WorldWideScience

Sample records for lithuanian listed companies

  1. Information disclosure in corporate social responsibility reports. The case of Lithuanian companies

    Directory of Open Access Journals (Sweden)

    Sviesa Leitoniene

    2016-09-01

    Full Text Available Though the phenomenon of corporate social responsibility (CSR is closely scrutinized in studies of both Lithuanian and foreign scholars, the problem is the quality of social information disclosed in social re-sponsibility reports. The objective of this article is to analyse the quality of disclosed information in CRS reports of Lithuanian companies. The characteristics of quality of information were comparability, relia-bility, objectivity and sustainability. The research demonstrated that in Lithuania, CSR reports provide unreliable information, which is only partly comparable and objective, however, relatively sustainable.

  2. Information disclosure in corporate social responsibility reports. The case of Lithuanian companies

    Directory of Open Access Journals (Sweden)

    Sviesa Leitoniene

    2016-09-01

    Full Text Available Though the phenomenon of corporate social responsibility (CSR is closely scrutinized in studies of both Lithuanian and foreign scholars, the problem is the quality of social information disclosed in social re- sponsibility reports. The objective of this article is to analyse the quality of disclosed information in CRS reports of Lithuanian companies. The characteristics of quality of information were comparability, relia- bility, objectivity and sustainability. The research demonstrated that in Lithuania, CSR reports provide unreliable information, which is only partly comparable and objective, however, relatively sustainable.

  3. Oil Companies Climb Global List

    Institute of Scientific and Technical Information of China (English)

    JESSY ZHANG

    2006-01-01

    @@ Backed by the huge market size,China's energy companies have been ranked in the group of the world's largest industry players. On September 6th,eight companies from the Chinese mainland and six companies from Hong Kong SAR were included in this year's Platts Top 250 Energy Companies List.

  4. The Impact of capital structure on the performance efficiency of Baltic listed companies

    OpenAIRE

    Norvaišienė, Rasa

    2012-01-01

    The capital structure can influence the behavior of the company as well as its performance results and its value. However, the effect can be quite different. The financial indicators of Lithuanian, Latvian and Estonian listed companies published in their annual reports have been used in order to investigate the impact of capital structure on performance efficiency of the companies. The research included data of only non-financial companies, because the capital structure of financial instituti...

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

    Directory of Open Access Journals (Sweden)

    Cernius Gintaras

    2016-03-01

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

  6. Lithuanian Astronomy

    Science.gov (United States)

    Sudzius, J.; Murdin, P.

    2002-01-01

    Lithuanian folklore, archaic calendars and terminology show that Lithuanians were interested in astronomy from ancient times. A lot of celestial bodies have names of Lithuanian origin that are not related to widely accepted ancient Greek mythology. For example, the Milky Way is named `Pauksciu Takas' (literally the way of birds), the constellation of the Great Bear `Didieji Grizulo Ratai' (literal...

  7. Shareholders' Fundamental Rights in Listed Companies

    DEFF Research Database (Denmark)

    Werlauff, Erik

    2017-01-01

    There can be no reasonable doubt that the EU’s initiatives in the field of shareholders’ fundamental rights in listed companies are among the successful, relevant and necessary provisions under EU corporate and stock exchange law. This also holds true for the main Directive 2007/36. When consider......There can be no reasonable doubt that the EU’s initiatives in the field of shareholders’ fundamental rights in listed companies are among the successful, relevant and necessary provisions under EU corporate and stock exchange law. This also holds true for the main Directive 2007/36. When...... considering the whole spirit and idea of the EU and its competences, the field of basic shareholders’ rights, including cross-border shareholding, is to be regarded as a welcome initiative that has facilitated the exercise of fundamental rights also in cross-border shareholding. The success is further...... emphasized by the fact that some countries, including Denmark, have regarded a number of the fundamental rights vested in the directive as being so well formulated that the countries have chosen to gold-plate their own legislation by introducing rights which are similar to those in the directive also for non...

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

    DEFF Research Database (Denmark)

    Clausen, Nis Jul

    2011-01-01

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

  9. Application of Customer Relationship Management Systems in Lithuanian Mobile Telecommunications Companies

    Directory of Open Access Journals (Sweden)

    Laura Uturytė-Vrubliauskienė

    2013-04-01

    Full Text Available Global investments in information technologies are constantly growing as the result of quick changes in technologies, globalization process, accelerating pace of life and increase in the importance of information to the modern society. Thus, the latest information technologies and systems are emphasized as one of the most important features of competitive ability of an organisation. As information technologies are getting more and more important in determining the advantage of a company in the business world, CEOs of organisations should pay more attention to implementation of systems that contribute to operational capacity of the entire organisation. In order to ensure success of an organisation, it is important to look for new investment solutions helping companies to develop individualized and differentiated ways of interaction with customers, ensuring their loyalty and allowing to maintain competitiveness in the market. More and more often, customer relationship management systems are chosen to achieve these aims. These systems are applied for business to efficiently manage relations with customers of a company; they help increasing the benefit obtained by every supplier or customer to the maximum and improving the results of the entire activity. Due to the increase in the number of organisations implementing customer relationship management systems (CRM, it is becoming important to study and evaluate these technologies and their influence. This would help to better understand the present problems related with customer relationship management (CRM systems.

  10. The Dividend Payment Policies of Selected Listed Companies in ...

    African Journals Online (AJOL)

    The Dividend Payment Policies of Selected Listed Companies in Botswana. ... an optimal dividend policy is important because of the effect of its information on outsiders ... on the firm's capital structure, investment opportunities and stock price.

  11. Corporate governance of non-listed companies

    NARCIS (Netherlands)

    McCahery, J.A.; Vermeulen, E.P.M.

    2008-01-01

    Studies of corporate governance traditionally focus on the governance problems of large publicly held firms, and policymakers' recommendations often focus on such firms. However most small firms, and in many countries, even many large companies, are closely held. This book provides a comprehensive

  12. 31 CFR 223.16 - List of certificate holding companies.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false List of certificate holding companies. 223.16 Section 223.16 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE SURETY COMPANIES DOING BUSINESS...

  13. The impact of IFRS on ratios of listed and new listed companies of Athens Exchange

    Directory of Open Access Journals (Sweden)

    Balios Dimitrios

    2013-07-01

    Full Text Available In this study we are researching the effect of the implementation of International Financial Reporting Standards (IFRS on financial ratios of listed companies of Athens Exchange (AE. Emphasis is given to the differences between Greek Accounting Standards (GAS and IFRS and their impact on the calculation of financial ratios which are based on financial statements prepared in accordance with the first or the second accounting standard. Therefore, the study was applied to two samples of companies. The first sample includes companies that have been listed in AE for years and the second sample includes companies that have recently been listed in AE. Considering the particular characteristics of each group of companies, we are examining the probability of quantitative differentiations in financial ratios due to the transition from the one accounting standard to the other. The results of the research results showed that both samples of companies, when not influenced by other factors, do not have significant differences in their behavior.

  14. Corporate Failure Prediction of Public Listed Companies in Malaysia

    Directory of Open Access Journals (Sweden)

    Qaiser Rafique Yasser

    2015-02-01

    Full Text Available This paper aims to extent the prediction model of financial distress among Malaysian public listed companies from period 2006 to 2010. Altman Z-Score Models was used to identify classification on three main zones which are safe, grey or distress zone. The results specify that 56 % of listed companies were classified as ‘distress zone’, 24 % are known as ‘grey zone’ while 20 % are classified in ‘safe zone’. Two likely to fail companies was correctly predict at distress zone which Z-Score was lower than 1.81. Moreover, the findings show most of the companies were facing financial distress during global financial crisis on 2008. Industrial transportation and industrial engineering sectors are generally classified as ‘safe zone’ while food and staplers retailing, real estate investment and services and industrial metals and mining sectors are classified as ‘distress zone’.

  15. CORPORATE GOVERNANCE- A TRANSPARENCY INDEX FOR THE ROMANIAN LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Cuc Sunhilde

    2009-05-01

    Full Text Available The purpose of this research is to analyze the corporate governance information disclosed by Romanian listed companies on the internet, with the objective of assessing the extent and the influence of several corporate characteristics on the level of infor

  16. Determinants of corporate dividend policy: evidence from romanian listed companies

    Directory of Open Access Journals (Sweden)

    Cristea Ciprian

    2017-01-01

    Full Text Available Although there is a vast literature that has investigated the dividend policies of firms from developed countries, relatively little research has been published exploring the dividend policies of firms from emerging countries. The literature regarding establishing the relationship between dividend policy and the attributes of non-financial companies listed on Romanian stock market, to the best of our knowledge, remains inexistent. The aim of this study is to identify the main factors influencing dividend policy for the non-financial companies listed on the Bucharest Stock Exchange for a period of ten years from 2007 to 2016. In order to achieve this aim, panel data were collected from the listed companies’ reports and financial statements. The study reveals that dividend policy is positively related to corporate profitability and liquidity and negatively associated with leverage, size, growth, and the state of the economy.

  17. Board characteristics: An empirical study of listed companies in Malaysia

    Directory of Open Access Journals (Sweden)

    Cyril Ponnu

    2008-01-01

    Full Text Available This paper investigates five important characteristics of board committee members of various committees in public listed companies in Malaysia. The five characteristics include director type, tenure, age, internal activity and external activity. Sample of 111 listed companies were collected using simple random five sampling of the annual reports based on financial year 2005 posted online. Sample includes 6 committees with the highest frequency of occurrences – audit, remuneration, nomination, stock option, risk management and executive. Data collected was analyzed using tests of correlation, analysis of variance and regression. The results, however, do not support the hypothesis that members of committees tend to be non-executive directors, older, have longer tenure and show greater evidence of internal and external activities.

  18. Roles of board of directors: Evidence from Malaysian listed companies

    Directory of Open Access Journals (Sweden)

    Hasnah Kamardin

    2009-01-01

    Full Text Available This study examines the extent of roles played by the board of directors (BOD in Malaysian listed companies and the significant differences on the roles based on the company characteristics and board characteristics: firm size, leverage, growth, firm performance (ROA, family controlled companies, and CEO duality. Data are gathered from two sources whereby questionnaires are used to ascertain the extent of BOD participation in the board roles in the financial year 2006 and companies’ annual reports are used to gather financial and board data. Using a sample of 112 companies, descriptive analysis shows that BOD mostly performs greater monitoring roles, other than performance evaluation. Strategy roles focus more on reviewing company’s strategic plan and defining company’s vision. Outside directors are required to focus on protecting shareholders’ interests, provide a balanced view, and have strategic thinking capabilities. The results of t-test analysis indicate that to some extent the roles played by the BOD are significantly different in terms of firm size, firm performance and family companies. The results have some implications to the corporate governance practices.

  19. Board quality and the performance of Indonesian listed companies.

    Directory of Open Access Journals (Sweden)

    Shamharir Abidin

    2011-01-01

    Full Text Available This paper provides an analysis on the effect of board quality on company performance. Using a sample of 133 companies listed on the Jakarta Stock Exchange in the year 2007, this study specifically examines whether multiple directorships, director shareholding and board independence (i.e. proxies for board quality can be associated with company financial performance. This study also investigates the effect of audit committee characteristics (as proxied by audit committee independence and financial expertise on company performance, while controlling for the effects of leverage and size. With regard to board quality, the results indicate that only board independence is found to be associated with performance, though in the opposite direction. The direction of influence suggests that having too many independent directors (i.e. non-executive might slow down the business as they might have a lack of detailed knowledge about the company’s business, and are more concerned about their gatekeeper role. As expected, leverage and size are found to have a significant influence on company performance.

  20. Capital structure and profitability. A case of JSE Listed Companies.

    Directory of Open Access Journals (Sweden)

    Faith Mashavave

    2015-03-01

    Full Text Available The research aims to find out the relationship between capital structure and profitability focusing on firms listed on the Johannesburg stock exchange in South Africa. Past research on this topic excluded the Johannesburg Stock Exchange listed firms. The research results will be useful to the business people in South Africa because it will be more in line with the South African economic status and thus relevant. From the graphs and tables of the companies analyzed, it appears there is no relationship between the capital structure and profitability. The fluctuations in the debt/equity ratio and profitability ratio are so severe to such an extent that no meaningful conclusion regarding the relationship between capital structure and profitability can be made. The outcomes are haphazard there is no uniformity and consistence on the outcomes. Other hindrances to the relationship between capital structure and profitability were also discovered and these were attributed to the environmental factors of the company such as economic, political, and social and all other external forces that companies under study were exposed to.

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

    Science.gov (United States)

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

    2017-10-01

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

  2. The Corporate Governance of Australian Listed Construction Companies

    Directory of Open Access Journals (Sweden)

    Patrick Tait

    2012-11-01

    Full Text Available This paper compares the compliance level of Australian StockExchange (ASX listed construction and non-constructioncompanies with the ASX Corporate Governance Council (CGCrecommendations on sound corporate governance. It alsoexamines the difference in board characteristics between thetwo groups, paying particular attention to differences in boardindependence. It concludes that compared with the top 20 ASXlisted non-construction companies, listed construction companiesare less compliant overall particularly with regards to boardstructure, and have lower levels of independence both in terms ofCEO/Chairperson duality, the ratio of executive to non-executiveindependent directors and independent membership of nomination,remuneration and audit committees. These conclusions areimportant because sound corporate governance has beenassociated with higher levels of organisational resilience derivedfrom the reputational and fi nancial benefi ts of greater transparency,market value, investor attractiveness and organisationalperformance.

  3. Economic benefits analysis of listed companies in radiation processing

    International Nuclear Information System (INIS)

    Zhang Yingming; Xu Tao; Zhang Yue; Yang Bin; Zhao Wenying

    2012-01-01

    Radiation processing industry is an important part of civilian nuclear technology and develop rapidly during the past decade. Radiation modification of new materials industries use new technology to promote new product development and application and get good economic benefit. There are problems and bottlenecks during the development, such as how to implement the guideline of optimize the industrial structure and upgrade the product, and adapt the market develop law and need. By analysing the typical listed companies in this field together with the domestic economic development condition and future situation, we give the development strategy and method in the future. (authors)

  4. Ownership, Managerial Control and the Governance of Companies Listed on the Brussels Stock Exchange

    NARCIS (Netherlands)

    Renneboog, L.D.R.

    1999-01-01

    This paper examines how corporate control is exerted in companies listed on the Brussels Stock Exchange. There are several alternative corporate governance mechanisms which may play a role in disciplining poorly performing management: blockholders (holding companies, industrial companies, families

  5. ENVIRONMENTAL REPORTING AND CORPORATE GOVERANANCE FOR FTSE 100 LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    IENCIU IONEL-ALIN

    2012-12-01

    Full Text Available Because environmental information reporting remains voluntary on an international scale, there are major difference in terms of quality and quantity of environmental information, reported by entities from varied sectors and countries. Within this study, I have focused on internal characteristics, consisting mainly in how the entity is managed, in order to identify the existence of certain associations between the characteristics of corporate governance and the existence of environmental reporting. The literature in the field suggests various results related to the correspondence between corporate governance characteristics and environmental reporting. Within the factors suggested by the literature are the board structure, presence of the board committee, the separation between the Chairman of the Board and the Chief Executive Officer, shareholder structure. The paper represent an empirical analyze on how corporate governance characteristics might explain the level of environmental reporting. I suggest a model comprising corporate governance characteristics like: board independence, board size, existence of a Social Responsibility Committee that could explain environmental reporting. The sample comprises 48 companies listed at London Stock Exchange FTSE 100. From FTSE 100 I select only the companies that activates in sectors of activity that may have an impact on the environment such as Aerospace & Defence, Automobiles & Parts, Beverages, Chemicals, Electricity, Food & Drug Retailers, Food Producers, Gas, Water & Multiutilities, General Industrials, Health Care Equipment & Services, Household Goods, Industrial Engineering, Mining, Oil & Gas Producers, Oil Equipment, Services & Distribution, Personal Goods, Pharmaceuticals & Biotechnology, Tobacco. My results show that, from the point of view of the London Stock Exchange FTSE 100 listed companies, the presence of an environmental committee in the board help reduce the conflict of interests between

  6. Timeliness of earnings reported by Romanian listed companies

    Directory of Open Access Journals (Sweden)

    Mihai Carp

    2018-03-01

    Full Text Available The paper aims to analyze the quality of financial information, by assessing the timeliness of earnings, using information specific to non-financial companies listed on the regulated section of Bucharest Stock Exchange. The study also seeks to assess the symmetry of actions for the timely recognition of potential gains and losses (components of the economic income and, if there is an asymmetry, to identify the sense of the temporary gap. The phenomenon is analysed in conjunction with a number of control factors such as the Romanian Accounting Standards (RAS, the International Financial Reporting Standards (IFRS, the degree of indebtedness or the entities’ field of activity. Quantitative analysis performed through econometric models consecrated in the field, such as Basu (1997 and Ball and Shivakumar (2005, reveals that the companies included in the study provide financial information that meets the qualitatively criterion assessed, respectively earnings timeliness. Deepening the analysis has made it possible to identify a timely recognition both for unrealised gains and potential losses, as a result of tests carried out on the whole sample, an advance in what concerns the inclusion of economic lose in the accounting income compared to the recognition of economic gains. The presence of disjunctive factors in the analysis generated a number of particular results. In the case of normally indebted companies that apply the IFRS, a timely recognition of economic gains and losses was noted, without the gap specific to conservatism.

  7. Public Accounting Firm Switching on the Companies Listed in IDX

    Directory of Open Access Journals (Sweden)

    Nurul Nurul

    2017-03-01

    Full Text Available The purpose of this study is to determine the probability of the changes of upgrade, downgrade, and same grade public accounting firms predicted by prior audit opinion, growth rate of the client, public ownership and financial distress. The population in this study is manufacturing companies listed in Indonesia Stock Exchange for year of 2010-2015 which consist of 144 companies. The sampling technique is a purposive sampling method which results for 24 companies. Analysis method uses descriptive statistics and multinomial logistic regression analysis. The results of this study showed that the variables of prior audit opinion, growth rate of client, and financial distress could predict the probability of the changes of upgrade, downgrade and same grade public accounting firms. Meanwhile, public ownership variable could not predict the probability of the changes of upgrade, downgrade and same grade public accounting firms. It can be concluded that to predict the change of public accountant office can be performed by paying attention to prior audit opinion, clients growth rate, and financial distress.

  8. Stock Options Economic Determinants of Brazilian Listed Companies

    Directory of Open Access Journals (Sweden)

    Isaac Gezer Silva de Oliveira

    2018-01-01

    Full Text Available It aim to identify the economic determinants that influence the use of stock options plans in Brazilian public companies listed on the Brazilian Securities, Commodities, and Futures Exchange (BM&FBovespa. Theoretically, the study relies on agency theory and corporate governance and executive compensation body of knowledge. Four research hypotheses were drawn concerning financial performance and corporate value; indebtedness; ownership concentration; and size. The sample was comprised of 100 companies with greater liquidity shares and volume for six years (from 2010 to2015.Data were examined from the logistic regression panel. The results lead to the rejection of the first and the fourth hypo the sesindicating, in the case of H1, that the higher financial performance the lower is probability of use stock options and, in the case of H4, that the higher size is related the lower is probability of use of stock options in their incentive plans for executives. The third hypothesis (H3 was not rejected, indicating that the ownership concentration relates negatively with the use of stock options. Regarding the second hypothesis (H2, the results did not present statistical significance indicating the absence of a relationship between indebtedness and the use of stock options. As a summary of the results it was found that the use of stock options tend to be used by lower companies, with lower ownership concentration and lower financial performance.

  9. Monitoring mechanisms and financial distress of public listed companies in Malaysia

    OpenAIRE

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

    2017-01-01

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

  10. Company performance and reputation risk in state-owned italian listed companies

    Directory of Open Access Journals (Sweden)

    Iacopo Cavallini

    2017-12-01

    Full Text Available The relationship between ownership structure (private vs State-owned and company performance has been deeply analyzed by scholars and practitioners. Prior studies found mixed results about this topic; some scholars demonstrated that private firms perform better than State-Owned Enterprises (SOEs and others came to opposite or undefined results. Further, during the global financial crisis, this topic gained relevance. To our best knowledge, Italian framework suffers of a lack of these studies and, in particular, no ones focused on the level of reputation risk in both SOEs and private firms. Aim of this paper is to analyse the difference in the performance and in the reputation risk between Italian SOEs and private firms. To do so we performed a t-test analysis on a sample of 18 State-owned listed firms and 212 private listed firms. Our empirical results found that SOEs have higher ROE and higher Cash flow/sales, but a lower Tobins’ Q than private firms. Further, no statistically significant differences in the reputation risk have been found; therefore financial analysts do not perceive any difference in the reputation risk between private and SOEs. Our results can help practitioners and policy-makers in making investment decisions and choices about the privatization process

  11. Are listed property companies in Sweden ready for fair value accounting?  

    OpenAIRE

    Muyingo, Henry

    2002-01-01

    The aim of this Masters thesis has been to find out if, and how, listed Swedish property companies have prepared themselves for the regulation passed by the European Parliament that requires all EU companies listed in a regulated market as well as companies preparing admission to trading, at the latest from 2005 onwards, to prepare their consolidated financial statements in accordance with a single set of accounting standards, International Accounting Standards (IAS). The thesis work has been...

  12. Fiscal Aggressiveness: A comparison between companies listed on the NYSE and BM&FBOVESPA1

    Directory of Open Access Journals (Sweden)

    Risolene Alves de Macena Araújo

    2018-01-01

    Full Text Available Actions aimed at reducing corporate taxes through aggressive tax activities are becoming an increasingly common feature of the organizational environment in many countries around the world. In view of this, the objective of this work was to verify that the companies listed on the New York Stock Exchange (NYSE are less aggressive fiscally than companies listed on the São Paulo Stock Exchange(BM&FBOVESPA. The analysis period was from 2010 to 2014. To achieve this goal, the aggressive fiscal proxies were based on the study of Chen et al. (2010: effective rate of tax (ETR and difference between accounting profit and taxable profit (BTD. Regression techniques were used OLS Regression and Quantile regression for a sample of 501 companies, being 107 companies listed on the BM&FBOVESPA and 394 listed on the New York Stock Exchange (NYSE. The results showed that the NYSE companies are less aggressive fiscally than companies listed on the BM&FBOVESPA,  except in the upper quantile (quantile 90 relating to the ETR, in which companies the NYSE showed lower ETR than companies of BM&FBOVESPA, suggesting greater fiscal aggression of these companies.

  13. 77 FR 38796 - Alabama Power Company; Holt Hydroelectric Project; Notice of Revised Restricted Service List for...

    Science.gov (United States)

    2012-06-29

    ... Power Company; Holt Hydroelectric Project; Notice of Revised Restricted Service List for a Programmatic... Hydroelectric Project No. 2203. The programmatic agreement, when executed by the Commission, the Alabama SHPO...

  14. DO LISTED COMPANIES IN PSE MEET IFRS DISCLOSURE REQUIREMENTS

    Directory of Open Access Journals (Sweden)

    TEREZA MIKOVÁ

    2013-12-01

    Full Text Available Strong international integration and globalization affects the contemporary world´s economy which has influence in development of movement of capital, financial markets and decision making of each business entity. Because of increased force to comparability between companies, the idea of one single-setting globally accepted financial reporting standards was started in 1973 in London by International Accounting Standards Committee (IASC as a standards setter of International Accounting Standards (IAS. In the year 2000 the International Organization of Securities Commission (IOSCO recommended to use IFRS for all their members. The paper states about Prague Stock Exchange (PSE as a member of IOSCO, its index PX and companies which create the index PX. The index base is composed of 14 companies which reported their financial statements in accordance with International Financial Reporting Standards (IFRS, earlier IAS. The aim of the paper is to briefly introduce Prague Stock Exchange and index PX and to evaluate the chosen disclosure requirements of companies which create the index. The disclosure requirements, which are assessed are chosen from IAS 1: Presentation of Financial Statements and IFRS 8: Segments reporting. Research of disclosure requirements has been done by gathering the financial statements from years: 2011 and 2012 and assessment of chosen question is based on disclosure requirements of IAS 1 and IFRS 8. Those standards were chosen because of the wide range of companies. The next part of research is to assess the development between the compared years.

  15. The Corporate Social Responsibility Disclosure: A Study of Listed Companies in Bangladesh

    OpenAIRE

    Rouf, Md. Abdur

    2011-01-01

    This is an exploratory study designed to investigate the extant and nature of corporate social responsibility disclosure (CSRD) in corporate annual reports (CAR) of listed companies in Bangladesh. Specifically, the report examines the relationship between corporate attributes and firm-specific factors and corporate social responsibility disclosures. Data are taken from annual reports of 2007 of the listed companies of Dhaka Stock Exchanges. The study uses ordinary least squares regression mod...

  16. Ranking water transparency of Dutch stock-listed companies

    NARCIS (Netherlands)

    Linneman, Marissa H.; Hoekstra, Arjen Ysbert; Berkhout, Wouter

    2015-01-01

    A growing world population, changing consumption patterns and climate change are affecting water demands, water scarcity and water quality worldwide, while at present, few companies are incorporating good water stewardship. In order to create awareness on this issue and provide an incentive for

  17. Ownership and Determinants Capital Structure of Public Listed Companies in Indonesia: a Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Arief Tri Hardiyanto

    2013-04-01

    Full Text Available Capital structure is a mix of debts and equities used by a company to finance its investment. Debt offers benefit of tax shield from interest expenses that can be deducted in calculating company income tax. Unfortunately, company can not use debts in unlimited amount because it will lead to risk of bankcrupt. Therefore, company needs to establish a target (unobserved capital structure which will optimize the value of the firm. The purpose of this study is to investigate the determinant of capital structure and ownership in public listed companies in Indonesia Stock Exchange using Time-Series Cross-Section Regression (TSCSREG and supported with a balanced panel data. Data used are financial statements of 228 public listed companies from group of eight industry sectors. Research finding confirms that tax shield and fixed financial burden are significantly influence the capital structure and state ownership also significantly influence the capital structure of the state owned enterprises.

  18. Ownership and Determinants Capital Structure of Public Listed Companies in Indonesia: a Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Arief Tri Hardiyanto

    2013-04-01

    Full Text Available Capital structure is a mix of debts and equities used by a company to finance its investment. Debt offers benefit of tax shield from interest expenses that can be deducted in calculating company income tax. Unfortunately, company can not use debts in unlimited amount because it will lead to risk of bankcrupt. Therefore, company needs to establish a target (unobserved capital structure which will optimize the value of the firm. The purpose of this study is to investigate the determinant of capital structure and ownership in public listed companies in Indonesia Stock Exchange using Time-Series CrossSection Regression (TSCSREG and supported with a balanced panel data. Data used are financial statements of 228 public listed companies from group of eight industry sectors. Research finding confirms that tax shield and fixed financial burden are significantly influence the capital structure and state ownership also significantly influence the capital structure of the state owned enterprises.

  19. The impact of female business leaders on the performance of listed companies in South Africa

    Directory of Open Access Journals (Sweden)

    Mkhize Mkhethwa

    2011-03-01

    Full Text Available The purpose of this study is to determine the impact of female business leaders in JSE-listed companies on the financial performance of those companies. This is as result of the proposition that women, over and above men, bring unique skills to the workplace. However, it is hypothesized in this study that JSE-listed companies led by a high percentage of women do not outperform similar companies led by a low percentage of women. The Lean Modigliani and France Modigliani measure (M2 was used to test this hypothesis. Results of this study indicate that companies led by women do not outperform similar companies led by men. As a result, the null hypothesis is not rejected. Implications of these results are discussed.

  20. Factors effecting Corporate Social Responsibility disclosure ratings:an empirical study of Finnish listed companies

    OpenAIRE

    Roitto, A. (Artturi)

    2013-01-01

    Abstract As Corporate Social Responsibility (CSR) disclosure is becoming more common practise amongst companies, it is valuable to understand the underlying factors involved. The Goal of this thesis is to examine if the factors suggested by previous studies seem to have significance in a Finnish sample composed of 31 listed companies. As an ancillary research question linkage between Corporate Governance recommendation devi...

  1. Determining firm characteristics and the level of voluntary corporate governance disclosures among Malaysian listed property companies

    OpenAIRE

    Talpur Shabana; Lizam Mohd; Keerio Nazia

    2018-01-01

    This study examined the level of voluntary corporate governance disclosures and the influence of firm characteristics (i.e., firm size, firm age, and firm market listing) on the level of these disclosures among Malaysian property listed companies. The check-list to measure the voluntary corporate governance disclosures was adopted from Malaysian corporate governance index 2011 by Minority Shareholder Watchdog Group (MSWG). The voluntary corporate governance disclosure practices and firm speci...

  2. Ownership patterns and control of top 100 Malaysian listed companies

    Directory of Open Access Journals (Sweden)

    Che-Ahmad Ayoib B

    2017-01-01

    Full Text Available The incentive of this study stems from the significance of protecting minority shareholders’ rights. It analyses the most dominant ownership structure practices within listed firms in Bursa Malaysia (BM, in which controlling shareholders (CSs hold control on many firms despite relatively small portion of investment. Malaysian firms are characterised by high levels of concentrated ownership with families owning more than 70% of the listed firms in BM [9]. This study finds that the separation between cash flow rights (real investment and control rights (voting rights for Top 100 Malaysian listed firms is accomplished through pyramidal ownership and golden share arrangements. Hence, the divergence between cash flow rights (CFRs and voting rights (VRs exacerbates Type II Agency problem. This study calls for future studies in the area of accounting and finance to introduce and operationalise new measurement of Type II Agency Cost in order to better understand the agency conflicts within this unique market. It also better explains the state of the minority shareholders in the BM.

  3. State companies dominate OGJ100 list of non-U.S. oil producers

    International Nuclear Information System (INIS)

    Anon.

    1993-01-01

    State owned oil and gas companies dominate the OGJ100 list of non-U.S. producers. Because many of them report only operating information, companies on the worldwide list cannot be ranked by assets or revenues. The list, therefore, is organized regionally, based on location of companies' corporate headquarters. The leading nongovernment company in both reserves and production is Royal Dutch/Shell. It ranks sixth in the world in liquids production and 11th in liquids reserves, as it has for the past 2 years. British Petroleum is the next largest nongovernment company. BP ranks 11th in liquids production and 16th in liquids reserves. Elf Aquitaine, 55.8% government-controlled, ranked 17th in liquids production. AGIP was 20th in liquids production. Kuwait Petroleum returned to the list of top 20 producers, ranking 12th, as it restored production shut in by facilities damage sustained during the Persian Gulf crisis. New to the top 20 reserves list is Petroleo Brasileiro, which moved to 20th position. The top 20 companies in the OGJ100 held reserves estimated at 869.3 billion bbl in 1992 vs. 869.5 billion bbl in 1991 and 854.2 billion bbl in 1990

  4. The relationship between debt levels and total shareholder return of JSE-listed platinum companies

    Directory of Open Access Journals (Sweden)

    Sandra Jooste

    2016-02-01

    Full Text Available The purpose of this study is to investigate empirically whether there is a positive correlation between debt levels and total shareholder return (TSR of platinum JSE-listed companies. The study field comprised annual analyses for 12 companies listed under the Platinum and Precious Metals sector on the JSE Ltd for the 14-year period 2000 to 2013. The results of the study were inconclusive as a statistically significant positive correlation between changes in debt levels and changes in TSR could only be found in two of these years. The core audience of the study will be the management of South African platinum companies considering changes in their capital structure, and investors considering investment in a listed platinum company. The contribution of the study is therefore to add to the body of literature on capital structure decisions from a South African platinum mine context

  5. [Preliminary study on main impacting factors on brand equity of listed traditional Chinese medicine companies].

    Science.gov (United States)

    Tan, Wei; Geng, Dong-Mei; Rong, Xue; Li, Zi; Liu, Wei; Yang, Li; Xu, Si-Qun; Jie, Xiao-Qian

    2013-05-01

    The brand equity is valuable intangible assets of traditional Chinese medicine companies, who are excellent representatives of traditional Chinese medicine enterprises and the most promising ones to good international medicine brands. However, there is still no systematic study on how to correctly evaluate the brand equity of listed traditional Chinese medicine companies at present. To make it clear, the main impacting factors on brand equity of listed traditional Chinese medicine companies, both structured open outline pre-research and closed questionnaire research were adopted for the field survey, and some suggestions for how to protect and enhance the brand equity were also presented on the basis of survey and analysis, in the hope of improving the brand management level of listed traditional Chinese medicine companies, and making a beneficial exploration for the development of brand theory of the traditional Chinese medicine industry.

  6. The use of economic indicators from the Global Reporting Initiative by Spanish listed companies

    Directory of Open Access Journals (Sweden)

    María José García

    2014-12-01

    Full Text Available Purpose: Corporate Social Responsibility (CSR in companies is widely accepted within today’s business community. However, the intangibility of this concept and the dispersion of related standards and regulations has created a context characterized by lack of homogeneity in the publishing of CSR results. The present study aims to determine the extent to which Global Reporting Initiative (GRI indicators are used by Spanish listed companies. Design/methodology/approach: An empirical analysis has been performed to asses and evaluate the 2011 CSR reports published by the companies listed on the IBEX-35, the Spanish stock exchange index which includes the most important listed companies. The analysis is centered exclusively on the economic indicators established by the GRI. The methodology used to interpret the results is based on the procedures of multivariate analysis, namely principal components analysis, correlation matrix, and hierarchical clustering. Findings: The results of the study show that although the GRI tool is used extensively within the IBEX-35, the level of performance regarding the parameters established by the GRI varies depending on the studied company and indicator. Research limitations: This study focuses on the biggest Spanish listed companies; thus, the conclusions may differ in other geographic locations, as well as for smaller businesses. Practical implications: This line of research helps to know more about the social reporting policies of big Spanish listed companies. Social implications: The evidence provided by this study helps to know more about the Corporate Social Responsibility policies and sustainability reports and declarations of social and environmental values governing their organizations. Originality/value: This study is the first using principal component analysis in Spanish listed companies focusing in the economic indicators of the GRI.

  7. Cost of Capital and Bursa Malaysia Listed Company

    OpenAIRE

    Lim, Ru Po

    2005-01-01

    This study estimates the cost of capital of 226 securities listed in the Bursa Malaysia. The study's sample covers the period from January 1992 to August 2005. The cost of capital using Ordinary Least Squares Regression is first obtained. Next, the cost of capital using the 3 techniques which are the Scholes-Williams, the Dimson and Fowler-Rorke beta estimators for correction for nonsynchronous bias due to thin trading is applied. This study differs from the previous studies as this extends b...

  8. Separation of ownership and control in South African-listed companies

    Directory of Open Access Journals (Sweden)

    Blanché Steyn

    2013-09-01

    The article finds that the majority of listed companies in South Africa are controlled by a dominant shareholder. However, there are still a significant number of companies where the directors have de facto control. Contrary to the expectation that companies controlled by directors will aim to maximise directors’ remuneration, or companies controlled by shareholders will aim to maximise profit attributable to shareholders, this article finds the opposite to be true. This is possibly an indication that the controlling parties might consider factors other than their direct financial self-interest, or that there is an inherent cost associated with control.

  9. Lithuanian way of reforms to electricity market

    International Nuclear Information System (INIS)

    Bacauskas, A.

    2002-01-01

    Lithuania has inherited a structure of the energy industry, which originally has been developed not for the country, as an independent state, but according to the provisions of the former USSR energy policy, covering energy demand of whole region, including the Baltic countries, Belarus and the Kaliningrad region of Russia. The Lithuanian power system is interconnected by high voltage power lines and operates in parallel with Latvian, Estonian, Russian and Belarus power systems. During twelve years of independence the power sector passed significant changes from a vertically integrated monopoly to some separate power companies and meets EU requirements to an internal electricity market. The main issues of reforms: transparency of costs, commercial relations in power sector, fulfilment of the Electricity Directive 96/92/EU. The Lithuanian electricity market is small and inefficient. Current reforms of a power sector are directed to create the common Baltic electricity market. (author)

  10. Lithuanian Publisher’s Needs for Training

    Directory of Open Access Journals (Sweden)

    Arūnas Gudinavičius

    2016-12-01

    Full Text Available The survey on the training and professional development needs of Lithuanian publishers was designed and conducted. The pilot research showed that publishers in Lithuania have an interest in professional training. According to the results, the need for training among the employees of Lithuanian publishing houses depends on the previous training experience: the more training courses the employee had before, the greater need for training he/she expresses. 82% of publishing house employees from four different fields agreed and strongly agreed on the need for training. Very few employees would like to pay for training by themselves. The identified need for training appears to reflect the nature of the problems encountered in the publishing field in Lithuania: Copyright, Law & Rights is the most wanted training topic among managing directors. The list of preferred topics for training can be used as the grounds for creating a supply of publishing training courses.

  11. Lithuanian mammal fauna review

    Directory of Open Access Journals (Sweden)

    Linas Balciauskas

    1996-12-01

    Full Text Available Abstract Data on Lithuania mammal fauna are presented. From 78 mammal species recorded in Lithuania, 7 were seen only in the 17-18th centuries, two species are extinct. Recent Lithuanian mammal fauna contains 68 species. Five of them are observed occasionally. 63 mammal species are permant inhabitants, 18 included in the Red Data Book, mostly bats and dormice. 8 mammal species were introduced or reintroduced. Population tendencies of game animals are also considered.

  12. Investigation on law and economics of listed companies' financing preference based on complex network theory.

    Directory of Open Access Journals (Sweden)

    Jian Yang

    Full Text Available In this paper, complex network theory is used to make time-series analysis of key indicators of governance structure and financing data. We analyze scientific listed companies' governance data from 2010 to 2014 and divide them into groups in accordance with the similarity they share. Then we select sample companies to analyze their financing data and explore the influence of governance structure on financing decision and the financing preference they display. This paper reviews relevant laws and regulations of financing from the perspective of law and economics, then proposes reasonable suggestions to consummate the law for the purpose of regulating listed companies' financing. The research provides a reference for making qualitative analysis on companies' financing.

  13. Comparability of Accounting Choices in Investment Properties of BM&FBOVESPA and NYSE Listed Companies

    Directory of Open Access Journals (Sweden)

    Reiner Alves Botinha

    2017-04-01

    Full Text Available This research aimed to identify the consequence of the accounting choices made by public companies managers listed on the NYSE and the BM&FBOVESPA, in relation to the subsequent measurement of investment properties, through identifying the comparability degree of financial reports from the year 2013. The degree of comparability was calculated using the T index Taplin. In this paper, it was observed that, in a more conservative way, to both stock exchanges, there was increased use of the cost method for the sample companies. Even with the existence of accounting choices, it is considered that there is comparability between accounting practices in the recognition of investment property from the companies listed on the BM&FBOVESPA and NYSE. However, the degree of comparability was presented low for the international comparability and in the medium, near the lower limit for comparability per stock exchange. A curious fact is the presentation of a greater degree of comparability for the companies listed on the BM&FBOVESPA in relation to listed on the NYSE, which is a more developed capital market. In the analysis of the comparability by sector, it was observed a medium degree close to the upper limit. It has also been inferred the low comparability degrees identified may be related to the different choices made by the companies regarding the measurement methods.

  14. Research on the Impact of Ownership Structure to Operation Performance of the Chinese Listed Port Companies

    Directory of Open Access Journals (Sweden)

    Bao Jiang

    2015-06-01

    Full Text Available The ownership structure which has a huge impact on company operation performance is the foundation of corporate governance structure choice. At present, the number of China's listed port companies is the largest in the world; however, they have a very complex ownership structure. This study discusses the impact of ownership structure on the operation performance of the Chinese ports. This empirical research applies factor analysis to evaluate the operation performance of listed port companies, and then adopts linear regression analysis based on the evaluation results to explore the impact of ownership structure to operation performance. Finally, it proposes recommendations for optimizing the ownership structure of listed port companies, in order to promote a better and faster development of China's port industry. The empirical results show that for most of the listed port companies, the largest shareholder is in the absolute controlling position, and the gap between the largest shareholder and the second largest shareholder is very large, which means the ownership concentration is relatively high. Meanwhile, the top five shareholders equity ratio squared is in negative correlation with operation performance.

  15. A QUANTITATIVE STUDY OF MARKET ORIENTATION AND ORGANIZATIONAL PERFORMANCE OF LISTED COMPANIES: EVIDENCE FROM GHANA

    OpenAIRE

    Solomon A. Keelson

    2012-01-01

    The study is part of a larger research of market orientation, which was conducted to build on previous research, and particularly examined the association between market orientation and business performance in a larger market context, using a synthesis model approach. Using the survey approach 24 companies out of 37 listed companies participated in the quantitative study; where 72 senior officials were surveyed from August 2011 to September 2011, through a five-likert scale questions. In this...

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

    OpenAIRE

    Jie Ming; Yicong Jiang

    2017-01-01

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

  17. Corporate information transparency on the Internet by listed companies in Spain (IBEX35) and Mexico (IPYC)

    OpenAIRE

    Briano Turrent, Guadalupe C.; Rodr??guez Ariza, L??zaro

    2012-01-01

    Financial and non-financial disclosure play a central role in the functioning of capital markets. In this context, the Internet has been adopted as an effective mechanism for large companies to disseminate corporate information. The institutional theory approach has been applied to identify both formal (fundamentally legal and economic) and informal factors that significantly influence listed companies??? level of corporate transparency on the Internet. Our work aims to build on existing stud...

  18. Board of Directors, Audit Committee Characteristics and the Performance of Saudi Arabia Listed Companies

    OpenAIRE

    Al-Matari, Yahya Ali; Al-Swidi, Abdullah Kaid; Fadzil, Faudziah Hanim Bt Hanim; Al-Matari, Ebrahim Mohammed

    2012-01-01

    This study examines the relationship between the internal corporate governance mechanism related to the board of directors, the audit committee characteristics and the performance of the Saudi companies listed in the Saudi stock exchange (TADAWL) in 2010, excluding financial companies. The statistical results of the study are not in line with the agency theory that board of directors and audit committee might mitigate agency problems leading to reduced agency cost by aligning the interests of...

  19. Board of Directors, Audit Committee Characteristics and Performance of Saudi Arabia Listed Companies

    OpenAIRE

    Yahya Ali Al-Matari; Abdullah Kaid Al-Swidi; Faudziah Hanim Bt Fadzil; Ebrahim Mohammed Al-Matari

    2012-01-01

    This study examines the relationship between the internal corporate governance mechanism related to the board of directors, the audit committee characteristics and the performance of the Saudi companies listed in the Saudi stock exchange (TADAWL) in 2010, excluding financial companies. The statistical results of the study are not in line with the agency theory that board of directors and audit committee might mitigate agency problems leading to reduced agency cost by aligning the interests of...

  20. Self-perception of ethical behaviour. The case of listed Spanish companies

    OpenAIRE

    García López, María José; Amat, Oriol

    2015-01-01

    In recent years there has been much talk about the ethics of organisations and studies on the subject are plentiful. However, there has been scarcely any research into the perception that companies themselves have of their ethical behaviour. This article presents the results showing the self-perception that listed Spanish companies have of their ethical behaviour, with the observation that, generally, they have a greater perception than the reality of the study actually shows.

  1. Studies on TOP executive performance evaluation system of Chinese listed companies

    Institute of Scientific and Technical Information of China (English)

    WANG De-wu 王德武; JIANG Guo-qing 姜国庆; JIANG Shuo 姜硕; HUANG Allen R

    2004-01-01

    According to the development status of Chinese listed companies, it is important to implement a stock option incentive plan for the top executives (TE) of the companies. It is necessary to establish a set of indices to evaluate a top executive's performance and award performance-based stock options to them scientifically and reasonably.This thesis sets indices from the perspective of the top executive's behaviour and results,which differs from the traditional methods performance evaluation.

  2. Self-perception of ethical behaviour: the case of listed Spanish companies

    OpenAIRE

    García López, Maria José; Amat, Oriol; Rocafort, Alfredo

    2016-01-01

    Purpose: This article aims to research into the perception that companies have of their ethical behavior. Design/methodology/approach: A questionnaire was conducted in June 2014 among the listed companies that comprise the IBEX35 index of Spanish stock exchanges. For the statistical analysis, contingency tables (double entry) were drawn up as well and several statistical tests (Cramer’s V, Pearson’s x2, Kendall’s correlation coefficient; and Goodman and Kruskal’s Gamma). Findings: The resul...

  3. Self-perception of ethical behaviour: The case of listed Spanish companies

    Directory of Open Access Journals (Sweden)

    Maria José García López

    2016-02-01

    Full Text Available Purpose: This article aims to research into the perception that companies have of their ethical behavior. Design/methodology/approach: A questionnaire was conducted in June 2014 among the listed companies that comprise the IBEX35 index of Spanish stock exchanges. For the statistical analysis, contingency tables (double entry were drawn up as well and several statistical tests (Cramer’s V, Pearson’s x2, Kendall’s correlation coefficient; and Goodman and Kruskal’s Gamma. Findings: The results show the self-perception that listed Spanish companies have of their ethical behaviour, with the observation that, generally, they have a greater perception than the reality of the study actually shows. Research limitations: Main limitations are that the sample size is small, although it includes the largest listed companies in the country. Respondents were essentially the Corporate Social Responsibility managers, so they may not be familiar with some of the subjects on which they were questioned, as we are dealing with large companies where responsibilities may be very compartmentalised. Practical implications: This line of research helps to know more about the self perception of big Spanish listed companies about their ethical behavior. Social implications: The evidence provided by this study helps to know more about aspects than can be improved in connection the ethical behavior in companies. Recent scandals make the topic very relevant from a social point of view. Originality/value: In recent years there has been much talk about the ethics of organisations and studies on the subject are plentiful. However, there has been scarcely any research into the perception that companies themselves have of their ethical behaviour.

  4. Information networks in the stock market based on the distance of the multi-attribute dimensions between listed companies

    Science.gov (United States)

    Liu, Qian; Li, Huajiao; Liu, Xueyong; Jiang, Meihui

    2018-04-01

    In the stock market, there are widespread information connections between economic agents. Listed companies can obtain mutual information about investment decisions from common shareholders, and the extent of sharing information often determines the relationships between listed companies. Because different shareholder compositions and investment shares lead to different formations of the company's governance mechanisms, we map the investment relationships between shareholders to the multi-attribute dimensional spaces of the listed companies (each shareholder investment in a company is a company dimension). Then, we construct the listed company's information network based on co-shareholder relationships. The weights for the edges in the information network are measured with the Euclidean distance between the listed companies in the multi-attribute dimension space. We define two indices to analyze the information network's features. We conduct an empirical study that analyzes Chinese listed companies' information networks. The results from the analysis show that with the diversification and decentralization of shareholder investments, almost all Chinese listed companies exchanged information through common shareholder relationships, and there is a gradual reduction in information sharing capacity between listed companies that have common shareholders. This network analysis has benefits for risk management and portfolio investments.

  5. Monitoring mechanisms and financial distress of public listed companies in Malaysia

    Directory of Open Access Journals (Sweden)

    Soheil Kazemian

    2017-05-01

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

  6. State-owned companies dominate list of largest non-U.S. producers

    International Nuclear Information System (INIS)

    Beck, R.J.; Williamson, M.

    1994-01-01

    Because state-owned oil and gas companies dominate Oil and Gas Journal's list of largest non-US producers, data aren't fully comparable with those of the OGJ300. Many state companies report only production and reserves, with little or no financial data. Companies on the OGJ100, therefore, cannot be ranked by assets or revenues. Instead, they are listed by regions, based on location of corporate headquarters. There was no change in makeup of the top 20 holders of crude oil reserves. These companies' reserves totaled 872.3 billion bbl in 1993. The top 20 non-US companies now control 87.3 % of total world crude oil reserves, according to OGJ estimates. This is up marginally from 87.2 % of total world oil reserves in 1992. The top 20 had 87.7 % of total world reserves in 1991 and 85.5 % in 1990. The table lists company name, total assets, revenues, net income, capital and exploratory expenditures, worldwide oil production, gas production, oil and gas reserves worldwide

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

    Directory of Open Access Journals (Sweden)

    Jie Ming

    2017-11-01

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

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

    Directory of Open Access Journals (Sweden)

    Sunaryo Sunaryo

    2012-11-01

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

  9. Strategies of Dividend policy of the companies listed on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Jabłoński Bartłomiej

    2015-06-01

    Full Text Available Research into the determinants of companies’ decisions about paying out dividends, which has been described in the Polish specialist literature, concentrates mainly on the dividends actually paid out. The research presented in the article refers to declarations of the companies included in their dividend policies. The aim of the article is to present an attitude to dividend policy exhibited by the companies listed on the Warsaw stock exchange. A particular attempt was made at identifying various formulas of constructing dividend policies by the companies and the declared conditions for dividend payments and their amounts. 118 dividend companies took part in the research and they were selected from among the companies listed on the Warsaw stock exchange in the years 2006-2012. The authors have analysed the dividend policy of the companies in terms of its components and the way it was formulated, as well as the determinants of decisions about dividend payments declared by the companies. The results of the analysis were referred to the types of strategies of the dividend policy presented in the specialist literature. The research results indicate that the boards of many companies do not consider formulating and publicising the principles of making dividend payments to be a relevant area of investor relations. The dividend policy of the companies is usually formulated too generally, with the use of general statements. Satisfying capital needs for the planned development processes appears to be a basic determinant of the distribution of profit, which is why residual dividend policy is prevalent in the analysed companies.

  10. State ownership and corporate performance: A quantile regression analysis of Chinese listed companies

    NARCIS (Netherlands)

    Li, T.; Sun, L.; Zou, L.

    2009-01-01

    This study assesses the impact of government shareholding on corporate performance using a sample of 643 non-financial companies listed on the Chinese stock exchanges. In view of the controversial empirical findings in the literature and the limitations of the least squares regressions, we adopt the

  11. Does Organizational Learning Lead to Higher Firm Performance? An Investigation of Chinese Listing Companies

    Science.gov (United States)

    Zhou, Wencang; Hu, Huajing; Shi, Xuli

    2015-01-01

    Purpose: The purpose of this paper is to develop a framework for studying organizational learning, firm innovation and firm financial performance. Design/methodology/approach: This paper examines the effects of organizational learning on innovation and performance among 287 listed Chinese companies. Findings: The results indicate a positive…

  12. The influence of the environmental management system on the environmental impact of seaport companies during an economic crisis: Lithuanian case study.

    Science.gov (United States)

    Anne, Olga; Burskyte, Vilma; Stasiskiene, Zaneta; Balciunas, Arunas

    2015-01-01

    Freight handling in EU ports fell by more than 12 % during the global economic crisis in 2008-2009 after almost a decade of continuous growth. The decrease of freight handling in the Klaipeda seaport, the only port in Lithuania, was 6.7 % and happened due to the dominant outward movement of goods (mainly oil products). The Klaipeda seaport, due to its peculiarity, is the only ice-free port in the northern part of Baltic Sea. The present study explores the environmental impact of Klaipeda seaport activities from 2001 to 2011. Moreover, it compares the environmental effectiveness of environmental protection strategies used in the four biggest companies that, in fact, cover about 88 % of total activities (except general cargo) of the seaport. The first group of targeted companies used an environmental protection strategy to implement an ISO 14001-based environmental management system, and the second group selected to follow environmental management practices without certification. The paper analyses the development of the companies' activities in regard to the change of environmental effectiveness. The paper evaluates the pressure of the economic crisis on the companies' activities and its influence on environmental decisions, with particular interest in the ability of different environmental protection systems to resist and handle the expected performance. The study identified a significant decrease in companies' activities during the crisis period. However, the economic activities and environmental effectiveness demonstrated similar short-term tendencies in regard to the environmental strategy selection but differed in long-term perspective.

  13. Internal corporate governance mechanisms and audit report lag: A study of Malaysian listed companies

    Directory of Open Access Journals (Sweden)

    Ummi Junaidda Binti Hashim

    2012-11-01

    Full Text Available This study attempts to investigate the link between corporate governance mechanisms and audit report lag for companies listed on Bursa Malaysia from 2007 to 2009. The 288 companies listed on Bursa Malaysia have been randomly selected. The corporate governance mechanisms examined include the board of directors and audit committee. It shows that there are significant negative relationships between board diligence, audit committee independence and expertise. The higher the number of meetings being held indicates that the board is discharging their role towards the company. The results show that audit committee independence and audit committee expertise could assist in reducing audit report lag among companies in Malaysia. Its provide some evidence supporting the resource based theory, whereby characteristics of the audit committee, such as the resources and capabilities, could improve companies’ performance as well as corporate reporting.However, it could not provide any evidence concerning the link between board independence, board expertise, CEO duality and audit committee diligence on audit report lag. This study provides comprehensive examination of ARL on Malaysian listed companies for three years period. It is consider the initial study to provide a thorough examination of the association between corporate governance characteristics and ARL.

  14. Audit Committee Practice in the Polish Listed Stock Companies. Present Situation and Development Perspectives

    Directory of Open Access Journals (Sweden)

    Piotr Szczepankowski

    2012-06-01

    Full Text Available The audit committee is one of the parts of corporate governance mechanism, which is understood as the relationship between corporate managers, directors and the providers of equity, people and institutions who save and invest their capital to earn the return. This study presents survey research results of audit committee activity in Polish public stock companies quoted on the Warsaw Stock Exchange (WSE. The purpose of this paper is to present the audit committee practice in Poland after 2009. The paper shows that the audit committee practice is still the most problematic issue of transitional Polish corporate governance rules. The survey has shown that the corporate needs and its implementation, and communication with listed companies leave a lot of room for improvement. The paper is based on the documents prepared in 2010 by PricewaterhouseCoopers, the Polish Association of Listed Companies and the Polish Institute of Directors.

  15. EMPIRICAL STUDY OF THE PROBABILITY OF DEFAULT IN CASE OF ROMANIAN COMPANIES LISTED ON STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Marton Noemi, Racz Timea Erzsebet

    2011-07-01

    Full Text Available The importance of estimation of a firm's probability of default increased significantly during the economic and financial crisis for financial institutions, which can be explained by the fact that the share of nonperforming loans increased in this period. The probability of default can be estimated with structural models, which have on base the methodology developed by Merton (1974, methodology used by Moody's Corporation (known as KMV Merton model. The aim of this study is to estimate the probability of default of companies listed on Bucharest Stock Exchange using this methodology. This approach was widely used in the literature by many researchers (i.e., Kealhofer and Kurbat (2000, Crosbie and Bohn (2002, Duffie and Wang (2004, Bharath and Shumway (2004, 2008. In Romania this methodology was empirically tested by Codirlaşu (2007, who estimated using Merton's methodology the probability of default of companies listed on the Bucharest Stock Exchange, respectively by Bobircă et al. (2008, where the probabilities of default were estimated in case of 42 companies listed on the Bucharest Stock Exchange for 2000-2008 time period. In this paper we used Merton's model, which assumes that a company defaults if the value of its assets is less than the promised dept repayment at time T. The process of estimating the probability of default starts from the following firm specific variables: the market value of the firm's assets, the share prices, the value of the liabilities and the risk-free rate. The analyzed period is 2003-2010, containing the economic and financial crisis period, too. Analyzing the financial statements of the companies listed on the Bucharest Stock Exchange, we determined the input parameters of the model and calculated the quarterly probabilities of default of each analyzed company. According to our results the probabilities of default have a reduced value in the majority of the cases.

  16. Determining firm characteristics and the level of voluntary corporate governance disclosures among Malaysian listed property companies

    Directory of Open Access Journals (Sweden)

    Talpur Shabana

    2018-01-01

    Full Text Available This study examined the level of voluntary corporate governance disclosures and the influence of firm characteristics (i.e., firm size, firm age, and firm market listing on the level of these disclosures among Malaysian property listed companies. The check-list to measure the voluntary corporate governance disclosures was adopted from Malaysian corporate governance index 2011 by Minority Shareholder Watchdog Group (MSWG. The voluntary corporate governance disclosure practices and firm specific characteristics were obtained from annual reports of property listed companies on Bursa Malaysia for the period of 2012 to 2015. The findings suggested an improving voluntary corporate governance reforms in Malaysia. However, the firm size was found as an inflicting factor in determining the level and quality of voluntary corporate governance disclosure practices. On the contrary, the results found were contradicting the hypothesis related to firm age and firm market listing, as no relation of voluntary corporate governance disclosures and firm age and firm market listing. The study has made an interesting contribution toward the disclosure and corporate governance by contributing in understanding the importance of quality disclosure and good governance practices.

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

    Directory of Open Access Journals (Sweden)

    Roberto Frota Decourt

    2012-12-01

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

  18. Intellectual Capital: A Focus on Human Capital Reporting Practices of Top Malaysian Listed Companies

    Directory of Open Access Journals (Sweden)

    Norhayati Mat Husin

    2011-04-01

    Full Text Available This paper aims to examine the extent of human capital (HC reporting among top Malaysian companies and introduce an HC reporting guideline that can be used by Malaysian companies and regulator. It begins by developing the HC framework based on previous intellectual capital (IC frameworks. This framework is then used to examine each of the top 100 Malaysian companies listed on the Bursa Malaysia in year 2008. Using the content analysis method, it reviews the annual reports of these companies to determine the extent of HC reporting. The findings of this paper highlight the need for the development of IC framework particularly on HC. HC differences were also identified between Malaysia and other countries such as Sri Lanka and Australia, and it is argued that these differences can be attributed to the social, economic, and political factors.

  19. Intellectual Capital: A Focus on Human Capital Reporting Practices of Top Malaysian Listed Companies

    Directory of Open Access Journals (Sweden)

    Norhayati Mat Husin

    2013-07-01

    Full Text Available This paper aims to examine the extent of human capital (HC reporting among top Malaysian companies and introduce an HC reporting guideline that can be used by Malaysian companies and regulator. It begins by developing the HC framework based on previous intellectual capital (IC frameworks. This framework is then used to examine each of the top 100 Malaysian companies listed on the Bursa Malaysia in year 2008. Using the content analysis method, it reviews the annual reports of these companies to determine the extent of HC reporting. The findings of this paper highlight the need for the development of IC framework particularly on HC. HC differences were also identified between Malaysia and other countries such as Sri Lanka and Australia, and it is argued that these differences can be attributed to the social, economic, and political factors.Keywords: Human capital, intellectual capital, Malaysia

  20. An analysis of strategic performance measures of companies listed on the JSE securities exchange South Africa

    Directory of Open Access Journals (Sweden)

    JHvH de Wet

    2014-07-01

    Full Text Available This study highlights the importance of economic profits (EVA and their long-term effects on shareholder value (MVA. South African companies listed on the JSE were analysed and it is evident that the relative measure of internal performance (spreads can be used to rank companies in terms of value creation. Individual companies and sectors were also placed on a financial strategy matrix, which evaluated companies according to spreads and cash management. The sales growth less the SGR percentage, was used to indicate cash management. Statistical tests (regression analysis were done on the data to test the validity of the financial strategy matrix model. The results showed that there is a positive relationship between spreads and shareholder value, but sales growth less the sustainable growth rate does not contribute significantly to shareholder value.

  1. An Integrated Model to Predict Corporate Failure of Listed Companies in Sri Lanka

    Directory of Open Access Journals (Sweden)

    Nisansala Wijekoon

    2015-07-01

    Full Text Available The primary objective of this study is to develop an integrated model to predict corporate failure of listed companies in Sri Lanka. The logistic regression analysis was employed to a data set of 70 matched-pairs of failed and non-failed companies listed in the Colombo Stock Exchange (CSE in Sri Lanka over the period 2002 to 2010. A total of fifteen financial ratios and eight corporate governance variables were used as predictor variables of corporate failure. Analysis of the statistical testing results indicated that model consists with both corporate governance variables and financial ratios improved the prediction accuracy to reach 88.57 per cent one year prior to failure. Furthermore, predictive accuracy of this model in all three years prior to failure is above 80 per cent. Hence model is robust in obtaining accurate results for up to three years prior to failure. It was further found that two financial ratios, working capital to total assets and cash flow from operating activities to total assets, and two corporate governance variables, outside director ratio and company audit committee are having more explanatory power to predict corporate failure. Therefore, model developed in this study can assist investors, managers, shareholders, financial institutions, auditors and regulatory agents in Sri Lanka to forecast corporate failure of listed companies.

  2. Determining Factors for Delisting of Companies Listed on BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Patricia Maria Bortolon

    2015-08-01

    Full Text Available Traditionally, the capital market has attracted the interest of scholars and researchers, motivated to understand the process of going public and trading securities of companies on a stock exchange. In this research context, an aspect had been neglected, something which indi cates a gap in the body of knowledge about the capital market and corporate governance: delisting of companies. We aim to identify the determining factors for delisting companies from the Commodity & Futures Exchange BOVESPA (BM&FBOVESPA. Methodologically, this research has related a set of variables collected from secondary data available on the database of the Securities Commission of Brazil (CVM, BM&FBOVESPA, and Economatica. By analyzing 227 listing cancellations, between 2001 and 2012, the results indicate that de listing of companies from BM&FBOVESPA is determined by the following factors: (i greater concentration of ownership and control; (ii lower free float; (iii lower liquidity of shares; (iv greater availability of cash; and (v larger size. The fact that the controlling shareholder is a public or private company determines significant differences in the decision to delist. While in the first case cash availability is the most important factor, in the second liquidity is the main determining factor for delisting. From the academic viewpoint, this research extends the studies on delisting, still incipient in the Brazilian capital market context. For the capital market, identifying the characteristics of companies prone to cancel listing may prevent investors concerned about inherent risks at the time of acquiring shares by the controlling group interested in delisting.

  3. Impact of Dividend Taxation Changing on Dividend Policy of Romanian Companies Listed on Stock Market

    Directory of Open Access Journals (Sweden)

    Stela JAKOVA

    2017-09-01

    Full Text Available The aim of this paper is to analyze factors (with an influence on value of transactions on stock exchange which induce companies listed on Bucharest Stock Exchange to pay dividends for period 2008 – 2015. First we will estimate five regression models, taking into account some financial and macroeconomics variables. Second we will rebuild these five regression models including a dummy variable which indicates the change of dividend tax rate. Our analyses emphasized the fact that net income, liquidity index, BET return and total assets have a significant effect on dividend payment policy which keeps their significance also after introducing the dummy variable, except the BET rate which decreased its significance. Also only the change of dividend tax rate and net income have a positively significant impact over dividend payment policy of Romanian ‘companies. The findings from this study are useful to be taken in account by the board of managers of companies when they decide the dividend policy for the company. In the same time our study extends the existing literature on this topic, by analyzing the impact of the most recent change in dividend tax rate from 2015, and also by extending the factors which affect the dividend policy of the companies listed on stock exchange.

  4. Association between firm characteristics and corporate voluntary disclosure: Evidence from Turkish listed companies

    Directory of Open Access Journals (Sweden)

    Ali Uyar

    2013-12-01

    Full Text Available Purpose: This paper empirically investigates the factors that impact voluntary information disclosure level of Turkish manufacturing companies listed in the Istanbul Stock Exchange (ISE. Design/methodology/approach: The methodology of the study is content analysis of annual reports of the corporations listed on the ISE for the year 2010. Findings: The findings provide evidence of a positive association between voluntary information disclosure level and the variables such as firm size, auditing firm size, proportion of independent directors on the board, institutional/corporate ownership, and corporate governance. However, leverage and ownership diffusion were found to have negative significant association with the extent of voluntary disclosure. The remaining variables, namely, profitability, listing age, and board size were found to be insignificant. Research limitations/implications: Since this study was conducted solely on listed manufacturing companies, the results may not be generalizable to non-listed and non-manufacturing industries. The study has some implications for firms, auditors, investors, and regulators. All these parties play an important role in improving the transparency and disclosure practices of corporations. Originality/value: We extend previous research on the determinants of voluntary information disclosure in the emerging market context.

  5. Sustainability Reporting and Firm Value: Evidence from Singapore-Listed Companies

    Directory of Open Access Journals (Sweden)

    Lawrence Loh

    2017-11-01

    Full Text Available As sustainability reporting has emerged as one of the most critical issues in the business world, this research aims to investigate the relationship between sustainability reporting and firm value based on listed companies in Singapore. We use an established sustainability reporting assessment framework and test how both the adoption and quality of sustainability reporting are related to a firm’s market value. Empirical results suggest that sustainability reporting is positively related to firm’s market value and this relationship is independent of sector or firm status such as government-linked companies and family businesses.

  6. DOES SHORT TERM DEBT AFFECT PROFITABILITY? EVIDENCE FROM THE ROMANIAN LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    MILOŞ LAURA RAISA

    2015-12-01

    Full Text Available This study aims at providing new empirical evidence on the influence of debt (both on short and long term on corporate profitability, with application to the Romanian companies listed on the Bucharest Stock Exchange. Panel data are analyzed for 50 companies belonging to different fields of activity during 2003-2014 using a fixed effect regression model. After we control for size, growth, liquidity, and tangibility of assets, the results reveal that short-term debt has a negative influence on corporate profitability.

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

    OpenAIRE

    David Procházka

    2016-01-01

    The paper deals with the effects of IFRS adoption by a specific group of companies. It focuses on the so-called forced IFRS adopters, which are such private (non-listed) companies that (a) are forced to adopt the IFRS (because their parent prepares IFRS consolidated statements) and simultaneously (b) are not permitted by the regulatory framework of a given jurisdiction to apply the IFRS in their individual financial statements on a  voluntary basis. In particular, benefits and costs connected...

  8. Business Ethics and Integrity a Case Study on 300 U.S. Listed Companies

    Directory of Open Access Journals (Sweden)

    Tinjala Diana-Maria

    2015-07-01

    Full Text Available Profit-maximizing behavior or moral integrity? Can companies have both? Our study takes a look at 300 U.S. based companies listed on the New York Stock Exchange and NASDAQ, and their way of dealing with business ethics. The research undertaken focuses on the content analysis method, using the corporate Codes of conduct and Corporate Social Responsibility (CSR reports. The study reveals the evolution of the corporate ethics policies and programs throughout the years 2010- 2014. We also take a look at the most frequent controversies concerning business integrity, by sectors of activity

  9. Practices of Dividend Policies Adopted by Energy and Utilities Companies Listed on the BSE

    Directory of Open Access Journals (Sweden)

    Dorel Berceanu

    2013-11-01

    Full Text Available This paper aims to highlight how dividend practices are implemented by major energy and utility companies listed on the Bucharest Stock Exchange. The analyzed sector is of particular importance due to the fact that the firms in this category are always in the attention of investors, knowing that the obtained profits are quite consistent. In addition, for three of the five surveyed companies, the state is the majority shareholder and for the fourth, SNP, it still has a significant package. Therefore, it is interesting to see to what extent the majority and minority shareholders' interests are harmonized, given that the dividend decision is also a means of selecting the shareholder.

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

    Directory of Open Access Journals (Sweden)

    Alicja Mikołajewicz-Woźniak

    2013-12-01

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

  11. EVALUATION OF ENVIRONMENTAL REPORTING FOR COMPANIES LISTED ON THE LONDON STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Ienciu Ionel-Alin

    2011-12-01

    Full Text Available Environmental aspects have become significant for an increasing number of companies and can have, under certain circumstances, a significant impact on financial statements. A large number of studies can be outlined in time analyzing the variation of environmental reporting (Deegan et al, 2002; O'Donovan, 2002; Holland and Foo, 2003; Nyquist, 2003; Cormier et al, 2005; Yusoff et al, 2006; Jorgensen and Sodorstrom, 2006; Taylor and Shan, 2007; Sumiani et al, 2007. The main objective targeted by this study is the evaluation of environmental reporting for the European companies listed on the London Stock Exchange. In order to achieve the proposed objective, we have completed an longitudinal and transversal analysis of environmental reporting within companies listed on FTSE 100, monitoring first of all the way in which these companies report non-financial and financial aspects related to environmental impact as well as how these reports are being audited. For each annual statement or sustainable report, we have analized the level of environmental reporting. The evaluation of how information on environmental impact are being reported is based on four categories of information: information on indicators (technical, financial that would reflect the environmental impact (water, air, soil, information regarding the financial indicators (investments, assets and other environmental costs, debts and provisions, non-financial information (related to the company's comitment, objectives, programs, management, future perspectives etc, information on environmental audit. Analysing the results we have obtained, the following can be outlined a certain increasing trend on the level and relevance of environmental information supplied for the companies listed on FTSE 100. Only 22 of the analysed companies are reporting the environmental performance indicators recommended by accredited bodies such as the GRI Guidelines (the most complex guidance in this respect. 20 of

  12. Analysis of current situation of information disclosure of listed companies on GEM

    Directory of Open Access Journals (Sweden)

    Zhirong Shen

    2017-03-01

    Full Text Available In the afternoon on October 23th, 2009, GEM was officially launched in our country. Due to the lack of experience in the market supervision, information disclosure violations frequently occurred. In April 2015, Shenzhen Stock Exchange puts forward morning information disclosure system to strengthen the reform of information disclosure system. Therefore, this paper deeply focuses on the current situation of information disclosure violations on GEM for the purpose of attracting more attention to the problems. Through studying the information disclosure violations of the listed companies on GEM from 2011 to September 30th, 2015, this paper divides the violations into the following four types: false record, misleading statement, material misstatement and delayed disclosure. On the other hand, we find that these types of violations are concurrent. From this discussion, we may safely draw the conclusion that the information disclosure of listed companies on GEM has the problem of untruthfulness, incorrectness, incompleteness and delay.

  13. Study on the Reasons and Countermeasures for Loss of Listed Companies in Manufacturing Industry

    Institute of Scientific and Technical Information of China (English)

    Yong; DU; Jun; DU; Bo; YAN

    2013-01-01

    In combination with the data of loss-making listed companies in manufacturing industry at capital market in 2008-2010,this paper analyzed the characteristics of loss of listed companies.Major reasons include the blind investment of management personnel,low operation and management level,blind pursuit of diversified operation,improper stock right structure,weak supervision of government,and imperfect delisting system.Finally,it came up with some countermeasures,including improving quality of management personnel,management personnel selecting proper investment projects,strengthening internal management of enterprise,implementing effective asset rearrangement,setting up effective incentive and restrictive mechanism,bringing into play regulation function of banks,improving delisting mechanism,reducing centralization of state owned stock right,and establishing and improving market information disclosure system.

  14. The Value and Incentives of Option-based Compensation in Danish Listed Companies

    DEFF Research Database (Denmark)

    Bechmann, Ken; Jørgensen, Peter Løchte

    2003-01-01

    AbstractOver the last decade the Danish corporate environment has experienced a significant increase inthe use of option-based compensation (OBC). This and many other facts are documented in the presentpaper which provides the first insights into the characteristics of the option and warrant cont...... as at firm, personnel group, and individual level. The paper also contains a section which discussesand presents evidence on the incentive effects provided by the option-based compensation contractsadopted by Danish listed companies....... contracts issuedby the complete sample of Danish companies listed on the Copenhagen Stock Exchange.A newly constructed database containing all publicly available information on details of DanishOBC contracts allows us to present, for example, results regarding contract values at an aggregated aswell...

  15. Corporate social responsibility and corporate governance in Indonesian public listed companies

    OpenAIRE

    Ika Siti Rochmah; Dwiwinarno Titop; Widagdo Ari Kuncara

    2017-01-01

    This study aims to investigate whether theree has been a change in the level of corporate social responsibility (CSR) disclosure and to examine whether corporate governance attributes influence CSR disclosure in corporate annual report of Indonesian public listed companies(PLCs). The annual reports of 115 PLC for two years (2011 and 2012) were analysed using content analysis. Multiple regression analysis was utilized to determine factors influencing CSR disclosure in annual reports. Consisten...

  16. Research on the Dividend Policy of Listed Company and Fluctuation Effect of Stock Market

    Directory of Open Access Journals (Sweden)

    Wang Hua

    2015-01-01

    Full Text Available Based on the dividend policy and theory, this article takes the events that A stock of all the listed banking companies (16 in total issued dividend in the CSI stock market for 5 years from 2008 to 2012 as the investigation samples to inspect the relevance of dividend policy with the fluctuation of stock price and transaction volume, thus to prove the dividend policy is an efficient mechanism for information transmission.

  17. Effectiveness of corporate governance structure: An alternative metric on the performance of listed Chinese companies

    Directory of Open Access Journals (Sweden)

    Yuan George Shan

    2008-11-01

    Full Text Available We analyse a panel data set covering the years 2001 to 2005 and comprised of a stratified sample of A, AB and AH non financial companies listed on China’s Shanghai and Shenzhen stock exchanges to provide empirical evidence on the influence of corporate control and governance characteristics on the quality and independence of corporate decision making in these companies. The characteristics considered are the level of concentration in and type of ownership of the companies, particularly high levels of government and foreign ownership, and the composition (expertise and size of the companies’ two boards. Performance outcomes, and by association the quality and independence of corporate policy decisions, are measured in the form of firm bad debt to accounts receivable ratio (BD/AR. We find that for our sample firms’ concentration of ownership, including state and foreign ownership, and board size and independence are significant factors in determining the levels of the bad debt ratio.

  18. BOARD OF DIRECTORS, AUDIT COMMITTEE CHARACTERISTICS AND THE PERFORMANCE OF SAUDI ARABIA LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Yahya Ali Al-Matari

    2012-01-01

    Full Text Available This study examines the relationship between the internal corporate governance mechanism related to the board of directors, the audit committee characteristics and the performance of the Saudi companies listed in the Saudi stock exchange (TADAWL in 2010, excluding financial companies. The statistical results of the study are not in line with the agency theory that board of directors and audit committee might mitigate agency problems leading to reduced agency cost by aligning the interests of controlling owners with those of the company. While audit Committee size (ACSIZE is found to have a significant relationship with firm performance (but in the opposite direction to expectation, other hypothesized variables, the proportion of non-executive directors (BODCOM, CEO Duality (DUAL, Board Size (BSIZE, Audit Committee Independence (ACIND, audit committee meeting (ACMEET were found to be as expected directions but insignificantly related to firm performance measure except the direction of the proportion of non-executive directors (BODCOM was opposite to the expectations.

  19. Diversification and Corporate Performance: Evidence from China’s Listed Energy Companies

    Directory of Open Access Journals (Sweden)

    Qiming Li

    2016-09-01

    Full Text Available Recently, China’s energy industry has been continuously depressed due to a slowdown in its economic development. China’s energy companies have made considerable efforts to promote their corporate performance to mitigate this performance decline and to ensure the sustainable development of China’s energy industry, macro economy, society and environment. In this paper, the effects of two business strategies—industrial diversification and international diversification—on the performance of listed energy firms are empirically investigated. The empirical results show the following: (1 industrial diversification hinders corporate performance; (2 for industrially-diversified energy companies, related diversified strategies are more effective than unrelated diversified strategies; and (3 international diversification improves the performance of renewable energy firms, but hinders the performance of conventional energy firms. These results suggest that as economic conditions are not currently optimal, China’s energy companies should pay more attention to their main businesses and generate more products to satisfy market demand.

  20. Determinants of Corporate Social Responsibility Disclosure: An Empirical Study of Polish Listed Companies

    Directory of Open Access Journals (Sweden)

    Justyna Dyduch

    2017-10-01

    Full Text Available In this paper we explore whether a number of elements influence the levels of corporate social responsibility (CSR disclosure in the annual reports of Polish companies. These elements include the following: company size, profitability, financial leverage, industry environmental sensitivity, board size, women on the board, internationalization, and reputation. We use content analysis to determine the quality of CSR disclosures. We test our hypotheses using a Tobit regression analysis on a sample of 60 reports from Polish companies listed on the Warsaw Stock Exchange. We find industry environmental sensitivity to have significant influence on CSR disclosures. Our research findings also reveal a relationship between company turnover, duration of the stock exchange listing, inclusion in the Respect Index portfolio and foreign capital share, and the level of CSR disclosures. This study extends the scope of previous studies by including non-commonly used independent variables: the company’s internationalization and reputation. To the authors’ knowledge, it is the primary step to investigating CSR reporting practices coupled with the corporate characteristics in a Central and Eastern European country such as Poland. The paper contributes to the understanding of determinants of CSR disclosure and offers findings which are potentially useful for both theory and practice.

  1. Environmental Disclosure of Electric Power Companies Listed in the Corporate Sustainability Index (CSI

    Directory of Open Access Journals (Sweden)

    Clésia Ana Gubiani

    2012-12-01

    Full Text Available The study aimed to verify the level of disclosure of environmental information in the administration reports of the energy companies listed in the Corporate Sustainability Index (CSI. A descriptive and quantitative research was done, using the content analysis technique on the administration reports from 2006 to 2008. The sample consisted of 11 electric power companies listed in the CSI. For quantitative analysis of the disclosure index, the data collection instrument was based on the study of Rover, Murcia and Borba (2008, which proposes eight environmental categories and 36 subcategories. For the whole analysis of the data were elaborated networks of the items disclosed in each company, using the software UNICET ®. The survey results showed that there is satisfactory disclosure in the categories of environmental policies and education, training and research environment. However, it was found that there is need for greater disclosure of categories of products impacts and processes in the environment, power polices and financial environmental information. It was concluded that the information disclosed in the administration reports of the companies surveyed about the environmental information do not respect the principle of full disclosure.

  2. Grading the probabilities of credit default risk for Malaysian listed companies by using the KMV-Merton model

    Science.gov (United States)

    Anuwar, Muhammad Hafidz; Jaffar, Maheran Mohd

    2017-08-01

    This paper provides an overview for the assessment of credit risk specific to the banks. In finance, risk is a term to reflect the potential of financial loss. The risk of default on loan may increase when a company does not make a payment on that loan when the time comes. Hence, this framework analyses the KMV-Merton model to estimate the probabilities of default for Malaysian listed companies. In this way, banks can verify the ability of companies to meet their loan commitments in order to overcome bad investments and financial losses. This model has been applied to all Malaysian listed companies in Bursa Malaysia for estimating the credit default probabilities of companies and compare with the rating given by the rating agency, which is RAM Holdings Berhad to conform to reality. Then, the significance of this study is a credit risk grade is proposed by using the KMV-Merton model for the Malaysian listed companies.

  3. Corporate Governance and Related Parties Transactions - Evidence from Romanian Listed Companies

    Directory of Open Access Journals (Sweden)

    Iuliana Oana MIHAI

    2017-06-01

    Full Text Available The objective of this work is to offer contributions to improve the understanding of related party transactions. Our goal is to explore the role of related party transactions from the perspective of company�s corporate governance environment. Even though there is a growing interest in related party transactions, there is little academic literature to understand the nature of related party transactions and their economic consequences. Our study was conducted on a sample of 40 companies listed companies on Bucharest Stock Exchange activating in manuafacuring sector. Our objective was to analyse the way the companies follow the requirements of transparency of related party transaction. Based on our observations on companies� financial reports and companies web-sites, the level of transparency between these companies was reflected by an index estimated from producers� scores on Likert-type scales (one to five that showed to what extent they disclose or not disclose information such as relationship between parents and subsidiaries, key management personnel compensation, the value of transactions with related parties or separate disclosure for the group entities.

  4. Complexity and corporate governance: an analysis of companies listed on the BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Renata Rouquayrol Assunção

    2017-03-01

    Full Text Available ABSTRACT In light of the need to develop mechanisms of control, protection, and transparency regarding the relationships between principal and agent, and with the aim of eliminating or reducing the agency problem, corporate governance has emerged. Based on Agency Theory, separation of ownership and control of activities derives from the complexity of organizations. In this context, this study aims to analyze the relationship between dimensions of complexity and corporate governance in companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA, in which contingency factors might influence organizational characteristics. The investigation gathers data from a sample of 162 companies listed on the BM&FBOVESPA. The following statistical tests were used in the data analysis: Factor Analysis, Multiple Linear Regression, Correspondence Analysis, and Correlation Analysis. For measuring complexity, contingency variables such as age, size, diversification, and internationalization were adopted; and, to assess corporate governance, a representative index of the adoption of good governance practices was used. The results show that organizational complexity is explained by the size and diversification variables, whereas operational complexity is explained by the size, diversification, and internationalization variables. It was observed that in the two dimensions of complexity - organizational and operational - corporate governance was influenced by the diversification, internationalization, and age variables, with the latter involving an inverse relationship. It is concluded that companies displaying more complexity, in its two dimensions, record a higher level of corporate governance, which confirms the research hypothesis.

  5. Electronics and Lithuanian Terminology

    Directory of Open Access Journals (Sweden)

    Stasys Zajankauskas

    2011-04-01

    Full Text Available It is found that the vacuum triode, transistor, monolithic circuit and microprocessor were the most important inventions of traditional electronics. Thus, the origins of the traditional electronics should be associated with the invention of the vacuum triode, but not with the invention of vacuum diode. It is shown that the science of electronics is not as young as computer science or up-to-date information technologies: electronics, including active electronics, had already celebrated the centenary, and the period of 2004–2008 is the period of numerous already solid jubilees. Thus, the terminology of electronics is not at initial stage of evolution as well – general terms should be already systematized and normalized. However, Lithuanian terms for electronic devices invented before tens of years and terms for old-defined notions associated with these devices are still varying, some are worsened. Especially, the incorrectly motivated terms used for variations of transistors and microcircuits are analyzed in the article. It is motivated which terms are preferable, systematic and exact. The paper is dedicated to the 50th anniversary of monolithic circuit, as well as the 60th anniversary of transistor, the 40th jubilee of microprocessor and centenary of electronics.

  6. Studying the Relationship between Economic Massive Changes with Earnings Management of Listed Companies in Tehran Stock Exchange

    OpenAIRE

    RAHMANİ SERYASAT, Hamid; PİRAYESH, Reza; NOORALİDOKHT, Hamid

    2015-01-01

    Abstract. This study investigates the relationship between earnings management and profitability of companies listed in Tehran stock exchange and its purpose is to examine the existence of earnings management phenomenon of listed companies in Tehran stock exchange. One of the executives' main objectives about earning management is creation a more stable flow, in order to support higher earning payments. More stable earnings flow can be perceived as a lower risk that leads to higher stock pric...

  7. Malaysian Code of Corporate Governance: One more perspective of scoring the best compliance of corporate governance by Malaysian listed companies.

    OpenAIRE

    Mok, Kam Wah

    2004-01-01

    Worldwide public listed company scandals, failures and breakdown in fair and truthful accounting had undermined investing public faith in corporate leadership, financial reporting by directors and external auditors, and the integrity of the securities markets.The general consensus view is that to attract foreign capital inflows into one economy it must have the basis elements of good corporate governance. Good corporate governance would secure a strong and health public listed companies which...

  8. APPLICATION OF THE EU-PRINCIPLES IN ROMANIA AND HUNGARY CONCERNING THE BOARDS OF LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Gabriella KECZER

    2009-01-01

    Full Text Available Corporate governance ensures that boards are able to exercise appropriate scrutiny over management and that shareholders, as owners of the company, are able to hold boards accountable. As such, a high level of corporate governance contributes significantly to investors' confidence and market stability, thus fostering business efficiency. In 2005 the European Commission launched a recommendation on the boards of listed companies and invited Member States to follow the guidelines. In 2008 both Romania and Hungary launched a new Code of Corporate Governance on the basis of the EU recommendations. In my paper I present the EU principles, and by examining the national codes of Romania and Hungary I analyze to which extent and in what issues these two countries have adopted the EU recommendations. I concluded that by the new codes of corporate governance issued in 2008 Romania and Hungary have followed to a large extent the provisions of the EU recommendation.

  9. THE DETERMINANTS OF PROFITABILITY IN COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    SORANA VĂTAVU

    2014-10-01

    Full Text Available This research aims to establish the determinants of financial performance in 126 Romanian companies listed on the Bucharest Stock Exchange, over a period of ten-years (2003-2012. The analysis is based on cross sectional regressions. Return on assets is the performance proxy, while the variables expected to have a significant impact on profitability are debt, asset tangibility, size, liquidity, taxation, risk, inflation and crisis. Regression results indicate that profitable companies operate with limited borrowings. Tangibility, business risk and the level of taxation have a negative impact on return on assets. Although earnings are sustained by significant sales turnover, performance is affected by high levels of liquidity. Periods of unstable economic conditions, reflected by high inflation rates and the current financial crisis, have a strong negative impact on corporate performance.

  10. Corporate social responsibility practice of Malaysian public listed government-linked companies: A dimensional analysis

    Directory of Open Access Journals (Sweden)

    Lim Boon Keong

    2018-06-01

    Full Text Available This paper examines the corporate social responsibility (CSR practices of the Malaysian public-listed government-linked companies (GLCs using a dimensional analysis. Four dimensions of CSR activities, namely community, employees, environment and governance, are investigated to study the latest CSR practice of GLCs in year 2016. Each dimension is divided into three subcategories to further examine the performance of GLCs on a particular CSR area. This is the first paper in Malaysia which uses CSR ratings (obtained from CSRHub database to proxy for CSR practice. None of the past literature has been found to adopt this approach. The findings show that Malay-sian public-listed GLCs performed better in community, employees and environment dimensions, whilst tend to underperform in governance dimension.

  11. The Determinants of Capital Structure: Evidence from Listed Companies in Balkan Countries

    Directory of Open Access Journals (Sweden)

    Ajla Ngjeliu

    2018-03-01

    Full Text Available As most of the empirical literature regarding the determinants of capital structure relies on developed economies, this study contributes to the existing literature by looking at listed companies in the Balkan region. It investigates 760 companies over a 6-year period from 2007 to 2013 using a random effect model. The leverage is specified as a function of firm-specific characteristics, and the results are in line with previous empirical studies. Respectively, it is seen that a positive correlation is significant for size, while a negative one is found for profitability. Observing the decomposition of leverage, it can be assessed that the Balkan companies rely mostly on short-term debt. Furthermore, this study aims and finds significant differences between the determinants of capital structure of the companies established in EU and those in non-EU countries. The z-score indicated that when looking at the total debt ratio there is only one determinant which is statically significant.

  12. ENVIRONMENTAL PRACTICE DISCOURSE AND ISOMORPHISM IN HIGH ENVIRONMENTAL IMPACT COMPANIES LISTED ON BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Benedito Manoel do Nascimento Costa

    2016-08-01

    Full Text Available Organizations are submitted to social pressure towards making decisions for the sake of more environmental responsibility. These organizations respond by adopting managing strategies, and by developing environmental policies whose results must be demonstrated to stakeholders. In this scenario, this study aims at analyzing the characteristics of environmental information presented in management reports, in explanatory notes and in balance sheets produced by companies with a high environmental impact listed on BM&FBovespa, identifying possible isomorphic behaviors. In order to reach that goal, a qualitative research was conducted with an analysis of management reports, balance sheets and explanatory notes for the years 2011, 2012 and 2013 by 44 companies. Results provide evidence that companies present similar behavior concerning environmental issues. The management reports contain the largest amount of information related to the environment, the most highlighted categories were Environmental Policies, Product Impact, Processes and Other environmental information. Besides that, the segments that disclosed the most environmental information were Paper and Cellulose, Metalworking, Exploration and Refinement whereas the largest companies, evaluated by total assets, disclosed more environmental information.

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

    Directory of Open Access Journals (Sweden)

    David Procházka

    2016-04-01

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

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

    OpenAIRE

    Marian Berden; Franka Liedorp

    2006-01-01

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

  15. Top management team heterogeneity and firm performance: An empirical research on Chinese listed companies

    Institute of Scientific and Technical Information of China (English)

    ZHANG Ping

    2007-01-01

    An empirical study of the 2001-2002 data from 356 Chinese companies listed in the Shanghai and Shenzhen stock exchanges indicates that within the social context of China the characteristics of a firm's top management team have a different impact on firm performance from those of foreign countries. Also, the tenure heterogeneity and functional experience heterogeneity of the top management team are inversely related to firm performance. This paper analyzes and discusses the findings in detail and points out areas for future research.

  16. Web-Based Corporate Environmental Reporting in Nigeria: A Study of Listed Companies

    Directory of Open Access Journals (Sweden)

    Uwalomwa UWUIGBE

    2012-01-01

    Full Text Available This paper basically examined the utilization of the Internet for communicating corporate environmental information by listed financial and non-financial companies in Nigeria. The sample for the study consists of 30 firms listed on the Nigerian stock exchange. While the content analysis technique was used as a basis for eliciting data from the corporate websites of the selected firms, the student t-test statistics was used to find out whether there is a significant difference in the level of web-based corporate environmental disclosure between financial and non-financial firms in Nigeria. In addition, the linear regression method of data analysis was employed to investigate whether there is a relationship between the financial performance of firms and the level of corporate environmental disclosures of the selected listed firms in Nigeria. The paper as part of its findings observed that there is no significant difference in the level of web-based corporate environmental disclosure between listed financial and non-financial firms in the Nigeria stock exchange

  17. Challenges of Executive Information Systems in listed Johannesburg Stock Exchange companies

    Directory of Open Access Journals (Sweden)

    Elmarie Papageorgiou

    2011-09-01

    Objectives: The purpose of this study is to establish and to determine the existence, and to what extent EISs exist in all levels of management and to identify the challenges companies experienced in listed JSE companies. Therefore the problem exists that EIS-users at all levels of management are unaware of the challenges of EISs and that EISs can be used as a tool to analyse their businesses’ performance and competitiveness. Method: A mixed method was used; both quantitative and qualitative in nature. Questionnaires were sent to 334 listed JSE companies and 13 interviews were conducted with users of EISs in all levels of management. Results: The results of the study demonstrate that the majority of respondents of the questionnaire have an EIS or plan to implement an EIS. The results further revealed the respondents’ positive attitude towards EISs as it is an excellent management information tool that adds strategic value to their business, that is critical for real-time decision-making, solves problems and creates a competitive edge. From the results it is evident that there is a need for an EIS to be ‘everybody’s information system’. The results of the interviews demonstrate that an EIS is a seamless reliable system necessary for proper timeous decision-making. The respondents to the questionnaire and the interviewees indicated that they understood the value of EISs as a useful part of their company. Conclusion: The study adds value to the awareness and understanding of EISs that creates a business environment in which business and management can enhance sustainability and strategic competitiveness.

  18. Corporate Characteristics and Internal Control Information Disclosure- Evidence from Annual Reports in 2009 of Listed Companies in Shenzhen Stock Exchange

    Science.gov (United States)

    Xiaowen, Song

    Under the research framework of internal control disclosure and combined the current economic situation, the paper empirically analyzes the relationship between corporate characteristics and internal control information disclosure. The paper selects 647 A share companies listed in Shenzhen Stock Exchanges in 2009 as a sample. The results show: (1) the companies with excellent performance and high liquidity tend to disclose more internal control information; (2) the companies with the high leverage and also issued B shares are not willing to disclosure internal control information; (3) the companies sizes and companies which have hired Four-big accounting firms have no significant effects on internal control disclosure.

  19. An exploration of the online investor relations (IR practices of companies listed on the Johannesburg Stock Exchange (JSE

    Directory of Open Access Journals (Sweden)

    Leana Esterhuyse

    2016-05-01

    Full Text Available Prior research has found that having better investor relations (IR practices contributes towards improved share prices, liquidity of shares and analyst following. The main aim of this study was to determine the extent to which JSE-listed companies comply with international best practice guidelines for IR practices via the company’s website. A secondary objective was to arrive at an opinion regarding the stage of internet adoption for IR practices in which JSE-listed companies find themselves, based on Hedlin’s (1999 three-stage model. A checklist of 201 items was used to assess the websites of 205 JSE-listed companies from the beginning of July to mid-September 2012. The average online IR score for all 205 companies was found to be disappointing, although the top 100 companies in South Africa performed better than companies in other emerging and developing economies, but worse than companies in advanced economies, where size is probably the main differentiator. Bandwidth is also a constraining factor for online IR quality in South Africa. We conclude that instead of moving towards stage III (HTML, video and audio of Hedlin’s model (1999, JSE listed companies still seem to find themselves in stage II (paper-equivalent PDF’s. This should concern Chief Financial Officers (CFOs, as effective and efficient communication with investors could contribute towards attaining optimal share prices and improved liquidity and analyst following.

  20. Marketing ethical rules in Lithuanian media companies

    OpenAIRE

    Abromaitytė-Sereikienė, Laima

    2007-01-01

    Although, both in the world and in Lithuania, there are more and more discussions, publications, scientific researches related to marketing ethics and application of its rules in everyday business activity, a situation in this sector is not as it could be. In order to improve the situation we should know which factors influence ethics of marketing solution. Individual and organisational factors, having impact on decision making, as far as ethics is concerned, are being analysed in this public...

  1. The Effect of Corporate Governance on Firms’ Capital Structure of Listed Companies in Sri Lanka

    Directory of Open Access Journals (Sweden)

    Bulathsinhalage Siromi

    2017-06-01

    Full Text Available There is a great awareness among the researchers to carry out researches on corporate governance and it contributes to the firms’ competitive advantage and business success. In today’s turbulent economic environment, competitiveness has become more important than ever for a firm’s survival and success. However, there is a gap in studies focusing on corporate governance and capital structure in the context of Sri Lanka. The aim of this study is to empirically investigate whether attributes of corporate governance affect decisions on capital structure of listed companies in Sri Lanka. The sample of the study consisted of 138 non-financial listed companies for five-year period from 2009 to 2013. Board size, board composition, leadership structure, board committees, and managerial ownership were used as corporate governance variables whereas debt ratio as the measure of capital structure and return on assets (ROA and firm size as control variables. The variables were empirically tested by multiple regression analysis. The findings revealed that there is no significant effect of corporate governance attributes except board composition & board committee on capital structure. The variable of board composition has a significant positive effect and board committee has a negative effect on capital structure.

  2. Managerial overconfidence and debt maturity structure of firms Analysis based on China's listed companies

    Institute of Scientific and Technical Information of China (English)

    Jiang Wei; Xiao Min; You Jiaxing

    2011-01-01

    Purpose-The purpose of this paper is to empirically analyze the effects of managerial overconfidence on debt maturity structure decisions in terms of liquidity risk and asset match in Chinese listed companies.Design/methodology/approach-Combining data from CSMAR with some default data collected by hand,this paper selects age,tenure,education,education background and whether the board chair and CEO positions are consolidated in Chinese listed companies as proxies of managerial overconfidence.Thus,the authors acquired needed and credible empirical data.Findings-It was found that,the younger the CEO,the shorter the tenure,the lower the education,having economics or management education and being chairman concurrently,CEOs have stronger managerial overconfidence.Thus,corporate debt maturity structure is more weakly correlated with debt ratio and asset structure.Research limitations/implications-The findings in this study suggest that managerial irrationality,especially overconfidence,does have an effect on the financing decisions of firms.Originality/value-This is the first paper to analyze the effects of managerial overconfidence on debt maturity structure derisions in terms of liquidity risk and asset match.The findings inspire firm risk management policies from managerial overconfidence.

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

    Directory of Open Access Journals (Sweden)

    Nadia Albu

    2014-09-01

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

  4. The Influence of Company Size on Accounting Information: Evidence in Large Caps and Small Caps Companies Listed on BM&FBovespa

    OpenAIRE

    Karen Yukari Yokoyama; Vitor Gomes Baioco; William Brasil Rodrigues Sobrinho; Alfredo Sarlo Neto

    2015-01-01

    In this study, the relation between accounting information aspects and the capitalization level o companies listed on the São Paulo Stock Exchange was investigated, classified as Large Caps or Small Caps, companies with larger and smaller capitalization, respectively, between 2010 and 2012. Three accounting information measures were addressed: informativeness, conservatism and relevance, through the application of Easton and Harris’ (1991) models of earnings informativeness, Basu’s (1997) mod...

  5. Mandatory and Voluntary Disclosures of Serbian Listed Companies - Achieved Level and Some Recommendation for Improving their Relevance

    Directory of Open Access Journals (Sweden)

    Ksenija Denčić-Mihajlov

    2016-04-01

    Full Text Available Purpose – This paper investigates mandatory and voluntary disclosure practices of non-financial listed companies on the Belgrade Stock Exchange. The results help in determining the level of transparency of Serbian s listed companies and in formulating recommendations for improving the quality and relevance of disclosed information. Design/methodology/approach – We focus on modeling both mandatory and voluntary disclosure indices for financial and non-financial information in order to evaluate the level of disclosure of 63 Serbian companies for reporting period 2012. Findings – We found the low level of both mandatory and voluntary disclosures. Concerning mandatary disclosure, the information that is least frequently disclosed by the sample companies are those related to the material content of the financial statements (information on changes in accounting estimates and corrections of fundamental errors in the previous period, as well as related companies. Serbian companies usually disclose information that contributes to their greater visibility. Similar to the mandatory disclosure, usually published voluntary information are mostly "neutral" from the point of impact on the values reported in the financial statements, which do not contribute to a better understanding of the financial position, profitability and cash flows of the company. Research limitations/implications – There is a limitation concerning the sample size (which is generally intrinsic to Serbian capital market size and the sample structure (research is limited to listed non-financial companies. The study covers the annual reports for 2012 which in Serbia coincides with a crisis period. The same research methodology could be applied on a larger and comprehensive database (non-listed companies and include period after 2012, which will allow the analysis of evolution of disclosure practices by companies within new accounting framework. Originality/value – The authors give

  6. The Analysis of Company Characteristic Influence Toward CSR Disclosure: Empirical Evidence of Manufacturing Companies Listed in Jsx

    OpenAIRE

    Rahman, Arief; Widyasari, Kurnia Nur

    2008-01-01

    This paper investigates the influence of company characteristic toward Corporate Social Responsibility disclosure. The research is using the proxy of management ownership, leverage, size, profitability and company profile as the variable of company characteristic, while the CSR disclosure, unlike the previous researches, is proxied by dummy score from the companies' mandatory disclosure based on the items of Public Environmental Reporting Initiative (PERI) and Global Reporting Initiative Soci...

  7. COMPARATIVE RESEARCH ON THE FUNDAMENTAL ANALYSIS OF SHARES FROM COMPANIES LISTED ON BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Mihaela-Cristina Onica

    2015-05-01

    Full Text Available Upon passing to a market economy, it became necessary to find out information as accurate as possible regarding the risk of bankruptcy of a certain companyin the future, in order to determine the share of such a risk and the importance of the fundamental analysis within the prediction of the evolution of stock price. In spite of these, specialists say that this type of analysis, in relation to the technical analysis, in the context of the financial crisis, determined an accentuated decrease of the stock exchange indices on an international level. The paper deals with the results of the research and of a comparative study regarding the fundamental analysis of the shares of 6 companies listed on Bucharest Stock Exchange (BVB.

  8. Factors Affecting The Cost of Debt in Companies Listed within Kompas 100

    Directory of Open Access Journals (Sweden)

    Muhamad Septian

    2016-05-01

    Full Text Available This study aims to determine the effect of Good Corporate Governance (GCG which is proxied through the proportion of independent commissioners, managerial ownership, institutional ownership, quality audits, and family ownership on the cost of debt. The objects of this study are companies listed in Kompas 100 from the period of August 2013-January 2014. The method used to take samples of the study using purposive sampling method. Data analysis methods used are descriptive statistics, the classical assumption test, and hypotheses test. Based on the results of hypothesis testing that performed by using multiple regression analysis at the 0.05 significant level, the results of this study prove that the proportion of independent commissioners has a significant negative effect on the cost of debt. Also, managerial ownership has a significant positive effect on the cost of debt. On the other hand, institutional ownership, quality audits, and family ownership have no significant effect the cost of debt.

  9. The Determinants of Capital Structure: an Empirical Study of Omani Listed Industrial Companies

    Directory of Open Access Journals (Sweden)

    Mawih Al Ani

    2015-06-01

    Full Text Available This study investigates five determinants of capital structure (leverage in three subsectors of the Omani Industrial companies (food, construction and chemical listed on Muscat Securities Market for the period 2008–2012. According to available information and literature review, the determinants are profitability measured by return on assets (ROA, risk measured by the standard deviation of return on assets, the size of the company measured by the natural logarithm of total assets, rate of growth measured by the market-book value ratio (P/E and assets tangibility measured by fixed assets to total assets ratio. The capital structure or leverage is measured by total debt ratio. In the industrial sector as whole; the findings of the study indicate that there is a statistically positive association between risk and tangibility and leverage. Also, there is a statistically negative association between growth rate and profitability and leverage, while there is no association with size. Regression analysis indicates that size, tangibility and risk have a statistically significant effect on leverage.

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

    Directory of Open Access Journals (Sweden)

    Nicoleta BARBUTA-MISU

    2014-08-01

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

  11. Comparative study on efficiency performance of listed coal mining companies in China and the US

    International Nuclear Information System (INIS)

    Fang, Hong; Wu, Junjie; Zeng, Catherine

    2009-01-01

    Continually rising energy prices in global markets highlights a serious concern about the need to improve energy efficiency and the efficiency in energy sector in many countries. China, as one of the fastest growing countries in the world and the largest coal producer, has high coal consumption but a low recovery rate of coal utilization. Coal efficiency and the efficiency in coal industry have therefore attracted a great deal of attention from Chinese policy makers, coal firms and academics. This study attempts to compare the relative technical efficiency performance of listed coal mining companies in China and the US using CCR and BCC models in the advanced DEA linear programming. The results show that the level of relative efficiency in Chinese coal mining enterprises, regardless of total technical efficiency or decomposed pure technical and scale efficiency, is much lower than in American coal firms. The study also highlights the input resources that cause the inefficiency of Chinese coal mining companies. Furthermore, in-depth discussion and analysis of how the institutional environments of the two countries could cause the differences are provided. (author)

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

    Directory of Open Access Journals (Sweden)

    Oyerogba Ezekiel Oluwagbemiga

    2014-10-01

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

  13. Peculiarities of product placement in Lithuanian movies

    OpenAIRE

    Pilelienė, Lina; Jurgilaitė, Sigita

    2013-01-01

    The scientific problem analysed in the article is formulates as follows: how product placement is used in Lithuanian movies. The object of the article is product placement in Lithuanian movies, and the aim is to analyse the peculiarities of product placement in Lithuanian movies. Following methods were used to reveal the problem and reach the aim. Theoretical analysis of scientific literature was provided to construct the framework for the research. The analysis of current usage of product pl...

  14. Dependency Grammar in Lithuanian Language Processing

    OpenAIRE

    Grigonytė, Gintarė

    2006-01-01

    Lithuanian language is quite in an early stage of language processing. And therefore has a high demand on automated tools like taggers, parsers, word sense disambiguators etc. During the last 10 years only a few researchers were attempting to create a parser for Lithuanian language. However none of them are used in practices nowadays. The process of designing and implementing rule based parser for Lithuanian language is presented in this paper. Rules and constraints of the formal grammar foll...

  15. CSR Disclosure in Polish-Listed Companies in the Light of Directive 2014/95/EU Requirements: Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Łukasz Matuszak

    2017-12-01

    Full Text Available On 15 December 2016, new non-financial reporting requirements were implemented in the Polish Accounting Act (PAA which would be enforced from 1 January 2017. This act resulted from the transposition of Directive 2014/95/EU. New requirements oblige certain groups of entities to disclose non-financial information on environmental, social and employee-related matters, respect for human rights, anti-corruption and bribery matters. The purpose of this paper is two-fold. Firstly, this study analyses the new non-financial reporting requirements implemented in PAA, which were created from the transposition of the Directive. Secondly, this study investigates the current extent and quality of corporate social responsibility (CSR reporting in companies listed on the Warsaw Stock Exchange (WSE and their compliance with the new requirements. The sample comprises 150 selected listed companies on the WSE. The data were collected from annual reports, separate CSR reports, and companies’ websites. Content analysis and a rating scale were used to measure the level of CSR disclosures. The results show that companies prefer annual reports to communicate voluntary CSR disclosures. In the majority of cases, CSR disclosure of companies were not compliant with the new requirements. Companies placed little emphasis on reporting about human rights and anti-corruption. This suggests that the new reporting obligation should increase the extent and quality of non-financial disclosure among Polish listed companies.

  16. Data on empirical estimation of the relationship between agency costs and ownership structure in Italian listed companies (2002-2013).

    Science.gov (United States)

    Rossi, Fabrizio; Barth, James R; Cebula, Richard J

    2018-06-01

    The data presented in this article are related to the research article entitled "Do shareholder coalitions affect agency costs? Evidence from Italian-listed companies", Research in International Business and Finance , Forthcoming (Rossi et al., 2018) [1]. The study shows an empirical analysis using an extensive balanced panel dataset of 163 Italian listed companies for the period 2002-2013, which is a sample yielding 1956 firm-year observations. The sample consists primarily of manufacturing firms, but also includes some service enterprises. However all financial firms and regulated utilities are excluded. We collected data on ownership structure for the entire study period. Information was acquired from the Consob website and the individual company reports on corporate governance. Data on firm-level indicators (debt-to-capital ratio, firm size, and age of the firm) for all companies in the sample were collected from Datastream, Bloomberg , and Calepino dell'Azionista , as well as obtained manually from the financial statements of the individual companies being studied. Our dataset contains several measures of ownership structure for Italian listed companies.

  17. Renewable energy in the Lithuanian heating sector

    International Nuclear Information System (INIS)

    Konstantinaviciute, Inga; Bobinaite, Viktorija; Tarvydas, Dalius; Gatautis, Ramunas

    2013-01-01

    The paper analyses the role of renewable energy sources (RES) in the Lithuanian heating sector and the existing support measures. RES consumption has been continuously growing in Lithuania. During the period of 2000–2009, RES used for heat production in the district heating sector increased more than 4 times. Wood and wood products have been the most widely used RES for heat production (RES-H). The lower prices were one of the main reasons which motivated district heating companies to switch fuel to biomass. At the same time subsidies, soft loans, EU Structural Funds for 2007–2013 and some fiscal measures, which are currently available for RES-H promotion, also have some impact on the increase of RES consumption. However, seeking to achieve a 23% national RES target, additional support measures are essential. A qualitative analysis based on the selected set of criteria and consultation with stakeholders showed that energy policy package for RES promotion in the Lithuanian heating sector could encompass the following measures: tax relieves (differentiated VAT and personal income tax breaks), subsidies, soft loans, standardization, support for research, development and demonstration. These measures are market-oriented and meet cost efficiency and low transaction costs criteria. - Highlights: • Existing support measures are not strongly motivating market players. • In order to meet ambitious 23% targets consistent promotion policy package is required. • The proposed package could consist of 4 instruments: tax related, soft loans, standardization and support for RD and D. • The proposed support measures are market oriented and meets cost efficiency and low transaction costs criteria. • There is no single measure that is fairly suitable to support RES-H

  18. Is there any relation between intellectual capital and the capital structure of a company? The case of Polish listed companies

    Directory of Open Access Journals (Sweden)

    Monika Bolek

    2016-09-01

    Full Text Available This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets, with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets influences the capital structure of a company.

  19. 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...

  20. Reflections of the Capitalization on Operational Leasing in Transport Subsector Companie's Structure Indicators Listed on Bovespa

    Directory of Open Access Journals (Sweden)

    Vinícius Gomes Martins

    2013-12-01

    Full Text Available Leasing is an alternative to financing the acquisition of assets for entities, and it has like modalities the operating procedures and financial leasing. This type of operation has caused several theoretical obstacles, among them the issue of off-balance sheet transactions. To reduce these accounting inconsistencies, the IASB and FASB have been working together to standardize the subject, this result was the publication of Exposure Draft 2010/09 (ED, which promises significant changes in the treatment of such transactions. Given this, this study aimed to analyze the impacts of the proposed changes contained in the ED, as the capitalization of operating leases, in the structure indicators at transportation subsector companies listed on the Bovespa. For this, we used the simulation methodology of the proposals in ED, confirming previous research. After the simulation accomplished, we proceeded with the Student's t test for paired samples, in order to check if the expected changes may cause significant differences in the indicators tested. The evidence points in the year of 2011, an amount of $ 3.8 billion, related to operating leases, not moved by the balance sheet (off-balance sheet of their respective companies. It was also observed that, on average, sample firms have operating leases to pay equivalent to 18.46% equity and 16.14% of debt. Finally, by simulating the proposals in the ED, it was found that the indicators of debt, equity and immobilization of the detention of non-current resources show significant variation from the statistical point of view, due to the capitalization of operating lease balances.

  1. ANALYSIS OF THE RELATION BETWEEN INTANGIBLE ASSETS AND LEVELS OF CORPORATE GOVERNANCE OF LISTED COMPANIES IN BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Marcus Vinicius Moreira Zittei

    2015-12-01

    Full Text Available The objective of this research was to determine whether the fact of being listed or not in the levels of corporate governance of BM&FBovespa implies different characteristics in relation to the values and types of intangible assets recorded in the financial statements. We conducted descriptive research by document analysis and quantitative approach in a sample of 192 companies. The results in relation to the values of intangible assets have shown that the new market stood out because, at this level, the companies had the highest average values invested in intangibles. Within the intangibles evidenced by companies, software trademarks and patents, goodwill and concession contracts stood out. Finally, logistic regression analysis shows that being in the list or not implies different percentages in relation to intangible fixed assets. It is also implies in the record of intangibles of greater complexity such as investment in goodwill, relations with suppliers and customers, development of research.

  2. An Assessment of Risk and Risk Management Information Disclosure of Companies Listed in Nasdaq OMX Baltic and Euronext Brussels

    Directory of Open Access Journals (Sweden)

    Dalia Kolmatsui

    2016-09-01

    Full Text Available The main goal of this paper is to discuss theoretically and to evaluate empirically the differences of risk and risk management information disclosure (RRMID among companies listed in Nasdaq OMX Baltic and Euronext Brussels and to determine factors influencing such differences. The authors use analysis and systemization of scientific literature, induction, content analysis and coding procedure for risk and risk management information disclosure assessment, as well as correlation and regression analyses. The results suggest that companies listed in Euronext Brussels disclose more risk and risk management (RRM information; RRM related disclosures are more qualitative, focused on past or present events and have a neutral meaning in both markets. Companies also disclose more information about risks themselves than about risk management. Finally, only companies’ size and presence of audit committee are significant factors influencing RRMID.

  3. Female Directors and Corporate Social Responsibility: Evidence from the Environmental Investment of Chinese Listed Companies

    Directory of Open Access Journals (Sweden)

    Feng Wei

    2017-12-01

    Full Text Available Taking Chinese listed companies in 2008–2015 as the sample, in this paper we test in detail the impact of female directors on corporate environmental investments. Furthermore, we study the impact of female directors on environmental investment in enterprises with different types of ownership and industry attributes. Empirical studies show that when there are only 1 or 2 female directors on the board, no significant impact on the scale of corporate environmental investment can be seen. However, when the number reaches at least 3, female directors have a significantly positive impact on the scale of corporate environmental investment. This confirms critical-mass theory; meanwhile, we find that the empirical results do not indicate any significant correlation when the variable of female directors is measured by the proportion of female directors and the Blau index of gender balance. Further analysis suggests that in state-owned enterprises and enterprises from heavily-polluting industries, the above findings remain true, while in non-state-owned enterprises and enterprises from non-heavily-polluting industries, the above findings prove false, i.e., that the impact of female directors on corporate environmental investment is not significant. The conclusion demonstrates that the impact of female directors on environmental investment varies in enterprises with different types of ownership and industry attributes.

  4. The impact structure of social capital on corporate performance: Empirical evidence from listed companies in China

    Institute of Scientific and Technical Information of China (English)

    SHI Junwei; FU Haiyan; HU Lijun

    2007-01-01

    Vertical relationships with the government, particular relational capital and organizational social network capital, constitute corporate social capital (CSC). Using the empirical data of 97 listed companies in China, this paper examines the impact of CSC on corporate performance, finds that CSC has a positive impact on sales revenue but an insignificant impact on the improvement of ROA. More specifically, when a firm enlarges its sales revenue, the function of organizational network capital is stronger than that of a particular relational capital and that of governmental connections. The paper also finds that state-owned enterprises (SOEs) have more advantages in using governmental connections, therefore leading to better social status than non-SOEs do, who have fewer advantages in using any particular relational capital. The article suggests that managers should appraise carefully the effectiveness of CSC, and combine it with other resources; firms should distinguish the structure of the impact of CSC on performance improvement in a dynamic way. With respect to the implication of this paper, it could help in analyzing firm behaviors in the transitional China.

  5. Dynamic Relation Mechanism between Cotton Future Price and Stock Price of Related Listed Companies

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-integration analysis,Vector error correction model,Granger causality test and variance decomposition method.The results indicated that:long-term equilibrium relationship existed between ZCE cotton futures price and Xinsai share stock price while which changed in the same tendency and speed in the long-term.Cotton futures price is the main reason for the changing of Xinsai share stock price.The lead-lag relationship in changing course had been confirmed that existed between ZCE cotton futures price and the Xinsai share stock price.Meanwhile,the forward pass mechanism of price changing information had been found only from the ZCE cotton futures market to the stock market while showing asymmetry.Conclusions of the study can be used for cotton and related corporate to hedge business risks by the cotton price changes.

  6. Effects of income smoothing practices on the conservatism of public companies listed on the BM & FBOVESPA

    Directory of Open Access Journals (Sweden)

    José Elias Feres de Almeida

    2012-04-01

    Full Text Available The aim of this study was to investigate two aspects of accounting information that may be inherently related: income smoothing practices and conditional conservatism. Theoretically, the more a firm employs income smoothing, i.e., uses accruals to reduce the variability of profits, the less possibility there is for the timely acknowledgement of future economic losses (i.e., bad economic news in profits. Eckel's model (1981 was used in this study to classify listed companies as smoothing or non-smoothing, and Basu's model (1997 was used to quantify the degree of conditional conservatism present in each firm. To make the results more robust, samples were created with annual stock return data from both March and December. The results indicated that non-smoothing firms had a higher degree of conditional conservatism, i.e., more opportunity to recognize future economic losses because the market could use the stock return data to anticipate future losses contained in the information regarding profits. This research made it possible to observe theoretical relationships between properties of accounting information: i there is a relationship between income smoothing and conditional conservatism (i.e., accounting choices; ii the informational environment of the Brazilian capital market contributes to the market distinction between smoothing and non-smoothing firms; and iii the improvement of the capital market provides economic operators with greater insight into economic losses that are contained in accounting results.

  7. EVALUATION OF LITHUANIAN CONSUMERS’ ATTITUDES TO GENETICALLY MODIFIED FOOD

    Directory of Open Access Journals (Sweden)

    Ingrida Lukošiut&#

    2017-03-01

    Full Text Available The aim of this investigation is to present the results obtained during the survey of Lithuanian consumers in order to identify their attitudes towards food with genetically modified organisms (GMO. Investigating the consumers approach to genetically modified (GM food, the following were considered: consumers’ opinions on GMO were analyzed, their knowledge about the presence of food containing GMO on the Lithuanian market, the mandatory GM food labelling, the behavior to a transgenic product while shopping, as well as consumers’ willingness to purchase such products. Data were gathered through a survey of 1000 Lithuanian residents. The empirical results indicated that the majority of the respondents’ attitudes towards food containing GMO are negative. The older consumers with less income are more against GM food compared to younger, wealthier households. 72% of consumers know that if the food contains GMO it must be indicated on the label. However, many consumers who oppose GMO do not try to avoid paying attention to the components of the product listed on its label. Only about a quarter of consumers while buying a product look for such information. This indicates that consumers are not really interested in whether or not the product contains GMO

  8. DO TANZANIAN COMPANIES PRACTICE PECKING ORDER THEORY, AGENCY COST THEORY OR TRADE-OFF THEORY? AN EMPIRICAL STUDY IN TANZANIAN LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Ntogwa Ng'habi Bundala

    2012-01-01

    Full Text Available The empirical study was focused predominantly on validity tests of the three theories on capital structures, the static trade-off theory, the pecking order theory (information asymmetry theory, and agency cost theory in the Tanzanian context. The study used secondary data from eight of the non-financial companies listed in Dar Es Salaam Stock Exchange (DSE from 2006-2012. The study used descriptive (quantitative approach to test the practicality of the theories in Tanzania. The multiple regressions model used to test the theoretical relationship between the financial leverage and characteristics of the company. The research found that there is no strong evidence for validation of static trade off theory, little support of pecking order theory, but the agency cost theory is confirmed to be valid and practiced in Tanzania. It recommended that Tanzanian companies should be adhering to the determinants of the capital structure in the Tanzanian context found by this study.

  9. THE CLITICS IN STANDARD LITHUANIAN

    Directory of Open Access Journals (Sweden)

    Asta Kazlauskienė

    2015-04-01

    Full Text Available A Lithuanian word is quite an autonomous prosodic unit. Nevertheless, in some cases a word loses stress, connects to an adjacent word, and becomes a part of a succeeding or preceding word. The aim of this research is to establish and describe the prosodic autonomy of the Lithuanian language word and its determinants. The database for this analysis consists of some audio recordings of novels, which were used in this study (11 h 20 min, 22 speakers. A computational programme was designed by Prof. Dr. G. Raškinis. The empirical data showed that the words with clitics comprise about ¼ of all the words. The data analysis suggests that the word autonomy depends on many factors: phonetic structure (monosyllabic words often lose their stress, morphological features (uninflected parts of speech, especially prepositions, often do not have a stress, the structure of a sentence (a potential clitic can get a stress in an elliptic sentence, pragmatic intentions (a word with a phrase stress will get a lexical stress, and the pressure of the rhythm (a potential clitic can keep stress due to the succeeding unstressed syllable. The latter factor is important for the rhythm of the speech for two reasons. First, a clitic can eliminate a stress clash, which might be formed if both words had stresses. Second, if clitic is connected to the word with a first stressed syllable, the second syllable would become stressed. Such word is articulated easier than the word which begins with a stressed syllable. However, the rhythm does not have a major impact on the word autonomy in the Lithuanian language. The phonetic structure and morphological features have the most significant influence on the prosodic autonomy of a word.

  10. Influencing Factors on Earnings Management, Empirical Evidence from Listed German and Austrian Companies

    Directory of Open Access Journals (Sweden)

    Thomas Dilger

    2015-10-01

    Full Text Available Purpose – Since the 1960s earnings management has been a widely researched area and became presumably known by the current accounting scandals. This paper aims at empirically showing which factors affect earnings management. Design/methodology/approach – According to former research literature factors are derived, which might influence the companies' earnings management behavior. These factors are the applied accounting standard, the industry sector and the country of official quotation. Although several measurements for earnings management like abnormal accruals or income smoothing exist, this paper is predominantly using the distribution of net income scaled by total assets (RoA respectively total sales (RoS as earnings management measure. These earnings management measures have been selected as they can measure the frequency of earnings management in reality and no estimates are necessary. Findings – In general, analyses show that the distribution in earnings management intervals differ from the total population. Most noteworthy is that by adoption of principle-based accounting standards (IFRS/US-GAAP, in case of this study no differences of earnings quality was observable. The other two variables yield in mixed results due to the robustness checks, which indeed questions the scaling variables for data-sets including the financial industries. Research limitations/implications – First, according to the chosen measurement parameter no distinct assertion concerning the reasons for execution or non-execution of earnings management can be deduced. Second, the method of earnings management's identification is not dividable and therefore real-, accounting-, legal- and illegal- earnings management cannot be identified. Third, the research results are just partially generalizable concerning representativity (e.g. other countries, non-market listed companies and taken for granted just for similar data-sets. Originality/value – Although prior

  11. Listings.

    Science.gov (United States)

    1994-12-07

    Nursing Standard regrets that it is no longer able to take listings over the telephone because of unprecedented demand. Readers are reminded that the listings section is for the use of charitable and professional organisations, unions and health authorities to publicise forthcoming events. Listings should contain all relevant details and be posted or faxed to Susan Blood-worth, Nursing Standard, Viking House, 17-19 Peterborough Road, Harrotc. Middlesex HA 1 2AX. Fax: 081-423 3867.

  12. Corporate social responsibility and corporate governance in Indonesian public listed companies

    Directory of Open Access Journals (Sweden)

    Ika Siti Rochmah

    2017-01-01

    Full Text Available This study aims to investigate whether theree has been a change in the level of corporate social responsibility (CSR disclosure and to examine whether corporate governance attributes influence CSR disclosure in corporate annual report of Indonesian public listed companies(PLCs. The annual reports of 115 PLC for two years (2011 and 2012 were analysed using content analysis. Multiple regression analysis was utilized to determine factors influencing CSR disclosure in annual reports. Consistent with expectations, the paired sample t-test showed that there was an increase (significant at the 1 percent level in the extent of CSR disclosure. The multiple regression analysis revealed that audit committee effectiveness and company’s size were positively associated with the extent of CSR disclosure (significant at 5 per cent level. The findings appear to suggest that The Indonesian Capital Market and Financial Institutions Supervisory Agency (Bapepam LK effforts in promoting CSR through the release of Regulation No X.K.6 in 2012 have had some positive impact on CSR disclosure in annual report. The results also suggest that the involvement of audit committee through its effectiveness in overseeing company’s financial reporting could lead to better concern in corporate social activities and hence disclosure in annual reports. This study however, has limitation that should be considered in interpreting the results. The regression model documented an R2 of 21.4 percent, which indicates that almost 80 percent of factors influencing CSR disclosure in Indonesian PLC have not been captured by the model. These other factors may perhaps be indentified in the next research.

  13. The Influence of Company Size on Accounting Information: Evidence in Large Caps and Small Caps Companies Listed on BM&FBovespa

    Directory of Open Access Journals (Sweden)

    Karen Yukari Yokoyama

    2015-09-01

    Full Text Available In this study, the relation between accounting information aspects and the capitalization level o companies listed on the São Paulo Stock Exchange was investigated, classified as Large Caps or Small Caps, companies with larger and smaller capitalization, respectively, between 2010 and 2012. Three accounting information measures were addressed: informativeness, conservatism and relevance, through the application of Easton and Harris’ (1991 models of earnings informativeness, Basu’s (1997 model of conditional conservatism and the value relevance model, based on Ohlson (1995. The results appointed that, although the Large Caps present a higher level of conservatism, their accounting figures were less informative and more relevant when compared to the Large Caps companies. Due to the greater production of private information (predisclosure surrounding larger companies, the market would tend to respond less strongly or surprised to the publication of these companies’ accounting information, while the lack of anticipated information would make the effect of disclosing these figures more preponderant for the Small Caps companies.

  14. The Influence of Implicit Tax in Making Profitable Foreign Direct Investment Decisions: Evidence of Indonesian Listed Companies in All Sectors

    OpenAIRE

    Angelina Tiffany Iskandar; Melinda Haryanto

    2015-01-01

    The aim of this study was to test whether the implicit tax has an influence ontax explicitly in the context of Foreign Direct Investment for the companies listed onthe Indonesia Stock Exchange 2010-2013. The study sample as many as 34 companies,net of outlier as much as 6 data, the sample to 130 data. This study uses multipleregression. The results showed that the implicit tax that does not have a significantpositive influence on the explicit tax. This is because the role of tax planning andf...

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

    Directory of Open Access Journals (Sweden)

    Fu Yu

    2016-01-01

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

  16. Experimental Polish-Lithuanian Corpus with the Semantic Annotation Elements

    Directory of Open Access Journals (Sweden)

    Danuta Roszko

    2015-06-01

    Full Text Available Experimental Polish-Lithuanian Corpus with the Semantic Annotation Elements In the article the authors present the experimental Polish-Lithuanian corpus (ECorpPL-LT formed for the idea of Polish-Lithuanian theoretical contrastive studies, a Polish-Lithuanian electronic dictionary, and as help for a sworn translator. The semantic annotation being brought into ECorpPL-LT is extremely useful in Polish-Lithuanian contrastive studies, and also proves helpful in translation work.

  17. ESOTERIC IN CONTEMPORARY LITHUANIAN PROSE

    Directory of Open Access Journals (Sweden)

    Ieva Naikienė

    2018-04-01

    Full Text Available This article focuses on esotericism in contemporary Lithuanian prose. For the revelation of this topic, Donaldas Kajokas’ novel Ežeras ir kiti jį lydintys asmenys (The Lake and Other Escort Members, 2003 and Jurga Ivanauskaitė’s novel Placebas (Placebo, 2012 have been chosen. The analysed writings reveal the point of view of contemporary Lithuanian writers about esoteric beliefs. In this article, esotericism is related with persons’ feelings but is excluded from occult and parapsychology fields such as alchemy, cabbala, Tarot, etc. This work focuses on the idea that an individual, who has only a few senses, cannot reach actuality. On the other hand, the possibility of acquiring those senses is not rejected. In addition, obtaining those senses would help to reach higher, over-sensational worlds and in that way to discover personal correlation with forms of multiple personal identities. This article establishes an idea that awareness of higher worlds/spheres unlocks the possibilities of revealing the main core of human (as micro-cosmos and the Universe (as macro-cosmos. The possibility to perceive oneself as a micro-cosmos discloses not only personal identity, but also the value of Other’s entity and inevitable entities stratifying.

  18. THE LIBRARY OF THE LITHUANIAN CULTURAL INSTITUTE

    Directory of Open Access Journals (Sweden)

    Hermann, Arthur

    2006-12-01

    Full Text Available The Lithuanian Cultural Institute (Lietuviu Kulturos Institutas, LKI in Lampertheim-Hüttenfeld is an institution of the Lithuanian Community in Germany. It was founded 1981 in order to foster,conserve und study the Lithuanian cultural heritage in Germany. In the first years the institute has developed an archive and a library for Lithuanian literature. The library is based on extensive andvaluable collections of books donated by scholars in exile. Since 1991, an agreement assures the delivery of important new book releases by the National Library of Lithuania. Today the libraryconsists appoximately 10.000 titles. It includes an excellent selection of exile literature and literature of Lithuania since 1970. The library contains the largest collection of Lithuanian booksin Europe outside of Lithuania. The collection is databased in the Heidelberg library system HEIDI (http://www.uni-eidelberg.de/helios/kataloge/heidi/html. Since 1997, the library has been registered in the library system of southwestern Germany Südwestverbund (http://pollux.bsz-bw-de and is connected to the Karslruher Virtuellen Katalog (http://www.ubka-uni-arlsruhe.de/kvk.html, making it accessible online throughout the world. All titles can be ordered directly or via interlibrary loan. Since the library is staffed by volunteers, the hours of operation are irregular. The library of LKI is sonsidered as a supplement of other libraries in Germany which contain little or non Lithuanian literature. In addition, the library serves as important resource of information for the Lithuanian Cultural Institute and its conferences.

  19. 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.

  20. Evaluation of the Impact of Outsourcing on the Performance of Lithuanian Electricity Industry

    Directory of Open Access Journals (Sweden)

    Ligita Gasparėnienė

    2016-01-01

    Full Text Available The article is aimed at evaluation of the impact of outsourcing on the performance of Lithuanian electricity industry. Research methods include systematic analysis of the scientific literature and expert evaluation. Theoretical analysis of the literature has enabled to identify the most significant outsourcing determinants, which have the impact on the performance of electricity industry, and the main outsourcing-related risks for the companies operating in this industry. The results of the empirical research have revealed the effects of various outsourcing determinants on the performance of Lithuanian electricity industry as well as negative outcomes of outsourcing application in the researched industry.

  1. The use of fair value in measurement of non-current tangible assets by listed companies in Poland

    OpenAIRE

    Frendzel, Maciej

    2011-01-01

    This paper presents measurement principles which can applied for non-current tangible assets by listed companies using IFRS and discusses how decision of management of an entity may influence its financial position. Apart from analysis of measurement models applicable for property, plant and equipment and investment property and possible impact of use of fair value on presented assets and financial performance, the article presents results of a research relating to level of usa...

  2. Is There a ‘Mystery of Currency Exposure’? An Empirical Study of A-Share Listed Companies

    OpenAIRE

    Feixiang Chen; Li Ju

    2011-01-01

    Given companies’ dynamic responses to expected exchange rate changes, this article improves on current methods of measuring exposure to foreign exchange rate changes by breaking down the spot exchange rate changes into expected changes and unexpected changes. The currency risk exposure coefficients resulting from an empirical analysis of Shanghai Stock Exchange A share listed companies on whose reported performance foreign exchange changes have a direct impact have a high significance level, ...

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

    Directory of Open Access Journals (Sweden)

    Abdur Rouf

    2011-12-01

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

  4. How Does a Staggered Board Provision Affect Corporate Strategic Change?—Evidence from China’s Listed Companies

    Directory of Open Access Journals (Sweden)

    Kai Wang

    2018-05-01

    Full Text Available As China’s capital market has become more and more developed, listed companies have begun to establish some anti-takeover provisions to protect their controlling right. Existing studies have examined the consequences of the establishment of such provisions. However, few studies have explored how these provisions affect corporate strategic change. Based on agency theory and prospect theory, this paper proposes two channels through which one of the anti-takeover provisions, staggered board provision, impacts strategic change. Using the data of China’s listed companies which issue A-shares in Shenzhen and Shanghai stock exchanges from 2007 to 2014, these two channels are tested. We find that the existence of a staggered board provision negatively affects the extent of strategic change. In addition, if governance mechanisms restrict directors’ power, the relationship between staggered board provision and strategic change will be weakened, which supports the agency theory. If the listed company is faced with a more dynamic external environment, the relationship between staggered board provision and strategic change will be stronger, which supports the prospect theory. These results are robust after we use a different method to measure strategic change. Our conclusions not only enrich literature about strategic change and anti-takeover provisions, but also are helpful for improving corporate governance in China and other developing countries.

  5. Study about the relevance and the disclosure of biological assets of listed companies in BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Luciana Holtz

    2013-08-01

    Full Text Available The main objective this article is to verify that the information content of biological assets disclosed in the financial statements are relevant and, the secondary objective perform content analysis of the notes verifying the compliance of information supplied by entities with CPC 29. The study sample was composed of publicly traded stock companies listed on the BM & FBOVESPA with data for the year 2010 and 2011. The empirical tests were conducted applying relevance models, using observations of 347 active companies characterizing a study model pooled ordinary least squares – POLS, including companies that have reported biological assets into account specific .The companies that had values of biological assets posted have had analyzed explanatory notes referring to this account. The results provide empirical evidence that the information content of biological assets disclosed by companies is not relevant to the sample. In relation the content analysis of the notes was checked a partial compliance of the standard, there is a disparity in the information disclosure practices by the companies analyzed, as well as an omission of items required by the standard. Can be inferred that loss of the relevance has occurred, in part, by the poor quality of the notes, which may make it difficult for outside users in interpreting the information disclosed.

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

    Directory of Open Access Journals (Sweden)

    Bt Abdul Wahab Norwazli

    2017-01-01

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

  7. Firm and Auditor Characteristics, and Audit Report Lag in Manufacturing Companies Listed on Indonesia Stock Exchange during 2008-2012

    Directory of Open Access Journals (Sweden)

    Mukhtaruddin

    2015-03-01

    Full Text Available One of the qualitative characteristics of financial reporting is relevant. Its manifestation can be seen from the timeliness of reporting. Timeliness could be judged from the audit report lag, which is the length of time from the end of company’s fiscal year to the date of auditor's report. This research aims to empirically examine the influence of firm size, operation complexity, auditor quality, and auditor's opinion on audit report lag of manufacturing companies listed in Indonesia Stock Exchange. The population of this research consists of manufacturing companies, listed on Indonesia Stock Exchange from 2008 to 2012 as many as 111 companies with the research’s sample of 65 companies or 325 observational data, which were selected by purposive sampling method. The data are secondary data obtained from Indonesia Stock Exchange. The research proves that simultaneously, all variables significantly influence the audit report lag. Subsequently in partial, variables ‘firm size’, ‘auditor's opinion’ have a significant and positive effect on audit report lag, the ‘auditor quality’ has a significant and negative effect on audit report lag, while the variable ‘operation complexity’ has no significant effect on audit report lag. The coefficient of determination ?(R?^2 in this study was 0.192 or 19.2 % and the remaining 80.8 % is influenced by other factors that were not examined.

  8. Lithuanian Population Aging Factors Analysis

    Directory of Open Access Journals (Sweden)

    Agnė Garlauskaitė

    2015-05-01

    Full Text Available The aim of this article is to identify the factors that determine aging of Lithuania’s population and to assess the influence of these factors. The article shows Lithuanian population aging factors analysis, which consists of two main parts: the first describes the aging of the population and its characteristics in theoretical terms. Second part is dedicated to the assessment of trends that influence the aging population and demographic factors and also to analyse the determinants of the aging of the population of Lithuania. After analysis it is concluded in the article that the decline in the birth rate and increase in the number of emigrants compared to immigrants have the greatest impact on aging of the population, so in order to show the aging of the population, a lot of attention should be paid to management of these demographic processes.

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

    Directory of Open Access Journals (Sweden)

    Mihaela Ionașcu

    2017-02-01

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

  10. Lithuanian accounting development phases and tendencies

    Directory of Open Access Journals (Sweden)

    Jonas Mackevičius

    2016-09-01

    Full Text Available The evolution of Lithuanian accounting has a long history and is rather complicated. It was influenced by different countries, especially by Tsarist Russia, Germany, France, Poland and the Soviet Union. Differ-ent factors had an impact and formed the Lithuanian accounting system, and they have defined develop-ment tendencies for it. The aim of this research is to investigate Lithuanian accounting development phases and tendencies. The research methods consist of analysing scientific papers of Lithuanian authors, a retrospective analy-sis, the historical approach, inductive and deductive methods, systematisation, comparison and a sum-mary of the information. From the chronological and historical perspectives, the following Lithuanian accounting development phases were distinguished: (1 accounting origin for the period of the Grand Duchy of Lithuania (1251–1795; (2 Lithuania’s accounting status during the period of occupation by Tsarist Russia (1795–1914 and World War I (1914–1918; (3 the condition and regulation of account-ing during the inter-war period (1918–1940 and World War II in Lithuania; (4 accounting organization and regulation during the Soviet occupation period in Lithuania (1944–1990; (5 accounting status and problems in Independent Lithuania (1990–2015. The article investigates the key elements of regulation, and the achievements and problems of each Lithuanian accounting development phase.

  11. Investigating the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farzinfar

    2013-01-01

    Full Text Available This research investigates the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market. In this study, all required data are collected from aware shareholders and provide a sampling of 130 questionnaires, the data collected over the period 2010-2011 using test methods such as computer software, data analysis and statistical methods to answer research questions. According to research result through questionnaires and tests, there is a significant relationship between stock returns and the auditor's opinion, in fact, for aware shareholders of the company the auditor’s opinion has a special message. This message is based on the results of study hypothesis in comparison with previous research with regard to changes in the questionnaire and provides assumptions that are more detailed. The first finding is that unqualified audit report has a positive impact on stock returns of companies with a medium to low degree. Adverse audit report has a negative impact on stock returns of companies with medium to high degree. Disclaimer of audit report has a negative impact on stock returns of companies with medium to high degree. Finally, qualifying paragraphs, which modified the items of income statement items have more impact in comparison with qualifying paragraphs which modified the Balance Sheet items.

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

    OpenAIRE

    Chong, David Voon Chee

    2003-01-01

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

  13. RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT AND PROFITABILITY IN BRAZILIAN LISTED COMPANIES

    OpenAIRE

    Prof. Dr. Hong Yuh Ching; Prof. MSc. Ayrton Novazzi; Prof. Dr. Fábio Gerab

    2011-01-01

    To overcome competition in a very complex environment, few companies have been able to use the optimization of working capital as a real competitive advantage to leverage profit. The objectives of this article are twofold: a) to investigate if there is any difference between corporate profitability and working capital management in two separate groups of companies: working capital intensive and fixed capital intensive; b) to identify the variables that most affect profitability. The profitabi...

  14. Prevalence of sustainability reporting practices of listed companies on established and emerging stock exchanges

    Directory of Open Access Journals (Sweden)

    Brendan K. Turk

    2013-02-01

    Full Text Available The business sector has a substantial role in addressing current environmental issues and concerns. Consequently, there is a growing adoption of corporate sustainability principles and practices across all market sectors. This study examined four developed and four emerging stock markets and the sustainability reporting practices of the top 20 and bottom 20 companies in each. The results illustrate that the developed market sector was more advanced in its corporate sustainability reporting, both in the proportion of companies issuing a sustainability report (approximately 60 per cent and the proportion of company webpages dedicated to sustainability reporting. This difference was largely due to the effect of the top 20 companies. There was little difference between developed and developing markets when only the bottom 20 companies were considered, of which less than one-third provided sustainability reports.  These results show that sustainability reporting is prevalent in both developed and developing markets, especially among market leading companies, but that overall, most developing markets have some catching up to do.

  15. CAPITAL ASSET PRICING MODEL METHOD USED IN MEASURING AND ANALYZING COMPANIES LISTED IN PEFINDO25 AT INDONESIA STOCK EXCHANGE PERIOD 2015

    Directory of Open Access Journals (Sweden)

    Francis M HUTABARAT

    2016-08-01

    Full Text Available The industry in Indonesia is an interesting business to capitalize. In Indonesia many companies were established since it is profitable. The capital market serves as an economic pillar in most countries. Indonesia is a rich country, rich in many ways especially in natural resources. However, the industry has its ups and downs in the stock market. It is interesting to see the performance of the companies listed in the Indonesia Stock Exchange.  This study aimed to measure and analyze companies listed in Pefindo25 at Indonesian Stock Exchange using Capital Asset Pricing Model. The sample used is 25 companies listed at Pefindo25 index. Based on the results of the study, it can conclude that after analyzing the companies listed in the Indonesian Stock Exchange using Capital Asset Pricing Model that based on Beta analysis, the companies have the type of stocks that are aggressive and defensive. With positive and negative return. The company with aggressive beta shows that the company tend to face higher risk, as JPFA find itself with positif return 15.47% expected return. And companies with defensive type of stocks tend to have positive return such as: FISH, STTP, AISA, APLN, and others since they are not sensitive to market changes. It is recommended for further research to look on this CAPM method in analyzing the stock investment.

  16. The board of directors in listed companies under the corporate governance system in Saudi law as compared to English law and global standards

    OpenAIRE

    Alamri, Khalid; Milman, David; Lawton, Philip

    2018-01-01

    Saudi Arabia has a unique environment in terms of its political, economic, legal and judicial aspects which have some anomalous characteristics that create challenges for corporate governance. Further challenges are presented by the current structure of listed companies and by Saudi Arabia’s Vision for 2030.1 This environment significantly influences the role of the board of directors in listed companies and increases its role in safeguarding the interests of different shareholders and stakeh...

  17. Secondary tax and its effect on the cost of capital and shareholder value of South African JSE listed companies

    Directory of Open Access Journals (Sweden)

    J. H.v.H De Wet

    2008-12-01

    Full Text Available Background: The introduction of a secondary tax on companies (STC and the lowering of the normal income tax rate in 1993 constituted a dramatic change in the tax structure of South African organisations. The original intention of these changes was to encourage organisations to re-invest profits to make use of capital investment opportunities. It was also anticipated that these tax changes would lower the cost of capital of organisations. Problem investigated: Announcements during the 2007 budget again raised questions about how the proposed changes in STC would affect the value of organisations. The impact of these tax changes has been the topic of some speculation in the absence of concrete research results to date. Purpose: The purpose of this study was to investigate the effect of these tax changes and all subsequent changes since 1993 on the cost of capital and shareholder value. Approach: A model of a hypothetical company, representing the 'average' listed South African organisation was used to determine the effect of the introduction of STC and the changes to the STC and company tax rate on the cost of capital and the value of the organisation. Findings: The study found that, contrary to expectations, the tax changes actually caused the cost of capital to go up. Overall, the combined effect of the higher cost of capital and the lower company tax rate caused the theoretical value of organisations to increase, constituting an improvement of shareholder value. Value of research: It is the first local study that endeavoured to analyse and quantify the impact of the introduction of STC and the lowering of the company tax rate on the cost of capital and the value of organisations. Conclusion: The introduction of STC in and the lowering of the company tax rate in 1993, as well as changes to these two forms of taxes since then, seem to have been justified in terms of shareholder value creation.

  18. A study on relationship between asymmetric information on dividend polices of companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Adineh Hayatbakhsh

    2013-07-01

    Full Text Available Explaining and the determinants of dividend policy is one of the biggest challenges that have long been the center of attention of accounting and financial researcher and theoreticians. There are many evidences that confirm the effects of dividend and there are a lot of other potential factors whose effects on the dividend policy have not been studied yet. In this study, the effects of four variables including asymmetric information, growth opportunities, cash holding and firm size in payout dividend policy are investigated, simultaneously. The study uses the information of 140 companies listed on Tehran Stock Exchange over the period 2005-2010. In this study, 4 hypotheses are proposed and investigated. There are positive and significant relationships between asymmetric information, growth opportunities, cash holding and company size on one side and payout dividend policy on the other side.

  19. CURRENT STUDY ON THE FUNDING SOURCES COVERAGE OF CURRENT ASSETS TO COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Teodor HADA

    2014-06-01

    Full Text Available This paper presents issues about the coverage with financing sources of current assets for 64 companies listed on the Bucharest Stock Exchange. The aim of the study is to see how to calculate indicators specific to current assets and the general framework offered as whole analysis of the financing sources of current assets. The introduction of the paper presents the objective, the research methodology and the novelties brought by this study. Further on, this study shows the various views of the authors about the concept of "current assets", financing sources of current assets, the calculation of net working capital, setting the limits of the normal working capital and determining the speed of rotation. After that was done, based on the theory, a case study was performed, for companies covered in this study. Conclusions focused on determining the final data about what was detailed in the previous paragraphs.

  20. Is there Needed an Industry Approach on Corporate Default Risk? Case Study on Companies Listed on Romanian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Cristina Maria Triandafil

    2009-02-01

    Full Text Available This paper focuses on applying Black and Scholes structural approach on credit risk in the case of the companies listed on Romanian Stock Exchange. We conduct a case-study on 35 companies belonging to five industries (energetic, materials, chemistry, pharmaceuticals, equipments during a period of 10 years in order to highlight out default point/threshold and its essential factors evolution across industries. Research approach is concentrated also on the specific characteristics of the Romanian capital market (especially in terms of illiquidity and lack of transparency additional costs, macroeconomic environment and corporate finance decision process. We compute default point from the perspective of the arbitrage between assets and leverage; in accordance with the most recent theories on specific features corporate default within emerging countries (Galytskyy, 2006, a key element will be represented by the assets volatility which will be correlated with the country risk premium in order to highlight out a potential macroeconomic impact on corporate failure.

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

    Directory of Open Access Journals (Sweden)

    CONSTANTIN LAURA-GABRIELA

    2014-12-01

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

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

    Directory of Open Access Journals (Sweden)

    CONSTANTIN LAURA-GABRIELA

    2014-12-01

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

  3. A Study on the Relationship between Proprietorship Concentration and Profit Management in the Companies Listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Soghra Ranjbarian

    2017-04-01

    Full Text Available The presence of institutional investors may change the behaviors of companies. The impact of institutional investors on management decisions on financial affairs have been proven in other studies; yet, the present study aims to investigate the relationship between lack of information symmetry an concentration of proprietorship with profit management in the companies listed in Tehran Stock Exchange. The period under study included years 2004 to 2009. Rahavard Novin Computer application was utilized to collect the data; then they were calculated using Microsoft Excel.  SPSS computer application was used to test research hypothesis and conduct other statistical analysis using statistical methods like descriptive statistics, correlation (correlation coefficient, coefficient of determination, regression analysis and testing its coefficients, correlation analysis and test of coefficients and significance of the difference between two correlation coefficients. A total of 109 active companies in the stock exchange were selected as the sample of the study. Results on the first hypothesis revealed that the relationship between concentration of proprietorship and lack of information symmetry. In case of the second hypothesis, it is predicted that there is a significant relationship between profit management with lack of information symmetry and concentration of proprietorship. According to research results, investors and analysts ought to pay attention to factors like proprietorship composition, the level of information symmetry along with the figures published by the companies when making short and long-term decisions.

  4. A Study on the Relationship between Proprietorship Concentration and Profit Management in the Companies Listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Soghra Ranjbarian

    2017-02-01

    Full Text Available The presence of institutional investors may change the behaviors of companies. The impact of institutional investors on management decisions on financial affairs have been proven in other studies; yet, the present study aims to investigate the relationship between lack of information symmetry an concentration of proprietorship with profit management in the companies listed in Tehran Stock Exchange. The period under study included years 2004 to 2009. Rahavard Novin Computer application was utilized to collect the data; then they were calculated using Microsoft Excel.  SPSS computer application was used to test research hypothesis and conduct other statistical analysis using statistical methods like descriptive statistics, correlation (correlation coefficient, coefficient of determination, regression analysis and testing its coefficients, correlation analysis and test of coefficients and significance of the difference between two correlation coefficients. A total of 109 active companies in the stock exchange were selected as the sample of the study. Results on the first hypothesis revealed that the relationship between concentration of proprietorship and lack of information symmetry. In case of the second hypothesis, it is predicted that there is a significant relationship between profit management with lack of information symmetry and concentration of proprietorship. According to research results, investors and analysts ought to pay attention to factors like proprietorship composition, the level of information symmetry along with the figures published by the companies when making short and long-term decisions.

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

    Directory of Open Access Journals (Sweden)

    Jiří Strouhal

    2015-09-01

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

  6. IT risk management disclosure in the integrated reports of the top 40 listed companies on the JSE limited

    Directory of Open Access Journals (Sweden)

    Ben Marx

    2017-07-01

    Full Text Available Information Technology (IT has become an integral part of virtually all modern day organisations. The advent of IT has given rise to numerous benefits which increase productivity and efficiency in the workplace, however, IT also brings with it significant risks that can have an impact on an organisation’s ability to function as a going concern. Organisations, especially those listed on the Johannesburg Stock Exchange (JSE, are required to submit an Integrated Report (IR on an annual basis in which they indicate how they used the resources at their disposal to create value for the organisation and its stakeholders during the year under review. The IR is also a forward-looking document, as opposed to the traditional, backward-looking reports. The purpose of this paper is to determine to what extent IT Risk and IT Risk Management are disclosed in the IR’s of the Top 40 Listed Companies on the JSE. It further aims to determine whether IT Risks are included as material risk in the entity’s risk statements of the Integrated Report, and whether proper explanations are provided on how the materiality of the risks are determined and dealt with. This is done by means of an empirical study consisting of a content analysis of the IRs of the Top 40 listed companies on the JSE. The results of the analysis indicates that more than half of the companies included IT risk as part of their material risks and outlined appropriate and detailed processes that were followed by the company to manage those IT risks. The findings of the study accordingly support the need for communicating significant risks and the management thereof to stakeholders as part of the integrated nature of governance of entities. However, it is disconcerting that some companies are not doing this, and accordingly are not realising the need for communicating significant matters to their stakeholders and the value that informative and credible reporting will bring to an entity

  7. ANALYSIS OF EFFECT OF PROFITABILITY, ASSETS STRUCTURE, SIZE OF COMPANIES, AND LIQUIDITY TO CAPITAL STRUCTURES IN MINING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE PERIOD 2012 - 2015

    Directory of Open Access Journals (Sweden)

    Gatot Nazir Ahmad

    2017-09-01

    Full Text Available The purpose of this study is to analyze the effect of profitability, structure assets, firm size and liquidity to the capital structure of mining companies listed on the Indonesia Stock Exchange for the period 2012-2015. Sampling technique using purpose sampling. Data analysis technique used in this research is panel data regression. The results showed that partially profitability had negative and significant effect to capital structure, asset structure had positive and significant effect to capital structure, firm size had positive and significant effect to capital structure, and liquidity had negative and significant effect to capital structure. Simultaneously profitability, asset structure, firm size and liquidity have a significant effect on capital structure.

  8. Human Capital Development (HCD) through Open, Distance and E-Learning: Evidence from Corporate Annual Reports (CARs) of Top South African Listed Companies

    Science.gov (United States)

    Adelowotan, Mo

    2014-01-01

    This paper discusses the role of open, distance and e-learning in the development of human resources by examining human capital development related disclosures in the corporate annual reports (CARs) of top South African listed companies. The study employed content analysis method to analyse the CARs of these companies with the aid of qualitative…

  9. How loan interest rate liberalization affects firms'loan maturity structure Evidence from listed manufacturing companies in China

    Institute of Scientific and Technical Information of China (English)

    Jianfang Zhou; Jingjing Wang; Jianping Ding

    2014-01-01

    Purpose-After loan interest rate upper limit deregulation in October 2004,the financing environment in China changed dramatically,and the banks were eligible for risk compensation.The purpose of this paper is to focus on the influence of the loan interest rate librealization on firms' loan maturity structure.Design/methodology/approach-Based on Rajan's (1992) model the authors constructed a tradeoff model of how the banks choose long-term and short-term loans scales,and further analyzed banks' loan term decisions under the loan interest rate upper limit deregulation or collateral cases.Then the authors used an unbalanced panel data set of 586 Chinese listed manufacturing companies and 9,376 observations during the period 1996-2011 to testify the theoretical conclusion.Furthermore,the authors studied the effect on firms with different characteristics of ownership or scale.Findings-The results show that the loan interest rate liberalization significantly decreases the private companies' reliance on short-term loans and increases sensitivity to interest rates of stateowned companies' long-term loans.But the results also show that the companies' ownership still plays a key role on the long-term loans availability.When monetary policy tightened,small companies still have to borrow short-term loans for long-term purposes.As the bank industry is still dominated by state-owned banks and the deposit interest rate has upper limits,the effect of the loan interest rate liberalization on easing long-term credit constraints is limited.Originality/value-From a new perspective,the content and findings of this paper contribute to the study of the effect of the interest rate liberalization on China economy.

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

    Science.gov (United States)

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

    2014-12-01

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

  11. Improving the prediction of going concern of Taiwanese listed companies using a hybrid of LASSO with data mining techniques.

    Science.gov (United States)

    Goo, Yeung-Ja James; Chi, Der-Jang; Shen, Zong-De

    2016-01-01

    The purpose of this study is to establish rigorous and reliable going concern doubt (GCD) prediction models. This study first uses the least absolute shrinkage and selection operator (LASSO) to select variables and then applies data mining techniques to establish prediction models, such as neural network (NN), classification and regression tree (CART), and support vector machine (SVM). The samples of this study include 48 GCD listed companies and 124 NGCD (non-GCD) listed companies from 2002 to 2013 in the TEJ database. We conduct fivefold cross validation in order to identify the prediction accuracy. According to the empirical results, the prediction accuracy of the LASSO-NN model is 88.96 % (Type I error rate is 12.22 %; Type II error rate is 7.50 %), the prediction accuracy of the LASSO-CART model is 88.75 % (Type I error rate is 13.61 %; Type II error rate is 14.17 %), and the prediction accuracy of the LASSO-SVM model is 89.79 % (Type I error rate is 10.00 %; Type II error rate is 15.83 %).

  12. Assessment of the Knowledge Acquisition Process in Lithuanian Insurance Sector

    Directory of Open Access Journals (Sweden)

    Jurgita Raudeliūnienė

    2014-06-01

    Full Text Available Under the development of favourable globalization conditions, the demand for and importance of knowledge in the insurance sector are rapidly growing, which is characterized by the variety of insurance services and offered products as well as by a permanent change in efforts to efficiently meet the needs of society. Therefore, knowledge is becoming a unique factor that leads to the increased exclusivity of the organization in this particular sector when the recently acquired knowledge helps the employees of the company with efficiently performing work activities and creating for consumer advantages that can be hardly imitated by other insurance organizations. However, the process of knowledge acquisition will be worthless without efficient instruments for assessing the procedures leading to obtaining the necessary knowledge on demand and time. Every insurance organization in Lithuania tries to acquire the necessary knowledge on time in the most convenient way; however, researchers and business representatives feel a lack of tools for assessing and improving the knowledge acquisition process. According to scientific literature, a lack of complexity evaluating the knowledge acquisition process creates a precondition for developing instruments for the assessment of this process. The object of research is the evaluation of the knowledge acquisition process in the organizations of Lithuanian insurance sector. The goal of the article is to offer an integrated instrument of the knowledge acquisition process for the organization working in Lithuanian insurance sector. To achieve this goal, the following tasks have been implemented: the analysis of the theoretical aspects of the factors and methods of the knowledge acquisition process; the establishment of the factors specific to organizations in Lithuanian insurance sector for the purposes of assessing the knowledge acquisition process; the identification of the problematic areas of the knowledge

  13. Corporate Diversification, Firm Value and State Ownership in Chinese Publicly Listed Companies

    OpenAIRE

    Liu, Yang

    2015-01-01

    Corporate diversification has long been a focused and deeply developed field, defined as the process of a company expand its business into different areas. There are mainly three different types of corporate diversification: product diversification (related or unrelated) and geographic market diversification (home market or international market). Our research is concentrated on the first form of diversification. In addition, the relationship between corporate diversification and firm valu...

  14. THE RELATIONSHIP BETWEEN ECONOMIC VALUE ADDED AND CASH CONVERSION CYCLE IN COMPANIES LISTED ON THE WSE

    Directory of Open Access Journals (Sweden)

    Monika Bolek

    2012-06-01

    Full Text Available Economic Value Added (EVA a profitability measure and a Cash Conversion Cycle a liquidity and profitability measure are presented in this article. These ratios represent the dynamic approach to management of companies. The relationship between them may be considered as an advanced approach to management in a current economy based on intangible assets and know- how and capital allocated fast and efficient according to information common access.

  15. Influencing Factors on Earnings Management, Empirical Evidence from Listed German and Austrian Companies

    OpenAIRE

    Thomas Dilger; Sabine Graschitz

    2015-01-01

    Purpose – Since the 1960s earnings management has been a widely researched area and became presumably known by the current accounting scandals. This paper aims at empirically showing which factors affect earnings management. Design/methodology/approach – According to former research literature factors are derived, which might influence the companies' earnings management behavior. These factors are the applied accounting standard, the industry sector and the country of official quotation. ...

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

    OpenAIRE

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

    2014-01-01

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

  17. MtB versus VAIC in measuring intellectual capital: Empirical evidence from Italian listed companies

    OpenAIRE

    Forte, W.; Matonti, G.; Tucker, J.; Nicolo, G.

    2017-01-01

    Purpose – Grounded in the extant theoretical and empirical literature, the purpose of this paper is to compare two of the most employed methods measuring IC value in order to find the most suitable in the context of Italian listed firms. Moreover, this paper also investigates the relationship between Intellectual Capital (IC), measured in terms of the Market to Book (MTB) ratio, and the Value Added Intellectual Coefficient (VAIC), and potential key determinants of IC value including intangibl...

  18. Lithuanian narrative language at preschool age

    Directory of Open Access Journals (Sweden)

    Ingrida Balčiūnienė

    2012-05-01

    Full Text Available The paper deals with the main linguistic indications of Lithuanian preschoolers’ narratives. The analysis is based on experimental data of 24 typically developing monolingual Lithuanian children (6–7 years of age from middle-class families, attending a state kindergarten in Kaunas (Lithuania. During the experiment, the children were asked to tell a story according to the Cat Story (Hickmann 1993 picture sequence. The stories were recorded, transcribed and annotated for an automatic analysis using CHILDES software. During the analysis, the syntactic complexity, lexical diversity, and general productivity (MLUw and type/token ratio of the narratives were investigated. The results indicated the main microstructural tendencies of Lithuanian narrative language at preschool age.DOI: http://dx.doi.org/10.5128/ERYa8.02

  19. Evoliution of Castle Palaces in Lithuanian Renaissance

    Directory of Open Access Journals (Sweden)

    Inga Genytė

    2012-05-01

    Full Text Available The article author examines the problem of architecture history associated with the evolution of castle palaces in the current territory of Lithuania in the Lithuanian Renaissance period. The article is based on research papers thematically close to the publication, other literature and archive documents. After prehistory review of castle palaces at a theoretical level and clarifying the conditions for their occurrence, significant development trends of castle palaces during the Renaissance period in current Lithuania territory is revealed. At the beginning of the sixteenth century, Italian, Flemish and Flanders Renaissance reached Lithuania and merged with the local tradition; in the light of the Lithuanian Renaissance castle palaces reached their prosperity period in Lithuania. Castle palaces were distinguished by the diversity of their structural and architectural forms, relatively meaningful connection between function and artistic expression and a sustainable link with the components of environment.Article in Lithuanian

  20. The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies

    Directory of Open Access Journals (Sweden)

    Elena Alexandra Nenu

    2018-04-01

    Full Text Available This paper analyzes the evolution of the main theories regarding the capital structure and the related impact on risk and corporate performance. The capital structure is a dynamic process that changes over time, depending on the variables that influence the overall evolution of the economy, a particular sector, or a company. It may also change depending on the company’s forecasts of its expected profitability, capital structure being, in fact, a risk–return compromise. This study contributes to the literature by investigating the drivers of capital structure of the firms from the Romanian market. For the econometric analysis, we applied multivariate fixed-effects regressions, as well as dynamic panel-data estimations (two-step system generalized method of moments, GMM on a panel comprising the companies listed on the Bucharest Stock Exchange. The analyzed period, 2000–2016, covers a cycle with significant changes in the Romanian economy. Our results showed that leverage is positively correlated with the size of the company and the share price volatility. On the other hand, the debt structure has a different impact on corporate performance, whether this calculated on accounting measures or seen as market share price evolution.

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

    Directory of Open Access Journals (Sweden)

    Henrique Portulhak

    2014-09-01

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

  2. OPPORTUNITIESFOR DETERMINING THE EFFICIENCY CURVE IN THE PORTOFOLIO OF COMPANIES LISTED ON BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    HADA TEODOR

    2015-03-01

    Full Text Available This article is organized in four parts. The first part presents theoretical aspects on determining the efficiency curve and the steps to be taken on this. The second part begins with a case study presenting the methods of determining the efficiency curve of a stock portfolio, in the case of several entities listed on the Bucharest Stock Exchange. The third part shows how useful Microsoft Excel is to determine the Markovitz efficiency curve of a stock portfolio. On completion of this work, we present the findings on the methods of determining the Markovitz efficiency curve using Microsoft Excel, and their related interpretations.

  3. DETERMINANTS OF INTERNAL VS. EXTERNAL CEO SUCCESSIONS IN MALAYSIAN PUBLIC LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Rokiah Ishak

    2012-01-01

    Full Text Available Following a CEO turnover, a company may select an internal or external successor. The objective of this study is to determine if firm performance, board attributes, ownership structure and incumbent power influence the decision of whether to elect an internal or external candidate. Results from logistic regression analysis on 145 succession events over a four-year period (2002 to 2005 indicate that firms which are controlled by blockholders tend to select an outsider as the successor. Further, firms that are controlled by family members and position their former CEOs within the firms are more likely to select insiders as successors. However, firm performance, board composition, CEO duality and turnover type do not affect the selection choice. This study implies that poor firm performance does not necessarily lead to outside CEO selection choice. Further, boards of Malaysian PLCs are not effective in choosing outsiders as successors as both board composition and CEO duality do not necessarily select outsiders to become new CEOs. Another implication of this study is that former CEOs who continue their directorship in the same companies do have some power in naming new CEOs as the former tend to select insiders as successors.

  4. Market Reaction to the Approval of Stock Option Plans: an Event Study of Bovespa Listed Companies

    Directory of Open Access Journals (Sweden)

    Fernanda Finotti Cordeiro Perobelli

    2009-07-01

    Full Text Available This paper aims to verify market reactions to Employee Stock Options Plans (ESOP proposals and awards in the Brazilian Stock Exchange from July 1994 to March 2007. In order to achieve such objective, event studies methodology was applied and the original sample (comprised by all companies that adopted ESOP during the survey period was divided according to employees’ eligibility to ESOP and CEOs bargain power. Using non-parametric tests (Sign Test e Wilcoxon Rank Sum Test, we could verify that announcements of ESOP proposals and ESOP awards were not related to positive abnormal returns. As the opposite, returns around those announcements dates were negatives, in general. Such pattern could be explained by some theoretical consequences of ESOP plans: increase in the CEOs risky behavior, constrains in the dividend policy and CEOs opportunistic behavior by managing the timing of their voluntary disclosures around stock option awards. We also found evidences suggesting that employees´ eligibility is related to abnormal returns. When all employees are awarded, returns are even more negative. Possible explanations are indirect costs of capital pulverization and increase in the companies cost of capital due to the ESOP. Our findings suggest that an ESOP adoption in a poor governance environment can increase agency problems, instead of aligning CEOs and shareholders interests.

  5. Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Bangladesh

    Directory of Open Access Journals (Sweden)

    Md. Abdul Kaium Masud

    2017-09-01

    Full Text Available “Bangladesh faces many ecological challenges, including air and water contamination, land degradation, and waste management”. Bangladesh faces many ecological challenges, including air and water contamination, land degradation, and waste management. This study was designed to investigate the extent and nature of environmental accounting and reporting of listed banks in Bangladesh in 12 major categories. Information was collected from the annual reports of 20 banks listed on the Dhaka Stock Exchange for the period 2010 to 2014. The results indicate that the banks examined significantly disclosed environmental information for the 12 categories. The study found that banks disclosed the most environmental information for green banking and renewable energy categories, whereas they disclosed the least for environmental recognition and waste management categories. Furthermore, yearly comparison reveals that disclosure of environmental information increased sharply from 16% in 2010 to 83% in 2014. In addition, Bangladesh Bank’s recent fruitful initiatives on environmental disclosures were reviewed, and the findings of the 12 categories have managerial implications for policy makers in corporations as well as the government. It is recommended that professional accounting bodies of Bangladesh, along with international and government policy makers develop a separate conceptual framework for environmental accounting and reporting for the financial and non-financial sectors of the country.

  6. Globalization drivers and their impact on Lithuanian economic growth and development

    OpenAIRE

    Jatuliavičienė, Gražina; Kučinskienė, Marija

    2005-01-01

    The accelerating changes of business environment raise the necessity of new perception of economic development in long-term perspective and evaluation of the globalization of markets, which has been manifesting itself quite rapidly. The driving force behind the globalization processes, which are encouraged by the growing market needs and reducing trade barriers between national economies, is the global economy. Is the present-day position of Lithuanian companies, when entering the new global ...

  7. INTELLECTUAL CAPITAL REPORTING AND DISCLOSURE IN THE ANNUAL REPORTS OF ROMANIAN MANUFACTURING LISTED COMPANIES" THEORETICAL FRAMEWORK

    Directory of Open Access Journals (Sweden)

    Farcas Mariana

    2011-07-01

    Full Text Available One of the most researched topic regarding financial reporting and disclosure of today is the way intellectual capital or knowledge assets contributes to the improving of the quality of information disclosed and create or add value to business performance. Also, it is acknowledged that a company has access to a variety of tools for disclosing information on intellectual capital. In our study we have decided to investigate the concept, the measurement models and the intellectual capital disclosure practices using as the source of our documentation books, articles, working papers and online publications. So, in the first part of our research we have presented several points of view in respect to the concept of knowledge assets or intellectual capital and in the second part we have reviewed the literature on the topic highlightening several scholars opinion on reporting and disclosure issues.

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

    Directory of Open Access Journals (Sweden)

    Punitharaja NADARAJA

    2011-06-01

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

  9. The drivers of corporate environment inputs: Based on neo-institution theory evidence from Chinese listed biological and other companies.

    Science.gov (United States)

    Guo, Rui; Tao, Lan; Yan, Liang; Chen, Lianfang; Wang, Haijun

    2014-09-01

    From corporate internal governance structure and external institutional environment, this study uses a legitimacy perspective of intuitional theory to analyze the main influence factors on corporate environmental protection inputs and propose some hypotheses. With the establishment of empirical models, it analyzes the data of 2004-2009 listed biological and other companies in China to test the hypotheses. The findings are concluded that in internal institutional environment, the nature of the controlling shareholder, the proportion of the first shareholder in the ownership structure, the combination of chairman and general manager in board efficiency and the intensity of environmental laws and regulations of the industry in external institutional environment have an significant impact on the behaviors of corporate environmental protection inputs.

  10. Effect of Family Ownership towards Tax Aggressiveness on Food and Beverages Industrial Company Listed in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Sunaryo Sunaryo

    2016-05-01

    Full Text Available The primary objectives of this research were to learn the effects of family ownership, return on assets, leverage, property plant, and equipment with tax aggressiveness, either simultaneously or partially. This research used quantitative method with secondary data collected by purposive sampling from foods and beverages industrial companies group listed in IDX and preceding journals of scientific articles research. This research used simple regression to test the hypothesis simultaneously with F test and t test for testing the partial hypothesis. Results of this research show that family ownership, return on assets, leverage, and property, plat, and equipment have affected tax aggressiveness simultaneously and significantly. The family ownership and property, plant and equipment have significant effects to tax aggressiveness, but the return on assets and leverage do not have significant effects to tax aggressiveness.

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

    Directory of Open Access Journals (Sweden)

    Iulia-Oana ȘTEFAN(BELCIC-ȘTEFAN

    2016-08-01

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

  12. State ownership and firm performance: Empirical evidence from Chinese listed companies

    Directory of Open Access Journals (Sweden)

    Mei Yu

    2013-06-01

    Full Text Available While the relationship between state ownership and firm performance has been widely researched, the empirical evidence has provided mixed results. This study applies panel data regression techniques to 10,639 firm-year observations of non-financial Chinese listed firms during 2003–2010 to examine the relationship between state ownership and firm performance. The results show that state ownership has a U-shaped relationship with firm performance. The Split Share Structure Reform in 2005–2006 played a positive role in enhancing the relationship between state ownership and firm profitability ratios. Although state ownership decreased significantly after 2006, it remains high in strategically important industry sectors such as the oil, natural gas and mining sector and the publishing, broadcasting and media sector. The findings reveal that a higher level of state ownership is superior to a dispersed ownership structure due to the benefits of government support and political connections. The Split Share Structure Reform made previously non-tradable shares legally tradable, improving corporate governance and reducing the negative effect of non-tradable state shares.

  13. Impacts of Firms’ Internal Information Environment on Tax Avoidance (Case Study: Companies Listed in Tehran’s Stock Exchange

    Directory of Open Access Journals (Sweden)

    Jahanbakhsh Ghafoori

    2017-02-01

    Full Text Available The main purpose of this study is to investigate the impacts of firms’ internal information environment on tax avoidance. The research method includes a data panel and is generally of semi-experimental fashion. The population of research is consisted of the entire companies and firms listed in Tehran’s stock exchange as 496 firms from the beginning of 2007 until the end of financial year of 2014. Among the population, a number of 86 firms were selected as the sample through systematic omitting method. For the purpose of data analysis, the tests of T and multivariate linear regression were incorporated into the study. Results indicate that impact of quality of internal information on tax avoidance is higher in those companies in which information play a more important role. Firms which operate under geographic dispersion make more use of the quality of their internal information, because this information helps them towards reduced tax avoidance. High quality of internal information and commercial dispersion force these firms towards avoiding larger taxes. In addition, quality of internal information is not effective on firms which are under reconstruction status.

  14. Impacts of Firms’ Internal Information Environment on Tax Avoidance (Case Study: Companies Listed In Tehran’s Stock Exchange

    Directory of Open Access Journals (Sweden)

    Jahanbakhsh Ghafoori

    2017-04-01

    Full Text Available The main purpose of this study is to investigate the impacts of firms’ internal information environment on tax avoidance. The research method includes a data panel and is generally of semi-experimental fashion. The population of research is consisted of the entire companies and firms listed in Tehran’s stock exchange as 496 firms from the beginning of 2007 until the end of financial year of 2014. Among the population, a number of 86 firms were selected as the sample through systematic omitting method. For the purpose of data analysis, the tests of T and multivariate linear regression were incorporated into the study. Results indicate that impact of quality of internal information on tax avoidance is higher in those companies in which information play a more important role. Firms which operate under geographic dispersion make more use of the quality of their internal information, because this information helps them towards reduced tax avoidance. High quality of internal information and commercial dispersion force these firms towards avoiding larger taxes. In addition, quality of internal information is not effective on firms which are under reconstruction status.

  15. Reflections Of Law 11.638/07 In The Accounting Indicators Of Textile Companies Listed On BM&FBovespa

    Directory of Open Access Journals (Sweden)

    Nelson Hein

    2013-06-01

    Full Text Available In December 2007, Law 11.638 (2007 was enacted in Brazil,which altered the Corporate Law. This law imposed significantchanges, including the adoption of the Brazilian accountingstandards in accordance with international standards, whichimplies different changes in the financial statements. Accordingto this perception of changes in the financial statements, changescan also take place in the accounting indicators used for thepurpose of financial statement analysis. In that context, in thispaper, the aim is to verify whether Law 11.638 (2007 entailedstatistically significant reflections in the accounting indicators.A descriptive study was undertaken with a quantitativeapproach. Data were collected from the Standardized FinancialStatements (SFSs for the period from 2000 till 2008, availableon the website of the Brazilian Securities Commission (CVM.The convenience sample consisted of 16 companies listed onBM&FBovespa, classified in the cyclical consumption sector, inthe subsector tissue, clothing and footwear, under the ply andtissue segment, with all SFSs in the period under study. Statisticallinear regression techniques were applied based on the KoyckModel and the canonical correlation model. The results showedthat a statistically significant canonical correlation exists betweenthe accounting indicators in force before Law 11.638 (2007 andthe accounting indicators after the same law came into force. Ingeneral, according to the companies analyzed, it is concludedthat the accounting indicators underwent no statisticallysignificant alterations as a result of the elaboration of the financialstatements in compliance with the premises of Law 11.638 (2007.

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

    Directory of Open Access Journals (Sweden)

    Xiuping Wang

    2017-11-01

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

  17. Dutch Energy Investment Allowance (EIA). Energy and Companies. Energy List for 2007; Energie-Investeringsaftrek. Energie en Bedrijven. Energielijst 2007

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    The EIA scheme (Energy Investment Allowance) offers a fiscal advantage when investing in energy-saving company assets and sustainable energy. In addition to the usual depreciation rate, 44% of the investment costs of these assets are deductible from the fiscal profit. The Dutch government uses the EIA scheme to promote a sustainable energy management that, in the long term, results in clean, available and affordable energy. Section 1 of this brochure lists the changes compared to 2006. Section 2 explains how the EIA scheme works. Section 3 explains how to apply for the allowance. Section 4 provides additional information concerning the Energy List. Section 5 includes an overview, with descriptions and examples, of energy investments (Energy List). Section 6 explains how to submit a proposal for additions or changes to the scheme for 2008, compared to 2007. Section 7 contains an application form for EIA, along with an authorisation form. [Dutch] De Energie-investeringsaftrek (EIA) biedt ondernemers een belastingvoordeel als er wordt geinvesteerd in energiebesparende bedrijfsmiddelen en duurzame energie. Naast de gebruikelijke afschrijving is 44% van de investeringskosten van deze bedrijfsmiddelen aftrekbaar van de fiscale winst. In deel 1 van deze brochure vindt u de wijzigingen ten opzichte van het jaar 2006. In deel 2 treft u een uitleg aan over de werking van de EIA. In deel 3 leest u hoe u gebruik kunt maken van deze regeling. In deel 4 staat de toelichting op de energielijst. In deel 5 is een overzicht opgenomen met omschrijvingen en voorbeelden van energie-investeringen, de zogenoemde Energielijst. In deel 6 is aangegeven hoe u een voorstel kunt doen om de Energielijst van 2007 aan te vullen of te wijzigen voor 2008. Het meldingsformulier om EIA aan te vragen en het machtigingsformulier zijn opgenomen bij deel 7.

  18. ASPECTS CONCERNING THE DETERMINATION OF BANKRUPTCY RISK BY SOLVENCY AND LIQUIDITY RATIOS IN THE COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Teodor Hada

    2014-07-01

    Full Text Available This paper presents issues related to determining the bankruptcy risk for 64 companies listed on the Bucharest Stock Exchange.The purpose of this paper is to determine the percentage of companies falling within the normal range. In the introduction, we set the goal, the research methodology, and the novelty value of this work. Hereinafter, we presented different views of risk concepts, bankruptcy, solvency and liquidity. After that, based on theoretical presentations, a case study was conducted to determine the solvency and liquidity ratios. In the end, on the basis of the above considerations, the conclusions were established and some proposals were listed.

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

    Directory of Open Access Journals (Sweden)

    Stefania Vignini

    2015-11-01

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

  20. How to achieve gender diversity in top management : A qualitative study of gender equal companies listed on the Swedish stock exchange

    OpenAIRE

    Sarri, Tove; Troeng, Linnea

    2016-01-01

    Alarming statistics provides that only 10,2 percentage of companies listed on the Swedish stock exchange has achieved gender equality in their top management. The fact is that women being discriminated, since men dominates these positions of power. The study is of a qualitative nature and aims to achieve a deeper understanding and knowledge contribution of how gender equal companies´ has achieved this gender diversity in their top management. Sweden's highest ranking business leaders has been...

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

    Directory of Open Access Journals (Sweden)

    Juergen Muehlbacher

    2016-05-01

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

  2. Comparability of Accounting Choices in Future Valuation of Investment Properties: An Analysis of Brazilian and Portuguese Listed Companies

    Directory of Open Access Journals (Sweden)

    Flaida Êmine Alves de Souza

    2015-08-01

    Full Text Available One of the main purposes for adopting the International Financial Reporting Standards (IFRS is the quest for comparability between financial statements within the same country, over time, and between different countries. IFRS have the feature of allowing accounting choices in most of their standards. However, the existence of such flexibility in the process for recognizing, measuring, and disclosing as sets and liabilities may impact on comparability. IFRS have been criticized both due to their accounting choices and the adoption of the fair value paradigm. This article examines these two issues, investigating the choice of the cost model versus the choice of the fair value model for investment properties (IPs, an option guaranteed under the terms of the International Accounting Standard (IAS 40. This research aimed to identify the comparability degree and the factors that determine the accounting choices made by managers of IPs, in Brazilian and Portuguese listed companies, within the periods from 2010 to 2012. Comparability, within and between countries, was identified by the T-index and the search for the determining factors of accounting choices made by managers was performed by means of a logistic re gression analysis. As a result, it was found that, despite the accounting choices allowed by IAS 40, there was a mean comparability between the accounting practices of firms in these countries, but showing a decrease in the index over the years. The explanatory factors identified were auditing by one of the big four (PricewaterhouseCoopers, Deloitte Touche Tohmatsu, KPMG, or Ernst & Young, companies' indeb tedness, relative importance of IPs' balance, net profit, and less experience of Brazil in using the fair value method to appraise IPs.

  3. "Sunrise" and "Sunset" of Lithuanian Agencies

    Directory of Open Access Journals (Sweden)

    Vitalis NAKROŠIS

    2011-12-01

    Full Text Available Based on the transformative approach, the NPM and post-NPM models this article explains the proliferation, autonomy, control and innovative behavior of Lithuanian agencies and other public sector organizations in the 1990-2010 period. While the expansion of governmental functions during Lithuania’s transition to democracy and its accession to the EU brought agencification in 1990-2004, the adoption of government-wide organizational reforms during the economic crisis marked the start of de-agencification in 2009- 2010. The degree of autonomy and control of the Lithuanian public sector organizations is largely explained by their legal basis and political salience of their tasks. Finally, in line with the post-NPM model, structural capacities and participation in networks have a strong impact on innovative behavior of these organizations.

  4. Idiomaticity of English Business Terms and Their Equivalents in Lithuanian

    Directory of Open Access Journals (Sweden)

    Pavel Skorupa

    2011-04-01

    Full Text Available The paper presents the survey of idiomatic English business terms and their Lithuanian equivalents. The study was based on the theory of idioms and idiomaticity, highlighting the idea that idiomaticity can affect single words, word combinations, and longer text passages. Idiomatic business terms were taken from different English and Lithuanian general and special dictionaries, course books, as well as business texts. The analyzed terms were classified into distinct groups according to their meaning. The key problem encountered was the lack of Lithuanian translation equivalents to certain idiomatic English business terms. Possible Lithuanian translation was provided.

  5. Analysis of Lithuanian Direct Investment into European Union Countries

    Directory of Open Access Journals (Sweden)

    Evelina Zigmantavičiūtė

    2015-05-01

    Full Text Available In this paper the valuation of macroeconomic factors influencing the Lithuanian direct investment into European Union was conducted. The problem of this paper is the different chosen macroeconomic factors influencing foreign direct investment. The object of this paper is Lithuanian direct investment. The methods of this paper include: comparative literature analysis, correlation regression analysis, paired regression analysis. After conducting a research of dependency of Lithuanian direct investment to EU countries from price changes, government sector income, gross domestic product, inflation, jobless rate results, it is found that gross domestic product and government sector income have the most influence on the changes of Lithuanian direct investment.

  6. THE STRUCTURE OF MORPHEMES OF LITHUANIAN VERBS

    Directory of Open Access Journals (Sweden)

    Asta Kazlauskienė

    2013-04-01

    Full Text Available The aim of this research was to establish and describe the most important phonemic patterns of Lithuanian verb morphemes. The investigation was based on a corpus of 30,000 verb types (verbs and their forms. All words in the corpus were stressed and phonetically transcribed. A computer program was developed to extract statistics out of this corpus. The results indicate that monosyllabic morphemes dominate in Lithuanian. They comprise 97%, 99%, 98%, and 97% of all verb roots, prefixes, derivational suffixes, and endings respectively. Inflectional suffixes and the reflexive affix are exclusively monosyllabic. Pronominal inflection endings are either disyllabic (97% or trisyllabic. There is a high variety of vowelconsonant patterns among verbs: the verb root is represented by 91 patterns, prefixes by 8 patterns, derivational suffixes by 18 patterns, inflectional suffixes by 7 patterns, inflectional endings by 9 patterns, endings of pronominal participles by 7 patterns, and the reflexive affix by 3 different patterns. The consonant-vowel-consonant (CVC pattern appeared to be the most frequent among verb roots (45%, the CV pattern was the most frequent among prefixes (59%, the VC pattern was the most frequent among derivational suffixes (46%, and V pattern was the most frequent among inflectional endings of Lithuanian verbs (76%. In many cases, the root of a verb contains both initial and final consonants (82%. Because of this and because of the tendency to avoid hiatus in Lithuanian, the root can be adjoined by vowel-final prefixes and vowel-initial suffixes or inflectional endings. This appears to be the case, as prefixes are mostly open (80%, and both derivational suffixes (90% and all inflectional endings begin with vowels. Inflectional suffixes do not follow this regularity. Only one-third of them start with a vowel. The hypothesis that the phonemic structure of a verb root might determine the corresponding patterns of its adjoining affixes seems

  7. Lithuanian Investors' Behaviour During Financial Crisis

    OpenAIRE

    Bikas, Egidijus; Kavaliauskas, Andrius

    2010-01-01

    Based on research of academic literature, this article analyses Lithuanian investors' behaviour during financial crisis. The article summarizes the newest finance science subjects, theories of behavioural finance, and works of various scientists, in order to find cognitive and emotional investors' deviations from rational behaviour, and also to better understand and explain how emotions and environment valuation mistakes influence investors and their decision-making. Emotional nature of inves...

  8. Lithuanian women actively participate in WIN

    International Nuclear Information System (INIS)

    Medeliene, D.

    1999-01-01

    WIN (Women in Nuclear) now has 900 members from 43 countries. Lithuanian women working at different institutions related with nuclear energy joined this international organization three years ago. Most of these women are working at the Ignalina NPP. It was women employed at the plant who became the first members of the national WIN team. The team has recently grown considerably. The new members are also mostly from the Ignalina NPP (author)

  9. [Academician Vladas Lasas -- distinguished Lithuanian scientist, organizer and educator].

    Science.gov (United States)

    Padegimas, Bernardas; Abraitis, Romualdas

    2002-01-01

    The material of this publication is dedicated to the memory of Professor Vladas Lasas, honored scientist of Lithuania, member of Lithuanian Academy of Sciences and corresponding member of the Academy of Medicine of the USSR. V. Lasas was born on January 13th, 1892, on a farmstead in Rokiskis region, Lithuania. He died on January 2nd, 1966 in Kaunas. V. Lasas studied medicine at the Faculty of Medicine of Tartu (Dorpat) University and graduated from it in 1918. In 1921 he was invited to deliver lectures on physiology at the newly organized Higher Courses in Kaunas. During 1920-1924 he attended higher educational establishments of Prague, Berlin, Lausanne and Paris. In 1924 V. Lasas worked on probation in Lausanne under supervision of famous scientist M. Arthus, the founder of experimental allergy--anaphylaxis, in the field of experimental anaphylaxis, desensibilization, enteral sensibilization and resorption of native albumins, transfer of allergic state from mother to fetus, the role of interoceptors and biologically active substances in the formation and development of anaphylaxis. Over 40 scientific papers were published and 12 doctoral these were maintained, dealing with these problems. From 1924 to 1940 and from 1944 to 1946 V. Lasas acted as dean of the Faculty of Medicine at Kaunas University. During this period he displayed great organizational talent, and on his initiative three basic clinical buildings were built for the Faculty of Medicine. In 1946 V. Lasas was elected as academician and appointed as secretary-in-charge of natural mathematical and applied science of the Academy of Sciences of Lithuania. V. Lasas was the founder and longstanding chairman of the Lithuanian Physiological Society. Alone and with coauthors he has published 16 original textbooks. The list of his bibliography accounts to 229 publications.

  10. Lithuanian Energy Institute: Annual Report '98

    International Nuclear Information System (INIS)

    Mishkinis, V.; Ushpuras, E.; Poshkas, P.

    1999-01-01

    Among main achievements of 1998 the huge and important set of research works concerning the second Ignalina NPP safety improvement programme and its preparation-ration for obtaining a licence should be mentioned. The total value of works carried out for this purpose reached about 2 million Lt. Intense preparations were carried out and new works were initiated linked to handling spent nuclear fuel and radioactive wastes and to the future shutdown and dismantling of the NPP. This is a very important and long term objective and its success will depend greatly on our level of preparations and readiness for this complex process. The Institute will make its decisive and substantial contribution to it. Much time and many efforts were dedicated to improvement of the Lithuanian Energy Strategy Project and its adjustments in consultations with representatives of various institutions. Discussions on this important political expanded widely over Lithuanian borders while preparation and analysis of information for it was the main concern of our energy economists. In 1998 institutes' metrological base was expanded and improved still further. As a result, Heat - Equipment Research and Testing Laboratory was acknowledged attestation confirming it being the main Lithuanian metrological laboratory in the field of measurement fluid and gas flow rate and heat amount (author)

  11. An analysis of audit committee effectiveness at the largest listed companies in South Africa from a CFO and audit committee perspective

    Directory of Open Access Journals (Sweden)

    Ben Marx

    2009-12-01

    Full Text Available Purpose: The purpose of the study is to investigate and analyse the effective functioning of audit committees at the largest listed companies in South Africa. Problem investigated: The modern audit committee is often seen as the panacea of the corporate world and as such is looked upon to cure all the financial reporting and control-related problems of entities. Audit committees are, however, not always as effective as they are held to be, as is evidenced by the many well-known corporate scandals and business failures that occurred where audit committees existed and fraudulent financial reporting, audit failures, internal control breakdowns and other irregularities prevailed. The modern audit committee will be of value only if it is properly constituted, is functioning effectively and if its role is clearly understood by all the parties concerned. The research problem investigated stems precisely from this issue, and the paper therefore aims to analyse the effective functioning of the audit committees at the largest listed companies in South Africa. Methodology: The study empirically tested the audit committee practices at the largest listed companies in South Africa. This was done through questionnaires addressed to the CFOs and audit committee chairs. Findings: The study found that audit committees at the largest listed companies in South Africa are well established, properly constituted, have the authority and resources to effectively discharge their responsibilities and consist of members who act independently and who have the right mix of appropriate experience, financial literacy and financial expertise amongst their members. The audit committee's role was found to be generally well understood and supported by the board and the Chief Financial Officers. It was further found that the audit committees are effective in discharging their oversight responsibilities on the board's behalf, with the only real exception being their effectiveness

  12. An empirical study on the institutional factors of energy conservation and emissions reduction: Evidence from listed companies in China

    International Nuclear Information System (INIS)

    Zhang, Zhaoguo; Jin, Xiaocui; Yang, Qingxiang; Zhang, Yi

    2013-01-01

    Corporate excessive energy consumption and emissions are negative externality problems, with the basic countermeasure of establishing a series of institutional programs to promote corporate energy conservation and emissions reduction. This paper analyzes the influence of institutional factors such as laws, tax policies, credit policies, government subsidies, media supervision and marketization degree on corporate energy conservation and emissions reduction from the institutional perspective. The data, from 84 listed Chinese chemical and steel companies from 2006 to 2010, was analyzed using both a fixed effect model and the generalized method of moments (GMM) model. The empirical results demonstrate that these institutional factors positively affect corporate energy conservation and emissions reduction. Specifically, four factors – tax policies, government subsidies, credit policies and media supervision – have a significant positive relationship with corporate energy conservation and emissions reduction; whereas laws and marketization degree exhibit no significant effects. The research findings are theoretically and practically significant to the Chinese government with regard to improving the institutional environment and promoting corporate energy conservation and emissions reduction. - Highlights: ► Theoretical analysis of the influence of institutional factors based on NIE. ► Empirical analysis of the influence of institutional factors on ECER by regression. ► Economic measures and public opinions have positive influence on ECER in China. ► Laws and the degree of marketization have weak influence on ECER in China

  13. Taxation Pressure, Capital Squeeze and Wage Share: A Study Based on the Data of China's Manufacturing Listed Companies

    Institute of Scientific and Technical Information of China (English)

    ZHONG Chunping; CHEN Liang; XUE Cuiying

    2017-01-01

    From the micro-level,this paper measures the proportion of labor income and tries to reveal the deep-lying causes,the interest distribution mechanism behind and the intemal logic for the lower proportion of labor income from the institutional aspect.By making use of the data of China's manufacturing listed companies,it measures the changing trend of wage share paid by enterprises and conducts a quantitative test on the factors affecting the wage share.The results show that,on the average,taxation accounts for 41.0% as the highest,labor wage accounts for 32.8%,and capital share accounts for 26.2%;the share of capital is rising,indicating that laborers are generally in a disadvantageous position.The analysis reveals that the wage share is affected by such factors as the interest gaining capacity of both of the labor and the management,the business taxes to the government and the capital costs payment level.When the labor side lacks sufficient protection,enterprises would shift the excessive taxation and capital pressure to the laborers,leading to the decrease of wage share.The internal causes are that the government levies taxes on the enterprises,in turn the enterprises squeeze the wages of the laborers;because the laborers are short of enough ability to protect their interests,finally their wage and the wage share are always low and declining.

  14. Working capital management and its impact on profitability:A study listed manufacturing companies in Sri Lanka

    Directory of Open Access Journals (Sweden)

    Balasundaram Nimalathasan

    2010-12-01

    Full Text Available Main purpose of the study is to identify the impact of working capital management on profitability of selected listed manufacturing companies from financial year 2003-2007. Correlation and regression analysis were performed. Results reveals that cash conversion cycle (CCC and return on assets (ROA are negatively correlated the value of -0.127 which is highly significant at 1 percent level of significance, which means that as the cash conversion cycle increases ROA decreases. In addition inventory conversion period (ICP is highly significant at 1 percent level. It indicates that with increasing level of ICP, ROA will be increased -0.065 levels. Further the coefficient of the CCC variable is negative at a value of -0.0503 and p value is 0.006. This implies that an increase in the number of day’s cash conversion cycle by 1 day is associated with a decline in ROA by 5.03%. The results suggest that managers can increase profitability of manufacturing firms by reducing the number of day’s inventories and accounts receivable

  15. CONSTRUCTING SERVICE DISCOURSES IN LITHUANIAN FAMILY SOCIAL WORK

    Directory of Open Access Journals (Sweden)

    Roberta Motiečienė

    2016-09-01

    active labour measures and the development of other services, which are still limited (European Commission Council, 2015. The main target problems and challenges of the current family social work are domestic violence against children, different kinds of addictions and lack of social and parenting skills. In this paper, service discourses in Lithuanian family social work are analysed through social workers’ accounts of their work and cases. In Lithuania, family social work is equated to social work with “families at risk”. The phrase “family at social risk” is associated with the phrase “family with multiple problems” that is used in the academic literature on social work. Lithuanian legal acts define a family at risk as one that needs basic or special social services, whose parents are raising children under 18 years old; are suffering from alcohol, drug or psychotropic abuse problems or a gambling addiction; lack certain skills to know how or be able to take care of their children; use psychological, physical or sexual violence against their children; and spend monetary support for expenses other than family interests, thus posing dangers to their children’s physical, mental, spiritual and moral development and safety (Žin., No. 17-589, 2006, Article 2, part 7. A family from which 13CONSTRUCTING SERVICE DISCOURSES IN LITHUANIAN FAMILY SOCIAL WORK a child is taken and placed under temporary care is also listed in the Register of Social Risk Families with Children. These definitions broadly describe how social issues connected to families are constructed in society and how social work’s role in social problems and families is perceived. Family lives form a moral area where people’s identities and professional aims are constructed. Moral understandings are shaped by social constructions of the child, the adult, parenthood and family life. A central moral imperative concerning the requirement for a responsible adult is to prioritise the needs of the

  16. Dutch Energy Investment Allowance (EIA). Energy and Companies. Energy List for 2008; Energie-Investeringsaftrek. Energie en Bedrijven. Energielijst 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-01-15

    This tax relief programme gives a direct financial advantage to dutch companies that invest in energy-saving equipment and sustainable energy. 44 percent of the annual investment costs of such equipment (purchase costs and production costs) are deductible from the fiscal profit over the calendar year in which the equipment was procured, subject to a maximum of EUR 111 million. The Energy List determines which types of equipment qualify for this programme. The programme includes the costs of obtaining energy advice, provided that the advice results in an investment in energy-saving equipment. Within three months of entering into obligations one must report the investment to the Investment Schemes and Arbitrary Depreciation Office in Breda, Netherlands. [Dutch] De Energie-investeringsaftrek (EIA) biedt ondernemers een belastingvoordeel voor investeringen in energiebesparende bedrijfsmiddelen en duurzame energie. Naast de gebruikelijke afschrijving is 44% van de investeringskosten van deze bedrijfsmiddelen aftrekbaar van de fiscale winst. In deel 1 van deze brochure vindt men de wijzigingen ten opzichte van het jaar 2007. In deel 2 wordt de werking van de EIA uitgelegd en in deel 3 hoe van deze regeling gebruik kan worden gemaakt. In deel 4 staat de toelichting op de energielijst en in deel 5 is een overzicht opgenomen met omschrijvingen en voorbeelden van energie-investeringen, de zogenoemde Energielijst. In deel 6 is aangegeven hoe men een voorstel kan doen om de Energielijst van 2008 aan te vullen of te wijzigen voor 2009. Het meldingsformulier om EIA aan te vragen en het machtigingsformulier zijn opgenomen bij deel 7.

  17. THE RHET ORIC OF TRAVEL: PERSUASION TOOLS IN THE LITHUANIAN TRAVEL LITERATURE

    Directory of Open Access Journals (Sweden)

    Gabrielė Gibavičienė

    2018-04-01

    Full Text Available Rhetoric which in the context of this research is seen not only as a structure of text but also as a structure of thought is presented in the article as a new universal way of researching Lithuanian travel literature discourse. Three popular Lithuanian travel books are chosen for this research – Kelionė į Jeruzalę (Journey to Jerusalem, 1601 by Mikalojus Kristupas Radvila Našlaitėlis, Svečiuose pas 40 tautų (At the Company of 40 Nations, 1935–1936 by Matas Šalčius, and Sapnuoju, kad einu (Dreaming the Path, 2014 by Jokūbas Vilius Tūras. The article presents the research of three persuasion tools ethos, logos and pathos in Lithuanian travel literature and how they are involved in successful communication process. The article reveals exactly how trusting the author and presenting actual traveller’s experience is connected with stimulating audience’s emotions and what part in this process is taken by the journey itself. The article also analyses how the enthymeme is involved in achieving persuasion and how it captures traveller’s views, communication guidelines and common features of different travel texts.

  18. HUMAN CAPITAL DEVELOPMENT (HCD THROUGH OPEN, DISTANCE AND E-LEARNING: Evidence From Corporate Annual Reports (Carsof Top South African Listed Companies

    Directory of Open Access Journals (Sweden)

    MO Olajide ADELOWOTAN

    2014-07-01

    Full Text Available This paper discusses the role of open, distance and e-learning in the development of human resources by examining human capital development related disclosures in the corporate annual reports (CARs of top South African listed companies. The study employed content analysis method to analyse the CARs of these companies with the aid of qualitative analysis software known as Atlasti. The results show that open, distance and e-learning plays a significant role in the development of human capital in the new economy organisations.

  19. The colours in Lithuanian and French proverbs

    OpenAIRE

    Kosova, Svetlana; Klanauskaitė, Paula

    2015-01-01

    The aim of the article is a comparison of Lithuanian and French proverbs by choosing the names of colours as the main aspect. This is to some extent a new way of analysing proverbs with colour as the key word. Seven main aspects of proverbs are mentioned in the article supported by an analysis and comparison of proverbs in both languages. Two different dictionaries have been used for the research: K. Grigas, L. Kudirkienė, R. Kašetienė, G. Radvilas ir D. Zaikauskienė Lietuvių P...

  20. Measuring systemic performance of the Lithuanian government

    OpenAIRE

    Nakrošis, Vitalis

    2008-01-01

    This paper seeks assessing the dynamics of Lithuania's governmental perfor­mance and comparing it to other countries. It draws on a simple logical model, linking the inputs of the government to its outputs and outcomes. It was found that performance of the Lithuanian government is average and even poor, if compared with the EU aver­age or such countries as Estonia and Ireland. This is despite the fact the public mode of production is rather expensive in Lithuania and the number of public empl...

  1. EFFECT OF INTELLECTUAL CAPITAL, CAPITAL STRUCTURE AND MANAGERIAL OWNERSHIP TOWARD FIRM VALUE OF MANUFACTURING SECTOR COMPANIES LISTED IN INDONESIA STOCK EXCHANGE (IDX PERIOD 2010-2014

    Directory of Open Access Journals (Sweden)

    Hamidah Hamidah

    2015-09-01

    Full Text Available The purpose of this study is to know the effect of Intellectual Capital, Capital Structure and Managerial Ownership on Firm Value in Manufacturing Company Listed on Indonesia Stock Exchange in 2010-2014. In this research, intellectual capital can be seen from VACA (Value Added Capital Employed, VAHU (Value Added Human Capital, and STVA (Structural Capital Value Added. The research model in this study employs panel data analysis. The samples are manufacturing companies listed in Indonesian Stock Exchange in 2010-2014 selected by purposive sampling. The result show that VACA and STVA has negative and not significant effect on firm value (Tobins’Q. Whereas, VAHU have positive and not significant effect on firm value. Capital structure (DAR have positive and significant effect on firm value. Managerial ownership (MGRL have negative and significant effect on firm value.

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

    Directory of Open Access Journals (Sweden)

    Dinh Tran Ngoc Huy

    2014-03-01

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

  3. Financing Decisions of Companies Listed in the Different Segments of Corporate Governance of BM&FBovespa According to Pecking Order Theory

    OpenAIRE

    Tani, Bruna Bagalhi; Albanez, Tatiana

    2016-01-01

    Among the various theories about capital structure is Pecking Order theory, which establishes a hierarchy of preferences for sources of funding due to the existence of information asymmetry. In this paper, we seek to verify if this theory applies to the financing decisions of Brazilian companies that are listed in the different segments of corporate governance of BMF&Bovespa, analyzing whether, in the 2010-2014 period, a higher level of corporate governance implies lower adherence to this...

  4. Financing Decisions of Companies Listed in the Different Segments of Corporate Governance of BM&FBovespa According to Pecking Order Theory

    OpenAIRE

    Tani, Bruna Bagalhi; Albanez, Tatiana

    2016-01-01

    Among the various theories about capital structure is Pecking Order theory, which establishes a hierarchy of preferences for sources of funding due to the existence of information asymmetry. In this paper, we seek to verify if this theory applies to the financing decisions of Brazilian companies that are listed in the different segments of corporate governance of BMF&Bovespa, analyzing whether, in the 2010-2014 period, a higher level of corporate governance implies lower adherence to this the...

  5. The Influence of Corporate Governance And Firm’s Characteristics on The Extent of Compliance With Masb Standards Among Malaysian Listed Companies

    OpenAIRE

    Azhar Abdul Rahman, PhD; Ku Nor Izah Ku Ismail, PhD; Wan Nordin Wan Hussin, PhD

    2013-01-01

    This paper contributes to our understanding of compliance with mandatory accounting standards. Specifically, we examine the efficacy of agency related mechanisms on the degree of disclosure compliance with the Malaysian Accounting Standards Board (MASB) accounting standards. Using data drawn from a sample of 170 Malaysian companies listed on the Kuala Lumpur Stock Exchange (KLSE) in 2004, we show that although overall disclosure compliance is high (85.2% of the items of information being disc...

  6. Research on the relationships of the domestic mutual investment of China based on the cross-shareholding networks of the listed companies

    Science.gov (United States)

    Ma, Yuan-yuan; Zhuang, Xin-tian; Li, Ling-xuan

    2011-02-01

    Enterprises are the core power and the carriers to promote the country's economy developing sustainably and rapidly; the listed enterprises are the outstanding companies which can represent the economic level at the places where the enterprises are located, so we establish the cross-shareholding networks of the listed companies between 2002 and 2009, and then analyze the mutual investment at company-level, province-level and region-level. We have researched the overall trend of economic development and the overall tendency of capital flow of China in the recent 8 years based on the cross-shareholding networks, the influence of a global economic crisis on the stock markets and the overall economics of China in 2008 and the recovery of the economy after the economic crisis. Moreover, we analyze the variations of the cross-shareholding networks and the influence of the state-owned large and medium enterprises listing frequently on Chinese stock markets. We divide the provinces of China into 3 main categories according to their industrial situations. Though the analysis, we find that the wealth gap between the different areas is not significantly reduced even though the government has carried out strategies such as the Development of the West Regions and the Rejuvenation of Old Industrial Bases in Northeastern China. We analyze the cumulative distribution function of the degree of the vertices and use large amounts of data to do empirical analysis. The methods used include the hierarchical cluster analysis, regression analysis, etc.

  7. Country Report: Citizenship Education: Lithuanian Mapping

    Directory of Open Access Journals (Sweden)

    Irena Zaleskene

    2011-10-01

    Full Text Available Some theoretical concepts of globalisation and citizenship are discussed in the article as well as changing role of citizenship education in transforming Lithuanian Society. The author points out that many problems in contemporary Lithuanian society arise from the fact that the relationship between individuals and the state is changing fundamentally. The state should broaden “positive” choices and support an individual by ensuring principles of equality in basic human rights and access to opportunities. On the other hand, an individual has to take the responsibility for his/her own life becoming a decisive factor in choosing personal life style and in building up civic community. In this respect, it is expected that Citizenship Education would lay an important role in educating competence and attitudes towards own responsibilities, in educating mental and practical skills for positive civic participation. Current status and new approaches of citizenship education in Lithuania are presented in the light of international developments. The article concludes that changing role of citizenship education has significant implications for professional development of teachers and for the national teacher training system as a whole.

  8. The Influence of Good Corporate Governance Mechanism on Earnings Management: Empirical Study in Indonesian Stock Exchange Listed Company for Periods of 2006-2010

    Directory of Open Access Journals (Sweden)

    Hermiyetti Hermiyetti

    2013-01-01

    Full Text Available The purpose of this research is to examine the influence of good corporate governance mechanism about earnings management in companies listed in Indonesian Stock Exchange during 2006 to 2010. The independent variables include the size of commissioner board, independent commissioner board percentage, size of audit committee, and commissioner meeting frequency. The dependent variable is earnings management which is measured by discretionary revenue model (Stubben, 2010. Size of company is used as the control variable in this research. The population of this research is 465 samples from companies listed at Indonesian Stock Exchange during 2006 to 2010. The sampling method used in this research is purposive sampling method. In addition, the data analysis method used is regression analysis and descriptive statistics. The result of this research indicates that the mechanism of good corporate governance which is represented by the size of commissioner board, independent commissioner board percentage, size of audit committee, and commissioner meeting frequency do not have any significant impact on earnings management. However, the result shows that company size gave positive influence toward earning management. Keywords: Good corporate governance, size of commissioner board, independent commissioner board percentage, size of audit committee, commissioner meeting frequency, earnings management

  9. An explanatory study of the use of e-mail investor communication by South African listed companies

    Directory of Open Access Journals (Sweden)

    Roelof Baard

    2016-12-01

    Objectives: The objectives of the study were to measure the responsiveness, timeliness and relevance of companies’ responses to e-mail requests, and to test for the determinants (size, market-to-book ratio, profitability, leverage and liquidity thereof. Method: The mystery investor approach and a content analysis were used to study the e-mail handling performance of companies. The associations between company-specific characteristics were statistically tested. Results: It was found that the e-mail handling performance of companies in this study was poor compared with previous studies. Significant relationships between company size and responsiveness and relevance, and between market-to-book ratio and relevance were reported, as well as between the contact method used to request information and relevance and the use of social media and timeliness. Conclusion: Specific areas where companies could improve their investor communications were identified. The need for further research was discussed to explain some of the relationships found, as well as those not found, in contrast to what was expected. Future research is warranted to examine the relationship between the e-mail handling performance of companies and information asymmetry and the cost of equity of companies.

  10. The Influence of R&D Policy on Performance of the Companies Listed with Bucharest Stock Exchange (through Intangible Assets

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2008-09-01

    Full Text Available In the new economy, R&D potential of the companies (reflected by intangible assets tends to make the difference between competing enterprises. Although investing in tangible assets is still viewed as important, the researchers have discovered that investors on capital market tend to buy stocks of the high-tech companies promoting a policy of increasing R&D expenditures.The results of the present study on the Romanian economy reveals the correlation between the variation of intangible assets of the chemicals and pharmaceuticals companies (high-tech and their performance – reflected by EPS and PER coefficients.

  11. The Financial Indicators’ and Listed Company‘s Stock Price Link Determining the Value

    Directory of Open Access Journals (Sweden)

    Rima Tamošiūnienė

    2016-06-01

    Full Text Available The demand for value determination increased after rising of the Lithuanian economics. The joint-stock company value depends on the stock price and the company’s profit according to the “stock pricing for profit” method. The purpose of this scientific paper is the financial indicators’ and listed company’s stock price link determining the value. The analysis methods are: the research of scientific literature, data analysis, summarizing and graphic visualization. The link between financial indicators and the stock price is determined on the basis of correlation regression analysis. The analysis showed that listed on the stock exchange company’s stocks already have some value as they raise the capital. The research results revealed the stock price’s direct dependence on the fixed asset turnover and the debt-to-asset ratios.

  12. Reorganization of the Lithuanian State Power System

    International Nuclear Information System (INIS)

    Paskevicius, V.

    1995-01-01

    This article deals with preasent situation in energy sector in Lithuania. All power plants with installed capacity of 2561 MW, except Ignalina Nuclear Power Plant (3000 MW) belongs to Lithuanian State Power System (LSPS) as well transmission and distribution networks. In 1989-1991 Lithuania generated approximately 29TWh of electricity annually from which 12TWh LSPS exported to neighbouring countries. After 1990 in the transitional period from planned economy to the marked one, the economic situation in the country became complicated. The electricity demand has fallen nearly 40%. Due to the similar situation in neighboring countries the electricity export has decreased too. The article presents the distribution of electric power output in 1994 by power plants; electric power consumption and output of power plants in Lithuania from 1940 to 1994 is also included. Some aspects of regional cooperation of tree Baltic countries in energy area is touched too. 3 figs

  13. Customer satisfaction with mobile operators’ services in Lithuanian rural areas

    OpenAIRE

    Pilelienė, Lina; Grigaliūnaitė, Viktorija

    2017-01-01

    In tough competitive conditions of Lithuanian mobile services market, customer satisfaction becomes one of the most important factors for customer retention and attraction. Lithuanian mobile market can be described as being in a maturity stage of its life-cycle: the prices and services of different mobile operators are quite similar. However, the network coverage and signal strength differs – main differences can be observed in rural areas of the country. Therefore, the scientific...

  14. The development of Corporate social responsibility in Lithuanian food industry

    OpenAIRE

    Navickas, Valentinas; Kontautienė, Rima

    2014-01-01

    The authors of the article analyze the development of corporate social responsibility in Lithuanian food industry. By emphasize the importance of food industry as one of the largest manufacturing group in Lithuania and its strong impact and high dependence on the economy, the environment and on society, implementation of principles and practice of corporate social responsibility is of high relevance for this sector. The paper deals with the main indicators of Lithuanian food industry in...

  15. Tendencies in translation of sport terms from English into Lithuanian

    OpenAIRE

    Trakšelis, Arnoldas

    2018-01-01

    Novelty of the topic – this topic is relatively new because there is no Lithuanian author who has analysed the translation of sport terms from English into Lithuanian in particular. Only some works produced by foreign writers can be found in which the translation of a specific sport branch is analysed more briefly. Relevancy of the topic – sport was started thousands of years BCE and along came a related terminology. During the years the terms of popular sport branches were translated fro...

  16. Corporate social responsibility's discourse in lithuanian business press

    OpenAIRE

    Marčenkovas, Marius

    2014-01-01

    The object of this master work is corporate social responsibility's (CSR) discourse. The purpose of this work is to analyze how Lithuanian business press presents CSR topic. The main tasks to reach this purpose are: overview and compare CSR definitions; analyze media impact to CSR; analyze and summarize CSR discourse in Lithuanian business press. Literature analysis, synthesis and comparative methods were used to drawn conclusions. After the literature analysis of such scientists as Ph. Kotle...

  17. Lithuanian speaking childrens' bilingualism. language situation and policy

    OpenAIRE

    Paškauskaitė, Ieva

    2017-01-01

    Lithuanian Speaking Childrens' Bilingualism. Language Situation and Policy The purpose of this study is to investigate the language situation of Lithuanian speaking children in Sweden and its causes. This study is specifically concerned with the subjects of bilingualism and family language policy: language strategies and methods. The concept of bilingualism is complex and can be defined in different ways, therefore this study is based on a table which was introduced by T. Skutnabb-Kangas in 1...

  18. The Influence of Environmental Disclosure on Capital Structure of Brazilian Companies listed on the BM&FBovespa

    Directory of Open Access Journals (Sweden)

    Sheila Mendes Fernandes

    2012-12-01

    Full Text Available The objective of this study to verify the relationship between environmental disclosure and the capital structure of companies classified according to Law 10165 which provides for the National Environmental Policy for the period 2006 to 2010. To meet the proposed objectives were used as proxies for capital structure debt to verify the cost of debt and to verify the CAPM cost of equity. To measure the level of environmental disclosure content analysis was carried out in the notes, the management report and the report of the environmental information contained in the report of the Annual Information (IAN. We analyzed 89 companies with 95,020 sentences, and 5279 relating to environmental events, such 4819 relating to environmental information regarding positive and 460 negative environmental information. To investigate the relationship between these variables was used in the analysis panel with random effects adjusted by robust tool. The findings of this study demonstrate that environmental disclosure does not affect the cost of debt, ie, in the Brazilian market, the environmental information whether positive or negative does not drive the market to influence positively / negatively the cost of debt. However, the results showed that the positive environmental disclosure adversely affects the cost of equity demonstrating that "good environmental image of the company" leverage the company's credibility this crucial factor in reducing the risk of the company since the engagement with sustainability and generate savings for the effective and efficient use of resources eliminates and / or reduces the incidence of government regulations.

  19. Liquidity ratios. A structural and dynamic analysis, during 2006-2012, of the companies having the business line in industry and construction, listed and traded on the Bucharest Stock Exchange

    OpenAIRE

    Diana Elena VASIU; Nicolae BALTEȘ; Iulian Nicolae GHEORGHE

    2015-01-01

    Liquidity ratios are used to measure a company’s ability to pay short-term debt, assessing the amount of cash and cash equivalents that it has on the short term. Considering the companies listed on Bucharest Stock Exchange among the best performing, due to the high requirements imposed by a stock market, in this paper has been analyzed the way the financial crisis affected the liquidity of companies listed on BSE, acting in industry and construction domains.

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

    Directory of Open Access Journals (Sweden)

    CĂTĂLINA GORGAN

    2014-05-01

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

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

    Directory of Open Access Journals (Sweden)

    Teodorescu Mihaela

    2017-01-01

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

  2. Interoperability Guidelines for Lithuanian E-Learning Management Systems

    Directory of Open Access Journals (Sweden)

    Eugenijus Kurilovas

    2011-08-01

    Full Text Available Purpose – the paper aims to analyse e-learning content and repositories along with the problems of learning organisation interoperability. The main objective of the paper is to analyse scientific research results and the newest international experience in the area and to provide interoperability guidelines and recommendations for the implementation of appropriate Lithuanian state programmes. The learning content and repositories recommendations are designed for the implementation of the Lithuanian education portal project as well as Lithuanian Virtual University (LVU programme’s information services’ (LABT / eLABa and e-learning services’ (LieDM sub-programmes. The whole education institution recommendations are designed for the maintenance and development of LVU programme’s management services’ (LieMSIS system.Design/methodology/approach – methods used for the general analysis of proposed interoperability guidelines (reccomendations were bibliographic research and comparative analysis of Lithuanian and foreign scientific works published in periodicals and large-scale EU-funded interoperability projects deliverables. System analysis and comparative analysis methods were used in order to formulate and analyse systems’ interoperability guidelines and recommendations. The author employed the experimental research method while working in the appropriate EU-funded interoperability projects to form the guidelines (recommendations. In order to summarize the results, the evaluative research method was used..Findings – the international guidelines and recommendations presented in the paper could be suitable for implementation while developing Lithuanian state education information systems such as the Lithuanian education portal, the Lithuanian academic libraries’ (eLABa system, the Lithuanian distance learning system (LieDM, and the Lithuanian universities’ management system (LieMSIS.Research limitations/implications – the paper

  3. Interoperability Guidelines for Lithuanian E-Learning Management Systems

    Directory of Open Access Journals (Sweden)

    Eugenijus Kurilovas

    2013-08-01

    Full Text Available Purpose – the paper aims to analyse e-learning content and repositories along with the problems of learning organisation interoperability. The main objective of the paper is to analyse scientific research results and the newest international experience in the area and to provide interoperability guidelines and recommendations for the implementation of appropriate Lithuanian state programmes. The learning content and repositories recommendations are designed for the implementation of the Lithuanian education portal project as well as Lithuanian Virtual University (LVU programme’s information services’ (LABT / eLABa and e-learning services’ (LieDM sub-programmes. The whole education institution recommendations are designed for the maintenance and development of LVU programme’s management services’ (LieMSIS system.Design/methodology/approach – methods used for the general analysis of proposed interoperability guidelines (reccomendations were bibliographic research and comparative analysis of Lithuanian and foreign scientific works published in periodicals and large-scale EU-funded interoperability projects deliverables. System analysis and comparative analysis methods were used in order to formulate and analyse systems’ interoperability guidelines and recommendations. The author employed the experimental research method while working in the appropriate EU-funded interoperability projects to form the guidelines (recommendations. In order to summarize the results, the evaluative research method was used.Findings – the international guidelines and recommendations presented in the paper could be suitable for implementation while developing Lithuanian state education information systems such as the Lithuanian education portal, the Lithuanian academic libraries’ (eLABa system, the Lithuanian distance learning system (LieDM, and the Lithuanian universities’ management system (LieMSIS.Research limitations/implications – the paper

  4. The Effect of Corporate Tax Avoidance on the Level of Corporate Cash Holdings: Evidence from Indonesian Public Listed Companies

    Directory of Open Access Journals (Sweden)

    Muhammad Irham Kurniawan

    2017-12-01

    Full Text Available This study aims to examine the effect of corporate tax avoidance to the corporate cash holdings. Recent tax avoidance research found that tax avoidance is able to facilitate managerial rent extraction in the form of transfer of resources owned by the company. This study attempts to test how the relationship of tax avoidance with the amount of cash held by the company. The sample consists of 46 non-financial, non-property, non-real estate and non-construction companies from 2009-2016, with a total 368 observations. The study uses two different cash holdings measures to test the robustness of the research results. This study cannot find evidence that tax avoidance have a significant relationship to the level of cash holdings in public companies in Indonesia. Both measurements of cash holdings gave the same conclusions to the results of the study. This study provides an insight that agency theory in the context of tax avoidance and corporate cash holdings in developing countries such as Indonesia needs to be explored further as the agency conflict in Indonesia as a developing country is more principal-principal conflicts.

  5. Stable isotopes in Lithuanian bioarcheological material

    Science.gov (United States)

    Skipityte, Raminta; Jankauskas, Rimantas; Remeikis, Vidmantas

    2015-04-01

    Investigation of bioarcheological material of ancient human populations allows us to understand the subsistence behavior associated with various adaptations to the environment. Feeding habits are essential to the survival and growth of ancient populations. Stable isotope analysis is accepted tool in paleodiet (Schutkowski et al, 1999) and paleoenvironmental (Zernitskaya et al, 2014) studies. However, stable isotopes can be useful not only in investigating human feeding habits but also in describing social and cultural structure of the past populations (Le Huray and Schutkowski, 2005). Only few stable isotope investigations have been performed before in Lithuanian region suggesting a quite uniform diet between males and females and protein intake from freshwater fish and animal protein. Previously, stable isotope analysis has only been used to study a Stone Age population however, more recently studies have been conducted on Iron Age and Late medieval samples (Jacobs et al, 2009). Anyway, there was a need for more precise examination. Stable isotope analysis were performed on human bone collagen and apatite samples in this study. Data represented various ages (from 5-7th cent. to 18th cent.). Stable carbon and nitrogen isotope analysis on medieval populations indicated that individuals in studied sites in Lithuania were almost exclusively consuming C3 plants, C3 fed terrestrial animals, and some freshwater resources. Current investigation demonstrated social differences between elites and country people and is promising in paleodietary and daily life reconstruction. Acknowledgement I thank prof. dr. G. Grupe, Director of the Anthropological and Palaeoanatomical State Collection in Munich for providing the opportunity to work in her laboratory. The part of this work was funded by DAAD. Antanaitis-Jacobs, Indre, et al. "Diet in early Lithuanian prehistory and the new stable isotope evidence." Archaeologia Baltica 12 (2009): 12-30. Le Huray, Jonathan D., and Holger

  6. Seasonal Trends in Lithuanian Stock Market

    Directory of Open Access Journals (Sweden)

    Žaneta Simanavičienė

    2013-11-01

    Full Text Available Purpose of the article is to disentangle different calendar effects which leave efficiency holes in Lithuanian market. This paper presents and tests if commonly described seasonal patterns exist in Lithuanian stock market. Analysis of three different sections: period-of-the-year; week-of-the-month and day-of-the-week, suggests that calendar effects do exist in this market. The multitude of explanations for the seasonal effect leaves the reader confused about its primary cause(s: is it tax-loss selling, window dressing, information, bid-ask bounce, or a combination of these causes? The confusion arises, in part, because evidence has generally been presented in support of a particular hypothesis though the same evidence may be consistent with another hypothesis. Methodology/methods are logical and systemic analysis of research literature based on the comparative and generalization methods as well as statistical methods. Scientific aim of the article is the lack of arguments questioning if market prices operating system is fully effective. Novelty of the paper is to the answer to the question what seasonal anomalies are also present in the stock market of new open economy countries. Findings show that using this modified strategy investor could achieve 20.7% compounded annual growth rate versus 7.8% achieved using simply holding stocks throughout. The hypothesis asserts that returns generally will be greater following the “January effect”. There is limited amount of data for constructing robust seasonal strategies so we modified Buy and Hold strategy with simple rules of using best and worst months to show how they influence OMXV index performance. In the conclusions, empirical results using stock index returns for 2000 - 2010 support the hypothesis in Lithuaian stock market. Abnormal activity of OMXV index’s performance is found in the end of summer and throughout autumn. August is best performer of the year while October is

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

    Directory of Open Access Journals (Sweden)

    Francesco Paolone

    2015-07-01

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

  8. ANALYSIS OF THE INDICATORS SPECIFIC TO ENTITIES LISTED ON THE CAPITAL MARKET AND THEIR ROLE IN QUANTIFYING COMPANY PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Maria Daniela BONDOC

    2014-06-01

    Full Text Available The paper aims at presenting certain indicators specific to entities listed on the capital market and their analysis based on the financial statements of C.N.T.E.E. Transelectrica S.A., listed on the Bucharest Stock Exchange: growth stock exchange indices (market capitalization, earnings per share, price to book ratio, price to sales ratio, price earnings ratio, cash EPS and dividend stock exchange ratios (dividend per share, dividend yield, and dividend payout ratio. The research methodology involved studying the financial statements of the entity for the 2009-2013 period. The case study method was used to study the evolution of the stock exchange indices and opinions were formulated concerning the performance reflected by the analysed indices.

  9. IAS 40 : The effects of the implementation of IAS 40 for listed investment property companies within the European Union

    OpenAIRE

    Aronsson, Robert; Högberg, Martin

    2009-01-01

    Background: The increased globalization and trade over domestic borders within the European Union (EU) has lead to the implementation of new international accounting standards. This is necessary to create an effective capital market, where comparisons between companies located in different countries can be made, due to a more harmonized accounting. Obstacles to overcome when establish a more harmonized accounting in the EU is for example different accounting backgrounds and valuation methods....

  10. The Influence of Fundamental Factors on Stock Return (Case Study: Company Listed in Lq45 2011-2014)

    OpenAIRE

    Rumokoy, Farlane; Tamunu, Sonnia Cindy

    2015-01-01

    Consumption and investment are the two things are related because, delay consumption at a time could be interpreted as an investment that is used for future consumption. The investment is an investment for one or more assets owned and usually in a long period of time with the hope of obtaining a profit in the future. Investments can be classified into direct investment and indirect investment. Direct investment made by purchasing directly from a companys financial assets either through interm...

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

    OpenAIRE

    Fu Yu; Mu Jiong; Duan Xu Liang

    2016-01-01

    By means of the model of extreme learning machine based upon DE optimization, this article particularly centers on the optimization thinking of such a model as well as its application effect in the field of listed company’s financial position classification. It proves that the improved extreme learning machine algorithm based upon DE optimization eclipses the traditional extreme learning machine algorithm following comparison. Meanwhile, this article also intends to introduce certain research...

  12. 中国上市公司现金股利决策模型%Decision-making models for cash dividend policies for Chinese listed companies

    Institute of Scientific and Technical Information of China (English)

    姜琪; 宋逢明

    2012-01-01

    Data for listed companies in the Shanghai and Shenzhen Stock Exchanges was used to analyze the factors contributing to the propensity for cash dividend distributions and the cash payout ratio of Chinese listed companies.Regulatory changes in the CSRC refinancing policy significantly increased the listed companies' propensity to pay cash dividends.Cash dividends have become the major channel for profit distributions in the Chinese stock market.Companies with higher retained earnings ratios have higher propensity to pay cash dividends,which supports the life-cycle theory of dividends.However,higher profitability and higher growth rates lead to lower payout ratios suggesting that some high-quality companies choose lower payout ratios to meet regulatory requirements,which may be the major driving force for the low ratio of aggregate cash dividends to aggregate profits in the Chinese stock market.%该文从是否现金分红和现金股利支付水平2个维度,建立公司现金股利决策模型,分析确定影响中国沪深两市A股上市公司现金股利政策的因素。2001-03中国证监会再融资政策的调整,显著提高了上市公司现金分红的意愿,现金股利已成为中国上市公司利润分配的主要形式。公司留存收益的比例越高,则现金分红的可能性越大,支持了股利的生命周期理论。而从现金分红公司的股利支付水平来看,盈利水平越高,成长性越好的公司,现金股利的支付率却越低,其原因在于中国部分优质上市公司为达到再融资的监管要求而勉强分红,从而导致了中国A股市场现金股利总额占净利润总额的比例偏低。

  13. Manager Buy Off, Payout Policies and Agency costs of Listed Companies%管理层持股、股利政策与上市公司代理成本

    Institute of Scientific and Technical Information of China (English)

    廖理; 方芳

    2004-01-01

    Choosing all 1075 listed companies of share A which pay out dividends in cash as sample units, the paper tests how manager pay off(MBO) affects payout in cash. Regression analysis shows MBO could increase agency costs of listed companies. The authors further consider that the problems of “absence of owners” sharpen the conflict between managers and stockholder agency. The analysis also shows the positive regression relationship between MBO and payout for the companies with high percentage of state owned shares. So MBO is an effective way to solve the conflict of stockholder agency.

  14. The application of “fair value” accounting standards to the income statements of companies listed in the Portuguese Stock Index-20 (PSI-20

    Directory of Open Access Journals (Sweden)

    Tiago Cardão-Pito

    2016-06-01

    Full Text Available Purpose – “Fair value” accounting standards are not consensual. Supporters claim that they offer a methodology to find the “correct” value of accounting items, whereas critics contend that “fair value” accounting reduces the reliability of financial statements through a complex and unpractical method based on subjective information. Still, the impacts of “fair value” accounting upon taxes and public revenues are rarely discussed. Design/methodology/approach – The Portuguese case allows us to study taxation and public revenues. Through European Union norms, “fair value” standards have become mandatory after 2005 for companies listed in European stock-exchanges. Nevertheless, Portuguese corporate tax law was reformulated in 2010 to strongly restrict the use of “fair value” for taxation purposes. We study the use of “fair value” in the Income Statements of the largest companies listed in the Portuguese exchange between 2005 and 2012. Findings – If Portugal had not adopted “fair value” standards, its tax revenue would have been higher. Over all analyzed years and in almost all studied companies, average “fair value” adjustments are negative. Although a statistical association between negative adjustments and the economic cycle was found, this statistical association is not very strong. Therefore, the economic cycle cannot be used as the only explanation for the use of “fair value”. Originality/value – This paper demonstrates that discussions concerning the “fair value” accounting method must not ignore its possible impacts on government taxes and public revenue.

  15. An Inverse Problem Study: Credit Risk Ratings as a Determinant of Corporate Governance and Capital Structure in Emerging Markets: Evidence from Chinese Listed Companies

    Directory of Open Access Journals (Sweden)

    ManYing Kang

    2017-11-01

    Full Text Available Credit risk rating is shown to be a relevant determinant in order to estimate good corporate governance and to self-optimize capital structure. The conclusion is argued from a study on a selected (and justified sample of (182 companies listed on the Shanghai Stock Exchange (SHSE and the Shenzhen Stock Exchange (SZSE and which use the same Shanghai Brilliance Credit Rating & Investors Service Company (SBCR assessment criteria, for their credit ratings, from 2010 to 2015. Practically, 3 debt ratios are examined in terms of 11 characteristic variables. Moreover, any relationship between credit rating and corporate governance can be thought to be an interesting finding. The relationship we find between credit rating and leverage is not as evident as that found by other researchers for different countries; it is significantly positively related to the outside director, firm size, tangible assets and firm age, and CEO and chairman office plurality. However, leverage is found to be negatively correlated with board size, profitability, growth opportunity, and non-debt tax shield. Credit rating is positively associated with leverage, but in a less significant way. CEO-Board chairship duality is insignificantly related to leverage. The non-debt tax shield is significantly correlated with leverage. The correlation coefficient between CEO duality and auditor is positive but weakly significant, but seems not consistent with expectations. Finally, profitability cause could be regarded as an interesting finding. Indeed, there is an inverse correlation between profitability and total debt (Notice that the result supports the pecking order theory. In conclusion, it appears that credit rating has less effect on the so listed large Chinese companies than in other countries. Nevertheless, the perspective of assessing credit risk rating by relevant agencies is indubitably a recommended time dependent leverage determinant.

  16. Sustainable Development of Lithuanian Seacoast Recreational Objects

    Directory of Open Access Journals (Sweden)

    Jonas Abromas

    2011-04-01

    Full Text Available Recreational architecture is a branch of architectural activity whose main object is formation of recreational spaces (territories, buildings, complexes and equipment. The goal of recreational architecture is to create optimal (comfortable, lovely and realizable environment for all recreation types and forms. This goal is realized by projects which are based on scientific research and recommendations. This activity needs more than casual work and living environment. It needs special space and equipment: territory, water area, buildings, and rooms. Everything can be called recreational environment. Recreational environment can be of various dimensional scales: enormous seaside or lake areas intended for recreation, resorts, recreational institution complexes and many single buildings, beaches, forest parks, pools. Recreational environment is possible not only out of town but in town as well. Beginning of recreational architecture is observed in antique cultures, but as a separate specific architectural activity branch it rapidly began to spread in last century first half and in Lithuania – in the last four decades. In this work, analysis of evaluating recreational architecture is made seeking to reveal recreational architecture evaluating criteria and their use .Article in Lithuanian

  17. The Effect of Intellectual Capital on A Company's Performance Moderated by ITS Governance and IT Strategy Integration Employed By Bank Listed in Indonesian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Dodi Wirawan Irawanto

    2017-10-01

    Full Text Available This study investigates whether IT integration and company governance can affect the relationship between intellectual capital and company performance in the Indonesian banking sector. That could happen, as there are ever tighter and more numerous competitiveness levels in the banking sector, especially in the field of information technology (IT and the support given by the top management. This study employs data from 33 banking companies listed on the ISE (Indonesian Stock Exchange in 2013–2014. The testing was done on the elements of VAICTM (VACA, VAHU, STVA, moderated by IT strategy integration (ITSI and corporate governance (DK using the measurement of financial performance (ROA. The findings obtained show that VAHU has a positive effect on financial performance. If the VAICTM element were moderated by ITSI, then a well-integrated IT strategy would weaken the relationship between VACA and banking performance. The limitations of this study lie in the period of the data used, which is limited to 2013–2014, and in that the component used for testing was done in isolation. 

  18. THE INFLUENCE OF PROFITABILITY, LIQUIDITY, AND DEBT TO THE DIVIDEND PAYOUT RATIO IN MANUFACTURING COMPANY (LISTED IN INDONESIAN STOCK EXCHANGE FROM 2008-2010

    Directory of Open Access Journals (Sweden)

    Putri Kartika Sari

    2015-11-01

    Full Text Available AbstractThis research analyzes the influence of profitability, liquidity, and debt to dividend payout ratio in manufacturing companies in Indonesia. The samples consist of 102 companies listed in Indonesian Stock Exchange during the period of 2008-2010. This research tests three hypotheses related to the influence of profitability, liquidity, and debt toward the dividend payout ratio (DPR. Data obtained were analyzed by using multiple regression analysis. The results of this research indicate that: (1 profitability ratio (ROI has positively significant influence to dividend payout ratio. (2 Liquidity ratio (QR does not significantly influence to dividend payout ratio. (3 Debt ratio (DER does not significantly influence to dividend payout ratio.Keywords: profitability, liquidity, debt, Dividend Payout Ratio (DPR, manufacturing company.AbstrakPenelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, likuiditas, dan utang terhadap rasio pembayaran dividen dalam perusahaan-perusahaan manufaktur di Indonesia. Sampel terdiri dari 102 perusahaan yang terdaftar di Bursa saham Indonesia selama periode tahun 2008-2010. Penelitian ini menguji tiga hipotesa yang berkaitan dengan pengaruh profitabilitas, likuiditas, dan utang terhadap rasio pembayaran dividen (DPR. Data yang diperoleh dianalisis dengan menggunakan analisis regresi. Hasil dari penelitian ini menunjukkan bahwa: (1 profitabilitas rasio (ROI memiliki pengaruh positif dan signifikan terhadap rasio pembayaran dividen. (2 rasio likuiditas (QR tidak berpengaruh terhadap rasio pembayaran dividen. (3 Rasio hutang (DER tidak berpengaruh atas rasio pembayaran dividen.Kata kunci: profitabilitas, likuiditas, utang, rasio pembayaran dividen (DPR, manufaktur perusahaan.

  19. The Effect of Cash Dividend, Retained Earnings, and Stock Price of Manufacturing Company Listed In Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Farah Margaretha

    2015-03-01

    Full Text Available This study aims to determine the effect of cash dividends per share, retained earnings per share, earnings per share, and leverage on the stock price of manufacture industry in Indonesia from 2008-2012. Research used secondary data in which the source was obtained indirectly through an intermediary medium or data processed from literatures and reports associated with this research. Independent variables in this study (x are cash dividends per share, retained earnings per share, earnings per share, and leverage, while the dependent variable (y is stock price. The samples used were 23 companies with purposive sampling method. The empirical results of this study indicate that cash dividends per share, retained earnings per share, earnings per share, and leverage has significant effect on the stock price. It is therefore the higher stock price will attract investors to invest their money. Hence, companies and investors need to attend cash dividends per share, retained earnings per share, earnings per share, and leverage as factors that affect the increase or decrease of the stock price. 

  20. Predictive Power and Value Relevance of Comprehensive Income Statement: an analysis of Brazilian companies listed on the BM&FBovespa

    Directory of Open Access Journals (Sweden)

    Marcello Angotti

    2016-09-01

    Full Text Available The study aimed to analyze if the information about comprehensive income (CI and its individual components have predictive power to determine the Operating Cash Flow of the subsequent period (OCFt+1 at the Brazilian capital market companies. The research methodology has used financial data collected from Economatica® and CVM databases. The sample selection was performed considering the availability of variables: OCFt+1 and share prices. The period analyzed comprehended the years 2012-2014. It were used quantitative valuation techniques, establishing two moments of study: the first moment by testing the hypothesis that CI has greater predictive power than Net Income (NI for forecasting OCFt+1 (528 firms/years; and the second moment by testing the hypothesis that CI and its components have a value relevance at the Brazilian capital market (605 firms/years. The results suggest that the analysis of the consolidated CI individually would not be incremental for forecasting OCFt+1. However, an increase was observed in the predictive capacity for OCFt+1, with the inclusion of Other Comprehensive Income (OCI. Could not be verified, with aggregate disruption of the individual items of OCI, incremental capacity to determine the OCFt+1. It was observed that the Equity and NI have value relevance, but that is not confirmed to consolidated CI. Added to that, only the cash flow hedge was significant to explain the market value of the company, indicating there is informational benefit to stakeholders that employ the CI in their analysis.

  1. Pecularities of French Pronoun on Usage in Lithuanian Scientific Discourse

    Directory of Open Access Journals (Sweden)

    Lina Dubikaltytė-Raugalienė

    2015-12-01

    Full Text Available Scientists studying personal identifiers in French scientific discourse incorporate the personal indefinite pronoun “on” into the paradigm. The semantics of the pronoun depends on the genre of scientific discourse. The pronoun “on” can acquire four meanings denoting or including the author. The current paper, based on two databases of native French and Lithuanian authors’ articles, aims at comparing the tendencies of the pronoun “on” usage and its functions in scientific discourse. The analyses has shown that the Lithuanian authors use the personal pronoun almost twice less frequently to mark an author or authors’ denotative or inclusive meaning. In the articles of Lithuanian authors, the pronoun “on” performs fewer pragmatic functions than in scientific discourse of French authors.

  2. On Quality Intensification Expression Means in German And Lithuanian

    Directory of Open Access Journals (Sweden)

    Ernesta Račienė

    2013-12-01

    Full Text Available The paper presents the analysis of German Adjectives’ derivational means, which intensify the meaning of quality, and which are compared with functional equivalents in Lithuanian. The intensification of quality is treated as the functional semantic category, implemented in various language levels. This semantics may be expressed morphologically, by lexical and syntactic means, as well as by stress and intonation. The German language has many first components of compound adjectives, representing the intensification of quality, such as: stock-, blitz-, hoch-, brand-, grund-, etc. The rendering function of this semantics is typical of German adjectives prefixes erz-, ur- as well as prefixes of foreign origin super-, ultra-, extra-, mega-, hyper-, top-. In the Lithuanian language, the intensifying meaning of quality is realized by syntactic com-pounds, while on the morphological level it can be conveyed by diminutive suffixes. The paper presents the comparison of German and Lithuanian quality intensification expression means in order to highlight typological similarities and differences.

  3. Liquidity Risk and its Management in Lithuanian Banking System

    Directory of Open Access Journals (Sweden)

    Erika Bareikaitė

    2014-04-01

    Full Text Available Banks are the main part of financial sector in each economy and strength of banking system becomes vital for ensuringfavourable economic stability and growth. Recent failure of two commercial banks in Lithuania showed that managershaven’t evaluated liquidity risk or haven’t dealt with it properly. The tasks of the paper are to investigate Lithuanian banksposition towards liquidity risk, analyse what kind of management tools banks use for ensuring favourable position towardsliquidity and to explore the liquidity influence to profitability in Lithuanian banking sector. The article examines liquidity andits management processes in Lithuanian banking sector. Description of liquidity importance is presented. Liquidity risk and itsmeasurement as well as the ways of managing the above mentioned risk is analysed in the article. In order to analyse the relationshipbetween liquidity risk and profitability of banks, analysis of scientific literature, research synthesis and generalizationshave been made.

  4. On the development of past habitual from iterative in Lithuanian

    Directory of Open Access Journals (Sweden)

    Jurgis Pakerys

    2018-02-01

    Full Text Available Lithuanian has regular past habitual forms with the suffix -dav-, which can be explained as an originally iterative suffix -dau- restricted to the past tense (Fraenkel 1936. Dialectal and Old Lithuanian, in addition to -dav-, also feature habituals with the suffixes -lav- and -dlav-, which could have followed the same path of development (Fraenkel 1936, as evidenced by a number of diverse languages (Bybee et al. 1994. Using an electronic edition of Lietuvių kalbos žodynas (The Dictionary of Lithuanian as the data source, a limited number of possible iteratives with -dau- and other related suffixes were found, which has led to two main conclusions. (1 Habituals were restricted to the past tense before the appearance of the first written Lithuanian texts (mid-16th c. and the present and the infinitive stems went out of use. If this had not been the case, more corresponding verbal formations should have remained. (2 Iteratives with the habitual-to-be suffixes had to be productive to some extent in the dialects, which grammaticalized them as past habituals. If these formations had been productive in all dialects of Lithuanian, more iteratives should have been found in the areas that did not grammaticalize them as past habituals. It is also suggested that the form-frequency correspondence principle (Haspelmath 2008, 2014, 2017 should have operated in the formation of the Lithuanian habitual. Longer suffixes were chosen to mark habitual situations as a less frequent subtype of iterative situations and habitual forms were restricted to the past tense because habituality is one of the default (more frequent readings of the present and hence the habituals in the past tend to be marked explicitly (Bybee et al. 1994.

  5. Lithuanian Nuclear Safety Advisory Committee - 1993-2003

    International Nuclear Information System (INIS)

    Medeliene, D.

    2003-01-01

    Brief overview of the Lithuanian Nuclear Safety Advisory Committee (LNSAC) activities is presented. LNSAC was established in May 1993, main task is to advise the Lithuanian government on industrial and regulatory matters of nuclear safety. One of the most of important tasks was to exert pressure on the Government so that it allocates sufficient funds from the national budget for setting up a national regulatory body. Statements of the members of LNSAC are presented. In the CD minutes of the meetings of the LNSAC in 1993-2003 and official documents regulating Committee activities are included

  6. Using Benford’s Law to detect data error and fraud: An examination of companies listed on the Johannesburg Stock Exchange

    Directory of Open Access Journals (Sweden)

    A Saville

    2014-06-01

    Full Text Available Accounting numbers generally obey a mathematical law called Benford’s Law, and this outcome is so unexpected that manipulators of information generally fail to observe the law. Armed with this knowledge, it becomes possible to detect the occurrence of accounting data that are presented fraudulently. However, the law also allows for the possibility of detecting instances where data are presented containing errors. Given this backdrop, this paper uses data drawn from companies listed on the Johannesburg Stock Exchange to test the hypothesis that Benford’s Law can be used to identify false or fraudulent reporting of accounting data. The results support the argument that Benford’s Law can be used effectively to detect accounting error and fraud. Accordingly, the findings are of particular relevance to auditors, shareholders, financial analysts, investment managers, private investors and other users of publicly reported accounting data, such as the revenue services

  7. Holding-based network of nations based on listed energy companies: An empirical study on two-mode affiliation network of two sets of actors

    Science.gov (United States)

    Li, Huajiao; Fang, Wei; An, Haizhong; Gao, Xiangyun; Yan, Lili

    2016-05-01

    Economic networks in the real world are not homogeneous; therefore, it is important to study economic networks with heterogeneous nodes and edges to simulate a real network more precisely. In this paper, we present an empirical study of the one-mode derivative holding-based network constructed by the two-mode affiliation network of two sets of actors using the data of worldwide listed energy companies and their shareholders. First, we identify the primitive relationship in the two-mode affiliation network of the two sets of actors. Then, we present the method used to construct the derivative network based on the shareholding relationship between two sets of actors and the affiliation relationship between actors and events. After constructing the derivative network, we analyze different topological features on the node level, edge level and entire network level and explain the meanings of the different values of the topological features combining the empirical data. This study is helpful for expanding the usage of complex networks to heterogeneous economic networks. For empirical research on the worldwide listed energy stock market, this study is useful for discovering the inner relationships between the nations and regions from a new perspective.

  8. Identification and classification of open book accounting dimensions by considering inter-organizational cost management: A case study of petrochemical companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Leila Sadeghi

    2014-02-01

    Full Text Available This study aims to identify and to classify Open book accounting (OBA dimensions according to inter-organizational cost management (IOCM in petrochemical companies listed in Tehran Stock Exchange. In this research, there are 18 statistical society financial and accounting experts listed in Tehran Stock Exchange. By studying the theoretical literature and conducted investigations inside and outside of the country and also the experts’ comments, the OBA dimensions were identified and then classified by analytical hierarchy process technique. According to the studies and experts’ ideas, four dimensions including nature of data and accounting data disclosure practices, uses of disclosed accounting data, conditions of OBA, cost implementation of OBA were identified as OBA dimensions. The results of examinations were shown that, considering the comments on dimensions of nature of data and accounting data disclosure practices, the form of data disclosure plays a more important role. In uses of disclosed accounting data dimension, coordination and planning among team members play the most important role. According to conditions of OBA dimension, trust is the most important one and in cost implementation of OBA dimension, the cost of the other party plays the most important role.

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

    Directory of Open Access Journals (Sweden)

    Ivica Pervan

    2006-03-01

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

  10. Relevance between the degree of industrial competition and fair value information: Study on the listed companies in China

    Directory of Open Access Journals (Sweden)

    Xuemin Zhuang

    2015-05-01

    Full Text Available Purpose: The purpose of this article is to study whether there exists natural relationship between fair value and corporate external market. A series of special phenomenon in the application of fair value arouses our research interests, which present evidences on how competition affects the correlation of fair value information. Design/methodology/approach: this thesis chooses fair value changes gains and losses and calculate the ratio of DFVPSit as the alternative variable of the fair value. In order to effectively inspect the mutual influence between the degree of industry competition and the value relevance of fair value, and reduce the impact of multi-collinearity, we built a regression model on the hypothesis, which supposes that if other conditions are the same, the fair value information has greater value relevance if the degree of the industry competition is greater. To test the hypothesis, we use the comparison of the DFVPSit coefficient absolute value to judge the value relevance of fair value information, and the greater the absolute value is, the higher relevance between the changes in fair value per share profits and losses with the stock prices. Findings: The higher the degree of competition in the industry is, the more fair value information relevance is. Also, there are evidences representing that fair value information often presents negative correlation with the stock price. Originality/value: The main contribution of the article is to show that not only need we make the formulation and implementation of the high quality of fair value accounting standards to suit for both the national conditions and international practice, but also need we further to improve the company's external governance mechanism to promote fair value’s information correlation.

  11. A Note on the Lithuanian 2nd Sg. Ending "-ai."

    Science.gov (United States)

    Schmalstieg, William R.

    1980-01-01

    Discusses an attempt by Chr. S. Stang to establish a proto-Lithuanian present paradigm for the verb "megti" (to like), questioning the existence of the second singular form "-ai." Argues that the few examples of this form, all from a single Bible translation source, afford shaky support for its existence. (Executive Office of the AABS, 231 Miller…

  12. Sickly Americans, Kindly Portuguese, and Lithuanian Couch Potatoes.

    Science.gov (United States)

    Bracey, Gerald W.

    2000-01-01

    Of 27 countries in a World Health Organization survey, American children report the most physical complaints, Portuguese children are most kind to one another, and Lithuanians watch more TV. U.S. and Czech teens are great dieters. Northern Irish, Scottish, and Finnish youngsters love computer games. (MLH)

  13. Using the Idea of Market-Expected Return Rates on Invested Capital in the Verification of Conformity of Market Evaluation of Stock-Listed Companies with their Intrinsic Value

    Directory of Open Access Journals (Sweden)

    Paweł Mielcarz

    2012-12-01

    Full Text Available This article presents the concept of investor-expected rates of return on capital of listed companies and the use of these rates in the assessment of the extent to which the stock evaluation of a given entity is compatible with its intrinsic value. The article also features results of the research aimed at verification – with the use of the presented tool – of whether the market value of WSE-listed companies reflects their fundamental value. The calculations presented in the empirical part of the article show that at the beginning of 2011, market evaluation of the most of the analysed entities greatly exceeded their fundamental value.

  14. Section 1: Company directory

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    This is a 1992 directory of those companies doing business in all areas of the independent power producers industry. The listing includes the company name, address, telephone and FAX numbers, and the name of a company contact. The listing is international in scope

  15. Audit Quality in Brazil: A Study of the Judgment of the Independent Auditors on Adoption of the Adjustment to Present Value in Construction and Engineering Companies Listed on BM&F-Bovespa

    Directory of Open Access Journals (Sweden)

    Felipe da Silva Moreira

    2015-04-01

    Full Text Available Audit quality is a complex issue and difficult to measure on the audit quality level in the Brazilian stock exchange. Most of the companies listed on the on the stock exchange are audited by companies called the Big Four and in this context, the market assigns to them pretext of higher quality in their performances when compared with the non-Big Four companies. In Brazil, recent financial scandals while international accounting and auditing standards were been adopted. This provides an opportunity to analyze the adequacy of audit services to the convergence process. Given the scenario, the problem arises: Have the audit firms uniform quality, based on the technical criteria of their judgment when the proper adoption of CPC 12 – adjustment to present value by Brazilian listed companies? The objective of this study is to investigate the uniformity in the quality of services performed by audit firms in Brazil about Brazilian listed companies based on adoption to CVM deliberation number 564/08. This paper consists on the analysis of the accounting reports, reference form and the Auditors of the companies of the construction and engineering sector in years 2010 and 2011, revealing among its main findings the absence of uniform quality in the independent auditor’s report based on the adoption to the adjustment to present value.

  16. An Index to Measure Sustainability of a Business Project in the Construction Industry: Lithuanian Case

    Directory of Open Access Journals (Sweden)

    Nomeda Dobrovolskienė

    2015-12-01

    Full Text Available The continuous growth of the world population, resource scarcity and the threat of climate change pose numerous environmental and social problems to the world. Therefore, much hope is put in the concept of sustainability. Companies are increasingly coming under strong global pressure to incorporate sustainability considerations into their project decision-making process. Business projects in the construction industry are among the most important, as this sector is one of the largest sectors and of major importance for the national economy and therefore has a huge impact on the environment and society. Thus, we have to explore ways to integrate sustainability into the management of those projects. This paper presents a composite sustainability index of a project (CSIP which has been created following a review of existing literature and a pilot research study. A pilot research study was conducted in the Lithuanian construction industry between January 2015 and June 2015. Sustainability criteria were chosen and grouped on the basis of the analysis of the literature and different standards relating to sustainability applicable in the construction industry. A survey was used to select and rank the most important sustainability criteria. The index was constructed using multi-criteria decision-making methods. The results of the pilot study revealed that practitioners in the Lithuanian construction sector attach most importance to 15 sustainability criteria. A composite sustainability index of a project combining all these criteria may be useful in assessing the sustainability of a business project and making decisions regarding project portfolio selection and financial resource allocation. When addressing the issue of financial resource allocation in a project portfolio, the decision-maker could take into account not only the project’s return and risk, but also its sustainability. The understanding of this study should enable companies to execute

  17. Occupational safety and health aspects of corporate social responsibility (CSR) in Japanese companies listed on the Tokyo Stock Exchange (TSE) first section.

    Science.gov (United States)

    Kawashita, Futoshi; Taniyama, Yukari; Hwi, Song You; Fujisaki, Takeshi; Kameda, Takashi; Mori, Koji

    2005-11-01

    Recently, corporate social responsibility (CSR) is becoming widely recognized as an issue for Japanese companies. Corporate responsibility for employees is considered important by various stakeholders, and occupational safety and health is regarded as one of these responsibilities. The present authors examined this issue from the viewpoint of corporate management by analysis of statements found in CSR-related reports. For companies listed on the First Section of the Tokyo Stock Exchange (TSE), we searched for CSR-related reports, and titles and contents, based on two established guidelines: the GRI Sustainability Reporting Guidelines 2002 as the international reference and the Environmental Reporting Guidelines of the Ministry of the Environment, Government of Japan, as the domestic reference. Corporations that published CSR reports were 26.3% (416/1,581) of the total, and large differences were recognized by type of industry. Comparing the numbers of pages for various contents, more concern was shown about the environment than about social activity, indicating the environment to be the main issue of CSR in Japan. In the items included in the guidelines, many matters about occupational accidents were mentioned, but it was found that statements regarding HIV/AIDS, which is not of such strong social concern in Japan, and statements regarding the costs of safety that are difficult to calculate were few. However, statements regarding mental health, which is of high interest socially, were many, even though this issue is not included in the two guidelines used. In revising the guidelines, these matters should be reviewed. In the future, continuance of analysis of CSR-related reports with regard to changes and comparisons with overseas reports will help improve occupational safety and health.

  18. Assessing Efficiency of D-Vine Copula ARMA-GARCH Method in Value at Risk Forecasting: Evidence from PSE Listed Companies

    Directory of Open Access Journals (Sweden)

    Václav Klepáč

    2015-01-01

    Full Text Available The article points out the possibilities of using static D-Vine copula ARMA-GARCH model for estimation of 1 day ahead market Value at Risk. For the illustration we use data of the four companies listed on Prague Stock Exchange in range from 2010 to 2014. Vine copula approach allows us to construct high-dimensional copula from both elliptical and Archimedean bivariate copulas, i.e. multivariate probability distribution, created from process innovations. Due to a deeper shortage of existing domestic results or comparison studies with advanced volatility governed VaR forecasts we backtested D-Vine copula ARMA-GARCH model against the VaR rolling out of sample forecast from October 2012 to April 2014 of chosen benchmark models, e.g. multivariate VAR-GO-GARCH, VAR-DCC-GARCH and univariate ARMA-GARCH type models. Common backtesting via Kupiec and Christoffersen procedures offer generalization that technological superiority of model supports accuracy only in case of an univariate modeling – working with non-basic GARCH models and innovations with leptokurtic distributions. Multivariate VAR governed type models and static Copula Vines performed in stated backtesting comparison worse than selected univariate ARMA-GARCH, i.e. it have overestimated the level of actual market risk, probably due to hardly tractable time-varying dependence structure.

  19. The Impact of a Surprise Dividend Increase on a Stocks Performance : the Analysis of Companies Listed on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tomasz Słoński

    2012-01-01

    Full Text Available The reaction of marginal investors to the announcement of a surprise dividend increase has been measured. Although field research is performed on companies listed on the Warsaw Stock Exchange, the paper has important theoretical implications. Valuation theory gives many clues for the interpretation of changes in dividends. At the start of the literature review, the assumption of the irrelevance of dividends (to investment decisions is described. This assumption is the basis for up-to-date valuation procedures leading to fundamental and fair market valuation of equity (shares. The paper is designed to verify whether the market value of stock is immune to the surprise announcement of a dividend increase. This study of the effect of a surprise dividend increase gives the chance to partially isolate such an event from dividend changes based on long-term expectations. The result of the research explicitly shows that a surprise dividend increase is on average welcomed by investors (an average abnormal return of 2.24% with an associated p-value of 0.001. Abnormal returns are realized by investors when there is a surprise increase in a dividend payout. The subsample of relatively high increases in a dividend payout enables investors to gain a 3.2% return on average. The results show that valuation models should be revised to take into account a possible impact of dividend changes on investors behavior. (original abstract

  20. A net presentation of Lithuanian sentences containing verbal forms with the grammatical suffix -dav-

    Directory of Open Access Journals (Sweden)

    Danuta Roszko

    2014-09-01

    Full Text Available A net presentation of Lithuanian sentences containing verbal forms with the grammatical suffix -dav- In the article the authors make an attempt to present the meaning of Lithuanian sentences containing verbal forms with the grammatical suffix -dav- (the so-called iterative past tense forms by means of Petri nets. The authors gradually develop the net to such complexity that it makes it possible to avoid interpretative similarities to other Lithuanian verbal forms.

  1. FPGA-Based Implementation of Lithuanian Isolated Word Recognition Algorithm

    Directory of Open Access Journals (Sweden)

    Tomyslav Sledevič

    2013-05-01

    Full Text Available The paper describes the FPGA-based implementation of Lithuanian isolated word recognition algorithm. FPGA is selected for parallel process implementation using VHDL to ensure fast signal processing at low rate clock signal. Cepstrum analysis was applied to features extraction in voice. The dynamic time warping algorithm was used to compare the vectors of cepstrum coefficients. A library of 100 words features was created and stored in the internal FPGA BRAM memory. Experimental testing with speaker dependent records demonstrated the recognition rate of 94%. The recognition rate of 58% was achieved for speaker-independent records. Calculation of cepstrum coefficients lasted for 8.52 ms at 50 MHz clock, while 100 DTWs took 66.56 ms at 25 MHz clock.Article in Lithuanian

  2. Stochastic programming framework for Lithuanian pension payout modelling

    Directory of Open Access Journals (Sweden)

    Audrius Kabašinskas

    2014-12-01

    Full Text Available The paper provides a scientific approach to the problem of selecting a pension fund by taking into account some specific characteristics of the Lithuanian Republic (LR pension accumulation system. The decision making model, which can be used to plan a long-term pension accrual of the Lithuanian Republic (LR citizens, in an optimal way is presented. This model focuses on factors that influence the sustainability of the pension system selection under macroeconomic, social and demographic uncertainty. The model is formalized as a single stage stochastic optimization problem where the long-term optimal strategy can be obtained based on the possible scenarios generated for a particular participant. Stochastic programming methods allow including the pension fund rebalancing moment and direction of investment, and taking into account possible changes of personal income, changes of society and the global financial market. The collection of methods used to generate scenario trees was found useful to solve strategic planning problems.

  3. The Development of the Standard Lithuanian Language: Ecolinguistic Approach

    Directory of Open Access Journals (Sweden)

    Vaida Buivydienė

    2014-06-01

    Full Text Available The theory of standard languages is closely linked with the standardization policy and prevailing ideology. The language ideology comprises its value, experience and convictions related to language usage and its dis - course being influenced at institutional, local and global levels. Recently, in the last decades, foreign linguists have linked the theories of the development of standard lan- guages and their ideologies with an ecolinguistic approach towards language standardization phenomena. The article is based on Einar Haugen ’s theory about the development of standard languages and ecolinguistic statements and presents the stages of developing the standard language as well as the factors having an influ - ence on them. In conclusion, a strong political and social impact has been made on the development of the standard Lithuanian language. The stages of the progress of the standard Lithuanian language have rapidly changed each other, some have been held very close to one another and some still have been taken part.

  4. World tendences of civil aviation development and the enlargement of the Lithuanian civil aviation

    Directory of Open Access Journals (Sweden)

    J. Butkevičius

    2006-06-01

    Full Text Available The article deals with global trends in civil aviation, such as: liberalisation of aviation market, globalisation of airlines, privatisation of airlines and invasion of low cost airlines into the market. Also the influence of these trends on the Lithuanian civil aviation activities has been defined. The Lithuanian civil aviation activities have been analysed: activities of international airports, passenger and cargo carriers, passenger routes and passenger flows, transportation market and airplane fleet. The problems of the Lithuanian civil aviation activities have been identified and suggestions for the development of the Lithuanian civil aviation activities have been proposed.

  5. Authorship attribution and author profiling of Lithuanian literary texts

    OpenAIRE

    Kapočiūtė-Dzikienė, Jurgita; Utka, Andrius; Šarkutė, Ligita

    2015-01-01

    In this work we are solving authorship attribution and author profiling tasks (by focusing on the age and gender dimensions) for the Lithuanian language. This paper reports the first results on literary texts, which we compared to the results, previously obtained with different functional styles and language types (i.e., parliamentary transcripts and forum posts). Using the Naïve Bayes Multinomial and Support Vector Machine methods we investigated an impact of...

  6. Changing role of management accounting : Lithuanian experience case studies

    OpenAIRE

    Valančienė, Loreta; Gimžauskienė, Edita

    2007-01-01

    Concepts and methods used in management accounting are similar all over the world. However, national studies suggest that a variable environment of organization has a direct impact on changes in management accounting. The aim of the article was to show how the role of management accounting changed in Lithuanian organizations after the implementation of systems for activity based cost management (ABCM) and balanced scorecard (BSC). The study results obtained suggest that the role of management...

  7. Sugar amount analysis in food from Lithuanian food market

    OpenAIRE

    Gudauskaitė, Milda

    2015-01-01

    When taking too much simple sugar, especially sucrose, harmful health effects occur: more tooth decay occurs, the excess sugar coverts into fat, digestive system gets irritated, increase of weight, possibility in increasing of developing cancer cells, pancreatic and other misbalances in the endocrine organs. Thesis goal: to perform sugar amount analysis in Lithuanian food market Analysis methodology. Assessing the amount of sugar (g/100g) there was analyzed 147 major food la...

  8. The Analysis of Development in Lithuanian Economy and Business

    OpenAIRE

    Jakutis, Algirdas

    2006-01-01

    In this article development tendencies of Lithuanian economy and business are analyzed. The paper examines the most important causes of gross domestic product changes since restoration of Lithuania's independence. Processes of privatization, their influence on business are analyzed. A brief analysis of development trends of small and medium-sized business in presented. Business development process is analyzed, technological indicators suggested. The article considers business financing issues...

  9. The "True and fair view" concept in Lithuanian accounting regulation

    OpenAIRE

    Rudžionienė, Kristina; Christauskas, Česlovas

    2010-01-01

    The "true and fair view" concept is very popular in the professional accountants’ language. After theoretical analysis of the "true and fair view" concept it was made research how understanding of this concept was created in Lithuanian accounting regulation. The stated purpose of financial statements is taken from the United Kingdom, and is different in the particular formulation. Additionally, it is not explained anywhere what it is and how to reach it. There are not specifically defined qua...

  10. Weaves and Colours of Lithuanian Folk Skirts Fabrics

    Directory of Open Access Journals (Sweden)

    Eglė KUMPIKAITĖ

    2013-09-01

    Full Text Available In the article weaves and colours of Lithuanian folk skirts fabrics are analysed. The investigation objects are the skirts from funds of three Lithuanian Museums: 258 skirts from National M. K. Čiurlionis Museum of Art, 85 skirts from Lithuanian Open Air Museum and 16 skirts from A. and A. Tamošaitis gallery “Židinys”. Distribution of skirts fabrics according to weaves was estimated, and it shows, that fabrics of plain weave are most widespread (53 %, combined and twill weaves are less popular (19 % and 18 %, respectively. The weaves of fabrics are determined during investigation and plans of weave were made proposing recommendations for manufacturing of similar fabrics. Also distribution of colours and number of colours in the fabrics were analysed. The biggest number of colours is in fabrics of simple weaves (plain and twill, and the most characteristic are green, red, black and blue colours. DOI: http://dx.doi.org/10.5755/j01.ms.19.3.5240

  11. The main provisions of the Lithuanian National Energy Strategy

    International Nuclear Information System (INIS)

    Miskinis, V.; Galinis, A.

    2006-01-01

    The aim of this paper is to set out findings from analysis of the Lithuanian economy and energy sector development and to discuss the main provisions of the draft of the updated National Energy Strategy. The paper presents a short description of tendencies in the Lithuanian economy and energy sector during transition to a free market economy. A significant reduction of final and primary energy intensity in Lithuania is confirmed by analysis based on data published in the recent national and international publications. Positive changes in the energy sector, favourable for implementation of market economy, are discussed. The methodology applied for analysis of the energy sector development and for preparation of the National Energy Strategy is presented. Strategic objectives of the Lithuanian energy sector, the measures to provide for a higher energy security and guidelines for the energy sector development are presented as well. The main provisions in the draft of the updated National Energy Strategy are established taking into consideration the obligations of Lithuania presented in the Treaty of Accession to the EU, the EU directives and other international documents. (author)

  12. The shareholding similarity of the shareholders of the worldwide listed energy companies based on a two-mode primitive network and a one-mode derivative holding-based network

    Science.gov (United States)

    Li, Huajiao; Fang, Wei; An, Haizhong; Yan, LiLi

    2014-12-01

    Two-mode and multi-mode networks represent new directions of simulating a complex network that can simulate the relationships among the entities more precisely. In this paper, we constructed two different levels of networks: one is the two-mode primitive networks of the energy listed companies and their shareholders on the basis of the two-mode method of complex theory, and the other is the derivative one-mode holding-based network based on the equivalence network theory. We calculated two different topological characteristics of the two networks, that is, the out-degree of the actor nodes of the two-mode network (9003 nodes) and the weights of the edges of the one-mode network (619,766 edges), and we analyzed the distribution features of both of the two topological characteristics. In this paper, we define both the weighted and un-weighted Shareholding Similarity Coefficient, and using the data of the worldwide listed energy companies and their shareholders as empirical study subjects, we calculated and compared both the weighted and un-weighted shareholding similarity coefficient of the worldwide listed energy companies. The result of the analysis indicates that (1) both the out-degree of the actor nodes of the two-mode network and the weights of the edges of the one-mode network follow a power-law distribution; (2) there are significant differences between the weighted and un-weighted shareholding similarity coefficient of the worldwide listed energy companies, and the weighted shareholding similarity coefficient is of greater regularity than the un-weighted one; (3) there are a vast majority of shareholders who hold stock in only one or a few of the listed energy companies; and (4) the shareholders hold stock in the same listed energy companies when the value of the un-weighted shareholding similarity coefficient is between 0.4 and 0.8. The study will be a helpful tool to analyze the relationships of the nodes of the one-mode network, which is constructed based

  13. Governança Corporativa e Beta de Empresas Listadas na BM&FBOVESPA = Corporate Governance and Beta of Listed Companies at BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Roberto Bomgiovani Cazzari

    2015-12-01

    . Additionally, these same investors would keep the same market portfolio for all risky assets. Therefore, in this view, an idiosyncratic risk as the risk of poor governance should already have been diversified in the previous step and should not be directly related to the beta of a given company. In this view, the beta would represent only risks linked to the systemic aspect. However, Parigi, Pelizzon and von Thadden (2013 proposed a model that includes corporate governance to the CAPM. Unlike seen by the classical theory of the CAPM, these authors developed a model that predicts that the quality of corporate governance is positively correlated with beta and idiosyncratic volatility, but negatively correlated with the return on assets. To test which theory has better explanatory power for the Brazilian scenario, we tested the hypothesis of independence between the beta and the quality of corporate governance of companies listed at BM&FBOVESPA. The findings of this paper have not shown that the quality of corporate governance is positively related with the beta, but that they are independent. This seems to be a strong indication that the beta in the Brazilian scenario does not reflect an idiosyncratic risk as the risk of bad governance, but a systemic risk which relates better to the classical theory of CAPM.

  14. Analysis of energy development sustainability: The example of the lithuanian district heating sector

    International Nuclear Information System (INIS)

    Kveselis, Vaclovas; Dzenajavičienė, Eugenija Farida; Masaitis, Sigitas

    2017-01-01

    Today, sustainable energy development is one of key issues on European development agenda. The article describes one of sustainable energy development promoting tool - the eco-labelling scheme for district heating and cooling systems elaborated within the framework of Intelligent Energy for Europe program project “Ecoheat4cities” and partially funded by European Agency for Competitiveness and Innovation. The scheme is based on measured energy and environmental performance data of the district heating and cooling system and considers primary non-renewable energy usage together with the share of renewable energy and carbon dioxide emissions calculated using life-cycle analysis methodology. The “power bonus” approach is used for performance indicators of the heat generated in cogeneration installations. An analysis of a number of Lithuanian district heating companies using elaborated labelling criteria shows positive trends towards fulfilling Lithuania's energy policy goals. The labelling scheme gives opportunity for policy makers and urban planners to compare different heat supply options and decide upon exploiting district heating advantages and benefits for reaching EU energy and environment policy goals. - Highlights: • Overview of Lithuania's district heating sector was performed via main sustainability criteria. • Developing to greener and more efficient state was disclosed via analysis of three years activity results. • Green labelling may help district heating companies to maintain existing and attract new potential consumers.

  15. Acculturation and adaptation among Lithuanian workers in Norway (a case study)

    OpenAIRE

    Kmite, Liuda Jr

    2011-01-01

    Migration and intercultural relations In a new culture, migrants experience acculturation. Through acculturation migrants may choose which acculturation strategy to use. In 2010, emigration from Lithuania increased four times. Lithuanians account for several per cent of all migrants in Norway. The study aims to assess the acculturation strategies which Lithuanian workers in Rogaland area (Norway) adopt.

  16. Attitude of Lithuanian residents to confidentiality of adolescent sexual and reproductive health care

    DEFF Research Database (Denmark)

    Jaruseviciene, Lina; Lazarus, Jeff; Zaborskis, Apolinaras

    2011-01-01

    To assess the attitudes of Lithuanian residents towards the protection of confidentiality in the sexual and reproductive health care of adolescents.......To assess the attitudes of Lithuanian residents towards the protection of confidentiality in the sexual and reproductive health care of adolescents....

  17. Input of Lithuanian science into nuclear safety improvement, coordination of technical support organizations

    International Nuclear Information System (INIS)

    Maksimovas, G.

    1999-01-01

    VATESI in its activities is very much supported by Lithuanian scientific and technical organizations which are doing expertise of safety analyses of Ignalina NPP. Description of these organizations is presented. Broad international cooperation and assistance programs is underway helping Lithuanians scientific organizations to build own capacity in making nuclear safety research

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

    OpenAIRE

    Hikmet Ulusan

    2014-01-01

    This study is to examine the determinants of management’s fair value choice decision for reporting long term non-financial assets in companies listed on “Borsa Istanbul Equity Market” whose financial statements have to be prepared under International Accounting Standards / Inte rnational Financial Reporting Standards and thus Turkey Accounting Standards / Turkey Financial Reporting Standards. In this study, Watts and Zimmerman’s Positive Accounting Theory met...

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

    Directory of Open Access Journals (Sweden)

    Hikmet Ulusan

    2014-03-01

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

  20. THE ADVERTISING-VALUE-EQUIVALENT (AVE METHOD IN QUANTIFYING ECONOMIC VALUES OF PUBLIC RELATIONS ACTIVITIES: EXPERIENCE OF A PUBLIC-LISTED COMPANY IN MALAYSIA

    Directory of Open Access Journals (Sweden)

    Musa Abu Hassan

    2006-01-01

    Full Text Available Why should public relations (PR not be evaluated for its economic value? Despite the point of its social or intangible values, the argument goes on and on in most management meetings where PR practitioners always face the challenges of justifying their worth – often in monetary terms. In an open dialogue with Grunig during his visit to Malaysia in 2004, this renowned PR guru also expressed the difficulty of quantifying the actual PR worth. It is best to qualify PR values by assessing its priceless relationships with the company’s stakeholders. However, in our routine business life, especially at the middle management level, the above question seems unavoidable. In enhancing excellence for PR and communication management, Ehling (1992 placed the logic underlying the economic values of PR on the relationship between benefits and costs associated with the implementation of a PR programme. The above question and problem serve as the main objective of this article. In exploring the solutions for the quantification of PR values in Malaysia, economic education is taken as a remedy for the absence of knowledge and skills in making intelligent decisions in the marketplace (Baskin et al., 1997; Lattimor et al., 2004. In this research context, the researchers (a combination of a practitioner and an academician respectively confined the scope to the experience of a selected public-listed company for its PR campaign implemented in 2004. Quantification was attempted by evaluating the assessment in print media exposures. All earned media coverage for that particular PR campaign was measured for the media type, space, position, and the corresponding advertising rate. Monetary value was assigned to every single piece of PR news in the way disbursements are made to paid media for advertising activities. The explication of this advertising-value-equivalent (AVE method in quantifying economic values for PR news with regard to the selected campaign was made

  1. The Financing and Personnel of the Lithuanian Army

    Directory of Open Access Journals (Sweden)

    Jokubauskas Vytautas

    2015-12-01

    Full Text Available In 2014, at the beginning of the crisis in Ukraine and Russia‘s aggression against this neighboring country, Lithuania became concerned about the strengthening of its military capabilities, augmenting the National Defense System (NDS budget by almost 50% in two years. This may be considered unprecedented, if seen against the background of the presidential elections and those to the European Parliament, the fiscal discipline, the introduction of euro, as well as Russia‘s economic sanctions, the political decision in the course of 2014 on increasing the defense assignation by 130 million litas and in 2015 the increase by planned additional 356 million litas. This article analyzes two closely related problems of the Lithuanian NDS capabilities. First of all, changes in the NDS financing are explored in the context of permanent agreements of Lithuanian political parties concerning the allocation of 2% of the GDP for defense. This is followed by the discussion of the issues of military personnel staffing and training of the reserve as well as future challenges. This research contributes to the assessment of the critical NDS financing and staffing not only within academic circles but particularly among politicians and society in general. Additionally, it contributes to the awareness of the problems the army encountered in seeking to implement the objective set for it: to ensure the military security of the state. In the presence of the emerging threats in the region, this is of particularly great significance to the demilitarized and pacifist society of Lithuania. The article aims at identifying financing and personnel planning problems throughout a quarter of the century, ranging from the restoration of the Army of the Republic of Lithuania to 2014 inclusively. At the same time, the study encourages a discussion by the academic community on issues of the military security of the Lithuanian State and provides analyses as well as possible

  2. Difficulties in emotion regulation and risky driving among Lithuanian drivers.

    Science.gov (United States)

    Šeibokaitė, Laura; Endriulaitienė, Auksė; Sullman, Mark J M; Markšaitytė, Rasa; Žardeckaitė-Matulaitienė, Kristina

    2017-10-03

    Risky driving is a common cause of traffic accidents and injuries. However, there is no clear evidence of how difficulties in emotion regulation contribute to risky driving behavior, particularly in small post-Soviet countries. The present study aimed to investigate the relationship between difficulties in emotion regulation and self-reported risky driving behavior in a sample of Lithuanian drivers. A total of 246 nonprofessional Lithuanian drivers participated in a cross-sectional survey. Difficulties in emotion regulation were assessed using the Difficulties in Emotion Regulation Scale (DERS; Gratz and Roemer 2004), and risky driving behavior was assessed using the Manchester Driver Behaviour Questionnaire (DBQ; Lajunen et al. 2004). Males scored higher than females in aggressive violations and ordinary violations. Females scored higher for the nonacceptance of emotional responses, whereas males had more difficulties with emotional awareness than females. More difficulties in emotion regulation were positively correlated with driving errors, lapses, aggressive violations, and ordinary violations for both males and females. Structural equation modeling showed that difficulties in emotion regulation explained aggressive and ordinary violations more clearly than lapses and errors. When controlling for interactions among the distinct regulation difficulties, difficulties with impulse control and difficulties engaging in goal-directed behavior predicted risky driving. Furthermore, nonacceptance of emotional responses and limited access to emotion regulation strategies were related to less violations and more driving errors. Emotion regulation difficulties were associated with the self-reported risky driving behaviors of Lithuanian drivers. This provides useful hints for improving driver training programs in order to prevent traffic injuries.

  3. An empirical study on the influencing factors of capital structure of the listed companies in the Gem Board%创业板上市公司资本结构微观影响因素实证研究

    Institute of Scientific and Technical Information of China (English)

    翟丽娜

    2014-01-01

    The capital structure is the key contents of finance and financing decision of enterprises, which plays a crucial role on their survival and development. The gem stock market can provide convenient financing channels for small and medium enterprises, as well as create a normal exit mechanism for the untrue capital. Therefore, there is an important theory value and practical significance to study the micro factors influencing on capital structure of the growth enterprise market of listed corporation. This paper selected the first batch of the 28 listed companies on the gem market of the Shenzhen Stock market during the period of 2009-2012 panel data. Then it made an empirical analysis on the micro factors influencing on the capital structure of the growth enterprise market listed companies, and put forward some suggestions for promoting the growth of enterprise market of listed corporation healthily and rapidly.%本文选取创业板市场首批28家上市公司2009-2012年面板数据,对创业板上市公司资本结构微观影响因素进行了实证分析,并给出了一些有针对性的建议,以期促进创业板上市公司健康、快速发展。

  4. Lithuanian female physicists: Reality and plans for the future

    Science.gov (United States)

    Šatkovskienė, Dalia; Giriunienė, Ramutė; Ruželė, Živilė; Rutkunienė, Živilė

    2013-03-01

    Changes in the issue of women in physics in Lithuanian in the three years since the 3rd IUPAP International Conference on Women in Physics are discussed on the basis of statistics as well as an exploratory study recently conducted among women physicists. The situation has changed slowly since 2008. However, the study shows that women physicists more clearly understand the inequities and the need for changes, including an active European Union mainstreaming policy targeted to ensure gender equality in the sciences, which gives hope for accelerating changes. Continued plans for improving women physicists' situation in Lithuania are discussed.

  5. The Main Drivers of Environmentally Responsible Behaviour in Lithuanian Households

    Directory of Open Access Journals (Sweden)

    Dalia Streimikiene

    2015-08-01

    Full Text Available Preserving environmental and natural resources is one of the most important challenges for ensuring the sustainability of well-being over time. One can notice that measuring of environmental indicators related to environmentally responsible behaviour is complicated and demanding task. It is also important to define the main drivers of environmentally responsible development. The objective of this paper is to provide comparatives analysis of indicators of environmentally responsible behaviour in the Baltic States by comparing and assessing them in terms of the EU-28 average and to present the main drivers of environmentally responsible behaviour in Lithuania. Environmentally responsible behaviour is related to resource and energy savings, use of renewable energy sources, waste sorting and recycling, wastewater disposal etc. Comparative assessment of environmentally responsible behaviour indicators in the Baltic States indicated that all these indicators are bellow the EU-average, except the use of renewable energy sources. The main drivers of consumption behaviour in Lithuania were assessed by applying households surveys in order to define the major issues of concern and to develop relevant policies targeting these issues. Age, gender, education, and income of Lithuanian residents do not have impact on environmentally responsible behaviour in Lithuanian households (energy saving, buying energy efficient electric appliances, willingness to pay electricity from renewable energy sources use of biofuels. Only environmental awareness has impact on energy saving behaviour at home and use of biofuels in cars and waste recycle.

  6. Implementation of CLIL in Lithuanian Secondary Schools: a Case Study

    Directory of Open Access Journals (Sweden)

    Vilma Bijeikienė

    2015-06-01

    Full Text Available In view of the existing research into the implementation of CLIL in Lithuania, it can be claimed that this wellestablished and globally applied teaching and learning methodology has already had some due appreciation in Lithuanian secondary schools. Nevertheless, there still exist numerous obstacles to the broader and more intensive application of CLIL which is strongly lagging behind in comparison to many other countries in Europe and world-wide. The present study aims at exploring the rich experience in CLIL implementation accumulated by Šiauliai Didždvario gymnasium and examining their multifaceted CLIL module which could be an important source of knowledge and practical know-how for other Lithuanian secondary education institutions planning to start implementing CLIL. The research follows a synthesis of qualitative and quantitative methodology including interviews with CLIL teachers, students and school administration. The study results in a SWOT analysis of implementing CLIL in Lithuania on the basis of CLIL practices at Šiauliai Didždvario gymnasium and sets forth some guidelines for its further advancement.

  7. The Impact of Surplus Free Cash Flow, Corporate Governance and Firm Size on Earnings Predictability in Companies Listed in Tehran Stock Exchange

    OpenAIRE

    Shadmehri, Samaneh Ahmadi; Khansalar, Ehsan; Giannopoulos, George; Dasht-Bayaz, Mahmoud Lari

    2017-01-01

    Among the most important cases considered in financial statements by investors and other users of financial statements is earnings-related information. Given the need of the users of financial statements for the future information of companies and use of past data to predict the future, it seems that earnings forecast is among the favorite items of investors. In fact, earnings forecast by the management provides information about the future of companies. The main objective of the present stud...

  8. [Associations between mortality and alcohol consumption in Lithuanian population].

    Science.gov (United States)

    Grabauskas, Vilius; Prochorskas, Remigijus; Veryga, Aurelijus

    2009-01-01

    The objective of the study was to assess alcohol-related mortality that potentially might explain an increasing trend in overall mortality of Lithuanian population, which started after 2000 and peaked in 2005. An empiric analysis of national mortality and other statistical data as well as their international comparisons. An analysis of available data clearly indicates that a decline in mortality in 1998-2000, i.e. during the beginning of the National Programme of Health, as well as its increase in 2001 and 2005 were predominantly determined by cause-specific deaths of two groups: deaths from diseases of the circulatory system (mainly ischemic heart disease) and alcohol consumption-related deaths (liver cirrhosis, accidental poisoning by alcohol, accidents, etc.). A certain proportion of deaths, which were caused by alcohol, were wrongly assigned to the deaths from diseases of the circulatory system due to uncertainties in filling-in death certificates. By approximate estimates, at least one-quarter of increase in all-cause mortality between 2002-2004 and 2005-2007 could be explained by an increase in alcohol consumption, accounting for additional 880 deaths on average per year. In the year 2007, 12.6% (n=5760) of all deaths were somehow related to alcohol consumption. A comparative analysis demonstrated that mortality and alcohol consumption trends were going in parallel over the last decade. The systemic decline in mortality observed in Lithuania from 1995 stopped in 2000 after a decrease in alcohol taxes, which resulted in an increase in alcohol accessibility and consumption. An average annual increase in alcohol consumption over the period of 2001-2004 was 7%; it increased up to 17% in 2005 and accounted for 12% annual increase on average within 2005-2007. Negative trends in alcohol-related morbidity and mortality in Lithuanian population most notably registered in 2001 and 2005 were largely influenced by uncontrollable increase in alcohol consumption over the

  9. Lithuanian requirements for ageing management of systems and components important to safety of nuclear power plant

    International Nuclear Information System (INIS)

    Ramanauskiene, A.

    2000-01-01

    In this paper the Lithuanian requirements for ageing management of systems and components important to safety of Ignalina nuclear power plant (two RBMK-1500 water-cooled graphite moderated channel-type power reactors) are presented

  10. Employment preferences of Lithuanian MA graduates in economic studies

    Directory of Open Access Journals (Sweden)

    Vaitiekus Novikevičius

    2009-12-01

    Full Text Available People may demonstrate preferences for different alternatives when choosing a workplace, for example: wages, career opportunities or workplace location. It is therefore important to determine which of the alternatives provides the maximum performance for the respondents. For this purpose, the authors have carried out extensive research of utility functions, originated theoretical models and / or employed practically. Unfortunately, there has been a lack of such research in Lithuania. The paper aims to examine the preferences and financial incentives based on the utility aspect Lithuanian master’s graduates in economic studies, including financial incentives, when they choose a workplace. The paper formulates the definition of the utility functions and the analysis its types. Moreover, it analyzes the utility functions of the MA graduates in economic studies from four universities, distinguishes their preferences and major financial incentives which give them the maximum utility.

  11. Lithuanian medical tourism cluster: conditions and background for functioning

    Directory of Open Access Journals (Sweden)

    Korol A. N.

    2017-10-01

    Full Text Available as the global economy develops, more and more attention is paid to the creation of tourist clusters, which are extremely important for the economy and national competitiveness. This article analyzes the cluster of medical tourism in Lithuania, and explores the conditions for its successful functioning. The creation of the medical tourism cluster is highly influenced by a number of factors: the regulation of tourist and medical services, the level of entrepreneurial activity, human resources, the experience of partnership. In addition, the article analyzes the structure of the medical tourism cluster, determines the prerequisites for the functioning of the Lithuanian medical tourism cluster, including a wide range of services, European standards for the provision of medical services, high qualification of specialists, etc. When writing the article, the methods of systematic and logical analysis of scientific literature were used.

  12. Lithuanian on-line periodicals on the World Wide Web

    Directory of Open Access Journals (Sweden)

    Lina Sarlauskiene

    2001-01-01

    Full Text Available Deals with Lithuanian full-text electronic periodicals distributed through the World Wide Web. An electronic periodical is usually defined as a regular publication on some particular topic distributed in digital form, chiefly through the Web, but also by electronic mail or digital disk. The author has surveyed 106 publications. Thirty-four are distributed only on the Web, and 72 have printed versions. The number of analysed publications is not very big, but four years of electronic publishing and the variety of periodicals enables us to establish the causes of this phenomenon, the main features of development, and some perspectives. Electronic periodicals were analysed according to their type, purpose, contents, publisher, regularity, language, starting date and place of publication, and other features.

  13. Modern Lithuanian foreign policy: the adjustment of traditional policy

    Directory of Open Access Journals (Sweden)

    Batorshina Irina

    2011-12-01

    Full Text Available The authors consider the core areas of Lithuanian foreign policy. Special attention is paid to the adjustment of the major foreign policy vector, which concentrated earlier on the cooperation with the United States of America and strategic partnership with the Republic of Poland. The article analyses the attempts of Lithuanian president Dalia Grybauskaitė to formulate the so-called «new foreign policy» based on the multivector approach to the intergovernmental cooperation. This research is timely because of an increasing influence of small states on foreign policy decision-making within the European Union. It emphasizes the need to analyse foreign policy priorities of the Baltic States and Central and Eastern European countries and to identify the dominant trends in the international policy in the region in order to forecast further development at European and global levels. This objective is achieved with the help of an integrated approach with elements of interdisciplinary research. Special attention is paid to the comparative-historical approach, which facilitates the analysis of the relations between the Republic of Lithuania and the neighbouring states and its principal partners. Alongside traditional methods of historical research, this work employs such methods as participant observation, content and event analysis, and simultaneous and comparative analysis. The research and practical significance of this work is explained by its emphasis on the need to apply an additional theoretical framework to studies into the foreign policy initiatives of the Republic of Lithuania in the international arena. While earlier they were determined by the value (democratic approach, which was a reflection of American realism, today an increasingly important factor is the personality of the president, who does not always positively influence the changing policy of the country. The results of the research contribute substantially to the understanding of

  14. Professional burnout and its correlates in Lithuanian neurosurgeons.

    Science.gov (United States)

    Pranckeviciene, Aiste; Tamasauskas, Arimantas; Deltuva, Vytenis Pranas; Bunevicius, Adomas

    2016-08-01

    This study aimed to evaluate prevalence and severity of professional burnout in a sample of Lithuanian neurosurgeons and to analyze its personal, interpersonal, and organizational correlates. Thirty-one out of 79 (response rate 39 %) Lithuanian neurosurgeons participated in the study. Professional burnout was evaluated using the Maslach Burnout Inventory - General Survey. Participants also answered questions about professional stressors, sources of professional dissatisfaction, life-style factors, sickness absenteeism/presenteeism, and professional practice. The majority of neurosurgeons were between 41 and 60 years of age (48 %), were married (97 %), had children (84 %). Most neurosurgeons had 20 or more years of professional experience (54.9 %), worked from 41 to 60 h per week (58 %), and performed up to 150 surgeries per year (77.4 %). Eight (26 %) neurosurgeons reported a high level of emotional exhaustion, five (16 %) reported high level of cynicism, and eight (26 %) reported low professional efficacy. Correlation analyses revealed that higher number of surgeries per year, more hours devoted to clinical work, opportunities for professional development, intellectual challenges at work, appreciation by the patients and prestige of the profession were related to lower level of burnout. Greater general workload, unpredictability of the work schedule, lack of necessary technical equipment, dissatisfaction with colleagues, and uncertainty about the future were related to a higher level of burnout. Burnout was reported by one-quarter of neurosurgeons who chose to participate in the study. Personal, interpersonal, and organizational factors arising while fulfilling professional duties were important correlates of neurosurgeons' burnout. Due to the moderate response rate, our results should be interpreted with caution. Larger studies evaluating burnout among European neurosurgeons are needed.

  15. The Visual and the mythical-poetic interpretations of sky luminaries in Lithuanian traditional textiles

    OpenAIRE

    Tumėnas, Vytautas

    2008-01-01

    This paper analyses some interconnected aspects of Lithuanian folk astronomy. The same mythical-poetic images linking sky luminaries, things in the natural world, and mythological beings as well as human beings are present in Lithuanian mythical-poetic folklore and in the names of textile ornamentations. Their semiotic net generally comprises flowers, plants, wild and domestic animals, celestial luminaries and mythical people as well as human beings and their artefacts. The investigation of i...

  16. The View of Lithuanian Statehood Held by the Polish Underground during 1939-1944

    OpenAIRE

    Bubnys, Arūnas

    2006-01-01

    The article investigates the attitudes of Polish underground actors towards the statehood of Lithuania, its territorial integrity, and Lithuanian-Polish relations during the World War II. The author draws the conclusion that Polish underground political structures expressed a hostile and prejudiced attitude towards Lithuania. All the blame and responsibility for bad mutual relations is put on Lithuania and Lithuanians. Polish underground actors living in Vilnija were extremely hostile towards...

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

    Directory of Open Access Journals (Sweden)

    Joko Suryanto

    2016-12-01

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

  18. DISCOURSES AND DEPICTIONS OF HOLOCAUST EDUCATION IN LITHUANIAN HISTORY TEXTBOOKS (1992-2012

    Directory of Open Access Journals (Sweden)

    AKVILĖ NAUDŽIŪNIENĖ

    2017-09-01

    Full Text Available The topic of the Holocaust is a relatively new issue in Lithuanian historical education – only with the regained independence from the Soviet Union in 1990 did Lithuanians have a chance include the Holocaust theme into the main school curriculum. Of course, its development through the first two decades have not been steady and even – in the beginning of the creation of the new educational system the Holocaust did not receive so much attention as in later years with the relation to integration with the European Union (2004 and development of historical studies on the Holocaust within the Lithuanian academic community. This article aims to analyse the representation of the Holocaust in Lithuanian educational system during the first two decades after Lithuania regained its independence. So the main basis of empirical data will be all history textbooks for Lithuanian school education (from the 5th grade to the last, 12th grade published in the period of 1992-2012, and educational programmes presented by the State`s Ministry of Education and Science. In order to objectively evaluate the Lithuanian situation regarding Holocaust education the article will discuss and compare the main trends of Holocaust education development in neighbouring countries, which also suffered from Holocaust and could not freely speak about the issue during the Communist regime.

  19. Analysis of Volunteer Soldiers‘ Attitudes to Service in the Lithuanian Military

    Directory of Open Access Journals (Sweden)

    Vileikienė Eglė

    2015-12-01

    Full Text Available The article presents an analysis of volunteer soldiers as a link between the Lithuanian military and society, their attitudes towards military service and their motivation to serve in the Lithuanian army. The authors looked at soldiers’ dedication to defend their Homeland and motives for serving in the Lithuanian army, presenting an assessment of the situation in the ranks and their overall satisfaction with military service. Volunteer soldiers’ expectations are also discussed, as well as their motives to remain in service, plus there are also recommendations for attracting new soldier recruits. The article concludes with the statement that Lithuanian volunteer soldiers are an important unifying link between the Lithuanian army and society, and can significantly contribute to the formation of the image of the soldier’s profession in society. Besides the social status that comes with military service and the satisfaction of financial needs, volunteer soldiers are exclusively characterised by strong patriotic feelings which determine their motivation to serve and defend their Homeland. The article’s findings rest on data from the complex sociological research study “Motivation to serve in the Ministry of Defence Volunteer Forces of the Lithuanian Military” which was conducted in April–November, 2014 by the Strategic Research Centre at the Institute of Military Science of the General Jonas Žemaitis Military Academy of Lithuania.

  20. Características do comitê de auditoria: um estudo nas empresas listadas na BM&FBovespa = Characteristics of audit committee: a study in listed companies at BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Vanderlei dos Santos

    2017-12-01

    Full Text Available O estudo objetivou verificar as características de tamanho, independência e expertise dos comitês de auditoria das empresas listadas na BM&FBovespa nos anos de 2010 a 2013. Dentre as 407 empresas listadas na bolsa de valores, apenas 68 delas possuem comitê de auditoria devidamente formado em algum período analisado. O ano de 2013 apresentava 59 empresas com comitê de auditoria, o maior número encontrado, o que representa apenas 14,50% da população. Os principais resultados mostraram que em relação ao tamanho a maior parte obedece aos preceitos das práticas recomendadas, ou seja, possuem três membros participantes do comitê de auditoria. Contudo, as empresas apresentam práticas heterogêneas nessa característica. Existem tanto aquelas com apenas um ou dois membros como outras que possuem mais de seis membros. Em 2013 existiam 192 membros dos comitês de 59 empresas. Desses, 48 são engenheiros, 45 economistas, 41 administradores, 26 contadores e um auditor. De modo geral, conclui-se que a criação do comitê de auditoria ainda não é uma prática institucionalizada pelas empresas brasileiras e que se manifesta de formas distintas entre as organizações. The study aimed to verify the characteristics of size, independence and expertise of the audit committees of companies listed on the BM&FBovespa in 2010 to 2013. Among the 407 companies listed on the stock exchange, only 68 of them have audit committee trained in some period analyzed. The year 2013 had 59 companies with the audit committee, which is the largest number found, representing only 14.50% of the population. The main results showed that compared to most size complies with the precepts of best practices, have three participating members of the audit committee. However, companies have heterogeneous practices in this feature, existing both those with only one or two members as others that have more than six members. In 2013 there were 192 members of 59 committee

  1. SECURITIES REGULATION: Improvements Needed in the Amex Listing Program

    National Research Council Canada - National Science Library

    2001-01-01

    .... The remaining markets had significantly fewer listings. For example, the fourth-largest market in terms of the number of companies listed was the Boston Stock Exchange, with 84 listings, 46 of which were also listed on Nasdaq...

  2. Analysis of the determinants of CSR disclosure in Spanish listed companies Analysis of the determinants of CSR disclosure in Spanish listed companies Análisis de los factores determinantes de la transparencia en RSC en las empresas españolas cotizadas

    Directory of Open Access Journals (Sweden)

    Laura Cabeza García

    2013-01-01

    Full Text Available Purpose: This paper aims to analyse in depth the determinants of disclosure of corporate social activities. In particular, it is focused on a barely considered factor: ownership structure. Design/methodology/approach: Using a sample of Spanish listed companies in 2008 we employed a OLS model to analyse how the identity of the largest shareholder as well as other firm characteristics may influence the disclosure of social activities. Findings and Originality: Contrary to our expectations, the findings suggest that the identity of the main shareholder does not affect the disclosure of social activities. On the contrary, firm size, leverage and general level of disclosure seem to explain the information provided by the firms related to their social activities. Research Limitations/implications: Our results should be considered with caution because we have used a specific measure of disclosure of social activities and our study is carried out in a specific country and period of time. Originality/value: A reduced number of studies have analysed the influence of firm ownership structure on the disclosure of social activities, and the existing studies have mainly considered the ownership concentration but not the identity of the largest shareholder.Purpose: This paper aims to analyse in depth the determinants of disclosure of corporate social activities. In particular, it is focused on a barely considered factor: ownership structure.Design/methodology/approach: Using a sample of Spanish listed companies in 2008 we employed a OLS model to analyse how the identity of the largest shareholder as well as other firm characteristics may influence the disclosure of social activities.Findings and Originality: Contrary to our expectations, the findings suggest that the identity of the main shareholder does not affect the disclosure of social activities. On the contrary, firm size, leverage and general level of disclosure seem to explain the information provided

  3. Lithuanian health care in transitional state: ethical problems

    Directory of Open Access Journals (Sweden)

    Žekas Romualdas

    2005-11-01

    Full Text Available Abstract Background Throughout the economic and political reforms in post-communist countries, significant changes have also occurred in public morality. One of the tasks of the Lithuanian health policy is to create mechanisms for strengthening the significance of ethical considerations in the decision-making processes concerning health care of individuals and groups of individuals, as well as considering the positions of physicians and the health care system itself in a general way. Thus, health care ethics could be analyzed at two levels: the micro level (the ethics of doctor-patient relationships and the macro level (the ethics of health policy-making, which can be realized by applying the principles of equal access, reasonable quality, affordable care and shared responsibilities. To date, the first level remains dominant, but the need arises for our attention to refocus now from the micro level to the patterns of managing and delivering care, managing the health care resources, and conducting business practices. Discussion In attempting to increase the efficiency of health services in Lithuania, a common strategy has been in place for the last fifteen years. Decentralization and privatization have been implemented as part of its policy to achieve greater efficiency. Although decentralization in theory is supposed to improve efficiency, in practice the reform of decentralization has still to be completely implemented in Lithuania. Debates on health policy in Lithuania also include the issue of private versus public health care. Although the approach of private health care is changing in a positive way, it is obvious that reduced access to health services is the most vulnerable aspect. In the Lithuanian Health Program adopted in July 1998, the target of equity was stressed, stating that by 2010, differences in health and health care between various socio-economic groups should be reduced by 25%. Summary The restructuring of health care system

  4. Lithuanian health care in transitional state: ethical problems.

    Science.gov (United States)

    Jakusovaite, Irayda; Darulis, Zilvinas; Zekas, Romualdas

    2005-11-09

    Throughout the economic and political reforms in post-communist countries, significant changes have also occurred in public morality. One of the tasks of the Lithuanian health policy is to create mechanisms for strengthening the significance of ethical considerations in the decision-making processes concerning health care of individuals and groups of individuals, as well as considering the positions of physicians and the health care system itself in a general way. Thus, health care ethics could be analyzed at two levels: the micro level (the ethics of doctor-patient relationships) and the macro level (the ethics of health policy-making, which can be realized by applying the principles of equal access, reasonable quality, affordable care and shared responsibilities). To date, the first level remains dominant, but the need arises for our attention to refocus now from the micro level to the patterns of managing and delivering care, managing the health care resources, and conducting business practices. In attempting to increase the efficiency of health services in Lithuania, a common strategy has been in place for the last fifteen years. Decentralization and privatization have been implemented as part of its policy to achieve greater efficiency. Although decentralization in theory is supposed to improve efficiency, in practice the reform of decentralization has still to be completely implemented in Lithuania. Debates on health policy in Lithuania also include the issue of private versus public health care. Although the approach of private health care is changing in a positive way, it is obvious that reduced access to health services is the most vulnerable aspect. In the Lithuanian Health Program adopted in July 1998, the target of equity was stressed, stating that by 2010, differences in health and health care between various socio-economic groups should be reduced by 25%. The restructuring of health care system in Lithuania should be based on a balance between

  5. 我国上市公司金融性套期保值决策的动机研究%Analysis on the Motives of Financial Hedging of Chinese A-Share Listed Company

    Institute of Scientific and Technical Information of China (English)

    郭玲; 阴永晟

    2009-01-01

    近年来,我国上市公司的金融性套期保值交易增长迅速.本文以国外公司套期保值动机理论作为分析框架,根据我国的市场环境和上市公司的财务特征构建解释变量,对上市公司金融性套期保值决策的动机进行实证检验和分析.研究表明,降低财务困境成本和债务代理成本是我国上市公司全融性套期保值决策的主要动机:此外,公司有现金分红需要、股权结构中有外资法人股或境外上市股时,公司越有动机进行金融性套期保值,并且套期保值具有规模经济效应.%Despite the use of derivatives for corporate hedging in China has been growing fast,the relevant domestic research is still in the primary stage,for example there is 110 systemalic research on the feasibility of corporate hedging theory and empirical research in China.This paper analyzed the corporate hedging theory and made an empirical research on the determinants of hedging strategies with China A-share listed Cmpa-nies after constructing the variables under the analysis of unique characteristics of Chinese business environ-ment.This paperdiscovers that the main motives of our listed companies financial hedging decision - making are reducing financial distress costs and agency costs of debt.In addition,a company has the need of cash dividend.A company with foreign legal person stocks or foreign listing stocks,has greater motives to finan cial hedging,which has the effect of economy of scale.

  6. Fuel buyers guide: company data

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    Four major listings relating to nuclear fuel services are provided. 1. A fuel buyer's guide listing companies under alphabetical order of country and giving addresses and an indication of the services offered. 2. A fuel buyers guide classifying companies in alphabetical order of the services offered. 3. A fuel and front end facility listing subdivided into companies involved in: uranium ore processing; uranium refining and conversion; enrichment; fuel fabrication; heavy water production; zirconium metal production; and zirconium tube production. 4. A fuel and front end facilities listing giving operators' addresses under alphabetical order of country. (UK)

  7. Lithuanian Metrics as a Source on the History of the Turkic States of Eastern Europe »

    Directory of Open Access Journals (Sweden)

    V.V. Trepavlov

    2015-12-01

    Full Text Available Lithuanian Metrica contains a lot of information on the Turkic khanates of Eastern Europe of the 15th–16th centuries. It consists mainly of documents related to foreign relations of the Polish-Lithuanian State and covers its contacts primarily with the Crimean Yurt. In Lithuanian Metrica can be also found valuable information about the Great Horde and the Nogai Horde. Information reflecting contacts of Vilna and Cracow with Kazan and Astrakhan khanates is also presented in metrica although very fragmentary. The Polish-Lithuanian State inherited policy of Vilnius rulers in relation to the khans. This policy emerged in the era of the weakening and disintegration of the Golden Horde during the reign of the Grand Dukes Algirdas and, especially, Vytautas and was expressed in the form of patronage of deposed Tokhtamysh and his children. Later it continued in contacts with the Crimean Girays and (until the beginning of the 16th century with the khans of Great Horde. In respect of the Golden Horde, the documents of Lithuanian Metrica contain separate memories of participants of diplomatic correspondence concerning order that once existed in this State. In general, such memories occur both as references to the deeds and decrees of the former Horde’s “tsars” justifying the legitimacy of the current policies, and as norms of relations adopted at the time, presented as a model to be followed by descendants. The memory of the Horde-Lithuanian relations of the 13th – the first half of the 15th centuries are reflected in the materials of Lithuanian Metrica in the form of an equally abstract references to the relationship that existed in the times of ancestors. Tatar and Polish-Lithuanian side constantly referred to the relationship of the “brotherhood”, i.e. status equality, which were established between the Grand Duke Algirdas and Vitautas and king Casimierz on the one hand, and the Horde khans on the other. The documents contained in

  8. Specifics of Communication in Lithuanian Voting Campaigns, 2012-2016

    Directory of Open Access Journals (Sweden)

    Mažylis Liudas

    2017-01-01

    Full Text Available The rapid growth of the numbers of unaffiliated voters and the internet users caused politicians’ interest in these audiences and the start of their activities in these communication channels by establishing more personalized relationships with voters. This paper aims to analyze the communication of main parties and their candidates in social media channel “Facebook” and in popular Lithuanian internet news media portals, such as delfi.lt, lrytas.lt and others before the Parliamentary elections in 2012 and the forthcoming 2016 Parliamentary elections. Both quantitative and qualitative aspects of campaign coverage in the media portals and Facebook are analysed. The paper addresses the following questions: How important are factors such as new party emergence, parallel referendum campaign, and activity of using social media for the final result of elections? How active were the politicians in the Facebook? What content dominated their profiles? How much personalized were their messages? What strategies were used for communication? Did the politicians aim at mobilizing or at persuasion the voters? Involvement of citizens, voters’ turnout and political results are linked with campaign arguments and the value normative environment. We conclude by providing the discussion on the noticed tendencies and possible improvements in the communication of candidates for the future.

  9. Challenges Faced by the Lithuanian State from Regional Identities

    Directory of Open Access Journals (Sweden)

    Petras Kalnius

    2007-12-01

    Full Text Available The article examines how a search for identity attempted by Žemaitians (Samogitians, a Lithuanian local cultural group, eventually evolves into the demand that Žemaitian community should be recognised as an autochthonous nation, and Žemaitian dialect – as a separate language, with all implicit rights. Attempts to implement the idea of a self-governed region as a guarantee of reconstruction and protection of Žemaitian identity is the most recent and vivid representation of such proceedings. Since Lithuania’s accession to EU is increasingly perceived as a threat to cultural identity, other local cultural groups also tend to support the idea of self-governed regions. A suggestion that four (4 self-governed regions covering respective local culture distribution areas should be created in Lithuania is promoted. The authors of such demands, due to a multitude of historical, political, and social reasons, still do not have many supporters in central government bodies, and even in local communities, although in Žemaitija their number is greater.

  10. The Dynamics of Lithuanian-Polish Strategic Partnership

    Directory of Open Access Journals (Sweden)

    Pukšto Andžej

    2014-12-01

    Full Text Available The paper aims at identifying relations between the events which influence Lithuanian-Polish strategic cooperation, defining principal aspects of cooperation dynamics, and analysing recent challenges in relations between Lithuania and Poland. For the purpose of analysis the following objectives have been set: 1 to analyse the development of strategic partnership and political dialogue in bilateral relations; 2 to evaluate the importance of security, defence policy, and economic projects in cooperation between the states; 3 to assess the aspect of ethnic minorities in the context of bilateral relations. The authors of the paper seek to review the principal internal and external factors which affect bilateral cooperation between Lithuania and Poland. The following methods of analysis are used in the paper: public statements made by officials, document analysis and discourse formed by the media. The key areas of analysis are the development of political dialogue, strategic cooperation, security and defence policy, economic and energy cooperation, and questions of ethnic minorities in bilateral relations. Presently in the field there is a lack of thorough investigation of similarities and differences of strategic cooperation between Lithuania and Poland.

  11. On the Polysemy Of the Lithuanian Už. A Cognitive Perspective

    Directory of Open Access Journals (Sweden)

    nesa Šeškauskienė

    2015-12-01

    Full Text Available Adhering to the principle of motivated polysemy, this paper sets out to demonstrate how the principle works in interpreting numerous senses of the Lithuanian preposition už ‘behind, beyond’. The present investigation relies on the cognitive linguistic framework employed, first of all, by Lakoff (1987, Langacker (1987, Talmy (2000, Tyler and Evans (2003, and Tyler (2012, who mainly worked on English, and such linguists as Tabakowska (2003, 2010 and Shakhova and Tyler (2010, who attempted to investigate inflecting languages, such as Polish and Russian. Based on such semantic principles as types of Figure and Ground, their relationship (geometric, functional, etc., contextual clues and pattern of usage, etc., the present paper demonstrates that the polysemy of už used with two cases, Genitive and Accusative, is not an array of arbitrary senses, but rather a motivated network. It posits a central sense of už based on Figure located in the back region of Ground. All other senses, namely, those of function, control, obstacle, sequential location, hiding and covering, boundary or border, spatial distance, temporal distance, quality distance, replacement, retribution and remuneration, and benefactive, are directly or indirectly derived from the central sense.

  12. Technical Note: The Effect of The Fed’s Quantitative Easing Policy on the Performance of Listed Companies and the Banking Sector in Indonesia

    Directory of Open Access Journals (Sweden)

    Yanuar Rizky

    2015-12-01

    Full Text Available Abstract While the efficient market hypothesis suggests that stock price reflects the fundamental condition of companies, which could affect investors’ decisions, this technical note reports empirical evidence that stock price is also influenced by the public’s perception of the market situation. This note shows that the source of funds circulating in the Indonesia Stock Exchange is related to excess liquidity resulting from the policy of quantitative easing (QE by developed countries’ central banks. Banks funding assets with debt results in leverage relationships with the Capital Adequacy Ratio (CAR negatively affected. Thus it is evident that the Indonesian banking strategy is "reactive" and is influenced by external factors. External factors can be influenced by global issues as well as internal (enterprise performance issues. Therefore foreign and global issues may be important (perhaps dominant in determining the perceptions of the Indonesian stock market.

  13. A study of the impacts of leverage on labor and capital productivity: A case study of companies listed in Tehran Stock Market

    Directory of Open Access Journals (Sweden)

    Peyman Akbari

    2013-03-01

    Full Text Available Productivity is a primary objective of increasing competition in modern economy and any increase in productivity level helps development of organization in the competitive market. The purpose of this paper is to investigate the relationship between operating leverage, financial leverage, compound leverage as independent variables and productivity indices including labor and capital productivities as dependent variables. The study includes 102 companies accepted in Tehran Stock Market based on screening, systematic deletion, over the period 2005-2010. The required data are gathered through official financial statements, committee reports, and other available documents in Tehran Stock Market. Stepwise regression and Pearson correlation are used to analyze the data. The results of the study have indicated that there were significant relationships between independent variables including leverage ratios with labor productivity. In addition, there is also a significance relationship between leverage ratios with capital productivity of total assets.

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

    Directory of Open Access Journals (Sweden)

    Nurainun Bangun

    2017-07-01

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

  15. 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.

  16. The historical aspects and current issues of the development of Russian-Lithuanian economic relations

    Directory of Open Access Journals (Sweden)

    Kretinin Gennady

    2012-12-01

    Full Text Available This article focuses on development of Russian-Lithuanian economic ties. The research and practical significance of this study lies in the identification of the sources of modern Russian-Lithuanian economic cooperation and the prospects of future mutually beneficial economic relations. The first attempt at establishing economic relations was made in 1919. However, young Lithuanian Republic gravitated towards the West, severing ties with the Russian market. However, the initiatives of Lithuanian authorities did not result in successful state building, and the economic situation remained unchanged. The USSR leadership made an effort to improve the living conditions in post-war Lithuania. There were some mistakes made in the relations with the local population that resulted in Lithuanians’ resistance to sovietisation. However, in the conditions of post-war restoration of national economy and acute deficit of material and human resources, the Soviet leadership managed not only to reform and develop a socialistic economy in Lithuania but also to turn it into an industrial republic with developed agriculture and modern manufacturing facilities, whose major industries manufactured products used in nuclear and space technologies, aviation and navigation. The research shows that the post-Soviet period led to a dramatic change in Russian-Lithuanian economic relations; however, these relations retained potential for future development.

  17. Barriers to cancer pain management in danish and lithuanian patients treated in pain and palliative care units

    DEFF Research Database (Denmark)

    Jacobsen, Ramune; Samsanaviciene, Jurgita; Liubarskiene, Zita

    2014-01-01

    -related barriers to cancer pain management in patient samples from Denmark and Lithuania. Thirty-three Danish and 30 Lithuanian patients responded to, respectively, Danish and Lithuanian versions of the Brief Pain Inventory pain scale, the Barriers Questionnaire II, the Hospital Anxiety and Depression Scale...

  18. Charleso Dickenso kūrybos recepcija lietuvių literatūros kritikoje (III dalis | The Reception of Charles Dickens in Lithuanian Literary Criticism (Part III

    Directory of Open Access Journals (Sweden)

    Regina Rudaitytė

    2012-01-01

    affecting the further recep­tion of Dickens and putting many readers at large off his writing. Since the Soviet regime was abhorent to most people, they hated or at least looked with sus­picion at everything that was praised and promoted in Soviet times.The epic character of Dickens’s novels, the so­cial problems unfolded in them, realistic characteri­sation might have been a model for Lithuanian prose in the inter-war and in the Soviet periods; however, one would be hard pressed to trace direct influence of Dickens’s aesthetics on Lithuanian writers.Traditionally, Dickens is still highly regarded in the academic circles and his writing is the subject of seminars and lecture courses. Needless to say, in theory, Dickens, as a canonical writer, is on the shool reading-lists among other recommended writers and on the university curricula; practically, however, his writing is no longer popular today and is taught but sporadically. So what is Dickens today? Is there a new image of Dickens being shaped? For academ­ics, he is still a great English writer of the Victorian Age and a great humanist; for general readers, he is now mostly associated with the issue of poverty and particularly with Christmas. For the last few years Dickens’s name cropped up in the Lithuanian press in connection with the approaching Christmas. How­ever, no matter whether we speak about the so-called classic or the new, modernized image of Charles Dickens today, the scope of material devoted to his art and even recent translations of his works testify to his powerful presence in the popular Lithuanian imagination.

  19. Fatores determinantes no disclosure em Responsabilidade Social Corporativa (RSC: um estudo qualitativo e quantitativo com empresas listadas na Bovespa Communication level and determinant factors of corporative social responsibility disclosure: a qualitative and quantitative study of companies listed in Bovespa

    Directory of Open Access Journals (Sweden)

    Sérgio Henrique da Conceição

    2011-01-01

    Full Text Available O presente trabalho constitui-se, enquanto uma pesquisa qualitativa e quantitativa, que a partir do levantamento de literatura acerca do processo de disclosure, em responsabilidade social corporativa (RSC em companhias brasileiras. Realizou levantamento dos relatórios disponibilizados pelas companhias listadas na BOVESPA (Bolsa de Valores do Estado de São Paulo para um conjunto de 123 empresas, fundamentado pelo referencial da Teoria da Divulgação Voluntária e da Teoria da Legitimidade, aliado à técnica estatística da análise fatorial, buscou identificar o nível de comunicação das informações relacionadas ao desempenho em RSC e prováveis fatores determinantes ao disclosure em responsabilidade social corporativa (RSC a partir de variáveis independentes do desempenho econômico-financeiro e social (distribuição de riqueza dessas companhias. Os resultados obtidos no estudo sugerem que a política de disclosure em RSC para as empresas que formaram a amostra demonstrou ser bastante incipiente e altamente vinculada a aspectos de externalidade positiva (marketing social, sendo possível estabelecer uma determinação significante entre o desempenho econômico-financeiro e social com o disclosure em RSC, para as empresas que atuam em atividade regulamentada.The current article is a qualitative and quantitative study based on the literature regarding the corporative social responsibility (CSR disclosure in Brazilian companies. This research evaluated reports provided by companies listed in BOVESPA (Stock Exchange of the State of São Paulo, Brazil. Based on the Voluntary Disclosure Theory and Legitimacy Theory, 123 companies were evaluated in combination with factor analysis, a statistical technique, in order to identify the level of communication concerning sharing information related to CSR performance and the probable determinant factors to corporative social responsibility (CSR disclosure using financial economical, and social

  20. 中国上市公司资产增长异象的实证研究%Empirical Study on Asset Growth Anomaly in Chines Listed Companies

    Institute of Scientific and Technical Information of China (English)

    叶建华; 于国安

    2012-01-01

    Based on the sample of A-share market from 2000 through 2009, the authors empirically study the way how asset growth anomaly manifests in China, and investigate the driver of asset growth anomaly from the view of asset composition and financing channel and find that: different from maturity capital market, the capital expenditure positively affect future stock return, especially in big size companies; from the size of asset composition, monetary asset growth is the main driver of asset growth anomaly in China; from the size of financing, retained earnings are the main driver of asset growth anomalv in China.%以2000-2009年A股上市公司为样本,研究了资产增长异象在我国资本市场的表现形式,并从资产构成和融资来源两个视角考察了出现资产增长异象的主要动因。研究发现:我国资本市场的资产增长异象不同于成熟资本市场,表现为股票收益同资产增长成正向关系,且在大规模公司中表现得尤其明显;从总资产构成项目来看,货币资金增长是资产增长异象的主要动因;总资产融资来源中的留存收益增长是总资产增长效应的主要动因。

  1. Current employment characteristics and career intentions of Lithuanian dentists.

    Science.gov (United States)

    Janulyte, Vilija; Aleksejuniene, Jolanta; Puriene, Alina; Peciuliene, Vytaute; Benzian, Habib

    2014-12-20

    The present survey explored the current employment profile and future career intentions of Lithuanian general dentists and specialists. A census sampling method was employed with data collected by means of a structured questionnaire that inquired about demographics, different employment-related aspects (practice type and location, working hours, perceived lack of patients, etc.), and future career intentions (intent to emigrate, to change profession, or the timing of retirement). The final response rate was 67.6% corresponding to 2,008 respondents. The majority of all dentists work full or part-time in the private dental sector, more than one third of them owns a private practice or rents a dental chair. A minority of dentists works in the public dental sector. According to the survey, 26.6% of general dentists and 39.2% of dental specialists works overtime (> 40 hours per week; P 0.05). The majority (68.9% of general dentists and 65.9% of dental specialists) plans to work after the retirement age (P > 0.05). Emigration as an option for their professional career is being considered by 10.8% of general dentists and 8.3% of dental specialists (P > 0.05). Working either full or part-time in private practices (OR = 4.3) and younger age (≤ 35 years; OR = 2.2) are the two strongest predictors for a perceived insufficient number of patients. One third of dentists in Lithuania work long hours and lack patients. Many dentists practice in multiple locations and plan to retire after the official retirement age. Some dentists and dental specialists plan to emigrate. The perceived shortcomings within the dental care system and workforce planning of dentists need to be addressed.

  2. Work Values of Lithuanian University Students: Internal Structure

    Directory of Open Access Journals (Sweden)

    Vincentas Lamanauskas

    2017-04-01

    Full Text Available Individual’s work values define his/her career purposefulness. Individual’s chosen work values allow foreseeing what activity context and career model is important for him/her, seeking to successfully realize oneself in professional activity. Planning his/her professional career an individual is searching for the activity sphere, which could conform not only to his/her personal features, but also to his/her value orientations. Work values important for the individual allow realizing if they form conditions for planning modern career (successfully solve constantly changing activity problems and to correspond to always new raised requirements for a person in the organisation or in labour market, the realisation of which in today’s constantly changing labour market and social context becomes more and more problematic. Empiric research was carried out seeking to discover the work (activity value structure. The research instrument was created by the authors of the research. Two hundred sixty five first-year students from three Lithuanian universities participated in the research. These are the main higher education institutions, preparing teachers in Lithuania. The obtained results show that work value structure of the first year students studying in social and humanitarian science programmes can be expressed by 6 main factors: responsible activity values, active work values, harmony values, reward values, activity style values, and social status values. Also, the main differences were ascertained between female and male work value structure. Responsible activity values, active work values and harmony values were much more important for female than male students.

  3. Comparison of Fitness Levels between Croatian and Lithuanian Students

    Directory of Open Access Journals (Sweden)

    Dario Novak

    2015-03-01

    Full Text Available The aim of this study was to determine and compare the level of individual anthropological characteristics of children in Croatia and Lithuania. The study examined height, weight, BMI and flexibility, explosive power and muscle endurance. The study included a total of 11,258 participants from two different countries. Of the total sample, 8,289 participants were from Croatia between ages 11 and 14 (mean age 12,5±1.5, of which 4,032 were male and 4,157 were female students. The other 2,969 participants were from Lithuania, also in the age range of 11-14 years (mean age 12,4±1.6, of which 1,504 participants were male and 1,456 females. During the 2009-10 school year, reserachers conducted measurements on students at different schools across Croatia. The same battery of tests was conducted in Lithuania during the same year. The results showed that the Croatian students have a higher body-mass, have higher BMI values and score better on tests of flexibility. Lithuanian students achieved better results in the repetitive strength test. Boys are taller, heavier and had higher BMI values as well as achieved better results in tests of explosive power and muscle endurance, while girls were more flexibile. Boys from Lithuania scored highest in all tests except in flexibility compared to boys in Croatia. Girls from Lithuania are thinner, have lower BMI and achieve better results in repetitive test of strength than girls in Croatia. Age was shown as a significant factor in the increase in all tested variables.

  4. Letter Frequency Analysis of Lithuanian and Other Languages Using the Latin Alphabet

    Directory of Open Access Journals (Sweden)

    Gintautas Grigas

    2015-12-01

    Full Text Available It is important to evaluate specificities of alphabets, particularly the letter frequencies while designing keyboards, analyzing texts, designing games based on alphabets, and doing some text mining. In order to adequately compare lettter frequences of Lithuanian language to other languages in the Internet space, Wikipedia source was selected which content is common to different languages. The method of letter frequency jumps is used. The main attention is paid to the analysis of letter frequencies at the boundary between native letters and foreign letters used in Lithuanian and other languages.

  5. DO LITHUANIAN HIGHER EDUCATION ACCOUNTING PROGRAMS REFLECT ACCOUNTING HARMONIZATION IN THE EU?

    OpenAIRE

    Dalia Kaupelyte; Renata Legenzova

    2014-01-01

    Financial accounting is undergoing major changes in the EU and worldwide.  Great efforts are placed on adoption of high quality accounting standards for listed companies, public sector organizations as well as small and medium business entities.  Being a member of the EU Lithuania is in compliance with the EU incentives in de jure accounting harmonization; however de facto situation in Lithuania is not adequately assessed.  One of accounting harmonization related questions is whether Lithuani...

  6. Risk Management in Insurance Companies

    OpenAIRE

    Yang, Xufeng

    2006-01-01

    Insurance is the uncertain business in uncertain society. Today, insures face more complex and difficult risks. Efficient risk management mechanisms are essential for the insurers. The paper is set out initially to explore UK insurance companies risk management and risk disclosure by examining companies annual report after all the listed insurance companies are required to disclose risk information in their annual report, which seeks to reflect the recent development in UK insurance companies...

  7. List of publications 1990

    International Nuclear Information System (INIS)

    1991-06-01

    AECL Research is engaged in research and development related to the peaceful applications of nuclear energy. Specifically, the company's mission is to perform the research, development, demonstration and marketing required to apply nuclear sciences and their related technologies for the maximum benefit of Canada. Among our most important products are scientific reports, publications and conference presentations. This document lists our publications for 1990

  8. Periodontal status in 18-year-old Lithuanian adolescents: An epidemiological study

    Directory of Open Access Journals (Sweden)

    Eglė Bendoraitienė

    2017-01-01

    Conclusions: The results of our study showed that the periodontal and oral hygiene status of 18-year-old Lithuanian population could be characterized as poor. In total, 77.1% of the study participants were found to have periodontal conditions such as gum bleeding, dental calculus, and shallow pockets. The anterior teeth of the mandible were most frequently affected.

  9. Country of origin (COO) effect in cereal products: A comparative study of Danish and Lithuanian consumers

    DEFF Research Database (Denmark)

    Krutulyte, Rasa; Costa, Ana I.A.; Grunert, Klaus G.

    2005-01-01

    This paper presents the results of a survey which aimed at uncovering the influence of COO information on the perceptions of 281 Danish and Lithuanian consumers regarding several cereal foods and their marketing characteristics, such as price, place-of-purchase, brand, packaging, and labelling. P...

  10. Evaluation of the Impact of the EU Structural Support on the Competitiveness of Lithuanian Economics

    Directory of Open Access Journals (Sweden)

    Rita Remeikiene

    2016-06-01

    Full Text Available Increasing amounts of the EU structural support in Lithuania require theoretical and practical research to disclose the determinants that have a significant impact on the competitiveness of Lithuanian economics. The purpose of this article is to evaluate the impact of the EU structural support on the competitiveness of Lithuanian economics. The methods of the research include systematic and comparative analysis of the scientific literature, expert evaluation and linear regression. The research disclosed the main determinants of country’s competitiveness. The results have revealed that EU structural support has the most significant impact on Lithuanian engineering and technological infrastructure. The impact of the support on country’s macroeconomic, scientific and social environment can also be considered as significant. The EU structural support has medium strong impact on education and business environment conditions in Lithuania. It has been established that, in the field of business advancement, Lithuanian should be rated as medium competitive. Hence, the increase in country’s competitiveness by employing EU structural funds should be treated as one of priority aims. In addition, responsible authorities should perform with higher efficiency seeking for higher competitiveness of the country.

  11. Evaluation of Internal Control Information Disclosure of Information Service Listed Companies%信息服务业上市公司内部控制信息披露评价研究

    Institute of Scientific and Technical Information of China (English)

    杨雪; 胡超群

    2014-01-01

    A study is conducted in this paper to evaluate the overall disclosure of self-assessment reports and au-dit reports of internal control of 123 information service listed companies in 2012. In addition,based on the self-assessment reports of 117 such listed companies,this study still evaluates the specific disclosure of self-assess-ment reports of internal control from the contents of disclosure and businesses and events included in evaluation by setting up a evaluation system. Furthermore,by the application of hierarchical clustering and variable cluste-ring in this paper,this study still analyzes the overall disclosure of self-assessment reports index. Information service industry is a new growth point and powerful engine in China's economic development. So this study con-tributes to summarizing the law of development of internal control system so as to improve the healthy and sustain-able development of information service industry.%以我国信息服务业2012年123家上市公司为研究对象,评价其内部控制自评报告和审计报告的整体披露情况。进一步以117家该类上市公司的内部控制自评报告为基础,从具体披露内容和纳入评价范围的业务和事项两个方面,构建评价指标体系,评价内部控制自评报告的具体披露状况,并应用层次聚类法,通过变量聚类,对自评报告评价指标的整体披露状况进行综合分析评价。信息服务业是我国经济发展的新增长点和强劲引擎,研究我国信息服务业上市公司内部控制信息披露的评价问题,有利于总结该类公司内部控制制度的发展规律,进而促进我国信息服务业的健康持续发展。

  12. Comparative study of the qualitative features of the Lithuanian and Latvian monophthongs

    Directory of Open Access Journals (Sweden)

    Juris Grigorjevs

    2015-09-01

    Full Text Available In the present article, a comparative study of the spectral characteristics and distinctive qualitative features of monophthongs of the contemporary Baltic Standard languages pronounced in isolation is described. On the one hand vowels pronounced in isolation do not represent a pronunciation in everyday speech, while on the other hand their production is probably the closest to the acoustic and auditory monophthong targets determined by our mental prototypes. This type of production represents natural hyper-articulation and differs from production of the cardinal vowels. Lithuanian and Latvian monophthongs have been studied and compared using the same methods and equipment that permit a reliable comparison of phonetic inventories (quality similarities and differences of both languages. For this paper recordings of six native Lithuanian and six native Latvian male informants (having faultless articulation were used (1944 items were selected and analyzed in total. All informants are speakers of standard language. In this study the standard language is considered as a standardized language (generally the most formal version of the language used for the needs of public life and culture. Reviewing interrelations between vowels of a single language (Lithuanian or Latvian, the mean data acquired in this study is compared with the data of some previous studies. To compare the general tendencies of the relations between Lithuanian and corresponding Latvian long and short monophthongs pronounced in isolation more precisely, the following acoustic parameters (numeric values were calculated: acuteness (graveness, flatness, compactness, and tenseness. The results of the present study confirm the general tendency that qualitative characteristics of the Lithuanian long and corresponding short vowels differ to a great extent. However the quality of Latvian monophthongs produced in isolation varies very little and statistical analysis of the spectral

  13. “Natural coordination” and the origin of the Lithuanian conjunction beĩ ‘and’.

    OpenAIRE

    Norbert Ostrowski

    2018-01-01

    Productivity of the Lithuanian conjunction beĩ ‘and’, marker of so called „natural coordination”, is strictly connected to the area of Lithuania Minor (former East Prussia). Lithuanian beĩ comes from conflation of the common Baltic conjunction bè ‘and’ and an additive particle ir ‘also’. The conflated form *beir has been further reduced to beĩ in accordance with Lithuanian phonotactic rules that do not tolerate group VRR (V = Vocal, R = Resonant). There are some traces that suggest that Lithu...

  14. The translation of idioms in children’s cartoons: A comparative analysis of English dialogues and Lithuanian subtitles

    Directory of Open Access Journals (Sweden)

    Ligita Judickaitė-Pašvenskienė

    2014-04-01

    Full Text Available The article is focused on the translation of English idioms in the Lithuanian subtitles of children’s cartoons. The aims of the article are to find out whether the element of meaning or the composition of meaning and form gets preference in the Lithuanian translation; to present the perception and use of the term idiom in English and Lithuanian; and to show the processes which take place during the translation of English idioms containing proper nouns. The article is a case study and refers to the analysis of five children’s cartoons.

  15. Open Source Telecommunication Companies

    Directory of Open Access Journals (Sweden)

    Peter Liu

    2007-08-01

    Full Text Available Little is known about companies whose core business is selling telecommunications products that lever open source projects. Open source telecommunications (OST companies operate in markets that are very different from typical software product markets. The telecommunications market is regulated, vertically integrated, and proprietary designs and special chips are widely used. For a telecommunications product to be useful, it must interact with both access network products and core network products. Due to specifications in Service Agreements Levels, penalties for failures of telecommunications products are very high. This article shares information that is not widely known, including a list of OST companies and the open source projects on which they depend, the size and diversity of venture capital investment in OST companies, the nature of the commercial product-open source software and company-project relationships, ways in which OST companies make money, benefits and risks of OST companies, and competition between OST companies. Analysis of this information provides insights into the ways in which companies can build business models around open source software. These findings will be of interest to entrepreneurs, top management teams of incumbent companies that sell telecommunications products, and those who care about Ontario's ability to compete globally.

  16. 我国上市公司非公平关联交易的经济伦理学研究%An Economic Ethics Research of Listed Company's Unfair Related Transactions

    Institute of Scientific and Technical Information of China (English)

    牛文浩

    2012-01-01

    我国上市公司非公平关联交易的大量存在会对企业独立生存能力、利益相关者的利益、正常的市场秩序以及公众的投资理念产生负面影响,主要表现在控股股东义利观的倒置会降低企业的独立生存能力以及管理机构义利观的模糊会干扰市场的正常秩序,而股权分置则是其根源所在。流通股股东与非流通股股东价值理念的冲突是其形成并发展的内生原因,政府习惯性干预市场的思维方式则是外生因素。因此,只有切实提高上市公司股东及政府的经济伦理意识并不断完善以公司治理机制和政府监管体制为代表的制度安排,才能从根本上治理股权分置并进而改变非公平关联交易现象,实现经济的可持续发展。%Chinese listed company's unfair related transactions will have negative effects on a company's independent capability, benefactor's benefit, normal market order and public investment idea. As a result, the disorder of stockholder's view of duty and benefit will reduce the sustainability of a business; also the governmental department's confusion of duty and benefit view will interrupt normal order of market, which is the source of stockholder's equality separation. The value conflict between stockholders and non-stock holder is the internal reason; government's habitual meddling the market is the external reason. Therefore, only by improving the economic ethics of the stockholders and the government, and by building up the regulations which supervise the company's administration as well as the government, can we really control the stockholder's equality separation and change unfair related transactions, and eventually achieve sustainable economic development.

  17. 上市保险企业的融资方式与治理结构分析%Analysis on the Financial Mode and Governance Structure of Listed Insurance Companies

    Institute of Scientific and Technical Information of China (English)

    胡克松; 臧萌

    2017-01-01

    Different financing mode decides different capital structure,and it has important influence on corporate governance structure.Based on the theories of financing mode and corporate governance structure,by using the case analysis method,this paper analyses listed insurance companies' financing mode and corporate governance structure;and put forward the following suggestions:increase the proportion of endogenous financing and bond financing,and optimize external supervision environment and internal supervision mechanism.%公司的融资方式决定了公司的资本构成,并对公司治理结构产生重要影响.文章从融资方式与公司治理结构的相关理论入手,用案例分析方法对我国上市保险企业的融资方式和治理结构进行分析,进而提出以下建议:增加内源融资和债券融资的比例,优化外部监督环境和内部监督机制.

  18. STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING

    Directory of Open Access Journals (Sweden)

    Wesley Mendes-da-Silva

    2014-08-01

    Full Text Available This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.

  19. Relation between traumatic experience and post-traumatic symptomatics in Lithuanian Afghanistan war veterans with post-traumatic stress disorder

    OpenAIRE

    Domanskaitė Gota, Vėjūnė; Gailienė, Danutė; Kazlauskas, Evaldas

    2009-01-01

    The aim of this paper is to assess what potential traumatic life-events and experiences are related to PTSD in the Lithuanian Afghanistan war veterans (N = 174). [...]. The following variables were investigated: demographics, traumatic life-events or conditions, PTSD and sub-clinical level of PTSD.The Lithuanian Afghanistan war veterans with PTSD and sub-clinical level of PTSD reported significantly more lifetime traumatic events and conditions. The average number of traumatic events per man ...

  20. Práticas de responsabilidade socioambiental nas empresas de capital aberto de Santa Catarina listadas na BM&FBOVESPA = Social responsibility practices in open capital companies from Santa Catarina listed on BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Daniela Di Domenico

    2015-08-01

    Full Text Available Este artigo tem como objetivo identificar as práticas de ações de responsabilidade social corporativa das sociedades anônimas de capital aberto de Santa Catarina listadas na BM&FBovespa. A justificativa da pesquisa está atrelada à influência da evidenciação dessas informações para os investidores, pesquisadores e usuários das informações ambientais. Quanto aos procedimentos metodológicos o estudo caracteriza-se como exploratório quanto aos objetivos, documental em relação aos procedimentos e a abordagem do problema é predominantemente qualitativa. As empresas que fazem parte da amostra são: BRF S.A., BUETTNER S.A., CASAN, KARSTEN S.A e WEG S.A. Foram várias as práticas de responsabilidade social e ambiental evidenciadas, mas se pode identificar que todas têm como objetivo divulgar a empresa, além do objetivo principal da ação realizada. É possível destacar as principais práticas como sendo as ações e cuidados para o consumo consciente da água e energia, usando fontes que não sejam prejudiciais ao meio ambiente. Outra ação em destaque é o cuidado com a destinação dos resíduos sólidos e líquidos, gerados nos processos operacionais das empresas. A preocupação com a poluição da atmosfera também é evidente, por ser um dos principais problemas ambientais na atualidade.This article aims at identifying the practices of corporate social responsibility of corporations with open capital of Santa Catarina listed BM&FBovespa. The justification of this research is related to the influence of the disclosure of information for the investors, researchers and users of environmental information. In the methodological procedures, the study is characterized as exploratory as its goals, documental regarding the procedures and its approach to the problem is predominantly qualitative. The companies included in the sample are: BRF SA, BUETTNER SA, CASAN, KARSTEN SA and WEG SA. There were several social and environmental

  1. Time trends in social differences in nutrition habits of a Lithuanian population: 1994-2010

    Directory of Open Access Journals (Sweden)

    Kriaucioniene Vilma

    2012-03-01

    Full Text Available Abstract Background During the post-communist transition period, political, economic, and social changes affected the lifestyles of the Lithuanian population, including their nutritional habits. However, people of lower socio-economic position were more vulnerable to these changes. The aim of the present study was to evaluate the trends in selected food habits of the Lithuanian adult population by their level of education and place of residence from 1994 to 2010. Methods The data were obtained from nine biannual cross-sectional postal surveys of Lithuanian health behaviours, beginning in 1994. Each survey used a randomly selected nationally representative sample of 3000 inhabitants aged 20-64 drawn from the population register. In total, 7358 men and 9796 women participated in these surveys. Questions about food consumption were included within all health behaviour questionnaires. Results During the transition period, use of vegetable oil in cooking and the frequency of consumption of fresh vegetables increased, use of butter on bread decreased, and the proportion of women drinking high-fat milk declined. Lithuanians with higher education reported more frequent use of vegetable oil in cooking as well as daily consumption of fresh vegetables than those with a lower level of education. Consumption of high-fat milk was inversely associated with educational background. In addition, the proportion of persons spreading butter on bread increased with higher education level. The greatest urban-rural difference was observed in high-fat milk consumption. The increase in the use of vegetable oil in cooking, and the reduction of spreading butter on bread was more evident among less educated and rural inhabitants. Meanwhile, a greater proportion of the rural population, compared to urban, reduced their use of butter on bread. Daily consumption of fresh vegetables increased most among highly educated Lithuanians. Conclusions The data from our study indicate

  2. Needs and Opportunities to Improve the Operational Quality of Forwarding Companies

    Directory of Open Access Journals (Sweden)

    Dovilė Kontautaitė

    2013-04-01

    Full Text Available It is essential for forwarding companies to improve their activity by improving their internal and external processes in order to provide for a client an estimated basic and added value and effectively manage the flow of information in the general logistic supply chain. The article analyses the concepts of quality management and activity process, emphasising the main process of a forwarding enterprise and the demand to optimise the activity establishing quality management systems. The scientific literature analysis assists in the provision of quality assessment indicators of forwarding companies and ascertaining quality management systems that are suitable for transport companies.Article in Lithuanian

  3. Natural gas distribution operation and maintenance dissemination project Kaunas City, Lithuania. Analysis, registration and recommendations on the existing Lithuanian gas measuring practice. Appendix 1

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2000-03-01

    It is recommended that the Lithuanian Gas Industry considers: (1) To adopt a base temperature (T{sub b}) of 15 deg. C in order to uniform with the European preferable base temperature [cf. clause. 3.1]. (2) To use TC domestic gas meters at outdoor located gas meters and even when the gas meter is located just inside the exterior wall, in order to avoid too large error on the annual volume measured. Such TC meters should comply with EN 1359 clause B.23 (or alternatively the more strictly Danish type approval requirements) [cf. clause 3.2]. (3) To carry out supplementary high pressure calibration on turbine gas meters intended to be used at operating pressures of 3 or 6 bar in order to check if used makes and types are sensible to Reynolds number. If so, it would result in a measuring error at operating pressures higher than as determined by calibration with air at atmospheric pressure [cf. clause 3.3]. Similar tests should be considered for the existing Vortex gas meters. (4) To adopt the Danish legislation on legal metrology on gas meters in absence of a similar Lithuanian one due to its up to date requirements towards the distribution companies [cf. clause 3.4]. The first step towards such adoption would require a draft translation of the Danish legislation, at least into English. (5) To adopt the Danish in sevice inspection programme on domestic gas meters and on larger gas meters and gas measuring systems as well as on in-situ check of gas-volume electronic conversion devices [cf. clause 3.5.2 - 2.5.4]. The first step towards such adoption would require a draft translation of the 3 existing Danish manuals on calibration and in-situ check programmes, at least into English. Another approach would be a visit at HNG by 2-3 people from the Lithuanian Gas Industry in order to get acquainted with the Danish practice on laboratory calibration and in-situ check of gas-volume electronic conversion devices. However, it should be noticed that in-situ check measuring

  4. Efeito da Lei 11.638/07 sobre o conservadorismo condicional das empresas listadas BM&FBOVESPA Efect of Law 11.638/07 on conditional conservatismo companies listed on BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Luis Paulo Guimarães dos Santos

    2011-08-01

    practices and standards, and such changes can exert significant impacts on earnings conservatism. Understanding the role of conservatism and its determinants is important to interpret the nature, purpose and implications of accounting estimates. This study aimed to investigate whether the promulgation of Brazilian Law nº 11.638/07 changed the degree of conditional accounting conservatism of Brazilian companies listed on Bovespa & BMF BOVESPA. An empirical analytical research was carried out collecting information about non-financial companies listed on the Brazilian Stock Exchange from the first quarter of 2005 to the third quarter of 2009 in the Economatica® system. Basu's model was adjusted to measure the effect of Law nº 11.638/07 on conditional conservatism. In conservativeness hypotheses, earnings reflect bad news (negative stock returns more quickly than good news (positive stock returns. In this model, the measure of conservatism (asymmetrical treatment of gains and losses is based on the extent to which the earnings-return association is stronger during periods of bad news as compared with periods of good news. For the sample analyzed, results suggest that it cannot be inferred whether the new rules had some effect on the degree of asymmetric recognition of gains and losses.

  5. Corporate Social Responsibility Disclosures and Financing Cost---Evidence from Chinese Listed Companies%社会责任信息披露与融资成本--来自我国上市公司的经验证据

    Institute of Scientific and Technical Information of China (English)

    吴语香

    2016-01-01

    Taking social responsibility reports from corporations as the research subject and listed companies of the petrochemical plastic industry in China from 2009 to 2012 as study samples,this paper tested the relationship between social responsibility disclosures and corporate financing costs after the issuance of Corporate Governance Standards.We found that corporate social responsibility disclosures can significantly reduce the cost of equity financing,but no significant effect on debt financing cost.This paper provided empirical evi-dence to study the effect of corporate social responsibility disclosures on firm value,as well as certain theory reference for the provid-ers,users and regulators of corporate social responsibility information.%在我国企业社会责任报告披露制度的环境下,以企业单独发布的社会责任报告为研究主体,选取了我国2009—2012年石化塑胶行业的 A 股上市公司作为研究样本,检验了我国上市公司的社会责任信息披露与融资成本之间的关系。研究发现,我国上市公司的社会责任信息披露能显著降低权益融资成本,但对债务融资成本没有显著影响。这为研究企业社会责任信息披露对企业价值的影响路径提供了经验证据,也为社会责任信息的提供者、使用者以及监管者提供了一定的理论参考。

  6. Research NoteEffect of drought and fires on the quality of water in Lithuanian rivers

    Directory of Open Access Journals (Sweden)

    G. Sakalauskiene

    2003-01-01

    Full Text Available In August and September 2002, concentrations of heavy metals (copper, lead, and zinc were 21-74% more than in previous years in Lithuanian rivers. Such a sudden increase in heavy metal pollution reduces the value of any water body for fishing or recreation and poses a potential risk to the environment and to human health. Droughts in the summer of 2002 led to forest and peat bog fires all over Lithuania and may have caused the increase in concentrations of heavy metals detected in Lithuanian rivers in August 2002. The fires could have changed the pH in the top layers of the soil, overcome geochemical barriers in the soil and enabled heavy metals to migrate from the soil to the groundwater and from river bottom sediments to the surface water. Keywords: heavy metals, river water quality, Lithuania

  7. Critical success factors in the lithuanian electronic business market

    OpenAIRE

    Žvirblytė, Justina

    2007-01-01

    By seeking to be active participant in the global market without information technologies would be impossible to implement the innovative business decisions. Market conditions in growing economy and competition, business globalization as well as innovations in the field of information and communication technologies the companies stimulate to invest in development of the electronic business increasingly. Electronic business – is a use of modern means of information and communication technologi...

  8. Strengthening competitive position : strategic orientation in Lithuanian travel trade industry

    OpenAIRE

    Sekliuckienė, Jurgita; Hopenienė, Rimantė

    2011-01-01

    Strategic orientation in the market becomes one of the most important aspects enabling companies to strive for a better result of activity. The end of mass tourism epoch, constantly changing needs of customers, integration of new technologies into business processes become constant challenges of tourism business, especially in the sector of travel trade. Only innovative organizations can survive in the dynamic business environment by developing business abilities and making strategic decision...

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

    OpenAIRE

    Tsiolis, Dimitrios

    2008-01-01

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

  10. Evaluation of leadership competencies of executives in Lithuanian public health institutions.

    Science.gov (United States)

    Stankūnas, Mindaugas; Sauliūnė, Skirmantė; Smith, Tony; Avery, Mark; Šumskas, Linas; Czabanowska, Katarzyna

    2012-01-01

    BACKGROUND AND OBJECTIVE. Lithuanian and international public health experts emphasize the importance of leadership in public health. The aim of this study was to explore the self-assessed level of leadership competencies of executives in Lithuanian public health institutions. MATERIAL AND METHODS. Data were collected in a cross-sectional survey of executives of Lithuanian public health institutions in 2010. The total number of returned questionnaires was 55 (response rate, 58.5%). Respondents were asked about their competencies in leadership, teamwork, communication, and conflict management. The evaluation was carried out by analyzing the answers provided in the survey, which used a 5-point rating scale. In addition, the Belbin Team-Role Self-Perception Inventory and the Thomas-Kilmann Conflict Mode Instrument were used. RESULTS. The results showed that respondents were reserved or limited in their individual capacities through this evaluation of their leadership competencies. The mean score was 3.47 (SD, 0.71). Skills in competency areas of communication, teamwork, and conflict management were scored higher (3.73 [SD, 0.67], 3.73 [SD, 0.62], and 3.53 [SD, 0.63], respectively). Most of executives preferred to choose action-oriented roles (76.2%). The most common role was "implementer" (69.1%). "Avoiding" (52.7%) was the most common conflict solving strategy. The results showed that 89.1% of executives wanted to improve teamwork; 83.6%, leadership competencies; 81.8%, communication; and 80.0%, conflict management. CONCLUSIONS. The study results suggest that the executives of Lithuanian public health institutions evaluate their leadership competencies moderately. These results indicate the value of leadership training for public health executives.

  11. Research NoteEffect of drought and fires on the quality of water in Lithuanian rivers

    OpenAIRE

    Sakalauskiene, G.; Ignatavicius, G.

    2003-01-01

    In August and September 2002, concentrations of heavy metals (copper, lead, and zinc) were 21-74% more than in previous years in Lithuanian rivers. Such a sudden increase in heavy metal pollution reduces the value of any water body for fishing or recreation and poses a potential risk to the environment and to human health. Droughts in the summer of 2002 led to forest and peat bog fires all over Lithuania and may have caused the increase ...

  12. Prevalence and severity of dental caries among 18-year-old Lithuanian adolescents.

    Science.gov (United States)

    Žemaitienė, Miglė; Grigalauskienė, Rūta; Vasiliauskienė, Ingrida; Saldūnaitė, Kristina; Razmienė, Jaunė; Slabšinskienė, Eglė

    2016-01-01

    The aim of the study was to evaluate the prevalence and severity of dental caries among 18-year-old Lithuanian adolescents and to disclose possible differences in the prevalence and severity of dental caries related to gender, urbanization, and different county. A total of 1063 18-year-old adolescents attending school, 427 boys and 636 girls from 10 Lithuanian counties including urban and rural areas, were included in the cross-sectional study on dental caries. The method of multistage cluster sampling was used. The dental examination was performed according to the methodology of oral status evaluation recommendations by the World Health Organization (WHO). The prevalence of dental caries, DMFT score, Significant Caries Index, and dental care index were determined. The overall prevalence of dental caries among 18-year-old Lithuanian adolescents was 78.3%. The study population had a mean DMFT score of 2.93 [SD, 2.81]. Considering the gender, a higher DMFT score was observed among girls than boys (3.03 [SD, 2.88] versus 2.73 [SD, 2.71]) and in rural than urban areas (3.02 [SD, 2.98] versus 2.89 [SD, 2.73]). The Significant Caries Index and the dental care index among 18-year-old adolescents were 6.14 and 62.3%, respectively. This study showed a relatively high prevalence of dental caries. The existing differences of caries experience between the urban and the rural areas as well as between the counties could be influenced by the socioeconomic differences in the country. Copyright © 2016 The Lithuanian University of Health Sciences. Production and hosting by Elsevier Urban & Partner Sp. z o.o. All rights reserved.

  13. Cluster models, factors and characteristics for the competitive advantage of Lithuanian Maritime sector

    OpenAIRE

    Viederytė, Rasa; Didžiokas, Rimantas

    2014-01-01

    Paper analyses several cluster models on the basis of competitiveness: Nine-factor model, Double diamond model, Funnel model of cluster determinants, Destination Competitiveness and sustainability models, which are related to Porter’s Diamond model and concentrate to the classical one - adopt M. Porter’s Diamond model methodology to the evaluation of Lithuanian Maritime sector’s clustering on the basis of competitiveness. Despite the advances in cluster research, this model remains a complex ...

  14. Mathematics Education Problems and Attempts to Solve Them in Nowadays Lithuanian School

    OpenAIRE

    Malaukytė Ieva

    2017-01-01

    The decreasing number of the Lithuanian residents has strong impact on the educational system: the number of pupils is decreasing, the schools are getting closed. School is considered to be the provider of educational services, so it is necessary to search, how to preserve and attract clients – pupils. The growing competition induces search for distinctiveness among the schools. According to the theory of generations of William Strauss and Neil Howe, now we have to educate representatives of ...

  15. Visualization of consumption in Lithuanian advertising graphics in the interwar year

    OpenAIRE

    Povilionytė, Rima

    2003-01-01

    During the interwar, Lithuanian advertising was mostly developed in periodic press; advertisements in periodic press became a part of everyday life for various social classes. Visual side of graphical design of advertising strongly affected consciousness of consumers, but artistic and aesthetic value of it often was treated as an instrument of achieving commercial objectives. Thus, more interesting artistic solutions were chosen in exceptional cases only. In response to the requirement of the...

  16. Creativity Enhancement in Lithuanian Furniture Manufacturing Business According to International Business Development

    Directory of Open Access Journals (Sweden)

    Rita Zybartaitė

    2014-04-01

    Full Text Available This article analyzes Lithuanian furniture manufacturing business perceptions towards creativity, and creativityenhancement behavior according to its international development. Firstly article focuses on international business development,substantiate need of creativity for international business development, outline creativity influencing factors which operateat individual, team and organizational levels and recommendations how to enhance creativity in methodical way. Secondly,article describes a problem of empirical research, methodology of used methods and instruments, and presents results of surveyresearch.

  17. Fischer's Plants in folk beliefs and customs: a previously unknown contribution to the ethnobotany of the Polish-Lithuanian-Belarusian borderland.

    Science.gov (United States)

    Kujawska, Monika; Klepacki, Piotr; Łuczaj, Łukasz

    2017-03-23

    Historical ethnobotanical studies are useful starting points for further diachronic analysis. The aim of this contribution is to present archival data from the Polish-Lithuanian-Belarusian borderland, which were collected by Adam Fischer, a Polish ethnographer from Lviv, in the 1930s. These data were originally gathered for publication in the first part of the Lexicon of Slavic beliefs and customs, dedicated to plant uses in traditional Slavonic culture. It was intended to be a joint international enterprise, but was never actually fulfilled. In this article we used information from historical Lithuania (the Great Duchy of Lithuania), nowadays a border region between Poland, Lithuania and Belarus. We applied cultural importance indices such as Use Value, Relative Importance value and Sørensen similarity coefficient, in order to compare our data with a western Ukraine data set from the same research framework. In total, 153 plant taxa were registered as used in peasant culture in the Polish-Lithuanian-Belarusian borderland in the 1930s. The species which achieved the highest Use Values were: Calendula officinalis, Cyanus segetum, Helichrysum arenarium, Betula sp., Prunella vulgaris, and Nuphar lutea or Lilium sp. The most salient use categories were medicinal, followed by food and home garden plants. The overall similarity to plants recorded in western Ukraine within the same project of Fischer's is quite low (46%), which may be explained by the partly different flora found in the regions, and a cultural discontinuity, revealed by the difference in species with the highest UV. Moreover, the field collaborators were different in the two regions and may have paid attention to different cultural spheres of use. The presented ethnobotanical data are a valuable contribution to the ethnobotany of Eastern Europe as a whole. In particular, the presented list of plants may be a rich source for future studies on the ethnobotany of the Polish diaspora in Lithuania, and

  18. 1968 Listing of Swimming Pool Equipment.

    Science.gov (United States)

    National Sanitation Foundation, Ann Arbor, MI. Testing Lab.

    An up-to-date listing of swimming pool equipment including--(1) companies authorized to display the National Sanitation Foundation seal of approval, (2) equipment listed as meeting NSF swimming pool equipment standards relating to diatomite type filters, (3) equipment listed as meeting NSF swimming pool equipment standard relating to sand type…

  19. Psychometric Properties of the Intolerance of Uncertainty Scale (IUS in a Lithuanian-speaking population

    Directory of Open Access Journals (Sweden)

    Augustinas Rotomskis

    2014-03-01

    Full Text Available Research suggests that intolerance of uncertainty may be important in understanding worry and may play a key role in the etiology and maintenance of worry. Intolerance of uncertainty is measured using the Intolerance of Uncertainty Scale (IUS, which has been shown to be reliable and valid in many studies. The aim of the present study was to develop a Lithuanian version of this instrument. 228 university students completed the scale. The Lithuanian version of the IUS was found to have good psychometric properties. The IUS showed high internal consistency and good test-retest reliability over a five-week period, and good convergent and divergent validity when assessed with measures of trait anxiety, situational anxiety, and depression. Factor analysis indicated that the IUS has a two-factor structure that represents the beliefs that “uncertainty about the future is unfair” and that “uncertainty has negative behavioral and self-referent implications”. In conclusion, it was found that the Lithuanian version of the IUS is a sound scale for assessing intolerance of uncertainty.

  20. The “Father’s Sons”: The Elite of the Kazan Khanate in the Lithuanian Metrica

    Directory of Open Access Journals (Sweden)

    V.V. Trepavlov

    2017-09-01

    Full Text Available Research objective: Analysis of the phrase otetskie deti (“father’s sons” in the Register Book of the Lithuanian metrics (Lithuanian Metrica as designations of the military service class of the Kazan khanate. Research materials: The 7th Register Book of the Lithuanian Metrica, Russian chronicles, the chronicles of Kïrïmi and Ötemish-Hajji, the works of S. Herberstein, A. Kurbsky, Maciej of Miechów, Mahmud al-Kashgari, A. Olearius. Results and novelty of the research: The 7th Register Book of the Lithuanian Metrics contains a translation of a message from the Crimean khan, Muhammad Giray, to the Polish King and Lithuanian Grand Duke Sigizmund I. In this letter, there is a reiteration of the requests of the inhabitants of the Kazan Khanate addressed to Muhammad Giray to send them one of his relatives to reign over them. The Kazanians wrote that they had twenty thousand otetskie deti (“father’s sons” and countless Mordovians and Cheremisses, all of whom were ready to submit (to be “slaves” to the ruler of the Crimea. The author of the article seeks the meaning of this term and looks for a putative Turkic equivalent to the exp­ression otetskie deti as well as the reasons for the presence of the Mordovians and Cheremisses in this document. The word “otetskii” (paternal had a wide range of usages in the Russian language of the 16th century – in the State of Muscovy and the Grand Duchy of Lithuania. One of its meanings was “belonging to an ancient, noble family”. The instances quoted by the author show a socio-cultural universality, which combined paternity, noble origin and elite status in a single notion. The author hypothesizes that the phrase “otetskie deti” in the Russian translation could replace the concept of “Tatars” in its social meaning, as a symbol of the military strata of the population of the Kazan khanate. Mention of the Mordovians and the Cheremisses in the Kazan message reflected the positive

  1. Career listings.

    Science.gov (United States)

    1994-01-12

    Nursing Standard regrets that it is no longer able to take listings over the telephone because of unprecedented demand. Readers are reminded that the listings section is for the use of charitable and professional organisations, unions and health authorities to publicise forthcoming events.

  2. Smart Companies.

    Science.gov (United States)

    Galagan, Patricia A.

    1997-01-01

    Capturing and leveraging knowledge is an important new management trend that is as yet undefined. Some companies are accounting for their intellectual capital and applying it to the company balance sheets. (JOW)

  3. Earnings conservatism, litigation and contracting : The case of cross-listed firms

    NARCIS (Netherlands)

    Huijgen, C.A.; Lubberink, Martien

    2005-01-01

    We compare earnings conservatism of UK companies cross-listed in the US to that of UK companies without a US-listing. We expect that conservatism will be more pronounced for cross-listed firms than for firms with a UK listing only, because the cross-listed firms face a stricter enforcement regime.

  4. Heterogeneity of Foreign Shareholders,Nature of Enterprises and Efficiency of Corporate Governance--Empirical Evidence Based on the Empirical Study of the Chinese Listed Companies%境外股东异质性、企业性质与公司治理效率基于中国上市公司的实证检验

    Institute of Scientific and Technical Information of China (English)

    黄文青

    2017-01-01

    依据2014年一直有境外股东持股的沪深 A股上市公司样本数据,考量不同类型外资持股的治理效应进行实证检验。结果表明:境外股东持股能够提升公司治理效率,不同性质的境外投资者对公司治理的影响存在差异。外资基金和非金融类外资股东的治理效应是显著的,QFII未能对上市公司经营者形成有效监督和制约,外资银行、保险、证券公司反而一定程度上加重了上市公司的代理冲突。此外,外资持股在民营企业中的治理效应优于国有企业。%Based on the data of listed companies with foreign shareholders throughout 2014 in Shanghai and Shenzhen Stock markets,this study empirically examines the corporate governance effect by different types of foreign shareholders.We find that the foreign shareholders on the whole can effectively promote corporate governance efficiency,and different types of foreign shareholders have different effects on corporate governance.Foreign funds and the non-financial institutes have significantly positive effects on corporate governance.QFII can not supervise and restrict the management of the listed companies effectively,while shareholders of foreign banks, insurance companies and securities companies even aggravate the agency conflicts of the listed companies.In addition,the governance effect of foreign shareholders in private enterprises is bet-ter than that of state owned enterprises.

  5. International Companies Withdrawal from Lithuania: Problematics and Alternative Solutions

    Directory of Open Access Journals (Sweden)

    Viktorija Tauraitė

    2017-06-01

    Full Text Available The main attention in this article is focused on the problematic of international companies’ withdrawal from Lithuania and presentation of alternative solutions of this problem. The macro(Sweden, Austria, Latvia, Lithuania, Estonia, Poland level analysis and micro (“Coca-Cola”, “Nordea” and DNB, “Orkla” level analysis showed that competitiveness, business conditions, employment relations, institutional environment and innovation should be improved and the corruption should be reduced in Lithuania. It is advisable that current Lithuanian Labour Code should be revised in order to increase the efficiency of labour relations. It is found out that the significance of “Coca-Cola”company is the highest in the context of the withdrawing companies from Lithuania. It is assumed that the most rational solution for each company is to move from Lithuania to another country.

  6. The Influencing Factors of SEO Preference for China’s Listed Companies-An Empirical Study Based on Cox Proportional Hazard Model%我国上市公司股权融资偏好的影响因素--基于Cox比例危险模型的实证研究

    Institute of Scientific and Technical Information of China (English)

    2015-01-01

    文章基于2001-2013年我国A股市场上市公司的面板数据,研究发现:上市公司的股权融资行为基本符合以内源融资为首要渠道的“啄食顺序理论”,盈利能力较高的企业优先选择留存收益作为主要的融资渠道,而盈利能力较差的企业则通过盈余管理获取增发资格。同时,研究结果还表明上市公司的股权融资偏好同其股权结构联系紧密,大股东为获得超额资本收益,通过盈余管理等手段实行高价增发榨取中小股东利益。文章揭示了上市公司股权融资偏好的真实动因,为研究与规范上市公司融资行为提供了实证基础。%Based on the panel data of A-share listed companies from 2001 to 2013, the paper, by making a study, finds that seasoned equity offerings(SEOs)of Chinese listed companies basically follow the‘Pecking Order Theory’, which means that internal financing is the primary channel. The high profitable companies prefer to choose retained earnings as the main financing channel, whereas poor profitable companies use earnings management to obtain the qualifications to SEO. Moreover,the study results also indicate that the SEO preference of listed companies is highly correlated with the ownership structure. Large shareholders squeeze the interests of minority shareholders by using financial tunneling method in order to ob⁃tain the excess capital gains. This paper reveals the true incentives of the SEO preference and provides an empirical basis to study and regulate the financing behavior of listed companies.

  7. Comparison of Lithuanian, Italian and British Social Business Models

    Directory of Open Access Journals (Sweden)

    Zaneta Simanaviciene

    2017-03-01

    Full Text Available Daily life in the world is accompanied by a variety of global social problems such as discrimination, ignorance, suicides, poverty, hunger, environmental pollution and several others frequently caused by human beings. These have been particularly exacerbated by the recent and arguably ongoing economic crisis. Traditional global market makers and participants are gradually getting involved in the creation of social welfare while acting in a socially responsible manner, however, such actions are often led by a certain “fashion” or public pressure. Social entrepreneurship is cited as one of those alternatives. This business model is driven by the desire to have social impact, it is one of the main tools being used as a response to fight against growing social exclusion and unemployment, dealing with sensitive regional problems. According to European Commission, one of four start-ups each year is a social business company. It is being championed as a new opportunity to reduce inequality and exclusion so as to encourage economic growth. However, although social entrepreneurship has won the attention of scientists, its inconsistent theoretical basis and very limited perception are widely argued. It is claimed that poor perception of the social business model is a major barrier to the development of such entrepreneurship in Europe.

  8. Independent Energy's Solar thermal products and services listing

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    This article is a listing of companies offering products and services for the development of solar thermal electric power plants. The listing provides the company name under a heading describing the product or service the company provides. The products and services covered by the listing include developers and owner/operators, manufacturers of equipment, instruments and controls, consulting services, engineering and construction, and financial and legal services

  9. The Analysis of English and Lithuanian Idioms and the Problems of Their Translation

    Directory of Open Access Journals (Sweden)

    Jelena Suchanova

    2013-12-01

    Full Text Available The paper considers the problems associated with comprehension and translation of idioms within the framework of the theory of linguistic relativity and the translation theories. The main statements of these theories used for explaining the difficulties of idioms’ translation from/into the English or Lithuanian language are presented. The considered problems are analysed from various perspectives. Case studies, demonstrating different nomination principles used in English and Lithuanian due to different approaches of the native speakers of these languages to the same objects or ‘pieces’ of reality are provided. The comparative analysis of English and Lithuanian idioms as the most interesting and peculiar expressions of a language, showing its unique character, is performed and the arising difficulties and the available techniques of idioms’ translation are demonstrated, taking into account the main statements of the theories of linguistic relativity and translation. Special attention is paid to idioms, whose main ideas are expressed differently in the considered languages and, therefore, present many difficulties to non-native speakers. The influence of traditions, culture, the environment and other factors on the form and contents of the idioms in each of the considered languages is also shown. The analysis performed demonstrates the effectiveness of the theory of linguistic relativity in explaining the nature and causes of the arising comprehension and translation problems, as well as its possibilities to give a translator a native speaker’s insight and help him\\her avoid some typical errors. The recommendations of how to make a translation of idioms more accurate and authentic by using the appropriate translation techniques are also given.

  10. Overseas listing location and capital structure

    Institute of Scientific and Technical Information of China (English)

    Peixin Li; Baolian Wang

    2014-01-01

    Purpose-A significant number of Chinese companies are listed overseas.The authors aim to examine whether overseas locations affect their financing decision,specifically their capital structure choice.Design/methodology/approach-Most of the Chinese overseas listed companies are listed in the USA and Hong Kong.As the institutional quality of the USA is better than Hong Kong,the authors,therefore,choose to build the hypotheses from the “law and finance” literature.Specifically,the authors argue that the better institutional environment of the USA can mitigate the information asymmetry problem and the agency problem of financing via equity.Consequently,firms listed in the USA will rely more on equity and have lower leverage ratio.The difference in leverage ratio of US listed and Hong Kong listed companies should be larger when the marginal benefit of better information environment is larger.Findings-Referring to various data sources,the authors construct a comprehensive list of overseas listed companies in the USA and Hong Kong.The authors collect the accounting and stock performance information from Datastream/Worldscope and the equity offering data from Global New Issue database.The empirical findings provide strong support of the hypotheses:the leverage is 15 percent lower for US listed companies than the Hong Kong listed companies;the results are stronger when the firms face more severe information asymmetry problem;the stock price reacts less negatively for seasoned equity offering in the USA than in Hong Kong.Practical implications-Most of the Chinese companies decided to be listed overseas because they cannot be listed in the Mainland Chinese stock exchanges.One of the most important motivation is to access to external capital to support firm growth.As the main channel of external financing in the overseas markets is equity since debt is still mainly domestically based,one implication of this paper is that Chinese companies can gain better access to external

  11. Statistical Analysis and Evaluation of the Depth of the Ruts on Lithuanian State Significance Roads

    Directory of Open Access Journals (Sweden)

    Erinijus Getautis

    2011-04-01

    Full Text Available The aim of this work is to gather information about the national flexible pavement roads ruts depth, to determine its statistical dispersijon index and to determine their validity for needed requirements. Analysis of scientific works of ruts apearance in the asphalt and their influence for driving is presented in this work. Dynamical models of ruts in asphalt are presented in the work as well. Experimental outcome data of rut depth dispersijon in the national highway of Lithuania Vilnius – Kaunas is prepared. Conclusions are formulated and presented. Article in Lithuanian

  12. Managerial attitude to the implementation of quality management systems in Lithuanian support treatment and nursing hospitals

    Directory of Open Access Journals (Sweden)

    Lydeka Zigmas

    2006-09-01

    Full Text Available Abstract Background The regulations of the Quality Management System (QMS implementation in health care organizations were approved by the Lithuanian Ministry of Health in 1998. Following the above regulations, general managers of health care organizations had to initiate the QMS implementation in hospitals. As no research on the QMS implementation has been carried out in Lithuanian support treatment and nursing hospitals since, the objective of this study is to assess its current stage from a managerial perspective. Methods A questionnaire survey of general managers of Lithuanian support treatment and nursing hospitals was carried out in the period of January through March 2005. Majority of the items included in the questionnaire were measured on a seven-point Likert scale. During the survey, a total of 72 questionnaires was distributed, out of which 58 filled-in ones were returned (response rate 80.6 per cent; standard sampling error 0.029 at 95 per cent level of confidence. Results Quality Management Systems were found operating in 39.7 per cent of support treatment and nursing hospitals and currently under implementation in 46.6 per cent of hospitals (13.7% still do not have it. The mean of the respondents' perceived QMS significance is 5.8 (on a seven-point scale. The most critical issues related to the QMS implementation include procedure development (5.5, lack of financial resources (5.4 and information (5.1, and development of work guidelines (4.6, while improved responsibility and power sharing (5.2, better service quality (5.1 and higher patient satisfaction (5.1 were perceived by the respondents as the key QMS benefits. The level of satisfaction with the QMS among the management of the surveyed hospitals is mediocre (3.6. However it was found to be higher among respondents who were more competent in quality management, were familiar with ISO 9000 standards, and had higher numbers of employees trained in quality management. Conclusion

  13. Lithuanian heat sector: Today based on imported fossil fuel, tomorrow - On local biofuel and wastes

    Energy Technology Data Exchange (ETDEWEB)

    Janukonis, Andrius

    2010-09-15

    District heating sector is one of the most important energy sectors in Lithuania, operation of which is closely related to other energy sectors such as electricity, natural gas, oil products, renewable energy sources. Main priorities of Lithuanian energy policy based on the experience of the neighboring countries and directives of the European Union's environmental protection, security and reliability of energy supply and availability of district heating services to all users. It is necessary to use widely the biofuel in the DHS sector for the heat production, unused amounts of which are very big.

  14. The role of Lithuanian TSO in view of changing nuclear situation in Lithuania

    International Nuclear Information System (INIS)

    Uspuras, E.

    2010-01-01

    At present, the Technical and scientific Support Organisations (TSOs) are gaining increased importance by providing the technical and scientific basis for decisions and activities regarding nuclear and radiation safety. In lithuania, after Lithuania declared its independence, the technical support organisations in Lithuania grows and develops into institution, capable to perform all necessary safety analyses for Ignalina NPP. However, the preparation for the construction of new nuclear power plant showed that Lithuania lacks the nuclear energy specialists. This paper presents information about the creation and growing up of Lithuanian TSOs, the works performed at present days and the needs for nearest future. (author)

  15. Comparative analysis of features of Polish and Lithuanian Day-ahead electricity market prices

    International Nuclear Information System (INIS)

    Bobinaite, Viktorija; Juozapaviciene, Aldona; Staniewski, Marcin; Szczepankowski, Piotr

    2013-01-01

    The goal of this article is to better understand the processes of electricity market price formation in Poland and Lithuania through an analysis of the features (volatility and spikes) of Lithuanian and Polish day-ahead electricity market prices and to assess how acquired electricity price features could affect the achievement of the main goals of the national energy policy. The following indicators have been calculated to determine electricity market price volatility: the oscillation coefficient, the coefficient of variation, an adjusted coefficient of variation, the standard deviation indicator, the daily velocity indicator (based on the overall average price) and the daily velocity indicator (based on the daily average price). Critical values for electricity market price have been calculated to evaluate price spikes. This analysis reveals that electricity market-price volatility is moderate in Poland and high in Lithuania. Electricity price spikes have been an observable phenomenon both in Lithuanian and in Polish day-ahead electricity markets, but they are more common in Lithuania, encompassing 3.15% of the time period analysed in Poland and 4.68% of the time period analysed in Lithuania. Volatile, spiking and increasing electricity prices in day-ahead electricity markets in Lithuania and Poland create preconditions and substantiate the relevance of implementation of the national energy policies and measures. - Highlights: • Moderate and seasonal volatility. • spiking market price and. • stable average price

  16. Process integration and waste heat recovery in Lithuanian and Danish industry. Final report phase 1

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-08-01

    The present document forms the Final Report for the first phase of the project `Process Integration and Waste Heat Recovery in Lithuanian and Danish Industry`. The project is carried out in the period 1995-1998 in a co-operation between the COWI offices in Lyngby and Vilnius, The Technical University of Denmark (Institute for Energetics), Kaunas University of Technology (CIPAI) and Vilnius Technical University, financed by The Danish Ministry of Energy`s EFP-95-programme, Lithuanian Energy Agency as well as the participants. The first phase of the project has comprised the establishment of the CIPAI centre (Centre for Industrial Process Analysis and Integration) at Kaunas University of Technology, training and knowledge transfer as well as elaboration of 6 industrial case-studies within the area of `Process Integration and waste Heat Recovery`. The second phase of the project has comprised R and D activities in this area in order to present general conclusions from the project as well as to present new and improved methods and tools for PI-analysis. The aim of the Final Report for the first phase of the project is to summarise project activities and the achieved results from case-studies and from the operation of the CIPAI-centre in general. (au)

  17. Do socio-economic disparities in dental treatment needs exist in Lithuanian adolescents?

    Science.gov (United States)

    Aleksejuniene, Jolanta; Brukiene, Vilma

    2008-01-01

    To explore disparities in needs for dental treatment which arise from individual and area-based socio-economic determinants. A cross-sectional study conducted in 22 randomly selected Lithuanian areas. In each of the pre-selected areas, one secondary school was randomly chosen. A total of 885 15-16-year-olds participated. Outcome measures. Dental treatment need was evaluated following the WHO guidelines and aQuantitative Summative Dental Treatment Needs Index (QSDTNI) was used to calculate the total burden of needs. The information about socio-economical determinants was obtained from a structured questionnaire and national statistics database. Individual socio-economic status (SES) measures were: parents' occupation, family structure, family income and affordability to have holiday used as a proxy measure for income. The area-based SES estimates were: unemployment, average household income, educational attainment, natural increase/decrease of population in an area and net migration rate. Data was analyzed by bivariate and multivariate analyses. None of significant bivariate associations between individual socio-economic variables and the QSDTNI were detected. Among area-based variables natural increase/decrease of population in an area and net migration rate were significantly related to the QSDTNI. Two individual and two area-based factors were extracted and introduced into Linear Multiple Regression Analysis (LMR). The LMR model was significant, but only one factor, i.e. area demographics, significantly contributed to this model. There are no clear social disparities in dental treatment needs in Lithuanian adolescents.

  18. Main trends of energy savings in dwelling houses for Lithuanian conditions

    Energy Technology Data Exchange (ETDEWEB)

    Stankevicius, V.; Karbauskaite, J.; Dapkus, G. [Institute of Architecture and construction (Lithuania)

    1995-12-31

    Incentive measures for efficient consumption of energy in buildings in Lithuania, were presented. Statistics have shown that the average annual building heat losses are 350 kW/sq.m of heated area. It was estimated, that if every building was insulated according to the requirements of the Lithuanian National Building Code, the annual energy savings would be in the order of 50 to 60 percent. Essential energy saving measures with due regard to Lithuania`s current financial and technical resources were detailed. It was suggested that installing energy efficient windows would be the cheapest and most effective measure to begin energy conservation. The addition of effective insulation of external walls would be a favoured but more costly measure, especially as far as insulating existing houses is concerned. The pay-back period of adding extra insulation was also described, although this option is not of the highest priority. It was suggested that a system of special incentives, if offered by the Lithuanian government, could prove to be powerful motivators to carry out these energy saving measures. 2 tabs., 1 fig.

  19. The Development of the Model for the Park and Ride System in the Major Lithuanian Cities

    Directory of Open Access Journals (Sweden)

    Vytautas Palevičius

    2014-10-01

    Full Text Available Park and Ride (P&R is the original transport system of public passengers, acting as a traditional supplement of public transport. The system is becoming widely popular in European cities. The central core of this system is composed of parking facilities in the specified parking areas at the approaches to the city with connections to public transport or special buses that allow people reach the city centre. The P&R system is based on a reduction in car density in the city centre as well as on a decrease in traffic noise, air and visual pollution. Furthermore, the P&R system is an economical and time-saving way to travel. This article has been prepared according to structural support provided by the European Union (EU for the purpose of developing the P&R system in five major Lithuanian cities – Vilnius, Kaunas, Klaipeda, Siauliai and Panevezys. Therefore, this paper is aimed at the development and application of the theoretical model of the P&R system to Lithuanian cities according to external good and bad practice.

  20. Informing the Lithuanian public about the decommissioning of Unit 1 at Ignalina NPP

    International Nuclear Information System (INIS)

    Medeliene, D.; Alvers, M.

    2001-01-01

    The final decision about decommissioning of Unit 1 at Ignalina NPP by 2005 was taken when the Lithuanian Parliament approved the National Energy Strategy in 1999. In 2000 the Board of the European Bank of Research and Development (EBRD) approved the establishment of the Ignalina International Decommissioning Support Fund and the International Donors' Conference took place in Vilnius. Sweden's longterm co-operation with Lithuania in the area of nuclear safety started already in 1992, soon after the country had regained its independence. SIP (Swedish International Project Nuclear Safety) administers this bilateral assistance. Public information has been included in the Swedish programme since the establishment of the Information Centre at INPP and is also a part of the bilateral decommissioning support. SIP finances a series of TV-programmes on a national channel and the local cable TV in Visaginas (the town close to Ignalina NPP) about various aspects of decommissioning. The Lithuanian regulatory authority VATESI uses its experience in public relations to inform about the situation related with decommissioning. The authority organizes 'Open Doors' days and press conferences to provide objective and trustworthy information. The reaction of the viewers to the TV-programmes were very positive and Sweden will continue the support to the information programme in Lithuania. (author)

  1. Employment of Lithuanian Statistical Data Into Tax-Benefit Micro-Simulation Models

    Directory of Open Access Journals (Sweden)

    Viginta Ivaškaitė-Tamošiūnė

    2013-01-01

    Full Text Available In this study, we aim to assess the “best fit” of the existing Lithuanian micro-datasets for constructing a national micro-simulation model. Specifically, we compare and evaluate the potential of two (state level representative micro-data surveys in terms of their potential to simulate Lithuanian (direct taxes, social contributions and social benefits. Both selected datasets contain rich information on the socio-economic and demographical conditions of the country: the Household Budget Survey (HBS for the years 2004 and 2005 and the European Community Statistics on Income and Living Conditions (EU-SILC in Lithuania for the year 2005. The selected databases offer the most comprehensive range of income and other socio-demographic attributes, needed for simulation of tax and contributions’ payers/amounts and benefits’ recipients/amounts. The evaluation of the dataset capacity to simulate these measures is done by a comparative statistical analysis. Among the comparative categories are definitions (of households, incomes, survey collection modes, level of aggregation of various variables, demographic and incomes variables and corresponding numbers (amounts. The comparative analysis of the HBS and EU-SILC datasets shows, that despite embedded differences and shortages regarding simulation capacities of both surveys, these datasets contain valuable and sufficient information for the purpose of simulation of Lithuanian tax-benefit policies. In general a conclusion could be drawn, that HBS offers higher possibilities of simulating the Lithuanian tax-benefit system. This dataset contains more detailed national income categories (i.e. recipients of maternity/paternity insurance, diverse pensions, etc.— information on which is not available in the EU-SILC. The latter dataset does not contain national policy system specific components, but offer information on income aggregates, such all old-age pensions, social exclusion benefits, etc

  2. Employment of Lithuanian Statistical Data Into Tax-Benefit Micro-Simulation Models

    Directory of Open Access Journals (Sweden)

    Viginta Ivaškaitė-Tamošiūnė

    2012-07-01

    Full Text Available In this study, we aim to assess the “best fit” of the existing Lithuanian micro-datasets for constructing a national micro-simulation model. Specifically, we compare and evaluate the potential of two (state level representative micro-data surveys in terms of their potential to simulate Lithuanian (direct taxes, social contributions and social benefits. Both selected datasets contain rich information on the socio-economic and demographical conditions of the country: the Household Budget Survey (HBS for the years 2004 and 2005 and the European Community Statistics on Income and Living Conditions (EU-SILC in Lithuania for the year 2005. The selected databases offer the most comprehensive range of income and other socio-demographic attributes, needed for simulation of tax and contributions’ payers/amounts and benefits’ recipients/amounts. The evaluation of the dataset capacity to simulate these measures is done by a comparative statistical analysis. Among the comparative categories are definitions (of households, incomes, survey collection modes, level of aggregation of various variables, demographic and incomes variables and corresponding numbers (amounts.The comparative analysis of the HBS and EU-SILC datasets shows, that despite embedded differences and shortages regarding simulation capacities of both surveys, these datasets contain valuable and sufficient information for the purpose of simulation of Lithuanian tax-benefit policies.In general a conclusion could be drawn, that HBS offers higher possibilities of simulating the Lithuanian tax-benefit system. This dataset contains more detailed national income categories (i.e. recipients of maternity/paternity insurance, diverse pensions, etc.— information on which is not available in the EU-SILC. The latter dataset does not contain national policy system specific components, but offer information on income aggregates, such all old-age pensions, social exclusion benefits, etc. Additionally

  3. Type D (distressed) personality and its assessment with the DS14 in Lithuanian patients with coronary artery disease

    NARCIS (Netherlands)

    Bunevicius, A.; Staniute, M.; Brozaitiene, J.; Stropute, D.; Bunevicius, R.; Denollet, J.

    2013-01-01

    We examined Type D personality (combination of negative affectivity with social inhibition) and its assessment with the DS14 in 543 Lithuanian coronary patients. Psychometric analyses confirmed the two-factor structure, internal consistency (α = 0.84/α = 0.75), and test–retest reliability (r =

  4. Association of HFE gene C282Y and H63D mutations with liver cirrhosis in the Lithuanian population

    Directory of Open Access Journals (Sweden)

    Simonas Juzėnas

    2016-01-01

    Conclusions: Heterozygous C282Y mutation of the HFE gene was associated with liver cirrhosis in the Lithuanian population. In gender-related analysis, heterozygous C282Y and homozygous H63D mutations were linked to liver cirrhosis in men, not in women.

  5. The 1988 Directory of Educational Software Publishing Companies.

    Science.gov (United States)

    Electronic Learning, 1988

    1988-01-01

    Based on questionnaires sent to educational software companies in January 1988, this directory lists 78 companies. Information given includes company address, curriculum subject areas for which the company publishes software, types of machines and operating systems on which the software operates, and grade level for which it is targeted. (LRW)

  6. 上市公司内控信息披露的研究--以山东好当家海洋发展股份有限公司为例%The Study of Information Disclosure of Listed Companies' Internal Control---Empirical Study of SHANDONG HOMEY AQUATIC DEVELOPMENT CO., LTD

    Institute of Scientific and Technical Information of China (English)

    王言言

    2016-01-01

    作为信息公开的经营实体,上市公司受到社会各界广泛关注,作为投资者,股东希望公司能合法经营,同时能保障效益、持续增长,实现战略目标。因此需要关注公司的各种报告,了解公司的经营业绩及内部控制运行状况。从2001年开始,上市公司信用遭到广泛质疑,披露内部控制就显得尤为重要。对此,美国出台了SOX法案,随后,我国沪深两所也颁布了《上市公司内部控制指引》。本文针对境内上市的、非国有控制的、规模中等的山东好当家海洋发展股份有限公司在《指引》发布前后内部控制披露与内部控制自我评价方面的情况进行对比分析,得出相关结论。%Listed companies, as business entity of information disclosure, received extensive attention from all sectors of society. Investors, shareholders require the entity to guarantee efficiency, sustain the growth and achieve their strategic goals, at the same time observe legitimate regulations. Thus, they should pay close attention to the company's reports, understand the operating performance and the status of the internal control operation of the companies. Since 2001, listed companies' credit has been widely queried, the internal control disclosure is particularly important. To solve the problem, the United States introduced the SOX act. Subsequently, Shanghai and Shenzhen enacted the listed companies' internal control guidelines. This paper selects a non-state control, medium-size Shandong Homey Aquatic Development CO., LTD, compares and analyzes the condition of the internal control disclosure and internal control self-assessment in the "guidance" issued before and after and we can get some related conclusions.

  7. ADDITIONS TO THE RETROSPECTIVE BIBLIOGRAPHY OF LITHUANIAN BOOKS AND THEIR SOURCES

    Directory of Open Access Journals (Sweden)

    Kaunas, Domas

    2006-12-01

    Full Text Available The bibliographers of the Lithuanian National Martynas Maþvydas Library have written an open letter to the public asking to provide data about additions to the retrospective bibliography of oldLithuanian publications published in Vilnius in 1969. This act was inspired by the Consorcium of European Research Libraries that started a project of database of the Hand Press Books publishedin 1455–1830. Lithuanian National Library is conducting retroconversion of the retrospective bibliography and provide data to the international database. This task will also lead to the creationof an original database of books and an electronic publication of it on CD-ROM. The specialists expect that bibliophiles and collectors will help to identify the additional publications. The requestto investigate personal libraries looking for the books published before 1864 was made. The data on them should be sent to the creators of the bibliography. This article is a response to the call of bibliographers. It provides information about rare books collected in the personal library of the author. They allow to make changes of the scope of the bibliography and correct some bibliographic records. The data is organised according to the importance and subject: a additions to the retrospective bibliography of books, b copies of the books registered and described in the bibliography using sources, c additional data to some bibliographic descriptions, d unknown copies of rare books, e valuable copies of books. This article also pursues a methodological purpose. It presents the personally acquired experience of data retrieval, acquisition and classification forsuppllementing of the retrospective bibliography as well as the methods of making and arguing the assumptions inevitable in the history of a book. The author believes that the registration of oldbooks from personal libraries in bibliographies is an important task of accounting of the cultural heritage. It is very important

  8. Ownership structures of principal petroleum companies in Canada: company profiles - significant events - takeovers and acquisitions

    International Nuclear Information System (INIS)

    Anon.

    1997-01-01

    This reference document on ownership structures of principal petroleum companies identifies 'who owns whom' in the Canadian petroleum industry. The publication consists of three chapters. Chapter one, entitled 'Corporate Structures' includes the equity linkages between the energy enterprise and its parents and subsidiaries, names of directors and officers of the company and their ownership of voting shares. Chapter two under the title of 'Significant Events', provides company incorporation and listing data, outlining information on address of the company's head office, the nature of its business, number of employees in Canada, and stock exchanges on which the company equity is listed, stock symbol, high, low and closing prices as of December 31, 1996. Chapter three, entitled 'Takeovers and Acquisitions 1976-1997, provides a list of purchases, mergers and acquisitions and the estimated value of each, where applicable. All information included is provided by the companies themselves

  9. Narrative Accounting Practices in Indonesia Companies

    Directory of Open Access Journals (Sweden)

    Inten Meutia

    2017-05-01

    Full Text Available This research aimed to reveal creative accounting practices in the form of narrative accounting occuring in companies in Indonesia. Using content analysis, this research analyzed the management discussion and analysis section in the annual report on the group of companies whose performance had increased and declined in several companies listed on the Indonesian Stock Exchange. This research finds that the narrative accounting practices are applied in these companies. The four methods of accounting narratives are found in both groups of companies. There are stressing the positive and downplaying the negative, baffling the readers, differential reporting, and attribution.

  10. Company analysis

    DEFF Research Database (Denmark)

    Jenster, Per V.; Hussey, David

    This volume looks at the company appraisal as a whole, examining the continuing need to appraise companies as part of the continuing strategy process. Building from a sound basis of theory, the text aims to be practical and to give guidance to senior managers and others involved in the strategy...... process. It is thus a book primarily aimed at managers, but should also be useful for MBA students undertaking strategy assignments It provides helpful, practical guidance and identifies weaknesses of traditional methods. It also presents a variety of tools which may be used in the appraisal process...

  11. The Impact of the Conflict in Ukraine on Lithuanian Security Development

    Directory of Open Access Journals (Sweden)

    Kojala Linas

    2015-12-01

    Full Text Available After regaining independence in 1990, Lithuania chose a strategic path to integrate into Western organizations, with clear priorities for the European Union and NATO, the biggest military alliance in the world. In Russia, such direction was regarded as a threat to its influence in the post-Soviet area. Hence the article seeks to provide an overview of Lithuania’s security policy, with specific emphasis on the role of Russia, in the recent quarter century. The aim is to distinguish key priorities for Lithuania and assess their practical implementation. Furthermore, the paper seeks to analyse the impact of the war in Ukraine, both on Lithuanian and regional security as well as the development of key security priorities.

  12. Sharing the Burden? Assessing the Lithuanian Decision to Establish a Provincial Reconstruction Team in Afghanistan

    Directory of Open Access Journals (Sweden)

    Maskaliūnaitė Asta

    2014-12-01

    Full Text Available The paper assesses theories explaining the states’ burden-sharing decisions in an alliance and uses them to evaluate the Lithuanian decision to establish a Provincial Reconstruction Team (PRT in Afghanistan. In the literature, several influences on such decision-making are identified. These fall into two broad categories of systemic and domestic factors. From the former, threat perception, alliance dependence, systemic pressures of alliance politics are analysed; and from the latter three clusters of aspects such as: state autonomy, elite consensus, space of manoeuver of the executive; bureaucratic politics and organizational interests, and third, some additional elements of strategic culture/state identity. While most factors have some explanatory value, the analysis invites the conclusion that in case of the decision to lead a PRT, the two most important elements were alliance dependence from the first cluster and strategic culture and bureaucratic politics from the second.

  13. Relationships of the Trade Unions with the Media: The Lithuanian Case

    Directory of Open Access Journals (Sweden)

    Asta Krašenkienė

    2014-01-01

    Full Text Available The various practices of different countries show that, in order to achieve trade unions’ goals, working relationships with the media are very important, especially in terms of influencing public (stakeholder opinion, as well as instilling confidence in trade unions. This paper presents some examples and empirical research results that prove the significance of such relationships. The situation in Lithuania is analyzed based on qualitative research results. The results reveal that Lithuanian trade unions do not have effective tools at their disposal for the promotion of their activity. Moreover, their notion of their relationships with the media is limited to a narrow understanding such as “the article or broadcast in media”. Due to this and other reasons, the promotion of employers’ concessions is weak. Different situations can be noticed by analyzing the independent trade unions which use other practices and systems.

  14. Critical Security Studies in the 21st Century: Any Directions for Lithuanian Security Studies?

    Directory of Open Access Journals (Sweden)

    Jakniūnaitė Dovilė

    2014-12-01

    Full Text Available This article focuses on recent developments and discussions in the field of security studies and aims to suggest new guidelines for the research of Lithuanian security policy. First it covers the main subjects of contemporary security discourse; next it provides evaluation and review of the critical tradition in security studies that frames presuppositions and is the means for analyzing specific security issues as well as that which fosters reflexive thinking about security. The third part deals with three topics of security research (analysis of security through the concepts of risk, exceptionality and media which have become talking-points in recent years and which have provided innovative insights in security studies.

  15. Sovremennaja vneshnjaja politika Litvy: korrektirovki tradicionnogo kursa [Modern Lithuanian foreign policy: the adjustment of traditional policy

    Directory of Open Access Journals (Sweden)

    Batorshina Irina

    2011-01-01

    Full Text Available The authors consider the core areas of Lithuanian foreign policy. Special attention is paid to the adjustment of the major foreign policy vector, which concentrated earlier on the cooperation with the United States of America and strategic partnership with the Republic of Poland. The article analyses the attempts of Lithuanian president Dalia Grybauskaitė to formulate the so-called «new foreign policy» based on the multivector approach to the intergovernmental cooperation. This research is timely because of an increasing influence of small states on foreign policy decision-making within the European Union. It emphasizes the need to analyse foreign policy priorities of the Baltic States and Central and Eastern European countries and to identify the dominant trends in the international policy in the region in order to forecast further development at European and global levels. This objective is achieved with the help of an integrated approach with elements of interdisciplinary research. Special attention is paid to the comparative-historical approach, which facilitates the analysis of the relations between the Republic of Lithuania and the neighbouring states and its principal partners. Alongside traditional methods of historical research, this work employs such methods as participant observation, content and event analysis, and simultaneous and comparative analysis. The research and practical significance of this work is explained by its emphasis on the need to apply an additional theoretical framework to studies into the foreign policy initiatives of the Republic of Lithuania in the international arena. While earlier they were determined by the value (democratic approach, which was a reflection of American realism, today an increasingly important factor is the personality of the president, who does not always positively influence the changing policy of the country. The results of the research contribute substant

  16. Variation in the ACE, PPARGC1A and PPARA genes in Lithuanian football players.

    Science.gov (United States)

    Gineviciene, Valentina; Jakaitiene, Audrone; Tubelis, Linas; Kucinskas, Vaidutis

    2014-01-01

    The aim of this study was to determine the impact of ACE (I/D), PPARGC1A (G/A) and PPARA (G/C) polymorphisms on footballers performance among 199 Lithuanian professional footballers and 167 sedentary, healthy men (controls). Genotyping was performed using polymerase chain reaction and restriction fragment length polymorphism methods on DNA from leucocytes. Results revealed that the angiotensin-1-coverting enzyme gene (ACE) genotype distribution was significantly different between total football players group (II 23.6%, ID 46.7% and DD 29.6%) and the controls (II 24.6%, ID 29.9% and DD 45.5%; P=0.002). Although investigating PPARGC1A (G/A) and PPARA (G/C) polymorphisms no significant results were obtained in the total football players group, however, significant differences were determined between forwards and controls [PPARGC1A: GG 54.6%, GA 29.5%, AA 15.9% vs. GG 49.7%, GA 44.3% and AA 6.0% (P = 0.044); PPARA: GG 52.3%, GC 40.9%, CC 6.8% vs. GG 72.4%, GC 24.6% and CC 3.0% (P = 0.034)]. In the whole cohort, the odds ratio of the genotype [ACE ID + PPARA GG] being a footballer was 1.69 (95% CI 1.04-2.74), and of [ACE ID + PPARGC1A GG] 1.93 (95% CI 1.10-3.37) and of [ACE II + PPARA GC] 2.83 (95% CI 1.02-7.91) compared to controls. It was revealed that ACE ID genotype together with PPARA GG and PPARGC1A GG as well as ACE II genotype with PPARA GC is probably the 'preferable genotype' for footballers. Summing up, the present study suggests that the ACE, PPARGC1A and PPARA polymorphisms genotypes are associated, separately and in combination, with Lithuanian footballers' performance.

  17. Self-publishing of Lithuanian cultural periodicals in Soviet and contemporary times

    Directory of Open Access Journals (Sweden)

    Asta Urbanaviciute

    2015-07-01

    Full Text Available The aim of this article is to analyse self-publishing trends of Lithuanian cultural periodicals focusing on the historical and contemporary contexts. The article provides an overview of the reasons for historical cultural periodical self-published texts, known as samizdats, to appear, as well as their publishing and circulation trends in Lithuania. It also analyses what contemporary cultural self-publishing is: whether it is a completely independent, logical consequence of the digital age, which emerged under favourable circumstances, or if it can be characterized as having something in common with the past experiences. The most active years of the periodical underground press publishing in Soviet Lithuanian self-publishing development were between 1975 and 1981. Self-published texts ideologically diverged into three main directions: religious, civic, and cultural-artistic. A total of 22 publications were being published for a longer or shorter period of time. While analysing contemporary cultural self-publishing topics, the report focuses only on online cultural texts, irrespective of the printed ones. Survey method was used to find out how much and in what aspect modern Internet users perceive historical periodical self-publishing, and how and in what aspect they value modern cultural self-published texts. The results show that 18-35-year-old respondents have not acquired the skills necessary to analyse samizdat publishing. They associate the word self-publishing with digital texts only, which due to favourable conditions spread easily through social networks and blogs. In the era of advancing computer technologies and the Internet, every person who has the time and desire may become a developer, an author, or at least a disseminator of information: this tradition is becoming more and more topical and quite frequently – an almost self-evident phenomenon.

  18. Valuation of oil companies - Implications for corporate behaviour

    International Nuclear Information System (INIS)

    Osmundsen, Petter

    2002-06-01

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

  19. The governance of publicly traded limited liability companies

    NARCIS (Netherlands)

    Gomtsyan, S.

    The limited liability company is not only a widespread business form for non-listed firms but also is used by listed companies. There were 20 publicly traded Delaware LLCs in September 2013. Given the policy of the Delaware legislators and courts to give a maximum effect to the principle of freedom

  20. Pengaruh Pola MACD Histogram IHSG Terhadap Pola MACD Histogram Perusahaan Dari Daftar Indeks LQ45 (Periode Februari s.d Juli 2015 Bursa Efek Jakarta [Effect of MACD Histogram IHSG Patterns to Patterns of Companies Listed on the Jakarta Stock Exchange LQ-45 (Period February till July 2015

    Directory of Open Access Journals (Sweden)

    Heri Fatkhurrokhim

    2015-09-01

    Full Text Available The purpose of this study is to determine the effect of MACDIHSG pattern to the MACD Company pattern in the L045 index on the period of February until July 2015 at the Indonesia Stock Exchange. This study also aims to facilitate investors to make investment decisions in the stock market. This study provides benefits to capital market investors, especially for stock investors in the Indonesia Stock Exchange as a mean of enhancing their insights in the development of technical analysis on investing. For the general public as well in order to know that investing in the stock market differs from gambling since there are analyzes that easy and can be applied very simply. In addition, this research aims to enhance the reader's desire to invest in the stock market. The samples were the closing data price of IHSG and shares ofLQ45 in the period of February until July 2015 in the Indonesia Stock Exchange. Based on the hypothesis testing, it can be explained that the MACD Histogram IHSG has a significant effect on 38 issuers listed in LQ45. As for the difference between the MACD Histogram effect against one company with another company that is very small. From the 38 stocks that rank on the top 3 company, the Summarecon Agung Tbk is on the top 1, that amounted to 98.3348%, then Alam Sutera Reality Lestari Tbk amounted to 98.2376%, and Adhi Katya (Persero Tbk amounted to 98.1320%. The third of these shares have MACD Histogram movement that approaching the MACD Histogram IHSG.

  1. Corporate Reputation,Auditor Reputation and the Cost of Equity Capital--An Empirical Analysis of Chinese Listed Private Companies%公司声誉、审计师声誉与权益资本成本基于中国民营上市公司的经验证据

    Institute of Scientific and Technical Information of China (English)

    张嘉兴; 余冬根; 刘艳春

    2016-01-01

    By taking A-share listed private companies in Shanghai and Shenzhen Stock Ex-changes from 2009 to 2013 as research objects,this paper examines empirically the relation among the auditor reputation,the corporate reputation and the cost of equity capital.The results show that the auditor reputation and the corporate reputation respectively has significant negative cor-relation with the cost of company's equity capital by controlling other conditions.Besides,further study finds that as the corporate reputation is established gradually,the influence of the auditor reputation on the company's equity capital cost will be gradually weakened,in another word,the corporate reputation has a substitution effect on the auditor reputation.The findings expand the research of the auditor reputation and corporate reputation mechanism,and provide a valuable reference for the future corporate governance of private companies.%以2009~2013年中国沪深两市 A 股民营上市公司为样本,实证检验审计师声誉、公司声誉与权益资本成本的关系。研究发现:限制其他条件,审计师声誉、公司声誉分别与公司权益资本成本呈显著负相关。进一步研究发现,随着公司自身声誉的逐步建立,审计师声誉对于公司权益资本成本的影响将会逐渐减弱,公司声誉对于审计师声誉具有替代作用。

  2. An Empirical Study on the Impact of Country of Origin Effect on Young Lithuanian Consumers' Attitude towards Products

    OpenAIRE

    Sliburyte, Laimona; Bankauskiene, Giedre

    2017-01-01

    The country-of-origin (COO) effect is one of the most controversial areas of scientific marketing research because the results of some studies lead to different conclusions about the COO and its impact on consumer attitude and behaviour. The purpose of this study is to explore the impact of COO effect on consumer's attitude to a product and how it depends on COO effect's moderators in the Lithuanian market. Theoretical analysis reveals that COO effect on consumer's attitude to a product depen...

  3. The Music Repertoire of the Society of Jesus in the Polish-Lithuanian Commonwealth (1565–1773

    Directory of Open Access Journals (Sweden)

    Jeż Tomasz

    2016-12-01

    Full Text Available The paper presents the research project coordinated by the University of Warsaw and financed by the Minister of Science and Higher Education as part of the “Tradition 1a” module of the National Programme for the Development of Humanities. The main task of this research project is the documentation of the Jesuit music repertory produced and disseminated on the territory of the Polish-Lithuanian Commonwealth.

  4. Buyer's guide for environmental technology. Products, suppliers, service companies. 10. ed.; Seibt Umwelttechnik 2001. Produkte, Lieferanten, Dienstleister 2001

    Energy Technology Data Exchange (ETDEWEB)

    Anon.

    2001-07-01

    This data compilation lists companies in the environmental engineering sector with their addresses, telephone numbers and www-addresses. The book is separated in 3 parts: alphabethical list of products, alphabethical list of companies and the main part is a list of products and companies offering these products. (SR)

  5. The integrated evaluation of the macro environment of companies providing transport services

    Directory of Open Access Journals (Sweden)

    A. Žvirblis

    2008-09-01

    Full Text Available The article presents the main principles of the integrated evaluation of macro environment components and factors influencing the performance of transport companies as well as providing the validated quantitative evaluation models and results obtained in evaluating the macro environment of Lithuanian companies providing transport services. Since quantitative evaluation is growing in importance, the process of developing the principles and methods of business macro environment quantitative evaluation is becoming relevant from both theoretical and practical perspectives. The created methodology is based on the concept of macro environment as an integrated whole of components, formalization and the principle of three-stage quantitative evaluation. The methodology suggested involves the quantitative evaluation of primary factors and macro environment components as an integral dimension (expressed in points. On the basis of this principle, an integrated macro environment evaluation parameter is established as its level index. The methodology integrates the identification of significant factors, building scenarios, a primary analysis of factors, expert evaluation, the quantitative evaluation of macro environment components and their whole. The application of the multi-criteria Simple Additive Weighting (SAW method is validated. The integrated evaluation of the macro environment of Lithuanian freight transportation companies was conducted. As a result, the level indices of all components as well as the level index of macro environment considered as a whole of components were identified. The latter reflects the extent of deviation from an average level of a favourable macro environment. This is important for developing strategic marketing decisions and expanding a strategic area.

  6. Use of Cs-137 for the calibration of the circulation model of Lithuanian coastal waters

    International Nuclear Information System (INIS)

    Davuliene, L.; Trinkunas, G.; Remeikis, V.; Valkunas, L.; Dick, S.

    2002-01-01

    It is well established that radioactive contamination of waters and sediments in the Lithuanian coastal area of the Baltic Sea is distributed unevenly. To describe the distribution of the radionuclides in waters of the Lithuanian coastal area of the Baltic Sea, the model based on the operational circulation model of the Bundesamt fuer Seeschffahrt und Hydrographie (BSH) for the North and Baltic seas was developed. The area under consideration contains both the Lithuanian coast of the Baltic Sea as well as the Curonian Gulf of the fresh water. The interplay between the salt and fresh water flows via the Kaipeda strait has impact on the distribution of radionuclides. For instance, Cs-137 is a typical radionuclide demonstrating this effect. It is experimentally well established that this radionuclide in the salt water is mainly in the dissolved form (about 90%) and just its minor part is concentrated in the suspended matter (about 10%). In fresh water the dissolved/suspended matter ratio for Cs-137 is totally opposite. Therefore, Cs-137 can be considered as the tracer following the fresh and salt water mixing. With samples of the radionuclide concentration in the sea area under consideration at hand, Cs-137 is used to normalize the tracer concentration simulated by the developed circulation model. The model was based on the grade of 1 nautic mile (nm), while the boundary conditions were taken from the more extended BSH model on the 6 nm grade. In order to understand the sensitivity of this local model to the initial conditions, the artificial conditions taken from the more general and coarse model were used. It has been obtained that the effect of the initial conditions is lost within 2-3 weeks. This result is independent of the coarse grain of the grade as calculations carried out on 1 nm and 0.5 nm grades show. The model was adopted for the PC Pentium III, and calculations of the salinity distribution depending on the meteorological conditions were carried out. Real

  7. Guide to UK renewable energy companies 2001. 6. ed.

    International Nuclear Information System (INIS)

    2001-01-01

    This 2001 edition of the guide to UK renewable companies and equipment and service providers presents summaries of the different industry sectors covering wind power, photovoltaics, solar water heating, geothermal heat pump, hydroelectric power, marine current and wave technology, bioenergy, power generation from landfill gas, energy from waste, and cogeneration. A UK company classification listing and index is provided along with listing of UK organisations and companies and an index of advertisers

  8. The Standardized Aspect of the Dictionaries of Lithuanian Terms of Physics

    Directory of Open Access Journals (Sweden)

    Angelė Kaulakienė

    2011-04-01

    Full Text Available Single physical terms, words which became terms, can be found in the papers of our standard language founders J. Bretkūnas, M. Daukša, D. Kleinas, J. Rėza, S. Vaišnoras, B. Vilentas in the 16th–17th cc. K. Sirvydas’ trilingual (Polish-Latin-Lithuanian dictionary “Dictionarium trium linguarum”, the first edition of which appeared in1620, had a great influence on the development of standard language lexis. However, the terminology of physics began to develop much later. Its evolution can be divided in three stages:1 the middle of the 19th c – the end of the 19th c, when the first articles, published in Keleivis (1849–1880 and Aušra (1883–1886, and the first Lithuanian physics textbook of P. Vileišis “Populiariszkas rankvedis fyzikos” (1899 appeared; 2 the beginning of the 20th c – the middle of the 20th c, when the terminology of this stage was influenced by Ig. Končius’ manuscript of physics textbook for gymnasia, during preparation of which he consulted with K. Būga and J. Jablonskis in 1916–1919, Ig. Končius’ dictionary “Terminai fizikos reikalams”, published in Lithuania (1923–1924, K. Šakenis’ “Fizika” (1920, V. Čepinskis’ “Fizikos paskaitos” (1923–1926; 3 the middle of the 20th c – the beginning of the 21st c, when the majority of physical terms, which are still in use, were fixed. P. Brazdžiūnas’ normative work, which was performed by preparing the textbook for higher schools and colleges “Bendroji fizika” (1960–1965 and preparing and editing with his colleagues FTŽ1, FTŽ2, which became the basis of the newest FTŽ3, had influenced it. FTŽ3 terms are standardized most strongly of all terminographic physical publications. It was influenced by the normative aspect of previous dictionaries of physical terms, which changed at the same time, because the conceptions of different notions and terms changed, there were a lot of fixed terms. Consequently, it can be concluded that

  9. Mensuração dos ativos intangíveis de empresas listadas na BMF&Bovespa por setor de atuação = Measurement of intangible assets of companies listed on Bovespa BM & performance by sector

    Directory of Open Access Journals (Sweden)

    Jéssika Pereira Miranda

    2010-07-01

    Full Text Available O objetivo desta pesquisa consiste em mensurar o valor dos Ativos Intangíveis (AIs, por meio da diferença entre o Valor de Mercado e o Valor Contábil da empresa. Para o estudo foram analisadas 42 empresas de sete setores de atuação classificados pela Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA, durante cinco anos – 2005 a 2009. O critério adotado para definição da amostra foram um mínimo de seis empresas por setor e os maiores valores de Patrimônio Líquido em 31/12/2009. Este estudo se caracteriza como sendo de natureza descritivo-exploratória, utilizando fonte secundária para coleta e tratamento dos dados, tendo abordagem quantitativa. Os principais resultados encontrados demonstraram que: i Com exceção do setor de Fios e Tecidos, que apresentou índices negativos de AIs para todos os anos analisados, os demais setores tiveram reconhecimento significativo de seus AIs pelo mercado; ii Os setores de Telefonia Fixa e Energia Elétrica tiveram as menores oscilações no período; iii O setor de Material Rodoviário alcançou as maiores médias entre os setores, porém mostrou também as maiores variações no período; iv Todos os setores sofreram com a crise de 2008, sendo os de Telefonia Fixa e Energia Elétrica os menos afetados e Siderurgia e Artefatos de Ferro os que mais oscilaram; v Em 2009, apesar da maioria dos setores pesquisados apresentar boa recuperação, os de Material Rodoviário, Energia Elétrica e Fios e Tecidos permaneceram com queda em seus índices de AIs; vi Os setores de Siderurgia e Petroquímicos foram os que mostraram a melhor recuperação em 2009.The objective of this research is to measure the value of Intangible Assets (IAs through the difference between the Market Value and Book Value of the company. For this study we analyzed 42 companies in seven business sectors classified by the Stock Exchange, Commodities and Futures (BM&FBOVESPA for five years - from 2005 to 2009. The criterion adopted

  10. LOCATION DECISIONS OF MULTINATIONAL COMPANIES IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Lucia P. BLĂJUȚ

    2016-07-01

    Full Text Available This paper investigates the location decisions of foreign direct investments by the most important global multinational companies in Romania. The study covers the top 100 multinational companies, according to Fortune and underline that all of them have the headquarters location in the United States. In particular, this analysis presents the distribution of global companies based on the main industry and major economic sectors. The first company, from the rank 100, that invests in our country is Exxon Mobil (the number two on the list and has numerous projects in petroleum refining industry in many other countries, because energy sector is one of the most important ones in the global economy.

  11. SAFER - Company Snapshot - SAFER - Company Snapshot

    Data.gov (United States)

    Department of Transportation — The Company Snapshot is a concise electronic record of company identification, size, commodity information, and safety record, including the safety rating (if any),...

  12. Responsabilidade social e retornos das ações: uma análise de empresas listadas na BM&FBOVESPA = Social responsibility and stock returns: an analysis of companies listed on BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Diego Lopes de Oliveira Martins

    2015-08-01

    Full Text Available A crescente preocupação com a questão social e ambiental tem levado empresas a assumirem uma posição mais criteriosa em relação às suas ações, com o intuito de alavancar uma boa reputação, elemento considerado indissociável para o sucesso no mercado. A Responsabilidade Social Corporativa refere-se à adoção de práticas socialmente responsáveis pelas entidades, que visam a proporcionar o desenvolvimento social e econômico dos ambientes em que estão inseridas. Simultaneamente, essas ações atendem aos interesses organizacionais, que podem ocasionar melhoria na imagem institucional, ganhos de participação no mercado, incrementos na lucratividade e elevação das possibilidades de continuidade. A fim de verificar uma possível relação entre práticas de Responsabilidade Social Corporativa e os resultados econômicos apresentados pelas companhias, esta pesquisa buscou identificar se a divulgação da composição do portfólio do Índice de Sustentabilidade Empresarial (ISE da BM&FBOVESPA impacta em variações nos retornos das ações das companhias envolvidas. Nesse sentido, a participação dos ativos no portfólio foi considerada como proxy para ações de sustentabilidade, e o método de estudo de eventos foi utilizado para análise do efeito da inserção ou exclusão das firmas na carteira. Foram analisadas as carteiras do ISE para os anos 2011 a 2013 e os resultados evidenciaram retornos anormais positivos das empresas incluídas após a divulgação do índice, bem como retornos anormais negativos das empresas excluídas. Verificou-se, ainda, que o comportamento do mercado retorna à sua normalidade após a absorção da informação divulgada, o que suporta a hipótese de eficiência semiforte do mercado de capitais brasileiro.The growing concern about the social and environmental issues has led companies to take a more careful position on their actions, in order to leverage a good reputation, which is considered a

  13. List of publications. 1992 January - December

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1993-04-01

    AECL Research is engaged in research and development related to the peaceful applications of nuclear energy. Specifically, the company`s mission is to perform the research, development, demonstration and marketing required to apply nuclear sciences and their related technologies for the maximum benefit of Canada. Among our most important products are scientific reports, publications and conference presentations. This document lists our publications for 1992. (author).

  14. List of publications 1993 January - December

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1994-04-01

    AECL research is engaged in research and development related to the peaceful applications of nuclear energy. Specifically, the company`s mission is to perform the research, development, demonstration and marketing required to apply nuclear sciences and their related technologies for the maximum benefit of Canada. Among our most important products are scientific reports, publications and conference presentations. This document lists our publications for 1993. (author).

  15. Managing State Border in the Context of Migration Crisis in Europe: Lithuanian Case

    Directory of Open Access Journals (Sweden)

    Aurelija Pūraitė

    2017-09-01

    Full Text Available The aim of this paper has been the achievement of the level of scientific knowledge on the subject of research in terms of establishment and analysis of economic effectiveness of state border governance in Lithuania in the context of increasing migration in European Union. The objective also has been to suggest the possible measures for improvement of state border management bearing in mind the migration perspectives. There is an unexpressed demand on migration (especially immigration as an economic and social phenomenon to have some positive impact on the economy of target country. It’s nevertheless true, that from political point of view the migration trends are usually being associated with the economic, social, security challenges in target countries. European Union countries which are the external borders of EU face with even more specific obstacles – the effective management of borders and necessity to bare costs of controlling migration flows. Therefore the effective use of economic and financial measures managing state borders is of the utmost importance reaching common goals of public security, stability, respect for European values and rule of law. The paper contains results of the analysis of international, regional and national legal acts and the secondary analysis of statistical data of European Union agencies and international organizations. The financial data of operational activities of Lithuanian State Border Guard Service is analysed, aiming to reveal the correlation between the effective management of state border control and financial support of the state and EU institutions.

  16. Patterns of acute whiplash-associated disorder in the Lithuanian population after road traffic accidents.

    Science.gov (United States)

    Pajediene, Evelina; Janusauskaite, Jolita; Samusyte, Gintaute; Stasaitis, Kestutis; Petrikonis, Kestutis; Bileviciute-Ljungar, Indre

    2015-01-01

    To investigate acute whiplash-associated disorder in the Lithuanian population who are unaware of the phenomenon. Controlled cohort study. Seventy-one patients were enrolled from the emergency departments of the Kaunas region of Lithuania following road traffic accidents, examined within 3-14 days after the accident, and compared with 53 matched controls. Clinical neurological examination, including range of motion and motion-evoked pain or stiffness in the neck; spontaneous pain and pain pressure threshold. Questionnaires: Quebec Task Force questionnaire (QTFQ); Disability Rating Index (DRI); Cognitive Failures Questionnaire (CFQ); Hospital Anxiety and Depression Scale (HADS) and health perception. Sixty-six of 71 (93%) patients developed acute symptoms. The most frequent symptoms found after road traffic accidents were neck or shoulder pain; reduced or painful neck movements, including decreased range of motion; multiple subjective symptoms according to QTFQ and significantly reduced pain threshold. Perceived health status was decreased and DRI was increased, while HADS showed a significantly higher risk of developing anxiety. Higher grade whiplash-associated disorder was linked with a greater reduction in range of motion and more prominent neck pain. Road traffic accidents induce whiplash-associated disorder in patients who seek help, but who are unaware of the condition whiplash-associated disorder. Whiplash-associated disorder should be considered and treated as an entity per se.

  17. Antisemitism, “Economic Emancipation” and the Lithuanian Co-operative Movement before World War I

    Directory of Open Access Journals (Sweden)

    Klaus Richter

    2012-07-01

    Full Text Available The idea of having to liberate the Christian peasants from the harmful economic and moral influence of Jewish merchants was an essential element of the political agenda of both the secular intelligentsia and the Catholic clergy. Activists of both political camps started founding cooperative shops, which were seen as the most promising tool to “emancipate” the peasants and the founding of which became legally possible after a streak of reforms shortly before the Russian Revolution of 1905/06. The article thus poses the questions of what role antisemitism played in the cooperatives, what tasks these cooperatives were supposed to fulfill and whether they were a success or not. The article comes to the conclusion that after the Revolution, there was a significant dissent between the two groups mentioned: While priests argued that cooperatives needed to be antisemitic in order to be successful, the liberal intelligentsia countered that antisemitism deterred cooperative shops from being economically successful. Both groups, however, celebrated the founding of such shops as a means for Lithuanians to gain foot in the Jewish dominated towns.

  18. Subjective Security in a Volatile Geopolitical Situation: Does Lithuanian Society Feel Safe?

    Directory of Open Access Journals (Sweden)

    Vileikienė Eglė

    2016-12-01

    Full Text Available The geopolitical situation of Lithuania has deteriorated since the annexation of Crimea and the military conflict in Eastern Ukraine. It has affected the objective security of the state as well as subjective security of the Lithuanian population. This article analyses subjective security and deals with the subjective perception of geopolitical and military threats, mainly social attitudes towards national security and the willingness to defend the country. Article is based on theories of securitisation and human security and holds that individuals are the primary referents of security. Empirically, the article relies on the original data of the research project “Subjective Security in a Volatile Geopolitical Context: Traits, Factors and Individual Strategies”, funded by the Research Council of Lithuania. Article shows the dynamics of social attitudes towards security. Over the last 15 years, a clear shift towards the understanding of potential military threats has occurred. Nevertheless, the predominant concern about individual security, overshadowing security of the state and security of the global order, found in previous studies, has persisted. An individual, as a rule, feels most secure in his/her “closest” environment, e.g. family and friends, and least secure in the “farthest” environment, e.g. other continents.

  19. Application of Information Technologies in Teaching Foreign VGTU Students Lithuanian as a Foreign Language

    Directory of Open Access Journals (Sweden)

    Regina Žukienė

    2011-06-01

    Full Text Available Lithuanian universities are currently undergoing a novel period of social changes, globalization and rapid technological development. A substantial body of relevant international programmes are being implemented. One of them is Erasmus – an international higher education programme aiming to strengthen cooperation at the European level and promote the mobility of students and lecturers, as well as to enhance the interaction between enterprises and higher education institutions. Vilnius Gediminas Technical University attempts to provide foreign Erasmus students with the best scientific, linguistic, cultural and educational experiences. For this purpose, the use information technologies in learning processes proved to be very helpful by opening a unique possibility to learn new languages and to communicate despite cultural differences. Computer aided language teaching tools are modern, effective and flexible alternatives to traditional learning in auditoriums and serve as auxiliary means to increase the effectiveness of studies. The article presents an e-learning programme “First Steps of HERMES” for learning languages. The management of the programme is discussed, the possibilities provided by online learning are assessed and the results of the pilot offering of the programme to VGTU are summarized.

  20. Interrelations between Energy Security Economics and Social Cohesion: Analysis of a Lithuanian Case

    Directory of Open Access Journals (Sweden)

    Dainius Genys

    2015-12-01

    Full Text Available Growing attention to sustainable development in academic discourse fosters discussions on how energy security affects society. In most cases the discussions consider the political and economic consequences, which affect or may affect the society. The aim of the article is to assess the impact of energy security economics on social cohesion in Lithuania. To achieve this aim the interrelations between energy security, energy economics and social cohesion are discussed. The theoretical framework of social cohesion (introduced by J. Jenson and P. Bernard is presented and applied in empirical analysis. The operationalization of empirical variables is based on economic, political and socio-cultural - activity areas, which are analyzed to verify the dichotomies between public attitudes and the actual behavior of society. These dichotomies help to distinguish six analytical dimensions, on the basis of which we created 17 empirical indicators, which analysis allows for describing the impact of Lithuanian energy security economics on social cohesion in quantitative data. The statistical analyses showed that the impact of attitudinal dimensions of energy security economics on social cohesion in Lithuania has an almost neutral effect: 3.05 (1-very negative; 3-neutral, 5-very positive. Whereas, the impact of behavioural dimensions of energy security economics on social cohesion has a negative effect: 2.47. The aggregated average of the overall impact of energy security economics on social cohesion in Lithuania has a negative effect: 2.76.

  1. Mathematics Education Problems and Attempts to Solve Them in Nowadays Lithuanian School

    Directory of Open Access Journals (Sweden)

    Malaukytė Ieva

    2017-07-01

    Full Text Available The decreasing number of the Lithuanian residents has strong impact on the educational system: the number of pupils is decreasing, the schools are getting closed. School is considered to be the provider of educational services, so it is necessary to search, how to preserve and attract clients – pupils. The growing competition induces search for distinctiveness among the schools. According to the theory of generations of William Strauss and Neil Howe, now we have to educate representatives of generation Z, who do not like violence, restrictions, want to be distinctive and are open to the world of technologies. The teacher faces the challenge when s/he wants to convey mathematical skills to these pupils. The profile teaching followed by training based on individual curricula provided more choices for the pupils. This freedom led to the dead-end of mathematical literacy and forced to return to a compulsory national final exam of Mathematics and to change the indexes for the persons entering studies of the first cycle and integrated studies. In the article, mathematics achievements and situation in schools in Lithuania as well as the measures taken to improve mathematical literacy in the country are described.

  2. Factors related to gender differences in toothbrushing among Lithuanian middle-aged university employees.

    Science.gov (United States)

    Sakalauskienė, Zana; Vehkalahti, Miira M; Murtomaa, Heikki; Mačiulskienė, Vita

    2011-01-01

    BACKGROUND AND OBJECTIVES. Many previous studies showed clear gender differences in the percentages of adults reporting toothbrushing more than once a day. This study evaluated the factors determining gender differences in toothbrushing among Lithuanian middle-aged university employees. MATERIAL AND METHODS. A questionnaire survey was anonymously conducted among 35- to 44-year-old employees (n=862) of four universities in Lithuania in 2005. The response rate was 64% (n=553). Data covered toothbrushing frequency, habitual dental attendance, dental health attitudes and knowledge, and subject's background information. RESULTS. Of all respondents, 68% reported brushing their teeth more than once a day (73% of women and 49% of men, Pimportant to them and poor oral health as injurious to general health. Of all respondents, 44% indicated that "Lack of time is the main reason for incomplete oral self-care" (61% of men and 40% of women, Pimportance of good dental health to them (OR, 1.6; 95% CI, 1.1-2.4; P=0.02) among women and statement that "Poor oral health can be injurious to general health" (OR, 2.6; 95% CI, 1.2-5.5; P=0.01) and checkup-based habitual dental attendance (OR, 2.4; 95% CI, 1.0-5.9; P=0.06) among men. CONCLUSIONS. Due to different determinants affecting toothbrushing frequency among men and women, different oral health motivation programs by gender should be developed.

  3. DisLexList

    DEFF Research Database (Denmark)

    2013-01-01

    DisLexList is a simple analysis script for the generation of lists of lexemes in discourses, and may be used as a tool in discourse analysis (critical and otherwise). DisLexList is, in its current state, able to generate simple word lists and lexeme list based on output from VISL's flat structure...

  4. Istoricheskie aspekty razvitija rossijsko-litovskih jekonomicheskih otnoshenij i sovremennost' [The historical aspects and current issues of the development of Russian-Lithuanian economic relations

    Directory of Open Access Journals (Sweden)

    Kretinin Gannady

    2012-01-01

    Full Text Available This article focuses on development of Russian-Lithuanian economic ties. The research and practical significance of this study lies in the identification of the sources of modern Russian-Lithuanian economic cooperation and the prospects of future mutually beneficial economic relations. The first attempt at establishing economic relations was made in 1919. However, young Lithuanian Republic gravitated towards the West, severing ties with the Russian market. However, the initiatives of Lithuanian authorities did not result in successful state building, and the economic situation remained unchanged. The USSR leadership made an effort to improve the living conditions in post-war Lithuania. There were some mistakes made in the relations with the local population that resulted in Lithuanians’ resistance to sovietisation. However, in the conditions of post-war restoration of national economy and acute deficit of material and human resources, the Soviet leadership managed not only to reform and develop a socialistic economy in Lithuania but also to turn it into an industrial republic with developed agriculture and modern manufacturing facilities, whose major industries manufactured products used in nuclear and space technologies, aviation and navigation. The research shows that the post-Soviet period led to a dramatic change in Russian-Lithuanian economic relations; however, these relations retained potential for future development.

  5. Australian Coal Company Risk Factors: Coal and Oil Prices

    OpenAIRE

    M. Zahid Hasan; Ronald A. Ratti

    2014-01-01

    Examination of panel data on listed coal companies on the Australian exchange over January 1999 to February 2010 suggests that market return, interest rate premium, foreign exchange rate risk, and coal price returns are statistically significant in determining the excess return on coal companies’ stock. Coal price return and oil price return increases have statistically significant positive effects on coal company stock returns. A one per cent rise in coal price raises coal company returns ...

  6. Análise da relação entre gerenciamento de resultados e custo de capital em empresas brasileiras listadas na BM&FBOVESPA = Analysis of the Relationship Between Results-Based Management and Cost of Equity in Brazilian Companies Listed in BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Geovanne Dias de Moura

    2016-04-01

    Full Text Available O estudo objetivou analisar a relação entre o gerenciamento de resultados contábeis e o custo de capital próprio e de terceiros em empresas brasileiras listadas na BM&FBovespa. Para tal, realizou-se pesquisa descritiva, conduzida por meio de análise documental e abordagem quantitativa dos dados referentes ao período de 2010 a 2013 de uma amostra composta de 217 empresas. Os resultados evidenciaram que houve elevação do custo de capital próprio. No que tange ao custo de capital de terceiros, quando analisado por meio da variável Kd, constatou-se que ocorreu uma pequena redução de 31,81% para 28,37%. Ao analisar o custo de capital de terceiros, por meio da variável Ki, constatou-se que houve aumento de 23,94% para 30,13%. Os resultados evidenciaram destaque para os gerenciamentos de baixas proporções, principalmente a partir do ano de 2011. Também entre as empresas analisadas aquelas com menor gerenciamento de resultados não apresentavam menor custo de capital próprio e de terceiros. The study aimed at analyzing the relationship between results-based management and the company's cost of equity and its third party in Brazilian companies listed in BM&FBovespa. To this end, a descriptive research was conducted through documentary analysis and quantitative analysis of the data from 2010 to 2013 from a sample of 217 companies. The results revealed that the cost of equity rose in the period of 2010 to 2013. With respect to the cost of third party, when analyzed by Kd variable, it was found out a slight decrease from 31,81% to 28,37%. When analyzing the cost of third party by Ki variable, it was noticed an increase from 23,94% to 30,13% between 2010 and 2013. As for management, the results showed significance for the low proportion managements, especially since 2011. The results also showed that, among the analyzed companies, those with lower results-based management did not have lower cost of equity and third party.

  7. DETERMINANTS OF FINANCIAL STRUCTURE OF GREEK COMPANIES

    Directory of Open Access Journals (Sweden)

    Gargalis PANAGIOTIS

    2016-06-01

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

  8. Corporate Governance and Share Price: Evidence from listed Firms ...

    African Journals Online (AJOL)

    Corporate Governance and Share Price: Evidence from listed Firms in Nigeria. ... PROMOTING ACCESS TO AFRICAN RESEARCH ... Most companies in Nigeria adopt corporate governance practices without really knowing the resultant ...

  9. Asmeniniai įvardžiai mokslo kalboje. Personal pronouns in Lithuanian scientific discourse

    Directory of Open Access Journals (Sweden)

    Nijolė Linkevičienė

    2012-01-01

    Full Text Available The focus of the paper is the use of personal pronouns as a means of author stance expression in the Corpus Academicum Lithuanicum (about 9 million words representing a variety of academic genres in five science areas (Biomedical sciences, Humanities, Physical sciences, Social sciences, Technological sciences. Pronouns in the subject position in Lithuanian may be omitted, as the person/number inflection of the verb already indicates the subject. Therefore, when the pronoun does occur in scientific discourse it might be interpreted as an emphasized expression of the author stance.In this study qualitative and quantitative approaches are employed to reveal distributional information and usage patterns of the personal pronouns I and we. The results of the study indicate cross-disciplinary differences in the use of personal pronouns in different science areas: researchers in the hard science fields tend to use personal pronouns to a much smaller extent than researchers in the soft fields. The study also showed marked differences in the distribution of exclusive and inclusive we. Scientists in the humanities and social sciences prefer the inclusive communal we, whereas researchers in biomedical, physical and technological sciences favour the exclusive we which primarily refers to the authors themselves or to the academic community. A case study of the personal pronoun you revealed its rare usage in scientific Lithuanian. This pronoun is usually employed to refer to the indefinite addressee. ------ Straipsnyje aptariama autoriaus pozicijos raiška asmeniniais įvardžiais lietuvių mokslo kalbos tekstyne CorALit. Pasitelkus kiekybinę ir kokybinę analizę, tiriami asmeninių įvardžių aš ir mes bei jų dažniausių gramatinių formų vartosenos ypatumai biomedicinos, humanitarinių, socialinių, fizinių ir technologinių mokslų srityse. Tyrimas parodė, kad tiek vienaskaitinė, tiek daugiskaitinė autoriaus pozicijos raiška asmeniniais

  10. Corporate Governance in Publicly Traded Canadian Companies

    OpenAIRE

    Hu, Jie; Wang, Chong

    2011-01-01

    We investigate the effectiveness of corporate governance practices in this paper, focusing on the corporate governance practices implemented by TSX listed companies in Canada. We analyze the determinants of the effectiveness of corporate governance practices and test whether corporate governance mechanisms relate to quality of accounting earnings and company performance. We obtain mixed results from regression analyses indicating that corporate governance mechanisms are not significantly rela...

  11. List of publications 1991 January-December

    International Nuclear Information System (INIS)

    1992-02-01

    AECL Research is engaged in research and development related to the peaceful applications of nuclear energy. Specifically, the company's mission is to perform the research, development, demonstration and marketing required to apply nuclear sciences and their related technologies for the maximum benefit of Canada. Among our most important products are scientific reports, publications and conference presentations. This document lists our publications for 1991

  12. List of publications. 1992 January - December

    International Nuclear Information System (INIS)

    1993-04-01

    AECL Research is engaged in research and development related to the peaceful applications of nuclear energy. Specifically, the company's mission is to perform the research, development, demonstration and marketing required to apply nuclear sciences and their related technologies for the maximum benefit of Canada. Among our most important products are scientific reports, publications and conference presentations. This document lists our publications for 1992. (author)

  13. List of publications 1993 January - December

    International Nuclear Information System (INIS)

    1994-04-01

    AECL research is engaged in research and development related to the peaceful applications of nuclear energy. Specifically, the company's mission is to perform the research, development, demonstration and marketing required to apply nuclear sciences and their related technologies for the maximum benefit of Canada. Among our most important products are scientific reports, publications and conference presentations. This document lists our publications for 1993. (author)

  14. Specialist English as a foreign language for European public health: evaluation of competencies and needs among Polish and Lithuanian students.

    Science.gov (United States)

    Sumskas, Linas; Czabanowska, Katarzyna; Bruneviciūte, Raimonda; Kregzdyte, Rima; Krikstaponyte, Zita; Ziomkiewicz, Anna

    2010-01-01

    Foreign languages are becoming an essential prerequisite for a successful carrier among all professions including public health professionals in many countries. The expanding role of English as a mode of communication allows for university graduates to project and to seek their career in English-speaking countries. The present study was carried out in the framework of EU Leonardo da Vinci project "Specialist English as a foreign language for European public health." The study aimed to get a deeper insight how the English language is perceived as a foreign language, by Polish and Lithuanian public health students, what is level of their language competence, which level of English proficiency they expect to use in future. MATERIAL AND METHODS. A total of 246 respondents completed the special questionnaires in autumn semester in 2005. A questionnaire form was developed by the international project team. For evaluation of English competences, the Language Passport (Common European Framework of Reference for Languages of Council of Europe) was applied. RESULTS. Current self-rated proficiency of the English language was at the same level for Lithuanian (3.47+/-1.14) and Polish (3.31+/-0.83) respondents (P>0.05). Majority of respondents (88.6% of Lithuanian and 87.8% of Polish) reported using the English language for their current studies. Respondents reported a significant increase in necessity for higher level of English proficiency in future: mean scores provided by respondents changed from B1 level to B2 level. Respondents gave priority to less formal and practice-based interactive English teaching methods (going abroad, contacts with native speakers) in comparison with theory-oriented methods of learning (self-studying, Internet courses). CONCLUSIONS. Similar levels of English language in all five areas of language skills were established in Polish and Lithuanian university students. Respondents gave more priorities to less formal and practice-based interactive

  15. Research Note
    Effect of drought and fires on the quality of water in Lithuanian rivers

    OpenAIRE

    G. Sakalauskiene; G. Sakalauskiene; G. Ignatavicius

    2003-01-01

    In August and September 2002, concentrations of heavy metals (copper, lead, and zinc) were 21-74% more than in previous years in Lithuanian rivers. Such a sudden increase in heavy metal pollution reduces the value of any water body for fishing or recreation and poses a potential risk to the environment and to human health. Droughts in the summer of 2002 led to forest and peat bog fires all over Lithuania and may have caused the increase in concentrations of heavy metals detected in ...

  16. Research Note
    Effect of drought and fires on the quality of water in Lithuanian rivers

    OpenAIRE

    Sakalauskiene , G.; Ignatavicius , G.

    2003-01-01

    International audience; In August and September 2002, concentrations of heavy metals (copper, lead, and zinc) were 21-74% more than in previous years in Lithuanian rivers. Such a sudden increase in heavy metal pollution reduces the value of any water body for fishing or recreation and poses a potential risk to the environment and to human health. Droughts in the summer of 2002 led to forest and peat bog fires all over Lithuania and may have caused the increase in concentrations of heavy metal...

  17. Peculiarities of the contamination with radionuclides of the cultured pasture grass of the Lithuanian SSR after the Chernobyl accident

    International Nuclear Information System (INIS)

    Nedvetskajte, T.N.; Filistovich, V.I.; Petrulis, R.A.; Dauskurdis, S.I.; Tamulenajte, O.P.; Chias, K.V.

    1989-01-01

    Data on the contamination of pastures in the Lithuanian SSR with 131 I after the Chernobyl accident are given on the basis of measuring the grass samples from the cultured pastures. The predominant radionculides on the grass in the north-eastern and central parts of Lithuanie were 1 31 I and 103 Ru, while in its western and southern parts the 141 Ce, 144 Ce, 134 Cs, 137 Cs and other radioisotopes as well as hot particles predominated. The value of the grass-milk transfer coefficient was specified. 2 refs.; 5 figs

  18. Increased tree establishment in Lithuanian peat bogs--insights from field and remotely sensed approaches.

    Science.gov (United States)

    Edvardsson, Johannes; Šimanauskienė, Rasa; Taminskas, Julius; Baužienė, Ieva; Stoffel, Markus

    2015-02-01

    Over the past century an ongoing establishment of Scots pine (Pinus sylvestris L.), sometimes at accelerating rates, is noted at three studied Lithuanian peat bogs, namely Kerėplis, Rėkyva and Aukštumala, all representing different degrees of tree coverage and geographic settings. Present establishment rates seem to depend on tree density on the bog surface and are most significant at sparsely covered sites where about three-fourth of the trees have established since the mid-1990s, whereas the initial establishment in general was during the early to mid-19th century. Three methods were used to detect, compare and describe tree establishment: (1) tree counts in small plots, (2) dendrochronological dating of bog pine trees, and (3) interpretation of aerial photographs and historical maps of the study areas. In combination, the different approaches provide complimentary information but also weigh up each other's drawbacks. Tree counts in plots provided a reasonable overview of age class distributions and enabled capturing of the most recently established trees with ages less than 50 years. The dendrochronological analysis yielded accurate tree ages and a good temporal resolution of long-term changes. Tree establishment and spread interpreted from aerial photographs and historical maps provided a good overview of tree spread and total affected area. It also helped to verify the results obtained with the other methods and an upscaling of findings to the entire peat bogs. The ongoing spread of trees in predominantly undisturbed peat bogs is related to warmer and/or drier climatic conditions, and to a minor degree to land-use changes. Our results therefore provide valuable insights into vegetation changes in peat bogs, also with respect to bog response to ongoing and future climatic changes. Copyright © 2014 Elsevier B.V. All rights reserved.

  19. Resilience in a reborn nation: Validation of the Lithuanian Resilience Scale for Adults (RSA).

    Science.gov (United States)

    Hilbig, Jan; Viliūnienė, Rima; Friborg, Oddgeir; Pakalniškienė, Vilmantė; Danilevičiūtė, Vita

    2015-07-01

    Resilience, as an ability to withstand or rebound from crisis or adversity, is becoming an increasingly significant concept in health promotion and well-being. Individuals exhibiting resilience use skills or resources flexibly to solve situational demands. The Resilience Scale for Adults (RSA) may be used to assess protective resources, and the aim of the present study was to validate the Lithuanian translation. The translated RSA was administered to a clinical (n=125) and a non clinical sample (n=499) to examine the discriminant validity of the RSA items with a confirmatory factor analysis, the internal consistency as well as construct validity by correlating it with the Quick Psycho-Affective Symptoms Scan (QPASS). The internal consistency, the test-retest stability and the factor structure were replicated as adequate, thus indicating good psychometric properties and support of discriminant validity. Females reported more resilience resources for the domains of social competence, family cohesion and social resources compared to men. The RSA subscales correlated negatively with the QPASS scores, and patients reported significantly less resilience resources than non-patients, thus indicating construct validity. Valid psychometric tools for research purposes and routine every-day use are urgently needed in Lithuania, a young nation still under numerous challenges due to social, economic and political transitions. The RSA represents a reliable and valid tool for assessing protective factors. Assessing resilience factors may extend the understanding of factors relevant for mental health problems as well as treatment prognosis beyond the capabilities of mere symptom oriented approaches. Copyright © 2015 Elsevier Inc. All rights reserved.

  20. Evaluation of exposure to cosmic radiation of flight crews of Lithuanian Airlines

    International Nuclear Information System (INIS)

    Morkunas, G.; Pilkyte, L.; Ereminas, D.

    2003-01-01

    In Lithuania the average annual effective dose due to cosmic radiation at the sea level is 0.38 mSv. The dose rate caused by cosmic radiation increases with altitude due to the decrease in attenuation of cosmic radiation by atmosphere. Dose rates altitudes of commercial flights are tens times higher than those at the sea level. For this reason people who frequently fly receive higher doses which might even be subject to legal regulations. The European Council Directive (96/29 EURATOM) on basic radiation safety standards requires that doses of air crews members be assessed and appropriate measures taken, depending on the assessment results. The aim of this study was to evaluate potential doses, which can be received by members of air crews of Lithuania Airlines. The assessment was done by performing measurements and calculations. Measurements were performed in flying aircraft by thermoluminescent detectors, Geiger Muller counters and neutron rem counter. Such an approach lead to evaluation of doses due to directly ionizing particles and neutrons. Calculations were done with the help of the code CARI-6M. Such parameters as flight route, solar activity, duration and altitudes of flight were taken into account. Doses received during different flights and in different air crafts were assessed. The results of measurements and calculations were compared and differences discussed. The results were also compared with the data obtained in other similar studies. It was found that the highest doses are received in flights to Paris, London, Amsterdam, and Frankfurt by aircraft B737. A number of flights causing annual doses higher than 1 mSv was estimated. Despite the fact that only European flights are operated by Lithuanian Airlines the dose of 1 mSv may be exceeded under some circumstances. If it happens some radiation protection measures shall be taken. These measures are also discussed. (author)

  1. 社会资本、法律保护与研发投资--来自中国上市公司面板数据的证据%Social Capital, Law Protection and R & D Investment-evidence from Listed Companies Panel Data in China

    Institute of Scientific and Technical Information of China (English)

    张洪辉

    2014-01-01

    对于公司研发投资的研究,现有研究一般从公司规模、公司年龄等内部因素,及地区经济发展、对外开放程度等外部因素展开的。本文引入社会学中的社会资本理论,结合法律保护状况,研究社会资本、法律保护程度对上市公司研发投资的影响。利用2007-2012年中国上市公司的不平衡面板数据,研究发现社会资本能够对公司研发投资产生正面的作用,它所规定的诚实、守信原则,作为一种非正式的、非强制的制度来规范个体的行为,刺激公司研发投资;法律保护也能对公司研发投资产生激励作用,随着法律保护水平的提高,公司研发投资水平相应增加。同时,社会资本和法律保护之间存在着替代作用,当法律保护增强时,社会资本对公司研发投资的正面作用减弱。此外,财务杠杆并不能制约公司的研发投资行为,这与传统代理理论不一致;现金流并没有成为公司研发投资的资金来源,这也不符合传统的融资约束理论。%Among the researches on corporate investing , much of them were made from the internal fac-tors of corporate size , corporate age , and the external factors of regional economic development and the level of opening-up.This paper introduces social capital theory from sociology , and with law protection , to analyze social capital and law protection impact on listed companies ’ R&D investment .Using unbalance panel data of Chinese listed companies in 2007-2012 , it finds that social capital , as an informal rule , can erect an positive effect on corporate R&D investment , which uses its honesty rule to stimulate corporate R&D investment; law protection also can cause more corporate R&D investment , as the law protection level increasing , more R&D investment were made in listed companies .Meanwhile , social capital and law protection can substitute with each other , with the law protection

  2. State companies dominate non-U.S. OGJ100

    International Nuclear Information System (INIS)

    Beck, R.J.; Thrash, L.A.

    1991-01-01

    This paper reports on state owned oil and gas companies which dominate the OGJ100 list of major non U.S. holders of petroleum reserves. Many state companies report only production and reserves information and do not report financial data. Therefore, the companies cannot be ranked by financial data, as they are in the OGJ300. They instead are listed by region, based on location of companies' corporate headquarters. The top 20 companies in crude oil production and reserves are shown. The leading nongovernment company in both reserves and production is Royal Dutch/Shell Group - No. 11 in worldwide liquids reserves and No. 6 in liquids production. Crude oil reserves of the top 20 companies moved up less than 1% last year, increasing 401.5 billion bbl. The year before, when there were substantial reserves adjustments, the top 20 posted an increase of 139.3 billion bbl

  3. 78 FR 17206 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-03-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  4. 78 FR 41063 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-09

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

  5. 75 FR 30405 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-06-01

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  6. 78 FR 37222 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  7. 78 FR 7430 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-02-01

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  8. 77 FR 38816 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-06-29

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  9. 77 FR 64993 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-10-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  10. 77 FR 69454 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-11-19

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

  11. 77 FR 48156 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  12. 77 FR 42312 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-07-18

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

  13. 75 FR 26961 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-05-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  14. A Case Study on Improving the Process of Desicion Making in Industrial Companies

    Directory of Open Access Journals (Sweden)

    Valdas Bernatavičius

    2011-02-01

    Full Text Available The article deals with small and medium-sized industrial enterprises and looks into problems about the process of decision making in order to optimize the cost of enterprises within critical financial times. The article focuses on the theoretical models for decision making and presents the analysis of metal processing company „X“ to disclose multiple factors that have an influence on successful processes of selecting and making decisions. The paper also describes the theoretical decision-making model for optimizing company's costs on the basis of which decision-making processes should be moved to e-environment which may assist in improving the overall decision-making procedures in small enterprises.Article in Lithuanian

  15. Rasio Utang Memediasi Pengaruh Kemampulabaan Dan Ukuran Aktiva Terhadap Kebijakan Dividen: Studi Empiris Pada Perusahaan Perkebunan Kelapa Sawit Yang Terdaftar Di Bursa Efek Indonesia [Debt Ratio to Mediate Effect of Profitability and Asset Size on Dividend Policy: An Empirical Study on Oil Palm Plantation Companies Listed with the Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Rudolf Lumbantobing

    2017-06-01

    Full Text Available This research explores the influence of the debt policy, profitability, and size of asset toward company's dividend policy on oil palm plantation companies listed with the Indonesia Stock Exchange for the years 2011-2015. The secondary data used in this research were obtained directly from the company website and the Indonesia Stock Exchange (IDX. The data collection was conducted by direct observation upon the research object. The data were analyzed using path analysis and logistical regression model. The result showed that profitability has a significant and negative effect on the debt ratio. Size of asset does not have a significant and positive effect on the debt ratio. Profitability and size of assets have significant and positive effects on dividend policy, which proves that the larger profitability and the size of assets, the greater the probabilty of paying dividends. Debt ratio does not have a significant and positive effect on dividend policy. Debt ratio has a significant positively partial mediating effect toward the influence of profitability on dividend policy. Otherwise, debt ratio does not have a significant negatively mediating effect toward the positive effect of size of asset on dividend policy.  BAHASA INDONESIA ABSTRAK: Penelitian ini mengeksplorasi engaruh kebijakan utang, kemampulabaan dan ukuran aktiva terhadap kebijakan dividen perusahaan perkebunan kelapa sawit yang terdaftar di Bursa Efek Indonesia periode tahun 2011-2015. Data yang digunakan adalah data sekunder yang diperoleh secara langsung dari website perusahaan dan Bursa Efek Indonesia. Pengumpulan data dilakukan dengan observasi tidak langsung terhadap objek penelitian yaitu perusahaan kelapa sawit. Data dianalisis dengan menggunakan path analysis dan model regresi logistik. Temuan penelitian ini menunjukkan bukti bahwa kemampulabaan signifikan berpengaruh negatif terhadap rasio utang. Ukuran aktiva tidak signifikan berpengaruh positif terhadap rasio

  16. Intergenerational Transmission of Resilience? Sense of Coherence Is Associated between Lithuanian Survivors of Political Violence and Their Adult Offspring.

    Science.gov (United States)

    Kazlauskas, Evaldas; Gailiene, Danute; Vaskeliene, Ieva; Skeryte-Kazlauskiene, Monika

    2017-01-01

    Little is known about intergeneration effects on mental health in the families of survivors of political oppression of communist regime in Central and Eastern Europe. We aimed to explore post-traumatic stress in the second generation of the Lithuanian survivors of political violence, and analyze links between parental and adult offsprings' sense of coherence in the families exposed to political violence during the oppressive communist regime in Lithuania. A total of 110 matched pairs of communist regime political violence survivors (mean age = 73.22 years) and their adult offspring (mean age = 44.65 years) participated in this study. Life-time traumatic experiences and sense of coherence were measured in both parents and their offspring. Post-traumatic stress symptoms were assessed in the second generation of survivors. We found a high vulnerability in the second generation of the Lithuanian families of political violence survivors, with a 29% of probable PTSD in the second generation based on self-report measures. A significant positive correlation between parental and adult offsprings' sense of coherence was found. Post-traumatic stress symptoms were associated negatively with a sense of coherence in the second generation. Our study indicates the links between parental and the second generation's sense of coherence in the families of survivors of political violence. The study raises broader questions about the intergenerational aspects of resilience. Further studies are needed to explore the links between parental and child sense of coherence in other samples.

  17. Influence of Brownfield Conversion on Evaluating Real Estate and Implemeting the Possibilites of Urban Brownfields in Lithuanian Cities

    Directory of Open Access Journals (Sweden)

    Vytautas Bielinskas

    2015-05-01

    Full Text Available The article deals with the problems of brownfield in Lithuania. The paper overviews Lithuanian and foreign experience of integrating the introduced areas into the urban framework based on social, economic, ecological and cultural contextuality. The main problem, on Lithuanian scale, is the absence of an official definition of urban brownfield. The legal framework in Lithuania does not contain any provisions to be processed. The article is aimed at identifying potential threats to the areas in respect of criteria for urban brownfields, and, according to this review, at revealing possible uses of this land. One of the most effective ways of urban sustainable development is the conversion of former military, industrial and other land accepted as the legacy of the Soviet regime. The authors have established a causal relationship resulting in the emergence of the urban areas of wilderness and developed guidance on using them. The authors have analysed and evaluated the existing real estate developers and current trends towards opportunities for private and public partnership (PPP in Lithuania. Although PPP is widespread in most of European countries, it is a rare phenomenon in Lithuania, and has no deep-rooted tradition of this kind of investment in urban infrastructure; however, evaluation is one of the most potential ways to revitalize abandoned urban territories. Based on practices of foreign countries, the authors have identified PPP as a priority.

  18. Disability as diversity in Fortune 100 companies.

    Science.gov (United States)

    Ball, Phoebe; Monaco, Gregory; Schmeling, James; Schartz, Helen; Blanck, Peter

    2005-01-01

    To investigate the inclusion of people with disabilities in the diversity policies of the most successful businesses in the United States, we examined the publicly available workforce and supplier diversity policies of the top 100 companies on Fortune Magazine's 2003 list of the 500 most profitable companies in the nation. The majority of these companies have extensive information about their diversity policies and practices available on their corporate website. The information was used to categorize the policies into those that include people with disabilities, do not define diversity, and enumerate what is meant by diversity (e.g. in terms of race or gender) but do not expressly mention disability. In addition, we looked beyond the diversity policies to information available on corporate websites relating to a variety of diversity initiatives. Findings suggest that the majority of the companies that top the Fortune 500 list have developed and implemented diversity policies. Of these, 42% have diversity policies that include people with disabilities in the definition of a diverse workforce. Furthermore, 47% of companies with workplace diversity policies discuss diversity in a way that neither expressly includes nor excludes people with disabilities. Far fewer (15%) supplier diversity policies include disability in the definition of diversity, but a significant number of companies use criteria that allow a business owner with a disability to benefit from the company's supplier diversity program. 2005 John Wiley & Sons, Ltd.

  19. Informações por Segmento: análise do nível de evidenciação das companhias listadas no novo mercado = Segment reporting: an analysis of the disclosure level of the companies listed on BM&F Bovespa’s new market

    Directory of Open Access Journals (Sweden)

    Camila Weschenfelder

    2014-08-01

    Full Text Available As normas internacionais de Contabilidade contribuíram para melhorar o nível de transparência das demonstrações financeiras, disponibilizando informações gerenciais, como as informações por segmento. A pesquisa objetivou verificar o nível de evidenciação do CPC 22 – Informações por segmento – das demonstrações contábeis intermediárias,analisando 127 companhias listadas no Novo Mercado da BM&F Bovespa. A verificação deu-se por meio da análise de conteúdo e posteriormente pelo modelo de regressão linear múltipla. Os resultados sinalizaram que companhias com emissão de ADR’s tendem a divulgar menos informações por segmento que as demais. Algumas companhias não citam o CPC 22 nas suas demonstrações contábeis e nenhuma evidenciou a Demonstração do Fluxo de Caixa por segmento.Poucas empresas investigadas citaram o grau de dependência dos principais clientes, o montante de investimentos contabilizados por equivalência patrimonial e a conciliação entre as informações por segmento e o balanço patrimonial. Companhias auditadas por Big Four apresentam menor nível de evidenciação do que as demais. Conclui-se que o nível de evidenciação de informações por segmento é baixo e distinto entre os setores. The international accounting standards have contributed to improve the financial statements transparency providing managing information, as the ones by segment. This research has aimed at checking the CPC 22 disclosure level – Segment reporting – from the intermediate financial statements of the 127 companies listed on BM&F Bovespa’s New Market. This checking has been performed by the Content Analysis and, further, by the Multiple Regression analysis Pattern. The results showed that the companies with ADR’s tend to disclosure less information about segment reporting than others. Some companies do not mention in their financial statements and none of them highlighted the Cash Flow Demonstration by

  20. 48 CFR 252.225-7007 - Prohibition on Acquisition of United States Munitions List Items from Communist Chinese Military...

    Science.gov (United States)

    2010-10-01

    ... of United States Munitions List Items from Communist Chinese Military Companies. 252.225-7007 Section... Chinese Military Companies. As prescribed in 225.1103(4), use the following clause: Prohibition On Acquisition of United States Munitions List Items From Communist Chinese Military Companies (SEP 2006) (a...