WorldWideScience

Sample records for financial survey company

  1. 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.

  2. A survey on the effects of the exchange rate changes and financial flexibility on the usage of financial leverage in accepted companies of Tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Hamid Mahmoodabadi

    2013-04-01

    Full Text Available In the present study we try to examine the exchange rate changes and  financial flexibility as the economic stable indexes on the financial leverage  use in the companies so the main issue in this study is to define the financial leverage relation with  exchange rate changes and financial flexibility. That is why 88 companies of the companies listed in Tehran stock exchange in 2005–2011. The study type is descriptive–correlative and the multivariable linear regression was used to analyze the data. The findings from the hypotheses test state there is a significant relation between financial leverage and financial flexibility while there isn't relation between financial leverage and exchange rate changes.

  3. THE FINANCIAL RESTORATION OF INSURANCE COMPANIES

    Directory of Open Access Journals (Sweden)

    LUMINITA TULEASCA

    2012-05-01

    Full Text Available The entire legal regulation of the insurance market is focused on the protection of the insurance policies holders, on keeping their trust in the insurance system and on the maintenance of the financial market steadiness. Noticing and solving the problems prior to the occurrence of insurers’ insolvency situation represents a fundamental aspect for the means of achieving such objective.By this survey we will analyse the financial restoration procedure of the insurance companies, Romanian legal entities, through the perspective of the whole aggregate of legal issues involved by this extremely complex and sensitive process required by the special nature of the insurance companies and by the impact of the activities carried out by these companies for the economic and social life of a state.Thus, there have been pointed out the particularities and the special nature of the insurance companies’ financial restoration as compared to the reorganization of the regular trade companies, the insurers’ means of avoiding the business failure, of avoiding the bankruptcy.

  4. The Company Financial Diagnosis Informatic System

    OpenAIRE

    Alin Isac; Claudia Isac

    2005-01-01

    Specialists consider a financial diagnosis necessary for measuring the profitableness of invested capital and for estimating the economic and financial equilibrium, which has a certain influence on the economic, financial, and bankruptcy risk rate. Thus, the main purpose of any financial diagnosis is to point out the financial state of the company in order to identify possible causes and effects. A financial diagnosis starts with determining and interpreting a set of economic- financial indic...

  5. THE FINANCIALIZATION PROCESS IN THE ACTIVITY OF POLISH COMPANIES

    Directory of Open Access Journals (Sweden)

    Marzena Remlein

    2015-12-01

    Full Text Available The subject of this paper is financialization and its effects presented in the financial statements. The purpose of the paper is to analyze the effects of financialization on the activity of the fuel companies quoted on the Warsaw Stock Exchange. The author sets out to investigate how financialization affects the financial activity items presented in the balance sheets of the companies in question. The first part presents the essence and features of financialization in terms of macro- and microeconomic. Subsequently, the paper discusses the effects of financialization, i.e. the financial assets presented in the financial statements. The last part concerns the empirical study, the aim of which is to identify the effects of financialization in Polish companies. The author analyzes the financial assets presented in the statement of financial position of the surveyed companies. Achieving the paper’s objective requires the use of adequate research methods including the analysis of literature and legal regulations as well as financial analysis methods.

  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. 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.

  8. 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...

  9. 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.

  10. ASSESSMENT OF THE FINANCIAL STABILITY OF THE INSURANCE COMPANY

    Directory of Open Access Journals (Sweden)

    D. I. Ramazanova

    2015-01-01

    Full Text Available This article considers the assessment of financial stability and solvency of the insurance company, which plays an important role in the selection of the insurer potential insurers, which guarantee payment of insurance compensation when the insured event. The author's approach to assessing the financial stability of the insurance company. Investigated the order analysis of financial stability of the insurance company. Based on the proposed method calculated the indicators of financial stability of the insurance company Rosgosstrakh Ltd.

  11. MARKETING MIX IN FINANCIAL INVESTMENT SERVICES COMPANIES

    OpenAIRE

    Ioana Ancuța IANCU

    2016-01-01

    Given that services of Financial Investment Services Companies can be very similar (described by law), it's very important that they be distinguished by certain elements from competitors, thereby gaining market share. How can they do that? By adding value for customers. International literature offers views on creating competitive advantage considering the elements of the Marketing Mix: product, price, placement, promotion, personnel, process and physical evidence. From our experience in brok...

  12. MODERN FACTORS THAT ENHANCE COMPANY'S FINANCIAL PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Gruian Claudiu-Marian

    2011-12-01

    Full Text Available Company performance varies among economic sectors, countries and regions. It is influenced by a very large number of factors. This study aims at identifying and analyzing the determinants that must be considered by company's management presently in order to face competition and achieve superior financial performance. The research methodology used is specific for the theoretic nature of the article and includes literature review, comparative analysis and synthesis. Results validate and argue as relevant modern factors that influence the performance of contemporary companies: organizational culture, corporate social responsibility, innovation, knowledge spillovers. Study limits refer to the fact that these four factors are not entirely responsible for modern business performance and future research should be done to develop an integrative point of view on overall performance determinants. This paper is a dissemination of the results obtained by the author in the doctoral program The financial performance of EU member states companies, coordinator: Professor Carmen Corduneanu, PhD, carried out within West University of Timisoara, Romania, in the period October 2010- July 2012.

  13. 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

    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......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....... 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...

  14. 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.

  15. MARKETING MIX IN FINANCIAL INVESTMENT SERVICES COMPANIES

    Directory of Open Access Journals (Sweden)

    Ioana Ancuța IANCU

    2016-05-01

    Full Text Available Given that services of Financial Investment Services Companies can be very similar (described by law, it's very important that they be distinguished by certain elements from competitors, thereby gaining market share. How can they do that? By adding value for customers. International literature offers views on creating competitive advantage considering the elements of the Marketing Mix: product, price, placement, promotion, personnel, process and physical evidence. From our experience in brokerage business, but also from our research in this field, we conclude that product and prices policies should be considered in periods of economic growth and stagnation. If in times of crisis we find no significant differences between companies (regardless of the number of products or the fees they have, in a stabilized economy, precisely this policies makes the difference between competitors.

  16. THE FINANCIAL ANALYSIS OF THE PETROLEUM COMPANIES IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Adi Eleonor G. TRIFU

    2014-04-01

    Full Text Available With the trigger of the Financial Crisis of the 2008, many companies in Romania and across the world had realized that the economic environment became very unstable. In order the compete in a turbulent external environment the managers of companies must know first the stability of the internal environment of the company. The analysis of the financial health is one the most important analysis because reveals the financial problems that the company have or will have in the near future. This paper is a comparison between the potential financial health of the petroleum and gas companies that have economic activities in Romania. The analysis is made in order to show the impact that had the Financial Crisis upon the Romanian Energy Industry. The results can be used by the managers of the energy companies or other industries in order to identify the financial problems of the companies.

  17. 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....

  18. 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

  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. Financial reporting by small companies in the UK: the demand for abbreviated accounts

    OpenAIRE

    Collis, Jill

    2003-01-01

    The aim of the study is to provide generalisble evidence of the utility of the statutory financial statements of small companies to the directors. It took the form of a postal questionnaire survey of the directors of a tranche of 385 companies meeting the EC size criteria for a small company. This paper focuses on the factors that influence the filing choices of the directors of these small companies and the demand for abbreviated accounts.

  1. Internet Financial Reporting: Disclosure about Companies on Websites

    Directory of Open Access Journals (Sweden)

    Tehmina Khan

    2014-09-01

    Full Text Available The Internet has emerged as a medium of communication of financial reporting information by companies since the mid to late nineties. There are various aspects of Internet based financial reporting that are different from the traditional hard copy presentation. These factors include the actual mode of presentation and, the process of access to the information, that is accessing a company’s website rather then the hard copy version of the financial reports. Various bodies mentioned in this paper have made recommendations to improve financial reporting disclosure online. There is lack of uniformity regarding financial reporting disclosure between companies world wide. This is in relation to various aspects of financial reporting. The three aspects of financial reporting disclosure investigated in this paper include: Fundamental reporting elements, Corporate Social Responsibility reporting elements and Corporate Governance elements. Four samples of companies were selected for comparison regarding financial reporting disclosure. These include: diversified companies, hotels, companies listed on the London and the New York Stock exchanges. It was found that 31 percent of the sample companies did not have a website. The diversified companies had the highest percentage of financial reports on their websites, with the hotels having the least presence of financial reports on their websites. The companies listed on the London Stock exchange had more financial reports available on their websites as compared to the ones listed on the New York Stock Exchange. The item that was least disclosed was the Analysts' Coverage item. Twenty percent of the sample companies with financial reports did not have accompanying audit reports. This is a cause for concern because all companies are required to have audit reports with their annual financial reports under national and international regulatory requirements. Out of the financial statements, the least disclosed

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

    DEFF Research Database (Denmark)

    Aabo, Tom

    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......"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...

  3. 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...... and detailed information is, however, in stark contrast to reports on the demands by leading financial analysts. In the ongoing process of improving Investor Relation policies, the companies are often meet by financial analysts looking for condensed figures and tell-all financial ratios. This paper examines...... that Investor Relation policies are still made from a supply viewpoint, i.e., the perceived need for the company to provide specific information even when presenting the condensed information through key figures and financial ratios. There is no panacea in satisfying the demand for comparable financial figures....

  4. COMPARISON OF MALAYSIA MANUFACTURING COMPANIES BY FINANCIAL STATEMENT ANALYSIS TOOLS

    OpenAIRE

    MALEK, Afagh; Mohammadi, Maryam; NASSIRI, Fardokht

    2012-01-01

    One of the best ways to get the expected results from trading in the stock market is to acquire a good evaluation of companies’ performance. Similarly, this study aims at comparing the financial performance of Lb Aluminium Berhad and Seal Incorporated Berhad manufacturing companies, which are listed in the main market of Malaysian stock exchange. The data were gathered from the annual reports of companies during last three years and analysed by financial statement analysis tools, which are ...

  5. THE MANAGEMENT OF FINANCIAL CRISES IN COMPANIES

    Directory of Open Access Journals (Sweden)

    LEPADAT ELENA DOINA

    2012-05-01

    Full Text Available Management control in corporate governance is the main modality to prevent insolvency through the company`s own internal means. The main modality through which the participation in the General Shareholders Meeting. The shareholders can also get involved individually in the mechanisms of the company, the law entitling them to a series of rights regarding access to information, control of the company`s administration and even triggering the alert.

  6. 76 FR 62759 - 2011 Company Organization Survey

    Science.gov (United States)

    2011-10-11

    ... Bureau of the Census 2011 Company Organization Survey AGENCY: Bureau of the Census, Commerce. ACTION... Organization Survey. The survey's data are needed, in part, to update the multilocation companies in the... will furnish report forms to organizations included in the survey, and additional copies are...

  7. 78 FR 64911 - 2013 Company Organization Survey

    Science.gov (United States)

    2013-10-30

    ... Bureau of the Census 2013 Company Organization Survey AGENCY: Bureau of the Census, Commerce. ACTION... Organization Survey. The survey's data are needed, in part, to update the multilocation companies in the... will furnish report forms to organizations included in the survey, and additional copies are...

  8. South African Capital Structure Decisions: A Survey of Listed Companies

    CSIR Research Space (South Africa)

    De Wet, Lambert H

    2015-12-01

    Full Text Available This paper explores the factors that influence capital structure decisions in South Africa from the perspective of the Chief Financial Officer (CFO). The results of a survey of 33 CFOs of JSE listed companies find that South African CFOs are equally...

  9. 77 FR 29884 - Assessment of Fees on Large Bank Holding Companies and Nonbank Financial Companies Supervised by...

    Science.gov (United States)

    2012-05-21

    ... stability, as outlined in the Council's rule on determination of nonbank financial companies for heightened... financial stability provides particular benefits for companies that conduct a majority of their business in... Financial Companies Supervised by the Federal Reserve Board To Cover the Expenses of the Financial...

  10. Financial risks of Russian energy companies

    OpenAIRE

    Фролов, В.

    2011-01-01

    Управления финансовыми рисками является одной из приоритетных задач любой компании. Для того чтобы эффективно управлять финансовыми рисками необходимо их четкая идентификация и классификация. В работе проводится анализ финансовых рисков на примере крупнейших энергетических компаний России. На основе проделанного исследования делаются выводы о значимости различных финансовых рисков для отечественных предприятий.Financial risk management is one of the most prior tasks for the company. To manage...

  11. The Exchange Rate Exposure of Danish Non-Financial Companies

    DEFF Research Database (Denmark)

    Aabo, Tom

    1999-01-01

    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...... 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...

  12. Financial Structure and Bankruptcy Risk in Japanese Companies

    OpenAIRE

    Sadahiko Suzuki; Richard W Wright

    1985-01-01

    Financial structure and the nature of financial risk in Japanese companies differ substantially from those of U.S. firms. As a result, the application of U.S. standards is likely to produce misleading conclusions for creditors, investors and competitors. This article examines the unique institutional relationships and the nature of debt and equity claims that are central to understanding financial risk in Japan. It reports the results of empirical testing of the types of measures that more ac...

  13. Accounting & Analytical Data in the Context of Company's Financial Strategy

    OpenAIRE

    Tetyana Bochulya

    2013-01-01

    The Article overviews the role of accounting and analytical support in choosing the company's financial strategy. An attempt has been made to introduce accounting and analytical support as a set of interrelated technical & technological, organizational and managerial structures in their informational meaning that is adjusted for the development (selection) of financial strategy and its effective implementation. Scientific approaches to financial strategy concept understanding have been consid...

  14. Will Financial Analysts Mistake Stocks of Good Companies for Good Stocks? Evidence from Taiwan Stock Market

    Directory of Open Access Journals (Sweden)

    I-Ju Chen

    2005-01-01

    Full Text Available It has been shown that the individual or institutional investors rely on the information provided by the financial analysts. A good stock recommended by financial experts is expected to make profit to the investors. However, due to the cognitive biases, the financial analysts or investors are probably confused in the firm characteristics between the good stocks and the stocks of good companies. Good companies are normally inferred to the company that have good managing and operating systems, however, it is usually though to have good returns as good stocks. The future earning forecasts of these good companies may be thus overestimated as compared with the others. Such cognitive biases probably results in improper investment and investment loss. In this study, the reputation survey results for the companies in Taiwan and the corresponding financial data are used to verify the proposed cognitive biases hypothesis. The empirical evidence in this study shows that financial analysts mistake stocks of good companies for good stocks. However, it is also shown that the average one-year buy-and-hold return of these sample firms (including good companies and good stocks is still higher than that of the chosen matching firms.

  15. EFFECT OF GOODWILL ON COMPANY FINANCIAL RESULTS

    Directory of Open Access Journals (Sweden)

    Zvjezdana Gavrilović

    2012-01-01

    Full Text Available Goodwill is the difference betweenthe value of a company in the stock market at aparticular time and its accounting-asserted netassets. This is the premium that the buyer of acompany pays over the net assets of a companybecause of its reputation in the market, brand,management and staff expertise and the know-how.It is an intangible value of a company that enablesit to make greater profits. In this paper we exploresome of the basic characteristics of goodwill whichis becoming an increasingly more importantelement by which increasing of the capital value ofa company is achieved. We study the main factorsthat determine the amount of goodwill, and we alsodeal with the analysis of accounting displays ofgoodwill and effects it has on a company's financialresults.

  16. 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.

  17. 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.

  18. 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.

  19. 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

  20. 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.

  1. Survey of finance companies, 2000

    OpenAIRE

    Karen E. Dynan; Kathleen W. Johnson; Samuel M. Slowinski

    2002-01-01

    Against a backdrop of robust economic activity, the finance company sector expanded briskly over the second half of the 1990s. The value of receivables held by finance companies in the United States rose nearly 50 percent, or about 11 percent a year, between 1996 and 2000. Business lending remained finance companies' major line of activity; the importance to the sector of consumer lending and leasing declined slightly, and the importance of real estate lending rose a bit. These and other find...

  2. IRRELEVANCE OF FINANCIAL INDICATORS IN MEASURING PERFORMANCE ROMANIAN COMPANIES

    Directory of Open Access Journals (Sweden)

    Victoria FIRESCU

    2014-06-01

    Full Text Available This paper, by means of the model of correlation coefficient between the two variables, this paper tests the intensity of the correlation between the three traditional financial indicators: the return on assets (ROA, the return on equity (ROE, the financial leverage (LF and the indicators reflecting the change of the exchange rate (the total shareholder return-TSR and the price-to-earnings ratio -PER. The empirical research is addressed both transversely (on a sample of companies listed on the Bucharest Stock Exchange (BSE wich have as their object of activity manufacturing pharmaceuticals and longitudinally (for the 2011-2012 period based on the positive research method. The results show that between the stock exchange indicator (TSR, PER and the aforementioned traditional financial indicators (ROA, ROE, LF there is a weak connection, which means that the traditional financial indicators calculated for the Romanian companies cannot anticipate the investors’ expectations on the future benefits.

  3. Dynamic Trade-Offs In Financial Performances Of Romanian Companies

    OpenAIRE

    Alexandra Horobet; Radu Lupu; Sorin Dumitrescu; Dan Gabriel Dumitrescu; Tintea, Iulia

    2011-01-01

    Our research objectives are twofold: (1) we use the Du Pont model and market ratios such as PER (price-earnings-ratio) and EPS (earnings-per-share) to explain the causes of financial perfor- mances of Romanian companies listed on the Bucharest Stock Exchange for 2002-2009 and to identify the dynamic trade-off among efficiency, profitability and leverage across companies; (2) we develop a cross-sectional analysis of the links between financial statements based and market based indicators, aimi...

  4. Expert System Models in the Companies' Financial and Accounting Domain

    CERN Document Server

    Mates, D; Bostan, I; Grosu, V

    2010-01-01

    The present paper is based on studying, analyzing and implementing the expert systems in the financial and accounting domain of the companies, describing the use method of the informational systems that can be used in the multi-national companies, public interest institutions, and medium and small dimension economical entities, in order to optimize the managerial decisions and render efficient the financial-accounting functionality. The purpose of this paper is aimed to identifying the economical exigencies of the entities, based on the already used accounting instruments and the management software that could consent the control of the economical processes and patrimonial assets.

  5. 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.

  6. FINANCIAL RISK ASSESSMENT OF AN AGRICULTURAL COMPANY ACCORDING TO REPORTING

    Directory of Open Access Journals (Sweden)

    Kraskova A. A.

    2015-11-01

    Full Text Available The instruments of increasing competitive stability and decreasing financial risk of the company in the conditions of an economic crisis are considered in this article. The process of production in agriculture is closely related to the natural biological processes. Animals and plants function as means of production, and they are living organisms, developing on the biological laws that determine the dependence of the production process in the agricultural sector on natural factors. Besides, various soil climatic conditions have impact on results of economic activity of agricultural producers. Therefore, companies that work in rather worse natural zones are less competitive. The price factor doesn't provide financial well-being and doesn't reduce risk of bankrupt to such organizations. The economic situation in the country, emergence of new financial instruments and some other factors has essential impact on results of economic activity of an agrarian enterprise. Thus, the activity of the company in all its forms is connected with numerous risks, thus, financial risks play an essential role, generally, "a portfolio of risks". In this regard, an actual task in practice of an agrarian enterprise is the assessment of level of financial risk on the basis of accounting reports: the balance sheet records the financial situations of the organization at reporting date, and the report profits and losses results of financial activity. The system of internal control in various directions is necessary for risk management: acquisition of raw materials and materials, product sales, logistics, personals, finance and capital investments. A possibility of an agrarian company to estimate, to control and to operate its own risks is important competitive advantage, allowing to create financial and steady structure of the organization

  7. A RESEARCH ON THE FINANCIAL DISCLOSURE CHOICES WITHIN LISTED COMPANIES

    OpenAIRE

    Calu, Daniela Artemisa; Dumitru, Madalina; Ileana Cosmina PITULICE; Avram, Viorel; Stefanescu, Aurelia; Andreea PONORÎCA

    2009-01-01

    Romanian listed companies must prepare and present their financial statements according to IAS/IFRS standards. These standards are characterized by a certain convergence trend demonstrated by the acceptance of a small number of choices for the same accounting issue. However, companies are able to choose among several accounting treatments. Our research aims to demonstrate that there are correlations between certain particularities of the group (e.g. industry type, reporting basis) an d the ac...

  8. Prediction of Financial Distress -A Case Study of Indian Companies

    Directory of Open Access Journals (Sweden)

    Amalendu Bhunia

    2011-08-01

    Full Text Available Financial distress is of crucial importance in financial management especially in the case of competitive environment. Failure is not an impulsive outcome and it grows constantly in stages. A spontaneous protective effort could be accommodated if the company is anticipated to be proceeding in the direction of potential bankruptcy and this can help alleviate the financial distress to all investors and decrease the costs of bankruptcy. This study extends a failure prediction model for Indian companies. This study hopes to accommodate some important results relevant to authorities and stakeholders. The capability to detect potential financial problems at a premature stage is absolutely essential because it helps to ensure business, financial, economic and political environment stability. The results show good performance with a highly correct categorization factuality rate of more than 80%. Two ratios were determined significant out of 64 financial ratios utilized in this analysis to discriminate among failed and non-failed companies. The significant variables are cash flow to sales and days Sales in receivable.

  9. The financial audit of companies operating in the metalworking industries

    Directory of Open Access Journals (Sweden)

    V. Grosu

    2012-10-01

    Full Text Available In light of the effects of the economic-financial crisis and of the numerous changes occurring both on a European and a global level and altering the environment of the metalworking sector, the aim of the present paper is to focus on the specific alterations performed in the audit of the economic and financial activity and of the financial statements of each entity under consideration. Moreover, high quality audit is essential, especially in light of the numerous cases of fraud and corruption that have been documented in the past few years – occurrences we make reference to – and involving companies operating in this particular sector.

  10. Accounting reflection companies in the financial crisis

    Directory of Open Access Journals (Sweden)

    I.M. Vugivska

    2015-03-01

    Full Text Available In this paper specification methods, the dialectical method of analysis, synthesis, abstraction underlying the improvement of organizational and methodological provisions reflect your transactions on corporate bonds. Neglecting applicable law companies use short-term bond issue prevents their display Customer registration. In order to address these issues proposed changes to the existing chart of accounts in part reflected in the account 62 short-term debt securities open to it subaccounts 623 «Liabilities for short-term bonds» 624 «Award for short-term bonds» 625 «Discount on issued short-term bonds» which would increase the level of analyticity information on the operations of debt securities information provision, formed on the basis of reasonable methodological approach. Analysis of the market for Ukraine showed that a type of bonds that are issued by companies, are bonds for the term: long term and short term. Research your order display short-term bonds at the enterprise to obtain the conclusion that the only method reflect the accounting bond is absent.

  11. Financial Performance Determinants of Organizations: The Case of Mongolian Companies

    Directory of Open Access Journals (Sweden)

    Bayaraa Batchimeg

    2017-09-01

    Full Text Available This paper is aimed at examining what ratios can determine financial performance of Mongolian companies which are divided into 6 major sectors to increase their competitiveness. This study analyzes the performance of companies in terms of profitability and its association with multiple determinants for 100 Mongolian joint stock companies (JSC listed in Mongolian Stock Exchange (MSE. Financial statements of those companies from MSE are evaluated by panel regression covering the period of 2012-2015. Return on Assets (ROA, Return on Equity (ROE, and Return on Sales (ROS are chosen as performance indicators, while growth in sales, growth in profit, growth in assets, earnings per share, gross profit margin, cost to revenue ratio, return on costs, short-term debt to assets ratio, current assets to total assets ratio, long-term debt to total assets, quick ratio, current ratio, and cash ratio are used as explanatory variables. The panel regression results show that ROA has more determinants than ROE and ROS, such as earnings per share, return on costs have positive impacts, while short-term debts to total assets ratio and cost to revenue ratio have negative impacts. Growth in sales, earnings per share and costs to revenue ratio influence positively the financial performance of an organization by ROS, while return on cost has a positive effect on the financial performance measured by return on sale.

  12. Approaches to the formation of financial security companies in the insurance market

    OpenAIRE

    Kravchenko, V.

    2014-01-01

    The features of the insurance market as a special sphere of financial relations that arise between the subjects of the insurance market and financial market and economic relations in the insurance market, which form the 1st level of financial security of insurance companies, especially the investment activities of insurers in the financial market, where a 2 level of financial security insurance companies.

  13. FINANCIAL PERFORMANCE INDICATORS OF TUNISIAN COMPANIES: DECISION TREE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Ferdaws Ezzi

    2016-01-01

    Full Text Available The article at hand is an attempt to identify the various indicators that are more likely to explain the financial performance of Tunisian companies. In this respective, the emphasis is put on diversification, innovation, intrapersonal and interpersonal skills. Indeed, they are the appropriate strategies that can designate emotional intelligence, the level of indebtedness, the firm age and size as the proper variables that support the target variable. The "decision tree", as a new data analysis method, is utilized to analyze our work. The results involve the construction of a crucial model which is used to achieve a sound financial performance.

  14. 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.

  15. 77 FR 21637 - Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies

    Science.gov (United States)

    2012-04-11

    ... were from specialty finance companies, and 10 were from law firms, advocacy groups, think tanks, and... behalf of financial guaranty insurers, captive finance companies, money market funds, and the Federal... Nonbank Financial Companies AGENCY: Financial Stability Oversight Council. ACTION: Final rule...

  16. Evaluating the financial performance of Companies from the Pharmaceutical Industry

    Directory of Open Access Journals (Sweden)

    BABA Mirela Camelia

    2017-01-01

    Full Text Available The pharmaceutical industry has become a highly competitive environment, which is why performance represents the key element to stay on a market. Evaluating the performance of the economic entities from this sector is of high importance for the management, shareholders, trading partners and creditors. This study focuses on investigating and analyzing the financial statements for 12 drug producing companies in Romania. The analysis is based on data corresponding to the period 2008-2015.

  17. 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.

  18. 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

  19. 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...

  20. 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.”.

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

    National Research Council Canada - National Science Library

    Danijela Miloš Sprčić

    2007-01-01

    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...

  2. 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

  3. Financial Ratio Analysis for Increasing the Financial Performance of the Company at Bank Bukopin

    Directory of Open Access Journals (Sweden)

    Khairiyahtul Anwar

    2016-09-01

    Full Text Available This paper analyzes the liquidity, profitability, activity and solvency ratio on the performance of Bank Bukopin. This study uses the secondary data that is financial statements of Bank Bukopin on the period of 2011-2013. From the calculation of these ratios, it can be determine the financial performance of Bank Bukopin. That financial performance then adjusted with the standards of the financial ratio. The research proves that the level of financial performance at Bank Bukopin from 2011-2013 according to the liquidity, profitability, activity and solvency ratios is expressed in good and healthy state. This study is limited in the scope of research on financial performance measured from the financial ratio. This study examines the cases of Bank Bukopin, Indonesia. The contribution of this study provide an insight how to keep the companies survive and develop accordance with the demands of the financial health and also this study is different from the previous studies because of the scale of study is a national level with a long research period that is for 3 years period.

  4. On Financial Performance and Capital Structure of Romanian Companies

    Directory of Open Access Journals (Sweden)

    Viorela Ligia VĂIDEAN

    2014-11-01

    Full Text Available The purpose of this paper is to validate the theoretical background of the specialized economic literature on financial performance of companies as a function of different capital structure determinants on the Romanian market. As such, the capital structure considered indicators are the short term, long term and total debt ratios, further adding the logarithm of Sales as a proxy for the size of a company. For performance, the paper used the companies’ return on assets and net profit margin, significant results being obtained for the former only. Data were processed with the help of the IBM SPSS 20 software, using the linear regression technique. Basically, the sample points towards a negative weak correlation between total debt and return on assets.

  5. THE FINANCIAL RESOURCES OF INSURANCE COMPANIES AND DIRECTIONS OF THEIR PLACEMENT

    Directory of Open Access Journals (Sweden)

    D. Nesterova

    2013-12-01

    Full Text Available The article outlines the economic meaning of the financial resources of the insurance company. The structure of the financial resources of insurer financing is examined. The investment opportunities of financial resources are characterized. The role and place of the insurance company in the investment process are determined.

  6. 76 FR 64264 - Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies

    Science.gov (United States)

    2011-10-18

    ... Council invites interested parties to comment on-- Key terms and concepts related to the Council's... significant liquidity, credit, or other problems spreading among bank holding companies and nonbank financial... bank holding companies or nonbank financial companies, or that could arise outside the...

  7. 12 CFR 925.16 - Financial condition requirement for insurance company applicants.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Financial condition requirement for insurance company applicants. 925.16 Section 925.16 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME... Financial condition requirement for insurance company applicants. An insurance company applicant shall...

  8. Enterprise Risk Management Implementation Maturity in 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 

  9. 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.

  10. Business cycles and the financial performance of fuel cell companies

    Energy Technology Data Exchange (ETDEWEB)

    Henriques, I.; Sadorsky, P. [York Univ., Toronto, ON (Canada). Schulich School of Business

    2005-07-01

    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. Financial monitoring of the port industry companies on the basis of risk-oriented approach

    National Research Council Canada - National Science Library

    Svitlana Oneshko; Svitlana Ilchenko

    2017-01-01

    The paper determines that the need in financial monitoring of Ukrainian companies of the port sector is caused by financial consequences related to the need to protect the environment, the existence...

  12. 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...... by undertaking real actions (exercising real options) such as to abandon a market or establish production in a foreign country or (2) thinks it is likely that they will actually react to changes in exchange rates by undertaking such real actions. The role of real options in actual management of exchange rate...... exposures depends on the economic sector in which the company operates and the size of the company. Companies in Materials (and Consumer Discretionary) are significantly more inclined to undertake various real actions than is the case with companies in Industrials. The same holds for small and large...

  13. 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.

  14. 我国上市公司衍生金融工具交易调查--基于2007-2012的数据%Financial Derivative Usage Survey in Chinese Listed Companies from 2007 to 2012

    Institute of Scientific and Technical Information of China (English)

    程玲莎

    2015-01-01

    Based on the data of the non-financial listed companies in 2007-2012, the paper makes an analysis of the company distribution, types of transactions and contracts, motivation and purposes of derivatives transactions. The main conclusions are as follows. First, more and more financial derivatives are used in risk management. 70% of the companies using non-financial derivatives are manufacturing industries. Second foreign exchange derivatives are the most commonly used, followed by commodities derivatives and interest rates derivatives and so on. Third, the types of derivative contracts are mainly foreign exchange forwards and commodity futures, which are unevenly distributed. At last, the paper puts forward the suggestions for the improvement of derivatives market.%基于2007-2012年非金融上市公司数据,分别从企业分布、交易类型和合约类型、交易动机和目的等方面对衍生金融工具交易进行调查和分析。研究发现:衍生金融工具利用率逐年提高,约70%的使用企业分布于制造业,行业差异很大;外汇类是最常使用的交易类型,其次为商品类、利率类和股权类,且利率类和外汇类衍生金融工具交易发展最为迅速;合约类型单一,主要为外汇远期和商品期货,且在各交易类型中的分布很不均衡。应完善我国上市公司的衍生金融工具市场基础设施建设,推动衍生金融工具的金融创新,加强风险管理意识,培养国际化衍生金融工具人才。

  15. FACTORS TO ENSURE FINANCIAL STABILITY AND SOLVENCY OF AN INSURANCE COMPANY

    OpenAIRE

    Solonina S. V.; Ovsyanitsky E. S.; Anufrieva A. P.

    2014-01-01

    The article discusses the factors to ensure solvency and financial stability of the insurance company's howl. It shows the classification of types of financial stability and solvency of insurance companies; as-sesses the tariff policy of organizations and reveals the essence of reinsurance

  16. FACTORS TO ENSURE FINANCIAL STABILITY AND SOLVENCY OF AN INSURANCE COMPANY

    Directory of Open Access Journals (Sweden)

    Solonina S. V.

    2014-05-01

    Full Text Available The article discusses the factors to ensure solvency and financial stability of the insurance company's howl. It shows the classification of types of financial stability and solvency of insurance companies; as-sesses the tariff policy of organizations and reveals the essence of reinsurance

  17. 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 Operation, New York, New York. Signed at... Employment and Training Administration JP Morgan Chase and Company; JP Morgan Investment Banking, Global Corporate Financial Operations, New York, NY; Notice of Negative Determination on Reconsideration By...

  18. 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.

  19. 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.

  20. 75 FR 35289 - International Services Surveys: BE-180, Benchmark Survey of Financial Services Transactions...

    Science.gov (United States)

    2010-06-22

    ...; other financial investment activities (including miscellaneous intermediation, portfolio management, investment advice, and all other financial investment activities); insurance carriers; insurance agencies... 15 CFR Part 801 RIN 0691-AA73 International Services Surveys: BE-180, Benchmark Survey of Financial...

  1. 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.

  2. DISCLOSURE OF DERIVATIVE FINANCIAL STATEMENTS OF THE BRAZILIAN COMPANIES IN THE HEALTH MARKET

    OpenAIRE

    Bianchi, Márcia; Lemmertz, Caroline; Raimundini, Simone Leticia; Vendruscolo, Maria Ivanice

    2014-01-01

    Derivative minimize the risks of companies operating with foreign currencies and future sales. The use of these financial instruments is increasing through many Brazilian companies that don´t evidence for the lack of effective regulation. The publicly traded companies must show in the notes the risks involved in the operations, the market value and the criteria and assumptions to determine this value of financial instruments and the policies of operation and control of operations. Therefore, ...

  3. THE EVALUATION ON THE FINANCIAL PERFORMANCE OF PAPER AND PULP COMPANIES IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Rinaldi Syahran

    2016-09-01

    Full Text Available In 2013, the government has made the pulps and papers industries into a strategic sector. The decision to make the pulp and papers as the strategic sector,  proved that the government  is serious in developing companies in this sector. However, in the same year the producer’s margin in the Asia market has dropped. Hence, due to the two reasons, the financial performance of the Pulps and Papers in Indonesia need to be evaluated. The objective of the research is to evaluate the financial performance of the pulps and papers companies in Indonesia. The method is using the financial ratio and economic value added that is obtained from the financial data report. The data are entered and processed using Excel software. The result obtained is that in a long term, the Tjiwi Kimia paper company has the best financial performance in solvability and profitability, while Indah Kiat Pulps and Papers Company have the best long term liquidity. In a long term, there are no companies have the best economic value added. In 2013, Indah Kiat Pulps and Papers have the best financial performance in terms of liquidity, profitability and economic value added production, while Tjiwi Kimia Company has the best solvability.    Keywords: economic value added, financial performance evaluation, pulp and  papers, financial ratio, financial report

  4. 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....

  5. 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.

  6. ASPECTS OF COMPANY PERFORMANCE ANALYSIS BASED ON RELEVANT FINANCIAL INFORMATION AND NONFINANCIAL INFORMATION

    Directory of Open Access Journals (Sweden)

    Popa Dorina

    2012-07-01

    Full Text Available The main objective of our work is the conceptual description of the performance of an economic entity in financial and non-financial terms. During our approach we have shown that it is not sufficient to analyze the performance of a company only in financial terms as the performance reflected in financial reports sometimes do not coincide with the real situation of the company. In this case the cause of the differences has to be found among the influences of other nonfinancial information. Mainly following the great financial scandals the distrust in the reliability of financial-accounting information has eroded strongly and thus the business performance measurement cannot be the exclusive domain of the criteria of financial analysis, but must be done in a comprehensive way, based both on financial criteria and on non-financial ones (intangible assets, social responsibility of the company. Using non-financial criteria have led to the occurrence of new types of analysis, namely extra-financial analysis. Thus, enterprise performance is not subject to material and financial resources managed and controlled by the entities, but to the complex of intangible resources that companies created by thier previous work. The extra-financial analysis has to face difficulties arising mainly from the existence of non-financial indicators very little normalized, and from the lack of uniformity of the practice in the field. In determining the extra-financial performance indicators one has to observe the manifestation and the evolution of the company’s relationships with its partners / environment. In order to analyze the performance measurement by financial and nonfinancial indicators we chose as a case study a company in Bihor county, listed on Bucharest Stock Exchange. The results of our study show that the Romanian entities are increasingly interested in measuring performance and after the extra-financial analysis we concluded that the company had set

  7. 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

  8. 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

  9. Board Composition and Financial Performance: Empirical Analysis of Companies Listed at the Nairobi Securities Exchange

    National Research Council Canada - National Science Library

    Vincent O Ongore; Peter O K; Martin Ogutu; Eric M Bosire

    2015-01-01

    .... Independent members, gender diversity and board size are some of the key attributes of boards that have been linked to financial performance of companies in industrialized countries, but which...

  10. 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.

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

    DEFF Research Database (Denmark)

    Holm, Claus

    belonging as well as choices of communication strategy. Data was collected from June to August 1999. Of the 231 companies listed on the Exchange, 179 had a website in the summer 1999. The paper provides evidence from the 129 companies who did present financial information through the Internet. The evidence...... to take a more passive role as a filing system for financial messages and reports. The investors access to timely, relevant and credible financial information is still a figment of imagination in light of current practice, available technology and existing accounting regulation. Therefore, the paper......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...

  12. Indicators Non-Financial Performance Assessment: Content Analysis of Telecommunications Companies of Management Reports

    OpenAIRE

    Sandra Belloli De Vargas; Carlos Alberto Diehl; Paulo Roberto Reichelt Ayres; Alexandre Fernandes Monteiro

    2016-01-01

    Traditionally, business activities adopt performance evaluation as a tool for the efficiency and effectiveness estimation. This article aims to identify the non-financial measures for performance evaluation disclosed by companies in the telecommunication sector listed on the BOVESPA. The use and disclosure of non-financial indicators emerged from the gap left by traditional accounting to explain special issues such as the difference between the book value and the market value of companies. Th...

  13. Ownership Structure, Corporate Governance and Financial Performance: A Study of Public Listed Companies in Malaysia

    OpenAIRE

    Wong, Jyh Juan

    2006-01-01

    This research study is aimed at the top 200 capitalized companies listed in Bursa Malaysia as of 31 December 2005. We analyzed these companies’ corporate governance disclosure and practices, financial performance and whether there are significant relationship between having good corporate governance and achieving better financial outcome. The uniqueness of this study from others is that we segregate the findings based on different ownership structures of these sample companies, for comparativ...

  14. Multiple States of Financially Distressed Companies : Tests using a Competing-risks Model

    Directory of Open Access Journals (Sweden)

    Nongnit Chancharat

    2010-12-01

    Full Text Available This study examines the determinants of multiple states of financial distress by applying a competing-risksmodel. It investigates the effect of financial ratios, market-based variables and company-specific variables,including company age, size and squared size on three different states of corporate financial distress: activecompanies; distressed external administration companies; and distressed takeover, merger or acquisitioncompanies. A sample of 1,081 publicly listed Australian non-financial companies over the period 1989 to2005 using a competing-risks model is used to determine the possible differences in the factors of enteringvarious states of financial distress. It is found that specifically, distressed external administration companieshave a higher leverage, lower past excess returns and a larger size; while distressed takeover, merger oracquisition companies have a lower leverage, a higher capital utilisation efficiency and a larger size comparedto active companies. Comparing the results from both the single-risk model and the competing-risks modelreveals the need to distinguish between financial distress states.

  15. 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

  16. 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 dif

  17. Phases of a model developing applicable for financial risk management of companies

    OpenAIRE

    Çağdaş, Berk; Cudi Tuncer GÜRSOY

    2003-01-01

    A successful company is one which is able to manage its risks. All types of financial risk can successfully be managed by an algorithmic system approach and by a risk management model carefully developed for the specific needs of the company. The main focus is mainly on financial risk in this study and a risk management model has been developed to manage and effectively control of financial risk. There is no doubt that this risk must have been managed to control volatility and to provide fina...

  18. 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.

  19. 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.

  20. FINANCIAL DIAGNOSIS – THE WAY TO GET FINANCIAL PERFORMANCES BY THE COMPANY

    OpenAIRE

    Constantin CĂRUNTU; Mihaela Loredana LĂPĂDUŞI

    2010-01-01

    The financial analysis uses specific tools and means adapted to the scope and leads to the financial diagnosis; it is a part of the economic and financial diagnosis, together with the accounting diagnosis, being oriented especially towards profitability and enterprise risks. Financial diagnosis is the financial analysis instrument oriented towards consumers, aiming to measure the profitability of invested capitals and risks, to appreciate the conditions for achievi...

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. Satisfying the demand for financial information in public traded companies

    DEFF Research Database (Denmark)

    Holm, Claus

    to be an ever increasing factor. The financial reporting has to fulfill the requirements for official fillings to the stock exchange and the capital market as well as more voluntary Internet reporting to make annual, semi-annual and even quarterly reports publicly available. This demand for extensive...

  10. 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.

  11. 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

  12. 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.

  13. Financial performance and information disclosure on human resources: an analysis of companies in the IBRX – 100

    Directory of Open Access Journals (Sweden)

    Gustavo Henrique Costa Souza

    2016-03-01

    Full Text Available The research question that guided this study was: What is the relationship between the process of disseminating information on human resources and the financial performance of the companies? The research was conducted with the companies in the IBrX-100. All reports that supported this study relate only to the year 2013. The process of disseminating information on human resources was analyzed using the method by Mamun (2009. The statistical technique of multiple regression was used to assist in the interpretation of data, based on a cross-sectional view. The variables chosen for this study were Profitability (REN; Turnover (VV and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA. The companies analyzed presented a low disclosure rate of information on human resources. In view of the variables surveyed for this study, however, it can be concluded that there is a relationship between the process of disseminating information on human resources and the financial performance of companies when represented by Turnover and EBITDA - given that the profitability demonstrated no significant relationship in this analysis. Overall, the findings confirm other previous studies on the subject.

  14. The impact of financial balance indicators on the companies - Analysis on economic sectors

    Directory of Open Access Journals (Sweden)

    Iustin Dalea

    2012-12-01

    Full Text Available The paper presents the result of a financial balance analysis of some companies, which are grouped in three economic sectors: manufacturing, construction and tourism. The main focus consists in the impact of the three financial balance indicators have (floating capital, necessary working capital, net treasury on the activities that underline each economic sector. The applicative part of this paper is materialized in a scientific approach that includes a number of 27 companies, grouped after the domain, from Timis County, Romania, which has in view to obtain useful and perspective information concerning the financial balance, based on the specific behavior of the activity they perform, aiming also the possibility of taking useful and correct decisions. This approach represents our own vision about the differences of achieving a financial balance state within each economic sector analyzed.

  15. 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.

  16. Corporate Governance, Ownership and Financial Distress of Publicly Listed Companies in China

    Institute of Scientific and Technical Information of China (English)

    WangZhen; LiuLi; ChenChao

    2004-01-01

    This paper examines the effects of internal control mechanisms on the financial distress of publicly listed companies in China. Using t-test and Logistic regression analysis, we investigated the following aspects: ownership by top managers and the CEO, the number of directors, the percentage of inside directors, CEO duality, and ownership concentration. The empirical tests indicate a lower probability of financial distress when ownership by top managers and that by the CEO are higher. The evidence also shows that a combination of two parts, the CEO and the chairman of the board, may influence the internal control system of a publicly listed companies.

  17. 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.

  18. Directions of Improving the Financial Support of Export Activity of Innovative Companies in Russia and Abroad

    Directory of Open Access Journals (Sweden)

    Olga Valeryevna Nikulina

    2015-12-01

    Full Text Available In modern conditions the support of export activity is an important component of economic policy in foreign countries and Russia. Export activity of the innovative companies has special value for Russia. Consideration of financial support export activities of innovative companies gains particular relevance in the functioning of Russia in the WTO. The purpose of this study is the development and validation of practical advice on formation of an effective system of stimulating the export activities of innovative companies based on the use of financial instruments by adhering to the WTO principles and modalities. The authors used statistical analysis to evaluate the effectiveness of the instruments and the comparison to identify weaknesses in the Russian financial instruments to support exports. In determining the main directions of improving, the study used the method of forecasting on the basis of the results of the analysis and comparison. The article described the main instruments of financial support of innovation activities in Russia. The authors carried out a comparative analysis of the system to stimulate export activities in Russia and abroad. The article developed and substantiated recommendations on the formation of an effective system of state support for export of innovative companies. Conclusions drew that the Russian system of financial support of export activities requires adjusting in accordance with the rules of the WTO and the OECD, the extension of existing instruments through the use of “green” subsidies and the creation of a unified export Agency.

  19. 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

  20. 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.

  1. 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...

  2. Correlation Between Leadership Effectiveness and Personality Preferences at a Hungarian Independent Financial Advisor Company

    Directory of Open Access Journals (Sweden)

    Mészáros Aranka

    2016-02-01

    Full Text Available The main focus of our research is to study, with the help of the dimensions of the Myers-Briggs Type Indicator (hereinafter: MBTI the personality preferences of those leaders at the financial advisor company who are successful already. In the present study first we introduce the preferences of MBTI. Then we go on to define our hypothesis regarding the typical preferences of the leaders, focusing on the main leadership tasks of the company.

  3. 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...... 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......) 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...

  4. 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.

  5. 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

  6. 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

  7. 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.

  8. Detection of Fraud in Financial Statements: French Companies as a Case Study

    OpenAIRE

    Ines Amara; Anis Ben Amar; Anis Jarboui

    2013-01-01

    The objective of this research is to test the impact of the "Fraud Triangle" elements on the detection of fraud in the financial statements. The data used in our empirical research are related to a sample of 80 French companies in the SBF 250 over the period 2001 to 2009. Using the method of logistic regression, this study shows that the performance issue exerted on the manager is a factor of pressure leading to commit fraud in the financial statements. However, factors related to financial d...

  9. THE METHODICAL BASIS OF INTEGRAL INDEX CALCULATION OF AIR COMPANY STABLE FINANCIAL DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Tatjana S. Rotar

    2015-01-01

    Full Text Available Based on the earlier published materials of authors about company’s stable development and pointing out the methods of integral index calculation of stable development, the following article is devoted to analysis of different approaches of financial stability definition.The review of the chosen methods of financial stability evaluation shows that all authors suggest the same set of indicators for evaluation, but at the same time each scientist offers his own methods for their calculation.The work also includes calculation of stable financial development indexes on the example of three Russian leading air companies.

  10. 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

  11. THE USAGE OF DERIVATIVES IN FINANCIAL RISK MANAGEMENT BY COMPANIES IN BOSNIA AND HERZEGOVINA

    OpenAIRE

    Meldina Kokorović Jukan; Izudin Kešetović; Emira Kozarević; Beriz Čivić

    2012-01-01

    The main objective of this paper is to determine the scope of the use of derivatives by companies in BiH for specific purposes of financial risk management. The aim is to provide a comparative analysis with companies from Slovenia and Croatia in order to determine ifcompanies in BiH use the hedging instruments appropriately, and to suggest possible improvements of their practices for managingfinancial risks. The basic goals of the paper are to explore if companies in BiH use derivatives for r...

  12. 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.

  13. 77 FR 65675 - Financial Education Content Needs Survey

    Science.gov (United States)

    2012-10-30

    ... From the Federal Register Online via the Government Publishing Office COMMODITY FUTURES TRADING COMMISSION Financial Education Content Needs Survey AGENCY: Commodity Futures Trading Commission, Office of Consumer Outreach. ACTION: Notice. SUMMARY: The Commodity Futures Trading Commission (``CFTC''...

  14. 76 FR 24024 - Request for Information Relating to Studies Regarding the Resolution of Financial Companies Under...

    Science.gov (United States)

    2011-04-29

    ...) 452-3102. Mail: Address to Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve... of special masters or judges should be established to oversee cases involving financial companies to... the Board of Governors of the Federal Reserve System, April 20, 2011. Jennifer J. Johnson,...

  15. Correlation between Leadership Effectiveness and Personality Preferences at a Hungarian Independent Financial Advisor Company

    Science.gov (United States)

    Mészáros, Aranka; Budavári-Takács, Ildikó

    2016-01-01

    The main focus of our research is to study, with the help of the dimensions of the Myers-Briggs Type Indicator (hereinafter: MBTI) the personality preferences of those leaders at the financial advisor company who are successful already. In the present study first we introduce the preferences of MBTI. Then we go on to define our hypothesis…

  16. Dating the Shift to English in the Financial Accounts of Some London Livery Companies: A Reappraisal

    Science.gov (United States)

    Alcolado Carnicero, José Miguel

    2015-01-01

    A mixed-language phenomenon such as language shift has been acknowledged to constitute one of the hallmarks of the manuscripts in which the members of the City of London livery companies recorded their financial transactions during the late medieval period. Despite these texts having been studied by scholars in very diverse disciplines,…

  17. 12 CFR 225.86 - What activities are permissible for any financial holding company?

    Science.gov (United States)

    2010-01-01

    ..., 84 Federal Reserve Bulletin 680 (1998)); (ii) Owning shares of a securities exchange (J.P. Morgan... depository institutions and their affiliates for use in the ordinary course of business (Norwest Corporation... exclusive. (A) Hosting an electronic marketplace on the financial holding company's Internet web site...

  18. 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.

  19. 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.

  20. 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.

  1. 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

  2. The Role of Financial Audits on Effective Corporate Governance in Companies: A Case Study of Coastal Bottlers Limited

    OpenAIRE

    johnson amani changawa; Fridah Simba Theuri

    2014-01-01

    The financial audit remains an important aspect of corporate governance that makes management accountable to shareholders for its stewardship of a company. The audit serves as a signaling mechanism to shareholders of a company that information provided by the company’s directors can be relied upon. However despite all positive aspects attributable to the roles played by financial auditors, recent experience indicate that companies have not managed to reach their optimal operational efficienc...

  3. Ethical Compliance by the Accountant on the Quality of Financial Reporting and Performance of Quoted Companies in Nigeria

    OpenAIRE

    2011-01-01

    The study investigates the ethical compliance by the accountant on the quality of financial reporting and performance of quoted companies in Nigeria. Five hypotheses guided the study. The sample for the study which was twenty companies from five sectors quoted in the Nigerian Stock Exchange. They were systematically and purposively selected from the number of quoted companies in the exchange. A five point scale questionnaire was used with items on ethical issues on organizational financial re...

  4. Finanční analýza společnosti Pivovary Staropramen, a.s./Financial Analysis of Pivovary Staropramen Company

    OpenAIRE

    Knesplová, Zuzana

    2011-01-01

    This thesis is focused on the financial analysis of Pivovary Staropramen Company. The work is divided into theoretical and practical. The theoretical section explains the general scope of financial analysis, sources of information for financial analysis, users of financial analysis and most importantly, the methods of financial analysis. The practical part is devoted to the application of financial analysis by Pivovary Staropramen Company. Conclusion is drawn about the financial health of the...

  5. 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.

  6. IMPLICATION OF DECISIONS OF FINANCING POLICY ON THE FINANCIAL PROFITABILITY AND STABILITY OF THE COMPANY

    Directory of Open Access Journals (Sweden)

    Pop Mugurel Gabriel Sorin

    2012-07-01

    Full Text Available The present study aims at analyzing the influence of decisions on financing policy of the current activity on profitability and financial stability of the company. Of course, the realization of such a research is not possible without a pertinent analysis on the concepts expressed in the literature of this field. In relation to this matter, we find that each author has his own concept about the subject under review. These expressed views, based on previous research, are related to the domain under analysis. Our research is in the current phase, a theoretically applied one. It is based on the comparisons we make between different means of financing the company's current activity. We are convinced that an accurate determination of the influence of decision on financing policy on the profitability and financial stability, helps the financial management, by facilitating the process of adopting the most appropriate funding decisions. Our research results are outlined in the information provided on financial management of the company that will lead to a better substantiation for decision-making policy-related process on funding.

  7. 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

  8. 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.

  9. Indicators Non-Financial Performance Assessment: Content Analysis of Telecommunications Companies of Management Reports

    Directory of Open Access Journals (Sweden)

    Sandra Belloli De Vargas

    2016-04-01

    Full Text Available Traditionally, business activities adopt performance evaluation as a tool for the efficiency and effectiveness estimation. This article aims to identify the non-financial measures for performance evaluation disclosed by companies in the telecommunication sector listed on the BOVESPA. The use and disclosure of non-financial indicators emerged from the gap left by traditional accounting to explain special issues such as the difference between the book value and the market value of companies. The government regulates the telecommunications sector that also has to meet the appropriate corporative enforcement. The regulatory agencies exercise this control, on behalf of the public services granting carried out by private companies. The study selected the data samples from the telecommunications sector; fixed, and mobile telephony lists using the content analysis of the management annual reports published at the companies' sites, and interpreted using the descriptive statistical analysis. The content analyses find nonfinancial indicators in all reports. The results highlight human resources, followed by the environmental issues number of indicators disclosure. All analyzed companies use the services customer satisfaction and the number of complaints. The results difference maybe because of service and not industry sector sample selection as presented in previous studies.

  10. 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.

  11. Relationship between the Interest of Investors to Admired Companies and Financial Indicators

    Directory of Open Access Journals (Sweden)

    Eda ORUÇ

    2011-06-01

    Full Text Available Capital Journal has published “Turkey’s Most Admired Companies” list on the basis of several parameters since 1999. This study aims to investigate whether the relationship between the several financial indicators of the companies which have been continuously listed in the admired list and processed İstanbul Stock Exchange Market (ISE and interest of investors to the stocks of these companies. The financial indicators, which have been associated with investor numbers as using a indicator of interest of investors, are leverage ratio, market to book value ratio, net profit margin and sales size. The achieved results for the admired companies portfolio have been compared with the results of the market portfolio which has consisted of manufacturing companies that have been continuously processed in ISE. A significantly negative relation between market to book value ratio for t period and interest of investors for t+1 period has been found for both portfolios in this study by using panel data analysis. The relation between net profit margin and interest of investors is significantly positive for the market portfolio but there is not any significant relation for the admired companies portfolio.

  12. Determinants of financial distress in u.s. large bank holding companies

    OpenAIRE

    Zhang, Zhichao; XIE Li; Lu, Xiangyun; zhang, zhuang

    2014-01-01

    With a sample of 354 U.S. large bank holding companies, this paper investigates the determination of financial distress in financial institutions. We find that: (1) the house price index is consistently significant and positively associated with the Distance-to-Default (DD) measure in the U.S. banking market; (2) all the three major banking risk characteristics i.e. non-performing loans, short-term wholesale funding, and the credit-risk indicator are reliable factors behind DD determination; ...

  13. 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.

  14. 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.

  15. 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... Financial Assistance for NMVC Companies (Leverage) Conditional Commitments by Sba to Reserve Leverage for A Nmvc Company § 108.1220 Requirement for NMVC Company to file financial statements at the time of...

  16. 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

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

    OpenAIRE

    Wakhid Slamet Ciptono

    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 ...

  18. DRAWING UP THE FINANCIAL BUDGET IN THE CASE OF A PUBLIC TRANSPORTATION COMPANY

    OpenAIRE

    Sorin Adrian Achim; Monica Violeta Achim; Mirela-Oana Pintea; Alin - Ionel Ienciu

    2008-01-01

    The drawing up of the companies’ budget represents one of the mostimportant instruments through which is accomplished an efficieny management, theevaluation of companies’ performances and personnel motivatio. Public localtransportation companies usually use budgets as comparison benchmarks for theperformances they obtain in their current activity. These bidgets represent anessential part in the unfolding of each company’s activity. This paper presents thedrawing up of the financial budgets wi...

  19. Role of financial statements as management tools to companies that use and exploit natural resources

    OpenAIRE

    Dobrin, Marinica

    2010-01-01

    Statements and financial reports are tools allowing managers as well as external analysts to make quality and / or quantitative value judgments regarding status, dynamics and prospects of a firm. By analyzing these instruments, internal and external information is processed in order to formulate relevant assessments on the situation at the company level and on the quality of its performance, at the degree of risk in a competitive environment.

  20. Financial crisis early-warning model of listed companies based on predicted value

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    To establish a financial early-warning model with high accuracy of discrimination and achieve the aim of long-term prediction, principal component analysis (PCA), Fisher discriminant, together with grey forecasting models are used at the same time. 110 A-share companies listed on the Shanghai and Shenzhen stock exchange are selected as research samples. And 10 extractive factors with 89.746% of all the original information are determined by applying PCA, which obtains the goal of dimension reduction without...

  1. 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...

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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

    2014-02-01

    Full Text Available Orientation: The challenge of sustaining one’s employability in a highly dynamic and turbulent labour market places new demands on individuals’ ability to navigate their career development. Career management practices in organisations should help individuals gain awareness of the career meta-capacities they need to sustain their employability.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

  7. Public survey of financial incentives for kidney donation

    NARCIS (Netherlands)

    L.W. Kranenburg (Leonieke); A. Schram (Andre); W.C. Zuidema (Wilij); W. Weimar (Willem); M.T. Hilhorst (Medard); E. Hessing (Ellen); J. Passchier (Jan); J.J. van Busschbach (Jan)

    2008-01-01

    textabstractBackground. One of the most fiercely debated strategies to increase the number of kidneys for transplantation is the introduction of financial incentives. As the success of such strategy largely depends on public support, we performed a public survey on this topic. Methods. We developed

  8. 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.

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

    Directory of Open Access Journals (Sweden)

    Darelle Groenewald

    2016-03-01

    Full Text Available Orientation: Companies are under ever-increasing pressure from both internal and external stakeholders to consider the environmental and social impacts of their operations and to mitigate these impacts. This necessitates an investigation into the effect of sustainability initiatives on the financial performance (FP of a company.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.

  10. 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.

  11. 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.

  12. 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.

  13. Financial reporting of transnational companies as a source of recession prediction

    Directory of Open Access Journals (Sweden)

    V.V. Bondarchuk

    2015-03-01

    Full Text Available The ability to predict economic recession on investment activity of transnational corporations has been investigated in this paper. Cash flow statement of transnational corporations as a source of investment analysis has been considered. The conclusion about the prospects of using the method of analysis of investment activity on the basis of the financial statements of transnational corporations to predict the recession has been done. The advantage of this method is its efficiency, that means the possibility of quarterly forecasts, as well as the fact that the decrease in investment activity, as an indicator of changes in precession occurs rather decrease in gross domestic product. The disadvantage of this method is the impact on the investment activity of transnational corporations subjective factors and possible problems with access to the financial statements of such companies. It was found that the process of reducing of the investments, as a factor of recessionary changes, occurs earlier than the decline in GDP.

  14. 77 FR 27021 - Proposed Information Collection; Comment Request; Quarterly Survey of Financial Services...

    Science.gov (United States)

    2012-05-08

    ... Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons AGENCY: Bureau... 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. financial...

  15. 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.

  16. CONTEMPORARY APPROACHES OF COMPANY PERFORMANCE ANALYSIS BASED ON RELEVANT FINANCIAL INFORMATION

    OpenAIRE

    Sziki Klara; Kiss Melinda; Popa Dorina

    2012-01-01

    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 appr...

  17. 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.

  18. METHODS OF EVALUATION OF FINANCIAL EFFICIENCY OF HIGH-TECH PROJECTORIENTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Matyushok V. M.

    2015-05-01

    Full Text Available The subject of the research is a complex of high-tech manufacturing companies integrated and functioning in the form of project-oriented companies that are complex dynamic systems with increased efficiency due to changes in its structure and functions, institutional adaptation or use of project management techniques and optimization. The article reveals peculiarities of assessment methods financial performance knowledge-based project-oriented businesses, the main of which is that companies consider their activities as separate independent projects, which have their cost centers and profit. The author's solution to the problem of choosing the optimal investment project among several possible within the framework of the investment program or portfolio of projects, which can be mutually independent of each other, or mutually interdependent. The aim of the work is to study the possibilities and prospects of organizational and economic mechanisms for the use of project campaign for the effective management of knowledge-based enterprises that will quickly adopt new technologies and create optimal production structure. The results will be useful for the public authorities responsible for the development of high-tech industries as well as public and private companies wishing to profitably participate in the implementation of major innovative projects and programs. In the course of the study suggested methods for evaluating the effectiveness of high-tech project-oriented businesses, allowing them to identify the main advantages and disadvantages in meeting their specific production problems

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

    Energy Technology Data Exchange (ETDEWEB)

    Henriques, I.; Sadorsky, P. [York Univ., Schulich School of Business, Toronto, Ontario (Canada)]. E-mail: ihenriqu@schulich.yorku.ca; psadorsk@schulich.yorku.ca

    2005-07-01

    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)

  20. 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.

  1. The Financial Performance and Corporate Governance Disclosure: A Study in the Annual Reports of Listed Companies of Bangladesh

    Directory of Open Access Journals (Sweden)

    Md. Abdur Rouf

    2012-06-01

    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 measuringcorporate 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 resultshows that the level of Corporate Governance Disclosure (CGD is positively correlated with the Financial Performances (Profitability. The study provides empirical evidence to policy makers and regulators in South Asia.

  2. 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

  3. 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

  4. 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

  5. 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.

  6. 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.

  7. 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.

  8. 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

  9. 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.

  10. 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

  11. 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

  12. 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

  13. NON BANKING FINANCIAL COMPANIES AND INDIA’S RURAL ECONOMY - WITH REFERENCE TO SAHARA GROUP

    Directory of Open Access Journals (Sweden)

    SUKANTA CHANDRA SWAIN

    2012-10-01

    Full Text Available Sahara India Group has diversified business in the areas like finance, real estate, media and entertainment, tourism and services. Its business in finance, as usual, comes under the purview of Reserve Bank of India (RBI jurisdiction. Its two financial institutions (FIs – Sahara India Investment Corporation Ltd (SIICL, a non-banking finance company (NBFC and Sahara India Financial Corporation Ltd (SIFCL, a residuary nonbanking finance company (RNBC have been coming under RBI scanner. While the registration of SIICL has been recently cancelled by RBI in spite of a net profit in 2006-07 against a loss in 2005-06, SIFCL has been under the threat of winding up the business owing to regulatory concerns of RBI. Thus time will come when Sahara India Group will no more be there in the financial sector. However, it will not allow the resources withdrawn from these two FIs to be idle. As it has been a prominent player in the real estate industry of India, it is clearly visible that it will reallocate the resources in favour of real estate. That way, the profitability of Sahara India Group will never be undermined. But can we say with confident that the economy will never lose anything by this ‘move by coercion’ of Sahara India Group? Certainly no, because other FIs are yet to penetrate into rural areas what SIICL and SIFCL had been doing successfully. Therefore the twin objective - Mobilization of rural savings and eradication of rural poverty will definitely be in jolt because of this. This paper tries to analyze critically this ‘move by coercion’ of Sahara India Group in the perspective of rural poverty, the ultimate problem of Indian Economy.

  14.  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.

  15. 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

  16. The role of the extrajudicial accounting survey in reviewing and certifying financial statements. A case study

    Directory of Open Access Journals (Sweden)

    Busuioceanu, S.

    2013-12-01

    Full Text Available As our society develops, transactions between companies become increasingly complex. The amount of data involved is bigger and bigger, while decision makers are more and more likely to receive incorrect information. In order to improve the reliability and relevancy of the information they use, decision makers resort to assurance services which can be performed by financial auditors, chartered accountants or other specialists. The contribution of the accounting survey to the prevention of damage, the preservation of the integrity of the cultural assets and the compliance with the law are efficient not only given their use as evidence in court, but also as a means to ground decisions or to guarantee the fact that the accounting balance sheet offers a true, clear and complete view over the assets, financial statements, the profit (loss for the period. These financial and accounting analyses and certifications of the assets and the possibility of the economic agent to make profit and, consequently, to be financially efficient, represents a proof of reliability for the other economic agents when establishing sound economic rapports.

  17. 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

  18. 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...

  19. Organizational resilience: a comparative study between innovative and non-innovative companies based on the financial performance analysis

    Directory of Open Access Journals (Sweden)

    Antonio Oliveira de Carvalho

    2016-04-01

    Full Text Available Organizational resilience is defined as the ability and capacity of an organization to withstand unexpected changes, discontinuities and environmental risks. Innovation contributes to achieve resilience as it enables organizations to renew over time. Our aim in this article is to analyze the relationship between innovation and resilience from the financial performance analysis with EBITDA, ROE and ROA indicators. We investigated a total of 10 companies divided into two groups, where the first was a group of 5 open-capital companies listed in the ranking of the 50 most innovative companies in Brazil, and the second being a group of 5 open-capital companies not listed in the ranking. We performed an analysis in two stages: the first consisted in calculating the indexes selected in the four fiscal years - 2011, 2012, 2013 and 2014 - chosen by coinciding with a period after the 2008-2009 crisis; in the second stage, we compared the indexes of the two groups of companies in the four established periods. The results indicate that innovative companies are able to sustain higher financial results than those non-innovative companies. As a main contribution, our study provides a longitudinal comparative analysis, thus providing evidence on the financial performance of innovative enterprises.

  20. 谈集团公司财务控制%Discussion on Financial Control in Group Company

    Institute of Scientific and Technical Information of China (English)

    居菁

    2011-01-01

    Financial control is an important part of financial management, this paper analyzes the meaning and objectives of financial control,financial control necessary for the implementation of the basic conditions and other aspects, combined with my the actual situation in financial management company, the financial control is elaborated briefly.%财务控制是企业财务管理的重要内容,本文从分析财务控制的含义及目标、实施财务控制所需具备的基本条件等方面入手,结合本人所在集团公司财务管理工作的实际情况,对财务控制加以简单阐述.

  1. Efficient energy management: theoretical basis of the financial activity of energy service companies

    Directory of Open Access Journals (Sweden)

    I.M. Sotnyk

    2015-09-01

    Full Text Available The aim of this article. The aim of this article is to research the implementation of different types of energy service contracts and financial mechanisms of work of energy service companies (ESCOs in the domestic economic conditions in order to improve the approach to energy management and activate energy effective and resource saving processes in Ukraine. The results of the analysis. High energy consumption in the economy of Ukraine is the result of inefficient use of energy resources which has negative effect on the energy safety of the country, deteriorates the environment and undermines people’s health. The potential to decrease energy consumption in Ukraine is so high that decisive actions in this sphere, as experts claim, can lead to 20-30% decrease of annually consumed energy resources in the country. Consequently, there is a great necessity to activate energy and resource saving by developing energy service activity and creating the chain of specialized ESCOs in Ukraine. ESCO is one of the most effective and widespread organization forms in the world that increases energy efficiency of national economy; its efficiency was proved both in developed countries and those which are developing. The implementation of different types of energy performance contracts of specialized ESCOs was studied in the article. Considering the imperfection of Ukrainian legislation which denies the technology of energy service contracts, the authors offered recommendations concerning changes to some legislative acts. At the same time financial support of ESCOs’ activity is really important for development of energy service market. In this research possible financial mechanisms of ESCOs’ work were analyzed. There is a need to diversify sources of funding of energy saving measures that are adopted by specialized ESCOs by means of attracting funding from state and local budgets, creating conditions for attracting resources of international financial

  2. 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.

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

    OpenAIRE

    Marian Siminică; Liviu Crăciun; Adina Dinu

    2015-01-01

    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 initiativ...

  4. 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.

  5. 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

    ... and commodity exchanges; other financial investment activities (including miscellaneous intermediation, portfolio management, investment advice, and all other financial investment activities); insurance carriers..., Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and...

  6. 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.

  7. 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.

  8. 78 FR 5166 - BE-185: Quarterly Survey of Financial Services Transactions Between U.S. Financial Services...

    Science.gov (United States)

    2013-01-24

    ... Bureau of Economic Analysis XRIN 0691-XC009 BE-185: Quarterly Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons AGENCY: Bureau of Economic Analysis... Analysis (BEA), Department of Commerce, is informing the public that it is conducting the mandatory...

  9. [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.

  10. Applying Chaid to Identify the Accounting-Financial Characteristics of the Most Profitable Real Estate Companies in Spain

    Directory of Open Access Journals (Sweden)

    Salvador Rayo

    2010-12-01

    Full Text Available The aim of this study is the determination, from an empirical perspective, of the accounting and financial features which could condition financial profitability of real estate companies, to identify the performances that guarantee its permanency in the current marketplace, characterized by the world economic crisis, specially in Spain, whose housing sector represents an important contributor to the economic growth. Although at a theoretical level, the DuPont Model establishes the relationships between a group of accounting ratios and financial profitability, this paper uses a sample of 5,484 Spanish real estate companies to quantify these relationships and to extract the most relevant ones, to obtain the patterns of the most profitable companies. We use ROE to measure profitability and we analyze various independent variables about solvency, liquidity, activity, turnover, financial equilibrium and investment structure. The main contribution is of methodological nature, as we have applied statistics tools that do not require initial hypotheses on the distribution of the variables, by using a data mining technique of classification and regression tree based on rule induction algorithms known as CHAID. The study provides quantitatively success profiles by means of a set of rules describing the patterns of the most profitable companies.

  11. Does CSR Create Value for Companies In Malaysia? An Empirical Study of Effect of CSR towards Financial Performance on Shariah and Non Shariah-Compliant Companies in Malaysia

    OpenAIRE

    Ding, Huey Chyi

    2015-01-01

    Over the years, there has been a significant rise in the awareness and practice of Corporate Social Responsibility (CSR) globally. Studies covered various dimensions of CSR have been carried out extensively in developed countries, with results varied that CSR active companies outperformed their peers in term of financial returns, others shown no significant correlations while some concluded that CSR activities do not pay. Similar trend of research gained distinctive attention from the develop...

  12. The main categories of disclosures concerning control over financial reporting: The practice of companies listed on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Gad Jacek

    2015-10-01

    Full Text Available The aim of this paper is to answer the question whether, and, if so, to what extent, control over financial reporting is exercised in practice. An attempt was made to measure the control by analysing the disclosures regarding the control over financial reporting which were included in the annual reports and statements on corporate governance. The annual reports of the companies listed on the WSE were the subject of the research. The research problems presented in this article with regard to the disclosures about the control over financial reporting have only been discussed to a limited extent in the literature. It seems that the list of disclosures is an important part of this paper. It can serve as a reference point for the development of a disclosure index and, additionally, provide a basis for a verification of research questions that may be posed in the future. The results of the study indicate that there was no single form of disclosing the information on internal control and risk management systems in relation to financial reporting in the reporting practices of the public companies listed on the Warsaw Stock Exchange in 2011. The disclosures were different both in terms of the degree of detail and the content. The companies listed on the WSE presented the information on control over financial reporting within 13 major categories of disclosures identified in the study.

  13. 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 conse

  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 conse

  15. 77 FR 13348 - Accreditation and Approval of Thionville Surveying Company, Inc., as a Commercial Gauger and...

    Science.gov (United States)

    2012-03-06

    ... SECURITY U.S. Customs and Border Protection Accreditation and Approval of Thionville Surveying Company, Inc., as a Commercial Gauger and Laboratory AGENCY: U.S. Customs and Border Protection, Department of Homeland Security. ACTION: Notice of accreditation and approval of Thionville Surveying Company, Inc., as a...

  16. 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.

  17. 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.

  18. 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

    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 company. The research chose Indonesia as the place of observation because...

  19. 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.

  20. European Company Survey : construction of the workplace innovation index and selection of companies

    NARCIS (Netherlands)

    Dhondt, S.; Preenen, P.T.Y.; Oeij, P.R.A.; Corral, A.; Isusi, I.; Totterdill, P.; Karanika-Murray, M.

    2014-01-01

    For the selection of company cases from the ECS 2013 dataset for the Eurofound-project on workplace innovation, TNO-IKEI has developed a selection procedure. This report describes the procedure. The end result of this selection is a list of ID-numbers of the companies in the ECS that are expected to

  1. European Company Survey : construction of the workplace innovation index and selection of companies

    NARCIS (Netherlands)

    Dhondt, S.; Preenen, P.T.Y.; Oeij, P.R.A.; Corral, A.; Isusi, I.; Totterdill, P.; Karanika-Murray, M.

    2014-01-01

    For the selection of company cases from the ECS 2013 dataset for the Eurofound-project on workplace innovation, TNO-IKEI has developed a selection procedure. This report describes the procedure. The end result of this selection is a list of ID-numbers of the companies in the ECS that are expected to

  2. 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.

  3. 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.

  4. 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

  5. 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.

  6. Analisis Pengaruh Company Size, Return on Assets, Financial Leverage, dan Operating Leverage terhadap Income Smoothing Practices pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

    Directory of Open Access Journals (Sweden)

    Auditya Williyarto Pradana

    2012-05-01

    Full Text Available The primary objectives of this research is to learn the amounts of industrial company using income smoothing practices and effecting among company size, return on assets, financial leverage, and operating leverage with income smoothing practices neither simultaneous nor partial. Data secondary collected by industrial companies listed at Indonesian Stock Exchage and the journal preceding research persons. The sesults of this research describe that there are 11 from 31 samples of industrial company using income smoothing practices. Company size, Return on assets, and financial leverage have not any an effecting significant to income smoothing practices, and Operating leverage have an effecting significant to income smoothing practices, but Company size, Return on assets, Financial leverage, and Operating Leverage have the simultaneous effecting significants to income smoothing practices. The topic of this research can be continued using a certain industrial groups or added many new independence variables, because if compared to proceeding research persons who mention the same and differences of its.

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

    OpenAIRE

    AVRAM MARIOARA

    2013-01-01

    The annual financial situations represent the main source of information regarding the financial situation and the performance of any entity. The public character of the financial situations allows the presentation of the information to both the internal users and to the stakeholders too. This piece of information refers to the financial diagnosis of the entity , the evolution in time and space (as the reports are written and designed for each stage) of the patrimonial elements presented in t...

  8. 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.

  9. A survey of executive compensation contracts in China’s listed companies

    Directory of Open Access Journals (Sweden)

    Yubo Li

    2013-09-01

    Full Text Available We analyze 228 executive compensation contracts voluntarily disclosed by Chinese listed firms and find that central-government-controlled companies disclose more information in executive compensation contracts than local-government-controlled and non-government-controlled companies. Cash-based payments are the main form of executive compensation, whereas equity-based payments are seldom used by Chinese listed companies. On average, there are no significant differences in the value of basic salaries and performance-based compensation in executive compensation contracts. But, compared with their counterparts in non-government-controlled companies, executives in government-controlled companies are given more incentive compensation. Accounting earnings are typically used in executive compensation contracts, with few firms using stock returns to evaluate their executives. However, the use of non-financial measures has increased significantly since 2007.

  10. A survey of executive compensation contracts in China’s listed companies

    Institute of Scientific and Technical Information of China (English)

    Yubo; Lia; Fang; Lou; Jiwei; Wang; Hongqi; Yuan

    2013-01-01

    We analyze 228 executive compensation contracts voluntarily disclosed by Chinese listed firms and find that central-government-controlled companies disclose more information in executive compensation contracts than localgovernment-controlled and non-government-controlled companies. Cashbased payments are the main form of executive compensation, whereas equity-based payments are seldom used by Chinese listed companies. On average, there are no significant differences in the value of basic salaries and performance-based compensation in executive compensation contracts.But, compared with their counterparts in non-government-controlled companies, executives in government-controlled companies are given more incentive compensation. Accounting earnings are typically used in executive compensation contracts, with few firms using stock returns to evaluate their executives. However, the use of non-financial measures has increased significantly since 2007.

  11. 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.

  12. Financial Services Authority (OJK Policy on Debt Proportion and Its Impact on the Profitability of DES Listed Companies in Indonesia

    Directory of Open Access Journals (Sweden)

    Aida Nurul Hadiah

    2016-12-01

    Full Text Available The sharia capital market in Indonesia has different principles and criteria from the conventional capital market, and focuses on “ethics and justice”. The desired outcomes of capital market transactions should be in accordance with Islamic ethics and norms as managed in sharia. OJK (Otoritas Jasa Keuangan/ Financial Services Authority is supervisor and manager of financial service activities in the banking sector, the capital market sector, and the IKNB (Industri Keuangan Non-Bank/ Non-Bank Financial Industry sector. The research object is capital structure, leverage, and profit. They are managed by size, liquidity, growth, and active structure of the listed company at sharia stock. The research population is 24 companies excluded from the OJK due to a lack of criteria in their 2013-2015 quarterly financial reports. The data analyses used are descriptive statistics and inferential statistics. This analysis finds the effect of the independent variable, dependent variable and control variable simultaneously and partially. The research result shows that capital structure and leverage do not have significant effect.   Keywords: OJK (Otoritas Jasa Keuangan, Debt Proportion, DES

  13. Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables

    NARCIS (Netherlands)

    Hernandez Tinoco, Mario; Wilson, Nick

    2013-01-01

    Using a sample of 23,218 company-year observations of listed companies during the period 1980–2011, the paper investigates empirically the utility of combining accounting, market-based and macro-economic data to explain corporate credit risk. The paper develops risk models for listed companies that

  14. Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables

    NARCIS (Netherlands)

    Hernandez Tinoco, Mario; Wilson, Nick

    2013-01-01

    Using a sample of 23,218 company-year observations of listed companies during the period 1980–2011, the paper investigates empirically the utility of combining accounting, market-based and macro-economic data to explain corporate credit risk. The paper develops risk models for listed companies that

  15. 17 CFR 250.26 - Financial statement and recordkeeping requirements for registered holding companies and...

    Science.gov (United States)

    2010-04-01

    ... maintain a subaccount to its retained earnings account which shall be periodically debited or credited with its proportionate share of undistributed retained earnings of subsidiary companies. (3) No company... proportionate share of earnings or losses or capital changes of the subsidiary company since its acquisition...

  16. 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 include 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 employee's 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 company’s homepage 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 of 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 perspective 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

  17. 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

  18. The effect of financial reporting frequency on information asymmetry and the cost of equity of companies listed on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Fardin Khezri

    2016-06-01

    Full Text Available The subject of this article is study of the effect financial reporting frequency on information asymmetry and the cost of equity of companies. The research method is correlational –descriptive based on panel data. In this research, Financial data of 104 companies listed on Tehran Stock Exchange (TSE during the period 2009 to 2014 (624 Companies-Year are reviewed. Chow test is used to test the models to determine whether panel or pooled methods are used. Then, Hausman test is used to apply random or fixed effects panel. Finally, the model fitting is presented and the results of the regression assumptions are used in research models. Results of study show that there is a significant inverse relationship between financial reports frequency and information asymmetry and also there is a significant inverse relationship between financial report frequency and cost of equityin companies.

  19. Financial Benchmarking

    OpenAIRE

    2012-01-01

    This bachelor's thesis is focused on financial benchmarking of TULIPA PRAHA s.r.o. The aim of this work is to evaluate financial situation of the company, identify its strengths and weaknesses and to find out how efficient is the performance of this company in comparison with top companies within the same field by using INFA benchmarking diagnostic system of financial indicators. The theoretical part includes the characteristic of financial analysis, which financial benchmarking is based on a...

  20. A survey of financial planning models for health care organizations.

    Science.gov (United States)

    Coleman, J R; Kaminsky, F C; McGee, F

    1978-01-01

    This paper describes "what if?" financial planning models developed for health care administrators and financial managers to study and evaluate the economic impact of changes in a health care organization's charge structure, operating policies, reimbursement plans, and services and resources. Models for inpatient and outpatient care systems are presented. The models are described in terms of input, output, and application. An assessment of the state of the art of financial planning and prospects for the future of what if?models are given.

  1. 基于财务状况多分类的上市公司财务危机预警%Financial Distress Prediction of Listed Companies Based on Classified Financial Positions

    Institute of Scientific and Technical Information of China (English)

    卢永艳; 王维国

    2011-01-01

    目前的财务危机预警模型大多局限于二分类研究,而公司陷入财务危机往往会经历一个逐步衰败的过程,简单的二分类有时会掩盖某些上市公司财务状况逐渐变差的事实.为了更准确地判断公司的财务状况,将公司分为财务稳定公司、潜在危机公司、财务危机公司和破产公司四类,运用t-2年的财务数据构建了有序多分类logistic回归模型.实证结果表明,模型的预测能力较好,误判成本较低,能提供更加准确的信息.%Recently the studies on financial distress prediction are mostly limited to binary classification. But the process of companies' getting into trouble is slow, simple binary classification sometimes can cover up the facts that companies' status of getting worse.ln order to judge companies' financial status exactly, the authors classify the listed companies into four categories: financial healthy companies, potential distress companies, financial distress companies and financial failure companies. On the basis of categories, They apply ordinal logistic regression to construct the financial distress prediction model which is based on the data of year-2 . The empirical research results indicate that the financial distress early warning model based on ordinal Logistic model with good forecast ability and low misjudge costs can supply more definite information on financial status of the corporation.

  2. 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.

  3. A Critical Survey on the Contagion Effects of Financial Crisis

    Directory of Open Access Journals (Sweden)

    Chi-Young Song

    2000-09-01

    Full Text Available This paper critically reviews theoretical and empirical studies on financial contagion. The East Asian crisis in 1997 as well as the Mexican crisis in 1994 saw the serious spillover of financial turbulences among different countries, and consequently this has encouraged theoretical and empirical investigation of financial contagion effects. However, rigorous evaluation and assessment of existing studies are yet to be made. In this paper, we introduce and critically evaluate previous studies on the definitions and phenomena, and causes of financial contagion effects. We also discuss effective policy measures to contain them, and topics for future studies.

  4. Value Relevance of European High- and Low-Technology Companies' Financial Statements

    OpenAIRE

    Gegic, Damir; Lindkvist, Anton

    2016-01-01

    During the 1990s the increased importance of intangible assets caused concern among practitioners and academics that financial statements were losing their value relevance, i.e. the relation between a firms’ financial statement information and its market value, especially for high-technology firms which were deemed likely to be intangible-intensive. Research conducted on the US market largely show that financial statements were losing their relevance to investors during the build-up of the do...

  5. 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.

  6. 寿险公司的财务风险管理%The Financial Risk Management of Life Insurance Company

    Institute of Scientific and Technical Information of China (English)

    褚小林

    2012-01-01

    在全球经济复苏乏力的背景下,寿险公司面临偿付能力不足、资产负债匹配性差、持续盈利能力不足等一系列财务风险。全面预算作为企业经济活动的一种有效管理工具,与财务风险管理在目标协同、内部管理支持、外部环境融合方面具有紧密的关系。通过建立基于全面预算的财务风险监控指标体系、风险预算分解机制、市场竞争策略、现金流预测手段,防范和化解财务风险,保持寿险公司财务稳定。%In the background of global economic recovery is weak, life insurance companies face a lack of solvency, the matching of assets and liabilities, the lack of sustained profitability and a series of financial risk. The overall budget as effective management tool for enterprise economic activity has a close relationship with financial risk management in target coincidence, internal management support, integration of the external environment. Through the establishment of the monitoring index system based on the comprehensive budget of the financial risk, risk budgeting decomposition mechanism, competition strategy, cash flow forecast means to guard against and defuse financial risk, maintain the financial stability of the insurance companies.

  7. 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.

  8. 76 FR 6756 - Recommendations Regarding Modifications to the Concentration Limit on Large Financial Companies

    Science.gov (United States)

    2011-02-08

    ...; ] FINANCIAL STABILITY OVERSIGHT COUNCIL Recommendations Regarding Modifications to the Concentration Limit on...'' or ``Dodd-Frank Act'') establishes a financial sector concentration limit that generally prohibits a...\\ This concentration limit is intended, along with a number of other provisions in the Dodd-Frank Act, to...

  9. Effecting Factors Delivered Financial Reporting Time Lines at Manufacturing Company Groups Listed IDX

    Directory of Open Access Journals (Sweden)

    Sunaryo

    2012-10-01

    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

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

    Directory of Open Access Journals (Sweden)

    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. 

  11. Analisis Pengaruh Company Size, Return on Assets, Financial Leverage, dan Operating Leverage terhadap Income Smoothing Practices pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

    OpenAIRE

    Auditya Williyarto Pradana; Sunaryo Sunaryo

    2012-01-01

    The primary objectives of this research is to learn the amounts of industrial company using income smoothing practices and effecting among company size, return on assets, financial leverage, and operating leverage with income smoothing practices neither simultaneous nor partial. Data secondary collected by industrial companies listed at Indonesian Stock Exchage and the journal preceding research persons. The sesults of this research describe that there are 11 from 31 samples of industrial com...

  12. 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.

  13. 78 FR 3403 - Agency Information Collection Activities: Financial Education Content Needs Survey

    Science.gov (United States)

    2013-01-16

    ... From the Federal Register Online via the Government Publishing Office COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities: Financial Education Content Needs Survey AGENCY: Commodity Futures Trading Commission. ACTION: Notice. SUMMARY: In compliance with the Paperwork...

  14. Analysis on Financial Supervision Mechanism of Company%公司财务监督机制探析

    Institute of Scientific and Technical Information of China (English)

    龚习良

    2012-01-01

    基于委托代理理论,公司财务监督机制是减少信息不对称、降低代理成本以及保护所有者利益的有效方式。财务监督过程包括所有者对经营者的监督和经营者对生产过程的监督。目前存在以审计委员会为财务监督核心的英美模式和以监事会为财务监督核心的德日模式。公司财务监督形式上由内部监督和外部监督构成,形成具有递进性和交互性的综合监督系统。%Based on principal-agent theory,company financial supervision mechanism is an effective way to reduce information asymmetry,decrease agency costs and protect the interests of owners.Financial supervision processes include the supervision of owners to operators and operators to the production process.Currently there are two financial supervision models as the Anglo-American model whose core is the Audit Committee and the German-Japanese model whose core is the board of supervisors.Formally,company financial supervision is composed by internal supervision and external supervision,forming an integrated monitoring system which is of progressive and interactive.

  15. 金融控股公司发展优势研究%On Advantages of Financial Holding Companies

    Institute of Scientific and Technical Information of China (English)

    徐文彬

    2014-01-01

    目前我国商业银行信贷投放规模受限,证券业的不景气拖累了基金业和保险业发展。宏观调控下,银行、证券业出现的这种经营问题,对单一化、分业经营的金融机构冲击和影响巨大。金融控股公司发展的优势与宏观调控的整体思想相契合,为混业经营的金融控股公司带来了生机和发展的空间。%China’s macro-economic control policies change greatly during 2013, the main idea can be summarized as “Adjust structure, maintain stability and do sustainable development;adjust prices, control risk;optimize the allocation of financial resources;make good use of increments and Invigorated the stock;de-leverage, lower risk, build an upgraded version of the Chinese economy;There will not be a large economic stimulus policy during 2013.”Currently the credit availability from China’s commercial banks is severely limited and IPO of securities industry has been suspended for more than one year. The recession of securities industry has hindered development of the fund industry and the insurance industry. In the paper we analyze in detail the operational problems and dilemmas of both banks and the securities industry under macro-economic control and find it has a huge impact on the divided operational financial institutions. On the other hand we claimed the six advantages of financial holding companies coincide with the idea of the macro-economic control policies and hence the mixed operational financial holding companies have a tremendous opportunity and immense space for development.

  16. 75 FR 10704 - International Services Surveys: BE-180, Benchmark Survey of Financial Services Transactions...

    Science.gov (United States)

    2010-03-09

    ..., and commodity contracts brokerage); securities and commodity exchanges; other financial investment... financial investment activities); insurance carriers; insurance agencies, brokerages, and other insurance..., trusts, estates, and agency accounts, real estate investment trusts, and other financial vehicles); and...

  17. 76 FR 4555 - Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies

    Science.gov (United States)

    2011-01-26

    ... those activities most prone to systemic risk through contagion. To measure interconnectedness, commenters suggested evaluating, among other things, liquidity profile, contagion risk, counterparty credit... prudential regulators or the Office of Financial Research to make its determinations. 11. Should the degree...

  18. 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.

  19. Evaluating total operational value and associated risks of financial holding companies in Taiwan

    Directory of Open Access Journals (Sweden)

    Chen Li-Hui

    2010-01-01

    Full Text Available This study comprises several different parts. The first part applies a normal benchmark valuation model established by Penman to assess the potential whole operational values of FHCs. The second part applies the concept of measuring financial risk as earnings variance to establish a financial risk measurement model. This model can be used to examine the degrees of financial risk before and after FHC’s establishment, and to distinguish different combinations of FHC based on risk diversion efficiency. The final part of this research constructs a new value-risk relation model that can be applied to cross-analysis for measuring total operation value of FHCs with different degrees of financial risk. Through completion of the above steps this study will demonstrate what combination of FHC offers the co-benefits of risk diversion and high whole operational value.

  20. 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.

  1. Possibilities of financial support to small and medium hotel companies in Serbie

    OpenAIRE

    Barjaktarovic, Dragoljub; Barjaktarovic, Lidija

    2010-01-01

    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 in order 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 c...

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

    OpenAIRE

    Dragoljub Barjaktarovic; Lidija Barjaktarovic

    2010-01-01

    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...

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

    OpenAIRE

    Derya Camur; Songul Acar Vaizoglu; Cagatay Guler

    2010-01-01

    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 e...

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

    Directory of Open Access Journals (Sweden)

    Shulepina S. A.

    2015-03-01

    Full Text Available 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 results formation for the activities of the organization. The authors present the mechanism of financial results formation on the basis of the indicators of financial statements (income statement. Accounting entries of the facts of economic life on accounting income, expenses, profits and losses of the economic entity have been reflected in the article. We have paid attention to such accounts as 90 «Sales», 91 «Other income and expenses», 99 «Profit and loss», 84 «Retained earnings (loss». The authors proposed an improved structure of the account 84 «Retained earnings (loss», which allows to provide information on the formation of directions distribution of profits and covering losses, as well as the structure of the account 99 «Gains and losses» systematizing accounting data so that the resulting information allows users to carry out planning, forecasting and monitoring

  5. An Alternative Model of Risk in Non-financial Companies Applied to the Brazilian Pulp and Paper Industry

    Directory of Open Access Journals (Sweden)

    Paulo Hubert Jr.

    2009-06-01

    Full Text Available Earnings at Risk (EaR is a financial risk measure that can be applied to non-financial companies, similarly to Cash Flow at Risk (CFaR. It is based on a relation that can be quantified using a multiple linear regression model, where the dependent variable is the change on the company's results and the independent variables are changes in distinct risk factors. The presence of correlation between explanatory factors (multicollinearity in this kind of model may cause problems when calculating EaR and CFaR. In this paper, we indicate some possible consequences of these problems when calculating EaR, and propose a method to solve it based on Principal Component Analysis technique. To test the model, we choose the Brazilian agriculture-business industry, more specifically the paper and pulp sectors. We will show that, on the absence of significant correlation between variables, the proposed model has equivalent performance to usual multiple linear regression models. We find evidence that when correlation appears, the model here proposed yields more accurate and reliable forecasts.

  6. BEAVER’S TECHNIQUE OF RISK ASSESSMENT IN THE ESTIMATION OF THE FINANCIAL POSITIONS OF COMPANIES USING MATHEMATICAL OPTIMIZATION

    Directory of Open Access Journals (Sweden)

    Bamadio B.

    2015-01-01

    Full Text Available In this article we propose a method of determining the share or the significance (weight of indicators of Beaver and risks R in the portfolio formed by these parameters allowing us to minimize the mean square error evaluating the effectiveness of the portfolio (risk in the assessment of the financial condition of the companies investigated. The proposed method is the minimization of a quadratic form in variables satisfying lengthy conditions, i.e. the quadratic programming. This technique is implemented using four methods of optimization: analytical method, using built-in function minimization block given, the penalty function method and the gradient method. More so, this technique allows, as shown by the results of the computational experiments, the expert without routine statistical data processing to obtain additional information on the credit worthiness of the investigated enterprise and make a more informed conclusion about its financial condition, which speeds up the decision on granting a loan required by a company. Based on the techniques proposed in this paper, other techniques of assessing the creditworthiness of businesses may be constructed using the results of optimization theory based on well-established applied research methods: Method of evaluating the creditworthiness of Russia, Credit scoring method, the American method, method of Altman and others

  7. 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.

  8. Firms’ financial performances and economic recession: evidence from Macedonian listed companies

    Directory of Open Access Journals (Sweden)

    Rufi OSMANI

    2016-07-01

    Full Text Available The purpose of this paper is to analyze financial performance of 23 firms listed on the Macedonian Stock Exchange. Selected firms are non-financial entities. Analyzed period covers 2011-2015 and is divided into two sub-periods. The first sub-period presents the period in which positive growth rates have been evidenced in the country’s GDP, whereas the second one represents the respectively negative growth rate. Results denoted that, on the overall term, selected financial ratios are, statistically, not significantly different from the sub-periods perspective. But, whereas liquidity has a positive trend, profitability has a negative one. During the economic recession period, there is an emphasized decline of profitability. On the other hand, one year after the recession liquidity significantly increased. This implies that effects of economic recession were reflected in the respective ratios.

  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. 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.

  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. 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.

  13. 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.

  14. CHOICE OF THE OPTIMUM METHOD OF THE INVESTMENT PROJECT AS THE TOOL OF INCREASE OF FINANCIAL STABILITY OF KRASNODARGAZSTROY COMPANY

    Directory of Open Access Journals (Sweden)

    Halyapin A. A.

    2015-10-01

    Full Text Available In connection with that the degree of the responsibility for acceptance of the investment decision within the limits of this or that direction is various and when there is a speech about replacement of available capacities, the decision can be accepted quickly enough and without serious consequences because the manual of the organization clearly imagines, in what volume and with what characteristics new basic means are necessary. But the problem becomes complicated, if it is a question of the investments connected with expansion of industrial activity. The article has a research character, expressed that in it introduction and realization of investment projects from a position of the financial analysis is considered. The financial condition of Krasnodargazstroy company with the purpose of revealing of reserves for financial maintenance of realization of the offered investment project expanding a field of activity of the organization is analyzed. Analogues of counters of gas of industrial purpose based on the characteristics of already made prototypes of the organizations of gas branch of other regions of our country have been offered. Variants of realization of the investment project in view of the discounted monetary stream and without it are revealed. The estimation of the investment project by both variants with a choice of more optimum is presented and economic feasibility of its introduction is proved

  15. Do Financial Advisors Live Up to Their Reputation: The Case of Major Assets Restructurings of Chinese Listed Companies

    Directory of Open Access Journals (Sweden)

    Wu Cen

    2017-01-01

    Full Text Available We investigate whether top-tier advisors provide superior services by examining the relationship between reputation (measured by whether it is a top-10 advisor ranked on deal value of financial advisors on the bidder side and stock market-based/accounting-based performance of bidders. Using Chinese listed companies with major assets reorganizations (MARs, M&As with large-scale target, we find top-tier advisors are associated with higher excess returns (CARs, implying that reputation generates a verification effect on investors. But we find no significant relationship between the advisor reputation and bidders’ accounting-based performance post-MARs. The findings indicate that although advisor reputation can attract M&A business and sends positive signal to the market, it does not lead to stronger financial performance in the long run. That is, the so-called top-tier financial advisors fail to live up to their reputation. We also find that payment premium is an intervening variable between advisor reputation and the long-term accounting-based performance of bidders, suggesting that top-tier advisors fail in their duties to help clients achieve greater share of synergy gains.

  16. 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).

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

    Science.gov (United States)

    Anouti, Sirine; Al-Gibbawi, Mounir; Abou-Jaoude, Elias A; Hasbani, Divina Justina; Guyatt, Gordon; Akl, Elie A

    2016-01-01

    Background 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. Methods 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. Results 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. Conclusions 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

  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. 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

    behavior. Rather than focusing on the final loan granting decision, it is of interest to examine how loan officers navigate through and integrate the information presented in the related audited financial statements and annual report. Using eye-tracking technology, we are able to thoroughly scrutinize...

  20. 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…

  1. 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.

  2. 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.

  3. 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

  4. THE INFORMATIONAL VALENCES OF THE FINANCIAL SIGNALS SYSTEM USED IN THE EVALUATION OF COMPANIES GLOBAL PERFORMANCE

    Directory of Open Access Journals (Sweden)

    elena0202r@gmail.com

    2008-05-01

    Full Text Available For a long period of time the analysis of company’s performance has been approached preponderant or only for financial point of view, but in the last half of century, because of an environment characterized by intensified competition, there have been elaborated and developed a number of measurement tools, the goal of which is to reflect all the factors involved in a company’s performance.The practic goal of performance measurement, the standard it refers to and the measuring tools are tightly correlated with the objectives of each of the company’s stakeholders. In order to obtain a good quantification of company’s performance is necessary to use a system of indicators that may provide reliable information for evaluating the degree to which firm’s objectives are reached. In this system, financial indicators remain, an essential tool of management, regardless the changes which affect the company’s environment.

  5. 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

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

    OpenAIRE

    IONESCU ALIN; TUDOREANU PETRU

    2014-01-01

    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 Ente...

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

    OpenAIRE

    Järvinen, Tuukka; Emma-Riikka, Myllymäki; Sormunen, Nina; Balling, Laura Winther

    2017-01-01

    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 behavior. Rather than focusing on the final loan granting decision, it is of interest to examine how loan officers navigate through and integrate the information presented in the related audited fi...

  8. The Effect of Financial Performance and Environmental Performance on Firm Value with Islamic Social Reporting (ISR Disclosure as Intervening Variable in Companies Listed at Jakarta Islamic Index (JII

    Directory of Open Access Journals (Sweden)

    Ratri Rahma Frida

    2017-01-01

    Full Text Available This study examined how far ISR disclosure as the intervening variable could mediate the effect of financial performance and environmental performance on the firm value. The subjects of this study were the companies listed in Jakarta Islamic Index (JII in 2012-2014. The samples of the study were sixty companies chosen by purposive sampling method, and the analytical technic used path analysis. The results of this study proved that: (1 financial performance had positive effect to the firm value, (2 environmental performance had no effect to the firm value, (3 financial performance had positive effect to the ISR disclosure, (4 environmental performance had positive effect to the ISR disclosure, (5 ISR disclosure had positive effect to the firm value, (6 ISR disclosure could mediate the effect of financial and environmental performances on the firm value.

  9. 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…

  10. 78 FR 19190 - Proposed Information Collection; Comment Request; 2013 Company Organization Survey

    Science.gov (United States)

    2013-03-29

    .... Census Bureau Proposed Information Collection; Comment Request; 2013 Company Organization Survey AGENCY... agencies to take this opportunity to comment on proposed and/or continuing information collections, as....gov ). FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the...

  11. 76 FR 71511 - Proposed Information Collection; Comment Request; 2012 Company Organization Survey

    Science.gov (United States)

    2011-11-18

    .... Census Bureau Proposed Information Collection; Comment Request; 2012 Company Organization Survey AGENCY... agencies to take this opportunity to comment on proposed and/or continuing information collections, as....gov ). FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the...

  12. THE ECONOMIC ADDED VALUE – MAJOR CRITERION ON ANALYZING THE FINANCIAL PERFORMANCES ON THE LEVEL OF HIGH DEVELOPED COMPANIES

    Directory of Open Access Journals (Sweden)

    Stefanita SUSU

    2013-06-01

    Full Text Available Implemented on large scale within successful companies of USA and Europe, the value based management has represented the most indicated manner on approaching the business, especially for the Romanian enterprises quoted on money market, which should be helped to connect unto international economic and financial environments, but as matter of fact, the applicability is much larger, thus including the unquoted enterprises, as well. The research carried out in this field has many times stopped on a thorough analysis of the concept, as or the management technique analysis of basic indicators, and on the economic added value, the market added value, the liquid added value, the liquid investments profitability, the total profitableness of stockholders or the stock-exchange value etc.

  13. 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

  14. 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.

  15. 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.

  16. Structural and Evolutionary Patterns of Companies in a Financial Distress Situation

    Directory of Open Access Journals (Sweden)

    M. I. González-Bravo

    2011-01-01

    Full Text Available The present paper studies the evolution of a set of USA firms during the years 1993–2002. The firms that faced a difficult economic and financial situation in 1993 were considered to be in a distress situation. The aim of this study is to explore if the evolution of this situation depends on the initial features of the distress or if it concerns certain firms' characteristics. If the evolution is independent from the above, the management decisions become crucial in critical times. For the analysis we used a Multidimensional Scaling methodology where the firms are represented in a consensus map according to symptom variables, reaction variables, and recovering variables.

  17. 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...... importance of foreign debt is positively related to (1) the extent of foreign subsidiaries, (2) the relative value of assets in place, and (3) the debt ratio. The pivotal role of time horizon is emphasised. These findings are important to firms in other countries with open economies....

  18. 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...... importance of foreign debt is positively related to (1) the extent of foreign subsidiaries, (2) the relative value of assets in place, and (3) the debt ratio. The pivotal role of time horizon is emphasised. These findings are important to firms in other countries with open economies....

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

    OpenAIRE

    Droj Laurentiu

    2014-01-01

    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 t...

  20. 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.

  1. Financial Aspects of Competitiveness in the Sustainable Development of the Company

    Directory of Open Access Journals (Sweden)

    Mihail Dimitriu

    2009-06-01

    Full Text Available Competitiveness of firms is a most important problem and now the negative impact of financialcrisis bring in discussion was in which Romanian firms may survive on the Unique European market. Wethink that in present are necessary the following: 1. Increased competitiveness should not be regarded as aprocess of exploiting short-term advantages (e.g. low cost of labour, but as a process of building aneconomic structure based on capital investment and process R & D innovation; 2. Competitiveness incomplying with the legal community, or financial efforts in environmental protection, are significantsegments of the real economy of Romania can not integrate into the European Single Market; 3. Of the 6priorities of the NDP 2007-2013 (Competitiveness, Transport Infrastructure, Environment, HumanResources, Rural Development, regional development, the lowest financial allocation for Competitiveness(8.9% of total. Moreover, attracting European funds in the list is left behind to "graphics" originally made byRomania; 4. Now is a general series of vulnerabilities that lead to additional costs, such as uncertaintyregarding the sustainability and stability of policy options, solutions for restructuring and economicdevelopment, large uncertainties regarding the ability to translate words into concrete actions and establishpriorities in macroeconomic objectives and others.

  2. Financial Performance Evaluation of Turkish Energy Companies with Fuzzy AHP and Fuzzy TOPSIS Methods

    Directory of Open Access Journals (Sweden)

    Kemal Eyuboglu

    2016-07-01

    Full Text Available Turkey’s economy has expanded in recent years with the increase in energy consumption. Energy is a key input in production and plays a crucial role in the development of an economy. Energy sector interacts with other sectors hence the performances of energy firms are inevitable to follow-up. In the study thirteen energy firms are evaluated with 5 main and 15 sub-criteria for the period of 2008-2013. The 15 sub-criteria are classified in the following main criteria: liquidity, activity, financial leverage, profitability and growth ratios. The weights of the ratios are determined by Fuzzy AHP and then Fuzzy TOPSIS method is used for the rankings of the energy firms. Traditional multi-criteria decision making methods are not used in this study, due to the fact that they are insufficient under uncertainty. After 2008 global financial crisis, the uncertainty has increased all over the world hence the usage of fuzzy methods can provide better results under these conditions. Findings show that Avrasya Oil, Turcas and Aksu have the highest ranking.

  3. Financial risk monitoring and transaction costs in coffee & soybean trading companies and processors

    Directory of Open Access Journals (Sweden)

    Edson Costa Bignotto

    2003-03-01

    Full Text Available This study characterizes the use of risk monitoring mechanisms by coffee and soybean trading and processing companies. It also investigates the role these mechanisms play in the mitigation of certain transaction costs associated to bounded rationality, information asymmetry, and business opportunism in negotiations involving derivatives. The results presented are based on literature and original research, which consisted of interviews with 19 coffee and soybean trading and processing company agents that deal with the management and execution of derivatives trades. The interviews suggest that the interest in formal risk monitoring mechanisms depends strongly on the organizational structure of the business. In family businesses, in which the owner participates actively in negotiations, the interest is limited. In non-family businesses, where there is a clear separation between supervisory upper-management and agents involved with trading, the interest in risk monitoring systems is more evident. This result seems to indicate that the mitigation of transaction costs associated with information asymmetry and opportunism might be stronger motivations for interest in risk monitoring mechanisms than the costs resulting from bounded rationality.

  4. Omera Invoice (OMERAI a financial accounting based web application for small to large companies.

    Directory of Open Access Journals (Sweden)

    Prof. Prajakta Deshpande,

    2015-05-01

    Full Text Available Online Invoice services are a largest growing field now-a-days. This has become most demanding for Product Management. Online Invoice applications available on the web do not meet with all the needs of the customer like providing quotation, creating invoice according to revised income tax policies with discount, project employee management and tracking etc. OMERA is an on-line web application for companies to start invoicing their clients, to show status report of the project and invoice of the work done for timely billing of the employees. This will help project manager for timely billing and corresponding reports. This eliminates the manual calculation of the accountant, to track the product daily sale status and accordingly it will generate the invoice. With this website user can create professional looking invoices with company logo. When user is ready to bill his client, he can simply send invoice via email, download in PDF or print it, Smail with single click. This application is cloud based so it will allow authenticated user to access in-formation from anywhere through internet. Users can easily send and track invoices and also paid advance amount can be deducted. Thus the application will help user meet all his needs and work as per users requirements.

  5. 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.

  6. 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

    behavior. Rather than focusing on the final loan granting decision, it is of interest to examine how loan officers navigate through and integrate the information presented in the related audited financial statements and annual report. Using eye-tracking technology, we are able to thoroughly scrutinize...... 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...

  7. 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.

  8. 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.

  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. PRODUCTION OPTIMIZATION AS A FACTOR OF STRENGTHENING OF FINANCIAL STABILITY OF THE COMPANY

    Directory of Open Access Journals (Sweden)

    Moroz N. Y.

    2016-05-01

    Full Text Available The analysis of production of grapes in the Krasnodar region has been presented in the article. Calculation of optimization of production of grapes in Yuzhnaya agricultural firm is carried out. Relevance of research was caused by the fact that now the prompt growth of economy forces the enterprises to optimize, improve and introduce new technologies in the production to remain in the market and to be competitive. We have done calculations in the Optim v program. 2.0., where actual data of the areas of vineyards, gross vintage and costs of work of productions of grapes have been entered in office "Progress" of Yuzhnaya agricultural firm. Having made calculations, the optimum plan of production of grapes has been received. Based on these results, the recommendations about optimization of production of grapes are provided in article. One of them consists in restructuring of the areas of separate grades of grapes Shardone, Tsetronny Magarach, the Firstborn Mgaracha, Pino-Blan, Riesling and Rkatseteli. Such changes will allow to increase gross vintage, to reduce work costs of 16,4% and to increase profitability of the enterprise. The saved appliances, thanks to reduction of expenses of work, can be redirected for purchase of new, more productive grades, acquisition of modern machines for production and cleaning of grapes that will be to promote increase in gross vintage, to expansion of production and as a result increase in profit, the company will become more competitive

  11. A Survey Research on Market Orientation and Market Orientation- Performance Relationship in Hotel Companies

    OpenAIRE

    ÇAKICI, A.Celil; EREN, Duygu

    2005-01-01

    Market orientation is considered as the implementation of marketing philosophy. From managerial perspective, market orientation has three dimensions: 1) market intelligence, 2) dissemination of intelligence, and 3) responsiveness. In order to determine market orientation level of hotel companies and relationship between market orientation and performance of hotels, a survey research was conducted at four and five star hotels operating in Turkey in 2002. The original MARKOR (market orientation...

  12. 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.

  13. 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

  14. Survey of Clustering based Financial Fraud Detection Research

    Directory of Open Access Journals (Sweden)

    Andrei Sorin SABAU

    2012-01-01

    Full Text Available Given the current global economic context, increasing efforts are being made to both prevent and detect fraud. This is a natural response to the ascendant trend in fraud activities recorded in the last couple of years, with a 13% increase only in 2011. Due to ever increasing volumes of data needed to be analyzed, data mining methods and techniques are being used more and more often. One domain data mining can excel at, suspicious transaction monitoring, has emerged for the first time as the most effective fraud detection method in 2011. Out of the available data mining techniques, clustering has proven itself a constant applied solution for detecting fraud. This paper surveys clustering techniques used in fraud detection over the last ten years, shortly reviewing each one.

  15. Financial strain, social capital, and perceived health during economic recession: a longitudinal survey in rural Canada.

    Science.gov (United States)

    Frank, Christine; Davis, Christopher G; Elgar, Frank J

    2014-01-01

    Although the health consequences of financial strain are well documented, less is understood about the health-protective role of social capital. Social capital refers to a sense of community embeddedness, which is in part reflected by group membership, civic participation, and perceptions of trust, cohesion, and engagement. We investigated whether perceptions of social capital moderate the relation between financial strain and health, both mental and physical. This longitudinal study surveyed adults in two communities in rural Ontario where significant job losses recently occurred. Data were collected on financial strain, social capital, perceived stress, symptoms of anxiety and depression, and physical health on three occasions over 18 months (N's = 355, 317, and 300). As expected, financial strain positively related to perceived stress, poor physical health and symptoms of anxiety and depression, whereas social capital related to less stress, better physical health, and fewer symptoms of anxiety and depression. Effects of financial strain on perceived stress and depressive symptoms were moderated by social capital such that financial strain related more closely to perceived stress and depressive symptoms when social capital was lower. The findings underscore the health-protective role of community associations among adults during difficult economic times.

  16. Research on Financial Condition Analysis of Listed Companies%上市公司财务状况分析的研究

    Institute of Scientific and Technical Information of China (English)

    张耕; 高文海

    2003-01-01

    投资者在进行财务分析时往往面临着众多的财务指标选择,增加了分析的难度.由此,需要对财务指标加以分类汇总.本文从实证角度,利用主成份分析法对上市公司财务状况进行分析研究.%When a investor conducts financial analysis, he (or she) was often faced with numerous financial indices to be selected which increase the analytic difficulty;Hence, to classify and summarize the financial indices is necessary. This article has classified the financial indices of the quoted companies by means of the principal component analysis and from empirical angle.

  17. Interactions between medical residents and drug companies: a national survey after the Mediator® affair.

    Directory of Open Access Journals (Sweden)

    François Montastruc

    Full Text Available BACKGROUND: The present study aimed to describe exposure and attitudes of French medical residents towards pharmaceutical industry. The study was performed shortly after the Mediator affair which revealed several serious conflicts of interest inside the French health system. METHODS AND FINDINGS: A cross-sectional study was implemented among residents from 6 French medical faculties. Independent education in pharmacology, attitudes towards the practices of pharmaceutical sales representatives, opinions concerning the pharmaceutical industry, quality of information provided by the pharmaceutical industry, and opinions about pharmaceutical company sponsorship were investigated through a web-based questionnaire. We also assessed potential changes in resident attitudes following the Mediator affair. The mean value of exposure to drug companies was 1.9 times per month. Global opinions towards drug company information were negative for 42.7% of the residents and positive for only 8.2%. Surprisingly, 81.6% of residents claimed that they had not changed their practices regarding drug information since the Mediator affair. Multivariate analyses found that residents in anesthesiology were less likely to be exposed than others (OR = 0.17 CI95% [0.05-0.61], exposure was significantly higher at the beginning of residence (p<0.001 and residents who had a more positive opinion were more frequently exposed to drug companies (OR = 2.12 CI95% [1.07-4.22]. CONCLUSIONS: Resident exposure to drug companies is around 1 contact every 2 weeks. Global opinion towards drug information provided by pharmaceutical companies was negative for around 1 out of 2 residents. In contrast, residents tend to consider the influences of the Mediator affair on their practice as relatively low. This survey enabled us to identify profiles of residents who are obviously less exposed to pharmaceutical industry. Current regulatory provisions are not sufficient, indicating that

  18. 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.

  19. The impact of financial strategies on various docile of the profitability of listed companies on Tehran Stock Exchange; quintiles regression approach

    Directory of Open Access Journals (Sweden)

    Sara Sohrabi

    2016-04-01

    Full Text Available Profitability is measured by different criteria, and different factors may be influenced on it. The aim of this study is to evaluate the effect of financial strategies on docile of the profitability of listed companies on Tehran Stock Exchange.The statistical sample of this research includes companies listed on Tehran Stock Exchange during the period of2008 to 2013.To test the hypothesis of the study, multivariate regression model is used based on panel data in accordance with quintilesregression method.The results showed a positive and significant impact of financing strategies and investment in the top docile of ROAon rofitability,and dividends on the bottom docile of ROA on company’s financial performance,While, the strategy of working capital have no significant effect on the financial performance in anydocile .In addition, the increased size of the company, the market to book value ratio and cash holdings in companies with higher profitability have more positive impact on profitability, and this impact will be increasingly influential

  20. 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.

  1. On the Delegated System of Financial Administrator of Group Company%浅谈集团公司财务负责人委派制

    Institute of Scientific and Technical Information of China (English)

    何宗会

    2013-01-01

    In this paper, delegated system of financial administrator of group company was discussed, and problems in the implementation process were analyzed, and how to improve the delegated system of financial administrator was explored.%  本文谈谈对集团公司财务负责人委派制的认识,对该制度在实施过程中存在的问题进行了分析,并就如何完善财务负责人委派制度展开探讨。

  2. 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.

  3. 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.

  4. Patient attitudes about financial incentives for diabetesself-management: A survey

    Institute of Scientific and Technical Information of China (English)

    2015-01-01

    AIM To study the acceptability of incentives for behaviorchanges in individuals with diabetes, comparing financialincentives to self-rewards and non-financial incentives.METHODS: A national online survey of United Statesadults with diabetes was conducted in March 2013 (n= 153). This survey was designed for this study, withiterative testing and modifications in a pilot population.We measured the demographics of individuals, theirinterest in incentives, as well as the perceived challengeof diabetes self-management tasks, and expectationsof incentives to improve diabetes self-management(financial, non-financial and self-rewards). Using anordered logistic regression model, we assessed theassociation between a 32-point score of the perceivedchallenge of the self-management tasks and the threetypes of rewards.RESULTS: Ninety-six percent of individuals wereinterested in financial incentives, 60% in non-financialincentives and 72% in self-rewards. Patients were lesslikely to use financial incentives when they perceivedthe behavior to be more challenging (odds ratio of usingfinancial incentives of 0.82 (95%CI: 0.72-0.93) for eachpoint of the behavior score). While the effectiveness ofincentives may vary according to the perceived level ofchallenge of each behavior, participants did not expectto need large amounts to motivate them to modifytheir behavior. The expected average amounts neededto motivate a 5 lb weight loss in our population andto maintain this weight change for a year was $258(interquartile range of $10-100) and $713 (interquartilerange of $25-250) for a 15 lb weight loss. The differencein mean amount estimates for 5 lb and 15 lb weight losswas significant (p 〈 0.001).CONCLUSION: Individuals with diabetes are willing toconsider financial incentives to improve diabetes selfmanagement.Future studies are needed to exploreincentive programs and their effectiveness for diabetes.

  5. 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.

  6. Expectations of managers in financial – accounting services companies as regards their relationship with clients, in the context of the present economic crisis

    Directory of Open Access Journals (Sweden)

    Anton, C. E.

    2010-12-01

    Full Text Available Understanding the role of the accounting profession, of the accounting services in the present economic circumstances may influence the manager’s decision of maintaining and carrying out a business. The goal of this study is to identify the expectations that the managers of the financial-accounting services companies have in point of satisfying the needs related to business management on a continuously developing market and in point of offering a clearer image of the collaboration between the provider and the beneficiary of professional services. The opinions of the managers working in financial-accounting services companies related to the provided service substantiated on a qualitative research based on the semi-directive in-depth interview.

  7. A literature survey of private sector methods of determining personal financial responsibility

    OpenAIRE

    Bodzin, Martin Bradley

    1988-01-01

    Approved for public release; distribution is unlimited Credit grantors and employers have two clearly established methods-- judgmental and empirically derived--of determining personal financial responsibility that can be used as a basis for accepting or rejecting credit or job applicants. This thesis is a literature survey and analysis of those methods. The foundations of the two methods are examined and models of the empirically derived method are discussed. The pa...

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

    OpenAIRE

    Vignini, Stefania

    2015-01-01

    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 proces...

  9. 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...

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

    OpenAIRE

    Muller Victor-Octavian

    2011-01-01

    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...

  11. The Role Study of Earnings Quality at the Financial Forecasts Accuracy in the Companies Listed Tehran Stock Exchange

    OpenAIRE

    Hamid Ravanpak Nodezh; Ali Amiri; Fatemeh Asadi Kordshouli

    2015-01-01

    One of the items in the financial statements to be considered as a measure of the ability of the profitability of business units, "reporting interest" is. The primary objective of financial reporting is to provide information on the performance of business units through the measurement of income and its components is obtained. The accuracy of financial forecasts One as a major objective of financial reporting Because important information for users inside and outside the organization provides...

  12. A Study on the Financial Risk Assessment of Agricultural Listed Companies%农业上市公司财务风险评价研究

    Institute of Scientific and Technical Information of China (English)

    王兆东

    2015-01-01

    以农业类上市公司为样本,选取2010年至2013年的财务指标数据,利用因子分析法对这些农业上市公司的财务风险进行了综合评估,通过分析评估看出,我国农业类上市公司的财务风险水平主要受企业盈利能力及其所在行业特点的影响,财务风险水平极不稳定.%This paper selected agricultural listed companies as samples,based on the financial indicators data from 2010 to 2013 ,then comprehensively evaluated the financial risk of the agricultural listed companies by using factor analysis method. Through the analysis of evaluation,the financial risk level of the listed companies in our country is mainly influenced by the corporate profitability and industry characteristics.

  13. 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.

  14. 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

  15. Preliminary results of the radiological survey at the former Dow Chemical Company site, Madison, Illinois

    Energy Technology Data Exchange (ETDEWEB)

    Cottrell, W.D.; Williams, J.K.

    1990-12-01

    During the late 1950s and early 1960s, the former Dow Chemical Company plant, now owned and operated by Spectrulite Consortium Inc., supplied materials and provided services for the Atomic Energy Commission (AEC) under purchase orders issued by the Mallinckrodt Chemical Company, a primary AEC contractor. Information indicates that research and development work involving gamma-phase extrusion of uranium metal was conducted at the Dow Chemical plant. Because documentation establishing the current radiological condition of the property was unavailable, a radiological survey was conducted by members of the Measurement Applications and Development Group of the Oak Ridge National Laboratory in March 1989. The survey included: measurement of indoor gamma exposure rates; collection and radionuclide analysis of dust and debris samples; and measurements to determine alpha and beta-gamma surface contamination. The results of the survey demonstrate that Building 6, the area uranium extrusion and rod-straightening work occurred, is generally free of radioactive residuals originating from former DOE-sponsored activities. However, {sup 238}U- and {sup 232}Th-contaminated dust was found on overhead beams at the south end of Building 6. These findings suggest that past DOE-supported operations were responsible for uranium-contaminated beam dust in excess of guidelines in Building 6. However, the contamination is localized and limited in extent, rendering it highly unlikely that under present use an individual working in or frequenting these remote areas would receive a significant radiation exposure. We recommend that additional scoping survey measurements and sampling be performed to further define the extent of indoor uranium contamination southward to include Building 4 and northward throughout Building 6. 5 refs., 11 figs., 4 tabs.

  16. Financial Disclosure : A Closer Look

    NARCIS (Netherlands)

    Ermans, C.J.C.

    1996-01-01

    The central concern of this paper is the company's financial disclosure process.We briefly discuss this phenomenon.Furthermore, the research in this area is surveyed and discussed.Most of the research so far has been quantitative.Some early studies are discussed including their validity and their sh

  17. Impact of pharmaceutical company representatives on internal medicine residency programs. A survey of residency program directors.

    Science.gov (United States)

    Lichstein, P R; Turner, R C; O'Brien, K

    1992-05-01

    To survey internal medicine residency program directors regarding interactions between their residents and pharmaceutical company (PC) representatives (PCRs) a questionnaire was sent to the directors of all Accreditation Council for Graduate Medical Education-approved internal medicine residency programs. The survey included 444 program directors, of whom 272 (61.16%) responded. The majority of program directors, 228 (83.8%), allowed PCRs to meet with residents during working hours and 241 (88.6%) permitted PC sponsorship of conferences. About half of the program directors were "moderately" or "very" concerned about the potential adverse effects of PC marketing on resident attitudes and prescribing practices. Seventy percent "agreed" or "strongly agreed" that the benefits of PC sponsorship outweigh the adverse effects and 41.5% believed that refusal to allow PCRs to meet with residents would jeopardize PC funding of other departmental activities. Most program directors reported that alternate funds for conferences were available if PC support was withdrawn. "Unethical" marketing activities were observed by 14.3% of program directors and 37.5% reported that residents had participated in PC-sponsored trips during the 3 years prior to the survey. At the time of this survey, only 35.3% of programs had developed formal policies regulating PCR activities and 25.7% provided residents with formal instruction on marketing issues. Knowledge of the current extent of PCR interactions with residents may be helpful to program directors in developing policies regulating PC-marketing activities.

  18. 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.

  19. 上市公司财务舞弊的风险识别与证据收集%Risk Identification and Evidence Collection of Financial Fraud on the Listed Companies

    Institute of Scientific and Technical Information of China (English)

    熊方军; 张龙平

    2016-01-01

    针对中国上市公司广泛存在的财务舞弊事件,本文构建逻辑(Logistic)财务舞弊识别模型进行回归分析。结果表明:财务指标和非财务指标都是影响上市公司财务舞弊的因素,都能在整体上对上市公司财务舞弊行为进行风险识别;一般而言,舞弊公司财务指标的波动性比非舞弊公司财务指标的波动性要大,审计人员可以从财务指标的波动性入手,去寻找上市公司是否真正存在财务舞弊的审计证据。%For the financial fraud events of listed companies in China,this paper builds the logistic financial fraud identification model for regression analysis.The results show that both financial and non-financial indicators affect the financial fraud of listed companies,which can identify the listed companies' financial fraud risk on the whole.Generally speaking,the volatility of financial indicators in fraud companies is generally larger than that of the same financial indicators in non-fraud companies.The auditors should start from the volatility of the financial indicators to find whether the listed companies have the evidence on financial fraud.

  20. X公司财务风险及其控制研究%Financial Risk and its Control of X Company

    Institute of Scientific and Technical Information of China (English)

    潘友根

    2015-01-01

    财务风险严重影响着企业的经营、制约着企业的发展。对企业财务风险进行有效控制和管理是企业能否顺利实现预期目标的关键。因此,对企业财务风险进行识别、分析和应对,对企业的健康发展和存续至关重要。本文在财务风险理论基础上,利用X公司的财务报表数据,全面分析了X公司的财务风险的现状、产生原因,并针对企业存在的财务风险,提出了财务风险控制和防范措施。%Financial risk has a great influence on the operation of a company and restricts its development. The effective control and management of financial risk is the key to the company’s expected goal. Therefore, the recognition, analysis and dealing of financial risk are of great importance to the healthy development and survival. Based on the theory of financial risk, this paper makes use of the finan-cial statement data of X company to analyze the current situation and causes of its financial risk and accordingly puts forward some con-trolling and prevention measures.

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

    Directory of Open Access Journals (Sweden)

    Van Herp Michel

    2009-10-01

    Full Text Available Abstract Background 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. Methods 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. Results 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. Conclusion 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.

  2. The pilot survey of the industry 4.0 principles penetration in the selected Czech and Polish companies

    Directory of Open Access Journals (Sweden)

    Josef Basl

    2016-10-01

    Full Text Available The article deals with the aspects of the ICT innovation based on the development of the internet of things in industrial branches. This trend is known as the Industry 4.0, e.g. the forth industrial revolution. The article presents main results of the pilot survey done in selected Czech and Polish companies. They show the current status of the Industry 4.0 understanding and penetration in companies, incl. expected benefits and known obstacles of this trend.

  3. THE IMPACT OF CORPORATE SUSTAINABILITY STRATEGIES ON THE FINANCIAL PERFORMANCE OF ROMANIAN COMPANIES IN THE CONTEXT OF GREEN MARKETING

    National Research Council Canada - National Science Library

    Marian Siminica; Liviu Craciun; Adina Dinu

    2015-01-01

    .... 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...

  4. Walk-through survey report, Ford Motor Company, Los Angeles Assembly Plant, Pico Rivera, California, January 30, 1979

    Energy Technology Data Exchange (ETDEWEB)

    Matanoski, G.; Whitman, N.

    1979-07-01

    Worker exposures to painting materials were studied at the Ford Motor Company, Los Angeles Assembly Facility in Pico Rivera, California on January 30, 1979. The company was under consideration for inclusion in a NIOSH study of health hazards in the painting trade. Approximately 99 of the employees at the facility were assigned to the painting operations that were surveyed. The company had a safety and industrial hygiene program. Medical services were furnished by one full-time physician and three nurses. Various types of paint primers, solvents, and enamel paints were used during painting operations. The authors recommend that the facility be considered for the painting-hazards study.

  5. 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

  6. Collaborative financial infrastructure protection

    CERN Document Server

    Baldoni, Roberto

    2012-01-01

    The Critical Infrastructure Protection Survey recently released by Symantec found that 53% of interviewed IT security experts from international companies experienced at least ten cyber attacks in the last five years, and financial institutions were often subject to some of the most sophisticated and large-scale cyber attacks and frauds. The book by Baldoni and Chockler analyzes the structure of software infrastructures found in the financial domain, their vulnerabilities to cyber attacks and the existing protection mechanisms. It then shows the advantages of sharing information among financia

  7. 领导者财务风格与公司业绩的实证研究%Empirical Research on Financial Style of Leader and Company Performance

    Institute of Scientific and Technical Information of China (English)

    崔毅; 蔡婷

    2014-01-01

    文章根据泰德·普林斯博士的领导者财务特质理论,研究领导者财务风格对公司业绩的影响。结果表明盈余型风格的领导者相对混乱型风格的领导者对公司业绩有显著的提高作用,赤字型领导者对公司业绩有显著的负向影响。%This article is based on the leader financial trait theory of Dr. E.Ted Prince to research the impact of leader financial style on company performance. The results show that leader with surplus-type style has more improved significant effect on company performance than leader with relative chaos-type style, and deficit-type leader has a significant negative impact on company performance.

  8. The Volatility of Market Risk In Groups of Viet Nam Listed Computer and Electrical Company Groups during the Financial Crisis 2007-2009

    Directory of Open Access Journals (Sweden)

    Dinh Tran Ngoc Huy

    2013-09-01

    Full Text Available During the financial crisis 2007-2009 with certain impacts on the Viet Nam economy and especially, the stock exchange, there is un-diversifiable risk that influences the whole computer and electrical industries. Hence, the risk re-estimation for the listed firms in these industries becomes necessary. First of all, by using quantitative and analytical methods to estimate asset and equity beta of four (4 groups of listed companies in Viet Nam electrical, software, hardware and telecommunication industries with a proper traditional estimating model, we found out that the beta values, in general, for most companies are acceptable, excluding just a few cases. There are 88% of listed firms with lower risk, among total 64 firms, whose beta values lower than ( 1and have stock returns moving more than the market benchmark. Ultimately, this paper generates some results that could provides both internal and external investors, financial institutions, companies and government more evidence in establishing their policies in investments and in governance.

  9. 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 keepi

  10. 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

  11. 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

    ... of total liabilities to net worth less than 2.0; a ratio of the sum of net income plus depreciation... 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...

  12. 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

    ... Employee Benefits Security Administration D-11456, PNC Financial Services Group, Inc.; and D-11602, State... purposes of this exemption: (a) The term ``PNC'' means The PNC Financial Services Group, Inc., and any... PNC or its affiliates from the Funds in connection with providing certain secondary services,...

  13. Fraudulent financial reporting in public companies in Indonesia: An analysis of fraud triangle and responsibilities of auditors

    Directory of Open Access Journals (Sweden)

    Sri Astuti

    2015-08-01

    Full Text Available This study investigates the determinants of fraudulent financial reporting in Indonesia and the responsibility of auditor for fraudulent financial reporting. This study posits that fraud triangle affects the fraudulent financial reporting, and auditors do not give unqualified opinion for fraud firms. The sample consists of 380 firms listed on Indonesia Stock Exchange. The 39 of 380 firms have received punishment from BAPEPAM during 2007-2010 periods. This study uses logistic regression to test the first hypothesis and correlation to test the second hypothesis. The finding suggests that: 1 fraud triangle (opportunity, pressure, and rationalization does not affect the fraudulent financial reporting; 2 auditor opinion has a positive correlation towards fraudulent financial reporting.

  14. 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.

  15. Walk-through survey report, Central Brass Manufacturing Company, Cleveland, Ohio, March 20, 1987

    Energy Technology Data Exchange (ETDEWEB)

    Zaebst, D.D.; Seligman, P.J.; Bloom, T.F.

    1988-11-01

    In order to evaluate controls used to reduce or eliminate worker exposures to lead, a survey was undertaken at the nonferrous foundry, Central Brass Manufacturing Company, Cleveland, Ohio. After a review of the exposure and blood lead monitoring data, along with interviews with management and union officials and a tour of the facility, the investigators conclude that there is evidence to support excessive exposures to work-place lead at the time of compensation claims made early in 1985. Since that time the company has taken steps to reduce these exposures. Some engineering controls had been installed in October of 1984, including portable flexible-duct local exhaust hoods, side draft local exhaust systems and traveling hoods. Improvements or replacements were also made to existing equipment including doubling the ventilation capacity of the exhaust system on polishing equipment and replacing local exhaust hoods on all grinding machines. All new employees receive a complete physical examination including audiometry, pulmonary function test, and blood-lead screening. The frequency of subsequent blood lead monitoring was based on the previous blood-levels. The respiratory protection program seemed generally adequate. With the improvements made, a correlation between the decline in ambient lead and blood-lead levels was noted.

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

    Directory of Open Access Journals (Sweden)

    Dongsu Kim

    2015-01-01

    Full Text Available 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.

  17. 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....

  18. 财务公司在集团公司的功能定位和现实挑战%THE FUNCTION AND CHALLENGES OF FINANCIAL COMPANIES IS GROUPS

    Institute of Scientific and Technical Information of China (English)

    陈婵; 肖星

    2009-01-01

    The function orientation of financial companies in Chinese company groups is not well-defined. While the financial companies just serve as financial settlement center and internal hank, the investment, financing and foreign exchange functions of financial companies are still regulated by the policy, and these companies have no specific management of risk. In order to improve the function of financial companies in the groups, financial firms need to change their function orientation to strategically financial holding companies, to change their operation pattern to the one of banks for certain industry or financial platform in the group, and to manage risks more meticulously.%我国财务公司在功能定位上存在缺失,实质上只发挥了结算中心和内部银行的功能,在投融资和外汇业务等方面仍受到政策管制,在风险管理方面则缺少有针对性的管理手段.完善财务公司在集团内的功能,势必需要财务公司在功能定位上向战略性财务控股公司的方向发展,在经营模式上向行业银行或集团金融平台的方向发展,在风险管理上向更精细化的方向发展.

  19. Innovation and financial performance of Brazilian companies: a statistical study for the period of 2009 to 2013

    Directory of Open Access Journals (Sweden)

    Leonel Cezar Rodrigues

    2015-01-01

    Full Text Available We look at innovation returns in two groups of companies located in Brazil. One group includes innovative companies, referred to as 3i companies (Innoscience Innovation Index and listed in the São Paulo Stock Exchange – BOVESPA. The other group is referred to as Not-3i companies and are also listed in Sao Paulo’s BOVESPA. We first made a descriptive analysis and then a regression on performance indicators – net margin, asset profitability, and return on equity and on invested capital – with data from companies classified as 3i and Not-3i in the Economatica Report, limited to the period between 2009 to 2013. Results indicate that significant correlation appears between innovation and returns on invested capital, on equity, and on assets for 3i companies, as hypothetically projected. Net margin, however, is lower for 3i than for Not-3i companies, showing that lower gains in 3i companies may be due to higher costs of internal innovation.

  20. 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.

  1. 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.

  2. Impact of New Standard “IFRS 16 Leases” on Statement of Financial Position and Key Ratios: A Case Study on an Airline Company in Turkey

    Directory of Open Access Journals (Sweden)

    Meryem Öztürk

    2016-10-01

    Full Text Available The studies regarding the changes made related to the accounting for lease have taken its final status with the publication of IFRS16 Lease Standard as a result of a long time and effort in January 2016. The related Standard shall ensure (1 the reporting of all the leases in the same way, (2 the displaying of the unrecorded leases in the financial statements and therefore, (3 the submission of more transparent, correct and comparable information. The purpose of our study is to examine the statement of financial position of the lessee enterprise after the transition to the new financial reporting standard IFRS 16 and the impacts of the change in the basic ratios. For this purpose, the impacts possible to occur in the financial position of an airline company having activities in Turkey as a result of the application of the related standard have been examined. The results of the study show that the reflection of the operating leases on the balance sheet shall cause to significant increases in the assets and liabilities and for this reason; there shall be a significant increase in the ratio of liability/asset and a significant decrease return on asset.

  3. 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

  4. In Search of New Relationship between Internationalization and Firm Performance: A ‘Test of Concept’ Based on Financial Statement Data from Austrian-Listed Companies

    DEFF Research Database (Denmark)

    Wehrmann, Carsten; Turcan, Romeo V.

    diversification. Following the above criticism, this paper provides a different way of measuring the impact of internationalization on firm performance. The group comparison of multi-national and international companies based on financial data show that the reasons for internationalization are not cost advantages......This paper aims to explore the issue of inconsistent relationship between firm internationalization and firm performance in IB research. Recent meta-analysis of empirical internationalization research on the relationship between internationalization and firm performance shows no consensus about...

  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

    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

  6. FEATURES OF CENTRALIZED MANAGEMENT OF THE FINANCIAL RESOURCES OF LARGE CORPORATIONS FOR EXAMPLE COMPANIES OIL AND GAS COMPLEX

    Directory of Open Access Journals (Sweden)

    Vitaly Yu. Zaitsev

    2014-01-01

    Full Text Available The article focuses on the need to centralize corporatefinancial management, examines the difficulties faced bylarge companies in the fi eld of financial management in theapplication of traditional control systems. It proves that forthe optimal management of the financial resources of oil and gas companies a single centralized treasury shouldbe used. The experiences of Cash Management andCash Pooling systems, which are the main tool for centralized management of cash flow Corporation. Examplesof active Cash Pooling system for Russian participants:Russia’s largest oil and gas companies Lukoil, Rosneft and Gazprom.

  7. A Comparative Survey on Importance of Marketing Communications between European Companies and Eastern Asian Companies for Home Appliances in Iran

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farhangi

    2013-05-01

    Full Text Available Marketing communications or promotion is one of the elements which can have an effect on consumers’ behavior through five important and effective marketing elements. Among all commercial products, household appliances are significantly noteworthy based on their strategic nature. Exploiting marketing communications mix in selling domestic appliances produced in other countries, in an attempt to sell them in Iran could effectively entice customers into buying such products through the manipulation of their tastes and wants. The present study with focus on related literature on marketing communications, aims at investigating the degree of importance of marketing communications on selling the foreign household appliances in Iran based on a descriptive-applied research through pair wise comparison. Using a pair wise comparison questionnaire, including 60 questions in three parts, the researcher collected data from the senior managers of big household appliances companies in Europe and East Asia who are active in Iran as well, under the basis of present and desirable circumstances. It was concluded that there is a difference between companies producing household appliances in Europe and East Asia considering the importance of elements of marketing communications.

  8. 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.

  9. 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.

  10. 76 FR 60603 - Surety Companies Acceptable on Federal Bonds: Termination; Minnesota Surety and Trust Company

    Science.gov (United States)

    2011-09-29

    ... of the Treasury, Financial Management Service, Financial Accounting and Services Division, Surety... Carrico, Director, Financial Accounting and Services Division, Financial Management Service. BILLING CODE... Company AGENCY: Financial Management Service, Fiscal Service, Department of the Treasury. ACTION:...

  11. 77 FR 61828 - Surety Companies Acceptable on Federal Bonds; Change in Business Address: Hudson Insurance Company

    Science.gov (United States)

    2012-10-11

    ... of the Treasury, Financial Management Service, Financial Accounting and Services Division, Surety... Carrico, Director, Financial Accounting and Services Division, Financial Management Service. BILLING CODE... Company AGENCY: Financial Management Service, Fiscal Service, Department of the Treasury. ACTION:...

  12. 76 FR 38459 - Surety Companies Acceptable on Federal Bonds; Termination American Reliable Insurance Company

    Science.gov (United States)

    2011-06-30

    ... of the Treasury, Financial Management Service, Financial Accounting and Services Division, Surety... Carrico, Director, Financial Accounting and Services Division, Financial Management Service. BILLING CODE... Company AGENCY: Fiscal Service, Department of the Treasury, Financial Management Service. ACTION:...

  13. 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…

  14. 集团公司财务控制分析%Financial Control Analysis of Group Companies

    Institute of Scientific and Technical Information of China (English)

    韩阳

    2011-01-01

    集团公司的财务控制是集团控制的基本手段,有效的财务控制是保证集团公司财务信息质量,提高整个集团经营决策的正确性最直接、最有效的方式之一.本文分析了集团公司财务控制存在的问题和成因,并提出加强集团公司财务控制的对策.%Financial control is an important means for group to control its members. Efficient financial control is the best means to insure the quality of group information, to improve the correctness of group decision-making, and it is also a necessary tool for group keeping financial risk away. This paper analysis the problem in group financial control and why these problems exist, and how to strengthen group financial control.

  15. 上市公司财务报告网上披露的研究%Research on the Online Disclosure of Financial Report of Listed Companies

    Institute of Scientific and Technical Information of China (English)

    杨彦开

    2012-01-01

    随着互联网的普及,上市公司财务报告的网上披露已成为一种新的披露方式,财务报告的网上披露具有公开性、动态性、时效性、全面性、可靠性等特点。但在新的网络环境下,财务报告网上披露也还存在一定的缺陷,因此必须要加强对上市公司财务报告网上披露的研究,以推动其在我国进一步的发展。%With the popularity of the Internet technology,online disclosure of the financial reports of listed companies has become a new way to release information.Mobility,openness,effectiveness,comprehensiveness and reliability are some typical characteristics of the online disclosure system.But,in the new Internet environment,this system has its limitations.Therefore,research must be reinforced on online disclosure of the financial reports of listed companies so as to promote its further development in China.

  16. 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.

  17. Research on audit approach under the new accounting standards for listed companies' financial fraud%新会计准则下上市公司财务舞弊的审计方法研究

    Institute of Scientific and Technical Information of China (English)

    陈先国

    2015-01-01

    The new accounting standards are currently working to adapt the financial foundation of the market economy, especially for the listed company's accounting and financial work has a direct role in guiding. Currently listed companies' financial fraud prone to problems, which will lead to a listed company's economic work flaws, listed companies and the economic system to pose a serious threat. We can not Research on the concept of new accounting standards and financial fraud to start, but also the main reason for the financial analysis of listed companies 'financial fraud exists in the new accounting standards on the basis of good listed companies' financial audit system, Research on fraud prevention strategies and methods.%新会计准则是当前财务工作适应市场经济的基础,特别对于上市公司的会计和财务工作有着直接的指导作用。目前上市公司财务容易出现舞弊问题,这会导致上市公司经济工作出现纰漏,给上市公司和经济体系带来严重威胁。我们不能单从研究新会计准则和财务舞弊的概念入手,还应分析上市公司财务存在财务舞弊的主要原因,在新会计准则基础上,做好上市公司财务审计制度,研究预防舞弊现象的策略与方法。

  18. 我国上市公司财务舞弊手段识别%Identification of Listed Company's Financial Fraud Means in China

    Institute of Scientific and Technical Information of China (English)

    施金龙; 万东敏

    2011-01-01

    财务舞弊案件的发生,给社会和公众利益带来了极大侵害,使得人们对上市公司的盈利能力和会计师事务所的客观独立性产生了质疑.上市公司财务舞弊现象已经演变为一个备受关注的社会问题,鉴于此文章认真总结近几年来上市公司受处分情况,结合实例系统分析了我国上市公司财务舞弊常用手段.为加强会计信息的真实性和可靠性提供了理论基础,同时为会计师事务所如何及时识别这些舞弊行为提供了参考.%The incidence of financial fraud cases brings great harm to the social and public, making people question the listed company’s profitability and CPA firm’s objective independence.The listed company’s financial fraud phenomenon has turned into a problem with social concern, so this article summarized recent year’s punishment examples of listed companies, and made systematic analysis on financial fraud method commonly used by the listed company, which can strengthen the authenticity and reliability of accounting information, and at the same time provide a theory basis for accountants to recognize these frauds timely.

  19. 我国酒店类旅游上市公司财务现状研究%A financial study of hotel Tourism listed Companies in China

    Institute of Scientific and Technical Information of China (English)

    任一博; 于丽

    2012-01-01

    随着我国经济的不断发展,“十一五”规划已提前圆满完成,如今是“十二五”规划的时代,旅游业发展也面临着好的发展机遇,产业优势逐渐被社会认同。在这样的背景下,旅游上市公司也和其他产业一样,寻求发展的机遇、通过运用SPSS软件对部分旅游上市公司财务指标进行主成分分析,以反映所选取旅游上市公司的投资价值,同时运用主成分综合评价函数对旅游上市公司的投资价值进行研究。通过对我国酒店餐饮类旅游上市公司的财务状况分析,以期为旅游行业投资者及潜在投资者的投资决策提供参考。%With the economy continues developing, Eleventh Five Year Plan has been successfully completed ahead of schedule, now is the second Five-Year Plan era, the development of tourism is also facing a good opportunity, industrial advantages have been gradually recognized by society. In this background environment, tourism companies and other industries also begin to seek development opportunities. The article use SPSS software to take principal component analysis about financial indicators of tourism companies, the integrated use of these factors can reflect more fully the value of tourism investment in listed companies, and comprehensive evaluation functions using principal component of tourism investment value of listed companies. By a financial situation analysis of hotel Tourism listed Companies ,we look forward to conclude the investment value and the reasons for the tourism industry to investors and potential investors to provide some reference for investment decisions.

  20. 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…

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

    Science.gov (United States)

    Alssageer, Mustafa A; Kowalski, Stefan R

    2012-01-01

    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. An anonymous survey questionnaire was circulated to 1,000 Libyan doctors in selected public and private practice settings in Tripoli, Benghazi and Sebha. 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 (Pgifts or free samples from PCRs than doctors working in the public sector (Ppromotional activities. An agreed code of conduct for pharmaceutical promotion in Libya between doctors and PCRs should be created.

  2. 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…

  3. THE INTERNATIONALIZATION PROCESS OF A SME DURING A GENERAL FINANCIAL CRISIS: A CASE STUDY OF A GREEK COMPANY

    OpenAIRE

    IOANNIS KOUKOULIS

    2014-01-01

    In the mid of 2008, an unprecedented and, for most of the world, unpredicted financial dept crisis was unfolded, leading to a dramatic increase of public debt in many advanced economies. One of the major European countries that were hit by this dept crisis was Greece due to a combination of structural weaknesses that the Greek economy had been facing for decades. One of the main industries mostly affected was the construction industry. The Greek construction industry has shown a considerable ...

  4. Effect of working capital and financial decision making management on profitability of listed companies in Tehran’s securities exchange

    OpenAIRE

    SHAHNAZI, Masoomeh; AZADI, Keyhan

    2015-01-01

    Abstract. Working capital management is one important part of financial management, because it directly affects corporate profitability and its goal is to establish a critical equivalence between maintaining liquidity for supporting daily operations and maximization of short- term investment opportunities. So, managers should consider decisions related to finance and effects that these factors have on capital structure up to can acquire enough earnings for securing appropriate return for inve...

  5. The Analysis of Present Situation and Developing Trend of Domestic Financial Company%企业集团财务公司现状分析及未来发展探究

    Institute of Scientific and Technical Information of China (English)

    罗筠

    2012-01-01

    目前,成立财务公司已成为大多数集团实现资金集中管理广泛采用的一种组织形式,通过对财务公司发展现状及存在问题的分析,结合在经济金融全球化背景下国际财务公司的发展历程,认为国内财务公司将向集团内部综合银行、专业化金融公司、金融控股平台等几个方向深化发展。%At present,the establishment of financial companies has become a prevailing form of organization which most of corporations manage their funds.On the basis of the study of the condition and problem of this sort of company in China,and the research of the developing trend of international financial companies in the economical globalization,it can be concluded that the domestic financial company tends to support the development of the group corporation through diverse internal and international financial services and derivative financial instruments.

  6. An Analysis on Institutional Restriction Factor of Financial Holding Company Development in China%我国金融控股公司发展的制度性制约因素分析

    Institute of Scientific and Technical Information of China (English)

    成娜

    2012-01-01

    我国没有专门的金融控股公司法,但是事实上存在各种类型的金融控股公司。制约金融控股股公司的发展的因素除法律因素外,还包括公司转投资限制、母公司融资限制和税收制度限制等。在分业监管体制下.我国金融控股公司立法很难有实质性突破,研究分析专门立法之外的因素更具有现实意义。%There is no special law on financial holding companies, but in fact there exist many kinds of financial holding compa- nies. Apart from legal factor, restrictions on company investment transfer, parent company financing and taxation system all restrict the development of financial holding companies. Under the separated supervision flame, making a law on financial holding companies is hard to make a material progress. Therefore, it is meaningful to study and analyze other factors beyond legal factor.

  7. 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.

  8. Estimating beta of Viet Nam listed public utilities, natural gas and oil company groups during and after the financial crisis 2007-2011

    Directory of Open Access Journals (Sweden)

    Dinh Tran ngoc Huy

    2013-03-01

    Full Text Available There comes a need for analyzing riskiness of many industries in Viet Nam stock market during the financial crisis period 2007-2011. Among these industries, the Viet Nam public utilities, natural gas and oil industries, specifically, also has to re-evaluate the risk level. First, we found out in the research sample that there are 84% of firms, of total 45 listed firms, with beta values lower than ( 1, meaning having stock returns fluctuating more than the market index. Third, among three (3 groups, the systemic risk in the electric power industry is the smallest, and asset beta variance in the gas and oil industry is the smallest, shown by estimated values of equity and asset beta mean. 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.

  9. 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.

  10. 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

  11. Forecasting Financial Distress of Chinese High-tech Manufacturing Companies Based on a Hybrid Model of GA-SVM

    Institute of Scientific and Technical Information of China (English)

    SONG Xin-ping; DING Yong-sheng; GE Yan; LONG Quan

    2008-01-01

    Owing to the radical changing of Chinese economy, it is essential to build an effective financial distress prediction model. In this paper, we present a genetic algorithm (GA) approach for optimizing parameters of support vector machine (SVM). We validate the proposed model on datasets of Chinese high-tech manufacturing industry. Experimental results reveal that the proposed GA-SVM model can compare to and even outperform other exiting classifiers. Compared to grid-search algorithm, the proposed GA-based takes less time to optimize SVM parameter without degrading the prediction accuracy of SVM.

  12. 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.

  13. 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.

  14. 75 FR 57217 - Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad

    Science.gov (United States)

    2010-09-20

    ... BEA publishes in its advance summary estimates of operations of U.S. multinational companies. BEA also... benchmark survey. However, ownership structures of multinational companies change frequently, and more... financial and operating data covering the overall operations of U.S. parent companies and their foreign...

  15. Does Internet Reporting Improve the Accessibility of Financial Information in a Global World? A Comparative Study of New Zealand and Indian Companies

    Directory of Open Access Journals (Sweden)

    Bikram Chatterjee

    2008-12-01

    Full Text Available The accessibility of business reporting, including financial reports on companywebsites is not necessarily increased by providing more information on websites. Thequality of Internet-based information is affected by both the accessibility and quantityof information provided. However, the accessibility of the information is an underresearched area. This paper contributes to the existing body of knowledge on webbasedbusiness reporting, by considering the dimension of accessibility in terms ofwebsite appearance and visual design from four different perspectives. The aim is toconsider the differences that occur in website organisation as a way of considering theaccessibility of information provided on company websites. The paper considers thedifferences in the accessibility of website information between New Zealand andIndian companies as a means of demonstrating the variation that can occur acrosscountries as well as within the same reporting structure. We conclude that Internetfinancial reporting does provide the illusion of comparability but without a moresustained focus on the harmonisation of terminology and attributes included inInternet reporting, the potential for comparison is reduced.

  16. 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.

  17. 77 FR 5089 - Surety Companies Acceptable on Federal Bonds-Name Change: American Hardware Mutual Insurance Company

    Science.gov (United States)

    2012-02-01

    ... directed to the U.S. Department of the Treasury, Financial Management Service, Financial Accounting and...: January 17, 2012. Laura Carrico, Director, Financial Accounting and Services Division, Financial... Insurance Company AGENCY: Financial Management Service, Fiscal Service, Department of the Treasury....

  18. Effects of Financial Training on Financial Performance of Schools in Kenya: a survey of Administrators of Secondary Schools in Trans-Nzoia County

    Directory of Open Access Journals (Sweden)

    Humphrey Nabiswa Chetambe

    2013-10-01

    their programs (Ouya& Mwelesi,2011. The Study sought to investigate the effect of training of Principals, HODs and bursars on financial management of Public Secondary Schools in Trans Nzoia County. A descriptive survey design and a quantitative approach was be used on a target population of 36 public secondary schools selected using stratified random sampling and a sample of 108 respondents will be selected randomly from the 36 selected schools. Data was collected using structured questionnaires. The study established that in service financial training had little impact on financial performance of public schools. Finance is the life blood of success of any organization and schools either have no option but to embrace strategic financial management. Knowledge on financial management will enable stakeholders in achieving balanced budgets in schools, attaining low fees balances, proper management of school cash, creditors and, debtors thus reducing school arrears, having effective financial plans developing effective income generating activities.

  19. Comparative Analysis of Corporate Risk Management Practices in Croatian and Slovenian Companies

    OpenAIRE

    Miloš Sprčić, Danijela; Šević, Željko

    2008-01-01

    The paper explores differences as well as commonalities in corporate risk management practices and risk exposures in the large non-financial Slovenian and Croatian companies. Comparative analysis of survey results have revealed that the majority of analysed companies in both Croatia and Slovenia are using some form of risk management to manage interest-rate, foreign exchange, or commodity price risk. Regarding the intensity of influence of financial risks on the performance of the analysed co...

  20. 金融控股公司财务指标与股价相关性研究--以台湾为例%The Study of the Correlation between Financial Holding Company's Financial Indicators and Stock Price--In the Case of Taiwan

    Institute of Scientific and Technical Information of China (English)

    王碧芳

    2014-01-01

    金融控股公司专业分工的强化、经营效率、资源共享和财务管理弹性化也是金融控股公司的优势,因此在成立金融控股公司后会替其带来正向绩效。为了解金融控股公司的财务绩效与股价之间的关联性,即各个财务比率对股价是否呈现显著的正负向关系,以提供投资人对金融控股产业股票价格的预期依据。探讨获利性、成长性、规模以及风险性财务指标对股价影响,研究结果发现获利性以及成长性对金控股价有显著影响。将金融控股公司依照其主要业务类型分成保险业、银行业、证券业三大类,可能造成各家金融控股公司的股价报酬率不同,探讨其财务指标在不同主体类型中是否有显著差异。最后,纳入对金融业最重要的三个变动率:利率变动率、指数变动率、汇率变动率进行分析对不同主体金融控股公司股价报酬率的影响。%The strengthening of the financial holding company specialized division of labor, management efficiency, resou-rce sharing and flexible financial management is also the advantage of financial holding company, so after establish the financial holding company can bring forward for its performance. To understand financial holding company of the correlation between finan-cial performance and stock price, namely the financial ratios of shares whether present significant positive and negative to the rel-ationship, to provide investors with financial holding industry based on stock price expectations. To investigate the profitability, growth, size and financial indicators of risk impact on stock prices, researchers found that profitability and growth for financial holdings have a significant effect. In accordance with the financial holding company whose principal business types into insurance, banking, securities three categories, may cause various financial holding company stock returns are different, and explore its

  1. 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.

  2. A Case Study on Prediction of Financial Risk of the Listed Companies Based on PCA%基于PCA的上市公司财务风险预测的实证研究

    Institute of Scientific and Technical Information of China (English)

    闫丹丹; 夏虹

    2014-01-01

    从上深证券交易所选取60家规模相近的上市公司,利用2010年的财务状况来预测2013年上市公司是否有财务危机出现,通过主成分分析并建立预测模型进行检验,实证研究发现:该预测模型在预测上市公司财务风险方面具有较高的精度,能够科学客观的对主成分进行赋权,并准确的反映上市公司的财务风险状况,其准确率达到了86.67%。基于主成分分析法的财务风险预测模型可以用于上市公司财务风险的预测和评价,对为管理层以及投资者提供决策具有很大的参考价值。%60 listed companies in the same size at Shenzhen Stock Exchanges are sampled. Possibilities of financial risks of those com-panies in 2013 are predicted by their financial data in 2010. Key elements of financial condition are analyzed and a prediction model is developed. The study finds that the prediction model is quite accurate in forecasting financial risks to accuracy rate of 86.67%as it can allocate weight to key elements objectively and reflect financial conditions of the listed companies. The model can be used to forecast and evaluate financial risks of listed companies and provide management and investor with references.

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

    Energy Technology Data Exchange (ETDEWEB)

    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 {sup 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 {sup 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 {sup 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.

  4. Financial area characterisation in the industrial sector of the Boyacá department

    Directory of Open Access Journals (Sweden)

    Jorge Enrique Romero Muñoz

    2015-06-01

    Full Text Available This article seeks to make an analysis of the financial management of companies in the industrial sector of Boyacá. By conducting surveys to a random sample of employers, which threw the results in terms of the variables accounting, budgeting, tax, costs, analysis of financial management, working capital and financial environment. After the process of recognition of financial management, an analysis of the main strengths and weaknesses of the companies in the sector will be made, so as to raise the main strategies developed by entrepreneurs.

  5. The Identification of the Financial Reporting Fraud of Listed Companies Based on SPSS%基于SPSS的上市公司财务报告舞弊的识别

    Institute of Scientific and Technical Information of China (English)

    陈鹏鹏

    2013-01-01

    With the development of economic globalization, most companies want to raise more money in order to strive for better development through the way of listing. However, these listed companies are regardless of the constraint of the laws and regulations, they use a variety of financial fraud means to obtain illegitimate interests. At present, the listed company's financial fraud has become the focus of global issues, and its harm is self-evident. So identifying and managing the listed company's financial frauds has great significance. Based on the collected data and using SPSS software, the article analyzes how to identify the listed company's financial fraud. Finally, it puts forward some countermeasures and suggestions on the issue of dealing with the financial reporting fraud of listed companies in our country, in order to provide reference for the identification and governance of listed company's financial fraud.%  随着经济全球化的发展,大多数企业都想通过上市的方式来筹集更多的资金以求企业更好的发展。然而这些上市公司却不顾法律法规的约束,通过多种财务舞弊手段来获得不正当利益。目前,上市公司财务舞弊问题已成为全球性的焦点问题,其危害性不言而喻。因此对于上市公司财务舞弊行为的识别与治理具有重大意义。本文通过搜集数据并采用SPSS软件分析了如何识别上市公司财务报告舞弊,最后提出应对我国上市公司财务报告舞弊问题的几点对策和建议,以期能够对我国当前上市公司财务舞弊行为的识别和治理提供借鉴。

  6. Study on Internet Financial Reporting System Evaluation of Listed Company%上市公司网络财务报告系统评价研究

    Institute of Scientific and Technical Information of China (English)

    王海林; 张书娟

    2012-01-01

    This paper analyzes the evaluation of intemet financial reporting system (IFRS). We think IFRS is afinancial reporting system based on modem information technology. From the view of Listed Company, IFRS includes designing, creating, disclosure and maintaining of IFR. From the view of users, IFRS includes information, tools and safeguard. It is useful to evaluate IFRS for Listed Companies to improve the intemet financial disclosure, further to increase openness of security market in China. This study constructs the indexes system of IFRS evaluation, and examines the information technology industry and manufacturing industry, then puts forward suggestions of developing IFRS in China.%网络财务报告系统是一种基于现代信息技术条件下的财务报告系统。从发布公司的角度看,它包括网络财务报告的设计、生成、披露和支持维护;从使用者的角度看,它包括网络财务报告信息、网络财务报告工具和网络财务报告安全体系三部分。对上市公司网络财务报告系统进行全面系统评价对提高上市公司网络财务信息披露水平,提高我国证券市场的透明度以及完善资本市场都有积极作用。本文构建了上市公司网络财务报告系统评价指标体系,以上海证券交易所制造业和信息技术业上市公司为样本进行了评价分析,在此基础上提出了发展我国上市公司网络财务报告系统的建议。

  7. 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…

  8. 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…

  9. Financial analysis of phosphate chemical industry listed companies in China%我国磷化工行业上市公司财务分析

    Institute of Scientific and Technical Information of China (English)

    张海波; 刘颖

    2012-01-01

    从财务的角度,对我国磷化工行业主要上市公司2006--2010年度的财务报表分别从偿债能力、营运能力、盈利能力和发展能力四个方面进行了分析。分析结果表明,兴发集团在最近5年内对流动资产的管理水平是同类企业中最高的,偿债能力在不断提高,权益净利率保持稳定,企业的规模也在不断扩大。此外,杜邦分析体系分析表明,兴发集团的权益净利率的波动主要受销售净利率的影响。%Based on financial perspective, 2006--2010 annual financial statement of main listed company of phosphate chemical industry in China are analyzed from the debt paying ability, operation ability, profitability and development ability. The analysis results show that, in recent five years management level of current assets in Xingfa Group is the highest, its solvency is ceaselessly risen, the return rate on equity is stable and the enterprise scale is expanding continually. In addition, the DuPont analysis system shows that the return rate on equity of Xingfa Group is mainly affected by the sales net rates.

  10. 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/.

  11. 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

  12. Process and effects of financial liberalization in transition countries: A selective literature survey

    Directory of Open Access Journals (Sweden)

    Berthomieu Claude

    2009-01-01

    Full Text Available This paper aims at reviewing selected literature on (1 structural financial changes observed in a large sample of transition economies in the Central and/or Oriental Europe during the last two decades, (2 efficiency of this financial liberalization in relative terms (in macroeconomic sense, and (3 impact of liberalization on financial problems of small and medium-size enterprises, a specific 'puzzle' concerning this very important economic sector as for its role in the employment and growth of these economies.

  13. 75 FR 22680 - Financial Management Service; Proposed Collection of Information: Annual Financial Statement of...

    Science.gov (United States)

    2010-04-29

    ... 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 Service, as part of its...

  14. 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...

  15. 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 ...

  16. Main Principles of Formation of the Complex of Models of Management of Financial Risks of a Company Основные принципы формирования комплекса моделей управления финансовыми рисками предприятия

    National Research Council Canada - National Science Library

    Polyakova Olga Yu; Goltyaeva Lyudmila A

    2013-01-01

    The article is devoted to basics of management of financial risks of a company. It develops a system of management of financial risks of a company and identifies main principles of its construction...

  17. Global electricity company profiles

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-12-31

    Global Electricity Company Profiles examines the operations and strategies of 60 of the leading electricity companies in the world. Through its analysis of the key players, the report provides a comprehensive review of the current state of the global electricity industry. Using electricity sales as its criteria, the most successful companies are compared in terms of their national, regional and global importance. Global Electricity Company Profiles provides an outline of each company, its structure and operations, as well as key financial data. The detailed performance benchmarking and review of expectations for future development for each individual company provide a wealth of invaluable strategic information not available elsewhere. (author)

  18. 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

  19. 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)

    2010-01-01

    Background 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. Methods 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. Results 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

  20. Relationship among Financial Crisis, Competitive Strategy and Financial Performance in Chinese Public Logistics Companies%金融危机、竞争战略与财务绩效——基于中国物流上市公司的研究

    Institute of Scientific and Technical Information of China (English)

    张毅; 宋鹏; 庞继芳

    2012-01-01

    The article intends to explore the relationship between competitive strategy and financial performance of Chinese public logistics companies before and during the Financial Crisis to provide strategy reference for logistics companies. The article firstly calculates the significance of attribute of financial indexes and synthetical financial performances. Then it analyzes the relationship during different times between two kinds of competitive strategies and synthetical financial performances. In the article extended rough set theory and heuristic attribute reduction algorithm ordered information table are carried out to reduce attributes of 19 financial indexes of 38 logistics companies. As a result, 12 imporant indexes are obtained before the Fiancial Crisis and 11 imporant indexes are obtained during the Financial Crisis. According to the meaning of order, before the Fiancial Crisis the ability of cash gaining is the most important financial index, and during the Fiancial Crisis operating ability is the most important financial index. The results show that in both phases low cost strategy is always beneficial to financial performances of public logistics companies.%在测算上市物流公司财务指标属性重要度和综合财务绩效的基础上,研究了不同时期2种竞争战略与综合财务绩效的关系.首先采用有序信息表、粗糙集理论序信息系统约简算法对38家上市物流公司的19个财务指标进行约简,分别得到12个(2005年)和11(2009年)个指标.在序意义下,金融危机前现金能力指标最为重要,危机后营运能力指标的权重升至第一.研究发现,无论危机爆发前还是爆发后,上市物流公司实施低成本战略总是有利于财务绩效改善的.

  1. 上市公司财务报告舞弊的三元素理论探析%Brief introduction on the three elements theory of the fraud of listed company financial reporting

    Institute of Scientific and Technical Information of China (English)

    王秀梅

    2012-01-01

    进入90年代以来,上市公司财务报告舞弊行为愈演愈烈,如何消除此类“公害”成为困扰世界经济界的难题。文章分析了上市公司财务报告舞弊行为的三种元素,为识别舞弊行为提供了清晰、可行的思路。%Since the 1990s, with the fraud behavior of listed company financial reporting intensified, it is a problem feazing economic circles of the world to clear up this kind "public hazard". This paper analyzes the three elements of fraud behavior of listed company financial reporting, and it provides a clear , doable thought for identifying the fraud behavior.

  2. 78 FR 68103 - Transamerica Life Insurance Company, et al; Notice of Application

    Science.gov (United States)

    2013-11-13

    ... COMMISSION Transamerica Life Insurance Company, et al; Notice of Application November 6, 2013. AGENCY: The.... Applicants: Transamerica Life Insurance Company (``TLIC''), Transamerica Financial Life Insurance Company...: Transamerica Life Insurance Company and Separate Account VA B, Transamerica Financial Life Insurance......

  3. 基于职能约束的财务公司业务创新研究%A Research on Business Innovation of Financial Companies Based on Functional Constraints

    Institute of Scientific and Technical Information of China (English)

    宋建斌; 崔凌凤; 冯志军

    2015-01-01

    企业集团财务公司是一个因改革而生的行业,也是一个因创新而兴的行业。党的十八届三中全会提出了全面深化改革的要求,财务公司应抓住历史机遇积极开拓创新。财务公司的业务创新不能过度和无序,它应该紧紧围绕监管部门赋予其的职能和定位来有序进行。新形势下财务公司应围绕其资金集中和结算职能来进行外币资金池及票据池业务的创新,围绕其金融服务职能来进行投资业务和融资租赁业务的创新,围绕其咨询服务职能来进行综合金融服务方案、保险代理业务及债券承销业务的创新。%Financial companies of enterprise groups are not only an industry born from the reforms,but also an industry prospering due to the innovation. The requirement on comprehensively deepening the reform was put forward at the third session of the 18th CPC Cen-tral Committee. Financial companies need to grasp this historical opportunity and actively explore innovation. The business innovation of financial companies can be neither excessive nor disordered. It should be operated orderly centering on the functions and positioning given by the regulatory authorities. Under the new situation,the innovations of financial companies should focus on their centralized fund and settlement functions for the businesses of foreign currency capital pool and bill pool,on their financial service functions for the businesses of investment and financial lease,and on its consulting service function for the comprehensive financial service plan,the in-surance agency business and bond underwriting business.

  4. 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.

  5. Incidencia de la certificación ISO 9001 en los indicadores de productividad y utilidad financiera de empresas de la zona industrial de Mamonal en Cartagena/Impact of certification ISO 9001 on productivity indicators and financial benefits of companies in the Mamonal industrial zone in Cartagena/Incidência da certificação ISO 9001 nos indicadores de produtividade e utilidade financeira de empresas da zona industrial Mamonal em Cartagena

    National Research Council Canada - National Science Library

    Gómez, José Morelos

    2013-01-01

    This research paper presents the evaluation results of productivity indicators of companies certified under ISO 9001 and its impact on the financial profits of companies located in the Mamonal Industrial Zone, Cartagena...

  6. 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

    2017-01-01

    Objectives 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. Design Observational study. Participants 1300 employees (725 female) of a financial company. Primary measures 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). Result 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). Conclusions 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. PMID:28087546

  7. The ECB’s survey of professional forecasters and financial market volatility in the euro area

    NARCIS (Netherlands)

    Arnold, I.J.M.; Glasbeek, M.

    2011-01-01

    Since 1999, the European Central Bank (ECB) conducts a quarterly survey of the economic outlook in the euro area among professional forecasters. This article investigates the relationship between macroeconomic uncertainty, measured as the dispersion in economic forecasts across survey participants,

  8. 我国上市公司风险因素与财务报表舞弊预测%Risk Factors and Fraud Prediction of Financial Statement in China′s Listed Companies

    Institute of Scientific and Technical Information of China (English)

    赵自强; 陈曦

    2013-01-01

    In this study , we examine an array of potential fraud risk factors in order to identify a comprehensive set of co -existent factors that are consistently linked to the incidence of financial statement fraud with the help of current financial data in China′s listed companies .Further , using the identified fraud risk factors , we construct a reasonable fraud predic-tion model to accord with fraud prediction of financial statement in China′s listed companies.Therefore, the research shows that traditional financial statement can no longer meet the need of detecting fraud .%本文结合我国上市公司现有的财务数据,通过检测一系列潜在的舞弊风险因素以确定一套始终与财务报表舞弊发生相关联的因素,通过对舞弊风险因素及财务报表舞弊预测模型进行研究,并使用这些舞弊风险因素构建合理的舞弊预测模型,以便符合对我国上市公司财务报表舞弊行为的预测。因此,这一研究表明传统的财务报表已经不能满足检测舞弊的需要。

  9. Control technology assessment of hazardous waste disposal operations in chemicals manufacturing: indepth survey report of Tennessee Eastman Company, Kingsport, Tennessee

    Energy Technology Data Exchange (ETDEWEB)

    Anastas, M.

    1984-01-01

    An in depth survey was conducted to assess control technology at the hazardous waste disposal operations of Tennessee Eastman Company (SIC-2800), Kingsport, Tennessee in November 1982. Personal and general air samples were analyzed for organic solvents at various sites. Low concentrations of acetic acid (64197), toluene (108883), and acetone (67641) were detected. The design of the incineration facility contained features for the prevention of spills and leaks, fires, and explosions. The features consisted of interlocks and alarms, specialized instrumentation and equipment that detected leaks and spills of liquid wastes, general ventilation in solid wastes storage area, a kiln overpressure relief vent, and a safety belt for workers disposing of fiberglass and sample bottles. Workers at the kiln routinely maintained records on all hazardous wastes that were stored or disposed of. Record

  10. Financial literacy: an interface between financial information and ...

    African Journals Online (AJOL)

    Southern African Business Review Volume 13 Number 2 2009. Financial ... connection between the financial numbers and the real business world context. ...... 'The knowledge-creating company', Harvard Business Review, November/.

  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. The Application of Financial Crisis Alert System for Listed Companies by Introducing Breach Distance%引入违约距离的上市公司财务危机预警应用

    Institute of Scientific and Technical Information of China (English)

    潘彬; 凌飞

    2012-01-01

    Nowadays,the researches on the financial crisis alert system of listed companies mainly focuses on the index of the financial ratio,while the influence of the non-financial indexes including stock price and its fluctuation,enterprises’ operating efficiency,the regulation of macro factors,structure of the stock right has been neglected.This paper attempts to differentiate from other researches of the same category,in which a comprehensive dynamic financial crisis alert model which integrates financial index,company management index and breach distance index into an organic whole is established on the basis of KMV model that is set in a model of an option pricing with the addition of an index that reflects stock prices and fluctuation rate of listed companies.This paper also testifies the applicability and effectiveness of the breach distance index in the alert system of financial crisis of listed companies based on factual demonstration.%目前关于上市公司财务危机预警的研究大多数偏重于财务比率指标,忽略了股票价格及波动、企业的经营效率、宏观因素的制约、股权结构等非财务指标的影响。本文尝试区别同类文献研究,在KMV模型的基础上嵌入期权定价模型,通过加入反映上市公司股票价格和波动率的违约距离指标,建立一个相对动态的集财务指标、公司治理指标和违约距离指标于一体的综合财务困境预警模型。在实证基础上检验违约距离指标对于上市公司财务困境预警的适用性及有效性问题。

  13. USE OF FINANCIAL AND NON-FINANCIAL INDICATORS IN EVALUATION OF COMPANY’S PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Inta Kotane

    2015-09-01

    Full Text Available Dimensions for the measurement of the company’s performance include financial and non-financial indicators. Many authors have carried out researches on financial and non-financial indicators, though the problems of their practical application exist, since there is no single united approach for measurement and assessment of both financial and non-financial indicators. This research is based on the former theoretical and practical researches by the author on the application of the financial and non-financial indicators to measure the company’s performance.The aim of this research was to develop a model for the small companies’ performance evaluation, based on the opinions of the owners, managers, and top executives of the small companies in Latvia. The Internet survey was used as a research method, applying a simple random sampling. The results of the research indicated that there are 17 indicators, including 10 financial and 7 non-financial indicators, which could be used for the evaluation of the small companies’ performance and for modelling the company’s net turnover. 

  14. Coal companies worldwide: competition and performance indicators; Volume 4

    Energy Technology Data Exchange (ETDEWEB)

    Rutledge, I.; Wright, P.

    1994-04-01

    This report presents an analytical survey of company-level performance in the world coal industry. The 120 parent companies covered incorporate 440 separate coal-producing subsidiaries, associates and joint ventures, spanning 28 countries. Sections cover: introduction and keypoints; production and reserves; sales; profitability; labour and labour productivity; assets and financial structure; environmental indicators; takeover activity; technical appendix; and a company directory. A special feature is the consistent profitability data for each of the five years between 1988 and 1992, and also for 1985. In addition to profit margin data, this also now includes rate of return data for the same period.

  15. 财务困境上市公司的股价同步性实证研究%An Empirical Research on Stock Price Synchronicity of Listed Company in Financial Distress

    Institute of Scientific and Technical Information of China (English)

    刘晓; 徐向艺

    2015-01-01

    This paper conducts an empirical study using the data of the companies listed in Shenzhen Stock Exchange A-share market that are non-financial firms and are in financial distress from 2009 to 2013.The study has four main research findings.First,financial distress has significantly positive effect on stock price synchronicity.Second,the information disclosure quality of the companies with financial distress has significantly negative effect on stock price synchronicity. Third, the information disclosure quality partially mediates the relationship between financial distress and stock price synchronicity.Finally,the industry competition moderates the relationship between financial distress and stock price synchronicity.Especially,the positive effect of financial distress on stock price synchronicity is stronger when the company is in low competitive industry rather than in high competitive industry.%以我国20092013年深市 A 股非金融类并陷入财务困境的上市公司数据进行了实证检验。研究结果表明:在目前我国证券市场情形下,财务困境对股价同步性具有显著的正向影响;陷入财务困境的上市公司信息披露质量对股价同步性具有显著的负向影响;信息披露质量在财务困境与股价同步性的关系之间起部分中介作用;行业竞争属性在财务困境与股价同步性的关系中起着调节作用,即相较于高度竞争行业,处于低度竞争行业中,财务困境对股价同步性的正向作用更强。

  16. 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.

  17. 纺织服装类上市公司并购重组对财务绩效影响研究%Effect of Mergers and Acquisitions on Financial Performance of Textile and Apparel Listed Companies

    Institute of Scientific and Technical Information of China (English)

    向雅玲; 黄有望

    2015-01-01

    本文在总结并分析我国纺织服装类上市公司并购重组实际情况的基础上,运用财务指标研究法,围绕研究对象的盈利能力、营运能力、偿债能力、发展能力及现金流能力的财务指标,构建了我国纺织服装类上市公司并购重组后的综合评价体系,并以此评价体系为数据来源,以描述性统计为基础,运用因子分析法、配对样本T检验等统计方法对我国纺织服装类上市公司并购重组后的财务绩效进行实证研究,最终得出改进我国纺织服装类上市公司并购重组财务绩效的对策建议。%Based on the summary and analysis of the actual situation of mergers and acquisitions of textile and apparel companies, this paper uses the financial indicators study method, builds the comprehensive evaluation system after the mergers and acquisitions of China's textile and apparel companies around study object's financial indicators, including profitability, operating capacity, debt solvency, development capacity and cash flow capabilities, takes this evaluation system as a data source, considers the descriptive statistics as the basis, applies factor analysis, paired sample T test and other statistical methods to make empirical research of the financial performance after the mergers and acquisitions, and ultimately come to the suggestions for improving the financial performance of China's textile and apparel companies after mergers and acquisitions.

  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. The Moderating Effects of Financial Broad-scope Trust on Consumer Knowledge, Cognitive Effort, and Financial Healthiness

    DEFF Research Database (Denmark)

    Hansen, Torben

    2017-01-01

    Substantial research results suggest the global financial crisis has negatively affected consumers' trust in financial service providers. Notably, trust not only relates to consumer trust in individual companies but also relates to the broader business context in which consumers may plan and carry...... out their financial behavior. This latter form of trust can be referred to as "broad-scope" trust (BST). BST is especially important in a society context because lack of BST may reduce financial market dynamism, competition, and productivity. Consequently, financial service providers assume...... an important social responsibility in order to develop BST. Unfortunately, not much is known about the interplay between BST and consumer financial behavior. Based on two surveys comprising 1155 bank consumers and 756 mutual fund investors, respectively, this study investigates the moderating influence of BST...

  20. Surveying the relationship between financial performance, free cash flow, capital structure as well as related or unrelated diversification in Tehran Stock Exchange

    OpenAIRE

    NEMATİ, Zahra; NONAHAL NAHR, Ali Akbar

    2015-01-01

    Abstract. This study, investigate the relationship between financial performances, free cash flow, capital structure and related and unrelated diversification. Test research hypotheses on 90 companies listed in Tehran Stock Exchange during the period 1386 to 1391 using the panel data show that diversification on firm performance by the index Q Tobin measure is effective and positive relationship between these two variables is significant and there are so related and unrelated diversification ...

  1. 77 FR 18883 - Surety Companies Acceptable on Federal Bonds; Change in Business Address and Redomestication...

    Science.gov (United States)

    2012-03-28

    .... Department of the Treasury, Financial Management Service, Financial Accounting and Services Division, Surety... Carrico, Director, Financial Accounting and Services Division, Financial Management Service. BILLING CODE... (NAIC 24732); SAFECO Insurance Company of America (NAIC 24740) AGENCY: Financial Management...

  2. 76 FR 38459 - Surety Companies Acceptable on Federal Bonds-Redomestication and Change in Business Address...

    Science.gov (United States)

    2011-06-30

    .... Department of the Treasury, Financial Management Service, Financial Accounting and Services Division, Surety... Carrico, Director, Financial Accounting and Services Division, Financial Management Service. BILLING CODE... Address; National Farmers Union Property and Casualty Company AGENCY: Financial Management Service,...

  3. Evaluation of Financial Risk in Listed Automobile Companies of China based on GR-FA Model%基于GR—FA模型的我国汽车上市公司财务风险评价

    Institute of Scientific and Technical Information of China (English)

    龚林红; 杨琼

    2012-01-01

    首先,在界定了我国汽车行业财务风险的含义及特性基础上,构建了财务风险评价指标体系;然后提出GR—FA模型,即运用灰色关联分析计算各指标间的关联度,并对筛选后的指标进行因子分析;最后,对收集到的56家汽车行业上市公司的财务数据进行了实证分析。综舍得分结果显示有11家公司面临较大财务风险,应引起高度重视。%Firstly, constructs the evaluation index system oi iinanclal risk based on the dellmtlon ot the meanings ano characteristics of financial risk in China's automobile industry; then proposes GR-FA model, that is calculating correlation be- tween each index by using grey related analysis, and making factor analysis for screening indexes; finally, makes an empiri- cal analysis using the financial data which collect from 56 listed automobile companies. The results of total score shows that 11 companies face bigger financial risk, which should draw high attention.

  4. Private investment purchase and nursing home financial health.

    Science.gov (United States)

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

    2015-02-01

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

  5. 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...

  6. Access to healthcare and financial risk protection for older adults in Mexico: secondary data analysis of a national survey

    Science.gov (United States)

    Doubova, Svetlana V; Pérez-Cuevas, Ricardo; Canning, David; Reich, Michael R

    2015-01-01

    Objectives While the benefits of Seguro Popular health insurance in Mexico relative to no insurance have been widely documented, little has been reported on its effects relative to the pre-existing Social Security health insurance. We analyse the effects of Social Security and Seguro Popular health insurances in Mexico on access to healthcare of older adults, and on financial risk protection to their households, compared with older adults without health insurance. Setting Secondary data analysis was performed using the 2012 Mexican Survey of Health and Nutrition (ENSANUT). Participants The study population comprised 18 847 older adults and 13 180 households that have an elderly member. Outcome measures The dependent variables were access to healthcare given the reported need, the financial burden imposed by health expenditures measured through catastrophic health-related expenditures, and using savings for health-related expenditures. Separate propensity score matching analyses were conducted for each comparison. The analysis for access was performed at the individual level, and the analysis for financial burden at the household level. In each case, matching on a wide set of relevant characteristics was achieved. Results Seguro Popular showed a protective effect against lack of access to healthcare for older adults compared with those with no insurance. The average treatment effect on the treated (ATET) was ascertained through using the nearest-neighbour matching (−8.1%, t-stat −2.305) analysis. However, Seguro Popular did not show a protective effect against catastrophic expenditures in a household where an older adult lived. Social Security showed increased access to healthcare (ATET −11.3%, t-stat −3.138), and protective effect against catastrophic expenditures for households with an elderly member (ATET −1.9%, t-stat −2.178). Conclusions Seguro Popular increased access to healthcare for Mexican older adults. Social Security showed a significant

  7. Basic Financial Accounting

    DEFF Research Database (Denmark)

    Wiborg, Karsten

    This textbook on Basic Financial Accounting is targeted students in the economics studies at universities and business colleges having an introductory subject in the external dimension of the company's economic reporting, including bookkeeping, etc. The book includes the following subjects...

  8. Basic Financial Accounting

    DEFF Research Database (Denmark)

    Wiborg, Karsten

    This textbook on Basic Financial Accounting is targeted students in the economics studies at universities and business colleges having an introductory subject in the external dimension of the company's economic reporting, including bookkeeping, etc. The book includes the following subjects...

  9. Financial Literacy and Financial Planning in France.

    OpenAIRE

    Luc Arrondel; Majdi Debbich; Frédérique Savignac

    2013-01-01

    How are people financially literate in France? We address this question using the PATER survey and following the Lusardi and Mitchell (2011c) approach. We find that some subpopulations are less financially literate than others: women, young and old people as well as less-educated people are more likely to face difficulties when dealing with fundamental financial concepts such as risk diversification, inflation and interest compounding. We also find some differences in financial knowledge depe...

  10. 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

  11. Investor Relations & Importance in the Global Financial Market

    OpenAIRE

    Dziawgo, Danuta

    2012-01-01

    The aim of the elaboration is to draw attention to selected aspects of investor relations importance for capital market functioning to increase the quality of communication with investors in the global financial market. The article presents the importance of investor relations from a macroeconomic and microeconomic point of view. The theory was complemented with selected surveys results. The sur-veys were conducted by the author on a sample of individual investors, stock-quoted companies and ...

  12. 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.

  13. Typical Survey and Research on Returning-home Migrant Workers’ Entrepreneurship in Jiangxi Province under Post-financial Crisis

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    In order to study the entrepreneurship situation of Jiangxi return migrant workers after the financial crisis,we have conducted a survey on 107 entrepreneurial return migrant workers in 6 counties of Jiangxi Province.The results show that the return of migrant workers is mainly attributed to personal factors,while social factors are also very important.The major difficulties facing return migrant workers are the funding difficulties,complicated formalities to start a business,difficulty in safeguarding their rights and interests,their own low quality and so on.The support needed by the return migrant workers from the government is manifested in five aspects,say,to improve the service and management for the entrepreneurship of migrant workers,to provide financing policy support,to increase the preferential fiscal and taxation policies,to enhance the entrepreneurship training and to provide preference for the return migrant workers to use land.

  14. Financial health and sense of coherence

    Directory of Open Access Journals (Sweden)

    Antoni Barnard

    2010-03-01

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

  15. Study on the Financial Risk of Chinese Three Major Oil Companies based on Cash Flow%基于现金流的我国三大石油公司财务风险研究

    Institute of Scientific and Technical Information of China (English)

    庞明; 吴红梅

    2015-01-01

    In recent years, cash flow risk as a significant financial risk to oil companies has attracted much at-tention.The financial data (2001~2013) of Petro China, Sinopec and CNOOC, which are all listed in Stock Ex-change of Hong Kong, are selected in this paper to analysis the financial risk from the point of view of cash flow by using multiple regression analysis.The empirical study shows that, the growth rate of cash flow from operating ac-tivities and the structural ratio of total inflows from investing activities are positively correlated to financial risk , and negatively correlated to the variation trend of financial risk;even though the net profit cash ratio and other factors are limited by the sample capacity, they still have a positive correlation with financial risk.%财务风险作为石油行业面临的重要风险具有影响全局的作用。采用多元回归分析方法,以我国三大石油公司2001~2013(香港联合交易所)年度财务报告数据为基础,基于现金流视角研究财务风险。实证研究结果表明:经营活动现金流量增长率、投资活动总流入结构比率与财务风险的变化趋势成反比;净利润现金比率、全部现金流量比率、筹资活动总流入结构比率显著影响财务风险。

  16. 第三方物流企业开发线上供应链金融服务研究%Research on Third -party Logistics Companies to Develop Online Financial Services Supply Chain

    Institute of Scientific and Technical Information of China (English)

    徐维莉

    2014-01-01

    With the rapid development of Internet technology,online supply chain finance has become a new direction for the development of supply chain finance is the focus areas of numerous third -party logistics companies,financial institutions and the electricity supplier of common concern.This article from the perspective of a third -party logistics companies,analyzes the advantages to develop online financial services products supply chain,to build around online supply chain finance platform functionality,describes the contents of the supply chain and financial services operational processes,to third -party logistics companies development of supply chain finance value -added services to provide reference.%伴随着互联网技术的快速发展,线上供应链金融已成为供应链金融发展的新方向,是众多第三方物流企业、金融机构及电商共同关注的焦点领域。文中从第三方物流企业角度,分析了开发线上供应链金融服务产品的优势,围绕线上供应链金融平台功能的搭建,介绍了供应链金融服务项目的内容及运作流程,以期为第三方物流企业开发供应链金融增值服务提供参考。

  17. The Research of Digital Certificate Application Mode of the Enterprise Group Financial Company%集团财务公司数字证书应用模式研究

    Institute of Scientific and Technical Information of China (English)

    高建峰

    2011-01-01

    At present,the construction of large enterprise groups of the group company,provided to staff members of the financial services,in order to ensure that the business systems of security,in the past period,the financial companies are using a third-party digital certificate authentication provide digital certificate of the security guard.after a period of application,the source certificate,credential the use of models for certain issues.the article through detailed analysis,gives some corresponding suggestions,but also pointed out that the financial company follow-up certificate application still needs attention.%目前我国大型企业集团建设了大量的集团财务公司,为下属成员单位提供内部的金融服务。为了保证财务公司业务系统的安全性,在过去一段时间内,财务公司均使用第三方数字证书认证中心提供的数字证书进行了安全防护。经过一段时间的应用,针对证书的来源、证书的应用模式均出现了一定的问题。本文经过详细分析,给出了相应的建议,同时也指出了财务公司后续证书应用中仍需要关注的问题。

  18. Risk Management Disclosure In Malaysian Islamic Financial Institutions: Pre- And Post-Financial Crisis

    National Research Council Canada - National Science Library

    Rosnadzirah Ismail; Rashidah Abdul Rahman; Normah Ahmad

    2013-01-01

      The East Asian financial crisis in 1997 and later the global financial crisis in 2007 and 2008 had a big impact on the corporate world as many companies and financial institutions collapsed during that period...

  19. 上市公司财务决策与企业价值相关性分析%Correlation Analysis of Financial Decision-Making and Enterprise Value for Listed Companies

    Institute of Scientific and Technical Information of China (English)

    曾皓; 黄冰冰

    2015-01-01

    管理层的财务决策会对企业价值产生重要影响.财务决策大致可以分为筹资决策、运营决策、投资决策和分配决策.本文在相关理论综述的基础上,从负债结构、无形资产、股利政策、股权结构四个方面,选取沪深上市公司2014年财务报告相关指标,衡量并探讨其与企业价值的关系,揭示财务决策对企业价值影响的最新动态.%The financial decisions of management may have influences on the enterprise value.Financial deci-sions can be roughly divided into the financing decisions,the operating decisions,the investment decisions and the allocation decisions.On the basis of reviewing the related theory,in this paper,we consider debt structure,intangi-ble assets,dividend policy and equity structure,choose related indicators in 2014 financial reports of Shanghai and Shenzhen listed companies,and measure and explore their relationship with the enterprise value,to reveal the latest development of the impact of financial decision-making on the enterprise value.

  20. 基于Logistic回归模型的房地产上市公司财务危机预警研究%Financial Early-warning for Real Estate Listed Company Based on Logistic Regression Model

    Institute of Scientific and Technical Information of China (English)

    许珂; 卢海

    2012-01-01

    近年来房价不断上涨,我国政府采取了一系列紧缩政策来控制房价,对房地产上市公司产生了巨大影响,有部分公司因为资金链断裂而陷入困境。因此,对房地产上市公司的财务预警十分重要。文章采用非参数检验的方法,从反映企业各方面能力的20个财务指标中筛选出能显著区别ST和非ST上市公司的指标,建立Logistic回归模型,利用SPSS软件,对房地产上市公司的财务危机预警进行了研究。研究结果表明,基于Logistic回归模型的财务危机预警模型效果较好,具有良好的预测准确度。%In recent years,the housing prices keep rocketing,thus the Chinese government tried a series of means to stabilize the price,which had a tremendous impact on some companies,leading to their falling into trouble due to funding strand breaks.Therefore,the financial early warning is very important for real estate listed companies.The paper uses non-parameter test based on 20 financial ratios,in order to find financial ratios which can significantly indentify the different between ST and non-ST companies.And then it studies the financial early-warning for real estate listed company based on logistic regression model by using the SPSS software.The results show that the model based on logistic regression model is of good effect,and has good predictive accuracy.

  1. An Empirical Study on the Impact of Financial Derivatives to the Risk Management of Listed Companies%金融衍生产品对上市公司风险管理影响实证研究

    Institute of Scientific and Technical Information of China (English)

    刘词; 王玲

    2014-01-01

    This paper selects 229 listed companies in nonferrous metal industry, mineral industry and energy industry, transportation industry as samples and uses derivatives as explanatory variables, also cited a series of control variables. Through the empirical analysis to determine whether the listed companies use derivative products can reduce the risk of the company effectively. The process involves parameter test, non-parametric test, correlation analysis and regression analysis. The empirical results show that China's listed companies use derivative products will reduce the risk of the company, which is consistent with the mainstream of western financial management theory and research and contrary to the empirical results of scholars in China. It is speculated that China's listed companies' using derivative products are becoming skilled gradually.%论文选取有色金属矿产行业以及能源交通运输行业229家上市公司作为样本,以上市公司是否使用衍生产品为解释变量,同时引用一系列控制变量,通过实证分析上市公司使用衍生产品是否会有效降低公司风险。实证过程涉及参数检验、非参数检验、相关性分析和回归分析,实证结果显示我国上市公司使用衍生产品会降低公司风险,这与西方主流的财务管理理论相一致而与我国学者以前的研究相反,由此推测我国上市公司运用衍生产品的能力逐渐娴熟。

  2. 公司财务报表的阅读与分析--以中国移动集团公司财务报表为例%Reading and Analysis of the Company's Financial Statements:Taking the Financial Statements of China Mobile Group as the Example

    Institute of Scientific and Technical Information of China (English)

    汤燕

    2016-01-01

    Reading and analyzing the company's financial statements can provide important financial information for mastering the current situation and predicting the future. China Mobile Group is taken as the example, analyzing the balance sheet can understand the financial position, carry out the judgment of its solvency, capital structure and capital adequacy. Analyzing the income statement can understand the profitability, profit status, operation efficiency of the company, carry out the judgment of its competitive position in the industry and the sustainable development ability. Analyzing the cash flow statement can understand and evaluate the company's ability to obtain cash and cash equivalents, and predict cash flow in the future of the company. So, it is very important to read and analyze the company's financial statements for grasping the company's operating performance.%公司财务报表的阅读与分析为掌握公司现在并预测将来提供重要的财务信息。以中国移动集团为例,通过分析资产负债表,可以了解移动公司的财务状况,对其偿债能力、资本结构是否合理、流动资金充足性等作出判断;通过分析损益表,可以了解移动公司的盈利能力、盈利状况、经营效益,对公司在行业中的竞争地位、持续发展能力作出判断;通过分析现金流量表,可以了解和评价移动公司获取现金和现金等价物的能力,并据以预测公司未来的现金流量。因为,公司财务报表的阅读与分析,对掌握公司的经营状况至关重要。

  3. 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.

  4. Z-Score 模型对科技型上市公司财务风险预警的适用性检验%Compatibility Inspects of Z-score Model to Financial Risk of Quoted Companies

    Institute of Scientific and Technical Information of China (English)

    张蔚虹; 朱海霞

    2012-01-01

    This paper chooses 20 ST companies which was declared special transactions in 2011 and 20 matched non -ST sized listed companies as samples, By Z - score model, it analyzes the financial data of ST companies and non - ST companies three years before special treat and has the Z - values. By the Z - values, the paper finds that the financing risk warning of Z - score model for the technology enterprise is valid-%选取2011年宣布特别处理的科技型上市公司中的20家ST公司,以及与其同行业、资产总额基本相同的20家非ST公司作为研究样本,利用Z—Score模型分析了ST公司宣布特别处理前三年度非ST公司相对应年度的财务数据,计算得出Z值.通过对Z值的分析,认为Z-Score模型对我国科技型上市公司财务风险的预警是有效的.

  5. Discrimination of Companies'Financial Quality Based on EWMA Control Chart Model%基于 EWMA 控制图模型的公司财务质量判别

    Institute of Scientific and Technical Information of China (English)

    杜军; 徐建

    2014-01-01

    针对以往基于静态数据的两分类判别法的不足,选取沪深A股公司季报数据,将公司的财务质量分为正常、不稳定和困境3种状况,构建了具有时间累积性的EWMA控制图模型进行判别分析。选取了另外的24家沪深A股公司对模型的判别准确率进行了测试。结果表明,通过构建EWMA控制图模型并划分不同的控制限,可以对多个类型的公司财务质量做出有效的判别。%There are some shortcomings in previous two classification discriminated methods based on static data .A-shares companies in the Shanghai Securities Exchange and the Shenzhen Securities Exchange were selected to construct EWMA control chart model which has characteristic of the time accumulation .The companies'financial quality was divided into three situations of normal, instability and distress.At last, another 24 A-shares companies in the Shanghai Securities Exchange and the Shenzhen Securities Exchange were chosen to test accuracy rate of the model .Research results show that , it can make effective judgment on the financial quality of multiple types of companies by constructing a EWMA control chart model and dividing into different control limit.

  6. INTRINSIC FACTORS AND FIRM FINANCIAL ANALYSIS WITH TRIPPLE BOTTOM LINES AS INTERVENING VARIABLE AGAINST FIRM VALUE Empirical Studies on Property and Real Estate Companies Year 2010-2013

    Directory of Open Access Journals (Sweden)

    Mia Andika Sari

    2016-09-01

    Full Text Available This research conducted to examine the influence of intrinsic factors which being peroxided with Capital Structure, Firm Size, Firm Age and Financial factors that being peroxided with liquidity, profitability also with another activities using triple bottom lines as Intervening Variable against Firm Value of Property Industries. The data that being used in this study were obtained from published financial statements during the period 2010 to 2013, as well as annual reports that can be accessed through the IDX website. Data analysis technique used in this study is a regression with panel data and path analysis. The results of this research showed that intrinsic factors and financial variables have a significant influence on the firm value, as well as intrinsic factors and financial variables have a significant influence on the triple bottom lines. From the results of path analysis demonstrated that the indirect effect using the triple bottom lines as a intervening variable was greater than the direct effect.

  7. INFORMATION ON FINANCIAL INSTRUMENTS INCLUDED IN ANNUAL FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Marius Gust

    2013-01-01

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

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

    OpenAIRE

    Rindu Rika Gamayuni

    2015-01-01

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

  9. INTRINSIC FACTORS AND FIRM FINANCIAL ANALYSIS WITH TRIPPLE BOTTOM LINES AS INTERVENING VARIABLE AGAINST FIRM VALUE Empirical Studies on Property and Real Estate Companies Year 2010-2013

    OpenAIRE

    Sari, Mia Andika; Wiralaga, Harya Kuncara; Warokka, Ari

    2016-01-01

    This research conducted to examine the influence of intrinsic factors which being proxied with Capital Structure, Firm Size, Firm Age and Financial factors that being proxied with liquidity, profitability also with another activities using tripple bottom lines as Intervening Variable against Firm Value of Property Industries. The data that being used in this study were obtained from published financial statements during the period 2010 to 2013, as well as annual reports that can be accessed t...

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

    National Research Council Canada - National Science Library

    Mariana Moreira Arrozio; Alexandre Gonzales; Fabiana Lopes da Silva

    2016-01-01

    .... 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...

  11. INSTRUMENTS FOR THE IMPROVEMENT OF CASH FLOW AND FOR THE RATIONALIZATION OF SHORT-TERM FINANCIAL INVESTMENT APPLIED BY MULTINATIONAL COMPANIES

    Directory of Open Access Journals (Sweden)

    DOREL MATES

    2012-11-01

    Full Text Available The cash flow of the company is an essential element for the application and development of a fluency activity where the payment terms are considered according to the agreement and contracts. Concerning the multinational companies, it is the finance controller’s task to perform a strict, realistic and predictive record regarding the subsequent cash flow of the company. The most important items that influence the existence and the assessment of a realistic operational cash flow are the following: accounts receivable, external open credit lines, headquarter treasury approved amounts, accounts payable, wages. Another tool to improve the global performance of the company is the cash-pool that can be used only for same currencies for the main countries involved in.

  12. The Dynamic Behavior for the Stock Returns of Taiwan ’ Financial Holding Companies%台湾金控集团股票收益率动态行为的实证研究

    Institute of Scientific and Technical Information of China (English)

    2015-01-01

    文章构建马尔科夫两区制转移模型估计台湾14家金控公司股票收益率和风险的动态行为。实证结果表明,台湾14家金控公司的股票收益率和风险均发生区制转移;其中12家金控公司的股票收益率和风险在较长的时间和较大的概率处于股票收益率无显著差异和风险显著较低的区制二。台湾金融业混业经营的综合表现出色,为大陆金融业开展混业经营的未来预期提供了前瞻性的借鉴。%In this paper,we estimate the dynamic behavior of 14 financial holding companies’ stock return and risk in Taiwan by constructing a Markov two regime switching model. The empirical results show that: the stock return and risk of all 14 financial holding companies’ have occurred during regime switching;the stock return and risk of 12 financial holding companies’,have a high probability that in the long term will have no significant differences in stock returns and have significantly lower risks during regime two. The financial performance of Taiwanese financial companies using mixed operation management,gives mainland China a prospective view regarding mixed operations in finance.

  13. Striking Features of the New Market Companies Adopting Hedge Accounting

    Directory of Open Access Journals (Sweden)

    Leandro Augusto Toigo

    2015-08-01

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

  14. 上市公司财务预警的正则化逻辑回归模型%Regularized Logistic Regression Model in Financial Early-warning System with Listed Companies

    Institute of Scientific and Technical Information of China (English)

    张恒; 秦宾; 许金凤

    2011-01-01

    LI norm penalized logistic regression model is proposed based on regularization technique of statistical theory, Logistic regression model and L2 regularized logistic regression model are established. Combining two years' financial data of Shanghai-Shenzhen stock ST companies and normal counterparts, simulating experiment is conducted to analyze the financial early-warning system of listed companies. The results demonstrate the good performance and predicting accuracy of LI logistic regression model%基于统计学习理论的正则化技术构建L1(一范数约束惩罚)正则化的逻辑回归(Logistic Regression)模型,同比建立了logistic回归模型和L2(二范数约束惩罚)正则化的logistic回归模型,结合沪深股市ST公司和正常公司的T-3年和T-2年财务数据进行仿真实验用于上市公司财务预警实证分析.实验结果表明L1正则化的logistic回归模型的有效性,并且在保证模型预测精度的同时提高模型了解释性.

  15. Analysis of Financial Management in Micro and Small Enterprises Osasco

    Directory of Open Access Journals (Sweden)

    Michele Caroline Lima Formenti

    2015-06-01

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

  16. On Distributional Changes of Financial Characteristics in Cyprus: What Does the Survey of Consumer Finances Say?

    Directory of Open Access Journals (Sweden)

    Alex Karagrigoriou

    2006-12-01

    Full Text Available This work is based on the Cyprus Survey of Consumer Finances (CySCF and focuses on one hand on the composition of household assets in Cyprus based on the 2002 Cyprus Survey of Consumer Finances (CySCF2002 and on the other on the distributional changes between the 1999 and the 2002 CySCFs. From 1999 to 2002 there has been a radical increase of household participation in direct stockholding. This is due to the fact that there was a boom of the stock market with a remarkable increase of 688% during 1999, which, however, deflated dramatically during 2000 by 65%. In the same period a 50% increase in the share of households with loans backed by real estate other than their primary residences was observed. Furthermore, real estate prices rose sharply in most areas and affected to a great extent the net wealth so that a more than 7.5% increase was observed in the mean value of the net wealth from 1999 to 2002. Finally, the work deals with the econometric analysis of debts, and results based on probit models are provided. The variables selected are age, family size, employment status and income. The typical 2002 individual was identified as a 45-year old self-employed, married person with 3 children with a annual income of 18000 Cyprus pounds (1CY L = 1.7 Euros. For the 2002 typical individual the probability of being in debt is found to be 66.5%.

  17. [Survey of carbon fiber reinforced plastic orthoses and occupational and medical problems based on a questionnaire administered to companies involved in the manufacture of prosthetics and orthotics].

    Science.gov (United States)

    Kaneshiro, Yuko; Furuta, Nami; Makino, Kenichiro; Wada, Futoshi; Hachisuka, Kenji

    2011-09-01

    We surveyed carbon fiber reinforced plastic orthoses (carbon orthoses) and their associated occupational and medical problems based on a questionnaire sent to 310 companies which were members of the Japan Orthotics and Prosthetics Association. Of all the companies, 232 responded: 77 of the 232 companies dealt with ready-made carbon orthoses, 52 dealt with fabricated custom-made orthoses, and 155 did not dealt with carbon orthoses. Although the total number of custom-made carbon ortheses in Japan was 829/ 5 years, there was a difference by region, and one company fabricated only 12 (per 5 years) custom-made carbon orthoses on average. The advantages of the carbon orthosis were the fact that it was "light weight", "well-fitted", had a "good appearance", and "excellent durability", while the disadvantages were that it was "expensive", "high cost of production", of "black color", and required a "longer time for completion", and "higher fabrication techniques". From the standpoint of industrial medicine, "scattering of fine fragments of carbon fibers", "itching on the skin" and "health hazards" were indicated in companies that manufacture the orthosis. In order to make the carbon orthosis more popular, it is necessary to develop a new carbon material that is easier to fabricate at a lower cost, to improve the fabrication technique, and to resolve the occupational and medical problems.

  18. Effect of Customer Satisfaction on Company Performance

    Directory of Open Access Journals (Sweden)

    Petr Suchánek

    2015-01-01

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

  19. 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...... of new ventures in high-tech and knowledge-intensive sectors. The paper builds in part upon existing literature on venture capital, theory on risk and trust. The results document that high variation on several dimensions can be found across the two sectors investigated (IT and life sciences)....

  20. Adequação dos índices da análise econômico-financeira às empresas florestais Adequateness of the economic and financial analysis in forestry companies

    Directory of Open Access Journals (Sweden)

    Anselmo Chaves Neto

    2007-10-01

    ônimas de capital aberto, dentre as quais três empresas madeireiras e oito empresas produtoras de papel e celulose. Obteve-se, assim, uma matriz de dados de duzentas e trinta e sete linhas por vinte e seis colunas, sobre a qual aplicaram-se as técnicas estatísticas multivariadas, em particular a análise fatorial. A classificação das empresas, a partir dos escores fatoriais, possibilitou verificar quais índices são adequados à análise de quais tipos de empresas. O resultado mostrou que alguns destes vinte e seis índices não são adequados à análise daquelas onze empresas ligadas à área florestal.There are many methods for the economic and financial analysis of the companies. Among them, for many reasons, the most used one is the analyses through the index (MATARAZZO, 1998. Although a research in the specialized Brazilian bibliography enabled to identify more than two hundreds of different indexes. It’s selection by the usage criterion for the biggest number of authors reduced them into twenty-six indexes. From the specific operational features of forestry companies - his long operational cycle - it’s assumed that the usage of those indexes of generalized use in the economic and financial analysis of any company - whose operational cycle are relatively short - it isn’t adequate for the forestry companies analysis. Currently, there isn’t any references about specific indexes for the economic and financial analysis of forestry enterprises. It’s assumed that this difference between the operational cycles would result in economic and financial performance, as well as in totally diverse patrimonial conditions. There isn’t any reference about this pressupose either. Among others, one of the algorithms of big utility for the research is given by the factorial analysis, according JOHNSON & WICHERN (1998. According to the same authors, this technique let classify them by it’s participation in the totally variable data. Therefore, the main objective of

  1. ISSUERS OF FINANCIAL INSTRUMENTS

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2016-05-01

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

  2. Evaluation of Listed Company Financial Performance in Low Carbon Economy Plate of China%我国低碳经济板块上市公司财务绩效评价

    Institute of Scientific and Technical Information of China (English)

    金曼

    2015-01-01

    运用因子分析模型,选取沪深两市低碳经济板块的41家上市公司2010—2013年财务报表数据,分别从偿债能力、营运能力、盈利能力、成长能力四个方面遴选了11个财务指标,提取出5个公因子,并计算出综合得分,以对其财务绩效进行全面、科学的评价,据此提出切实可行的提高低碳经济板块上市公司财务绩效的路径。%Using the factor analysis model ,selects 41 listed Company in low carbon economic plate in Shanghai and Shenzhen from 2010 to 2013 fi‐nancial statements ,respectively from the four aspects of debt paying ability ,operating ability ,profit ability ,growth ability to select 11 financial indexes ,and 5 common factors were extracted ,thus calculates the comprehensive scores ,with comprehensive evaluation. All these are in order to evaluate the company’s financial performance ,and to put forward the feasible path to improve the financial performance of the listed Corporation in low carbon economy plate.

  3. 应用型本科院校创立财务咨询服务公司的研究%On Setting up Financial Consulting Services Company by Application-oriented Colleges

    Institute of Scientific and Technical Information of China (English)

    张鸣良; 陈世文

    2015-01-01

    This paper starts from the present situation of work-integrated learning in application-oriented colleges to analyze the new situation, new tasks and new challenges and new opportunities of the development of accounting professional in voluntary application-oriented colleges. It deeply studies the necessity, advantages and feasibility of financial information management professional (hereinafter referred to as financial department) in voluntary application-oriented colleges to set up financial consulting services company based on accounting professional.%文章从目前应用型本科院校的工学结合现状出发,分析了民办应用型本科院校会计学专业发展的新形势、新任务、新挑战、新机遇,对在民办应用型本科院校财金信息管理系(以下简称财金系),以会计学专业为依托,创立财务咨询服务公司的必要性、优越性、可行性进行了深入的研究。

  4. A Survey on the status of Marine IT Industrial environment for e-navigation SQA – focusing on Korean domestic companies

    Directory of Open Access Journals (Sweden)

    Hyoseung Kim

    2016-12-01

    The questionnaire is composed of two parts. The first part mainly deals with fundamental knowledge about the scale of the company and the number of development teams s. The second part consists of three sub-parts with Quality Management, Configuration Management, and Process Management. Otherwise, several questions are surveyed with respect to engineering tools for SQA and education support. Approximately 150 cases were gathered. The outcome of the survey shows some points that both of industry and government can contemplate for the future.

  5. Correlative Research on the Financial Fraud in Listed Companies--Based on the Analysis of the Financial Statement%上市公司财务欺诈的相关性研究--基于财务报表的分析

    Institute of Scientific and Technical Information of China (English)

    赵明凤

    2013-01-01

      上市公司从经营不善到高层管理者决定做假账,再到骗局败露,通常要经过一段时间,往往会有各种蛛丝马迹显示出公司存在的问题,分析财务报表是最具可行性和最有实效的侦测财务骗局的方法。%From the bad management to the false accounts did by the top managers,then,to the exposition of the fraud,the listed companies often show their existed problems after a period of time. Analyzing the financial statement is the most feasible and effective way to detect financial fraud.

  6. International Companies in Fragile States

    DEFF Research Database (Denmark)

    Patey, Luke; Kragelund, Peter

    Denmark must not fail to promote corporate social responsibility in fragile states. International companies remain active in these environments, and often worsen rather than alleviate poor governance. Financial transparency and human rights initiatives offer the first step in ensuring...

  7. 旅游上市公司社会责任表现与财务绩效关系研究%A Study on Relationship between Corporate Social Responsibility and Financial Performance of China s Listed Traveling Companies

    Institute of Scientific and Technical Information of China (English)

    肖和华

    2011-01-01

    对社会责任表现与财务绩效关系的认知,是影响企业社会责任投入决策的重要因素之一,旅游业仍缺乏深入研究。以沪深16家旅游上市公司为研究对象,选取2006年至2009年连续四年的面板数据,运用Eviews6.0软件对四年面板数据进行回归分析,实证检验旅游上市公司社会责任表现与财务绩效的关系,结果显示社会责任主要指标与财务绩效呈正相关关系,但社会责任的不同维度对财务绩效的影响存在差异。%Different people have different opinion about the relationship between corporate social responsibility and financial performance,and the difference is an important factor in the decision-making,but the tour operators did not aware this.This paper examined the relationship between Corporate Social Responsibility and Financial Performance by using 16 tourism companies listed in shanghai securities exchange and Shenzhen securities exchange from 2006 to 2009.Results revealed that four dimensions were proposed to have positive financial effects;Besides,we also find CSR positively affect Financial Performance significantly.

  8. 我国房地产行业上市公司财务安全影响因子分析%China's real estate industry listed companies'financial security impact factor analysis

    Institute of Scientific and Technical Information of China (English)

    周伟轩; 曾剑云

    2013-01-01

    Building cash flow at the core of the financial security index system, based on corporate cash flow statement provides financial information, as a sample of the 128 companies in the Shanghai and Shenzhen Stock Exchange, Chinas real estate industry, data from the 2011 published Annual Report. The KMO test the correlation of financial indicators and Bartlett 's test of sphericity factor analysis, results show that the index has a strong correlation. With SPSS18. 0 software, principal component analysis, seven principal components factor, and the cumulative variance of the seven factors of 73. 821% , more complete description of the seven indicators retained the original data of the amount of information, proof of financial security affect factor rationality.%以企业现金流量表提供的财务信息为基础,构建以现金流量为核心的财务安全指标体系,以我国房地产行业在沪深证券交易所上市的128家公司为样本,数据来源于2011年公司发表的年报.采用因子分析法对财务指标的相关性进行KMO检验和Bartlett球形检验,结果显示指标具有很强的相关性.再借助SPSS18.0软件,进行主成分分析,得到7个主成分因子,且这7个因子累积方差达到73.821%,说明这7个指标较完整的保留了原始数据的信息量,证明了财务安全影响因子的合理性.

  9. Current practice and perspectives in CRO oversight based on a survey performed among members of the German Association of Research-Based Pharmaceutical Companies (vfa

    Directory of Open Access Journals (Sweden)

    Hennig, Michael

    2017-01-01

    Full Text Available In recent years, the number and scope of outsourced activities in the pharmaceutical industry have increased heavily. In addition, also the type of outsourcing has changed significantly in that time. This raises the question of whether and how sponsors retain the capability to select and to control the contract research organizations (CROs involved and what expertise still has to be present in the development department as well as other relevant departments to ensure adequate oversight, also in line with the expectations of regulators and health authorities. In order to answer these questions, a survey was conducted among the German vfa member companies. The survey describes the latest developments and experiences in outsourcing by 18 German vfa member companies. It concentrates on measures how to implement Quality Assurance (QA when performing outsourced clinical studies.This study shows that the majority of companies apply a full-outsourcing, preferred-provider model of clinical trial services, with the clinical research department playing the major role in this process. A large amount of guiding documents, processes and tools are used to ensure an adequate oversight of the services performed by the CRO(s.Finally the guiding principles for all oversight processes should be transparent communication, a clearly established expectation for quality, a precise definition of accountability and responsibility while avoiding silo mentality, and a comprehensive documentation of the oversight’s evidence. For globally acting and outsourcing sponsors, oversight processes need to be aligned with regards to local and global perspectives. This survey shows that the current implementation of oversight processes in the participating companies covers all relevant areas to ensure highest quality and integrity of the data produced by the outsourced clinical trial.

  10. Valuation of Companies

    Directory of Open Access Journals (Sweden)

    J. Lisník

    2007-01-01

    Full Text Available This paper deals with valuating telecommunications companies. Six groups operating mainly in the European countries are compared. The comparison is based on financial and techno-economic indicators.These indicators are used to value the company by the DCF method. However, many companies have only a very short history. To value these, classical methods like DCF or real options are not suitable. In this case, methods based on market confrontation seem to be efficient. A further exploration of these methods is also the topic of my graduate studies 

  11. The Prediction Research on Financial Distress of Listed Companies Based on VPRS Theory from the View of Corporate Governance%公司治理视角下基于VPRS的公司经营困境预警

    Institute of Scientific and Technical Information of China (English)

    王山慧; 王宗军; 龚振英

    2012-01-01

    从公司治理的角度,构建了一套比较全面的综合预警指标体系.以2006-2009年首次被ST的160家上市公司及其配对公司作为研究样本,基于变精度粗糙集理论(VPRS),分别构建仅包含财务指标和包含所有指标的上市公司经营困境预警模型.通过理论分析和实证研究发现:健康公司和困境公司在早期的公司治理方面就存在着显著差异,晚期差异逐渐减小;加入公司治理变量后的变精度粗糙集模型的预测精度得到了提高;仅包含财务数据的模型在经营困境的晚期预测精度较高,早期预测效果不佳;对早期预测来说,包含财务指标和公司治理指标等多方面因素的模型更加适合.%This paper constructs a more comprehensive indicator system from the prospective of corporate governance. With the use of a sample of 160 "ST" listed companies and their partnership samples through years 2006 —2009,based on the Various Precision Rough Set theory, this paper sets up prediction models of listed companies' business distress and contrasts the effects of the way using corporate governance index with the way without using corporate governance index. Finally, the paper gets these conclusions as follows: there are significant difference in early corporate governance factors between the healthy companies and the failure ones. The predicting ability of the model in which corporate governance indicators are introduced is better than that of the model containing the financial indictors only; at the late stage in business distress,the financial indicators show great predicting ability while at the early stage its ability falls heavily. The model considering both the corporate governance and financial indictors are more suitable for early stage prediction.

  12. 我国金融资产管理公司现状及发展方向%The Status Quo and Development Direction of China's Financial Asset Management Companies

    Institute of Scientific and Technical Information of China (English)

    刘天

    2013-01-01

    At the end of last century,China successively established four financial asset management companies (FAMC), Xinda, Huarong, Dongfang, and Changcheng, for disposing of non-performing assets of SOCBs (State-Owned Commercial Banks) and promoting the reform of SOBs (State-Owned Banks) and state-owned enterprises. Over ten years of operation, the asset quality of SOCBs has been significantly improved, creating the condition for restructuring, going public, and for enhancing the profitability. In the new era, with the end of their policy mission, the four asset management companies start a commercial transformation process. They focus on asset management and take investment banking, financial leasing, guarantees, trusts and futures as a supplement, gradually stepping forward with the goal to turn into financial holding companies.%上世纪末,国家为了处置国有商业银行不良资产、促进国有银行和国有企业改革,先后成立了信达、华融、东方、长城四家金融资产管理公司。经过10多年的运营,银行资产质量显著改善,为改制上市和提升盈利能力创造了条件。新的时期,随着金融资产管理公司政策性使命的结束,四家资产管理公司已开始了商业化转型。其发展方向主要是以资产管理业务为主,开展以投资银行、金融租赁、担保、信托、期货等业务为依托的综合性金融业务,逐步向金融控股公司的目标迈进。

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

    OpenAIRE

    Chin Sok Fun; Tang Kin Boon; Che Ahmad Ayoib

    2017-01-01

    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 famil...

  14. Financial Literacy and Financial Planning in France

    Directory of Open Access Journals (Sweden)

    Luc Arrondel

    2013-07-01

    Full Text Available We study financial literacy in France using the PATER survey and following the Lusardi and Mitchell (2011c approach. We find that some subpopulations are less financially literate than others: women, young and old people as well as less-educated people are more likely to face difficulties when dealing with fundamental financial concepts such as risk diversification and inflation and interest compounding. We also find some differences in financial knowledge depending on the political opinion of the respondents. Finally we show that these differences in financial knowledge are correlated with differences in the propensity to plan: people who score higher on the financial literacy questions are more likely to be engaged in the preparation of a clearly defined financial plan.

  15. Cash Flow Management and Financial Risk Control of Construction Companies%施工企业现金流量管理与财务风险控制

    Institute of Scientific and Technical Information of China (English)

    李良生

    2014-01-01

    The paper studied the cash flow management and financial risk control of construction business, proposed the project cash flow management ideas by analyzing the inherent relationship between individual project cash flow and the financial structure of construction corporate, and on this basis discussed the inter-temporal cash flow management in the state of sustainable growth, net operating capital financing and financial risk control.%本文对施工企业现金流量管理与财务风险控制进行了研究,通过分析单项工程现金流量与施工企业财务结构的内在关系,提出了项目现金流量管理思路,并在此基础上讨论了可持续增长跨期现金流量管理、净经营性营运资本筹资和财务风险控制问题。

  16. The Survey of Proactive Marketing Strategies Impacts on Business Performance during Recession; Study of Active Iranian Companies in Abbasabad Industrial Park

    Directory of Open Access Journals (Sweden)

    Bahram Kheiry

    2013-06-01

    Full Text Available The performance of businesses and organizations and even their survival can be severely affected by recessions. However, all firms are not equally affected by a recession. In fact, some firms even experience better conditions in markets during recessions. Past studies and investigations about marketing in economic turbulent times and especially in proactive marketing suggest that some firms view a recession as an opportunity and develop an aggressive marketing reaction, while others cut back, waiting for the recession to pass. We use the term proactive marketing, to represent the strategic reaction of companies to a recession, or more generally, to a turbulent environment. We show that proactive marketing is an important factor for a company to view and react to recessions. Specifically, we develop and test a model of the antecedents and consequences of proactive marketing during a recession. The results of a survey of 45 senior marketing executives in Abbasabad Industrial Park in Iran reveal that some companies do accept and execute proactive marketing during recessions. Our results indicate that if companies have a strategic emphasis on marketing, embody an entrepreneurial culture, possess slack resources, they will more likely to have a proactive marketing reaction during turbulent times especially recessions. Also, results show that proactive marketing plays a significant role in improving both market and business performance during the recession. The implications of our results can be discussed for both marketing theory and managerial practice.

  17. 基于主成分分析的上市物流公司财务绩效%The Study on the Financial Performance of Listed Logistics Company Based on Principal Component Analysis

    Institute of Scientific and Technical Information of China (English)

    刘金萍

    2012-01-01

    Determining the weights is a key role in the fnancial performance evaluation of listed logistics company. This paper first describes the basic theory and practical steps of principal component analysis. Secondly it takes nineteen listed logistics com- pany as an example to construct the index system, select 12 financial indexes, extract 4 principal components, and calculate the four principal component of the comprehensive value. Based on the above results 19 logistics of financing performance of listed companies is scheduled. The results show that the financing performance of listed companies is unsatisfactory. Debt paying ability, profitability, capacity development, operation ability still needs to improve. Finally some suggestion to promote the financial performance evaluation of listed logistics company is put forward.%指标权重的确定是上市物流公司财务绩效评价的关键问题,在阐述主成分分析的基本原理及实际操作步骤的基础上,以19家上市物流公司作为研究的样本,构建上市物流公司财务绩效的评价指标体系,选取12个财务指标,利用主成分分析法提取4个主成分,并计算出4个主成分的综合值。据此对19家物流上市公司财务绩效进行综合排序。结果表明,物流上市公司综合财务绩效不是很理想,偿债能力、盈利能力、发展能力、营运能力仍需提升。在此基础上提出了上市物流公司财务绩效提升的对策建议。

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

    Directory of Open Access Journals (Sweden)

    Klapalova Alena

    2013-06-01

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

  19. 我国金融业税负变化情况及其影响因素分析——基于金融行业上市公司的面板数据%Analysis of Tax Burden Changes in China's Financial Industry and Influential Factors: Based on Panel Data of Listed Companies

    Institute of Scientific and Technical Information of China (English)

    王鲁宁; 胡怡建

    2012-01-01

    On the basis of the data of listed companies from Wind financial database, this paper analyzes real tax burden level of listed companies in financial industry. The comparison of real tax burden level between financial industry and non-financial service industry shows that under the same tax structure, real tax burden level of listed companies in financial industry is lower. It employs relevant data of listed companies in financial industry to construct a panel data model. Then it studies the influential factors of tax burden in financial industry and reaches conclusions which provide reference for balancing tax burden in financial industry.%本文立足于Wind金融数据库中的金融类上市公司的相关数据,对金融业上市公司的实际税负水平进行研究,并将其与非金融类服务业的实际税负进行对比。研究发现,在同样的税制结构下,金融类上市公司实际税负相对较低。为此本文借助上市金融类企业相关数据构造面板数据模型来探究影响金融业税负的因素,并结合该模型得出相关结论,为平衡服务类行业税负提供依据。

  20. INFORMATION SOURCES FOR FINANCIAL ANALYSE IN THE ORGANISATION

    National Research Council Canada - National Science Library

    Nora ŠTANGOVÁ; Agneša VÍGHOVÁ

    2016-01-01

    Financial analysis is an essential part of the financial management of the company, as it acts as a feedback information, where the business is in different areas of the financial management, in which...