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Sample records for Multinational Businesses Cash Flows Pool System.

  1. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling

    Directory of Open Access Journals (Sweden)

    Ali KABAKÇI

    2011-01-01

    Full Text Available Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash management approach and pooling technique in order to optimize the parent-subsidiary and inter-subsidiary cash flows.

  2. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling)

    OpenAIRE

    Ali KABAKÇI

    2011-01-01

    Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash m...

  3. Cash pooling

    OpenAIRE

    Lozovaya, Karina

    2009-01-01

    This work makes a mention of cash management. At next chapter describes two most known theoretical models of cash management -- Baumol Model and Miller-Orr Model. Principal part of work is about cash pooling, types of cash pooling, cash pooling at Czech Republic and influence of cash pooling over accounting and taxes.

  4. The Cash Flow as Financial Management Tool For Small Businesses

    Directory of Open Access Journals (Sweden)

    Osmar Siena

    2015-06-01

    Full Text Available This study is engaged on the axis of Financial Management, with research into the factors controlling corporation in small business finance. It has as main objective to analyze the cash flow tool as a tool for financial management and specific process to describe the use of the Cash Flow tool objectives; analyze the feasibility of implementing the Cash Flow tool as an instrument of financial management and suggest proposals for suitability for deployment of Cash Flows as a financial management system. Facing these objectives the research uses the precedence of qualitative methodology and applies the instruments on-site visit, interview and questionnaire to collect data. Descriptive analysis that confront the theoretical basis and the data obtained from research is used. With the completion of the analysis the following results were achieved: description of business processes researched; identifying the needs and forms of control currently used and presentation of improvement measures for the adjustment of non-conformities identified. The study contributes to both the academic improvement by analyzing the real situation of the company, as well as it serves as a recommendation to companies embracing similar difficulties in financial management.

  5. Investment cash flow sensitivity and financing constraints : New evidence from Indian business group firms

    NARCIS (Netherlands)

    George, R.; Kabir, Mohammed Rezaul; Qian, J.

    2011-01-01

    A controversy exists on the use of the investment–cash flow sensitivity as a measure of financing constraints of firms.Were-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment–cash flow sensitivity for both group-affiliated and independent

  6. Equivalence of ten different discounted cash flow valuation methods

    OpenAIRE

    Fernandez, Pablo

    2004-01-01

    This paper shows that ten methods of company valuation using discounted cash flows (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality using the same assumptions; t...

  7. Business valuation: an analysis of projected cash flows versus takeover bids

    Directory of Open Access Journals (Sweden)

    Camila Menezes

    2017-12-01

    Full Text Available One of the main financial statements is the Cash Flow. It became mandatory from the law # 11,638/2007 on, which changed the law # 6,404/1976 – the Corporations’ law, and the Cash Flow statement allows analysis about the companies’ operations activities effects, investing and financing, highlighting their main sources of financial allocation. In 2005 and 2006, 37 companies registered takeover bids in the Brazilian Securities Exchange Commission (CVM – Comissão de Valores Mobiliários. Based on these companies’ analysis of Projected Cash Flows (FCP – Fluxos de Caixa Projetados when the takeover bids were put in place and their Actual Cash Flows (FCR – Fluxo de Caixa Realizados the objective of this work was to compare those cash flows, to analyze the differences between the Statements of Cash Flows attached to the Appraisal Reports and the actual ones, as well as to check if these companies’ cash were in line with the balances projected in the takeover bids. The obtained results via statistical analysis of differences between the Projected Cash Flows attached to the Appraisal Reports and the effective Actual Cash Flows, all of them compared in the period between 2007 and 2013, did not show significant differences among them. IE: it was observed that, nevertheless the companies did not accomplish the promised Cash Flows delivery when the OPAs were put in place, the differences between the balances projected and the actual ones were not statistically significant.

  8. Multinational cash management and conglomerate discounts in the euro zone

    NARCIS (Netherlands)

    Eije, Henk von; Westerman, Wim

    2001-01-01

    We discuss the impact of liberalisation, deregulation and the introduction of a single currency on cash management within multinationals in the euro zone. The developments in the euro zone reduce financial market imperfections in transferring cash and diminish the need for separate local cash

  9. Cash flow optimization in industrial enterprise

    Directory of Open Access Journals (Sweden)

    Myznikova T.N.

    2017-01-01

    Full Text Available Optimization of cash flows of the industrial company provides economic entity necessity and sufficiency of financial resources for sustainable activities. Cash optimization techniques are grouped into two blocks: theoretical - is mainly foreign methods and applied techniques that are mostly used by Russian authors. Models described in the literature are not allowed for the particular industry in the formation of cash. The mathematical models described in the literature do not allow to take into account industry characteristics in the formation of funds. The proposed methodology by authors allows to predict cash amounts based on business company. The balance of cash flows is provided by the budgeting system. The company’s the released money can send funds for investment purposes. Effectiveness of confirmed by practical testing methodology on the existing machine-building enterprise.

  10. Cash Flow Statement Spreadsheet Modeling Case Using a Prototype System Development Process

    Science.gov (United States)

    Davis, Jefferson T.

    2015-01-01

    U.S. GAAP and IFRS standards both require a cash flow statement that presents operating, investing and financing net cash flows (FASB, FAS 95; 1987; IASB, IAS 7, 1992). Although students are exposed to the cash flow statement in beginning accounting courses and then study the cash flow statement in more depth in intermediate accounting classes,…

  11. Equivalence of ten different methods for valuing companies by cash flow discounting.

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

    This paper shows that ten methods of company valuation using cash flow discounting (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality based upon the same assumptio...

  12. Risk assessment future cash flows

    OpenAIRE

    Chachina H. G.

    2012-01-01

    This article is about risk assessment in planning future cash flows. Discount rate in DCF-model must include four factors: risk cash flow, inflation, value of investments, turnover assets. This has an influence net present value cash flow and make his incomparable.

  13. Small business, cash budgets and general practice.

    Science.gov (United States)

    Jackson, A R

    1991-01-01

    In practice management, general practice falls into the category of small business with all its attendant generic problems. Disciplined planning and good financial management are not often seen in small business. These are required if general practitioners are to continue (or return to) the provision of high quality medical services. An effective budget process, especially cash-flow budgeting, is the key to successful planning and financial management. Budgeting will bring Control, Co-ordination, and Credibility to your practice. It will enable you to set goals and to achieve them.

  14. Valuing companies by cash flow discounting: Ten methods and nine theories

    OpenAIRE

    Fernández , Pablo

    2002-01-01

    This paper is a summarized compendium of all the methods and theories on company valuation using cash flow discounting. The paper shows the ten most commonly used methods for valuing companies by cash flow discounting: 1) free cash flow discounted at the WACC; 2) equity cash flows discounted at the required return to equity; 3) capital cash flows discounted at the WACC before tax; 4) APV (Adjusted Present Value); 5) the business's risk-adjusted free cash flows discounted at the required retur...

  15. Is Investment-Cash flow Sensitivity a Good Measure of Financing Constraints? New Evidence from Indian Business Group Firms

    NARCIS (Netherlands)

    George, R.; Kabir, M.R.; Qian, J.

    2005-01-01

    Several studies use the investment - cash flow sensitivity as a measure of financing constraints while some others disagree.The source of this disparity lies mostly in differences in opinion regarding the segregation of severely financially constrained firms from less constrained ones.We examine

  16. Hedging Cash Flows from Commodity Processing

    OpenAIRE

    Dahlgran, Roger A.

    2005-01-01

    Agribusinesses make long-term plant-investment decisions based on discounted cash flow. It is therefore incongruous for an agribusiness firm to use cash flow as a plant-investment criterion and then to completely discard cash flow in favor of batch profits as an operating objective. This paper assumes that cash flow and its stability is important to commodity processors and examines methods for hedging cash flows under continuous processing. Its objectives are (a) to determine how standard he...

  17. 48 CFR 232.072-3 - Cash flow forecasts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Cash flow forecasts. 232..., DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 232.072-3 Cash flow forecasts. (a... contractor to submit a cash flow forecast covering the duration of the contract. (b) A contractor's inability...

  18. Assets Expropriation via Cash Dividends? Free Cash Flow or Tunneling

    Directory of Open Access Journals (Sweden)

    Jeng-Ren Chiou

    2010-06-01

    Full Text Available This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership control than those of firms with higher ownership control. This is more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow hypothesis better explains firms' dividend policy. Investors value more the cash dividends of firms with fewer investment opportunities and higher probability of expropriation. This study indicates that investors are concerned with the potential asset expropriation through cash payouts, unless firms possess high growth opportunities.

  19. Presentation of Consolidated Statement of Cash Flows under IAS 7, Statement of Cash Flows

    OpenAIRE

    Calota Traian-Ovidiu; Tănase Alin-Eliodor

    2013-01-01

    The consolidated financial statements must includ a specific statement, regarding cash flows from all activities of the entity, called „consolidated statement of cash flow”. Information for preparing cash flow statements can be found in all other components of the financial statements, such as financial position, statement of comprehensive income and statement of changes in equity. The cash flow statement shall report cash flows during the period classified by operating, investing and financi...

  20. Strategic Management Accounting in Organizations’ Cash Flow Control

    Directory of Open Access Journals (Sweden)

    Y. P. Vetrov

    2017-09-01

    Full Text Available The article deals with the various interpretations of the term "strategic management accounting". The role and importance of strategic management accounting in the organization’s cash flows control are investigated. The accounting and analytical models of strategic management accounting are analyzed. The territorial scope of this article covers the Russian Federation. The study concludes that the system of assessment parameters of organization’s financial condition should cover all its aspects, namely, financial sustainability, solvency, liquidity and business activity. Hence, strategic management accounting of cash flows makes it possible to correctly set information base to monitor financial flows of a company which responds the tends of market economy and allows to make optimal management decisions.

  1. CASH FLOWS IN ROMANIAN SMALL AND MEDIUM ENTERPRISES

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    GĂBAN LUCIAN

    2016-08-01

    Full Text Available Financial reporting system includes three main pillars, namely balance sheet, income statement and cash flow. If the balance sheet reflects shareholders’ wealth at a given time, income statement demonstrates the efficiency or inefficiency of the activity and cash flows measures the company’s viability. This is the reason for which I have approached the cash flow matter in this paper, reviewing the latest studies and studying in detail the evolution of cash flow ratios on small and medium enterprises in Romania for a period between 2006 and 2014, highlighting the effects of the financial crisis on these enterprises

  2. Management of Agricultural Enterprise Cash Flows

    OpenAIRE

    Tamara Kucherenko; Inna Tkachuk

    2014-01-01

    Cash is the only kind of company resource which can be transformed directly and with minimum time lag into any other kind of resources, their movement servicing all management operational processes. The article is covers the development of cash management algorithm in agricultural enterprise. The author has worked out the algorithm for determining the efficiency of cash management in agricultural enterprise. As the basis of the algorithm the income approach and discounted cash flow method has...

  3. Analyzing the Cash Flow Profiles of Firms Using the Cash Flow Patterns Method

    OpenAIRE

    Aktaş, Rabia; Karğın, Sibel; Karğın, Mahmut

    2012-01-01

    Statement of cash flows that presents important information about firm’s power of cash generation and cash consumption is a reliable source of information for financial statement users. Therefore, financial reporting standards require cash flow statement to be reported and presented with the other financial statements such as statement of financial position, statement of comprehensive income, and statement of changes in equity. Turkish Accounting Standard 7 – “Statement of Cash Flows” (TMS 7 ...

  4. Multinational Firms and Business Cycle Transmission

    DEFF Research Database (Denmark)

    Menno, Dominik Francesco

    This paper studies the effect of foreign direct investment (FDI) on the transmission of international business cycles. I document for the G7 countries between 1991 and 2006 that increases in bilateral FDI linkages are associated with more synchronized investment cycles. I also find...... that the relation between FDI integration and synchronization of gross domestic product (GDP) is - yet positive - statistically insignificant after controlling for time fixed effects. I then study a model of international business cycles with an essential role for FDI and shocks to multinational activity...

  5. ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

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    MELANIA ELENA MICULEAC

    2012-01-01

    Full Text Available In order to reach the objective of supplying some relevant information regarding the liquidity inflows and outflows during a financial exercise, the total cash flow analysis must include the analysis of result cashable from operation, of payments and receipts related to the investment and of financing decisions of the last exercise, as well as the analysis of treasury variation (of cash items. The management of total cash flows ensures the correlation of current liquidness flows as consequence of receipts with the payments ’flows, in order to provide payment continuity of mature obligations.

  6. Get the Most from Your Cash Flow.

    Science.gov (United States)

    Bauer, Richard I.

    1995-01-01

    Provides guidelines for overseeing a school district's cash-flow management program: (1) receipts into cash; (2) types of float; (3) concentration account or controlled-disbursement account; (4) bank-account analysis; and (5) safety. One figure is included. (LMI)

  7. Cash flow forecast for South African firms

    OpenAIRE

    Li, Yun; Moutinho, Luiz; Opong, Kwaku K.; Pang, Yang

    2015-01-01

    This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA an...

  8. Cash flow forecast for South African firms

    Directory of Open Access Journals (Sweden)

    Yun Li

    2015-06-01

    Full Text Available This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA and Australia. Inclusion of more explanatory variables does not necessarily improve the models, according to the out-of-sample results. The paper proposes the application of moving average model in panel data, and vector regressive model for multi-period-ahead prediction of cash flows for South Africa firms.

  9. METHODOLOGICAL APPROACHES TO THE ANALYSIS OF EFFICIENCY OF CASH FLOW MANAGEMENT IN INVESTMENT ACTIVITY OF THE ENTERPRISES

    OpenAIRE

    I. Magdych

    2015-01-01

    The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their o...

  10. Relevance of free cash flow as a measure of generating value for owners

    Directory of Open Access Journals (Sweden)

    Bešlić Ivana

    2014-01-01

    Full Text Available In the new economy or knowledge economy the main goal of any company should be directed towards the achievement of the business in the interest of the owners, or generating the value for owners. In dynamic business environment, an effective performance measurement system is key determinant of successful implementation of corporate strategy, growth and survival of the company. Modern performance measures should provide an accurate assessment of the intrinsic value of the company, as well as the value for the owners (shareholders. The essence is maximizing the immanent or guaranteed value of the company. The immanent value is the value of a company based on internal evaluation (assessment discounted cash flows or expected cash flow in the future by the management team. Corporate managers in Serbia are facing the challenge of increasingly efficient capital markets and the competition in the future, which requires the implementation of a value oriented corporate governance, therefore this paper presents FCF (Free Cash Flow methodology of valuation. Free cash flow (FCF is the amount of cash available for owners of the company after the necessary investments in fixed assets and working capital to maintain the current scope of activities and support to planning.

  11. PENGARUH MODIFIED AUDIT OPINION TERHADAP BORROWING CASH FLOW DAN INVESTMENT CASH FLOW

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    Puspita Hardina Cahyaningrum

    2013-06-01

    Full Text Available This study examines and analyzes the economic consequences of modified audit opinion on borrowing cash flow and investment cash flow. Panel data model was used to observe the research. The sample of this study was 247 companies listed in Indonesia Stock Exchange for the years 2008-2010. The results show that modified audit opinion, except unqualified opinion with explanatory paragraph about going concern, did not affect borrowing cash flow because audit opinion was not the only consideration for granting credit by creditors. Companies receiving modified audit opinion were proven using more operating cash flow for investing shown in investment cash flow, especially companies receiving unqualified opinion with explanatory paragraph about going concern.

  12. Collaborative Car Pooling System

    OpenAIRE

    João Ferreira; Paulo Trigo; Porfírio Filipe

    2009-01-01

    This paper describes the architecture for a collaborative Car Pooling System based on a credits mechanism to motivate the cooperation among users. Users can spend the accumulated credits on parking facilities. For this, we propose a business model to support the collaboration between a car pooling system and parking facilities. The Portuguese Lisbon-s Metropolitan area is used as application scenario.

  13. Cash flow is cash and is a fact. Net income is just an opinion

    OpenAIRE

    Fernandez, Pablo

    2006-01-01

    A company's profit after tax (or net income) is quite an arbitrary figure, obtained after assuming certain accounting hypotheses regarding expenses and revenues. On the other hand, its cash flow is an objective measure, a single figure that is not subject to any personal criterion. In general, to study a company's situation, it is more useful to operate with the cash flow (equity cash flow, free cash flow or capital cash flow) as it is a single figure, while the net income is one of several t...

  14. Cash flows: The Gap Between Reported and Estimated Operating Cash Flow Elements

    Directory of Open Access Journals (Sweden)

    Mark Hughes

    2010-03-01

    Full Text Available The FASB and the IASB recently released a joint Discussion Paper “Preliminary Views on FinancialStatement Presentation” (International Accounting Standards Board 2008, which contains a major proposalrequiring companies to report operating cash flows using the direct method and it also requires that theindirect method of calculating operating cash flows be disclosed in the notes. This is a departure from currentrules and has generated considerable debate among respondents’ comment letters on the Discussion Paper.This paper adds to this debate by providing some evidence as to the size of the gap users confront when usingthe indirect method to estimate the major operating cash flow elements, such as cash collected fromcustomers and cash paid to suppliers. Using a sample of Australian companies which reported operating cashflows using the direct method, and presented the indirect method in the notes, we find significant differencesbetween reported and estimated figures for both cash collected from customers and cash paid to suppliers.These findings support the discussion paper’s proposal that companies be required to report cash flows usingboth the direct and indirect methods.

  15. Monitoring of Shadow Cash Flows Using Computer Modelling

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    Evgeniya Vladimirovna Baturina

    2018-03-01

    Full Text Available The computer simulation of economic systems is a promising tool in the development of the theory of the country’s economic security. We have examined the Russian banking legislation and synthesized judicial economic expertise. This has allowed to develop an algorithm for the investigation of the marker pattern of shadow cash flows. The authors’ algorithm of marker monitoring of cash flow consists of the following sequences. Firstly, we set the time of the first receipt of money and the first withdrawals. Secondly, we compare cash balance of an organization at the beginning of the period with the first withdrawals. Thirdly, under the given condition, the minimum value of interested money flow in these withdrawals is calculated. This value is characterized by the marker parameters and forms a table containing data on the cash flow, recipients and payers, spheres of their activity. And last, on the basis of this table, we build a graph of relationships between the subjects of the shadow economy. The graph’s vertices represent these subjects. The visual representation of the graph is a marker pattern of shadow cash flow. The practical importance of this algorithm is due to its applicability in the investigation of economic crimes both at the stage of intelligence operations, and when obtaining proofs of the brought criminal cases in the form of the conclusions of expertseconomists. In addition, marker patterns of shadow cash flows can describe the state of the shadow economy of a region as a whole including its dynamics. This expands its parameterization. The created database of the shadow flows of the economy can be also useful for the scientific community. On the basis of the received results, we have developed management decisions to create and administer the information resource of the Bank of Russia “Shadow economy of a region”. This information resource ensures tracking the marker trace of cash flow in the bank environment by the

  16. Predictability of Returns and Cash Flows

    OpenAIRE

    Ralph S.J. Koijen; Stijn Van Nieuwerburgh

    2010-01-01

    We review the literature on return and cash-flow growth predictability from the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries.

  17. The analysis of exergy and cash flow

    International Nuclear Information System (INIS)

    Weimin, H.

    1989-01-01

    The paper presents the analysis of the economic content of exergy parameter and the thermodynamical analogy of the analysis of cash flow, and gives out the reasonable foundations of the analysis of heat economy. The thoughts of optimum design of the combination of heat economic analysis and investment policy are also put forward

  18. The FASB explores accounting for future cash flows.

    Science.gov (United States)

    Luecke, R W; Meeting, D T

    2001-03-01

    The FASB's Statement of Financial Accounting Concepts No. 7, Using Cash Flow Information and Present Value in Accounting Measurements (Statement No. 7), presents the board's views regarding how cash-flow information and present values should be used in accounting for future cash flows when information on fair values is not available. Statement No. 7 presents new concepts regarding how an asset's present value should be calculated and when the interest method of allocation should be used. The FASB proposes a present-value method that takes into account the degree of uncertainty associated with future cash flows among different assets and liabilities. The FASB also suggests that rather than use estimated cash flows (in which a single set of cash flows and a single interest rate is used to reflect the risk associated with an asset or liability), accountants should use expected cash flows (in which all expectations about possible cash flows are used) in calculating present values.

  19. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    Directory of Open Access Journals (Sweden)

    Odd A. Asbjørnsen

    1983-10-01

    Full Text Available The net present value of a discounted cash flow is used to evaluate projects. It is shown that the LaPlace transform of the cash flow time function is particularly useful when the cash flow profiles may be approximately described by ordinary linear differential equations in time. However, real cash flows are stochastic variables due to the stochastic nature of the disturbances during production.

  20. Business & IT Alignment in a Multinational Company; Issues and approaches

    NARCIS (Netherlands)

    Drs. A.J.G. Silvius

    This chapter explores the theory and practice of Business & IT Alignment in multinational companies. In the first part of the chapter an overview of the theory is presented. In this part the familiar frameworks for Business & IT Alignment are put in perspective in an ‘Alignment development model’.

  1. Developing a planning model to estimate future cash flows.

    Science.gov (United States)

    Barenbaum, L; Monahan, T F

    1988-03-01

    Financial managers are discovering that net income and other traditional measures of cash flow may not provide them with the flexibility needed for comprehensive internal planning and control. By using a discretionary cash flow model, financial managers have a forecasting tool that can help them measure anticipated cash flows, and make better decisions concerning financing alternatives, capital expansion, and performance appraisal.

  2. EBITDA/EBIT and cash flow based ICRs: A comparative approach in the agro-food system in Italy

    Directory of Open Access Journals (Sweden)

    Mattia Iotti

    2012-05-01

    Full Text Available The interest coverage ratios (ICRs are used to quantify the ability of firms to pay financial debts; ICRs are then considered by banks such as covenants in the financing term sheet, and are used by researchers and the rating agencies to estimate the probability of default of firms. Typically, ICRs calculation is based on profit margins, such as EBITDA and EBIT; EBITDA and EBIT approximate, but do not directly express, cash flows available to pay financial debts. The article aims to evaluate whether there are significant differences in results using ICRs based on EBITDA or EBIT and ICRs based on different definitions of cash flow (CF. The application is made to a sample of firms characterized by high absorption of capital operating in the Italian agro-food sector. The article highlights that there are statistically significant differences using ICRs EBITDA and EBIT based and ICRs based on different CF definitions.

  3. Do business groups affect corporate cash holdings? Evidence from a transition economy

    Directory of Open Access Journals (Sweden)

    Weixing Cai

    2016-03-01

    Full Text Available We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult external capital acquisition. A hand-collected dataset of Chinese firms reveals that group affiliation decreases cash holdings, alleviating the free-cash-flow problem of agency costs. State ownership and control of listed firms moderate this benefit, which is more pronounced when the financial market is less liquid. Group affiliation facilitates related-party transactions, increases debt capacity and decreases investment-cash-flow sensitivity and overinvestment. In transitional economies, privately controlled firms are more likely to benefit from group affiliation than state-controlled firms propped up by the government.

  4. Cash Flow Forecasting : Proposal for New Long-Term Cash Flow Forecast in the Case Company

    OpenAIRE

    Pitkänen, Annika

    2016-01-01

    The purpose of this study was to develop a cash flow forecast model for the case company. The case company in this thesis was a Finnish building construction company. The group controlling set a target to improve the corporate treasury’s current long-term cash flow forecast because it was inaccurate and it often had outstanding deficiencies between actual and forecasted figures. A project team was set up to investigate on this issue and this research and development project is documented in t...

  5. Intensive Language Training for Multinational Business

    Science.gov (United States)

    Jordan, Gerda

    1977-01-01

    A two-year master's degree program in international business studies was initiated by the College of Business Administration at the University of South Carolina to educate the business manager who will deal with foreign countries. The language component comprises an important part of the program. (SW)

  6. Using Cash Flows to Predict Bankruptcy of Chemical Companies: Case Study Approach

    OpenAIRE

    Siow, Hui Wen

    2009-01-01

    The intent of this study is to present an argument for the usefulness of cash flow information in bankruptcy prediction, and whether cash flow information provide a superior prediction of business failure over the conventional accrual accounting information. In addition, this dissertation also aim to analyze other important factors leading to bankruptcy, particularly contingent liabilities in which the obligations are not accrued and accounted for, nor are they considered in conventional bank...

  7. The marginal value of cash, cash flow sensitivities, and bank-finance shocks in nonlisted firms

    OpenAIRE

    Ostergaard, Charlotte; Sasson, Amir; Sørensen, Bent E

    2011-01-01

    We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external finance on the margin. Linking firms to their main bank, we find that shocks to bank finance affect firms' trade-offs and have real effects in high-MVC firms, making investment more sensitiv...

  8. Executing the double win: protect your cash flow during a patient accounting system install.

    Science.gov (United States)

    Adams, Jason L; Smith, J Cathy; Strand, Brett

    2009-09-01

    MultiCare Health System's plan for ensuring that its patient accounting system implementation would bring rapid financial benefits comprised eight basic steps: Set baselines and establish goals. Identify key leadership stakeholders across departmental lines. Identify team resources. Establish roles and responsibilities. Identify and prepare for potential risks. Develop guiding principles. Develop key reporting and monitoring tools. Conduct daily monitoring.

  9. Financial Development and Investment-Cash Flow Sensitivity

    Directory of Open Access Journals (Sweden)

    Jungwon Suh

    2007-06-01

    Full Text Available Using firm-level data from thirty-five countries around the world, this paper empirically examines whether investment-cash flow sensitivity reflects financial constraints. Recent US studies have raised questions on the prediction that investment-cash flow sensitivity is a measure of financial constraints. Looking at thirty-five countries with varying degrees of financial development, this study tests whether investment-cash flow sensitivity is in fact related to financial constraints. In most countries, the evidence supporting the argument that firms likely facing financially constraints display high investment-cash flow sensitivity is weak. Moreover, the evidence that firms in the absence of developed financial markets display high investment-cash flow sensitivity is also weak. Overall, the results from this international investigation do not support the prediction that investment-cash flow sensitivity reflects financial constraints.

  10. A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

    OpenAIRE

    Mehari Mekonnen Akalu; Rodney Turner

    2002-01-01

    textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got higher forecast errors as compared to SVA model.

  11. A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

    NARCIS (Netherlands)

    M.M. Akalu; J.R. Turner (Rodney)

    2002-01-01

    textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got

  12. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    OpenAIRE

    Roghayeh Ahmdi Panah Banad Koki; Iman Jokar

    2014-01-01

    This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also perf...

  13. THE STATEMENT OF CASH FLOWS USING FINANCIAL STATEMENT EQUATIONS

    OpenAIRE

    Harold Fletcher; Thomas Ulrich

    2010-01-01

    This paper addresses one of the more difficult topics in teaching MBA level financial management, the statement of cash flows. By employing financial statement equations in preparing the statement of cash flows, students: (1) are employing tools that they are more familiar and comfortable with which mitigates their anxiety and enhances their understanding, (2) are better able to understand the logic of the statement of cash flows and the relationships that exist between it and the income stat...

  14. Effects of Long Cycles in Cash Flows on Present Value

    OpenAIRE

    Bell, Peter N

    2015-01-01

    This paper explores how present value varies over time when the underlying cash flow has a deterministic period. I assume that cash flows are known with certainty and follow a cycle with a long or short period. When the cash flow has a short period, the present value is relatively stable over time because the present value calculation smooths out several cycles. However, when the cash flow has a long period the present value itself develops a long and large cycle. These results are driven...

  15. Cutting risk, boosting cash flow and developing marginal fields

    International Nuclear Information System (INIS)

    Baustad, T.; Courtin, G.; Davies, T.; Kenison, R.; Turnbull, J.; Gray, B.; Jalali, Y.; Remondet, J.C.; Hjelmsmark, L.; Oldfield, T.; Romano, C.; Saier, R.; Rannestad, G.

    1996-01-01

    To minimize financial risk and accelerate return on investment, oil companies are using low-cost, reusable production systems. The scope of these development options is illustrated by looking at three offshore case studies that range from extended well test to marginal field development. In each case, production systems technology has been deployed to provide superior data, early oil or both, thus reducing economic uncertainty and delivering accelerated cash flow. 10 figs., 23 refs

  16. Use of Information Technology in Business Processes In Pakistani and Multinational Pharmaceutical Companies in Korangi.

    Directory of Open Access Journals (Sweden)

    IRFAN UL HASAN

    Full Text Available This study presents an analysis of IT use and Business Processes (BP in Korangi pharmas. Information system usage and manufacturing performance are moderately associated within the sample. There is little difference in the utilization of IT between the multinational and Pakistani firms. The main deficiency of utilization are in decision support systems and external integration functions. Suggestions are presented for increasing effectiveness of IT use in business process

  17. METHODOLOGICAL APPROACHES TO THE ANALYSIS OF EFFICIENCY OF CASH FLOW MANAGEMENT IN INVESTMENT ACTIVITY OF THE ENTERPRISES

    Directory of Open Access Journals (Sweden)

    I. Magdych

    2015-06-01

    Full Text Available The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their optimization for the purpose of maximization of social and economic benefit. The research performed here allowed generalization and definition of stages of analysis for investing cash flow of the enterprise with the appropriate reasoning. It is necessary that research is going concern in this direction of effectiveness valuation of cash flow management in investing activity of the enterprise.

  18. Something for Nothing: Cash Flow as a Contract Incentive

    Science.gov (United States)

    2016-03-01

    mented, delays our ability to recover a significant amount of costs incurred on a contract and thus affects the timing of our cash flows. Northrop...Defense AT&L: March-April 2016 16 Something for Nothing “ Cash Flow” as a Contract Incentive John Pritchard n John Krieger Pritchard and...The government actually has complete control over one of the strongest con-tract incentives possible— cash flow. Most important, in our fiscally

  19. Strategic Management Accounting in Organizations’ Cash Flow Control

    OpenAIRE

    Y. P. Vetrov; O. G. Vandina; A. R. Galustov

    2017-01-01

    The article deals with the various interpretations of the term "strategic management accounting". The role and importance of strategic management accounting in the organization’s cash flows control are investigated. The accounting and analytical models of strategic management accounting are analyzed. The territorial scope of this article covers the Russian Federation. The study concludes that the system of assessment parameters of organization’s financial condition should cover all its aspect...

  20. Multinational Business Gaming: Is Gender Important?

    Science.gov (United States)

    Johnson, Scott D.; And Others

    1997-01-01

    A study investigated influence of gender on undergraduate students (n=119) involved in international business games. Females tended to view the simulation as less complex, have less cohesive group structures, and show less self-confidence than males. However, game performance measures showed no significant gender differences. Implications for…

  1. Reserves and cash flows under stochastic retirement

    DEFF Research Database (Denmark)

    Gad, Kamille Sofie Tågholt; Nielsen, Jeppe Woetmann

    2016-01-01

    Uncertain time of retirement and uncertain structure of retirement benefits are risk factors for life insurance companies. Nevertheless, classical life insurance models assume these are deterministic. In this paper, we include the risk from stochastic time of retirement and stochastic benefit...... structure in a classical finite-state Markov model for a life insurance contract. We include discontinuities in the distribution of the retirement time. First, we derive formulas for appropriate scaling of the benefits according to the time of retirement and discuss the link between the scaling...... and the guarantees provided. Stochastic retirement creates a need to rethink the construction of disability products for high ages and ways to handle this are discussed. We show how to calculate market reserves and how to use modified transition probabilities to calculate expected cash flows without significantly...

  2. Fourteen Steps to More Effective Cash Flow Management

    Science.gov (United States)

    Neugebauer, Roger

    2004-01-01

    Managing cash flow is an incredibly important skill for a center director. Even a center with an annual budget showing a healthy surplus may experience brief periods where funds in the checkbook are insufficient to pay all the bills. To discover how successful directors manage cash flow in tight times, the author surveyed members of the "Exchange…

  3. A Logical Approach to the Statement of Cash Flows

    Science.gov (United States)

    Petro, Fred; Gean, Farrell

    2014-01-01

    Of the three financial statements in financial reporting, the Statement of Cash Flows (SCF) is perhaps the most challenging. The most difficult aspect of the SCF is in developing an understanding of how previous transactions are finalized in this document. The purpose of this paper is to logically explain the indirect approach of cash flow whereby…

  4. FREE CASH FLOW AS PART OF VOLUNTARY REPORTING. LITERATURE REVIEW

    Directory of Open Access Journals (Sweden)

    Negrea Laura Georgeta

    2011-12-01

    Full Text Available The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, 'Cash Flow is King', while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy. In this context, voluntary additional reporting, like free cash flow may come either as an aid in providing the fair view or as an opportunistically reported figure. Throughout the paper, the intention was to provide answers to three main research questions: What are the definition and calculation method of free cash flow? Why is there an interest in free cash flow reporting? What is the impact of free cash flow on the agency theory? In order to provide relevant conclusions, four international data basis were used, and related articles and studies were extracted. The results proved that there is no generally accepted definition and computing method, while the format depends on the end-user of the report (shareholders, investors, analysts, bankers, a.s.o.. As stated below, this aspect generates confusion and lack of comparability, giving room to creative accounting techniques. Moreover, the interest on free cash flow reporting is connected mainly to liquidity assessment, company valuation and investors choice. Still, in the context of agency theory, results show that in presence of high free cash flow, managers tend to make investment choices that satisfy their personal interest and that generate low efficiency and profitability for the company. The contribution to current state of research is providing a literature review study, focused on a comparative approach, as well as on underlying an objective image upon a debatable financial indicator and

  5. CRM System Implementation in a Multinational Enterprise

    Science.gov (United States)

    Mishra, Alok; Mishra, Deepti

    The concept of customer relationship management (CRM) resonates with managers in today's competitive economy. As more and more organizations realize the significance of becoming customer-centric in today's competitive era, they embrace CRM as a core business strategy. CRM an integration of information technology and relationship marketing provides the infrastructure that facilitates long-term relationship building with customers at an enterprise-wide level. Successful CRM implementation is a complex, expensive and rarely technical projects. This paper presents the successful implementation of CRM in a multinational organization. This study will facilitate in understanding transition, constraints and implementation of CRM in multinational enterprises.

  6. The Cash Flow Budget. Part II--Implementation

    Science.gov (United States)

    Gehm, Rudy

    1978-01-01

    An "aged accounts payable" (A/P) summary and a cash disbursements journal are advocated as management measures useful in monitoring the cash flow in a college store. Methods for maintaining the A/P summary and for updating the journal are illustrated. (LBH)

  7. The cash-flow analysis of the firm

    OpenAIRE

    Mariana Man

    2001-01-01

    The analysis of economic and financial indicators of the firm regards the profit and loss account analysis and the balance sheet analysis. The cash-flow from operating activities represents the amount of cash obtained by a firm from selling goods and services after deducting the costs involved by raw materials, materials and processenig operations

  8. ANFIS Based Time Series Prediction Method of Bank Cash Flow Optimized by Adaptive Population Activity PSO Algorithm

    Directory of Open Access Journals (Sweden)

    Jie-Sheng Wang

    2015-06-01

    Full Text Available In order to improve the accuracy and real-time of all kinds of information in the cash business, and solve the problem which accuracy and stability is not high of the data linkage between cash inventory forecasting and cash management information in the commercial bank, a hybrid learning algorithm is proposed based on adaptive population activity particle swarm optimization (APAPSO algorithm combined with the least squares method (LMS to optimize the adaptive network-based fuzzy inference system (ANFIS model parameters. Through the introduction of metric function of population diversity to ensure the diversity of population and adaptive changes in inertia weight and learning factors, the optimization ability of the particle swarm optimization (PSO algorithm is improved, which avoids the premature convergence problem of the PSO algorithm. The simulation comparison experiments are carried out with BP-LMS algorithm and standard PSO-LMS by adopting real commercial banks’ cash flow data to verify the effectiveness of the proposed time series prediction of bank cash flow based on improved PSO-ANFIS optimization method. Simulation results show that the optimization speed is faster and the prediction accuracy is higher.

  9. Cash flow forecasting model for nuclear power projects

    International Nuclear Information System (INIS)

    Liu Wei; Guo Jilin

    2002-01-01

    Cash flow forecasting is very important for owners and contractors of nuclear power projects to arrange the capital and to decrease the capital cost. The factors related to contractor cash flow forecasting are analyzed and a cash flow forecasting model is presented which is suitable for both contractors and owners. The model is efficiently solved using a cost-schedule data integration scheme described. A program is developed based on the model and verified with real project data. The result indicates that the model is efficient and effective

  10. Knowledge Flows, Governance and the Multinational Enterprise

    DEFF Research Database (Denmark)

    Mahnke, Volker; Pedersen, Torben

    This work contributes to the understanding of knowledge governance in the multinational corporation. Intra-firm and inter-firm processes of knowledge creation, sharing and exploitation have attracted increasingly managerial and scholarly interest. However the relation between particular knowledge...

  11. A tax proposal for a cash flow corporate tax

    Directory of Open Access Journals (Sweden)

    Lourdes Jerez Barroso

    2013-12-01

    Full Text Available Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the accounting documents that companies must present and through which the stock variables and the accounting documents’ work flow is transformed into cash flow.Findings: An implementation on the basis of the accounting documents that Spanish companies must present. Practical Implications: This paper defines the procedure to follow in order to determine the tax base of a cash flow corporate income tax on the basis of its accounts, which would allow an estimation of this tax figure’s revenue impact.Originality/ Value: The design of a tax base of cash flows for companies. The accounting approximation carried out to determine the cash flows justifies the fact that the tax base proposal is technically possible.

  12. A new, but old business model for family physicians: cash.

    Science.gov (United States)

    Weber, J Michael

    2013-01-01

    The following study is an exploratory investigation into the opportunity identification, opportunity analysis, and strategic implications of implementing a cash-only family physician practice. The current market dynamics (i.e., increasing insurance premiums, decreasing benefits, more regulations and paperwork, and cuts in federal and state programs) suggest that there is sufficient motivation for these practitioners to change their current business model. In-depth interviews were conducted with office managers and physicians of family physician practices. The results highlighted a variety of issues, including barriers to change, strategy issues, and opportunities/benefits. The implications include theory applications, strategic marketing applications, and managerial decision-making.

  13. Does Operational Risk Disclosure Quality Increase Operating Cash Flows?

    Directory of Open Access Journals (Sweden)

    Haitham Nobanee

    2017-12-01

    Full Text Available This study aims to measure the degree of operational risk disclosure and examine its impact on operating cash flow of banks listed on the UAE Abu Dhabi Stock Exchange (ADX and Dubai Financial Market (DFM during the period 2003-2016. The authors conducted content analysis of the annual reports to measure the degree of operational risk disclosure. In addition, they used dynamic panel data regressions to analyze the impact of operational risk disclosure on the operating cash flow generated by the banks. The results show a low degree of operational risk disclosure for all UAE banks, both Islamic and conventional. In addition, the results show no association between the levels of disclosure of operational risk and cash flow for all banks, conventional and Islamic. Operational risk disclosure of Islamic banks has not been examined by any prior researchers. In addition, this paper examines the potential impact of operational risk disclosure on the operating cash flow generated by the banks.

  14. Information-analytical support of management company cash flow

    OpenAIRE

    Golovko, V.; Mysaka, G.

    2010-01-01

    Article is dedicated to study of the actual questions of the improvement of the dataware and methodic of the economic analysis of the cash and flow in process of the optimization of management company financial resource.

  15. Back to Basics: Algebraic Foundations of the Statement of Cash Flows

    Science.gov (United States)

    Joyner, Donald T.; Banatte, Jean-Marie; Dondeti, V. Reddy

    2014-01-01

    The indirect method for preparing the statement of cash flows, as described in many standard textbooks, involves an item-by-item approach, telling you to add to or subtract from the net income, the increases or decreases in the balance sheet items, such as accounts payable or accounts receivable. Many business students, especially at the…

  16. Dividend growth, cash flow, and discount rate news

    OpenAIRE

    Garrett, Ian; Priestley, Richard

    2012-01-01

    This is the authors’ accepted and refereed manuscript to the article. Publishers web site http://journals.cambridge.org/ Using a new variable based on a model of dividend smoothing, we find that dividend growth is highly predictable and that cash flow news contributes importantly to return variability. Cash flow betas derived from this predictability are central to explaining the size effect in the cross section of returns. However, they do not explain the value effect; this is explained b...

  17. Impact of VAT on the Profitability and the Cash Flow of Romanian Small and Medium Enterprises

    Directory of Open Access Journals (Sweden)

    MARIA ZENOVIA GRIGORE

    2014-05-01

    Full Text Available The options available to taxpayers make tax systems attractive and give them an opportunity to choose one system or another after a careful analysis of the fiscal advantages and disadvantages of each choice. A small or medium company has to explore the options available, whether that is VAT registration or de-registration or choosing the best VAT special scheme. VAT optimisation is particularly interesting because of the high cash flow involved and because of the cash flow benefits that can be obtained. This paper presents an analysis of VAT costs and their impact on profitability and cash flow of small and medium enterprises. We also analysed specific mechanisms to improve profitability and cash flow through VAT optimisation.

  18. IMPACT OF VAT ON THE PROFITABILITY AND THE CASH FLOW OF ROMANIAN SMALL AND MEDIUM ENTREPRISES

    Directory of Open Access Journals (Sweden)

    Maria Zenovia GRIGORE

    2014-05-01

    Full Text Available The options available to taxpayers make tax systems attractive and give them an opportunity to choose one system or another after a careful analysis of the fiscal advantages and disadvantages of each choice. A small or medium company has to explore the options available, whether that is VAT registration or de-registration or choosing the best VAT special scheme. VAT optimisation is particularly interesting because of the high cash flow involved and because of the cash flow benefits that can be obtained. This paper presents an analysis of VAT costs and their impact on profitability and cash flow of small and medium enterprises. We also analysed specific mechanisms to improve profitability and cash flow through VAT optimisation.

  19. Valuation of micro and small enterprises using the methodology multicriteria and method of discounted cash flow

    Directory of Open Access Journals (Sweden)

    Marcus Vinicius Andrade de Lima

    2010-01-01

    Full Text Available This paper presents a contribution to the method of discounted cash flow methodology using multicriteria decision aid. This methodology incorporates qualitative variables and subjective to the traditional method of discounted cash flows used in valuation companies. To illustrate the proposed method was a descriptive study of exploratory nature applied to a multicase. The intervention was in Micro and Small Enterprises (MSE from the chemical, pharmaceutical and tourism. As a result, the appraiser set the price of the business taking into account the result of mixing between the two methodologies.

  20. Free Cash-Flow, Issuance Costs and Stock Price Volatility

    OpenAIRE

    Décamps, Jean-Paul; Mariotti, Thomas; Rochet, Jean-Charles; Villeneuve, Stéphane

    2008-01-01

    We study the issuance and payout policies that maximize the value of a firm facing both agency costs of free cash-flow and external financing costs. We find that the firm optimally issues equity. Equity distributes no dividends until a target cash level is reached, while new equity is issued when the firm runs out of cash. We characterize the process modelling the number of outstanding shares and the dynamics of the stock prices. In line with the leverage effect identified by Black (1976), we...

  1. Three residual income valuation methods and discounted cash flow valuation

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

    In this paper we show that the three residual Income models for equity valuation always yield the same value as the Discounted Cash Flow Valuation models. We use three residual income measures: Economic Profit, Economic Value Added (EVA) and Cash Value Added. We also show that economic profit and EVA are different, although Copeland, Koller and Murrin (2000, page 55) say that economic profit is a synonym of EVA. Specifically, we first show that the present value of the Economic Profit discoun...

  2. The impact of net value added on predicting the earnings and operating cash flow: An empirical study based on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Omid Imani Khoshkhoo

    2013-12-01

    Full Text Available Information content of earnings and its components and other issues except the earnings such as the operating cash flow (OCF have been tested widely in the accounting and finance literature. Since they have had an essential role in most cases including financial reporting, contracts and evaluation models, specifying the items and financial variables that have had a significant relationship with these two variables are expected to be of utmost importance. One example of these variables and indicators is the value added. Although this variable has an economic concept, reporting of value added to the beneficiaries of business entity as the value-added statement has been observed in the field of accounting theories for many years. The main objective of this study was to investigate the effect of net value added (NVA as the basic result of value-added statement in predicting the accounting earnings and operating cash flow. For this purpose, the relationship of changes in net value added with the changes in accounting earnings and operating cash flow of listed companies in Tehran Stock Exchange from 2007 to 2011 was tested. Firstly the Single variable cross-sectional regression was analyzed and then the panel data analysis with the PLS technique was used to do a pooled analysis. The results of testing research hypothesis imply the significant relationship between changes in net value added and accounting earnings in the listed companies as cross-sectional and pooled forms. The results showed no significant relationship between changes in net value added and operating cash flow in the listed companies neither in cross-sectional nor pooled form.

  3. Social business in multinational corporations: an analysis of marketing practices

    Directory of Open Access Journals (Sweden)

    Thiago José de Chaves

    2017-04-01

    Full Text Available Social business (SB as a category of organization that seeks to create long-term economic and social value for the majority of the people has attracted the attention of policy-makers, practitioners, and scholars. Some authors highlight the role that multinational corporations (MNCs have in mitigating social and environmental problems by offering products and services to meet the demands of lower-income populations. Based on a discussion of social business and such initiatives inside MNCs, this article investigates how the Brazilian subsidiaries of two large MNCs (Coca-Cola and Danone are performing SB in a developing country. More specifically, we focused on how they are using their marketing know-how to achieve the desired results. The cases were chosen based on their global relevance, reach, and representativeness in SB efforts. Our study has shown that their social initiatives are linked to the corporate mission, values and strategies, and that they aim to achieve social transformation in connection to their core business. Our goal is to contribute both to academic research and to future initiatives in Brazil and other developing countries.

  4. A tax proposal for a cash flow corporate tax

    OpenAIRE

    Lourdes Jerez Barroso; Joaquín Texeira Quirós

    2013-01-01

    Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the...

  5. VOLUNTARY DISCLOSURE OF CASH FLOWS INFORMATION AND COMPANY'S CHARACTERISTICS: EVIDENCE FROM THE CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Željana Aljinović Barać

    2012-12-01

    Full Text Available This paper focuses on the voluntary disclosure of cash flows information of Croatian large companies whose shares are listed on the Zagreb Stock Exchange, with the aim to identify characteristics of companies that provide extensive disclosures. In order to conduct the research and test the likelihood that company publicly announces wealth of information about cash flows, three groups of company’s features are defined as variables: accounting data, capital market information and company’s qualitative characteristics. Verification of empirical evidence was provided through the sample of Croatian listed companies using logistic regression analysis. Obtained results indicate that despite the desire of the regulatory authorities that capital market investors receive all relevant information, companies voluntarily disclose information about cash flows very rarely. Those companies are young (i.e. their shares are listed on an organized securities market for a short time and profitable, with growing net income and growing cash flow from operating activities and usually use indirect method for operating cash flow report. The provision of features of Croatian companies that voluntary disclose cash flow information can be found as contribution of our research, because this topic in a cases of macro-oriented accounting system economies, i.e. bank oriented economies with emerging capital market is still unexplored.

  6. A Collaborative System Software Solution for Modeling Business Flows Based on Automated Semantic Web Service Composition

    Directory of Open Access Journals (Sweden)

    Ion SMEUREANU

    2009-01-01

    Full Text Available Nowadays, business interoperability is one of the key factors for assuring competitive advantage for the participant business partners. In order to implement business cooperation, scalable, distributed and portable collaborative systems have to be implemented. This article presents some of the mostly used technologies in this field. Furthermore, it presents a software application architecture based on Business Process Modeling Notation standard and automated semantic web service coupling for modeling business flow in a collaborative manner. The main business processes will be represented in a single, hierarchic flow diagram. Each element of the diagram will represent calls to semantic web services. The business logic (the business rules and constraints will be structured with the help of OWL (Ontology Web Language. Moreover, OWL will also be used to create the semantic web service specifications.

  7. Financial Reporting Quality, Free Cash Flow, and Investment Efficiency

    Directory of Open Access Journals (Sweden)

    Wang Fusheng

    2015-01-01

    Full Text Available This paper based on the perspective of firm’s agency conflicts to examine the relationship between financial reporting quality and investment efficiency and to analyze the interaction effect between financial reporting and free cash flow on investment efficiency. We use 3,726 samples of Chinese listed firms during the period 2008–2012 to test the empirical models and find that financial reporting quality is negatively associated with both underinvestment and overinvestment. Further, we find that financial reporting quality is more strongly associated with overinvestment for firms with large free cash flow, which suggests that financial reporting quality can reduce information asymmetry arising from agency conflicts between the managers and investors. This paper extends the field of application of financial reporting quality and investment efficiency in the emerging capital markets in the world. Moreover, this is the first study that analyzes the interaction effect between financial reporting quality and free cash flow on investment efficiency.

  8. Analysis of cash flow ratios: A study on CMC

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2018-01-01

    Full Text Available Cash flow ratios help financial users get relevant information about financial resources for a given time. Cash flow ratios are now used more than the traditional ones because it is more effective and justified. Cash flow based ratios are especially surprising because they do not only play a significant role in the credit rating of evaluation, but also forecast the failure of a corporation. In this study, we perform an empirical investigation on a company named CMC. From the study, it is clear that the liquidity and solvency positions of the company were moderate whereas the company maintained low profitability. On the other hand, the efficiency and sufficiency ratios of the study give us a new look on financial judgement.

  9. CASH-FLOW SENSITIVITY TO PAYMENTS FOR MATERIAL RESSOURCES

    Directory of Open Access Journals (Sweden)

    Lavinia Elena BRÎNDESCU OLARIU

    2014-12-01

    Full Text Available The financing decision is taken based on the expectations concerning the future cash-flows generated in the operating activity, which should provide coverage for the debt service and allow for an increase of the shareholders’ wealth. Still, the future cash-flows are affected by risk, which makes the sensitivity analysis a very important part of the decision process. The current research sets to evaluate the sensitivity of the payment capacity to variations of the payments for raw materials and consumables. The study employs 391 forecasted yearly cash-flow statements collected from 50 companies together with detailed information concerning the hypotheses of the forecasts. The results of the study allow for the establishment of benchmarks for the payment capacity’s sensitivity, the determination of the mechanisms through which the variation of payments for raw materials and consumables impacts the payment capacity, as well as the identification of the possible causes of such a variation.

  10. CASH FLOW-FINANCIAL PLANNING TOOL IN THE TOURISM UNITS

    Directory of Open Access Journals (Sweden)

    Boby COSTI

    2017-05-01

    Full Text Available This paper addresses the issue of cash-flow tool for financial planning, cash flow calculation by applying the indirect method within a company in the field of tourism. Thus, it tackled issues concerning the organization of accounting of treasury which made a presentation of the subject reflected in treasury accounting record of the existence and movement of securities placement, availability of the accounts at banks, short term bank loans and other cash values. The importance of access to information as well as more detailed and clearer leads to an upward trend of the tourism society. Standardization of definitions helps to ensure that all parties are talking of the same terms or concepts with lower or no variables. This is essential for developers and contractors in different geographical regions of the world and different countries when they discuss issues of tourism and travel.

  11. The detection and prevention of manipulations in the balance sheet and the cash flow statement

    Directory of Open Access Journals (Sweden)

    Dragomir Dimitrijevic

    2015-08-01

    Full Text Available Financial statements which consist of objective, real and reliable information represent the key basis for making many business decisions. If, when writing financial statements, certain manipulation techniques are used for displaying the best possible results of transactions, the quality of financial reports will be endangered. Many financial frauds have led to a great mistrust in the system of financial reporting and the profession of accounting and auditing, which are often accused of the emergence of fraud and losing trust in the reliability of financial information by many users and economic decision makers. These are the reasons why the paper discusses the techniques of manipulation in financial statements, especially in balance sheets and cash flow statements, since these forms of manipulation are harder to detect and prevent when compared to manipulations of revenues and expenses in the income statement.

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

    DEFF Research Database (Denmark)

    Aabo, Tom

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

  13. Mathematical annuity models application in cash flow analysis ...

    African Journals Online (AJOL)

    Mathematical annuity models application in cash flow analysis. ... We also compare the cost efficiency between Amortisation and Sinking fund loan repayment as prevalent in financial institutions. Keywords: Annuity, Amortisation, Sinking Fund, Present and Future Value Annuity, Maturity date and Redemption value.

  14. Pengaruh Free Cash Flow Dan Kualitas Audit Terhadap Manajemen Laba

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-04-01

    Full Text Available Asymmetric information refers to a situation where one party has more information than the other party. The agency problems arise from asymmetric information in the principal agent contracts. In addition, there are also several factors that could affect earnings management that is free cash flow and audit quality. The aim of this research is to provide empirical evidence about the impact of free cash flow and audit quality variables on discretionary accruals, as a measure of Earnings Management with the control variables company’s size. This research used 103 manufacturing companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluced that the variable independent free cash flow have a negative and significant effect on earning management. It means that companies with high free cash flow will restrict the practice of earnings management. While the audit quality no significance effect on earning management.

  15. Measuring VaR of Discounted Cash Flows. Application to a Business Case Medición del valor en riesgo de los flujos de caja descontados. Aplicación a un caso empresarial

    Directory of Open Access Journals (Sweden)

    Jenny Moscoso Escobar

    2009-12-01

    Full Text Available This article seeks to appropriate a Cash Flow at Risk –CFAR- model from the literature developed in the research of Postgraduate, Measuring Value at Risk of Discounted Cash Flow for the Colombian Firm not listed on the stock market and apply it to a non-financial firm at the real sector, which specifies the operational and macroeconomic variables as random results, in a process of statistical modeling by Monte Carlo simulation approach structured in order to measure the variation in future cash flows discounted by a risk-adjusted rates for applications such as toolmaking decisions through the CFaR.A partir de la literatura existente se pretende mostrar el modelo de Flujo de Caja en Riesgo (CFaR, desarrollado en la investigación titulada, “Medición del valor en riesgo de los flujos de caja descontados para la empresa colombiana que no cotiza en bolsa”. Al mismo tiempo, aplicarlo a una empresa no financiera del sector real, con especificación de las variables operacionales y macroeconómicas como resultados aleatorios, en un proceso de modelado estadístico por medio del enfoque de Simulación Montecarlo Estructurado. El objetivo es medir la posible variación de los flujos de caja futuros descontados, a través de una tasa ajustada por riesgo, para aplicarla como herramienta de toma de decisiones con base en el CFaR.

  16. Ethics in international business: multinational approaches to child labor

    NARCIS (Netherlands)

    Kolk, A.; van Tulder, R.J.M.

    2004-01-01

    How do multinationals address conflicting norms and expectations? This article focuses on corporate codes of ethics in the area of child labor as possible expressions of Strategic International Human Resource Management. It analyses whether fifty leading multinational adopt universal ethical norms

  17. Specifics of financial management of holdings when managing cash-flow

    Directory of Open Access Journals (Sweden)

    David Ficbauer

    2010-01-01

    Full Text Available Concentration and cooperation belong to the main attributes of the modern business life. Business competition makes the start of a new business more difficult. Just the moment of concentration and cooperation can make the break to the new business easier. This can be achieved by including new businesses into holding companies. Basically there are two ways how to do a business. These depend on whether company carries out many lines of business or on the amount of asset. The first way is to cover everything with one enterprise and thus to create one accounting unit. The second way is based on a foundation of a holding structure with subsidiaries and the holder on the top. In fact holding is a specific way how to cover business by many subsidiaries.The goal of this article is to describe specifics of a financial management of holdings when managing cash-flow. The focus is on reasons of holding structure and usage of both theoretical and other models of managing cash such as Baumol model, Miller-Orr model and Beránek model. As transfers within the holding organization belong to the main advantageous of holding, the way how to transfer finance from one subsidiary to other or from subsidiary to holder or reversely is handled here.

  18. Do analysts disclose cash flow forecasts with earnings estimates when earnings quality is low?

    OpenAIRE

    Bilinski, P.

    2014-01-01

    Cash flows are incrementally useful to earnings in security valuation mainly when earnings quality is low. This suggests that when earnings quality decreases, analysts will be more likely to supplement their earnings forecasts with cash flow estimates. Contrary to this prediction, we find that analysts do not disclose cash flow forecasts when the quality of earnings is low. This is because cash flow forecast accuracy depends on the accuracy of the accrual estimates and the precision of accrua...

  19. Forecasting of cash flow from an enterprise’s principal activities

    OpenAIRE

    Kanapickienė, Rasa; Šlekienė, Vaida

    2008-01-01

    The article deals with the forecasting of a cash flow from primary activities of an enterprise. Different mathematical methods are applied to forecast cash flow. Cash flow forecasts are often introduced in the project of the enterprise budget. Some scientific sources state that it is possible to forecast cash flow from primary activities of an enterprise according to its historical financial data by the means of regression analysis. These sources suggest various models of regression analysis ...

  20. A study on relationship between market share and cash flow policy

    OpenAIRE

    Somayeh Sadeghi Moghaddam; Fateme Zabihi

    2014-01-01

    This paper presents an empirical investigation to study the relationship between cash flow and market share on selected firms from Tehran Stock Exchange over the period 2007-2011. Using regression analysis, the study has detected a positive and meaningful relationship between cash flow on one side and three other investment opportunities, firm size and operating cash flow. In addition, there is a negative and meaningful relationship between leverage and cash flow. However, the study does not ...

  1. SOFTWARE SOLUTIONS FOR MEASURING AND FORECASTING THE CASH GENERATING UNIT FLOWS RELATED TO INTANGIBLE ASSETS

    Directory of Open Access Journals (Sweden)

    Veronica R GROSU

    2016-08-01

    Full Text Available In light of the difficulties encountered in assessing the value of the CGU (Cash Generating Unit and of the cash flows associated with goodwill or other intangible assets of a company and after performing the impairment test as provided by the IAS 36-Intangibile Asset and the forecasts related to it, the aim of this paper is to identify and suggest software instruments that would assist in the measurement and forecasting of these elements. The employment of the SPSS and the NeuroShell programmes in analyzing and forecasting the changes in CGU and CGU flows has helped compare the results and the ensuing error margins, thus giving the business entity the possibility to select the best software option, depending on certain variables identified on a micro or a macroeconomic level that may affect the depreciation or the increases in value of the underlying assets for CGU or CGU flows.

  2. Cash Flow and Discount Rate Risk in Up and Down Markets: What is actually priced?

    NARCIS (Netherlands)

    Botshekan, M.; Kraeussl, R.G.W.; Lucas, A.

    2012-01-01

    We test whether asymmetric preferences for losses versus gains affect the prices of cash flow versus discount rate risk. We construct a return decomposition distinguishing cash flow and discount rate betas in up and down markets. Using U.S. data, we find that downside cash flow and discount rate

  3. Quantifying the value of investing in distributed natural gas and renewable electricity systems as complements: Applications of discounted cash flow and real options analysis with stochastic inputs

    International Nuclear Information System (INIS)

    Pless, Jacquelyn; Arent, Douglas J.; Logan, Jeffrey; Cochran, Jaquelin; Zinaman, Owen

    2016-01-01

    One energy policy objective in the United States is to promote the adoption of technologies that provide consumers with stable, secure, and clean energy. Recent work provides anecdotal evidence of natural gas (NG) and renewable electricity (RE) synergies in the power sector, however few studies quantify the value of investing in NG and RE systems together as complements. This paper uses discounted cash flow analysis and real options analysis to value hybrid NG-RE systems in distributed applications, focusing on residential and commercial projects assumed to be located in the states of New York and Texas. Technology performance and operational risk profiles are modeled at the hourly level to capture variable RE output and NG prices are modeled stochastically as geometric Ornstein-Uhlenbeck (OU) stochastic processes to capture NG price uncertainty. The findings consistently suggest that NG-RE hybrid distributed systems are more favorable investments in the applications studied relative to their single-technology alternatives when incentives for renewables are available. In some cases, NG-only systems are the favorable investments. Understanding the value of investing in NG-RE hybrid systems provides insights into one avenue towards reducing greenhouse gas emissions, given the important role of NG and RE in the power sector. - Highlights: • Natural gas and renewable electricity can be viewed as complements. • We model hybrid natural gas and renewable electricity systems at the hourly level. • We incorporate variable renewable power output and uncertain natural gas prices. • Hybrid natural gas and renewable electricity systems can be valuable investments.

  4. Business Communication Consulting and Research in Multinational Companies.

    Science.gov (United States)

    Hildebrandt, Herbert W.

    1978-01-01

    Describes three issues involved in communication research and consulting for multinational companies, particularly those in Germany: qualifications for doing international consulting and research, problems of American scholar-researchers in those firms, and suggestions for dealing with those issues. (JMF)

  5. Watch for pitfalls of discounted cash flow techniques.

    Science.gov (United States)

    Chow, C W; McNamee, A H

    1991-04-01

    Discounted cash flow (DCF) techniques can enhance the effectiveness of a healthcare organization's capital budgeting decisions. But a financial manager unaware of common misapplications of DCF techniques may make capital decisions with a hidden bias against long-term projects, an inaccurate evaluation of options, or inappropriate estimations of expected inflation and risk. Social and psychological factors also can impede effective decisions on projects already introduced.

  6. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Roghayeh Ahmdi Panah Banad Koki

    2014-03-01

    Full Text Available This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also performs an investigation on discretionary accrual and finds that the firms with higher accruals maintain lower return compared with firms with lower return. This means there is a clear evidence of discretionary accruals on Tehran Stock Exchange.

  7. QuickCash: Secure Transfer Payment Systems

    Directory of Open Access Journals (Sweden)

    Abdulrahman Alhothaily

    2017-06-01

    Full Text Available Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users’ needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN. In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties.

  8. QuickCash: Secure Transfer Payment Systems

    Science.gov (United States)

    Alhothaily, Abdulrahman; Alrawais, Arwa; Song, Tianyi; Lin, Bin; Cheng, Xiuzhen

    2017-01-01

    Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users’ needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN). In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties. PMID:28608846

  9. QuickCash: Secure Transfer Payment Systems.

    Science.gov (United States)

    Alhothaily, Abdulrahman; Alrawais, Arwa; Song, Tianyi; Lin, Bin; Cheng, Xiuzhen

    2017-06-13

    Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users' needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN). In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties.

  10. 1999 BUSINESS ANALYSIS SUMMARY FOR CASH GRAIN FARMS

    OpenAIRE

    Nott, Sherrill B.

    2000-01-01

    The sources of the 51 cash grain farms analyzed in this report were Telfarm/MicroTel at Michigan State University, plus the AgriSolutions offices in East Lansing, Adrian, Mt. Pleasant, and Alpena. Farm types were assigned using the 1992 Census of Agriculture's Standard Industrial Classification (SIC) definitions. Basically, any farm with 50 percent or more of value of farm sales from one item becomes a farm of that type. Cash grain farms have 50 percent or more of value of combined sales from...

  11. A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

    Directory of Open Access Journals (Sweden)

    Mahdi Salehi

    2013-08-01

    Full Text Available The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data during 6 years revealed that the earnings in comparison to the cash flows are very important as they have positive effects on the stock. Moreover, in the case of the relations of earnings and earnings changes with the expected return of stocks and the relation of cash flows and cash flow changes with the expected return of stock, it was found that there is only a meaningful relationship between earning changes and the expected return of stock in banking groups. However, there is no meaningful relationship between earning and cash flows with the expected return of stock. The result was that the informational content test didn’t support the value relation of earning and cash flows. Furthermore, the classifying of information through banking group indicated that the changes of earning was in the first rank and next were earning, the changes of cash flow and cash flows.Keywords: Earnings; Cash flows; expected return; Value relevance; Banking risks

  12. Designing a portfolio management programme to optimize cash-flow

    International Nuclear Information System (INIS)

    Fassom, D.

    1996-01-01

    The design and implementation of any portfolio management programme must, by definition, be tailored to the drivers and particular objectives of the company owning the assets. This paper will concentrate on one of the most important driving forces, namely managing cash-flow. Five key steps are required to achieve an effective portfolio management programme: 1. establish targets/goals; 2. describe and value the assets in your company's portfolio; 3. identify and catalogue potential 'customers'; 4. construct appropriate deal structures and other strategies to achieve your targets; 5. work hard and do deals. (author)

  13. A study on effects of cash flow patterns and auditors’ opinions in predicting financial distress

    Directory of Open Access Journals (Sweden)

    Fatemeh Namvar

    2013-07-01

    Full Text Available Bankruptcy has been one of the most important issues among investors in stock market and there are literally different techniques for predicting bankruptcy. In this paper, we study on effects of cash flow patterns and auditors’ opinions in predicting financial distress on some 80 selected firms traded on Tehran Stock Exchange over the period 2005-2011. In this study, the combination of cash flow patterns represent firm’s resource allocations and operational capabilities interacted with their strategy choices. In additions, predictions about each individual cash flow components, operational, investment, financial, are derived from economic theory, which forms a basis for the life proxy. We use cash flow patterns in the decline stage and compare the results with auditors’ opinions. The results indicate that cash flow patterns could predict financial distress companies in Iran. In addition, the effective cash flow patterns in predicting financial distress is more than auditors’ feedbacks.

  14. Accrual-based accounting system versus cash-based accounting: An empirical study in municipality organization

    Directory of Open Access Journals (Sweden)

    Mahbobeh Arab

    2013-01-01

    Full Text Available There are many cases, where we may wish to choose a good accounting system and would like to learn how they work and the advantages and disadvantages of each so we can choose the better one for a business. In this paper, we present an empirical survey to understand whether we can choose accrual or cash accounting system. The proposed study designs a questionnaire among 220 experts in area of accounting affairs. The survey considers four sub hypotheses and one main hypothesis to see whether there are reliable rules and regulations in accrual-based accounting compared with cash accounting or not. Similarly, the survey investigates whether accrual-based accounting is more informative, comprehensive and provides better comparative results compared with cash accounting. The results indicate that accrual-based account performs better in terms of all mentioned criteria and it is a better method for managing accounting affairs compared with cash accounting systems.

  15. Child labor and multinational conduct : a comparison of international business and stakeholder codes

    NARCIS (Netherlands)

    Kolk, A.; van Tulder, R.

    2002-01-01

    Increasing attention to the issue of child labor has been reflected in codes of conduct that emerged in the past decade in particular. This paper examines the way in which multinationals, business associations, governmental and non-governmental organizations deal with child labor in their codes.

  16. Areva - 2013 annual results: breakeven free operating cash flow objective reached despite a difficult environment

    International Nuclear Information System (INIS)

    Duperray, Julien; Grange, Aurelie; Rosso, Jerome; Thebault, Alexandre; Scorbiac, Marie de; Repaire, Philippine du

    2014-01-01

    The Areva group reached a major milestone in 2013 in turning performance around by meeting a key objective of its Action 2016 plan: the return to breakeven of free operating cash flow. For the first time since 2005, cash generated by the Group's operations allowed it to fully fund strategic capital expenditures essential to the group's profitable growth. To achieve this result, Areva built on robust growth in nuclear operations, on contributions from its cost reduction plan and on strict management of capital spending. However, two projects launched in the previous decade (OL3 and a power plant modernization) and the Renewable Energies business impacted negatively the group's 2013 net income. On the Renewable Energies market, in a situation marked by a reduction of capital spending by customers, AREVA anticipated the consolidation required in the sector by implementing industrial partnerships such as the joint venture project with Gamesa, which aims to create a European champion in offshore wind. Similar initiatives were undertaken in solar energy and energy storage. The Group continues to implement the Action 2016 plan to pursue its recovery. While the economic environment remains uncertain and projects launched in the previous decade remain a burden, the Group forecasts further performance improvement and significant growth in cash flow generation by the end of the plan

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

    OpenAIRE

    Sergey Krylov

    2012-01-01

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

  18. An evaluation of the usefulness of cash flow ratios to predict financial distress

    Directory of Open Access Journals (Sweden)

    L. Jooste

    2007-12-01

    Full Text Available Purpose: With the introduction of the cash flow statement it became an integral part of financial reporting. A need arose to develop ratios for the effective evaluation of cash flow information. This article investigates cash flow ratios suggested by various researchers and suggests a list of ratios with the potential to predict financial failure. Design: The cash flow ratios suggested by researchers, from as early as 1966, are investigated and eight cash flow ratios selected for inclusion in an analysis to predict financial failure. Ten failed entities are selected for a cash flow evaluation by means of the selected ratios for five years prior to failure. For a comparison, non-failed entities in similar sectors are selected and also evaluated by means of the cash flow ratios. The mean values of each ratio, for each year prior to failure, were then calculated and the means of the failed entities were compared to the non-failed entities. Findings: The comparison revealed that cash flow ratios have predictive value with the cash flow to total debt identified as the best indicator of failure. It was also determined that, although failed entities have lower cash flows than non-failed entities, they also had smaller reserves of liquid assets. Furthermore, they have less capacity to meet debt obligations and they tend to incur more debt. The ratios of the failed entities were unstable and fluctuated from one year to the next. Finally, bankruptcy could be predicted three years prior to financial failure. Implications: Income statement and balance sheet ratios are not enough to measure liquidity. An entity can have positive liquidity ratios and increasing profits, yet have serious cash flow problems. Ratios developed from the cash flow statement should supplement traditional accrual-based ratios to provide additional information on the financial strengths and weaknesses of an entity .

  19. The source of investment cash flow sensitivity in manufacturing firms: Is it asymmetric information or agency costs?

    Directory of Open Access Journals (Sweden)

    Daniel Makina

    2016-09-01

    Full Text Available In the literature, positive investment cash flow sensitivity is attributed to either asymmetric information induced financing constraints or the agency costs of free cash flow. Using data from a sample of 68 manufacturing firms listed on the South African JSE, this paper contributes to the literature by investigating the source of investment cash flow sensitivity. We have found that asymmetric information explains the positive investment cash flow sensitivity better than agency costs. Furthermore, asymmetric information has been observed to be more pronounced in low-dividend-paying firms and small firms. Despite South Africa’s having a developed financial system by international standards, small firms are seen to be financially constrained. We attribute the absence of investment cash flow sensitivity due to agency costs to good corporate governance of South African listed firms. Thus the paper provides further evidence in support of the proposition in the literature that the source of investment cash flow sensitivity may depend on the institutional setting of a country, such as its corporate governance.

  20. The Incremental Information Content of the Cash Flow Statement: An Australian Empirical Investigation

    OpenAIRE

    Hadri Kusuma

    2014-01-01

    The general objective of the present study is to investigate and assess the incremental information content of cash flow disclosures as required by the AASB 1026 ¡°Statement of Cash Flows¡±. This test addresses the issue of whether a change in cash flow components has the same relationship with security prices as that in earnings. Several previous studies indicate both income and cash flow statements may be mutually exclusive or mutually inclusive statements. The data to test three hypotheses...

  1. Growth Opportunities, Earnings Permanence and the Valuation of Free Cash Flow

    Directory of Open Access Journals (Sweden)

    Ahsan Habib

    2011-12-01

    Full Text Available This paper examines empirically the effect of firm growth opportunities and earnings quality on the market valuation of free cash flow, defined as the difference between operating cash flows and capital expenditures. Equity valuation theory prescribes that free cash flow should not be associated with stock returns because itdoes not add value. However, free cash flow could become a value-relevant construct in certain contexts. This study considers growth opportunities and transitory earnings as two such contexts and examines the valuation of free cash flow. An accounting-based valuation framework is developed where stock returns are regressed onfree cash flow interacted with growth and earnings quality proxies, after controlling for book values, dividends, and current earnings realisations. Findings reveal that firms with a positive free cash flow and attractive growth opportunities command a valuation premium. Furthermore, free cash flow is found to be positively associatedwith stock returns when earnings are transitory. The results are robust to alternative definitions of both free cash flow and growth opportunities.

  2. Kontsernisisese cash pooling'u kasutamise võimalikud piirangud / Karl Kull

    Index Scriptorium Estoniae

    Kull, Karl, 1987-

    2011-01-01

    Cash pooling’ust kui finantsjuhtimise ühest alaliigist. Cash pooling’u kasutamise piirangutest: äriseadustiku §-des 159 ja 281 sätestatud laenukeelust ning emaettevõtja kohustuste võimalikust rikkumisest

  3. The Role of Cash Holdings in Reducing Investment-Cash Flow Sensitivity: Evidence from a Financial Crisis Period in an Emerging Market

    OpenAIRE

    Ozgur Arslan; Chrisostomos Florackis; Aydin Ozkan

    2006-01-01

    This paper investigates the relationship between financing constraints and investment-cash flow sensitivities by focusing on cash holdings of firms as the basic classification scheme to separate firms into financially constrained and unconstrained categories. The idea is that high cash reserves increase the ability of firms to undertake profitable investment opportunities. Our classification scheme is based on an optimal cash model, which helps us identify the firms that deviate significantly...

  4. REVERSE CHARGE AND THE CASH FLOW OF THE PUBLIC BUDGETS IN THE CZECH REPUBLIC

    Directory of Open Access Journals (Sweden)

    Kohoutková Růžena

    2015-12-01

    Full Text Available Reverse charge is currently used as a measure against VAT carousel fraud. Its extension to all goods and services is discussed among the tax policy makers at the national and EU level. Opponents of general reverse-charge argue that this method of VAT collection would completely change the nature of the VAT system. One of the practical drawbacks of reverse charge is the negative impact on the cash flow of the public budgets. This article quantifies the average monthly financing available to the State thanks to delayed repayments of input tax to VAT payers under the normal VAT system. This amount equals to almost 53 billion CZK and represents the negative impact of the general reverse charge on the cash flow of the public budgets. A change in the deadline for remitting VAT or introducing VAT advances to be paid prior to the final tax payment would reduce the negative influence on public finances.

  5. A study on relationship among free cash flow, firm value and investors’ cautiousness: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-09-01

    Full Text Available Financial statements as well as financial standards are always considered as primary sources for getting rich information of firms. The standards are normally divided in two categories of economic and accounting and each of these standards shows one of the specifications of the company and has its own advantageous and disadvantageous. There are different standards, which are used for firm assessment. Therefore, a company with more gained prominences has more change to succeed in attracting credits and financing from the capital market. Under such circumstances, such a company can attract more finance and it can be sold sooner on the stock exchange. This paper tries to investigate on the free cash flow as an effective factor in specifying the real value of the business enterprises on 56 selected firms from Tehran Stock Exchange. The results of this study have disclosed that, there was a direct and meaningful relationship between free cash flow of the business enterprises and their real values. Second, the real values of the business enterprises are more than their predicted values. Finally, the predicted value of the business enterprises on the basis of the free cash flow is more than their market value.

  6. Cash flow in the context of economic equation of continuity

    Directory of Open Access Journals (Sweden)

    Fernando Gómez Villarraga

    2006-07-01

    Full Text Available The mathematic scheme, known as economic equation of continuity, is established for the balance of economic resources. In order to apply this equation it is necessary to determine an economic volume of control. The patrimonial equation is also proposed as a speed equationfor this volurne. The integral equation of economic continuity is applied to the «cash» system along with the integral patrimonial equation and so it gets expressions that correspond to model to elaborate cashflow statement with the particularities of the direct and indirect method. This model generales a useful definition for the calculation of this basic financial statement classified by operating, investing and financing activities.

  7. Defense Agencies Cash Management in the Defense Business Operations Fund

    National Research Council Canada - National Science Library

    Lane, F

    1997-01-01

    The primary audit objective was to determine whether the Fund Balance With Treasury Account on the Consolidated Financial Statements of the Defense Business Operations Fund for FY 1996 was presented...

  8. Flow dynamics of volume-heated boiling pools

    International Nuclear Information System (INIS)

    Ginsberg, T.; Jones, O.C.; Chen, J.C.

    1979-01-01

    Safety analyses of fast breeder reactors require understanding of the two-phase fluid dynamic and heat transfer characteristics of volume-heated boiling pool systems. Design of direct contact three-phase boilers, of practical interest in the chemical industries also requires understanding of the fundamental two-phase flow and heat transfer behavior of volume boiling systems. Several experiments have been recently reported relevant to the boundary heat-loss mechanisms of boiling pool systems. Considerably less is known about the two-phase fluid dynamic behavior of such systems. This paper describes an experimental investigation of the steady-state flow dynamics of volume-heated boiling pool systems

  9. Cross section of equity returns and assets’ fundamental cash-flow risk

    NARCIS (Netherlands)

    Galsband, V.

    2010-01-01

    The decomposition of consumption beta into a component driven by assets' cash-flow news and one related to assets' discount-rate news reveals that macroeconomic risks embodied in cash flows largely account for the cross-sectional dynamics of average stock returns. Empirically, we find that

  10. Operating Cash Flow, Earning Response Coefficient, and Fixed Asset Revaluation: Study on Manufacturing Company

    Directory of Open Access Journals (Sweden)

    Andison Andison

    2017-03-01

    Full Text Available The purpose of this study to determine the effect of operating cash flow to the abnormal return and the effect of operating cash flow to the abnormal return of companies that conduct the revaluation is higher than that of non revaluation which adopted SFAS No. 16 (2012. The analysis used in this study are multiple regression, for the period 2012-2015. The results showed that operating cash flow has no effect on non-sampled companies revaluation, while the sample of firms that perform revaluation proves that operating cash flow has a positive and significant impact on the abnormal return. Moreover, the effect of revaluation policy can strengthen the influence between operating cash flow to the firm abnormal return than non revaluation.DOI: 10.15408/etk.v16i1.4820

  11. International Harmonisation Of Accounting Standards: The Case For A Mandatory Requirement For The Direct Method Of Reporting Operating Cash Flows

    OpenAIRE

    Christine Yap

    2011-01-01

    Even though standard setters have now embraced cash flow statements there remains ambivalence as to the best format (i.e. direct or indirect method) for disclosing cash flow from operations. In 1987 the FASB asserted that information about the gross amounts of cash receipts and cash payments is more relevant than information about the net amounts of cash receipts and payments. Yet apart from Australia and New Zealand, most standard setting bodies, including the International Accounting Standa...

  12. Protection system for minimizing the consequences of a flow blockage incident at a pool-type research reactor

    International Nuclear Information System (INIS)

    de Vries, J.W.; van Dam, H.; Gysler, G.

    1990-01-01

    Safety analysis activities were performed for the HOR, a pool-type research reactor with plate-type fuel elements and a maximum licensed power of 3 MW. Following internationally accepted guidelines, a wide variety of possible process disturbances has been considered. For the HOR the most aggravating accident conditions could result from a sudden flow blockage of cooling channels. If this event occurs in the high power density region of the core, a decrease of the hot channel flow either causes flow reversal or prompts burnout. Unless the reactor is scrammed in time, the fuel plates will heat up rapidly and local melting will occur with possible propagation of voiding and burnout to adjacent channels. In the analysis, melting of the cladding has been considered by using a simplified model approach. The number of voided coolant channels, as well as the propagation rate of fuel plates reaching locally the melting temperature, were calculated for different conditions of operation. In order to reduce the risk of a fuel melt accident occurring at the HOR, the protection system features a special design option. The system recognizes cooling channel voiding by detection of a sudden decrease of neutron flux. In the present work, it has been shown that a flow blockage incident can be detected in the early stages of development. Also, in accordance with the results of experimental tests, it can be concluded that in many cases melting of fuel plates will be effectively prevented. If such an accident occurs on a very fast time scale, at least the radiological consequences are significantly mitigated by preventing propagation, thus limiting the number of molten fuel plates

  13. Corporate governance and international business: Essays on multinational enterprises, ownership, finance and institutions

    OpenAIRE

    Rygh, Asmund

    2016-01-01

    This is an article based doctoral dissertation. Due to copyright matters, the attached pdf file only contains the mantel. This Thesis contributes to the literature on corporate governance in international business, with a focus on corporate ownership, corporate finance and institutions. It consists of five theoretical and empirical studies. Three studies focus on corporate ownership and consider, respectively, whether state ownership shields multinational enterprises (MNEs) from host-c...

  14. Why Cash Flow Is No Longer for Wimps

    Science.gov (United States)

    Curry, John R.; Hutton, Lyn

    2012-01-01

    Managing liquidity--a college or university's ability to access cash quickly or to easily convert assets to cash--is an increasingly crucial component of enterprise risk management. Liquidity risks lurk around nearly every corner--in the endowment portfolio, the debt portfolio, and in working-capital management. It also influences students'…

  15. PACTOLUS, Nuclear Power Plant Cost and Economics by Discounted Cash Flow Method. CLOTHO, Mass Flow Data Calculation for Program PACTOLUS

    International Nuclear Information System (INIS)

    Haffner, D.R.

    1976-01-01

    1 - Description of problem or function: PACTOLUS is a code for computing nuclear power costs using the discounted cash flow method. The cash flows are generated from input unit costs, time schedules and burnup data. CLOTHO calculates and communicates to PACTOLUS mass flow data to match a specified load factor history. 2 - Method of solution: Plant lifetime power costs are calculated using the discounted cash flow method. 3 - Restrictions on the complexity of the problem - Maxima of: 40 annual time periods into which all costs and mass flows are accumulated, 20 isotopic mass flows charged into and discharged from the reactor model

  16. Valuation of Index-Linked Cash Flows in a Heath–Jarrow–Morton Framework

    Directory of Open Access Journals (Sweden)

    Jonas Alm

    2015-09-01

    Full Text Available In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims inflation, i.e., an increase in claims cost per sold insurance contract. We focus primarily on the case when a deep and liquid market for index-linked contracts is absent or when the market price data are unreliable. Firstly, we present an approach for assigning a monetary value to a stochastic cash flow that does not require full knowledge of the joint dynamics of the cash flow and the term structure of interest rates. Secondly, we investigate in detail model selection, estimation and validation in a Heath–Jarrow–Morton framework. Finally, we analyze the effects of model uncertainty on the valuation of the cash flows and how forecasts of cash flows and interest rates translate into model parameters and affect the valuation.

  17. A Conceptual Framework for the Indirect Method of Reporting Net Cash Flow from Operating Activities

    Science.gov (United States)

    Wang, Ting J.

    2010-01-01

    This paper describes the fundamental concept of the reconciliation behind the indirect method of the statement of cash flows. A conceptual framework is presented to demonstrate how accrual and cash-basis accounting methods relate to each other and to illustrate the concept of reconciling these two accounting methods. The conceptual framework…

  18. Potential dividends and actual cash flows in equity valuation. A critical analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available Practitioners and most academics in valuation include changes in liquid assets (potential dividends in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Hence, when valuing cash flows, we should consider only actual payments.

  19. Valuation of index-linked cash flows in a Heath-Jarrow-Morton framework

    OpenAIRE

    Alm, Jonas; Lindskog, Filip

    2015-01-01

    In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims...

  20. MANAGEMENT OF CASH FLOWS OF THE ENTERPRISE AND THEIR OPTIMIZATION

    Directory of Open Access Journals (Sweden)

    Natalie V. Gryzunova

    2015-01-01

    Full Text Available The purpose of this work is the analysis of structure and process of management of cash flows of the enterprise, researchof a financial position and development of recommendationsabout increase of effective management of cash fl ows. When performing work various methods of research were applied:fi nancial, coeffi cient, ekonomiсo-mathematical, etc. As a result of the analysis reserves of increase of management efficiency are revealed and models of free cash flows, the most actual for group of the considered enterprises are offered.

  1. Effects of Organisational Characteristics on Contractors’ Construction Cash Flow Forecasting Capabilities

    Directory of Open Access Journals (Sweden)

    Muhammad Abdullahi

    2017-01-01

    Full Text Available Inadequate cash resources resulting from poor cash flows have been among the fundamental causes of construction project failures. Despite the panoply of cash flow forecasting (CFF tools, the cash flow performance of many construction firms have been reported to be poor due weak Cash flow forecasting (CFF process capabilities influenced by a couple of organisational characteristics. Although these organisational characteristics have been reported to significantly influence firms’ CFF process capabilities, the underlying mechanisms of how these organisational features and characteristics exhibit their specific influences on the cash flow forecasting capabilities of construction firms still remains underexplored. Therefore, this study aims at empirically exploring the influence of some organisation characteristics on the CFF process capabilities of construction firms. Best practices in CFF identified from the Royal Institute of Chartered Surveyors (RICS Cash Flow Forecasting (CFF guide were used to develop an assessment criteria used to assess the CFF capabilities of construction firms. The assessment was conducted through a questionnaire survey involving contracting organisations involved in both building and civil engineering works in Nigeria. The key best practices in CFF were ranked based on arithmetic mean value scores and averages were also determined for each of the four CFF components assessed (Knowledge and understanding CFF concepts and principles, Practical application, Practical considerations, and other Managerial issues. Hierarchical regression analysis was then used to examine the relationships between contractors’’ CFF process capabilities and some organisational characteristics. Results of the study reveals that organisational characteristics are strongly associated to firms’ abilities to prudently manage cash flows. The results of this study could serve as a basis for the strategic planning and improvement of Cash Flow

  2. Making the business case for hospital information systems--a Kaiser Permanente investment decision.

    Science.gov (United States)

    Garrido, Terhilda; Raymond, Brian; Jamieson, Laura; Liang, Louise; Wiesenthal, Andrew

    2004-01-01

    Further evidence in favor of the clinical IT business case is set forth in Kaiser Permanente's cost/benefit analysis for an electronic hospital information system. This article reviews the business case for an inpatient electronic medical record system, including 36 categories of quantifiable benefits that contribute to a positive cumulative net cash flow within an 8.5 year period. However, the business case hinges on several contingent success factors: leadership commitment, timely implementation, partnership with labor, coding compliance, and workflow redesign. The issues and constraints that impact the potential transferability of this business case across delivery systems raise questions that merit further attention.

  3. Lean Transformation of Multinational Concerns

    DEFF Research Database (Denmark)

    Matthiesen, Rikke Vestergaard; Johansen, John

    2008-01-01

    triggered. This paper reports on exploratory studies from a multinational company adopting centrally managed pilot projects as a transformation mechanism for continuous change towards a lean business system and an organizational culture of continuous improvements (CI). Competitive pressure demands...... from a multinational company adopting centrally managed pilot projects as a transformation mechanism for continuous change towards a lean business system and an organizational culture of continuous improvements (CI)....

  4. A study on relationship between earnings management and operating cash flows management: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Bahman Banimahd

    2013-06-01

    Full Text Available This study investigates the impact of earnings management on operating cash flows management over the period 2004-2011 using the information of 119 firms listed on the Tehran Stock Exchange. Results indicate that there is a meaningful relationship between earnings management and operating cash flows management. In other words, earnings management creates and shapes operating cash flows management. In addition, after controlling for the loss reporting, firm size and firm's financial risk, the results show that there was a relationship between loss reporting and firm size with the cash flows management. When firms report loss, then operating cash flows increases. Finally, operating cash flows decreases when firm size increases. However, our survey does not provide any evidence to believe there is any relationship between financial risk and cash flows management.

  5. A study on the relationship between operational cash flow and the return of stockholders

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-07-01

    Full Text Available Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the information of 54 firms from Tehran Stock Exchange. The results show that there were some meaningful relationship between the operating cash flow, profitability and the returns of all stakeholders. However, this happens by increasing profitability and cash flow of information asymmetry proportion to their correlation with the economic efficiency of shareholders’ returns.

  6. ANALYSIS OF FINANCIAL PERFORMANCE BASED ON THE RELATIONSHIP BETWEEN INVESTMENTS AND CASH-FLOW

    Directory of Open Access Journals (Sweden)

    Ludmila PROFIR

    2018-06-01

    Full Text Available Financial performance is often difficult to achieve by economic entities, especially in the current economic context and successful models of some companies constitute examples of good practice for aspirants. Cash-flow explains investment because it contains information about future flows of cash and because investment is made in pursuit of future income. Therfore, the purpose of this paper is to analyze the relationship between cash-flow, investment and net income. The target population of the study was the companies listed and traded on the Bucharest Stock Exchange during 2012-2016. The results of this empirical study showed that most of the companies listed and traded on BVB that earn profit constantly generate cash-flow and 65% of the companies listed and traded on BVB during the period 2012-2016 show a satisfactory long-term financial balance.

  7. Methods of the enterprise cash flows optimization in the context of sustainable development

    OpenAIRE

    O. Bardyn

    2015-01-01

    This paper deals with nature and analysis of current approaches to optimization of cash flows of the enterprise. Ways and management directions in order to achieve sustainable development by enterprise have been justified

  8. Institutional limits to the internalization of work systems : A comparative study of three Japanese multinational companies in the UK

    NARCIS (Netherlands)

    Saka, A

    2002-01-01

    This study adopts a multilevel comparative approach to investigating the degree to which Japanese work systems are implemented and internalized in the UK business system. The focus is on the limits to accepting the continuous improvement schemes of Japanese multinational corporations. The article

  9. ACFAC: a cash flow analysis code for estimating product price from an industrial operation

    International Nuclear Information System (INIS)

    Delene, J.G.

    1980-04-01

    A computer code is presented which uses a discountted cash flow methodology to obtain an average product price for an industtrial process. The general discounted cash flow method is discussed. Special code options include multiple treatments of interest during construction and other preoperational costs, investment tax credits, and different methods for tax depreciation of capital assets. Two options for allocating the cost of plant decommissioning are available. The FORTRAN code listing and the computer output for a sample problem are included

  10. A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

    OpenAIRE

    Mahdi Salehi; Mirsohrab Seyedghorbani

    2013-01-01

    The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE) and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data dur...

  11. Investment cash flow sensitivity under managerial optimism: new evidence from NYSE panel data firms

    OpenAIRE

    Mohamed, Ezzeddine Ben; Fairchild, Richard; Bouri, Abdelfettah

    2014-01-01

    Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is well documented in standard corporate finance, it is still young under behavioral corporate finance. In this paper, we test the investment cash flow sensitivity among panel data of American industrial firms during 1999-2010. Using Q-model of investment (Tobin, 1969), we construct and introduce a proxy of managerial optimism following Malmendier and Tate (2005a) to show the impac...

  12. A study on the relationship between operational cash flow and the return of stockholders

    OpenAIRE

    Hassan Ghodrati; Hassan Abyak

    2014-01-01

    Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the info...

  13. The value relevance of direct cash flows under international financial reporting standards

    OpenAIRE

    Clacher, I; de Ricquebourg, AD; Hodgson, A

    2013-01-01

    This study examines if there has been a change in the value relevance of direct cash flow components since the adoption of International Financial Reporting Standards (IFRS) in Australia. Our results show that for both industrial and extractive firms direct cash flow statements are value relevant under Australian Generally Accepted Accounting Principles (AGAAP) and remain so after the adoption of IFRS. In addition, for industrial firms there is a significant increase in the value relevance of...

  14. Cash flow jako prvek finanční analýzy

    OpenAIRE

    HANZLOVÁ, Monika

    2008-01-01

    The cash flow report is very important for a financial management, especially from the point of monitoring liquidity of the company. Its great advantage, in comparison to a profit and loss statement, is the fact, that it eliminates effects emerging from an accounting principle. The financial analysis has a great importance too. It can show to management some signals about financial health of the company. Fundamental provisions concerning the cash flow is asserted in the prerequisites of the C...

  15. Equivalence of the different discounted cash flow valuation methods. Different alternatives for determining the discounted value of tax shields and their implications for the valuation

    OpenAIRE

    Fernández, Pablo

    1999-01-01

    This paper addresses the valuation of firms by cash flow discounting. The first part shows that the four most commonly used discounted cash flow valuation methods (free cash flow discounted at the WACC; cash flow available for equity holders discounted at the required return on the equity flows; capital cash flow discounted at the WACC before taxes; and Adjusted Present Value) always give the same value. This result is logical because all the methods analyse the same reality under the same hy...

  16. STATEMENT OF CASH FLOWS - A MEASURE OF OPERATIONAL PERFORMANCE ON AN ACCRUAL BASIS

    Directory of Open Access Journals (Sweden)

    GHEORGHE LEPADATU

    2011-04-01

    Full Text Available Statement of cash flows presents useful information about changing the company's financial position, allowing to assess the enterprise’s ability to generate future cash flows and cash equivalents in the operating, investing and financing activities and their appropriate use. Treasury of an economic entity can be considered its strong point. The manner in which they manage money and financial flows, the final outcome will depend on the respective entity. Treasury is also an essential and main restriction of the financial management of the enterprise. Treasury embodies the results of operations and how to achieve financial balance of compliance. Not always an entity that ends year with benefits, has a positive cash (cash at bank and in availability. And this, because the gap between the recording and accounting of revenue and expenditure receipts and payments as they fall due, that gap can be decisive for the fate of the enterprise. This is a major requirement of the accrual. Therefore, an efficient management of the economic entity comprises both the asset management flows (revenues / expenses and cash management, i.e. the flows of receipts and payments. The statistical evidence shows that most of the failures are due to weaknesses in treasury management.

  17. An Experiment of Student Understanding of Accruals versus Cash Flows

    Science.gov (United States)

    Miranda-Lopez, Jose Eduardo; Nichols, Linda M.

    2007-01-01

    The concepts of both accrual accounting and cash basis accounting need to be thoroughly understood by accounting graduates as they enter the workplace. In making decisions, both managers and investors often may need to make adjustments from one basis to the other. But do students really understand these concepts? This study uses an experimental…

  18. Impact of Domestic, Foreign, and Global Environments on International Business Decisions of Multinational Firms: A Systematic Study

    OpenAIRE

    Sreeramana Aithal

    2017-01-01

    International business decisions to be taken by executive managers of multinational firms are becoming more challenging due to uncertainties in business environment which is due to fast changing and unpredictable domestic, foreign, and global environment for long term sustainability. Even though firms are cautious and take precautions while taking decisions on international investment for production and marketing, their sustainability for a long time in a given business is shaking due to cont...

  19. Factors affecting the different results in terms of acceptance and refusal of free cash flow to equity and free cash flow to firm in investment decisions on a project

    Directory of Open Access Journals (Sweden)

    Hasan Bal

    2010-03-01

    Full Text Available Decisions on whether investment projects will be invested are based on such methods as net present value and internal rate of return. These methods focus on net cash flows that will be provided throughout the economic life from the investment. In determining the cash flows there are the methods of free cash flow to firm and free cash flow to equity. In the evaluation of an investment project, each method finds the net present value with a different result. It is such that concerning some projects, while one method finds a positive net present value; the other method can find a negative net present value. This study sets out to examine the factors affecting the conflicting points of the each method, free cash flow to equity and free cash flow to firm, in the acceptance of an investment project.

  20. The Case of a Newly Implemented Modern Management Accounting System in a Multinational Manufacturing Company

    Directory of Open Access Journals (Sweden)

    Daniel Watts

    2014-06-01

    Full Text Available Contemporary management accounting techniques (such as TQM, BSC, JIT are widely lauded by academia but the proposed relevance to business has not necessarily the view held by industry (e.g. Burns & Vaivio, 2001; Chenhall & Langfield-Smith, 1998; Innes et al., 2000. The purpose of this article is to investigate the acquisition by a modern multi-national firm of a major IT-based management accounting program to assess the relevance and usefulness of its functionality by identifying the type(s of systems that are utilised and the rationale for upgrading or modifying its system(s. This study relies on a single case based on two in-depth semi structured interviews with accounting and finance professionals in a multi-national manufacturing company that recently implemented a modern management accounting system. The findings indicate that despite demonstrating some relevance of the management accounting information, the manufacturer deactivated components of the system that were deemed irrelevant at particular levels of the organisation. This paper provides evidence about the non-reliance on management accounting information in a multinational company operating in Australia. The findings in the study imply that relevance is linked to implementation, planning and training will help managers to better prepare themselves in setting up contemporary management accounting systems.

  1. ANALISIS FREE CASH FLOW DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN PUBLIK DI INDONESIA

    Directory of Open Access Journals (Sweden)

    R. Anastasia Endang Susilawati

    2010-06-01

    Full Text Available The main objective of this research is to examine behavior public company in Indonesia to manage of free cash flows and the role namagerial ownership on corporate debt policy. The using dependent variable on this research is debt, so independent variables are free cash flows and managerial ownership. The sample used was the public companies listed in the Jakarta Stock Exchange (JSX. There were 59 companies which have and during the period from 2005-2009. Data collected by purposive sampling. The result examination is that public company in Indonesia have low investment opportunity set (IOS when free cash flow high attending by using debt for cost operation company. This result robust because evidence with chow test the result that significant difference regression stability between free cash flow to corporate debt policy have low and high investment opportunity set. Although, when dividend based big company have low investment opportunity and small company have low investment opportunity, both have the same effect between free cash flow on corporate debt policy. The result chow test suggest examination there are not statistically significant difference. Managerial ownership association negative with debt policy, this result evidence that agency cost of debt can be reduce by managerial ownership

  2. Earnings volatility and the role of cash flows in the capital markets: Empirical evidence

    Directory of Open Access Journals (Sweden)

    Dr. Melita Charitou

    2013-07-01

    Full Text Available The recent global financial crisis brought to the forefront of the capital markets the importance of firm fundamentals and especially, the valuation role of cash flows. In this study, we examine the role of earnings and cash flows in two major capital markets, namely, USA and France. We hypothesize that the relationship between cash flows and security returns improves when earnings are transitory and this robustness is country specific. The dataset consists of more than 37,000 USA and French firm-year observations over an eight-year period. Multivariate statistical regression analysis is undertaken to test the major research hypotheses. Results indicate that when earnings are transitory (unstable, investors pay more attention to cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. In summary, the evidence provided in this study supports that there are substantial differences in the way investors and financial analysts perceive financial information such as earnings and cash flows in France and USA. These results should be of great importance to the major stakeholders such as investors, creditors, financial analysts, especially after the recent global financial crisis and the collapse of giant organizations worldwide.

  3. A study on relationship between earnings before tax, interest and operational cash flows with stockholders’ equity

    Directory of Open Access Journals (Sweden)

    Mohammad Reza karimi Torghabeh

    2014-08-01

    Full Text Available One of the primary economic issues is associated with optimum resource allocation in profitable investments with reasonable risk. For this purpose, performance measurement’s criteria are needed some of which emphasize cash flow variables and some others focus on information content of accounting profit. On this basis, this study examines the relationship between earnings before tax and interest and operational cash flows with stockholders’ return in Tehran Stock Exchange (TSE. In this regard, information asymmetry was also examined. To test hypotheses, multivariable regression and combined data method were used. The results showed that based on the information of 102 companies in stock market from 2004 to 2009, there was a positive and significant correlation between earnings before interest and tax and stock return in the companies. While, operational cash flow has no significant impact on stock return. Increasing information asymmetry, earnings before interest and tax has a positive and significant correlation with stockholders ’return; but operational cash flow has no significant effect on stockholders’ return. In other words, earnings before interest and tax have higher information content than operational cash flow.

  4. Integrated risk management in a commercial market-maker bank using the 'cash flow at risk' approach

    OpenAIRE

    Voloshyn, Ihor; Voloshyn, Mykyta

    2013-01-01

    In this article, on the basis of the "cash flow at risk" approach, the system of the integrated (credit, market, operational and liquidity risks) risk management in a market-maker commercial bank is developed. This system guarantees reaching profitability, liquidity and coverage of banking risks and thus allows the fullest protection of the interests of depositors, creditors and shareholders of the bank providing its sustainable development.

  5. Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-01-01

    Full Text Available The aim of this research is to provide empirical evidence on the impact of good corporate governance, free cash flow, and leverage ratio on earnings management. Good corporate governance is measured by audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership. Discretionary accrual is the proxy of earning management. This research used 14 textile companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluded that all components of good corporate governance (audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership, have no significant effect on earnings management, while leverage ratio has a significant effect on earnings management, and free cash flow has a negative and significant effect on earnings management. It means that companies with high free cash flow will restrict the practice of earnings management.

  6. CASH FLOW – AN INSTRUMET FOR ANNALYSING AND DETERMINING THE VALUE OF AN ENTERPRISE

    Directory of Open Access Journals (Sweden)

    Valentina Dorina BOGDAN

    2015-11-01

    Full Text Available The purpose of this thesis is to understand the logic of the approach based on income and the methods included in this approach. Reading through this paper must provide us with the ability to choose and correctly apply the methods presented in order to estimate the enterprise value. Understanding the method cash - flow update – is conditioned by the differentiation between collection and income, fees and expenses. The profit is the result of comparing revenues and expenses. Not all revenue generate collection at the same time; not all expenses generate payments. Their registration into accounting is delayed. Cash-flow is the evolution of the availability of funds in itself of the company, the evolution of the net treasury. In summary, we note that approach based on income estimates an enterprise value by converting future streams of income in the present value of an enterprise which can generate those cash flows.

  7. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    Directory of Open Access Journals (Sweden)

    Jurica Lucyanda

    2012-12-01

    Full Text Available Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009. Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhadap pembagian dividen adalah free cash flow, kepemilikan institusional, dan ukuran perusahaan. Jumlah free cash flow perusahaan yang tinggi, persentase kepemilikan institusional yang rendah, dan ukuran perusahaan yang besar akan menghasilkan dividend payout ratio yang tinggi. Variabel kepemilikan keluarga, kepemilikan asing, kebijakan utang, dan kesempatan investasi tidak terbukti mempunyai pengaruh yang signifikan terhadap Dividend Payout Ratio perusahaan.This study aims at testing the effect of free cash flow and ownership structure on the dividend payout ratio of non-financial companies, listed on the Indonesia Stock Exchange. Multiple regression was employed to analyze data. The study collected empirical data from the Indonesia Stock Exchange consisting of 70 companies. The data were collected from financial report from three consecutive years (2007-2009. The finding indicates that the variables which have a significant effect on the dividend payout ratio are free cash flow, institutional ownership, and firm size. The high free cash flow,  the low percentage of institutional ownership, and the large size companies will produce high dividends. The variable of family ownership, foreign ownership, debt policy, and investment opportunities do not significantly effect corporate dividend payout ratio.

  8. Which cost of debt should be used in forecasting cash flows?

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez–Pareja

    2009-04-01

    Full Text Available Frequently, analysts and teachers use the capitalized rate of interest for the cost of debt when forecasting and discounting cash flows. Others estimate the interest payments when forecasting annual financial statements or cash flows based on the average of debt calculated with the beginning and ending balance. Others use the end of year convention that calculates the yearly interest multiplying the beginning balance times its contractual cost. The use of one or other methods is critical for the definition of the tax savings. These approaches are illustrated with examples and the differences in using them. A simple proposal to solve the problem is presented.

  9. 24 CFR 572.230 - Cash and Management Information (C/MI) System.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 3 2010-04-01 2010-04-01 false Cash and Management Information (C... HOMES PROGRAM (HOPE 3) Grants § 572.230 Cash and Management Information (C/MI) System. Disbursement of HOPE 3 grant funds is managed through HUD's Cash and Management Information (C/MI) System for the HOPE...

  10. APROACHING THE ECONOMIC DIMENSION OF SUSTAINABLE DEVELOPMENT FROM A FINANCIAL PERSPECTIVE: A CASE STUDY REGARDING CASH - FLOW ANALYSIS AND THE RELATIONSIPS BETWEEN CASH - FLOW AND NET INCOME

    Directory of Open Access Journals (Sweden)

    Diana Elena Vasiu

    2014-10-01

    Full Text Available Europe 2020, a strategy for smart, sustainable and inclusive growth stresses the necessity of smart, sustainable and inclusive growth. The objectives of a sustainable economic development include sustaining economic growth, maximizing private profits and expanding markets. Considering this, economic development must based on facts, not on papers. Therefore, considering the economic dimension of sustainable development, it is important to establish if Romanian companies listed and traded on Bucharest Stock Exchange are able to obtain profit while cash is withdrawn. Even if reported in the income statement, net profit is not simultaneously charged due to accrual accounting that makes the balance sheet provide a static picture of the financial position, while the cash flow statement provides a dynamic picture of it. Therefore, the financial performance analysis based on classical indicators of performance must be accompanied by the analysis of treasury, namely of the cash flow, which provides a comprehensive assessment possibility of the financial performance, flexibility and adaptability of the economic entity, in the context of a highly competitive and often unstable environment. A positive net flows is a confirmation of the economic success of the company representing the concrete expression of the net profit and other pecuniary accumulations, interpreted as the real self-financing investment capacity, which would lead to the real asset growth and thus to the increase of the owners' wealth.

  11. Modelling of project cash flow on construction projects in Malang city

    Science.gov (United States)

    Djatmiko, Bambang

    2017-09-01

    Contractors usually prepare a project cash flow (PCF) on construction projects. The flow of cash in and cash out within a construction project may vary depending on the owner, contract documents, and construction service providers who have their own authority. Other factors affecting the PCF are down payment, termyn, progress schedule, material schedule, equipment schedule, manpower schedules, and wages of workers and subcontractors. This study aims to describe the cash inflow and cash outflow based on the empirical data obtained from contractors, develop a PCF model based on Halpen & Woodhead's PCF model, and investigate whether or not there is a significant difference between the Halpen & Woodhead's PCF model and the empirical PCF model. Based on the researcher's observation, the PCF management has never been implemented by the contractors in Malang in serving their clients (owners). The research setting is in Malang City because physical development in all field and there are many new construction service providers. The findings in this current study are summarised as follows: 1) Cash in included current assets (20%), owner's down payment (20%), termyin I (5%-25%), termyin II (20%), termyin III (25%), termyin IV (25%) and retention (5%). Cash out included direct cost (65%), indirect cost (20%), and profit + informal cost(15%), 2)the construction work involving the empirical PCF model in this study was started with the funds obtained from DP or current assets and 3) The two models bear several similarities in the upward trends of direct cost, indirect cost, Pro Ic, progress billing, and S-curve. The difference between the two models is the occurrence of overdraft in the Halpen and Woodhead's PCF model only.

  12. VAT Cashing System: between Myth and Reality

    Directory of Open Access Journals (Sweden)

    Roxana ISPAS

    2014-11-01

    Full Text Available The value added tax (VAT collection system, which is applied to any company with a turnover of up to 500,000 Euros, has become optional from 1 January 2014. Since January 1, 2014, taxpayers may choose the optional introduction of new system of VAT collection anytime during the year 2014 by filing a notice from the IRS, SELF removal from the register of taxable persons applying this system. By making changes and deregistration itself, taxpayers will continue to apply the system of VAT collection.For operations whose VAT chargeable event occurred until 31 December 2013 for the invoices issued before that date, in the event that the 90th calendar day from the date of invoice or the date set imitates the chargeability of tax occurs on full or partial consideration receipt of goods delivered or services rendered. Changing the Tax Code is provided in GEO no. 111/2013, published in Official Gazette no. 809 of 19 December. New tax rules allow taxpayers to decide if they want apply VAT at collection system, this decision targeting about half a million taxpayers from Romania.

  13. Credit and Debit Card Usage and Cash Flow Management Control ...

    African Journals Online (AJOL)

    First Lady

    2012-10-27

    Oct 27, 2012 ... Simiyu, Justo Simiyu - Department of Business Management, Chuka. University College ... Key words: Debit cards, credit cards, commercial banks, Kenya. Introduction ..... saving at once convenience without proper planning.

  14. A cash flow model of development activity and the scope for energy savings. [Commercial office buildings

    Energy Technology Data Exchange (ETDEWEB)

    Leifer, D [Queensland Univ., St. Lucia (AU). Dept. of Architecture

    1991-01-01

    When proposing energy saving measures to the developers of large commercial office projects, it is necessary to appreciate what the developers' goals and perceptions are. This paper looks at a simple cash-flow model of development activity, and illustrates the potential for energy savings with reference to some data from two major Australian cities. This data was collected between July and November 1989 by surveys which were carried out on the basic design of 26 of the tallest Brisbane commercial office buildings. This survey followed an extensive investigation into the premises needs of modern office building tenants in Brisbane, in which over 200 CBD tenants were questioned. This investigation showed that there was an increasing need for air conditioning capacity and electrical power; greater tendencies for ''after hours'' office work; a desire for larger floor-plates to cater for expanding tenant organizations, and the emergence of ''professional tenants''. These observations have been documented elsewhere in the orbit reports amongst others. The buildings surveyed represent 60% of the estimated Brisbane central business district (CBD) office stock of area 1,256,000 m{sup 2}. (author).

  15. Is Investment-Cash Flow Sensitivity Caused by the Agency Costs or Asymmetric Information? Evidence from the UK

    NARCIS (Netherlands)

    Pawlina, G.; Renneboog, L.D.R.

    2005-01-01

    We investigate the investment-cash flow sensitivity of a large sample of the UK listed firms and confirm that investment is strongly cash flow-sensitive.Is this suboptimal investment policy the result of agency problems when managers with high discretion overinvest, or of asymmetric information when

  16. DETERMINANTS AND OPTIMAL LEVEL OF CORPORATE CASH HOLDINGS: EVIDENCE FROM US, UK AND JAPAN

    OpenAIRE

    Zhang, Shan Shan

    2013-01-01

    This paper firstly investigates the empirical determinants of corporate cash holdings for a sample of listed US, UK and Japanese firms during the 2000-2012 period. Through applying the pooled time-series cross-sectional estimations, cross-sectional estimations and GMM two-step method of estimations, the results reveal that firms’ cash flow, cash flow variability, bank debt and degree of shareholders protection and creditor protection all have inverse relationship with cash holdings. Contraril...

  17. Net Income, Book Value and Cash Flows: The Value Relevance in Jordanian Economic Sectors

    Directory of Open Access Journals (Sweden)

    DHIAA SHAMKI

    2013-07-01

    Full Text Available This paper examines the value relevance of financial statements variables namely net income, book value and cash flows simultaneously relative to Jordanian services and industrial firms for the period from 2000 to 2009. The main findings of this paper are three- dimensional. First, net income is value relevant, while book value and cash flows are irrelevant. Second, net income is more value relevant than book value and cash flows in both sectors. Third, this value relevance is greater in services sector than in industrial sector. The study shows that net income assist more in explaining market values in Jordanian services and industrial firms. Since research on the value relevance of these variables has neglected Jordan (and the Middle Eastern region, the study tries to fill this practical gap. The study is the first in Jordan that examines the value relevance of net income, book value and cash flows simultaneously and compares this value relevance according to Amman Stock Exchange sectors in one study in Jordan.

  18. A cash flow oriented EOQ model under permissible delay in payments

    African Journals Online (AJOL)

    A cash flow oriented EOQ model under permissible delay in payments. RP Tripathi, SS Misra, HS Shukla. Abstract. This study presents an inventory model to determine an optimal ordering policy for non-deteriorating items and timedependent demand rate with delay in payments permitted by the supplier under inflation and ...

  19. Convex order approximations in case of cash flows of mixed signs

    NARCIS (Netherlands)

    Dhaene, J.; Goovaerts, M.J.; Vanmaele, M.; van Weert, K.

    2012-01-01

    In Van Weert et al. (2010), results are obtained showing that, when allowing some of the cash flows to be negative, convex order lower bound approximations can still be used to solve general investment problems in a context of provisioning or terminal wealth. In this paper, a correction and further

  20. THE DYNAMICS OF OVERSEAS BUSINESS ACTIVITIES BY MULTINATIONAL COMPANIES FROM JAPAN

    Directory of Open Access Journals (Sweden)

    CODRUŢA DURA

    2011-01-01

    Full Text Available At the beginning of the 21st century, the new economic order settled at international level is based on the intensification of the activities of multinational companies (MNC on global markets. Japan – the third world economy in 2010 – registers outstanding economic results due to its strong connection to the current of the globalization of international affairs. The issue of understanding the key role of Japanese MNCs in international business received a great deal of attention in recent years. We found that Japanese firms expanded their overseas production from 3.1% in 1986 to 16.3% in 2005 and 17% in 2009. Although MNCs are a minority in terms of the number of firms, they nevertheless dominate the Japanese trade. In recent years, Japanese firms have become more active in developing overseas activities by establishing local subsidiaries and acquiring local companies. Therefore, cross-border Mergers & Acquisitions (M&A appeared to be a very useful tool through which Japanese MNCs expanded their tentacles worldwide. Despite the devastating effects of the great East Japan Earthquake, statistical data released by UNCTAD show that Japan will again be, on the long run, a leading investor for outward FDI. Therefore, Japanese MNCs will continue to play a key role within international business environment.

  1. Pooling of cross-cultural PRO data in multinational clinical trials: how much can poor measurement affect statistical power?

    Science.gov (United States)

    Regnault, Antoine; Hamel, Jean-François; Patrick, Donald L

    2015-02-01

    Cultural differences and/or poor linguistic validation of patient-reported outcome (PRO) instruments may result in differences in the assessment of the targeted concept across languages. In the context of multinational clinical trials, these measurement differences may add noise and potentially measurement bias to treatment effect estimation. Our objective was to explore the potential effect on treatment effect estimation of the "contamination" of a cultural subgroup by a flawed PRO measurement. We ran a simulation exercise in which the distribution of the score in the overall sample was considered a mixture of two normal distributions: a standard normal distribution was assumed in a "main" subgroup and a normal distribution which differed either in mean (bias) or in variance (noise) in a "contaminated" subgroup (the subgroup with potential flaws in the PRO measurement). The observed power was compared to the expected power (i.e., the power that would have been observed if the subgroup had not been contaminated). Even if differences between the expected and observed power were small, some substantial differences were obtained (up to a 0.375 point drop in power). No situation was systematically protected against loss of power. The impact of poor PRO measurement in a cultural subgroup may induce a notable drop in the study power and consequently reduce the chance of showing an actual treatment effect. These results illustrate the importance of the efforts to optimize conceptual and linguistic equivalence of PRO measures when pooling data in international clinical trials.

  2. Understanding multinational companies in public health systems, using a competitive advantage framework

    Directory of Open Access Journals (Sweden)

    Lethbridge Jane

    2011-07-01

    Full Text Available Abstract Background This paper discusses the findings of a study which developed five case studies of five multinational health care companies involved in public health care systems. Strategies were analysed in terms of attitude to marketing, pricing and regulation. The company strategies have been subjected to an analysis using Porter's Five Forces, a business strategy framework, which is unusual in health policy studies. Methods This paper shows how analysing company strategy using a business tool can contribute to understanding the strategies of global capital in national health systems. It shows how social science methodologies can draw from business methods to explain company strategies. Results The five companies considered in this paper demonstrate that their strategies have many dimensions, which fit into Porter's Five Forces of comparative advantage. More importantly the Five Forces can be used to identify factors that influence company entry into public health care systems. Conclusions The process of examining the strategic objectives of five health care companies shows that a business tool can help to explain the actions and motives of health care companies towards public health care systems, and so contribute to a better understanding of the strategies of global capital in national health systems. Health service commissioners need to understand this dynamic process, which will evolve as the nature of public health care systems change.

  3. Understanding multinational companies in public health systems, using a competitive advantage framework

    Science.gov (United States)

    2011-01-01

    Background This paper discusses the findings of a study which developed five case studies of five multinational health care companies involved in public health care systems. Strategies were analysed in terms of attitude to marketing, pricing and regulation. The company strategies have been subjected to an analysis using Porter's Five Forces, a business strategy framework, which is unusual in health policy studies. Methods This paper shows how analysing company strategy using a business tool can contribute to understanding the strategies of global capital in national health systems. It shows how social science methodologies can draw from business methods to explain company strategies. Results The five companies considered in this paper demonstrate that their strategies have many dimensions, which fit into Porter's Five Forces of comparative advantage. More importantly the Five Forces can be used to identify factors that influence company entry into public health care systems. Conclusions The process of examining the strategic objectives of five health care companies shows that a business tool can help to explain the actions and motives of health care companies towards public health care systems, and so contribute to a better understanding of the strategies of global capital in national health systems. Health service commissioners need to understand this dynamic process, which will evolve as the nature of public health care systems change. PMID:21722372

  4. Understanding multinational companies in public health systems, using a competitive advantage framework.

    Science.gov (United States)

    Lethbridge, Jane

    2011-07-01

    This paper discusses the findings of a study which developed five case studies of five multinational health care companies involved in public health care systems. Strategies were analysed in terms of attitude to marketing, pricing and regulation. The company strategies have been subjected to an analysis using Porter's Five Forces, a business strategy framework, which is unusual in health policy studies. This paper shows how analysing company strategy using a business tool can contribute to understanding the strategies of global capital in national health systems. It shows how social science methodologies can draw from business methods to explain company strategies. The five companies considered in this paper demonstrate that their strategies have many dimensions, which fit into Porter's Five Forces of comparative advantage. More importantly the Five Forces can be used to identify factors that influence company entry into public health care systems. The process of examining the strategic objectives of five health care companies shows that a business tool can help to explain the actions and motives of health care companies towards public health care systems, and so contribute to a better understanding of the strategies of global capital in national health systems. Health service commissioners need to understand this dynamic process, which will evolve as the nature of public health care systems change.

  5. The management of subsurface uncertainty using probabilistic modeling of life cycle production forecasts and cash flows

    International Nuclear Information System (INIS)

    Olatunbosun, O. O.

    1998-01-01

    The subject pertains to the implementation of the full range of subsurface uncertainties in life cycle probabilistic forecasting and its extension to project cash flows using the methodology of probabilities. A new tool has been developed in the probabilistic application of Crystal-Ball which can model reservoir volumetrics, life cycle production forecasts and project cash flows in a single environment. The tool is modular such that the volumetrics and cash flow modules are optional. Production forecasts are often generated by applying a decline equation to single best estimate values of input parameters such as initial potential, decline rate, abandonment rate etc -or sometimes by results of reservoir simulation. This new tool provides a means of implementing the full range of uncertainties and interdependencies of the input parameters into the production forecasts by defining the input parameters as probability density functions, PDFs and performing several iterations to generate an expectation curve forecast. Abandonment rate is implemented in each iteration via a link to an OPEX model. The expectation curve forecast is input into a cash flow model to generate a probabilistic NPV. Base case and sensitivity runs from reservoir simulation can likewise form the basis for a probabilistic production forecast from which a probabilistic cash flow can be generated. A good illustration of the application of this tool is in the modelling of the production forecast for a well that encounters its target reservoirs in OUT/ODT situation and thus has significant uncertainties. The uncertainty in presence and size (if present) of gas cap and dependency between ultimate recovery and initial potential amongst other uncertainties can be easily implemented in the production forecast with this tool. From the expectation curve forecast, a probabilistic NPV can be easily generated. Possible applications of this tool include: i. estimation of range of actual recoverable volumes based

  6. Business advertisements management system

    OpenAIRE

    Rekel, Ernest

    2017-01-01

    Business Advertisements Management System The main goal of the project was to create a business advertisements management system, where users could easily create and find business advertisements. To accomplish this goal exist- ing systems were analyzed as well as their limitations. The end result is a working system which is able to store and proccess huge amount of data.

  7. Cash-Flow Analysis Base of the Company's Performance Evaluation

    OpenAIRE

    Radu Riana Iren; Mihalcea Lucean; Negoescu Gheorghe

    2013-01-01

    Analyses based on the study of financial flows allow coherent merge to study the financial equilibrium of the firm's performance. If static analysis to assess the financial imbalance at some point, but does not explain its evolution, in contrast, dynamic analysis highlights the evolution of financial imbalance, but does not indicate the extent of it. It follows that the two kinds of analysis are complementary and should be pursued simultaneously. Dynamic analysis is based on the concept of st...

  8. CASH FINANCIAL FLOWS PERFORMANCE ON THE OCCASION OF COLLECTING STATE TREASURY BUDGETARY CLAIMS

    Directory of Open Access Journals (Sweden)

    RISTI LUCIA

    2015-07-01

    Full Text Available The present paper analyzes the financial flows caused by the collection of taxes and other budget payments from businesses or other legal entities and individuals who have accounts with commercial banks, fact which amends the volume and structure of the execution of public funds, on the whole of public Treasury. The current legislation in Romania establishes the obligation for operators and other taxpayers to pay on their own initiative the debts they have to the state1 , otherwise, Ministry of Finance bodies2 are entitled and even obliged to undertake forced pursuing these state budget rights applying forced tracking forms to concerned taxpayers which are provided by law. In this respect, based on the information provided by its own accounting or tax decisions passed by the tax bodies; taxpayers, individuals or legal entities, submit payment documents whether to commercial banks where they have opened accounts or to operational units of Treasuries, if they have open available accounts ere, payment documents for their debts to the state and, all those transactions are subject to this research. Along with the cash settlement, the settlement of cashless payments for operators and other taxpayers who have bank accounts with commercial banks in order to pay their debts to the state, these can be achieved in three ways: on their own initiative; on the basis of payment documents deposited with commercial banks where they have opened their accounts on their own initiative; at the customs facilities in the case of import operations regarding state budget obligations connected to the nature of customs duties, excise duties, value added tax and; thirdly, on the tax authorities or customs initiative by forced tracking on the available accounts or other property of the debtor taxpayers.

  9. Potential dividends and actual cash flows. A regional latin american analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.

  10. The Economic Role and Limitations of Cooperatives: An Investment Cash Flow Derivation

    OpenAIRE

    Peterson, H. Christopher

    1992-01-01

    The economic role and limitations of cooperatives are derived using an approach based on investment cash flows and net present value. Cooperatives are viewed as an option for member investment as well as an option for member patronage. The investment approach yields results similar to the traditional paradigms that focus on patronage. In addition, the approach makes more explicit the impact of member investment on cooperative existence, valuation, performance measurement, and strategy options.

  11. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    OpenAIRE

    Jurica Lucyanda; Lilyana -

    2012-01-01

    Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009). Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhad...

  12. ChargeOut! : discounted cash flow compared with traditional machine-rate analysis

    Science.gov (United States)

    Ted Bilek

    2008-01-01

    ChargeOut!, a discounted cash-flow methodology in spreadsheet format for analyzing machine costs, is compared with traditional machine-rate methodologies. Four machine-rate models are compared and a common data set representative of logging skidders’ costs is used to illustrate the differences between ChargeOut! and the machine-rate methods. The study found that the...

  13. Manajemen Laba Pada Perusahaan Dengan Permasalahan Free Cash Flow Dan Peran Moderasi Dari Monitoring Eksternal

    OpenAIRE

    Tresnaningsih, Elok

    2008-01-01

    This study examines whether low-growth companies with free cash flow (HFLG) will use income-increasing discretionary accruals to offset the low or negative earnings that inevitably accompany investment with negative net presents values (NPVs). Using 413 manufacturing company year observations over the period 2001-2005, the results show that there is a significantly association between HFLG and increasing discretionary accruals. This study also examines the role o f monitoring by auditors, cre...

  14. Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis

    Directory of Open Access Journals (Sweden)

    Yane Chandera

    2014-08-01

    Full Text Available This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders’ free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985.Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf’s pecking order hypothesisbut unsupportive of Jensen’s free cash flow hypothesis.

  15. Preparation of Financial Statements for Sme’s in Romania. Interest for Cash-Flow Statement

    Directory of Open Access Journals (Sweden)

    Nicoleta FARCANE

    2012-05-01

    Full Text Available The purpose of this article is to obtain feedback about the transition to IFRS standards and their implementation in the context of small and medium-sized enterprises in Romania in terms of the cashflow situation. Research methodology is based on a quantitative survey carried out in order to verify the importance and usefulness of perception on the cash-flow statement. The investigation based on testing four hypotheses has been carried out within the framework of small and medium-sized enterprises in Western Romania and the categories of respondents to the study were: upper management and accounting specialists. The results highlight the fact that there are differences between the categories of users of the cash-flow statements, fact highlighted and illustrated by our findings. The article ends with the conclusions of the authors regarding the importance and usefulness of the use and implementation of the cash-flow statement of the small and medium enterprises in Western Romania.

  16. The Role of Corporate Governance as a Leverage Moderating and Free Cash Flow on Earnings Management

    Directory of Open Access Journals (Sweden)

    Reni Yendrawati

    2017-07-01

    Full Text Available According to agency theory there were separation of function between principal and agent. This separation created different interest between principal and agent. This condition occurs because of the asymmetric information that agent more knew company information than principal. Therefore, it was interesting to study the actions of management.This research aimed to analyze the influence of leverage and free cash flow to earning management and the ability to analyze the influence corporate governance consisting of managerial ownership, institutional ownership, independent commissioner, and audit committee in influencing earnings management on the listed manufacturing companies in Indonesia Stock Exchange during years 2010-2014. The results showed that leverage significantly influence to earnings management and free cash flow significantly influence to earnings management moderating variables that influence the relationship of leverage to earnings management is managerial ownership, independent commissioner,audit committee, and moderating variables that influence the relationship of free cash flow to earning management was managerial ownership and institutional ownership.

  17. Assessment of a magnet system combining the advantages of cable-in-conduit forced-flow and pool-boiling magnets

    International Nuclear Information System (INIS)

    Slack, D.; Hassenzahl, W.; Felker, B.; Chaplin, M.

    1993-01-01

    This paper presents an idea for a magnet system that could be used to advantage in tokamaks and other fusion engineering devices. Higher performance designs, specifically newer tokamaks such as those for the international Tokamak Engineering Reactor (ITER) and Tokamak Physics Experiment (TPX) use Cable in Conduit Conductor (CICC) forced flow coils to advantage to meet field and current density requirements. Pool boiling magnets lack structural integrity to resist high magnetic forces since helium cooling areas must surround each conductor. A second problem is that any leak can threaten the voltage standoff integrity of the magnet system. This is because a leak can result in low-pressure helium gas becoming trapped by limited conductance in the magnet bundle and low-pressure helium has poor dielectric strength. The system proposed here is basically a CICC system, with it's inherent advantages, but bathed in higher pressure supercritical helium to eliminate the leak and voltage break-down problems. Schemes to simplify helium coolant plumbing with the proposed system are discussed. A brief historical review of related magnet systems is included. The advantages and disadvantages of using higher pressure, supercritical helium in combination with solid electrical insulation in a CICC system are discussed. Related electrical data from some previous works are compiled and discussed

  18. Liquidity Analysis Using Cash Flow Ratios as Compared to Traditional Ratios in the Pharmaceutical Sector in Jordan

    OpenAIRE

    Sulayman H. Atieh

    2014-01-01

    The purpose of this study is to examine the liquidity position of the Jordanian pharmaceutical sector using the traditional ratios as compared to the more recently developed cash flow ratios. The research involved the comparison between traditional ratios and cash flow ratios of the big seven companies of the pharmaceutical industry in Jordan over six years period (2007¨C2012). The companies were all from the same sector, and the data was obtained from the annual reports of these companies. T...

  19. The Business Communication Course and the Moodle Framework System

    Science.gov (United States)

    Krisko, Edina

    2011-01-01

    In this article I will argue that the use of learning content management systems is also justified in full-time education, especially in business education and communication studies. Nowadays not only multinational companies, but domestic medium enterprises also manage the training of new employees and existing staff with LCMSs. Companies in…

  20. 24 CFR 511.75 - Disbursement of rental rehabilitation grant amounts: Cash and Management Information System.

    Science.gov (United States)

    2010-04-01

    ... rehabilitation grant amounts: Cash and Management Information System. 511.75 Section 511.75 Housing and Urban... rehabilitation grant amounts: Cash and Management Information System. (a) General. Rental Rehabilitation grants.... Any drawdown is conditioned upon the submission of satisfactory information by the grantee or State...

  1. Toward a Phase-Model of Global Knowledge Management Systems in Multinational Corporations

    DEFF Research Database (Denmark)

    Nielsen, Bo Bernhard; Michailova, Snejina

    2004-01-01

    According to Heinrich v. Pierer, CEO at Siemens, `an e-business year is only three months long. Ifyou want to be a leader in this fast-paced world, you must be faster than the others. Just being onboard is by far not enough'. The ability to be faster than others, however, is only relevant...... if it islinked to management of key assets in the pursuit of continuous competitive advantage. The keyasset of the present is knowledge and in the future it is likely to be continuous and timelyinnovation based on effective management of knowledge assets. Most firms today, however, lack aneffective Knowledge......-outperform competition and becomeleaders of the e-conomy'. Using examples from a number of large multinational companies thispaper proposes a phase model for the development of a global Knowledge Management Systemwith attention to pertinent policy and management issues in each stage.Keywords: Knowledge management system...

  2. Cash budgeting: an underutilized resource management tool in not-for-profit health care entities.

    Science.gov (United States)

    Hauser, R C; Edwards, D E; Edwards, J T

    1991-01-01

    Cash budgeting is generally considered to be an important part of resource management in all businesses. However, respondents to a survey of not-for-profit health care entities revealed that some 40 percent of the participants do not currently prepare cash budgets. Where budgeting occurred, the cash forecasts covered various time frames, and distribution of the document was inconsistent. Most budgets presented cash receipts and disbursements according to operating, investing, and financing activities--a format consistent with the year-end cash flow statement. By routinely preparing monthly cash budgets, the not-for-profit health care entity can project cash inflow/outflow or position with anticipated cash insufficiencies and surpluses. The budget should be compared each month to actual results to evaluate performance. The magnitude and timing of cash flows is much too critical to be left to chance.

  3. Turkish Accounting Standards, IAS - 39 "Financial Instruments: Recognition and Measurement" Under the Cash Flow Hedge Derivative Products Use: The Case of Forward

    Directory of Open Access Journals (Sweden)

    Emine ÇINA BAL

    2013-06-01

    Full Text Available Businesses face interest rate, exchange rate, liquidity, use derivative financial instruments to hedge against such risks. Forward transactions with derivative financial instruments, the non-organized markets, interest rates pre-determined future date, foreign currency contracts that contain delivery of goods as well as financial assets. Cash flow hedge that forms the subject of this study, a recognized asset or liability or a highly probable forecast transaction and the net profit or loss attributable to a particular risk of affecting the nature of a cash flow hedge to hedge changes in the process. Study the case of the application of foreign money has a tangible fixed asset purchases. Related to the purchase of tangible fixed assets at future foreign mercenaries were forward contracts to hedge the cash flow risk. Forward contracts, principal accounts on the balance sheet in accordance with IAS 39 Standard, derivative financial instruments are shown as fixed assets. The fair value of the contract during the contract period at the end of the period to show the valuation differences arising from the valuation of equity shown in the balance sheet. Net valuation differences arising from the contract are accounted for by two separate options. The first option, the net costs associated with the asset valuation difference. The second option is deducted from the amount of depreciation for the asset at the end of the period.

  4. Introducing the Circular Flow Diagram to Business Students

    Science.gov (United States)

    Daraban, Bogdan

    2010-01-01

    The circular flow of income diagram is a simplified representation of the functioning of a free-market economic system. It illustrates how businesses interact with the other economic participants within the key macroeconomic markets that coordinate the flow of income through the national economy. Therefore, it can provide students of business with…

  5. ERP systems selection in multinational enterprises: a practical guide

    Directory of Open Access Journals (Sweden)

    Moutaz Haddara

    2018-01-01

    Full Text Available The Enterprise Resource Planning (ERP system selection is an early phase in the ERP adoption process. When organizations evaluate an ERP, they commonly develop their own selection criteria that usually involve various system and vendor related factors. While the selection process is critical, however, there is an apparent research gap in literature. The ERP selection effort also focuses on the system’s fit with the organizational requirements and needs. Thus, the selection phase is critical, because if an organization chooses an unfit ERP, the whole project could be predestined to fail. This research provides an overview of an ERP selection process at an overseas branch office of a multinational company. The process employed a simple multi-attribute rating technique (SMART for evaluation. In addition, this research presents how cross-border data protection laws between the parent company and its branch have influenced the selection process. As the ERP system has been implemented successfully, the method and the selection factors have been proven adequate for the selection process.

  6. Business Intelligence Systems

    Directory of Open Access Journals (Sweden)

    Bogdan NEDELCU

    2014-02-01

    Full Text Available The aim of this article is to show the importance of business intelligence and its growing influence. It also shows when the concept of business intelligence was used for the first time and how it evolved over time. The paper discusses the utility of a business intelligence system in any organization and its contribution to daily activities. Furthermore, we highlight the role and the objectives of business intelligence systems inside an organization and the needs to grow the incomes and reduce the costs, to manage the complexity of the business environment and to cut IT costs so that the organization survives in the current competitive climate. The article contains information about architectural principles of a business intelligence system and how such a system can be achieved.

  7. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    Energy Technology Data Exchange (ETDEWEB)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-07-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  8. Deaccessioning and Agency Costs of Free Cash Flow in Manager's Hands: A Formal Model

    Directory of Open Access Journals (Sweden)

    Andrej Srakar

    2014-12-01

    Full Text Available The problem of agency costs of free cash flow in manager's hands has been firstly noted by Easterbrook and Jensen. We present one of the first attempts to formally model the problem in light of similar situation faced by managers of museums being allowed (or disallowed to deaccession the artworks from their collections. We show that deaccessioning funds always lead to various forms of agency costs for the museum. This finding applies for any non-profit firm and its endowment. The task lying ahead is to formally prove the general conjecture also for the case of private for-profit firms.

  9. Consumer-driven health plans: latest challenge to practices' cash flow.

    Science.gov (United States)

    Hajny, Tom

    2007-01-01

    CDHPs are here to stay. Employers welcome CDHPs because they drive costs away from themselves and into the hands of both consumers and provides. The consumer will make medical purchase decisions tempered by personal economic considerations. The providers are left to figure it all out with the hope their cash flow, cost budgets, and customer service will not be negatively impacted. It will not be easy. Practices must become educated on how CDHPs work, become knowledgeable about specific HSA scenarios in their market, develop optimum processes and procedures, and train staff.

  10. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    International Nuclear Information System (INIS)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-01-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  11. Cash Flow Valuation in an Inflactionary World. The Case of World Bank for Regulated Firms

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2007-11-01

    Full Text Available We show that project evaluation should be based on free cash flows at nominal prices. We present a case where the results from the constant price method are biased upwards and there is a risk to accept bad projects. It is a widespread practice to evaluate projects at constant prices. With an example presented in the training on economic regulation of public utilities developed by the World Bank Institute we asses that methodology. We show an overvaluation of 21% when compared with the current prices methodology and using a correct Weighted Average Cost of Capital, WACC.

  12. The incremental information content of earnings, working capital from operations, and cash flows

    Directory of Open Access Journals (Sweden)

    Simin Banifatemi Kashi

    2015-09-01

    Full Text Available This paper presents an empirical study to determine the effects of different factors including present profit, depreciation, working capital, operating cash flow and other accruals on future earnings stability. The study selects the information of 124 selected firms from Tehran Stock Exchange over the period 2006-2012. Using two regression analysis, the study has determined that as the fluctuation of profit increases, the profitability increases too. In addition, the study has concluded that firms with minimum fluctuations preserve more stable profitability. Moreover, firms with higher fluctuation in profitability maintain more volatile profitability for the next consecutive period.

  13. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    Energy Technology Data Exchange (ETDEWEB)

    Emhjellen, Magne; Alaouze, Chris M

    2002-07-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  14. ERP systems in multi-national companies: support, maintenance and further development

    OpenAIRE

    Vymetal, Dominik; Matysek, Stanislav

    2007-01-01

    Multi-national companies introduce centralized or centrally administered ERP systems to cope with challenges of globalization. Introduction of such systems need careful planning. The planning should take not only the project and its deployment into consideration. Very important are the support and maintenance rules. The paper deals with rules used in case of a large multi-national company and resulting reaction of users in several subsidiaries in Central and Eastern Europe. The statistics obt...

  15. The relationship between operating cash flow per share and portfolio default probability

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2014-03-01

    Full Text Available One of the primary duties of the depositary banks is to protect themselves against any possibility of bankruptcy. This requires the identification and measurement of risks, including default risk, which is important given the nature of the activities of banks. This paper presents an empirical investigation to study the relationship between default probability and some financial figures including operating cash flow, liabilities and return of equities. The proposed study of this paper uses historical data of twenty-two firms listed on Tehran Stock Exchange over the period 2008-2012. Default probability as the dependent variable is measured by the method developed by Moody’s KMV Company. The study uses linear regression model to examine the relationship between default probability and some independent variables. The results of the present study suggest that there were some reverse relationship between operating cash flow per share, return on equities and default probability. In addition, there was a direct relationship between log facilities and default probability. However, there was not any relationship between net sales and default probability.

  16. Laser surveillance systems for fuel storage pools

    International Nuclear Information System (INIS)

    Boeck, H.

    1985-06-01

    A Laser Surveillance System (LASSY) as a new safeguards device has been developed under the IAEA research contract No. 3458/RB at the Atominstitut Wien using earlier results by S. Fiarman. This system is designed to act as a sheet of light covering spent fuel assemblies in spent fuel storage pools. When movement of assemblies takes place, LASSY detects and locates the position of the movement in the pool and when interrogated, presents a list of pool positions and times of movement to the safeguards inspector. A complete prototype system was developed and built. Full scale tests showed the principal working capabilities of a LASSY underwater

  17. Multinational Corporation and Its Sustainable Engagement with Local Small Businesses : A Case Study of Unilever Thailand

    OpenAIRE

    Gaiga, Roméo; Thorngmun, Siriwimon

    2017-01-01

    Once the boundary in global investment does no longer exist, a substantial number of multinational corporations (MNCs) seek for the lower-cost countries such as developing countries or emerging countries to be their production bases. It is undeniable to say that these recipient countries will benefit abundantly in several aspects namely: capital and technical knowledge, employment boost and economic development stimulation. However, the disadvantages that occur may not be worth the trade-off ...

  18. A Priority Rule-Based Heuristic for Resource Investment Project Scheduling Problem with Discounted Cash Flows and Tardiness Penalties

    Directory of Open Access Journals (Sweden)

    Amir Abbas Najafi

    2009-01-01

    Full Text Available Resource investment problem with discounted cash flows (RIPDCFs is a class of project scheduling problem. In RIPDCF, the availability levels of the resources are considered decision variables, and the goal is to find a schedule such that the net present value of the project cash flows optimizes. In this paper, we consider a new RIPDCF in which tardiness of project is permitted with defined penalty. We mathematically formulated the problem and developed a heuristic method to solve it. The results of the performance analysis of the proposed method show an effective solution approach to the problem.

  19. Comparing the role of accruals and operating cash flows on users' decisions on financial statements: A case study of Tehran Stock Exchange

    OpenAIRE

    Mohsen Sohrabi Araghi; Sharifaldin Attari

    2013-01-01

    One of the major challenges facing all of individuals and organizations is decision-making based on the information. The issues of priority about cash flows and accruals data in decision-making process for different groups of financial statement users include investors, creditors, shareholders, directors, etc. one of the issues that has been controversial between accrual and cash accounting advocators for a long time. In this study, we survey the role of accruals and operating cash flows in d...

  20. The Dynamics of the Strategic Network Relations between Corporate R&D and Business. A Longitudinal Analysis in a Large, Technology Based Multinational Company

    NARCIS (Netherlands)

    Fortuin, F.T.J.M.; Omta, S.W.F.

    2007-01-01

    The present paper addresses the important issue of the management of the strategic network relations between corporate R&D and business in large divisionalized companies. In a large technology-based multinational company (± 30,000 employees) an instrument that provides regular feedback to both

  1. Managerial optimism and the impact of cash flow sensitivity on corporate investment: The case of Greece

    Directory of Open Access Journals (Sweden)

    Dimitrios I. Maditinos

    2015-10-01

    Full Text Available Purpose - The existence of optimism as a personal psychological characteristic of managers is a necessity in contemporary economy and decision making, although the phenomenon of over-optimism may lead to unfavourable outcomes. The purpose of this study is to examine the optimism bias and its impact on the firms' future performance. Especially regarding the recent years where Greece faces increased economic depression, high percentages of unemployment and lack of budgetary discipline, the goal is therefore, to find whether managerial optimism has an impact on corporate investment of Greek firms. Design/methodology/approach - The investment of firms with optimistic managers is more sensitive to cash flow than the investment of firms with managers who are not optimistic. To test the research question a number of fixed effect panel regressions of capital expenditures (capital expenditures divided by lagged assets is the dependent variable is run. In all regressions we analyse cash flow divided by lagged assets and lagged Tobin's Q as the independent variables, for firms whose managers are classified as optimistic and not optimistic. This classification is based on the optimism "dummy" variable, which is equal to 1 when members of the Executive Board and the Supervisory Board (ALL, only the Executive Board (EB, and only CEO are classified as optimistic. The concept of this study is tested for firms which are listed in the Athens Stock Exchange. A total of 243 firms are recorded, for the time period between 2007 and 2012, including firms from 11 different industries; basic materials, chemicals, consumer goods, consumer services, health care, industrials, financials, oil and gas, technology, telecommunications and utilities. Based on the literature and on related methodology aspects, financial firms are excluded. Findings - It was revealed that managerial optimism affects corporate investment in firms with high degree of closely held shares. Moreover

  2. Free Cash Flow, Agency Theory Dan Signaling Theory: Konsep dan Riset Empiris

    Directory of Open Access Journals (Sweden)

    Syukriy Abdullah

    2016-01-01

    Full Text Available This paper discusses the literature on free cash flow (FCF, which is one source of corporate funding that can be distributed to investors after finance all investments with positive NPV. FCF contain agency problems (Jensen, 1986 giving rise to agency costs such as auditing fees. FCF can be distributed through dividends or stock repurchase, but sometimes management does not do so and instead uses for wealth management, such as for bonus and investment that can increase power and reduce the possibility of takeover. FCF can be used by management as a signal about the prospects of the company in the future due to policies such as specially designated dividend and stock repurchase has information content. In addition, some studies suggest that the management policy on FCF correlated with income and dividends smoothing.

  3. Understanding the tools for managing cash.

    Science.gov (United States)

    Pelfrey, S

    1990-10-01

    An institution's survival in the 1990s depends on its ability to generate enough cash to meet its needs. The author discusses two accounting tools, the cash budget and the statement of cash flows, that help monitor and control cash flows. By understanding the nature and impact of each report, nurse administrators can help safeguard one of their institution's scarcest resources: cash.

  4. Financial Crisis Now Striking Home for School Districts: Project Delays, Worries About Cash Flow Result of Tight Credit Markets

    Science.gov (United States)

    Davis, Michelle R.

    2008-01-01

    This article reports that the crisis besetting U.S. and world financial markets is hitting school districts hard, as they struggle to float the bonds needed for capital projects, borrow money to ensure cash flow, and get access to investment funds locked up in troubled institutions. Some schools districts depend heavily on borrowed money to pay…

  5. Vehicle Infrastructure Cash-Flow Estimation--VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

    Energy Technology Data Exchange (ETDEWEB)

    Mitchell, G.

    2015-04-02

    This presentation discusses the differences between the original Vehicle and Infrastructure Cash-Flow Evaluation (VICE) Model and the revamped version, VICE 2.0. The enhanced tool can now help assess projects to acquire vehicles and infrastructure, or to acquire vehicles only.

  6. Teaching the Indirect Method of the Statement of Cash Flows in Introductory Financial Accounting: A Comprehensive, Problem-Based Approach

    Science.gov (United States)

    Brickner, Daniel R.; McCombs, Gary B.

    2004-01-01

    In this article, the authors provide an instructional resource for presenting the indirect method of the statement of cash flows (SCF) in an introductory financial accounting course. The authors focus primarily on presenting a comprehensive example that illustrates the "why" of SCF preparation and show how journal entries and T-accounts can be…

  7. ChargeOut! : determining machine and capital equipment charge-out rates using discounted cash-flow analysis

    Science.gov (United States)

    E.M. (Ted) Bilek

    2007-01-01

    The model ChargeOut! was developed to determine charge-out rates or rates of return for machines and capital equipment. This paper introduces a costing methodology and applies it to a piece of capital equipment. Although designed for the forest industry, the methodology is readily transferable to other sectors. Based on discounted cash-flow analysis, ChargeOut!...

  8. Velocity Fields Measurement of Natural Circulation Flow inside a Pool Using PIV Technique

    International Nuclear Information System (INIS)

    Kim, Seok; Kim, Dong Eok; Youn, Young Jung; Euh, Dong Jin; Song, Chul Hwa

    2012-01-01

    Thermal stratification is encountered in large pool of water increasingly being used as heat sink in new generation of advanced reactors. These large pools at near atmospheric pressure provide a heat sink for heat removal from the reactor or steam generator, and the containment by natural circulation as well as a source of water for core cooling. For examples, the PAFS (passive auxiliary feedwater system) is one of the advanced safety features adopted in the APR+ (Advanced Power Reactor Plus), which is intended to completely replace the conventional active auxiliary feedwater system. The PAFS cools down the steam generator secondary side and eventually removes the decay heat from the reactor core by adopting a natural convection mechanism. In a pool, the heat transfer from the PCHX (passive condensation heat exchanger) contributed to increase the pool temperature up to the saturation condition and induce the natural circulation flow of the PCCT (passive condensate cooling tank) pool water. When a heat rod is placed horizontally in a pool of water, the fluid adjacent to the heat rod gets heated up. In the process, its density reduces and by virtue of the buoyancy force, the fluid in this region moves up. After reaching the top free surface, the heated water moves towards the other side wall of the pool along the free surface. Since this heated water is cooling, it goes downward along the wall at the other side wall. Above heater rod, a natural circulation flow is formed. However, there is no flow below heater rod until pool water temperature increases to saturation temperature. In this study, velocity measurement was conducted to reveal a natural circulation flow structure in a small pool using PIV (particle image velocimetry) measurement technique

  9. Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA

    Directory of Open Access Journals (Sweden)

    Cecilia Maya Ochoa

    2004-12-01

    Full Text Available There exists an abysm between market prices and traditional valuation approaches such as Discounted Cash Flows (DCF, a fact that neither academics nor practitioners could continue ignoring. Recently, a complementary approach has taken a foothold into the valuation world. Building on the DCF approach yet going further in the sense of incorporating flexibility in management investment decisions, and taking advantage of the advances in option pricing theory, the real options approach (ROA has become the alternative to capital budgeting and, lately, to corporate valuation. Empirical evidence shows that ROA explains actual prices better than DCF approaches and nowadays there is no question that from a theoretical point of view, ROA is a much more appealing concept than passive NPV. However, its acceptance by practitioners has been very slow due to the complexity of real options pricing.Existe un abismo entre precios de Mercado y la valoración estimada por métodos tradicionales tales como Flujos de Caja Descontados, un hecho que ni académicos ni practicantes pueden continuar ignorando. Recientemente, una metodología complementaria ha tomado gran fuerza. Partiendo de los Flujos de Caja Descontados, pero incorporando flexibilidad en las decisiones de inversión y aprovechando los avances en la teoría de valoración de opciones, el enfoque de opciones reales (ROA se ha convertido en la alternativa para presupuestación de capital y valoración de empresas. La evidencia empírica muestra que ROA explica los precios de mercado mejor que los enfoques basados en flujos de caja descontados y, hoy en día, no hay discusión de que es más atractivo desde un punto de vista teórico; sin embargo, su utilización en la práctica ha sido muy limitada debido a las dificultades que presenta la valoración de las opciones reales.

  10. REFCO83, Nuclear Fuel Cycle Cost Economics Using Discounted Cash Flow Analysis

    International Nuclear Information System (INIS)

    Delene, J.G.; Hermann, O.W.

    2001-01-01

    1 - Description of program or function: REFCO83 utilizes a discounted cash flow (DCF) analysis procedure to calculate batch, cycle, and lifetime levelized average nuclear fuel cycle costs. The DCF analysis establishes an energy 'cost' associated with the fuel by requiring that the revenues from the sale of energy be adequate to pay the required return on outstanding capital, to pay all expenses including taxes, and to retire the outstanding investment to zero by the end of the economic life of the set of fuel investments. The program uses reactor mass flow information together with individual fuel cost parameters and utility capital structure and money costs to calculate levelized costs cumulatively through any batch or cycle. 2 - Method of solution: A fuel cycle cost component is considered to be any fuel material purchase, processing cost, or discharge material credit in the complete fuel cycle. The costs for each individual component, i.e. uranium, enrichment, etc., may either be expensed or capitalized for tax purposes or, in the case of waste disposal, the cost may also be made proportional to power production. To properly account for the effect of income taxes, all calculations in REFCO83 are done using 'then' current dollars, including price escalations caused by inflation. The database used for the default values for REFCO83 was taken from the Nuclear Energy Cost Data Base. 3 - Restrictions on the complexity of the problem: The maximum number of fuel batches is 120

  11. Organization of Business Processes of the Company on the Basis of the Systems Approach Teners

    Directory of Open Access Journals (Sweden)

    Vaganova Valentina

    2016-01-01

    Full Text Available The article considers the management specificity on the basis of the systems approach tenets and description of business processes of the industrial enterprises. As the Company is a service-provider, its functional features are taken into consideration when modeling the business processes. The authors highlight challenges the Company faces in performance management because the existing system doesn’t allow to predict the financial results at the stage of formation of orders portfolio, to evaluate adequacy of financial resources to objectives set and to operate cash flows. All these issues are considered in sufficient detail when analyzing a range of problems and are taken as a basis of the project on implementation of the budgeting system based on the process approach.

  12. Measuring the Capacity and Transaction Time of Cash and Electronic Toll Collection Systems

    Directory of Open Access Journals (Sweden)

    Rudy Hermawan Karsaman

    2014-07-01

    Full Text Available A long queue can occur at tollgates due to the amount of transaction time required to perform ticket payment and toll fee collection. This problem can be addressed by the use of an electronic toll collection (ETC system. A case study conducted on the Jakarta Intra Urban, Cikupa-Merak, and Cawang Pluit Toll Roads suggests that the queueing at the tollgates when modelled followed a Poisson distribution. The average cash transaction time was approximately 5 to 6 seconds, while the ETC transaction time was only 4 seconds. Furthermore, the capacity of the cash system gate was 550 to 620 vehicles/hour (which is above the minimum service standard of 450 vehicles/hour,whereas the electronic gate capacity was 770 to 870 vehicles/hour. This study demonstrates that the ETC system is more effective than the cash system in terms of reducing the number of queueing vehicles.

  13. A Coordinated Business System.

    Science.gov (United States)

    Emmett, Marion B.

    1980-01-01

    Describes a student publications department business system in which students take responsibility for selling advertisements for the newspaper and yearbook, make sure that layouts are satisfactory to customers, keep all records of accounting and billing procedures, and maintain budget supervision of student publications activities. (TJ)

  14. Optimal power flow application issues in the Pool paradigm

    International Nuclear Information System (INIS)

    Gross, G.; Bompard, E.

    2004-01-01

    This paper focuses on the application of the Optimal Power Flow (OPF) to competitive markets. Since the OPF is a central decision-making tool its application to the more decentralized decision-making in the competitive electricity markets requires considerable care. There are some intrinsic challenges associated with the effective OPF application in the competitive environment due to the inherent characteristics of the OPF formulation. Two such characteristics are the flatness of the optimum surface and the consequent continuum associated with the optimum. In addition to these OPF structural characteristics, the level of authority vested in the central decision-making entity has major ramifications. These factors have wide ranging economic impacts, whose implications are very pronounced due to the fact that, unlike in the old vertically integrated utility environment, various market players are affected differently. The effects include price volatility, financial health of various players and the integrity of the market itself. We apply appropriate metrics to evaluate market efficiency and how the various players fare. We study the impacts of OPF applications in the Pool paradigm, with both supply and demand side explicitly modeled, and provide extensive numerical results on systems based on IEEE 30-bus and 118-bus networks. The results show the variability of nodal prices and the skew possible in different 'optimal' allocations among competing suppliers. Such variability in the results may lead to serious disputes among the players and the central decision-making authority. Directions for future research are discussed. (author)

  15. The Importance of using Discounted Cash Flow Methodology in Techno-economic Analyses of Energy and Chemical Production Plants

    Directory of Open Access Journals (Sweden)

    Zorka Novak Pintarič

    2017-06-01

    Full Text Available This paper demonstrates the correct application of discounted cash flow methodology forevaluating and designing energy and chemical production plants. Such processes usuallycorrespond to capital intensive long-term projects. Simple economic criteria, like theprofit or production cost are insufficient for this type of decision making because they donot take into account the time value of money and underestimate the profitabilities of theevaluated plants. This paper shows that some of those criteria based on the discountedcash flows establish suitable compromises between long-term cash flow generation andprofitability. As several alternative options are usually evaluated in parallel, it is shownhow to rank mutually exclusive alternatives properly and how to select the best optionfrom among them. Two large-scale case studies demonstrate that using discounted cashflow methodology can result in substantially different decisions than non-discountedcriteria, however, these decisions are affected by several input parameters.

  16. The Business of Terror: Al-Qaeda as a Multi-National Corporation

    National Research Council Canada - National Science Library

    Vittori, Jodi

    2004-01-01

    .... Moreover, its leadership normally resorts to many aspects of foreign direct investment and joint ventures as part of the day to day organizational management. This is due to the economic and business backgrounds of UBL and many of his cohorts.

  17. PENGGUNAAN METODE DISCOUNTED CASH FLOW DAN UKURAN NON KEUANGAN DALAM PENGANGGARAN MODAL: PENDEKATAN KONTINJENSI

    Directory of Open Access Journals (Sweden)

    Ahmad Rosyid

    2012-10-01

    Full Text Available This study aims to (1 examine the degree of use between Discounted Cash Flow (DCF method and non financial measures in capital budgeting (2 examine managers’ satisfaction on both methods when there is a contingency fit between those methods with two contingency variables: product standardization and firm strategy. This research used purposive sampling method to collect data. The research population was manufacturing firms listed in BEI and major non listed firms located in Jawa Tengah and got 35 responses. Multiple regression and Moderated Regression Analysis (MRA were used to test the hypothesis. Research results indicate that (1 DCF method is not more important than non financial measures. Managers tend to use both methods simultaneously (2 firm strategy affects to DCF method and non financial measures significantly which it means that firms with prospector strategy tend to place more emphasis on non financial measures while firms with defender strategy tend to place more emphasis on DCF method. (3 product standardization has no effect on both methods (4 firm strategy has a moderating effect on the relation between two capital budgeting methods and manager’s satisfaction on budgeting process while product standardization has no effect.

  18. Analytical solution to the circularity problem in the discounted cash flow valuation framework

    Directory of Open Access Journals (Sweden)

    Felipe Mejía-Peláez

    2011-12-01

    Full Text Available In this paper we propose an analytical solution to the circularity problem between value and cost of capital. Our solution is derived starting from a central principle of finance that relates value today to value, cash flow, and the discount rate for next period. We present a general formulation without circularity for the equity value (E, cost of levered equity (Ke, levered firm value (V, and the weighted average cost of capital (WACC. We furthermore compare the results obtained from these formulas with the results of the application of the Adjusted Present Value approach (no circularity and the iterative solution of circularity based upon the iteration feature of a spreadsheet, concluding that all methods yield exactly the same answer. The advantage of this solution is that it avoids problems such as using manual methods (i.e., the popular “Rolling WACC” ignoring the circularity issue, setting a target leverage (usually constant with the inconsistencies that result from it, the wrong use of book values, or attributing the discrepancies in values to rounding errors.

  19. The Role of Cash Flow in Financial Early Warning of Agricultural Enterprises Based on Logistic Model

    Science.gov (United States)

    Sun, Fengru

    2018-01-01

    This paper chooses the agricultural listed companies as the research object, compares the financial situation of the enterprise and the theory of financial early warning, combines the financial status of the agricultural listed companies, selects the relevant cash flow indicators, discusses the application of the Logistic financial early warning model in the agricultural listed companies, Agricultural enterprises get better development. Research on financial early warning of agricultural listed companies will help the agricultural listed companies to predict the financial crisis. Financial early warning model is simple to establish, operational and strong, the use of financial early warning model, to help enterprises in the financial crisis before taking rapid and effective measures, which can avoid losses. Help enterprises to discover signs of deterioration of the financial situation in time to maintain the sustainable development of agricultural enterprises. In addition, through the financial early warning model, investors can correctly identify the financial situation of agricultural enterprises, and can evaluate the financial situation of agricultural enterprises and to help investors to invest in scientific and rational, beneficial to investors to analyze the safety of investment. But also help the relevant regulatory agencies to effectively monitor the market and promote the healthy and stable development of the market.

  20. Cash Management.

    Science.gov (United States)

    Fischer, Mary L.; Ostrom, John S.

    1982-01-01

    Elements of an effective management program for colleges and universities are examined. Five basic purposes of an effective program of cash management are identified: developing accurate cash projections, managing cash receipts, controlling cash disbursements, establishing sound banking relationships, and investing funds. It is suggested that all…

  1. Incorporating a Time Horizon in Rate-of-Return Estimations: Discounted Cash Flow Model in Electric Transmission Rate Cases

    International Nuclear Information System (INIS)

    Chatterjee, Bishu; Sharp, Peter A.

    2006-01-01

    Electric transmission and other rate cases use a form of the discounted cash flow model with a single long-term growth rate to estimate rates of return on equity. It cannot incorporate information about the appropriate time horizon for which analysts' estimates of earnings growth have predictive powers. Only a non-constant growth model can explicitly recognize the importance of the time horizon in an ROE calculation. (author)

  2. Financial modeling in medicine: cash flow, basic metrics, the time value of money, discount rates, and internal rate of return.

    Science.gov (United States)

    Lexa, Frank James; Berlin, Jonathan W

    2005-03-01

    In this article, the authors cover tools for financial modeling. Commonly used time lines and cash flow diagrams are discussed. Commonly used but limited terms such as payback and breakeven are introduced. The important topics of the time value of money and discount rates are introduced to lay the foundation for their use in modeling and in more advanced metrics such as the internal rate of return. Finally, the authors broach the more sophisticated topic of net present value.

  3. MANA YANG LEBIH MEMILIKI VALUE-RELEVANT: NET INCOME ATAU CASH FLOWS (Studi Terhadap Siklus Hidup Organisasi

    Directory of Open Access Journals (Sweden)

    Juniarti Juniarti

    2005-01-01

    Full Text Available This research is aimed to examine the relative value-relevant of net income and cash flow measures in different life cycle stages. Corporate life cycle consists of four stages: start up, growth, mature, and decline stage. Firms in different life cycle stages have different characteristics, and therefore in each life cycle stages the usefulness of accounting measures also different. Net incomes are predicted to be more value relevant in mature stages, while cash flows are expected to be more value relevant in stages characterized by start up, growth, and decline stages. The results prove that in the growth stage, the analysis supports the hypothesis that cash flows are more value relevant than net income. However, in the mature stage, the analysis results reject the hypothesis. This research do not analyze for the start up stage and decline stage, because of the limitation of the sample data. Abstract in Bahasa Indonesia: Penelitian ini bertujuan untuk menguji manakah yang lebih memiliki value-relevant pengukuran laba atau arus kas pada masing-masing siklus hidup perusahaan. Siklus hidup perusahaan umumnya terbagi dalam tahap start-up, growth, mature dan decline. Karakteristik perusahaan berbeda untuk setiap tahap siklus hidup tersebut, karena itu kegunaan pengukuran akuntansi juga akan berbeda. Laba diperkirakan lebih memiliki value-relevant pada tahap mature, sementara arus kas diekspektasikan lebih memiliki value-relevant ketika perusahaan berada pada tahap start-up, growth dan decline. Penelitian ini membuktikan bahwa pada tahap growth, hasil pengujian yang dilakukan mendukung hipotesis bahwa cash flow lebih memiliki value relevant dibanding laba. Tetapi, untuk tahap mature, hipotesis yang diajukan tidak berhasil dibuktikan. Penelitian ini tidak dapat melakukan pengujian untuk tahap start-up dan decline, dikarenakan data sampel untuk kedua tahap tersebut tidak mencukupi untuk dilakukan pengujian. Kata kunci: siklus hidup organisasi, value

  4. Investment Opportunity, Institutional Ownership, Cash Flow, Company Life Cycle Terhadap Kebijakan Dividen Dan Return Saham

    OpenAIRE

    Wiagustini, Ni Luh Putu

    2009-01-01

    The objective of this research was to examine and to analyze the infl uences of investmentopportunity, cash fl ow, company institutional ownership, and company life cycle stages to dividendpolicy; and the infl uences of dividend policy to investment opportunity, cash fl ow, institutionalownership, and company life cycle stages to share return. The samples used in this research weremanufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularlywithin the perio...

  5. A study on burning behavior and convective flows in Methanol pool fires bound by ice

    DEFF Research Database (Denmark)

    Farahani, Hamed Farmahini; Jomaas, Grunde; Rangwala, Ali S.

    2017-01-01

    conditions to analyze burning parameters of methanol, 2- in a square glass tray with outside dimensions of 10 × 10 cm and a depth of 5 cm to obtain flow field of methanol pool with a two-dimensional PIV (Particle Image Velocimetry) system. The results of the experiments of the first part show the cold...... of the cavity. The analysis of the results obtained by the PIV system showed the velocity magnitudes and flow patterns in the liquid-phase of icy methanol fire significantly change over the course of burning. In the instants after ignition a horizontal flow induced by Marangoni near the surface was observed......An experimental study on methanol pool fires bound by ice was carried to research the burning behavior and flow field (within the liquid-phase) of methanol. The experiments were conducted in two parts: 1- in a cylindrical ice cavity/pan (10.2 cm diameter and 6 cm depth) at three different...

  6. Improvements of the cash-flow statement control function in financial reporting

    Directory of Open Access Journals (Sweden)

    Metka Duhovnik

    2008-06-01

    Full Text Available On the basis of deductive considerations applying professional judgement, the article focuses on the additional value of accounting information that can be given to the users of fi nancial statements by a properly prepared statement of cash fl ows. It is based on the fi nding that the professional literature is inconsistent in distinguishing liquidity and profi tability information, and consequently also in distinguishing between the ratios calculated on that basis. It therefore stimulates an improvement in the quality of accounting information with a direct statement of cash fl ows, based on tracing instead of calculating the actual cash fl ow. On the basis of fi nancial statements, including a direct statement of cash fl ows, the ratio analysis of fi nancial statements should be approached from both aspects of profi tability and cash return. The cash fl ow ratios would serve as a control mechanism over the assumptions used when preparing the balance sheet and income statement within the chosen financial reporting framework.

  7. Budgetary cash flows in the EU and their impact on national budget liquidity: the case of Slovenia

    Directory of Open Access Journals (Sweden)

    Tanja Markovič Hribernik

    2005-12-01

    Full Text Available On May 1, 2004 ten new states joined the EU. At the same time, budgetary cash flow mechanisms between the EU budget (as the central subject and national budgets were established. Despite the fact that all the rules are clear and known in advance - stipulated by the EU directives and regulations - there are some uncertainties, which may have an important effect on the liquidity as well as on the budgetary cash flows in new member states. The greatest problem for the liquidity of new member states’ budgets is posed by the time lags between inflows and outflows of EU funds. These lags are mainly because of delayed payments from the EU budget and problems with some member state’s absorption capacity. This article deals with the dynamics and the scale of budgetary cash flows between the Slovenian budget and the EU budget until 2006. A couple of likely scenarios are presented, which could happen in case of delayed payments of European funds. Consequently, both an unexpected state budget liquidity deficit and an additional burden arising from interest on delayed payments to the Brussels are possible for Slovenia.

  8. Coordinated vs. liberal market HRM: the impact of institutionalisation on multinational firms

    NARCIS (Netherlands)

    Farndale, E.; Brewster, C.; Poutsma, F.

    2008-01-01

    The impact of institutionalized contexts on the HRM activities of multinational firms has become a focus of increasing attention in recent literature. However, theories of how different types of business systems or market economies may influence HRM, and the impact of context on multinational

  9. Business Strategy of Multinational Corporations Representative for Food Services - McDonald's

    OpenAIRE

    Voicu Oana-Luminiþa; Antonescu Eugenia; Chirilã Camelia

    2011-01-01

    For the catering services, the economic efficiency includes the consumers’ satisfaction and the guarantee of the hygiene of products. The integration into the EU imposes obligations on all service providers that are related to human nutrition. In this context, McDonald’s promotes four basic principles of business philosophy: Quality, Service, Cleanliness and Value. These principles are valid in every restaurant in the world. The focus on the customer, the employee value, material management a...

  10. Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet: Vehicle Infrastructure Cash-Flow Estimation -- VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

    Energy Technology Data Exchange (ETDEWEB)

    Gonzales, John

    2015-04-02

    Presentation by Senior Engineer John Gonzales on Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet using the Vehicle Infrastructure Cash-flow Estimation (VICE) 2.0 model.

  11. PENGARUH EARNINGS, OPERATING CASH FLOW DAN ASSET GROWTH TERHADAP STOCK RETURN PERUSAHAAN YANG TERDAFTAR PADA INDEKS LQ 45 UNTUK PERIODE 2009-2011

    Directory of Open Access Journals (Sweden)

    Yulius ,

    2017-02-01

    Full Text Available The objective of this research is to test the impact of earnings, operating cash flow and asset growth to firm’s stock return which listed in LQ 45 index in Indonesian for 2009-2011. The result of this research is earnings, operating cash flow and asset growth have not significant effect to stock return both when those variabels is tested separately or silmutaneously. This result show that earnings, operating cash flow and asset growth are not only the one to be the basis of consideration for investor to make investment to get the stock return. Therefore, for making investment, investor should consider other factors which effect the firm’s stock return as macro economics and politics. Furthermore, from this result, be expected an improvement of quality financial statement which addopted IFRS. Keyword: Earnings, Operating Cash Flow, Asset Growth, Stock Return.

  12. Is There a Difference in Credit Constraints Between Private and Listed Companies in Brazil? Empirical Evidence by The Cash Flow Sensitivity Approach

    Directory of Open Access Journals (Sweden)

    Alan Nader Ackel Ghani

    2015-04-01

    Full Text Available This article analyzes the credit constraints, using the cash flow sensitivity approach, of private and listed companies between 2007 and 2010. According to this approach, the econometric results show that the credit constraints are the same for either private or listed companies. This paper seeks to contribute to the literature because the study of credit constraints of private companies based on cash flow sensitivity in Brazil has been rare.

  13. Testando o “Cash-Flow-at-Risk” em empresas têxteis

    Directory of Open Access Journals (Sweden)

    Fernanda Finotti Cordeiro Perobelli

    2012-01-01

    Full Text Available A despeito da relevância, para uma empresa, de mensurar a probabilidade do fluxo de caixa, numa data futura, atingir valores que a impeçam de honrar compromissos ou firmar projetos de investimento ou financiamento, discussões sobre métodos capazes de fornecer tal probabilidade são incipientes. Pretendendo contribuir para tal discussão, este artigo apresenta métodos alternativos para verificação do fluxo de caixa em risco baseados na métrica Cash-Flow-at-Risk (C-FaR. Ilustrativamente, uma aplicação no segmento têxtil é realizada, sendo apresentados dois métodos para estimação dos fatores de risco relevantes do fluxo: setorial (painel e individual (séries temporais, com simulação de choques inesperados sobre as previsões a partir da série do fator (nível e da série de erros de previsão do fator (erro, além de um procedimento ingênuo, em que a distribuição do fluxo de caixa é acessada sem que se identifiquem explicitamente seus fatores de risco, pelo bootstrap da série de valores históricos de seus componentes (receitas, custos e despesas. Os resultados encontrados revelam que, na amostra, o melhor método estimou fatores de risco por empresa (enfoque de série de tempo e simulou choques a partir dos erros de previsão dos fatores de risco.

  14. Soil carbon pools in different pasture systems

    Directory of Open Access Journals (Sweden)

    Francisco M. Cardozo, Jr.

    2016-03-01

    Full Text Available The aim of this study was to assess the carbon pools of a tropical soil where the native forest was replaced with different pasture systems. We studied five pasture production systems, including four monoculture systems with forage grasses such as Andropogon, Brachiaria, Panicum, and Cynodon, and an agroforestry system as well as a native vegetation plot. Greater availability of fulvic acid was detected in the agroforestry system as compared with that in the other systems. Higher lability of C was detected in the Andropogon system during the dry and rainy seasons and during the dry season in Cynodon. During the dry season, all pastures systems showed deficits in the net removal of atmospheric CO2. The structure and practices of the agroforestry system enables more carbon to be sequestered in the soil as compared with the monoculture pasture, suggesting that it is an important practice to mitigate climatic change and to improve soil quality.

  15. What happens when organisations embrace social networking? Knowledge sharing at a multinational business solutions corporation

    Directory of Open Access Journals (Sweden)

    C. Stafford

    2009-04-01

    Full Text Available Amid widespread resistance to online social networking tools, their effectiveness in promoting knowledge sharing in a knowledge-driven organisation was demonstrated in the study. Usage patterns, user attitudes and perceptions regarding online social networking technologies as a professional application for knowledge sharing within the workplace were investigated. Self-administered questionnaires were administered to a sample of IBM Global Business Services employees in South Africa. Upon completion of the questionnaire analysis an interview was conducted with the knowledge manager for verification and clarification purposes. The results revealed the respondents' positive attitudes regarding the use of social networking tools for knowledge sharing. The culture of knowledge sharing at IBM and the contribution that social networking tools makes within the company were uncovered. Findings disclosed that the online social networking tools were effective and that management at IBM encourages employees to make more and more use of the tools for knowledge sharing and knowledge creation. The results of this study demonstrate the effectiveness of online social networking tools and serve as encouragement to hesitant organisations to adopt social networking in their business practices.

  16. Conceptual Model of Business Value of Business Intelligence Systems

    OpenAIRE

    Popovič, Aleš; Turk, Tomaž; Jaklič, Jurij

    2010-01-01

    With advances in the business intelligence area, there is an increasing interest for the introduction of business intelligence systems into organizations. Although the opinion about business intelligence and its creation of business value is generally accepted, economic justification of investments into business intelligence systems is not always clear. Measuring the business value of business intelligence in practice is often not carried out due to the lack of measurement methods and resourc...

  17. Impact of political costs on company benefits in the institutions with high free cash flow and low growth opportunity: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Pasandidehfar

    2015-11-01

    Full Text Available The political costs, bonuses paid to managers, how to use the growth opportunities obtained and their effects on the profitability of companies are the issues that have always been a major of corporations’ concerns. Company exposure to political decisions, its costs and effects on the company's cash flow is very important. Hence, understanding the relationship between variables in a company and how they influence on each other helps management decisions for better opportunities and reduction in political costs, increase cash flow and ultimately increase the profitability of the firms. This survey studies the relationship between the impact of political costs on companies with high free cash flow and low growth opportunity. In this survey, company's assets, sales, income and number of employees are estimated. Then the indexes related to these costs are evaluated based on the tax component, the cost of the sports, personnel costs and relationships among them. Pearson correlation coefficient, regression coefficients and analysis of variance have been used to examine the hypotheses of the survey. The results show that the political cost, high free cash flow and low growth opportunity had negative correlations with each other. In other words, there was a negative relationship between profit and political costs in companies with high free cash flow and low growth opportunity. Moreover, high free cash flow and low growth opportunities had significant effect on the relationship between political costs and benefits in companies listed in Tehran Stock Exchange.

  18. Operation and maintenance techniques of pool and pool water purification system in IMEF

    Energy Technology Data Exchange (ETDEWEB)

    Soong, Woong Sup

    1999-03-01

    IMEF pool is used pass way between pool and hot cell in order to inlet and outlet of fuel pin in cask. All operation is performed conforming with naked eyes. Therefore floating matter is filtered so as to easy under water handling. Also radioactivity in pool water is controlled according to the nuclear law, radioactivity ration maintained less than 15mR/hr on pool side. Perfect operation and maintenance can be achieved well trained operator. Result obtained from the perfection can give more influence over restrain, spreading contamination of radioactivity materials. This report describes operation and maintenance technique of pool water purification system in IMEF. (Author). 7 refs., 13 figs.

  19. Operation and maintenance techniques of pool and pool water purification system in IMEF

    International Nuclear Information System (INIS)

    Soong, Woong Sup

    1999-03-01

    IMEF pool is used pass way between pool and hot cell in order to inlet and outlet of fuel pin in cask. All operation is performed conforming with naked eyes. Therefore floating matter is filtered so as to easy under water handling. Also radioactivity in pool water is controlled according to the nuclear law, radioactivity ration maintained less than 15mR/hr on pool side. Perfect operation and maintenance can be achieved well trained operator. Result obtained from the perfection can give more influence over restrain, spreading contamination of radioactivity materials. This report describes operation and maintenance technique of pool water purification system in IMEF. (Author). 7 refs., 13 figs

  20. Pengaruh Agency Cost of Free Cash Flow Terhadap Tingkat Konservatisme dan Pengujian Efek Moderasi Kebijakan Hutang, Pendistribusian Kas, Persistensi Kas, dan Tata Kelola Perusahaan

    Directory of Open Access Journals (Sweden)

    Hendro Hendro

    2015-01-01

    Full Text Available This research investigates whether the J-type firm (high agency cost of free cash flow provide more conservative financial statements than non J-type firm. Besides, this research also aim to examine the moderating effects of debt, dividend, stock repurchase, cash persistency, and corporate governance on the relationship between the level of agency cost of free cash flow and conservatism level of financial statements. This research uses two measurement of conservatism, namely accrual conservatism and market value conservatism. Research sample includes manufacturing companies listed in the Indonesian Stock Exchange for the year 2007, 2008 and 2010. The result proves that there is a positive and significant relationship between the level of agency cost of free cash flow and the two measurement of conservatism level of financial stataments. However, this research shows that there is no effect of the moderating variables on that relationship.

  1. Comparing the role of accruals and operating cash flows on users' decisions on financial statements: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohsen Sohrabi Araghi

    2013-01-01

    Full Text Available One of the major challenges facing all of individuals and organizations is decision-making based on the information. The issues of priority about cash flows and accruals data in decision-making process for different groups of financial statement users include investors, creditors, shareholders, directors, etc. one of the issues that has been controversial between accrual and cash accounting advocators for a long time. In this study, we survey the role of accruals and operating cash flows in decisions of financial statement users in listed companies on Tehran stock exchange, information content of operating cash flows and accruals in the connection with decision-making criteria used by different groups using financial statement has been examined. In this study, we use eliminating sampling and implied limitations and the sample size includes 203 companies to examine six hypotheses. The results of this research indicate that there is a significant different between accruals and operating cash flows information content in relation to various decision-making criteria but utilizing accruals and operating cash flows supplementary and simultaneously in profit frame depending on the selection criteria may or may not be include information value-added.

  2. Normative and systems integration in human resource management in Japanese multinational companies

    OpenAIRE

    Furusawa, Masayuki; Brewster, Chris; Takashina, Toshinori

    2016-01-01

    Purpose\\ud This paper aims to conceptualise a framework of “transnational human resource management” (HRM) and to demonstrate the validity of the model.\\ud \\ud Design/methodology/approach\\ud Evidence is drawn from survey of 93 large Japanese multinational companies (MNCs). Data are analysed through descriptive statistics, hierarchical multiple regression analyses and mediation effect analyses.\\ud \\ud Findings\\ud The analysis reveals that the practices for normative and systems integration are...

  3. Expectations of a business rescue plan: international directives for ...

    African Journals Online (AJOL)

    Kirstam

    2014-09-01

    Sep 1, 2014 ... 10Key words: business rescue, South African Companies Act, business ... countries such as Germany, Australia, the United Kingdom (UK) and ...... operating statistics and detailed cash flow projections is needed for sound risk.

  4. POOL WATER TREATMENT AND COOLING SYSTEM DESCRIPTION DOCUMENT

    International Nuclear Information System (INIS)

    King, V.

    2000-01-01

    The Pool Water Treatment and Cooling System is located in the Waste Handling Building (WHB), and is comprised of various process subsystems designed to support waste handling operations. This system maintains the pool water temperature within an acceptable range, maintains water quality standards that support remote underwater operations and prevent corrosion, detects leakage from the pool liner, provides the capability to remove debris from the pool, controls the pool water level, and helps limit radiological exposure to personnel. The pool structure and liner, pool lighting, and the fuel staging racks in the pool are not within the scope of the Pool Water Treatment and Cooling System. Pool water temperature control is accomplished by circulating the pool water through heat exchangers. Adequate circulation and mixing of the pool water is provided to prevent localized thermal hotspots in the pool. Treatment of the pool water is accomplished by a water treatment system that circulates the pool water through filters, and ion exchange units. These water treatment units remove radioactive and non-radioactive particulate and dissolved solids from the water, thereby providing the water clarity needed to conduct waste handling operations. The system also controls pool water chemistry to prevent advanced corrosion of the pool liner, pool components, and fuel assemblies. Removal of radioactivity from the pool water contributes to the project ALARA (as low as is reasonably achievable) goals. A leak detection system is provided to detect and alarm leaks through the pool liner. The pool level control system monitors the water level to ensure that the minimum water level required for adequate radiological shielding is maintained. Through interface with a demineralized water system, adequate makeup is provided to compensate for loss of water inventory through evaporation and waste handling operations. Interface with the Site Radiological Monitoring System provides continuous

  5. Emerging Market Multinationals

    DEFF Research Database (Denmark)

    Gammeltoft, Peter; Hobdari, Bersant

    2017-01-01

    International knowledge flows and innovation are becoming ever more important to the competitiveness of multinational corporations. Emerging market multinationals (EMNCs) in specific are deploying increasingly activist measures to harness foreign sources of knowledge and innovation as a strategy...... in which this disagreement can be reconciled through recognition of other EMNC advantages, particularly abilities to leverage country-specific assets, and possession and development of dynamic capabilities. Finally, we identify a set of core themes in the recent literature on strategic asset...

  6. A Systematic Review of Literature Using Business Systems Theory

    DEFF Research Database (Denmark)

    Rana, Mohammad Bakhtiar; Morgan, Glenn

    2015-01-01

    , international business (IB) studies do not tend to borrow much from this sub-field. This paper reviews BST literature from 1992 to 2015 and seeks to identify its contributions and gaps, in ways that can be helpful for future research in IB. Trend analysis of BST literature and mapping this sub-field suggests......Business system theory (BST) lies at the intersection of organization theory, political economy and sociology. It is gaining incremental attention in the field of management, particularly in cross-border and comparative studies of the structure, strategy and management of multinationals. Yet...... that the BST research stream can be identified in relation to four ‘broad themes’ which we describe as junctures- i.e. comparative business systems, internationalisation and MNC management, organizational capability and innovation, and transnational communities. Mapping and pattern recognition of the ‘themes...

  7. STUDY ON THE APPLICATION OF CASH ACCOUNTING SYSTEM FOR VAT IN ROMANIA

    Directory of Open Access Journals (Sweden)

    ECOBICI NICOLAE

    2014-02-01

    Full Text Available The cash accounting system for VAT has been implemented in Romania as of 1 January 2013 and now turns one year of application in Romania. Since its implementation the system has sparked controversy, being harshly criticised by professional accountants in Romania and elsewhere. Criticisms mainly concerned the following issues: no possibility to choose to apply the system, breach of the VAT neutrality principles, maximum period of 90 days to postpone the chargeability of VAT for unpaid deliveries, while VAT deduction was subject to payment of the value of goods and services invoiced without specifying any term. In this article we would like to examine the extent to which the legislative changes that came into effect as of 1 January 2014 improve the cash accounting system for VAT in Romania. We will also analyse to what extent the system applied in 2013 has brought advantages/disadvantages to the economic entities in Romania based on a survey carried out on a heterogeneous sample of companies in the county of Gorj, regarded as nationally representative. Finally, we intend to compare the cash accounting system for VAT in Romania with its UK counterpart.

  8. Carbon dynamics in peatland pool systems: the role of light

    Science.gov (United States)

    Pickard, Amy; Heal, Kate; McLeod, Andy; Dinsmore, Kerry

    2016-04-01

    Open-water pools are widespread in peatlands and are considered to represent biogeochemical hotspots within the peatland landscape. However the contribution of pool systems to wider peatland C cycling has not been quantified fully and there is a lack of knowledge of the role of photochemical processes in such environments. In this study, light exposure experiments were conducted in two contrasting pools to test the reactivity of aquatic C. The first study site was located at Cross Lochs (CL), Forsinard, in the Flow Country of Northern Scotland, in a 412 m2 pool characterised by low dissolved organic carbon (DOC) concentrations (˜15 mg C L-1). The second site was located at Red Moss of Balerno (RM), a raised bog in central Scotland, in a 48 m2 pool with high DOC concentrations (˜35 mg C L-1). Experiments took place over 9 days in situ at each pool in mid-summer 2015, with 500 mL water samples contained in bags transparent to sunlight and in opaque control bags. After field exposure, optical, chemical and stable C isotope analyses were conducted on the samples. Significant differences in biogeochemical cycling of DOC were detected between the two systems, with DOC losses as a percentage of the total C pool 15% higher at RM than at CL after light exposure. The mean DOC concentration of light exposed samples at RM declined steeply initially, with 83% observed DOC degradation occurring by day 3 of the experiment. Total losses of 7.9 mg DOC L-1were observed in light exposed samples at RM, along with decreasing E4:E6 ratios, suggesting that material remaining at the end of the experiment was humified. Depletion of DOC was positively correlated with production of CO2 at both sites, with concentrations of up to 4.3 mg CO2-C L-1 recorded at RM. Stable C isotope signatures at both sites were altered under light treatment, as demonstrated by the production of enriched δ13C-DOC (+0.46 ‰ relative to opaque bags) and depleted δ13C-DIC (-0.97 ‰ relative to opaque bags) at

  9. Plenum separator system for pool-type nuclear reactors

    International Nuclear Information System (INIS)

    Sharbaugh, J.E.

    1983-01-01

    This invention provides a plenum separator system for pool-type nuclear reactors which substantially lessens undesirable thermal effects on major components. A primary feature of the invention is the addition of one or more intermediate plena, containing substantially stagnant and stratified coolant, which separate the hot and cold plena and particularly the hot plena from critical reactor components. This plenum separator system also includes a plurality of components which together form a dual pass flow path annular region spaced from the reactor vessel wall by an annular gas space. The bypass flow through the flow path is relatively small and is drawn from the main coolant pumps and discharged to an intermediate plenum

  10. Preliminary business plan: Plzen district heating system upgrade

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-06-01

    The district heating system of the City of Plzen, Czech Republic, needs to have physical upgrades to replace aging equipment and to comply with upcoming environmental regulations. Also, its ownership and management are being changed as a result of privatization. As majority owner, the City has the primary goal of ensuring that the heating needs of its customers are met as reliably and cost-effectively as possible. This preliminary business plan is part of the detailed analysis (5 reports in all) done to assist the City in deciding the issues. Preparation included investigation of ownership, management, and technology alternatives; estimation of market value of assets and investment requirements; and forecasting of future cash flow. The district heating system consists of the Central Plzen cogeneration plant, two interconnected heating plants [one supplying both hot water and steam], three satellite heating plants, and cooperative agreements with three industrial facilities generating steam and hot water. Most of the plants are coal-fired, with some peaking units fired by fuel oil.

  11. Estimating flow characteristics of different weir types and optimum dimensions of downstream receiving pool

    OpenAIRE

    Emiroglu, M. Emin

    2010-01-01

    This paper presents the results of a laboratory study on the flow characteristics of sharp-crested weirs, broad-crested weirs, and labyrinth weirs. The variation of the maximum bubble penetration depth for different weir types is investigated depending on overfall jet expansion, discharge, and drop height. Moreover, most efficient depth, length and width of the downstream receiving pool in an open channel system are studied by considering the penetration depth, overfall jet expansion, jet tra...

  12. Experimental Investigation of the Hot Water Layer Effect on Upward Flow Open Pool Reactor Operability

    International Nuclear Information System (INIS)

    Abou Elmaaty, T.

    2014-01-01

    The open pool reactor offers a high degree of reliability in the handling and manoeuvring, the replacement of reactor internal components and the suing of vertical irradiation channels. The protection of both the operators and the reactor hall environment against radiation hazards is considered a matter of interest. So, a hot water layer is implemented above many of the research reactors main pool, especially those whose flow direction is upward flow. An experimental work was carried out to ensure the operability of the upward flow open pool research reactor with / without the hot water layer. The performed experiment showed that, the hot water layer is produced an inverse buoyant force make the water to diffuse downward against the ordinary natural circulation from the reactor core. An upward flow - open pool research reactor (with a power greater than 20 M watt) could not wok without a hot water layer. The high temperature of the hot water layer surface could release a considerable amount of water vapour into the reactor hall, so a heat and mass transfer model is built based on the measured hot water layer surface temperature to calculate the amount of released water vapour during the reactor operating period. The effects of many parameters like the ambient air temperature, the reactor hall relative humidity and the speed of the pushed air layer above the top pool end on the evaporation rate is studied. The current study showed that, the hot water layer system is considered an efficient shielding system against Gamma radiation for open pool upward flow reactor and that system should be operated before the reactor start up by a suitable period of time. While, the heat and mass transfer model results showed that, the amount of the released water vapour is increased as a result of both the increase in hot water layer surface temperature and the increase in air layer speed. As the increase in hot water layer surface temperature could produce a good operability

  13. Experimental Investigation of the Hot Water Layer Effect on Upward Flow Open Pool Reactor Operability

    International Nuclear Information System (INIS)

    Abou Elmaaty, T.

    2015-01-01

    The open pool reactor offers a high degree of reliability in the handling and manoeuvring, the replacement of reactor internal components and the swing of vertical irradiation channels. The protection of both the operators and the reactor hall environment against radiation hazards is considered a matter of interest. So, a hot water layer implemented above many of the research reactors main pool, especially those whose flow direction is upward flow. An experimental work was carried out to ensure the operability of the upward flow open pool research reactor with / without the hot water layer. The performed experiment showed that, the hot water layer produced an inverse buoyant force making the water to diffuse downward against the ordinary natural circulation from the reactor core. An upward flow-open pool research reactor (with a power greater than 20 Mw) could not wok without a hot water layer. The high temperature of the hot water layer surface could release a considerable amount of water vapour into the reactor hall, so a heat and mass transfer model is built based on the measured hot water layer surface temperature to calculate the amount of released water vapour during the reactor operating period. The effects of many parameters like the ambient air temperature, the reactor hall relative humidity and the speed of the pushed air layer above the top pool end on the evaporation rate is studied. The current study showed that, the hot water layer system is considered an efficient shielding system against gamma radiation for open pool upward flow reactor and that system should be operated before the reactor start up by a suitable period of time. While, the heat and mass transfer model results showed that, the amount of the released water vapour is increased as a result of both the increase in hot water layer surface temperature and the increase in air layer speed. As the increase in hot water layer surface temperature could produce a good operability conditions from

  14. Emerging Multinational Companies and Strategic Fit

    DEFF Research Database (Denmark)

    Gammeltoft, Peter; Filatotchev, Igor; Hobdari, Bersant

    2012-01-01

    There is an increasing awareness in international business that institutional factors need to be better incorporated into the understanding of international investments decisions of multinational companies. This applies equally to outward foreign direct investment by emerging economy firms...... has been suggested in terms of integrating various theoretical frameworks however and developing a more holistic understanding of these new investment flows. In this Editorial we propose that outward FDI from emerging economies can be better understood by analyzing them within a broad institutional...... which considers flows of outward investment from emerging economies as framed by institutional pressures at the firm level towards achieving fit between the environment, strategies, structures, resources and practices of the firm. For the multinational firm this fit must be attained along multiple...

  15. ERP systems selection in multinational enterprises: a practical guide

    OpenAIRE

    Moutaz Haddara

    2018-01-01

    The Enterprise Resource Planning (ERP) system selection is an early phase in the ERP adoption process. When organizations evaluate an ERP, they commonly develop their own selection criteria that usually involve various system and vendor related factors. While the selection process is critical, however, there is an apparent research gap in literature. The ERP selection effort also focuses on the system’s fit with the organizational requirements and needs. Thus, the selection phase is critical,...

  16. The hotel enterprise: a business system of project business on the tourism business market

    OpenAIRE

    Berc Radisic, Branka; Basan, Lorena

    2007-01-01

    As a business system, an enterprise represents a complex, dynamic, stochastic, open and organisational system. Certain specific features of a hotel enterprise as a business system of project business result from the activity it performs and from project-based business and development management. As an enterprise based on project business, its distinguishing features include the interconnectedness of business subsystems and the overlapping a hotel enterprise’s business function.

  17. Multinational Risk and Performance Outcomes

    DEFF Research Database (Denmark)

    Andersen, Torben Juul

    2012-01-01

    A multinational presence can diversify corporate business activities and provide access to diverse overseas resources. This can enhance operational flexibility and create new business propositions that increase responsiveness to global market changes. Establishing an international corporate...... cross-sectional dataset, we find that flexibility and responsiveness thrives on a multinational presence among firms operating in information-driven knowledge businesses. In contrast, internationalizing firms in capital-based network services display adverse risk effects........ Consistent with the rationales of the OLI paradigm, we argue that multinational reach particularly in knowledge-based industries can reduce downside risk and enhance upside potential. These results introduce more nuances to the ongoing debate about multinational risk and performance effects. Based on a large...

  18. A stereo vision method for tracking particle flow on the weld pool surface

    NARCIS (Netherlands)

    Zhao, C.X.; Richardson, I.M.; Kenjeres, S.; Kleijn, C.R.; Saldi, Z.

    2009-01-01

    The oscillation of a weld pool surface makes the fluid flow motion quite complex. Two-dimensional results cannot reflect enough information to quantitatively describe the fluid flow in the weld pool; however, there are few direct three-dimensional results available. In this paper, we describe a

  19. qBitcoin: A Peer-to-Peer Quantum Cash System

    OpenAIRE

    Ikeda, Kazuki

    2017-01-01

    A decentralized online quantum cash system, called qBitcoin, is given. We design the system which has great benefits of quantization in the following sense. Firstly, quantum teleportation technology is used for coin transaction, which prevents from the owner of the coin keeping the original coin data even after sending the coin to another. This was a main problem in a classical circuit and a blockchain was introduced to solve this issue. In qBitcoin, the double-spending problem never happens ...

  20. THE VALUATION OF INITIAL SHARE PRICE USING THE FREE CASH FLOW TO FIRM METHOD AND THE REAL OPTION METHOD IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Adhy Listya Paramitha

    2014-01-01

    Full Text Available The purposes of this study were to determine fair share value, to analyze the factors that influence undervalue and overvalue, and to determine the best valuation method. This study made valuation using real options method and free cash flow to firm method. The results of partial logistic regression on Free Cash Flow to Firm showed that tenor variable and equity variable had positive and significant effects, while dummy variable had a negative and significant effect. In the real option model, tenor variable and implied volatility variable had positive and significant effects, while sheets of share variable had a negative and significant effect

  1. Exploring Students' Flow Experiences in Business Simulation Games

    Science.gov (United States)

    Buil, I.; Catalán, S.; Martínez, E.

    2018-01-01

    Business simulation games are a motivational and engaging tool for teaching business management. However, relatively little is known about what factors contribute to their success. This study explores the role of flow experienced while using business simulation games. Specifically, this research investigates the influence of challenge, skills,…

  2. Study on the association between earnings management and value relevance based on the reporting method used for operating cash flows

    Directory of Open Access Journals (Sweden)

    Marilena Mironiuc

    2018-02-01

    Full Text Available This paper analyses the association between earnings management and value relevance of accounting information, for a number of 556 observations from a sample of 65 companies listed on the Bucharest Stock Exchange during a 10 year period: 2006-2015. Sampled companies are classified according to the method used for the reporting of operating cash flows. Findings confirm that entities using the indirect method have a higher level of discretionary accruals and are more tempted to opportunistically increase their earnings. As far as value relevance is concerned, results show that participants on the Romanian capital market place more weight on the information reported by entities experiencing higher levels of discretionary accruals.

  3. Inventory model with cash flow oriented and time-dependent holding cost under permissible delay in payments

    Directory of Open Access Journals (Sweden)

    Tripathi R.P.

    2013-01-01

    Full Text Available This study develops an inventory model for determining an optimal ordering policy for non-deteriorating items and time-dependent holding cost with delayed payments permitted by the supplier under inflation and time-discounting. The discounted cash flows approach is applied to study the problem analysis. Mathematical models have been derived under two different situations i.e. case I: The permissible delay period is less than cycle time for settling the account and case II: The permissible delay period is greater than or equal to cycle time for settling the account. An algorithm is used to obtain minimum total present value of the costs over the time horizon H. Finally, numerical example and sensitivity analysis demonstrate the applicability of the proposed model. The main purpose of this paper is to investigate the optimal cycle time and optimal payment time for an item so that annual total relevant cost is minimized.

  4. Optimal portfolio selection in a Lévy market with uncontrolled cash flow and only risky assets

    Science.gov (United States)

    Zeng, Yan; Li, Zhongfei; Wu, Huiling

    2013-03-01

    This article considers an investor who has an exogenous cash flow evolving according to a Lévy process and invests in a financial market consisting of only risky assets, whose prices are governed by exponential Lévy processes. Two continuous-time portfolio selection problems are studied for the investor. One is a benchmark problem, and the other is a mean-variance problem. The first problem is solved by adopting the stochastic dynamic programming approach, and the obtained results are extended to the second problem by employing the duality theory. Closed-form solutions of these two problems are derived. Some existing results are found to be special cases of our results.

  5. Economic performance of photovoltaic water pumping systems with business model innovation in China

    International Nuclear Information System (INIS)

    Zhang, Chi; Campana, Pietro Elia; Yang, Jin; Yan, Jinyue

    2017-01-01

    Highlights: • A new business model of PV systems is proposed for PV water pumping systems (PVWP). • Three PVWP and one PV-roof scenarios are analysed to estimate economic performance. • The impacts of market incentives in four PV scenarios are insubstantial for its economic payback. • The PVWP system with added-value products will improve economy potential. - Abstract: Expansion by photovoltaic (PV) technologies in the renewable energy market requires exploring added value integrated with business model innovation. In recent years, a pilot trial of PV water pumping (PVWP) technologies for the conservation of grassland and farmland has been conducted in China. In this paper, we studied the added value of the PVWP technologies with an emphasis on the integration of the value proposition with the operation system and customer segmentation. Using the widely used existing PV business models (PV-roof) as a reference, we evaluated discounted cash flow (DCF) and net present value (NPV) under the scenarios of traditional PV roof, PVWP pilot, PVWP scale-up, and PVWP social network, where further added value via social network was included in the business model. The results show that the integrated PVWP system with social network products significantly improves the performance in areas such as the discounted payback period, internal rate of return (IRR), and return on investment (ROI). We conclude that scenario PVWP social network with business model innovation, can result in value add-ins, new sources of revenue, and market incentives. The paper also suggests that current policy incentives for PV industry are not efficient due to a limited source of revenue, and complex procedures of feed-in tariff verification.

  6. Pool fires in a large scale ventilation system

    International Nuclear Information System (INIS)

    Smith, P.R.; Leslie, I.H.; Gregory, W.S.; White, B.

    1991-01-01

    A series of pool fire experiments was carried out in the Large Scale Flow Facility of the Mechanical Engineering Department at New Mexico State University. The various experiments burned alcohol, hydraulic cutting oil, kerosene, and a mixture of kerosene and tributylphosphate. Gas temperature and wall temperature measurements as a function of time were made throughout the 23.3m 3 burn compartment and the ducts of the ventilation system. The mass of the smoke particulate deposited upon the ventilation system 0.61m x 0.61m high efficiency particulate air filter for the hydraulic oil, kerosene, and kerosene-tributylphosphate mixture fires was measured using an in situ null balance. Significant increases in filter resistance were observed for all three fuels for burning time periods ranging from 10 to 30 minutes. This was found to be highly dependent upon initial ventilation system flow rate, fuel type, and flow configuration. The experimental results were compared to simulated results predicted by the Los Alamos National Laboratory FIRAC computer code. In general, the experimental and the computer results were in reasonable agreement, despite the fact that the fire compartment for the experiments was an insulated steel tank with 0.32 cm walls, while the compartment model FIRIN of FIRAC assumes 0.31 m thick concrete walls. This difference in configuration apparently caused FIRAC to consistently underpredict the measured temperatures in the fire compartment. The predicted deposition of soot proved to be insensitive to ventilation system flow rate, but the measured values showed flow rate dependence. However, predicted soot deposition was of the same order of magnitude as measured soot deposition

  7. A new method to estimate risk and return of non-traded assets from cash flows : The case of private equity funds

    NARCIS (Netherlands)

    Driessen, J.J.A.G.; Lin, T.C.; Phalippou, L.

    2012-01-01

    We develop a new methodology to estimate abnormal performance and risk exposure of nontraded assets from cash flows. Our methodology extends the standard internal rate of return approach to a dynamic setting. The small-sample properties are validated using a simulation study. We apply the method to

  8. Volume-heated boiling pool flow behavior and application to transition phase accident conditions

    International Nuclear Information System (INIS)

    Ginsberg, T.; Jones, O.C. Jr.; Chen, J.C.

    1978-01-01

    Observations of two-phase flow fields in volume-heated boiling pools are reported. Photographic observations, together with pool-average void fraction measurements are presented. Flow regime transition criteria derived from the measurements are discussed. The churn-turbulent flow regime was the dominant regime for superficial vapor velocities up to nearly five times the Kutateladze dispersal velocity. Within this range of conditions, a churn-turbulent drift flux model provides a reasonable prediction of the pool-average void fraction data. The results of the experiment and analyses are extrapolated to transition phase conditions. It is shown that intense pool boil-up could occur where the pool-average void fraction would be greater than 0.6 for steel vaporization rates equivalent to power levels greater than one percent of nominal LMFBR power density

  9. Globalization and business ethics

    OpenAIRE

    Khadartseva, L.; Agnaeva, L.

    2014-01-01

    It is assumed that local conditions of markets may be different, but some global markets, ethics and social responsibility principles should be applicable to all markets. As markets globalize and an increasing proportion of business activity transcends national borders, institutions need to help manage, regulate, and police the global marketplace, and to promote the establishment of multinational treaties to govern the global business system

  10. Pool-Type Fishways: Two Different Morpho-Ecological Cyprinid Species Facing Plunging and Streaming Flows

    Science.gov (United States)

    Branco, Paulo; Santos, José M.; Katopodis, Christos; Pinheiro, António; Ferreira, Maria T.

    2013-01-01

    Fish are particularly sensitive to connectivity loss as their ability to reach spawning grounds is seriously affected. The most common way to circumvent a barrier to longitudinal connectivity, and to mitigate its impacts, is to implement a fish passage device. However, these structures are often non-effective for species with different morphological and ecological characteristics so there is a need to determine optimum dimensioning values and hydraulic parameters. The aim of this work is to study the behaviour and performance of two species with different ecological characteristics (Iberian barbel Luciobarbus bocagei–bottom oriented, and Iberian chub Squalius pyrenaicus–water column) in a full-scale experimental pool-type fishway that offers two different flow regimes–plunging and streaming. Results showed that both species passed through the surface notch more readily during streaming flow than during plunging flow. The surface oriented species used the surface notch more readily in streaming flow, and both species were more successful in moving upstream in streaming flow than in plunging flow. Streaming flow enhances upstream movement of both species, and seems the most suitable for fishways in river systems where a wide range of fish morpho-ecological traits are found. PMID:23741465

  11. 75 FR 11918 - Hewlett Pachard Company, Business Critical Systems, Mission Critical Business Software Division...

    Science.gov (United States)

    2010-03-12

    ... Pachard Company, Business Critical Systems, Mission Critical Business Software Division, Openvms Operating... Colorado, Marlborough, Massachuetts; Hewlett Pachard Company, Business Critical Systems, Mission Critical... Company, Business Critical Systems, Mission Critical Business Software Division, OpenVMS Operating System...

  12. U.S. Residential Photovoltaic (PV) System Prices, Q4 2013 Benchmarks: Cash Purchase, Fair Market Value, and Prepaid Lease Transaction Prices

    Energy Technology Data Exchange (ETDEWEB)

    Davidson, C.; James, T. L.; Margolis, R.; Fu, R.; Feldman, D.

    2014-10-01

    The price of photovoltaic (PV) systems in the United States (i.e., the cost to the system owner) has dropped precipitously in recent years, led by substantial reductions in global PV module prices. This report provides a Q4 2013 update for residential PV systems, based on an objective methodology that closely approximates the book value of a PV system. Several cases are benchmarked to represent common variation in business models, labor rates, and module choice. We estimate a weighted-average cash purchase price of $3.29/W for modeled standard-efficiency, polycrystalline-silicon residential PV systems installed in the United States. This is a 46% decline from the 2013-dollar-adjusted price reported in the Q4 2010 benchmark report. In addition, this report frames the cash purchase price in the context of key price metrics relevant to the continually evolving landscape of third-party-owned PV systems by benchmarking the minimum sustainable lease price and the fair market value of residential PV systems.

  13. Business, Anthropology, and Magical Systems

    DEFF Research Database (Denmark)

    Moeran, Brian

    2014-01-01

    —encompassing related concepts of alchemy, animism, and enchantmen—is reflected in other business practices, which have developed their own parallel and interlocking systems of magic. Certain forms of capitalism, the—fashion, for example, or finance—may be analysed as a field of magical systems....

  14. Management Control Systems in Subsidiaries of Multinationals in the Emerging Market of Central Eastern Europe

    NARCIS (Netherlands)

    Gusc, J.S.; Bremmers, H.J.; Omta, S.W.F.

    2005-01-01

    Using transaction cost theory and the theory of multinational enterprise, this study examines the extent of the degree to which management of multinational companies can control over its subsidiaries' configuration and coordination abilities. Empirical results showed that the subsidiaries enjoyed a

  15. Şirket Değerlemede İndirgenmiş Nakit Akımları Yöntemi’nin Bir Girdisi Olarak Devam Eden Değer’in Belirlenmesi(In Corporate Valuation Determination of Continuing Value As A Input of Discounted Cash Flows Method)

    OpenAIRE

    Mustafa KIRLI

    2005-01-01

    Three basic inputs or three independent variables are used in the applications of corporate valuation which considers discounted cash flows method.These are cash flows realized in the future,discount rate and continuing value.Continuing value is the company value of present value of cash flows after explicit forecast period.There are two basic approaches in the estimating of continuing value.First approach considers the cash flows after explicit forecast period and suggests Gordon Model,Valu...

  16. Document flow segmentation for business applications

    Science.gov (United States)

    Daher, Hani; Belaïd, Abdel

    2013-12-01

    The aim of this paper is to propose a document flow supervised segmentation approach applied to real world heterogeneous documents. Our algorithm treats the flow of documents as couples of consecutive pages and studies the relationship that exists between them. At first, sets of features are extracted from the pages where we propose an approach to model the couple of pages into a single feature vector representation. This representation will be provided to a binary classifier which classifies the relationship as either segmentation or continuity. In case of segmentation, we consider that we have a complete document and the analysis of the flow continues by starting a new document. In case of continuity, the couple of pages are assimilated to the same document and the analysis continues on the flow. If there is an uncertainty on whether the relationship between the couple of pages should be classified as a continuity or segmentation, a rejection is decided and the pages analyzed until this point are considered as a "fragment". The first classification already provides good results approaching 90% on certain documents, which is high at this level of the system.

  17. Artichoke (Cynara scolymus L. as cash-cover crop in an organic vegetable system

    Directory of Open Access Journals (Sweden)

    Anna LENZI

    2015-11-01

    Full Text Available In organic vegetable systems green manure crops play an important role as a nitrogen source, but they cover the soil for several months without producing a direct income. Globe artichoke (Cynara scolymus L. provides both heads to be harvested and particularly abundant plant residues to be possibly incorporated into the soil, so it may play a double role of cash and cover crop. This paper describes an on-farm study in which seed-propagated artichoke, cultivated as an annual crop, preceded zucchini squash and lettuce cultivated in sequence within a vegetable organic system. Artichoke produced about 7 t ha-1 of saleable heads and left, after harvest, 50.3 t ha-1 of fresh biomass usable as green manure. Zucchini squash and lettuce following artichoke showed a significant increase in yield when artichoke residues were incorporated into the soil. Furthermore, a residual positive effect of green manure on soil fertility was detected after lettuce harvest. 

  18. Business Process Flow Diagrams in Tissue Bank Informatics System Design, and Identification and Communication of Best Practices: The Pharmaceutical Industry Experience.

    Science.gov (United States)

    McDonald, Sandra A; Velasco, Elizabeth; Ilasi, Nicholas T

    2010-12-01

    Pfizer, Inc.'s Tissue Bank, in conjunction with Pfizer's BioBank (biofluid repository), endeavored to create an overarching internal software package to cover all general functions of both research facilities, including sample receipt, reconciliation, processing, storage, and ordering. Business process flow diagrams were developed by the Tissue Bank and Informatics teams as a way of characterizing best practices both within the Bank and in its interactions with key internal and external stakeholders. Besides serving as a first step for the software development, such formalized process maps greatly assisted the identification and communication of best practices and the optimization of current procedures. The diagrams shared here could assist other biospecimen research repositories (both pharmaceutical and other settings) for comparative purposes or as a guide to successful informatics design. Therefore, it is recommended that biorepositories consider establishing formalized business process flow diagrams for their laboratories, to address these objectives of communication and strategy.

  19. ADDRESS SYSTEM INTEGRATION BUSINESS

    Directory of Open Access Journals (Sweden)

    Lionel Manuel Carbonell-Zamora

    2016-01-01

    Full Text Available The Integrated Strategic Direction constitutes a superior stage of Direction that expresses the coordinated system of external and internal relations with full participation in order to reach the vision of the organization. It can be insured by the use of the Strategic Direction model for the integration of the Company Direction System. This model has been applied in several companies. Recently, it was applied in the Inspection State Unit of MICONS in Santiago de Cuba through the investigation thesis for master degree developed during 18 months which objective was to validate its effectiveness in a budgeted unit, obtaining positive results when the levels of integration in the direction system increased in their external and internal relations expressed in a 37 % and 15 % respectively, which impacted the increment of the efficiency and effectiveness of all processes of the organization. 

  20. Flow behavior of volume-heated boiling pools: implications with respect to transition phase accident conditions

    International Nuclear Information System (INIS)

    Ginsberg, T.; Jones, O.C. Jr.; Chen, J.C.

    1979-01-01

    Observations of two-phase flow fields in single-component volume-heated boiling pools were made. Photographic observations, together with pool-average void fraction measurements, indicate that the churn-turbulent flow regime is stable for superficial vapor velocities up to nearly five times the Kutateladze dispersal limit. Within this range of conditions, a churn-turbulent drift flux model provides a reasonable prediction of the pool-average void fraction data. An extrapolation of the data to transition phase accident conditions suggests that intense boilup could occur where the pool-average void fraction would be >0.6 for steel vaporization rates equivalent to power levels >1% of nominal liquid-metal fast breeder reactor power density. The extended stability of bubbly flow to unusually large vapor fluxes and void fractions, observed in some experiments, is a major unresolved issue

  1. AKDNR - DNR Business Reporting System (DBRS)

    Science.gov (United States)

    Skip to content State of Alaska myAlaska My Government Resident Business in Alaska Visiting Alaska Resources > IRM GPU > Main Menu DNR Business Reporting System (DBRS) The DNR Business Reporting System (DBRS) allows users to generate reports from the DNR Business databases and maps. The reports offered

  2. The Secret Lives of Undergraduate International Business Students: An Analysis of Cross-Cultural Experience in Multinational Corporations.

    Science.gov (United States)

    Pederson de Castaneda, Viann

    This study involved students majoring in business/economics and foreign language in an international business program. The students were participants in a semester-long international experience where students were integrated into a host university to learn about management, economics, and marketing from professors abroad, and in an internship in a…

  3. Relationship between thermal stratification and flow patterns in steam-quenching suppression pool

    International Nuclear Information System (INIS)

    Song, Daehun; Erkan, Nejdet; Jo, Byeongnam; Okamoto, Koji

    2015-01-01

    Highlights: • Thermal stratification mechanism by direct contact condensation is investigated. • Thermal stratification condition changes according to the flow pattern. • Thermal stratification depends on the force balance between buoyancy and momentum. • Flow pattern change was observed even in the same regime. • Flow pattern is affected by the sensitive force balance. - Abstract: This study aims to examine the relationship between thermal stratification and flow patterns in a steam-quenching suppression pool using particle image velocimetry. Thermal stratification was experimentally evaluated in a depressurized water pool under different steam mass flux conditions. The time evolution of the temperature profile of the suppression pool was presented with the variation of condensation regimes, and steam condensation processes were visualized using a high-speed camera. The thermal stratification condition was classified into full mixing, gradual thermal stratification, and developed thermal stratification. It was found that the condition was determined by the flow patterns depending on the force balance between buoyancy and momentum. The force balance affected both the condensation regime and the flow pattern, and hence, the flow pattern was changed with the condensation regime. However, the force balance had a sensitive influence on the flow in the pool; therefore, distinct flow patterns were observed even in the same condensation regime.

  4. A Discounted Cash Flow variant to detect the optimal amount of additional burdens in Public-Private Partnership transactions.

    Science.gov (United States)

    Copiello, Sergio

    2016-01-01

    The Discounted Cash Flow method is a long since well-known tool to assess the feasibility of investment projects, as the background which shapes a broad range of techniques, from the Cost-Benefit Analysis up to the Life-Cycle Cost Analysis. Its rationale lies in the comparison of deferred values, only once they have been discounted back to the present. The DCF variant proposed here fits into a specific application field. It is well-suited to the evaluations required in order to structure equitable transactions under the umbrella of Public-Private Partnership. •The discount rate relies upon the concept of expected return on equity, instead than on those of weighted average cost of capital, although the latter is the most common reference within the scope of real estate investment valuation.•Given a feasible project, whose Net Present Value is more than satisfactory, we aim to identify the amount of the additional burdens that could be charged to the project, under the condition of keeping the same economically viable.•The DCF variant essentially deals with an optimization problem, which can be solved by means of simple one-shot equations, derived from financial mathematics, or through iterative calculations if additional constraints must be considered.

  5. Optimal Experience and Optimal Identity: A Multinational Study of the Associations Between Flow and Social Identity.

    Science.gov (United States)

    Mao, Yanhui; Roberts, Scott; Pagliaro, Stefano; Csikszentmihalyi, Mihaly; Bonaiuto, Marino

    2016-01-01

    Eudaimonistic identity theory posits a link between activity and identity, where a self-defining activity promotes the strength of a person's identity. An activity engaged in with high enjoyment, full involvement, and high concentration can facilitate the subjective experience of flow. In the present paper, we hypothesized in accordance with the theory of psychological selection that beyond the promotion of individual development and complexity at the personal level, the relationship between flow and identity at the social level is also positive through participation in self-defining activities. Three different samples (i.e., American, Chinese, and Spanish) filled in measures for flow and social identity, with reference to four previously self-reported activities, characterized by four different combinations of skills (low vs. high) and challenges (low vs. high). Findings indicated that flow was positively associated with social identity across each of the above samples, regardless of participants' gender and age. The results have implications for increasing social identity via participation in self-defining group activities that could facilitate flow.

  6. Optimal Experience and Optimal Identity: A Multinational Study of the Associations Between Flow and Social Identity

    Science.gov (United States)

    Mao, Yanhui; Roberts, Scott; Pagliaro, Stefano; Csikszentmihalyi, Mihaly; Bonaiuto, Marino

    2016-01-01

    Eudaimonistic identity theory posits a link between activity and identity, where a self-defining activity promotes the strength of a person’s identity. An activity engaged in with high enjoyment, full involvement, and high concentration can facilitate the subjective experience of flow. In the present paper, we hypothesized in accordance with the theory of psychological selection that beyond the promotion of individual development and complexity at the personal level, the relationship between flow and identity at the social level is also positive through participation in self-defining activities. Three different samples (i.e., American, Chinese, and Spanish) filled in measures for flow and social identity, with reference to four previously self-reported activities, characterized by four different combinations of skills (low vs. high) and challenges (low vs. high). Findings indicated that flow was positively associated with social identity across each of the above samples, regardless of participants’ gender and age. The results have implications for increasing social identity via participation in self-defining group activities that could facilitate flow. PMID:26924995

  7. Study of void fraction and mixing of immiscible liquids in a pool configuration by an upward gas flow

    International Nuclear Information System (INIS)

    Casas, J.C.; Corradini, M.L.

    1992-01-01

    In this paper, investigations are performed to study the mixing between immiscible liquids in a pool configuration due to an upward gas flow. A water-R113 system is sued in the bubbly/churn-turbulent regimes to determine the effects of the unagitated pool depth on layer mixing. The superficial gas velocity at which full mixing is attained is observed to increase with the pool depth, although it is concluded that this is a weak dependency. Mixing in the churn-turbulent regime is studied with Wood's metal-water and Wood's metal-silicone fluid (100 cS) as pairs of fluids. Additional past mixing data from six other fluids are also included in the data base. A criterion is proposed to determine if two liquids will entrain in bubbly or churn-turbulent flow. Correlations are derived that, for a set of given conditions, allow prediction of the mixing state (mixed or segregated) of a system. Because of the indirect method of measuring the mixed layer thickness, pool void fraction experiments are also performed. For the case of water and R113, the effect of unagitated pool depth on the void fraction is studied

  8. Business System Planning Project, Preliminary System Design

    International Nuclear Information System (INIS)

    EVOSEVICH, S.

    2000-01-01

    CH2M HILL Hanford Group, Inc. (CHG) is currently performing many core business functions including, but not limited to, work control, planning, scheduling, cost estimating, procurement, training, and human resources. Other core business functions are managed by or dependent on Project Hanford Management Contractors including, but not limited to, payroll, benefits and pension administration, inventory control, accounts payable, and records management. In addition, CHG has business relationships with its parent company CH2M HILL, U.S. Department of Energy, Office of River Protection and other River Protection Project contractors, government agencies, and vendors. The Business Systems Planning (BSP) Project, under the sponsorship of the CH2M HILL Hanford Group, Inc. Chief Information Officer (CIO), have recommended information system solutions that will support CHG business areas. The Preliminary System Design was developed using the recommendations from the Alternatives Analysis, RPP-6499, Rev 0 and will become the design base for any follow-on implementation projects. The Preliminary System Design will present a high-level system design, providing a high-level overview of the Commercial-Off-The-Shelf (COTS) modules and identify internal and external relationships. This document will not define data structures, user interface components (screens, reports, menus, etc.), business rules or processes. These in-depth activities will be accomplished at implementation planning time

  9. Experimental characterization of the weld pool flow in a TIG configuration

    Science.gov (United States)

    Stadler, M.; Masquère, M.; Freton, P.; Franceries, X.; Gonzalez, J. J.

    2014-11-01

    Tungsten Inert Gas (TIG) welding process relies on heat transfer between plasma and work piece leading to a metallic weld pool. Combination of different forces produces movements on the molten pool surface. One of our aims is to determine the velocity on the weld pool surface. This provides a set of data that leads to a deeper comprehension of the flow behavior and allows us to validate numerical models used to study TIG parameters. In this paper, two diagnostic methods developed with high speed imaging for the determination of velocity of an AISI 304L stainless steel molten pool are presented. Application of the two methods to a metallic weld pool under helium with a current intensity of 100 A provides velocity values around 0.70 m/s which are in good agreement with literature works.

  10. A survey on relationship between capital structure, free cash flow and diversification and firm performance of listed companies in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2014-10-01

    Full Text Available This paper presents an empirical investigation to study the effects of free cash flow, share diversification and capital structure on Tobin-Q in selected firms on Tehran Stock Exchange. The population of the survey includes 520 firms listed on this exchange until year 2012 and the survey uses a sample of 105 firms, randomly. The study uses the models originally developed by Palepu (1985 [Palepu, K. (1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3, 239-255.] to measure the effects of different factors on Tobin Q. The study has indicated that while capital structure and free cash flow influence positively on Tobin Q, diversification has maintained a negative and meaningful relationship with Tobin Q.

  11. A study on relationship between operating cash flows and performance evaluation criteria based on the theory of constraints (TOC versus traditional method

    Directory of Open Access Journals (Sweden)

    Mohammad Sadegh Arabi Ashtiani

    2013-08-01

    Full Text Available This study presents an empirical investigation to measure the relationship between traditional accounting performance measurement as well as theory of constraint-based figures with operating cash flow. Traditional accounting measurement includes net profit and return of investment and theory of constraint method includes net profit and return of investment based on theory of constraints. The study selects 69 firms list on Tehran Stock Exchange over the period 2000-2010. Using panel data and fixed effect, the study performs regression analysis and the results confirm that there was a positive relationship between net profit measured by theory of constraints and cash flow and it can be effectively used for performance measurement.

  12. The effects of return on investment, sales growth rate, volatility of investment, cash flow and structure of institutional shareholders on the ratio of debt to equities

    Directory of Open Access Journals (Sweden)

    Jalal Golmohammadi

    2015-12-01

    Full Text Available This paper presents a study to measure the effects of return on investment, sales growth rate, volatility investment, cash flow and structure of institutional shareholders on the ratio of debt to equities. The study selects 102 firms listed on Tehran Stock Exchange and, using regression technique with Panel data, examines five different hypotheses over the period 2008-2012. The results indicate that there was a negative and meaningful relationship between return of investment and the ratio of debt to equities and a positive and meaningful relationship between sales growth and the ratio of debt to equities. Moreover, there were positive and meaningful relationships between volatility of investment as well as cash flow and the ratio of debt to equities. Finally, the survey has indicated that there was a negative and meaningful relationship between the structure of institutional shareholders and the ratio of debt to equities.

  13. The RiverFish Approach to Business Process Modeling: Linking Business Steps to Control-Flow Patterns

    Science.gov (United States)

    Zuliane, Devanir; Oikawa, Marcio K.; Malkowski, Simon; Alcazar, José Perez; Ferreira, João Eduardo

    Despite the recent advances in the area of Business Process Management (BPM), today’s business processes have largely been implemented without clearly defined conceptual modeling. This results in growing difficulties for identification, maintenance, and reuse of rules, processes, and control-flow patterns. To mitigate these problems in future implementations, we propose a new approach to business process modeling using conceptual schemas, which represent hierarchies of concepts for rules and processes shared among collaborating information systems. This methodology bridges the gap between conceptual model description and identification of actual control-flow patterns for workflow implementation. We identify modeling guidelines that are characterized by clear phase separation, step-by-step execution, and process building through diagrams and tables. The separation of business process modeling in seven mutually exclusive phases clearly delimits information technology from business expertise. The sequential execution of these phases leads to the step-by-step creation of complex control-flow graphs. The process model is refined through intuitive table and diagram generation in each phase. Not only does the rigorous application of our modeling framework minimize the impact of rule and process changes, but it also facilitates the identification and maintenance of control-flow patterns in BPM-based information system architectures.

  14. Effect of Managerial Ownership, Free Cash Flow and Size Company Policy on Debt (Empirical Study on Industrial Enterprises Basic and Chemicals Listed in Bei)

    OpenAIRE

    Hasan, Mudrika Alamsyah

    2013-01-01

    The purpose of this study was to obtain empirical evidence about the effect of managerial ownership structure, free cash flow and the size of the companys debt policy the Basic Industry and Chemicals companies listed on the Stock Exchange.The population in this research is the basic chemical sector companies listed on the Indonesia Stock Exchange during the last three years, is from the years 2009-2011, amounting to 43 companies, using purposive sampling and the sampling results obtained by 3...

  15. Modeling of processes of an adaptive business management

    Directory of Open Access Journals (Sweden)

    Karev Dmitry Vladimirovich

    2011-04-01

    Full Text Available On the basis of the analysis of systems of adaptive management board business proposed the original version of the real system of adaptive management, the basis of which used dynamic recursive model cash flow forecast and real data. Proposed definitions and the simulation of scales and intervals of model time in the control system, as well as the thresholds observations and conditions of changing (correction of the administrative decisions. The process of adaptive management is illustrated on the basis proposed by the author of the script of development of business.

  16. Business Systems and Corporate Governance

    DEFF Research Database (Denmark)

    Pedersen, Torben; Thomsen, Steen

    1999-01-01

    The paper tests the applicability of Whitley' s business systems framework to the study of international differences in corporate ownership structure. In support of Whitley' s framework we document the existence of large differences among the largest companies in 12 European nations. Furthermore we...... find that these differences can be partly attributed to the institutional determinants stressed by Whitley: structure of the financial system, government regulation and labour relations. However, we also find evidence of microeconomic effects attributable to firm size and industry structure which cut...... across national borders and which influence cross country variations in ownership structure. We conclude that ownership structures are influenced by both economic and system effects....

  17. Optimization of heat pump system in indoor swimming pool using particle swarm algorithm

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Wen-Shing; Kung, Chung-Kuan [Department of Energy and Refrigerating Air-Conditioning Engineering, National Taipei University of Technology, 1, Section 3, Chung-Hsiao East Road, Taipei (China)

    2008-09-15

    When it comes to indoor swimming pool facilities, a large amount of energy is required to heat up low-temperature outdoor air before it is being introduced indoors to maintain indoor humidity. Since water is evaporated from the pool surface, the exhausted air contains more water and specific enthalpy. In response to this indoor air, heat pump is generally used in heat recovery for indoor swimming pools. To reduce the cost in energy consumption, this paper utilizes particle swarm algorithm to optimize the design of heat pump system. The optimized parameters include continuous parameters and discrete parameters. The former consists of outdoor air mass flow and heat conductance of heat exchangers; the latter comprises compressor type and boiler type. In a case study, life cycle energy cost is considered as an objective function. In this regard, the optimized outdoor air flow and the optimized design for heating system can be deduced by using particle swarm algorithm. (author)

  18. The costs of paying: Private and social costs of cash and card systems

    OpenAIRE

    Bergman, Mats; Guibourg, Gabriela; Segendorf, Björn

    2007-01-01

    Despite the central role of payments in theoretical and policy oriented economics, there is surprisingly little known about the costs of different payment instruments. We estimate social and private costs of cash, debit and credit card payments in Sweden in 2002. The combined social cost of providing these payment services is approximately 0.4 per cent of GDP. Debit and credit cards are socially less costly than cash for payments above EURO 8 and EURO 18, respectively. Corresponding threshold...

  19. THE CARD - CURRENCY WITH AND WITHOUT CASH

    Directory of Open Access Journals (Sweden)

    Nicoara Mihaela

    2012-12-01

    Full Text Available Use by individuals and businesses resulting in reduced cash cards in circulation, the corresponding increase in transfer payments and payments accounts also limit exchange risks and make effective use of currency. As a result, we have the effect of reducing cash in circulation. These advantages are also available for businesses and for banks and leads to favorable effects on import-export business. Following this, banks can diversify our products, so to meet customers' new products.

  20. CAREM 25: Suppression pool cooling and purification system

    International Nuclear Information System (INIS)

    Carlevaris, Rodolfo; Patrignani, Alberto; Vindrola, Carlos; Palmerio, Hector D.; Quiroz, Horacio; Ramilo, Lucia B.

    2000-01-01

    The suppression pool cooling and purification system has the following main functions: purify and cool water from the suppression pool, cool and send water to the residual heat extraction system, and transfer water to the fuel element transference channel. In case of Loss of Coolant Accident (LOCA), the system sends water from the suppression pool to the spray network, thus cooling and reducing pressure in the primary containment. The system has been designed in accordance with the requirements of the following standards: ANSI/ANS 52.1; ANSI/ANS 57.2; ANSI/ANS 56.2; ANSI/ANS 59.1; ANSI/ANS 58.3; ANSI/ANS 58.9; and ANSI/ANS 56.5. The design of the system fulfils all the assigned functions. (author)

  1. CAREM-25. Suppression Pool Cooling and Purification System

    International Nuclear Information System (INIS)

    Carlevaris, Rodolfo; Palmerio, D.; Patrignani, A.; Quiroz, H.; Ramilo, L.; Vindrola, C.

    2000-01-01

    The Suppression Pool Cooling and Purification System has the following main functions: purify and cool water from the Suppression Pool, cool and send water to the Residual Heat Extraction System, and transfer water to the Fuel Element Transference Channel. In case of Loss of Coolant Accident (LOCA), the system sends water from the Suppression Pool to the spray network, thus cooling and reducing pressure in the primary containment.The system has been designed in accordance with the requirements of the following standards ANSI/ANS 52.1 [1], ANSI/ANS 57.2 [2], ANSI/ANS 56.2 [3], ANSI/ANS 59.1 [4] ANSI/ANS 58.3 [5], ANSI/ANS 58.9 [6], and ANSI/ANS 56.5 [7]. The design of the system fulfils all the assigned functions

  2. DOD Business Systems Modernization: Further Actions Needed to Address Challenges and Improve Accountability

    Science.gov (United States)

    2013-05-01

    to Lack Adequate Validation Page 35 GAO-13-557 DOD Business Systems Modernization provided a compliance dashboard to document BEA...campaigns, execute marketing campaigns, and measure and evaluate the performance of marketing campaigns. Order-to- Cash Accept and process customer... dashboards reflected related GAO reports. In addition, the department’s fiscal year 2014 investment management guidance issued by the Office of the

  3. Corporate control mechanisms, voting and cash flow rights, and the performance of Dutch firms

    NARCIS (Netherlands)

    Chirinko, Robert; Garretsen, Harry; Sterken, Elmer

    2003-01-01

    This paper exploits several unique institutional features in the Dutch system of corporate control to examine the relations among investor protections, concentrated ownership, and firm performance. Four conclusions emerge. First, controlling shareholders do not appear to ameliorate corporate

  4. High efficiency pool filtering systems utilising variable frequency drives

    Energy Technology Data Exchange (ETDEWEB)

    Hameiri, Z.; Sproul, A.B. [School of Photovoltaic and Renewable Energy Engineering, UNSW, Sydney, NSW 2052 (Australia); Spooner, T. [School of Electrical Engineering and Telecommunications, UNSW, Sydney, NSW 2052 (Australia)

    2009-02-15

    Over 1 year, private swimming pools in Australia will typically consume 1680 GWh of electricity, producing 2130 kt of CO{sub 2}. Redesigning a pool's filtration system and using it more efficiently can reduce the energy use, and hence the CO{sub 2} production, by a significant amount. This paper describes experimental measurements carried out on a new design of pool pump system. Initial experiments using a variable frequency drive (VFD) with a standard, single phase pump/motor system have achieved energy savings of 40%. Utilising a VFD and a three phase pump/motor energy savings of 61% have been achieved, without degrading the system performance. (author)

  5. School Building Programs, Equipment Acquisitions and Cash Flow: The Anatomy of School Debt Financing.

    Science.gov (United States)

    Bittle, Edgar H.

    1992-01-01

    Budget shortfalls and fund deficits in many school districts are expected to continue in the 1990s. School boards and administrators must develop plans to manage and maintain the financial health of the school system. One important aspect of this planning is management of debt. (58 references) (MLF)

  6. Governing a Sustainable Business Ecosystem in Taiwan’s Circular Economy: The Story of Spring Pool Glass

    Directory of Open Access Journals (Sweden)

    Ying-Che Hsieh

    2017-06-01

    Full Text Available The business ecosystem has provided a new paradigm for management research. Most research in the field has focused on profit-driven industries, neglecting the area of the circular economy. This research sets out to capture the mechanisms that the leading firm in the circular economy uses to govern its business ecosystem. The research strategy adopted is a longitudinal case study of the largest glass recycling company in Taiwan, Spring Pool Glass. Our findings illustrate that continuous value capture is the key to governing a sustainable business ecosystem in the glass recycling industry. The mechanisms include continuous value capture to enter new markets, using stakeholder networks to enlarge the business ecosystem, brand image and corporate social responsibility, company capabilities and research and development in the recycling process, and reacting to government policy.

  7. Empirical Studies on Cash Payments

    NARCIS (Netherlands)

    J. Kippers (Jeanine)

    2004-01-01

    textabstractCash is still the most common means of daily payments. The large number of cash payments is supported by a costly distribution system in which retailers, banks and central banks participate. Currency is issued in a range of bank note and coin denominations to facilitate efficiency

  8. 自由现金流的代理成本效应检验:基于在职消费视角%Cost Effect of Free Cash Flow:Based on Position-related Consumption

    Institute of Scientific and Technical Information of China (English)

    刘银国; 张琛

    2012-01-01

    Free cash flow (FCF) is cash flow in excess of that required to fund all projects that have positive net present values when discounted at the relevant cost of capital. Jensen published a treatise named "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers" in 1986, puts forward FCF agency costs hypothesis, opened the link between FCF and agency costs, corporate governance. Because of the separation of ownership and manage- ment rights in modem enterprise, managers always make their own benefit maximization, and then resulting in the principal-agent problem and high agency costs. Managers have an incentive to use FCF for the excessive invest- ment, low efficiency acquisitions and discretionary revenue expenditure, and cause the decline in corporate per- formance finally. Is Jensen's agency costs hypothesis exists in the real China? How to control the Chinese state- owned enterprises' FCF reasonably; reduce position-related consumption and over-investment in senior manage- ment; and improve corporate performance, which becomes common issues need to address in the field of finance and corporate governance. This paper selected the sample of 2007 ~ 2010 Shanghai-listed company data, and em- pirically tested the correlation between FCF and position-related consumption, corporate performance in China's lis- ted companies. On this basis, the paper proposed the policy recommendations of optimization and control of FCF, and improvement of the corporate governance structure. From the study, we could see that Companies hold certain cash flow, indicating that companies have the ability to reward investors and selfvmanagement, but because incon- sistent with the objectives and information asymmetry between business owners and operators, there is differences in using FCF. Excess cash flow can often make the executives more easily for personal gain or the lack of due care and full consideration in disposing cash flow. At the same time as the management contract in

  9. High Performance Work System and Organizational Citizenship Behavior in Multinational Companies in Vietnam: the Mediation Effect of Career Success

    Directory of Open Access Journals (Sweden)

    Giang Thi Huong Vu

    2018-05-01

    Full Text Available In this study, the relationship between high performance work system (HPWS and organizational citizenship behavior (OCB in multinational corporations (MNCs in Vietnam, a fast-developing country with highly economic growth in Asia, was investigated. Besides, the underlying mechanism of this relationship was also explored. From the social exchange approach, an underlying mediated mechanism of career success in the relationship between HPWS and OCB was hypothesized. Data collected from individual employees working in multinational companies in Vietnam was used to test the hypotheses. The research findings supported the partial mediating role of career success in the positive relationship between HPWS and OCB. In addition, research implications as well as suggestions for future research were also presented.   Bahasa Indonesia Abstrak: Dalam studi ini, hubungan antara high performance work system (HPWS dan organizational citizenship behavior (OCB di multinational corporations (MNC di Vietnam, negara cepat berkembang dengan pertumbuhan ekonomi yang sangat tinggi di Asia, ditelliti. Selain itu, mekanisme yang mendasari hubungan ini juga dieksplorasi. Dari pendekatan pertukaran sosial, mekanisme mediasi yang dimediasi dari kesuksesan karir dalam hubungan antara HPWS dan OCB dihipotesiskan. Data yang dikumpulkan dari masing-masing karyawan yang bekerja di perusahaan multinasional di Vietnam digunakan untuk menguji hipotesis. Temuan penelitian mendukung peran mediasi parsial dari kesuksesan karir dalam hubungan positif antara HPWS dan OCB. Selain itu, implikasi penelitian serta saran untuk penelitian masa depan juga disajikan.

  10. Analysis of natural convection heat transfer and flows in internally heated stratified liquid pools

    International Nuclear Information System (INIS)

    Gubaidullin, A.A. Jr.; Dinh, T.N.; Sehgal, B.R.

    1999-01-01

    In this paper, natural convection flows and heat transfer in a liquid pool, with two superposed immiscible fluid layers, are analyzed. The objective of the study is to examine the effect of interfacial hydrodynamics and to develop a method which enables energy splitting to be evaluated in a stratified liquid pool. The thermal convection, with and without an internal heat source, in a rectangular cavity with different pairs of fluids was numerically simulated by a CFD code FLOW-3D. It was found that the code performs very well for prediction of heat transfer coefficients for different conditions. The hydrodynamic coupling between immiscible layers was found to have minor, if any, impact on the natural convection heat transfer for the conditions examined. Calculated results were used to develop, and validate, a new correlation for energy splitting and for heat transfer in stratified liquid pools

  11. AERATION OF THE ICE-COVERED WATER POOLS USING THE WAVE FLOW AERATOR

    Directory of Open Access Journals (Sweden)

    Solomin E.E

    2013-12-01

    Full Text Available This article describes the technical advantages and economic benefits of the ice-covered pool aeration plants consuming power from renewable energy sources. We made a comparative evaluation of the wave flow-aeration method and other methods of pool aeration. We showed the indexes and the characteristics of the wave flow-maker for aeration of ice-covered pools on the territory of Russia. We also made calculations of the economic benefits of aeration plants using the devices converting renewable energy. The project can be scaled and extended to the territory of the CIS, Europe, USA and Canada in the changing climate conditions and the variety of feed reservoirs around the world.

  12. Lessons about Cash and Manager Priorities

    Science.gov (United States)

    Mong, Donald

    2013-01-01

    Experienced managers know that cash affects virtually every aspect of a company's strategy and operations. Business students and new managers, however, sometimes lose sight of the importance of cash amidst the details of accrual-based accounting courses, formula-based finance courses, and production-based management courses. We therefore use…

  13. The BWS Open Business Enterprise System Architecture

    Directory of Open Access Journals (Sweden)

    Cristian IONITA

    2011-01-01

    Full Text Available Business process management systems play a central role in supporting the business operations of medium and large organizations. This paper analyses the properties current business enterprise systems and proposes a new application type called Open Business Enterprise System. A new open system architecture called Business Workflow System is proposed. This architecture combines the instruments for flexible data management, business process management and integration into a flexible system able to manage modern business operations. The architecture was validated by implementing it into the DocuMentor platform used by major companies in Romania and US. These implementations offered the necessary data to create and refine an enterprise integration methodology called DMCPI. The final section of the paper presents the concepts, stages and techniques employed by the methodology.

  14. 7 CFR 1980.498 - Business and Industry Disaster Loans.

    Science.gov (United States)

    2010-01-01

    ... loan will be due and payable to coincide with the cash flow operating cycle of the business... 7 Agriculture 14 2010-01-01 2009-01-01 true Business and Industry Disaster Loans. 1980.498 Section..., RURAL BUSINESS-COOPERATIVE SERVICE, RURAL UTILITIES SERVICE, AND FARM SERVICE AGENCY, DEPARTMENT OF...

  15. 26 CFR 31.3306(b)(7)-1 - Payments other than in cash for service not in the course of employer's trade or business.

    Science.gov (United States)

    2010-04-01

    ... INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) EMPLOYMENT TAXES AND COLLECTION OF INCOME... cash, such as lodging, food, or other goods or commodities, for service not in the course of the... 26 Internal Revenue 15 2010-04-01 2010-04-01 false Payments other than in cash for service not in...

  16. 26 CFR 31.3401(a)(11)-1 - Remuneration other than in cash for service not in the course of employer's trade or business.

    Science.gov (United States)

    2010-04-01

    ... Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) EMPLOYMENT TAXES AND COLLECTION... Tax at Source § 31.3401(a)(11)-1 Remuneration other than in cash for service not in the course of... other than cash, such as lodging, food, or other goods or commodities, for services not in the course of...

  17. Investor Flows to Asset Managers

    DEFF Research Database (Denmark)

    Christoffersen, Susan E. K.; Musto, David K.; Wermers, Russ

    2014-01-01

    of the financial system and the real economy, and the retirement security and protection of the investors. There is an accordingly large and growing literature on flows that has concentrated on the main retail investment pool, the open-end mutual fund, and has used flows to explore many aspects of retail financial...... decision making. We survey this literature and, where relevant, describe how open-end flows compare to other investment vehicles. We also identify opportunities both for future research and for refinement of mutual fund design, in particular as suggested by the recent rethinking of retail investment pools......Cash flows between investors and funds are both cause and effect in a complex web of economic decisions. Among the issues at stake are the prospects and fees of the funds, the efforts and risk choices by the funds' managers, the pricing and comovement of the assets they trade, the stability...

  18. Use of laser-scan technology to analyse topography and flow in a weir pool

    Directory of Open Access Journals (Sweden)

    P. E. Dresel

    2012-08-01

    Full Text Available The development of laser-scan techniques provides opportunity for detailed terrain analysis in hydrologic studies. Ground based scans were used to model the ground surface elevation in the area of a stream gauge weir over an area of 240 m2 at a resolution of 0.05 m. The terrain model was used to assess the possibility of flow bypassing the weir and to calculate stream flow during filling of the weir pool, prior to flow through the weir notch. The mapped surface shows a subtle low-lying area at the south end of the structure where flow could bypass the weir. The flow calculations quantify low-flows that do not reach the weir notch during small rain events and flow at the beginning of larger events in the ephemeral stream.

  19. Pooling data for the analysis of dynamic marketing systems

    NARCIS (Netherlands)

    Horvath, C.; Wieringa, J.E.

    Vector autoregressive (VAR) models have become popular in marketing literature for analyzing the behavior of competitive marketing systems. One drawback of these models is that the number of parameters can become very large, potentially leading to estimation problems. Pooling data for multiple

  20. 13 CFR 120.611 - Pools backing Pool Certificates.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Pools backing Pool Certificates. 120.611 Section 120.611 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Secondary Market Certificates § 120.611 Pools backing Pool Certificates. (a) Pool characteristics. As set...

  1. Probabilistic Cash Flow-Based Optimal Investment Timing Using Two-Color Rainbow Options Valuation for Economic Sustainability Appraisement

    Directory of Open Access Journals (Sweden)

    Yonggu Kim

    2017-10-01

    Full Text Available This research determines the optimal investment timing using real options valuation to support decision-making for economic sustainability assessment. This paper illustrates an option pricing model using the Black-Scholes model applied to a case project to understand the model performance. Applicability of the project to the model requires two Monte Carlo simulations to satisfy a Markov process and a Wiener process. The position of project developers is not only the seller of products, but it is also the buyer of raw materials. Real options valuation can be influenced by the volatility of cash outflow, as well as the volatility of cash inflow. This study suggests two-color rainbow options valuation to overcome this issue, which is demonstrated for a steel plant project. The asymmetric results of the case study show that cash outflow (put option influences the value of the steel plant project more than cash inflow (call option does of which the discussion of the results is referred to a sensitivity analysis. The real options valuation method proposed in this study contributes to the literature on applying the new model, taking into consideration that investors maximize project profitability for economic sustainable development.

  2. Cash efficiency for bank branches.

    Science.gov (United States)

    Cabello, Julia García

    2013-01-01

    Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks' branches is also a relevant issue as any significant improvement in cash management at the bank distribution channels may have a positive effect in reducing liquidity tensions. In this paper, we propose a simple programme of cash efficiency for the banks' branches, very easy to implement, which conform to a set of instructions to be imposed from the bank to their branches. This model proves to significantly reduce cash holdings at branches thereby providing efficiency improvements in liquidity management. The methodology we propose is based on the definition of some stochastic processes combined with renewal processes, which capture the random elements of the cash flow, before applying suitable optimization programmes to all the costs involved in cash movements. The classical issue of the Transaction Demand for the Cash and some aspects of Inventory Theory are also present. Mathematics Subject Classification (2000) C02, C60, E50.

  3. Governance mechanisms, investment opportunity set and SMEs cash holdings

    OpenAIRE

    Belghitar, Yacine; Khan, James

    2013-01-01

    This study analyses the effect of firm characteristics and governance mechanisms on cash holdings for a sample of UK SMEs. The results show that UK SMEs with greater cash flow volatility and institutional investors hold more cash; whereas levered and dividend paying SMEs with non-executive ownership hold less cash. We also find that ownership structure is significant only in explaining the cash holdings for firms with high growth investment opportunities, and leverage is only significant in e...

  4. Rating Your Cash Manager?

    Science.gov (United States)

    Nielsen, George A.; Johannisson, Eric E.

    1989-01-01

    The primary objective of a public cash management policy should include safety, liquidity, yield, and legality. Contains a cash management policy/procedure checklist, a test for cash managers, and a formula for calculating the rate of return. (MLF)

  5. Business system: Sustainable development and anticipatory system

    Directory of Open Access Journals (Sweden)

    Vojko Potočan

    2002-01-01

    Full Text Available The existence and development of humankind depends mainly upon the co-ordinated operation of all areas and levels of human activity. However, in theory and in practice there is no model of operation, which would provide a harmonized and target oriented development. A partial solution is offered by sustainable development, which tries to define and carry out common goals of mankind with a harmonized implementation of human activities at all levels of its living and behaviour. Companies belong to central institutions of modern society which essentially co–create the sustainability of society. The company’s endeavour by simulation to prepare models of their goals concerning their internal and external environment. On the base of systemic treatment, we can define companies as business system, which can survive in a log-run only on the basis of sustainable development. The business system can also be supported by the application of the anticipatory systems. The anticipatory systems can be, in this sense, understood as an entity of the methodological approach, techniques and modes of work. Their characteristics have, a direct impact on the determination of goals, on the orientation of operation, and hence on the achievement of the business system results.

  6. Activity of corrosion products in pool type reactors with ascending flow in the core

    International Nuclear Information System (INIS)

    Andrade e Silva, Graciete S. de; Queiroz Bogado Leite, Sergio de

    1995-01-01

    A model for the activity of corrosion products in the water of a pool type reactor with ascending flow is presented. The problem is described by a set of coupled differential equations relating the radioisotope concentrations in the core and pool circuits and taking into account two types of radioactive sources: i) those from radioactive species formed in the fuel cladding, control elements, reflector, etc, and afterwards released to the primary stream by corrosion (named reactor sources) and ii) those formed from non radioactive isotopes entering the primary stream by corrosion of the circuit components and being activated when passing through the core (named circuit sources). (author). 6 refs, 3 figs, 4 tabs

  7. Implementation of Business Game Activity Support System

    Institute of Scientific and Technical Information of China (English)

    TANABU Motonari

    2004-01-01

    Business game can be used not only as an educational tool for the development of decision making ability, but also can be used for supporting the knowledge creation activity in organizations. In this paper, some conceptual considerations to meanings of the business game in the knowledge creation activity by using the knowledge creation theory and other related theories are given,and business game activity concept which refers to game play and development is proposed. Then focusing on the business game activity as an instantiation of the knowledge creation activity, and a Web based gaming activity support system based on the former system called YBG that enables us to play and develop many business games through the standard web browser is proposed. This system also provides us a lot of opportunities to play and develop the business games over business game communities.

  8. Optimal ratio of cash and non-cash payments

    Directory of Open Access Journals (Sweden)

    Galina S. Panova

    2014-01-01

    Full Text Available Analysis of the present condition and prospects of development of the monetary sector of the Russian economy. Quantitative parameters of aggregate turnover, including the value of cash and non-cash it. Researched issues restricting cash advance industry in Russia and other countries; the problems encountered by foreign States in imposing administrative limits on cash payments; provides specific recommendations and identified risks imposing such restrictions in Russia. The article deals with topical issues of optimization of structure of aggregate turnover. Analyzing the development of money turnover, the role and the place of cash in the economy, the author explored the basic approaches to the determination and regulation of money turnover, proposed a new approach to ensure transparency in money flows. Particularly promising cash flow optimization are: a measures aimed at improving the cash turnover (including maintaining the stability of the national currency, improving the procedures for issuing and withdrawing money from circulation, determine the optimal structure of monetary aggregates, etc. and b development of cashless money turnover. The author's position is presented on the future of the scientific basis and practical realization of the optimal ratio of cash and cashless money turnover in Russia and other countries. In particular, felt the need to increase information transparency, openness international information exchange in order to improve monetary policy by countries at the national and international level. To develop common approaches (models of the analysis and forecasting of financial markets, as well as the establishment of an international coordination centre responsible for the collection, verification and access to public information databases for the cross-country studies of banking and financial and monetary sphere.

  9. Business rules formalisation for information systems

    Directory of Open Access Journals (Sweden)

    Ivana Rábová

    2010-01-01

    Full Text Available The article deals with relation business rules and business applications and describes a number of structures for support of information systems implementation and customization. Particular formats of structure are different according to different type of business rules. We arise from model of enterprise architecture that is a significant document of all what happens in business and serves for blueprint and facilitates of managers decisions. Most complicated part of enterprise architecture is business rule. When we gain its accurate formulation and when we achieve to formalize and to store business rule in special repository we can manage it actualize it and use it for many reasons. The article emphasizes formats of business rule formalization and its reference to business applications implementation.

  10. Detection and quantification of flow consistency in business process models

    DEFF Research Database (Denmark)

    Burattin, Andrea; Bernstein, Vered; Neurauter, Manuel

    2017-01-01

    , to show how such features can be quantified into computational metrics, which are applicable to business process models. We focus on one particular feature, consistency of flow direction, and show the challenges that arise when transforming it into a precise metric. We propose three different metrics......Business process models abstract complex business processes by representing them as graphical models. Their layout, as determined by the modeler, may have an effect when these models are used. However, this effect is currently not fully understood. In order to systematically study this effect......, a basic set of measurable key visual features is proposed, depicting the layout properties that are meaningful to the human user. The aim of this research is thus twofold: first, to empirically identify key visual features of business process models which are perceived as meaningful to the user and second...

  11. Effect of pool rotation on three-dimensional flow in a shallow annular pool of silicon melt with bidirectional temperature gradients

    Energy Technology Data Exchange (ETDEWEB)

    Zhang, Quan-Zhuang; Peng, Lan; Liu, Jia [Key Laboratory of Low-grade Energy Utilization Technologies and Systems of Ministry of Education, College of Power Engineering, Chongqing University, Chongqing, 400044 (China); Wang, Fei, E-mail: penglan@cqu.edu.cn [Chongqing Special Equipment Inspection and Research Institute, Chongqing, 401121 (China)

    2016-08-15

    In order to understand the effect of pool rotation on silicon melt flow with the bidirectional temperature gradients, we conducted a series of unsteady three-dimensional (3D) numerical simulations in a shallow annular pool. The bidirectional temperature gradients are produced by the temperature difference between outer and inner walls as well as a constant heat flux at the bottom. Results show that when Marangoni number is small, a 3D steady flow is common without pool rotation. But it bifurcates to a 3D oscillatory flow at a low rotation Reynolds number. Subsequently, the flow becomes steady and axisymmetric at a high rotation Reynolds number. When the Marangoni number is large, pool rotation can effectively suppress the temperature fluctuation on the free surface, meanwhile, it improves the flow stability. The critical heat flux density diagrams are mapped, and the effects of radial and vertical temperature gradients on the flow are discussed. Additionally, the transition process from the flow dominated by the radial temperature gradient to the one dominated by the vertical temperature gradient is presented. (paper)

  12. Birds of different feathers? The relationship between multicultural personality dimensions and foreign language mastery in business professionals working in a Dutch agricultural multinational

    NARCIS (Netherlands)

    Korzilius, H.P.L.M.; Hooft, A.P.J.V. van; Planken, B.C.; Hendrix, C.

    2011-01-01

    The relationship between personality dimensions, measured with the Multicultural Personality Questionnaire (MPQ), and foreign language mastery were studied in a Dutch-based multinational company in the agricultural sector. In a survey, differences were studied between internal and external

  13. Effects of dry period length on production, cash flows and greenhouse gas emissions of the dairy herd: A dynamic stochastic simulation model.

    Directory of Open Access Journals (Sweden)

    Akke Kok

    Full Text Available Shortening or omitting the dry period of dairy cows improves metabolic health in early lactation and reduces management transitions for dairy cows. The success of implementation of these strategies depends on their impact on milk yield and farm profitability. Insight in these impacts is valuable for informed decision-making by farmers. The aim of this study was to investigate how shortening or omitting the dry period of dairy cows affects production and cash flows at the herd level, and greenhouse gas emissions per unit of milk, using a dynamic stochastic simulation model. The effects of dry period length on milk yield and calving interval assumed in this model were derived from actual performance of commercial dairy cows over multiple lactations. The model simulated lactations, and calving and culling events of individual cows for herds of 100 cows. Herds were simulated for 5 years with a dry period of 56 (conventional, 28 or 0 days (n = 50 herds each. Partial cash flows were computed from revenues from sold milk, calves, and culled cows, and costs from feed and rearing youngstock. Greenhouse gas emissions were computed using a life cycle approach. A dry period of 28 days reduced milk production of the herd by 3.0% in years 2 through 5, compared with a dry period of 56 days. A dry period of 0 days reduced milk production by 3.5% in years 3 through 5, after a dip in milk production of 6.9% in year 2. On average, dry periods of 28 and 0 days reduced partial cash flows by €1,249 and €1,632 per herd per year, and increased greenhouse gas emissions by 0.7% and 0.5%, respectively. Considering the potential for enhancing cow welfare, these negative impacts of shortening or omitting the dry period seem justifiable, and they might even be offset by improved health.

  14. Business Management System Support Analysis

    Science.gov (United States)

    Parikh, Jay

    2008-01-01

    The purpose of this research project was to develop a searchable database compiled with internal and external audit findings/observations. The data will correspond to the findings and observations from the date of Center-wide implementation of the ISO 9001-2000 standard to the present (2003-2008). It was derived and extracted from several sources and was in multiple formats. Once extracted, categorization of the findings/observations would be possible. The final data was mapped to the ISO 9001-2000 standard with the understanding that it will be displayed graphically. The data will be used to verify trends, associate risks, and establish timelines to identify strengths and weaknesses to determine areas of improvement in the Kennedy Space Center Business Management System Internal Audit Program.

  15. Keyhole behavior and liquid flow in molten pool during laser-arc hybrid welding

    Science.gov (United States)

    Naito, Yasuaki; Katayama, Seiji; Matsunawa, Akira

    2003-03-01

    Hybrid welding was carried out on Type 304 stainless steel plate under various conditions using YAG laser combined with TIG arc. During arc and laser-arc hybrid welding, arc voltage variation was measured, and arc plasma, laser-induced plume and evaporation spots as well as keyhole behavior and liquid flow in the molten pool were observed through CCD camera and X-ray real-time transmission apparatus. It was consequently found that hybrid welding possessed many features in comparison with YAG laser welding. The deepest weld bead could be produced when the YAG laser beam of high power density was shot on the molten pool made beforehand stably with TIG arc. A keyhole was long and narrow, and its behavior was rather stable inside the molten pool. It was also confirmed that porosity was reduced by the suppression of bubble formation in hybrid welding utilizing a laser of a moderate power density.

  16. Fluid flow control system

    International Nuclear Information System (INIS)

    Rion, Jacky.

    1982-01-01

    Fluid flow control system featuring a series of grids placed perpendicular to the fluid flow direction, characterized by the fact that it is formed of a stack of identical and continuous grids, each of which consists of identical meshes forming a flat lattice. The said meshes are offset from one grid to the next. This system applies in particular to flow control of the coolant flowing at the foot of an assembly of a liquid metal cooled nuclear reactor [fr

  17. Systems integration of business systems. Business system ni kanshite

    Energy Technology Data Exchange (ETDEWEB)

    Furukawa, H [Nippon Steel Corp., Tokyo (Japan)

    1991-09-26

    System integration (SI) is defined as combining hardwares and softwares as the infrastructures with know-hows for their use comprehensively to respond to high-level needs of users. This paper reports the features of an SI being developed by a company (E Company), its concept on the systematized development methodology, and the conceptual models. With the primary policy placed on creative integration standing on customers positions, the SI concept comprises three parts of models for evaluations as seen from the customers, evaluations as seen from the E Company, and the development object systems to link both parts. The third part is further consisted of several lower hierarchies including a customer controlled system hierarchy (this enables customers to control the system through visualization, for example, and includes three logic models (multiple solution selection, optimal solution under restricted conditions, and numerical solution)). 2 refs., 9 figs.

  18. An innovative pool with a passive heat removal system

    International Nuclear Information System (INIS)

    Vitale Di Maio, Damiano; Naviglio, Antonio; Giannetti, Fabio; Manni, Fabio

    2012-01-01

    Heat removal systems are of primary importance in several industrial processes. As heat sink, a water pool or atmospheric air may be selected. The first solution takes advantage of high heat transfer coefficient with water but it requires active systems to maintain a constant water level; the second solution takes benefit from the unlimited heat removal capacity by air, but it requires a larger heat exchanger to compensate the lower heat transfer coefficient. In NPPs (nuclear power plants) during a nuclear reactor shutdown, as well as in some chemical plants to control runaway reactions, it is possible to use an innovative heat sink that joins the advantages of the two previous solutions. This solution is based on a special heat exchanger submerged in a water pool designed so that when heat removal is requested, active systems are not required to maintain the water level; due to the special design, when the pool is empty, atmospheric air becomes the only heat sink. The special heat exchanger design allows to have a heat exchanger without being oversized and to have a system able to operate for unlimited period without external interventions. This innovative system provides an economic advantage as well as enhanced safety features.

  19. An Introduction To Digital Cash World

    Directory of Open Access Journals (Sweden)

    Lusiana Citra Dewi

    2010-12-01

    Full Text Available Digital cash is one of the payment methods that is very easy to use, especially when someone is doing a transaction through the internet. Digital cash has many forms and systems, which are supposed to simplify and make the process of transaction easier. This paper will discuss about the definition of the digital cash itself, the important properties that it has, the problems which occur due to its existence, the examples of some key players who operate the digital cash from all around the world, along with how the digital cash works, and lastly, how the digital cash is put into the practical world. The purpose of this paper is to give a glimpse of view on the functions of the digital cash, the systems or protocols which are needed to implement it, and the problems faced by those who use it. 

  20. Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

    Science.gov (United States)

    Tuner, James A.

    2016-01-01

    Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

  1. 75 FR 5146 - Hewlett Packard Company Business Critical Systems, Mission Critical Business Software Division...

    Science.gov (United States)

    2010-02-01

    ... Packard Company Business Critical Systems, Mission Critical Business Software Division, OpenVMS Operating... Colorado, Marlborough, MA; Hewlett Packard Company Business Critical Systems, Mission Critical Business... Assistance on August 27, 2009, applicable to workers of Hewlett Packard Company, Business Critical Systems...

  2. Cash Management, Revenue Sources and Cost Effective Methods of Revenue Collection at Local Government Level

    OpenAIRE

    Mustapha Gimba Kumshe; Kagu Bukar

    2013-01-01

    The main objective of this paper was to focus on the elements, objectives, goals and importance of cash management; and also to examine the sources of revenue and cost effective collections for local governments. The elements of cash management are identified as establishing bank relations, preparing cash flow statements, estimating collection receipts and analyzing cash flow and preparing a budget. Amongst the objectives of cash management is to ensure availability of cash resources at all t...

  3. Business strategies for transitions to sustainable systems

    NARCIS (Netherlands)

    D.A. Loorbach (Derk); J.C. Bakel (Janneke); G.M. Whiteman (Gail); J. Rotmans (Jan)

    2010-01-01

    textabstractThis paper develops a strategic perspective for business to contribute to the innovation of societal systems. Sustainability issues at the level of societal sectors cannot be addressed by single organizations but need to be thought of as systemic challenges in which business, government

  4. Method for Business Process Management System Selection

    NARCIS (Netherlands)

    Thijs van de Westelaken; Bas Terwee; Pascal Ravesteijn

    2013-01-01

    In recent years business process management (BPM) and specifically information systems that support the analysis, design and execution of processes (also called business process management systems (BPMS)) are getting more attention. This has lead to an increase in research on BPM and BPMS. However

  5. Explanatory analysis in business intelligence systems

    NARCIS (Netherlands)

    Caron, E.A.M.; Daniëls, H.A.M.; Dinter, B.; Smolnik, S.

    2012-01-01

    In this paper we describe a method for the discovery of exceptional values in business intelligence (BI) systems, in particular OLAP information systems. We also show how exceptional values can be explained by underlying causes. OLAP applications offer a support tool for business analysts and

  6. Unravelling learning within multinational corporations

    NARCIS (Netherlands)

    Saka-Helmhout, Ayse

    This article explores the impact of institutional variation on the extent to which subsidiary firms learn from multinational corporations. Learning is conceptualized here as consisting of two aspects: knowledge flow and reinforcement of or change in routines to incorporate the behaviourist

  7. Influence of Information Systems on Business Performance

    Directory of Open Access Journals (Sweden)

    Dmitrij Lipaj

    2013-04-01

    Full Text Available Considering increased competition nowadays, businesses strive to gain competitive advantage, increase their economic indicators, work productivity and efficiency, reduce costs and get other benefits through implementation of integrated information systems. By improving internal processes and financial performance of the company, the general business performance could be influenced by the deployment of such information system (IS. In order to identify tangible and intangible benefits of IS implementation, influence on business performance, business processes and areas that are being affected, analysis of scientific literature, research synthesis and generalizations have been made.

  8. Short Communication: Soil carbon pools in different pasture systems

    Energy Technology Data Exchange (ETDEWEB)

    Cardozo, F.M. Jr.; Carneiro, R.F.V.; Leite, L.F.C.; Araujo, A.S.F.

    2016-11-01

    The aim of this study was to assess the carbon pools of a tropical soil where the native forest was replaced with different pasture systems. We studied five pasture production systems, including four monoculture systems with forage grasses such as Andropogon, Brachiaria, Panicum, and Cynodon, and an agroforestry system as well as a native vegetation plot. Greater availability of fulvic acid was detected in the agroforestry system as compared with that in the other systems. Higher lability of C was detected in the Andropogon system during the dry and rainy seasons and during the dry season in Cynodon. During the dry season, all pastures systems showed deficits in the net removal of atmospheric CO2. The structure and practices of the agroforestry system enables more carbon to be sequestered in the soil as compared with the monoculture pasture, suggesting that it is an important practice to mitigate climatic change and to improve soil quality. (Author)

  9. Method for Business Process Management System Selection

    OpenAIRE

    Westelaken, van de, Thijs; Terwee, Bas; Ravesteijn, Pascal

    2013-01-01

    In recent years business process management (BPM) and specifically information systems that support the analysis, design and execution of processes (also called business process management systems (BPMS)) are getting more attention. This has lead to an increase in research on BPM and BPMS. However the research on BPMS is mostly focused on the architecture of the system and how to implement such systems. How to select a BPM system that fits the strategy and goals of a specific organization is ...

  10. STUDY OF BUSINESS INTELLIGENCE SYSTEM QUALITY

    OpenAIRE

    DENIC Nebojsa; VUJOVIC Vuk; PERENIC Goran; SPASIC Boban

    2016-01-01

    IT has made remarkable progress over the last years. Business intelligence systems have been developing as an important part of IT. Enterprises often fail to realize importance and necessity of implementation of business intelligence solutions. This paper will deal with the approach for assessment of business intelligence in enterprises, based on maturity models. The significance of this paper is in the development of new conceptual research models which do not apply the usual thesis on ma...

  11. Tunable molten oxide pool assisted plasma-melter vitrification systems

    Science.gov (United States)

    Titus, Charles H.; Cohn, Daniel R.; Surma, Jeffrey E.

    1998-01-01

    The present invention provides tunable waste conversion systems and apparatus which have the advantage of highly robust operation and which provide complete or substantially complete conversion of a wide range of waste streams into useful gas and a stable, nonleachable solid product at a single location with greatly reduced air pollution to meet air quality standards. The systems provide the capability for highly efficient conversion of waste into high quality combustible gas and for high efficiency conversion of the gas into electricity by utilizing a high efficiency gas turbine or an internal combustion engine. The solid product can be suitable for various commercial applications. Alternatively, the solid product stream, which is a safe, stable material, may be disposed of without special considerations as hazardous material. In the preferred embodiment, the arc plasma furnace and joule heated melter are formed as a fully integrated unit with a common melt pool having circuit arrangements for the simultaneous independently controllable operation of both the arc plasma and the joule heated portions of the unit without interference with one another. The preferred configuration of this embodiment of the invention utilizes two arc plasma electrodes with an elongated chamber for the molten pool such that the molten pool is capable of providing conducting paths between electrodes. The apparatus may additionally be employed with reduced use or without further use of the gases generated by the conversion process. The apparatus may be employed as a net energy or net electricity producing unit where use of an auxiliary fuel provides the required level of electricity production. Methods and apparatus for converting metals, non-glass forming waste streams and low-ash producing inorganics into a useful gas are also provided. The methods and apparatus for such conversion include the use of a molten oxide pool having predetermined electrical, thermal and physical

  12. Detection and quantification of flow consistency in business process models.

    Science.gov (United States)

    Burattin, Andrea; Bernstein, Vered; Neurauter, Manuel; Soffer, Pnina; Weber, Barbara

    2018-01-01

    Business process models abstract complex business processes by representing them as graphical models. Their layout, as determined by the modeler, may have an effect when these models are used. However, this effect is currently not fully understood. In order to systematically study this effect, a basic set of measurable key visual features is proposed, depicting the layout properties that are meaningful to the human user. The aim of this research is thus twofold: first, to empirically identify key visual features of business process models which are perceived as meaningful to the user and second, to show how such features can be quantified into computational metrics, which are applicable to business process models. We focus on one particular feature, consistency of flow direction, and show the challenges that arise when transforming it into a precise metric. We propose three different metrics addressing these challenges, each following a different view of flow consistency. We then report the results of an empirical evaluation, which indicates which metric is more effective in predicting the human perception of this feature. Moreover, two other automatic evaluations describing the performance and the computational capabilities of our metrics are reported as well.

  13. Why do firms hold so much cash? A tax-based explanation

    OpenAIRE

    C. Fritz Foley; Jay C. Hartzell; Sheridan Titman; Garry Twite

    2006-01-01

    U.S. corporations hold significant amounts of cash on their balance sheets, and these cash holdings have been justified in the existing empirical literature by transaction costs and precautionary motives. An additional explanation, considered in this study, is that U.S. multinational firms hold cash in their foreign subsidiaries because of the tax costs associated with repatriating foreign income. Consistent with this hypothesis, firms that face higher repatriation tax burdens hold higher lev...

  14. Inflation, operating cycle, and cash holdings

    Directory of Open Access Journals (Sweden)

    Yanchao Wang

    2014-12-01

    Full Text Available A corporate cash-holding strategy is a trade-off between the costs and benefits of holding cash. At the macrolevel, firms are inclined to adjust and optimize their cash-holding strategies in response to changes in purchasing power due to inflation. At the microlevel, the operating cycle, which indicates the speed and turnover of corporate cash flow, also influences the corporate cash-holding strategy. Firms flexibly adjust their cash-holding strategies in response to changes in the internal and external environment, which is referred to as the cash adjustment strategy. We examine these predicted relationships using a sample of listed firms in China’s stock market over the 1998–2009 period. Consistent with our predictions, the empirical results indicate a significant negative association between cash holdings and the CPI, but the relationship is reversed when the CPI reaches a certain level. There is also a U-shaped relationship between operating cycle and cash holdings, and this relationship is similarly influenced by changes in the inflation level. In examining the macroeconomic environment and microlevel firm-specific characteristics simultaneously, our findings supplement the literature on firms’ cash-holding strategies and provide theoretical and practical implications.

  15. Dynamic capabilities for cooperation in Brazilian multinational and factors determining its management

    Directory of Open Access Journals (Sweden)

    Priscila Rezende da Costa

    2015-05-01

    Full Text Available In the context of emerging companies’ growth, current challenges depend on the local generation of product and process innovations, as well as dynamic capability to generate innovative solutions cooperatively and new globe business models. The objective of this study is to analyse the determining managerial factors for the dynamic capability of cooperation in Brazilian multinationals (BMNs. A survey was conducted with a sample of 60 BMNs, and a structured questionnaire and statistical tests with factorial analysis and Cronbach's alpha were used. The aggregate analysis of the results indicates that BMNs are going through a transitional process between the operational capability of cooperation and the capability for dynamic cooperation, which are relevant to the continuous adaptation of already-established cooperative management routines and the evaluation and incorporation of the relational capability of management practices that consider systemic flows, open innovation and integrate strategic intentionality into cooperative processes.

  16. Financial Management Reforms in the Health Sector: A Comparative Study Between Cash-based and Accrual-based Accounting Systems.

    Science.gov (United States)

    Abolhallaje, Masoud; Jafari, Mehdi; Seyedin, Hesam; Salehi, Masoud

    2014-10-01

    Financial management and accounting reform in the public sectors was started in 2000. Moving from cash-based to accrual-based is considered as the key component of these reforms and adjustments in the public sector. Performing this reform in the health system is a part of a bigger reform under the new public management. The current study aimed to analyze the movement from cash-based to accrual-based accounting in the health sector in Iran. This comparative study was conducted in 2013 to compare financial management and movement from cash-based to accrual-based accounting in health sector in the countries such as the United States, Britain, Canada, Australia, New Zealand, and Iran. Library resources and reputable databases such as Medline, Elsevier, Index Copernicus, DOAJ, EBSCO-CINAHL and SID, and Iranmedex were searched. Fish cards were used to collect the data. Data were compared and analyzed using comparative tables. Developed countries have implemented accrual-based accounting and utilized the valid, reliable and practical information in accrual-based reporting in different areas such as price and tariffs setting, operational budgeting, public accounting, performance evaluation and comparison and evidence based decision making. In Iran, however, only a few public organizations such as the municipalities and the universities of medical sciences use accrual-based accounting, but despite what is required by law, the other public organizations do not use accrual-based accounting. There are advantages in applying accrual-based accounting in the public sector which certainly depends on how this system is implemented in the sector.

  17. Financial Management Reforms in the Health Sector: A Comparative Study Between Cash-based and Accrual-based Accounting Systems

    Science.gov (United States)

    Abolhallaje, Masoud; Jafari, Mehdi; Seyedin, Hesam; Salehi, Masoud

    2014-01-01

    Background: Financial management and accounting reform in the public sectors was started in 2000. Moving from cash-based to accrual-based is considered as the key component of these reforms and adjustments in the public sector. Performing this reform in the health system is a part of a bigger reform under the new public management. Objectives: The current study aimed to analyze the movement from cash-based to accrual-based accounting in the health sector in Iran. Patients and Methods: This comparative study was conducted in 2013 to compare financial management and movement from cash-based to accrual-based accounting in health sector in the countries such as the United States, Britain, Canada, Australia, New Zealand, and Iran. Library resources and reputable databases such as Medline, Elsevier, Index Copernicus, DOAJ, EBSCO-CINAHL and SID, and Iranmedex were searched. Fish cards were used to collect the data. Data were compared and analyzed using comparative tables. Results: Developed countries have implemented accrual-based accounting and utilized the valid, reliable and practical information in accrual-based reporting in different areas such as price and tariffs setting, operational budgeting, public accounting, performance evaluation and comparison and evidence based decision making. In Iran, however, only a few public organizations such as the municipalities and the universities of medical sciences use accrual-based accounting, but despite what is required by law, the other public organizations do not use accrual-based accounting. Conclusions: There are advantages in applying accrual-based accounting in the public sector which certainly depends on how this system is implemented in the sector. PMID:25763194

  18. Systems Concepts for Integrated Air Defense of Multinational Mobile Crisis Reaction Forces (Concepts de systemes pour la defense aerienne integree de forces internationales mobiles d'intervention en situation de crise)

    National Research Council Canada - National Science Library

    2001-01-01

    The meeting proceedings from this symposium on System Concepts for Integrated Air Defense of Multinational Mobile Crisis Reaction Forces was organized and sponsored by the Systems Concepts and Integration (SCI...

  19. Closing the gap between spent fuel storage and final disposal in a multinational management system

    International Nuclear Information System (INIS)

    Bredell, P.J.

    1999-01-01

    In this paper, a multinational spent fuel management concept is proposed. The management concept is based on a service agreement between countries, which intend participating in a common spent fuel (SNF) management venture. Accordingly, one of the participants in this venture would act as the hosting country, while the others fulfil the role of customer countries. The hosting country would agree to accept SNF from customer countries under specific conditions, as required by the service agreement. The service agreement should cover a sufficient number of options that customers can use, such as storage, reprocessing or disposal. The service offering should be flexible enough to accommodate diverse customer requirements. Typically, the first step in the multinational management process is the storage of the SNF delivered to the hosting country. The final step being the disposal of the material in a deep geologic repository. This paper explores the ways and means of closing the gap between the first and last steps in the management process. (author)

  20. Geographic information systems - transportation ISTEA management systems server net prototype pooled fund study : phase B - summary

    Science.gov (United States)

    1997-06-01

    The Geographic Information System-Transportation (GIS-T) ISTEA Management Systems Server Net Prototype Pooled Fund Study represents the first national cooperative effort in the transportation industry to address the management and monitoring systems ...

  1. Spent fuel pool cooling system upgrade for Kori Unit 1

    International Nuclear Information System (INIS)

    Sun Park, Jong; In Shin, Kyung

    2014-01-01

    Following Fukushima nuclear power plant accident, the needs for reliable performance of its own safety functions of Spent Fuel Pool Cooling System (SFPCS) has risen significantly to maintain the plant in a safe condition. Regulatory Guide 1.13 of United States Nuclear Regulatory Commission (USNRC) requires the SFPCS shall be designed safety related as Quality Group C and Seismic Category 1. However, the existing Spent Fuel Pool (SFP) of KORI Unit 1 was not designed as a safety system. In order to comply with the above licensing requirement for the extended operational life of KORI Unit 1, it has been decided to add a safety related Seismic Category 1 Makeup System to KORI Unit 1 and the existing SFPCS to be modified in dedicated channels with safety related equipment to enhance system's reliability as a means of providing diversity. This paper focuses on describing the relevant design requirements, applications, and supplemental facilities to the SFPCS of KORI Unit 1. (authors)

  2. Management of business process design in global implementation of enterprise resource planning systems

    DEFF Research Database (Denmark)

    Rahimi, Fatemeh

    on process standardization with corporate international management strategy and structural characteristics. Furthermore, business process design can be supported by establishing permanent central governance for BPM and horizontally integrating the BPM function with the IT function at the strategic......Investments in global enterprise resource planning (ERP) systems are typically carried out as a part of the globalization process in multinational corporations (MNCs). Global ERP systems support integration and control in MNCs in an important way by establishing a common language across an MNC...... and findings from case studies in nine organizations, the study addresses the three prescriptive research questions through five descriptive studies. First, by deploying alternative theories, this study explores the strategic, institutional, organizational, and relational factors that influence business...

  3. The transfer of employee-oriented CSR in multinational SME’s : an explorative study on the values of owner-managers within international business

    NARCIS (Netherlands)

    de Graaf, Frank Jan

    2014-01-01

    By assessing four cases, this paper develops propositions about the transfer of employee oriented corporate social responsibility (CSR) practices within multinational SMEs. Specifically we explore whether an individual owner-manager can add value within a foreign subsidiary by means of

  4. Changing Foundations for Global Business Systems Solutions

    DEFF Research Database (Denmark)

    Slepniov, Dmitrij; Wæhrens, Brian Vejrum; Gubi, Ebbe

    2011-01-01

    Companies are actively seeking new competitive advantages by changing the location and ownership of their manufacturing processes. This process results in increasing fragmentation and dispersion of global business systems of companies. The purpose of this paper is to identify how companies may...... improve the integration of such business systems. The paper draws on a case study of a Danish industrial equipment firm. The paper describes and analyzes the company’s operations network configurations, which lay at the foundations of the company’s global business system. It is demonstrated how...... the operations configurations have been changing over time and affecting the overall business system. The paper identifies the key determinants and outcomes of this change. Moreover, it proposes how the design of operations configurations can be improved through the development of a distinct systemic approach...

  5. Creating a new investment pool for innovative health systems research.

    Science.gov (United States)

    Laba, Tracey-Lea; Patel, Anushka; Jan, Stephen

    2017-05-01

    Recent trends in health research funding towards 'safe bets' is discouraging investment into the development of health systems interventions and choking off a vital area of policy-relevant research. This paper argues that to encourage investment into innovative and perceivably riskier health systems research, researchers need to create more attractive business cases by exploring alternative approaches to the design and evaluation of health system interventions. At the same time, the creation of dedicated funding opportunities to support this work, as well as for relevant early career researchers, is needed.

  6. Two-component HLMC-gas flow instability and inhomogeneity phenomena in open-pool reactor

    International Nuclear Information System (INIS)

    Sergey I Shcherbakov

    2005-01-01

    Full text of publication follows: Consideration is being given to two-component gas-liquid flows with inhomogeneous gas content. The inhomogeneity of gas content over flow space can be caused by local mixing of gas and liquid, gas injection, gas-containing liquid jet penetration into the bulk of liquid without gas. The paper presents the computational results obtained using the direct non-stationary calculation with the TURBO-FLOW computer code. The results refer to flows near the liquid level, flows in downcomer gaps, collectors, elements with varying geometry (jet outlet into space, flow turn) for the pool-type reactors and experimental models. The following processes have been shown and discussed: formation of new liquid levels, entrainment of gas from the level, change in density composition of gas, flow stratification, effect of gas emergence rate and density convection on flow pattern. At gas phase transfer by liquid, two phenomena governing this transfer proceed: gas slip in liquid and density convection of non-uniformly aerated liquid. In horizontal flows, a vertical stratification of gas content always occurs. If the flow changes its direction to an upward one (collector at core inlet), the gas content maximum would be observed in channels nearest to the inlet. At the liquid level, the processes of gas separation from liquid and gas entrainment take place. The separation is a self-sustained process due to circulations arising near the level. The rate of gas entrainment is proportional to the rate of overflow and inversely proportional to the height of liquid level. At the downcomer region in case of its expansion, there occurs the instability of flow resulting in formation of liquid level and falling jet. The level is lower the more the gas content at inlet. The accumulation of gas occurs at sharp turns, encumbered regions (tube bundle), at all regions with upper (ceiling) constraints of flow. The flow instability being often observed in gas-liquid flows

  7. Entrepreneurship in Business Systems Perspective

    DEFF Research Database (Denmark)

    Rana, Mohammad Bakhtiar; Allen, Mathew

    2018-01-01

    of opportunities, challenges, and growth patterns for new ventures or new industries in a society? We provide an overview of the BST framework and then illustrate how it can help to explain entrepreneurial decision-making, motivation, venture/industry creation, rationales behind new business model/ venture...... multinationals’ strategies, structures and decision making. We focus, instead, on a relatively neglected area: how BST can help to explain entrepreneurship. In particular, how can this framework help us to understand 1)why a particular business model is developed, 2) why entrepreneurs tend to make a particular...... type of decision, in a particular way, for a particular context, 3) why firms or new ventures structures, strategies and growth trajectory follow a particular path dependency in a particular institutional context, while 4) complementarity and/or lack of complementarity presents different types...

  8. Gas Flow Detection System

    Science.gov (United States)

    Moss, Thomas; Ihlefeld, Curtis; Slack, Barry

    2010-01-01

    This system provides a portable means to detect gas flow through a thin-walled tube without breaking into the tubing system. The flow detection system was specifically designed to detect flow through two parallel branches of a manifold with only one inlet and outlet, and is a means for verifying a space shuttle program requirement that saves time and reduces the risk of flight hardware damage compared to the current means of requirement verification. The prototype Purge Vent and Drain Window Cavity Conditioning System (PVD WCCS) Flow Detection System consists of a heater and a temperature-sensing thermistor attached to a piece of Velcro to be attached to each branch of a WCCS manifold for the duration of the requirement verification test. The heaters and thermistors are connected to a shielded cable and then to an electronics enclosure, which contains the power supplies, relays, and circuit board to provide power, signal conditioning, and control. The electronics enclosure is then connected to a commercial data acquisition box to provide analog to digital conversion as well as digital control. This data acquisition box is then connected to a commercial laptop running a custom application created using National Instruments LabVIEW. The operation of the PVD WCCS Flow Detection System consists of first attaching a heater/thermistor assembly to each of the two branches of one manifold while there is no flow through the manifold. Next, the software application running on the laptop is used to turn on the heaters and to monitor the manifold branch temperatures. When the system has reached thermal equilibrium, the software application s graphical user interface (GUI) will indicate that the branch temperatures are stable. The operator can then physically open the flow control valve to initiate the test flow of gaseous nitrogen (GN2) through the manifold. Next, the software user interface will be monitored for stable temperature indications when the system is again at

  9. Flow energy conversion system

    International Nuclear Information System (INIS)

    Sargsyan, R.A.

    2011-01-01

    A cost-effective hydropower system called here Flow Energy Converter was developed, patented, manufactured and tested for water pumping, electricity generation and other purposes especially useful for the rural communities. The system consists of water-driven turbine with plane-surface blades, power transmission means and pump and/or generator. Working sample of the Flow Energy Converter was designed and manufactured at the Institute of Radio Physics and Electronics

  10. Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

    OpenAIRE

    Irene Clara Pisón Fernández; Félix Puime Guillén; Miguel Ángel Crespo Cibrán

    2015-01-01

    En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégi...

  11. Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

    Directory of Open Access Journals (Sweden)

    Irene Clara Pisón Fernández

    2015-06-01

    Full Text Available En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégico dentro de la economía española de las próximas décadas.

  12. Cash Reconciliation Tool

    Data.gov (United States)

    US Agency for International Development — CART is a cash reconciliation tool that allows users to reconcile Agency cash disbursements with Treasury fund balances; track open unreconciled items; and create an...

  13. 12 CFR 220.113 - Necessity for prompt payment and delivery in special cash accounts.

    Science.gov (United States)

    2010-01-01

    ...). (b) It appears that in a typical case the supervisors of the retirement system meet only once or... accept delivery and pay for the securities before some date more than seven business days after the date... creditor (broker-dealer) in good faith” that the customer will “promptly make full cash payment for the...

  14. Design of inventory pools in spare part support operation systems

    Science.gov (United States)

    Mo, Daniel Y.; Tseng, Mitchell M.; Cheung, Raymond K.

    2014-06-01

    The objective of a spare part support operation is to fulfill the part request order with different service contracts in the agreed response time. With this objective to achieve different service targets for multiple service contracts and the considerations of inventory investment, it is not only important to determine the inventory policy but also to design the structure of inventory pools and the order fulfilment strategies. In this research, we focused on two types of inventory pools: multiple inventory pool (MIP) and consolidated inventory pool (CIP). The idea of MIP is to maintain separated inventory pools based on the types of service contract, while CIP solely maintains a single inventory pool regardless of service contract. Our research aims to design the inventory pool analytically and propose reserve strategies to manage the order fulfilment risks in CIP. Mathematical models and simulation experiments would be applied for analysis and evaluation.

  15. Fundamental study on flow characteristics of disrupted core pool at a low energy level (Joint research)

    International Nuclear Information System (INIS)

    Morita, Koji; Liu, Ping; Matsumoto, Tatsuya; Fukuda, Kenji; Tobita, Yoshiharu; Sato, Ikken

    2007-03-01

    Dynamic behaviors of solid particle beds in a liquid pool against pressure transients were investigated to model the mobility of core materials in a low-energy disrupted core of a liquid metal fast reactor. A series of experiments was performed with a particle bed of different heights, comprising different monotype solid particles, where variable initial pressures of the originally pressurized nitrogen gas were adopted as the pressure source. Computational simulations of the experiments were performed using SIMMER-III, a fast reactor safety analysis code. Experimental analyses using the SIMMER-III code show that physical models and method used in the code can reasonably represent the transient behaviors of multiphase flows with rich solid phase as observed in the experiments. The validation of several key models of SIMMER-III was also discussed for treating transient behaviors of the solid-particle phase in multiphase flows. (author)

  16. Local flow distribution analysis inside the reactor pools of KALIMER-600 and PDRC performance test facility

    International Nuclear Information System (INIS)

    Jeong, Ji Hwan; Hwang, Seong Won; Choi, Kyeong Sik

    2010-05-01

    In the study, 3-dimensional thermal hydraulic analysis was carried out focusing on the thermal hydraulic behavior inside the reactor pools for both KALIMER-600 and one-fifth scale-down test facility. STAR-CD, one of the commercial CFD codes, was used to analyze 3-dimensional incompressible steady-state thermal hydraulic behavior in both designs of KALIMER-600 and the scale-down test facility. In the KALIMER-600 CFD analysis, the pressure drops in the core and IHX gave a good agreement within 1% error range. It was found that the porous media model was appropriate to analyze the pressure distribution inside reactor core and IHX. Also, a validation analysis showed the pressure drop through the porous media under the condition of 80% flow rate and thermal power was calculated 64% less than in 100% condition giving a physically reasonable analytic result. Since the temperatures in the hot-side pool and cold-side pool were estimated to be very close to 540 and 390 .deg. C specified on the design values respectively, the CFD models of heat source and sink was confirmed. Through the study, the methodology of 3-dimensional CFD analysis about KALIMER-600 has been established and proven. Performed with the methodology, the analysis data such as flow velocity, temperature and pressure distribution were compared by normalizing those data for the actual sized modeling and scale-down modeling. As a result, the characteristics of thermal hydraulic behavior were almost identical for the actual sized modeling and scale-down modeling and the similarity scaling law used in the design of the sodium test facility by KAERI was found to be correct

  17. Business cases for product configuration systems

    DEFF Research Database (Denmark)

    Shafiee, Sara; Kristjansdottir, Katrin; Hvam, Lars

    In the recent years, product configuration systems (PCSs) have received greater attention from industries providing customized products as a response to increased demand to fulfil diverse customers’ needs for customized products. Before developing a PCS, a well-established business case has...... to be made in order to secure the success and delivery of the project as it will increase the commitment from the business side. This paper presents a framework for supporting the development of business cases for PCSs and discusses the experiences from multiple case studies benefiting from the suggested...

  18. Şirket Değerlemede İndirgenmiş Nakit Akımları Yöntemi’nin Bir Girdisi Olarak Devam Eden Değer’in Belirlenmesi(In Corporate Valuation Determination of Continuing Value As A Input of Discounted Cash Flows Method

    Directory of Open Access Journals (Sweden)

    Mustafa KIRLI

    2005-01-01

    Full Text Available Three basic inputs or three independent variables are used in the applications of corporate valuation which considers discounted cash flows method.These are cash flows realized in the future,discount rate and continuing value.Continuing value is the company value of present value of cash flows after explicit forecast period.There are two basic approaches in the estimating of continuing value.First approach considers the cash flows after explicit forecast period and suggests Gordon Model,Value Driver Model and Economic Profit Method.Second approach does not consider the cash flows after explicit forecast period and suggests Liquidation Value Method and Relative Valuation Method.In the applications of corporate valuation,continuing value accounts for anywhere from 50 percent to 125 percent of total company value,therefore these models and methods separetely must be analysed and their results must be evaluated.

  19. Business System Planning Project, Alternatives Analysis

    International Nuclear Information System (INIS)

    EVOSEVICH, S.

    2000-01-01

    The CHG Chief Information Officer (CIO) requested a study of alternatives to the current business system computing environment. This Business Systems Planning (BSP) Project Alternatives Analysis document presents an analysis of the current Project Controls, Work Management, and Business Management systems environment and alternative solutions that support the business functions. The project team has collected requirements and priorities from stakeholders in each business area and documented them in the BSP System Requirements Specification (SRS), RPP-6297. The alternatives analysis process identifies and measures possible solutions in each of the business process areas against the requirements as documented in the SRS. The team gathered input from both internal and external sources to identify and grade the possible solutions. This document captures the results of that activity and recommends a suite of software products. This study was to select the best product based on how well the product met the requirements, not to determine the platform or hardware environment that would be used. Additional analysis documentation can be found in BSP project files

  20. Emerging Multinationals

    DEFF Research Database (Denmark)

    Gammeltoft, Peter

    South Korean and Taiwanese brands have long been household names. Today, however, the names of transnational companies (TNCs) from an increasingly diverse set of emerging and developing economies are regularly making if not the dinner table conversation then at least the headlines...... of the international business press. This reflects that companies such as Mittal and Tata (India), China National Offshore Oil Corporation (CNOOC), Haier and Lenovo (PRC), Embraer (Brazil), SAPMiller (South Africa), and Cemex (Mexico) are foraying ever deeper into the international economy and increasingly investing...... countries. Apart from a few early pioneering studies (Lecraw 1977; Lall 1983; Wells 1983; Agarwal 1985) only few studies have been made so far of outward investment from emerging and developing economies. This is in spite of the fact that the value of outward FDI stock from developing countries reached USD...

  1. MISSION OF BUSINESS IN THE SYSTEM OF INNOVATIVE BUSINESS

    Directory of Open Access Journals (Sweden)

    A.V. Makarov

    2008-12-01

    Full Text Available In this article are considered conceptual bases of formation of the innovative mission of business as a strategic management instrument and a method of allocation of specific business structure among competing enterprises.

  2. Aktsiaseltsi ja osaühingu kapitalinõuete rikkumine kontsernisisese cash pooling`u raames : [magistritöö] / Karl Kull ; Tartu Ülikool, õigusteaduskond ; juhendaja: Andres Vutt

    Index Scriptorium Estoniae

    Kull, Karl, 1987-

    2011-01-01

    Cash poolingust kontsernis ja sellega seonduvatest kapitalinõuetest, kapitali sissemaksmise ja suurendamise nõuete rikkumistest, emaettevõtjale laenu andmise keelu rikkumisest, aktsionäri ja osaniku kohustuste rikkumisest

  3. An Introduction to Digital Cash World

    OpenAIRE

    Dewi, Lusiana Citra

    2010-01-01

    Digital cash is one of the payment methods that is very easy to use, especially when someone is doing a transaction through the internet. Digital cash has many forms and systems, which are supposed to simplify and make the process of transaction easier. This paper will discuss about the definition of the digital cash itself, the important properties that it has, the problems which occur due to its existence, the examples of some key players who operate the digital cash from all around the wor...

  4. Effects of stream discharge, alluvial depth and bar amplitude on hyporheic flow in pool-riffle channels

    Science.gov (United States)

    Daniele Tonina; John M. Buffington

    2011-01-01

    Hyporheic flow results from the interaction between streamflow and channel morphology and is an important component of stream ecosystems because it enhances water and solute exchange between the river and its bed. Hyporheic flow in pool-riffle channels is particularly complex because of three-dimensional topography that spans a range of partially to fully submerged...

  5. Flow structure through pool-riffle sequences and a conceptual model for their sustainability in gravel-bed rivers

    Science.gov (United States)

    D. Caamano; P. Goodwin; J. M. Buffington

    2010-01-01

    Detailed field measurements and simulations of three-dimensional flow structure were used to develop a conceptual model to explain the sustainability of self-formed pool-riffle sequences in gravel-bed rivers. The analysis was conducted at the Red River Wildlife Management Area in Idaho, USA, and enabled characterization of the flow structure through two consecutive...

  6. Effect of coolant flow rate on the power at onset of nucleate boiling in a swimming pool type research reactor

    International Nuclear Information System (INIS)

    Khan, L.A.; Ahmad, N.; Ahmad, S.

    1998-01-01

    The effect of flow rate of coolant on power of Onset Nucleate Boiling (ONB) in a reference core of a swimming pool type research reactor has been studied using a as standard computer code PARET. It has been found that the decrease in the coolant flow rate results in a corresponding decrease in power at ONB. (author)

  7. Competitiveness, Diversification and the International Higher Education Cash Flow: The EU's Higher Education Discourse amidst the Challenges of Globalisation

    Science.gov (United States)

    Mayo, Peter

    2009-01-01

    This paper focuses on the EU discourse on Higher Education and analyses this discourse within the context of globalisation. Importance is attached to the issues of lifelong learning, competitiveness, diversification, entrepreneurship, access, knowledge society, modernisation, quality assurance, innovation and creativity, governance and business-HE…

  8. System Documentation AS Basis For Company Business Process Improvement

    OpenAIRE

    Pelawi, Dewan

    2012-01-01

    Business process is an activity performed together to achieve business goals. Good business process will support the achievement of the organization’s plan to make profit for the company. In order to understand the business process, the business process needs to be documented and analyzed. The purpose of research is to make the system documentation as a basis to improve or complete the ongoing business process. The research method is system documentation. System documentation is a way to desc...

  9. Study on the control mechanism of China aerospace enterprises' binary multinational operation

    Institute of Scientific and Technical Information of China (English)

    Wang Jian; Li Hanling; Wu Weiwei

    2008-01-01

    China's aerospace enterprises carry on the multinational operation and participate in the international competition and the international division of labor and cooperation positively.This article first analyzs China aerospace enterprises' binary multinational business control objective and constructes its model.Then the article analyzes the tangible and intangible control mechanism of China aerospace enterprises' binary multinational operation respectively.Finally,the article constructs the model of China aerospace enterprises' binary multinational operation mechanisms.

  10. On Transfer Pricing: Conceptual Thoughts on the Nature of the Multinational Firm

    OpenAIRE

    Brem Markus; Tucha Thomas

    2005-01-01

    This paper deploys Transaction Cost Economics (TCE) to elaborate on the shortcomings of “mainstream” transfer pricing in multinational firms. Departing from the notion that multinationals increasingly (re-)organize their business along multinational value chains irrespective of jurisdictional borders, the paper discusses the nature of the multinational firm and the problem of choosing the right intra-group (transfer) price. The mainstream transfer pricing approach derived from the Arm´s Lengt...

  11. The Determinants of Corporate Cash Holdings- An Empirical study from UK Firms

    OpenAIRE

    GUO, YI

    2013-01-01

    Cash holding is most important financial decision in the company management strategy. In this dissertation, the determinants of corporate cash holdings in UK non-financial publicly traded firms over the period from 2003 to 2012 are investigated. Our study finds that growth opportunities and cash flow and cash flow variability are positively associated with the level of corporate cash holdings, while firm size, leverage, net working capital, bank debt and dividend payment have negative impact ...

  12. Pooled comparison of regadenoson versus adenosine for measuring fractional flow reserve and coronary flow in the catheterization laboratory

    Energy Technology Data Exchange (ETDEWEB)

    Stolker, Joshua M., E-mail: jstolker@yahoo.com [Mercy Heart and Vascular, 901 Patients First Drive, Washington, MO 63090 (United States); Saint Louis University, 3635 Vista Ave, St. Louis, MO 63110 (United States); Lim, Michael J., E-mail: limmj@slu.edu [Saint Louis University, 3635 Vista Ave, St. Louis, MO 63110 (United States); Shavelle, David M., E-mail: david.shavelle@med.usc.edu [University of Southern California, 1510 San Pablo St, Suite 322, Los Angeles, CA 90033 (United States); Morris, D. Lynn, E-mail: morrisdl@einstein.edu [Albert Einstein Medical Center, 5501 Old York Rd, Philadelphia, PA 19141 (United States); Angiolillo, Dominick J., E-mail: dominick.angiolillo@jax.ufl.edu [University of Florida Health-Jacksonville, 655 West 8th St, Jacksonville, FL 32209 (United States); Guzman, Luis A., E-mail: luis.guzman@jax.ufl.edu [University of Florida Health-Jacksonville, 655 West 8th St, Jacksonville, FL 32209 (United States); Kennedy, Kevin F., E-mail: kfkennedy@saint-lukes.org [Saint Luke' s Mid America Heart Institute, 4401 Wornall Road, Kansas City, MO 64111 (United States); Weber, Elizabeth, E-mail: eweber1@slu.edu [Saint Louis University, 3635 Vista Ave, St. Louis, MO 63110 (United States); Zareh, Meena, E-mail: meena.zareh@med.usc.edu [University of Southern California, 1510 San Pablo St, Suite 322, Los Angeles, CA 90033 (United States); Neumayr, Robert H., E-mail: robneumayr@gmail.com [Mercy Heart and Vascular, 901 Patients First Drive, Washington, MO 63090 (United States); Saint Louis University, 3635 Vista Ave, St. Louis, MO 63110 (United States); Zenni, Martin M., E-mail: martin.zenni@jax.ufl.edu [University of Florida Health-Jacksonville, 655 West 8th St, Jacksonville, FL 32209 (United States)

    2015-07-15

    Background: Adenosine is the gold standard for augmenting coronary flow during fractional flow reserve (FFR) testing of intermediate coronary stenoses. However, intravenous infusion is time-consuming and intracoronary injection is subject to variability. Regadenoson is a newer adenosine alternative administered as a single intravenous bolus during nuclear stress testing, but its efficacy and safety during FFR testing have been evaluated only in small, single-center studies. Methods: We pooled data from 5 academic hospitals, in which patients undergoing clinically-indicated FFR prospectively underwent comparison of intravenous adenosine infusion (140–175 mcg/kg/min) versus regadenoson bolus (400 mcg). Hemodynamics and symptoms with adenosine were recorded until maximal hyperemia occurred, and after returning to baseline hemodynamics, regadenoson was administered and monitoring was repeated. In a subset of patients with coronary flow data, average peak velocity (APV) at the distal flow sensor was recorded. Results: Of 149 patients enrolled, mean age was 59 ± 9 years, 76% were male, and 54% underwent testing of the left anterior descending artery. Mean adenosine-FFR and regadenoson-FFR were identical (0.82 ± 0.10) with excellent correlation of individual values (r = 0.96, p < 0.001) and no difference in patient-reported symptoms. Four patients (2.6%) had discrepancies between the 2 drugs for the clinical decision-making cutoff of FFR ≤ 0.80. Coronary flow responses to adenosine and regadenoson were similar (APV at maximal hyperemia 36 cm/s for both, p = 0.81). Conclusions: Regadenoson single-bolus administration has comparable FFR, symptoms, and coronary flow augmentation when compared with standard intravenous adenosine infusion. With its greater ease of administration, regadenoson may be a more “user-friendly” option for invasive ischemic testing.

  13. A Structural Reliability Business Process Modelling with System Dynamics Simulation

    OpenAIRE

    Lam, C. Y.; Chan, S. L.; Ip, W. H.

    2010-01-01

    Business activity flow analysis enables organizations to manage structured business processes, and can thus help them to improve performance. The six types of business activities identified here (i.e., SOA, SEA, MEA, SPA, MSA and FIA) are correlated and interact with one another, and the decisions from any business activity form feedback loops with previous and succeeding activities, thus allowing the business process to be modelled and simulated. For instance, for any company that is eager t...

  14. OPTIMAL BUSINESS DECISION SYSTEM FOR MULTINATIONALS: A MULTIFACTOR ANALYSIS OF SELECTED MANUFACTURING FIRMS

    Directory of Open Access Journals (Sweden)

    Oforegbunam Thaddeus Ebiringa

    2011-03-01

    Full Text Available Traditional MIS has been made more effective through the integration of organization, human andtechnology factors into a decision matrix. The study is motivated by the need to find an optimal mixof interactive factors that will optimize the result of decision to apply ICT to manufacturingprocesses. The study used Factor analysis model based on the sampled opinion of forty (40operations/production managers and two thousand (2000 production line workers of three leadingmanufacturing firms: Uniliver Plc., PZ Plc, and Nigerian Breweries Plc operating in Aba IndustrialEstate of Nigeria. The results shows that a progressive mixed factor loading matrix, based on thepreferred ordered importance of resources factors in the formulation, implementation, monitoring,control and evaluation of ICT projects of the selected firms led to an average capability improvementof 0.764 in decision efficiency. This is considered strategic for achieving balanced corporate growthand development.

  15. Date Attachable Offline Electronic Cash Scheme

    Directory of Open Access Journals (Sweden)

    Chun-I Fan

    2014-01-01

    Full Text Available Electronic cash (e-cash is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  16. Date attachable offline electronic cash scheme.

    Science.gov (United States)

    Fan, Chun-I; Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  17. Date Attachable Offline Electronic Cash Scheme

    Science.gov (United States)

    Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling. PMID:24982931

  18. Conception of a sub aquatic lighting system for nuclear fuels storage pools

    International Nuclear Information System (INIS)

    Bracco, P.; Rosenthal, E.

    1990-01-01

    Restrictions like contaminated water, irradiated fuel elements in racks located on the bottom of the pool and the impossibility of removing the water, require a non conventional design of pool lamps. The model developed is independent of the pool, permitting easily fabrication and maintenance. They are made of stainless steel tubes with borosilicate windows, where floodlight or light are located. The lamp assembly is fixed at the border of the pool. The system offers advantages over the conventional pool lighting systems in fabrication, operation and maintenance. (author)

  19. The Transfer of Organisational Culture in Multinational Companies

    OpenAIRE

    Donmez, Ozlem

    2007-01-01

    The business world started to integrate internationally; therefore, it is likely to say that the multinational companies have become one of the key actors in international business. Since the multinational companies operate in many countries simultaneously; they face to multicultural challenges. The organisational culture is also influenced by the cultural diversity. It is possible to state that the transfer of the organisational culture is essential for the creation of the compatibility in t...

  20. Consolidated Business Information System (CBIS)

    Data.gov (United States)

    Office of Personnel Management — Data from the U.S. Office of Personnel Management (OPM)'s core financial system. CBIS is the official OPM financial management system of record. Every agency must...

  1. Global Oligopolistic Competition and Multinational Corporations

    DEFF Research Database (Denmark)

    Hansen, Michael W.; Hoenen, Anne Kristin

    2013-01-01

    The contemporary International Business (IB) literature has ’forgotten’ a key insight of the early foreign direct investment (FDI) literature, namely that FDI often is driven by strategic interaction of multinational corporations (MNCs) in oligopolistic industries. Instead, the IB literature has ...

  2. Intercultural Communication Problems in Japanese Multinationals.

    Science.gov (United States)

    Nishiyama, Kazuo

    Many large Japanese-owned multinational corporations have established successful subsidiaries in the United States, but distinct ethnic and cultural differences have caused communication problems between Japanese managers and American laborers and business people. Many top executives of the Japanese subsidiaries are sent to the United States on a…

  3. Assessment of three turbulence model performances in predicting water jet flow plunging into a liquid pool

    Directory of Open Access Journals (Sweden)

    Zidouni Kendil Faiza

    2010-01-01

    Full Text Available The main purpose of the current study is to numerically investigate, through computational fluid dynamics modeling, a water jet injected vertically downward through a straight circular pipe into a water bath. The study also aims to obtain a better understanding of jet behavior, air entrainment and the dispersion of bubbles in the developing flow region. For these purposes, three dimensional air and water flows were modeled using the volume of fluid technique. The equations in question were formulated using the density and viscosity of a 'gas-liquid mixture', described in terms of the phase volume fraction. Three turbulence models with a high Reynolds number have been considered i. e. the standard k-e model, realizable k-e model, and Reynolds stress model. The predicted flow patterns for the realizable k-e model match well with experimental measurements found in available literature. Nevertheless, some discrepancies regarding velocity relaxation and turbulent momentum distribution in the pool are still observed for both the standard k-e and the Reynolds stress model.

  4. Ontological Model of Business Process Management Systems

    Science.gov (United States)

    Manoilov, G.; Deliiska, B.

    2008-10-01

    The activities which constitute business process management (BPM) can be grouped into five categories: design, modeling, execution, monitoring and optimization. Dedicated software packets for business process management system (BPMS) are available on the market. But the efficiency of its exploitation depends on used ontological model in the development time and run time of the system. In the article an ontological model of BPMS in area of software industry is investigated. The model building is preceded by conceptualization of the domain and taxonomy of BPMS development. On the base of the taxonomy an simple online thesaurus is created.

  5. Dependency of Businesses on Flows of Ecosystem Services: A Case Study from the County of Dorset, UK

    Directory of Open Access Journals (Sweden)

    Stephen C. L. Watson

    2018-04-01

    Full Text Available Although it is widely assumed that business activity is dependent on flows of ecosystem services (ES, little evidence is available with which to evaluate this contention. To address this knowledge gap, we conducted a questionnaire survey of business dependencies on twenty-six different ES in the English county of Dorset, where the environment supports a significant component of the local economy. Responses were received from 212 businesses across twenty-eight sectors. While virtually all businesses (98% were familiar with the concept of ES, dependency on ES was highly divided with 50% of businesses surveyed claiming no dependence on any ES flows. The highest businesses dependencies reported in this study were for regulating services with the ES of water quality and waste water treatment being of particular importance to businesses. The results however, advised that greater efforts are needed in highlighting the indirect benefits provided by Dorset’s ecosystems, with eight business sectors (58% of respondents claiming no or little dependence on supporting and habitat services including the ES of biodiversity, habitats for species and maintenance of genetic diversity. Many businesses also indicated little or no dependence on the globally important ES of pollination and soil condition, which may reflect a lack of awareness of dependencies occurring upstream of their value chains. At the sector level, businesses directly involved in protecting, extracting, or manufacturing raw materials were found to be more dependent on provisioning, regulatory and supporting ES than those operating in the service sector who favored cultural ES. These results highlight the value of assessing business dependencies on ES flows, which could usefully inform environmental management and accounting systems and improve monitoring of business performance, and thereby contribute to achievement of sustainability goals.

  6. Business groups and internal capital markets

    NARCIS (Netherlands)

    Gonenc, Halit; Kan, Ozgur B.; Karadagli, Ece C.

    2007-01-01

    We compare the performance of firms affiliated with diversified business groups with the performance of unaffiliated firms in Turkey, all emerging market. We address the question of whether group-affiliated firms create internal capital markets or control large cash flows. Our findings indicate that

  7. Commercial aspects of semi-reusable launch systems

    Science.gov (United States)

    Obersteiner, M. H.; Müller, H.; Spies, H.

    2003-07-01

    This paper presents a business planning model for a commercial space launch system. The financing model is based on market analyses and projections combined with market capture models. An operations model is used to derive the annual cash income. Parametric cost modeling, development and production schedules are used for quantifying the annual expenditures, the internal rate of return, break even point of positive cash flow and the respective prices per launch. Alternative consortia structures, cash flow methods, capture rates and launch prices are used to examine the sensitivity of the model. Then the model is applied for a promising semi-reusable launcher concept, showing the general achievability of the commercial approach and the necessary pre-conditions.

  8. Human adaptive behavior in common pool resource systems.

    Directory of Open Access Journals (Sweden)

    Gunnar Brandt

    Full Text Available Overexploitation of common-pool resources, resulting from uncooperative harvest behavior, is a major problem in many social-ecological systems. Feedbacks between user behavior and resource productivity induce non-linear dynamics in the harvest and the resource stock that complicate the understanding and the prediction of the co-evolutionary system. With an adaptive model constrained by data from a behavioral economic experiment, we show that users' expectations of future pay-offs vary as a result of the previous harvest experience, the time-horizon, and the ability to communicate. In our model, harvest behavior is a trait that adjusts to continuously changing potential returns according to a trade-off between the users' current harvest and the discounted future productivity of the resource. Given a maximum discount factor, which quantifies the users' perception of future pay-offs, the temporal dynamics of harvest behavior and ecological resource can be predicted. Our results reveal a non-linear relation between the previous harvest and current discount rates, which is most sensitive around a reference harvest level. While higher than expected returns resulting from cooperative harvesting in the past increase the importance of future resource productivity and foster sustainability, harvests below the reference level lead to a downward spiral of increasing overexploitation and disappointing returns.

  9. Business Models for Power System Flexibility

    DEFF Research Database (Denmark)

    Boscan, Luis; Poudineh, Rahmatallah

    2016-01-01

    As intermittent, renewable resources gain more share in the generation mix, the need for power system flexibility increases more than ever. Parallel to this, technological change and the emergence of new players bringing about innovative solutions are boosting the development of flexibility...... business models will play an important role in ensuring sufficiency and efficiency of flexibility services....

  10. Business School's Performance Management System Standards Design

    Science.gov (United States)

    Azis, Anton Mulyono; Simatupang, Togar M.; Wibisono, Dermawan; Basri, Mursyid Hasan

    2014-01-01

    This paper aims to compare various Performance Management Systems (PMS) for business school in order to find the strengths of each standard as inputs to design new model of PMS. There are many critical aspects and gaps notified for new model to improve performance and even recognized that self evaluation performance management is not well…

  11. Creating Business Intelligence from Course Management Systems

    Science.gov (United States)

    van Dyk, Liezl; Conradie, Pieter

    2007-01-01

    Purpose: This article seeks to address the interface between individual learning facilitators that use course management systems (CMS) data to support decision-making and course design and institutional infrastructure providers that are responsible for institutional business intelligence. Design/methodology/approach: The design of a data warehouse…

  12. Multinationality and Opaqueness

    DEFF Research Database (Denmark)

    Aabo, Tom; Pantzalis, Christos; Park, Jung Chul

    2015-01-01

    We investigate whether and how multinationality affects the opaqueness of the firm. We use multiple alternative measurements of multinationality and opaqueness. Spanning nearly three decades for a large sample of US non-financial firms, we find a statistically and economically significant, positi...

  13. Multinationals and Institutional Competitiveness

    DEFF Research Database (Denmark)

    Hull Kristensen, Peer; Morgan, Glenn

    This article discusses how institutional competitiveness and multinationals are mutually enriching concepts. Seen from the perspective of Multinationals, institutional competitiveness becomes expressed at two levels. At the level of corporate HQs institutional competitiveness proves itself...... competitiveness of Liberal Market Economies and Coordinated Markets Economies under the current competitive regime....

  14. Business-to-business electronic commerce systems and services. Smart EC solution; Kigyoka nrenkei system solution system. Smart EC solution

    Energy Technology Data Exchange (ETDEWEB)

    Setoguchi, T.; Manchu, Y.; Katsumata, M. [Toshiba Corp., Tokyo (Japan)

    2000-04-01

    Toshiba provides a range of information technology (IT) solutions called SmartEC Solution, which includes business-to-business electronic commerce systems and services based on international standards and industrial know-how, especially our electronic data interchange (EDI) know-how as a manufacturer. These IT solutions are supplied as services covering strategy planning, system integration, and application service provider based on five types of business-to-business electronic commerce. (author)

  15. Cash usage in the Netherlands: How much, where, when, who and whenever one wants?

    OpenAIRE

    Nicole Jonker; Anneke Kosse; Lola Hernández

    2012-01-01

    Having accurate information on cash usage is essential for monitoring the substitution process of cash by cards and for assessing the cost efficiency of the payment system. Moreover, estimates on cash usage reflect the transaction demand for cash. This is useful for central banks which are responsible for producing and issuing banknotes. The latest estimates of the number and value of cash payments made in the Netherlands date from 2007. How has cash usage developed since then? In what branch...

  16. Airline Applications of Business Intelligence Systems

    Directory of Open Access Journals (Sweden)

    Mihai ANDRONIE

    2015-09-01

    Full Text Available Airline industry is characterized by large quantities of complex, unstructured and rapid changing data that can be categorized as big data, requiring specialized analysis tools to explore it with the purpose of obtaining useful knowledge as decision support for companies that need to fundament their activities and improve the processes they are carrying on. In this context, business intelligence tools are valuable instruments that can optimally process airline related data so that the activities that are conducted can be optimized to maximize profits, while meeting customer requirements. An airline company that has access to large volumes of data (stored into conventional or big data repositories has two options to extract useful decision support information: processing data by using general-purpose business intelligence systems or processing data by using industry specific business intelligence systems. Each of these two options has both advantages and disadvantages for the airline companies that intend to use them. The present paper presents a comparative study of a number of general-purpose and airline industry specific business intelligence systems, together with their main advantages and disadvantages.

  17. A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hosein Parsian

    2014-01-01

    Full Text Available Decision making about dividend payout is one of the most important decision that companies should encounter. Identifying factors that influence dividends can help managers in making an appropriate dividend policy. In the other side, companies’ dividend payouts over time and with a stable manner may influence on stock price, future earnings growth and finally investor's evaluation about owners' equity. Hence, investigating the factors influencing dividend payout ratio is of high importance. In this research, we investigate the effects of various factors on dividend payout ratio of Tehran Stock Exchange (TSE listed companies. We use time series regression (panel data in order to test the hypothesis of this study. This study provides empirical evidences by choosing a sample of 102 companies over the time span of 2005-2010. The result shows that independent variables of free cash flow and profitability current ratio have negative and significant impact on dividend payout ratio; whereas, the independent variable of leverage ratio has a positive and significant impact on dividend payout ratio. The other independent ratio such as size of the company, growth opportunities and systematic risk do not have any significant influence on dividend payout ratio.

  18. Lymphatic System Flows

    Science.gov (United States)

    Moore, James E., Jr.; Bertram, Christopher D.

    2018-01-01

    The supply of oxygen and nutrients to tissues is performed by the blood system and involves a net leakage of fluid outward at the capillary level. One of the principal functions of the lymphatic system is to gather this fluid and return it to the blood system to maintain overall fluid balance. Fluid in the interstitial spaces is often at subatmospheric pressure, and the return points into the venous system are at pressures of approximately 20 cmH2O. This adverse pressure difference is overcome by the active pumping of collecting lymphatic vessels, which feature closely spaced one-way valves and contractile muscle cells in their walls. Passive vessel squeezing causes further pumping. The dynamics of lymphatic pumping have been investigated experimentally and mathematically, revealing complex behaviors that indicate that the system performance is robust against minor perturbations in pressure and flow. More serious disruptions can lead to incurable swelling of tissues called lymphedema.

  19. Uma Análise comparativa dos indicadores financeiros da Petrobras por meio da avaliação da demonstração dos fluxos de caixa do período de 2005 a 2007 = A Comparative Analysis of Petrobrás Inc. Financial Indicators Through an Evaluation of its Cash Flow Statement from 2005 to 2007

    Directory of Open Access Journals (Sweden)

    Letícia Goulart dos Santos

    2009-03-01

    2007,based on an analysis of the indicators linked to the Cash Flow Reports, whose function isto avaluate the flow. The usage of some indicators that provide an easier explanationabout a company cash flow is a tool which has been used in a small scale by the shareholders. The items were classified in four groups related to cash coverage, quality of theresults, capital expense and cash flow return. Those items hold the purpose to assessaspects in a range from the payment capacity to the cash return rates. In methodologicalways, the research may be presented as a descriptive study according to its purposesand as a case study according to its procedures. Through this work we could show therelevance of this comparative analysis so people involved in it can have a deeper view ofthe company real situation and its conditions to keep the business going.

  20. Agent oriented modeling of business information systems

    OpenAIRE

    Vymetal, Dominik

    2009-01-01

    Enterprise modeling is an abstract definition of processes running in enterprise using process, value, data and resource models. There are two perspectives of business modeling: process perspective and value chain perspective. Both have some advantages and disadvantages. This paper proposes a combination of both perspectives into one generic model. The model takes also social part or the enterprise system into consideration and pays attention to disturbances influencing the enterprise system....

  1. Deficiency tracking system, conceptual business process requirements

    Energy Technology Data Exchange (ETDEWEB)

    Hermanson, M.L.

    1997-04-18

    The purpose of this document is to describe the conceptual business process requirements of a single, site-wide, consolidated, automated, deficiency management tracking, trending, and reporting system. This description will be used as the basis for the determination of the automated system acquisition strategy including the further definition of specific requirements, a ''make or buy'' determination and the development of specific software design details.

  2. Deficiency tracking system, conceptual business process requirements

    International Nuclear Information System (INIS)

    Hermanson, M.L.

    1997-01-01

    The purpose of this document is to describe the conceptual business process requirements of a single, site-wide, consolidated, automated, deficiency management tracking, trending, and reporting system. This description will be used as the basis for the determination of the automated system acquisition strategy including the further definition of specific requirements, a ''make or buy'' determination and the development of specific software design details

  3. Title IV Cash Management Life Cycle Training. Participant's Guide.

    Science.gov (United States)

    Department of Education, Washington, DC.

    This participant's guide includes: "Introduction: Welcome to Cash Management Life Cycle Training"; "Module 1: Review of Cash Management Principles" (cash management overview and activity); "Module 2: Common Origination and Disbursement (COD) System Overview" (e.g., full participants and phase-in participants, COD…

  4. Multinational corporations and infectious disease: Embracing human rights management techniques.

    Science.gov (United States)

    Salcito, Kendyl; Singer, Burton H; Weiss, Mitchell G; Winkler, Mirko S; Krieger, Gary R; Wielga, Mark; Utzinger, Jürg

    2014-01-01

    Global health institutions have called for governments, international organisations and health practitioners to employ a human rights-based approach to infectious diseases. The motivation for a human rights approach is clear: poverty and inequality create conditions for infectious diseases to thrive, and the diseases, in turn, interact with social-ecological systems to promulgate poverty, inequity and indignity. Governments and intergovernmental organisations should be concerned with the control and elimination of these diseases, as widespread infections delay economic growth and contribute to higher healthcare costs and slower processes for realising universal human rights. These social determinants and economic outcomes associated with infectious diseases should interest multinational companies, partly because they have bearing on corporate productivity and, increasingly, because new global norms impose on companies a responsibility to respect human rights, including the right to health. We reviewed historical and recent developments at the interface of infectious diseases, human rights and multinational corporations. Our investigation was supplemented with field-level insights at corporate capital projects that were developed in areas of high endemicity of infectious diseases, which embraced rights-based disease control strategies. Experience and literature provide a longstanding business case and an emerging social responsibility case for corporations to apply a human rights approach to health programmes at global operations. Indeed, in an increasingly globalised and interconnected world, multinational corporations have an interest, and an important role to play, in advancing rights-based control strategies for infectious diseases. There are new opportunities for governments and international health agencies to enlist corporate business actors in disease control and elimination strategies. Guidance offered by the United Nations in 2011 that is widely embraced

  5. Environmental management maturity of local and multinational high-technology corporations located in Brazil: the role of business internationalization in pollution prevention

    Directory of Open Access Journals (Sweden)

    Giovanna Maialle

    2016-06-01

    Full Text Available Abstract This paper identifies and characterizes the environmental maturity level of local and multinational high-technology corporations located in Brazil. This characterization is achieved by discussing the adoption of environmental management practices and considering aspects of the productive process stage. An eight-case study was conducted through data triangulation using interviews with employees in diverse organizational areas, direct observations and secondary data. The results indicate the differences in environmental positioning among the studied corporations with a predominance of preventive practices, i.e., an emphasis on eco-efficiency and compliance with legislation. It was also noted that environmental concerns in the corporations are related to internationalization and, in some cases, to the pressure exerted by corporations that represent the brand of the products produced in Brazil. Moreover, the adoption of environmental practices based on the productive process stage supported the environmental maturity classifications of the studied companies.

  6. Corporate Responsible Behavior in Multinational Enterprise

    DEFF Research Database (Denmark)

    Andersen, Torben Juul

    2017-01-01

    Purpose: This study aims to analyze how leadership influenced corporate responsible behavior in a complex multinational organization with ethical principles imposed by concrete actions on regulatory, environmental and international labor issues. Increasing functional specialization, multinational...... diversification and global expansion also diluted those values. Originality/value: Corporate responsible behavior is a significant challenge in large organizations with many and diverse multinational stakeholders. Ethical conduct derives from executive morality, but the role of leaders as instigators...... diversity and business acquisitions challenged the core values and called for more formal enforcement. Core values executed through investment in positive economic externalities enhanced the reputation and facilitated sustainable collaborative solutions. Design/methodology/approach: This single-case study...

  7. Effective Strategy-Making in Multinational Subsidiaries

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Andersson, Ulf; Palmié, Maximilian

    for global efficiencies and autonomy for effective local responses. Strategic guidance from headquarters frames subsidiary decisions in line with corporate priorities and distributed decision power coupled with informal exchange of information facilitates strategic responses in tune with local market......We outline commonalities between studies of subsidiary decentralization and autonomous strategy-making in the international business and strategic management fields. This suggests that corporate headquarters should engage in strategy-making processes that provide a combination of formal direction...... requirements. We identify some important nuances in the integration-responsiveness conundrum supported by an empirical study of 351 multinational subsidiaries. We discuss the implications for multinational strategy practice and suggest future research venues to investigate strategy-making in multinational...

  8. THE BUSINESS MODEL AND FINANCIAL ASSETS MEASUREMENT

    OpenAIRE

    NICULA Ileana

    2012-01-01

    The paper work analyses some aspects regarding the implementation of IFRS 9, the relationship between the business model approach and the assets classification and measurement. It does not discuss the cash flows characteristics, another important aspect of assets classification, or the reclassifications. The business model is related to some characteristics of the banks (opaqueness, leverage ratio, compliance to capital, sound liquidity requirements and risk management) and to Special Purpose...

  9. CO2 emissions and heat flow through soil, fumaroles, and steam heated mud pools at the Reykjanes geothermal area, SW Iceland

    International Nuclear Information System (INIS)

    Fridriksson, Thrainn; Kristjansson, Bjarni Reyr; Armannsson, Halldor; Margretardottir, Eygerour; Olafsdottir, Snjolaug; Chiodini, Giovanni

    2006-01-01

    Carbon dioxide emissions and heat flow through soil, steam vents and fractures, and steam heated mud pools were determined in the Reykjanes geothermal area, SW Iceland. Soil diffuse degassing of CO 2 was quantified by soil flux measurements on a 600 m by 375 m rectangular grid using a portable closed chamber soil flux meter and the resulting data were analyzed by both a graphical statistical method and sequential Gaussian simulations. The soil temperature was measured in each node of the grid and used to evaluate the heat flow. The heat flow data were also analyzed by sequential Gaussian simulations. Heat flow from steam vents and fractures was determined by quantifying the amount of steam emitted from the vents by direct measurements of steam flow rate. The heat loss from the steam heated mud pools was determined by quantifying the rate of heat loss from the pools by evaporation, convection, and radiation. The steam flow rate into the pools was calculated from the observed heat loss from the pools, assuming that steam flow was the only mechanism of heat transport into the pool. The CO 2 emissions from the steam vents and mud pools were determined by multiplying the steam flow rate from the respective sources by the representative CO 2 concentration of steam in the Reykjanes area. The observed rates of CO 2 emissions through soil, steam vents, and steam heated mud pools amounted to 13.5 ± 1.7, 0.23 ± 0.05, and 0.13 ± 0.03 tons per day, respectively. The heat flow through soil, steam vents, and mud pools was 16.9 ± 1.4, 2.2 ± 0.4, and 1.2 ± 0.1 MW, respectively. Heat loss from the geothermal reservoir, inferred from the CO 2 emissions through the soil amounts to 130 ± 16 MW of thermal energy. The discrepancy between the observed heat loss and the heat loss inferred from the CO 2 emissions is attributed to steam condensation in the subsurface due to interactions with cold ground water. These results demonstrate that soil diffuse degassing can be a more

  10. A Cash Management Model.

    Science.gov (United States)

    Boyles, William W.

    1975-01-01

    In 1973, Ronald G. Lykins presented a model for cash management and analysed its benefits for Ohio University. This paper attempts to expand on the previous method by providing answers to questions raised by the Lykins methods by a series of simple algebraic formulas. Both methods are based on two premises: (1) all cash over which the business…

  11. Mark II pressure suppression containment systems: an analytical model of the pool swell phenomenon

    International Nuclear Information System (INIS)

    Ernst, R.J.; Ward, M.G.

    1976-12-01

    A one-dimensional pool swell model of the dynamic and thermodynamic conditions in the suppression chamber following a postulated loss-of-coolant accident (LOCA) is described. The pool swell phenomena is approximated by a constant thickness water slug, which is accelerated upward by the difference between the air bubble pressure acting below the pool and the wetwell air space pressure acting above the pool surface. The transient bubble pressure is computed using the known drywell pressure history and a quasi-steady compressible vent flow model. Comparisons of model predictions with pool swell experimental data are favorable and show the model is based on a conservative interpretation of the physical phenomena involved

  12. Feedback stabilisation of pool-boiling systems : for application in thermal management schemes

    NARCIS (Netherlands)

    Gils, van R.W.

    2012-01-01

    The research scope of this thesis is the stabilisation of unstable states in a pool-boiling system. Thereto, a compact mathematical model is employed. Pool-boiling systems serve as physical model for practical applications of boiling heat transfer in industry. Boiling has advantages over

  13. The Management of Cash. NACUBO Professional File, Volume 9, Number 6.

    Science.gov (United States)

    Boyles, William W.

    With today's relatively high interest rates, inflationary trend, and declining public support to higher education, cash management programs are of interest to the academic business officer as well as the commercial businessman. Four areas in which the management of cash can be improved are: (1) speeding collections of cash; (2) delaying…

  14. Minimum heat flux (MHF) point in pool and external-flow boiling

    International Nuclear Information System (INIS)

    Nishio, Shigefumi

    1983-01-01

    As for the boiling phenomena near a minimum heat flux (MHF) point to which attention has been paid recently concerning the safety analysis of LWR cores, the results of research have not been put in order sufficiently. Therefore in this explanation, the object is limited to pool boiling and external flow boiling, and it is attempted to rearrange the present knowledge on the phenomena near a MHF point from the viewpoint of the relation to the state of solid-liquid contact, the effect of various factors on a MHF point and the modeling of a MHF point. The heat transfer characteristics in boiling phenomena are represented by a curve with one maximum and one minimum points. The MHF point is called also minimum film boiling point. In a heat flux-controlled heating surface, temperature jump arises when heat flux is decreased at a MHF point. The phenomena near a MHF point and the technological background when a MHF point becomes a problem are explained. Near a MHF point, only partial, intermittent solid-liquid contact is maintained. The effects of solid-liquid contact mode, the geometry of a heating surface, pressure and others on a MHF point are discussed. (Kako, I.)

  15. A Business Evaluation Of The Next Generation Ipv6 Protocol In Fixed And Mobile Communication Services

    OpenAIRE

    Pau, Louis-François

    2002-01-01

    textabstractThis paper gives an analytical business model of the Internet IPv4 and IPv6 protocols ,focussing on the business implications of intrinsic technical properties of these protocols .The technical properties modeled in business terms are : address space, payload, autoconfiguration, IP mobility , security, and flow label. Three operational cash flow focussed performance indexes are defined for respectively an Internet operator or ISP, for the address domain owner, and for the end user...

  16. ACADEMIC MOTIVATION FOR BUSINESS INFORMATION SYSTEMS STUDENTS

    Directory of Open Access Journals (Sweden)

    Catalin Maican

    2015-05-01

    Full Text Available Academic Motivation Scale (AMS was applied to Business Information Systems students for finding out their reasons and motives for enrolling this academic field, for undergraduate and postgraduate academic cycles. The students were presented the AMS scale translated in Romanian, together with other questionnaires. The first part of the paper makes a short introduction to AMS, the second describes its objectives, while the third presents the results.

  17. ACADEMIC MOTIVATION FOR BUSINESS INFORMATION SYSTEMS STUDENTS

    OpenAIRE

    Catalin Maican; Radu Lixandroiu

    2015-01-01

    Academic Motivation Scale (AMS) was applied to Business Information Systems students for finding out their reasons and motives for enrolling this academic field, for undergraduate and postgraduate academic cycles. The students were presented the AMS scale translated in Romanian, together with other questionnaires. The first part of the paper makes a short introduction to AMS, the second describes its objectives, while the third presents the results.

  18. Influence Business Process On The Quality Of Accounting Information System

    OpenAIRE

    Meiryani; Muhammad Syaifullah

    2015-01-01

    Abstract The purpose of this study was to determine the influence of business process to the quality of the accounting information system. This study aims to examine the influence of business process on the quality of the information system of accounting information system. The study was theoritical research which considered the roles of business process on quality of accounting information system which use secondary data collection. The results showed that the business process have a signifi...

  19. A Reference Architecture for Electronic Business-to-Business Collaboration Setup and Enactment Systems

    OpenAIRE

    Norta, A.; Grefen, P.; Angelov, S.; Kutvonen, L.

    2010-01-01

    The question what a business-to-business (B2B) collaboration setup and enactment application-system should look like remains open. An important element of such collaboration constitutes the inter-organizational disclosure of business-process details so that the opposing parties may protect their business secrets. For that purpose, eSourcing [37] has been developed as a general businessprocess collaboration concept in the framework of the EU research project Cross- Work. The eSourcing characte...

  20. Trade flows as a channel for the transmission of business cycles

    OpenAIRE

    J.M. BERK

    1997-01-01

    The interdependence between business cycles of different countries has grown in recent decades. Many factors act as conductors of cyclical fluctuations between countries. In this context, the influence of trade flows in the global transmission of business cycles is examined. The author aims to identify empirically the line of causality of international cyclical movements as suggested by trade flows, presenting an estimate of the quantitive importance of trade flows as transmission channel.

  1. ENTERPRISE RESOURCE PLANNING - ERP FOR BUSINESS AND KNOWLEDGE MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Laurenţia Elena SCURTU

    2016-06-01

    Full Text Available This article presents the advantages of using the most modern information technologies to support business objectives and to provide a real support in transforming the company's internal processes through the implementation of an ERP suitable solution. ERP systems are the right IT solution for the management of company’s resources, regardless their size, they are integrated systems that optimize and simplify the internal business processes. ERP systems supports operations from important areas such as distribution, retail, manufacturing, medical, pharmaceutical, agriculture, energy or services. The main advantages on the implementation of an integrated ERP in a company are: reducing operating costs; improving sales processes; increasing the level of orders fulfillment; improving cash flow; store optimization and more important facilitating the decision making process and knowledge management processes.

  2. Burnout in boiling heat transfer. part I: pool boiling systems

    International Nuclear Information System (INIS)

    Bergles, A.E.

    1977-01-01

    Recent experimental and analytical developments in pool-boiling burnout are reviewed, and results are summarized that clarify the dependence of critical heat flux on heater geometry and fluid properties. New analytical interpretations of burnout are discussed, and the effects of surface condition, aging, acceleration, and transient heating (or cooling) are described. The relation of sound to burnout and new techniques for stabilizing electric heaters at burnout are also considered

  3. Cross-Cultural Adjustment Process of Expatriate Families in a Multinational Organization: A Family System Theory Perspective

    Science.gov (United States)

    Rosenbusch, Katherine

    2010-01-01

    The purpose of this survey based study was to examine whether the characteristics (i.e., flexibility and cohesion) of expatriate families in a multinational corporation as measured by the Family Adaptability and Cohesion Evaluation Scale can predict cross-cultural adjustment of the expatriate (individual level of analysis) and his/her family…

  4. BUSINESS PROCESS MANAGEMENT SYSTEMS TECHNOLOGY COMPONENTS ANALYSIS

    Directory of Open Access Journals (Sweden)

    Andrea Giovanni Spelta

    2007-05-01

    Full Text Available The information technology that supports the implementation of the business process management appproach is called Business Process Management System (BPMS. The main components of the BPMS solution framework are process definition repository, process instances repository, transaction manager, conectors framework, process engine and middleware. In this paper we define and characterize the role and importance of the components of BPMS's framework. The research method adopted was the case study, through the analysis of the implementation of the BPMS solution in an insurance company called Chubb do Brasil. In the case study, the process "Manage Coinsured Events"" is described and characterized, as well as the components of the BPMS solution adopted and implemented by Chubb do Brasil for managing this process.

  5. European project for a multinational macrosectoral model

    Energy Technology Data Exchange (ETDEWEB)

    d' Alcantara, G; Italianer, A

    1984-01-01

    This paper describes the HERMES project, a multinational macrosectoral European econometric modelling effort, sponsored by the Directorates General II (Economic and Financial Affairs), XII (Science, Research and Development), XVII (Energy) and the SOEC. The set-up of the model is sketched against the background of problems of growth, unemployment, inflation, trade balances, government balances and energy policy. Although the definitions of the variables and a complete specification of the model are given in the Appendix, the major features of the model are described extensively in the text. These include private and collective consumption (incl. a consumer demand system), the putty-clay production process, price and wage formation, sectoral bilateral trade flows and integrated energy economy modelling.

  6. Brief considerations on business valuation methods

    Directory of Open Access Journals (Sweden)

    Julio César Riascos Hermoza

    2017-11-01

    Full Text Available Nowadays, determining the value of a business has gained significant importance in academic and business fields, as the understanding of the value of an organization has become a key tool for the management and marketing of a business. Accordingly, numerous methods have been developed in order to perform these kinds of practices. In this article, the most used and current methods in processes of business evaluation are revised, observing their strengths and weaknesses, with the aim of comparing them and determining that the discounted cash flow methods are the most adequate procedures to perform this type of analysis.

  7. Technology transfer by multinationals

    OpenAIRE

    Kostyantyn Zuzik

    2003-01-01

    The paper analyses the issue of technology transfer by multinational corporations. The following questions are explored: (a) world market of technologies, the role of MNCs (b) Choice of the technology transfer mode, Dunning's OLI-theory as a factor of the choice of the mode of transfer (c) measurement and profitability of technology transfer (d) transfer of technology through partnerships, JVs, alliances and through M&As (e) aspects of technology transfer by services multinationals. Paper uti...

  8. An evaluation of thermal-hydrodynamics for condensation pool and piping system

    Energy Technology Data Exchange (ETDEWEB)

    Kwon, Soon Bum; Lee, B. E.; Baek, S. C.; Joo, S. Y.; Lee, D. E.; Woo, S. W. [Kyungpook National Univ., Daegu (Korea, Republic of)

    2003-03-15

    If the steam with high pressure and high temperature at APR-1400 is discharged into IRWST through, the spargers submerged into it to release the pressure of coolant system 10 accident. The shock wave accompanying unsteady flow motion is propagated through the various piping system, it exerts high pressure load on units and may cause the structural problems and severe vibration. From the viewpoint of nuclear power plant safety, The analysis of flow behaviors 10 the IRWST and piping system is essential to achieve the technology for the evaluation of safety. And also he evaluation methods by the analysis of thermal hydrodynamic behaviors through the sparger is established. The results obtained show that the initial shock wave experienced reflection, diffraction and interaction with shock-induced vortex. The time-dependent maximum load exerted on the wall is largest 10 the T-junction, while the smallest 10 the branch. It is found that because there is nearly no change 10 pressure at condensation pool during water clearing, the system appears to be safe. However, calculations of the air clearing for 0.2 second were performed using VOF model to analyze air that coexist with water between load reduction and sparger head. In addition, since actual POSRV opening takes finite time of 1.7 second, it is expected that the flow field will be different from the that of instant opening the valve. Therefore, now the grid generation is proceeded for the case of POSRV opening at finite time of 1.7 second consecutively. The future study alms at flow analysis of POSRV opening at finite time, changing boundary conditions for wall into pressure inlet.

  9. From Traffic Flow to Economic System

    Science.gov (United States)

    Bando, M.

    The optimal velocity model which is applied to traffic flow phenomena explains a spontaneous formation of traffic congestion. We discuss why the model works well in describing both free-flow and congested flow states in a unified way. The essential ingredient is that our model takes account of a sort of time delay in reacting to a given stimulus. This causes instability of many-body system, and yields a kind of phase transition above a certain critical density. Especially there appears a limit cycle on the phase space along which individual vehicle moves, and they show cyclic behavior. Once that we recognize the mechanism the same idea can be applied to a variety of phenomena which show cyclic behavior observed in many-body systems. As an example of such applications, we investigate business cycles commonly observed in economic system. We further discuss a possible origin of a kind of cyclic behavior observed in climate change.

  10. DIMENSIONS OF MULTINATIONAL ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Maria - Ramona SARBU

    2015-11-01

    Full Text Available Capital, creating new jobs, innovation, advanced technologies and the know-how transfer to local firms, human resources with a high level of training, effective management capacity, providing the necessary inputs for the evolution of the activity under the best conditions of efficiency, the access of local consumers to a variety of products and services are the main advantages that multinational enterprises (MNEs bring in the countries where they expand their activities, with a significant impact on economic activities, between national economies. The purpose of this study is the analysis of the main non-financial multinationals in the world, based on the assets held abroad and depending on the transnationality index (TNI in 2013. In order to achieve the purpose of the current paper we employed data from UNCTAD database and the World Investment Report (WIR from 2015. Information on multinationals ranked by foreign assets according to the World Investment Report in 2015 show that, based on the TNI, European multinationals, such as the ones in France, Italy, Germany and Norway, have a higher transnationality index compared to multinationals from larger countries, such as the US and China. Among the top 10 European multinationals, the transnationality index reached an average of 55 % in 2013.

  11. Power Pool of Alberta annual report 2000 : building a market

    International Nuclear Information System (INIS)

    2001-01-01

    As of January 1, 2001, deregulation of the electricity market in Alberta became a reality, and was accompanied by steady growth in demand for electricity combined with other factors that pushed the price of electricity upward. The Power Pool of Alberta ensures that market operations are open and fair. Its mandate, under the Electric Utilities Act, is the overall market surveillance in Alberta's electric industry. It is accomplished by working closely with industry and seeking feedback through four standing committees: Human Resources, Operations, Finance and Audit, and Balancing Pool. The goal for the coming years is to build confidence in the market, whereby consumers are confident about the fairness of the market price for electricity in Alberta, the choices available, and the continued reliability of the electric system in Alberta. The Energy Trading System was explained with information about system control and customer service, and details provided on the consultation and collaboration processes. The financial analysis of the year 2000 was provided, as well as a statement of operation, a balance sheet, and a statement of cash flows. tabs., figs

  12. A study on the effects of banks’ cash management on their share value

    Directory of Open Access Journals (Sweden)

    Syed Behzad Zakaria

    2014-09-01

    Full Text Available Banking industry, which is closely associated with the invention and spread of the money, influences on economic growth and development. The main role of the banking system is to create a saving of deposits and using it in beneficial investments or lending it to different people with various investment purposes. Accordingly, banks play essential role as financial intermediaries and provide necessary funds from investors to borrowers and users. In this regard, appropriate management of cash flows is essential for banks. Cash management is a trade-off between risk and return like what happens in other kinds of managements meaning that improving cash management increases the cash considering the limited amount of resources and eventually increases the share of the financial institution. In this paper, the impact of cash management in Iranian banks on their value of stock in 2011 was examined based on the econometrics model and least-square technique. The results indicate a significant and positive impact of the increase in the cash management index on the banks’ stock value, meaning that a one percent increase in this index will increase 1.1 percent of the banks’ stock value.

  13. Foreign investment multinational companies and economic development

    Directory of Open Access Journals (Sweden)

    Popov Đorđe

    2013-01-01

    Full Text Available There is no universal answer on the question whether foreign investments stimulate economic development. The positive effect of foreign direct investments will follow when the investments is carried out under normal conditions of competition. That means, above all, low barriers for foreign trade and the low level of restrictions for foreign owned companies. In such circumstances, multinational corporations can assist the economies of penetration to make its businesses more efficient. Foreign investors bring with them brand new types of economic activities and in that way shifting the limits of business opportunities in the countries of penetration. But if the investments are implemented in markets protected with protectionist barriers of various kinds, then they could have negative effects. The negative effects are in particularly reflected in the inefficient use of domestic resources. Foreign investments depend on the macro and micro institutional reforms, low inflation, real exchange rate, and reasonably efficient legal system that protects the property rights and encourages savings and investment. The low level of corruption, together with the foregoing conditions is a prerequisite for the creation of a stimulating environment for foreign investments.

  14. Declarative Business Process Modelling and the Generation of ERP Systems

    Science.gov (United States)

    Schultz-Møller, Nicholas Poul; Hølmer, Christian; Hansen, Michael R.

    We present an approach to the construction of Enterprise Resource Planning (ERP) Systems, which is based on the Resources, Events and Agents (REA) ontology. This framework deals with processes involving exchange and flow of resources in a declarative, graphically-based manner describing what the major entities are rather than how they engage in computations. We show how to develop a domain-specific language on the basis of REA, and a tool which automatically can generate running web-applications. A main contribution is a proof-of-concept showing that business-domain experts can generate their own applications without worrying about implementation details.

  15. Matching intelligent systems with business process reengineering

    NARCIS (Netherlands)

    Hart, 't M.W.

    1996-01-01

    According to Venkatraman (1991) five degrees of IT-induced business reconfiguration can be distinguished: (1) localized exploitation of IT, (2) internal integration, (3) business process redesign, (4) business network redesign, and (5) business scope redefinition. On each of these levels, different

  16. Multinational Corporations, FDI and the East Asian Economic Integration

    OpenAIRE

    Tzu-Han YANG; Deng-Shing HUANG

    2011-01-01

    The phenomenon of fast-growing business activities of multinational corporations around the world has generated much interest in understanding its implications for the development of the world economy as well as the relationships among national economies. By analyzing the world's top 2000 firms published by Forbes Magazine (the Forbes Global 2000), this article first investigates the contents and structural evolution of these giant multinational firms and their relationship with national fore...

  17. Modeling learning technology systems as business systems

    NARCIS (Netherlands)

    Avgeriou, Paris; Retalis, Symeon; Papaspyrou, Nikolaos

    2003-01-01

    The design of Learning Technology Systems, and the Software Systems that support them, is largely conducted on an intuitive, ad hoc basis, thus resulting in inefficient systems that defectively support the learning process. There is now justifiable, increasing effort in formalizing the engineering

  18. Fuzzy pool balance: An algorithm to achieve a two dimensional balance in distribute storage systems

    International Nuclear Information System (INIS)

    Wu, Wenjing; Chen, Gang

    2014-01-01

    The limitation of scheduling modules and the gradual addition of disk pools in distributed storage systems often result in imbalances among their disk pools in terms of both disk usage and file count. This can cause various problems to the storage system such as single point of failure, low system throughput and imbalanced resource utilization and system loads. An algorithm named Fuzzy Pool Balance (FPB) is proposed here to solve this problem. The input of FPB is the current file distribution among disk pools and the output is a file migration plan indicating what files are to be migrated to which pools. FPB uses an array to classify the files by their sizes. The file classification array is dynamically calculated with a defined threshold named T max that defines the allowed pool disk usage deviations. File classification is the basis of file migration. FPB also defines the Immigration Pool (IP) and Emigration Pool (EP) according to the pool disk usage and File Quantity Ratio (FQR) that indicates the percentage of each category of files in each disk pool, so files with higher FQR in an EP will be migrated to IP(s) with a lower FQR of this file category. To verify this algorithm, we implemented FPB on an ATLAS Tier2 dCache production system. The results show that FPB can achieve a very good balance in both free space and file counts, and adjusting the threshold value T max and the correction factor to the average FQR can achieve a tradeoff between free space and file count.

  19. Evaluation on the thermal-hydraulic behavior of condensation pool and piping system

    Energy Technology Data Exchange (ETDEWEB)

    Kwon, Soon Bum; Lee, B. E.; Baek, S. C.; Joo, S. Y.; Lee, D. E.; Woo, S. W. [Kyungpook National Univ., Daegu (Korea, Republic of)

    2002-03-15

    The In-containment Refueling Water Storage Tank (IRWST) has the function of heat sink, when steam is released from the pressurizer. The hydrodynamic behaviors occurring at the piping system and sparger are very complex because of the wide variety of operating conditions and the complex geometry. Hydrodynamic behavior when air is discharged through a sparger in a condensation pool is investigated using CFD techniques in the present study. The effect of pressure acting on the sparger header during both water and air discharge through the sparger is studied. In addition, pressure oscillation occurring in the IRWST during air discharge through the sparger is studied for a better understanding of mechanisms of air discharge md an advanced evaluation technology of reactor safety. Understanding of flow behaviors occurring m the various types of pipes when POSRV is opened are also very important because those are very complex and may damage the structures of reactor coolant system. The principle of shock tube has been applied to analyze flow behaviors occurring in the piping system and several important phenomena which can be used for the evaluation of nuclear reactor safety has been obtained.

  20. Techniques for Improving Cash Management.

    Science.gov (United States)

    Lykins, Ronald G.

    1973-01-01

    This article deals with several techniques for regulating cash inflow and outflow and investing surplus cash for short periods of time. The techniques are: (1) consolidating checking accounts, (2) determining surplus cash by examining bank balances in conjunction with the cash book, (3) selecting a minimum bank balance, (4) investing a greater…

  1. Data management strategies for multinational large-scale systems biology projects.

    Science.gov (United States)

    Wruck, Wasco; Peuker, Martin; Regenbrecht, Christian R A

    2014-01-01

    Good accessibility of publicly funded research data is essential to secure an open scientific system and eventually becomes mandatory [Wellcome Trust will Penalise Scientists Who Don't Embrace Open Access. The Guardian 2012]. By the use of high-throughput methods in many research areas from physics to systems biology, large data collections are increasingly important as raw material for research. Here, we present strategies worked out by international and national institutions targeting open access to publicly funded research data via incentives or obligations to share data. Funding organizations such as the British Wellcome Trust therefore have developed data sharing policies and request commitment to data management and sharing in grant applications. Increased citation rates are a profound argument for sharing publication data. Pre-publication sharing might be rewarded by a data citation credit system via digital object identifiers (DOIs) which have initially been in use for data objects. Besides policies and incentives, good practice in data management is indispensable. However, appropriate systems for data management of large-scale projects for example in systems biology are hard to find. Here, we give an overview of a selection of open-source data management systems proved to be employed successfully in large-scale projects.

  2. Evaluation of business intelligence system usability

    OpenAIRE

    Poropat, Elvis

    2014-01-01

    The reality in businesses nowadays is the easy access to big amount of data that is being transferred into information. Reliable and useful information provide a competitive advantage in turbulent waters on all fields of business activities. Information is the foundation for all important business decisions. That means that on the informational foundation entire business structure is based. Information is needed at each stage of business operations, from enterprise’s entrance into the market,...

  3. Development of Barnwell as a multinational demonstration facility

    International Nuclear Information System (INIS)

    Colby, L.J. Jr.

    1977-01-01

    The author takes an existing private business venture (Barnwell) with its assets of facilities, personnel, technology and domestic business commitments (past, present, and future) and develops a role for it which will be compatible with the advancement of multinational reprocessing facilities under international control

  4. Intelligent transportation systems business plan for Kentucky : final report.

    Science.gov (United States)

    2001-09-01

    This report presents a Business Plan for Intelligent Transportation Systems (ITS) in Kentucky. The purpose of the Business Plan is to define ITS projects that are planned for implementation from 2002 through 2007. The list of projects contained withi...

  5. Get with the System: General Systems Theory for Business Officials.

    Science.gov (United States)

    Graczyk, Sandra L.

    1993-01-01

    An introduction to general systems theory and an overview of vocabulary and concepts are presented to introduce school business officials to systems thinking and to foster its use as an analytical tool. The theory is then used to analyze a sample problem: planning changes to a district's administrative computer system. (eight references) (MLF)

  6. Nanobiotechnologies in the System of Farm Animals' Gene Pool Preservation

    Science.gov (United States)

    Kovtun, S. I.; Galagan, N. P.; Shcherbak, O. V.; Klymenko, N. Y.; Osypchuk, O. S.

    It has been determined that sperm viability and mobility upon long storage in liquid nitrogen is being reduced. This issue is relevant for gene pool objects' preservation and for reproductive medicine. The use of nanomaterials (NM) in reproductive biotechnology can expand to the methodology of the rational gene pool preservation technology, especially of valuable biomaterial. Use of nanoparticles, based on ultrafine silica (UFS) with different agents located on its surface gives a positive effect on the thawed sperm mobility, increasing its activity and survival rate and leading to increased fertilization ability. After thawing, the sperm of bulls had an average activity level of 47 %. This activity index of gametes in control was being maintained for 30 min. In the experimental groups after 30 min, the most active gametes were those with UFS + sucrose (52 %). A lower activity compared with the control and UFS + sucrose had gametes with UFS + D-galactosamine. Sperm activity with UFS + D-galactosamine decreased by 14 % compared with the control and by 19 % compared to the UFS + sucrose. So, the feasibility of adding NM with UFS + sucrose at a concentration of 0.001 % to thawed bull sperm that has been cryopreserved for a long time was proved.

  7. Organizational capabilities and bottom line performance : The relationship between organizational architecture and strategic performance of business units in Dutch headquartered multinationals

    NARCIS (Netherlands)

    Eikelenboom, B.L.

    2005-01-01

    This study addresses a key question in business: do organizational capabilities relate to bottom line performance? It is a hard struggle to assess intangible, organizational capabilities, but due to web-based technology, serious advances have been made to measure organizational architecture, a

  8. OVERVIEW OF THE STATE OF CORPORATE SOCIAL RESPONSIBILITY WITHIN MULTINATIONAL COMPANIES

    Directory of Open Access Journals (Sweden)

    CODRUŢA DURA

    2012-12-01

    Full Text Available In the near future, multinational companies should play a crucial role in supporting and developing a responsible corporate behavior from social, as well as ecological point of view, within the globalization framework. Thus, the process of globalization and liberalization of markets, of goods and services, must be accompanied by the real progress towards an effective system of global governance, with its own social and environmental dimensions. The paper dwells upon the diagnosis of the current state of corporate social responsibility within the international business environment, substantiated on the basis of a study carried out in 2010 by the American scientific and professional organization Business for Social Responsibility (BSR.

  9. A Multicase Study: Exploring Human Resource Information System Implementation and Utilization in Multinational Corporations in Kenya

    Science.gov (United States)

    Nzyoka Yongo, Cyd W.

    2016-01-01

    Implementation and utilization of human resource information system (HRIS) though a very desirable prospect for many organizations, still remains a daunting task for many. This has been daunting because of prohibitive costs, security risks, top management resistance, employee attitudes, and so forth. Trends globally show that, organizations that…

  10. Establishment of nuclear business management system

    International Nuclear Information System (INIS)

    Ahn, Jong Hwan; Cho, Suk Hong; Oh, Du Sub; Kim, Sung Ki; Choi, Young Lok; Kim, Hwa Sup; Jun, Sang Jin; Yoon, Hyung Mo; Park, Jae Hong; Song, Tae Gil

    1991-01-01

    For the formulation of the technology development strategies the nuclear core technology, environmental analysis has been performed in four aspects: ecological environment, energy economy, nuclear policy and R and D environment. After analyzing the environment and identifying the opportunities and threats from the environment, the strategies on individual and organizational level have been developed for both of the short-term and long-term periods. For the betterment of nuclear business management, the management information system, management by objective and the mechanism for the enhancement of negotiation power in the international agreement have been studied. (Author)

  11. The influence of pool geometry and induced flow patterns in rock scour by high-velocity plunging jets

    OpenAIRE

    Almeida Manso, Pedro Filipe de; Schleiss, Anton

    2007-01-01

    The dissipation of energy of flood discharges from water releasing structures of dams is often done by plunging jets diffusing in water and impacting on the riverbed downstream. The construction of expensive concrete structures for energy dissipation can be avoided but the assessment of the scour evolution is mandatory for dam safety. The scour growth rate and shape depend on the riverbed geology. The geometry of scour may influence the turbulent flow pattern in the pool, the dynamic loadings...

  12. Multinational teams in European and American companies

    OpenAIRE

    Numic, Aida

    2007-01-01

    Incorporating team context into research and practice concerning team effectiveness in multinational organizations still remains an ongoing challenge. The purpose of this dissertation was to explore the influence of industry, corporate culture, structure, strategy and task characteristics on MNTs in business organizations and to develop a more comprehensive framework connecting the internal dynamics with contextual aspects of MNTs functioning in companies in Europe and the USA. The study was ...

  13. How Subsidiaries Gain Power in Multinational Corporations

    DEFF Research Database (Denmark)

    Mudambi, Ram; Pedersen, Torben; Andersson, Ulf

    2014-01-01

    in multinational firms. Data collected from 2107 foreign-owned subsidiaries in seven European countries is used to test the hypotheses. The results indicate that mutual dependence and dependence imbalance provide strong explanations for subsidiary power. Furthermore, subsidiary power over strategic decisions...... in the MNC is gained through functional power, notably the possession of technological, rather than business-related, power or by the possession of both as they reinforce each other in strengthening the subsidiary's strategic power in the MNC network...

  14. Horizontal Multinational Firms, Vertical Multinational Firms and Domestic Investment

    NARCIS (Netherlands)

    J. Emami Namini (Julian); H.P.G. Pennings (Enrico)

    2009-01-01

    textabstractWe build a dynamic general equilibrium model with 2 countries, horizontal and vertical multinational activity and endogenous domestic and foreign investment. It is found that horizontal multinational activity always leads to a complementary relationship between domestic and foreign

  15. Information flow security for business process models - just one click away

    NARCIS (Netherlands)

    Lehmann, A.; Fahland, D.; Lohmann, N.; Moser, S.

    2012-01-01

    When outsourcing tasks of a business process to a third party, information flow security becomes a critical issue. In particular implicit information leaks are an intriguing problem. Given a business process one could ask whether the execution of a confidential task is kept secret to a third party

  16. Business groups, financing constraints, and investment : the case of India

    NARCIS (Netherlands)

    Gangopadhyay, Shubashis; Lensink, Robert; Molen, Remco van der

    2002-01-01

    Abstract We examine the effect of business group affiliation on corporate investment behavior in India. We use a data set containing 684 Indian listed companies for the 1989-1997 period. We estimate a simple investment equation and find evidence that cash flow has a positive effect on investment

  17. The Determinants and Implications of Corporate Cash Holdings

    OpenAIRE

    Tim Opler; Lee Pinkowitz; Rene Stulz; Rohan Williamson

    1997-01-01

    We examine the determinants and implications of holdings of cash and marketable" securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growth" opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firms" that have the greatest access to the capital markets (e.g. large firms and those with credit" ratings) tend to hold lower ratios of cash to total assets. These results are consistent with the" view that firms hold liquid assets...

  18. Radiological performance of hot water layer system in open pool type reactor

    Directory of Open Access Journals (Sweden)

    Amr Abdelhady

    2013-06-01

    Full Text Available The paper presents the calculated dose rate carried out by using MicroShield code to show the importance of hot water layer system (HWL in 22 MW open pool type reactor from the radiation protection safety point of view. The paper presents the dose rate profiles over the pool surface in normal and abnormal operations of HWL system. The results show that, in case of losing the hot water layer effect, the radiation dose rate profiles over the pool surface will increase from values lower than the worker permissible dose limits to values very higher than the permissible dose limits.

  19. Radiological performance of hot water layer system in open pool type reactor

    OpenAIRE

    Amr Abdelhady

    2013-01-01

    The paper presents the calculated dose rate carried out by using MicroShield code to show the importance of hot water layer system (HWL) in 22 MW open pool type reactor from the radiation protection safety point of view. The paper presents the dose rate profiles over the pool surface in normal and abnormal operations of HWL system. The results show that, in case of losing the hot water layer effect, the radiation dose rate profiles over the pool surface will increase from values lower than th...

  20. Clean-up system for pool water in pressure suppression chamber and operation method therefor

    Energy Technology Data Exchange (ETDEWEB)

    Hirabayashi, Kentaro; Kinoshita, Shoichiro

    1996-09-17

    Pool water in a pressure suppression chamber of a BWR type reactor is sucked by a pump of an after-heat removing system. The pool water pressurized here is sent to the pressure suppression chamber by way of a heat exchanger and a test line backwarding pipeline to stir the pool water in the pressure suppression chamber. Further, the pool water pressurized by the pump is sent to the pressure suppression chamber by way of a filtration desalting device and an exit pipe to purify the pool water. Upon cleaning of pipelines before the start of a periodical test, the pool water sucked by the pump is sent to the filtration desalting device and recovered to the pressure suppression chamber. This can reduce the amount of impurities carried to the suppression chamber. After the cleaning of the pipelines, pool water is passed through the test line backwarding pipeline, so that the pool water can be stirred at the same time. (I.N.)