Access Journals (Sweden)

Vladimir Hiadlovsky

2016-12-01

Full Text Available The article defines the financial analysis, with the emphasis on the liquidity analysis, as an essential tool of the corporate financial management process. The main objective of the article is, based on the statistical verification, to analyse liquidity of companies operating in the tourism sector, namely companies providing accommodation services, identify the key factors which influence the level and development of liquidity and therefore, when managed appropriately, may bring the improvement in liquidity management leading to the enhancement of the quality of the financial management process in companies and to their excellence. On the selected sample of companies operating in the tourism sector in Slovakia, the research results reveal the low long-term level of average current and total liquidity for the 2011 to 2014 period and indicate moderate to weak relationship between selected liquidity and profitability ratios. As liquidity is one of the areas reflecting one side of company's performance, its systematic and proper management may help companies achieve their goals on the way to excellence.

Making sense of the disclosure of latent defects in financial statements and company acquisition contracts

Directory of Open Access Journals (Sweden)

Cornelius Killian

2011-05-01

Full Text Available This paper analyses the statement made by the South African Appeal Court Judge Holmes in the Phame v Paizes (1973 case and, using economic and unique South African legal principles, it examines the true legal nature of a contract to regulate company acquisitions.1 Two solutions are offered for financial managers in South Africa: (1 the contract to regulate company acquisitions is a forward contract and (2 the difficulty in identifying latent defects should not be grounds for reducing the price paid for a company or enterprise in the South African legal system.

Quantitative marketing research on the use of specialised financial advice by the segment of SMEs

Directory of Open Access Journals (Sweden)

Nicolae, C. M.

2013-12-01

Full Text Available The article presents the results of a survey conducted among small and medium companies in Braşov County, on the frequency of using specialized financial advisory services. It highlights the typology and content of financial advisory services used by companies in the SME sector in Romania. The study results will underpin the construction of a marketing mix for financial advisory firms who intend to adapt their offer of services according to client profile.

Private investment purchase and nursing home financial health.

Science.gov (United States)

Orfaly Cadigan, Rebecca; Stevenson, David G; Caudry, Daryl J; Grabowski, David C

2015-02-01

To explore the impact of nursing home acquisition by private investment firms on nursing home costs, revenue, and overall financial health. Merged data from the Medicare Cost Reports and the Online Survey, Certification, and Reporting system for the period 1998-2010. Regression specification incorporating facility and time fixed effects. We found little impact on the financial health of nursing homes following purchase by private investment companies. However, our findings did suggest that private investment firms acquired nursing home chains in good financial health, possibly to derive profit from the company's real estate holdings. Private investment acquired facilities are an important feature of today's nursing home sector. Although we did not observe a negative impact on the financial health of nursing homes, this development raises important issues about ownership oversight and transparency for the entire nursing home sector. © Health Research and Educational Trust.

Fulfillment Research Resources through Access Financial Report fo Go Public Company at Library STIE Perbanas Surabaya Perpustakaan STIE Perbanas Surabaya

Directory of Open Access Journals (Sweden)

Melati Purba Bestari

2018-01-01

Full Text Available Modern libraries are characterized by the diversity of information services to users, including to fulfill the information needs of researchers. Fulfill the information requirements for this research group is very important because the information provided affect the quality of research. Library of STIE Perbanas Surabaya efforts to fulfill the information needs of researchers is to provide research resources through the provision of access annual and financial report for go public company. To provide convenience to users who do research and need annual and financial report for go public, library of STIE Perbanas Surabaya provide easy access through online catalog. To fulfill the annual and financial report for go public company, library tracking data on Indonesian stock exchange and go public company. Library attempts to provide easy access to information is expected to support a process that requires researchers and  annual and financial report data so as to improve the quality and quantity of scientific works in the field of economics science, especially for subject of banking, finance and business.

Fulfillment Research Resources through Access Financial Report fo Go Public Company at Library STIE Perbanas Surabaya Perpustakaan STIE Perbanas Surabaya

Directory of Open Access Journals (Sweden)

Melati Purba Bestari

2016-07-01

Full Text Available Modern libraries are characterized by the diversity of information services to users, including to fulfill the information needs of researchers. Fulfilling the information requirements for this research group is very important because the information provided affect the quality of research. Library of STIE Perbanas Surabaya efforts to fulfill the information needs of researchers is to provide research resources through the provision of access annual and financial report for go public company. To provide convenience to users who do research and need annual and financial report for go public, library of STIE Perbanas Surabaya provide easy access through online catalog. To fulfill the annual and financial report for go public company, library tracked data on Indonesian stock exchange and go public company. Library attempts to provide easy access to information is expected to support a process that requires researchers and annual and financial report data so as to improve the quality and quantity of scientific works in the field of economics science, especially for subject of banking, finance and business.

Financial Relationships between Organizations That Produce Clinical Practice Guidelines and the Biomedical Industry: A Cross-Sectional Study.

Science.gov (United States)

Campsall, Paul; Colizza, Kate; Straus, Sharon; Stelfox, Henry T

2016-05-01

Financial relationships between organizations that produce clinical practice guidelines and biomedical companies are vulnerable to conflicts of interest. We sought to determine whether organizations that produce clinical practice guidelines have financial relationships with biomedical companies and whether there are associations between organizations' conflict of interest policies and recommendations and disclosures provided in guidelines. We conducted a cross-sectional survey and review of websites of 95 national/international medical organizations that produced 290 clinical practice guidelines published on the National Guideline Clearinghouse website from January 1 to December 31, 2012. Survey responses were available for 68% (65/95) of organizations (167/290 guidelines, 58%), and websites were reviewed for 100% (95/95) of organizations (290/290 guidelines, 100%). In all, 63% (60/95) of organizations producing clinical practice guidelines reported receiving funds from a biomedical company; 80% (76/95) of organizations reported having a policy for managing conflicts of interest. Disclosure statements (disclosing presence or absence of financial relationships with biomedical companies) were available in 65% (188/290) of clinical practice guidelines for direct funding sources to produce the guideline, 51% (147/290) for financial relationships of the guideline committee members, and 1% (4/290) for financial relationships of the organizations producing the guidelines. Among all guidelines, 6% (18/290) disclosed direct funding by biomedical companies, 40% (117/290) disclosed financial relationships between committee members and biomedical companies (38% of guideline committee members, 773/2,043), and 1% (4/290) disclosed financial relationships between the organizations producing the guidelines and biomedical companies. In the survey responses, 60 organizations reported the procedures that they included in their conflict of interest policies (158 guidelines

The impact of the board of directors on the financial performance of Tunisian companies

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Zied Bouaziz

2012-11-01

Full Text Available The Board of Directors plays a key role as a internal mechanism of corporate governance. Indeed, its effectiveness is dependent on the presence of several factors, the most important are related to characteristics that relate primarily to the independence of its members, board size, the cumulative functions of decision and control, the degree of independence of the audit committee and the gender diversity of the board. To test the validity of our hypothesis, which states the existence of a certain deterministic between the board’s characteristics and financial performance measured by three different ratios, namely ROA, ROE and Tobin’s Q, we have developed three linear regression models. Our empirical validation was conducted on a sample of 26 companies listed on the Tunisian stock exchange Tunis (Tunis Stock Exchange over a period that spans four years (2007-2010. The estimated models show satisfactory results showing the importance of the impact of board characteristics on financial performance of Tunisian companies.

Adoption of IFRS/IAS impacting the companies

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Michaela Baranová

2013-11-01

Full Text Available In recent time, there were done marked changes in IAS/IFRS, changes in existing rules. Fifteen standards of IAS have been amended just before the end of 2003 and in course of the first quarter of the year 2004 updating of other standards IAS has been done. The requirement of changes hangs together, among others, also with the recent affairs about the bankruptcies of big companies. In this connection, accelerated and turning changes are proceeding in EU. Since 2005 every EU listed company has to prepare the consolidated financial statements in accordance with IFRS/IAS. Vast survey on the impacts of IFRS adoption was carried by Mazars in 2005. 25 Czech companies have been also interviewed within the study. These Czech companies have exhibit a strong mastery and readiness for the conversion and transition process. Such a summary is quite unwonted in a number of perspectives. But the aim of the author is not to question the study. In the Czech environment, the specific facts in the field of financial reporting and accounting are given. Following these specifics, the truth is that preparing the financial statements in accordance with IFRS/IAS brings undoubtedly valuation and technical entanglements for which the process is costly.

Link between job satisfaction and financial performance

Directory of Open Access Journals (Sweden)

Rafaella Duarte Miranda

2016-12-01

Full Text Available The search for organizational continuity highlights the need for balance between concern not only for profitability but for employees as collaborators, with emphasis on the idea that efficient people build an effective company. In this way, there may be a possible reciprocity between a company's financial performance and the probability of it being classified among the best companies to work for. The purpose of this study is verify whether the financial performance of companies listed on the BM&FBovespa stock exchange influences the probability of their classification as best companies to work for in the survey of employee satisfaction carried out by the periodical Exame Você S/A. Based on statistical tests and estimation of logistic regressions, findings permit the inference that the independent variables return on equity - ROE and value added to workers/employees were statistically significant and positively correlated with an increase in the probability of the sample companies being classified as best companies to work for. In other words, the greater the profitability of the resources invested by shareholders and the greater the portion of the wealth created by the company distributed to the employees, the greater the probability of the company to be classified as one of the best companies to work for.

FINANCIAL BALANCE - BASIC TOOL IN APPROACHING FINANCIAL DIAGNOSIS FOR FIRM VALUATION

OpenAIRE

Dorel BERCEANU; Nicolae SICHIGEA; Marcel DRĂCEA

2010-01-01

This paper addresses a very topical issue, namely the importance in assessing the company's financial accounts. Thus, after a brief role in evaluating company financial diagnosis and approaches related to the concept of financial balance, we presented the financial balance sheet in terms of logic building financial stability analysis. At the end of the paper were presented some conclusions.

The Effect of Financial Reporting Quality on Financing and Investment

Directory of Open Access Journals (Sweden)

Windy Angela

2017-03-01

Full Text Available This paper analysis the effect of reporting quality on financing and investment. It is important for us to understand the relation among them in order to prepare Indonesian companies for ASEAN Economic Community in 2015. The study examines the effect of financial reporting quality on financing and investment of 15 Indonesian companies with large market capitalization based on the Standard and Poor’s Rating Services in its first survey of the major corporate credit trends in the Association of Southeast Asian Nations (ASEAN. Those companies may still be under-investing in relation to its regional peers. The results suggest that (1 financial reporting quality has negative effect on financing. (2 financial reporting quality has positive effect on investment among companies with higher likelihood of over-investing and negative effect on investment among those with higher likelihood of under-investing.DOI: 10.15408/etk.v16i1.4600 

INFORMATION ON FINANCIAL INSTRUMENTS INCLUDED IN ANNUAL FINANCIAL STATEMENTS

Directory of Open Access Journals (Sweden)

Marius Gust

2013-01-01

Full Text Available This survey aims at emphasizing several aspects of the recognition, measurement and presentation of information on capital assets and how they are reflected in accounting. In this respect, here is a presentation of the calculation, preparation and regulation of impairment that can affect capital assets and the way accounting entries may influence the financial status and performance of a company. Although the bookkeeping variants of asset impairment, namely the Romanian and the international ones, are different, the information reported in annual financial statements is the same and assets are shown at their fair values. The issues approached in the paper herein are vast and they open new prospects to scientific research.

IT-Benefits-Management in the Swiss Financial Sector

OpenAIRE

Schwabe, G; Baenninger, P

2008-01-01

Companies engage in IT-projects in order to gain some benefits; however they complain that those bene-fits are difficult to achieve. On the basis of a survey in the Swiss financial industry this paper comes to the conclusion that due to a fundamental misconception companies reproduce the lack of success in reaping IT benefits: Many companies regard benefit management as an instrument to support project proposals rather than as an instrument to gain optimal benefits. Conse-quently, benefits ma...

VALUE OF THE NET TREASURY AND ITS IMPLICATIONS ON THE FINANCIAL STABILITY OF THE COMPANY

Directory of Open Access Journals (Sweden)

Daniela-Cristina Solomon

2014-07-01

Full Text Available Practice proved that the management process cannot be based on routine and intuition, but on scientific analysis, on deep knowledge of the actual situation, as well as on identifying the vulnerabilities and the development opportunities. The economic and financial analysis performed by means the net treasury has the role of using the information supplied by accounting, based on which conclusions will be drawn on the efficiency of the activity performed within an entity. The importance of the net treasury arises from the fact that it shows the amount of liquid assets of an entity at a certain moment in time, being connected to the short-term financial operations, the purpose of which is to ensure the resources necessary to finance the company’s economic activity. The net treasury synthetically reflects the method of achieving financial stability within the company on long and short term. Our endeavour ends by determining the strengths and the weaknesses in the activity of a trading company, as well as the measures that are to be applied on short and on long term in order to achieve the present objectives.

10 CFR Appendix A to Part 30 - Criteria Relating to Use of Financial Tests and Parent Company Guarantees for Providing...

Science.gov (United States)

2010-01-01

... 10 Energy 1 2010-01-01 2010-01-01 false Criteria Relating to Use of Financial Tests and Parent... MATERIAL Pt. 30, App. A Appendix A to Part 30—Criteria Relating to Use of Financial Tests and Parent... on a demonstration that the parent company passes a financial test. This appendix establishes...

The Impact of Corporate Sustainability Strategies on the Financial Performance of Romanian Companies in the Context of Green Marketing

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Marian Siminică

2015-08-01

Full Text Available The current research paper aims at making a comprehensive analysis of the current green marketing initiatives adopted by the top performing Romanian companies, in order to understand the determinant factors that influence their green approach and to evaluate the impact of the sustainability strategies implemented on their financial performance. The research of business sustainability strategies in 31 top performing companies in Romania is conducted by analyzing their green marketing initiatives, the ability to communicate online current and past Corporate Sustainability (CS actions (substantive action and their future commitments towards green marketing (symbolic action. The authors also analyzed the impact of companies’ dimensions on their green performance and commitment, substantiating that the size of a company is a significant influential factor. The analysis of the impact of substantive and symbolic action on the financial performance of the companies shows that there is not a significant correlation between these indicators.

Financial performance and remuneration of executive directors of brazilian

Directory of Open Access Journals (Sweden)

Larissa Degenhart

2017-09-01

Full Text Available This study aimed to examine whether there is a relationship between financial performance and the remuneration of executive directors of Brazilian companies. Thus, there was a descriptive, documentary and quantitative research. The review period was the years 2011 to 2015. The study population consisted of Brazilian companies listed on the BM&FBovespa and the sample consisted of companies that presented all the variables used in each year surveyed, totaling 219 companies. For the data analysis was conducted to Spearman correlation analysis and linear regression, and was performed using the SPSS statistical software. From the study results it was found that the variables: Total Asset Profitability (ROA and company size had a significant and positive relationship with the fixed remuneration, variable and total executive directors. These results showed for the analyzed scenario, the compensation of executive officers is higher when the ROA is high and also in relation to the company size, large companies pay their executives more than smaller companies. Finally, it can be concluded that there is a relationship between financial performance and Fixed Compensation, and Variable Total executive directors of Brazilian companies listed on the BM&FBovespa. In addition, this research contributes to the understanding of the amounts paid to executive officers, demonstrating that the performance of companies reflected in the remuneration of the executive directors, so that they act in the company in order to raise the economic and financial results.

Business games: evaluating the financial performance of companies using AHP

Directory of Open Access Journals (Sweden)

Fabiano Cunha Marinho

2017-08-01

Full Text Available The business environment is permeated by uncertainty and volatility, making the activities related to the ever-challenging decision making for administrators. In the current context, it is fundamental premise for continuous evaluation of the assets applied in the organizations, be they of any segment or size. This article aims to evaluate the financial performance of companies in a simulated environment in business games by Analytic Hierarchy Process (AHP using as a base the analysis of current liquidity ratios, profitability and apital structure, demonstrating, through these indices, the industry involved in the game that obtained the best performance.

Ethical Culture and Financial Reporting: Understanding Financial Reporting Practice within Javanese Perspective

Directory of Open Access Journals (Sweden)

Anis Chariri

2009-06-01

Full Text Available This study is a case study conducted in an Indonesian insurance company. The aim of the study is to understand the dynamics of financial reporting in the company. Ontologically, this study is built on a belief that financial reporting practice is a socially constructed reality. As a socially constructed reality, such a practice involves an interaction among social actors, and between organisational actors and the institutional and cultural environment in which the company operates. The main research question of this study is how organisational culture shapes the company on the construction of its financial reporting practice. This study reveals that the company is committed to quality financial reporting because such reporting can be used to gain legitimacy and to maintain social harmony. The company conducts itself in this way is because it reflects Javanese culture, a dominant culture in Indonesia. Furthermore, this study concludes that the way the actors in the company construct financial reporting practice is influenced by its organisational culture. The organisational culture of the company, which reflects Javanese culture, is able to shape the behaviour of its actors from the top level to lower levels to conduct ethical and transparent business practice. Thus, as Hines (1988 claims, this paper concludes that financial reporting practice is a socially constucted reality.

Measurement Issues of Financial Placement and Technical Provisions of Czech Insurance Companies

OpenAIRE

Bokšová, Jiřina

2011-01-01

Measurement represents one of the most important methodological elements of accounting because it affects the overall informative ability of financial statements. The chosen method of valuation affects not only the amount of assets and liabilities, but the size of costs and revenues of the entity as well; therefore it has a major impact on profit and solvency of insurance companies. Each accounting regulation – whether at national or supranational level – includes relatively thorough provisio...

The environmental performance of SMEs in the Brazilian textile industry and the relationship with their financial performance.

Science.gov (United States)

Lucato, Wagner Cezar; Costa, Elpidio Moreira; de Oliveira Neto, Geraldo Cardoso

2017-12-01

Currently, the concern with the environment is increasing and organizations seek solutions to preserve nature and at the same time earn higher profits or competitiveness. For this, they make frequent use of structured procedures in order to reduce their costs and expenses. However, it has not been always considered the environmental performance related to the financial performance of these processes. Therefore, this study aimed to investigate the relationship between environmental performance measured by eco-efficiency level with the financial performance of small and medium textile manufacturing companies. This study was done through a survey conducted in the interest of research companies in the state of Paraná in Brazil, where financial and environmental performance indicators were measured. The data analysis and validation of the hypotheses proposed, to some extent showed a surprising result because the larger the size of the company, the worst its environmental performance measured by their eco-efficiency level. On the other hand, it was not possible to identify a statistically significant relationship between environmental and financial performances of the companies surveyed. Therefore, it is concluded that this study is in line with those authors who claim not to be possible to establish a direct relationship between environmental and financial performances of companies, in opposition of another group of authors who claim contrariwise. Copyright © 2017 Elsevier Ltd. All rights reserved.

Changes in the financial ratios of the wholesale and retail sector companies arising from the new accounting of the operating lease

Directory of Open Access Journals (Sweden)

Mariana Moreira Arrozio

2016-11-01

Full Text Available In a recent study, released by the International Accounting Standard Board (IASB, changes in lease accounting criteria will add $ 2 trillion to the balance sheets of US companies. This impact is mainly due to the accounting characteristics that the operating lease has, off balance item. In this sense, this research analyzed the operating leasing operations of the wholesale and retail companies, qualified as lessees, and the impacts of the publication of IFRS 16 as its determinant. The study was based on the extraction of the accounting information published in the financial statements of the companies listed on the Brazilian BMF & Bovespa stock exchange. The statistical technique used in the study was the Wilcoxon signed rank test. The obtained results with use of the Liquidity, Debt and Leverage ratios, calculated on the basis of the financial statements published in 2015 and the adjusted statements according to the disclosure, have a significant impact on the equity structure of these companies. They revealed an increase of debt level, financial leverage and in liquidity, observed by the recognition of new assets and liabilities.

The Leadership Styles and the Financial Problems in Romanian’s Companies

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Valentin Mihai Leoveanu

2015-12-01

Full Text Available New business models no longer rely on expectations of increased consumption, but rewarding the saving of resources and penalizing the waste of them. Businesses based on stable cash-flows rather than speculative businesses are the ones that survive in times of crisis. The current economic environment is characterized by several features, namely: consumers are more careful with spending and seek substitutes for expensive products; economic downturn trend creates the need for new products and services such as adult education or corporate data security; consumers are looking for and choose products that provide the best value for the money spent on them. Economic and financial failure of many Romanian companies has been highlighted in recent years by the evolution of their insolvency, as emphasized the research leads by Coface Romania: the coverage of deteriorating equity was made by attracting additional debt; attracting capital was made especially over short terms with the suppliers credit; more than half of long-term investments were unprofitable; constant increase of the average day’s sales in receivables showed an inadequate policy of commercial risk. In this context, it is important to reveal how leadership styles applied in Romanian companies has led to the development and worsening of their financial problems. The main issues relate to selective rotation pay providers according to the volume of transactions, business relations history, future interests or, simply, bargaining power and importance of each supplier

(Canada) Oil and gas survey, 1987

Energy Technology Data Exchange (ETDEWEB)

1987-01-01

This summarizes the financial reporting of a major segment of the oil and gas industry in Canada as shown in annual reports to shareholders for 1986. Annual reports have been surveyed with particular attention to developments in accounting practices in the oil and gas industry during 1986. The survey was not restricted to financial statements and all information presented in the annual reports was considered. Matters of general financial disclosure not unique to the oil and gas industry are not included. Examples quoted from reports covered by this survey are not presented as recommended methods but are illustrations of present practice only. Some illustrations were drawn from oil and gas companies not included in the survey.

SURVEY REGARDING THE LEVEL OF PRODUCT LIFECYCLE MANAGEMENT IN MANUFACTURING COMPANIES

Directory of Open Access Journals (Sweden)

František Freiberg

2011-12-01

Full Text Available This article is about a questionnaire survey regarding the level of product lifecycle management in manufacturing companies in the Czech Republic. Based on the research available from foreign and domestic literature, a questionnaire survey was compiled and carried out with the purpose of applying the methods used in the life cycle management in selected areas: maintenance, information systems and the cost of the product lifecycle. The survey is carried out through a printed as well as an electronic questionnaire with additional structured interviews in selected manufacturing companies in the Czech Republic, Slovak Republic and Romania.

Exploring the Impact of ISO 9001, ISO 14001 and OHSAS 18001 Certification on Financial Performance: The Case of Companies listed on the Bucharest Stock Exchange

Directory of Open Access Journals (Sweden)

Mihaela Ionașcu

2017-02-01

Full Text Available The purpose of this paper is to investigate the impact of ISO 9001, ISO 14001 and OHSAS 18001 certification on the financial performance of Romanian companies listed on the Bucharest Stock Exchange (BSE. Based on audited financial statements of a population of 67 non-financial companies listed during 2013-2015 and using regression models, this paper shows, for the first time in Romania, that companies listed on BSE, implementing complex management systems (quality – environmental and/or occupational health and safety perform better, and that their performance is directly linked to the complexity of the management systems implemented.

Minerals industry survey, 1984

Energy Technology Data Exchange (ETDEWEB)

1984-01-01

This is the seventh edition of the statistical survey commissioned by the Australian Mining Industry Council. It represents the most comprehensive review of the financial position of the Australian minerals industry and provides timely financial data on the minerals industry. The tables of this survey have been prepared for AMIC by Coopers and Lybrand, Chartered Accountants, based on information supplied to them in confidence by the respondent companies. For the purpose of the survey, the minerals industry has been defined as including exploration for, and extraction and primary processing of, minerals in Australia. The oil and gas industry is not included.

Impacts of Reinsurance Operations on Significant Items of the Financial Statements of Commercial Insurance Companies According to Czech Accounting Legislation and International Accounting Standards

Directory of Open Access Journals (Sweden)

Jana Gláserová

2015-01-01

Full Text Available The principal aim of the paper is to determine the impact of reinsurance operations in commercial insurance companies, in accordance with the relevant accounting legislation, for certain significant items of the financial statements. In actual fact, the reinsurance operations affect the profit of a commercial insurance company, following the financial statements. The prerequisite for fulfilling the objective of the paper is to analyse the accounting legislation for reinsurance operations in commercial insurance companies. Attention will be devoted also to the method of accounting for reinsurance operations and their specific reporting in various parts of the financial statements of commercial insurance companies. The partial aim of this paper is to identify significant differences in the area of accounting of commercial insurance companies, based on the comparison of accounting practices of the issues examined in accordance with IAS/IFRS. In the conclusion, the authors will address the latest development of necessary steps in adopting the concept of IFRS 4 Phase II and accomplishing the process of the application of IFRS 4 Phase II to the accounts of commercial insurance companies.

The survey of accounting variables effect on incomesmoothing in ...

African Journals Online (AJOL)

In the present study the effects of company size, income-ability, institutional proprietorship, financial leverage and income rate have been surveyed as accounting variables on the income smoothing of the companies accepted in Tehran's securities market. The study has investigated 146 companies accepted in Tehran's ...

Impact of Contingent Liabilities Reclassification on Financial Performance: An Analysis with Brazilian Companies of Electricity Utilities Sector

Directory of Open Access Journals (Sweden)

Carlos Henrique Silva do Carmo

2018-01-01

Full Text Available The main objective of this research is to verify the effect of a reconfiguration of contingent liabilities in the financial performance of Brazilian companies in the electricity sector in the years 2013 to 2015. The sample consisted of 53 companies and 153 financial statements were analyzed. The model used to reconfigure the contingent liabilities into provisions was developed by Rose (2014. The author classifies the reversal in 5 scenarios: Optimistic (20% Partially Optimistic (40%, moderate (60% Partially Pessimistic (80% and Pessimistic (100%. To represent the economic and financial performance we selected three indicators: General Liquidity (LG, General Indebtedness (EG and Return Over Assets (ROA. The results showed that for worst-case scenarios, there is a significant difference between the indicators calculated on the original data in comparison with those calculated within the reclassified scenarios. The Statistics D of Cohen (1988 pointed out that, in addition to statistically significant, in the worst scenarios, the size effect was also too high, especially for the ROA and the Indebtedness. For Liquidity the differences were not so significant. The findings of this research serve as a warning to users of financial statements and pointed out that they should be aware of the financial effect of different interpretations of the individuals involved in decisions about the likelihood of loss in provision and Contingent liabilities.

Restructuring of oil and gas companies in financial difficulty: the Canadian experience

International Nuclear Information System (INIS)

Hudec, A.J.

1992-01-01

The relationship, under Canadian law, between oil or gas company in financial difficulty and its various creditors is discussed. In particular, commercial bank lenders and non-defaulting co-venturers in the project are considered. The broad topics covered are: the financing of multi-party resource projects; recent developments in conventional oil and gas production loan facilities; alternative and new approaches to energy loan restructuring; minimizing the lender's environmental risk in realizing against an energy project. (UK)

77 FR 62378 - Supervisory and Company-Run Stress Test Requirements for Covered Companies

Science.gov (United States)

2012-10-12

... consolidated assets as reported on the bank holding company's four most recent Consolidated Financial Statement... bank holding company with total consolidated assets of $50 billion or more and each nonbank financial... consolidated assets of more than $10 billion and for which the Board is the primary federal financial...

15 CFR 801.11 - Rules and regulations for the BE-80, Benchmark Survey of Financial Services Transactions Between...

Science.gov (United States)

2010-01-01

..., Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and..., Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and Unaffiliated Foreign Persons. A BE-80, Benchmark Survey of Financial Services Transactions Between U.S...

Econometric analysis on the impact of macroeconomic variables toward financial performance: A case of Malaysian public listed logistics companies

Science.gov (United States)

Zakariah, Sahidah; Pyeman, Jaafar; Ghazali, Rahmat; Rahman, Ibrahim A.; Rashid, Ahmad Husni Mohd; Shamsuddin, Sofian

2014-12-01

The primary concern of this study is to analyse the impact against macroeconomic variables upon the financial performance, particularly in the case of public listed logistics companies in Malaysia. This study incorporated five macroeconomic variables and four proxies of financial performance. The macroeconomic variables selected are gross domestic product (GDP), total trade (XM), foreign direct investment (FDI), inflation rate (INF), and interest rate (INT). This study is extended to the usage of ratio analysis to predict financial performance in relation to the changes upon macroeconomic variables. As such, this study selected four (4) ratios as proxies to financial performance, which is Operating Profit Margin (OPM), Net Profit Margin (NPM), Return on Asset (ROA), Return on Equity (ROE). The findings of this study may appear non-controversial to some, but it resulted in the following important consensus; (1) GDP is found to be highly impacting NPM and least of ROA, (2) XM has high positive impact on OPM and least on ROE, (3) FDI appear to have insignificant impact towards NPM, and (4) INF and INT show similar negative impact on financial performance, precisely highly negative on OPM and least on ROA. Such findings also conform to the local logistic industry settings, specifically in regards to public listed logistics companies in relation to its financial performance.

TECHNICAL ASPECTS COMPARING THE IFRS AND THE US GAAP CONCERNING FINANCIAL INVESTMENT COMPANIES

Directory of Open Access Journals (Sweden)

Luminita Paiusan

2014-11-01

Full Text Available In the context of current interconnected capital markets, all the investors, regardless their country of origin would be provided with the improvement of the quality and comparability of financial information due to the high quality of some common standards of financial reporting. In order to achieve this, the two bodies, the FASB and the IASB, are working together to reduce the differences between the IFRS and the US GAAP. However, there are some problems observed by the US SIF managers, which fall under their area of work. They are divided in three groups: The lack of essential information expected by the American investors. For example, the IFRS does not impose the presentation of the investments made by an investment company; Different assessment bases for the financial actives and debts in the IFRS, which influences the main indicators for the investors; Presenting relevant information regarding the risks taken by investment funds and the analysis of proneness to these risks.

 Transparency and quality of financial disclosures. The case of Romanian listed companies*

Directory of Open Access Journals (Sweden)

Nadia Albu

2014-09-01

Full Text Available  This paper addresses the transparency and the quality of financial disclosures of listed entities in the case of an emerging economy (i.e. Romania, in order to shed some light on the particular local context of the country and its impact on accounting practices. We analyze the entire population of non-financial entities listed in the first tier of the Bucharest Stock Exchange for the 2012 financial year. We are limited in our research by the size of the sample, which depends, however, on the small size of the Romanian stock market. In order to compensate for the small size of the sample, we assess 50 items related to disclosure, synthesized in two scores, i.e. transparency and quality. Also, we identify some factors associated with disclosure by investigating the correlation with several firm-related factors. Our results reveal a medium level of transparency and quality of Romanian listed companies, with significant variations between firms and between the sub-scores. The most important factors correlated with disclosure are company size and the presence of institutional investors. The results confirm to some extent most of the basic assumptions of the agency theory and also prove the importance of a new variable for emerging econo-mies, specifically the presence of institutional investors *This work was cofinanced from the European Social Fund through Sectoral Operational Programme Human Resources Development 2007-2013, project number POSDRU/159/1.5/S./134197 a Performance and excellence in doctoral and postdoctoral research in Romanian economics science domaina.

THE ROLE OF HEALTH INSURANCE COMPANIES IN THE FINANCIAL PROVISION OF FREE MEDICAL CARE

Directory of Open Access Journals (Sweden)

Lyudmila Valentinovna Tokun

2016-01-01

Full Text Available This article discusses the features of the mandatory health insurance, the financial resources of health care and the characteristics of the Russian health care system. The article defines the need to apply the SWOT-analysis to the activities of medical organizations, it analyses the interconnection between the criteria of quality, availability and payment for services and their accordance to the sector of economics, which produces or pays for the service. Goal / Objectives: The goal of this article is to study the compulsory health insurance system, its pros and cons in the health system. The objectives of this paper is to identify the sources of financing of compulsory health insurance, the definition of the stages of formation of financial flows, the designation of the role of insurance companies in the compulsory health insurance system, the study of the processes of formation of funds of health insurance companies, the definition of the role of the compulsory health insurance in the risk protection and study of the positive and negative aspects of the modern health care system. Methodology: Methods of comparison, analysis and synthesis are used in this article. Results: as a result of the conducted research authors have made conclusions about the need for the major changes in the financing of public health care. The scope of work of health insurance companies requires increase in number of staff , premises, additional hardware and software. Health insurance companies should be motivated to maintain the health of the population and its improvement. Conclusions: The results of this research can be used to build a system of motivation in the health insurance organizations.

Accounting conservatism in Europe : Insights in the degree of balance sheet conservatism and earnings conservatism in financial statements of European companies during the period 1991-2005

NARCIS (Netherlands)

R. Brouwer (Remco)

2009-01-01

textabstractThis study investigates how the degree of accounting conservatism in the financial statements of European companies evolves over time during period 1996-2005. This study concludes that the financial statement information of European companies shows a certain degree of balance sheet

ACCOUNTING AND FINANCIAL INFORMATION - THE FOUNDATION OF STRUCTURING FINANCIAL STATEMENTS AND THEIR FUNDAMENTAL ROLE IN CREATING THE DEVELOPMENT STRATEGY OF COMPANIES

Directory of Open Access Journals (Sweden)

Igor ZDRAVKOSKI

2010-12-01

Full Text Available Scope of the economies of countries and manner of operation in various business entities and institutions creates the amount and importance of information as a whole. Diversity of the structure of information conceives the method and the need for its distribution to those who are interested in it. Hence, the question arises - how to get to the right information? Consumers in order to create their goals and tasks group themselves and search through the pile of information and data for anything that would enable better planning and creating a more secure future. Therefore, accounting managers perceive this very accurately and carefully conceive balance reports by inserting financial data and information that form the bedrock in their future structuring. Namely, the creating of financial statements provides disclosure of accounting and financial information for certain business transactions and actions of the company in a given period.

The oil companies in the year 2000: an analysis of their financial situation

International Nuclear Information System (INIS)

Cueille, J.Ph.

2001-01-01

The results of the oil companies in the year 2000 have been exceptionally good, due to the high prices of crude oil and the refining margins. The profits of the year rose strongly compared with those of 1999, with a capital efficiency often close to 20%. The pre-production stages (petroleum and natural gas production) are a major contribution to the results, followed from far by the downs-stream sectors, chemistry and gas-electricity. In a context of weak stock markets, the market capitalization of the companies has generally risen slightly. The growth of the financial resources has enabled the continuation of the reduction policies of indebtedness and repurchase of its own actions. However, investments have remained globally stable, the companies having anticipated a growth in the year 2000. The first semester of 2001 presents results that can be compared with those of the same period in the year 2000, yet with signs of decline at the end of the second semester. (authors)

DCCA cross-correlation in blue-chips companies: A view of the 2008 financial crisis in the Eurozone

Science.gov (United States)

Guedes, E.; Dionísio, A.; Ferreira, P. J.; Zebende, G. F.

2017-08-01

In this paper we analyze the blue-chips (up to 50% of the total index) companies in the Eurozone. Our motivation being analysis of the effect of the 2008 financial crisis. For this purpose, we apply the DCCA cross-correlation coefficient (ρDCCA) between the country stock market index and their respective blue-chips. Then, with the cross-correlation coefficient, we qualify and quantify how each blue-chip is adherent to its country index, evaluating the type of cross-correlation among them. Subsequently, for each blue-chip, we propose to study the 2008 financial crisis by measuring the adherence between post and pre-crisis. From this analysis, we can construct an adhesion map of each company with respect to the global index. Our database is formed of 12 Eurozone countries.

Enhancing Financial Capability and Inclusion in the Philippines : A Demand-Side Survey

OpenAIRE

World Bank Group

2015-01-01

In response to a request of the Bangko Sentral ng Pilipinas (BSP) and as part of a broader engagement on enhancing financial consumer protection and education in the Philippines, the World Bank has implemented a financial capability survey. Financial inclusion, financial literacy and consumer protection are important priorities for the BSP and the Philippines government. Consumer protectio...

Proliferation of gynaecological scientific societies and their financial transparency: an Italian survey.

Science.gov (United States)

Vercellini, Paolo; Viganò, Paola; Frattaruolo, Maria Pina; Somigliana, Edgardo

2016-01-13

To determine the number of Italian obstetrical and gynaecological societies, and to ascertain their financial transparency. Internet-based national survey and website content analysis. Currently active, not privately owned, non-religious, apolitical, obstetrical and gynaecological associations. From October 2014 to June 2015, scientific societies were identified using combinations of search terms, and examining the website of the two main Italian obstetrical and gynaecological organisations. Individual societies' websites were scrutinised by two independent investigators. Number of Italian obstetrical and gynaecological associations and its variation over time; 12 information categories defining the general characteristics of the societies and their websites, and the financial transparency of the associations. The initial web search yielded 56 professional obstetrical and gynaecological associations but nine were excluded for various reasons. Of the remaining 47 professional associations, 17 covered both obstetrics and gynaecology, four were specialised in obstetrics, 26 in gynaecology and 46 provided continuing medical education (CME) activities. The number of societies has quadrupled in the last 35 years, increasing at a mean rate of one additional society per year. The headquarters of the associations were located in the offices of a professional congress organiser in 15 instances, and advertisements or links to industry products were present in 12 societies' websites. Bylaws were accessible in 32 websites. No information was publicly available regarding competing interests, financial statements and quantitative external funding. The number of obstetrical and gynaecological societies is remarkably high in Italy, particularly in the gynaecological area. Despite CME activity provision, transparency of societies regarding financial issues and competing interests was almost non-existent. Policies addressing the interactions between medical associations and industry

THE ROLE OF THE ANNUAL FINANCIAL STATEMENTS IN THE MANAGEMENT OF THE COMPANY

Directory of Open Access Journals (Sweden)

AVRAM MARIOARA

2013-02-01

Full Text Available The annual financial situations represent the main source of information regarding the financial situation andthe performance of any entity. The public character of the financial situations allows the presentation of theinformation to both the internal users and to the stakeholders too. This piece of information refers to the financialdiagnosis of the entity , the evolution in time and space (as the reports are written and designed for each stage of thepatrimonial elements presented in the balance sheet, the evolution of the income, expenses and the results mentioned inthe profit and loss account.The stakeholders in the private sector (shareholders, investors, clients, suppliers, creditors, banking financialinstitutions and those in the private sector (government, central and local administration analyze the financialsituations published, in a simplified s form, in the Official Monitor before taking any decisions.The general research field of this paper refers to the presentation of the role and structure of the financialsituations as well as a contrastive analysis of the annual financial situations realized by small and medium-sizedcompanies as compared to the one realized by bigger companies.The authors use the theoretical approach to present the structure of the annual financial situations and to provetheir importance in the process of Europeanization and globalization of the economy. The empirical approach has beenchosen in order to compare the two categories of annual financial situations established according to different criteriasuch as size and national legislation.

Information systems development of analysis company financial state based on the expert-statistical approach

Directory of Open Access Journals (Sweden)

M. N. Ivliev

2016-01-01

Full Text Available The work is devoted to methods of analysis the company financial condition, including aggregated ratings. It is proposed to use the generalized solvency and liquidity indicator and the capital structure composite index. Mathematically, the generalized index is a sum of variables-characteristics and weighting factors characterizing the relative importance of individual characteristics composition. It is offered to select the significant features from a set of standard financial ratios, calculated according to enterprises balance sheets. To obtain the weighting factors values it is proposed to use one of the expert statistical approaches, the analytic hierarchy process. The method is as follows: we choose the most important characteristic and after the experts determine the degree of preference for the main feature based on the linguistic scale. Further, matrix of pairwise comparisons based on the assigned ranks is compiled, which characterizes the relative importance of attributes. The required coefficients are determined as elements of a vector of priorities, which is the first vector of the matrix of paired comparisons. The paper proposes a mechanism for finding the fields for rating numbers analysis. In addition, the paper proposes a method for the statistical evaluation of the balance sheets of various companies by calculating the mutual correlation matrices. Based on the considered mathematical methods to determine quantitative characteristics of technical objects financial and economic activities, was developed algorithms, information and software allowing to realize of different systems economic analysis.

Open innovation: the activities and views of companies in Wales

DEFF Research Database (Denmark)

Rhisiart, Martin; Djebarni, Rami; Thomas, Andrew

favoured by companies are: 1) Financial support for collaboration, 2) Increase co-funding schemes for SMEs’ R&D, 3) Improve the institutional framework for collaboration, 4) Improve access to governmental support, 5) Foster networks and clusters The report sets out seven key recommendations for promoting......This is the Final Report of a study conducted on open innovation in companies in Wales. The programme of research included a review of global literature, interviews with 15 companies, a survey and a focus group.The study discusses Government support measures for open innovation.  Those most...

Minerals industry survey 1987

Energy Technology Data Exchange (ETDEWEB)

1987-01-01

This is the eleventh Minerals Industry Survey produced by the Australian Mining Industry Council. It represents an invaluable time series on the minerals industry's financial performance, as well as an up to date description of the industry for the latest financial year. The survey has been conceived as a supplement to and expansion of the various Australian Bureau of Statistics and Bureau of Mineral Resources, Geology and Geophysics publications which describe the exploration, mining and smelting and refining industries in Australia. The tables in this survey have been prepared by Coopers and Lybrand, Chartered Accountants, based on information supplied to them in confidence by the respondent companies.

An Analysis of Agency Costs and Dividend Payout Ratio of Non-financial Companies

OpenAIRE

Amy Natalia; Retno Kusumastuti

2017-01-01

This study aim to analyze the effect of Insider Ownership, Institutional Ownership, Dispersion of Ownership, Debt to Total Assets, Collateralizable Assets and Free Cash Flow on the Dividend Payout Ratio. These independent variables are proxies of agency costs. This study uses panel data of 90 non-financial companies in the period of 2009-2011. The findings indicate that (1) All independent variables (Insider Ownership, Institutional Ownership, Dispersion of Ownership, Debt to Total Assets, Co...

An Empirical Study on the Determinants of Management’s De cision for Reporting Long Term Non - Financial Assets at Fair Value in Companies Listed on Borsa Istanbul Equity Market

Directory of Open Access Journals (Sweden)

Hikmet Ulusan

2014-03-01

Full Text Available This study is to examine the determinants of management’s fair value choice decision for reporting long term non-financial assets in companies listed on “Borsa Istanbul Equity Market” whose financial statements have to be prepared under International Accounting Standards / Inte rnational Financial Reporting Standards and thus Turkey Accounting Standards / Turkey Financial Reporting Standards. In this study, Watts and Zimmerman’s Positive Accounting Theory methodology is adopted, and Mann -Whitney U test and logistic regression analysis have been used to analyze data. As a result of analysis, it has been identified that companies reporting property, plant and equipment at revalued amount are funded by more debtand to besmaller companies than companies reporting those assets at amortized historical cost. However, the results indicate that debt contracting, political cost and information asymmetry factors are not the determinants of management’s decision for reporting long term non-financial assets at fair value. The company size explains the management’s decision for reporting property, plant and equipment at revalued amount,but contrary to what is predicted, the evaluation method is chosen by small companies

The financial techniques for the determination of fair value, their application in the financial statements and the possible repercussions for the companies

Directory of Open Access Journals (Sweden)

Blanca Iris Vega Castro

2014-10-01

Full Text Available This paper examines recent international accounting standards, issued by the IASB and FASB, which refer to the measurement and disclosure of fair value. We identify measurement techniques and approaches applied by companies in different countries.We also analyze the application of measurement criteria and approaches recently suggested for determining fair value in financial statements and the possible implications for businesses.

The financial techniques for the determination of fair value, their application in the financial statements and the possible repercussions for the companies

OpenAIRE

Blanca Iris Vega Castro; Pedro González Cerrud

2014-01-01

This paper examines recent international accounting standards, issued by the IASB and FASB, which refer to the measurement and disclosure of fair value. We identify measurement techniques and approaches applied by companies in different countries.We also analyze the application of measurement criteria and approaches recently suggested for determining fair value in financial statements and the possible implications for businesses.

FINANCIAL ACCOUNTING APPROACHES OF THE REVOLVING LOANS WITH THE EXAMPLE OF THE FOREIGN TRADE COMPANIES

Directory of Open Access Journals (Sweden)

ADRIANA IOŢA

2014-10-01

Full Text Available In the current economic context, with a major increase in the foreign business of the Romanian companies, there is a need to finance their activities from various sources in order to meet competition. For this reason I aimed, with this paper, to identify the way to finance current business of foreign trade companies. Considering that for the majority of foreign trade transactions settlement is performed after a maturity established by agreement between the partners, in this interval various payment obligations may occur, reason for which companies resort to short-term funding sources, usually of the revolving type. This paper presents on one hand the financial features of two forms of crediting current activity, most often contracted by companies engaged in foreign trade, as the credit line and the global working loans. In the case of the credit line we presented the accounting methodology applicable to a company that engaged in foreign trade, with the purpose of highlighting the accounting peculiarities of the records of the currency credit line, as well as the costs (interests, fees these imply.

An empirical study on the influence of IFRS and regulations on the quality of financial reporting of isted companies in a developing country

Directory of Open Access Journals (Sweden)

Wadesango, N.

2016-11-01

Full Text Available This research sought to establish if International Accounting Standards (IAS, International Financial Reporting Standards (IFRS and regulations in Zimbabwe have been associated with increased financial reporting quality for listed companies. The study adopted mixed research approach. Questionnaires and unstructured interviews were used as research instruments to collect primary data. Content analysis was also adopted to triangulate the results. Target population was the listed companies in Zimbabwe. The study found a significant negative relationship between voluntary adoption of IFRS and earnings management of listed companies in Zimbabwe. The negative relationship may indicate that IFRS does not promote earnings management for voluntary adopters, thereby implying an increased financial reporting quality. It is recommended that top management, external auditors and regulators being the key players in standards, should work together and tighten compliance so that impact of IFRS could be felt more

Future oriented financial information (FOFI) : Should oil and gas companies use FOFI in public documents?

International Nuclear Information System (INIS)

Courtland, C.M.

1998-01-01

The issue of whether oil and gas companies should use FOFI (future-oriented financial information) in public documents was discussed. FOFI is information about prospective results of operations, financial position or changes in financial position, based on assumptions about future economic conditions and courses of actions (projections or forecasts). FOFI is not required under securities legislation unless an issuer chooses to provide it to third parties. However, if provided to one third party, it must be provided to all third parties. Five reasons why FOFI is not used by companies in the petroleum industry are given. These are: (1) it is not necessary to sell the prospectus offering, (2) if FOFI is included, the prospectus offering might, in some circumstances, be more difficult to sell, (3) if included, the FOFI may distract investors from proper analysis, (4) there are additional costs to the issuer when FOFI is included, and (5) there may be potential liability to various parties if FOFI is included and proves to be misleading. No changes to the current FOFI policy are contemplated for the immediate future, but in the longer term the reduction of the $ 500,000 minimum to $ 150,000 per investor where an offering memorandum must contain a forecast or projection, and the possible introduction of a safe harbour provision for any issuer who, in good faith, prepares FOFI, are being considered

Patient organizations' funding from pharmaceutical companies: is disclosure clear, complete and accessible to the public? An Italian survey.

Directory of Open Access Journals (Sweden)

Cinzia Colombo

Full Text Available BACKGROUND: Many patients' and consumers' organizations accept drug industry funding to support their activities. As drug companies and patient groups move closer, disclosure become essential for transparency, and the internet could be a useful means of making sponsorship information accessible to the public. This survey aims to assess the transparency of a large group of Italian patient and consumer groups and a group of pharmaceutical companies, focusing on their websites. METHODOLOGY/PRINCIPAL FINDINGS: Patient and consumer groups were selected from those stated to be sponsored by a group of pharmaceutical companies on their websites. The websites were examined using two forms with principal (name of drug companies providing funds, amount of funding and secondary indicators of transparency (section where sponsors are disclosed, update of sponsorship. Principal indicators were applied independently by two reviewers to the patient and consumer groups' websites. Discordances were solved by discussion. One hundred fifty-seven Italian patient and consumer groups and 17 drug companies were considered. Thirteen drug companies (76% named at least one group funded, on their Italian websites. Of these, four (31% indicated the activities sponsored and two (15% the amount of funding. Of the 157 patient and consumer groups, 46 (29% named at least one pharmaceutical company as providing funds. Three (6% reported the amount of funding, 25 (54% the activities funded, none the proportion of income derived from drug companies. Among the groups naming pharmaceutical company sponsors, 15 (33% declared them in a dedicated section, five (11% on the home page, the others in the financial report or other sections. CONCLUSIONS/SIGNIFICANCE: Disclosure of funds is scarce on Italian patient and consumer groups' websites. The levels of transparency need to be improved. Disclosure of patient and consumer groups provided with funds is frequent on Italian pharmaceutical

A preliminary study on financial risk management of the uranium enrichment company, given China's fast development of nuclear power industry

International Nuclear Information System (INIS)

Sun Wumei

2010-01-01

In market economy, control and prevention of financial risk is a factual and urgent issue of financial management. As an independent legal identity, the enterprise strives to achieve business operations and developments while bearing risks. In an era of fast growth of China's nuclear power industry, uncertainties facing uranium enrichment companies are inevitable. Without being aware of financial risks, the enterprise could be driven to hopeless situation when catastrophe comes. Recognizing financial risk factors, knowing the cause and effect of risk events, building a mechanism to prevent and control financial risks, are the right approaches for building a robust enterprise. (author)

Volumen 6 Número 10: The Efficiency in Thai Financial Sector after the Financial Crisis

Directory of Open Access Journals (Sweden)

Supachet Chansarn

2006-09-01

Full Text Available This study aims to investigate the efficiency in Thai financial sector after the financial crisis (1998 – 2004 by looking at the total factor productivity (TFP growth. Furthermore, the study also investigate the efficiency in commercial bank sector, finance and securities company sector and insurance company sector, and the efficiency in domestic and foreign financial companies. Based on the sample of 12 commercial banks, 13 finance and securities companies and 20 insurance companies listed on the Stock Exchange of Thailand (SET over the period of 1998 – 2204, our finding reveals that the efficiency in Thai financial sector, commercial bank sector and finance and securities company sector was diminishing over the period of 1998 – 2004, while the efficiency in insurance company sector remained unchanged over the same period. However, the sharp decrease in efficiency in these three sectors occurred only over the period of 1998 – 1999, while the efficiency was decreasing very slightly over the period of 1999 – 2004. The study also suggests that, in overall, domestic financial companies are more efficient than foreign ones. Domestic finance and securities companies are also more efficient than foreign ones, whereas domestic and foreign commercial banks are not different in efficiency. Moreover, domestic and foreign insurance companies are not different in efficiency as well.

Cost and Management Accounting Practices: A Survey of Manufacturing Companies

Directory of Open Access Journals (Sweden)

Ali UYAR

2010-11-01

Full Text Available The purpose of this study is to explore cost and management accounting practices utilized by manufacturing companies operating in Istanbul, Turkey. The sample of the study consists of 61 companies, containing both small and medium-sized enterprises, and large companies. The data collection methodology of the study is questionnaire survey. The content of the questionnaire survey is based on several previous studies. The major findings of the study are as follows: the most widely used product costing method is job costing; the complexity in production poses as the highest ranking difficulty in product costing; the most widely used three overhead allocation bases are prime costs, units produced, and direct labor cost; pricing decisions is the most important area where costing information is used; overall mean of the ratio of overhead to total cost is 34.48 percent for all industries; and the most important three management accounting practices are budgeting, planning and control, and cost-volume-profit analysis. Furthermore, decreasing profitability, increasing costs and competition, and economic crises are the factors, which increase the perceived importance of cost accounting. The findings indicate that companies perceive traditional management accounting tools still important. However, new management accounting practices such as strategic planning, and transfer pricing are perceived less important than traditional ones. Therefore, companies need to improve themselves in this aspect.

Financial planning and access to financing in small and mediumsized companies in the Venezuelan manufacturing sector

Directory of Open Access Journals (Sweden)

Mary A. Vera-Colina

2011-12-01

Full Text Available The relationship between the presence of financial planning and difficulties regarding access to financing in small and medium-sized companies (SMEs in the Venezuelan manufacturing sector is studied. This is an explicative type research work, designed as non-experimental, crosssectional and correlational field work, applied to a sample of 67 SMEs. A questionnaire was applied and a review was made of the relevant literature, to establish the characteristics of the selected variables, according to the high-medium-low measurement for each of the selected indicators. The preliminary results make it possible to affirm that the financial planning variable demonstrates a medium presence in the companies, with medium and low levels of coordination among their components. Average access to financing is classified as low, marked by a medium-high access to credit from suppliers, medium access in reinvestment of profits and medium-low access to bank credit lines. There is also evidence of financing patterns compatible with the Pecking Order Theory. The conclusion is that there is a weak relationship between the characteristics of financial planning and the levels of access to financing, with the inference that the behavior of these variables is determined by a multiplicity of factors.

Financial flow of Grant-oriented Projects

Directory of Open Access Journals (Sweden)

Nătăliţa-Mihaela Frumuşanu

2012-06-01

Full Text Available The present paper presents a survey of the legal stipulations and of the applicant’s guide regarding the methodology of the financial flow performance of the grant-financed projects (structural funds within a newly founded company. The opportunity and the importance of the paper is obvious, due to the fact that the grants represent an important source for the newly founded companies, especially for the coverage of the expenses afferent to the investment of equipments (assets, generally. Furthermore, the paper is very practical, marking out a case study that can constitute an example for the companies that want to access theses types of funds in order to finance certain investments.

INNOVATIONS IN FINANCIAL ANALYTICS

Directory of Open Access Journals (Sweden)

T. V. Teplova

2012-01-01

Full Text Available In this paper as the main feature of innovation in the financial health of a company analyst view the shift to two circuits of key interests of owners of capital (financial stakeholders. Justifi ed by differences key financial systems within the contour ownership interest and the lender three projections: liquidity, the current economic efficiency and growth. In the paper as the main feature of the innovation in the analysis of the financial health of a company is considered a transition to the two circuits of the interests of the key owners of financial capital (financial stakeholders. Justifi ed differences of key financial indicator systems in the framework of the outline of the interests of the owner and the lender by three projections: liquidity, efficiency and the quality of growth. The examples of Russian companies have different interpretations of financial targets and indicators with a choice of activities.

The Effect Of Intangible Asset Financial Performance And Financial Policies On The Firm Value

OpenAIRE

Rindu Rika Gamayuni

2015-01-01

Abstract The purpose of this study is to test empirically the relationship between intangible assets financial policies and financial performance to the firm value at going-public company in Indonesia. Path analysis was used to ascertain the relationship between intangible assets financial policies financial performance and firm value at going-public company in Indonesia in the year 2007 to 2009. This study also provides empirical evidence that Intangible assets financial policies financial p...

The Discriminant Analysis: an Exploratory Study Concerning the Degree of Financial Autonomy of Companies in the Context of the Romanian Business Environment

OpenAIRE

Marinela Mironiuc; Mihaela Robu; Ion Robu

2010-01-01

This study aims at analyzing the evolution of financial autonomy on a sample of 80 companies quoted in the Bucharest Stock Exchange, between 2006-2008. Classically, financial autonomy is measured using the global and day-to-day rates of financial autonomy. However, this study has tested the dependency between the global rate of financial autonomy (Own Capital/ Total debts) and a series of economic and financial indicators, with the purpose of obtaining both a score function that would help ma...

Impacts of Reinsurance Operations on Significant Items of the Financial Statements of Commercial Insurance Companies According to Czech Accounting Legislation and International Accounting Standards

OpenAIRE

Jana Gláserová; Eva Vávrová

2015-01-01

The principal aim of the paper is to determine the impact of reinsurance operations in commercial insurance companies, in accordance with the relevant accounting legislation, for certain significant items of the financial statements. In actual fact, the reinsurance operations affect the profit of a commercial insurance company, following the financial statements. The prerequisite for fulfilling the objective of the paper is to analyse the accounting legislation for reinsurance operations in c...

Financial disclosure and clinical research: what is important to participants?

Science.gov (United States)

Hutchinson, Anastasia; Rubinfeld, Abe R

2008-08-18

To assess what participants in company-sponsored clinical trials wish to know about financial aspects of the study. Cross-sectional questionnaire administered to 324 participants in six clinical trials conducted at the Royal Melbourne Hospital in 1999-2000 and 2006 for non-acute conditions (asthma, chronic obstructive pulmonary disease, osteoporosis, rheumatoid arthritis, diabetes and influenza vaccine efficacy). Participants' desire for information on study funding, investigators' conflicts of interest, and use of accrued funds. 259 participants (80%) completed the survey. Participants wanted to be informed about the identity of the project sponsor (148 participants; 57%), whether the investigators owned shares in the company (105; 41%) or received travel grants (83; 32%), how much funding was accrued at study completion (88; 34%), how accrued funds were used (98; 38%), and who approved their use (91; 35%). After adjusting for year of survey and level of education, younger subjects (aged informed more often than older participants of who sponsored the project (odds ratio [OR], 2.35 [95% CI, 1.21-4.55]; P=0.012), whether the investigators owned shares in the company (OR, 2.41 [95% CI, 1.27-4.60]; P=0.007) and how much funding was available for other uses (OR, 1.79 [95% CI, 0.94-3.41]; P=0.078). While most participants indicated that they would take part in clinical research again regardless of whether they received financial information, providing information on the sponsor, the investigators' financial interest in the company, whether accrual of funds is expected, and how these funds will be spent should satisfy the interests of participants in company-sponsored clinical trials.

Which Subsidy Mode Improves the Financial Performance of Renewable Energy Firms? A Panel Data Analysis of Wind and Solar Energy Companies between 2009 and 2014

Directory of Open Access Journals (Sweden)

Huiming Zhang

2015-12-01

Full Text Available The effectiveness of subsidies in improving the performance of renewable energy firms has aroused significant research attention in recent years. As subsidy modes may affect corporate financial performance,we have chosen companies specializing in wind and solar energy in the Shanghai and Shenzhen stock markets as samples.The relationships between the subsidy modes and financial performance of these two types of companies are investigated with a panel data model. Results of the total sample indicate that both indirect and non-innovative subsidy have significant effects on the financial performance of renewable energy companies. The regressive coefficient of the former,however, is a negative value, which illustrates that taxation, bonus, and other market-based mechanisms impair corporate profitability. Moreover, the influence of innovative subsidy is weak, which means that the subsidy used for research and development, technical demonstration, and other innovations of renewable energy enterprises have failed to effectively enhance corporate financial performance. In terms of sub-industries, the direct subsidy for wind energy companies has achieved a significant effect. Incomparison, the indirect subsidy and innovative subsidy acquired by solar energy companies have notably reduced corporate profitability. Thissuggests an urgent reform of subsidy policy for this industry is needed. The government should consider differences in the effects subsidies have for wind and solar energy companies when improving subsidy policy. In addition, market-based subsidy mechanisms should be perfected, and the structure of innovative subsidies should be ameliorated.

The surveys to the companies: A tool for the improvement of degrees

Directory of Open Access Journals (Sweden)

Montserrat Cruells Cadevall

2017-03-01

Full Text Available In scientific and technical degrees, the opinion of the final employers on the given subjects is really important. For this reason, the Quality Committee (CQ of the Faculty of Chemistry of the University of Barcelona prepared a survey for chemical, engineering and pharmaceutical companies asking about the academic training required by the companies. The survey consists of nine sections including items related to laboratory operations, chemical processes, calculation methods, management systems (quality, environment and safety or general management information. In addition, at the end of each section, a question inquires the companies about the competences shown by students in the items of the section. The results were compared with that of a similar survey carried out in 2007. The scores obtained, between 2 and 3, for all the items (score: 1, not important; 2, unimportant; 3, important; 4, very important, show that companies accept the training given to our students and the competences achieved by them. However, according to their opinion, it is possible to improve this training, especially in the subjects related to management (time, information, environment, quality, safety, etc.. Therefore, surveys are a good tool for the evaluation of the training achieved in our degrees and, consequently, for improving degrees and the teaching task, according the Quality Management System implemented in the Faculty of Chemistry.

Patients Undergoing Radiation Therapy Are at Risk of Financial Toxicity: A Patient-based Prospective Survey Study.

Science.gov (United States)

Palmer, Joshua D; Patel, Tejash T; Eldredge-Hindy, Harriet; Keith, Scott W; Patel, Tapas; Malatesta, Theresa; DiNome, Jessie; Lowther, Anne; Ferguson, Linda; Wagenborg, Sally; Smyles, John; Babaria, Usha; Stabile, Richard; Gressen, Eric; Rudoler, Shari; Fisher, Scot A

2018-06-01

Little is known about the financial burden experienced by patients receiving radiation therapy. Furthermore, currently, no financial toxicity screening tools have been validated for use in radiation oncology. Physician surveys were used to gauge provider understanding of treatment costs and their willingness to adopt the use of financial toxicity screening tools. Post-treatment patient surveys were used to investigate the covariates of treatment-induced financial risk. Of the 210 radiation oncologists who completed our survey, 53% reported being "very concerned" with treatment-related costs negatively affecting their patients, and 80% believed that a financial toxicity screening tool would be useful in practice. An analysis of patient surveys using logistic regression found age and cancer site to be the most important variables associated with financial toxicity. Thirty-four patients (22%) experienced financial toxicity related to treatment. The financial toxicities experienced were loss of job (28%), loss of income (24%), difficulty paying their rent or mortgage (20%), difficulty paying for transportation (15%), and difficulty paying for meals (13%). Financial toxicity is an important measure for patients and providers and is experienced by approximately one quarter of patients. Further studies to improve models to predict financial toxicity and how financial toxicity is related to patient outcomes and quality of life are warranted. Copyright © 2018 Elsevier Inc. All rights reserved.

Translation of Financial Statements

OpenAIRE

Dalthan Simas; Otavio De Medeiros

2005-01-01

This paper has the purpose of surveying and critically analyzing the effects of accounting procedures which are closely related to groups of companies operating multinationally. These are the methods for translation of financial statements, e.g. the Temporal and the Closing- rate Methods, as far as those methods are embodied in accounting standards which have been either recommended or adopted by countries such as the UK and US. We conclude that with regard to changing prices, General Price L...

76 FR 37194 - Surety Companies Acceptable In Federal Bonds; Termination; Clearwater Insurance Company

Science.gov (United States)

2011-06-24

... to the U.S. Department of the Treasury, Financial Management Service, Financial Accounting and...: June 16, 2011. Laura Carrico, Director, Financial Accounting and Services Division, Financial...; Termination; Clearwater Insurance Company AGENCY: Financial Management Service, Fiscal Service, Department of...

77 FR 553 - Surety Companies Acceptable on Federal Bonds: Termination; Western Bonding Company

Science.gov (United States)

2012-01-05

.... Department of the Treasury, Financial Management Service, Financial Accounting and Services Division, Surety..., 2011. Laura Carrico, Director, Financial Accounting and Services Division, Financial Management Service...: Termination; Western Bonding Company AGENCY: Financial Management Service, Fiscal Service, Department of the...

Survey of emergency medicine resident debt status and financial planning preparedness.

Science.gov (United States)

Glaspy, Jeffrey N; Ma, O John; Steele, Mark T; Hall, Jacqueline

2005-01-01

Most resident physicians accrue significant financial debt throughout their medical and graduate medical education. The objective of this study was to analyze emergency medicine resident debt status, financial planning actions, and educational experiences for financial planning and debt management. A 22-item questionnaire was sent to all 123 Accreditation Council on Graduate Medical Education-accredited emergency medicine residency programs in July 2001. Two follow-up mailings were made to increase the response rate. The survey addressed four areas of resident debt and financial planning: 1) accrued debt, 2) moonlighting activity, 3) financial planning/debt management education, and 4) financial planning actions. Descriptive statistics were used to analyze the data. Survey responses were obtained from 67.4% (1,707/2,532) of emergency medicine residents in 89 of 123 (72.4%) residency programs. Nearly one half (768/1,707) of respondents have accrued more than 100,000 dollars of debt. Fifty-eight percent (990/1,707) of all residents reported that moonlighting would be necessary to meet their financial needs, and more than 33% (640/1,707) presently moonlight to supplement their income. Nearly one half (832/1,707) of residents actively invested money, of which online trading was the most common method (23.3%). Most residents reported that they received no debt management education during residency (82.1%) or medical school (63.7%). Furthermore, 79.1% (1,351/1,707) of residents reported that they received no financial planning lectures during residency, although 84.2% (1,438/1,707) reported that debt management and financial planning education should be available during residency. Most emergency medicine residency programs do not provide their residents with financial planning education. Most residents have accrued significant debt and believe that more financial planning and debt management education is needed during residency.

Striking Features of the New Market Companies Adopting Hedge Accounting

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Leandro Augusto Toigo

2015-08-01

Full Text Available This research had as main objective to analyze the corporate and financial governance characteristics that discriminate against groups of companies that adopt hedge accounting in the new market for risk management. In this sense, there was descriptive survey the site of BM&FBOVESPA, conducted through desk review of the financial statements of 31/12/2012, including the explicative notes and management reports, there was also collecting data in reference form and Economatica. The population corresponds as 128 companies of the governance level - new market, and that the reserve sample was random and probabilistic, comprising 88 companies. We used a construct of the CPC 40 that deals with hedge accounting in order to segment the sample companies opting or not hedge accounting. The results of the application of Pearson's correlation and logistic regression with the Hosmer and Lemoshow tests (HLT and Test Omnibus coefficient model (OTMC, have shown that companies with ownership concentration, foreign investors and larger assets are adopting more significantly CPC 40. It follows that Brazilian companies belonging to the new market that adopt the practice of accounting disclosure to demonstrate improvement in risk management of the investments of the shareholders, are large companies with the capital structure composed of foreign investor and representative shareholder wealth.

76 FR 37891 - Surety Companies Acceptable on Federal Bonds; Termination; Western Insurance Company

Science.gov (United States)

2011-06-28

... the U.S. Department of the Treasury, Financial Management Service, Financial Accounting and Services.... Laura Carrico, Director, Financial Accounting and Services Division, Financial Management Service. [FR...; Termination; Western Insurance Company AGENCY: Financial Management Service, Fiscal Service, Department of the...

Organizational choices and financial performance: the case of company-owned stores, franchisee-owned stores and stores-within-a-store among French fashion retailers

OpenAIRE

Paul Amadieu; Karine Picot-Coupey; Jean-Laurent Viviani

2013-01-01

This paper deals with the governance and financial performance issues in the context of French Fashion retail companies. In this study, we analyze the influence of the organizational choices on the financial performance at the network level. We consider three forms used in isolation (company-owned stores, franchisee-owned stores and stores-within-a-store), three dually-organized forms (dual forms mixing two of the three forms) as well as a combined form associating the three ones. We study a ...

The rise of non-financial performance measures in annual reports. An analysis of ATX-listed companies

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Juergen Muehlbacher

2016-05-01

Full Text Available Purpose of the article: In the past, annual reports only included financial measures. More recently, this shareholder value approach has been criticized of leading to a strategic short-term orientation. Consequently, the use of strategic performance measurement systems (SPMSs, namely the Balanced Scorecard (BSC, is proposed to communicate non-financial measures to investors and stakeholders. Besides the distribution of critical information, the disclosure of non-financial measures should strengthen the employees’ commitment to the long-term strategy. The purpose of the article is thus to reveal whether Austrian companies disclose their strategic performance measures in their annual reports. Methodology/methods: Two observation points, 2002 and 2012, were chosen to analyse the annual reports of companies listed on the ATX. This period of time allows to observe changes as well as new trends. The annual reports have been downloaded from the companies’ homepages or received via email or post. A document and content analysis, followed by a frequency analysis, has been applied to identify several non-financial measures with regard to the following BSC-derived perspectives: Customer perspective, internal business perspective and innovation and learning perspective. Scientific aim: The scientific aim of the following study is to examine the extent to which non-financial performance measures are displayed in annual reports. Findings: The analysis of the annual reports showed a tremendous increase in non-financial measures in the time period between 2002 and 2012, which solely arose from the augmented disclosure activities of the innovation and learning perspective. On the other hand, the customer and internal perspectives decreased in importance. Moreover, the top ten measures in 2002 have changed and are dominated by diversity and environmental issues in the year 2012. Conclusions: Similar findings in the literature as well as the influence of legal

Collaborative Customer Management in Financial Services Alliances

OpenAIRE

Geib, Malte; Kolbe, Lutz; Brenner, Walter

2004-01-01

The integration of the financial services industry and many financial services companies' focus on core competencies have led to the emergence of financial services alliances. These alliances face a variety of challenges regarding an integrated approach to customer relationship management (CRM) by the partner companies.In this paper we describe the challenges derived from an analysis of five financial services companies that formed different financial services alliances. The main inhibitors o...

The financial and accounting implications of the privatization of the regional electricity companies in the UK

International Nuclear Information System (INIS)

Thomson, L.

1993-01-01

This paper reviews some of the financial and accounting implications of the privatization of the electricity distribution and supply sector in England and Wales, specifically the transformation of the Electricity Area Boards into the 12 Regional Electricity Companies (RECs). It considers the factors influencing the setting of post-privatization price control factors; the capital restructuring of the RECs; the valuation placed by the Secretary of State for Energy on each company at flotation, and market reaction to this as shown in subsequent changes in share price; and changes in the information provided in the RECs' accounts over the privatization period. (Author)

ANALYSIS OF THE COMPANY FINANCIAL BALANCE

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CĂRUNTU GENU ALEXANDRU

2016-12-01

Full Text Available Creating a company, maintaining market position and support its growth requires resources to ensure optimal deployment, development activities.. For best company must have equity because they represent a set of resources likely to provide future income streams. Choosing an optimal structure of capital is a strategic decision, which must be harmonized with the overall strategy of the firm. Through its funding policy, the company must ensure, at any time, the appropriate volume of foreign equity in relation to its needs. The decision for a particular capital structure the company should take into account a number of risks associated with indebtedness, risks that may offset or even cancel its positive effects.

76 FR 54717 - Supervised Securities Holding Companies Registration

Science.gov (United States)

2011-09-02

... other financial statements submitted to the securities holding company's current consolidated supervisor... Y-9ES), The Supplement to the Consolidated Financial Statements for Bank Holding Companies (FR Y-9CS... Companies (FR Y-6), The Report of Foreign Banking Organizations (FR Y-7), The Consolidated Financial...

FINANCIAL INDICATORS FOR THE ROMANIAN COMPANIES BETWEEN ELIGIBILITY AND BANKABILITY OF EU FINANCED PROJECTS

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Droj Laurentiu

2014-12-01

Full Text Available The main goal of this research is to compare the eligibility indicators for accessing EU projects with the bankability indicators at the level of Romanian companies. This study was realized in a period when the term of bankability seems to be in the focus of the beneficiaries and management authorities for European funding, of the banking system and of the mass-media as well. This happens for the first time since the launch in 2007-2008 of the main structural EU funding programs focusing on the development of competitive SMEs, which brought significant changes in the EU funding environment. The same with the public institutions, many SMEs have applied for grants in order to finance their investments using different funding programs, especially under the European Regional Development Fund. This process to obtain European funding was a long one in term of evaluation and contracting periods. Under this context, the initial success of SMEs that have successfully applied and even managed to gain access to European funding was overshadowed by another sharper problem: lack of financial resources for co-financing to support investments or expenditures in the initial stages funding the project. This was also a big problem since the start of word financial and economic crisis. Under this context the banking sector was supposed to be heavily involved in ensuring external financing. The main difficulties in co-financing European funding projects by the banks came from the fact that the companies were requested to obtain satisfactory scores in order to qualify for the banking loans. Several indicators were used by the banking sector to analyze the creditworthiness of the applicant companies. From these indicators we selected five of them to be tested by using Student distribution modelling within the ModelRISK – VoseSoftware application over a group of 50 companies located in the North-Western region of Romania. After the model was created in this paper we

Financial restatement and firm performance in family controlled and CEO duality companies: evidence from post 2007 Malaysian Code of Corporate Governance

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Chin Sok Fun

2017-01-01

Full Text Available Do financial restatements dampen firm performance? One argument about this is that restatements hurt investor confidence in the credibility of a firm’s disclosure, resulting in a decline in demand for the firm’s securities, thereby, leading to a significant drop in asset price. On the other hand, agency theory suggests that family ownership could have potential benefits to a firm’s performance. An increase in family ownership will have a greater concern for reputation to the controlling family in producing high quality accounting information and, thereby, reduce the likelihood of financial restatements. We evaluate these arguments by distinguishing the effects of restatements on firm performance under two corporate governance environments; family-controlled and CEO duality companies. Based on a sample of Malaysian listed companies in 2008 after the post MCCG 2007 initiative, our findings suggest that (1 restatements dampen firm performance, (2 the dampening impacts of restatements are completely mitigated in family-controlled companies, and (3 the dampening effects are more pronounced in non-family controlled companies than family-controlled companies in non-CEO duality companies. Using this evidence, we recommend that Malaysian regulators develop policies that are unique to the Malaysian markets so as to curtail accounting irregularities. They should reconsider the relevance of requiring CEO nonduality as a practice of good corporate governance and encourage more investment in family-controlled companies.

Business cycles and the financial performance of fuel cell companies. Paper no. IGEC-1-074

International Nuclear Information System (INIS)

Henriques, I.; Sadorsky, P.

2005-01-01

While most business owners are likely to admit that the economic performance of the economy has some impact on their business, there has been relatively little statistical work done to measure just how sensitive the financial performance of fuel cell firms is to changes in macroeconomic activity. In this paper, a four variable vector autoregression model is developed and estimated in order to investigate the empirical relationship between stock prices, oil prices and interest rates. Our results show the stock prices of fuel cell companies to be impacted by shocks to technology stock prices and oil prices. Technology stock price shocks have a longer lasting and greater (in terms of magnitude) impact on the stock prices of fuel cell companies then oil price shocks. These results add to a small but growing literature showing that oil price movements are not as important as once thought because investors view fuel cell companies as similar to other high technology companies. These results should be of use to investors, managers and policy makers. (author)

The company you keep: spreading effects of financial fraud on investor trust.

Science.gov (United States)

Bernet, Patrick Michael; Getzen, Thomas E

2007-01-01

Investor trust is valuable to health care organizations. Without it, they may face higher capital costs. This study explores recent cases of fraud and the appearance of impropriety by health care organizations, focusing on the manners in which trust was violated, the systems that allowed those violations, and the effects on financial markets. Increases in the incidence and scale of such transgressions may be harbingers of worse times ahead. This article examines how recent events have affected the cost of capital, and what health care organizations can do to avoid being judged by the company they keep.

FINANCING THE NEEDS AND GROWTH OF COMPANIES BY ISSUING CORPORATE BONDS

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MERI BOSHKOSKA

2016-04-01

Full Text Available Financing through the capital market has many advantages over other types of external financing companies such as avoiding dependence on bank credits, access to a wider base of investors, collecting a relatively large amount of asset as well as longer maturity dates. The companies need to secure additional financial assets so they can maintain the current liquidity, as well as for their development and growth. These assets can be taken from internal as well as external financial sources. The purpose of this paper is to analyze the most common source which Macedonian companies use for financing for their current and developmental activities. Special emphasis is placed on how familiar Macedonian companies are with the process of bonds issuance for financing their working processes and how much they use it. The basic instrument for data collection was a questionnaire that was designed in three categories with 25 questions in order to be able to collect information about which is the most common financial source that surveyed companies prefer and how many of them are familiar and use the process of issuing corporate bonds. The results indicates that Macedonian corporate bonds market is undeveloped which is verified by the fact that company’s managers and owners are unprepared and unfamiliar with the advantages and procedure of bond issuance.

Method to Calculate the Financial Value of the Commercial Brands. Case “Cubita y diseño”, Brand Ownership of the CIMEX Group Companies

Directory of Open Access Journals (Sweden)

María Esperanza González–del Foyo

2015-12-01

Full Text Available The intangible assets constitute an income generation source for companies in which, the brand, is one of the most important and commercial impact. However, the formal determination or the scientific base of the value of this type of assets is a not well known in Cubans companies, like the case of the CIMEX Group of Companies, which has a wide brand market capital. The paper has the theoretic fundaments about brands, making emphasis in this definition from a financial perspective, and so like a diagnosis about the background and the present of studies of this kind, made in the Group of Companies. Several international models are presented that from this financial approach, are used to calculate the value of a brand, and finally a method is propose, that adapted to the company characteristics and the development environment of its activity, allows to determinate its value. 

FINANCIAL INFORMATION, EFFECTS OF FINANCIAL INFORMATION ON ECONOMIC DECISION

Directory of Open Access Journals (Sweden)

TAK ISA

2010-12-01

Full Text Available Financial information has, indisputably, an important effect in economics. To form an effective capital market, financial information must be reliable and accurate. Misleading financial information always has a negative impact on economic decision taken by users. It is known that financial information as the cornerstone of financial markets, can improve economic performance in several ways. Nowadays we are facing economic crisis due to irregularities of presentation of financial statements to users. Misunderstandings cause economic recession. Detection of fraudulent financial information, is an important issue facing the auditing profession. Currently, bankruptcy of companies around the world, leaves millions of people without jobs, this is caused by financial information which is manipulated by companies. The purpose of this paper is to analyze the effects of errors and manipulation committed in the financial information sector on the real economy. Also one of the purposes of this paper is to analyze error and fraud in financial statements how it effects the real economy and the reasons for committing fraud in financial statements. Also, several suggestions are included in this study about actions that can be taken to prevent errors and manipulation in financial information.

Financial Planning and Management Practices of Electrical Contractors

Directory of Open Access Journals (Sweden)

Lucko Gunnar

2016-12-01

Full Text Available Contractors must carefully manage their cash outflows (e.g., for materials to enable their work and inflows (after the work to be profitable, particularly in an economy that is still recovering from the 2008-2012 recession that grew out of the mortgage crisis. Their importance for business success is undisputed, as bankruptcies due to insufficient cash flow underline. Therefore, this study investigated current business practices of electrical contracting companies of different sizes with respect to their financial planning and management. A detailed questionnaire was developed with best guidelines on survey studies and pilot testing. It was sent to members of the National Electrical Contractors Association. Respondent anonymity was ensured. The survey recorded demographics, business practices, operating conditions, and other important factors using 57 subquestions. Each section allowed feedback to clarify the numerical responses. Responses were well distributed across company sizes, so that the results are representative for the entire industry. The results indicated that contractors generally have a substantial amount of experience in financial decision making. Their approach is conservative and focuses on healthy growth. Yet, opportunities to fine-tune business practices are identified, e.g., immediate invoicing, considering discounts to accelerate payment receipts, attempting to negotiate and use favorable credit terms, reviewing payment performance, and performing frequent cash flow forecasts. Some of the differences in the responses can be attributed to different company sizes. To help especially smaller companies in planning their cash flow, a spreadsheet for implementation has been created.

Derivatives Usage by Non-Financial Firms in Thailand; implications on the hedging strategy

OpenAIRE

Chawla, Veerathep

2007-01-01

This dissertation is the result of the research carried out to investigate the derivatives usage in 65 non-financial companies across 8 specified industries in Thailand. The use of derivatives in Thailand is growing rapidly every year, our survey shows 75% of firms using derivatives in their hedging strategy. There is no significance in the use between Thai and Foreign companies in Thailand, while smaller firms do not use derivatives as much as larger firms, especially large listed companies....

Relations estimate between investment in digital media and financial variables of companies: a Colombian overview

OpenAIRE

Amalia Novoa Hoyos; Mauricio Sabogal Salamanca; Camilo Vargas Walteros

2016-01-01

This article shows a first estimate about the relationship between investment in digital media and some financial variables in Colombia. First, a literature review is made about the impact of marketing and digital marketing in Company performance. Then, an analysis of the sectorial variables such as liquidity, profitability, indebtedness and concentration in sectors like food, personal grooming, automotive, drinking and tobacco, construction, entertainment, furniture, services, telecommunicat...

The Effect of Ratio, Issuance of Stocks and Auditors’ Quality toward the Timeliness of Financial Reporting on the Internet by Consumer Goods Sector Companies in Indonesia

Directory of Open Access Journals (Sweden)

Lidiyawati Lidiyawati

2015-11-01

Full Text Available This study was conducted to analyze the factors that affect the timeliness of financial reporting on the Internet in the Consumer Goods sector companies listed in Indonesia Stock Exchange (IDX. Variables used were leverage, profitability, size of company, the issuance of stock and the quality of auditors. Data analysis method used was logistic regression at the 0.05 level. The data used were secondary data and using sample Consumer Goods companies listed in the Indonesia Stock Exchange in 2010-2012. This study tested the effect of variable leverage, profitability, firm size, auditor quality stocks, and the timeliness of financial reporting on the Internet. The results obtained from these tests support the timeliness of audit quality of financial reporting on theInternet. However, other variables such as leverage, profitability, firm size, stock issuance did not support the timeliness of financial reporting on the Internet.

The Link between Corporate Social Performance and Financial Performance: Evidence from Indonesian Companies

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Hasan Fauzi

2007-06-01

Full Text Available This study examines the relationship of corporate social performance (CSP to corporate financial performance (CFP to determine if CSP is related to firm performance.  Additionally, it examines whether firm size or industry affects the relationships between CSR and CSP. This study  advances the literature as it examines this relationship for companies in a developing country, Indonesia, along with examining the impact of moderating variables on this relationship. Two models were developed: the first model was derived using slack resource theory and the second model was developed using the good management theory. Through the examination of 383 firms, the result of the study failed to find a significant relationship between CSP and CFP in either model.  Further analysis, using the slack resource theory, did find that company size had a significant positive moderating effect on the relationship between CSP and CFP.

Patient attitudes about financial incentives for diabetes self-management: A survey.

Science.gov (United States)

Blondon, Katherine S

2015-06-10

To study the acceptability of incentives for behavior changes in individuals with diabetes, comparing financial incentives to self-rewards and non-financial incentives. A national online survey of United States adults with diabetes was conducted in March 2013 (n = 153). This survey was designed for this study, with iterative testing and modifications in a pilot population. We measured the demographics of individuals, their interest in incentives, as well as the perceived challenge of diabetes self-management tasks, and expectations of incentives to improve diabetes self-management (financial, non-financial and self-rewards). Using an ordered logistic regression model, we assessed the association between a 32-point score of the perceived challenge of the self-management tasks and the three types of rewards. Ninety-six percent of individuals were interested in financial incentives, 60% in non-financial incentives and 72% in self-rewards. Patients were less likely to use financial incentives when they perceived the behavior to be more challenging (odds ratio of using financial incentives of 0.82 (95%CI: 0.72-0.93) for each point of the behavior score). While the effectiveness of incentives may vary according to the perceived level of challenge of each behavior, participants did not expect to need large amounts to motivate them to modify their behavior. The expected average amounts needed to motivate a 5 lb weight loss in our population and to maintain this weight change for a year was $258 (interquartile range of $10-100) and $713 (interquartile range of $25-250) for a 15 lb weight loss. The difference in mean amount estimates for 5 lb and 15 lb weight loss was significant (P < 0.001). Individuals with diabetes are willing to consider financial incentives to improve diabetes self-management. Future studies are needed to explore incentive programs and their effectiveness for diabetes.

ASSESSING GOING CONCERN ASSUMPTION BY USING RATING VALUATION MODELS BASED UPON ANALYTICAL PROCEDURES IN CASE OF FINANCIAL INVESTMENT COMPANIES

OpenAIRE

Tatiana Danescu; Ovidiu Spatacean; Paula Nistor; Andrea Cristina Danescu

2010-01-01

Designing and performing analytical procedures aimed to assess the rating of theFinancial Investment Companies are essential activities both in the phase of planning a financialaudit mission and in the phase of issuing conclusions regarding the suitability of using by themanagement and other persons responsible for governance of going concern, as the basis forpreparation and disclosure of financial statements. The paper aims to examine the usefulness ofrecognized models used in the practice o...

Which Subsidy Mode Improves the Financial Performance of Renewable Energy Firms? A Panel Data Analysis of Wind and Solar Energy Companies between 2009 and 2014

OpenAIRE

Huiming Zhang; Yu Zheng; Dequn Zhou; Peifeng Zhu

2015-01-01

The effectiveness of subsidies in improving the performance of renewable energy firms has aroused significant research attention in recent years. As subsidy modes may affect corporate financial performance,we have chosen companies specializing in wind and solar energy in the Shanghai and Shenzhen stock markets as samples.The relationships between the subsidy modes and financial performance of these two types of companies are investigated with a panel data model. Results of the total sample in...

Corporate preparedness for pandemic influenza: a survey of pharmaceutical and biotechnology companies in Montgomery County, Maryland.

Science.gov (United States)

Watkins, Rissah J; Barnett, Daniel J; Links, Jonathan M

2008-09-01

We conducted a survey of corporate preparedness for pandemic influenza among biotechnology and pharmaceutical companies in Montgomery County, Maryland, to determine the level of preparedness for this industry and geographic region. The survey, based on the HHS Business Pandemic Influenza Planning Checklist, established whether a company had a preparedness plan specific to pandemic influenza, the contents of its plan, or its reasons for a lack of a plan. A total of 50 companies participated in the survey. Of these, 40 did not have any type of preparedness plan, 3 were drafting plans, 6 had general preparedness plans that could be applied to an influenza pandemic, and only 1 company had a preparedness plan specifically designed to address pandemic influenza. Biotechnology and pharmaceutical companies in this geographic region are currently not well prepared for pandemic influenza. Public health officials should offer more help, possibly in the form of a model small business preparedness plan, and collaboration between companies should be encouraged to foster sharing of preparedness plans.

THE OPTIMIZATION OF THE ENTERPRISE FINANCIAL ANALYSIS TROUGH THE FINANCIAL SYSTEM OF CONTROL DU PONT

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GÂDOIU MIHAELA

2016-06-01

Full Text Available The return on assets and the return on equity are essential indicators for the assessment of the company performance. They have a rich financial content, but there are many cases where the figure sometimes shows a “prettier” reality. In such cases it is necessary to treat and interpret financial rates with caution, taking into account, at the same time, other methods used in the financial analysis. The objective of this paper is to present a popular financial diagnosis optimization method - the Du Pont financial control system, that has an important role in the financial analysis of the company because it is related to the return on assets and the return on equity of the company as a result of the interaction of several factors synthesized through reports built based on information taken from the annual financial statements.

Financial indicators of company performance in different industries that affect CEO remuneration in South Africa

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Mark Bussin

2015-11-01

Full Text Available In an attempt to address the growing gap between chief executive officer (CEO remuneration and that of the general worker, reign in rising CEO remuneration, and justify the portion of long-term incentive pay that makes up the bulk of CEO remuneration, shareholders and other stakeholders are trying to find definitive factors that will link CEO remuneration to company performance. Finding this link has become central to all executive remuneration issues. The results of the studies linking CEO remuneration to company performance are varied and inconclusive, particularly in South Africa. The reason for this is that previous studies have not looked at whether the company performance measures chosen have definite relationships with CEO remuneration in each industry. This study investigated eleven financial indicators of company performance to determine which of them have significant and positive relationships to CEO remuneration in different industries in South Africa. 254 South African listed companies, spread over 5 industries, were analysed for the period 2008 to 2012 using panel data analysis and statistical tests. The results were conclusive, finding performance metrics that had a positive and significant relationship to CEO remuneration in 4 of the 5 industries investigated, as well as over the aggregate of all the industries.

The financial position and funding of French non-financial corporations

OpenAIRE

G. Cette.; J.-P. Villetelle.

2015-01-01

This study, based on recent company statistics from national accounts and financial statements, shows a deterioration in the financial position of French non-financial corporations. This is affecting their performances and is prompting them to diversify their sources of funding in order to rationalise their financial structure.

COMPANY VALUATION METHODS BASED ON PATRIMONY

Directory of Open Access Journals (Sweden)

SUCIU GHEORGHE

2013-02-01

Full Text Available The methods used for the company valuation can be divided into 3 main groups: methods based on patrimony,methods based on financial performance, methods based both on patrimony and on performance. The companyvaluation methods based on patrimony are implemented taking into account the balance sheet or the financialstatement. The financial statement refers to that type of balance in which the assets are arranged according to liquidity,and the liabilities according to their financial maturity date. The patrimonial methods are based on the principle thatthe value of the company equals that of the patrimony it owns. From a legal point of view, the patrimony refers to allthe rights and obligations of a company. The valuation of companies based on their financial performance can be donein 3 ways: the return value, the yield value, the present value of the cash flows. The mixed methods depend both onpatrimony and on financial performance or can make use of other methods.

Public health financial management needs: report of a national survey.

Science.gov (United States)

Costich, Julia F; Honoré, Peggy A; Scutchfield, F Douglas

2009-01-01

The work reported here builds on the identification of public health financial management practice competencies by a national expert panel. The next logical step was to provide a validity check for the competencies and identify priority areas for educational programming. We developed a survey for local public health finance officers based on the public health finance competencies and field tested it with a convenience sample of officials. We asked respondents to indicate the importance of each competency area and the need for training to improve performance; we also requested information regarding respondent education, jurisdiction size, and additional comments. Our local agency survey sample drew on the respondent list from the National Association of County and City Health Officials 2005 local health department survey, stratified by agency size and limited to jurisdiction populations of 25,000 to 1,000,000. Identifying appropriate respondents was a major challenge. The survey was fielded electronically, yielding 112 responses from 30 states. The areas identified as most important and needing most additional training were knowledge of budget activities, financial data interpretation and communication, and ability to assess and correct the organization's financial status. The majority of respondents had some postbaccalaureate education. Many provided additional comments and recommendations. Health department finance officers demonstrated a high level of general agreement regarding the importance of finance competencies in public health and the need for training. The findings point to a critical need for additional training opportunities that are accessible, cost-effective, and targeted to individual needs.

Financial Constrains for Innovative Firms: The Role of Size, Industry and ICT Uses as Determinants of Firms' Financial Structure

Science.gov (United States)

Castillo-Merino, David; Vilaseca-Requena, Jordi; Plana-Erta, Dolors

This paper uses a large and original data set of Catalan firms in all the economic branches to analyse the effects of size, industry and degree of ICT uses on financial constraints for innovative firms. We have conducted a micro econometric analysis following Henry et al. (1999) investment model to empirically contrast the relationship between firms' investment spread over time and their financial structure, and we have used von Kalckreuth (2004) methodology, based on an original survey with data on financial issues. Our results show that it exits a positive and significant relationship between investment shift and financial structure, emerging financial constraints for more innovative firms. Furthermore, these constraints are higher for micro companies and firms within the knowledge-advanced services' industry. Finally, we have also found that advanced ICT uses by more innovative firms allow them to reduce constraints of access to sources of finance.

Company Portfolios Answer the Question: What Do You Know about My Company?

Science.gov (United States)

Watson, Michelle L.

2001-01-01

Job seekers can demonstrate their knowledge of a potential employer by developing a company portfolio. Elements include company history, mission, values, and goals; size and location(s); financial status; and recent changes in the company and industry. (SK)

THE USE OF VOLUNTARY DISCLOSURE IN DETERMINING THE QUALITY OF FINANCIAL STATEMENTS: EVIDENCE FROM THE NIGERIA LISTED COMPANIES

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Oyerogba Ezekiel Oluwagbemiga

2014-10-01

Full Text Available The purpose of this study was to establish the use of voluntary disclosure in determining the quality of financial statements among the listed companies in Nigeria. Specifically the study investigated on the effects of voluntary disclosure on investor decision and performance of listed companies in Nigeria. This study adopted anexploratory design which is described as a method of collecting information by interviewing or administering a questionnaire to a sample of individuals. The instrument of data collection for this research was a questionnaire as the study used primary data. The study targeted all the 258 listed companies in Nigeria. The study population used in this research comprised of preparers (accountants, external auditors and users of accounting information (financial analysts, stockbrokers, bankers, regulators and educators. The sample of this study was 140 whereby twenty questionnaires were distributed in every category of the respondents.Descriptive statistics such as mode, median, mean, standard deviation, etc were used to perform data analysis. These measures were calculated using Statistical Package for the Social Sciences (SPSS 20 software. SPSS tool (Statistical Package for the Social Sciences was used to organize and analyze data. The study findings indicated that there was increased performance and investor decision making was easy to makedue to voluntary disclosure. The results indicate that voluntary disclosurewas satisfactory in explaining investor decision making and performance of listed companies. It was possible to conclude from the study findings that voluntary disclosure was statistically significant in explaining investor’s decision and performance of listed companies in Nigeria. It was also possible to conclude that there was high level of voluntary disclosure in Nigeria listed firms which led to high performance of the firms and made it easy for investors to make decision whether to invest in the companies or

Accounting conservatism in Europe: Insights in the degree of balance sheet conservatism and earnings conservatism in financial statements of European companies during the period 1991-2005

OpenAIRE

Brouwer, Remco

2009-01-01

textabstractThis study investigates how the degree of accounting conservatism in the financial statements of European companies evolves over time during period 1996-2005. This study concludes that the financial statement information of European companies shows a certain degree of balance sheet conservatism and earnings conservatism during period 1991-2005; this degree of balance sheet conservatism and earnings conservatism evolves over time. The research findings do not indicate that the intr...

ISSUERS OF FINANCIAL INSTRUMENTS

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Cristian GHEORGHE

2016-05-01

Full Text Available The rules laid down by Romanian Capital Market Law and the regulations put in force for its implementation apply to issuers of financial instruments admitted to trading on the regulated market established in Romania. But the issuers remain companies incorporated under Company Law of 1990. Such dual regulations need increased attention in order to observe the legal status of the issuers/companies and financial instruments/shares. Romanian legislator has chosen to implement in Capital Market Law special rules regarding the administration of the issuers of financial instruments, not only rules regarding admitting and maintaining to a regulated market. Thus issuers are, in Romanian Law perspective, special company that should comply special rule regarding board of administration and general shareholders meeting.

Financial attitudes, knowledge, and habits of chiropractic students: A descriptive survey

Science.gov (United States)

Lorence, Julie; Lawrence, Dana J.; Salsbury, Stacie A.; Goertz, Christine M.

2014-01-01

Objective: Our purpose was to describe the financial knowledge, habits and attitudes of chiropractic students. Methods: We designed a cross-sectional survey to measure basic financial knowledge, current financial habits, risk tolerance, and beliefs about future income among 250 students enrolled in business courses at one US chiropractic college. Descriptive statistical analyses were performed. Results: We received 57 questionnaires (23% response rate). Most respondents would accumulate over $125,000 in student loan debt by graduation. Financial knowledge was low (mean 77%). Most respondents (72%) scored as average financial risk takers. Chiropractic students reported recommended short-term habits such as having checking accounts (90%) and health insurance (63%) or paying monthly bills (88%) and credit cards (60%). Few saved money for unplanned expenses (39%) or long-term goals (26%), kept written budgets (32%), or had retirement accounts (19%). Conclusion: These chiropractic students demonstrated inadequate financial literacy and did not engage in many recommended financial habits. PMID:24587498

Analysis of Financial Management in Micro and Small Enterprises Osasco

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Michele Caroline Lima Formenti

2015-06-01

Full Text Available This study aims to identify the profile of the Financial Management in the Small Business in Osasco city. For development of this research was first done a bibliographic survey of issues related to the topic, such as: Definition of Small Business, General Law, Tax Aspects, Accounting Model (ITG 1000, Financial Controls. The second stage consisted of field research in which a questionnaire was prepared for Small Business managers of the municipality to identify the Financial Management model used. The study revealed that over 80% of Small Business perform some type of financial control, either by means of computer systems or electronic spreadsheets and that the greatest difficulty in Financial Management of these companies are: high taxes, tough competition and lack skilled labor.

Hierarchical level oF managers’ abilities: A Moderator between Quality Management Practices and Company Financial Performance

OpenAIRE

Ciptono, Wakhid Slamet

2007-01-01

This study investigates the moderating impacts of hierarchical level of managers’ abilities on the form and strength of all structural relationships between quality management practices and company financial performance. This study describes the structural relationships among the research constructs —six critical factors of quality management practices (quality improvement program, supervisory leadership, supplier involvement, management commitment, training to improve products/services, cros...

Genesis and Development of Consolidated Financial Statements

OpenAIRE

Kostyantyn Bezverkhiy

2015-01-01

In the context of economy globalization it is the mission of consolidated financial statements to meet demands of users for financial information about activities of a company group as one company. The article is devoted to study of genesis and development of consolidated financial statements of companies. Historical prerequisites of genesis of consolidated financial statements are shown as well as factors which conduced to their spreading. The approaches are elucidated to preparation of cons...

The impact of the global financial crisis on the structure of investment portfolios of insurance companies

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Kočović Jelena

2011-01-01

Full Text Available This article deals with the impact of the global financial crisis on the scale and structure of investment portfolios of insurance companies, with respect to their difference compared to other types of financial institution, which derives from the specific nature of insurance activities. The analysis includes insurance companies’ exhibited and expected patterns of behavior as investors in the period before, during, and after the crisis, considering both the markets of economically developed countries and the domestic financial market of Serbia. The direction of insurers’ investments in the post-crisis period should be very carefully examined in terms of their future implications for the insurance companies’ long-term financial health, and defined in a broader context of managing all risks to which they are exposed, taking into account the interdependence of these risks. Pertinent recommendations in this regard have arisen from research of relevant past experience and current trends, and also from an analysis and comparison of views on this subject presented by a number of authors.

The Lexis plot for run-off non-life insurance companies in United Kingdom

Science.gov (United States)

Samsudin, Humaida Banu

2014-06-01

This study is intended to look at the company's age to be one of the predictor for financially distressed non-life insurance companies in United Kingdom. Financial distress is a condition where a company has difficulty paying off its obligations to its creditors. For this study, Lexis plot is used to identify either younger companies or older companies are in run-off. Run-off is a process where many insurance companies stop underwriting policies long before they reach financial crisis or financial distress. The study utilises financial data of 22 years from year 1985 to year 2006 for 397 companies. From the study, it is identified that younger companies are more in financial distress than older companies.

论公司财务责任基于公司财务治理体系制衡的视角%On Company's Financial Responsibility from the Perspective of Check and Balance of Corporate Financial Governance

Institute of Scientific and Technical Information of China (English)

莫磊

2014-01-01

以《公司法》、《财务通则》和证监会监管的制度变革为依据分析了我国法规对公司财务责任的现实要求，以产权理论、社会责任、利益相关者和公司契约理论为基础探讨了财务责任的起源、形成及内外统一问题，最后提出了现代公司财务责任的基本理论框架。%This paper analyzed the practical requirements of a company's financial responsibili-ty in terms of the institutional change of Company Law,General Rules on Enterprise Finance and the CSRC regulations,discussed the origins of financial responsibility and reunification of internal and external financial responsibility through the property rights theory,theory of social responsi-bility,stakeholder theory and corporate contract theory,and finally put forward the modern the-oretical framework of company financial responsibility.

DO FINANCIAL STATEMENTS PROVIDE ADEQUATE INFORMATION ABOUT THE CAPITALIZATION OF COSTS RELATED TO INTANGIBLE ASSETS?: AN EMPIRICAL RESEARCH ON ITALIAN LISTED COMPANIES

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Stefania Vignini

2015-11-01

Full Text Available The aim of our research is to verify if Italian listed companies financial statements provide adequate information about the capitalization of costs related to intangible assets and if the information provided are reliable. Moreover, we investigated if they merely comply with law or provide additional information on cost capitalization and reveal if internal control systems (especially managerial accounting systems or other information systems are applied to support the measurement process and the cost control, thus guaranteeing the verifiability and representational faithfulness of the information disclosed. This paper is an empirical analysis and is concerned to investigate the financial statements of 250 Italian listed companies.

[Workplace health promotion in Poland in 2015 - Diagnosis based on a representative survey of companies employing more than 50 employees].

Science.gov (United States)

Puchalski, Krzysztof; Korzeniowska, Elżbieta

2017-03-24

The workplace health promotion (WHP) activity of enterprises in Poland was examined. The findings referred to how many companies implemented non-obligatory actions for health and what actions were taken, what were the reasons and obstacles in the implementation, whether companies evaluated their activity, how they motivated staff to WHP, and whether the size and economic standing differentiated their activity. Representative survey, consisted of computer assisted telephone interviews with delegates of the boards of 1000 companies employing > 50 employees, held in November-December 2015. Every second company undertook voluntary actions for workers health. Most often they offered medical care, supported physical activity and took care about the work environment in a higher range than required by binding regulations. They promoted health to build company's good image, improve productivity and reduce costs. The tradition of WHP in the company, attitudes of employers and intention to boost the vitality of employees also played a role . Despite good financial standing of companies, the shortage of funds was the main barrier in the implementation of WHP activities. Other impediments, such as lack of sufficient state incentives, workload of the management staff, lack of knowledge about WHP benefits and lack of good pro-health services were observed as well. Few companies motivated employees to WHP and carried out its evaluation. The development of WHP requires dissemination of its benefits among employers, human resources and safety personnel trainings in WHP management, implementation of the system of relief and prestigious awards for active companies, increase in the number and scope of research works on WHP conditions and effectiveness. Crucial herein is the role of the state in cooperation with other major WHP actors. Med Pr 2017;68(2):229-246. This work is available in Open Access model and licensed under a CC BY-NC 3.0 PL license.

Financialization and financial profit

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Arturo Guillén

2014-09-01

Full Text Available This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.

Barriers to electricity load shift in companies: A survey-based exploration of the end-user perspective

International Nuclear Information System (INIS)

Olsthoorn, Mark; Schleich, Joachim; Klobasa, Marian

2015-01-01

As countries move toward larger shares of renewable electricity, the slow diffusion of active electricity load management should concern energy policy makers and users alike. Active load management can increase capacity factors and thereby reduce the need for new capacity, improve reliability, and lower electricity prices. This paper conceptually and empirically explores barriers to load shift in industry from an end-user perspective. An online survey, based on a taxonomy of barriers developed in the realm of energy efficiency, was carried out among manufacturing sites in mostly Southern Germany. Findings suggest that the most important barriers are risk of disruption of operations, impact on product quality, and uncertainty about cost savings. Of little concern are access to capital, lack of employee skills, and data security. Statistical tests suggest that companies for which electricity has higher strategic value rate financial and regulatory risk higher than smaller ones. Companies with a continuous production process report lower barrier scores than companies using batch or just-in-time production. A principal component analysis clusters the barriers and multivariate analysis with the factor scores confirms the prominence of technical risk as a barrier to load shift. The results provide guidance for policy making and future empirical studies. - Highlights: • We quantitatively assess barriers to load shift adoption among manufacturing firms. • Conceptually, we build on the literature on barriers to energy efficiency. • The most important barriers are interference with production and with product quality. • Companies with a continuous production process report lower barrier scores. • The barriers to load shift may be organized in distinct clusters via principal component analysis

Parental leave: comparing children's hospitals with Fortune 500 companies.

Science.gov (United States)

Weiss, A H; Gordon, E J; O'Connor, M E

1998-07-01

To identify parental leave policies and availability of support systems for new parents employed by children's hospitals and compare these benefits with those offered by Fortune 500 companies. Telephone or facsimile survey of all (n=118) children's hospitals and pediatric medical centers in the National Association of Children's Hospitals and Related Institutions 1995 Directory of Members, and 118 geographically matched Fortune 500 companies. Policies for maternity and paternity leave, adoption benefits, and support services for new parents were compared. Ninety-four children's hospitals (80%) and 82 Fortune 500 companies (69%) responded to the survey. No difference in duration of maternity (P>.30) or paternity (P=.12) leave was found. Sixty-two companies (77%) classified maternity leave as short-term disability while 47 hospitals (50%) classified it as sick time (Pleave as short-term disability generally gives better benefits to employees with short duration of service, whereas classifying maternity leave as sick time usually favors employees with longer employment. Companies provided more financial support for adoption expenses (Ppaid or unpaid leave for adoption (P=.14). Hospitals provided more on-site day care (69% vs 42%; Pparental leave benefits than Fortune 500 companies; however, they offer better support systems for parents returning to work after the birth of a child.

Ethical Culture and Financial Reporting: Understanding Financial Reporting Practice within Javanese Perspective

OpenAIRE

Anis Chariri

2009-01-01

This study is a case study conducted in an Indonesian insurance company. The aim of the study is to understand the dynamics of financial reporting in the company. Ontologically, this study is built on a belief that financial reporting practice is a socially constructed reality. As a socially constructed reality, such a practice involves an interaction among social actors, and between organisational actors and the institutional and cultural environment in which the company operates. The main r...

Market Orientation, Innovativeness, and Performance of Food Companies

OpenAIRE

Johnson, Aaron J.; Dibrell, Charles Clay; Hansen, Eric

2009-01-01

Food processors have seen escalating levels of competition over the past three decades. An underlying objective of this research is to gain a greater understanding of how food companies thrive in the face of this increased competition. This study incorporates market orientation theory (competitor orientation, customer orientation, and interfunctional coordination) and firm innovativeness to explain differences in firm financial performance. A national survey of food processors was conducted a...

The Effect of Financial and Non-Financial Variables to Firm Performance: Comparison Between Indonesia and Thailand

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Hasni Yusrianti

2016-04-01

Full Text Available The purpose of this research is to test the effect of financial and non-financial variables to firm performances between Indonesia and Thailand. The observation data used in this study is manufacturing companies from several sectors.  Secondary data was used, collected from Indonesia Stock Exchange and Stock Exchange of Thailand during 2011 - 2013. By combining 3 years research, there are 55 Indonesian companies and 50 Thailand companies that meet predetermined criteria.  Multiple Regression was used to analyze. This study uses Return on Equity, Earnings per Share, Market Value Added as financial variables and Earnings Quality, Institutional Ownership, Independent Commissioner, Audit Committee, Corporate Social Responsibility as non-financial variables. Test results show that both financial and non-financial variables can effect to firm performance.

Non performing loans: Obstacles within financial and economy sector

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Mitrović Ranka

2014-01-01

Full Text Available Growth and development of company depend on the adequate selection of financial resources and optimization of financial structure. In other words, the success of a company is determined by the choice of high-quality financial sources and their maturity adjustment. In developed economic and developed financial systems, companies have a wide range of financial sources: emissions of shares, bonds, emissions of other long-term and short-term securities, borrowing from the bank and alternative sources of financing. However, the developing countries and undeveloped countries addressed to financial resources of investors and loans from banking institutions. In this context, it is necessary to build a stable banking system, which will support the strategic development of the company and provide daily liquidity of companies.

Financial Report on the Internet in Portugal

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Sandra Raquel Pinto Alves

2005-03-01

Full Text Available In the last decade, the advances in communication and information technologies dramaticallychanged the information flow and our notions of time and space. The Internet has been changingthe information policy of companies world-wide. Basically in all developed countries,companies are increasingly using the Internet to provide their financial information. Thisresearch presents an empirical study aiming to analyze the organization and informationprovided on the financial report of the 250 most profitable companies in Portugal, particularlytheir financial statements published on the Internet. After the observation and in-depth analysisof the websites of the above-mentioned companies, for the year 2002, it was concluded that 119companies (48% had a webpage on the internet. In what concerns the disclosure of financialinformation, only 51 (43% out of the 119 companies had some kind of financial informationstated on their websites.

EFFECTS OF PRIVATIZATION TO IMPROVE FINANCIAL PERFORMANCE AND EFFICIENCY OF STATE ENTERPRISES IN IRAN

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Hossein Akbari Radzhabali

2016-04-01

Full Text Available In accordance with Article 44 of the Constitution of the Islamic Republic of Iran, the Iranian economy is made up of three separate parts: state, cooperative and private. The public sector includes all major industries, mines, roads, rails and more. The cooperative sector includes cooperatives operating in the field of production and distribution. The private sector includes companies and private producers, industry, construction and other services and commercial activities in which the public sector and to co-operate. As a result, the private sector plays a very important role. The impact of privatization through economic analysis and statistical surveys. (The difference between before and after privatization. This study evaluated the effectiveness of privatization through the financial performance of companies privatized between 1999 to 2008 were tested. To achieve this, the number of 13 companies were selected that were privatized between 2007 and 2014. Then, about four dependent variables were studied. Privatization, as well as the independent variable were calculated. These studies were examined on the basis of a statistical method used to test hypotheses and annual financial statements. The results showed that privatization is the combined effect on the performance of the companies surveyed. The privatization program will also have a positive impact on the company’s financial performance, such as the EVA, operating cash flow and return on equity and return on investment does not affect the speed.

Canadian oil and gas survey 1998

International Nuclear Information System (INIS)

Roberge, R.B.

1998-01-01

The year 1997 brought record levels of financing for the Canadian oil and gas industry which led to record levels of capital spending and unprecedented merger and acquisition activity. Production records were achieved, but soft commodity prices in the fourth quarter resulted in a significant downturn in the equity markets. El Nino reduced demand for natural gas and heating oil, resulting in increased storage levels for both commodities. Record drilling and capital spending fueled the Canadian oilfield service industry as total market capitalization rose to $10 billion. As for the 1998 outlook, the industry has turned to natural gas as the favoured commodity, as indicated by the conclusion of the Alliance pipeline hearings and the Nova/TCPL merger. This survey presents a review of crude oil and natural gas production, prices, and capital spending for development and exploratory wells, and the financial and operating results for fiscal year 1997 of selected oil and gas companies and income trusts. All listed companies are Canadian public companies, or publicly traded income trusts, traded on one of the country's four major stock exchanges. They are ranked according to gross oil and gas production revenue only (before royalties). Syncrude and oil sands production is also included. The remaining data in the financial statistics tables includes all business segments of each company included. The survey excluded companies that were wholly-owned subsidiaries, divisions or U.S. subsidiaries and private companies. tabs., figs

Long-term follow-up of whiplash injuries reported to insurance companies: a cohort study on patient-reported outcomes and impact of financial compensation.

Science.gov (United States)

Rydman, Eric; Ponzer, Sari; Brisson, Rosa; Ottosson, Carin; Pettersson-Järnbert, Hans

2018-02-10

The long-term outcome of Whiplash-associated disorder (WADs) has been reported to be poor in populations from medical settings. However, no trials have investigated the long-term prognosis of patients from medico-legal environment. For this group, the "compensation hypothesis" suggests financial compensation being associated with worsened outcome. The aims of this study were to describe long-term (2-4 years) non-recovery rates in participants with WAD recruited from insurance companies and to investigate the association between self-reported non-recovery and financial compensation. 144 participants, reporting neck pain after a motor vehicle accident, were recruited from two major insurance companies in Sweden. Self-reported recovery was measured at 6 months and 2-4 years. Those who received financial compensation from an insurance company were compared with those who received no compensation. The overall non-recovery rate after 2-4 years was 55.9% (66/118). In the non-compensated group, the non-recovery rate was 51.0% (25/49) and in the compensated group 73% (27/37) (p = 0.039). Adjusted OR was 4.33 (1.37-13.66). High level of pain at baseline was a strong predictor of non-recovery [OR 46 (4.7-446.0)]. However, no association was found between pain level at baseline and financial compensation. The non-recovery rate among patients making insurance claims is high, especially among those receiving financial compensation even if causal relationship cannot be determined based on this study. However, lack of association between baseline level of pain and compensation supports the compensation hypothesis.

Research into Financial Position of Listed Companies following Classification via Extreme Learning Machine Based upon DE Optimization

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Fu Yu

2016-01-01

Full Text Available By means of the model of extreme learning machine based upon DE optimization, this article particularly centers on the optimization thinking of such a model as well as its application effect in the field of listed company’s financial position classification. It proves that the improved extreme learning machine algorithm based upon DE optimization eclipses the traditional extreme learning machine algorithm following comparison. Meanwhile, this article also intends to introduce certain research thinking concerning extreme learning machine into the economics classification area so as to fulfill the purpose of computerizing the speedy but effective evaluation of massive financial statements of listed companies pertain to different classes

THE FINANCIAL STABILITY ANALYSIS THROUGH THE WORKING CAPITAL

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LĂPĂDUŞI MIHAELA LOREDANA

2012-12-01

Full Text Available The main goal of any business is to maintain the financial stability not only on the short term but also on medium and long term, in other words to maintain a harmony between financial sources and financial needs, respectively the equality between the assets and liabilities from the balance sheet. On short term, maintaining the financial stability involves correlating the temporary resources with the temporary uses by using the necessary working capital, and on the long-term, the financial stability involves comparing the permanent resources with the permanent uses by working capital indicator. The determination of the financial state of the company at a certain moment represents the key moment in establishing and adopting the economic and financial decisions in the management of the company. Maintaining the financial stability of the company represents one of the main objectives of the financial analysis and management and it also provides the optimum development of the entire economic and financial activity of the company. The analysis of the working capital size is based on the financial statement data and information, and based on this analysis is considered the financial situation of the company, the financial equilibrium state at a certain moment. The purpose of this article is to highlight the fact that the maintenance of the financial stability on medium and long term is subordinated to the “working capital” indicator, its content and interpretation evolving in time and varying differently from one company to another. The results of this research may have broad applicability in the field of the companies’ activity and it materializes in the complex approach of the working capital regarded as a classic indicator, frequently used in the financial analysis and with profound significance in establishing the financial state in general and the equilibrium state in particular.

Family Ownership, Firm’s Financial Characteristics and Capital Structure: Evidence from Public Listed Companies in Malaysia

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Punitharaja NADARAJA

2011-06-01

Full Text Available Capital structure is identified as one of focal facet in corporate finance branch of learning. It provides comprehension on how firms choose to finance their operations and expansion. The objective of this study is to explore the determinants of capital structure of Malaysian public listed companies. The period of 2001-2006 was selected in this study, which reflected the post Asian financial crisis period. Firm’s financial characteristics consist of size, growth, profitability, liquidity and ability to service debt. Family ownership which was identified as a unique feature in the Malaysian corporate sector was used to measure the effect of corporate governance in capital structure decision. Using panel data approach, this study infers that the role of ownership structure in the form of family ownership though is not significantly related to capital structure, its inclusion in the empirical equation changes the significance of other variables. Except for growth, all other financial characteristics have significant relationships with capital structure.

Financial Risk Management

OpenAIRE

Catalin-Florinel Stanescu; Laurentiu Mircea Simion

2011-01-01

Concerns about the financial risk is increasing. In this climate, companies of all types and sizes want a robust framework for financial risk management to meet compliance requirements, contribute to better decision making and increase performance. Financial risk management professionals working with financial institutions and other corporate clients to achieve these objectives.

The Internal and External Factors of the Financial Sustainability of Monoproduct Company

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Adamenko Nikolay I.

2017-03-01

Full Text Available The article is written with the aim to highlight the possibility of using economic methods in management of monoproduct company, reducing its risks of bankruptcy as low as practicable. The key problems in the activities of such enterprises have been determined, their detailed characteristics has been provided, potential risks have been evaluated, and recommendations to minimize them have been proposed. Ensuring an integrated and one-time implementation of the activities referred to in the article will provide an opportunity for a significant improvement in the real state of affairs at enterprises. It is specified that using the methods for system analysis can give considerable impetus in preserving or even enhancing the financial stability of any enterprise.

FINANCIAL STABILITY – THE PRE-REQUISIT OF A SUCCESSFUL FINANCIAL ACTIVITY

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Chirila Emil

2012-07-01

Full Text Available Essential component of social life, the economic activity is faced with the problems of permanent balance. General economic balance implies the existence of a correspondence between needs for material goods and goods possibly available; needs for labor force and manpower available; needs for financial resources and opportunities for their procurement; between revenues of the population and their possible coverage with goods and services; between needs for foreign currency resources and those potentially available in given circumstances. We believe that the financial balance of an company must reflect, through financing rates, the method of ensuring, allocating and using financial resources, on the one hand, and the economic-financial results obtained from the activity performed on the other hand, as well as reflect the relation between cash flows generated by operation activities, by investments and financing, on the one hand, and cash flows used for these activities, on the other hand. The financial balance study, according to "Cross-border research programme - performance indicators of entities in the Bihor- Hajdu Bihar Euro-region" - HURO/0901/204/2.2.3 was based on the basis of financial reporting for the years 2008-2010 for a number of 50 companies grouped in the representative activity sectors contributing to the county’s GDP performance as follows: Processing industry, Building, Building materials industry, Light industry, Agricultural products processing, Forestry and wood-processing industry, Commerce, Tourism services, Transport services. The calculation of balance indicators for the examined Bihor county companies are presented in the tables from the second chapter and briefly interpreted. It is important to note that companies which are representative for the economy of the Bihor county, possess 93,7% of the total subscribed and used capital, given that the number of public limited companies is 330 and represents only 1

INTEGRATION OF FINANCIAL AND NON-FINANCIAL REPORTS UNDER MANAGEMENT CONDITIONS

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Mihail PRODANCIUK

2013-02-01

Full Text Available The paper presents the assessment of the development of integrated reports overseas and describes the stages of establishment of such a system. The form and structure of corporate reporting is developed, and is differentiated, reflecting the integrated information regarding aspects of financial and non-financial activity: statistical indicators, economical, financial and social, company strategy, future cash flows, the value of human capital, and the stability of the business model. Goals and objectives of corporate reports are determined, which consist in providing reliable information on all company activities in accordance with strategic objectives and management models. The structure of the integrated report takes into consideration the requirements of the management system, of the legislative bodies and other institutions, and is considered the basis for the development of branch reports models. Its structure will depend on the size of the legal-organizational form and the social value of the company in society. The author of the article suggests three approaches to achieving corporate reports in the section of social responsibility indicators; where each company chooses the form of reporting in accordance with the available categories that depend on the size and strategic policy. The suggested integrated reports are instrumental to the observance of the stable development doctrines and will become a tool that, in the near future, will ensure the company an effective interaction with financial markets and the stakeholders of market relations.

Integration of financial and non-financial reports under management conditions

Directory of Open Access Journals (Sweden)

Prodanciuk Mihail

2013-02-01

Full Text Available The paper presents the assessment of the development of integrated reports overseas and describes the stages of establishment of such a system. The form and structure of corporate reporting is developed, and is differentiated, reflecting the integrated information regarding aspects of financial and non-financial activity: statistical indicators, economical, financial and social, company strategy, future cash flows, the value of human capital, and the stability of the business model. Goals and objectives of corporate reports are determined, which consist in providing reliable information on all company activities in accordance with strategic objectives and management models.The structure of the integrated report takes into consideration the requirements of the management system, of the legislative bodies and other institutions, and is considered the basis for the development of branch reports models. Its structure will depend on the size of the legal-organizational form and the social value of the company in society. The author of the article suggests three approaches to achieving corporate reports in the section of social responsibility indicators; where each company chooses the form of reporting in accordance with the available categories that depend on the size and strategic policy. The suggested integrated reports are instrumental to the observance of the stable development doctrines and will become a tool that, in the near future, will ensure the company an effective interaction with financial markets and the stakeholders of market relations.

Financial statements in the function of management decision

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Mrvaljević Mirjana

2014-01-01

Full Text Available In this paper discuss on the role and importance of information which are provided by financial statements in business decision-making is considered. Basically, financial reports represent information basis for making economic / financial decisions for a wide range of users because they represent the key source of information about the financial position of a company at the end of a period, about the achieved results of the company for the period, about the cash flow within the company etc. In accordance with the process of globalisation, international frameworks have regulated the accounting standards which have been created and introduced in order to achieve transparency and uniformity of financial reports of any company, regardless its scope of work and the country where it does its business. The management of a company is aimed at the perception of future events and the flow of values within a company as a result of present decisions, while the accounting is ex post oriented. Nevertheless, the connections between accounting and management of a company are important and multiple because it is the effects of management decisions that are evaluated through financial statements, which are the product of company accounting in which all the business decisions are processed.

Physician-owned companies.

Science.gov (United States)

Kostuik, John P

2007-05-15

The author relates his experience in the development of a spinal implant development company (K2M) that is significantly advised by physicians. To provide information about the development of a spinal implant company (K2M) advised by a group of professional spinal surgeons. To relate the federal laws (STARK and anti-kickback) as they pertain to surgeon-influenced companies. To discuss the role of a scientific advisory board. A self-developed company was developed together with significant, but minority physician financial input and majority scientific advice. A privately owned spinal implant development corporation (K2M) was developed 3 years ago. Physician financial participation was less than 20% (Stark laws state no more than 40%). Users of product are greater than 60% non-investor physicians. The development of a large scientific advisory board has been very influential in product development. A privately owned spinal implant company (K2M) has been developed strictly within Federal laws. Its board of scientific advisors that receives recompense commissurate only with effort significantly impacts the company policy.

Tracking investments by financial institutions in tobacco companies (2007-2016 - what tobacco control advocates need to know and do about it?

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Pranay Lal

2018-03-01

Definition of socially responsible investments within the perspective of screening tobacco investments is perceived variably by financial institutions. Also in the absence of a watchdog institution and few disincentives for truant behaviour, investors continue to invest tobacco companies. Tobacco control advocates need to monitor investments made by large lending banks and financial institutions in tobacco industry and ensure that banks which have committed to SRI codes conform to them.

77 FR 32881 - Supervised Securities Holding Company Registration

Science.gov (United States)

2012-06-04

...), The Report of Foreign Banking Organizations (FR Y-7), The Consolidated Financial Statements for Bank... Y-9ES), The Supplement to the Consolidated Financial Statements for Bank Holding Companies (FR Y-9CS... comprehensive consolidated supervision by a foreign regulator, a nonbank financial company supervised by the...

75 FR 36153 - Surety Companies Acceptable on Federal Bonds-Terminations: Victore Insurance Company

Science.gov (United States)

2010-06-24

... from this company, and bonds that are continuous in nature should not be renewed. The Circular may be... DEPARTMENT OF THE TREASURY Fiscal Service Surety Companies Acceptable on Federal Bonds--Terminations: Victore Insurance Company AGENCY: Financial Management Service, Fiscal Service, Department of the...

Le directeur financier

OpenAIRE

Mattiacci , Noëllie

2015-01-01

Following multiple economic crises, the Chief Financial Officer has become a major player within the company. Its missions have unquestionably evolved. Initially, he performed accounting missions ensuring effective financial management. Today, it occupies the strategic functions necessary to the development of the company. This diversity of skills allows him to have a global and cross-enterprise vision. Despite its leading role, no study was conducted concerning the determination of the legal...

INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

OpenAIRE

CONSTANTIN LAURA-GABRIELA; CERNAT-GRUICI BOGDAN; IAMANDI IRINA-EUGENIA

2014-01-01

Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (re)insurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR) and Granger causality analyses. The proposed examination is further develope...

Preliminary site survey report for the Uniroyal Chemical Company, formerly the Diamond Magnesium Company, 720 Fairport-Nursery Road, Painesville, Ohio (DMP001)

International Nuclear Information System (INIS)

Foley, R.D.; Floyd, L.M.

1990-03-01

At the request of the US Department of Energy (DOE), a group from Oak Ridge National Laboratory conducted a preliminary radiological survey at the Uniroyal Chemical Company, formerly the Diamond Magnesium Company, 720 Fairport-Nursery Road, Painesville, Ohio (DMP001), in 1988. The purpose of the survey was to determine whether the property was contaminated with radioactive residues from the former Manhattan Engineer District (MED) project. The scope of this preliminary survey primarily covered the area west of the buildings around the railroad car spill containment basin. The survey included direct measurement of gamma radiation levels at the surface and soil sampling for radionuclide analyses. Results of the survey demonstrated radionuclide concentrations in excess of the DOE Formerly Utilized Sites Remedial Action Program criteria for both 238 U and 226 Ra in soil. Based on the results of this radiological assessment, it is recommended that a follow-up, detailed radiological survey of both surface and subsurface environs be performed to more precisely define the extent of the contamination. 5 refs., 10 figs., 3 tabs

CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

OpenAIRE

Tănase Alin-Eliodor; Calotă Traian-Ovidiu

2013-01-01

This article is focuses on accounting consolidation techniques and the preparation of consolidation worksheets for the components of financial statements (statement of comprehensive income, statement of changes in equity, and financial position). The presented group includes parent company, two subsidiaries (only one fully controlled by the parent company) and a jointly controlled entity. The financial statements are presented under the following standards IFRS 3 Business Combination, IAS 27 ...

COMPANY PERFORMANCE MEASUREMENT AND REPORTING METHODS

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Nicu Ioana Elena

2012-12-01

Full Text Available One of the priorities of economic research has been and remains the re-evaluation of the notion of performance and especially exploring and finding some indicators that would reflect as accurately as possible the subtleties of the economic entity. The main purpose of this paper is to highlight the main company performance measurement and reporting methods. Performance is a concept that raises many question marks concerning the most accurate or the best method of reporting the performance at the company level. The research methodology has aimed at studying the Romanian and foreign specialized literature dealing with the analyzed field, studying magazines specialized on company performance measurement. If the financial performance measurement indicators are considered to offer an accurate image of the situation of the company, the modern approach through non-financial indicators offers a new perspective upon performance measurement, which is based on simplicity. In conclusion, after the theoretical study, I have noticed that the methods of performance measurement, reporting and interpretation are various, the opinions regarding the best performance measurement methods are contradictive and the companies prefer resorting to financial indicators that still play a more important role in the consolidation of the company performance measurement than the non-financial indicators do.

Effect of Customer Satisfaction on Company Performance

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Petr Suchánek

2015-01-01

Full Text Available The subject of this article is customer satisfaction and its impact on company performance through satisfaction with its products, including a comparison with the competition. Research was conducted in search of factors which affect customer satisfaction on the one hand and the performance of the company on the other hand. We constructed a model explaining what specific factors (affecting customer satisfaction have an impact on the performance of a company. This model can help management to better run the business and achieve higher performance. The article is based on research that focused on companies in the food industry in Czech Republic and on their customers. First, we found the financial performance of surveyed companies (based on indicators ROA, ROE and assets turnover and on this basis they have been divided on companies efficient and inefficient. Furthermore factors were identified (based on previous research of authors that have an impact on customer satisfaction (among these factors include product quality, customer requirements for product, comparison with competitive products, etc.. With the use of non-parametric statistical methods, logistic regression and discriminant analysis was analyzed, what factors affecting customer satisfaction also affect business performance.

Impact of Inflation Accounting Application on Key Financial Ratios

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Aydın KARAPINAR

2012-03-01

Full Text Available This paper investigates the impact of inflation accounting on key financal ratios. To this end, the financial statements of 132 companies listed in the Istanbul Stock Exchange (ISE are studied. An analyis of paired samples t test has been conducted on the financial ratios of the companies. The results show that a significant difference between adjusted cost based financial ratios and historical cost based financial ratios occurs only for current, ratios, equity ratios and noncurrent turnover ratios. The study does not cover companies operating in the financial sector. The companies reporting in accordance with IFRS for the studied periods that spans 2001-2004 are not included in the study either. The study offers valuable information as to analysing companies operating in hiper inflation economies.

75 FR 22680 - Financial Management Service; Proposed Collection of Information: Annual Financial Statement of...

Science.gov (United States)

2010-04-29

... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Annual Financial Statement of Surety Companies--Schedule F AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management...

75 FR 6791 - Surety Companies Acceptable on Federal Bonds-Termination: Trinity Universal Insurance Company

Science.gov (United States)

2010-02-10

.... However, no new bonds should be accepted from this company, and bonds that are continuous in nature should... DEPARTMENT OF THE TREASURY Fiscal Service Surety Companies Acceptable on Federal Bonds--Termination: Trinity Universal Insurance Company AGENCY: Financial Management Service, Fiscal Service...

77 FR 29472 - Surety Companies Acceptable on Federal Bonds-Termination: Atlantic Bonding Company, Inc.

Science.gov (United States)

2012-05-17

... be accepted from this company, and bonds that are continuous in nature should not be renewed. The... DEPARTMENT OF THE TREASURY Fiscal Service Surety Companies Acceptable on Federal Bonds--Termination: Atlantic Bonding Company, Inc. AGENCY: Financial Management Service, Fiscal Service, Department...

75 FR 33897 - Surety Companies Acceptable on Federal Bonds-Terminations: Commercial Alliance Insurance Company

Science.gov (United States)

2010-06-15

... be accepted from this company, and bonds that are continuous in nature should not be renewed. The... DEPARTMENT OF THE TREASURY Fiscal Service Surety Companies Acceptable on Federal Bonds--Terminations: Commercial Alliance Insurance Company AGENCY: Financial Management Service, Fiscal Service...

Financial and non-financial reporting in Romanian entities operating in agriculture, forestry, and fishery

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Mihaela MOCANU

2016-06-01

Full Text Available Due to the increased interest for sustainability issues, entities that operate in the areas agriculture, forestry and fishery are exposed to a variety of ecological challenges. Moreover, such fields are generally of strategic importance for a country’s economy, which also increases their exposure to public debate. The present study aims to provide a detailed and accurate description of the financial and non-financial information made available by listed Romanian entities operating in agriculture, forestry and fishery. The research goes beyond the mere description of the content of shareholders’ reports. Its purpose is to assess the financial performance and stability of selected companies and to investigate the relationships between the financial well-being of such companies and the extent to which they disclose non-financial information. The sample consists of companies which operate in the business of fields agriculture, forestry or fishery and are listed at the Bucharest Stock Exchange in Romania.

FACTORS INFLUENCING INSOLVENCY AT THE LEVEL OF COMPANIES

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Gabriel-Constantin MORAR

2016-07-01

Full Text Available The purpose of the study from the present work was to assess the risk of insolvency at the level of companies in Romania, via an analysis based on the calculation of financial ratios as significant for the state of companies. The correlations established between the values of financial rates and their influence upon the state of insolvency were tested using the logistic model and the probability model on a data sample consisting of a total of ten companies, grouped into companies in insolvency and companies with healthy financial statements having as reference period 2008 - 2012. The results of the study point to the direct influence of indebtedness and speed of rotation of the insolvency claims.

Rates of credit obligations compliance on IFRS financial statement as a factor of financial stability

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O. V. Uvarova

2016-01-01

Full Text Available For the purposes of effective management of economic activity of the entities of insufficiently own accounting information. For objective assessment of a financial and economic provision of the entity it is necessary to pass from separate accounting data to certain valuable ratios of major factors – to financial performance or financial ratios. Calculation and interpretation of their values the integral and essentially necessary part of a financial analysis, especially it is important if the company has credit liabilities. Conditions of credit agreements often include accomplishment of credit covenants which represent restrictions for activities and a financial position of the company in addition to timely settlement of percent and a body of the credit and provide to lessors a certain level of safety from bankruptcy of the debtor. The article considers the covenants and financial covenants definitions; the main financial covenants containing in credit agreements between large banks and borrowers; data on structure of a credit portfolio and financial debt of NLMK as at June 30, 2016; the main financial covenants containing in credit agreements of the companies of NLMK Group; definitions and formulas of calculation of financial rates based on the IFRS financial statement; calculation of covenants on the example of IFRS consolidated financial statements of NLMK; subtleties of calculation of financial rates; the main differences of financial rates calculation based on the financial statements prepared on the different principles; conclusion about stability and a financial condition of NLMK by the results received during calculation financial covenants as at end of the first half of the year 2016.

Valuation of oil companies - Implications for corporate behaviour

International Nuclear Information System (INIS)

Osmundsen, Petter

2002-06-01

The report discusses control signals given by the stock market to listed companies and relates this to agency theory. Oil companies are used as a case. The market responds to financial signals from the companies. The market response on various financial indicators represents an implicit incentive scheme for the companies. This is described and the adaptation of the companies is discussed. In addition, the report deals with the significance of a threat of acquisition, and private vs. public ownership

Rhetorics in Financial Reporting: An Interpretive Case Study

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Anis Chariri

2010-01-01

Full Text Available This study is a case study conducted in an Indonesian insurance company. The aim of the study is to understand the dynamics of financial reporting in the company. Ontologically, this study is built on a belief that financial reporting practice is a socially constructed reality. As a socially constructed reality, such a practice involves an interaction among social actors, and between organisational actors and the institutional and cultural environment in which the company operates. The main research question of this study is why and how the company constructs its financial reporting to deliver messages to its audience. This study reveals that the company is committed to quality financial reporting because such reporting can be used to gain legitimacy and to maintain social harmony. Consequently, financial reporting is constructed as a rhetorical story about its performance, management ability and insight into the future.

75 FR 38188 - Surety Companies Acceptable on Federal Bonds-Termination: Stonebridge Casualty Insurance Company

Science.gov (United States)

2010-07-01

... should be accepted from this company, and bonds that are continuous in nature should not be renewed. The... DEPARTMENT OF THE TREASURY Fiscal Service [NAIC 10952] Surety Companies Acceptable on Federal Bonds--Termination: Stonebridge Casualty Insurance Company AGENCY: Financial Management Service, Fiscal...

75 FR 81331 - Surety Companies Acceptable on Federal Bonds: Termination-Penn Millers Insurance Company

Science.gov (United States)

2010-12-27

... should be accepted from this company, and bonds that are continuous in nature should not be renewed. The... DEPARTMENT OF THE TREASURY Fiscal Service Surety Companies Acceptable on Federal Bonds: Termination--Penn Millers Insurance Company AGENCY: Financial Management Service, Fiscal Service, Department...

FINANCIAL STABILITY OF INSURANCE AND ITS SOURCES OF SUPPORT

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R. Pikus

2016-03-01

Full Text Available The article describes theoretical aspects of determination of financial stability of insurance companies of Ukraine. It was found the main factors that influence the financial stability of insurance companies. Influencing factors are classified into internal and external and the effects of these factors on insurers' activities are presented. The main criteria of financial stability of insurance companies were deeply analysed and the most significant were chosen: sufficient amount of equity capital, the optimal tariff policy, balanced insurance portfolio, secure and effective reinsurance program, sufficient amount of insurance reserves for future payments, optimal investment management of insurance reserves and high solvency of an insurance company. Basic directions of provision and maintenance of financial stability of insurance companies in post-crisis period were presented. The main problems of provision and maintenance of financial stability of insurance companies were outlined and recommendations for its strengthening were provided.

Research Project on the Design for the Optimum Disclosure System Volume 2: Sustainable Growth of Japanese Companies and the Direction of Non-financial Information Disclosure (Japanese)

OpenAIRE

KOKUBU Katsuhiko; SAKAUE Manabu; KOGA Chitoshi; KONISHI Noriyuki; HISAMOCHI Eiji; YAO Jun; SHIMADA Yoshinori

2011-01-01

For quite some time there has been a debate surrounding the issue requiring companies to disclose not only financial information but also non-financial information, as shown in recent efforts for enhanced business reporting (EBR). This discussion paper explores non-financial information in three aspects: social and environmental information, intellectual capital information, and risk information, and it also examines the extent and reasons for the disclosure of non-financial information. In a...

Financial Policies of Turkish Industrial Companies during the Global Crisis

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Cenk Gokce Adas

2016-01-01

Full Text Available Latest global financial crisis that shrank the credit market affected the companies’ financial policies since the credit contraction led the firms to rely more on their own resources rather than external financing. The expectation during such crises is more equity issues along with less borrowing. In economic literature there are some evidence supporting this fact for developed countries. As an emerging country Turkey’s case is different than that of advanced countries. The era commenced with Lehman turmoil by passed Turkish economy in the first years due to the solid, strong and healthy banking sector due to the measurements taken after 2001 banking crisis of Turkey. Therefore, international lenders did not hesitate directing their funds to Turkish banks. As a result, Turkish companies did not suffer in financing their investments through bank loans. Moreover, the growth policy of Turkey based on current account deficit supported Turkish economy and in turn the firms due to the abundance of liquidity after the peak of the crisis. In this work we examined 164 industrial firms that are traded on Borsa Istanbul to see if there happened to be a shift in their financing preferences during the recent global crisis. We found that the importance of borrowing had not decreased and that contradicts the expectations. As of equity issues, before and after 2009 no radical change has been observed. In 2009 where the crisis hit worst Turkish economy leading a 4.7% GDP decrease, the equity issues were doubled.

KEY PERFORMING FACTORS OF LEADING ROMANIAN COMPANIES

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BURJA CAMELIA

2014-08-01

Full Text Available The analysis of financial economic ratios provides managers and external partners feedback on the results obtained from operational activities and the associated performance and risks. This paper studies the functional dependence of the companies’ success (on performance over internal financial management elements. The research was carried out for the most traded non-financial securities Bucharest listed companies and covers the period 2011- 2013. To carry out its purpose it analyzed the interdependence between the key financial ratios, studying the impact of liquidity ratios, solvency and efficiency on profitability. The study provides empirical evidences to identify factors that have ensured the performance of companies and their ranking in the segment of the most traded companies in Romania. Results suggest the view that the source of company success on the capital market lies in the positive signals sent to investors regarding profitability and the low risk of solvency. This study gives additional information for managerial decision-making in order to create more value and a better positioning of the companies in the market

Corporate financial decision-makers' perceptions of workplace safety.

Science.gov (United States)

Huang, Yueng-Hsiang; Leamon, Tom B; Courtney, Theodore K; Chen, Peter Y; DeArmond, Sarah

2007-07-01

This study, through a random national survey, explored how senior financial executives or managers (those who determined high-level budget, resource allocation, and corporate priorities) of medium-to-large companies perceive important workplace safety issues. The three top-rated safety priorities in resource allocation reported by the participants (overexertion, repetitive motion, and bodily reaction) were consistent with the top three perceived causes of workers' compensation losses. The greatest single safety concerns reported were overexertion, repetitive motion, highway accidents, falling on the same level and bodily reaction. A majority of participants believed that the indirect costs associated with workplace injury were higher than the direct costs. Our participants believed that money spent improving workplace safety would have significant returns. The perceived top benefits of an effective workplace safety program were increased productivity, reduced cost, retention, and increased satisfaction among employees. The perceived most important safety modification was safety training. The top reasons senior financial executives gave for believing their safety programs were better than those at other companies were that their companies paid more attention to and emphasized safety, they had better classes and training focused on safety, and they had teams/individuals focused specifically on safety.

Influential variables in the profitability of hospital companies

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Judit Creixans

2018-02-01

Full Text Available Purpose: This study attempts to evidence the economic and financial health of Spanish hospital companies in the period 2008-2015 and discover the variables that explain their profitability for survival and the opportune performance of their assets during a period of technological revolution and austerity. Design/methodology: The study methodology consists of the short and long-term financial analysis of the companies in the study sample during the period 2008-2015, together with analysis is of their economic state, equity and treasury. To add value to the research, the profitability of the hospital companies has been explained in terms of the following independent variables: short-term solvency, debt, business size, legal form, GDP per capita, population density of and indicators of Corporate Social Responsibility. Findings: In the analyzed period, the economic and financial health of hospital companies is characterized by acceptable liquidity and indebtedness that significantly influence its profitability; this is accompanied by good financial and expenditure management, though it is necessary to improve the management of assets. Research limitations/implications: It was not possible to obtain data for 2016, as it was not available in the database used (SABI. These data would have been useful to evaluate the changes in trends that are taking place in the health sector due to the technological revolution and economic policies affecting it. Practical implications: The health sector is one of the pillars on which society is based, and therefore knowing detailed economic and financial information allows us to make appropriate decisions, both on the hospital level and in terms of the economic policies of governments. Social implications: This study provides evidence of the financially relevant indicators that healthcare companies must control for their survival and to provide proper service to society in general. The research also identifies non-financial

FINANCIAL PERFORMANCE ANALYSIS AND BANKRUPTCY PREDICTION IN HUNGARIAN DAIRY SECTOR

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Rozsa Andrea

2014-07-01

The preliminary sample for the analysis is framed on the basis of three criteria: amount of the subscribed capital, sales revenues and product structure. Those companies are regarded as competitors that have subscribed capitals in excess of HUF 250 million, consistently high levels of sales revenues and diversified product structures. The preliminary sample consists of 7 companies. In 2012, their total sales revenues were as high as about 50% of the overall amount of sales revenues in the sector. Three of the 7 companies are possessed by foreign owners in full or part, whereas 4 of them belong to Hungarian owners. In 2012, Hungarian-owned companies covered more than one-third of the combined sales revenues of the 7 leading companies. Hence, the competitive positions of these 4 companies based on their financial positions are examined. These calculations have relied on the annual reports for the period of 2008–2012 (balance sheets, income statements, cash flow statements. The research has implemented a comprehensive and comparative financial analysis. The main question is what the key financial characteristics of the Hungarian-owned companies are. Financial indicators are calculated and their time-series analysis is accomplished to describe the sample companies’ capital structures, liquidity and profitability. Using comparative analysis of the applied financial ratios the study determines (1 which company has the most advantageous financial conditions for the successful operation; (2 which companies have disadvantageous financial situation; and (3 which companies are in potential financial distress situation. Potential bankruptcy positions are examined by the applications of Altman and Springate models.

Private Investment Purchase and Nursing Home Financial Health

Science.gov (United States)

Cadigan, Rebecca Orfaly; Stevenson, David G; Caudry, Daryl J; Grabowski, David C

2015-01-01

Objective To explore the impact of nursing home acquisition by private investment firms on nursing home costs, revenue, and overall financial health. Data Sources Merged data from the Medicare Cost Reports and the Online Survey, Certification, and Reporting system for the period 1998–2010. Study Design Regression specification incorporating facility and time fixed effects. Principal Findings We found little impact on the financial health of nursing homes following purchase by private investment companies. However, our findings did suggest that private investment firms acquired nursing home chains in good financial health, possibly to derive profit from the company’s real estate holdings. Conclusions Private investment acquired facilities are an important feature of today’s nursing home sector. Although we did not observe a negative impact on the financial health of nursing homes, this development raises important issues about ownership oversight and transparency for the entire nursing home sector. PMID:25104476

Budget Cuts: Financial Aid Offices Face Budget Cuts and Increasing Workload. Quick Scan Survey Results

Science.gov (United States)

National Association of Student Financial Aid Administrators (NJ1), 2010

2010-01-01

The majority of college financial aid offices have seen cuts to their operating budgets this year compared to the 2007-08 academic year when the recession began, according to the National Association of Student Financial Aid Administrator's latest QuickScan Survey. Sixty-two percent of financial aid offices reported operating budget cuts this year…

The Money Market Liaison Group Sterling Money Market Survey

OpenAIRE

Westwood, Ben

2011-01-01

The Bank of England recently initiated a new survey of the sterling money market on behalf of the Money Market Liaison Group. This market — where short-term wholesale borrowing and lending in sterling takes place — plays a central role in the Bank’s pursuit of its monetary and financial stability objectives. Participants include banks, other financial institutions and non-financial companies, who use the market to manage their liquidity, by investing over short periods and raising short-term ...

Catalan family companies with high growth during the crisis period

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Nuria Arimany-Serrat

2016-11-01

Full Text Available Purpose: This study aims to analyze the financial and economic health of the Catalan family companies with high growth during the crisis period (2008-2013, as an engine of job creation and economic development of the territory, identifying the economic and financial characteristics. Design/methodology/approach: The data used comes from the financial statements of the high growth Catalan companies during the crisis period of 2008-2013, in particular it collects a sample of the 140 high growth Catalan companies where a 70% of them are family businesses, there is a financial and economic analysis using descriptive statistics of these family businesses with a regression model to achieve results and conclusions. Findings: During the 2008-2013 crisis, Catalan family companies with high growth that are mostly small businesses have a good economic and financial health, with moderate innovation and a great potential for survival. Research limitations/implications: It would be convenient to make the same study in similar territories where most of the companies are family businesses, in order to compare the financial and economic analysis, valuing the impact of these companies in the business. Practical implications: It allows valuing the projection of these kinds of family companies, mostly in Catalonia, in a financial and economic level, identifying if they have a proper financial strategy. Social implications: The results show that these companies have great financial and economic health and have a better response during a crisis period. Originality / value: The study shows that family businesses have moderate indebtedness and acceptable rendibility in the crisis period, although, since they are small businesses the lack of innovation and patents can lead to future problems.

INDICATOR SYSTEM FOR MEASUREMENT OF FINANCIAL AND ECONOMIC ACTIVITIES IN PUBLIC INSTITUTIONS

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Valeriy Dudnyk

2015-11-01

Full Text Available The object of the work is study of methods for analyzing the current financial and economic performance of a company as well as the usage of existing methods for the assessment of the company in the current and future periods. Analysis of financial and economic performance provides not only assessment of the current situation of a company, but a projection of its future behavior. Thus, the results can be used for planning and prediction. Different ways of handling of economic information are currently used in activity analysis to study the factors influencing the performance of a company and to account its reserves. An objective assessment of the financial and economic situation of the modern enterprise is the crucial part of justified decision-making. It forms the basis for determining the development strategy and acts as one of the key indicators for investors and creditors. Tracking and evaluating the effectiveness of a company requires above all comprehensive assessment of its financial and economic activities, monitoring the implementation of decisions, and identification of reserves for improvement. The process of activity analysis requires generalization of models which allow using their results both as a guide for future development of the economic system as well as a base for comparison and evaluation of the present state of the company. This enables justified decision making in particular situations and clarifies usage of existing methods for assessment of the company in the current and future periods. Results. Financial and economic activities of a company require comprehensive analysis, which may be carried out in the following steps: formulating and analyzing business objectives of the company, forming the information basis, constructing a comparison table, analyzing the data, producing a comprehensive rating score of the financial and economic situation of the company. Comprehensive rating score should take into account all

Rating and Importance of Non-financial Factors

OpenAIRE

Gonsorčík, Zdeněk

2007-01-01

The dissertation deals with rating and non-financial factors that form its important part. Rating described in the thesis shall be understood as credit rating, i.e. as an instrument that helps to asses creditworthiness of a company and its future prospects. Typical credit rating is based on an assessment of financial and non-financial factors of a company. Whereas financial factors are widely accepted as inputs of the assessment, the role of non-financial factors remains ambiguous. We have th...

A Simple Survey Concerning the Approach of the Cleaning Companies to Mercury Spills

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Derya Camur

2010-12-01

Full Text Available AIM: The aim of this study is to determine the knowledge of the cleaning companies in case of mercury spills at home. METHOD: Thirty-two cleaning companies were interviewed by a telephone survey. Two standard questions were asked to an authorized people of the company. “A manometer is broken on the carpet. The mercury in the manometer is all spilled on the wall to wall carpet in the living room. We want our carpet to be cleaned. Could you do it? How can be the carpet cleaned? Have you ever cleaned a carpet on which mercury was spilled?” It is stated that mercury spillage has happened just a very short time ago and nothing have been done after that. RESULTS: Fifty percent of the 32 companies work in Istanbul, 37.5% in Ankara and 22.5% in Izmir. Three companies from Ankara, five from Istanbul, one from Izmir stated that they have encountered with mercury spillage before. Three of the companies who have stated that the have not encountered with mercury spillage before, asked “What is mercury?” and one of them asked whether “Mercury is a communicable disease, isn’t it?”. Twenty-two of the interviewed cleaning companies stated that they could clean the carpet with stain remover and three of them offered vacuuming, one washing the carpet with carpet shampoo, one person cleaning the stain by wiping with alcohol/ethyl alcohol. Five of the companies stated that they could not clean the stain and one of them he has advised throwing the carpet away. CONCLUSION: In many developing countries there is no responsible association or institution for mercury spills. Such simple surveys may be very important in determining training and gaps concerning public health problems. [TAF Prev Med Bull 2010; 9(6.000: 557-562

The Interim Financial Statements: The Case of Greece

OpenAIRE

Rogdaki, E.I.; Kazantzis, Ch.

1999-01-01

The following paper refers to the accounting and auditing issues which emerge in the preparation of the interim financial statements of the companies: Firstly, the interim financial statements are defined as being the financial statements that provide useful information about the financial position and the financial results of a company which are realized and accrued during the fiscal year. The interim financial statements can be prepared on a monthly basis, on a quarterly basis or covering a...

FACTORS THAT MAY DETERMINE THE RECOVERY RATE OF FINANCIAL RISK DAMAGES

Directory of Open Access Journals (Sweden)

Nicoleta Diana Rosioru

2015-05-01

Full Text Available The information about the performance of a company, especially about its profitability, are useful to the consideration of potential changes of the economic resources, which the company might further control and the forecast of the ability to generate treasury flows by the existent resources. Also, based on the performance, judgments are expressed, aiming the efficiency whereof the company may use new resources. The performance of company may be influenced by its financial risk. The financial risk is defined as “variability of result indicators, under the incidence of financial structure of the company” . It is established by “the financing policy of the company, by equity or loans”. The financial risk results by the structure of the company shareholding or by the use method of financial instruments. The financial risks result by different sources, including changes of the interest rate, currency trades, expansions of lending operations, issuance of shares, as well as the use of derived financial instruments (IFD.

17 CFR 210.3-18 - Special provisions as to registered management investment companies and companies required to be...

Science.gov (United States)

2010-04-01

... registered management investment companies and companies required to be registered as management investment... Financial Statements § 210.3-18 Special provisions as to registered management investment companies and companies required to be registered as management investment companies. (a) For filings by registered...

The Environmental, Social, Governance, and Financial Performance Effects on Companies that Adopt the United Nations Global Compact

OpenAIRE

Eduardo Ortas; Igor Álvarez; Ainhoa Garayar

2015-01-01

This paper aims to investigate companies’ environmental, social, governance (ESG), and financial implications of their commitment to the United Nations Global Compact (UNGC). The focus is placed on companies operating in the three countries with the highest number of UNGC participants: Spain, France, and Japan. The results clearly reveal that adoption of the UNGC often requires an organizational change that fosters stakeholder engagement, ultimately resulting in improvements in companies’ ESG...

Cost structure analysis of commercial nuclear power plants in Japan based on corporate financial statements of electric utility companies

International Nuclear Information System (INIS)

Kunitake, Norifumi; Nagano, Koji; Suzuki, Tatsujiro

1998-01-01

In this paper, we analyze past and current cost structure of commercial nuclear power plants in Japan based on annual corporate financial statements published by the Japanese electric utility companies, instead of employing the conventional methodology of evaluating the generation cost for a newly constructed model plant. The result of our study on existing commercial nuclear plants reveals the increasing significance of O and M and fuel cycle costs in total generation cost. Thus, it is suggested that electric power companies should take more efforts to reduce these costs in order to maintain the competitiveness of nuclear power in Japan. (author)

Fraud diamond: Detection analysis on the fraudulent financial reporting

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Stefani Lily Indarto

2016-11-01

Full Text Available The accounting scandal became one of the reasons for analyzing financial statements in order to minimize fraud against the financial reporting. Therefore, companies use the services of a public accountant to audit the financial statements of companies that are expected to limit the fraudulent practices that increase the public’s confidence in the company’s financial statements. This study aims to detect fraud by using analysis of fraud diamond . This study takes banking companies listed on the Indonesian Stock Exchange in 2009-2014, with a total sample of 149 banks. Based on the results the external pressure, financial stability and capability have influence on fraudulent financial reporting. While target financial, ineffective monitoring and rationalization does not affect the fraudulent financial reporting

MANAGING ECONOMIC EFFECTIVENESS OF MARKETING IN TRANSNATIONAL COMPANIES

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Oksana Bulkot

2017-11-01

Full Text Available The purpose. The purpose of the study is a generalization of international experience with regard to marketing efficiency control and development of qualitative and quantitative methods to be implemented in the estimation of marketing activity of TNCs. Methodology. The survey is based on research, conducted for 60 companies in the spring of 2015 (32% of which were Ukrainian and 68% – offices and affiliates of international companies, namely Bayer, Coca-Cola, Pepsi Co, Mondelez, Mars, Mintel, Cargill, and many others. The practical results of monitoring the effectiveness of annual plans of named companies done by authors through implementing original author’ methodology based on presenting key performance indicators (KPI. Results. The theoretical approaches to the estimation of marketing efficiency are analysed. The conditions, under which the organization is working by analysing external environment and internal company’s potential, are determined. It is substantiated by the authors that direct development of marketing plans should be based on marketing objectives, developed as a result of the situational analysis. It is proved that monitoring the effectiveness of annual plans may be done by implementing key performance indicators that enable to develop quantitative evaluation system of the organization’s strategy, based on control of its goals. The results of the research allowed authors to distinguish two major groups of effectiveness indicators for TNCs, which are financial and marketing indicators. In this standpoint, financial indicators are divided into costs’, productivity and profitability indicators and to the marketing effectiveness indicators belong market indexes, competitiveness indexes, and client’s indicators. Practical implications. The proposed methodology can be implemented for the qualitative and quantitative estimation of marketing effectiveness not only in TNCs but in small and medium business companies as well

77 FR 42554 - Surety Companies Acceptable on Federal Bonds-Termination: Peerless Insurance Company (NAIC #24198)

Science.gov (United States)

2012-07-19

... should be accepted from this company, and bonds that are continuous in nature should not be renewed. The... DEPARTMENT OF THE TREASURY Fiscal Service Surety Companies Acceptable on Federal Bonds--Termination: Peerless Insurance Company (NAIC 24198) AGENCY: Financial Management Service, Fiscal Service...

Large Retailers’ Financial Services

OpenAIRE

Risso, Mario

2010-01-01

Over the last few years, large retailers offering financial services have considerably grown in the financial services sector. Retailers are increasing the wideness and complexity of their offer of financial services. Large retail companies provide financial services to their customers following different strategic ways. The provision of financial services in the retailers offer is implemented in several different ways related to the strategies, the structures and the degree of financial know...

Forced Adoption of IFRS by Czech Non-Listed Companies: An Assessment of Benefits and Costs

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David Procházka

2016-04-01

Full Text Available The paper deals with the effects of IFRS adoption by a specific group of companies. It focuses on the so-called forced IFRS adopters, which are such private (non-listed companies that (a are forced to adopt the IFRS (because their parent prepares IFRS consolidated statements and simultaneously (b are not permitted by the regulatory framework of a given jurisdiction to apply the IFRS in their individual financial statements on a  voluntary basis. In particular, benefits and costs connected with the forced IFRS adoption by Czech private companies are assessed. The results, based on a  questionnaire survey among affected companies, confirm the intuitive presumption that accounting treatment of certain items significantly differs between Czech GAAP and IFRS, which requires the use of advanced methods for the conversion of financial statements. Regardless of which conversion method is used, perceptions of both benefits and appropriateness of incurred costs vary across entities. The benefit-to-cost ratio for the two most commonly used conversion methods (spreadsheets and dual accounting software is comparable, as the first method generates fewer benefits for lower costs and the second method is connected with more benefits, but at higher costs. Finally, the survey reveals that actual costs of IFRS adoption are higher than the expected costs regardless of the conversion method applied.

Financial management practices in successful Small and Medium Enterprises (SMEs

Directory of Open Access Journals (Sweden)

Hendrik Petrus Wolmarans

2015-07-01

Full Text Available Although the success of small, medium and micro enterprises (SMEs is extremely important for the South African economy, their failure rate is amongst the highest in the world; some researchers estimate as high as 90 percent. Research has shown that the lack of financial management skills and application of financial management practices are some of the biggest factors contributing to SME failure. However, it is not clear from the literature which of these skills and practices are more important than others. This study aims to fill this gap by determining which financial management skills are relevant for successful SMEs. A survey was done on a sample of owner-managers of successful SMEs who had been asked, firstly, whether they performed different financial management practices and, secondly, how frequently they performed these in their companies. The study concludes that practices regarding working capital as well as profitability are much more relevant than those regarding a balance sheet or strategic finance. Similarly, financial practices related to cash flow and decision making are more relevant than those related to planning or analysing. It may be true, due to the high risk and volatile environment of SMEs, as well as the challenges that are often underestimated, that financial practices which academics regard as important are not always implemented by these companies.  This study contributes to the existing body of knowledge as it determines the relative relevance and frequency of use of financial management practices by successful SMEs. KEY WORDS Small and medium enterprises, Financial management practices, Successful SMEs, Entrepreneurship education

Financial Shenanigans : A Case Study in Malaysia

OpenAIRE

Ooi, Ki Wei

2013-01-01

This study investigates the financial shenanigan cases which subject to the enforcement actions by the Malaysian Securities Commission between 2006 and 2011 for alleged financial misreporting. The scope of this study includes the attempts used, causes and consequences of the financial shenanigans and the post-financial shenanigans recovery plans devised to turnaround the companies. This study finds that the most common attempt used by the sample companies is overstating the revenue, follows b...

The Effect Of Intangible Asset Financial Performance And Financial Policies On The Firm Value

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Rindu Rika Gamayuni

2015-01-01

Full Text Available Abstract The purpose of this study is to test empirically the relationship between intangible assets financial policies and financial performance to the firm value at going-public company in Indonesia. Path analysis was used to ascertain the relationship between intangible assets financial policies financial performance and firm value at going-public company in Indonesia in the year 2007 to 2009. This study also provides empirical evidence that Intangible assets financial policies financial performance have significant influence to the firm value simultaneously. Intangible assets has no significant influence to financial policies but has positive and significant influenced to financial performance ROA and firm value. Debt policies and financial performance ROA influenced firm value positive and significant. Financial statements limitation in measuring and disclosing intangible assets is the cause of significant difference between book value equity and market value equity. Measurement and disclosure of intangible assets intellectual capital precisely and aqurately is very important because intangible assets have a positive and significant effect to the firm value. Accounting standards should be concerned about this.

Innovation and CSR Impact on Financial Performance of Selected Companies in Mexico

Directory of Open Access Journals (Sweden)

Rocío Durán-Vázquez

2012-01-01

Full Text Available This study analyzes the behavior of the companies in the index of México’s Precios y Cotizaciones (IPC, with respect to measures of financial performance and its relationship with the two main approaches of innovation, according to the Bogota and Oslo manuals; assessing their impact on the stock price. The data is used on a quarterly basis from January 2000 to December 2011. It also makes reference to the impact of having the distinction “Socially Responsible Company” (Corporate Social Responsibility, in the Mexican stock market price reaction. Our main interest is to be pioneers in the search for relationships between topics that are currently treated as “alien” (CSR and Innovation in formal academic publications, but we intuitively know that they are related inside organizations.

Validity of tools used for surveying physicians about their interactions with pharmaceutical company: a systematic review.

Science.gov (United States)

Lotfi, Tamara; Morsi, Rami Z; Zmeter, Nada; Godah, Mohammad W; Alkhaled, Lina; Kahale, Lara A; Nass, Hala; Brax, Hneine; Fadlallah, Racha; Akl, Elie A

2015-11-25

There is evidence that physicians' prescription behavior is negatively affected by the extent of their interactions with pharmaceutical companies. In order to develop and implement policies and interventions for better management of interactions, we need to understand physicians' perspectives on this issue. Surveys addressing physicians' interactions with pharmaceutical companies need to use validated tools to ensure the validity of their findings. To assess the validity of tools used in surveys of physicians about the extent and nature of their interactions with pharmaceutical companies, and about their knowledge, beliefs and attitudes towards such interactions; and to identify those tools that have been formally validated. We developed a search strategy with the assistance of a medical librarian. We electronically searched MEDLINE and EMBASE databases in September 2015. Teams of two reviewers conducted data selection and data abstraction. They identified eligible studies in one table and then abstracted the relevant data from the studies with validated tools in another table. Tables were piloted and standardized. We identified one validated questionnaire out of the 11 assessing the nature and extent of the interaction, and three validated questionnaires out of the 47 assessing knowledge, beliefs and attitudes of physicians toward the interaction. None of these validated questionnaires were used in more than one survey. The available supporting evidence of the issue of physicians' interaction with pharmaceutical company is of low quality. There is a need for research to develop and validate tools to survey physicians about their interactions with pharmaceutical companies.

Financial health and sense of coherence

Directory of Open Access Journals (Sweden)

Antoni Barnard

2010-06-01

Research purpose: The objective of the study was to explore the relationship between psychological wellness as operationalised in the SOC construct and in financial health. Motivation for the study: Financial pressure can be a major stressor in the workplace, affecting employees’ ability to function optimally. The debt crisis in South Africa is therefore necessitating employers to invest in the financial health of their employees. In light of the National Credit Act 34 of 2005, employers should, in fact, provide debt counselling to employees struggling with financial problems. In the South African context, however, studies investigating the potential influence of psychological-wellness constructs on financial health are lacking. Research design, approach and method: A cross-sectional survey design was applied and a quantitative-relational approach followed. From the 1 100 employees in a financial insurance company, 435 completed questionnaires were received. Main findings: The empirical results indicated a significant relationship between the variables, confirming that a stronger SOC impacts positively on employees’ financial health. A stronger SOC therefore relates positively to more effective debt management and retirement planning. Practical/managerial implications: The findings emphasised the importance of debt management and retirement planning being addressed and integrated into employee-assistance strategies and programmes. Contribution/value-add: This study is a significant step in addressing financial health from a psychological perspective.

Economic and Financial Diagnosis - Fundamental Method in Management Accounting

Directory of Open Access Journals (Sweden)

Riana Iren RADU

2012-11-01

Full Text Available The purpose of the „financial analysis - financial diagnosis phrase is to characterize in a more relevant and more conservative manner the company situation, in order to develop, based on optimal decisions for the establishment and use of resources” . Analysis of company's financial position at a time, usually at the end of the year, permits to assess the size and development of heritage, and making judgments on how to achieve financial balance. In this paper an analysis is made based on diagnostic key economic and financial indicators, calculated using information from the balance sheet and profit and loss account in the period 2006-2011 to Navrom Company Galati, to can measurable effects of the economic crisis on the company.

THE IMPACT OF CORPORATE GOVERNANCE DIMENSIONS ON FINANCIAL STRUCTURE OF THE COMPANIES IN DEVELOPING COUNTRIES

Directory of Open Access Journals (Sweden)

IONESCU ALIN

2014-12-01

Full Text Available Corporate governance represents a current topic for academic community and practitioners, in the context of globalization and crisis, especially in case of developing countries. The main purpose of this paper is to analyze which dimensions of corporate governance are able to exercise a significant impact on the companies’ financial structure, using a dataset with 77 developing countries from Africa, Asia, Latin America and Central and Eastern Europe. The data are provided from World Bank Enterprise Survey website and the variables are grouped in two directions: corporate governance and financial structure variables. In this regard, using principal components analysis approach, we grouped firstly the variables related to financial structure and then variables related to the main four dimensions of corporate governance, such as ownership structure and management quality, transparency, environment and corruption. The impact of corporate governance dimensions on companies’ financial structure was analyzed in a generalized linear model framework and the main result of this paper consists in the fact that, for analyzed countries, companies’ financial structure is significantly influenced by several dimensions of the governance like transparency, environment or corruption

THE IMPACT OF CORPORATE GOVERNANCE DIMENSIONS ON FINANCIAL STRUCTURE OF THE COMPANIES IN DEVELOPING COUNTRIES

Directory of Open Access Journals (Sweden)

IONESCU ALIN

2014-12-01

Full Text Available Corporate governance represents a current topic for academic community and practitioners, in the context of globalization and crisis, especially in case of developing countries. The main purpose of this paper is to analyze which dimensions of corporate governance are able to exercise a significant impact on the companies’ financial structure, using a dataset with 77 developing countries from Africa, Asia, Latin America and Central and Eastern Europe. The data are provided from World Bank Enterprise Survey website and the variables are grouped in two directions: corporate governance and financial structure variables. In this regard, using principal components analysis approach, we grouped firstly the variables related to financial structure and then variables related to the main four dimensions of corporate governance, such as ownership structure and management quality, transparency, environment and corruption. The impact of corporate governance dimensions on companies’ financial structure was analyzed in a generalized linear model framework and the main result of this paper consists in the fact that, for analyzed countries, companies’ financial structure is significantly influenced by several dimensions of the governance like transparency, environment or corruption.

FINANCIAL RETURN ON ASSETS. THE IMPACT OF THE FINANCIAL RETURN ON ASSETS OVER THE COMPANY’S DEVELOPMENT

Directory of Open Access Journals (Sweden)

Constantin Căruntu

2009-11-01

Full Text Available The financial rate of return is a significant indicator for assessing the economic and financial performance of an enterprise for the internal diagnosis, as well as for the analysis required by the external partners. The financial return is a basic indicator which characterizes the business performances that is found directly under the trade policy (trade cost, efficiency of capital employed (economic profitability but also under the financial policy of the company. If the economic rate of return expresses a remuneration of the employed capital only in relation to operating activities, the financial rate of return quantifies a remuneration of the private capital trough all three types of activity: operational, financial and extraordinary. Starting from the consideration that the financial rate of return expresses the efficiency of equity or permanent capital use of the company we can state that it is of particular importance to the shareholders of the company, which considers according to it’s level whether their investments are justified and they will continue to support the business development through raising of fresh capital or abandonment for a limited period to one part of the dividends due. Managers, in turn, will be keen on maintaining an appropriate level of this rate, in order to retain their positions and to achieve the performance criteria of the company.

Financial assurances

International Nuclear Information System (INIS)

Paton, R.F.

1990-01-01

US Ecology is a full service waste management company. The company operates two of the nation's three existing low-level radioactive waste (LLRW) disposal facilities and has prepared and submitted license applications for two new LLRW disposal facilities in California and Nebraska. The issue of financial assurances is an important aspect of site development and operation. Proper financial assurances help to insure that uninterrupted operation, closure and monitoring of a facility will be maintained throughout the project's life. Unfortunately, this aspect of licensing is not like others where you can gauge acceptance by examining approved computer codes, site performance standards or applying specific technical formulas. There is not a standard financial assurance plan. Each site should develop its requirements based upon the conditions of the site, type of design, existing state or federal controls, and realistic assessments of future financial needs. Financial assurances at U.S. Ecology's existing sites in Richland, Washington, and Beatty, Nevada, have been in place for several years and are accomplished in a variety of ways by the use of corporate guarantees, corporate capital funds, third party liability insurance, and post closure/long-term care funds. In addressing financial assurances, one can divide the issue into three areas: Site development/operations, third party damages, and long-term care/cleanup

供电公司财务管理水平提升策略探讨%On the Strategies for Improving Financial Management Level of the Power Supply Company

Institute of Scientific and Technical Information of China (English)