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Sample records for financial survey company

  1. Are we aiming for a liquidation scenario. The oil companies in Norway, a financial survey

    International Nuclear Information System (INIS)

    Frognes, G.

    1994-01-01

    The article gives a financial survey of the Norwegian oil companies development. The survey is based on the documentation of statistics for the period from 1985 to 1992. This means that the time series will include one of the record years of the Norwegian oil industry, 1985, and the subsequent 1986 oil price collapse. Topics cover: The profit and loss account; sources of funds; the balance sheet; return on capital. 3 figs., 1 tab

  2. COMPANY ACTIVITY FINANCIAL RISK

    Directory of Open Access Journals (Sweden)

    Caruntu Genu Alexandru

    2012-12-01

    Full Text Available In economic and financial activity, risk is an inherent financial decisions, encountered in daily agenda of managers of companies. Unexpected changes in the price of a product development not only affect the financial results of a company, but can cause even bankruptcy. In fact, the nature of financial decisions involve uncertainty. Financial decisions are made based on cash flows under future contracts, which are par excellence incerte.Activitatea an enterprise that holds any weight in the industry is subject to risks, since it can not predict with certainty different components of its outcome (cost, quantity, price and operating cycle (purchase, processing, sales.

  3. financial analysis of the company

    OpenAIRE

    Pojerová, Jana

    2008-01-01

    The main goal of this bachelor thesis called "Company Financial Analysis" is to evaluate the financial situation of ZS Kosova Hora a.s. in the years 2005 2013 using standard methods of financial analysis. To achieve this goal horizontal and vertical analyses, ratio analysis, pyramidal decomposition of the ROE indicator and solvency and bankruptcy models have been used. In all these areas the selected company has been compared with a selected sample of other agricultural enterprises and its fi...

  4. THE ASSESSMENT OF FINANCIAL AND NON-FINANCIAL INDICATORS IN EVALUATING THE PERFORMANCE OF A COMPANY

    OpenAIRE

    Kotāne, Inta

    2013-01-01

    In this article the findings of a survey of entrepreneurs’ viewpoint are collected. It is carried out with an aim of clarifying the importance of financial and non-financial indicators in evaluating the performance of a company as well as the factors that influence the impartiality of financial and non-financial indicators and the factors that interfere with financial and non-financial analysis of a company. The topicality of this research is based on the reason that many authors have carried...

  5. 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.

  6. Financial performances of Romanian wood industry companies

    Directory of Open Access Journals (Sweden)

    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.

  7. 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.

  8. ONLINE PROMOTION OF FINANCIAL INVESTMENT SERVICES COMPANIES

    Directory of Open Access Journals (Sweden)

    Ioana Ancuta Iancu

    2016-12-01

    Full Text Available When we think about promotion in financial investment services companies, we have to consider, not only the offline or traditional type of promotion (personal communication, advertising, sales promotion, public relations and organization identity but online promotion as well. Due to the fact that for more and more people, Internet represents the most important mean of communication, financial investment services companies marketing specialists have a variety of tools at hand. In this study we will describe the most important online promotion tools, like: E-mail Marketing, advertising, search engines, networks socialization, M-Marketing and promotion through web pages. Specific methods of online promotion enable real-time knowledge of the investor’s behavior and can also address to them most effectively. The purpose of this theoretical study is to increase the rate of knowledge and usage of online marketing, in a very conservatory sector of the financial market: Financial Investment Services Companies Marketing. By promoting online a company, a product or a service the marketing specialists can target specific customer, segments and quantify results, which is almost impossible on such a scale and with such precision by traditional methods of promotion. Based on the literature and our own experience, methods were taken up and adapted in financial investment services companies. We show the present state of online marketing, make proposals and describe difficulties which can be encountered when an e-marketing strategy is made. The conclusion of our study is that more and more companies use online tools in their marketing strategies. There is a change in attitude by the Financial Investment Services Companies web pages: from a reserved one in 2010 to one open to innovation in 2015; we believe that SSIF Broker is an illustrative example in this regard. Instead, our opinion is that Search Engine Optimization should be used more by SSIF Broker

  9. Financial management for small companies

    Science.gov (United States)

    Bruce Hansen; Jeff Palmer; Jeff Palmer

    2000-01-01

    The wood-products industry is characterized by many small manufacturers that lack the staff to compile and analyze information on their operations and investments. Two computer programs, FRAN and JEFFI, have been developed by the USDA Forest Service at Princeton, West Virginia,to help small companies better analyze and monitor current performance, and better evaluate...

  10. Practice management companies improve practices' financial position.

    Science.gov (United States)

    Dupell, T

    1997-11-01

    To maintain control over healthcare delivery and financial decisions, as well as increase access to capital markets, some group practices are forming their own physician practice management companies. These companies should be organized to balance the expectations of physicians with the values of capital markets. This organization should include retained earnings, financial reporting in accordance with generally accepted accounting principles (GAAP), predictable earnings and cash flow, physician ownership and leadership, and incentives for high-quality management. Three large, primary care and multispecialty clinics that merged to form a new physician practice management company increased their access to capital markets and improved their overall financial position, which will help them achieve long-term survival.

  11. Interactions between business and financial strategies in Serbian companies

    Directory of Open Access Journals (Sweden)

    Kaličanin Đorđe

    2014-01-01

    Full Text Available We surveyed financial and general managers of 58 companies in Serbia in order to examine their views on the interactions between business and financial strategies. Although the theoretical views are well known and clear, in practice, when there is limited availability of funding sources, a meaningful combination of business and financial risk can be very difficult. We found moderate interactions between business and financial strategies. Managers of companies in Serbia are very aware of the fact that the high volatility of operating profit suggests that they should limit borrowing. However, ordinary practical problems in day-to-day operations, such as long periods of collection of accounts receivable, force the companies to take additional debt. There are significant differences between the views of managers of large companies and managers of small businesses on how business strategy dictates financial strategy. However, firm size is not relevant to the current level of debt, although earlier decisions on business strategy in terms of diversification and internationalization are relevant to the level of leverage. Somewhat surprisingly, the current level of debt does not affect the intended financial strategy in the sense of the managers’ preferences to take additional debt to finance possible diversification and internationalization or other high-risk financially demanding business strategies. As the pecking order theory advocates, managers have a strong tendency towards internal financing.

  12. Financial Performance Bank BNI Syariah Company

    Directory of Open Access Journals (Sweden)

    Diana Widhi Rachmawati

    2018-05-01

    Full Text Available ABSTRACT PT Bank BNI Syariah, one of them working are a big banking company is almost covering all over the country until now looked at  pretty good company asset which are owned, so author conduct research in the title “Financial Performance PT Bank BNI Syariah in Solvability Ratio”. Financial Statement Analysis is aplication from tools and technical analysis financial report general aim and data to be related and estimation produce useful conclutions in business analysis. Financial Performance Analysis research used analysis methode is solvability ratio. General aim to give information finance performance PT Bank BNI Syariah development.  Special goals is finance performance PT Bank BNI Syariah from Solvability Ratio”. This Sample is: PT Bank BNI Syariah. Final result which is research obtained it says finance performance  PT Bank BNI Syariah from Solvability Ratio quite solvable, because this three point inside it contained increased.  This development hope PT Bank BNI Syariah, to be remain consistent with trying to do breakthrough a company goals   Key Words  :  Financial Performance PT Bank BNI Syariah

  13. 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.

  14. The art of company financial modelling

    Directory of Open Access Journals (Sweden)

    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.

  15. The usage of financial derivatives in financial risk management by non- financial companies in Serbia

    Directory of Open Access Journals (Sweden)

    Živanović Branko

    2017-01-01

    Full Text Available In this paper we analyse the research results on corporate risk management practices, notably in light of the derivatives use in the large Serbian non-financial companies. The principal aim of this paper is to examine whether Serbian companies employ derivatives to manage risk and to what degree, and to explore the main rationale behind the companies' not employing these instruments, as well as to suggest possible enhancements of risk management practices. Furthermore, we have investigated the key reasons why financial derivatives are very useful for Serbian companies for hedging financial risks. Additionally, this paper provides a comparative overview of the use of derivatives between Serbian companies and the companies in Croatia and Slovenia in order to ascertain whether Serbian companies employ derivatives in order to manage risk to the same degree as their Croatian and Slovenian counterparts. This paper will include findings and provide evidence that FX rate and referent interest rates (such as 1w- 2w repo rate, Beonia and Belibor are markedly volatile, which opens vast possibilities for the use of financial derivatives, given that these financial parameters determine the price of a credit arrangement for companies and the quality of import and export cash flows.

  16. 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.

  17. Strategy Archetypes Adopted by Icelandic Companies, Their Fit with Performance Measures and Effects on Financial Performance

    DEFF Research Database (Denmark)

    Rikhardsson, Pall; Sigurjonsson, Olaf; Arnardottir, Audur Arna

    Past research seems to suggest that companies adopting certain strategies favor certain sets of performance measures. That is to say companies using entrepreneurial focused strategies favor non-financial measures or a balanced mix of financial and non-financial measures. Companies adopting reactive...... or operational strategies seem to favor financial measures and are less likely to use non-financial measures. We take this research further by focusing not only on the link between strategy types and performance measures but also on what specific performance measures are used in connection to which strategies....... Furthermore, we examine the link between the strategies adopted, the performance measures favored and the financial performance of the companies. The empirical data collection was carried out in winter 2013 with a population of the 300 largest companies in Iceland. The survey was sent to the CFO...

  18. Regulating Listed Companies: Between Company Law and Financial Market Law in Danish Law

    DEFF Research Database (Denmark)

    Clausen, Nis Jul

    2011-01-01

    The article discusses different elements and aspects of the regulation of listed companies in particular whether such regulation should be placed in company law or in financial marked law.......The article discusses different elements and aspects of the regulation of listed companies in particular whether such regulation should be placed in company law or in financial marked law....

  19. The Financialization of Companies in Italy

    Directory of Open Access Journals (Sweden)

    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

  20. Modeling Financial Liquidity Of Construction Companies Using Error Correction Mechanism

    Directory of Open Access Journals (Sweden)

    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.

  1. The Derivatives as Financial Risk Management Instruments: The Case of Croatian and Slovenian Non-financial Companies

    Directory of Open Access Journals (Sweden)

    Danijela Miloš Sprčić

    2007-12-01

    Full Text Available The paper analyses financial risk management practices and derivative usage in large Croatian and Slovenian non-financial companies and explores if the decision to use derivatives as risk management instruments in the analysed companies is a function of several firm’s characteristics that have been proven as relevant in making financial risk management decisions. On the basis of the research results it can be concluded that forwards and swaps are by far the most important derivative instruments in both countries. Futures as representatives of standardised derivatives together with structured derivatives are more important in the Slovenian than in the Croatian companies, while exchange-traded and OTC options are unimportant means of financial risk management in both countries. A comparative analysis conducted to explore differences between risk management practices in Slovenian and Croatian companies has shown evidence that Slovenian companies use all types of derivatives, especially structured derivatives, more intensively than Croatian companies. The survey has revealed that the explored hedging rationales have little predictive power in explaining financial risk management decisions both in Croatian and Slovenian companies. The decision to use derivatives in Croatian non-financial companies is related only to the investment expenditures-to-assets ratio which controls for costly external financing hypothesis, while the decision to use derivatives in Slovenian companies is dependent only on the size of the company. It can be argued that the characteristics of the Croatian and Slovenian firms could be found in other South-eastern European countries and that findings of this research may act as a baseline from which to generalise. Therefore, the survey results analysed in this paper also suggest a broader comparison across countries in the region. The advantage of this work is that it provides an impetus for further research to move beyond the

  2. 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...

  3. The financial impact of quality audits in portuguese companies

    Directory of Open Access Journals (Sweden)

    Isabel Cristina Passos Batista

    2015-12-01

    Full Text Available This paper discusses the main theme the financial implications that Portuguese companies with the implementation and subsequent certification of the Quality System and respective Quality Audits. The literature review shows that companies do not publish financial results on the subject in question, making it necessary to acquire information through a questionnaire. About 126 questionnaires were sent. Our sample is however 32 validados.Pode to complete questionnaires that the top 5 overall benefits or indirect financial benefits for Portuguese companies were, respectively: improving internal organization; improving the company's image; increasing customer satisfaction; continuous improvement in customer service; improving competitive position. In terms of direct financial benefits the 3 main benefits obtained by the companies were: turnover increase; Performance (cost reduction; Increased business productivity. So it is expected to contribute to the knowledge of the impact, notably financial of Quality Management Systems and respective audits in Portuguese companies.

  4. 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...

  5. 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

  6. ANALYSIS OF THE COMPANY FINANCIAL BALANCE

    Directory of Open Access Journals (Sweden)

    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.

  7. 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.

  8. 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.

  9. 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....

  10. 77 FR 29884 - Assessment of Fees on Large Bank Holding Companies and Nonbank Financial Companies Supervised by...

    Science.gov (United States)

    2012-05-21

    ... holding company's four most recent Consolidated Financial Statements for Bank Holding Companies (FR Y-9C... with total consolidated assets of $50 billion or greater and nonbank financial companies supervised by... financial institutions and insurance companies were critical of the proposed use of total consolidated...

  11. FINANCIAL BALANCE AND LOANS OF THE SHAREHOLDERS TO THE COMPANY

    Directory of Open Access Journals (Sweden)

    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

  12. 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...

  13. 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...

  14. 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...

  15. 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.

  16. 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...

  17. FINANCIAL PERFORMANCE VERSUS NON FINANCIAL PERFORMANCE. CASE STUDY AT ANTIBIOTICE TRADING COMPANY IASI

    Directory of Open Access Journals (Sweden)

    Beleneºi Mãrioara

    2012-07-01

    Full Text Available The actual economical conditions, the effect of global crisis and the efforts to pass this turning point, does force trading companies toward an extremely balanced management of performance. Now, when financial indicators are neither so spectacular nor so relevant, and when the principles of a durable development are mentioned over and over, the exigencies of companies’ external environment are higher and higher. This reality does force the companies to pay more attention to social responsibilities’ assuming and investment into green innovation, as well as to the field of information’s communication in a relevant way, which should gather financial, social and environment information. The absence of a normalized balance of financial and non-financial indicators used in measuring companies’ global performance, does allow them selecting of “agreed” indicators which should reflect the company under the light of high performance. But, the same reason urges the searcher for some research studies of the most adequate diagnostic model of global performance, which should faithfully reflect company’s current status. The purpose of this study is to measure the global performance of ANTIBIOTICE Trading Company, taking into account, both financial and non-financial indicators for a period of 5 years. For the financial years 2006 and 2008 company’s global performance is an acceptable one, while for the financial years 2007, 2009 and 2010 the global performance is a medium one. It should be highlighted the lack of involvement or transparency regarding social and environment responsibility in 2006 and weak financial performance in 2008, indicators which positioned the company to an acceptable level.

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

    Directory of Open Access Journals (Sweden)

    Boby COSTI

    2014-06-01

    Full Text Available 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 investment, of exploitation and of financing. A proper management, at the company’s level, contributes to better products at lower prices, a higher salary and at the same time, to achieve higher incomes for those who contributed with capital in that company. Therefore, the financial management is a subsystem of the overall management of the company, aimed at ensuring the necessary financial resources, their profitable allocation and use, increasing the company’s value and of the safety of patrimony.

  19. 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...

  20. 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.

  1. Customer satisfaction surveys: Methodological recommendations for financial service providers

    Directory of Open Access Journals (Sweden)

    Đorđić Marko

    2010-01-01

    Full Text Available This methodological article investigates practical challenges that emerge when conducting customer satisfaction surveys (CSS for financial service providers such as banks, insurance or leasing companies, and so forth. It displays methodological recommendations in reference with: (a survey design, (b sampling, (c survey method, (d questionnaire design, and (e data acquisition. Article provides appropriate explanations that usage of: two-stage survey design, SRS method, large samples, and rigorous fieldwork preparation can enhance the overall quality of CSS in financial services. Proposed methodological recommendations can primarily be applied to the primary quantitative marketing research in retail financial services. However, majority of them can be successfully applied when conducting primary quantitative marketing research in corporate financial services as well. .

  2. 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.

  3. 12 CFR 225.81 - What is a financial holding company?

    Science.gov (United States)

    2010-01-01

    ... RESERVE SYSTEM BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y) Regulations Financial Holding Companies § 225.81 What is a financial holding company? (a) Definition. A financial holding... 12 Banks and Banking 3 2010-01-01 2010-01-01 false What is a financial holding company? 225.81...

  4. 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.

  5. Alternative energy companies : a financier's view

    International Nuclear Information System (INIS)

    Aitken, J.

    2002-01-01

    The Canadian energy technology sector can be divided into 2 categories: (1) alternative energy generators which include small hydro, wind, biomass, solar energy and fuel cells, and (2) energy technology services. This presentation focused on publicly traded entities and how financing alternatives are limited to project finance, and venture capital. This situation may change as the long term winners emerge and various segments are recognized as not requiring special regulatory and price incentives. Case studies were presented of financing renewable energy projects and the commitment of the Royal Bank of Canada's (RBC) Financial Group to provide financing for alternative energy projects that impact the transportation sector. 15 figs

  6. Financial Health of a Commercial Insurance Company and its Coherences

    Directory of Open Access Journals (Sweden)

    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

  7. 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...

  8. Environmental Financial Information: differences in disclosure levels among Brazilian companies

    Directory of Open Access Journals (Sweden)

    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.

  9. Financial Participation Programs in Polish Public Companies

    Directory of Open Access Journals (Sweden)

    Maciej Kozlowski

    2014-12-01

    Full Text Available The major purpose of this article is to analyze the most important FP programs in Poland in order to increase knowledge on the subject and to show the occurring relations between the programs applied and the socioeconomic results of enterprises. The emphasis has been put on showing the multidimensional relationships between employee financial ownership and economic results, as well as on proving the relationship mechanisms of employee ownership on productivity are complex interactions by nature. Additionally, it has helped to separate crucial characteristic features of the applied forms of FP. This empirical approach concentrates on qualitative research and not quantitative, which although broad based, does not precisely identify the aforementioned relationships too precisely.

  10. 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...

  11. Predicting financial distress in publicly-traded companies

    Directory of Open Access Journals (Sweden)

    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.

  12. 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...

  13. 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 ...

  14. 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.

  15. 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...

  16. 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...

  17. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

  19. ANALYSIS OF FINANCIAL DUE DILIGENCE UNSUCCESSFUL BUSINESS COMPANIES IN SERBIA

    Directory of Open Access Journals (Sweden)

    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

  20. 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...

  1. 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...

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

    Directory of Open Access Journals (Sweden)

    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.”.

  3. 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...

  4. 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.

  5. Current status of implementation of IFRS in the preparation of financial statements of peruvian companies

    Directory of Open Access Journals (Sweden)

    Oscar Alfredo Diaz Becerra

    2010-12-01

    Full Text Available For investors and other users of financial information to be able to act with full transparency and reliability it is necessary, among other things, that it be prepared according to a regulatory framework that is based on international standards that in turn adapt to new requirements of the global economy. The high level of globalization of the world economy has led the International Financial Reporting Standards (IFRS to become the highest international standards applicable throughout the world and in the case of Peru, these standards have been made mandatory in preparing the financial statements of companies incorporated under the scope of the General Corporate law. Thus, the main purpose of this research , having an exploratory design, is ro have an initial approach on the compliance with the, implementation of IFRS in the preparation and presentation of financial statements of Peruvian companies that are not under the supervision of the National Supervisory Commission for Companies and Securities (CONASEV. To this end, first ít presents a general review of the theoretical framework of financial reporting and secondly, an analysis of the Peruvian Setting Accounting Standards related to the preparation and presentation of financial statements. The third part of this work presents and describes the methodological aspects used in the development of this research, for which it has developed a survey that includes eighteen closed questions and two open ended questions, structured according to our main and specific objectives of this research. The survey was distributed to a sample of companies selected from the universe defined in the research. The results are set out in the fourth section of the article, entitled, research results and which analyzes the responses to each of the survey questions. Finally, we present the conclusions and recommendations that can be reached, highlighting among the main ones, a high incidence of tax and legal aspects

  6. 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.

  7. 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.

  8. 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...

  9. 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...

  10. 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

  11. 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...

  12. Corporate financial decision makers' perceptions of their company's safety performance, programs and personnel: Do company size and industry injury risk matter?

    Science.gov (United States)

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

    2010-01-01

    Top-level managers make important decisions about safety-related issues, yet little research has been done involving these individuals. The current study explored corporate financial decisions makers' perceptions of their company's safety and their justifications for these perceptions. This study also explored whether their perceptions and justifications varied as a function of company size or industry injury risk. A total of 404 individuals who were the most senior managers responsible for making decisions about property and casualty risk at their companies participated in this study. The participants took part in a telephone survey. The results suggest that corporate financial decision makers have positive views of safety at their companies relative to safety at other companies within their industries. Further, many believe their company's safety is influenced by the attention/emphasis placed on safety and the selection and training of safety personnel. Participants' perceptions varied somewhat based on the size of their company and the level of injury risk in their industry. While definitive conclusions about corporate financial decision makers' perceptions of safety cannot be reached as a result of this single study, this work does lay groundwork for future research aimed at better understanding the perceptions top-level managers.

  13. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

  15. 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...

  16. 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...

  17. Financial Policies of Turkish Industrial Companies during the Global Crisis

    Directory of Open Access Journals (Sweden)

    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.

  18. 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.

  19. 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...

  20. Third European Company Survey: Workplace innovation in European companies

    OpenAIRE

    Oeij, P.; Žiauberyté-Jakštiené, R.; Dhondt, S.; Corral, A.; Totterdill, P.; Preenen, P.

    2015-01-01

    Workplace innovation (WPI) is a developed and implemented practice or combination of practices which enables employees to participate in organisational change and renewal and hence improve the quality of working life and organisational performance. This report looks at reasons for enabling WPI, adoption and implementation, and impact on organisation and management, employees and employee representatives. The research is based on 51 companies identified in Eurofound’s third European Company Su...

  1. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  3. 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...

  4. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  6. 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.

  7. 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.

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 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....

  13. ASPECTS REGARDING THE FINANCIAL INCLUSION OF THE JOINT STOCK COMPANIES

    Directory of Open Access Journals (Sweden)

    Ana LITOCENCO

    2016-06-01

    Full Text Available The financial inclusion has become a subject of considerable interest among policy makers,researchers and other stakeholders. In international forums, such as the Group of Twenty (G-20, financial inclusion is on the top list of the reform agenda. At the country level, about twothirds of regulatory and supervisory agencies are now charged with enhancing financial inclusion and in recent years a lot of countries have set formal targets and goals related to the financial inclusion.

  14. Internal control in the company in order to financial monitoring

    Directory of Open Access Journals (Sweden)

    Osipov A.V.

    2017-04-01

    Full Text Available the article explores the definition of financial monitoring, financial analysis and internal control in aspect to their correlation to fight money laundering and terrorism financing. Internal control is analyzed from the point of view of law, economics and management. The author pays much attention in the article to the work of systems of financial monitoring in organizations.

  15. 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...

  16. 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...

  17. 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...

  18. Profiting from competition: Financial tools for electric generation companies

    Science.gov (United States)

    Richter, Charles William, Jr.

    Regulations governing the operation of electric power systems in North America and many other areas of the world are undergoing major changes designed to promote competition. This process of change is often referred to as deregulation. Participants in deregulated electricity systems may find that their profits will greatly benefit from the implementation of successful bidding strategies. While the goal of the regulators may be to create rules which balance reliable power system operation with maximization of the total benefit to society, the goal of generation companies is to maximize their profit, i.e., return to their shareholders. The majority of the research described here is conducted from the point of view of generation companies (GENCOs) wishing to maximize their expected utility function, which is generally comprised of expected profit and risk. Strategies that help a GENCO to maximize its objective function must consider the impact of (and aid in making) operating decisions that may occur within a few seconds to multiple years. The work described here assumes an environment in which energy service companies (ESCOs) buy and GENCOs sell power via double auctions in regional commodity exchanges. Power is transported on wires owned by transmission companies (TRANSCOs) and distribution companies (DISTCOs). The proposed market framework allows participants to trade electrical energy contracts via the spot, futures, options, planning, and swap markets. An important method of studying these proposed markets and the behavior of participating agents is the field of experimental/computational economics. For much of the research reported here, the market simulator developed by Kumar and Sheble and similar simulators has been adapted to allow computerized agents to trade energy. Creating computerized agents that can react as rationally or irrationally as a human trader is a difficult problem for which we have turned to the field of artificial intelligence. Some of our

  19. 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.

  20. 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

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

    Directory of Open Access Journals (Sweden)

    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

  2. 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...

  3. 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...

  4. 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

  5. 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.

  6. 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...

  7. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  10. 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…

  11. 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.

  12. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  15. Financial Analysis of the World Top IT Companies

    Directory of Open Access Journals (Sweden)

    Cristina ROMANCIUC

    2010-01-01

    Full Text Available Financial crisis has influenced all the economiesaround the world. A similar situation happened during the ITcrash. Some, even, believe the crash of the dot-com bubblecontributed to the actual situation. The rush for financialsuccess led to a whole generation of young adults immersingthemselves in technology. Nevertheless IT has an importantinfluence on nowadays economy this is the reason of thepresent study. Here will be presented one of the world largestcompanies in IT and analyzed using few financial methods(comparative statements, ratio analysis, cash flow analysis.

  16. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  19. Interest Rate Rish of Australian Financial Sector Companies in a ...

    African Journals Online (AJOL)

    African Journal of Finance and Management ... In a recent study, Madura and Zarruk (1995) provide evidence that interest rate risk is greater for non-US ... interest rate sensitivity of a large banks portfolio and a finance companies portfolio is ...

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

    Directory of Open Access Journals (Sweden)

    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.

  1. Delaying Payments after the Financial Crisis: Evidence from EU Companies

    Directory of Open Access Journals (Sweden)

    Isaac Kwame Essien Obeng

    2017-01-01

    Full Text Available The paper investigates economic impact of delayed payments caused by liquidity crisis in the European Union. Using micro data sets on financial statements of 54,277 firms for the period of 2005 to 2014 inclusive, we perform panel data analysis by estimating fixed effects regression models with selected macroeconomic shocks. The results show high variability of late payments during financial crisis compare to period of relative stable economic situations and late payments is significantly evident across countries under different economic conditions. Additionally, we identify positive relationship between the response variable, late payments, and firm profitability measured with returns on assets, but negative relationship with firm total assets as it depends on the speed of collections from receivables. The results suggest delays in payment of invoices beyond the given credit period across the different European Union member countries.

  2. Treasury Financial Management company in the current economic crisis

    Directory of Open Access Journals (Sweden)

    FLOAREA GEORGESCU

    2015-03-01

    Full Text Available Abstract. Any management decision has a direct monetary impact on the structure uses and sources of cash. Cash Management aims to permanently maintain a balance between inflows and outflows of cash and cash to predict the impact of any operational decisions that could affect these flows. The success of any business requires good management of all these flows. The principle of this approach is relatively simple: using a minimum of ores to obtain maximum performance in a given period. Cash management is an extremely complex issue, and balancing receipts and payments flow is a constant struggle for survival of firms. In It work we will focus on how they are oriented in a going concern basis, cash inflows and financing needs of current operations. Managers should understand and know the specific movements of cash within the business system, driven daily decisions on operating, investing or financing, and a variety of external circumstances which affect the company. Such decisions and events can affect the company's ability to pay its obligations to obtain credit from suppliers, banks or credit institutions and to maintain an operational level in line with the company's products and services through investments.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  5. THE IMPORTANCE OF FINANCIAL INTERIM REPORTING FOR THE POSITION OF COMPANIES

    Directory of Open Access Journals (Sweden)

    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.

  6. 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.

  7. 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

  8. 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.

  9. THE PARTICULARITIES OF FINANCIAL COMMUNICATION IN THE RETAILS COMPANIES

    Directory of Open Access Journals (Sweden)

    Marian SOCOLIUC

    2016-08-01

    Full Text Available The communication process plays an essential role in the retail sector and beyond; ever increasing global competition and changes in the behavior of consumers and economic instability, all have caused major retail companies to adopt a manner of external communication that is more complete, efficient and appropriate. The purpose is to increase the effectiveness of activity, both from an operational standpoint, and in relation to customer service, with final objective to manage the available resources in an integrated and systematic manner, towards improving processes and business performance.

  10. Identification of the Level of Financial Security of an Insurance Company

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  12. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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

  17. 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...

  18. 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...

  19. 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.

  20. Financial benchmarking the example of confectionery industry companies

    Directory of Open Access Journals (Sweden)

    Vasilić Marina

    2014-01-01

    Full Text Available Being a managerial tool of proven efficiency when it comes to managing companies in cri­sis periods, benchmarking concept is still insufficiently known and applied in the Republic of Serbia. The idea of this paper was to reveal its possibilities through the aspect of finan­cial benchmarking, showing its simplicity and benefits even from the point of an external analyst. This was achieved through the analysis of two biggest competitors on the market of confectionery products of the Republic of Serbia, using secondary data analysis. Through multidimensional set of performance measures based on profit as the ultimate goal, but also including value for shareholders, liquidity and capitalization, we have confirmed the leader's market position and found its sources, which are the key learning points for the follower to adopt in order to improve its performance.

  1. Analysis of financial soundness of manufacturing companies in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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

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

    Directory of Open Access Journals (Sweden)

    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.

  4. 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

  5. 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...

  6. MONITORING OF THE FINANCIAL CONDITION OF THE COMPANY

    Directory of Open Access Journals (Sweden)

    V. E. Gladkova

    2015-01-01

    Full Text Available Topic: nowadays, many companies are on the market of high competition and are in need of new methods of needs assessment in the market in their products. In this study the methodology of calculation of the breakeven point and its projection of the dynamics of changes in the time lag will allow new businesses to forecast and take into account seasonal fl uctuations in demand for their products.Goals/objectives: the Authors of this publication have set ourselves three main goals: to improve the classical method of determining the breakeven point; to identify the dynamics and patterns of basic mathematical relations that determine the interdependence between the volume of sales (income and total costs; the possibility of applying this methodology economists in production to implement predict the future costs of production.Methodology: the Authors used the conventional scientifi c approaches and methods to analyse and identify mathematical relationships that take into account the specifi c economic and industry conditions and can be further used as template functions to predict the break-even point at a certain time lag.Results: the study authors derived a mathematical relation of volume of sales and total costs, which allows the maximization of the profi ts of Russian companies [1, 2].Discussion/application (if any: explores options graphs break-even point. Revealed that some products have a life cycle with two break-even point (at the fi rst point shows the future profi tability of the enterprise, and in the second point shows the beginning of a losing period and the need to remove product from production.Conclusions/signifi cance: Further research allowed for the monitoring of break-even point in time for which the article demonstrates the possibility of charting the break-even point in three-dimensional space that allows you to track the profi tability of the enterprise and to avoid a possible bankruptcy at a certain time lag.

  7. Corporate Financial Structure of Nonfinancial Quoted Companies in Nigeria

    Directory of Open Access Journals (Sweden)

    Wakeel Atanda Isola

    2015-09-01

    Full Text Available Corporate financing decision of firms has remained a debatable issue in both corporate and academic discussions. The present study aims to investigate the factors responsible for the financing decision of firms in Nigeria. To achieve this, 63 nonfinancial firms listed on the Nigerian stock exchange were selected based on data availability for the period of 2001 to 2010. Financial firms were excluded because of their similar regulatory framework and in order to ease the comparability of results. While most studies focused on debt-ratio as a measure of leverage, the present study uses the ratio of total debt and total assets. The empirical findings from the static panel regression analysis confirms that Nigerian firms tends toward internal financing through retained earnings, equity and other short term funds, against long term financing majorly through debts and other long term loans. One factor that could be said to account for this decision is the ill developed bond market in the country as well as the accessibility of firms to long term finances from the existing sources that is marred with high interest rates and huge collaterals.

  8. 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

  9. 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...

  10. 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.

  11. Financial recognition of material misstatement risks of listed companies on GEM

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  13. 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.

  14. 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...

  15. Investigating the relationship between employees’ career anchors and their psychosocial employability attributes in a financial company

    Directory of Open Access Journals (Sweden)

    Rudolf M. Oosthuizen

    2014-10-01

    Research purpose: The objective of the study was to investigate the relationship between employees’ career anchors and their psychosocial employability attributes as important career meta-capacities in contemporary career development. The study also investigated whether individuals from different age and race groups differed significantly regarding these career meta-capacities. Motivation for the study: Career management has become essential in the contemporary workplace for employees to sustain their employability. Research points to the importance of psychosocial career meta-capacities in helping employees to manage their career development and employability. Research design, approach and method: A cross-sectional quantitative survey using primary data was conducted on a non-probability purposive sample (N = 108 of full-time employees (67% women; 78% 26–45 years old; 78% black employees at a South African financial company. Correlations and Scheffé’s post-hoc test were performed to achieve the research objectives. Main findings: Significant positive relationships were observed between the participants’ career anchors and their psychosocial employability attributes. Age and race groups differed significantly only in terms of their career anchors. Practical/managerial implications: Career management practices in the organisation should accommodate the differences in career orientations and how these relate to the psychosocial employability attributes of their employees. Contribution: The findings add potentially important insights that may inform human resource practices aimed at enhancing the career development and employability of employees and addressing the career needs of different age and race groups.

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

    Directory of Open Access Journals (Sweden)

    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.

  17. 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.

  18. 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 ...

  19. 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...

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

    Directory of Open Access Journals (Sweden)

    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

  1. 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.

  2. 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.

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

    Directory of Open Access Journals (Sweden)

    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

  4. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

  6. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  8. 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)

  9. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  12. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  14. 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

  15. 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...

  16. 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 ...

  17. 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...

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

    Directory of Open Access Journals (Sweden)

    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

  19. 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...

  20. 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...

  1. 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)

  2. 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.

  3. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  6. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  9. 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...

  10. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  12. 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.

  13. 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.

  14. 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

  15. 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.

  16. 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.

  17. 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)

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  20. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  4. 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...

  5. 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.

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

    Directory of Open Access Journals (Sweden)

    Amalia Novoa Hoyos

    2016-06-01

    Full Text Available 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, telecommunication, tourism and clothing using the technique of ordinary squared minimums (OSM in the years 2011, 2012, 2013 and 2014. For this study, investment in digital media in the above- mentioned years is also taken into account.

  7. 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)

  8. 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.

  9. 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

  10. 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.

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

    Directory of Open Access Journals (Sweden)

    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

  12. 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

  13. 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.

  14. Enterprise Risk Management Implementation Maturity in Non Bank and Financial Companies

    Directory of Open Access Journals (Sweden)

    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 

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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

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

    Directory of Open Access Journals (Sweden)

    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

  18.  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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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

  1. 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)

  2. 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...

  3. 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

  4. 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

    Directory of Open Access Journals (Sweden)

    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

  5. 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

  6. 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.

  7. 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.

  8. 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.

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

    Directory of Open Access Journals (Sweden)

    Amy Natalia

    2017-12-01

    Full Text Available 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, Collateralizable Assets and Free Cash Flow have significant effect on the dependent variable (Dividend Payout Ratio simultaneously; (2 Institutional Ownership and Collateralizable Assets have a significant positive effect on Dividend Payout Ratio; (3 Insider Ownership, Debt to Total Assets, and Dispersion of Ownership have a significant negative effect on Dividend Payout Ratio; (4 Free Cash Flow has no significant positive effect on Dividend Payout Ratio.

  10. FINANCIAL AND MARKETING PERSPECTIVE OF A COMPANY ACCORDING TO THE CONCEPT OF STRATEGIC BALANCE SCORECARD

    Directory of Open Access Journals (Sweden)

    Jugoslav Aničić

    2016-01-01

    Full Text Available Balance scorecard was created in the 1990’s and it represents one of the most significant management ideas with the possibility of application in private, public and non-profit sector. It was created in need to respond to demands of intangible assets measurements which participate with more than a half of many great companies’ value in last decades. Balance scorecard ensures insight into business possibilities and fulfillment of strategic goals from four perspectives: financial, marketing, internal and perspective of learning and growth. Balance scorecard measures and monitors human, information and organizational capital of a company with the aim of establishing to what extent this elements of intangible assets contribute to company’s strategy realization. Standpoint for creation of this concept was an evident gap between corporate top strategy and understanding that strategy at lower levels of management and levels of translating strategies into actual business activities.

  11. THE EFFECT OF FINANCIAL PERFORMANCE AND MACRO ECONOMIC FACTOR TO PROFITABILITY OF BIDDER COMPANIES

    Directory of Open Access Journals (Sweden)

    Nanik Linawati

    2017-09-01

    Full Text Available This study aims to determine the effects of leverage change, sales, market to book ratio; transaction cost, and interest rate after merger or acquisition on profitability change (return on assets or return on equity. The method used is multiple linear regressions. The type of data is cross sectional data. The samples are go public bidder companies that have annual or quarterly financial reports during one year before and after the merger or acquisition. The research results show leverage change, sales, market to book ratio, transaction cost and interest rate after merger or acquisition simultaneously have significant effect on the year and the next year change of return on asset or return on equity. Partially, leverage change and market to book ratio significantly influence on changes of profitability. Sales and interest rate significantly influence on the next year changes of profitability. Transaction cost partially has significant effect on next year changes of profitability.

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

    Directory of Open Access Journals (Sweden)

    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.

  13. 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...

  14. 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

  15. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

  17. 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...

  18. 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.

  19. 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...

  20. Organizational change, and the control the financial statements. The Excandra Company Cia. Ltd. De Machala, Ecuador

    Directory of Open Access Journals (Sweden)

    Víctor Alberto Betancourt-Gonzaga

    2017-04-01

    Full Text Available Operability in business economy has a determinant in controlling the financial statements; which to a fractured situation require organizational changes to provide corrective measures asymmetries in the flow of financial consequences of economic assets with which the organization operates; look to change responds to epistemological foundations of economic science to install theoretical vision modalities presenting business issues. The purpose of the study is to systematize an interpretation of the modalities of organizational change in relation to the economy, which makes it functional as a communication control system and resize its use in improving the company in Ecuador. The methodological strategy is based on the literature review, it plays an observation, and critical to the statements of the interviewees and their arguments. Conflicting spaces where make the changes correspond to a lack of staff responsibilities; the failure of the work; breaches of rules as causes of fraud; the interpretation of a manual accounting procedures are an effect of the limits set by the economic practice, is a solution within the relative autonomy of internal control.

  1. THEORETICAL ESSAY ABOUT THE RELATION BETWEEN FINANCIAL LEVERAGE AND INVESTMENT IN BRAZILIAN COMPANIES

    Directory of Open Access Journals (Sweden)

    Aline Midori Kuroda

    2015-12-01

    Full Text Available The quest for understanding the relationship between the capital structure and investment decisions resulted in many different authors contribution. In the Brazilian economic scenario, an empirical study performed by Albuquerque and Matias (2013 identified the existence of a strong negative relation between finance leverage and investment in Brazilian public companies. The purpose of this study was to investigate whether the theory of finance supports these empirical findings or if there is a discrepancy between the practical behavior and the theoretical rules. To this end, it was performed a bibliographic research of scientific works related with this theme, among them Carneiro, Salles and Wu (2006, Hadlock and Pierce (2010 and Dang (2011. The methodology of this research can be classified as exploratory, according to its purpose, qualitative in terms of approach and bibliographical considering its technical procedures. All the developed analysis led to the formulation of six theoretical propositions that support the relation between financial leverage and investment. The negative and positive effects of debt were considered according to growth opportunities, the supply of credit in the Brazilian context, the raising of risk and cost of capital and the allocation of resources obtained through external funding. Briefly, it can be concluded that these six theoretical propositions could serve as the fundamentals of the relation in question, two being based on the under-investment and overinvestment theories and the other four, on the Brazilian financial market aspects. All of them must be considered in the decision making of a financial manager, especially the related with the financing options.

  2. Financial planning and control in very small start-up companies: antecedents and effects on company performance

    NARCIS (Netherlands)

    Mengel, S.; Wouters, M.

    2015-01-01

    This study motivates and tests hypotheses about the antecedents of the use of financial planning and control systems in very small and young start-up firms, and, in turn, the effect of this on firm performance. This setting is of particular interest since theory on financial planning and control in

  3. 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...

  4. 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...

  5. 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…

  6. [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.

  7. 76 FR 6756 - Recommendations Regarding Modifications to the Concentration Limit on Large Financial Companies

    Science.gov (United States)

    2011-02-08

    ... address the perception that large financial institutions are ``too big to fail.'' Section 622 of the Act... financial system, the efficiency and competitiveness of United States financial firms and financial markets... their officers and directors to manage, for the financial markets to understand and discipline, and for...

  8. [Survey of occupational health practices of foreign-owned companies].

    Science.gov (United States)

    Nakamura, Saki; Maruyama, Takashi; Hasegawa, Kumi; Nagata, Tomohisa; Mori, Koji

    2011-01-01

    We conducted a survey to clarify the present state of the occupational health practices (OHPs) of foreign-owned companies (FOCs) in Japan. The results reveal more strategic OHPs of FOCs located in Japan as local subsidiaries. Furthermore, the results should contribute to smoother global development of OHPs for international corporations with headquarters (HQs) in Japan. A total of 1,220 FOCs in Japan with at least 50 employees that are listed in Gaishikeikigyo-Soran (Overview of FOCs) 2009 published by Toyo Keizai, Inc. were targeted in our survey. A questionnaire with items concerning the (1) present situation of global and local OHP standards, (2) relationships with overseas HQ, and (3) impressions regarding daily OHPs was sent to a high-ranking person engaged in OHPs at each FOC. We ask about renkei-kan (sense of cooperation with overseas HQ), a positive Japanese word, in order to evaluate preferable relationships between FOCs and their HQs. There were 123 valid responses. Of these, only 50 had indicated the implementation of global standards (GS). Of the OHPs that were mentioned in GS, responses mainly included risk management for occupational diseases. With respect to local standards (LS), responses indicated that individual approaches toward each worker were an area of particular focus. Satisfaction with staff numbers and budget was high, although HQ involvement in staff numbers and budget control was low. Furthermore, 71.5% of respondents had low renkei-kan. We also found correlations among: renkei-kan, GS availability, frequency of reporting to overseas superiors, audit interval, and understanding of OHP organization at HQs. We found FOCs established OHPs independently of HQs and that they were satisfied with the present situation. On the other hand, there are many respondents who do not have positive feelings, renkei-kan, toward their relationships with HQs. OHP staff of FOCs can enhance renkei-kan by making use of GS, identifying key HQ personnel, and

  9. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  12. 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...

  13. 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.

  14. 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

  15. Public funds in theory of financial structure a company in Czech Republic

    Directory of Open Access Journals (Sweden)

    František Kalouda

    2013-01-01

    Full Text Available Mutually beneficial co-existence of the private and state sectors can be seen as proven in theory. The proof is the concept of a two-sector economy of A. Wagner (1835–1917, while, in Wagner’s view, the importance of the state sector should grow (Wagner’s law. State finance is understood in this context as a tool used to achieve social justice, and in general as a socially stabilizing element.In conditions of real Czech economy, the relationship between the state and private sectors is shown in the form of subsidies for businesses enterprises; although at first sight the available data do not demonstrate the key role of public finance. Another form of limited understanding of the importance of public funds is the concept of financial structure of a company understood by contemporary theory of finance of firm (in Czech context as a set of sources for financing entrepreneurial activities – public funds are virtually not mentioned here.The aim of the paper is to contribute to correct this shift in understanding of the importance of public finance and to bring it nearer both to the original theoretical concept (A. Wagner and to reality, both in quantitative and qualitative terms.Main focus of this paper is to the Czech Republic circumstances. For the comparison are here presented available data from other countries and global data as well.

  16. 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.

  17. 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

  18. Joint impact of ERP systems and non financial performance indicators on corporate financial performance: Evidence from French listed companies

    Directory of Open Access Journals (Sweden)

    Ahmed Kouki

    2015-01-01

    Full Text Available This paper aims to examine the joint impact of Enterprise Resource Planning systems (ERP systems and Non Financial Performance Indicators (NFPI on corporate financial performance. Our study is based on a comparative analysis between firms that adopt ERP only, firms that use NFPI only and firms that combining both strategies (ERP and NFPI during the period from 2001 to 2006.The implementation process remains highly uncertain. In fact, the use of Non Financial performance indicators is an important determinant of corporate financial performance. At the operational level, combining ERP systems with NFPI reflects a long-term business strategy to improve business process. In summary, the ERP and NFPI literatures demonstrate the vital importance of aligning business process, information technologies and key performance indicators with the strategic objectives of the firm. Results support the hypothesis in which firms that combining ERP and NFPI have significantly higher ROA than either ERP-only or NFPI-only firms.

  19. 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.

  20. 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…

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

    Directory of Open Access Journals (Sweden)

    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.

  2. 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.

  3. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  6. A SURVEY OF INTERNATIONAL FINANCIAL RISK MANAGEMENT SYSTEM

    Directory of Open Access Journals (Sweden)

    SETHI Narayan

    2013-12-01

    Full Text Available Rising global competition, increasing deregulation, and introduction of innovative products have pushed financial risk management to the forefront of today's financial landscape. Identification of different types of risks and effective management of these risks in the international financial system would help to alleviate crisis, financial losses and also helpful to the long term success of all the financial institutions. The present study aims to analyze different types of risk management strategies and throws some light on challenges and opportunities regarding implementation of Basel-II in international financial system. The present paper also attempts to discuss the different methods and techniques used to measure financial risk management. There are three types of risk faced by all financial institutions: market risk, credit risk and operational risk. In commercial banking, credit risk is the biggest risk; in investment banking, its market risk; and in asset management, it’s operational risk.

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

    Directory of Open Access Journals (Sweden)

    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.

  8. 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.

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

    Directory of Open Access Journals (Sweden)

    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

  10. McDonald and Company Securities Library User Survey, 1996.

    Science.gov (United States)

    Wolfgram, Derek E.

    The library of McDonald and Company Securities is important to the success of the business and its employees. This study assesses the needs and expectations of the library users, and analyzes how well the current library services are meeting those needs and expectations. A questionnaire was distributed to a large random sample of the firm's…

  11. 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)

  12. 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.

  13. Measuring the impact of intangible asset investment toward companies financial health and agency problem : empirical reasearch from Indonesian companies during world financial crisis period 2006-2011

    OpenAIRE

    Widiantoro, Dimas Mukhlas

    2012-01-01

    Masteroppgave i økonomi og administrasjon - Universitetet i Agder 2012 The thesis examines the impact of intangible investment toward company‟s health and company agency problem. The research chooses Intangible asset because of its special characteristic. Intangible asset as the asset of production has equipped the employee with better skills and knowledge on productions. On the other hand, an intangible asset that does not have physical evidence also triggered the liquidity problem of the...

  14. 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...

  15. Integrated management systems: survey results from Portuguese companies and experts

    OpenAIRE

    Domingues, Pedro; Sampaio, Paulo; Arezes, P.

    2012-01-01

    The proliferation of several certifiable sub-systems among different type of organizations lead companies to excessive departmentalization. This fact turned out to be, due to several reasons pointed out by numerous authors, disadvantageous. Hence, organizations optioned by integration of their management sub-systems. Academic awareness to this sociological event is mainly related with the fact of integration of management systems (IMS) had been performed empirically, that is, by each organiza...

  16. 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...

  17. 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.

  18. The Holding Company as an Instrument of Companies’ Tax-Financial Policy Formation

    Directory of Open Access Journals (Sweden)

    Dominik Gajewski

    2013-03-01

    Full Text Available The aim of this article is to present the holding institution as an economic and taxation solution. This article describes the holding company, indicates its advantages and disadvantages, and compares it to similar solutions. The main goal of holding companies is to change tax policies. As a result of these institutions, companies can change their tax status and economic situation. The holding institution influences the economic development of its constituent companies. The functioning of a holding company also has great importance for economic development. Establishing holdings is a worldwide trend that may be realised through various models.

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

    Directory of Open Access Journals (Sweden)

    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.

  20. 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.

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

    Directory of Open Access Journals (Sweden)

    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

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

    Directory of Open Access Journals (Sweden)

    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

  3. Orientation of Agri-Food Companies to CSR And Consumer Perception: A Survey on Two Italian Companies.

    Science.gov (United States)

    Civero, Gennaro; Rusciano, Vincenzo; Scarpato, Debora

    2018-05-07

    Corporate Social Responsibility (CSR) is the most important tool for implementing Sustainability Guidelines for Business (US20030018487A1), delivering economic, social and environmental benefits for all the stakeholders and is currently the focus of international studies and debates (US7260559B1), especially in the agri-food sector as demonstrated by recent patents (CA2862273A1). In most agri-food businesses operating in Italy, there is little effectiveness in the communication strategies of this instrument to the stakeholders since they are often not advanced. Identifying the first two food companies in the European ranking of the 6th CSR Online Awards, through an empirical survey on consumers, their level of perception of the CSR strategies communication of this companies will be analyzed. In both case studies analyzed, there is the presence of a Sustainability Orientation and the evolution of CSR tools within such companies and their promotion and communication to all the stakeholders. Despite this, the level of perception of respondents on the CSR strategies communication of this companies and the promotion of CSR instruments is not optimal. The interviewed consumers has not enriched its knowledge on CSR due to the lack of an adequate communication strategy for both case studies. Consequently, to raise awareness on the subject, there is still a great deal of cooperation needed between public institutions, local communities, businesses and citizens. Copyright© Bentham Science Publishers; For any queries, please email at epub@benthamscience.org.

  4. STUDY REGARDING COMPANIES PERFORMANCE MEASUREMENT THROUGH NON-FINANCIAL INDICATORS – THE CASE OF AIRLINE INDUSTRY

    Directory of Open Access Journals (Sweden)

    Radu-Dan TURCU

    2015-12-01

    Full Text Available The fact that financial information alone is insufficient in assessing a company’s performance is more and more debated. . The present paper aims to analyze the relation between the changes in companies’ market value and selected financial and non-financial indicators for the airline industry. The main aim of this study is to analyze the value relevance of non-financial information in assessing a company’s performance by reference to the airline industry. The results reveal that non-financial indicators “load factor”, “available seat kilometers” and the financial measures “pretax return on assets”,“curent ratio”, ”debt-to-equity ratio” and ”sales growth” are valuable in explaining the stock price evolution.

  5. FEATURES OF FORMATION OF FINANCIAL RESULTS IN ACCOUNTING OF AGRARIAN COMPANIES

    OpenAIRE

    Shulepina S. A.; Lukyanchik A. A.

    2015-01-01

    In connection with the development of private business in Russia today we can see the need to achieve the criteria of reliability, completeness, timeliness and clarity of accounting and analytical information. This information is the basis in the areas of management, control and analysis of financial and economic activities of organizations. The article studied the accounting classifications of financial results proposed by national scientists. There are the problems of accounts of financial ...

  6. Quantitative marketing research on behavior of the small and medium companies on financial advisory services

    Directory of Open Access Journals (Sweden)

    Duguleana, L.

    2013-12-01

    Full Text Available This paper presents the results of quantitative marketing research conducted among small and medium enterprises in Braşov County. The research identified organizational elements of the consumer behavior in the use of the financial advisory services. The objective is to determine whether there is association between firm size and the number of financial advice services outsourced. Results of the study will be based construction of the price policy for financial advisory firms, tailored to the financial constraints faced by small and medium enterprises in Romania.

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

    OpenAIRE

    Cristina-Ionela FĂDUR; Daniela CIOTINĂ; Marilena MIRONIUC

    2011-01-01

    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 th...

  8. CSR Inflections: An Overview of CSR Practices on Financial Performance by Public Listed Companies in Malaysia

    Directory of Open Access Journals (Sweden)

    Bt Abdul Wahab Norwazli

    2017-01-01

    Full Text Available Of late, there has been growing demand for companies to intensify its corporate social responsibility (CSR. It is no longer one of the responsibilities of the companies but has become the responsibility of companies to give back to the society in which it has been operating and making huge profit. Unfortunately there appears to be a wide gap between the level of CSR awareness between companies from developed countries and those from the developing companies. Companies from developed countries have higher CSR level of awareness and faced no difficulty in disclosing their CSR activities relatively to the companies in the developing countries (including Malaysia. Thus, the aim of this paper is to examine the level of CSR disclosure of consumer products and trading and services industries from Malaysia. In addition, the study also would like to ascertain if the level of CSR disclosure influences the performance of the company in terms of its return on asset (ROA and firm value (Tobin’s Q. The study starts with the development of CSR disclosure index and using the index to determine if company’s performance is related to its contribution to the society. Panel data is used to achieve the second objective. Findings of the study provide positive, negative and insignificant results between CSR activities on the company performance.

  9. 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.

  10. Why might forest companies certify? Results from a Canadian survey

    NARCIS (Netherlands)

    Takahashi, T.; Kooten, van G.C.; Vertinsky, I.

    2003-01-01

    During the late 1980s/early 1990s, voluntary forest certification emerged as a new market-based incentive mechanism and had an important influence on the way the world's forests are managed. To understand the mechanism of its diffusion, we employed a survey instrument and probit regression analysis

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

    Directory of Open Access Journals (Sweden)

    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

  12. The adaptation of the financial structures of national companies in oil producing countries

    International Nuclear Information System (INIS)

    Helder, P.

    1994-01-01

    The economic environment of the oil industry in the nineties contains a number of uncertainties concerning demand evolution and the persistence of low prices. National companies cannot expect high margins for financing their development. To avoid an increased debt burden these companies are looking for organizational flexibility. Their strategies imply cost cutting and a modernization of their management criteria. (Author). 19 refs., 6 tabs

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

    Directory of Open Access Journals (Sweden)

    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.

  14. EFFECTING FACTORS DELIVERED FINANCIAL REPORTING TIME LINES AT MANUFACTURING COMPANY GROUPS LISTED IDX

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    Sunaryo Sunaryo

    2012-11-01

    Full Text Available The primary objective of this research is to learn the effect among ROA, Leverage, Company Size, and Outsider Ownership with time lines, either partially or simultaneously. Secondary data were collected by purposive sampling of manufacturing company groups listed on IDX and the preceding scientific research journals, using logistic regression to test the hypothesis simultaneously. The results of this research describe that ROA and Leverage do not significant effect to time lines, but company size and outsider ownership have significant effect to time lines. It is recommended that the topic of this research can be continued with merchandising company groups, or service company groups either general or special, like: hotels, insurances, bankings; or, with new independence variables added. 

  15. Financial Literacy in Latvia: Defining the Concept and Survey Results

    OpenAIRE

    Lāce, N; Ciemleja, G; Titko, J

    2013-01-01

    One of the priorities of the National Development Plan of Latvia for 2014 – 2020 is citizens’ resilience, which is related to the human economic security. In turn, economic security implies that citizens have predictable and sufficient income. Thus, the issues of the improvement of financial literacy level in Latvia are emphasized at a government level. Despite the questions related financial literacy are frequently debated in the academic literature, there is no consistent approach to unders...

  16. 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...

  17. 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...

  18. 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...

  19. 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

  20. THE COMPANY ACCOUNTING EVALUATION – PRELIMINARY PHASE OF THE PROPER ANALYSIS OF FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Doina Pacurari

    2008-12-01

    Full Text Available The problem that the accounting information do not always reflect the economic reality may affect the analysis and forecast based on financial statements. This is due both to the accrual accounting limitations and to the fact that this type of accounting allows the result management. In spite of some disadvantages, the accrual accounting is considered superior to cash accounting in measuring the performances and determining financial position as well as in the predicting of future cash flow. In order to limit the negative effects on the results of analysis and forecast based on financial statements, the analists should evaluate the enterprise accounting and if necessary adjust the financial statements so they reflect the economic reality.

  1. Risk taking business Vikings: Gendered dynamics in Icelandic banks and financial companies

    Directory of Open Access Journals (Sweden)

    Kristín Loftsdóttir

    2015-12-01

    Full Text Available Feminist scholars have long emphasized the masculine culture of the financial sector, where a certain gendered structure is created and sustained. The capitalistic economy and the culture of multinational corporations play a leading role in creating and promoting new patterns of masculinity - the transnational business masculinity - on both global and local levels. It is thus important to analyze how this takes place in a local context. Following the economic collapse in Iceland, a strong emphasis formed in the public discussion on a changed gender dynamic in financial firms and in general. This article focuses on the experience of those working within the financial sector in relation to the position of men and women, contextualized within a scholarly discourse. It is based upon interviews with employees of financial institutions, where they reflect on their experience and views masculinity, essentialism and equality.

  2. 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.

  3. POSSIBILITIES OF FINANCIAL SUPPORT TO SMALL AND MEDIUM HOTEL COMPANIES IN SERBIA

    Directory of Open Access Journals (Sweden)

    Dragoljub Barjaktarovic

    2010-06-01

    Full Text Available Abstract:Small and medium hotel companies in the majority of developed tourist countries have dominant role in hotel industry. The same situation is with Serbia. An important precondition for successful business of a hotel is accepting and applying basic pillars of marketing concept i.e. satisfying needs and expectations of guests inorder to achieve profit. Small hotel companies have specific problems in their daily business. Top priority in management and surviving of hotels is cash, because fixed costs are very dominant so hotels earmark more resources for them than for marketing. This means higher engagement and involvement of the state in furtherdevelopment of small and medium hotel companies in Serbia. The state should provide favourable subsidized credit lines for small and medium hotel companies in Serbia, through appropriate support programmes.

  4. INTERNATIONAL FINANCIAL REPORTING STANDARDS – OVERVIEW OF THEIR ADOPTION AND APPLICATION FOR THE COMPANY

    OpenAIRE

    CARUNTU CONSTANTIN; Mihaela Loredana LĂPĂDUŞI

    2011-01-01

    The purpose of this paper is to present a personal vision on some general issues concerning the application of IFRS by companies from Romania. Our references consider the objective, the role and importance of IFRS adoption, as well as the advantages and disadvantages of their application. Applying IFRS also in Romania emerged from the need to ensure conformity of national accounting rules with EU regulations. IFRS adoption by the Romanian companies has lead to acces...

  5. 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.

  6. INTERNATIONAL FINANCIAL REPORTING STANDARDS – OVERVIEW OF THEIR ADOPTION AND APPLICATION FOR THE COMPANY

    Directory of Open Access Journals (Sweden)

    CARUNTU CONSTANTIN

    2011-06-01

    Full Text Available The purpose of this paper is to present a personal vision on some general issues concerning the application of IFRS by companies from Romania. Our references consider the objective, the role and importance of IFRS adoption, as well as the advantages and disadvantages of their application. Applying IFRS also in Romania emerged from the need to ensure conformity of national accounting rules with EU regulations. IFRS adoption by the Romanian companies has lead to access to international capital markets, has helped to reduce running costs and to an efficient and easy international transactions. Applying IFRS allowed and will allow companies to relate to other similar companies in the world, investors and other interested users to compare the company’s performance with competitors globally. Through this article I sought to point out some theoretical aspects concerning the role and importance of the application of IFRS by companies in Romania. I intended that the article’s results and the individual research to be achieved in an easy-come, structured document so as to constitute a means of informing regarding the general vision on the application of IFRS.

  7. Relationship between sustainable development initiatives and improved company financial performance: A South African perspective

    Directory of Open Access Journals (Sweden)

    Darelle Groenewald

    2016-05-01

    Research purpose: The study analysed the relationship between sustainability performance and FP in South African listed companies. Motivation for the study: Some South African listed companies acknowledge in their sustainability reports that there is a link between sustainability development and long-term shareholder value. This implies that FP is linked to sustainable development performance. This relationship has not been researched for South African listed companies and therefore needs to be investigated. Research design, approach and method: A similar research method was used as for an international study. Forty-five listed South African companies were selected as the sample. Their sustainable development reports were used for analysis. Data were analysed with the use of content and a canonical correlation analysis. Main findings: The results of the study revealed that an overall positive relationship exists between sustainability performance and FP. Practical implications: South African companies that have a high involvement and focus on specific sustainable development initiatives that are integrated into overall sustainable development strategy can deliver improved FP for the organisation and deliver long-term value to its shareholders. Contribution: Six sustainable development aspects were found to be significantly correlated with improved FP and if incorporated into a company’s sustainable development strategy can lead to increased successes.

  8. 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.

  9. The Effects of Accounting Treatment and Financial Crisis on the Stock Option Plans of Italian Companies

    Directory of Open Access Journals (Sweden)

    Francesco Avallone

    2014-03-01

    Full Text Available Many studies state that favourable accounting treatment has been one of the main reasons behind employee stock options. In addition, stock options have recently been the target of growing criticism with a possible influence on incentive effectiveness and outrage costs. In such a perspective, the main purpose of the paper is to explore the impact of IFRS 2 and of the recent financial crisis on stock option compensation. Empirical evidence suggests that: (i IFRS 2 did not have a significant effect on stock option granting, (ii the issue of stock options is less likely to occur during the financial crisis.

  10. Strategic Accident Reduction in an Energy Company and Its Resulting Financial Benefits.

    Science.gov (United States)

    Reiman, Arto; Räisänen, Tuomo; Väyrynen, Seppo; Autio, Tommi

    2018-04-10

    This study provides a case example of an energy company that prioritised occupational safety and health and accident reduction as long-term, strategic development targets. Furthermore, this study describes the monetary benefits of this strategic decision. Company-specific accident indicators and monetary costs and benefits are evaluated. During the observation period (2010-2016), strategic investments in occupational safety and health cost the company EUR 0.8 million. However, EUR 1.8 million were saved in the same period, resulting in a 2.20 cost-benefit ratio. The trend in cost savings is strongly positive. Annual accident costs were EUR 0.4 million lower in 2016 compared to costs in 2010. This study demonstrates that long-term, strategic commitment to occupational safety and health provides monetary value.

  11. Financial Performance of Korea's Overseas Companies and Policy Recommendations for Improving Efficiency

    Directory of Open Access Journals (Sweden)

    Yunjong Wang

    1998-03-01

    Full Text Available As part of globalization, elite multinational companies are actively promoting foreign direct investment, In order to adapt to the globalization trend, large from the middle of 1990s enterprises have helped South Korea to launch the large-scale oversea investment by contributing in it. However, foreign direct investment by Korean companies in operating results has yet to achieve satisfactory results. Under IMF's project, South Korean economy is facing the need for restructuring, and corporate restructuring has become an important issue. Because South Korea domestic enterprises foreign popularity fell sharply and overseas borrowings, lead to deterioration in the terms of the South Korean companies overseas direct investment activities atrophy. In this case, the enterprise's overseas direct investment form and strategic should also have comprehensive change on a scale. It should get rid of external, quantitative growth, but change to efficient strategy.

  12. Socially responsible companies performance: an analysis with financial and accounting ratios

    Directory of Open Access Journals (Sweden)

    Marcelo Alvaro da Silva Macedo

    2008-07-01

    listed, were the Paper and Pulp and Steel and Metallurgy. From this point, it was made a comparison of the behavior of the socially responsible companies with the other belonging to their sector, which were listed among the Best and Bigger, “Maiores e Melhores” from the Exame Magazine (2006. The idea is to check if the companies which have adopted “politically” correct practices through social and environmental actions showed a performance, in terms of liquidity, debt and profitability, statistically higher in relation to the market. The results show that, it isn’t observed significant differences in the indexes under analysis between the two companies groups (socially responsible and the market. Key-words: Social Responsibility; Performance; ISE.

  13. Currency risk management of non-financial public limited companies listed on WIG30 index

    Directory of Open Access Journals (Sweden)

    Alicja Mikołajewicz-Woźniak

    2013-12-01

    Full Text Available The objects of the study are selected aspects of currency risk management of nonfinancial public limited companies listed on WIG30 index. The estimation of net profit sensitivity to currencies exchange rates was used to determine importance of currency risk management for functioning of analyzed entities. The indication of the methods and tools used in currency risk management process became the basis for evaluation of taken actions. The determination of the relationship between hedging accounting and risk management results enabled the verification to what extent Polish companies exploit existing opportunities.

  14. The Payout Decision-Making Process of Brazilian Listed Companies: A CFO Survey

    Directory of Open Access Journals (Sweden)

    Roberto Frota Decourt

    2012-12-01

    Full Text Available The purpose of this paper is to present the results of a survey with Brazilian listed companies CFOs` trying to identify how these companies determine and manage their payout policy. It was identified that the final decision about dividends is taken by the board of directors, taking into consideration a management proposal sent to them before. Main factors analyzed are net profit and cash generation during immediate previous period. The managers mainly consider interest on own capital (JSCP and dividends as instruments for payout policy. They believe that share repurchase is advantageous to shareholders; however, it is viewed more as an investment decision by the company than a dividend policy. The interest on own capital is broadly used because it provides a fiscal benefit to the company. It seems that management compensation policy affects dividends payout. This suggests an agency conflict between managers and shareholders.

  15. 12 CFR 225.86 - What activities are permissible for any financial holding company?

    Science.gov (United States)

    2010-01-01

    ... authority for digital signatures and authenticating the identity of persons conducting financial and... such products or services; or (2) A government or government agency that provides information concerning the services or benefits made available by the government or government agency, assists persons in...

  16. The Importance of Corporate Foreign Debt in Managing Exchange Rate Exposure in Non-Financial Companies

    DEFF Research Database (Denmark)

    Aabo, Tom

    2006-01-01

    This empirical study of the exchange rate exposure management of Danish non-financial firms listed on the Copenhagen Stock Exchange shows that debt denominated in foreign currency (foreign debt) is a very important alternative to the use of currency derivatives. The results show that the relative...

  17. College Financial Aid and the Employee Tuition Benefit Programs of the Fortune 500 Companies.

    Science.gov (United States)

    O'Neill, Joseph P.

    Ways are discussed that internal changes in pricing, tuition collection, and cash-flow management might be sources of financial aid for college students ineligible for state and federal assistance programs. The experiences described are the result of two FIPSE (Fund for the Improvement of Postsecondary Education) projects, one dealing with…

  18. Operational Practices and Financial Performance: an Empirical Analysis of Brazilian Manufacturing Companies

    Directory of Open Access Journals (Sweden)

    André Luís de Castro Moura Duarte

    2011-10-01

    Full Text Available In the operations management field, operational practices like total quality management or just in time have been seen as a way to improve operational performance and ultimately financial performance. Empirical support for this effect of operational practices in financial performance has been, however, limited due to research design and the inherent difficulties of using performance as a dependent variable. In this paper, we tested the relationship between selected operational practices (quality management, just in time, ISO certification and services outsourcing in financial performance outcomes of profitability and growth. A sample of 1200 firms, operating in São Paulo, Brazil, was used. Analysis using multiple regression explored the direct effect of practices and their interaction with industry dummies. Results did not support the existence of a positive relationship with financial performance. A negative relationship of outsourcing with both profitability and growth was found, supporting some critical views of the outsourcing practice. A weaker negative relationship between ISO certification and growth was also found. Some interactions between practices and industries were also significant, with mixed results, indicating that the effect of practices on performance might be context dependent.

  19. 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

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

    Directory of Open Access Journals (Sweden)

    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

  1. 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.

  2. The Surveys to the Companies: A Tool for the Improvement of Degrees

    Science.gov (United States)

    Cruells Cadevall, Montserrat; Roca Vallmajor, Antoni; Escaja Sánchez, Núria; Fernández González, Javier; Garrido Ponce, José Antonio; Giménez Farreras, Jaume; Llauradó Tarragó, Montserrat; Rodriguez Raurell, Laura; Marcos, Josep Oriol Bernad; Arias, Carla Escobar; Vinent, Nuria López; Gratovil, Ma Lluisa Sagristà; Aragay, Carme Navarro

    2017-01-01

    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…

  3. The springboks in East Africa: the role of 1 SA Survey Company ...

    African Journals Online (AJOL)

    The springboks in East Africa: the role of 1 SA Survey Company (SAEC) in the East African campaign of World War II, 1940–1941. ... Scientia Militaria: South African Journal of Military Studies ... As a member of the British Commonwealth, South Africa was part of Britain's war effort from September 1939 onward. When Italy ...

  4. PAYMENT INCIDENTS CENTRAL – MONITORING INSTRUMENT FOR THE FINANCIAL STABILITY OF COMPANIES

    Directory of Open Access Journals (Sweden)

    BOGDAN STICLOSU

    2015-12-01

    Full Text Available The company, as economic organization, functions in an environment that it directly influences and that in turn influences its activity by complex and heterogeneous combination of factors. The companies do not represent a final outcome, but a mean through which the factors of production, with the help of certain technologies, satisfy (especially the clients’ needs and indirectly of the external environment in which they activate and develop. A strong influence over the company’s activities’ results is represented by the external environment in which it activates, its physiology and working mechanism and the company’s ability to harness the opportunities and avoid dangers supplied by the environment, by synchronizing its actions with the changes within the environment. Therefore it is necessary to know the environment’s content and requirements, as well as the quantitative and qualitative changes, even anticipating the future evolution of the environment, so that the company can adapt to its new structure. Knowing the characteristics and mutations occurred in the external environment’s structure, is a fundamental condition for the quantitative and qualitative satisfaction of certain category of needs by the company, necessities that are continuously growing and diversifying, that are the base of conducting new realistic strategies, well based scientifically.

  5. TAX STRATEGIES AS A MODERN TOOL OF FINANCIAL MANAGEMENT IN COMPANIES

    Directory of Open Access Journals (Sweden)

    Piotr Ziarkowski

    2018-03-01

    Full Text Available The aim of the paper is to present selected tax strategies that are the tool of modern finance management applied in companies. The paper also analyzes current income and VAT taxation methods. The application of a simulation experiment made it possible to point at the optimal solutions as regards the fiscal burdens of business entities.

  6. Financial Support and Challenges for Educational Technology Companies: Then, Now, and Looking Ahead

    Science.gov (United States)

    Billings, Karen J.; Blaschke, Charles L.

    2016-01-01

    The authors review past and current funding/support for U.S. K-12 educational technology companies. They review both who provided the funding for product development and the reasons why. They look back to the 1960s and 1970s, when federal government agencies helped produce computer-based materials, then how the schools' access to technology…

  7. The implications of financial performance on stock exchange indicators of listed companies: empirical evidence for the Romanian capital market

    Directory of Open Access Journals (Sweden)

    Iulia-Oana ȘTEFAN(BELCIC-ȘTEFAN

    2016-08-01

    Full Text Available This paper examines and quantifies the implications of financial indicators of performance on the share return of companies listed on Bucharest Stock Exchange. These implications are even more relevant as the Romanian capital market could benefit from increased visibility with its reclassification as an emerging capital market in the near future. The research is conducted at the level of 33 companies listed on BSE for the time frame 2011-2013, building a multiple linear regression model that quantifies the variation in price to book value depending on the evolution of nine financial indicators of performance out of a total of 38 such possible indicators. Correcting the effects of serial correlation within the model led to its respecification resorting to the generalized differences procedure. The value of the R-squared coefficient of determination for the processed model is 0.543, eight of the nine independent variables being significant at the 1% level. The 0 probability associated to the F-test as well as its value confirm that the regression equation is globally significant. Also, all the assumptions for validating the estimated model are confirmed, both general ones, characteristic to the multiple linear regression procedure, and, in particular, according to the specific set of data under processing. The applied usefulness of the regression model is valued in the next step of the research, that of testing the effectiveness of the Romanian capital market, after which it was found that the influence of financial performance indicators was already incorporated into the market price since the end of the reporting period.

  8. 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. 

  9. Complementary or competing climates? Examining the interactive effect of service and ethical climates on company-level financial performance.

    Science.gov (United States)

    Myer, Adam T; Thoroughgood, Christian N; Mohammed, Susan

    2016-08-01

    By bending rules to please their customers, companies with high service climates may be less ethical but ultimately more profitable. In this article, we pose the question of whether being ethical comes at a cost to profits in customer-oriented firms. Despite the organizational reality that multiple climates coexist at a given time, research has largely ignored these types of questions, and the simultaneous analysis of multiple climate dimensions has received little empirical attention to date. Given their scientific and practical importance, this study tested complementary and conflicting perspectives regarding interactions between service (outcome-focused) and ethical (process-focused) climates on company-level financial performance. Drawing on a sample of 16,862 medical sales representatives spread across 77 subsidiary companies of a large multinational corporation in the health care product industry, we found support for a complementary view. More precisely, results revealed that profitability was enhanced, not diminished, in service-oriented firms that also stressed the importance of ethics. Results suggest studying the interactive effects of multiple climates is a more fruitful approach than examining main effects alone. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

  10. 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.

  11. CAPITAL STRUCTURE OF UKRAINIAN NON-FINANCIAL COMPANIES IN HISTORICAL PERSPECTIVE

    Directory of Open Access Journals (Sweden)

    D. Chernenko

    2018-01-01

    Full Text Available This paper examines the dynamics of Ukrainian non-financial firms' capital structure within a historical perspective. It shows that firm financing since 1990 was a derivative from economic and institutional changes, and current levels of leverage are lower than ones of foreign peers. Whereas in the short-term we can expect some market recovery, long-term dynamics relies almost exclusively on the successof institutional reforms.

  12. Shareholder/Stakeholder Value Management, Company Growth and Financial Performance: An Exploratory Study

    OpenAIRE

    Ekholm, Bo-Göran; Wallin, Jan

    2003-01-01

    There has been considerable discussion in the literature about the relative merits of shareholder value management and stakeholder value management, but relatively little empirical research has been reported concerning the relationship between these types of management and financial performance. The present study puts forward a hypothesis that true shareholder value management also encompasses stakeholder value management. This combination of shareholder/stakeholder value management is hypoth...

  13. FINANCIAL PERFORMANCE AND FACTORS INFLUENCING ITS BANKING COMPANIES IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Yolanda

    2018-03-01

    Full Text Available This study is about the influence of corporate governance on corporate performance in Indonesia. Data from 20 banking companies in Indonesia Stock Exchange for the period of five years 2011-2016 conducted a panel data analysis with modeling by conducting Chow and Hausman tests. The results show that the influence of corporate governance (institutional share ownership, independent comers, audit committee and board of directors, non performing loan and loan to deposit ratio have an effect on company performance measure. in particular, the findings indicate that non performing loans have a negative and significant effect on return on assets, and audit committee variables have a positive and significant impact on return on equity, whereas while non performing loan and loan to deposit ratio have the negative and significant impact on return on equity. Other variables have no significant effect on return on assets and return on equity.

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

    OpenAIRE

    Istrate Costin; Badea Dumitru

    2017-01-01

    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 con...

  15. Leading Players of the Global Petrochemical Industry. Overview of Groups - SWOTs - Benchmarking - Company Profiles and Financials

    International Nuclear Information System (INIS)

    2017-02-01

    This study presents: The medium-term and mega trends of the industry market developments and geographical segments; The competitive landscape and the main corporate rankings; The main conclusions of the report, summarised in 10 analytical slides. Content: 1. Overview: The Sector, Ranking, Performance Analysis; 2. Company Profiles: ExxonMobil, Total, BASF, Dow Chemical, Reliance Industries, Sabic, LyondellBasell, Mitsubishi Chemical, LG Chem, Sumitomo Chemical; 3. Sources; 4. Annexes

  16. Results of the radiological survey at Diebold Safe Company, 1550 Grand Boulevard, Hamilton, Ohio (HO001)

    International Nuclear Information System (INIS)

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

    1990-02-01

    At the request of the US Department of Energy (DOE), a group from Oak Ridge National Laboratory conducted investigative radiological surveys at Diebold Safe Company, 1550 Grand Boulevard, Hamilton, Ohio in 1988 and 1989. The purpose of the surveys was to determine whether the property was contaminated with radioactive residues, principally 238 U. The surveys included gamma scans; direct and transferable measurements of alpha, beta, and gamma radiation levels; and dust, debris, air, and soil sampling for radionuclide analyses. 6 refs., 6 figs., 5 tabs

  17. 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.

  18. 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

  19. How fair are fair values? A comparison for cross-listed financial companies

    OpenAIRE

    Marian Berden; Franka Liedorp

    2006-01-01

    Fair value accounting and IAS 39 are at the core of a debate between regulators, institutions and supervisors. We add to this debate at a conceptual and empirical level. First we discuss the advantages and disadvantages of fair values for banks and insurance companies. Then we explore the differences between fair values and book values and the implications thereof based on a group of institutions with a listing on a stock exchange in both the home country (on book value) and the US (on fair v...

  20. Medical technology companies broaden role to support the financial success of clinics.

    Science.gov (United States)

    Johansson, Soren

    2003-01-01

    Market challenges continue to mount for hospitals and clinics, causing an unparalleled focus on profitability and return on investment for services. To support these challenges, technology suppliers that were once content to deliver and install equipment have become partners with the institutions they serve. Savvy technology companies are offering an extensive array of services that assist facilities in the planning, cost justification, implementation and ongoing support of their technology. The result is a marriage of progress and profit, resulting in solutions that enhance both the quality of care and the bottom line.

  1. Voluntary disclosure of Value Chain in Financial Reports of Companies Brazilian Capital Open

    Directory of Open Access Journals (Sweden)

    Leandro da Costa Lopes

    2012-12-01

    Full Text Available Managing the value chain with the aim to achieve competitive advantage in relation to their competitors and in order to reduce costs has become increasingly important for business organizations. The aim of this paper is to analyse whether Brazilian organisations listed on Sao Paulo´s Stock Exchange (BOVESPA publish information relating to value chain management in their financial reports. In addition, this research aims to investigate the potential relationtionship between evidentiation of this information and two independent variables, gross margin and number of pages. Content Analysis was adopted in the management report and report notes of the year 2011. The analysis was based on the strategic cost management framework developed by Wrubel et al. (2010. The sample selected includes the ten largest non financial organizations, according to their total assets. Despite the fact that publishing the value chain management is not compulsory, it was observed that the businesses studied present on average 30 sentences regarding the topic in their reports. The category internal and external value chain activities represents 54.58% of the total sentences found. It has been found that there is a significant positive correlation between the amount of sentences disclosed and page number of reports, however, it was found that the same does not occur when attempted to correlate the gross margin. As a consequence, the hypothesis that gross margin could be a motivation for higher volume of information regarding value chain was not confirmed.

  2. Workforce gender, company size and corporate financial support are predictors of availability of healthy meals in Danish worksite canteens

    DEFF Research Database (Denmark)

    Thorsen, Anne Vibeke; Lassen, Anne Dahl; Andersen, Jens Strodl

    2009-01-01

    . Design: A self-administered questionnaire was randomly mailed to 1967 worksite canteen managers. Besides information and characteristics about the canteen and the worksite. the canteen managers specified the Menus available Two different health groups (Healthy and Less Healthy) were defined in three...... Danish worksite canteen managers replied, resulting in a response rate of 29% Results Only 12% of the canteens applied to the Healthy group combining all the three meal categories in particular, worksites with more than 75% female employees served healthy menus on a. frequent basis The size...... of the worksite was positively correlated with more healthy meal options Furthermore, the present study suggest.,, I positive relationship between corporate financial support and the availability of healthy meal options Conclusions Among the selected variables Studied, workforce gender, company size and corporate...

  3. IFRS COMPLIANCE REGARDING INFORMATION DISCLOSED BY COMPANIES IN CONSOLIDATED FINANCIAL STATEMENTS - CASE STUDY ON IAS 23 BORROWING COSTS APPLICABILITY-

    Directory of Open Access Journals (Sweden)

    Dragu Ioana - Maria

    2011-07-01

    Full Text Available This paper concentrates on information disclosure regarding IAS 23, being included in accounting research field. It comprises an empirical study on the correlation between information published by companies in consolidated financial statements with respect to borrowing cost policies and a series of variables that characterize a firm. The objectives of this paper involve estimating and establishing an econometric model in which is assumed that disclosure index for information required by IAS 23 depends on certain elements in the form of country of origin, sales, total assets, debt ratio, ROA and ROE. International accounting literature presents a series of studies on the subject of compliance with IAS disclosure requirements. Similar with this paper, various authors considered annual reports as starting point for data gathering in their reasearch on disclosure phenomena. The criteria used for data gathering, processing and analysing have been previously used in a successful manner by important scientists who published in accounting field. The methodology used involves Disclosure Index computation, as well as SPSS data processing, analysis and interpretation of results. Results show that the model is valid, meaning that there is correlation between information disclosure with respect to IAS 23 and the analyzed variables. According to our estimated econometric model, most of the variables maintain a certain influence on disclosure as we can observe a significant correlation level between the studied elements. This research contributes to the development of both accounting field and international accounting literature, by studying borrowing costs disclosed information in relation to certain elements that best characterize the activity of a company. Although an empirical paper, it concentrates also on accounting practices, as it uses real data extracted from annual reports and consolidated financial statements. The importance of this research relies

  4. 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

    Directory of Open Access Journals (Sweden)

    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

  5. Renal studies in safety pharmacology and toxicology: A survey conducted in the top 15 pharmaceutical companies.

    Science.gov (United States)

    Benjamin, Amanda; Gallacher, David J; Greiter-Wilke, Andrea; Guillon, Jean-Michel; Kasai, Cheiko; Ledieu, David; Levesque, Paul; Prelle, Katja; Ratcliffe, Sian; Sannajust, Frederick; Valentin, Jean-Pierre

    2015-01-01

    With the recent development of more sensitive biomarkers to assess kidney injury preclinically, a survey was designed i) to investigate what strategies are used to investigate renal toxicity in both ICH S7A compliant Safety Pharmacology (SP) studies after a single dose of a compound and within repeat-dose toxicity studies by large pharmaceutical companies today; ii) to understand whether renal SP studies have impact or utility in drug development and/or if it may be more appropriate to assess renal effects after multiple doses of compounds; iii) to ascertain how much mechanistic work is performed by the top 15 largest pharmaceutical companies (as determined by R&D revenue size); iv) to gain an insight into the impact of the validation of DIKI biomarkers and their introduction in the safety evaluation paradigm; and v) to understand the impact of renal/urinary safety study data on progression of projects. Two short anonymous surveys were submitted to SP leaders of the top 15 pharmaceutical companies, as defined by 2012 R&D portfolio size. Fourteen multiple choice questions were designed to explore the strategies used to investigate renal effects in both ICH S7A compliant SP studies and within toxicology studies. A 67% and 60% response rate was obtained in the first and second surveys, respectively. Nine out of ten respondent companies conduct renal excretory measurements (eg. urine analysis) in toxicology studies whereas only five out of ten conduct specific renal SP studies; and all of those 5 also conduct the renal excretory measurements in toxicology studies. These companies measure and/or calculate a variety of parameters as part of these studies, and also on a case by case basis include regulatory qualified and non-qualified DIKI biomarkers. Finally, only one company has used renal/urinary functional data alone to stop a project, whereas the majority of respondents combine renal data with other target organ assessments to form an integrated decision-making set

  6. 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 ...

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  9. FINANCIAL STUDY OF AN INVESTMENT PROJECT IN ALGERIA: CREATION OF A COMPANY WITHIN THE FRAMEWORK OF THE NATIONAL FUNDSUPPORT FOR YOUTH EMPLOYMENT (FNSEJ)

    OpenAIRE

    Dr Lyes OUABDESSELAM

    2017-01-01

    This article proposes a financial study of a project to create a commercial enterprise through the scheme proposed by the National Agency for Youth Employment Support (ANSEJ). The company is a testing and analysis laboratory. In this study we have prepared a complete financial package and we have budgeted this project over the entire amortization period of the investment credit in accordance with the timetable set by the support system for young entrepreneurs to set up a business in Algeria. ...

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

    Directory of Open Access Journals (Sweden)

    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.

  11. 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.

  12. Implications of International Financial Reporting Standards of Performance Indicators within a Company

    Directory of Open Access Journals (Sweden)

    Lucean MIHALCEA

    2010-08-01

    Full Text Available Romania started a process to reform the accounting system, having the assistance benefit of EU countries (France, Belgian, and UK. Initial path chosen by Romania to harmonize accounting system was marked by the Accounting Law 82/1991 and subsequent amendments and regulations for its implementation reflected the tortuous road to EU accession and accumulation achieved by developing the accountancy profession. Interms of accounting regulatory level, we can say, without fail, that now Romania is perfectly in line with European requirements in financial reporting, as the country recently became a member of the European Union. Thus, Accounting regulations with European directives (approved by MPFO 1752/2005, then modified and supplementedby MPFO 2001/2006 provide reporting framework in strict correlation with the requirements of European directives in the field.

  13. Professional Loan Officers’ Information Search Behavior After Reading Audit Report of a Financially Distressed Company

    DEFF Research Database (Denmark)

    Järvinen, Tuukka; Myllymäki, Emma-Riikka; Sormunen, Nina

    In order to respond to the concern about the relevance of auditor reporting when a firm is financially distressed, we examine whether the perceived quality of the signing audit firm (i.e. Big4 or non-Big4 auditor) and going-concern modification affects professional loan officers’ information search...... of going-concern modification significantly increases the attention to the audit report, and especially when it is signed by a Big4 auditor. Moreover, the information most explicitly mentioned in the going-concern paragraph is accessed quickly, indicating an attention directing effect of going......-concern paragraph, and this effect is the most evident when the audit report is signed by a Big4 auditor. Finally, the analyses of this study provide evidence on extensive versus superficial information search, which depends on the source credibility in addition to the presence of the going-concern modification...

  14. Workforce gender, company size and corporate financial support are predictors of availability of healthy meals in Danish worksite canteens.

    Science.gov (United States)

    Thorsen, Anne Vibeke; Lassen, Anne Dahl; Andersen, Jens Strodl; Mikkelsen, Bent Egberg

    2009-11-01

    Environmental strategies at worksites may help consumers change dietary behaviour towards a more healthy diet. The present study aimed to evaluate the availability of healthy meal options at Danish worksite canteens and to identify predictors of worksite canteens providing healthy meals. A self-administered questionnaire was randomly mailed to 1967 worksite canteen managers. Besides information and characteristics about the canteen and the worksite, the canteen managers specified the menus available. Two different health groups (Healthy and Less Healthy) were defined in three different meal categories (Sandwiches, Hot meals and Salads) as well as a combined category (Combined) combining all the three meal categories. The characteristics of the worksites were compared with regard to the different health groups. Randomly selected Danish worksite canteens. 553 Danish worksite canteen managers replied, resulting in a response rate of 29 %. Only 12 % of the canteens applied to the Healthy group combining all the three meal categories. In particular, worksites with more than 75 % female employees served healthy menus on a frequent basis. The size of the worksite was positively correlated with more healthy meal options. Furthermore, the present study suggests a positive relationship between corporate financial support and the availability of healthy meal options. Among the selected variables studied, workforce gender, company size and corporate financial support were significant predictors of the availability of healthy meal options in worksite canteens. More research is needed on the role that variance in organisation environment plays for the potential of worksite intervention, to make a difference in terms of healthy eating.

  15. Risk Management Model from the Perspective of the Implementing ISO 9001:2015 Standard Within Financial Services Companies

    Directory of Open Access Journals (Sweden)

    Cătălina Sitnikov

    2017-11-01

    Full Text Available In its new form, the ISO 9001:2015 standard activates and utilizes a thought pattern based on risk assessment functioning in parallel with the implementation of the system regarding quality management. Therefore, we strive to identify the risks and opportunities associated with the processes and products needed to create and implement a system of quality management based on the ISO 9001:2015 standard. This standard is defined by a strong client-based orientation, motivation and managerial involvement from the higher levels, as well as a process-based approach and a commitment towards constant improvement. By implementing the requirements of the new version of the ISO 9001:2015 standard, the organisation needs to determine all the processes necessary to the system of quality management, as well as to identify those which include activities dealing with risks and opportunities. Considering the importance and the impact of the requirements of the new version of the ISO 9001:2015 standard, starting from theoretical concepts and underscoring a set of research vectors, a model of financial risk assessment has been devised. The model is based on the correlation which can be established between the multiplicity of components relating to the components of the new standard structure, SL Annex, elements of an approach derived from risk patterns of processes and risk types which are assessed from the perspective of financial services companies.

  16. The impact of IFRS 16 on the financial position of selected companies from the WIG30 index

    Directory of Open Access Journals (Sweden)

    Mateusz Krawczak

    2018-05-01

    Full Text Available The main purpose of this article is to analyze the impact of changes in accounting for leases, defined in IFRS 16, on the financial situation of selected Polish entities listed on the Warsaw Stock Exchange. The following qualitative research methods were used to accomplish the goal: analysis of the literature of the subject and analysis of international reporting standards regarding accounting for leases. In the empirical part of the article, a simulation was carried out. It analyzed the impact of capitalization of operating lease on the selected parts of the balance sheet and changes in profitability of four entities listed on the Warsaw Stock Exchange. The results of empirical research indicate an increase in the value of assets and liabili- ties, a decline in the financial results, and an increase in profitability and debt ratios. The largest changes pertained to the equity and asset debt ratio, which confirms that the application of IFRS 16 will show corporate indebtedness, thus increasing investors' knowledge of the actual risk with which the company is burdened. The main value of this article is the originality of the pilot study carried out. To the best of the authors’ knowledge, these are the first practical measurements of the impact of capitalization of operating lease on the changes in profitability and indebtedness of the reporting entities.

  17. 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.

  18. 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.

  19. 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.

  20. Results of the radiological survey of the Excelsior Steel Ball Company, Tonawanda, New York (TNY005)

    International Nuclear Information System (INIS)

    McKenzie, S.P.; Brown, K.S.

    1998-07-01

    At the request of the US Department of Energy (DOE), a team from Oak Ridge National Laboratory conducted two radiological surveys of property belonging to the Excelsior Steel Ball Company, which is surrounded on three sides by the former site of the Linde Uranium Refinery, Tonawanda, New York. The surveys were performed in September 1997 and February 1998. The purpose of the first survey was to determine if radioactive residuals were present from previous activities at the former Linde site. The Linde Air Products Division of Union Carbide Corporation, Tonawanda, New York, had used radioactive materials at that location for work performed under government contract from 1942 through 1948. The purpose of the second survey was to collect additional biased samples from an area of the site where biased sample results showed slightly elevated levels of thorium-232

  1. FINANCIAL LIQUIDITY OF THE FURNITURE INDUSTRY COMPANIES IN POLAND IN 2006–2013

    Directory of Open Access Journals (Sweden)

    Zbigniew Gołaś

    2015-12-01

    Full Text Available The aim of the study was to present the diversity and conditions of companies’ liquidity in the Polish furniture industry. In the analysis, the statistical data, CSO, 2006–2013 for the furniture manufacturing enterprise sector (Chapter 31 manufacturing, PKD 2007 was used. The carried out analysis showed that the furniture industry companies in Poland in the years 2006–2013 in general had the ability to meet their current liabilities. Current and quick liquidity developed for them on a stable and positive level, coinciding with the recommendations of the theory of fi nance. However, from the working capital cycle’s point of view, the assessment of liquidity furniture manufacturing sector is clearly less favourable, and it results from relatively long collecting dues cycles ranging close to 60 days. The less favourable assessment comes from the fact that the long collecting dues cycles have eff ects on exceeding duration of the recovery measures’ applications, which in turn, may turn into a build-up of the payment backlogs, and thus into reductions of the ability to fi nance business and into the risk of production’s reduction

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

    Directory of Open Access Journals (Sweden)

    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.

  3. 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.

  4. STUDY ON DISCLOSURE LEVEL OF COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS: THE CASE OF INTANGIBLE ASSETS

    Directory of Open Access Journals (Sweden)

    CĂTĂLINA GORGAN

    2014-05-01

    Full Text Available In the context of economic globalization, the need for high quality financial information has become a desiderate. Accounting met such needs through a set of high quality standards, the International Financial Reporting Standards. Their global imposing, either through adoption or convergence, make its contribution to proper functioning of capital markets and even of the entire economy. The quality of financial reporting, however, is the result of how they are applied in each country or company. The objective of our study is to analyze the disclosure level of companies listed at Bucharest Stock Exchange (BSE in compliance with the presentation requirements of the international accounting standard IAS 38 “Intangible assets”. The empirical study revealed a significant level of non-compliance. In order to determine the degree of compliance with international accounting referential we built a disclosure index. Four hypothesis were tested in order to identify the factors that influence the disclosure level.

  5. Application of the Lean Office philosophy and mapping of the value stream in the process of designing the banking units of a financial company

    Directory of Open Access Journals (Sweden)

    Nelson Antônio Calsavara

    2016-09-01

    Full Text Available The purpose of this study is to conduct a critical analysis of the effects of Lean Office on the design process of the banking units of a financial company and how the implementation of this philosophy may contribute to productivity, thus reducing implementation time. A literature review of the Toyota Production System was conducted, as well as studies on its methods, with advancement to lean thinking and consistent application of Lean philosophies in services and Office. A bibliographic and documentary survey of the Lean processes and procedures for opening bank branches was taken. A Current State Map was developed, modeling the current operating procedures. Soon after the identification and analysis of waste, proposals were presented for reducing deadlines and eliminating and grouping stages, with consequent development of the Future State Map, implementation and monitoring of stages, and the measurement of estimated time gains in operation, demonstrating an estimated 45% reduction, in days, from start to end of the process, concluding that the implementation of the Lean Office philosophy contributed to the process.

  6. Results of the radiological survey at the former Heppenstall Company site, 4620 Hatfield Street, Pittsburgh, Pennsylvania

    International Nuclear Information System (INIS)

    Cottrell, W.D.; Crutcher, J.W.; Quillen, J.L.

    1991-01-01

    As part of the Formerly Utilized Sites Remedial Action Program, the US Department of Energy (DOE) is implementing a program to determine the radiological conditions at sites that were used to process radioactive materials under contract with the department's predecessor agencies. During 1955 the former Heppenstall Company site in Pittsburgh, Pennsylvania, was used by an Atomic Energy Commission contractor to process approximately 100,000 lbs of normal uranium metal. Because of insufficient records to document cleanup procedures and to verify the radiological condition of this site, DOE requested a survey. The radiological survey discussed in this report for the site of the former Heppenstall Company, Pittsburgh, Pennsylvania, was conducted by members of the Measurement Applications and Development Group of Oak Ridge National Laboratory in July of 1989. The survey included a surface gamma scan of the warehouse, collection of indoor soil and dust samples and one outdoor sample, and measurement of direct and transferable alpha and beta-gamma activity. Results of this radiological assessment indicate no detection of radiation levels or radionuclide concentrations above DOE guidelines. 7 refs., 5 figs., 3 tabs

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

    Directory of Open Access Journals (Sweden)

    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

  8. Corporate characteristics and worksite health promotion programs: survey findings from Fortune 500 companies.

    Science.gov (United States)

    Hollander, R B; Lengermann, J J

    1988-01-01

    A study was carried out to assess the nature and extent of worksite health promotion programs in Fortune 500 companies. Growth and interest in worksite health promotion continues at a remarkable rate. Fortune 500 firms are a good barometer of the state of the art of programs in work settings because these companies have large numbers of employees, an interest in cost savings, and expertise to invest in innovative efforts. Data collection consisted of questionnaires sent to the medical officer or Chief Executive Officer of all companies appearing on the 1984 Fortune 500 list. The following issues were addressed: whether companies offered worksite programs; what health promotion activities were provided in their programs; whether organizations had plans to start up or expand programs; what organizational support existed for programs (i.e. who pays, on whose time employees participate, when activities are offered, and what types of personnel are hired to staff programs); and whether these companies applied needs assessments, evaluation and cost analysis in their programs. Differences in these characteristics were examined in relation to the organizational variables of size (number of employees), Fortune 500 rank and type of industry (low-technology versus high-technology). The response rate for the survey was 49.4% (n = 247). Results of the study indicate a high level of health promotion activity in Fortune 500 firms. Out of the total group of respondents, two-thirds (n = 164) report having worksite programs and two-thirds of organizations with programs have plans to expand their health promotion offerings. One-third of responding organizations without programs planned to initiate them. The health promotion activities provided are numerous and varied, and within units that have programs rates of employee eligibility are reported to be high. However, the participation rates reported are appreciably lower. It is of special interest that, in general, the higher ranked

  9. Financialization and financial profit

    Directory of Open Access Journals (Sweden)

    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.

  10. Economic Challenges of Globalization. The Social Worlds of the Moroccan Company and its Cultural Adaptations. Guidelines for a Survey.

    Directory of Open Access Journals (Sweden)

    Noureddine El Aoufi

    2000-09-01

    Full Text Available By means of an analysis of the social worlds of the Moroccan company and of its cultures, the author comes to the conclusion that the Moroccan company is subject to a new strategic game in which “social worlds” inside and outside the company play a decisive role in competitive placement . His text urges that a survey be done and proposes the essential axes in regard to functioning, in terms of organization of labor and management, to types of cultural capital in general and linguistic registers in particular within the Moroccan company, and to the consequences of plurality in the companies’ efficiency of production and bottom lines.

  11. The Effects Of Global Economic Crisis of 2008 to Financial Statements and Liquidity Ratios Which Companies are Settled In BIST Energy Sector (2005-2013 Term Review

    Directory of Open Access Journals (Sweden)

    Selcuk Kendirli

    2017-03-01

    Full Text Available Abstract. Aim of this study is to compare and analyze whether the 2008 global economic crisis affected the balance of the energy companies which are listed in the İstanbul Stock Exchange and have shown continuity in 2005-2013 period by using a variety of analyzing methods. Companies that demonstrate continuity between the years 2005-2013 were not assessed in this study. Horizontal and vertical analyses were made on the financial statements of the companies which are evaluated and liquidity ratios were assessed. As a result of the analysis the companies have been found to be affected to different degrees by the crisis.

  12. 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.

  13. 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.

  14. Does Business Model Affect CSR Involvement? A Survey of Polish Manufacturing and Service Companies

    Directory of Open Access Journals (Sweden)

    Marzanna Katarzyna Witek-Hajduk

    2016-02-01

    Full Text Available The study explores links between types of business models used by companies and their involvement in CSR. As the main part of our conceptual framework we used a business model taxonomy developed by Dudzik and Witek-Hajduk, which identifies five types of models: traditionalists, market players, contractors, distributors, and integrators. From shared characteristics of the business model profiles, we proposed that market players and integrators will show significantly higher levels of involvement in CSR than the three other classes of companies. Among other things, both market players and integrators relied strongly on building own brand value and fostering harmonious supply channel relations, which served as a rationale for our hypothesis. The data for the study were obtained through a combined CATI and CAWI survey on a group of 385 managers of medium and large enterprises. The sample was representative for the three Polish industries of chemical manufacturing, food production, and retailing. Statistical methods included confirmatory factor analysis and one-way ANOVA with contrasts and post hoc tests. The findings supported our hypothesis, showing that market players and integrators were indeed more engaged in CSR than other groups of firms. This may suggest that managers in control of these companies could bolster the integrity of their business models by increasing CSR involvement. Another important contribution of the study was to propose and validate a versatile scale for assessing CSR involvement, which showed measurement invariance for all involved industries.

  15. Sustainable employability for older workers: an explorative survey of belgian companies.

    Science.gov (United States)

    Verbrugghe, Mathieu; Kuipers, Yoline; Vriesacker, Bart; Peeters, Ilse; Mortelmans, Katrien

    2016-01-01

    The European Agency for Safety and Health at Work (EU-OSHA) is developing an online e-guide, which will provide tips and practical information for each EU country (in their national language(s)) on ageing and occupational health and safety. The e-guide will be launched in 2016 as part of the EU-OSHA campaign on Healthy Workplaces for all ages. The e-guide will present evidence, tools and practical examples of how companies can take action and effectively promote sustainable employability. As part of the development of the e-guide, a cross-sectional study was conducted to survey Belgian employers in April 2015 to determine their specific needs concerning older workers' occupational health and safety issues. Researchers from Milieu Ltd. (Brussels, Belgium), the consultancy company coordinating the e-guide project, and Mensura Occupational Health Services (Brussels, Belgium) developed a 13-item questionnaire. The survey addressed the needs and importance given to sustainable employability of older workers in Belgian companies and evaluated corporate knowledge regarding relevant national policies. The questionnaire was distributed electronically to the management of 22,084 private-sector companies affiliated with Mensura. Ten percent (n = 2133) of recipients opened the e-mail, and 37 % (n = 790) of these completed the questionnaire. In 89 % of the responding companies, sustainable employability of workers aged ≥55 years plays an important role; 70 % have no active sustainable employability policy/initiative; 18 % experience difficulties promoting sustainable employability; and 86 % indicate no need for support to promote sustainable employability. Respondents noted the following health complaints among workers aged ≥55 years: work-related health problems (31 %), stress (26 %), work agreements/type of work (17 %), work/life balance (15 %), and career development and/or training (9 %). Topics concerning health and well-being of workers aged ≥55

  16. 78 FR 5167 - BE-45: Quarterly Survey of Insurance Transactions by U.S. Insurance Companies With Foreign Persons

    Science.gov (United States)

    2013-01-24

    .... person's fiscal year when reports must be filed within 90 days. The BE-45 survey forms and instructions..., corporation, financial institution, or other entity or instrumentality thereof, including a government... www.bea.gov/efile . Additionally, copies of the survey forms and instructions, which contain complete...

  17. 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...

  18. An Entropy Testing Model Research on the Quality of Internal Control and Accounting Conservatism: Empirical Evidence from the Financial Companies of China from 2007 to 2011

    Directory of Open Access Journals (Sweden)

    Zongrun Wang

    2014-01-01

    Full Text Available We set information disclosure of internal control as a starting point to explore the relationship between the quality of internal control and accounting conservatism, and then adopt the entropy testing model to calculate the index of the internal control quality with the sample data of Chinese listed companies in financial industry from 2007–2011. Regression results show that earnings conservatism exists. The stronger the internal control is, the higher the accounting conservatism can be. Companies which have enhanced their internal control are more conservative, and these results make no difference with other industries.

  19. ADVANTAGES OBTAINED BY THE SMALL COMPANIES BY APPEALING TO MANAGERIAL AND FINANCIAL CONSULTANCY IN A COMPETITIVE ENVIRONMENT ON THE TOURISM SERVICES MARKET

    Directory of Open Access Journals (Sweden)

    MONICA PĂTRUŢESCU

    2012-01-01

    Full Text Available The tourism is a field which offers multiple opportunities in deploying an activity, by the small companies. The problems arise as activities related to the creation, management and development of the business become more and more complex. Their solving is possible if the entrepreneur understands the need to benefit from assistance from outside the company, consultancy in management and financial-accounting consultancy capable to defend the interests of his customer and to ensure the support needed for a successful business.

  20. The effects of working conditions and financial state as job stressors : A comparison of the chronic job stressors and job event stressors of two companies

    OpenAIRE

    Kosugi, Shoutaro; Otsuka, Yasumasa

    2000-01-01

    This study examined the effects of working conditions and the financial state as chronic job stressors and job event stressors. In study 1, the Job Stress Scale was applied to a total of 6,312 employees in an industrial research institute and a construction company to measure chronic job stressors. In study 2, 1,423 employees of these companies filled out the Job Events Checklist to measure job event stressors. Result: Employees in the industrial research institute had more chronic job stress...

  1. 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

  2. Social Responsibility and Legal Financial Communication in African Companies in the South of the Sahara: Glance from the OHADA Accounting Law Viewpoint

    OpenAIRE

    Louis Ndjetcheu

    2013-01-01

    In an environment marked by growing claims regarding corporate social responsibility (CSR), debates on governance show the need for taking into account all the legitimate involved parties of the company within the framework of the legal or voluntary financial communication (Dowling and Pfeffer, 1975; Lind B lom, 1994; Gray et al.., 1995). If the accounting regulation, the laws and the rules in western countries require the consideration of the environmental aspects in the accounts and the ann...

  3. Economic Effectiveness Evaluation In Projects Consisting In Automating Settlement Systems. The Example Of A Financial Centre Of An Internationa l Automotive Company

    OpenAIRE

    Miroslaw Dyczkowski

    2010-01-01

    Economic effectiveness has become a decisive factor in feasibility studies for IT projects due to deteriorating economic situation. This paper characterises such an assessment on the example of an automated settlement system for a supply chain. The described project was carried out by a financial centre – located in Poland – of an in ternational company operating in the automotive industry. It aimed at applying EDI technologies to automate logistics. The project...

  4. ANALYSIS ON THE IMPACT OF NON-COMPLIANCE WITH ACCOUNTING PRINCIPLES BY COMPANIES, IN TERMS OF EXTERNAL FINANCIAL AUDIT “FILTERS”

    OpenAIRE

    Ovidiu-Constantin BUNGET; Alin-Constantin DUMITRESCU

    2010-01-01

    In order to demonstrate that there is a direct link between compliance with accounting principles and auditor’s opinion, which, of course, is „filtered” through professional judgement, the study starts from information provided by a representative medium-sized audit company located in the western part of Romania. The research starting point is represented by audit opinions expressed on statutory audit engagements for financial years ended 31 December 2008 and 31 December 2009, respectively. T...

  5. 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

    OpenAIRE

    Hikmet Ulusan

    2014-01-01

    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 met...

  6. 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.

  7. DIFFERENT APPROACHES TO THE EBIT CONSTRUCTION AND THEIR IMPACT ON CORPORATE FINANCIAL PERFORMANCE BASED ON THE RETURN ON ASSETS: SOME EVIDENCE FROM CZECH TOP100 COMPANIES

    Directory of Open Access Journals (Sweden)

    Jiří Strouhal

    2018-03-01

    Full Text Available The paper discusses ways of measuring the financial performance of businesses. The aim is to determine to what extent the form of profit calculation influences value of return on assets (hereinafter referred to as ‘ROA’, which is frequently used as an indicator for measuring financial performance. The theoretical part is focused on the comparative analysis of accounting data based on Czech practices and IFRS with the in-depth focus on interest charges and reporting requirements. There is discussed the topic of objective and subjective measurement of financial performance. In the practical part, ROA is calculated using a profit in two forms of its construction. There are evaluated TOP 100 Czech companies in order to assess the differences in the final values of the tested indicator. The results are linked to the capital structure of the analysed companies and prove that the level of indebtedness influences the difference in the ROA calculations when different kinds of profit are used. In the case of the companies with higher indebtedness, it is more appropriate to compare the ROA indicators based on the nominator containing earnings before interest and taxes. It shall be concluded that this is a pioneer study of this topic in the Czech Republic and probably also in the CEE region.

  8. The Effect of Financial Leverage, Employee Stock Ownership Program and Firm Size on Firm Performance of Companies Listed in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Nurainun Bangun

    2017-07-01

    Full Text Available The purpose of this research is to examine and to obtain affected empirical evidence of financial leverage, firm size and employee stock ownership program (ESOP to firm performance in manufacturing company in Indonesian Stock Exchange on 2013-2015. Independent variables in this research are Financial Leverage (DER, Firm Size and Employee Stock Ownership Program (ESOP. Dependent variables in this research are Return on Assets (ROA and Return On Equity (ROE. The results Showed that the simultaneous test of three independent variables Significantly afftected to the ROA and ROE. The partial tests of Financial Leverage (proxy DER and Firm Size Significantly affected to ROA and ROE. But, the results Showed that the Employee Stock Ownership Program (ESOP did not Affect to ROA and ROE.

  9. Perspectives on the Market Globalization of Korean Herbal Manufacturers: A Company-Based Survey.

    Science.gov (United States)

    Kim, Dongsu; Ahn, Miyoung; Jung, Jeeyoun; Kwon, Soohyun; Park, Eun-Ji; Koo, Ki Hoon; Woo, Jong-Min

    2015-01-01

    The growth of herbal markets has increased substantially in South Korea, but the worldwide market share remains small despite significant governmental efforts. This study aimed to characterize manufacturing employment and identify employees' general perceptions of market expansion. A survey study covering 567 companies was conducted using face-to-face interviews in 2012. Data were analyzed using comparisons among three manufacturing groups (i.e., the herbal dietary supplement manufacturing group, the herbal medicine manufacturing group, and the personal care product manufacturing group) or among the manufacturers themselves. We found that the majority of the manufacturing employee respondents were regular permanent and production workers. The domestic distributors were primarily chain stores/direct outlets or retailers/wholesalers, and the dominant product was red ginseng (hongsam). Although the responding companies exhibited a variety of perspectives, "advertisement/public relations" was cited as the most important factor in the development of the herbal industry. In contrast, "low manpower/seeking business partners" were the most crucial limiting and challenging factors for market globalization. Our results can be used to design a proper national plan by reducing the gaps in perspective between herbal product producers and policy makers.

  10. Perspectives on the Market Globalization of Korean Herbal Manufacturers: A Company-Based Survey

    Science.gov (United States)

    Kim, Dongsu; Ahn, Miyoung; Jung, Jeeyoun; Kwon, Soohyun; Park, Eun-Ji; Koo, Ki Hoon; Woo, Jong-Min

    2015-01-01

    The growth of herbal markets has increased substantially in South Korea, but the worldwide market share remains small despite significant governmental efforts. This study aimed to characterize manufacturing employment and identify employees' general perceptions of market expansion. A survey study covering 567 companies was conducted using face-to-face interviews in 2012. Data were analyzed using comparisons among three manufacturing groups (i.e., the herbal dietary supplement manufacturing group, the herbal medicine manufacturing group, and the personal care product manufacturing group) or among the manufacturers themselves. We found that the majority of the manufacturing employee respondents were regular permanent and production workers. The domestic distributors were primarily chain stores/direct outlets or retailers/wholesalers, and the dominant product was red ginseng (hongsam). Although the responding companies exhibited a variety of perspectives, “advertisement/public relations” was cited as the most important factor in the development of the herbal industry. In contrast, “low manpower/seeking business partners” were the most crucial limiting and challenging factors for market globalization. Our results can be used to design a proper national plan by reducing the gaps in perspective between herbal product producers and policy makers. PMID:26199635

  11. Innovation in Industrial Clusters: a Survey of Footwear Companies in Brazil

    Directory of Open Access Journals (Sweden)

    Hélcio Martins Tristão

    2013-09-01

    Full Text Available The aim of this study is to characterize the relationships in innovation and business clustering processes in the productive chain of small and medium enterprises (SME of Brazil. The object of study are SMEs the local procuctive cluster of the shoes in Franca, State of São Paulo. The conceptual model developed is based on the following constructs: vertical integration, innovation and characteristics of the cluster, and it is focused on identifying the agents that act predominantly in product innovation processes in the cluster. A survey was conducted. It was found that there is cooperation between the companies in the productive arrangement studied, and that shoe manufacturers are those who, predominantly, stimulate innovation within the cluster.

  12. Impact of the global financial crisis on employed Australian baby boomers: a national survey.

    Science.gov (United States)

    O'Loughlin, Kate; Humpel, Nancy; Kendig, Hal

    2010-06-01

    This paper examines the impact of the global financial crisis (GFC) on employed Australian baby boomers. A nationally representative sample of 1009 boomers aged 50-64 years completed a survey by telephone interview mid 2009. Compared with 1 year ago, 38.9% of working boomers reported being financially worse off and this was more so for women (42.4%) than men (35.6%). Following the GFC, 41.4% of women and 31.9% of men had decided to postpone their retirement plans. The GFC is affecting the retirement preparations and plans of Australia's baby boomers. Policy implications include reduced resources for retirement needs, and uneven and differential impacts for those with interrupted employment histories, notably women.

  13. TRADITIONAL ACTIVITY INDICATORS IN THE FUNCTION OF DETERMINATION OF MATERIAL MISSTATEMENT IN THE FINANCIAL STATEMENTS OF THE COMPANIES

    OpenAIRE

    Gabrić, Dragan Gabrić

    2017-01-01

    The financial statements of general purpose are important source of information for purpose of business decision-making. Therefore, it is important to present financial statements fairly and faithfully without material misstatement. The subject of this paper is to explore the impact of traditional indicators of activity on the determination of material misstatements in the financial statements. The main objective of this research is to create a model of an impact of the traditional indicators...

  14. Financial access to health care in Karuzi, Burundi: a household-survey based performance evaluation.

    Science.gov (United States)

    Lambert-Evans, Sophie; Ponsar, Frederique; Reid, Tony; Bachy, Catherine; Van Herp, Michel; Philips, Mit

    2009-10-24

    In 2003, Médecins Sans Frontières, the provincial government, and the provincial health authority began a community project to guarantee financial access to primary health care in Karuzi province, Burundi. The project used a community-based assessment to provide exemption cards for indigent households and a reduced flat fee for consultations for all other households. An evaluation was carried out in 2005 to assess the impact of this project. Primary data collection was through a cross-sectional household survey of the catchment areas of 10 public health centres. A questionnaire was used to determine the accuracy of the community-identification method, households' access to health care, and costs of care. Household socioeconomic status was determined by reported expenditures and access to land. Financial access to care at the nearest health centre was ensured for 70% of the population. Of the remaining 30%, half experienced financial barriers to access and the other half chose alternative sites of care. The community-based assessment increased the number of people of the population who qualified for fee exemptions to 8.6% but many people who met the indigent criteria did not receive a card. Eighty-eight percent of the population lived under the poverty threshold. Referring to the last sickness episode, 87% of households reported having no money available and 25% risked further impoverishment because of healthcare costs even with the financial support system in place. The flat fee policy was found to reduce cost barriers for some households but, given the generalized poverty in the area, the fee still posed a significant financial burden. This report showed the limits of a programme of fee exemption for indigent households and a flat fee for others in a context of widespread poverty.

  15. Increased financial burden among patients with chronic myelogenous leukaemia receiving imatinib in Japan: a retrospective survey

    Directory of Open Access Journals (Sweden)

    Kodama Yuko

    2012-04-01

    Full Text Available Abstract Background The financial burden of medical expenses has been increasing for cancer patients. We investigated the relationship between household income and financial burden among patients with chronic myelogenous leukaemia (CML who have been treated with imatinib. Methods A questionnaire was distributed to 1200 patients between May and August 2009. We retrospectively surveyed their household incomes, out-of-pocket medical expenses, final co-payments after refunds, and the perceived financial burden of their medical expenses in 2000, 2005 and 2008. Results A total of 577 patients completed the questionnaire. Their median age was 61 years (range, 15–94. A financial burden was felt by 41.2 % (28 of 68 of the patients treated with imatinib in 2000, 70.8 % (201 of 284 in 2005, and 75.8 % (400 of 528 in 2008. Overall, 182 patients (31.7 % considered its discontinuation because of the financial burden and 15 (2.6 % temporarily stopped their imatinib prescription. In 2000, 2005 and 2008, the patients’ median annual household incomes were 49,615 US Dollars (USD, 38,510 USD and 36,731 USD, respectively, with an average currency exchange rate of 104 Yen/USD in 2008. Their median annual out-of-pocket expenses were 11,548, 12,067 and 11,538 USD and their median final annual co-payments were 4,375, 4,327 and 3,558 USD, respectively. Older patients (OR = 0.96, 95 % CI: 0.95–0.98, p ≪ 0.0001 for 1-year increments, and patients with higher household incomes (OR = 0.92, 95 % CI: 0.85–0.99, p = 0.03 for 10,000 USD-increments were less likely to have considered discontinuing their imatinib treatment. Conversely, patients with higher annual final co-payments (OR = 2.21, 95 % CI: 1.28–4.28, p = 0.004 for 10,000 USD-increments were more likely to have considered discontinuing their imatinib treatment. Conclusions The proportion of CML patients who sensed a financial burden increased between 2000 and 2008

  16. Survey of Workload and Job Satisfaction Relationship in a Productive Company

    Directory of Open Access Journals (Sweden)

    M. Maghsoudipour

    2012-05-01

    Full Text Available Background and aims: Promotion of workers’ health and safety is one of the main tasks of managers and planners. One of the important sciences that can assist managers to achieve this gool is ergonomics. This article presents results of workload and job satisfaction survey in a heavy metal components manufacturing company in Tehran, in 2010. Methods: This cross sectional study conducted by survey of all operational workers. Workload is survived by NASA-TLX questionnaire that contained six dimensions and job satisfaction evaluated by short version of Minnesota questionnaire . Results: Job satisfaction questionnaire ’s reliability which assessed by Cronbach’s Alpha was 0.91. In addition, data analysis results declare that the average job satisfaction scale was 65 and at medium level and workload with 85.11 as average scale was at the high level. Effort and physical loads were two dimensions which have high amount in the workload In addition, no statistical significant relation was observed between the total job satisfaction score and workload score. (p<0.05. While the performance dimension showed a positive relationshipwith job satisfaction, frustration demonstrated a negative relationship with job satisfaction. Conclusion: In order to improve the work conditions the administrative and technological controls should be implemented and actions need to be taken to modify workload dimensions specially, two dimensions with the high amount and dimensions that have relationship with job satisfaction.

  17. Riding a Tiger without Being Eaten: How Companies and Analysts Tame Financial Restatements and Influence Corporate Reputation

    NARCIS (Netherlands)

    H.F.M. Gertsen (Fred)

    2009-01-01

    textabstractThe primary objective of financial statements is to provide capital market participants with information that enables them to make informed decisions. They also serve to alleviate the so-called ‘agency problem’ – through true and fair disclosures, financial statements contribute to

  18. The Relationship Between Accounting Practices and Effects of Financial Crisis in Turkey: A Case Study on an Oil Company

    Directory of Open Access Journals (Sweden)

    İsmail Erkan Çelik

    2016-02-01

    Full Text Available Many reasons lie at the base of all financial crises from the past to the present. If we take into consideration the 2008 subprime mortgage crisis, the only reason cannot be mortgage loans. But the mortgage issue continued to advance and created several other problems. Definitely, the source of mortgage loans problem also had many roots. One of the reasons was the lack of correct use of accounting principles and auditing. This is a strong proof and indicator that, there are many accounting based reasons behind the occurrence of the financial crises. Many examples can be given showing moving away from the basic principles of accounting rules and the general accounting concepts. Moreover, institutions being not fully independent, running creative accounting practices, having problems with fair valuation and transparency issues, presenting unreal financial reports, and sharing misleading audit reports are all related to financial crises.Furthermore, specific businesses and people abuse accounting rules, standards and related legislation for the sake of their own interests. Accounting and finance history has shown us that, even audit institutions, credit institutions and rating agencies are getting unfair advantages and generating unethical cash by making intentional accounting and finance errors, which is actually categorized as fraud.The aim of this study is to analyze financial crises and to determine if accounting practices have any relationship with financial crises. The research investigated an oil company’s financial and operational indicators before and after the 2008 financial crises with related tables and figures. Also, an interview was run with the company’s accounting officer. Based on the statements of firm’s accounting officer, correct accounting practices defended firm from several negative effects of the 2008 financial crisis.

  19. The extent of cigarette brand and company switching: results from the Adult Use-of-Tobacco Survey.

    Science.gov (United States)

    Siegel, M; Nelson, D E; Peddicord, J P; Merritt, R K; Giovino, G A; Eriksen, M P

    1996-01-01

    To evaluate the effects of cigarette advertising on brand switching, an accurate estimate of the extent of cigarette brand and company switching among current smokers is needed. Data from the 1986 Adult Use-of-Tobacco Survey were analyzed to estimate the percentage of adult smokers who switched cigarette brands and companies in the previous year. Approximately 9.2% of adult smokers (4.2 million) switched cigarette brands in 1986, and 6.7% (3.1 million) switched cigarette companies. The aggregate profitability of brand switching in 1986 was approximately $362 million. Based on this analysis, brand switching alone justifies only a small percentage of a cigarette company's advertising and promotion expenditures, suggesting that future research should address other potential effects of advertising, including maintenance of brand loyalty and expanding the cigarette market. Medical Subject Headings (MeSH): addictive behavior, advertising, smoking, tobacco.

  20. A Fresh Look at Flooring Costs. A Report on a Survey of User Experience Compiled by Armstrong Cork Company.

    Science.gov (United States)

    Armstrong Cork Co., Lancaster, PA.

    Survey information based on actual flooring installations in several types of buildings and traffic conditions, representing nearly 113 million square feet of actual user experience, is contained in this comprehensive report compiled by the Armstrong Cork Company. The comparative figures provided by these users clearly establish that--(1) the…

  1. [Determinants of workplace health promotion in the insurance sector: results of a complete survey of German insurance companies in 2006].

    Science.gov (United States)

    Köhler, T; Janssen, C; Plath, S-C; Steinhausen, S; Pfaff, H

    2009-11-01

    The present study is aimed to assess the current level of workplace health promotion (WHP) within the German insurance sector and to examine whether and to what extent internal and external factors play a role in implementing non-statutory health promotion measures. Firstly, a telephone survey was conducted of German insurance companies fulfilling the inclusion criteria for the survey (n=258). It was enquired whether these companies wish to participate in a written survey on workplace health promotion. A written questionnaire was then sent to those companies meeting the criteria (n=140). The questionnaire contained questions on the company, number and type of workplace health promotion measures as well as the internal and external framework for workplace health promotion measures. In total, 68 questionnaires were filled in and returned. Linear regression analysis was applied to investigate how external and internal variables influence workplace health promotion. The response rate was 48.57%. Workplace health promotion measures undertaken by those insurance companies taking part in the written survey were largely dominated by behavioural and relational prevention measures. Also on offer were measures from areas such as further education and prevention that seek to improve communication and team work. By contrast, diagnostic activities were only of minor importance. Incorporation into workplace health management (beta=0.469; pmanagement measures with regard to personnel development, organisational development and quality control (beta=0.243; pcompanies should increasingly incorporate such measures into specific health management programmes as well as general management measures with regard to personnel development, organisational development and quality control. Moreover, workplace health promotion measures should always be evaluated in terms of health and economic indicators. It should also be noted that small and medium-sized companies have the largest potential

  2. The Volatility of Market Risk In Viet Nam Listed Public Utilities Company Groups during and after the Financial Crisis 2007-2009

    Directory of Open Access Journals (Sweden)

    Dinh Tran Ngoc Huy

    2014-03-01

    Full Text Available This study estimates market risk of total 45 listed companies in Viet Nam public utilities, natural gas and oil industry during the financial crisis period 2007-2009. Firstly, we found out in the research sample that there are 82% of firms, of total listed firms, with beta values lower than ( 1, meaning having stock returns fluctuating more than the market benchmark. Thirdly, among three (3 groups, the systemic risk in the electric power industry is the smallest, shown by estimated values of equity and asset beta mean, and asset beta variance in this industry is also the smallest. Finally, this paper generates some analytical outcomes that enable companies and government to have more evidence in establishing their policies in investments and in governance

  3. Effective Tax Rate of Corporate Income Tax in the Post-Crisis Period: The Case of Non-Financial Companies Listed on the Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Teodorescu Mihaela

    2017-01-01

    The first part of the paper presents the main causes for the divergence between the statutory and effective rate of the corporate income tax, based on the provisions of the Romanian Fiscal Code. The differences between the gross income and the taxable profit, which form the basis for calculating the income tax, are highlighted. The second part is devoted to the methodology for calculating the effective income tax rate and its analysis, based on data from the financial statements published in the post-crisis period by Romanian companies listed on BVB.

  4. 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...

  5. 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)

    时小力

    2014-01-01

    供电公司中重要的环节就是财务管理,企业经营管理和公司财务管理水平高低有着直接的关系。本文将针对供电公司财务管理水平提升策略进行探讨。%The financial management is an important link in the power company, and business management has a direct relationship with financial management level of the enterprises. This article discusses the strategies for improving financial management level of the power supply company.

  6. 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

  7. Consumer responses towards home energy financial incentives: A survey-based study

    International Nuclear Information System (INIS)

    Zhao Tingting; Bell, Lindsey; Horner, Mark W.; Sulik, John; Zhang Jinfeng

    2012-01-01

    Residential energy-efficient and renewable energy (EERE) products play an important role in energy conservation and carbon emissions reduction. Various financial incentive programs have been developed to promote the adoption of these products. However, their effectiveness in attracting consumers is not very well understood. In this study, we investigated impacts of financial incentives on homeowner's decision making towards six EERE products. Two forms of incentives, tax credits and interest-free loans, were examined through a household mailing survey in Florida, the United States. Results showed that, although half of the respondents were interested in EERE products, the high investment cost was a major concern that hindered their purchase activities. Homeowners were attracted to financial incentives and valued tax credits much higher than interest-free loans. The current federal home energy tax credit levels were found to attract only 2–12 percent of homeowners to buy EERE products. The willingness of participation was especially low for the costly products (such as solar panels). The participation rate was also very low for lower income (i.e., annual household income below $50,000) families living in older residences. This study contributes to the understanding of economic and social aspects of consumer decision making on energy efficiency and alternative energy. - Highlights: ► We investigated consumer responses to energy efficiency incentives. ► These included tax credits and interest-free loans for six types of energy products. ► We found that tax credits are more effective than interest-free loans. ► The current tax credit rates are insufficient for expensive products (e.g., solar panels). ► A higher amount of incentives is required for the lower-income (<$50 K/yr) households.

  8. Financial hardship, socio-economic position and depression: results from the PATH Through Life Survey.

    Science.gov (United States)

    Butterworth, Peter; Rodgers, Bryan; Windsor, Tim D

    2009-07-01

    There is a strong association between financial hardship and the experience of depression. Previous longitudinal research differs in whether this association is viewed as a contemporaneous relationship between depression and hardship or whether hardship has a role in the maintenance of existing depression. In this study we investigate the association between depression and hardship over time and seek to resolve these contradictory perspectives. We also investigate the consistency of the association across the lifecourse. This study reports analysis of two waves of data from a large community survey conducted in the city of Canberra and the surrounding region in south-east Australia. The PATH Through Life Study used a narrow-cohort design, with 6715 respondents representing three birth cohorts (1975-1979; 1956-1960; and 1937-1941) assessed on the two measurement occasions (4 years apart). Depression was measured using the Goldberg Depression Scale and hardship assessed by items measuring aspects of deprivation due to lack of resources. A range of measures of socio-economic circumstance and demographic characteristics were included in logistic regression models to predict wave 2 depression. The results showed that current financial hardship was strongly and independently associated with depression, above the effects of other measures of socio-economic position and demographic characteristics. In contrast, the effect of prior financial difficulty was explained by baseline depression symptoms. There were no reliable cohort differences in the association between hardship and depression having controlled for socio-demographic characteristics. There was some evidence that current hardship was more strongly associated with depression for those who were not classified as depressed at baseline than for those identified with depression at baseline. The evidence of the contemporaneous association between hardship and depression suggests that addressing deprivation may be an

  9. Comparison of the applicability of neural networks and cluster classification methods on the example company's financial situation

    Directory of Open Access Journals (Sweden)

    Oldřich Trenz

    2010-01-01

    Full Text Available The paper is focused on comparing the classification ability of the model with self-learning neutral network and methods from cluster analysis. The emphasis is particularly on the comparison of different approaches to a specific application example of the commitment, the classification of then financial situation. The aim is to critically evaluate different approaches at the level of application and deployment options.The verify the classification capability of the different approaches were used financial data from the database „Credit Info“, in particular data describing the financial situation of the two hundred eleven farms of homogeneous and uniform primary field.Input data were from the methods used, modified and evaluated by appropriate methodology. Found the final solution showed that the used approaches do not show significant differences, and they can say that they are equivalent. Based on this finding can formulate the conclusion that the approach of artificial intelligence (self-learning neural network is as effective as a partial methods in the field of cluster analysis. In both cases, these approaches can be an invaluable tool in decision making.When the financial situation is evaluated by the expert, the calculation of liquidity, profitability and other financial indicators are making some simplification. In this respect, neural networks perform better, since these simplifications in them selves are not natively included. They can better assess and somewhat ambiguous cases, including businesses with undefined financial situation, the so-called data in the border region. In this respect, support and representation of the graphical layout of the resulting situation sorted out objects using software implemented neural network model.

  10. Do Large Companies Have Lower Effective Corporate Tax Rates? A European Survey

    OpenAIRE

    Gaëtan Nicodème

    2007-01-01

    The current debate in corporate taxation is focusing on leveling the tax playing field within the European Union for companies operating across-countries. However, tax burdens could also vary with the size of companies within the same country, raising the question whether large companies pay their share of the burden. This paper uses firm-level data for 21 European countries between 1992 and 2004. The paper finds a robust negative correlation between the number of employees and the effective ...

  11. 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)

  12. The Impact of the Financial Crisis on Earnings Management: Empirical Evidence from the Top 5,000 Non-Listed Stock Italian Companies

    Directory of Open Access Journals (Sweden)

    Francesco Paolone

    2015-07-01

    Full Text Available Account manipulation has been the subject of accounting discussions not only in the U.S. but across the world, especially during times of financial crises. This paper investigates the impact of the recent financial crisis on account manipulation probability by adopting the Beneish Model (1999, 2013 of eight performance ratios. The analysis has been conducted using the Top 5,000 Non-Listed Stock Italian Companies (Società Per Azioni ranked by revenues during the time period 2005-2012. We use the AIDA Bureau Van Dijk database. We test the existence of earnings management (EM within the Top Non-Listed Stock Italian Companies through a comparison between the pre-crisis period (2005-2008 and the crisis period (2009-2012. Our findings show that the number of firms with a higher likelihood of earnings manipulation decreases by 4.53% from the pre-crisis to crisis period. As a consequence, we argue that EM increases when the crisis is weak while EM decreases during the crisis period.

  13. 75 FR 22853 - D-11456, PNC Financial Services Group, Inc.; and D-11602, State Street Bank and Trust Company, et...

    Science.gov (United States)

    2010-04-30

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration D-11456, PNC Financial Services... certain secondary services, as defined below, (Secondary Services) to such Funds in which a Client Plan... fees charged to the Funds by PNC for investment advisory or similar services, on a date which is no...

  14. IT Control Deficiencies That Affect the Financial Reporting of Companies since the Enactment of the Sarbanes Oxley Act

    Science.gov (United States)

    Harper, Roosevelt

    2014-01-01

    This research study examined the specific categories of IT control deficiencies and their related effects on financial reporting. The approach to this study was considered non-experimental, an approach sometimes called descriptive. Descriptive statistics are used to describe the basic features of the data in a study, providing simple summaries…

  15. 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....

  16. A survey of pharmaceutical company representative interactions with doctors in Libya

    Directory of Open Access Journals (Sweden)

    Mustafa A. Alssageer

    2012-09-01

    Full Text Available Objectives: To examine the frequency of pharmaceutical company representative (PCR interactions with doctors in Libya and review possible associations between these interactions and the personal and practice setting characteristics of doctors. Method: An anonymous survey questionnaire was circulated to 1,000 Libyan doctors in selected public and private practice settings in Tripoli, Benghazi and Sebha. Results: A questionnaire return rate of 61% (608 returned questionnaires was achieved. Most respondents (94% reported that they had been visited by PCRs at least ‘once’ in the last year. Fifty per cent of respondents met with PCRs at least once a month, and 20% at least once a week. The following characteristics were significantly associated with meeting with a representative more than once a week: age, gender (male > female, years of practice, being a specialist (other than an anaesthesiologist or working in private practice. Ninety-one per cent of doctors reported that they had received at least one kind of relationship gift during the last year. Printed materials (79%, simple gifts (73% and drug samples (69% were the most common relationship products given to respondents. Reimbursements or sponsored items were reported by 33% of respondents. Physician specialists were more likely to receive drug samples or sponsored items than residents, general practitioners, anaesthesiologists or surgeons (P<0.01. Participants working in private practice alone or in both sectors were more likely to receive printed materials, simple gifts or free samples from PCRs than doctors working in the public sector (P<0.05. Conclusion: Libyan doctors are frequently visited by PCRs. Doctors, working in private practice or specialist practice, are especially targeted by promotional activities. An agreed code of conduct for pharmaceutical promotion in Libya between doctors and PCRs should be created.

  17. The Organizational Performance of Learning Companies: A Longitudinal and Competitor Analysis Using Market and Accounting Financial Data

    Science.gov (United States)

    Goh, Swee C.; Ryan, Peter J.

    2008-01-01

    Purpose: A growing body of literature on organizational learning suggests that companies or organizations with a learning capability can gain a competitive advantage. The argument is that learning organizations are better at knowledge transfer and generating new knowledge to solve problems. The objective of this study is to examine empirically if…

  18. The apotheosis of holding company accounting: Unilever's financial reporting innovations from the 1920s tot the 1940s

    NARCIS (Netherlands)

    Camfferman, C.; Zeff, S.A.

    2003-01-01

    The annual reports of Unilever were widely hailed in the 1940s as outstanding examples of holding company accounting. The accounts did indeed contain many new and innovative features, including segment reporting of sales turnover. This contrasts with the frequently negative assessments of the

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

    OpenAIRE

    Fu Yu; Mu Jiong; Duan Xu Liang

    2016-01-01

    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...

  20. Leading Players of the Global Renewable Energy Equipment Industry. Overview of Groups - SWOTs - Benchmarking - Company Profiles and Financials

    International Nuclear Information System (INIS)

    2017-06-01

    This study presents: The medium-term and mega trends of the industry market developments and geographical segments; The competitive landscape and the main corporate rankings; The main conclusions of the report, summarised in 10 analytical slides. Content: 1. Overview: The Sector, Ranking, Performance Analysis; 2. Company Profiles: Toshiba, Vestas, Dong Energy, GE Renewable Energy, Siemens, Goldwind, First Solar, SunPower, Andritz, Yingli Green Energy; 3. Sources; 4. Annexes

  1. Leading Players of the European Power and Gas Industry Overview of Groups - SWOTs - Benchmarking - Company Profiles and Financials

    International Nuclear Information System (INIS)

    2017-09-01

    This study presents: The medium-term and mega trends of the industry market developments and geographical segments; The competitive landscape and the main corporate rankings; The main conclusions of the report, summarised in 10 analytical slides. Content: 1. Overview: The Sector, Ranking, Performance Analysis; 2. Company Profiles: EDF, Enel, Engie, RWE, E.ON, SSE, Iberdrola, Gas Natural Fenosa, Vattenfall, EDP; 3. Sources; 4. Annexes

  2. Leading Players of the Global Oil and Gas Industry. Overview of Groups - SWOTs - Benchmarking - Company Profiles and Financials

    International Nuclear Information System (INIS)

    2017-07-01

    This study presents: The medium-term and mega trends of the industry market developments and geographical segments; The competitive landscape and the main corporate rankings; The main conclusions of the report, summarised in 10 analytical slides. Content: 1. Overview: The Sector, Ranking, Performance Analysis; 2. Company Profiles: Sinopec, PetroChina, Shell, ExxonMobil, BP, Total, Chevron, Gazprom, Lukoil, Eni; 3. Sources; 4. Annexes

  3. 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...

  4. 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...

  5. 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...

  6. Employment Impact and Financial Burden for Families of Children with Fragile X Syndrome: Findings from the National Fragile X Survey

    Science.gov (United States)

    Ouyang, L.; Grosse, S.; Raspa, M.; Bailey, D.

    2010-01-01

    Background: The employment impact and financial burden experienced by families of children with fragile X syndrome (FXS) has not been quantified in the USA. Method: Using a national fragile X family survey, we analysed data on 1019 families with at least one child who had a full FXS mutation. Out-of-pocket expenditures related to fragile X were…

  7. Dividend Policy: A Survey of Malaysian Public Listed Companies and Security Analysts

    OpenAIRE

    Chong, David Voon Chee

    2003-01-01

    This dissertation revisits the dividend puzzle and attempts to answer the fundamental question of “why do companies pay dividends?” by using a simple regression model incorporating the major theories on dividend relevance. In addition, this research investigates if the opinions of companies (both dividend and non-dividend paying) and security analysts differ with respect to the various explanations for paying dividends. Finally, this research also explores the views and opinions of corporate ...

  8. Survey of practices around pharmaceutical company funding for continuing professional development among medical oncologists and trainees in Australia.

    Science.gov (United States)

    Lee, Yeh Chen; Kroon, René; Koczwara, Bogda; Haines, Ian; Francis, Kay; Millward, Michael; Kefford, Richard; Olver, Ian; Mileshkin, Linda

    2017-08-01

    The completion of continuing professional development (CPD) is mandatory for medical oncologists and trainees (MO&T). Pharmaceutical companies may fund some CPD activities, but there is increasing debate about the potential for conflicts of interest (COI). To assess current practices around funding to attend CPD activities. An electronic survey was distributed to Australian MO&T. The survey asked questions about current practices, institutional policies and perceptions about attending CPD funded by pharmaceutical companies. The design looked at comparing responses between MO&T as well as their understanding of and training around institutional and ethical process. A total of 157 of 653 (24%) responses was received, the majority from MO (76%). Most CPD activities attended by MO&T were self-funded (53%), followed by funding from institutions (19%), pharmaceutical companies (16%) and salary award (16%). Most institutions allowed MO&T to receive CPD funding from professional organisations (104/157, 66%) or pharmaceutical companies (90/157, 57%). A minority of respondents (13/157, 8%) reported that the process to use pharmaceutical funds had been considered by an ethics committee. Although 103/157 (66%) had received pharmaceutical funding for CPD, most (109/157, 69%) reported never receiving training about potential COI. The lack of education was more noticeable among trainees (odds ratio (OR) 8.61, P = 0.02). MO&T acknowledged the potential bias towards a pharmaceutical product (P = 0.05) but believed there was adequate separation between themselves and pharmaceutical companies (P < 0.01). Majority of CPD attended by MO&T is self-funded. There is lack of clarity in institutional policies regarding external funding support for CPD activities. Formal education about potential COI is lacking. © 2017 Royal Australasian College of Physicians.

  9. 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.

  10. Economic and Financial Viability Plan for the Enterpreneurship of a Lyric Theatre Low-Cost Company: The Case of Zarzuela in Spain

    Directory of Open Access Journals (Sweden)

    de Sancha Navarro Jesús Manuel

    2016-11-01

    Full Text Available Taking into account that one of the major handicaps when undertaken in the cultural sector is the problem of cost and demand volatility, this paper aims to implement a viability plan for the entrepreneurship of a lyric theatre low-cost company, dedicated to Zarzuela performance, a type of Spanish music like Opera. Firstly, the cultural sector data are analysed in terms of supply and demand and secondly a viability plan is carried out for three years. According to the results it is concluded that this type of venture is very risky if you do not have grant or other financial resources, due to the variability of demand and the increase in unit costs as the artistic performance has a fixed production technology that cannot absorb the technical progress of the rest of the economy.

  11. Financial and economic performance of some Brazilian cellulose and paper companies Desempenho econômico-financeiro de algumas empresas brasileiras de celulose e papel

    Directory of Open Access Journals (Sweden)

    Alexandre Nascimento de Almeida

    2010-06-01

    Full Text Available Brazil shows competitive and comparative advantages against others wood producers, mainly in the
    pulp and paper segment, because Brazil has technology in wood production with shorts lifecycles due to the
    good climate conditions and the quality of the products exported for many countries around the world. However,
    in the economical and financial area this advantage is not verified. In reason to the importance of this segment in the Brazilian forest sector the present study had the objective to know the economical and financial situation of six Brazilian pulp and paper companies. The information was obtained with BOVESPA – Sao Paulo State Stock Exchanged by the annual financial balance showed by the companies in the last nine years. Some of the most important economical and financial index was used, like capital profitability. In general, the companies showed a situation of low liquidity and profitability. It was verified an increase of the indebtedness and improvement in the use of the assets in the period. In relation to the operational margin and to the profitability of the equity, the
    companies showed similar behaviors along the time.O Brasil apresenta vantagens competitivas e comparativas frente aos demais países produtores de
    madeira, principalmente no segmento de celulose e papel, pois apresenta tecnologia na produção de matériaprima com ciclos de produção mais curtos em razão de condições climáticas favoráveis e a qualidade dos produtos exportados para diversas partes do mundo. Porém, na área econômica e financeira, esta vantagem não é constatada. Tendo em vista a importância que este segmento possui dentro do setor florestal brasileiro, o presente estudo busca conhecer a situação econômico-financeira de seis empresas de papel e celulose brasileiras de capital aberto. As informações analisadas foram obtidas junto a Bolsa de Valores do Estado de São Paulo (BOVESPA por meio de balan

  12. Results of the preliminary radiological survey at the former Diamond Magnesium Company site, Luckey, Ohio (DML001)

    International Nuclear Information System (INIS)

    Foley, R.D.; Crutcher, J.W.

    1990-02-01

    As part of the Formerly Utilized Sites Remedial Action Program, the US Department of Energy (DOE) is implementing a radiological survey program to determine the radiological conditions at sites that were used by the department's predecessor agencies. One such site is the former Diamond Magnesium Company facility in Luckey, Ohio. The preliminary radiological survey discussed in this report was conducted at the request of DOE by members of the Measurement Applications and Development group of Oak Ridge National Laboratory in December 1988. The former Diamond Magnesium Company site in Luckey, Ohio, was used as a magnesium reduction plant during World War 2. It was closed in 1945 and reopened in 1949 as a beryllium production facility, operated by Brush Wellman for the US Atomic Energy Commission. The preliminary radiological survey included: a surface gamma scan of part of the property outdoors, collection of surface and subsurface soil samples, and collection of water samples. Laboratory analysis of soil samples showed concentrations of 226 Ra in excess of applicable DOE guidelines. A follow-up, detailed survey is recommended. 9 refs., 10 figs., 4 tabs

  13. Evolution of insurance company service quality survey, using self-learning neural network

    Directory of Open Access Journals (Sweden)

    Vladimír Konečný

    2011-01-01

    Full Text Available The objective of the paper is to demonstrate the abilities and possible approaches to classification of set of objects using self-organizing maps. As the objects, clients of an insurance company that made an agreement regarding mandatory insurance of motor vehicles were selected. The opinions of the clients and their overall satisfaction reflected in responses to presented answers. The clients were classified into three groups. The first two contained satisfied clients (i.e. good clients for the company, the last group contained clients that could potentially switch to the competitors. Subsequent analysis enabled discovering the reasons of low customer satisfaction and critical factors of losing the least satisfied clients. For the analysis of the responses (one hundred fifty-one and the insurance company, experimental model of self-organizing map realized at the Department of informatics was used. Used experimental model has proved very effective software tool.

  14. State of Income and Expenditure within the Youth in Tehran, Iran: A Socio-Financial Survey

    Directory of Open Access Journals (Sweden)

    Mohammad Taghi Sheykhi

    2016-02-01

    Full Text Available The article investigates the income-expenditure relationship as reflected among the youth who are very sensitive in kind and demographic group. Due to the imbalance between population and economic growth, a large number of youth at working age in Iran are out of job and financially dependent on their parents. The research explores how the youth are facing controversies due to disequilibrium between their income and expenditure, while their lifestyles are rapidly changing and new expectations and needs emerging. The article concludes how adequate source of income and social inclusion will meet the youth's aspirations and their self-confidence. Similarly, bridging the gap between youth's income and expenditure will provide them with more dynamism, satisfaction and socio-economic development as a whole. To conduct the survey, some 555 youth samples of both genders were randomly chosen from among different districts of Tehran City, and with whom the pre-designed questionnaires were completed. The present research is based on the main hypothesis that: "reasonable permanent income determines the propensity to consume". Similarly, the research has used various relevant theoretical perspectives to prove that income factor must be ahead of expenditure, and that contributes to a well-maintaining consumption function.

  15. Voluntary Financial Reporting on the Internet: Analysis of the Practice of Stock-Market Listed Croatian and Slovene Joint Stock Companies

    Directory of Open Access Journals (Sweden)

    Ivica Pervan

    2006-03-01

    Full Text Available An investigation into Internet financial reporting carried out in June 2005 that focused on stock-market listed Croatian and Slovene joint-stock companies has two basic aspects, comparative and explanatory. The comparative aspect of the research showed that Slovene corporations have a statistically significant higher level of financial reporting (as measured with IFR score. The average IFR score for 55 corporate entities from Croatia came to just 6.85, while the average IFR score for 30 Slovene firms was 17.63. The second aspect of the investigation was explanatory, and at the level of each state and sample the intention was to find the variables that affect IFR scores significantly. With respect to the Croatian sample it was shown that the IFR score was statistically significantly and positively correlated with size, profitability, number of shareholders, and amount of traffic on the stock markets. Then regression analysis showed that majority foreign ownership had a positive effect on the IFR score. A statistically significant but negative correlation was established for two sectors, tourism and marine transport. For the Slovene sample, comprising 30 firms, the size, profitability and number of stockholders were not significant variables. However, official listing, proportion of market capitalisation and ratio of market to book values of shares were statistically significantly and positively correlated with the IFR score. Only one sector, transport, was significantly and negatively correlated with the IFR score.

  16. Investment criteria of private equity/venture capital funds and financial performance of companies before initial investment

    Directory of Open Access Journals (Sweden)

    Zbigniew Drewniak

    2013-12-01

    Full Text Available Understanding and recognizing of the investment criteria of private equity/venture capital seems to be crucial for all parties of this market. Entrepreneurs, who are looking for the capital for financing their businesses, can easier find the most proper fund and better formulate their expectations. For the funds, specifying theirs investment criteria is the reflection of the investment strategy leading to its better wording. The fund's investmentcriteriaare also importantfor investors - capital donors. First of allthey wantto knowin whattypes of assetswill be investedtheirfunds. That can help to assess the risk involved in the investment and calculate the expected rate of return. In addition topresentation ofthe investment criteriaof private equity/venture capital funds, thepaper refers to thecompany's financialsituationbefore investments. That draw the company profile, the funds are most interested to invest. The turnover, net profit, profitability ratios and liquidity were analyzed to specify this profile.

  17. Designing a Complete Model for Evaluating Companies in "The Modern Economy" and Refining Financial-Accounting Information

    Directory of Open Access Journals (Sweden)

    Pepi Mitică

    2017-01-01

    Full Text Available The limitations of current evaluation methods call for the expansion of approaches to identifying new solutions for representing the value of ICT companies. Features "The modern economy", the imperative of eliminating the inflection points, the necessity formulating an equidistant definition of value and the absence of a degree correlation refining the accounting regulations on intangible assets with development economic and social based on intellectual capital are as many arguments for the emergence of a new representation of value. The new FMV (Future Market Value method provides economic information in its dynamics and value in its evolution .Concerns practitioners in the field over the last decade reflect a consistency with the premises of our research.

  18. So What's New? A Survey of the Educational Policies of Orchestras and Opera Companies

    Science.gov (United States)

    Winterson, Julia

    2010-01-01

    The creative music workshop involving professional players was intended to give direct support to school teachers and to enhance music in the classroom. However, today's large-scale, high-profile projects mounted by orchestras and opera companies appear to be developing into a full-scale industry on their own, their role in partnership with…

  19. Results of the radiological survey at the former Chapman Valve Manufacturing Company, Indian Orchard, Massachusetts (CIO001)

    International Nuclear Information System (INIS)

    Foley, R.D.; Uziel, M.S.

    1992-07-01

    Radiological survey was conducted at Building 23 (Department No. 40) at the former Chapman Valve Manufacturing Company, Indian Orchard, Massachusetts. The survey was performed in August 1991. The purpose of the survey was to determine whether the property was contaminated with radioactive residues, principally 238 U, as a result of work done for the Atomic Energy Commission (AEC) during the 1940s. The survey included a gamma scan, a beta-gamma scan, and measurement of alpha activity; measurement of direct and removable alpha and beta-gamma levels; and the collection of soil, dust, debris, and smear samples for radionuclide analyses. Survey emphasis was on interior floors, walls, and overhead beams. Radionuclide analysis of soil, dust, and debris, and analysis of smear samples indicate that residual 238 U attributable to former AEC-supported operations is present at this site. Elevated levels of radioactivity were particularly evident on the floors and walls in the western part of the central area of the building (grid blocks Al through A6). Concentrations of 238 U in dust samples collected from overhead beams exceeded DOE guidelines in grid blocks Al through A14 and remained elevated in grid blocks A15 through A19. Dust on a movable overhead crane in grid block A23 was well above the guideline, probably because the crane had at some time been located further west. Some contamination was evident in grid blocks B1 through B5, but clutter and debris in this area prevented a thorough survey

  20. Security-constrained self-scheduling of generation companies in day-ahead electricity markets considering financial risk

    International Nuclear Information System (INIS)

    Amjady, Nima; Vahidinasab, Vahid

    2013-01-01

    Highlights: ► A security-constrained self-scheduling is presented. ► The proposed framework takes into account the uncertainty of the predicted market prices. ► We model the risk and profit tradeoff of a GENCO based on an efficient multi-objective model. ► Unit commitment and inter-temporal constraints of generators are considered in an MIP model. ► Simulation results are presented on the IEEE 30-bus and IEEE 118-bus test systems. - Abstract: In this paper, a new security-constrained self-scheduling framework incorporating the transmission flow limits in both steady state conditions and post-contingent states is presented to produce efficient bidding strategy for generation companies (GENCOs) in day-ahead electricity markets. Moreover, the proposed framework takes into account the uncertainty of the predicted market prices and models the risk and profit tradeoff of a GENCO based on an efficient multi-objective model. Furthermore, unit commitment and inter-temporal constraints of generators are considered in the suggested model converting it to a mixed-integer programming (MIP) optimization problem. Sensitivity of the proposed framework with respect to both the level of the market prices and adopted risk level is also evaluated in the paper. Simulation results are presented on the IEEE 30-bus and IEEE 118-bus test systems illustrating the performance of the proposed self-scheduling model.

  1. 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...

  2. CUSTOMER SATISFACTION SURVEY IN B2B – CASE COMPANY: AWARA GROUP

    OpenAIRE

    Chelpanova, Daria

    2016-01-01

    Currently, the number of companies who use third parties for outsourcing is rising. Legal issues are significant components of any business and can cause problems when ignored. Consequently, legal service providers have become very popular in the business world. This thesis covers three goals. Firstly, it determines the business customer satisfaction of legal services provided by the Awara Group. Secondly, it defines possible gaps which can occur in the service delivery process. Thirdly, t...

  3. Results of the radiological survey at the Jessop Steel Company Site, 500 Green Street, Washington, Pennsylvania (JSP001)

    International Nuclear Information System (INIS)

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

    1991-04-01

    At the request of the US Department of Energy (DOE), a group from Oak Ridge National Laboratory conducted investigative radiological surveys at the Jessop Steel company, 500 Green Street, Washington, Pennsylvania (JSP001) in 1989. The purpose of the surveys was to determine whether the property was contaminated with radioactive residues, principally 238 U, as a result of work contracted to the Atomic Energy Commission. The survey included gamma scans; direct and transferable measurements of alpha and beta-gamma radiation levels; and soil dust, debris, grinding wheel, and air sampling for radionuclide analyses. The survey and sampling covered portions of the exterior ground surface, the roof and gutter section above the saw shop and rolling mill area of building D, and the interiors of buildings A, B, C and D. Results of the survey demonstrated no radionuclide concentrations in excess of the DOE Formerly Utilized Sites Remedial Action Program guidelines for radium, thorium, and uranium. The radionuclide distributions were not significantly different from typical background levels in the Pennsylvania are. 7 refs., 11 figs., 4 tabs

  4. Results of the radiological survey at the former Associate Aircraft Tool and Manufacturing Company site, Fairfield, Ohio (FOH001)

    International Nuclear Information System (INIS)

    Murray, M.E.; Carrier, R.F.; Mathis, R.A.

    1993-03-01

    At the request of the US Department of Energy (DOE), a team from oak Ridge National Laboratory conducted a radiological survey of the former Associate Aircraft Tool and Manufacturing Company facility, Fairfield, Ohio. The survey was performed in July and September 1992. The purpose of the survey was to determine if the facility had become contaminated with residuals containing radioactive materials during the work performed under government contract from February to September, 1956. The survey included gamma scanning over a circumscribed area around and outside of the building, and gamma scanning over most accessible indoor floor surfaces as well as the collection of soil and other samples for radionuclide analyses. Roof trusses were beta-gamma scanned in locations where floor contamination was found. Results of the survey demonstrated radionuclide concentrations in indoor and outdoor samples, and radiation measurements over floor and overhead surfaces, in excess of the DOE Formerly Utilized Sites Remedial Action Program guidelines. Elevated uranium concentrations outdoors were limited to several small, isolated spots. Radiation measurements exceeded guidelines indoors over numerous spots and areas inside the building, mainly in the areas that had been used in the early government work

  5. Results of the independent radiological verification survey at the former Bridgeport Brass Company Facility, Seymour, Connecticut (SSC001)

    International Nuclear Information System (INIS)

    Foley, R.D.; Rice, D.E.; Allred, J.F.; Brown, K.S.

    1995-03-01

    At the request of the USDOE, a team from ORNL conducted an independent radiological verification survey at the former Bridgeport Brass Company Facility, Seymour, Connecticut, from September 1992 to March 1993. Purpose of the survey was to determine whether residual levels of radioactivity inside the Ruffert Building and selected adjacent areas were rmediated to levels below DOE guidelines for FUSRAP sites. The property was contaminated with radioactive residues of 238 U from uranium processing experiments conducted by Reactive Metals, Inc., from 1962 to 1964 for the Atomic Energy Commission. A previous radiological survey did not characterize the entire floor space because equipment which could not be moved at the time made it inaccessible for radiological surveys. During the remediation process, additional areas of elevated radioactivity were discovered under stationary equipment, which required additional remediation and further verification. Results of the independent radiological verification survey confirm that, with the exception of the drain system inside the building, residual uranium contamination has been remediated to levels below DOE guidelines for unrestricted release of property at FUSRAP sites inside and outside the Ruffert Building. However, certain sections of the drain system retain uranium contamination above DOE surface guideline levels. These sections of pipe are addressed in separate, referenced documentation

  6. 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...

  7. [Attractiveness of France for international clinical research: 8th survey conducted by Leem (French association for pharmaceutical companies)].

    Science.gov (United States)

    Galaup, Ariane; Barthélémy, Philippe; Pouletty-Lefebvre, Brigitte; Béhier, Jehan-Michel; Zetlaoui, Jean; Borel, Thomas

    2018-04-18

    The Leem (French association of pharmaceutical companies) has conducted the eighth survey on attractiveness of France for clinical research. It serves to measure France's global competitiveness for international clinical trials and assess its strengths and areas of excellence. It also highlights the potential for progress and emerging trends at a time when the regulatory environment in France and Europe is undergoing change. This survey has been updated every two years since 2002 using the same methodology. It assesses the current status of research undertaken in France by the pharmaceutical industry between January 1st 2014 and December 31st 2015. Thirty companies (62% of the French market) have participated in this 8th survey which involved 3474 centers (versus 2860 in 2014) and 16,622 patients (versus 14,634 in 2014) enrolled in France across 586 clinical trials (versus 613 in 2014). This survey shows a reduction in the number of phase I and phase II trials. It also confirms that the studies conducted in France are primarily concerned with oncology (45%). Despite improvements across hospital contracts times (due to the adoption of the sole agreement) and performance indicators in trials (such as the number of patients enrolled by center), trial setup times in France are still overly lengthy (with stable times by French authorities). Ensuring that clinical research remains a priority issue for country is crucial for patients because of rapid access to innovation but also for the vitality of the French economy. Constructive dialogue with stakeholders on the subject of clinical research is essential to enhance the attractiveness of France and to improve the continuum between research, innovation and care. Copyright © 2018 Société française de pharmacologie et de thérapeutique. Published by Elsevier Masson SAS. All rights reserved.

  8. 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.

  9. 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 ...

  10. Analysis of the Evolution for the Main Economic and Financial Indicators and the Risk of Bankruptcy for a Company who is the most Modern Maritime - River Port on the Danube, in the Period 2009-2013

    Directory of Open Access Journals (Sweden)

    Rodica Pripoaie

    2015-08-01

    Full Text Available This work presents the evolution for the main economic and financial indicators and the risk of bankruptcy for a company who is the most modern maritime - river port on the Danube, in the period 2009-2013. The evolution of the main economic and financial indicators in the last years 2009- 2013 is very dramatic, because Net profit margin (% decreased from 65.76% in 2009 at 9.93% in 2013 and after tax ROE (Return on Equity decreased from 6.69% in 2009 at 2.93% in 2013, so less than half. Bankruptcy risk has always been very important both for investors, for company managers, and for banking institutions and if this intensifies then it becomes a warning for them. Regression models can be used to explain relationships among economic and financial indicators.

  11. 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.

  12. Association between insomnia symptoms, job strain and burnout syndrome: a cross-sectional survey of 1300 financial workers.

    Science.gov (United States)

    Metlaine, Arnaud; Sauvet, Fabien; Gomez-Merino, Danielle; Elbaz, Maxime; Delafosse, Jean Yves; Leger, Damien; Chennaoui, Mounir

    2017-01-13

    Professional burnout is closely related to work stress but less frequently associated with disturbed sleep. This study determines whether job strain and sleep disturbances are associated risk factors of burnout among financial workers. Observational study. 1300 employees (725 female) of a financial company. Self-reported questionnaires (Maslach Burnout Inventory, Job Content Questionnaire, Sleep questionnaire based on ICSD-3 classification), the Epworth sleepiness scale and the Hospital Anxiety and Depression Scale (HADS). The prevalence of burnout was 10.2% (9.0% moderate and 1.2% severe). 23.3% of workers were considered with high job strain, and 93.1% had a high level of job satisfaction. 16.8% of individuals had insomnia and 97% reported non-restorative sleep. The bivariate analyses demonstrate a higher risk of burnout in participants with insomnia (OR=14.7, 95% CI 9.8 to 21.9), non-restorative sleep (OR=9.9, 95% CI 5.1 to 19.5) and anxiety (OR=10.2, 95% CI 6.8 to 15.3). High job strain was associated with burnout (OR=1.9, 95% CI 1.1 to 3.6). This association was not maintained after adjustment for sleep parameters. Job satisfaction was another independent risk factor for burnout (OR=124, 95% CI 65 to 237). In our sample of financial workers, job strain represents a burnout risk factor only if associated with insomnia. Insomnia can be considered as a relevant clinical marker that should be targeted in mental health prevention programmes at the workplace. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/.

  13. Perceptions of financial incentives for smoking cessation: a survey of smokers in a country with an endgame goal.

    Science.gov (United States)

    Robertson, Lindsay; Gendall, Philip; Hoek, Janet; Marsh, Louise; McGee, Rob

    2017-12-15

    Financial incentives can support smoking cessation, yet low acceptability may limit the wider implementation of such schemes. Few studies have examined how smokers view financial-incentive interventions aimed at reducing smoking prevalence. We recruited a sample of 623 smokers from an internet panel to a survey assessing support for, and perceived effectiveness of, financial incentives for smoking cessation. We used descriptive statistics, plus logistic regression, to test associations between demographics and smoking, and support. We used qualitative content analysis to analyse open-ended responses to a question that invited respondents to comment on financial incentives. 38.4% of smokers supported financial incentives; 42.2% did not (19.4% had no opinion). Support was higher among heavy (OR 3.96, CI 2.39 - 6.58) and moderate smokers (OR 1.68, CI 1.13 - 2.49), and those with a recent quit attempt (OR 1.47, 1.04 - 2.07). Support was strongly associated with perceived effectiveness. A Government-funded reward-only scheme was seen as the most acceptable option (preferred by 26.6% of participants), followed by a Government-funded deposit-based scheme (20.6%); few respondents supported employer-funded schemes. Open-ended responses (n=301) indicated three overarching themes expressing opposition to financial incentives: smokers' individual responsibility for quitting, concerns about abuse of an incentive scheme, and concerns about unfairness. Even amongst those who would benefit from schemes designed to reward smokers for quitting, support for such schemes is muted, despite evidence of their effectiveness. Media advocacy and health education could be used to increase understanding of, and support for, financial incentives for smoking cessation. Given the absolute effectiveness and cost-effectiveness of financial-incentive schemes for smoking cessation amongst pregnant smokers and in workplaces, implementing such schemes at a national-level could help reduce overall

  14. Financial hardship, mastery and social support: Explaining poor mental health amongst the inadequately employed using data from the HILDA survey

    Directory of Open Access Journals (Sweden)

    Laura Crowe

    2016-12-01

    Full Text Available Objective: This study analysed data from the Household Income and Labour Dynamics in Australia (HILDA Survey to examine the relationship between employment status and mental health, and the mediating effects of financial hardship, mastery and social support. In addition, the study sought to explore the effects of duration of unemployment on mental health. Methods: The primary analysis used three waves of data from the HILDA Survey with 4965 young adult respondents. Longitudinal population-averaged logistic regression models assessed the association of employment status and mental health, including the contribution of mastery, financial hardship and social support in explaining this association between employment groups (unemployed vs. employed; under employed vs. employed. Sensitivity analyses utilised a fixed-effects approach and also considered the full-range of working-age respondents. Regression analysis was used to explore the effect of duration of unemployment on mental health. Results: Respondents’ who identified as unemployed or underemployed were at higher risk of poor mental health outcomes when compared to their employed counterparts. This association was ameliorated when accounting for mastery, financial hardship and social support for the unemployed, and was fully mediated for the underemployed. The fixed-effects models showed the transition to unemployment was associated with a decline in mental health and that mastery in particular contributed to that change. The same results were found with a broader age range of respondents. Finally, the relationship between duration of unemployment and mental health was not linear, with mental health showing marked decline across the first 9 weeks of unemployment. Conclusions and implications: Mastery, social support and financial hardship are important factors in understanding the association of poor mental health with both unemployment and underemployment. Furthermore, the results suggest

  15. Financial Issues of Reserve Service: A Report from the 1992 Reserve Components Survey

    National Research Council Canada - National Science Library

    Miskura, Susan

    1997-01-01

    .... The questionnaire was mailed to 76,783 members with responses received from 47%. The objective of this report was to analyze issues relating to individual and unit readiness focusing on financial aspects...

  16. Results of the radiological survey at the Napp Chemical Company, 199 Main Street, Lodi, New Jersey (LJ076)

    International Nuclear Information System (INIS)

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

    1989-11-01

    Maywood Chemical Works (MCW) of Maywood, New Jersey, generated process wastes and residues associated with the production and refining of thorium and thorium compounds from monazite ores from 1916 to 1956. MCW supplied rare earth metals and thorium compounds to the Atomic Energy Commission and various other government agencies from the late 1940s to the mid-1950s. Area residents used the sandlike waste from this thorium extraction process mixed with tea and cocoa leaves as mulch in their yards. Some of these contaminated wastes were also eroded from the site into Lodi Brook. At the request of the US Department of Energy (DOE), a group from Oak Ridge National Laboratory conducts investigative radiological surveys of properties in the vicinity of MCW to determine whether a property is contaminated with radioactive residues, principally 232 Th, derived from the MCW site. The survey typically includes direct measurement of gamma radiation levels and soil sampling for radionuclide analyses. The survey of this site, the Napp Chemical Company, 199 Main Street, Lodi, New Jersey (LJ076), was conducted during 1987. Results of the survey demonstrated no radionuclide concentrations in excess of the DOE Formerly Utilized Sites Remedial Action Program criteria. The radionuclide distributions were not significantly different from normal background levels in the northern New Jersey area. 4 refs., 8 figs., 3 tabs

  17. Financial Structure of Mining Sector Companies During an Economic Slowdown /Struktura Finansowania Przedsiębiorstw W Sektorze Górniczym I Wydobywczym W Okresie Spowolnienia Gospodarczego

    Science.gov (United States)

    Sierpińska, Maria; Bąk, Patrycja

    2012-12-01

    The global economic crisis that started in 2007 in the area of finance, expanded over the subsequent years to the business sphere, and resulted in a drop of demand and production almost in any field of business activity. Access to foreign sources of finance, especially to loans, has become more difficult and expensive. In such circumstances, enterprises have had to resort more often to their own capital generated by the issue of shares, and to retained profit. Banks have limited their loans for business entities, reduced credit periods, and raised credit margins as well as their levels of collaterals. The McKinsey research into the changes that occur in the structures of sources of finance confirms that the share of equity capital in the structure of financing of non-financial enterprises has visibly grown, and their crediting scopes have been limited all over the European Union as well as in the euro zone. The global tendencies as regards directions of changes in the structure of the sources of corporate financing have also been reflected in Poland. The economic slowdown has resulted in changes in the structures of corporate financing. Mining companies have risen the shares of their equity capital in their general sources of financing. This tendency corresponds to the changes of structure of corporate financing in Poland and Europe. Enterprises have resorted to bank loans to a lesser degree than in times of better market situation. In mining, public companies have increased their crediting, while in private sector the tendency has been reverse. Enterprises tend to use more flexible debiting forms as compared to credits by way of issue of long-term corporate bonds. Mining companies have developed issue programs that are to be implemented over three-year periods. Before, only Katowicki Holding Węglowy [Katowice Mining Holding] had issued bonds. The present publication is an attempt at assessing the changes in the structure of corporate financing within the mining

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

    Directory of Open Access Journals (Sweden)

    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.

  19. 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.

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

    OpenAIRE

    Müller Victor-Octavian

    2012-01-01

    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 ...

  1. The impact of generic substitution on the activities of pharmaceutical companies - a survey from the companies' perspective one year and five years after the introduction of generic substitution in finland.

    Science.gov (United States)

    Timonen, Johanna; Bengtström, Marina; Karttunen, Pekka; Ahonen, Riitta

    2010-10-22

    Mandatory generic substitution (GS) was introduced in Finland on 1 April 2003. The aim of this study was to explore and compare the impacts of GS on the activities of pharmaceutical companies representing mainly original or generic pharmaceutical products in Finland. The self-reported impact of GS from pharmaceutical companies' perspective was explored with a focus on the number of employees, the range of sales packages on the market, the marketing activities, the research and development of new pharmaceutical products and storage of pharmaceuticals. A cross-sectional postal survey was conducted among pharmaceutical companies with an office in Finland and substitutable medicines in the Finnish pharmaceutical market one year (2004) and five years (2008) after the introduction of GS. Completed questionnaires were returned by 16 original and 7 generic product companies in 2004 (response rate 56%, n = 41) and by 16 original and 6 generic product companies in 2008 (response rate 56%, n = 39). Descriptive statistical analyses were performed. The number of employees (2004: n = 6/16, 2008: n = 7/16) and the amount of prescription medicine marketing (2004: n = 7/16, 2008: n = 8/16) decreased in many of the original product companies after the introduction of GS. GS resulted in problems related to the storage of pharmaceuticals in the original product companies shortly after GS was introduced (p = 0.032 between 2004 and 2008). In the generic product companies, the prescription medicine representatives' visits to pharmacies increased at the beginning of GS (p = 0.021 between 2004 and 2008). In addition, GS caused problems with the storage of pharmaceuticals one year and five years after the reform (2004: n = 4/7, 2008: n = 3/6). The differences between original and generic product companies regarding the impacts of GS were not, however, statistically significant. GS did not affect on the range of sales packages on the market or the research activities of the majority of

  2. Global gas company profiles

    International Nuclear Information System (INIS)

    1997-01-01

    This report provides a detailed assessment of 60 of the top gas companies form around the world, analysing them according to their internal dynamics and in relation to their competitors. It devotes each chapter to an individual company, providing invaluable insight into the organisation's operational background, financial performance and strategic goals. Using the most up-to-date information available, Global Gas Company Profiles allows you to make detailed analysis of each company's performance and future direction. (author)

  3. Instruments to foster renewable energy investments in Europe. A survey under the financial point of view

    International Nuclear Information System (INIS)

    Langniss, O.

    1996-01-01

    Since capital needs are high when investing in Renewable Energy Technologies (RET), well adapted financial schemes are essential, including well fitted financial support. Supporting the dissemination of RET means supporting people, not technologies. Though support mechanism have to be adapted to people not to technologies. A recent study for the European Parliament compares support mechanisms for RET in several European countries by describing case studies. Six different investor types can be identified, each one standing for a specific amalgam of motivation, energy needs, financial possibilities and risk-averse. Each of these types has its specific importance for different RET and different stages of RET's market penetration. Also the size of the market for RET, represented by each investor type, is different. (Author)

  4. Financial development and economic growth: literature survey and empirical evidence from sub-Saharan African countries

    Directory of Open Access Journals (Sweden)

    Songul Kakilli Acaravci

    2011-08-01

    Full Text Available In this paper we review the literature on the finance-growth nexus and investigate the causality between financial development and economic growth in Sub-Saharan Africa for the period 1975-2005. Using panel co-integration and panel GMM estimation for causality, the results of the panel co-integration analysis provide evidence of no long-run relationship between financial development and economic growth. The empirical findings in the paper show a bi-directional causal relationship between the growth of real GDP per capita and the domestic credit provided by the banking sector for the panels of 24 Sub-Saharan African countries. The findings imply that African countries can accelerate their economic growth by improving their financial systems and vice versa.

  5. Can Social Media Content Increase Financial Market Returns? Survey Results from Poland

    Directory of Open Access Journals (Sweden)

    Cwynar Andrzej

    2017-05-01

    Full Text Available Background and Purpose: In recent years classic financial market theory based on decision makers’ rationality has been challenged by repeated anomalies that became a ‘new normal’. As a result, what we witness today is a considerable turn to behavioral concepts that can shed a new light on choices made by market participants. The astonishing development of social media accelerated scientific validation of such concepts, since the media opened new and capacious ‘laboratory space’ for testing behavioral hypotheses. The main purpose of the article is to examine whether financial market professionals believe that social media content can be useful in achieving additional financial market returns and to investigate the factors behind this belief.

  6. Financial hardship, mastery and social support: Explaining poor mental health amongst the inadequately employed using data from the HILDA survey.

    Science.gov (United States)

    Crowe, Laura; Butterworth, Peter; Leach, Liana

    2016-12-01

    This study analysed data from the Household Income and Labour Dynamics in Australia (HILDA) Survey to examine the relationship between employment status and mental health, and the mediating effects of financial hardship, mastery and social support. In addition, the study sought to explore the effects of duration of unemployment on mental health. The primary analysis used three waves of data from the HILDA Survey with 4965 young adult respondents. Longitudinal population-averaged logistic regression models assessed the association of employment status and mental health, including the contribution of mastery, financial hardship and social support in explaining this association between employment groups (unemployed vs. employed; under employed vs. employed). Sensitivity analyses utilised a fixed-effects approach and also considered the full-range of working-age respondents. Regression analysis was used to explore the effect of duration of unemployment on mental health. Respondents' who identified as unemployed or underemployed were at higher risk of poor mental health outcomes when compared to their employed counterparts. This association was ameliorated when accounting for mastery, financial hardship and social support for the unemployed, and was fully mediated for the underemployed. The fixed-effects models showed the transition to unemployment was associated with a decline in mental health and that mastery in particular contributed to that change. The same results were found with a broader age range of respondents. Finally, the relationship between duration of unemployment and mental health was not linear, with mental health showing marked decline across the first 9 weeks of unemployment. Mastery, social support and financial hardship are important factors in understanding the association of poor mental health with both unemployment and underemployment. Furthermore, the results suggest that the most deleterious effects on mental health may occur in the first two

  7. Impact of the 2008 global financial crisis on the health of Canadians: repeated cross-sectional analysis of the Canadian Community Health Survey, 2007-2013.

    Science.gov (United States)

    Nour, Sabrina; Labonté, Ronald; Bancej, Christina

    2017-04-01

    Despite a clear impact on the Canadian economy, little is known about the subsequent health impacts of the 2008 global financial crisis (GFC) in this country. This study fills this gap in knowledge by conducting a repeated cross-sectional analysis of the Canadian Community Health Survey (CCHS). Data from 7 cycles (2007-2013) of the CCHS were combined to form a large data set representative of the Canadian working-age population (15-64 years) residing in 1 of 10 provinces. A logistic regression model was used to determine whether exposure to various periods of the GFC resulted in increased odds of reporting poor mental health. Exposure was categorised into 4 periods based on political and economic indicators, as follows: precrisis period (baseline), initial crisis period, stimulus period and austerity period. Other outcomes investigated included: anxiety disorders (AD), mood disorders (MD), poor physical health and health-related behaviours (heavy alcohol drinking (HAD) and decreased fruit/vegetable consumption (FVC)). A significant increased odds of reporting poor mental health was observed during the austerity period compared with the precrisis period (OR=1.26 (1.16 to 1.32)); findings remain significant when adjusted for sex, marital status and education. Exposure to the austerity period was also significantly associated with increased odds of reporting AD, MD, HAD and decreased odds of FVC. No significant associations were observed for the poor self-perceived physical health variable. Statistically significant associations were observed between several negative health outcomes and the austerity period when compared with the precrisis period. Austerity has been linked to worsening health in other studies and represents an example of how the policy response can have greater detrimental impact on health than the financial crisis itself. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to

  8. Non-Financial Performance Measurement for Shariah Banks : a Survey to Masyarakat Ekonomi Syariah (MES) Surakarta

    OpenAIRE

    Astuti, Septin Puji; Astika, Hari

    2011-01-01

    Measurement of non-financial performance in shariah banks is needed to enhance their market share and to maintain their long-term sustainability. The main aim of this research is to show the position of shariah banks in Surakarta in respect with their non-financial aspects (i.e. product, service, human resource and image) based on opinions given by members of Shariah Economic Society (MES) of Surakarta. Extent analysis for Fuzzy Analytic Hierarchy Process is employed to measure the non-financ...

  9. Survey of credit risk models in relation to capital adequacy framework for financial institutions

    Directory of Open Access Journals (Sweden)

    Poomjai Nacaskul

    2016-12-01

    Full Text Available This article (i iterates what is meant by credit risks and the mathematical-statistical modelling thereof, (ii elaborates the conceptual and technical links between credit risk modelling and capital adequacy framework for financial institutions, particularly as per the New Capital Accord (Basel II’s Internal Ratings-Based (IRB approach, (iii proffer a simple and intuitive taxonomy on contemporary credit risk modelling methodologies, and (iv discuses in some details a number of key models pertinent, in various stages of development, to various application areas in the banking and financial sector.

  10. Psychosocial and ergonomic survey of office and field jobs in a utility company.

    Science.gov (United States)

    Coelho, Denis A; Tavares, Carla S D; Lima, Tânia M; Lourenço, Miguel L

    2017-08-04

    The effect of different kinds of work on the psychosocial assessment of workers under the same management and organizational environment is investigated. A voluntary assessment in a utility company was carried out using the short version of the Copenhagen psychosocial questionnaire (CoPsoQ) on two occasions, 1.5 years apart. Initially, 25 office workers (11 men and 14 women) participated, while 14 of those workers (8 women and 6 men) participated in the second assessment together with 32 field workers. The sewage, water treatment and maintenance workers, totaling 32 men, also participated in a field ergonomics assessment using the Washington State Department of Labor and Industries field work ergonomic checklist. The longitudinal outlook was fairly stable, with sustained severe scores in many CoPsoQ subscales and intensification of severity of workers' control over work and esteem for men. A significantly higher esteem score resulted for field rather than office workers. Workers subjected to foul odors showed similar severity of psychosocial factors. For most psychosocial dimensions, the organizational design and management system in place, as well as the overall cultural environment in which it operates, create a much stronger and more decisive impact than job-specific factors.

  11. [Nationwide Survey on Informed Consent and Ethical Review at Hospitals Conducting Post-marketing Studies Sponsored by Pharmaceutical Companies].

    Science.gov (United States)

    Urushihara, Hisashi; Murakami, Yuka; Matsui, Kenji; Tashiro, Shimon

    2018-01-01

     Under the Japanese drug regulatory system, post-marketing studies (PMS) must be in compliance with Good Post-marketing Study Practice (GPSP). The GPSP Ordinance lacks standards for the ethical conduct of PMSs; although only post-marketing clinical trials are subject to Good Clinical Practice. We conducted a web-based questionnaire survey on the ethical conduct of PMSs in collaboration with the Japanese Society of Hospital Pharmacists and pharmacists belonging to the Society. 1819 hospitals around Japan answered the questionnaire, of which 503 hospitals had conducted company-sponsored PMSs in 2015. 40.2% of the hospitals had obtained informed consent from participating patients in at least one PMS conducted in 2015, the majority of which was in written form. The first and second most frequent reasons for seeking informed consent in PMSs were to meet protocol requirements, followed by the requirement to meet institutional standard operational procedures and the request of the ethical review board of the hospital. Ethical review of PMSs was conducted in 251 hospitals. Despite a lack of standards for informed consent and ethical review in PMSs, a considerable number of study sites employed informed consent and ethical review for PMSs. While company policies and protocols are likely to be major determinants of the ethical conduct of PMSs, the governmental regulatory agency should also play a significant role in implementing a standardized ethical code for the conduct of PMSs.

  12. Exploring the association between social capital and depressive symptoms: results of a survey in German information and communication technology companies.

    Science.gov (United States)

    Jung, Julia; Ernstmann, Nicole; Nitzsche, Anika; Driller, Elke; Kowalski, Christoph; Lehner, Birgit; Stieler-Lorenz, Brigitte; Friepörtner, Katharina; Schmidt, Anna; Pfaff, Holger

    2012-01-01

    This study examines the association between social capital at work and depressive symptoms in employees. Data for this cross-sectional study were collected through an online survey with the full population of employees from six companies in the German information and communication technology sector (response rate: 58.4%). A multivariate logistic regression analysis was performed. Results of data from a total of 328 employees suggest that, after controlling for sociodemographic factors, health awareness, and job strain, lower levels of perceived social capital at work are associated with the experience of depressive symptoms (OR = 0.76; 95% CI: 0.64-0.90). Our findings suggest that characteristics of high social capital at work, such as an established environment of trust and a sense of common values and convictions, could be an essential resource for preventing depressive disorders.

  13. Asking about wages: Results from the Bank of Canada's Wage Setting Survey of Canadian companies

    OpenAIRE

    Amirault, David; Fenton, Paul; Laflèche, Thérèse

    2013-01-01

    The Bank of Canada conducted a Wage Setting Survey with a sample of 200 private sector firms from mid-October 2007 to May 2008. Results indicate that wage adjustments for the Canadian non-union private workforce are overwhelmingly time dependent, with a fixed duration of one year, and are clustered in the first four months of the year, suggesting that wage stickiness may not be constant over the year. Ad hoc adjustments between these fixed dates are rare, but when they do occur they are almos...

  14. 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.

  15. Household wealth inequality, entrepreneurs’ financial constraints, and the great recession: evidence from the Kauffman Firm Survey

    NARCIS (Netherlands)

    Braggion, F. (Fabio); Dwarkasing, M. (Mintra); S. Ongena (Steven)

    2017-01-01

    textabstractWe empirically test if household wealth inequality affects borrowing constraints of young entrepreneurs. We construct a measure of wealth inequality at the US county level based on the distribution of financial rents in 2004. We find that in more unequal areas, entrepreneurs are less

  16. Engaging Student Borrowers: Results of a Survey of Financial Aid Professionals. Research Report

    Science.gov (United States)

    Webster, Jeff; Fernandez, Chris; Fletcher, Carla; Klepfer, Kasey

    2017-01-01

    The rising cost of attending college creates a financial challenge for most students, many of whom must take out student loans to pursue their education goals. Whether or not they earn a degree, these students will leave school with the burden of managing student debt. How well they manage this complex process may shape their personal finances for…

  17. Results of the independent radiological verification survey at the former Associate Aircraft Tool and Manufacturing Company site, Fairfield, Ohio (FOH001)

    International Nuclear Information System (INIS)

    Rice, D.E.; Murray, M.E.; Brown, K.S.

    1996-01-01

    The former Associate Aircraft Tool and Manufacturing Company site is located at 3550 Dixie Highway, Fairfield, Ohio. Associate Aircraft Tool and Manufacturing Company produced hollow uranium slugs in a machine shop at the site in 1956. The work was performed for National Lead of Ohio in a contract with the Atomic Energy Commission to augment the capacity of the Feed Materials Production Center at Fernald in the development of nuclear energy for defense-related projects. The current occupant of the building, Force Control, operates a multipurpose machine shop. At the request of the US Department of Energy (DOE), a team from Oak Ridge National Laboratory conducted an independent radiological verification survey at the former Associate Aircraft Tool and Manufacturing Company Site, Fairfield, Ohio. The survey was performed from February to May of 1995. The purpose of the survey was to verify that radioactivity from residues of 238 U was remediated to a level below acceptable DOE guidelines levels

  18. Powers of detection : technology companies vie to capture leak survey business for natural gas pipelines

    Energy Technology Data Exchange (ETDEWEB)

    Byfield, M.

    2005-09-01

    ITT Industries Inc., Physical Sciences Inc., and LaSen Inc. are 3 American companies leading the way to find more efficient methods for identifying leaks from natural gas pipelines. Edmonton-based Synodon Inc. has recently joined the leaders with its newly developed and more sensitive equipment that it hopes to have on the market by the summer of 2006. Leak detection technology was first developed in 1993 in response to concerns about the reliability of aging pipeline infrastructure. In addition to safety concerns, there are concerns over global warming. Methane is a potential greenhouse gas and the United states Environmental Protection Agency estimates that 300 billion cubic feet escape into the atmosphere every year from pipeline leaks. The 2002 Pipeline Safety Improvement Bill in the United States stipulates that leak inspections must be conducted up to 4 times per year in densely populated areas. Violators face fines as high as $1 million. In response to the pipeline safety bill, Synodon raised private equity financing to commercialize an airborne leak detection technology stemming from Canada's space program. In the United States, leak detection technologies that appear likely to take 5 to 20 years for commercialization have been been financed by the Department of Energy and the Office of Pipeline Safety. This paper summarized 5 leak detection prototypes, including ITT's Airborne Natural Gas Emission LiDAR (ANGEL) system which targets high-pressure, long-distance pipelines in North America, LaSen's Airborne LiDAR Pipeline Inspection System (ALPIS) based on DIAL Technology, and a hand-held remote methane leak detector developed jointly by Physical Sciences Inc. of Massachusetts and Houston-based Heath Consultants Inc. Synodon claims that hand-held detectors are too slow and that LiDAR systems still aren't reliable for detection of leaks much below 500 scf/h. Synodon's realSens technology may be more difficult to develop, but it detects

  19. 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.

  20. 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.

  1. 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

  2. Central banking and financial innovation. A survey of the modern literature

    Directory of Open Access Journals (Sweden)

    Jan Marc Berk

    2002-09-01

    Full Text Available We review the literature regarding the impact of financial innovation on the monetary transmission mechanism and on the way the central bank can achieve its ultimate goal, that is to control the price level. We argue that, although the form ofcentral bank instruments and current methods for implementing monetary policy may change, the goals that the policy makers try achieve by employing these instruments remain valid, and achievable.

  3. 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...

  4. Has the Financial Protection Been Materialized in Iranian Health System? Analyzing Household Income and Expenditure Survey 2003-2014.

    Science.gov (United States)

    Ghiasvand, Hesam; Olyaeemanesh, Alireza; Majdzadeh, Reza; Abdi, Zhaleh; Mobinizadeh, Mohammadreza

    2018-01-03

    The financial protection against catastrophic and impoverishing health expenditures is one of the main aspects of the universal health coverage. This study aimed to present a clear picture of the financial protection situation in Iran from 2003-2014. This is an analytical study on secondary data of Statistical Center of Iran (SCI). The study has some policy implications for policy makers; therefore, it is an applied one. Data related to the Iranian rural and urban household payments on health expenditures was obtained from annual surveys of the SCI. WHO researchers' approach was used to calculate the Fairness of Financial Contribution Indicator (FFCI), the headcount and overshoot ratios of catastrophic and impoverishing health expenditures. A logistic regression was conducted to identify the determinants of probability of occurrence of catastrophic health expenditure among Iranian households in 2014. The mean of FFCI for rural and urban households was 0.854 (0.41) and 0.867 (0.32), respectively. The average headcount ratios of catastrophic and impoverishing health expenditures were 1.32% (0.24) and 0.33% (P=0.006) for rural households and 1.4% (0.6) and 0.28% (P=0.001) for urban households. Concerning rural households, the overshoot of catastrophic and impoverishing health expenditures was 14.94% (P=0.001) and 7.22% (0.53); it was 15.59% (1.54) and 7.76% (0.52) for urban households. No significant and considerable change was found in the headcount ratios of catastrophic and impoverishing health expenditure and in their overshoot or gap amounts. This suggested a lack of well-designed and effective schemes for materializing the financial protection in Iran.

  5. 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 

  6. Tobacco expenditure, smoking-induced deprivation and financial stress: results from the International Tobacco Control (ITC) Four-Country Survey.

    Science.gov (United States)

    Siahpush, Mohammad; Borland, Ron; Yong, Hua-Hie; Cummings, K Michael; Fong, Geoffrey T

    2012-07-01

    While higher tobacco prices lead to a reduction in smoking prevalence, there is a concern that paying more for cigarettes can lead to excess financial burden. Our primary aim was to examine the association of daily cigarette expenditure with smoking-induced deprivation (SID) and financial stress (FS). We used data from wave 7 (2008-2009) of the International Tobacco Control (ITC) Four-Country Survey which is a survey of smokers in Canada, the USA, the UK and Australia (n = 5887). Logistic regressions were used to assess the association of daily cigarette expenditure with SID and FS. In multivariate analyses, a one standard deviation increase in daily cigarette expenditure was associated with an increase of 24% (P = 0.004) in the probability of experiencing SID. While we found no association between daily cigarette expenditure and FS, we found that SID is a strong predictor of FS (odds ratio 6.25; P < 0.001). This suggests that cigarette expenditure indirectly affects FS through SID. Results showed no evidence of an interaction between cigarette expenditure and income or education in their effect on SID or FS. Our results imply that spending more on tobacco may result in SID but surprisingly has no direct effect on FS. While most smokers may be adjusting their incomes and consumption to minimise FS, some fail to do so occasionally as indexed by the SID measure. Future studies need to prospectively examine the effect of increased tobacco expenditure on financial burden of smokers. © 2012 Australasian Professional Society on Alcohol and other Drugs.

  7. 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...

  8. Patterns of sports sponsorship by gambling, alcohol and food companies: an Internet survey

    Directory of Open Access Journals (Sweden)

    Signal Louise

    2006-04-01

    Full Text Available Abstract Background Sports sponsorship is a significant marketing tool. As such, it can promote products that pose risks to health (eg, high fat and high sugar foods or it can promote health-supporting products (eg, sporting equipment and services. However, there is a lack of data on the proportion of sponsorship associated with "unhealthy" and "healthy" products and no methodology for systematically assessing it. This research aimed to explore this proportion with an Internet survey of sports sponsorship in the New Zealand setting. Methods A search methodology was developed to identify Internet-based evidence of sports sponsorship at the national level and at the regional and club level in one specific region (Wellington. The top eight sports for 5-17-year-olds were selected and products and services of sponsors were classified in terms of potential public health impact (using a conservative approach. Results Sponsorship of these popular sports was common at the national, regional and club levels (640 sponsors listed on 107 websites overall. Sports sponsorship associated with sponsors' products classified as "unhealthy" (eg, food high in fat and sugar, gambling and alcohol were over twice as common as sponsorship associated with sponsors' products classified as "healthy" (32.7% (95% CI = 29.1, 36.5 versus 15.5% (95% CI = 12.8, 18.6 respectively. "Gambling" was the most common specific type of sponsorship (18.8% followed by alcohol (11.3%. There were significantly more "alcohol" sponsors for rugby, compared to all the other sports collectively (rate ratio (RR = 2.47; 95% CI = 1.60, 3.79, and for top male sports compared to female (RR = 1.83; 95% CI = 1.05, 3.18. Also there was significantly more "unhealthy food" sponsorship for touch rugby and for "junior" teams/clubs compared to other sports collectively (RR = 6.54; 95% CI = 2.07, 20.69; and RR = 14.72, 95% CI = 6.22, 34.8; respectively. A validation study gave an inter-rater reliability for

  9. Patterns of sports sponsorship by gambling, alcohol and food companies: an Internet survey.

    Science.gov (United States)

    Maher, Anthony; Wilson, Nick; Signal, Louise; Thomson, George

    2006-04-11

    Sports sponsorship is a significant marketing tool. As such, it can promote products that pose risks to health (eg, high fat and high sugar foods) or it can promote health-supporting products (eg, sporting equipment and services). However, there is a lack of data on the proportion of sponsorship associated with "unhealthy" and "healthy" products and no methodology for systematically assessing it. This research aimed to explore this proportion with an Internet survey of sports sponsorship in the New Zealand setting. A search methodology was developed to identify Internet-based evidence of sports sponsorship at the national level and at the regional and club level in one specific region (Wellington). The top eight sports for 5-17-year-olds were selected and products and services of sponsors were classified in terms of potential public health impact (using a conservative approach). Sponsorship of these popular sports was common at the national, regional and club levels (640 sponsors listed on 107 websites overall). Sports sponsorship associated with sponsors' products classified as "unhealthy" (eg, food high in fat and sugar, gambling and alcohol) were over twice as common as sponsorship associated with sponsors' products classified as "healthy" (32.7% (95% CI = 29.1, 36.5) versus 15.5% (95% CI = 12.8, 18.6) respectively). "Gambling" was the most common specific type of sponsorship (18.8%) followed by alcohol (11.3%). There were significantly more "alcohol" sponsors for rugby, compared to all the other sports collectively (rate ratio (RR) = 2.47; 95% CI = 1.60, 3.79), and for top male sports compared to female (RR = 1.83; 95% CI = 1.05, 3.18). Also there was significantly more "unhealthy food" sponsorship for touch rugby and for "junior" teams/clubs compared to other sports collectively (RR = 6.54; 95% CI = 2.07, 20.69; and RR = 14.72, 95% CI = 6.22, 34.8; respectively). A validation study gave an inter-rater reliability for number of sponsors of 95% (n = 87 sponsors

  10. Results of the radiological verification survey at the former Herring-Hall-Marvin Safe Company, 1550 Grand Boulevard, Hamilton Ohio (HO001V)

    International Nuclear Information System (INIS)

    Murray, M.E.; allred, J.F.; Johnson, C.A.

    1995-11-01

    During the period between the 1940s and early 1950s, the Herring-Hall-Marvin Safe Company, 1550 Grand Boulevard, Hamilton, Ohio, was one company under subcontract to the Manhattan Engineer District (MED), and the Atomic Energy Commission (AEC), the lead agencies in the development of nuclear energy for defense-related projects. The US Department of Energy (DOE) conducted radiological surveys of these sites to evaluate current radiological conditions as part of the Formerly Utilized Sites Remedial Action Program (FUSRAP). In 1988, a radiological survey of the Herring-Hall-Marvin Safe Company facility was conducted, and after small fragments of uranium metal were removed, no beta or gamma radiation above background was detected and the building was dismissed from any additional DOE restrictions. In 1993, it was discovered that a portion of the actual machining work was conducted on the third floor of the facility, located in the southeastern comer of the building. At the request of DOE, this part of the facility was radiologically surveyed by an ORNL survey team to determine whether fixed surface contamination could be found that might exceed the DOE guidelines. Results of this radiological survey indicated 238 U contamination in excess of the DOE criteria for surface contamination, and the site was recommended for remediation. In February and March of 1995, a verification survey of the third floor of the former Herring-Hall-Marvin Safe Company facility by an ORNL survey team was performed in conjunction with decontamination operations conducted under the supervision of Bechtel National Incorporated. The verification survey included gamma scans at the surface and at one meter, alpha and beta-gamma scans for fixed contamination, and smears for transferable contamination

  11. MERGER ACCOUTING FOR COMPANIES

    Directory of Open Access Journals (Sweden)

    SUCIU GHEORGHE

    2014-05-01

    Full Text Available Companies, especially nowadays, are characterized through great mobility, fast circulation of capital, occurring in their chase for profit. In this context, companies look for alliances, economical and political assistance. These objectives can materialize through merging of companies. The merger can be internal (between Romanian companies or transboundary, which includes foreign companies. In order to correctly reflect these events, the merger operations must be regulated and must respect national and international regulations. One important request concerning the merger operations is that the accounting values of the assets, debts and ownership equity must be brought to the present financial value.

  12. Formerly utilized MED/AEC sites remedial action program. Radiological survey of the Harshaw Chemical Company, Cleveland, Ohio

    International Nuclear Information System (INIS)

    Wynveen, R.A.; Smith, W.H.; Sholeen, C.M.; Justus, A.L.; Flynn, K.F.

    1984-04-01

    During the MED/AEC era, the Harshaw Chemical Company processed large quantities of normal uranium to produce both oxide and fluoride compounds. This work was done under contract to MED and its successor, AEC. Records indicated that at the time the AEC contract was terminated, the facility was decontaminated by Harshaw and released from AEC control in 1960. However, a search of AEC records indicated that documentation was insufficient to determine whether the decontamination work was adequate by current guidelines. Hence, a radiological assessment of the site ws initiated in 1976. The entire grounds and all buildings were surveyed using surface survey instruments to detect surface contamination and radiation detectors to determine general radiation levels. Extensive surface contamination was found throughout the site. While the major contamination was found in Plant C, significant levels of contamination also were found in 16 other buildings and at 32 exterior locations. The contaminating material seemed to be normal uranium exclusively. Air samples were taken at numerous indoor locations throughout the site, but no elevated levels of radon were detected. This was as expected since normal uranium has been separated from radium and hence radon levels are very low. Several soil samples were taken from around the site. Analyses of these samples indicated extensive soil contamination, as well as suspected contamination of the river bed in the vicinity of the plant outfall. Scheduled subsurface investigation of the site, as well as of the river bed and sewer system, have not been conducted. Levels of contamination at this site are significantly above guidelines for release of the site for unrestricted use. 57 figures, 7 tables

  13. Survey and Explain the role of Sensemaking in Successful Strategy Implementation in Iran’s Automotive Companies

    Directory of Open Access Journals (Sweden)

    Seyed Farhad Hosseini

    2016-09-01

    Full Text Available There is not a dominant model that could explain key factors of sensemaking of strategy implementation and interactions between them. The purpose of this study is designing and explaining the role of sensemaking in successful strategy implementation along with a combination of factors which influence implementation sensemaking. This study surveyed the factors influencing sensemaking of successful strategy implementation in top Iran’s automotive companies. This is a qualitative research that uses grounded theory to obtain insight about the role of sensemaking in successful implementation through in-depth interviews with 22 individuals (Managers, Assistant Directors and Academic Professors and used gathered data to design a model of sensemaking in successful strategy implementation. Based on open and axial coding, 21 effective variables were conceptualized and classified in seven major categories then final model was designed. This theory explains factors that affect the sensemaking of successful strategy implementation and how these factors interact with each other. Sensemaking in Successful implementation of strategies depends on Sensemaking Context, Key Executers, Discourse Context, Intervening Conditions and Collective Sensemaking. Sensemaking Context cause sensemaking and sensegiving of key executers and key executers itself along with Discourse Context and Intervening Conditions lead to collective sensemaking. The consequence of model is sensemaking of successful strategy implementation that consists of maintaining and recording the meaning and its strengthening, collective effort, continuous strategy implementation and operational excellence of the organization.

  14. A survey. Financial accounting and internal control functions pursued by hospital boards.

    Science.gov (United States)

    Gavin, T A

    1984-09-01

    Justification for a board committee's existence is its ability to devote time to issues judged to be important by the full board. This seems to have happened. Multiple committees pursue more functions than the other committee structures. Boards lacking an FA/IC committee pursue significantly fewer functions than their counterparts with committees. Substantial respondent agreement exists on those functions most and least frequently pursued, those perceived to be most and least important, and those perceived to be most and least effectively undertaken. Distinctions between committee structures and the full board, noted in the previous paragraph, hold true with respect to the importance of functions. All board structures identified reviewing the budget and comparing it to actual results as important. Committee structures are generally more inclined to address functions related to the work of the independent auditor and the effectiveness of the hospital's system and controls than are full board structures. Functions related to the internal auditor are pursued least frequently by all FA/IC board structures. The following suggestions are made to help boards pay adequate attention to and obtain objective information about the financial affairs of their hospitals. Those boards that do not have some form of an FA/IC committee should consider starting one. Evidence shows chief financial officers have been a moving force in establishing and strengthening such committees. Boards having a joint or single committee structure should consider upgrading their structure to either a single committee or multiple committees respectively. The complexity of the healthcare environment requires that more FA/IC functions be addressed by the board. The board or its FA/IC committee(s) should meet with their independent CPA's, fiscal intermediary auditors, and internal auditors. Where the hospital lacks an internal audit function a study should be undertaken to determine the feasibility of

  15. The Effect of Financial Factors on the Performance of New Venture Companies in High Tech and Knowledge-Intensive Industries: An Empirical Study in Denmark

    DEFF Research Database (Denmark)

    Bøllingtoft, Anne; Ulhøi, John Parm; Madsen, Henning

    2003-01-01

    This paper addresses important financial aspects during the formation of knowledge-intensive entrepreneurship. A number of ex ante derived hypotheses are submitted to an empirical test to identify and explain some of the key financial factors affecting the survival and first preliminary growth...

  16. 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.

  17. 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....

  18. Global Reporting Initiative (GRI as recognized guidelines for sustainability reporting by Spanish companies on the IBEX 35: homogeneity in their framework and added value in the relationship with financial entities

    Directory of Open Access Journals (Sweden)

    Esther Ortiz

    2014-12-01

    Full Text Available Purpose: The goal of this paper is to show that within the different ways to report the sustainability information, there is a mostly acceptance of voluntary initiatives to establish a homogeneous framework for transparency. Design/Methodology/Approach: In this paper we analyse the non financial reporting disclosed in the last two years (2010 and 2011 by all the companies listed on the Spanish IBEX 35 in 2010. The methodology has been based on the study of the non financial reporting available in the web sites of the analysed companies. Findings: The conclusions obtained highlight that the Global Reporting Initiative sustainability reporting framework has been mostly adopted by the studied firms as a global accepted standard in this non financial reporting and as the most important guidelines to standardize these issues. From this same descriptive point of view, we conclude that non financial entities which disclose have increased or maintained in a majority their banks´ balance sheet positions. Originality/Value: Disclosure of non financial information has been a miscellaneous of different practices depending on multiple variables. Nowadays this paper seeds some light in this subject in the way to the comparison and homogeneity of sustainability reporting and its relationship with other firms´ characteristics. Research limitations: This study is based on acceptance as a first step although must be completed with a deeper analysis of the content and its adequacy to the stakeholders´ information requirements. So, this is a descriptive analysis as a first step to go on researching in this field.

  19. Implementação de programas de qualidade: um survey em empresas de grande porte no Brasil Implementation of quality programs: a survey in large size Brazilian companies

    Directory of Open Access Journals (Sweden)

    Silvia Helena Boarin Pinto

    2006-05-01

    models, such as the certification of quality systems according to the ISO 9000 Program, the Six Sigma and the TQM Program (Total Quality Management Program. This study provides a comparative and critical analysis of the implementation of those systems in Brazilian organizations as well as the existing relations among them, their complementary and redundancies. This issue is extremely relevant nowadays as companies invest heavily in different programs in order to improve quality, but still face huge difficulties to evaluate their strategic impact as well as their respective added value. In order to carry out this study, we have evaluated the references available about the subject. The methodology used in this research was based on a quantitative survey. The population of this search consists of a list the 1000 top Brazilian companies ranked according to their published sales figures according to "Ranking Valor 1.000", published in Valor Econômico yearbook (2004. This analysis assumed that new emerging quality management models could be found in this list Responses to questionnaires and to interviews made during visits to those companies were analyzed employing a statistical software. The analysis points out that the companies had implemented the Six Sigma Program are those with the strongest tradition in quality programs since they had earlier implemented other quality programs; as more the companies invest in quality programs more is the improvement in their performance; and the main causes for failures in ISO 9000, Six Sigma and TQM programs implementation were due to lack of financial resources for a correct implementation and a fragile support provided by the company management team.

  20. 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...