John N. N. Ugoani
Full Text Available Bank earnings in form of retained profit help in the capital formation of banks. This is critical because capital inadequacy is often a cause of bank failures. During the banking crisis in Nigeria the gross earnings of many banks diminished considerably due to frauds and bad management. For example, in 2009 the Central Bank of Nigeria revoked the operating licences of fourteen banks which had huge nonperforming loans and were making losses. The fragility in the Nigerian banking system in the 1990s and beyond was compounded due to wide spread poor corporate governance practices and imprudent lending that led to the erosion of gross earnings and profitability. The study employed the exploratory research design. Data analyses were done through description statistics and the regression technique using the statistical package for the social sciences. The regression result was Y = 4.926 + 1.877x meaning that with an increase of 1 percent in gross earnings bank profitability increases by 1.88 percent. This is the crux of the study.
... exclude from earnings and profits that portion of any premium which is unearned under the provisions of section 832(b)(4) and which is segregated accordingly in the unearned premium reserve. (b) Among the items... items includible in gross income under section 61 or corresponding provisions of prior revenue acts...
Xie, Yu; Wu, Xiaogang
Prior research has debated the relative importance of such factors as human capital, political capital and region in determining workers’ earnings in reform-era urban China. This article argues that a main agent of social stratification in contemporary China continues to be the danwei, the work unit. Using data from a 1999 survey we conducted in three large Chinese cities, Wuhan, Shanghai and Xi’an, we assess the extent to which workers’ earnings (including regular wages, bonuses and subsidies) depend on the profitability of their danwei. Results show that the financial situation of the danwei is one of the most important determinants of earnings in today’s urban China. Furthermore, the importance of danwei profitability does not vary by city or by employment sector. PMID:20445771
... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Earnings and profits of a real estate investment... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1.857-7 Earnings and profits of a real estate investment trust. (a) Any real estate investment trust whether or not such trust...
... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Non-REIT earnings and profits. 1.857-11 Section 1.857-11 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1.857-11 Non-REIT earnings and profits...
... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Effect of depreciation on earnings and profits... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Effects on Corporation § 1.312-15 Effect of depreciation on earnings and profits. (a) Depreciation for taxable years beginning after June 30, 1972—(1) In general...
... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Earnings and profits. 1.381(c)(2)-1 Section 1.381(c)(2)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Insolvency Reorganizations § 1.381(c)(2)-1 Earnings and profits. (a) In...
Dr. Sohaib Masood
In this paper an attempt has been made to identify the important determinants of retained earnings in profitable steel companies in steel sector of India and which have impact on the retention of earnings of steel companies under study. Multiple linear regression is used to identify the determinants of retained earnings for a period of sixteen years. Also the importance of retained earnings as a source of finance for steel sector companies is also studied in the paper.
... Gains and Losses § 1.1248-2 Earnings and profits attributable to a block of stock in simple cases. (a... United States shall not be excluded under this subdivision from earnings and profits accumulated for a... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Earnings and profits attributable to a block of...
... in determining invested capital; and (2) The computation of earnings and profits of the corporation... stock in the hands of Corporation R for purposes of computing earnings and profits, however, will be... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Effect on earnings and profits of gain or loss...
... profits taxes imposed on or with respect to such distribution by any foreign country or possession of the..., after incurring $10 of foreign income tax allocable to such income under paragraph (c) of § 1.954-1, has... has earnings and profits of $300, consisting of operating income of $100 for each of the years 1963...
... profits of the issuing corporation upon a disposition of section 306 stock unless such disposition is a... distribution of property by a corporation with respect to its stock, its earnings, and profits (to the extent... distribution of stock or rights to acquire stock a portion of which is includible in income by reason of...
... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Depletion as a factor in computing earnings and....611-4 Depletion as a factor in computing earnings and profits for dividend purposes. For rules with respect to computation of earnings and profits where depletion is a factor in the case of corporations...
Sri Agustina Basuki
Full Text Available The purpose of this research is to understand the influence of investor reaction towards profit that measured by the earning response coefficient with the variable of conservatism accountancy, persistence of profit and the systematic risk at the company, which have high market capitalization and listed in the LQ 45 index. Population in the research are companies, which are listed in the LQ 45 index from the period of 2011 to 2015 that have complete financial information, and have financial notation in the form of Rupiah and excluded from the banking sector. The analysis method that being used is multiple linier regressions analysis and the result shows that conservatism accountancy partially significant affecting the Earning Response Coefficient. It shows that there is an investor reaction towards companies in the Index LQ 45, which applies conservatism accountancy in gaining profit. Profit persistence and the systematic risk is not significantly affecting earnings response coefficient.
The profitability of the Canadian upstream oil and gas industry is examined by analyzing return on equity and return on capital invested. By all measures and interpretations, the upstream industry has been unprofitable since the mid-1980s; returns generated are far below the industry's own historical cost of capital, and are inadequate relative to other sectors of the Canadian economy and to international oil and gas companies. This poor profitability is attributed to such factors as: overly optimistic price forecasts and healthy cash flows generated in the early 1980s, which led to excess capital spending; poor returns on capital reflective of the physical limitations of the Western Canadian Sedimentary Basin; high capital and operating costs; and a high royalty burden imposed by provincial governments. The consequences of low profitability include inadequate returns to equity investors, a drop in spending on upstream services such as drilling and exploration, a reduced ability of the industry to generate employment, and an adverse effect on the economy of Alberta. Forecasts indicate that the upstream sector is extremely vulnerable to a scenario of relatively flat prices due to high and increasing operating costs and depletion charges, and the significant royalty payments that still are in effect. Little scope is foreseen for industry profitability to return to acceptable levels over the first half of the 1990s. Reduced royalties have the potential to make a significant contribution to improved profitability. 52 figs., 40 tabs
... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Non-RIC earnings and profits. 1.852-12 Section 1.852-12 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Regulated Investment Companies and Real Estate Investment Trusts § 1.852-12 Non-RIC...
... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Earnings and profits of a regulated investment company. 1.852-5 Section 1.852-5 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Regulated Investment Companies and Real Estate Investment...
... follows: PART 1--INCOME TAXES Paragraph 1. The authority citation for part 1 continues to read, in part... contains proposed amendments to 26 CFR part 1 concerning the allocation of earnings and profits in tax-free... the allocation of earnings and profits should conform to the rules for the allocation of other tax...
This note discusses basic economic mechanisms that may affect the profitability of vertical integration in the European gas industry. It concentrates on reasonable strategies for a large upstream company which considers a stronger engagement downstream. The note warns against the effect of simplified conclusions with regard to the impact of vertical integration. It applies a simple model of successive oligopolies to discuss double mark-ups, exclusions, barriers to entry, etc
Full Text Available Purpose – The impact of volatility crush can be devastating to an option buyer and results in a substantial capital loss, even with a directionally correct strategy. As a result, most volatility plays are for option sellers, but the profit they can achieve is limited and the sellers carry unlimited risk. This paper aims to demonstrate the dynamics of implied volatility (IV as being influenced by effects of persistence, leverage, market sentiment and liquidity. From the exploratory factor analysis (EFA, they extract four constructs and the results from the confirmatory factor analysis (CFA indicated a good model fit for the constructs. Design/methodology/approach – This section describes the methodology used for conducting the study. This includes the study area, study approach, sources of data, sampling technique and the method of data analysis. Findings – Although there is extensive literature on methods for estimating IV dynamics during earnings announcement, few researchers have looked at the impact of expected market maker move, IV differential and IV Rank on the IV path after the earnings announcement. One reason for this research gap is because of the recent introduction of weekly options for equities by the Chicago Board of Options Exchange (CBOE back in late 2010. Even then, the CBOE only released weekly options four individual equities – Bank of America (BAC.N, Apple (AAPL.O, Citigroup (C.N and US-listed shares of BP (BP.L (BP.N. The introduction of weekly options provided more trading flexibility and precision timing from shorter durations. This automatically expanded expiration choices, which in turned offered greater access and flexibility from the perspective of trading volatility during earnings announcement. This study has demonstrated the impact of including market sentiment and liquidity into the forecasting model for IV during earnings. This understanding in turn helps traders to formulate strategies that can circumvent
Suryani, Arna; Herianti, Eva
The purpose of this study is to determine the effect of prudential principle of financial statements in IFRS on earnings response coefficients and profit management of manufakturing companies. This study uses analytical methods Partial Least Square (PLS) through analisys software called Smart PLS 2.0 M3. The object of this research is manufacturing companies in Indonesia with a total of 57 analysis unit manufacturing company during the period from 2013 to 2015.Based on the results of the stud...
... TAX (CONTINUED) INCOME TAXES Domestic International Sales Corporations § 1.996-3 Divisions of earnings... dividend of $35, i.e., one-half of R's taxable income of $70. The tax consequences of these facts to X and...
Pengaruh Debt to Equty Ratio, Current Ratio , Net Profit Margin Terhadap Harga Saham dengan Price Earning Ratio Sebagai Variabel Pemoderasi pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2012-2014
Theresia, Paskah Lia
This study conducted to analyze the effect of variable Debt to Equity Ratio (DER), Current Ratio (CR), Net Profit Margin (NPM) andPrice Earnings Ratio (PER) to the Stock Prices with Price Earnings Ratio (PER) as an moderating variable on companies listed on Indonesian Stock Exchange from 2012 - 2014.The samplingtechnique used is purposive sampling and number of samples used by 23 companies. The analysis technique used are Descriptive Statistic Analysis, Classical Assumption Test, Hypothesis T...
This paper focuses on the effects of the slowdown in budgetary growth on the upstream business and offshore services. The dangers facing investors, the strong growth in energy demand, oil company priorities, the dip in profits of the oil companies, new field economics, the budgets for exploration and production, and the rig market outlook are discussed. (UK)
... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Foreign tax credit with respect to taxes paid... Controlled Foreign Corporations § 1.960-1 Foreign tax credit with respect to taxes paid on earnings and... foreign tax credit limitation under section 904(a) of the domestic corporation for the taxable year in...
'Windfall profits' again is a popular term, but mostly the term is used inappropriately. This short article discusses why, and proposes a more complete taxonomy of profits. There exists little ground and need for policy to act against genuine windfalls, while the contrary holds for other excessive earnings. Very few windfalls, freely fallen down from winds in the sky, occur after observed excessive profits are stripped from deliberate man-made interventions. That is why clear identification and correct language are needed
Leone, Andrew J; Van Horn, R Lawrence
We hypothesize that, unlike for-profit firms, nonprofit hospitals have incentives to manage earnings to a range just above zero. We consider two ways managers can achieve this. They can adjust discretionary spending [Hoerger, T.J., 1991. 'Profit' variability in for-profit and not-for-profit hospitals. Journal of Health Economics 10, 259-289.] and/or they can adjust accounting accruals using the flexibility inherent in Generally Accepted Accounting Principles (GAAP). To test our hypothesis we use regressions as well as tests of the distribution of earnings by Burgstahler and Dichev [Burgstahler, D., Dichev, I., 1997. Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics 24, 99-126.] on a sample of 1,204 hospitals and 8,179 hospital-year observations. Our tests support the use of discretionary spending and accounting accrual management. Like Hoerger (1991), we find evidence that nonprofit hospitals adjust discretionary spending to manage earnings. However, we also find significant use of discretionary accruals (e.g., adjustments to the third-party-allowance, and allowance for doubtful accounts) to meet earnings objectives. These findings have two important implications. First, the previous evidence by Hoerger that nonprofit hospitals show less variation in income may at least partly be explained by an accounting phenomenon. Second, our findings provide guidance to users of these financial statements in predicting the direction of likely bias in reported earnings.
Full Text Available The aim of this paper is to study the relationship between earnings management, governance and investors behavior, since this latter can inform about the nature of earnings management and can be considered as a governance mechanism to reduce accounts manipulations. On the basis of a sample of 700 American firms for the period of 1996-2006, our empirical results show that investors who take short positions, are able to interpret the information detected from the earnings management. The activity of these investors may be considered as an indicator of the quality of the governance structure and the presence and nature of earnings management. The under-reaction of investors to information leads to short-term sale of the shares of poorly governed firms and characterized by an opportunistic earnings management and to invest in firms well-governed and characterized by an informational earnings management therefore an abnormal profit can be realized.
Dong, Gang Nathan
This paper examines the hospital management practices of manipulating financial earnings within the bounds of generally accepted accounting principles (GAAP). We conduct regression analyses that relate earnings management to hospital characteristics to assess the economic determinants of hospital earnings management behavior. From the CMS Cost Reports we collected hospital financial data of all U.S. hospitals that request reimbursement from the federal government for treating Medicare patients, and regress discretionary accruals on hospital size, profitability, asset liquidity, operating efficiency, labor cost, and ownership. Hospitals with higher profit margin, current ratio, working capital, days of patient receivables outstanding and total wage are associated with more earnings management, whereas those with larger size and higher debt level, asset turnover, days cash on hand, fixed asset age are associated with lower level of earnings manipulation. Additionally, managers of non-profit hospitals are more likely to undertake some form of window-dressing by manipulating accounting accruals without changing business models or pricing strategies than their public hospital counterparts. We provide direct evidence of the use of discretionary accruals to manage financial earnings among U.S. hospitals and the finding has profound policy implications in terms of assessing the pervasiveness of accounting manipulation and the overall integrity of financial reporting in this very special public and quasi-public service sector.
Williams, B.; Biggs, J.B.
A widely expected rise in 1990 profits stemming from a runup in oil prices did not happen for the group of 50 U.S. independent oil and gas companies the Oil and Gas Journal tracks. Instead, a string of special charges spurred big losses for a number of companies. In addition, an unexpectedly weak natural gas market also helped dampen upstream earnings for independents with reserves portfolios dominated by gas. As a result, overall profits for the OGJ group of independents slipped 2.3% in 1990 from 1989 levels. That occurred despite the group's increase of 13% in revenues, largely on the strength of oil production and prices climbing 16% and 25%, respectively. The group's gas production rose 8%, while gas prices remained flat. A few companies heavily skewed to oil saw profits about double year to year. However, the squeeze on revenues and profits from lower gas prices often more than offset increased gas production for many of the companies dependent on gas sales for most of their revenues. The situation was even worse for companies that shut in gas rather than sell it at less than replacement costs, thereby slicing, gas sales volumes as well. The depressed North American gas market has lasted into 1991, and oil prices have fallen from second half 1990 highs. Industry expectations are that oil prices overall will be lower in 1991 than they were last year, so it falls generally to increased gas prices and production in the second half to buoy profits enough to keep pace with 1990 levels. Prospects in 1991 are for big asset writedowns and plunging profits for U.S. independents if oil prices fall much below current levels and gas prices don't rally in the second half
Wahyu Manuhara Putra
Full Text Available Corporate earnings divided into a permanent component of earnings and transitory earnings will be very useful in estimating the future value of the company, that will be useful in decision making stock return. Be more relevant for investors and financial analysts in analyzing the earnings based on the permanent and transitory earnings. On permanent earnings will be more focused to get the gain from investments. One focus of research is based on this component is to test the relationship with the earnings dividend payment policy. Based on several studies obtained different results concerning the relationship with the permanent earnings dividend policy. Research that focuses on permanent earnings using two approaches to determine the accuracy of the proxy of permanent earnings. Determination of permanent earnings through the stock price and the latter by using the accounting profit.
This dissertation addresses the prediction of corporate earnings. The thesis aims to examine whether the degree of precision in earnings forecasts can be increased by basing them on historical financial ratios. Furthermore, the intent of the dissertation is to analyze whether accounting standards...... forecasts are not more accurate than the simpler forecasts based on a historical timeseries of earnings. Secondly, the dissertation shows how accounting standards affect analysts’ earnings predictions. Accounting conservatism contributes to a more volatile earnings process, which lowers the accuracy...... of analysts’ earnings forecasts. Furthermore, the dissertation shows how the stock market’s reaction to the disclosure of information about corporate earnings depends on how well corporate earnings can be predicted. The dissertation indicates that the stock market’s reaction to the disclosure of earnings...
Full Text Available Cost and expense stickiness is an important issue in accounting and economics research, and the literature has shown that cost stickiness cannot be separated from managers’ motivations. In this paper, we examine the effects that earnings management has on expense stickiness. Defining small positive profits or small earnings increases as earnings management, we observe significant expense stickiness in the non-earnings-management sub-sample, compared with the earnings-management sub-sample. When we divide expenses into R&D, advertising and other general expenses, we find that managers control expenses mainly by decreasing general expenses. We further examine corporate governance’s effect on expense stickiness. Using factor analysis, we extract eight main factors and find that good corporate governance reduces expense stickiness. Finally, we investigate the interaction effects of earnings management and corporate governance on expense stickiness. The empirical results show that good corporate governance can further reduce cost stickiness, although its effect is not as strong as that of earnings management.
of testing this concept has been the observation of stock market reaction to corporate ... earnings. Earnings also display management's competitiveness in profitably running a company ... drifts positively in the case of good announcements or negatively in the case of bad ... the gains from trading on annual earnings strategy.
Over the past 20 years, women's real earnings rose whereas those of men declined. Even as the gender pay gap narrowed, earnings differences between white women and black and Hispanic women continued to grow. (Author)
Chen, Jing; Åstebro, Thomas
A review of recent evidence on relative earnings from entrepreneurship versus wage work presents a puzzle: why do individuals become entrepreneurs when entrepreneurs on average apparently earn less than employees? After considering several potential explanations, we empirically analyze one: income...
RAHMANİ SERYASAT, Hamid; PİRAYESH, Reza; NOORALİDOKHT, Hamid
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...
Full Text Available Artikel ini membahas perkembangan model-model yang dapat digunakan untuk mendeteksi adanya earnings management berdasarkan akrual (accrual-based models. Masing-masing model memiliki asumsi dan metoda yang berbeda dalam mendeteksi adanya earnings management. Masing-masing model memiliki kelemahan-kelemahan yang melekat disamping kelebihan-kelebihan yang dimilikinya. Dari keempat model yang dapat digunakan untuk mendeteksi earnings management yaitu, Healy Model, DeAngelo Model, Jones model, Modified Jones model dan Industry model, diuji oleh Dechow et al. (1995, dalam hal tingkat keakuratannya dalam mendeteksi adanya earnings management. Masing-masing model diuji tingkat kemungkinannya memiliki kesalahan dalam mengukur adanya earnings management dengan tipe kesalahan I dan tipe kesalahan II. Hasilnya menunjukkan bahwa sangat penting bagi para pengguna laporan keuangan untuk menginvestigasi faktor-faktor yang mendorong timbulnya earnings management yang berkaitan dengan kinerja keuangan perusahaan. Hasil lain diperoleh pula bahwa modified Jones Model (1991 memiliki kemampuan yang baik untuk mendeteksi adanya earnings management.
Deming, David; Goldin, Claudia; Katz, Lawrence
For-profit, or proprietary, colleges are the fastest-growing postsecondary schools in the nation, enrolling a disproportionately high share of disadvantaged and minority students and those ill-prepared for college. Because these schools, many of them big national chains, derive most of their revenue from taxpayer-funded student financial aid, they are of interest to policy makers not only for the role they play in the higher education spectrum but also for the value they provide their students. In this article, David Deming, Claudia Goldin, and Lawrence Katz look at the students who attend for-profits, the reasons they choose these schools, and student outcomes on a number of broad measures and draw several conclusions. First, the authors write, the evidence shows that public community colleges may provide an equal or better education at lower cost than for-profits. But budget pressures mean that community colleges and other nonselective public institutions may not be able to meet the demand for higher education. Some students unable to get into desired courses and programs at public institutions may face only two alternatives: attendance at a for-profit or no postsecondary education at all. Second, for-profits appear to be at their best with well-defined programs of short duration that prepare students for a specific occupation. But for-profit completion rates, default rates, and labor market outcomes for students seeking associate's or higher degrees compare unfavorably with those of public postsecondary institutions. In principle, taxpayer investment in student aid should be accompanied by scrutiny concerning whether students complete their course of study and subsequently earn enough to justify the investment and pay back their student loans. Designing appropriate regulations to help students navigate the market for higher education has proven to be a challenge because of the great variation in student goals and types of programs. Ensuring that potential
Cameco Corporation says it had net earnings of $29 million in the first nine months of this year, compared to a profit of $5.4 million in the same period last year. The 1990 earnings do not include a $60.2 million gain on the sale of Cameco's Rabbit Lake assets. The increased earnings, the company says, reflected lower interest expense, gains on foreign exchange and improved product margins. Uranium concentrate sales volumes were virtually unchanged from last year, but sales revenues rose 5.6%, largely due to the mix of contracts, as Cameco continued to avoid the spot market, as it has since 1988, in favour of seeking longer term contracts at better prices
The career prospects of newly recruited employees differ substantially within an organization. The stars experience considerable growth in earnings; others can hardly maintain their entry salaries. This article sheds light on the mechanisms generating the observed heterogeneity in earnings growth...... by investigating the effects that explicit short-run incentives and implicit incentives have on earnings growth. The model’s predictions are tested using personnel records from a large bank and are found to be consistent with the observed earnings growth during the first half of the employees’ careers....
This paper shows that asymmetric information about the timing of earnings can affect corporate capital structure. It sheds some new light on two following questions: why may profitable firms be interested in issuing equity, and why does debt not necessarily signal a firm quality. These issues seem to be puzzling from the classical pecking-order theory or signalling theory point of view. The paper also contributes to the analysis of the link between debt-equity choice and subsequent performanc...
accounting for all cost. The rate of return on investment (RRI) analysis shows that groundnut/sorghum enterprise has RRI of. 232%, while sole groundnut enterprise has RRI of. 260%. This implies that an average farmer earns N232 profit for every naira invested in groundnut/sorghum production, while N260 is earned for ...
Recently there has been considerable shutting down of oil refinery capacity in response to the increasing pressures on profitability. This article examines the situation and the industry's response to it, including the drive for mergers, disposal of fuel oil, downsizing of workforces and strategic alliances. Future trends and their implications are also discussed. (UK)
Preparing employees for the immediate work in front of them is a challenge. While most companies are still mastering effectively training their own workforce, some, such as "Training" magazine Top 10 Hall of Famer The Ritz-Carlton Hotel Company, have set up for-profit academies open to the public. When Ritz-Carlton won the national Malcolm…
Price, R.B.; Sanders, V.
This paper reports that earnings for the first 9 months of 1992 plunged from the year ago level for a sample of U.S. oil and gas companies. However, increased natural gas prices sparked improvement in the third quarter. Year to date earnings for a group of integrated and nonintegrated companies fell 34% to $8.6 billion compared to a year ago on revenues that fell less than 1%. But third quarter earnings for the group jumped 28% to $3.3 billion on revenues that increased 7% to $119.9 billion. Special charges for restructuring, writedowns, and property dispositions continued to affect companies in the third quarter
In this work, Jean-Marie Bouchereau (ADEME) has presented a review of the energy efficiency profits in France during the last 20 years and the prospects from now to 2020. Then, Geoffrey Woodward (TOTAL) and Sebastien Huchette (AXENS) have recalled the stakes involved in the energy efficiency of the upstream and downstream sectors respectively and presented examples of advances approaches illustrated by concrete cases of applications. (O.M.)
US Agency for International Development — EVMS is a system for measuring project performance and progress in an objective manner by supporting earned value management. EVMS has the ability to combine...
This study focuses on earnings management by investigating the frequency distribution of the reported earnings (changes) by use of the approach documented by Burgstahler & Dichev (1997). In this study, it is investigated whether Danish firms use earnings management to avoid earnings decreases (an...... losses); and second: firm managers control "manageable" accounting accruals in anticipation of managing earnings....... losses) by examining the earnings (changes) frequency distribution. This approach captures neither the magnitude nor how earnings are managed. Consequently, the relation between main "manageable" elements of working capital, current assets (among these the key components inventory and accounts receivable......) and current liabilities, and reported earnings (changes) are examined. To address the problem further the modified Jones (1991) model is used to identify and separate discretionary accruals in order to identify pre-managed earnings (changes). The frequency distribution of these calculated premanaged earnings...
Beck, R.J.; Sanders, V.
Earnings for Oil and Gas Journal's group of 22 large US oil companies advanced sharply last year, increasing 70.9% from 1992. Group profits totaled $16.1 billion, with the gain stemming largely from lack of one time charges that depressed earnings in 1992. Adoption of new accounting rules associated with future postretirement costs caused the 1992 charges. US exploration and production earnings were mixed, tied in part to oil and gas production volumes. Higher gas prices and production helped boost earnings for a number of companies. But the earnings improvement from gas was offset by reduced oil production and prices. Results from non-U.S. E and P also were mixed. Average worldwide crude oil export prices were down from year earlier levels. However, for some companies this was offset by higher production levels and lower exploration costs. Earnings from refining and marketing were improved from 1992 levels, particularly for non-US operations. Lower feedstock costs, especially in the fourth quarter, helped boost earnings in this sector. Refining earnings gains also flowed from lower costs due to restructuring and an accompanying improvement in operating efficiency. The paper discusses world trends, operations and prices, US exploration and production, non-US E and P, US and non-US refining and marketing, petrochemicals, and the forecast for future demand
Full Text Available Prospective customers of financial and insurance products can be targeted based on the profit the provider expects to earn from them. We present a model for individual expected profit and two alternatives for calculating optimal personalized prices that maximize the expected profit. For one of these alternatives, we obtain a closed-form expression for the price offered to each prospective customer; for the other, we need to use a numerical approximation. In both approaches, the profits generated by prospective customers are not immediately observed, given that the products sold by these companies have a risk component. We assume that willingness to pay is heterogeneous and apply our methodology using real data from a European insurance company. Our study indicates that a substantial boost in profits can be expected when applying the simplest optimal pricing method proposed.
Sage, William M; McIlhattan, Kelley
For the first time, entrepreneurs are aggressively developing new technologies and business models designed to improve individual and population health, not just to deliver specialized medical care. Consumers of these goods and services are not yet "patients"; they are simply people. As this sector of the health care industry expands, it is likely to require new forms of legal governance, which we term "upstream health law." © 2014 American Society of Law, Medicine & Ethics, Inc.
Skjeret, Frode; Soergard, Lars
This report deals with mergers and acquisitions in the electricity sector in Norway. The background is the fact that the profitability of these activities proves to be low. In buying, it is typically the selling shareholder who profits from the transaction, while the buying company does not really earn much. This result appears to be a robust result both in different countries, between sectors and independent of methodology. The report provides theoretical justification for merging and buying up and empirical evaluations of the effects of company integration. It is asserted that what can be learned in general from the literature may also occur in the European power sector. Furthermore, the report discusses the challenges faced by the companies if they want to expand through mergers and acquisitions
Peterson Kitakogelu Ozili
Full Text Available We investigate whether ownership concentration influences bank profitability in a developing country context. We focus on bank ownership concentration measured as the amount of direct equity held by a majority shareholder categorised into: high ownership concentration, moderate ownership concentration and disperse ownership. We find that banks with high ownership concentration have higher return on assets, higher net interest margin and higher recurring earning power while banks with dispersed ownership have lower return on assets but have higher return on equity. Also, higher cost efficiency improves the return on assets of widely-held banks and the return on equity of banks with moderate ownership. The findings have implications. JEL: Code: G3, G34, G31, Keywords: Corporate governance, Ownership structure, Agency theory, Profitability, Firm performance, Banks, Return on asset, Return on equity
Simin Banifatemi Kashi
Full Text Available This paper presents an empirical study to determine the effects of different factors including present profit, depreciation, working capital, operating cash flow and other accruals on future earnings stability. The study selects the information of 124 selected firms from Tehran Stock Exchange over the period 2006-2012. Using two regression analysis, the study has determined that as the fluctuation of profit increases, the profitability increases too. In addition, the study has concluded that firms with minimum fluctuations preserve more stable profitability. Moreover, firms with higher fluctuation in profitability maintain more volatile profitability for the next consecutive period.
Fleming, Quentin W
Organizations that follow the principles of good Earned Value Management (EVM) create an environment that allows teams to successfully operate and thrive ? even in the face of challenges that could negatively impact their projects. Earned Value Project Management (EVPM) is a methodology used to measure and communicate the real physical progress of a project taking into account the work completed, the time taken and the costs incurred to complete that work. As a result, EVPM allows more educated and effective management decision-making, which helps evaluate and control project risk by measuring project progress in monetary terms. In the first two editions of Earned Value Project Management, Quentin W. Fleming and Joel M. Koppelman provided guidance for project management practitioners already familiar with EVPM, was well as those who were new to the use of this technique. The third edition expanded the information available on of EVPM for medium and smaller projects while still being relevant for larger projec...
Recent political changes in Nigeria have had a major impact on its oil and gas industry which is the basis of the Nigerian economy. The positive impacts of these political changes have been somewhat obscured because they coincided with the crisis in the international oil markets following the Asian financial crisis and the subsequent developments in the Soviet Union. Since the mid 1970s, oil has been Nigeria's primary source of revenue, generating more than 90 per cent of its foreign exchange earnings and over 80 per cent of total government revenues. Little was done to develop an alternative economic base because it was assumed that high revenues from the oil industry would continue. This paper describes the strategies adopted by the current Nigerian government to increase its reserves and to encourage future development of its petroleum industry through a variety of means, including joint ventures, production sharing contracts and privatization
Earned Value Management is a methodology used to measure and communicate the real physical progress of a project and show its true cost situation. This tool was developed by the US Department of Defense in 1967 and later used successfully for monitoring DOE projects, in particular the US LHC accelerator project. A clear distinction must be made between an earned value management system and other tools under consideration or already existing at CERN which permit accurate predictions of the amount and date of future payments or a detailed follow up of contracts.
This report is one of a series designed to introduce British exporters to the opportunities offered by the Malaysian market in oil and natural gas. The report includes Malaysia's oil and gas reserves, production, exploration, major profits upstream, production sharing contracts, pipeline construction, operators in production, service sector, and Petronas. (UK)
Silles, Mary A.
Economists are only beginning to understand the relationship between personality traits and economic outcomes. This paper examines the influence of childhood social maladjustment on cognitive development, labor market earnings and career progression using longitudinal data drawn from the National Child Development Study. Net of differences in…
F.M. van Oers; R.A. de Mooij (Ruud)
textabstractIn recent policy discussions in the Netherlands, the Earned Income Tax Credit (EITC) has been put forward as an effective instrument to reduce the unemployment rate among low-skilled workers. Using the MIMIC model, this article shows that a targeted EITC at low incomes indeed seems
This presentation offers financial information on the AREVA Group earnings for the year 2004. With manufacturing facilities in over 40 countries and a sales network in over 100, Areva offers customers technological solutions for nuclear power generation and electricity transmission and distribution. The Group also provides interconnect systems to the telecommunications, computer and automotive markets. (A.L.B.)
Mangakane Lehlogonolo Pududu
Full Text Available The purpose of this study is to determine whether South African managers manage earnings to avoid reporting small losses (small earnings decreases. The study covers all the companies listed on the Johannesburg Stock Exchange (JSE from 2003 to 2011. In line with Burgstahler and Dichev (1997, the cross-sectional distributions of earnings and changes in earnings are examined and the distributions are shown in histograms. Previous research (using data from the United States has shown that the distribution curve for both the earnings and the change in earnings variable had noticeably fewer observations just below zero than would normally be expected, and a significantly higher number of observations just above zero. This pattern in the distributions suggests that managers manage reported earnings to ensure that earnings do not fall below a specific threshold, this being zero or the previous year’s performance. Interestingly, and in contrast with the previous literature, using the Burgstahler and Dichev (1997 research model of analysis, our results show no evidence in South Africa of managers managing earnings to avoid reporting small losses or small decreases in earnings. A possible reason for this could be the relatively smaller size of the JSE (compared with stock exchanges in the United States. In addition, and more important, is the possibility that investors and analysts in South Africa may be fixated on other performance indicators, such as revenue and headline earnings per share, rather than on earnings (profits. This study adds to the limited research on earnings management in South Africa, which is a developing economy. Furthermore, previous research shows an inverse relationship between earnings management and earnings quality. The results of this study may therefore be useful to the users and the regulators of financial reports, both are concerned with earnings for the purposes of assessing the cost of capital and how companies
T. Jiao (Tao); G.M.H. Mertens (Gerard); P.G.J. Roosenboom (Peter)
textabstractThis paper investigates whether industry valuation impacts firms’ earnings management decisions. Existing accounting literature assumes that industry valuation has a constant impact on this decision. We argue that a higher industry valuation increases the perceived benefits of earnings
Juan Manuel San Martín Reyna
Full Text Available This paper analyses the influence of ownership structure, board and leverage on the earnings management when companies either face, or do not face, profitable growth opportunities for a sample of 90 listed Mexican firms during the period 2005-2009. The results confirm the relevance of debt and board of directors in terms of earnings management by showing a positive relationship between earnings management and both board of directors and leverage in the presence of growth opportunities. In contrast, this relationship becomes negative when firms have no profitable investment projects. The results also demonstrate the relevance of controlling shareholders on earnings management under a growth opportunity setting.Therefore, our results show that ownership structure, composition and size of board and leverage play a dual role: reduce the earnings management when there are no investments projects, but impact positively in presence of growth opportunities.
The detector for the LHCb upgrade is designed for 40MHz readout, allowing the experiment to run at an instantaneous luminosity of 2x10^33 cm$^2$s$^-1$. The upgrade of the tracker subsystem in front of the dipole magnet, the Upstream Tracker, is crucial for charged track reconstruction and fast trigger decisions based on a tracking algorithm involving also vertex detector information. The detector consists of 4 planes with a total area of about 8.5m$^2$, made of single sided silicon strip sensors read-out by a novel custom-made ASIC (SALT). Details on the performance of prototype sensors, front-end electronics, near-detector electronics and mechanical components are presented.
Full Text Available The purpose of this study is to investigate the earnings management behavior of companies listed in the Indonesia Stock Exchange (ISE. Specifically, the study investigates whether companies engaging in real earnings management or accrual management intent to avoid negative earnings; it also examines whether earnings management behavior supports efficient contracting or opportunistic behavior perspective. The sample of this study comprised 166 firm-years of manufacturing industrial sector during the period 2004 – 2005. Using multiple regressions, the study finds evidence that the companies engage in both earnings management, which are discretionary expenses (proxy of real earnings management and accruals management. This evidence supports the studies of Graham, Harvey, & Rajgopal (2005 and Roychowdhury (2006. Another result shows that the real earnings management conducted by the companies is efficient partially, while the accruals management is opportunistic.
Adriana Bruscato Bortoluzzo
Full Text Available ABSTRACT The present study aims to study earnings management in a significant sample of 123 banks in the Brazilian market between 2001 and 2012. Given the important role that banks play in a country's economy, it is important to understand that there are discretionary factors involved in the reporting of a financial institution's profitability. Credit provisioning guidelines for Brazilian financial institutions are described in Resolution 2682/99 of the National Monetary Council (Conselho Monetário Nacional. Because of the discretion allowed in this resolution, loan loss provision is used as instrument of earnings management, which is not an illegal practice, but this behavior does affect the risk perception of agents and analysts, and they should be aware of it and understand it. We found that credit provisioning is used as an earnings management mechanism to smooth the net income of Brazilian financial institutions. Brazilian banks tend to avoid not only negative net income pre-loan loss provisions and taxes, but also negative net income pre-loan loss provisions and taxes in relation to the previous period. Contrary to the previous studies, it is not clear if banks avoid lower net income pre-loan loss provisions and taxes than a given peer group.
Ratna Wijayanti Daniar Paramita
Full Text Available This study aimed to obtain empirical evidence, examine and explain he factors (leverage, persistence, growth, size and beta that affect informativeness of earnings and its application in the financial statements at Manufacturing Companies listed in the Indonesia Stock Exchange 2013-2016. Research on the relationship between stock returns within come to determine the extent of their relationship are many who use earnings figures as the dependent variable regressed with stock returns as the independent variables are calculated by different methods. This method measures the magnitude of abnormal stock returns in response to the expected components of a company's reported earnings by using Earning Response Coefficient (ERC. Plan for data analysis in this study will be conducted using Path Analysis with analysis application of Moment Structure (AMOS.Conclusions of this study is significant influence of Leverage, Persistence profit and growth to Informativeness of earnings, either directly or through intervening variables Size and Beta.
Koufopoulos, Kostas; Kozhan, Roman; Trigilia, Giulio
We consider a model of external financing under ex ante asymmetric information and profit manipulation (non verifability). Contrary to conventional wisdom, the optimal contract is not standard debt, and it is not monotonic. Instead, it resembles a contingent convertible (CoCo) bond. In particular: (i) if the profit manipulation and/or adverse selection are not severe, there exists a unique separating equilibrium in CoCos; (ii) in the intermediate region, if the distribution of earnings is unb...
Talented individuals are seen as drivers of long-term growth, but how do they realize their full potential? In this paper, I show that lifetime earnings of high-IQ men and women are substantially influenced by their personality traits, in addition to intelligence and education. Personality traits......, as identified in a factor model, significantly affect earnings, but not for young workers. The effects are furthermore heterogeneous by educational attainment. For women, personality traits do not affect family earnings in the same way as own earnings. Personality and IQ also influence earnings indirectly...... through education, which has sizeable positive rates of return for men in this sample. Women’s returns to education past a bachelor’s degree are lowered through worse marriage prospects, which offset gains to education in terms of own earnings. The causal effect of education is identified through matching...
Full Text Available Price/earnings ratio is the most popular and most widespread evaluation model used to assess relative capital asset value on financial markets. In functional terms, company earnings in the very long term can be described with high significance. Empirically, it is visible from long-term statistics that the demanded (required yield on capital markets has certain regularity. Thus, investors first require a yield above the stable inflation rate and then a dividend yield and a capital increase caused by the growth of earnings that influence the price, with the assumption that the P/E ratio is stable. By combining the Gordon model for current dividend value, the model of market capitalization of earnings (price/earnings ratio and bearing in mind the influence of the general price levels on company earnings, it is possible to adjust the price/earnings ratio by deriving a function of the required yield on capital markets measured by a market index through dividend yield and inflation rate above the stable inflation rate increased by profit growth. The S&P 500 index for example, has in the last 100 years grown by exactly the inflation rate above the stable inflation rate increased by profit growth. The comparison of two series of price/earnings ratios, a modelled one and an average 7-year ratio, shows a notable correlation in the movement of two series of variables, with a three year deviation. Therefore, it could be hypothesized that three years of the expected inflation level, dividend yield and profit growth rate of the market index are discounted in the current market prices. The conclusion is that, at the present time, the relationship between the adjusted average price/earnings ratio and its effect on the market index on one hand and the modelled price/earnings ratio on the other can clearly show the expected dynamics and course in the following period.
Behrman, Jere R; Taubman, Paul
Birth-order effects are posited by many to affect earnings and schooling. The authors show how such effects can be interpreted to shift either the earnings possibility frontier for siblings or parental preferences. The authors find empirical evidence for birth- order effects on (age-adjusted) schooling and on earnings for young U.S. adults, though the latter is not robust for all specifications. The examination of intrahousehold allocations suggests that these birth-order differences occur, d...
Full Text Available The article analyses the effects of obesity—a clear signal of weight abnormality—on unemployment and earnings among Finnish men and women. Our empirical data consist of the last four waves (waves 4 to 8 of the Finnish section of the European Community Household Panel (ECHP data collected between 1998 and 2001. According to our results, obese women have a significantly higher risk of unemployment (even after controlling for age, level of education and other related factors, than women who are not obese. Furthermore, the generally weaker occupational positions of obese women tend to translate to lower earnings. Overall, obese women are more likely to have weaker labour market attachment and hold socio-economically weaker positions. Similar results were not found among men. Thus, our results indicate the presence of gender discrimination in the Finnish labour market. In the conclusions we further discuss weight related impacts on succeeding in the labour market, but also its role as a possible risk factor in drifting away from employment. We reflect on this issue as a form of inequality that can have an increasing significance in the future.
Jaan Masso; Jaanika Meriküll
International tax competition had led to a lowering of corporate tax rates worldwide. Estonia was the first country to reduce the tax rate on retained earnings to zero, while distributed profits remained taxed at the pre-reform level. This paper seeks to analyse the effects of this unique tax reform implemented in year 2000. We apply a neoclassical exogenous growth general equilibrium model with an extension for endogenous corporate finance. Our findings indicate that the reform had a strong ...
Bai, Ge; Anderson, Gerard F
To identify the characteristics of the most profitable US hospitals, we examined the profitability of acute care hospitals in fiscal year 2013, measured as net income from patient care services per adjusted discharge. Based on Medicare Cost Reports and Final Rule Data, the median hospital lost $82 for each such discharge. Forty-five percent of hospitals were profitable, with 2.5 percent earning more than $2,475 per adjusted discharge. The ten most profitable hospitals, seven of which were nonprofit, each earned more than $163 million in total profits from patient care services. Hospitals with for-profit status, higher markups, system affiliation, or regional power, as well as those located in states with price regulation, tended to be more profitable than other hospitals. Hospitals that treated a higher proportion of Medicare patients, had higher expenditures per adjusted discharge, were located in counties with a high proportion of uninsured patients, or were located in states with a dominant insurer or greater health maintenance organization (HMO) penetration had lower profitability than hospitals that did not have these characteristics. These findings can inform policy reforms, while providing a baseline against which to measure the impact of any subsequent reforms. Project HOPE—The People-to-People Health Foundation, Inc.
Full Text Available Objectives: This paper evaluates the drivers of profitability for a large sample of U.S. hospitals. Following a methodology frequently used by financial analysts, we use a DuPont analysis as a framework to evaluate the quality of earnings. By decomposing returns on equity (ROE into profit margin, total asset turnover, and capital structure, the DuPont analysis reveals what drives overall profitability. Methods: Profit margin, the efficiency with which services are rendered (total asset turnover, and capital structure is calculated for 3,255 U.S. hospitals between 2007 and 2012 using data from the Centers for Medicare & Medicaid Services’ Healthcare Cost Report Information System (CMS Form 2552. The sample is then stratified by ownership, size, system affiliation, teaching status, critical access designation, and urban or non-urban location. Those hospital characteristics and interaction terms are then regressed (OLS against the ROE and the respective DuPont components. Sensitivity to regression methodology is also investigated using a seemingly unrelated regression. Results: When the sample is stratified by hospital characteristics, the results indicate investor-owned hospitals have higher profit margins, higher efficiency, and are substantially more leveraged. Hospitals in systems are found to have higher ROE, margins, and efficiency but are associated with less leverage. In addition, a number of important and significant interactions between teaching status, ownership, location, critical access designation, and inclusion in a system are documented. Many of the significant relationships, most notably not-for-profit ownership, lose significance or are predominately associated with one interaction effect when interaction terms are introduced as explanatory variables. Results are not sensitive to the alternative methodology. Conclusion: The results of the DuPont analysis suggest that although there appears to be convergence in the behavior of
Broom, Kevin; Elliott, Michael; Lee, Jen-Fu
Objectives: This paper evaluates the drivers of profitability for a large sample of U.S. hospitals. Following a methodology frequently used by financial analysts, we use a DuPont analysis as a framework to evaluate the quality of earnings. By decomposing returns on equity (ROE) into profit margin, total asset turnover, and capital structure, the DuPont analysis reveals what drives overall profitability. Methods: Profit margin, the efficiency with which services are rendered (total asset turnover), and capital structure is calculated for 3,255 U.S. hospitals between 2007 and 2012 using data from the Centers for Medicare & Medicaid Services’ Healthcare Cost Report Information System (CMS Form 2552). The sample is then stratified by ownership, size, system affiliation, teaching status, critical access designation, and urban or non-urban location. Those hospital characteristics and interaction terms are then regressed (OLS) against the ROE and the respective DuPont components. Sensitivity to regression methodology is also investigated using a seemingly unrelated regression. Results: When the sample is stratified by hospital characteristics, the results indicate investor-owned hospitals have higher profit margins, higher efficiency, and are substantially more leveraged. Hospitals in systems are found to have higher ROE, margins, and efficiency but are associated with less leverage. In addition, a number of important and significant interactions between teaching status, ownership, location, critical access designation, and inclusion in a system are documented. Many of the significant relationships, most notably not-for-profit ownership, lose significance or are predominately associated with one interaction effect when interaction terms are introduced as explanatory variables. Results are not sensitive to the alternative methodology. Conclusion: The results of the DuPont analysis suggest that although there appears to be convergence in the behavior of NFP and IO
Kalu, Mona Ukpai
The study examined Entrepreneurial leadership in Upstream Oil and Gas industry and its ability to accelerate innovative energy technology development. The declining deliverability from existing reservoirs and ever increasing demand for energy to fuel growth in many parts of the world is driving oil and gas exploration into more difficult to access reservoirs like bituminous sands and shale gas. Accelerating new innovative technology development to access these new streams of profitable oil an...
... 7 Agriculture 12 2010-01-01 2010-01-01 false Retained earnings. 1767.25 Section 1767.25....25 Retained earnings. The retained earnings accounts identified in this section shall be used by all RUS borrowers. Retained Earnings 433-439 [Reserved] Retained Earnings 433-439 [Reserved] ...
Salverda, W.; Haas, C.; Salverda, W.; Nolan, B.; Checchi, D.; Marx, I.; McKnight, A.; Tóth, I.G.; van de Werfhorst, H.
This chapter demonstrates the importance of labour earnings for income and income inequality -also among top incomes. With a focus on employees and Europe, the chapter elaborates on the relationship between the household income distribution and the individual earnings distribution. On the one hand,
Mohammad Khodaei Valahzaghard
Full Text Available This paper presents an empirical investigation to study the relationship between future profitability and abnormal accruals on selected firms from Tehran Stock Exchange (TSE. The study selects 223 firms from TSE market over the period 2007-2011. Using the regression analysis, the study shows there was no meaningful relationship between abnormal earnings and future profitability when the level of significance is five percent. There are also seven sub-hypotheses associated with the proposed study of this paper. The results indicate that while there were no meaningful relationship between firm size, ratio of book value to equity, capital expenditure, earnings quality, earning forecasted error and book value leverage on one side and future earnings, the study confirms a significance relationship between market leverage and future earnings.
... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4550 Retained earnings. (a) This account shall include the undistributed balance of retained earnings derived from the...
Social Security Administration — Social Security Administration released Earnings Public-Use File (EPUF) for 2006. File contains earnings information for individuals drawn from a systematic random...
Georgeta VINTILA; Ilie GHEORGHE; Ioana Mihaela POCAN; Madalina Gabriela ANGHEL
The DuPont analysis system is based on decomposing the profitability ratio in factors of influence. This paper describes the factorial analysis of profitability based on the DuPont system. Significant importance is given to the impact on various indicators on the shares value and profitability.
This paper estimates the effects of personality traits and IQ on lifetime earnings of the men and women of the Terman study, a high-IQ U.S. sample. Age-by-age earnings profiles allow a study of when personality traits affect earnings most, and for whom the effects are strongest. I document...... a concave life-cycle pattern in the payoffs to personality traits, with the largest effects between the ages of 40 and 60. An interaction of traits with education reveals that personality matters most for highly educated men. The largest effects are found for Conscientiousness, Extraversion...
Ketut Gunarta, I.; Putri, F. A.
Under the existing regulation in Constitution Number 22 Year 2001 (UU No 22 Tahun 2001), Production Sharing Contract (PSC) continues to be the scenario in conducting oil and gas upstream mining activities as the previous regulation (UU No. 8 Tahun 1971). Because of the high costs and risks in upstream mining activities, the contractors are dominated by foreign companies, meanwhile National Oil Company (NOC) doesn’t act much. The domination of foreign contractor companies also warned Indonesia in several issues addressing to energy independence and energy security. Therefore, to achieve the goals of energy which is independence and security, there need to be a revision in upstream oil activities regulating scenario. The scenarios will be comparing the current scenario, which is PSC, with the “full concession” scenario for National Oil Company (NOC) in managing oil upstream mining activities. Both scenario will be modelled using System Dynamics methodology and assessed furthermore using financial valuation method of income approach. Under the 2 scenarios, the author will compare which scenario is better for upstream oil management in reaching the goals mentioned before and more profitable in financial aspect. From the simulation, it is gathered that concession scenario offers better option than PSC in reaching energy independence and energy security.
Dierker, Egbert; Grodal, Birgit
We consider oligopolistic markets in which the notion of shareholders' utility is well-defined and compare the Bertrand-Nash equilibria in case of utility maximization with those under the usual profit maximization hypothesis. Our main result states that profit maximization leads to less price...... competition than utility maximization. Since profit maximization tends to raise prices, it may be regarded as beneficial for the owners as a whole. Moreover, if profit maximization is a good proxy for utility maximization, then there is no need for a general equilibrium analysis that takes the distribution...... of profits among consumers fully into account and partial equilibrium analysis suffices...
Dobrota, Gabriela; Chirculescu, Felicia Maria
It's interesting how an economic operator decides to depreciate its depreciable fixed assets, because depreciation is an expense input from the taxable profit in accordance with the laws in force, thus contributing to diminishing the operating profit/loss and implicitly the gross and net earnings, without real impact on profitability and especially without any impact on the self-funding capacity. But the impact given by the depreciation expenses may be influenced by the organization policy...
Social Security Administration — Provides the ability to track and manage earnings inquiries from the general public by automated selection of cases for quality review. It also provides Management...
Cremer, Helmuth; Lozachmeur, Jean-Marie; Pestieau, Pierre
In many countries pension systems involve some form of earnings test; i.e., an invidual's benefits are reduced if he has labor income. This paper examines whether or not such earning tests emerge when pension system and income tax are optimally designed. We use a simple model with individuals differing both in productivity and their health status. The working life of an individual has two 'endings': an official retirement age at which he starts drawing pension benefits (while possibly supplem...
Existing literature usually considers earnings manipulation to be a negative social phenomenon. We argue that earnings manipulation can be a part of the equilibrium relationships between firm's insiders and outsiders. We consider an optimal contract between an entrepreneur and an investor where the entrepreneur is subject to a double moral hazard problem (one being the choice of production effort and the other being intertemporal substitution, which consists of transferring cash flows between...
The increase in dispersion of personal earnings in the USA has received considerable attention and has been analyzed extensively. The evidence for other countries is less systematic. There are a few comparative studies, but they tend to focus on descriptions of the overall distribution of income or earnings. This paper compares the USA with other countries in order to understand whether the US experience is relatively unique or is instead part of a global (or perhaps industrial countries) phe...
Recent research in economics suggests a positive association between self-esteem and earnings. A major problem in this literature is that from simple cross-sectional wage regressions it is not possible to conclude that self-esteem has a causal impact on earnings. While classical measurement error leads to an attenuation bias, reverse causality and omitted variable are likely to drive the OLS coefficient on self-esteem upward. Using the National Longitudinal Survey of Youth (NLSY) that adminis...
A study was conducted to determine the impact profitability factors have on farm labor earnings for farms enrolled in the Minnesota Vocational Agriculture Farm Management Education Program. The most important predictors of labor earnings were size of business, gross return per cropped acre, and index return per $100 of feed fed. (LRA)
Penttinen, M. email: email@example.com; Mikkola, J. email: firstname.lastname@example.org; Rummukainen, A. email: email@example.com
The forest machine business is about 50 years old. The rapid technical development of machinery increased productivity up to the end of last century. In 2007, the total value of round and energy wood harvesting and silvicultural work operated by forest machine enterprises exceeded 570 mill. euro. According to the materials of the Vehicle Administration Finland and Statistics Finland there are about 1 600 active harvesting enterprises in the personal and business taxation system. Beside this, there are according to the Ministry of Agriculture and Forestry about 1 300 farmers who do harvesting as side business. About 1 000 enterprises working in June 2007 were studied with their retrospective economic analyses from 2001. The data includes all enterprises that had supplied closing of the accounts data. One-machine entrepreneurs represent more than a third of the number of enterprises, but only 13 percent of the turnover. Enterprises with seven or more machines represent less than ten percent of the number, but over twenty percent of the turnover. Enterprises are largest in eastern and northern Finland, where the average number of machines per enterprise exceeds three. Small enterprises are mostly singleowner business enterprises with a median turnover of 125 000 euros per annum. Partnerships and limited enterprises have double the median turnover of single-owner businesss. Limited companies turn over a median of 450 000 euro/y, representing 67 percent of total turnover. Median net profit varied between 6 and 10 percent of turnover in 2001-2007, but only between 2 and 4 percent where the wage adjustment is deducted from the profit. The wage adjustment is estimated as if the owners of single-owner businesses earn an operator's salary. Profit was highest in 2002 and lowest 2006. In the smallest enterprise class with a turnover of less than 75 000 euro/y, profit was lowest and negative in 2006 and 2007. The variation in profits between enterprises was also biggest in
MI Mitha Dwi Restuti
Full Text Available Tujuan penelitian ini adalah untuk mengetahui pengaruh negatif pengungkapan Corporate Sosial Responsibility (CSR disclosure terhadap Earning Response Coefficient (ERC. Alat analisis yang digunakan dalam penelitian ini menggunakan metode analisis regresi berganda.Sampel yang digunakan adalah sebanyak 150 perusahaan yang terdaftar pada Bursa Efek Indonesia pada tahun 2010. Berdasarkan hasil penelitian ditemukan bahwa pengungkapan Corporate Social Responsibility tidak berpengaruh terhadap Earning Response Coefficient (ERC. Hal ini dapat dikatakan bahwa investor belum memperhatikan informasi-informasi sosial yang diungkapkan dalam laporan tahunan perusahaan sebagai informasi yang dapat mempengaruhi investor dalam melakukan keputusan investasi. Investor masih mengganggap informasi laba lebih bermanfaat dalam menilai perusahaan dan dianggap lebih mampu memberikan informasi untuk mendapatkan return saham yang diharapkan oleh investor dibandingkan dengan informasi sosial yang diungkapkan oleh perusahaan.The purpose of this study is to determine the negative effect of Corporate Social Responsibility disclosure (CSR disclosure of Earnings Response Coefficient (ERC. Multiple regressions were used to analyze the data. The samples were 150 companies listed on the Indonesia Stock Exchange in 2010. Based on the research, the result was the disclosures of Corporate Social Responsibility did not influence Earning Response Coefficient (ECR. It can be said that investors did not pay attention to social information that was disclosed in the companyâ€™s annual report as information that could affect investors in making investment decisions. Investor did not consider sosial information; they only consider profit information to assess the company value and their investment return
Dierynck, B.; Landsman, W.R.; Renders, A.
This study investigates the influence of managerial incentives to meet or beat the zero earnings benchmark on labor cost behavior of private Belgian firms. We posit that relative to managers of firms reporting healthy profits, managers meeting or beating the zero earnings benchmark will increase
Full Text Available Public firm is required to implement good corporate governance as assurance to reduce information asymmetry between firm and its stockholders. Corporate governance mechanism should be able to limit any improper actions of the firm’s management. This study investigates whether the duality role of the board affects earnings management practice of firms making initial public offering at Indonesian Stock Exchange. The study also examines other corporate governance mechanism factors, namely the number of board of commission-ners, the proportion of independent board of commissioners, size of firm, financial leverage, and profitability. Earnings management was measured using Cross-Sectional Modified Jones model. The study employs a total of 60 firms that went public from 2000 to 2006. The results show that duality status of board of commissioners positively and significantly affects earnings management in IPO firms. This could be interpreted that board of directors with duality role had a lower function in monitoring the firms’ performance so that management have opportunity to manage reported earnings. When board of commissioners have dual role, the level of earnings management is getting intense, and vice versa. Size of board of commissioners and profitability are positively related to earnings management.
Hadley, J; Mitchell, J M
The goal of this study is to estimate whether cross-sectional variations in enrollment in health maintenance organizations (HMOs) affected physicians' earnings and hourly income in 1990. Using data from a nationally representative sample of 4,577 younger physicians (penetration is endogenous and used the instrumental variables approach to obtain unbiased estimates. HMO penetration had a negative and statistically significant impact on physicians earnings in 1990. A doubling of the average level of HMO penetration in the market is estimated to reduce annual earnings by 7% to 10.7%, and hourly earnings by approximately 6% to 9%. It appears that HMOs were successful in reducing physicians' annual and per hour earnings in 1990, presumably through a combination of fewer visits and lower payment rates for people covered by HMOs. Although these results cannot be generalized to all physicians, the experience of a younger cohort of physicians may still be a good indicator of the future effects of HMOs because younger physicians may be more susceptible to market forces than older and more established physicians. Moreover, these results may be somewhat conservative because they reflect market behavior in 1990, several years before the rapid growth and more aggressive market behavior of HMOs in recent years.
Full Text Available This paper presents an empirical investigation to detect important factors influencing earning adjustment on firms selected on Tehran Stock Exchange over the period 2006-2011. There are four independent variables associated with the proposed study of this paper including Proportion of shares owned by institutional investors, Return on assets, Profit change and Market value to book value. In addition, Investment restructuring is considered as control variable. The results of the implementation of regression analysis indicate that there was a reverse relationship between earning forecasted adjustment and two independent variables including size of firm as well as the ratio of market value to book value. However, Net profit has a direct and positive relationship with earning forecast adjustment.
Windy Puspita Dewi
Full Text Available This study investigates how the capital market response to a variety of earnings management tools i.e., accrual-based earnings management, real transaction activities, and strategic revenue recognition. We measure the market response to the information content of earnings by the earnings response coefficient (ERC. By using pooled-OLS regression from 748 firm-years data of public listed companies on the Indonesian Stock Exchange (IDX in 2004-2009, we find some evidence of a negative association between earnings response coefficients and information content of earnings that contained earnings management. Our study find that real transactions earnings management in operating activities has negative association with earnings response coefficient, but we do not find any evidence from the other earnings management tools. The findings of this study imply that the market participants are able to capture a certain kind of earnings management behaviour that may reduce the earnings response coefficient.
Previous studies examining relationship between earnings management and value relevance of accounting information show that earnings management decrease value relevance of accounting information. Generally, the studies apply accruals earnings management. In contrast, the present study applies integrated earnings management proxies i.e. real and accruals earnings manage-ment. Real earnings management proxies are measured by abnormal cash flow of operation, ab-normal production cost, and abnorm...
DataProfit er et værktøj til at kortlægge og analysere din virksomheds evne til datadreven forretningsudvikling.......DataProfit er et værktøj til at kortlægge og analysere din virksomheds evne til datadreven forretningsudvikling....
Money helps us meet our basic needs, but what about our need for meaning? Businesses will profit — not just financially — by finding their souls.......Money helps us meet our basic needs, but what about our need for meaning? Businesses will profit — not just financially — by finding their souls....
Birkinshaw, J.; Foss, N.J.; Lindenberg, S.M.
Is it possible for a company to strive for a higher purpose while also delivering solid profits? Some have argued that pursuing goals other than making money means, by definition, spending on things that aren't profit-maximizing. Others have countered that by investing in worthwhile causes the
Bingley, Paul; Westergård-Nielsen, Niels Chr.
personnel structure variation. It is found that personnel policy is strongly related to economic performance. At the margin, more hires are associated with lower profit, and more separations with higher profit. For the average firm, one new job, all else equal, is associated with ?2680 (2000 prices) lower...
This slide presentation reviews the concepts of Earned Value reporting and Earned Value Metrics (EVM) and the implementation for the Constellation Program. EVM is used to manage both the contract and civil service workforce, and used as a measure of contractor costs and performance. The Program EVM is not as useful for Level of Effort tasking, for either contractor, or civil service employees. Some issues and concerns in reference to EVM and the process for the use of EVM for Mission assurance are reviewed,
Beck, R.J.; Sanders, V.
Earnings for Oil ampersand Gas Journal's group of 22 large US oil companies jumped sharply last year, increasing 78.6% from 1992. Profits totaled $16.2 billion in 1993, compared with $9.1 billion in 1992. This is in sharp contrast to performance in 1992, when group net income fell 47%. That was due mainly to costs related to restructuring, staff reductions, and adoption of new accounting rules. The new rules moved forward some charges stemming from future retirement benefits and caused a substantial slide in 1992 profits for a number of companies. The absence of similar charges last year was a major reason for the increase in earnings. The paper describes the earnings by sector, oil and gas prices, financial indicators, exploration and production activities, refining and marketing activities, earnings from petrochemicals, capital spending, and the outlook for 1994 performance
Full Text Available This study aims to examine the effects of tax avoidance, accrual profit management, real profit management, and capital intensity on equity costs. The population of this study is a manufacturing company listed on the Indonesia Stock Exchange which amounted to 146 companies. The sampling technique used was purposive sampling and resulted in 420 units of analysis. This type of research is quantitative causality by performing hypothesis testing analysis is done by using multiple linear regression model. The findings of this research are tax avoidance will add to the risks that must be borne by investors thus increasing uncertainty over their investment. Investors consider that accrual profit management actions are opportunistic as risk-taking actions as well as real profit management actions. While on Capital Intensity, investors assume the information on the company’s fixed assets is not useful in making investment decisions. The conclusions that can be taken are tax avoidance, accrual profit management, and earnings management real positive to the cost of equity. However, capital intensity has a negative effect.
Plug, E.; Berkhout, P.
Gay/bisexual workers tend to earn less than other men. Does this occur because of discrimination or because of selection? In this paper we address this question and collect new information on workplace disclosure to separate out discrimination effects from selection effects. Using a large sample of
Survey data is used to estimate the impact of physical attractiveness rated by the interviewer as well as by the respondent on employment probability and labor income of men and women. In addition to mean linear and non-linear effects on earnings, simultaneous quantile regressions are applied to analyze heterogeneity across the wage distribution.
Prior literature indicates that bid-ask spreads are higher and depths are lower around earnings announcements than during non-announcement periods. This thesis investigates two important aspects of this drop in market liquidity, namely (a) the ability of management to mitigate the drop in market
Bavassano Cattaneo, M. B.; Cattaneo, P.; Moreno, G.; Lepping, R. P.
An analysis based on plasma and magnetic-field data obtained from Voyager 1 during its Saturn encounter is reported. The plasma data provided every 96 sec and magnetic-field data averaged over 48 sec are utilized. The evidence of upstream waves at Saturn are detected. The waves have a period, in the spacecraft frame, of about 550 sec and a relative amplitude larger than 0.3, are left- and right-hand elliptically polarized, and propagate at about 30 deg with respect to the average magnetic field. The appearance of the waves is correlated with the spacecraft being magnetically connected to the bow shock.
Studer, Adrian; Blatter, Martin; Glenz-Mounir, Chantal
Die Diplomarbeit befasst sich mit dem Thema „Profitables Food & Beverage Management“, es geht darum, wie Restaurationsstätten, Beherbergungsbetriebe und Campingbetreiber ihren Umsatz innerhalb kürzester Zeit um 6 bis 8 % und den Gewinn um 8 bis 10 % steigern können. Grundlage für die Diplomarbeit ist das Buch „Profitables Food & Beverage Management“ von Urs Schaffer1 und die angebotenen Kurse von ritzy*2. Mit dem Buch und dem Module Profit Management auf dem ritzycampus3 haben die Wirte, Hote...
Muhammad Nurul Houqe
Full Text Available We utilize two basic approaches to measure the quality of earnings which control two different dimensions of earnings management. The research design is structured primary on the basis of calculating two different measures of the quality of earnings on the industry level and on the company level. We calculate earnings quality for New Zealand public firms from the OSIRIS (http://www.osiris.com database for 2004-2007. This research concludes that various stakeholders should apply more than one measure for the quality of earning in order to have strong evidence about the level of quality before taking any corrective action or making any decision related to that company. If one company is having low quality of earning according to one technique and high quality of earnings according to another, the stakeholders cannot have a final conclusion about that company and they need more investigations and analysis to assess the quality of earnings
Biggs, J.B.; Price, R.B.
With an upstream sector hit by low oil and gas prices and downstream operations squeezed by weak petroleum demand, 1991, was a tough year for the group of 22 major integrated U.S. companies Oil and Gas Journal tracks. This paper reports that the brief respite caused by the oil price spike in second half 1990 ended abruptly early in first half 1991, and it turned into a year of buckling down for most companies. They shed non-core assets, implemented strategic restructuring moves, and reduced staff. Although low prices slowed overall drilling activity for the group, oil and gas production increased slightly, and most companies reported reserves gains. Recession in the U.S. and Europe depressed demand for the group's fined products enough to pinch downstream earnings even as buoyant Asia-Pacific demand helped jack up world product sales
The LHCb detector performs searches for New Physics in CP-violating observables and rare heavy-quark decays at the LHC. A comprehensive upgrade is planned for the long shutdown of the LHC in 2018/19. A goal of this upgrade is to abolish hardware triggers and read out the full detector at 40 MHz. This requires to replace the existing TT station upstream of the LHCb magnet by a new silicon micro-strip detector, the Upstream Tracker (UT). The UT will have a new front-end chip compatible with 40 MHz readout, silicon sensors with improved radiation hardness, finer readout granularity, and improved acceptance coverage at small polar angles. The outer region of each detection layer will be covered by p-in-n sensors with 10 cm long strips and a pitch of about 180 mum, while n-in-p sensors with half the pitch and strip length will be employed in the regions of highest particle density close to the beam pipe. The innermost sensors will have a circular cutout to optimize the forward acceptance. The front-end chip is bei...
Financial theory argues that companies should manage cash flows and not accounting earnings when they hedge exchange rate exposures. Still, empirical evidence shows that a number of companies choose to manage accounting earnings. This empirical study of Danish, non-financial companies finds (1......) that when hedging the majority of companies expect to add value to their company by avoiding financial distress (reduce down side risk), (2) that when hedging managing cash flows versus managing accounting earnings as a first priority splits the companies in two, (3) a lack of difference (except...... for profitability) in company characteristics between the group of companies that manage cash flows versus the group of companies that manage accounting earnings as a first priority. The decision in real business on whether to manage cash flows or accounting earnings when hedging exchange rate exposures seems...
Langford, Gary O.; Franck, Raymond (Chip)
Sponsored Report (for Acquisition Research Program) Earned Value is regarded as a useful tool to monitor commercial and defense system acquisitions. This paper applies the theoretical foundations and systematics of Gap Analysis to improve Earned Value Management. As currently implemented, Earned Value inaccurately provides a higher value for the work performed. This preliminary research indicates that Earned Value calculations can be corrected. Value Analysis, properly defined and enacted,...
Daly, Moira K.; Hryshko, Dmytro; Manovskii, Iourii
The stochastic process for earnings is the key element of incomplete markets models in modern quantitative macroeconomics. We show that a simple modification of the canonical process used in the literature leads to a dramatic improvement in the measurement of earnings dynamics in administrative....... Accounting for these effects enables more accurate analysis using quantitative models with permanent and transitory earnings risk, and improves empirical estimates of consumption insurance against permanent earnings shocks....
Julian Birkinshaw, Julian; Foss, Nicolai Juul; Lindenberg, Siegwart
A sense of purpose that transcends making money can motivate employees. But to sustain both a sense of purpose and a solid level of profitability over time, companies need to pay attention to several fundamental organizing principles....
The article presents studies on possible profits and advantages by converting vehicles such as buses and taxis from diesel to gas fuel engines for the environment and human beings in Norway. Some applications for automobiles are mentioned
Cash flows are incrementally useful to earnings in security valuation mainly when earnings quality is low. This suggests that when earnings quality decreases, analysts will be more likely to supplement their earnings forecasts with cash flow estimates. Contrary to this prediction, we find that analysts do not disclose cash flow forecasts when the quality of earnings is low. This is because cash flow forecast accuracy depends on the accuracy of the accrual estimates and the precision of accrua...
Beck, R.J.; Biggs, J.B.
This paper reports that first half of 1991 profits for the Oil and Gas Journal group of 22 large U.S. oil companies totaled $10,553 billion, down a scant 0.1% from the same period the year before. However, second quarter profits were down sharply, dipping to $3.656 billion or 27.4% below the second quarter of 1990. This is in sharp contrast with first quarter profits, which totaled $6.897 billion and were up 24.8% from the same period of 1990. First half individuals results were widely diverse, with seven companies showing profit improvements from last year and 15 companies a decline. Only one, Murphy Oil Co., posted a loss in the first half. Six companies showed profit gains of more than 20% and 11 posted declines greater than 20%. In the second quarter 16 of the group had lower earnings than they booked in the same period of 1990. Restructuring charges and gains, along with provisions for future environmental costs, continued to have a great deal of influence over year to year changes in profits. Chemical earnings were down for the 6 months and in the second quarter for most companies. U.S. refining and marketing earnings were mixed but generally lower for both periods. Due to an economic recession product demand was down in the first half of this year. Non-U.S. refining and marketing profits were up for the first half, but the gain stemmed from improved margins in the first quarter
Song, Paula H; Lee, Shoou-Yih Daniel; Toth, Matthew; Singh, Simone R; Young, Gary J
Gender pay equity is a desirable social value and an important strategy to fill every organizational stratum with gender-diverse talent to fulfill an organization's goals and mission. This study used national, large-sample data to examine gender difference in CEO compensation among not-for-profit hospitals. Results showed the average unadjusted annual compensation for female CEOs in 2009 was $425,085 compared with $581,121 for male CEOs. With few exceptions, the difference existed across all types of not-for-profit hospitals. After controlling for hospital- and area-level characteristics, female CEOs of not-for-profit hospitals earned 22.6% less than male CEOs of not-for-profit hospitals. This translates into an earnings differential of $132,652 associated with gender. Explanations and implications of the results are discussed.
Full Text Available This study aimed to examine the influence of temporary differences between accounting profit and tax, proprietary costs, and Liquidity toward earnings growth of the companies listed in Indonesia Stock Exchange (IDX 2011-2012. The factors examined in this study are temporary differences between accounting profit and tax, proprietary costs, and liquidity as an independent variable, while earnings growth has the dependent variable. This study used a descriptive quantitative method using secondary data and the number of samples collected was thirty- eight (38 that have met the criteria the researchers used purposive sampling. From the data that has been collected and then processed and analyzed using multiple regression analysis with a significance level of 0.05. This research proves temporary differences between accounting profit and tax has no significant influence on earnings growth, proprietary cost has no significant influence on earnings growth, and liquidity has negatively significant influence earnings growth. Temporary differences between accounting profit and tax, proprietary costs, and liquidity together or simultaneously significant influence toward the earnings growth.
Full Text Available This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.
Examples of misleading or misunderstood 'buzz' words that are prevalent in modern upstream technology are illustrated. The terms underbalanced drilling, horizontal wells, and geo-steering, which were unheard of in the early 1980s, have become key 'buzz' words in modern exploitation terminology. The terms are not only misused, but the technologies themselves are frequently mis-applied as shown by the frequency of economic failures, or less than optimal technical successes which have occurred when these technologies have been employed. Two examples, 'horizontal drilling' and 'geosteering', are used to illustrate the point. With regard to horizontal drilling, many oil field professionals consider it as merely a more advanced method of directional drilling. This represents a serious, yet common, misconception. In truth, horizontal wells are not just an altered drilling process, but a fundamental change in exploitation technology. A more appropriate definition would be that a horizontal well is an enhanced oil recovery process, clearly implying a relationship to the exploitation benefit potential of horizontal wells. The other term, 'geo-steering' refers to defining, generating and monitoring a wellpath on geology rather than geometry. It, too, is frequently misused in the technical media. The term is also misrepresented by implying that it is applicable only to the horizontal section of a well, which in fact is far from the truth. To counter these misconceptions, the paper provides appropriate definitions for each of these terms, and defines the conditions under which the techniques themselves are most appropriately used. 7 figs
Full Text Available Profitability is the profit earning capacity, which is a crucial factorin contributing to the survival of firms. This paper is a maidenattempt at estimating the impact of size on profitability, consideringthe ‘size’ as the control variable. For this purpose, the selectedfirms are classified into three size categories as ‘small,’ ‘medium,’and ‘large’ based on the sales turnover. The results show that volatilityand growth are the major predictors in determining profitabilityin case of small size firms while growth is important in determiningthe profitability of medium size firms. Capital intensityhas a significant positive coefficient with the profitability of largesize firms. The overall result shows that the larger the size of thefirm, the more the investment in long lived assets has helped toincrease the profitability of the firm unlike the trend in cases ofsmall size and medium size firms.
Carvajal, Manuel J; Armayor, Graciela M; Deziel, Lisa
A gender earnings gap exists across professions. Compared with men, women earn consistently lower income levels. The determinants of wages and salaries should be explored to assess whether a gender earnings gap exists in the pharmacy profession. The objectives of this study were to (1) compare the responses of male and female pharmacists' earnings with human-capital stock, workers' preferences, and opinion variables and (2) assess whether the earnings determination models for male and female pharmacists yielded similar results in estimating the wage-and-salary gap through earnings projections, the influence of each explanatory variable, and gender differences in statistical significance. Data were collected through the use of a 37-question survey mailed to registered pharmacists in South Florida, United States. Earnings functions were formulated and tested separately for male and female pharmacists using unlogged and semilog equation forms. Number of hours worked, human-capital stock, job preferences, and opinion variables were hypothesized to explain wage-and-salary differentials. The empirical evidence led to 3 major conclusions: (1) men's and women's earnings sometimes were influenced by different stimuli, and when they responded to the same variables, the effect often was different; (2) although the influence of some explanatory variables on earnings differed in the unlogged and semilog equations, the earnings projections derived from both equation forms for male and female pharmacists were remarkably similar and yielded nearly identical male-female earnings ratios; and (3) controlling for number of hours worked, human-capital stock, job preferences, and opinion variables reduced the initial unadjusted male-female earnings ratios only slightly, which pointed toward the presence of gender bias. After controlling for human-capital stock, job-related characteristics, and opinion variables, male pharmacists continued to earn higher income levels than female
AMOS O. AROWOSHEGBE. Ph.D; ACA.
Full Text Available The study examined the relationship of capital structure to profitability of quoted firms in Nigeria. The study was based on a panel data set from 1996 to 2010 comprising sixty non – financial companies. The study specified two panel regression models. Two profitability measures: Net Profit Margin (NPM and Operating Profit Margin (OPM were taken as the dependent variables respectively. The principal explanatory variable for each of the models was Debt Ratio (DR. The results of the study indicated that there was a significant negative relationship between capital structure and profitability of quoted companies in Nigeria. Indeed, the results the Pecking order theory that profitable firms do not target an optimal level of leverage to balance the benefits and costs of debt financing. Rather, firms use retained earnings first, then debts and finally equity. Such firms would actually be paying high tax charges and also high operating costs arising from over dependence on the money market for their funds requirements. It was recommended that appropriate fiscal policies, relevant capital market institutional and legal framework should be put in place. These measures, we believe, will ensure better access to funds and reduce the cost of doing business.
 The same could be said of E-learning in medical education.[4,5] Thirdly allowing profits within medical education should attract more investment. Investors could sink funds into medical education, and learners would benefit as a result; inevitably investors would like to see a return on investment – however, successful.
Ritter, Thomas; Lund Pedersen, Carsten; Eibe Sørensen, Hans
sammen for at udnytte mulighederne for datadreven profitabel vækst. Denne guide giver en anvendelsesorienteret gennemgang af de ni kompetencer i vores kort, som vi kalder for DataProfit. I guiden beskrives hver kompetence – og du inviteres til at analysere din virksomhed. Til sidst sætter vi hele...
Pollution reduction beyond regulatory compliance is gaining momentum among firms, but managers ask if being 'green' helps profitability. Evidence suggests it doesn't hurt, but when we see environmentally attractive firms with sound financial performance, it cannot yet say which is cause and which is effect [it
Barber, L.; Hayday, S.; Bevan, S.
An empirical test of the service-profit chain in a large United Kingdom retail business explored how employee attitudes and behavior can improve customer retention and, consequently, company sales performance. Data were collected from 65,000 employees and 25,000 customers from almost 100 stores. The business collected customer satisfaction for…
Carolina Bona Sánchez
Full Text Available El trabajo analiza la relación entre el control familiar y la calidad de la información contable en un contexto en el que el tradicional conflicto de agencia entre directivos y accionistas se desplaza a la divergencia de intereses entre accionistas controladores y minoritarios. Los resultados alcanzados muestran que, en comparación con las no familiares, las empresas de naturaleza familiar divulgan unos resultados de mayor calidad, tanto en términos de menores ajustes por devengo discrecionales como de mayor capacidad de los componentes actuales del resultado para predecir los cash flows futuros. Además, el aumento en los derechos de voto en manos de la familia controladora incrementa la calidad de los resultados contables. La evidencia obtenida se muestra consistente con la presencia de un efecto reputación/vinculación a largo plazo asociado a la empresa familiar. Adicionalmente, el trabajo refleja que a medida que disminuye la divergencia entre los derechos de voto y de cash flow en manos de la familia controladora, aumenta la calidad de la información contable.PALABRAS CLAVE: derechos de voto, divergencia, empresa familiar, calidad delresultado, reputación, beneficios privados.This work examines the relationship between family control and earnings quality in a context where the salient agency problem shifts away from the classical divergence between managers and shareholders to conflicts between the controlling owner and minority shareholders. The results reveal that, compared to non-family firms, family firms reveal higher earnings quality in terms of both lower discretionary accruals and greater predictability of future cash flows. They also show a positive relationship between the level of voting rights held by the controlling family and earnings quality. The evidence is consistent with the presence of a reputation/long-term involvement effect associated with the family firm. Moreover, the work reflects that, as the divergence
Measures of social mobility provide an extra dimension for testing job search models. The present note tests the dynamic model in [Acemoglu, D., 1999. Changes in unemployment and wage inequality: an alternative theory and some evidence. American Economic Review 89, 1259-1278] with respect to Fields’ mobility-as-an-equalizer-of-longer-term-incomes index. The 1980s in the U.S. were not only a period of raising inequality, but also one of longer-term earnings becoming even more unequal than shor...
Begun, James W; Potthoff, Sandra
The root causes for most health outcomes are often collectively referred to as the social determinants of health. Hospitals and health systems now must decide how much to "move upstream," or invest in programs that directly affect the social determinants of health. Moving upstream in healthcare delivery requires an acceptance of responsibility for the health of populations. We examine responses of 950 nonfederal, general hospitals in the United States to the 2015 American Hospital Association Population Health Survey to identify characteristics that distinguish those hospitals that are most aligned with population health and most engaged in addressing social determinants of health. Those "upstream" hospitals are significantly more likely to be large, not-for-profit, metropolitan, teaching-affiliated, and members of systems. Internally, the more upstream hospitals are more likely to organize their population health activities with strong executive-level involvement, full-time-equivalent support, and coordination at the system level.The characteristics differentiating hospitals strongly involved in population health and upstream activity are not unlike those characteristics associated with diffusion of many innovations in hospitals. These hospitals may be the early adopters in a diffusion process that will eventually include most hospitals or, at least, most not-for-profit hospitals. Alternatively, the population health and social determinants movements could be transient or could be limited to a small portion of hospitals such as those identified here, with distinctive patient populations, missions, and resources.
Many people regard the doctorate as the pinnacle of success. Despite the challenges of completing the terminal degree, the dream of earning the doctoral degree remains a goal for many every year. Understanding the phenomenon of African American student enrollment at for-profit colleges and universities (FPCUs) is necessary because many African…
... compensation for A's personal services rendered by him in his laundry business would be $12,000. The net... earned income. 1.1348-2 Section 1.1348-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE... account in determining the net profits of a trade or business in which both personal services and capital...
Alves, Paulo; Silva, Paulo
Using a firm-level survey database covering 50 countries we evaluate firms´ abnormal retained earnings. The results of our work indicate that firms located in emerging markets retain more earnings than firms from developed countries. On the other hand, firms located on common law based countries retain earnings above the expected and higher than firms placed on civil law based countries. A possible explanation, according to our results, can be seen in the economic growth that these countries ...
Existing unemployment insurance systems in many OECD countries involve a ceiling on insurable earnings. The result is lower replacement rate for employees with relatively high earnings. This paper examines whether replacement rates should decrease as the level of earnings rises. The framework is a search equilibrium model where wages are determined by Nash bargaining between firms and workers, job search intensity is endogenous and workers are heterogeneous. The analysis suggests higher repla...
Full Text Available This paper evaluates the impacts of earnings quality criteria on the ratio of price to earnings per share (P/E on 88 accepted companies in Tehran Stock Exchange (TSE over the period 2007- 2012. The results indicate that there was a positive and significant relationship between the P/E ratio and cash dividend. There is also a positive and significant relationship between P/E ratio as dependent variable and the gross profit ratio to sales. On the other hand, there is a significant reverse relationship between P/E ratio and the profit variability. However, no significant relationship exists between P/E as dependent variable and deferrals (accruals variable.
In 2000, the reform of consolidated financial statements changed the income statement section where amortization of goodwill and gains and losses from interest method should be disclosed. The results in this paper show that the reform may improve the value relevance of operating profits and ordinary income. We cannot find the evidence that the reform decreases the relevance of the multi-step earnings. Though we cannot definitively conclude that the reform was the best way for improving the va...
Mohammad Reza karimi Torghabeh
Full Text Available One of the primary economic issues is associated with optimum resource allocation in profitable investments with reasonable risk. For this purpose, performance measurement’s criteria are needed some of which emphasize cash flow variables and some others focus on information content of accounting profit. On this basis, this study examines the relationship between earnings before tax and interest and operational cash flows with stockholders’ return in Tehran Stock Exchange (TSE. In this regard, information asymmetry was also examined. To test hypotheses, multivariable regression and combined data method were used. The results showed that based on the information of 102 companies in stock market from 2004 to 2009, there was a positive and significant correlation between earnings before interest and tax and stock return in the companies. While, operational cash flow has no significant impact on stock return. Increasing information asymmetry, earnings before interest and tax has a positive and significant correlation with stockholders ’return; but operational cash flow has no significant effect on stockholders’ return. In other words, earnings before interest and tax have higher information content than operational cash flow.
Full Text Available The main purpose of the article was to analyse the productivity and profitability of labour factor and to present asset endowments of the typical dairy farms distinguished within IFCN (International Farm Comparison Network. Among analysed 103 typical dairy farms from 34 countries, the highest net dairy farm profit characterised large farms from USA, Australia and New Zealand. Those farms generated also significantly higher profit per working hour then the potential wages that could be earned outside the farm. The highest assets value per 100 kg of produced milk characterised European farms (especially with low production scale.
Full Text Available The article deals with the physical and symbolic effects the built environment has on human activities in a capitalist economy. The built environment is integrated in the capitalist economy on three levels: as the focus of a profit-oriented manufacturing industry, as the setting for all sorts of other enterprises and as the built context of the whole economy. The built environment is understood as a commodity. The capitalist system contains inbuilt tensions which have important design implications: the first tension arises because the system, if left to itself, lacks any overall planning functions, the second tension stems from the ability of the system to generate profit and the third arises from the character of labour, which distinguishes it from other commodities used in the production process. In conclusion methods of designing built environments, which perpetuate social order, are discussed.
CĂRUNTU CONSTANTIN; LĂPĂDUŞI MIHAELA LOREDANA
The business activity allows identifying two categories of flows: flows of results and cash flows. Flows affect the income and expenses, participating in training result, the company's profitability. Financial flows involved in their formation both monetary items (which drive the monetary input or output and thus implies a cash flow), and non-cash items (affecting the result, without leading to a cash flow). Are equally identifiable cash flows that do not involve an ...
Full Text Available Prior studies showed that before IPO, many companies conducted earnings management in order to attractpotential investors through impressive earnings figures. This study aimed to investigate the tendency of earningsmanagement practice post - IPO. This practice of earnings management was motivated to preserve managers’reputation in achieving their earnings forecasts. Using a total of 165 IPOs in IDX during year 2000-2010, thisstudy employed descriptive analyses to identify the earnings management differences within the sample. A crosssectionanalysis was conducted to test the difference of earnings management indicator among the forecasters.Then, controlling for audit quality, ownership, firm size, and firm leverage, a regression analysis was performedto test the impact of earnings forecasts accuracy on the earnings management. The result of this research showedthat there was an indication that the forecasters conducted more earnings management than the non-forecasters.The study found that forecast accuracy was significantly related to managers’ behavior to manage post-IPOearnings. Further analysis showed that optimistic forecasters tended to engage more in more earning managementthan conservative forecasters. The cross section analysis confirmed that optimistic earnings forecast strengthenedthe relationship of forecast accuracy and post-IPO earnings management, while high audit quality failed toweaken it.
Marinelli, Carlo; Weissensteiner, Alex
We analyze the relation between earnings forecast accuracy and the expected profitability of financial analysts. Modeling forecast errors with a multivariate normal distribution, a complete characterization of the payoff of each analyst is provided. In particular, closed-form expressions for the ......We analyze the relation between earnings forecast accuracy and the expected profitability of financial analysts. Modeling forecast errors with a multivariate normal distribution, a complete characterization of the payoff of each analyst is provided. In particular, closed-form expressions...... for the probability density function, for the expectation, and, more generally, for moments of all orders are obtained. Our analysis shows that the relationship between forecast precision and trading profitability needs not be monotonic, and that the impact of the correlation between the forecasts on the expected...
This study measures the longitudinal effect of disability on earnings, marriage, and divorce. The data come from the Survey of Income and Program Participation matched to administrative data on longitudinal earnings. Using event-study methods, the results show that the onset of a work-preventing disability is associated with a precipitous decline…
Women's Bureau (DOL), Washington, DC.
The size of the earnings gap between men and women has not changed substantially in recent years. The sustained earnings differential contrasts significantly with recent gains women have made in the job market. Several factors contribute to the wage differences: (1) The majority of women are in lower-paying occupations and lower-status jobs even…
progression by investigating the effects of on-the-job human capital acquisition, explicit short-run incentives and career concern incentives on earnings progression. The model leads to predictions about the incentive structure and the progression in both cross-sectional and individual earnings which...
Full Text Available This article discusses the effects of non-recurring profits and losses on statement users’ decision-making processes from the perspective of securities analysts. We examine the relationship between analysts’ forecast revisions and firms’ non-recurring earnings. We find that 1 non-recurring gains and losses can influence analysts’ earnings forecast revision; 2 compared with non-recurring items resulting from policy changes, analysts are more concerned about those attributed to changes in business scope; 3 if listed companies use non-recurring items to turn losses into gains during earnings management, it will weaken the effects of non-recurring items on analysts’ earnings forecast revision. The results suggest that non-recurring items that result from changes in business scope incorporate information that users need for the future operation of the business. This article verifies the information relevance of non-recurring items and provides evidence for the necessity of non-recurring item disclosure. Keywords: Non-recurring items, Earnings forecasts, Revisions
The objective of this empirical study is to analyze the influence of environmental performance and company’s accounting characteristics to earnings informativeness proxied by earnings response coefficient (ERC) on manufacturing companies listed on Indonesia Stock Exchange and consistently follow the PROPER assessment in 2010-2014. One of the company’s considerations is to create the green environment reflecting its environmental measures, drawing investors to respond to the company’s environmental performance. The data were obtained from Indonesian Capital Market Directory (ICMD), the Indonesia Stock Exchange homepage, the company’s annual reports, the decree of the Minister of Environment. The samples used in this research are 27 go public manufacturing companies listed on Indonesia Stock Exchange that consistently follow the PROPER in 2010-2014. The sampling technique used was the purposive method. This research uses multiple regression analysis. The results show that the environmental performance and profitability have a positive influence to earnings informativeness, while leverage has a negative influence to earnings informativeness. Growth opportunities as a control variable has a positive effect on earnings informativeness. This research has proved that the environmental performance is crucial through observing the investors’ reaction in the capital market.
... earnings; wages; net earnings from self-employment. 404.452 Section 404.452 Employees' Benefits SOCIAL...; net earnings from self-employment. (a) Reporting requirements and conditions under which a report of earnings, that is, wages and/or net earnings from self-employment, is required. (1) If you have not reached...
Leonardo Cunha da Silva
Full Text Available The company's decision on reinvesting profits started from the premise that the return on invested capital will exceed the opportunity cost, creating, consequently, shareholder value. Thus, wealth generation of the entity will be influenced by the level of retained earnings. Therefore, in this work we seek to examine how retained profit affect the value creation of 223 Brazilian companies, from 2008 to 2014, the control used was investment opportunity. Therefore we used descriptive statistics and panel data models. As main results we found that there is a high level of retained profit in the sample, however, a small part of the companies created value in the period. Still, the negative relationship between the level of capitalization of profits and created value is highlighted. Besides, it was observed that the companies that belonged to groups of higher levels of profit distribution ended up generating more wealth for investors.
Examines the distribution of earnings within occupations. Finds that these are more widely distributed than earnings among differing occupations. Suggests some gender differences in the processes generating earnings disparities within occupations. (CH)
Full Text Available In today’s society, companies seem to all be following the same trend; growth in profitability at all cost. Higher profits, for the most part, leads to more investors and more potential financing. Amazon.com appears to be breaking that trend, however. Their strategy seems to be growth, but not in profits. We would like to look into how and why Amazon is growing at such a fast pace, while their profits are staying steady at a very low level. Is profitability a possibility for Amazon? We believe that a marginal increase in price could accomplish just that, with a minimal impact to consumers.
Full Text Available If there was ever an eye-opening moment for us concerning the topic of competitive strategy, then it was this: In the summer of 2003 we presented the CEO of a world-renowned public company with a sophisticated strategy that would secure its path towards profitable growth. She waited with growing impatience for the end of the presentation to crush six months of work with one sentence: "That's all very well and good. But I want to destroy my competitors!" Our objections undoubtedly earned a place in the company's history, but ultimately we failed. Three years have passed since then - three years in which the company has drastically reduced its formerly attractive margins in numerous important markets. And despite strong attacks, the company has not succeeded in ousting even one competitor from its relevant markets.
Grønholdt, Lars; Martensen, Anne
This paper examines the links between employee attitudes, customer loyalty and company profitability. From a conceptual point of view, this employee-customer-profit chain, also known as the service-profit chain, is well founded and generally accepted. But for many companies, it seems difficult...... to demonstrate such links, and several issues must be addressed to uncover the links. To investigate these links empirically, a hotel chain provided data matching employee and customer measures with measures of profitability. We have successfully employed a modeling approach, and the paper reports empirical...... evidence of the employee-customer-profit chain. As it is possible to estimate the links, we have demonstrated their effect on company profitability. The research findings provide a better understanding of the service-profit chain and may help practitioners in improving company financial performance....
Danvers, Kreag; Nikolov, Pavel
Organizations outsource non-core service functions to achieve cost reductions and strategic benefits, both of which can impact profitability performance. This article examines relations between managerial outsourcing decisions and profitability for a multi-state sample of non-profit hospitals, across 16 states and four regions of the United States. Overall regression results indicate that outsourcing does not necessarily improve hospital profitability. In addition, we identify no profitability impact from outsourcing for urban hospitals, but somewhat positive effects for teaching hospitals. Our regional analysis suggests that hospitals located in the Midwest maintain positive profitability effects with outsourcing, but those located in the South realize negative effects. These findings have implications for cost reduction efforts and the financial viability of non-profit hospitals.
A review of the profitability margins of oil refining in the Atlantic Basin was presented. Petroleum refiners face the continuous challenge of balancing supply with demand. It would appear that the profitability margins in the Atlantic Basin will increase significantly in the near future because of shrinking supply surpluses. Refinery capacity utilization has reached higher levels than ever before. The American Petroleum Institute reported that in August 1997, U.S. refineries used 99 per cent of their capacity for several weeks in a row. U.S. gasoline inventories have also declined as the industry has focused on reducing capital costs. This is further evidence that supply and demand are tightly balanced. Some of the reasons for tightening supplies were reviewed. It was predicted that U.S. gasoline demand will continue to grow in the near future. Gasoline demand has not declined as expected because new vehicles are not any more fuel efficient today than they were a decade ago. Although federally-mandated fuel efficiency standards were designed to lower gasoline consumption, they may actually have prevented consumption from falling. Atlantic margins were predicted to continue moving up because of the supply and demand evidence: high capacity utilization rates, low operating inventories, limited capacity addition resulting from lower capital spending, continued U.S. gasoline demand growth, and steady total oil demand growth. 11 figs
Bustos R, M.E.; Gonzalez F, C.; Liceaga C, G.; Ortiz A, G.
In any industrial process it is seek an attractive profit from the contractor and the social points of view. The use of the irradiation technology in foods allows keep their hygienically, which aid to food supply without risks for health, an increment of new markets and a losses reduction. In other products -cosmetics or disposable for medical use- which are sterilized by irradiation, this process allows their secure use by the consumers. The investment cost of an irradiation plant depends mainly of the plant size and the radioactive material reload that principally is Cobalt 60, these two parameters are in function of the type of products for irradiation and the selected doses. In this work it is presented the economic calculus and the financial costs for different products and capacities of plants. In general terms is determined an adequate utility that indicates that this process is profitable. According to the economic and commercial conditions in the country were considered two types of credits for the financing of this projects. One utilizing International credit resources and other with national sources. (Author)
Despite the recent growth of for-profit colleges, scholars are only beginning to understand the labor market consequences of attending these institutions. Using data from the National Longitudinal Survey of Youth 1997, I find that for-profit associate's degree holders encounter lower hourly earnings than associate's degree holders educated at public or private, nonprofit colleges, and earnings that are not significantly different than high school graduates. However, individuals who complete a bachelor's degree by attending college in either the for-profit or nonprofit sectors encounter positive returns. These findings, robust to model selection, suggest that the distinction between for-profit and nonprofit colleges constitutes an important axis in the horizontal dimension of education at the sub-baccalaureate level, and complicate notions of vertical stratification such that higher levels of educational attainment do not necessarily guarantee a wage premium. Copyright © 2015 Elsevier Inc. All rights reserved.
This paper is focused on reviewing the existing literature with regard to the Earnings Management in response to the growing pressure of investors, policy makers, and companies’ governance reform mechanisms to curb opportunistic behavior of the managers of these companies. It also examines the existence of this phenomenon in Albanian context as well as tests the importance of Modified Jones Model as an efficient tool for detection of abnormal accruals, used as a proxy for earnings management. The results show that firms in the Albanian market are engaged in earnings management initiatives.
Bartels, W.; Dietrich, K.; Moeller, H.; Speier, C.
The authors deal with the following topics: The secret of nuclear energy; the atom programmes of Bonn; on some arguments of the present nuclear energy discussion; how socialist countries solve the problems of nuclear energy. From the socialist point of view they discuss sociological, ideological and moral reasons for a peaceful utilization of nuclear energy. Nevertheless they refuse Bonn's atom programme because the high finance's interests concerning profit and power make it a danger. The biggest danger is said to lie in the creation of a plutonium-industry and the militaristic abuse which would be connected with it. The socialist way of utilizing atomic energy is seen by them as a way with a high feeling of responsibility towards all people and towards a guaranteed energy supply. (HSCH) [de
Rauscher, Simone; Wheeler, John R C
Increased financial pressures on hospitals have elevated the importance of working capital management, that is, the management of current assets and current liabilities, for hospitals' profitability. Efficient working capital management allows hospitals to reduce their holdings of current assets, such as inventory and accounts receivable, which earn no interest income and require financing with short-term debt. The resulting cash inflows can be reinvested in interest-bearing financial instruments or used to reduce short-term borrowing, thus improving the profitability of the organization. This study examines the relationship between hospitals' profitability and their performance at managing two components of working capital: accounts receivable, measured in terms of hospitals' average collection periods, and accounts payable, measured in terms of hospitals' average payment periods. Panel data derived from audited financial statements for 1,397 bond-issuing, not-for-profit U.S. hospitals for 2000-2007 were analyzed using hospital-level fixed-effects regression analysis. The results show a negative relationship between hospitals' average collection period and profitability. That is, hospitals that collected on their patient revenue faster reported higher profit margins than did hospitals that have larger balances of accounts receivable outstanding. We also found a negative relationship between hospitals' average payment period and their profitability. Hospital managers did not appear to delay paying their vendors. Rather, the findings indicated that more profitable hospitals paid their suppliers faster, possibly to avoid high effective interest rates on outstanding accounts payable, whereas less profitable hospitals waited longer to pay their bills. The findings of this study suggest that working capital management indeed matters for hospitals' profitability. Efforts aimed at reducing large balances in both accounts receivable and accounts payable may frequently be
National Oceanic and Atmospheric Administration, Department of Commerce — These data represent a cost-earnings study of the Main Hawaiian Islands bottomfish fishery for the 2010 operating year. Data collected include fisher classification,...
National Oceanic and Atmospheric Administration, Department of Commerce — These data represent a cost-earnings study of the boat based fishing in the Mariana Archipelago fielded in 2011. Data collected include fisher classification, vessel...
Heywood, John S.; O'Halloran, Patrick L.
A comparative analysis between output-based payment and time rates payment is presented. It is observed that racial or gender earnings discrimination is more likely in time rates payment and supervisory evaluations.
National Oceanic and Atmospheric Administration, Department of Commerce — These data were collected to support the first cost-earnings study of this fleet. Operational and vessel costs were collected by in-person interviews with vessel...
Social Security Administration — Each year the Office of Personnel Management (OPM) sends SSA a file to be verified and matched against the Master Earnings File (MEF) and Employer Information File...
National Oceanic and Atmospheric Administration, Department of Commerce — These data represent a cost-earnings study of the main Hawaiian Island Charter fishing fleet in 2012. Data collected include fisher classification, vessel...
DOMINGO JAVIER SANTANA MARTÍN; JERÓNIMO PÉREZ ALEMÁN; CAROLINA BONA SÁNCHEZ
This work examines the relationship between the family control and informativeness of accounting earnings in listed non-financial Spanish companies between 1997 and 2003. The results reveal a negative relationship between the family nature of the controlling shareholder and the credibility of accounting information. Moreover, as the level of voting rights in the hands of the family ultimate owner increases, the informativeness of earnings decreases. Only in family firms where the CEO is hired...
Jepsen, Christopher; Jepsen, Lisa K.
Although many studies document differences by sexual orientation in earnings and other labor-market outcomes, little is known about differences in self-employment. Our study contributes to both the self-employment literature and sexual-orientation literature by analyzing differences in self-employment rates and earnings by sexual orientation. Gay men are less likely to be self-employed than married men, whereas lesbians are equally likely to be self-employed as married women. We find that gay...
Rani, P. Geetha
This paper studies the impact of different levels of education, religion, caste as well as the impact of living in urban and rural communities on earnings in India. Besides these conventional stratification, yet another academic caste which influence earnings-the English language ability, is also examined. The paper uses a large cross-section sample of India Human Development Survey to estimate Mincer and augmented Mincer equations. The rates of return estimates obtained in these data and met...
Perotti, Pietro; Wagenhofer, Alfred
This paper examines how commonly used earnings quality measures fulfill a key objective of financial reporting, i.e., improving decision usefulness for investors. We propose a stock-price-based measure for assessing the quality of earnings quality measures. We predict that firms with higher earnings quality will be less mispriced than other firms. Mispricing is measured by the difference of the mean absolute excess returns of portfolios formed on high and low values of a measure. We examine persistence, predictability, two measures of smoothness, abnormal accruals, accruals quality, earnings response coefficient and value relevance. For a large sample of US non-financial firms over the period 1988-2007, we show that all measures except for smoothness are negatively associated with absolute excess returns, suggesting that smoothness is generally a favorable attribute of earnings. Accruals measures generate the largest spread in absolute excess returns, followed by smoothness and market-based measures. These results lend support to the widespread use of accruals measures as overall measures of earnings quality in the literature.
Winters, John V.; Xu, Weineng
Economics has been shown to be a relatively high-earning college major, but geographic differences in earnings have been largely overlooked. The authors of this article use the American Community Survey to examine geographic differences in both absolute earnings and relative earnings for economics majors. They find that there are substantial…
..., Unappropriated retained earnings. 367.2160 Section 367.2160 Conservation of Power and Water Resources FEDERAL... retained earnings. This account must include the balances, either debit or credit, of unappropriated retained earnings arising from earnings of the service company. This account must not include any amounts...
... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Earned Value Management....234-4 Earned Value Management System. As prescribed in 34.203(c), insert the following clause: Earned Value Management System (JUL 2006) (a) The Contractor shall use an earned value management system (EVMS...
Fransen , Eva; Plantenga , Janneke; Vlasblom , Jan Dirk
Abstract Despite major improvements in women?s labour market attachment, women still earn considerably less than men. International research shows that the persistence of the gender pay gap may be due to the fact that although the gap in characteristics between men and women is diminishing, changes in the wage structure counteract this change. This article will study whether this `swimming upstream? phenomenon is also playing a role in the rather slow convergence between male and f...
... a foreign corporation under section 964, the amount of an illegal bribe, kickback, or other payment... corporation at that time, as though the asset was purchased on the date during such period the foreign... were purchased on the first day of the first taxable year of the foreign corporation beginning after...
The current study aimed at investigating the impact of foreign banks on domestic banks in (Brazil, Russia, India and China) BRIC group of countries during 2001-2011. The importance of this topic is due to instability of financial industry and continuously changing financial markets. Financial liberalization did not only give boom to banking industry but also made it more competitive and unstable. To stay in competition, banks follow risky practices that do not only create problems within fina...
... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Corporations Used to Avoid Income Tax on... plant; (2) To acquire a business enterprise through purchasing stock or assets; (3) To provide for the... contract obligations incurred on issue; (4) To provide necessary working capital for the business, such as...
Full Text Available The business activity allows identifying two categories of flows: flows of results and cash flows. Flows affect the income and expenses, participating in training result, the company's profitability. Financial flows involved in their formation both monetary items (which drive the monetary input or output and thus implies a cash flow, and non-cash items (affecting the result, without leading to a cash flow. Are equally identifiable cash flows that do not involve an immediate effect on the outcome or effect on the result equivalent to that spread on the treasury. Financial equilibrium in a general manner evokes the idea of harmony between different elements of a system, which in finance is harmonization of resources with the needs. Financial equilibrium can be defined by the company's ability to secure payment of its proceeds without interruption to current liabilities incurred in implementing its object of activity or tax laws, so it can avoid the risk of bankruptcy. Maintaining financial stability is the essential condition of survival of the enterprise, financial and balanced assessment must take into account the concrete conditions of the occurrence of default.
Full Text Available The objectives of this research were to analyze the direct effects of institutional ownership and audit qualitytowards future earnings response coefficient, as well as their indirect effects towards future earnings responsecoefficient through disclosure as intervening variable. This research used secondary data from manufacturingcompanies listed in Indonesia Stock Exchange (IDX between 2002-2011. The number of samples used in thisresearch were 111companies. The method used in this research was Structure Equation Model (SEM processedusing AMOS 6. The results of this research demonstrated that institutional ownership and disclosure hadpositive significant effect while audit quality had negative significant effects towards future earnings responsecoefficient. On the other hand, institutional ownership had positive significant effect while audit quality hadnegative significant effects towards disclosure. Further testing proved that indirect effect was very weak.Control variable which had positive significant effect was profitability towards disclosure while leverage andlong term investment had negative significant towards future earnings response coefficient. Liquidity variableswere proven that they had no effect towards disclosure.
Hussain, Mohammad Azhar; D. Munk, Martin; Bonke, Jens
The article provides various estimates of intergenerational earnings mobility based on Danish administrative register information. The aim is to calculate how sensitive the results are to different earning periods, age brackets, and earning components enabling the most accurate cross country comp...... find that intergenerational earnings mobility from father to son in Denmark is on the same level as in Sweden, Norway, and Finland, whereas the intergenerational earnings mobility in all the Nordic countries is found higher than in the UK and USA....
Philip Armour; Richard V. Burkhauser; Jeff Larrimore
Inconsistent censoring in the public-use March Current Population Survey (CPS) limits its usefulness in measuring labor earnings trends. Using Pareto estimation methods with less-censored internal CPS data, we create an enhanced cell-mean series to capture top earnings in the public-use CPS. We find that previous approaches for imputing topcoded earnings systematically understate top earnings. Annual earnings inequality trends since 1963 using our series closely approximate those found by Kop...
Patricia M. Dechow; Richard G. Sloan; Jenny Zha
Copyright © 2014 by Annual Reviews. All rights reserved. Accounting earnings summarize periodic corporate financial performance and are key determinants of stock prices. We review research on the usefulness of accounting earnings, including research on the link between accounting earnings and firm value and research on the usefulness of accounting earnings relative to other accounting and nonaccounting information. We also review research on the features of accounting earnings that make them ...
Kuper, Gerard H.
This paper sheds new light on the asymmetric dynamics in upstream U.S. gasoline prices. The model is based on Pindyck's inventory model of commodity price dynamics. We show that asymmetry in gasoline price dynamics is caused by changes in the net marginal convenience yield: higher costs of marketing
This paper reports that Occidental Petroleum Corp. has begun exporting oil from Russia as part of an enhanced recovery joint venture in western Siberia. Oxy holds a 50% interest in the joint venture company, Vanyoganneft, and will market the oil. In other activity, two Canadian companies are marking progress with Russian upstream joint ventures
We need more oil energy to take out oil under the ground. Limit resources make us consider other candidates of energy source instead of oil. Electricity shall be the main role more and more like electric vehicles and air conditioners so we should consider electricity generation ways. When we consider what kind of electric power generation is the best or suitable, we should not only power generation plant but whole process from mining to power generation. It is good way to use EPR, Energy Profit Ratio, to analysis which type is more efficient and which part is to do research and development when you see the input breakdown analysis. Electricity by the light water nuclear power plant, the hydrogen power plant and the geothermal power plant are better candidates from EPR analysis. Forecasting the world primly energy supply in 2050, it is said that the demand will be double of the demand in 2000 and the supply will not be able to satisfy the demand in 2050. We should save 30% of the demand and increase nuclear power plants 3.5 times more and recyclable energy like hydropower plants 3 times more. When the nuclear power plants are 3.5 times more then uranium peak will come and we will need breed uranium. I will analysis the EPR of FBR. Conclusion: A) the EPR of NPS in Japan is 17.4 and it is the best of all. B) Many countries will introduce new nuclear power plants rapidly may be 3.5 times in 2050. C) Uranium peak will happen around 2050. (author)
Full Text Available Chinese listed firms are characterized by a great magnitude of long-duration accounts receivable from controlling shareholders and their affiliates, and they often do not make bad debt allowances. On many occasions, these receivables are never collected. We find that firms with a great magnitude of accounts receivable demonstrate a low level of future profitability and low stock returns. It does not appear that the low earnings persistence of these firms is responsible for their poor future performance as predicted by the accrual anomaly, because the firms also report low concurrent earnings. In the context of the Chinese stock market, we interpret the results as being consistent with self-dealing through trade credit by controlling shareholders. This study contributes to the self-dealing literature by identifying a more subtle channel of expropriation of minority shareholders in China.
In 2000, the reform of consolidated financial statements changed the income statement section where amortization of goodwill and gains and losses from interest method should be disclosed. The results in this paper show that the reform may improve the value relevance of operating profits and ordinary income. We cannot find the evidence that the reform decreases the relevance of the multi-step earnings. Though we cannot definitively conclude that the reform was the best way for improving the va...
Forbes, William; Giannopoulos, George
This paper presents evidence regarding the post-earnings announcement drift (PEAD) anomaly for the Greek market in the years 2000–2006 (covering earnings announcements in the years 2001–2007). The impact of the introduction of International Financial Reporting Standards on the size and prevalence of the PEAD anomaly is examined. Unlike recent evidence for the US market we find PEAD to be\\ud alive and well, and of growing importance in our Greek sample. It may be the adoption of international ...
of husband centered migration. Couples are more likely to migrate if household earnings potential is disproportionally due to one partner, and families react equally strongly to a male and a female relative advantage in educational earnings potential. These results are driven by households with a strong......A unitarian model of family migration in which families may discount wives’ private gains is used to derive testable predictions regarding the type of couples that select into migrating. The empirical tests show that gender neutral family migration cannot be rejected against the alternative...
Salazar-Bryam, Ana Maria; Lovaglio, Roberta Barros; Contiero, Jonas
This study focused on two important aspects of the upstream process: the appropriate use of crude glycerol as a low-cost carbon source, and strain selection. The effect of different crude glycerol concentrations on rhamnolipid biosynthesis by two Pseudomonas aeruginosa strains (wild type LBI and mutant LBI 2A1) was studied. Finally, the synthesized rhamnolipids were characterized by mass spectrometry. When both strains were compared, 50 g/L was the most favorable concentration for both, but P...
A brief review is given of a recent survey of the top one hundred upstream oil and gas companies which file financial data with the US Securities and Exchange Commission. The analysis indicates the increasing globalisation of the industry with exploration and development spending increasing dramatically outside the US. To survive, companies must operate as efficient low cost finders and producers of oil and gas and anticipate and meet changing market demands quickly. (UK)
Upstream salmon passage though a dam is discussed with respect to three main components: the fishway entrance, the fishway, and the exit. Design considerations and alternative types of components are presented. For fishway entrances, an important consideration is the positioning of the entrance as far upstream as the fish can swim with respect to obstacles. For powerhouses using water diverted from a river, the problem of leading fish past the powerhouse may be overcome by either installing a tailrace barrier or increasing the flow until the home stream odor is sufficient to attract fish. Swimming ability should be the first consideration in fishway design. Fishways with 50 cm drops per pool would be satisfactory in most cases. The problem of headwater fluctuation is overcome through careful fishway selection. Fish locks, hoists, and elevators are other alternatives to pool/weir fishways. The location for a fish exit must be decided on the basis of whether the fishway will be used only for upstream migrations. 5 refs., 1 fig., 1 tab
Random drug testing of people being treated for chronic pain has become more common. Physicians may drug test patients on opioid therapy as a result of concerns over prosecution, drug misuse, addiction, and overdose. However, profit motive has remained unexplored. This article suggests profits also drive physician drug-testing behavior and evidence is offered, including an exploration of Medicare reimbursement incentives and kickbacks for drug testing.
MIRON VASILE CRISTIAN IOACHIM
Full Text Available This study has as main objective the presentation of the current state of knowledge regarding the profit and loss account as part of the financial statements which express in absolute value the profitability of companies and the empirical analysis of these concepts based on the information submitted by OMV Petrom between 2011 and 2015. Thus, in the first part we present several approaches from the specialized literature regarding the aspects mentioned above. The second part follows a vertical and horizontal analysis of key indicators used for measuring the absolute return. For the horizontal analysis we pursued the evolution in time of the following indicators: Gross Margin, Earnings Before Interest and Taxes (EBIT, Financial Result, Gross and Net Result. The vertical analysis aimed to explain the formation of the Gross Result via EBIT (which was also analyzed through the Gross Margin and other specific elements and of the Financial Result (which was also analyzed through the different types of financial income and expenses. The results of the study revealed problems of profitability in the years 2014 and 2015 which, in our opinion, can be attributed to poor management of the commercial activity, exploration activity (research and development, distribution and financial activity.
Robson, I.A.; Whittington, H.W.
This article briefly presents a technique for assigning a value to the water held in and removed from the hydro reservoir. Using historic earnings as the basis for a series of equations, it aims to give engineers trading energy a reliable means of placing a value on what is effectively a ''free'' resource. (Author)
Ahn, Ruth; Asanuma, Shigeru; Mori, Hisayoshi
Teachers in Japan earn tenure on their first day of employment--not after two years of experience based on evaluations of teaching performance or student test scores. This is almost too good to be true. If tenure is so easy to attain, how do the Japanese make sure their teachers, especially novice teachers hired with little teaching experience,…
Huijgen, Carel; Plantinga, Auke
The aim of this paper is to investigate whether financial analysts’ earnings forecasts are informative from the viewpoint of allocating investments across different stock markets. Therefore we develop a country forecast indicator reflecting the analysts’ prospects for specific stock markets. The
Examination of the widening gender earnings gap in Australia indicates that women's wages continue to lag behind those of men. The main factor appears to be women's concentration in part-time work in enterprises where bargaining is less likely to occur. (JOW)
Ricardo Luiz Menezes da Silva
Full Text Available The use of fair value to measure the worth of biological assets allows discretionary choices when using discounted cash flow in the absence of an active market, influencing the quality of accounting information. The objective of this study was to investigate evidence of earnings management among Brazilian companies that have adopted fair value based on the discounted cash flow method. The firms were investigated with regard to: a disclosure of the discount rate, b BM&FBovespa corporate governance levels; and c adherence to disclosure requirements in the Brazilian accounting standard CPC 29 (IAS 41. We analyzed 31 firms with significant biological assets from 2010 to 2012. The earnings management measurements were calculated according to the modified Jones, the Teoh, Welch and Wong (1998, and the KS models. The Mann-Whitney test of the means was applied and revealed evidence of greater earnings management for companies that use discounted cash flow, and the ones that least meet CPC 29 disclosure requirements, considering the KS model estimates. Regarding the other proposals, testing did not offer enough evidence of differences in discretionary accruals. In this sense, only hypotheses 1 and 4 are partially accepted, demanding more research in this area. We also present evidence in favor of adopting Exposure Draft ED/2013/08 Agriculture: Bearer Plants, Proposed amendments to IAS 16 and IAS 41, which proposes to measure biological assets at cost, because firms already following these rules showed lower earnings management in this study.
Gramlich, Jeffrey; Sørensen, Ole Vagn
This paper seeks to determine whether Danish managers exercise discretionary accruals to reach earnings forecast targets they voluntarily specify in conjunction with initial public offerings (IPOs). Because the Danish accounting and legal environment is more permissive than the US, we use Denmark...
Following Shell's reduction in its base oil price by 40% against its 1997 planning value, many other oil companies have followed suit, leading to a fall in budgetary spending for 1999 and reduced the chance of any significant recovery for some time. Growth for non-OPEC oil suppliers and from offshore oil has slowed, both in reserves and production potential. It is expected that cost cutting exercises, mergers and restructuring will follow to ensure growth in profitability and revenues. (UK)
Wilde-Ramsing, J.; Steinweg, T.
This report addresses the Dutch power sector, identifying the major corporate players in the market, types of fuel used to generate electricity, the profits being made, and investments in both renewable and non-renewable generation capacity. For the purposes of this report, the power sector is understood to encompass production (i.e. generation) and supply of electricity. Some discussion and figures on heat and gas, which are also essential energy services, are provided, but the focus is primarily on electricity. Section 2 of the report provides an overview of the Dutch power sector, breaking the market down into production and supply. Major players, markets shares, and recent trends and developments are given for each of these activities. Sections 3 - 7 go into detail on the five major corporate players active in the Dutch power sector: ENECO, Essent, Nuon, Electrabel, and E.ON Energie. For each company, information is provided on profits and earnings, the fuel mix used to generate and supply electricity, the CO2 emissions associated with these activities, installed capacity in the Netherlands, and recent investments in renewable and non-renewable generation capacity in the Netherlands. For the Dutch companies, ENECO, Essent and Nuon, additional information on the ownership structure of the company, shareholders and dividends paid and received is given. A section on RWE (Section 8) is also included in the study because, although RWE is not currently active in generating electricity in the Netherlands, RWE Energy does currently supply electricity generated by producers in the Netherlands. In addition, RWE Power is currently planning to invest significantly in power generation capacity in the Netherlands. The final section of the report compares the companies activities in the Netherlands and draws conclusions based on the companies' respective performance
Leigh, J Paul; Tancredi, Daniel; Jerant, Anthony; Romano, Patrick S; Kravitz, Richard L
Earlier studies estimated annual income differences across specialties, but lifetime income may be more relevant given physicians' long-term commitments to specialties. Annual income and work hours data were collected from 6381 physicians in the nationally representative 2004-2005 Community Tracking Study. Data regarding years of residency were collected from AMA FREIDA. Present value models were constructed assuming 3% discount rates. Estimates were adjusted for demographic and market covariates. Sensitivity analyses included 4 alternative models involving work hours, retirement, exogenous variables, and 1% discount rate. Estimates were generated for 4 broad specialty categories (Primary Care, Surgery, Internal Medicine and Pediatric Subspecialties, and Other), and for 41 specific specialties. The estimates of lifetime earnings for the broad categories of Surgery, Internal Medicine and Pediatric Subspecialties, and Other specialties were $1,587,722, $1,099,655, and $761,402 more than for Primary Care. For the 41 specific specialties, the top 3 (with family medicine as reference) were neurological surgery ($2,880,601), medical oncology ($2,772,665), and radiation oncology ($2,659,657). The estimates from models with varying rates of retirement and including only exogenous variables were similar to those in the preferred model. The 1% discount model generated estimates that were roughly 150% larger than the 3% model. There was considerable variation in the lifetime earnings across physician specialties. After accounting for varying residency years and discounting future earnings, primary care specialties earned roughly $1-3 million less than other specialties. Earnings' differences across specialties may undermine health reform efforts to control costs and ensure adequate numbers of primary care physicians.
of some more specific company key accruals, where especially the two balance sheet accounts, inventory and accounts receivable, are of interest. This is documented and discussed by relating empirical measures of the quality of the different specific key-accruals as well as aggregated accruals quality vs......This study focuses on earnings quality by investigating the quality of accruals using the approach introduced by Dechow & Dichev (2002). One essential element is the role of accrual estimation errors, and another is whether the equity market impounds information about the quality of earnings....... The basic assumption is that the quality of accruals and earnings is decreasing as the magnitude of estimation errors in the accruals is increasing. The paper contributes to the literature on accrual (and earnings) quality by investigating not only the quality of aggregated accruals but also the quality...
A review of profitability of Canada's upstream petroleum industry and of the direct fiscal burden (all payments to governments) on the industry was presented based on a study conducted during June-September 1996. Information was collected from 200 companies that represent over 90 per cent of the total oil and gas production revenue and most of the refining and fuel sales. Part 2 of the review examined taxes and other payments to government by 58 companies. It was concluded that the Canadian oil and gas industry is a major contributor of taxes to all three levels of government. While the industry has made concerted efforts to reduce its controllable costs and increase its profitability, it is claimed that Canadian petroleum industry profit margins are extremely low. A plea was made to all levels of governments to consider the highly competitive nature of the industry, the constantly changing market forces, shifts in world politics, regulatory trends, currency values and technology that affect the industry, and the high risks inherent in exploration and development prior to establishing ever-increasing claims on the industry's dwindling profits. 22 tabs., 17 figs
Pencavel, John H.
Constructing pseudo-panel data from successive Current Population Surveys, this paper analyzes earnings inequality in husband and wife families over the life cycle and over time. Particular attention is devoted to the role of labor supply in influencing measures of earnings inequality. Compact and accurate descriptions of earnings inequality are derived that facilitate the analysis of the effect of the changing market employment of wives on earnings inequality. The growing propensity of marri...
Norio Kitagawa; Akinobu Shuto
This study investigates the effect of managerial discretion over their initial earnings forecasts on future performance. First, by estimating the discretionary portion of initial management earnings forecasts (defined as discretionary forecasts) based on the findings of fundamental analysis research, we find that firms with higher discretionary forecasts are more likely to miss their earnings forecast at the end of the fiscal year and revise their forecasts downward to meet their earnings for...
Kulkarni, Veena S
Previous research on understanding race-ethnic differentials in employment and economic contributions by married women has primarily focused on Blacks, Hispanics, or Whites. This study investigates variations in wives' earning contributions as measured by wives earnings as a proportion of total annual household earnings among six Asian groups, Asian Indian, Chinese, Filipino, Japanese, Korean, and Vietnamese relative to native born non-Hispanic White. I disaggregate the six Asian groups by their ethnicity and nativity status. Using pooled data from 2009-2011 American Community Survey, the findings show significance of human capital, hours of paid labor market engagement and nativity status. There is strong and negative association between husbands' human capital and labor supply with wives' earning contributions suggesting near universality of male-breadwinner status. Notwithstanding the commonalities, there is significant intergroup diversity. While foreign born and native born Filipina wives despite their spouses' reasonably high human capital and work hours, contribute one of the highest shares, the same cannot be said for the Asian Indians and Japanese. For foreign born Asian Indian and to some extent Japanese women, their high human capital is not translated to high earning contribution after controlling for husband's human capital. Further, nativity status impacts groups differentially. Native born Vietnamese wives contribute the greatest. Overall, the findings underscore the relevance of employing multiple conceptual frameworks in understanding earning contributions of foreign and native born Asian wives belonging to the six Asian groups, Asian Indian, Chinese, Filipino, Japanese, Korean, and Vietnamese. Copyright © 2015 Elsevier Inc. All rights reserved.
The challenge facing the exploration and production sector of the petroleum industry to capture and hold onto the upstream was the main focus of this paper. The exploration and production (E and P) business was described as being highly complex, characterized by constant change and increasing competition. Some of the dynamic changes which have occurred in the Western Canada Basin (WCB) during the last five years and how they relate to the international playing field were reviewed. Significant changes to the production ranking profile as a result of acquisitions, and basin reserve endowment and maturity are the two major factors affecting current and future dynamics of upstream WCB E and P activity. Competitive pressures, contractor relationships, infrastructure access and controls, environmental issues are some of the other factors. Taking these factors into account, Talisman Energy Inc. has used its growth in the WCB to leverage its international activities, diversifying to less mature, but proven hydrocarbon basins. The company's international exploration strategy is designed to be adaptive and flexible and is guided by focus on a limited number of core areas with proven source rock and existing production, achievement of a set production level within a five-year time frame, ensuring strong relationships with host governments and partners, and selecting areas where a multiple of opportunity types are available. In general, for any upstream company it is important to recognize that the more predictable traditional order has given way to a market-driven environment where the rules change almost daily, and success depends on the ability to adapt to change.14 figs
Miah Muhammad Adel
Upstream India and downstream Bangladesh share more than 50 international rivers. India has set up water diversion constructions in more than 50% of these rivers, the largest one being on the Bangladeshâs northwest upon the Ganges River, puts Bangladeshâs Gangetic ecosystem at stake. In some border rivers, India has set up groins on her side of river banks. Also, Indian side pumps Bangladesh river water stealthily from border-rivers. Further, India is constructing another dam and reservoir up...
A review of the trends and activities in the upstream petroleum industry during 1996 were presented, emphasizing the significance of the industry' contribution to Canada's economy. Among the areas included were highlights of Canada's hydrocarbon reserves, conventional production, frontier production, and non-conventional (oil sands) production. New market opportunities and activities in the pipeline transportation sector were also discussed. Environmental issues including health and safety received due attention. In this regard, the industry's efforts to work with government and other stakeholders to ensure that requirements for land use are balanced with the need to protect wilderness and wildlife habitat, received special mention. 16 figs
Muttaqin, B. I. A.; Rosyidi, C. N.
In open pit mining activities, determination of the cut-off grade becomes crucial for the company since the cut-off grade affects how much profit will be earned for the mining company. In this study, we developed a cut-off grade determination mode for the open pit mining industry considering the cost of mining, waste removal (rehabilitation) cost, processing cost, fixed cost, and selling stage cost. The main goal of this study is to develop a model of cut-off grade determination to get the maximum total profit. Secondly, this study is also developed to observe the model of sensitivity based on changes in the cost components. The optimization results show that the models can help mining company managers to determine the optimal cut-off grade and also estimate how much profit that can be earned by the mining company. To illustrate the application of the models, a numerical example and a set of sensitivity analysis are presented. From the results of sensitivity analysis, we conclude that the changes in the sales price greatly affects the optimal cut-off value and the total profit.
Mao, Yaping; Renneboog, Luc
To address the question as to whether managers intending to purchase their company by means of a levered buyout transaction manipulate earnings in order to buy their firm on the cheap, we study the different types of earnings management prior to the transaction: accrual management, real earnings
... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Appropriated retained earnings... UTILITY HOLDING COMPANY ACT OF 1935 Liabilities and Other Credit Accounts § 256.215 Appropriated retained earnings. This account shall include the amount of retained earnings which has been appropriated or set...
... retained earnings. This account shall include the balance, either debit or credit, arising from earnings... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Unappropriated retained earnings. 256.216 Section 256.216 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION...
... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Account 215, Appropriated retained earnings. 367.2150 Section 367.2150 Conservation of Power and Water Resources FEDERAL... retained earnings. This account must include the amount of retained earnings that has been appropriated or...
... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Earned Value Management... of Provisions And Clauses 252.234-7002 Earned Value Management System. As prescribed in 234.203(2), use the following clause: Earned Value Management System (APR 2008) (a) In the performance of this...
... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Earned Value Management... and Clauses 1852.234-2 Earned Value Management System. As prescribed in 1834.203-70(b) insert the following clause: Earned Value Management System (NOV 2006) (a) In the performance of this contract, the...
Women's Bureau (DOL), Washington, DC.
Although the gap between women's and men's wages differs slightly depending on how the gap is measured, no matter how they are measured, women's earnings are below those received by men in 97% of the occupations for which data are available. Since 1979, women's earnings have been climbing when compared with men's earnings, gaining steeply during…
Full Text Available Cashless payments are recent phenomena, which even increased with the introduction of contactless means like NFC, PayPass or payWave. Such new methods speed-up the entire payment process and in comparison to cash transactions are much simpler and faster. But on the other hand the key question for merchant is if it is worth to have such device, which accept these new payment means or not to have the terminal at all. What is the amount of cash flow, which delimits the cash holdings to be still profitable? This paper tries to give answers to such question by presenting general profitability model, which will address defining the cash threshold amount. The aim is to show that cash holdings could be profitable up to certain amount, but after the threshold is met, cashless payment methods are fairly superior despite their additional costs.
"Doing well by doing good" is the business mantra of the for-profit-college industry. But one does not have to look far to find people who question the slogan's sincerity or the very legitimacy of that model. And that was even before reports of some companies' abusive student-recruiting practices and questionable educational standards fed a public…
Salazar-Bryam, Ana Maria; Lovaglio, Roberta Barros; Contiero, Jonas
This study focused on two important aspects of the upstream process: the appropriate use of crude glycerol as a low-cost carbon source, and strain selection. The effect of different crude glycerol concentrations on rhamnolipid biosynthesis by two Pseudomonas aeruginosa strains (wild type LBI and mutant LBI 2A1) was studied. Finally, the synthesized rhamnolipids were characterized by mass spectrometry. When both strains were compared, 50 g/L was the most favorable concentration for both, but P. aeruginosa LBI 2A1 showed an increase in rhamnolipid production (2.55 g/L) of 192% over wild type (1.3 g/L). The higher rhamnolipid production could be related to a possible mechanism developed after the mutation process at high antibiotic concentrations. Mass spectrometry confirmed the glycolipid nature of the produced biosurfactant, and the homologue composition showed a wide mixture of mono and di-rhamnolipids. These results show that high glycerol concentrations can inhibit microbial metabolism, due to osmotic stress, leading to a better understanding of glycerol metabolism towards its optimization in fermentation media. Since P. aeruginosa LBI 2A1 showed higher conversion yields than P. aeruginosa LBI, the use of a mutant strain associated with a low cost carbon source might improve biosurfactant biosynthesis, therefore yielding an important upstream improvement.
Ana Maria Salazar-Bryam
Full Text Available This study focused on two important aspects of the upstream process: the appropriate use of crude glycerol as a low-cost carbon source, and strain selection. The effect of different crude glycerol concentrations on rhamnolipid biosynthesis by two Pseudomonas aeruginosa strains (wild type LBI and mutant LBI 2A1 was studied. Finally, the synthesized rhamnolipids were characterized by mass spectrometry. When both strains were compared, 50 g/L was the most favorable concentration for both, but P. aeruginosa LBI 2A1 showed an increase in rhamnolipid production (2.55 g/L of 192% over wild type (1.3 g/L. The higher rhamnolipid production could be related to a possible mechanism developed after the mutation process at high antibiotic concentrations. Mass spectrometry confirmed the glycolipid nature of the produced biosurfactant, and the homologue composition showed a wide mixture of mono and di-rhamnolipids. These results show that high glycerol concentrations can inhibit microbial metabolism, due to osmotic stress, leading to a better understanding of glycerol metabolism towards its optimization in fermentation media. Since P. aeruginosa LBI 2A1 showed higher conversion yields than P. aeruginosa LBI, the use of a mutant strain associated with a low cost carbon source might improve biosurfactant biosynthesis, therefore yielding an important upstream improvement. Keywords: Biotechnology, Microbiology
The pros and cons of the potential privatisation of Hydro-Quebec were discussed. A brief review of charges of less than competent management, low profitability and the corporation's recent administrative restructuring was presented. The general thrust of the argument was that Hydro-Quebec plays a crucial role in the economic development of Quebec, it can be made to be more profitable and that for the good of Quebec it should continue as a public corporation under the control of the provincial government
Kramer, Jeffrey; Santerre, Rexford E
This paper uses observations from a panel data set of 35 chief executive officers (CEOs) from 29 not-for-profit hospitals in Connecticut over the period 1998 to 2006 to investigate the relationship between CEO performance and pay. Both economic and charity performance measures are specified in the empirical model. The multiple regression results reveal that not-for-profit hospital CEOs, at least in Connecticut, are driven at the margin to increase the occupancy rate of privately insured patients at the expense of uncompensated care and public-pay patients. This type of behavior on the part of not-for-profit hospital CEOs calls into question the desirability of allowing these hospitals a tax exemption on earned income, property, and purchases.
Full Text Available This study lies at the heart of the issue of reliability of financial statements. Reliability is the accountant’s terminology for integrity of financial statements. This study focused on the impact of Corporate Social Responsibility on earnings management in the Nigerian manufacturing sectors. The study is motivated by the paucity of research on subject matter in manufacturing sub-sector in Nigeria. The study employed the ordinary least square multivariate regression technique. A sample of fifty- two manufacturing firms was used. The result shows that there is a positive relationship between CSR and earnings management. This study recommended that statutory bodies should put a ceiling on the amount to be expended on CSR which must be exceeded by any firm.
Austvik, Ole Gunnar
In petroleum producing countries it has been a prevailing opinion that a resource rent should be earned by petroleum producers due to the commodities' non-renewable nature. An important element in this logic is that the supply of oil and natural gas is limited to relatively few places in the world. As the resources are exploited, the remaining reserves are reduced. What is extracted today cannot be extracted tomorrow. Rationing of the scarce resource takes place through pricing mechanisms. Due to the scarcity the consumers must pay a higher price than the marginal production costs, so that the amounts supplied and demanded become equal. Most producers of oil and gas and not just the ones that produce the cheapest, have therefore until now earned an economic rent
Benjamin Uyagu; Alexander Olawumi Dabor
This study lies at the heart of the issue of reliability of financial statements. Reliability is the accountant’s terminology for integrity of financial statements. This study focused on the impact of Corporate Social Responsibility on earnings management in the Nigerian manufacturing sectors. The study is motivated by the paucity of research on subject matter in manufacturing sub-sector in Nigeria. The study employed the ordinary least square multivariate regression technique. A sample of fi...
Pei-Hui Hsu; Youan (Robert) Lin
Many have argued that measuring financial instruments at fair value might not reflect firms’ financial condition. Prior study finds that managers manipulate the “disclosure” of fair value measurement (Song et al. 2010). In this study, we attempt to provide evidence regarding manager’s incentive to manipulate the disclosure of fair value measurements by examining whether the disclosure of less relevant fair value measurement is related to the odds of earnings management. We find that firms ...
Full Text Available The traditional goal of a company is to earn profit to pay its shareholders, but, nowadays, for the business to be sustainable in the long term, a strategy of Corporate Social Responsibility (CSR activities is needed to meet stakeholder demands, respect ethical principles and give an appropriate answer to organizational stakeholders. The objective of the paper is to identify how strong the correlation between CSR and profit is, and how companies behave in the periods they have losses, whether they continue to do CSR activities, they reduce the activities, or they give them up. Thus, CSR is attributed to the concept of “doing good” and profit to the expression of “doing well”, from which a “positive business” can be built. Our empirical research consists of a panel data econometric model using logistics regressions to highlight the correlation between profit and the decision to do CSR activities and feasible generalized least squares (FGLS regressions to identify the correlations between the level of CSR activities and the dimension of profit, an expression of financial performance. The main results emphasize that the companies which implement CSR activities in a greater extent are more profitable in economic terms.
Full Text Available Many have argued that measuring financial instruments at fair value might not reflect firms’ financial condition. Prior study finds that managers manipulate the “disclosure” of fair value measurement (Song et al. 2010. In this study, we attempt to provide evidence regarding manager’s incentive to manipulate the disclosure of fair value measurements by examining whether the disclosure of less relevant fair value measurement is related to the odds of earnings management. We find that firms with more Level 3 assets and liabilities (i.e., less value relevant fair value measurement are more likely to recognize positive unrealized gains to meet or beat analyst forecast target. In addition, we find that only firms with weak corporate governance disclose more Level 3 fair value liabilities and recognize unrealized gains into reported earnings to meet or beat analyst forecast target. This evidence suggests that managers manipulate the disclosure of fair value measurement in order to manage reported earnings via the adoption of fair value option.
Degryse, H.A.; Ongena, S.
This paper examines how bank relationships affect firm performance. An empirical implication of recent theoretical models is that firms maintaining multiple bank relationships are less profitable than their single-bank peers. We investigate this empirical implication using a data set containing
J.C.A. Potjes; A.R. Thurik (Roy)
textabstractUsing a rich data source, we explain differences and developments in profit margins of medium-sized stores in Japan. We conclude that the protected environment enables the retailer to pass on all operating costs to the customers and to obtain a relatively high basic income. High service
Bell, Peter N
The profit surface is a visualization technique for data computed from trading rules. I simulate price paths and operate the trading rules to compute cumulative returns for the rule under different specifications. The specifications are pairs of integers, filter lag lengths, so a contour plot is useful to display cumulative returns for more specifications than can be shown otherwise.
Full Text Available The International Institute of Tropical Agriculture and collaborating partners have been introducing and disseminating short season soybean varieties among farm households in the Sudan savannas of Northern Nigeria since 2008. Yet, there is no empirical information on the profitability and technical efficiency of soybean production. This study estimated the profitability and efficiency of production of the early maturing soybean. Nine hundred soybean farming households in thirty communities from three Local Government Areas (LGAs in Kano State were sampled for the study. Partial budget technique and stochastic frontier production function were used to analyze the data elicited from the sampled farm households. Results from the study established the profitability of soybean production in all the three LGAs of Kano State. The highest profit of N178,613/ha and returns per naira invested of 2.5 respectively was earned by the soybean producing households of Dawakin-Tofa LGA. Net profit was N157,261in Shanono with a returns of 1.75 per naira invested. In Bunkure, net benefit was N143,342 with returns of 1.66 per Naira invested. The mean technical efficiency was highest for the Dawakin-Tofa LGA soybean growing households (87%, followed by Bunkure LGA (68%, and Shanono LGA (59%. This result implies that given the current level of resources available to the soybean producing households, they can increase their soybean output in the short run by a margin 13%, 32% and 41% in Dawakin-Tofa, Bunkure and Shanono LGAs respectively through efficient utilization of their available resources. Farmer-specific efficiency factors, which comprise age, education, access to credit, extension contact and farming experience, were found to be the significant factors that account for the observed variation in efficiency among the farmers in the 3 LGAs. It was recommended that the soybean farmers through the assistance of extension agents should be encouraged to adhere
Two weeks ago, at a seminar held at CERN, the OPERA collaboration revealed their astonishing observation: neutrinos might move faster than light. The finding is currently under scrutiny in the scientific community. While the result downstream at Gran Sasso speaks for itself, upstream at CERN things are no less intriguing, with high-tech GPS systems, novel techniques for accurately measuring the time, and unique ways keeping the initial particle beam stable. Take away one ingredient and the accuracy needed for the final measurement is spoiled. Underground installations of the CERN Neutrinos to Gran Sasso (CNGS) project. First ingredient: a stable beam CERN produces neutrinos by sending a beam of protons to hit a target. The collisions produce a secondary beam, which mostly consists of pions and kaons that decay in flight within an evacuated tunnel. Their decay products are muons and muon-neutrinos. An absorber stops the pions and kaons that do not decay, while the resulting muons are absorb...
SUTEJO - -
Full Text Available ABSTRAK Ide penelitian ini didasarkan pada kenyataan bahwa para investor bersedia melakukan investasi, kalau obyek investasi tersebut mampu menghasilkan keuntungan yang lebih tinggi dari obyek investasi lainya, sehingga perusahaan yang go public harus menarik bagi calon investor. Earnings per share merupakan salah satu indikator utama yang digunakan investor dalam melihat daya tarik suatu saham. Informasi ini akan bermanfaat bagi pengambilan keputusan di bidang keuangan pada industri food and baverages yang menjual sahamnya di Bursa Efek Jakarta. Tujuan penelitian ini adalah untuk mengidentifikasi pengaruh variabel-variabel return on equity (X1, net sales (X2, current ratio (X3, debt to equity (X4, inventory turnover (X5, total assets turnover (X6, dan net profit margin (X7 terhadap earnings per share, baik secara simultan maupun secara partial. Penelitian ini dilakukan dengan mengambil keseluruhan elemen populasi industri food and baverages yang go public di Bursa Efek Jakarta, mulai tahun 1992 sampai dengan tahun 1996 dengan rincian sebagai berikut: tahun 1992 berjumlah 9 perusahaan, tahun 1993 berjumlah 15 perusahaan, tahun 1994 berjumlah 19 perusahaan, tahun 1995 berjumlah 20 perusahaan dan tahun 1996 berjumlah 20 perusahaan. Analisis yang digunakan dalam penelitian ini adalah analisis regresi berganda, dengan hasil sebagai berikut : Pertama, return on equity (X1, net sales (X2, current ratio (X3, debt to equity (X4, inventory turnover (X5, total assets turnover (X6, dan net profit margin (X7 secara simultan berpengaruh dalam menentukan variabilitas earnings per share. Kedua, diantara berbagai variabel bebas tersebut hanya inventory turnover (X5 yang tidak berpengaruh secara signifikan dalam menentukan variabilitas earnings per share, hal ini tentunya tidak terlepas dari kenyataan pada industri food and baverages di Indonesia, dimana untuk menjamin kelancaran dan kualitas bahan baku yang dibeli, perusahaan harus memberikan bantuan teknis
Zhang, Mei; Wen, Jinghua
Profitability analysis for measuring business performance and forecast its prospects play an important role. In this paper, the research instance King Long Motor in understanding the basic theory on the basis of financial management, to take a combination of theory and data analysis methods, combined with a measure of profitability related indicators of King Long Motor company’s profitability do a specific analysis to identify factors constraining the profitability of Kinglong company exists and the motivation to improve profitability, which made recommendations to improve the profitability of Kinglong car company to promote the company’s future can be better and faster development.)
Full Text Available The new Basel III Liquidity Coverage Ratio standard which encourages banks to maintain a diversified pool of high-quality liquid assets against their short-term expected net cash outflows although it appears to be noble from a theoretic perspective it may weigh down banks’ performance because liquid assets earn low returns. It is against this background that this study sought to evaluate the impact of the new Basel III liquidity regulations on the profitability of banks in emerging market economies. A sample of 40 banks operating in 11 emerging markets over the period 2011 to 2016 was used in the study. For estimation, system Generalized Method of Moments (GMM estimator was employed. Surprisingly, empirical results demonstrated that regulatory pressure stemming from Liquidity Coverage Ratio requirement increased instead of diminishing the profitability of banks in emerging markets. The plausible explanation given for this evidence was that banks in emerging markets managed their liquidity in a manner that is consistent with Liquidity Coverage Ratio rule hence the regulation had no detrimental effects on banks in emerging economies.
Mohsin, A.Q.; Riaz, M.; Mushtaq, A.
The present study was conducted in Rawalpindi District to evaluate the profitability of different Broiler farm sizes. Poultry farms were categorized into large, medium and small farms, Different efficiency measure such as net present worth, whole farm budget, marginal rate of return were applied. It was found that cost of production was high in small farm category. Small farmer buy feeds on credit basis and therefore, lose 8 percent concession on cash payment. The cost of medium farmer was lower as compared to small farmer. Benefit cost ratio of medium and large farmer was greater then one which indicate that they were earning profit on their investment. More economic incentive was found in increasing the farm size from small to medium as compared to medium to large as marginal rate of return were greater in former case. Efficient extension services were lacking in the study area. Extension activities can play a vital role in improving the poultry farming practices particularly for small farmers. (author)
Full Text Available The purpose of this study is to examine the probability of earnings management performed by Property and Real Estate companies listed in Indonesia Stock Exchange (BEI in the period 2011-2015. How to do the management to influence the accounting numbers can be either profit management through deferred tax assets, deferred tax expense and tax planning in the financial statements. This paper examines the effect of deferred tax assets deferred tax burden, and tax planning to earnings management conducted by the company. Data of the research is to use secondary data from company financial statements that were downloaded from the official website of Indonesia Stock Exchange. Using sampling technique is performed by purposive sampling. The study population is the Property and Real Estate companies listed in Indonesia Stock Exchange in the period 2011-2015. The study take sample as many as 34 companies Property and Real Estate in the Stock Exchange in 2011-2015. Hypothesis testing uses multiple regressions with SPSS software version 22. The result shows that the Deferred Tax Assets positive and significant effect on earnings management; while deferred tax expense and tax planning significant negative effect on earnings management.
This paper discusses issues related to transitioning a company from the advanced technology development phase (with a particular focus on MEMS) to a profitable business, with emphasis on start-up companies. It includes several case studies from (primarily) NovaSensor MEMS development history. These case studies illustrate strategic problems with which advanced MEMS technology developers have to be concerned. Conclusions from these case studies could be used as checkpoints for future MEMS developers to increase probability of profitable operations. The objective for this paper is to share the author's experience from multiple MEMS start-ups to accelerate development of the MEMS market by focusing state- of-the-art technologists on marketing issues.
Daniel Daugaard; Tom Valentine
This paper considers the influence of economic conditions and financial markets on Australian bank share prices and profitability. It uses time series analysis to obtain an indication of the effectiveness of banks in managing their exposure to interest rates and exchange rates. The results give rise to some comments on the extent to which banks actively manage their exposure to financial and economic variables. The discussion of risk management activities necessarily raises the question of ho...
Vehkanen, S.; Vaelisuo, M.
The Almaraz power plant is situated in the Province of Extremadura in southwestern Spain. In the plant there are two pressurised water reactors that are delivered by Westinghouse and commissioned in the beginning of 1980's. In mid 1990's major renovations were made by Siemens. The plant is very profitable, says plant manager Araluce. The richness of the living nature in the area surrounding the power plant was emphasized in the oral and written presentations. (author)
Heat-energy entrepreneurs are responsible for the supply of fuel to and the labour input required by heating of buildings in their locality. An individual heat-energy entrepreneur or a consortium of them, a company or a co-operative is paid for the work according to the amount of heat-energy produced. In Finland there are about 50 operational heating targets and about 100 in planning stage. TTS-Institute has studied the activities of heat-energy entrepreneurs since 1993 in connection with research projects included in the national Bioenergy research programme. This study covered 10 heating plants with capacities 60 - 1000 kW, two of which are district heating plants. Five of the targets (60 - 370 kW) were included in the previous heat-energy entrepreneurs follow-up study conducted in 1993 - 1995 and five (80 - 1000 kW) were new. The main fuel used in all the targets was wood chips with light fuel oil reserve or auxiliary fuel. All but one of the entrepreneurs, supplying these heating targets located in Central and Southern Finland, are farmers, who procure the fuelwood and take care of heating and its supervision. Transportation of wood chips, topping up of the silo and heating work and working path consumed 0.12-0.78 h of time/MWh. When compared to the five study targets' follow-up results of the years 1993 - 1995, the results of the present study show reduction in labour consumption on part of the heat-energy entrepreneurs in all these targets. Profit margins of the entrepreneurs supplying heating energy were 73 - 132 FIM/h (excluding the interest on the equipment acquisition (agricultural tractor and associated equipment), and insurance and storage costs). When these costs were also taken into account, the resulting profit margin was 71 - 127 FIM/h. The margin included the entrepreneurs' earnings incl. monitoring of the heating plant, social security costs connected to earnings and entrepreneur's risk. When compared to the previous follow-up study, also the
Terrell, Stefanie M.; Richards, Brad W.
The purpose of this handbook is to provide Earned Value Management (EVM) guidance for the effective application, implementation, and utilization of EVM on NASA programs, projects, major contracts and subcontracts in a consolidated reference document. EVM is a project management process that effectively integrates a project?s scope of work with schedule and cost elements for optimum project planning and control. The goal is to achieve timely and accurate quantification of progress that will facilitate management by exception and enable early visibility into the nature and the magnitude of technical problems as well as the intended course and success of corrective actions.
Duguay, A.K.; Hoornweg, B.J.
In addition to safe nuclear operation, a critical component of earning the social licence is effective communication. This paper outlines development of a communications strategy contributing to overall utility operation and project goals through: 1) Relationships with employees, host communities and the general public that are transparent and honest; 2) Processes that effectively interconnect the internal and external communications; and 3) Organizational leadership models that support communication excellence. With strategic development of these three focus areas the nuclear operator will contribute to increased support of the operator's own licence to operate and of support for the nuclear industry as a whole. (author)
Duguay, A.K. [New Brunswick Power, New Brunswick (Canada); Hoornweg, B.J. [Ontario Power Generation, Ontario (Canada)
In addition to safe nuclear operation, a critical component of earning the social licence is effective communication. This paper outlines development of a communications strategy contributing to overall utility operation and project goals through: 1) Relationships with employees, host communities and the general public that are transparent and honest; 2) Processes that effectively interconnect the internal and external communications; and 3) Organizational leadership models that support communication excellence. With strategic development of these three focus areas the nuclear operator will contribute to increased support of the operator's own licence to operate and of support for the nuclear industry as a whole. (author)
Marcos Aurélio Lopes
Full Text Available Effects of castration on performance and profitability of finishing beef cattle in feedlot was evaluated and compared to no-castrated animals. Data came from a rent feedlot of beef cattle, conducted from August to November of 2005. Half of 50 animals, randomly chosen, were castrated by knife 18 days before the beginning of feedlot. Averages of initial body weight for castrated and no-castrated animals were 341kg and 347kg, while for final body weight were 437kg and 463kg, respectively. Were considered as expenses arroba value of thin cattle (R$50.00, and R$2.85 daily expenses per animal paid by cattle owner to “boitel”; and were considered as earnings sale of fat cattle at R$56.14 and R$54.14/arroba, respectively for castrated and no-castrated animals. For profitability analysis, CU$TO BOVINO CORTE software was utilized. Was tested the mean differences between castrated and intact groups by Student t test of average daily weight gains (GMPD and total weight gain (GMPT. Was acceptable the minimum level of confidence of 95%. Statistical analysis was performed in SPSS 17.0 program. Effect of castration negatively influenced animals´ performance, evaluated by weight gain, and, consequently profitability of the system, evaluated by net margin. Earnings from sale of additional arrobas of no-castrated animals were enough to compensate penalization practiced by packinghouses for these animals.
The Alberta requirements and expectations for upstream petroleum flaring are presented. Flaring is associated with a wide range of energy activities including oil and gas well drilling and well completion operations. The guide incorporates the recommendations made to the Alberta Energy and Utilities Board (EUB) in June 1998 by the multi-stakeholder Clean Air Strategic Alliance (CASA) on associated or solution gas flaring. Additional requirements which address flaring issues not covered in the CASA report are also included in this guide. The Guide requires a 15 per cent reduction in solution gas flare volume by the end of year 2000 from the 1996 baseline, and a 25 per cent reduction by the end of 2001. The Guide prescribes new flare performance requirements for all flares, within three years for existing solution gas flares, five years for flares at other existing permanent facilities. It sets personal consultation and public notification requirements for new and existing solution gas batteries, and new sulphur recovery requirements for facilities not covered by existing EUB regulations. The Guide also addresses the question of conflict resolution to deal with flaring concerns, the release of flaring and venting data, the proposed reduction of flare limits, progress towards minimizing requirements for electricity generators using otherwise flared gas, annual reporting to the EUB, and management framework review in 2001
Wallack, Lawrence; Thornburg, Kent
The Developmental Origins of Health and Disease and the related science of epigenetics redefines the meaning of what constitutes upstream approaches to significant social and public health problems. An increasingly frequent concept being expressed is "When it comes to your health, your zip code may be more important than your genetic code". Epigenetics explains how the environment-our zip code-literally gets under our skin, creates biological changes that increase our vulnerability for disease, and even children's prospects for social success, over their life course and into future generations. This science requires us to rethink where disease comes from and the best way to promote health. It identifies the most fundamental social equity issue in our society: that initial social and biological disadvantage, established even prior to birth, and linked to the social experience of prior generations, is made worse by adverse environments throughout the life course. But at the same time, it provides hope because it tells us that a concerted focus on using public policy to improve our social, physical, and economic environments can ultimately change our biology and the trajectory of health and social success into future generations.
De Mesnard, Louis
On the traditional micro-economic theory, firms are supposed to maximise pure profit. We study what happened when we take into consideration shareholders and the financial profit remunerating the financial capital. We show that it is necessary to surrender the financial profit maximisation to use the rate of financial profit maximisation. The cases of concurrence with fix coefficient of capital, monopoly with fix coefficient of capital, monopoly with variable coefficient of capital are studie...
Nadezhda Sergeevna Piontkevich
Full Text Available Effective management of financial activity of commercial organization promotes achievement of the main objective of its activity – receiving profit. Both external and internal factors causing specifics of financial management of organization in the field of management of profit have impact on this process. In modern conditions of economic development this problem gains the greatest relevance, and new approaches for its decision are required. In the present article the author’s theoretical and methodological approach to profit management of organization is offered: its application is connected with revision of acting control system of enterprise profit on the basis of assessing the initial condition of profit, planning the demanded profit level, periodical monitoring condition of planned values on profit, and also adoption of flexible administrative decisions on reduction of deviations and increasing the efficiency of organization activity. The system of profit formation including corresponding income and expenses of organization is presented. Methods of revenue planning are characterized. The characteristics of income and expenses connected with non-operating operations and transactions is given. The essence of the main directions of using enterprise profit is revealed. Need of application of author’s technique of management of profit of organization taking into account influence of external and internal factors is proved. The universal purpose of management of profit of organization and a task providing achievement of the goal are formulated . Tools of assessment efficiency of the system of formation and use of profit which is actually created in organization are offered. The methodical approach to planning of profit allowing to increase efficiency of activity of organization is presented. The mechanism of an assessment deviations of planned indicators of effective management of profit from actual and adoptions of correcting decisions on
Full Text Available Investment on stocks is a high-risky investment to make investors to possibly gain a lot of profit. On the other hand, those investors might experience some big loss. Data collecting comes from theoretical books and other related references. Secondary data including Return On Equity (ROE, Price Earnings Ratio (PER, Earning Per Share (EPS, Book Value (BV, Price To Book Value (PBV and Stock Prices of PT Bhakti Investama Tbk. This research is intended to find whether Return On Equity (ROE, Price Earnings Ratio (PER, Price To Book Value (PBV and Inflation, have some influences on the Stock Price of PT Bhakti Investama Tbk., both partially and entirely; and how much the influences are.
Nødset, Ingrid Foss
In this paper I examine the topic of earnings management and use a case example. In the first part of the paper I review theory on two closely related topics - earnings management and fraud - and present and discuss incentives, methods, typical indications and frequency of earnings management in the financial statements. I continue to describe the frameworks and laws that apply to revenue recognition and how income is recognized in the power industry, as this is especially relevant for the ca...
Bruce Phillips; William Griffiths
The purpose of this paper is to examine whether female earnings have influenced divorce rates in Australia, using state-level data for the past four decades. Following a recent study by Ressler and Waters (2000), which concludes from comparable US data that female earnings and divorce rates may be jointly endogenous, initial testing is performed to identify whether female earnings can be treated as exogenous. A Hausman specification error test finds no evidence of a simultaneous relationship ...
Mansour, Hani; McKinnish, Terra
In direct contrast to conventional wisdom and most economic models of gender differences in age of marriage, we present robust evidence that men and women who are married to differently-aged spouses are negatively selected. Earnings analysis of married couples in the 1970, 1980, 1990 and 2000 Decennial Censuses finds that male earnings decrease with within-couple age difference, regardless of whether the man is older or younger than his wife. In contrast, female earnings increase with within-...
Kathy H.Y. Hsu; Thomas E. Wilson, Jr.
Prior research (Carslaw, 1988; Thomas, 1989) has noted unusual patterns in the frequency of occurrence of certain digits contained in reported earnings. Employing digital analysis, studies have found that managers in the U.S. and Australia may round reported earnings numbers to achieve income-smoothing objectives. This study extends prior literature by examining whether reported earnings of firms from six Asian countries: South Korea, Malaysia, Philippines, Singapore, Thailand and China follo...
Full Text Available The objective of this study is to examine the effect of accounting information onearning per share (EPS by using five categories offinancial ratios. A sample of40 companies listed in the Amman Stock Market was selected. To measure theimpact of financial ratios on EPS multiple regression method and stepwiseregression models are used by taking profitability,liquidity, debit to equity,market ratio, size which is derived from firm’s total assets, and cash flow fromoperation activities as independent variables ,andEPS (Earning Per Share asdependent variable. The results show that profitability ratio (ROE, Market ratio(PBV, cash flow from operation/sales, and leverageratio (DER has significantimpact on earning per share.
Raaij, van E.M.
Purpose – The aim of the paper is to show how intelligence emanating from customer profitability analysis (CPA) can help improve strategic marketing planning. Insights into the profitability of individual customers, as well as the distribution of profitability across the customer base, can lead to
... DEPARTMENT OF DEFENSE Defense Acquisition Regulations System Policy on Contractor Profits AGENCY... Authorization Act for Fiscal Year 2013. Section 804, Department of Defense Policy on Contractor Profits... modifications to such guidelines that are necessary to ensure an appropriate link between contractor profit and...
Sutejo - -
Full Text Available ABSTRAK Tujuan penelitian ini adalah untuk mengidentifikasi pengaruh variabel-variabel return on equity (X1, net sales (X2, current ratio (X3, debt to equity (X4, inventory turnover (X5, total assets turnover (X6, dan net profit margin (X7 terhadap earnings per share, baik secara simultan maupun secara partial. Penelitian ini dilakukan dengan mengambil keseluruhan elemen populasi industri food and baverages yang go public di Bursa Efek Jakarta, mulai tahun 1992 sampai dengan tahun 1996 dengan rincian sebagai berikut: tahun 1992 berjumlah 9 perusahaan, tahun 1993 berjumlah 15 perusahaan, tahun 1994 berjumlah 19 perusahaan, tahun 1995 berjumlah 20 perusahaan dan tahun 1996 berjumlah 20 perusahaan. Hasil penelitian menunjukkan bahwa return on equity (X1, net sales (X2, current ratio (X3, debt to equity (X4, inventory turnover (X5, total assets turnover (X6, dan net profit margin (X7 secara simultan berpengaruh dalam menentukan variabilitas earnings per share. Variabel inventory turnover (X5 tidak mempengaruhi variabilitas earnings per share, hal ini tentunya tidak terlepas dari kenyataan pada industri food and baverages di Indonesia, dimana untuk menjamin kelancaran dan kualitas bahan baku yang dibeli, perusahaan harus memberikan bantuan teknis maupun modal kerja kepada para supplier lokal, sehingga perusahaan harus menyediakan modal atau kredit lunak dalam rangka kerja sama yang saling menguntungkan. Di sisi lain bahan baku industri food and baverages dalam prakteknya dipengaruhi oleh keberhasilan dan kegagalan panen para supplier, sehingga dari berbagai kendala yang dihadapi industri food and baverages tersebut sebagai akibatnya kadang-kadang bahan baku melimpah dan tidak jarang mengalami kekurangan atau menghadapi kelangkaan. Oleh karena itu tingginya tingkat perputaran persediaan tidak dapat menunjukan efisiensi perusahaan. Diantara variabel bebas yang berpengaruh signifikan tersebut net sales (X2, dan current ratio (X3 mempunyai pengaruh
Allam Mohammed Mousa Hamdan
Full Text Available The aim of the paper is to investigate the relationship between audit committee characteristics and earnings management. Samples in the study included 50 industrial companies listed on the Amman Stock Exchange ASE. Two models were used to measure earnings quality: one which depends on earnings continuity as an indication of quality, and one which depends on the decrease of discretionary accruals of quality, using pooled data regression for the two tests (Ordinary Least Squares OLS and Binary Logit. The study found that there was an influence of some standard characteristics of the audit committee on earnings quality.
Full Text Available Current study tests the impact of audit committees to the real earnings management.Using the manufacturing public listed companies from Indoensia Stock Exchange from 2012 until 2014, we found that that financial and accounting expertise of audit committee members and audit committee size have positive effect on real earnings management. Furthermore, we also found that the dual positions of the audit committee chairman have a negative effect on earnings management. The Tenure of audit committee chairman however, has no impact on real earnings management.
Pengaruh Profitabilitas, Interest Coverage Ratio, Retained Earning, Dan Pertumbuhan Perusahaan Terhadap Peringkat Obligasi Pada Perusahaan Non Keuangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2014
Syawal, Teuku Muhammad; Fachrizal, Fachrizal
The aim of this study is to examine the influence of profitability, interest coverage ratio, retained earning, and growth to bond ratings on non-financial companies listed in Indonesia stock exchange based on the information from the annual financial statement, Indonesia capital market directory, and Indonesia bond market directory with observation ranging from 2012 until 2014. The study type used in this study is hypothesis testing. The type of data used is secondary data. The study employed...
Robertson, W. Brett
For-profit charter schools represent a controversial new market-based education reform (Garcia, Barber, & Molnar, 2009; Conn, 2002). This essay explores how schools operated by for-profit corporations differ from those operated by non-profit organizations. Specifically, do for-profit charter schools locate in demographically distinct areas and…
Holm, Morten; Kumar, V.; Rohde, Carsten
Customer profitability measurement is an important element in customer relationship management and a lever for enhanced marketing accountability. Two distinct measurement approaches have emerged in the marketing literature: Customer Lifetime Value (CLV) and Customer Profitability Analysis (CPA...... propositions. Additionally, the framework provides design and implementation guidance for managers seeking to implement customer profitability measurement models for resource allocation purposes....... that the degree of sophistication deployed when implementing customer profitability measurement models is determined by the type of complexity encountered in firms’ customer environments. This gives rise to a contingency framework for customer profitability measurement model selection and five research...
Maksimenko, Pavel; Hokkanen, Hannu
The idea of the thesis is to give a good insight on how to make a microenterprise profitable from marketing and networking points of view and explain the basic steps that are needed to be taken when establishing a company. We took the company Maks Investment & Consulting Group Oy (MIC Group), which is approximately one year old consulting firm, as a case study. The company was studied very carefully from the very beginning of its operations. Business plan of MIC Group was also studied in orde...
Elfasa, Andy; Hamsal, Mohammad
The study aims to develop business strategy that can support KaosPolos in getting the customer and growing a business is run, so that the profit earned can also be increased, Study conducted in 2013 at KaosPolos that located in South Tangerang city. The authors propose the business strategy using tools as Generic Competitive Strategy, Business Model Canvas, and Business Diamond Strategy. the implementation of business solutions is divided into two programs, which is short-term and long-term p...
The Chemical Manufacturers Association (CMA; Washington) fall economic survey predicts a 13% net income gain for the chemical industry in 1993. Of 84 member companies responding to the query, 84% expected an income gain. Among companies with sales of more than $1 billion/year, predominantly commodity chemical companies with currently depressed earnings, the median expected improvement is 20%. Among companies with sales of less than $1 billion/year, where more specialty companies are represented, the median 1993 forecast is for 12% profit growth
Braam, G.J.M.; Nandy, M.; Weitzel, G.U.; Lodh, S.
This study examines whether the trade-off between real and accrual-based management strategies differs between firms with and without political connections. We argue that politically connected firms are more likely to substitute real earnings management for accrual-based earnings management than
This paper examines the composition of the gender earnings gap among young European higher education graduates, with a particular focus on competencies controlling for individual background and job characteristics. The results show that much of the female worker's earnings advantage can be explained by job characteristics. With respect to the…
vets, for ihany faictors that civilian waces . 1contribLitC to earnings. f5 S. Bolin. Hess & Little Reereosion analysis Use of military trainingiI! %1...changes in the economy on the lifetime earnings of the sample members. He concluded that average annual income had increased while the returns to an
Ahmad, Nisar; Esmaeilzadeh, Rayhaneh; Hansen, Jørgen
This study compares the earnings mobility between immigrants and natives within and between Denmark and Canada. Both countries have different labour market conditions and immigration history which leads to an interesting comparison of earning mobility processes. The paper employs a dynamic...
Ahmad, Nisar; Esmaeilzadeh, •Rayhaneh
This study compares the earnings mobility between immigrants and natives within and between Denmark and Canada. Both countries have different labour market conditions and immigration history which leads to an interesting comparison of earning mobility processes. The paper employs a dynamic...
Sommer, Rasmus S.
This paper reports evidence of earnings management associated with non-routine executive changes in a Danish context. It is hypothesised that incoming executives in non-owner-controlled companies decrease earnings by means of discretionary accruals in the financial statements relating to the period...
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... occupied immediately before retirement. The income limitation for most disability annuitants is based on... same as income for the purposes of the Internal Revenue Code. (2) Income earned from one source is not offset by losses from another source. Income earned as wages is not reduced by a net loss from self...
Full Text Available The Accrual basis of accounting has always found favour amongst corporate practitioners of earnings management. There have been extensive studies on earnings management, focusing on earnings hazards. This paper contributes to the literature by showing market inclination to accrual basis of accounting as motivated by a desire for earnings management. It analyzes the sample units’ performance in regard to accrual-indicators vs. cash-indicators and their pervasiveness on stock pricing in India. In India, the corporate ownership model is the Promoter Dominated Shareholders Model (PDSHM which makes this study unique in highlighting earnings management motivation. The units show a market preference for accrual numbers and motivation for earnings management as clear in their stock pricing behavior. I hope the study improves investors’ perception of the reliability of a firm’s performance, as measured by earnings. It is of use to the users of financial accounting and corporate finance globally for rationalizing the motivation behind earnings manipulation by the management.
McConnell, Cheryl; Rush, Douglas; Gartland, Myles
The authors examined master of business administration (MBA) degrees earned by women at U.S. higher education institutions at three specific years spanning a decade: 2003, 2008, and 2013 to determine whether there was a significant difference in the percentage of MBA degrees earned by women based on the independent variables of institutional type,…
Full Text Available This paper provides evidence in terms of the incentives which lead managers from emerging European countries to manage earnings. In particular, we focused on four Eastern European countries: the Czech Republic, Poland, Hungary and Slovakia, as the majority of studies on earnings management in developing countries were based on the Asian emerging market. The market of developing European countries is still barely explored. After we confirmed that managers from emerging European companies manage earnings, we find that within the different incentives which lead managers to earnings management, the avoidance of debt covenants violations is a strong incentive for managers. Additionally, those firms considered as poor investments (with less value have incentives to manage earnings down as a consequence to opt for market niche. Moreover, emerging Eastern European companies have incentives to flatten earnings of current periods in order to benefit in the future as the source of future nonmanipulated earnings will be insufficient, as they may expect reduced, or at least lower future performance of their companies affected by increasing global competition. Finally, we confirm that privately-owned companies tend to maximize accounting earnings more than state-owned companies because they are in a weaker position related to a specific political and historical factors.
Huang, Sean S; Yang, Jie; Carroll, Nathan
About 60% of the US hospitals are not-for-profit and it is not clear how traditional theories of capital structure should be adapted to understand the borrowing behavior of not-for-profit hospitals. This paper identifies important determinants of capital structure taken from theories describing for-profit firms as well as prior literature on not-for-profit hospitals. We examine the differential effects these factors have on the capital structure of for-profit and not-for-profit hospitals. Specifically, we use a difference-in-differences regression framework to study how differences in leverage between for-profit and not-for-profit hospitals change in response to key explanatory variables (i.e. tax rates and bankruptcy costs). The sample in this study includes most US short-term general acute hospitals from 2000 to 2012. We find that personal and corporate income taxes and bankruptcy costs have significant and distinct effects on the capital structure of for-profit and not-for-profit hospitals. Specifically, relative to not-for-profit hospitals: (1) higher corporate income tax encourages for-profit hospitals to increase their debt usage; (2) higher personal income tax discourages for-profit hospitals to use debt; and (3) higher expected bankruptcy costs lead for-profit hospitals to use less debt. Over the past decade, the capital structure of for-profit hospitals has been more flexible as compared to that of not-for-profit hospitals. This may suggest that not-for-profit hospitals are more constrained by external financing resources. Particularly, our analysis suggests that not-for-profit hospitals operating in states with high corporate taxes but low personal income taxes may face particular challenges of borrowing funds relative to their for-profit competitors.
Full Text Available During the past few years, there have been growing interests among researchers to study the effect of block share ownership on corporate earning especially in developing countries. The purpose of this paper is to consider the impact of block ownership on performance of firms in terms of profitability. The proposed study develops two econometric models and applies them on selected firms from Tehran Stock Exchange over the period 2002-2010. The primary objective of this survey is to find the relationship between return of assets and Tobin's Q as dependent variables with eight independent variables including company size, sales growth, block ownership, debt and liability ratios, etc. The results of implementation of ordinary least squares on two econometric models reveal that while there is no meaningful relationship between return of asset and block ownership there is a meaningful relationship between block ownership and Tobin's Q.
Krieg, R G
"In this paper I use microdata from the [U.S.] Panel Study of Income Dynamics to measure the financial returns to intercounty and interstate migration for individuals in a temporal framework accounting for gains that accrue over time.... To account for the indirect effects of migration on earnings, explanatory variables are created by interacting migration status with: (1) occupational change, (2) employer change and (3) changes in both occupation and employer. These interaction terms are then included in the earnings functions. Earnings are estimated for three years subsequent to the migration decision to account for the financial returns to migration accruing over time. Results indicate that, when estimating earnings, the use of a simple migration dummy variable will mask the indirect effects of migration on earnings." excerpt
Full Text Available The aim of this study was to prove whether manager coped its earnings for the purpose ofinformative or target opportunistic. Research also investigated whether investment opportunity setinfl uenced the choice of manager to report as opportunistic to hide performance, or to report earningmore informative concerning with debt, political cost, market share, and earning. Sample of thisresearch was chosen by using purposive sampling of 350 manufacturing business listed in the JakartaStock Exchange, started from 1997 up to 2002. Structural Equation Modeling (SEM by using programof Analysis of Moment Structures (AMOS was considered as the appropriate statistical technique toexamine pattern relation of formed model. The results showed that earning management conductedby manager in Developing Market such as Indonesia represented informative earning managementwhich meant all investors had more own belief in earning reporting, but this research could notprove that company owning high investment opportunity set tended to conduct informative earningmanagement.
Full Text Available This paper investigates how information asymmetry and mutual fund ownership affect listed companies’ earnings management. We show that (1 reducing information asymmetry improves firms’ earnings management behavior; (2 relative to short-term mutual funds, long-term mutual funds promote earnings quality by adopting a monitoring role; and (3 by dividing firms into high/low information asymmetry groups, we find that the information environment significantly increases the effect of long-term mutual funds on firms’ earnings management. In this paper, we provide new evidence for the role that institutional investors play in a typical emerging capital market. Our results have clear policy implications: to increase earnings quality, it is essential to improve information transparency and develop long-term institutional investors.
Sinan S. Abbadi
Full Text Available This paper investigates the effect of corporate governance quality on earnings management in Jordan. Using a panel data set of all industrial and service firms listed on Amman Stock Exchange (ASE during the period 2009-2013; this paper provides evidence that earnings management is affected negatively by corporate governance quality. In particular; the results show that earnings management is affected negatively by overall categories of governance index represented by board of director, board meeting, Audit and nomination and compensation committee. Furthermore, results suggest that corporate governance quality has increased over time. Thus, its ability to constrain earnings management has also increased. It is recommended to industrial and service companies to boost their compliance with corporate governance code to improve the integrity and reliability of financial reports. This paper fills a gap in the literature by providing evidence about the effect of corporate governance quality on earnings management in Jordan as an emerging economy.
Jamal Bahri Sales
Full Text Available This paper presents an empirical investigation to measure the effect of managerial ability on earning quality on selected firms listed on Tehran Stock Exchange over the period 2007-2013. The proposed study uses data envelopment analysis to measure the relative efficiency of selected firms where Sales is considered as output and Cost of goods (COGS, Selling, General and Administrative Expenses (SG&A, Net Property Plant and Equipment (PPE, Net operating Leases (OpsLease, Research & Development (R&D, Purchased Good will (Goodwill and Other intangible assets (OtherIntan are considered as inputs. Earning quality in this survey consists of three parts of quality of accruals, earnings and earnings forecast persistence. The results of our survey have indicated that managerial ability influences positively on earning quality.
Skjeret, Frode; Soergard, Lars
This report deals with mergers and acquisitions in the electricity sector in Norway. The background is the fact that the profitability of these activities proves to be low. In buying, it is typically the selling shareholder who profits from the transaction, while the buying company does not really earn much. This result appears to be a robust result both in different countries, between sectors and independent of methodology. The report provides theoretical justification for merging and buying up and empirical evaluations of the effects of company integration. It is asserted that what can be learned in general from the literature may also occur in the European power sector. Furthermore, the report discusses the challenges faced by the companies if they want to expand through mergers and acquisitions.
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.
Dean R. Hyslop
This paper studies the labor supply contributions to individual and family earnings inequality during the period of rising wage inequality in the early 1980's. Working couples have positively correlated labor market outcomes, which are almost entirely attributable to permanent factors. An intertemporal family labor supply model with this feature is used to estimate labor supply elasticities for husbands of 0.05, and wives of 0.40. This implies that labor supply explains little of the rising a...
Clement, Jan P; White, Kenneth R; Valdmanis, Vivian
This study further examines whether not-for-profit hospitals exert pressure on for-profit hospitals to provide charity care and whether for-profit hospitals react differently than not-for-profit hospitals to managed care pressures and hospital competition in providing charity care. A two equation model is estimated using 1996 data from California hospitals. The results indicate that in mixed ownership markets, for-profit hospitals provide significantly less charity care as not-for-profit hospitals in the market provide more. Unexpectedly, study for-profit hospitals were not more influenced by price competition than other hospitals with respect to charity care. Having a unique role in providing charity care may justify continuing tax exemption for not-for-profit hospitals and enhance interest in payment and other policies with regard to conversions to ensure that not-for-profit hospitals continue to be represented in market areas.
Full Text Available The economics of the projects is an important process in the project management. Effective control of projects is based on appropriate methods for monitoring, and the entire project, the timetable, cost, quality and risk. Unlike accounting aspects in project management are looking for information that allow insight into the status and trends of financial progress of the project. Such information provide a method of earned value. It is a key component for assessing the actual performance of the project. The method of earned value is a better indicator of the progress of the project in comparison to the classical method of comparing planned and actual costs. This method shows the profit in relation to actual costs at a specific time point. This method is the basis for calculating the index of the project performance. In this sense, MS Project provides many opportunities for quality control and monitoring of the realization of the projects. In this study will be described the architecture of this method, outlined the benefits of the application of this method, and the basic criteria that should satisfy project management to be able to apply it.
Full Text Available The shrimp grounds of Surinam are actually fully exploited by some 136 trawlers of the Florida type, ranging from 100 to 130 GRT. Through export and import levies and fishing licence fees the country was able to obtain a small piece of the foreign currency cake. The Republic of Surinam has been looking for means to increase the benefits from its shrimp business. The alleged huge profits made by foreign vessels inspired the country to invest in a national shrimp fleet and man it with national crew (SUGAM. For reasons explained in the text Sugam has difficultes to operate with a gain. This paper will review Sugam's attempt to earn hard currency. An analysis is made of the foreign exchange earnings of Sugam and is compared with the results of a Korean company. The main conclusions are as follows : shrimp exploitation in a fully exploited Exclusive Economic Zone can only be brought to success by fishermen of proven ability. Each vessel should make trips lasting from 45 to 60 days and be some 280 days at sea per year. Surinam should also reconsider its present policy of shrimp purchasing.
This presentation discusses the origins of the present challenge faced in making mature oil fields profitable in the North Sea. It briefly examines the origins of these challenges, which are rooted in the industrial psychology of the North Sea. It develops a methodological formula for the successful re-engineering of inefficiently-run assets, focusing in particular on the personnel management aspects. It identifies some key areas to seek sustainable cost reductions and recognises the importance of renewing the context for investment in tail-end fields. Finally, it speculates about the way in which the learnings developed in the experiences of the last few years will influence the future of the North Sea. 2 refs.
Lubinski, Christina; Kipping, Matthias
potential into profits.’ The history of multinational enterprises (MNEs) knows many examples of economies with these characteristics similar to modern understandings of ‘emerging markets.’ This special issue analyzes foreign multinationals in emerging markets from a historical perspective. It seeks...... to understand changes and continuities in the opportunities and challenges less developed markets presented for MNEs, and in the various ways in which their managers responded to these. Rather than relying on the ‘emerging market’ label, we ask (1) why managers perceived certain markets as ‘emerging’ and which...... expectations they had when investing in these markets, (2) which challenges they faced there, and (3) how they subsequently addressed them. By tracing and comparing these investments and their consequences over time (and space), we hope to shed more light on managerial decisions and understand to what extent...
While indicating 31 recommendations made by the ADEME for the development of photovoltaic production, this article outlines a result published in the same report: the cost of solar photovoltaic production keeps on decreasing, and therefore, profitabilities without subsidy might appear before the 2020's in France. The cost of ground-based photovoltaic plant has indeed been decreasing from 6 to 1.5 euro per Watt in less than 10 years, with some regional variations. The connection cost could also be reduced by nearly 30 per cent for individual installations. New business models could then be implemented for a development without subsidy. The new thermal regulation could also have an influence on the development of solar production. These trends can be noticed in the world as well
Ekelund, Mats [Strateco Develoment AB, Vega (Sweden)], e-mail: firstname.lastname@example.org
Traditionally, the transportation industry has been opposed to any new legislation and when rather stringent emission legislation occurred, they objected just as they did when new fuels came on the agenda. On very short notice, Taxi Stockholm lost 20 % of their business when the County decided to award all public transportation contracts to a competitor. It was time to change plans instead of complaining and to take advantage of new opportunities - 'The first mover advantage'. Making the use of bio fuels into a profitable business takes a change of a standard 'business model' to do and there is still much room others to do the same. With a new CEO, an active marketing department and active individuals among the Board of Directors, Taxi Stockholm massaged a strategy where more business and private customers would be attracted by justifying the green leaf on every cab. All initiatives were publically announced and Taxi Stockholm broke new ice by putting a ban on spike tires - a decision which the vice Mayor made part of her ruling for the whole city. The Ban on gasoline and diesel cars were announced and such a statement attracted business from a loyalty point of view and from companies that had a 'Green Transport Policy' to live up to. Taxi Stockholm has seen growth and profitability grow since and credit the green policy on bio fuels such as bio gas and ethanol for most of it. Preem, Stockholm Transit, Volvo and other market driven operators have all seen markets grow from green initiatives.
Full Text Available Case weights of Diagnosis Related Groups (DRGs are determined by the average cost of cases from a previous billing period. However, a significant amount of cases are largely over- or underfunded. We therefore decided to analyze earning outliers of our hospital as to search for predictors enabling a better grouping under SwissDRG.28,893 inpatient cases without additional private insurance discharged from our hospital in 2012 were included in our analysis. Outliers were defined by the interquartile range method. Predictors for deficit and profit outliers were determined with logistic regressions. Predictors were shortlisted with the LASSO regularized logistic regression method and compared to results of Random forest analysis. 10 of these parameters were selected for quantile regression analysis as to quantify their impact on earnings.Psychiatric diagnosis and admission as an emergency case were significant predictors for higher deficit with negative regression coefficients for all analyzed quantiles (p<0.001. Admission from an external health care provider was a significant predictor for a higher deficit in all but the 90% quantile (p<0.001 for Q10, Q20, Q50, Q80 and p = 0.0017 for Q90. Burns predicted higher earnings for cases which were favorably remunerated (p<0.001 for the 90% quantile. Osteoporosis predicted a higher deficit in the most underfunded cases, but did not predict differences in earnings for balanced or profitable cases (Q10 and Q20: p<0.00, Q50: p = 0.10, Q80: p = 0.88 and Q90: p = 0.52. ICU stay, mechanical and patient clinical complexity level score (PCCL predicted higher losses at the 10% quantile but also higher profits at the 90% quantile (p<0.001.We suggest considering psychiatric diagnosis, admission as an emergency case and admission from an external health care provider as DRG split criteria as they predict large, consistent and significant losses.
Mehra, Tarun; Müller, Christian Thomas Benedikt; Volbracht, Jörk; Seifert, Burkhardt; Moos, Rudolf
Case weights of Diagnosis Related Groups (DRGs) are determined by the average cost of cases from a previous billing period. However, a significant amount of cases are largely over- or underfunded. We therefore decided to analyze earning outliers of our hospital as to search for predictors enabling a better grouping under SwissDRG. 28,893 inpatient cases without additional private insurance discharged from our hospital in 2012 were included in our analysis. Outliers were defined by the interquartile range method. Predictors for deficit and profit outliers were determined with logistic regressions. Predictors were shortlisted with the LASSO regularized logistic regression method and compared to results of Random forest analysis. 10 of these parameters were selected for quantile regression analysis as to quantify their impact on earnings. Psychiatric diagnosis and admission as an emergency case were significant predictors for higher deficit with negative regression coefficients for all analyzed quantiles (p<0.001). Admission from an external health care provider was a significant predictor for a higher deficit in all but the 90% quantile (p<0.001 for Q10, Q20, Q50, Q80 and p = 0.0017 for Q90). Burns predicted higher earnings for cases which were favorably remunerated (p<0.001 for the 90% quantile). Osteoporosis predicted a higher deficit in the most underfunded cases, but did not predict differences in earnings for balanced or profitable cases (Q10 and Q20: p<0.00, Q50: p = 0.10, Q80: p = 0.88 and Q90: p = 0.52). ICU stay, mechanical and patient clinical complexity level score (PCCL) predicted higher losses at the 10% quantile but also higher profits at the 90% quantile (p<0.001). We suggest considering psychiatric diagnosis, admission as an emergency case and admission from an external health care provider as DRG split criteria as they predict large, consistent and significant losses.
Full Text Available Projections on the profitability of an entity is a prerequisite impact assessment of implementing various management strategies. The literature did not include a model sensitivity analysis in terms of profit margin of safety modification and safety coefficient. This article aims to explicit solutions for identifying the factors that influence the sensitivity of profit, the proposed analytical models to change the margin of safety (physical and value and coefficient of safety. The model allows the determination of limits that can increase or decrease sales costs so that the company remains profitable, ie to be able to maintain an adequate level of profit. This analysis allows knowing the influence of each factor in the evolution of the profitability of the entity, allowing managers to adopt the right decisions based on the importance of the influence of the analysis results of the entity. To facilitate understanding of the proposed analytical model is presented a case study.
Geller, Elizabeth J; Matthews, Catherine A
We sought to determine the impact of robotic operative efficiency on profitability and assess the impact of secondary variables. Financial data were collected for all robotic cases performed for fiscal years 2010 (FY10) and 2011 (FY11) at University of North Carolina at Chapel Hill, and included 9 surgical subspecialties. Profitability was defined as a positive operating income. From July 2009 through June 2011, 1295 robotic cases were performed. Robotic surgery was profitable in both fiscal years, with an operating income of $386,735 in FY10 and $822,996 in FY11. In FY10, urogynecology and pediatric surgery were the only nonprofitable subspecialties. In FY11, all subspecialties were profitable. Profitability was associated with case time, payor mix, and procedure type (all P profitability regardless of surgical specialty. Copyright © 2013 Mosby, Inc. All rights reserved.
Cleverley, W O
Measures of marginal profit are derived for the two payment classes--cost payers and charge payers--that the hospital industry must consider in profitability analysis, i.e., prediction of the excess of revenue over expenses. Two indexes of profitability, use when payment mix is constant and when it is nonconstant, respectively, are derived from the two marginal profit measures, and one of them is shown to be a modification of the contribution margin, the conventional measure of profitability used in general industry. All three measures--the contribution margin and the two new indexes of profitability--are used to estimate changes in net income resulting from changes in patient volume with and without accompanying changes in payment mix. The conventional measure yields large overestimates of expected excess revenue. PMID:632101
Coombs, T. [Star Petroleum Refining Co. Ltd. (Thailand); Kennedy, P.; Bhargava, S. [KBC Process Technology Ltd. (United Kingdom)
Actions taken to maximise profit at the Star Refinery in Thailand are described. The company made good use of the Profit Improvement Programme (PIP) (which specialises in refinery economics) and the way in which PIP addressed the problem and the benefits derived therefrom is the nub of this paper. The efforts appear to have been more than satisfactory from the aspect of increasing profit margins. (UK)
Kenkel, P J
Health maintenance organizations have found that the route to faster growth and better profitability may be turning into a for-profit business and issuing stock. For the past five years, such organizations have generally outperformed their older, not-for-profit counterparts that rely on debt to fuel growth. Since 1988, HMOs have completed 48 stock and debt offerings, raising $3.6 billion.
Prahalad, C K; Hammond, Allen
By stimulating commerce and development at the bottom of the economic pyramid, multi-nationals could radically improve the lives of billions of people and help create a more stable, less dangerous world. Achieving this goal does not require MNCs to spearhead global social-development initiatives for charitable purposes. They need only act in their own self-interest. How? The authors lay out the business case for entering the world's poorest markets. Fully 65% of the world's population earns less than $2,000 per year--that's 4 billion people. But despite the vastness of this market, it remains largely untapped. The reluctance to invest is easy to understand, but it is, by and large, based on outdated assumptions of the developing world. While individual incomes may be low, the aggregate buying power of poor communities is actually quite large, representing a substantial market in many countries for what some might consider luxury goods like satellite television and phone services. Prices, and margins, are often much higher in poor neighborhoods than in their middle-class counterparts. And new technologies are already steadily reducing the effects of corruption, illiteracy, inadequate infrastructure, and other such barriers. Because these markets are in the earliest stages of economic development, revenue growth for multi-nationals entering them can be extremely rapid. MNCs can also lower costs, not only through low-cost labor but by transferring operating efficiencies and innovations developed to serve their existing operations. Certainly, succeeding in such markets requires MNCs to think creatively. The biggest change, though, has to come from executives: Unless business leaders confront their own preconceptions--particularly about the value of high-volume, low-margin businesses--companies are unlikely to master the challenges or reap the rewards of these developing markets.
Cheng, Yinglin; Huang, Yating
This paper examines the variables that affect bank profitability. We construct a sample of US banks from 2003 to 2015, and use return on assets (ROA) and return on equity (ROE) to measure bank profitability. We find that banks with higher profitability are the banks that have: (1) a higher deposits to total asset ratio, (2) a higher diversification ratio, and (3) higher operational efficiency. We also find that better-capitalized banks tend to be more profitable only when we use ROA as the me...
Financial information from Petro-Canada was presented and a review of their 2003 operations was made available for the benefit of shareholders. Petro-Canada is focused on 5 core businesses, including: North American gas; east coast oil; oil sands development; international business; and downstream operations. Highlights from 2003 for each of these core business areas were presented. In 2003, earnings from operations were reported at more than $1.4 billion, the highest in the corporate history of Petro-Canada. The company performed well in their North American gas, east coast oil and international businesses. However, there were some struggles with operational reliability in the downstream and oil sands business. Total Canadian greenhouse gas emissions were 9 per cent above 1990 levels, even though the combined upstream and downstream production grew by 51 per cent over the same period. This report summarized the company's energy resource activities and presented an operations review as well as consolidated financial statements, and common share information including the accounts of Petro-Canada and its subsidiaries and the company's proportionate share of assets, liabilities, revenues, expenses and cash flows of joint ventures. Revenue and expenditure statements were summarized by source. tabs., figs
Full Text Available While employers are playing an increasingly important role in immigration selection in Canada, little is known about how firm-level characteristics affect the economic integration of immigrants. Using a Canadian employer–employee matched dataset, this paper considers whether immigrants initially employed in low-paying firms in Canada experienced inferior earnings growth than those initially employed in high-paying firms. The results show that the large earnings differential observed between immigrants initially employed in low- and high-paying firms diminished only slightly over the subsequent 14 years, even when differences in demographic and general human capital characteristics are taken into account. Alors que les employeurs jouent un rôle de plus en plus important dans la sélection des immigrants qui s’établissent au Canada, on en sait peu sur la façon dont les caractéristiques au niveau de l’entreprise influencent l’intégration économique de ces derniers. Au moyen d’un ensemble de données appariées sur les employeurs et les employés, le présent document vise à déterminer si la croissance des gains des immigrants employés initialement au Canada par des entreprises à bas salaires est plus faible que celle des gains des immigrants employés au départ par des entreprises à hauts salaires. Les résultats montrent que l’écart important observé entre les gains des immigrants employés au départ par des entreprises à bas salaires et de ceux employés par des entreprises à hauts salaires ne diminuait que légèrement au cours des 14 années suivantes, même après avoir tenu compte des différences de caractéristiques démographiques et de caractéristiques générales du capital humain.
Full Text Available In 1990, Bruns and Merchant (1990 surveyed earnings-management practices and asked the readership of the Harvard Business Review to rate the acceptability of those practices. Prior to the Bruns and Merchant (1990 study, the morality of short-term earnings-management was of little concern to researchers and accounting practitioners. However, in the light of increased financial frauds and failures, new and increased emphasis has been placed on the importance of the concepts of earnings quality and earnings-management practices. Despite increased research focusing on business ethics since 1990, there is little evidence that the profession is educating accountants about earnings-management practices. This study compares the results of studies on earnings-management practices. Students and business managers were surveyed at the Nelson Mandela Metropolitan University (NMMU and these results were compared to studies prior to the Sarbanes-Oxley Act 2002 in the USA. The aim of the study is to determine if there have been changes in attitudes towards earnings-management practices since the acceptance of the Sarbanes-Oxley Act.
Van Bavel, Jan; Klesment, Martin
As a consequence of the reversal of the gender gap in education, the female partner in a couple now typically has as much as or more education compared with the male partner in most Western countries. This study addresses the implications for the earnings of women relative to their male partners in 16 European countries. Using the 2007 and 2011 rounds of the European Union Statistics on Income and Living Conditions (N = 58,292), we investigate the extent to which international differences in women's relative earnings can be explained by educational pairings and their interaction with the motherhood penalty on women's earnings, by international differences in male unemployment, or by cultural gender norms. We find that the newly emerged pattern of hypogamy is associated with higher relative earnings for women in all countries and that the motherhood penalty on relative earnings is considerably lower in hypogamous couples, but neither of these findings can explain away international country differences. Similarly, male unemployment is associated with higher relative earnings for women but cannot explain away the country differences. Against expectations, we find that the hypogamy bonus on women's relative earnings, if anything, tends to be stronger rather than weaker in countries that exhibit more conservative gender norms.
He, Guangye; Wu, Xiaogang
This article analyzes a large sample of the 2005 population mini-census data and prefecture-level statistics of China to investigate gender earnings inequality in the context of economic marketization, paying special attention to the changing role of occupational segregation in the process. We approximate marketization by employment sectors and also construct an index of marketization at the prefecture level. Results show that, despite the tremendous economic growth, marketization has exacerbated gender earnings inequality in urban China's labor markets. Gender earnings inequality is the smallest in government/public institutions, followed by public enterprises, and then private enterprises. The gender inequality also increases with the prefecture's level of marketization. Multilevel analyses show that occupational segregation plays an important role in affecting gender earnings inequality: the greater the occupational segregation, the more disadvantaged women are relative to men in earnings in a prefecture's labor market. Moreover, the impact of occupational segregation on gender earnings inequality increases with the prefectural level of marketization. These findings contribute to understanding the dynamics of gender earnings inequality and have important implications for policy to promote gender equality in urban China. Copyright © 2016 Elsevier Inc. All rights reserved.
Braimoh, Lucky Anderson
Volatile crude oil prices significantly affect the profitability of crude oil firms. The purpose of this single case study was to explore strategies some crude oil and gas business leaders used to remain profitable during periods of crude oil price volatility. The target population comprised 8 crude oil and gas business leaders located in Calgary, Canada, whose company remained profitable despite crude oil price volatility. The transformational leadership theory formed the conceptual framework for the study. Data were collected through the use of semistructured face-to-face interviews, company reports, and field notes. Data analysis involved a modified Van Kamm method, which included descriptive coding, a sequential review of the interview transcripts, and member checking. Based on methodological triangulation and thematic analysis, 5 themes emerged from the study, including communication and engagement; motivation and empowerment; measurement, monitoring, and control; self-awareness and humility; and efficiency and optimization. The implications for social change include the potential for crude oil and gas companies in Calgary, Canada to manage production costs, ensure earnings and profitability, and thus improve the socioeconomic well-being of Calgary indigenes through improved employment opportunities.
Impact of upstream industrial effluents on irrigation water quality, soils and ... Knowledge of irrigation water quality is critical to predicting, managing and reducing salt ... Presence of heavy metals in concentration higher than the recommended ...
Daly, Moira; Hryshko, Dmytro; Manovskii, Iourii
The stochastic process for earnings is the key element of incomplete markets models in modern quantitative macroeconomics. It determines both the equilibrium distributions of endogenous outcomes and the design of optimal policies. Yet, there is no consensus in the literature on the relative...... magnitudes of the permanent and transitory innovations in earnings. When estimation is based on the earnings moments in levels, the variance of transitory shocks is found to be relatively high. When the moments in differences are used, the variance of the permanent component is relatively high instead. We...
P. Geetha Rani
Full Text Available This paper studies the impact of different levels of education, religion, caste as well as the impact of living in urban and rural communities on earnings in India. Besides these conventional stratification, yet another academic caste which influence earnings—the English language ability, is also examined. The paper uses a large cross-section sample of India Human Development Survey to estimate Mincer and augmented Mincer equations. The rates of return estimates obtained in these data and method confirm that returns to education increase with the level of education across location, caste-religion and English language ability. Returns to lower levels of education are low across different groups, indicating the low quality of basic schooling in the country. Returns to higher education vary at a great deal ranging between 4.9% among the rural workers and 38.2% among fluent English ability group. This is in contrast to Duraisamy reporting the highest returns to secondary education in India, between the period 1983 and 1993–1994. In a decade’s time, with changes in the economy and in the labour market, higher education especially the English language ability along with higher education brings in the highest wage premium.
Hard-headedness will get you there. Matthias Eggert generates profitable solar power on a south-western roof in Schleswig-Holstein; Mit Sturheit kommt man weiter. Matthias Eggert produziert in Schleswig-Holstein auf einem Suedwestdach rentablen Solarstrom
Krause, Matthias B.
Profitable generation of solar power in northern Germany, on a roof that is not facing south? Home owner Matthias Eggert of Schafstedt in the German region of Dithmarschen decided to give it a try. His solar cell arrays started power generation in 2009, and in 20 years he will have earned nearly 10,000 Euros if things go well.
Jeppesen, Lars Bo
Modding - the modification of existing products by consumers - is increasingly exploited by manufacturers to enhance product development and sales. In the computer games industry modding has evolved into a development model in which users act as unpaid `complementors' to manufacturers' product pl......, a manufacturer can incorporate and commercialize the best complements found in the user communities. Keywords: innovation, modding, user communities, software platform, business model. JEL code(s): L21; L23; O31; O32...... platforms. This article explains how manufacturers can profit from their abilities to organize and facilitate a process of innovation by user communities and capture the value of the innovations produced in such communities. When managed strategically, two distinct, but not mutually exclusive business...... models appear from the production of user complements: firstly, a manufacturer can let the (free) user complements `drift' in the user communities, where they increase the value to consumers of owning the given platform and thus can be expected to generate increased platform sales, and secondly...
Archetti, C.; Bianchessi, N.; Speranza, M. G.
In this paper, we present a branch-and-price algorithm to solve two well-known vehicle routing problems with profits, the Capacitated Team Orienteering Problem and the Capacitated Profitable Tour Problem. A restricted master heuristic is applied at each node of the branch-and-bound tree in order to
Demonstrates that it is possible for economies of scale to induce a price-discriminating monopolist to sell in an unprofitable market where the average cost always exceeds the price. States that higher profits in the profitable market caused by economies of scale may exceed losses incurred in the unprofitable market. (CMK)
Nussbaum, Martha C.
Education is often discussed in low-level utilitarian terms: how can educators produce technically trained people who can hold onto "their" share of the global market? With the rush to profitability, values precious for the future of democracy are in danger of getting lost. The profit motive suggests to most concerned politicians that science and…
J. Delfgaauw (Josse); A.J. Dur (Robert); C. Propper (Propper); S. Smith (Sarah)
textabstractRecent studies have demonstrated the importance of good management for firm performance. Here, we focus on management in not-for-profits (NFPs). We present a model predicting that management quality will be lower in NFPs compared to for-profits (FPs), but that outputs may not be worse if
Guardiola, Luis A.; Meca, Ana; Timmer, Judith B.
We study the coordination of actions and the allocation of profit in supply chains under decentralized control in which a single supplier supplies several retailers with goods for replenishment of stocks. The goal of the supplier and the retailers is to maximize their individual profits. Since the
Waters, John K.
The for-profit sector of higher education has generated some disturbing headlines recently. Widely publicized charges of predatory recruiting practices have prompted new regulations and provided fuel for scorching criticism of the entire business model. But while the spotlight is focused on what for-profits are doing wrong, are people overlooking…
Becchetti, Leonardo; Giallonardo, Luisa; Tessitore, Maria Elisabetta
We examine the behavior of a profit maximizing monopolist in a horizontal differentiation model in which consumers differ in their degree of social responsibility (SR) and consumers SR is dynamically influenced by habit persistence. The model outlines parametric conditions under which (consumer driven) corporate social responsibility is an optimal choice compatible with profit maximizing behavior.
Gielen, A. C.
This article investigates whether paying a profit-related wage stimulates training investments. The results point to increased worker effort and wage flexibility as two channels through which profit sharing enhances investments in training. While both effects are found for young workers, for older
Cheng, Ming-Hsun; Rosentrater, Kurt A
Soybean oil production is the basic process for soybean applications. Cash flow analysis is used to estimate the profitability of a manufacturing venture. Besides capital investments, operating costs, and revenues, the interest rate is the factor to estimate the net present value (NPV), break-even points, and payback time; which are benchmarks for profitability evaluation. The positive NPV and reasonable payback time represent a profitable process, and provide an acceptable projection for real operating. Additionally, the capacity of the process is another critical factor. The extruding-expelling process and hexane extraction are the two typical approaches used in industry. When the capacities of annual oil production are larger than 12 and 173 million kg respectively, these two processes are profitable. The solvent free approach, known as enzyme assisted aqueous extraction process (EAEP), is profitable when the capacity is larger than 17 million kg of annual oil production.
Full Text Available Soybean oil production is the basic process for soybean applications. Cash flow analysis is used to estimate the profitability of a manufacturing venture. Besides capital investments, operating costs, and revenues, the interest rate is the factor to estimate the net present value (NPV, break-even points, and payback time; which are benchmarks for profitability evaluation. The positive NPV and reasonable payback time represent a profitable process, and provide an acceptable projection for real operating. Additionally, the capacity of the process is another critical factor. The extruding-expelling process and hexane extraction are the two typical approaches used in industry. When the capacities of annual oil production are larger than 12 and 173 million kg respectively, these two processes are profitable. The solvent free approach, known as enzyme assisted aqueous extraction process (EAEP, is profitable when the capacity is larger than 17 million kg of annual oil production.
Koch, Carsten Allan
In much of the literature on business ethics and corporate social responsibility, it is more or less taken for granted that attempts to maximize profits are inherently unethical. The purpose of this paper is to investigate whether an ethical argument can be given in support of profit maximizing...... behaviour. It is argued that some form of consequential ethics must be applied, and that both profit seeking and profit maximization can be defended from a rule-consequential point of view. It is noted, however, that the result does not apply unconditionally, but requires that certain form of profit (and...... utility) maximizing actions are ruled out, e.g., by behavioural norms or formal institutions....
Full Text Available Service companies earn their profit mainly due to their employees’ intellectual skills, therefore, increasing profit per employee is one opportunity to increase profit and thereby also the company’s market value. In this article the number of employees, the value of owners’ equity and loan capital, operating expenses, net sales and profit before income tax have been used to analyse the change in profit per employee of the Estonian software small and medium-sized enterprise (SME sector in total, and for small and medium-sized companies separately in the years 2009–2013. Furthermore, this article demonstrates that the efficiency matrix methodology and its developments that were refined in Estonia and Russia from the 1960s to the 1990s can be deployed nowadays as well. Of all the components, profit margin and owners’ equity per employee showed the most rapid growth during the analysed period. Profit per employee was higher in the small enterprises segment and lowest among medium-sized enterprises, where owners’ equity per employee, net sales to operating expenses, and profit margin were lower than in small enterprises over the whole period analysed.
National Oceanic and Atmospheric Administration, Department of Commerce — These data represent a cost-earnings study of the Hawaii small boat fishery in 2007-2008. Data collected include fisher classification, vessel characteristics,...
National Oceanic and Atmospheric Administration, Department of Commerce — These data represent a cost-earnings study of the Hawaii small boat fishery in 1995-1996. Data collected include fisher classification, vessel characteristics,...
National Oceanic and Atmospheric Administration, Department of Commerce — These data represent a cost-earnings study of the Hawaii small boat fishery in 2014. Data collected include fisher classification, vessel characteristics, levels of...
National Oceanic and Atmospheric Administration, Department of Commerce — This study collected cost-earnings information for the 12 vessels which had reported bottomfish landings from Northwestern Hawaiian Islands in 1993 in order to...
Bhattacharjee, Amit; Dana, Jason; Baron, Jonathan
Profit-seeking firms are stereotypically depicted as immoral and harmful to society. At the same time, profit-driven enterprise has contributed immensely to human prosperity. Though scholars agree that profit can incentivize societally beneficial behaviors, people may neglect this possibility. In 7 studies, we show that people see business profit as necessarily in conflict with social good, a view we call anti-profit beliefs . Studies 1 and 2 demonstrate that U.S. participants hold anti-profit views of real U.S. firms and industries. Study 3 shows that hypothetical organizations are seen as doing more harm when they are labeled "for-profit" rather than "non-profit," while Study 4 shows that increasing harm to society is viewed as a strategy for increasing a hypothetical firm's long-run profitability. Studies 5-7 demonstrate that carefully prompting subjects to consider the long run incentives of profit can attenuate anti-profit beliefs, while prompting short run thinking does nothing relative to a control. Together, these results suggest that the default view of profits is zero-sum. While people readily grasp how profit can incentivize firms to engage in practices that harm others, they neglect how it can incentivize firms to engage in practices that benefit others. Accordingly, people's stereotypes of profit-seeking firms are excessively negative. Even in one of the most market-oriented societies in history, people doubt the contributions of profit-seeking industry to societal progress. (PsycINFO Database Record (c) 2017 APA, all rights reserved).
... interest. The exclusion also applies to amounts taxed to United States shareholders as income of one... shareholders or their successors in interest as subpart F income of the controlled foreign corporation to which... shareholder's successor in interest. If a United States person (as defined in § 1.957-4) acquires from any...
... depreciation for the period subsequent to February 28, 1913, computed on such fair market value. If the amount...,000. Its fair market value as of March 1, 1913, was $12,000 and it was sold in 1955 for $15,000. The... accumulated since February 28, 1913, is $3,000. If the basis is determined without regard to the value as of...
... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Additional foreign tax credit in year of... Foreign Corporations § 1.960-4 Additional foreign tax credit in year of receipt of previously taxed... inclusion either chose to claim a foreign tax credit as provided in section 901 or did not pay or accrue any...
Several studies considering the Job Corps find more positive earnings effects for males than for females. This effect heterogeneity in favor of males contrasts with the results of the majority of other training program evaluations. Applying the translated quantile approach of Bitler, Hoynes, and Domina (2014), I show that an important mechanism behind the surprising findings for the Job Corps operates through existing gender earnings inequality rather than Job Corps trainability differences b...
The high rates of youth unemployment experienced in a number of OECD economies has raised concerns about the effect of this on subsequent earnings. Using the Australian Youth Survey (AYS) a longitudinal survey of Australian youth, we estimate the effects of unemployment on subsequent hourly and weekly earnings. The estimates suggest that, when unobserved heterogeneity is taken into account, it is only long histories of unemployment which have a negative effect on hourly wages. On the other ha...
Shaw, Lois; Gish, Melinda; Braunstein, Jill; Allore, Sara
After remaining virtually unchanged from 1995 through the 1970s, the wage gap between women and men began to decline in the 1980s. By the early 1990s, the ratio of the annual earnings of women employed full time year-round to the annual earnings of their male counterparts reached 72.0%. That ratio decreased slightly (to 71.4%) in 1995. The wage…
JONG-SEO CHOI; YOUNG-MIN KWAK; CHONGWOO CHOE
This article examines the empirical relation between CEO turnover and earnings management in Korea using a sample of 317 CEO turnovers and 634 non-turnover control firms during the period of 2001-2008. We classify CEO turnovers into four types depending on whether the departure of outgoing CEO is peaceful or forced and the incoming CEO is promoted from within or recruited from outside the firm. We measure earnings management by both discretionary accruals and real activities management. We al...
textabstractMain subject of this paper is to understand whether there could be an incentive for managers to manipulate cash flow from operating activities (CFO) through the use of real earnings management (REM), in situations with increasing leverage. Based upon a study of Jelinek (2007) who researched the correlation between increasing levels of leverage and accrual earnings management, I developed my main hypothesis with respect to the effect of leverage increases on REM to influence CFO. R...
Guidara, Rihab; Boujelbene, Younes
Research and development (R&D) investments reduce current-period earnings while the benefits associated with the investments occur in the future. This problem implies an earnings management tool to boost short-term performance. While there is much evidence regarding managerial discretion through R&D capitalization, empirical studies that directly examine managerial discretion through R&D expenditure adjusting have not been widely provided in the European context. This paper seeks ...
Guidara, Rihab; Boujelbene, Younes
Research and development (R&D) investments reduce current-period earnings while the benefits associated with the investments occur in the future. This problem implies an earnings management tool to boost short-term performance. While there is much evidence regarding managerial discretion through R&D capitalization, empirical studies that directly examine managerial discretion through R&D expenditure adjusting have not been widely provided in the European context. This ...
Frederiksen, Anders; Halliday, Timothy; Koch, Alexander Karl
While it is well established that both promotions within firms and mobility across firms lead to substantial earnings progression, few studies offer an integrated analysis of the effects of these two types of mobility on earnings growth. To do this, we exploit a large Danish panel data set and te...... deductable pension contributions and more expensive real estate or financed consumption where interest is tax deductable....
Santos Raposo, P.M.; van Ours, J.C.
December 1, 1996 Portugal introduced a new law on working hours which gradually reduced the standard workweek from 44 hours to 40 hours. We study how this mandatory working hours reduction affected employment and earnings of workers involved. We find for workers who were affected by the new law that working hours decreased, while hourly wages increased, keeping monthly earnings approximately constant. We also find that the working hours reduction did not lead to an increased job loss of worke...
King, E M
This study describes trends in educational attainment among women in Peru, and examines the determinants of educational attainment, labor force participation and employment, and earnings. Data were obtained from the Peruvian Living Standards Survey among a sample of 5644 women aged 20-59 years. Findings indicate that parents' educational variables had a positive and statistically significant relationship with the educational attainment of their daughters. The impact declined over time from older to younger cohorts. School reforms improved women's access to education. Education became more universal and compulsory over time. Daughters of mothers with white collar occupations had higher levels of schooling than farmers' daughters. The effects of fathers' education was larger. There was a wider gap between farmers and nonfarmers. Textbooks, teachers, and number of grades offered were the only primary school inputs that showed any clear cohort trend in their effect on years of schooling. As primary schools became more available, textbooks had a greater impact on school attainment. The impact of textbooks was larger for women than for men. The number of grades offered had a large positive effect which increased across cohorts from older to younger. Findings suggest weak effects of school reforms on women's likelihood of participating in the paid or unpaid labor force. Years of schooling had a very small and negative effect on total labor force participation. Woman's paid employment was influenced by age, education and training, household characteristics, and family's unearned income. Educational attainment had a small positive effect on participation in paid employment for younger women and no effect for older women. The average rate of return in paid employment to primary education was about 12%. Primary education had the highest rate of return. The return to job tenure was higher for younger women.
Mehmet Unsal Memis
Full Text Available This paper investigates the relationship between earnings management-audit quality and earnings management-legal system quality by using 1507 firms’ observations from listed companies in private firms across different 8 emerging countries. Consistent with previous research, differentiation between Big 4 and non-Big 4 audit firms are used as a audit quality proxy and discretionary accruals are used to measure the earnings management. According to the results, only for Brazilian and Mexican companies, there is significant relationship between the discretionary accruals and audit quality. For the other countries there is not significant relationship. Furthermore efficiency of the legal system helps decrease earnings management incentives. Along with results, the big four auditors do not constrain the earnings management incentives in every emerging country but effective legal system does. In this analysis we used other earnings management related variables like the size of the firms, leverage, lagged ROA of the firms which have loss in the previous year and Tobin Q as control variables.
Full Text Available This study aims to prove the effect of the company's status, i.e membership on the Islamic capital market and the status as suspect firm, as a determinant of real earnings management (REM. REM is conducted by abnormally increasing sales, increasing production and reducing discretionary costs in order to achieve a certain earnings target. This study uses Earnings Distribution Analysis (EDA technique, which refers to the Prospect Theory (Kahneman & Tversky, 1979 to identify the suspect firms. Suspect firms are companies that have small positive earnings. The samples of this research are companies listed on the Indonesia Stock Exchange in 2011 and 2012. Based on the result of regression analysis, hypothesis testing results show that the suspect firms conduct real earnings management in all three types of activities more aggressively than the non-suspect firms. Furthermore, this study also showed empirical evidence that there are differences in real earnings management actions between companies listed in the Islamic capital market compared to conventional capital markets. Then, this study also showed that the Islamic capital market is more appropriate in response to the REM than the conventional capital market.
Full Text Available In this paper we test whether inter-country variation in individuals’ tendency to conform, as measured by the Lie (social desirability scale used in the Eysenck Personality Questionnaire, can explain differences in the propensity to employ corporate earnings management around the world. Such a link is feasible, given that survey data suggest executives tend to be under severe pressure to meet earnings benchmarks, to which they often succumb by engaging in earnings management (to the detriment of the company’s long-term prospects. We hypothesize that in countries where the propensity to act in a socially desirable (outsider-satisfying way is stronger, earnings management should be more prevalent. Research results support our hypothesis, and demonstrate the existence of a positive relationship between the prevalence of earnings management in a country and the mean score of individuals from that country on the Eysenck Lie scale, which further evidences that capital market pressure is a significant determinant of earnings management.
Full Text Available This study aims to analyze factors that influence earnings response coefficients (ERC, simultaneously and partially, composed of leverage, the systematic risk (beta, growth opportunities (market to book value ratio, and the size of the firm (firm size, selection of the sample in this study the author take 12 automakers and components that meet the criteria of completeness of the data from the year 2008 to 2012, entirely based on consideration of the following criteria: (1 the company's automotive and components are listed on the stock exchange, (2 have the financial statements years 2008-2012 (3 has a return data (closing price the first day after the date of issuance of the financial statements. This study uses secondary data applying multiple linear regression models to analyze and test the effect of independent variables on the dependent variable partially (t-test, simultaneous (f-test, and the goodness of fit (R-square on a research model. The result shows that leverage, beta, growth opportunities (market to book value ratio and size along with (simultaneously the effect on the dependent variable (dependent variable earnings response coefficients. Partially leverage negatively affect earnings response coefficients, partially beta negatively correlated earnings response coefficients, partially growth opportunities (market to book value ratio significant effect on earnings response coefficients, partially sized companies (firm size significantly influence earnings response coefficients.
Full Text Available The aim of this study is to investigate association between firms’ board structure (independent members, audit comittee, female membership and board of directors size and earnings management. For the purpose of investigating associations four different earnings management models were used. In addition, four hypotheses were tested in the context of the study. Within the scope of the study, data covering the years 2012 - 2016 belonging to the firms operating in the BIST Manufacturing Sector were used. According to results there is a relationship between the proportion of independent members in the board and earnings management practices based on accrual and sales manipulation. Obtained results confirm that the increase in the proportion of female members on the board reduces earnings management practices based on cash flow and sales manipulation. There is also evidence that an increase in the size of the board reduces earnings management practices based on cash flow and income manipulation. There is no supporting evidence that the proportion of audit comittee members reduces earnings management practices.
Cavoulacos, P.; Deffarges, E.
Major changes in the oil and gas environment during the last decade and a half have necessitated significant course corrections in upstream business strategies. Exogenous factors such as privatization and the opening of new opportunity areas have caused significant shifts in company strategies to drive growth, while lingering low commodity prices have applied continuous pressure to reduce costs. Successful upstream players have changed their strategies--from frontier exploration to development/production new ventures and on to gas and power plays--and built the capabilities necessary to achieve profitable growth. Moreover, these companies have adopted a new business model, an organization paradigm based on process-driven networks of business units, accountability and pay-for-performance, empowered multidisciplinary teams, and best practice sharing
..., Appropriations of retained earnings. 367.4360 Section 367.4360 Conservation of Power and Water Resources FEDERAL... NATURAL GAS ACT Retained Earnings Accounts § 367.4360 Account 436, Appropriations of retained earnings. This account must include appropriations of retained earnings as follows: (a) Appropriations required...
Full Text Available Upstream reciprocity (also called generalized reciprocity is a putative mechanism for cooperation in social dilemma situations with which players help others when they are helped by somebody else. It is a type of indirect reciprocity. Although upstream reciprocity is often observed in experiments, most theories suggest that it is operative only when players form short cycles such as triangles, implying a small population size, or when it is combined with other mechanisms that promote cooperation on their own. An expectation is that real social networks, which are known to be full of triangles and other short cycles, may accommodate upstream reciprocity. In this study, I extend the upstream reciprocity game proposed for a directed cycle by Boyd and Richerson to the case of general networks. The model is not evolutionary and concerns the conditions under which the unanimity of cooperative players is a Nash equilibrium. I show that an abundance of triangles or other short cycles in a network does little to promote upstream reciprocity. Cooperation is less likely for a larger population size even if triangles are abundant in the network. In addition, in contrast to the results for evolutionary social dilemma games on networks, scale-free networks lead to less cooperation than networks with a homogeneous degree distribution.
Upstream reciprocity (also called generalized reciprocity) is a putative mechanism for cooperation in social dilemma situations with which players help others when they are helped by somebody else. It is a type of indirect reciprocity. Although upstream reciprocity is often observed in experiments, most theories suggest that it is operative only when players form short cycles such as triangles, implying a small population size, or when it is combined with other mechanisms that promote cooperation on their own. An expectation is that real social networks, which are known to be full of triangles and other short cycles, may accommodate upstream reciprocity. In this study, I extend the upstream reciprocity game proposed for a directed cycle by Boyd and Richerson to the case of general networks. The model is not evolutionary and concerns the conditions under which the unanimity of cooperative players is a Nash equilibrium. I show that an abundance of triangles or other short cycles in a network does little to promote upstream reciprocity. Cooperation is less likely for a larger population size even if triangles are abundant in the network. In addition, in contrast to the results for evolutionary social dilemma games on networks, scale-free networks lead to less cooperation than networks with a homogeneous degree distribution.
Peña, Jorge; Pestelacci, Enea; Berchtold, André; Tomassini, Marco
Indirect reciprocity, one of the many mechanisms proposed to explain the evolution of cooperation, is the idea that altruistic actions can be rewarded by third parties. Upstream or generalized reciprocity is one type of indirect reciprocity in which individuals help someone if they have been helped by somebody else in the past. Although empirically found to be at work in humans, the evolution of upstream reciprocity is difficult to explain from a theoretical point of view. A recent model of upstream reciprocity, first proposed by Nowak and Roch (2007) and further analyzed by Iwagami and Masuda (2010), shows that while upstream reciprocity alone does not lead to the evolution of cooperation, it can act in tandem with mechanisms such as network reciprocity and increase the total level of cooperativity in the population. We argue, however, that Nowak and Roch's model systematically leads to non-uniform interaction rates, where more cooperative individuals take part in more games than less cooperative ones. As a result, the critical benefit-to-cost ratios derived under this model in previous studies are not invariant with respect to the addition of participation costs. We show that accounting for these costs can hinder and even suppress the evolution of upstream reciprocity, both for populations with non-random encounters and graph-structured populations. Copyright © 2011 Elsevier Ltd. All rights reserved.
M. Shibley Sadique
Full Text Available We analyze the earnings information and stock prices of S&P500 firms and find that investors following S&P500 stocks (i respond more to pro forma earnings than to GAAP earnings, (ii respond to an emphasis on pro forma earnings, and (iii are fixated on pro forma earnings. We provide the first direct evidence that a strategic emphasis on earnings numbers may affect return volatility. Further, our results do not support the argument that a larger investor response to Street earnings might be driven by large differences between the Street numbers and GAAP numbers.
For many years, Slovnaft used the movement of the price of Brent crude as an argument to explain the movement of its prices. It assumed the price of Urals crude would follow the Brent crude price after a short period. It was still using this argument in 2002. Urals crude was for a long period about 2 USD per barrel (159 l) cheaper than Brent. But over recent last months, the price difference between Brent crude and Ural crude has been increasing. According to the pricing policy, customers of Hungarian-owned MOL/Slovnaft might expect fuel prices to fall. But this did not happen. Slovnaft no longer uses Brent prices to justify its prices and focuses on the development of the FOB Rotterdam fuel market. When prices increase on the FOB Rotterdam fuel market, refineries in neighbouring regions export oil to this market. And in order to maintain stability on the market, other refineries also increase their prices. Slovnaft benefits not only from cheaper Russian oil but also from the major investments it made in the past. While other refineries use distillation residues to produce cheaper heavy heating oils, Slovnaft is able to convert such residues into fuel. And this also has an economic impact. B. Kelemen admits that it will be mainly shareholders who benefit from these developments.It is not only rising oil prices that have been noticeable recently, but also the lack of investment in the oil industry. The capacity of Russian pipelines, tankers and the processing capacity of refineries has been insufficient for some time. Whereas fuel consumption is growing year after year. Preliminary calculations indicate the oil industry needs to invest about 700 bill. USD and investors expect a return, according to B. Kelemen, of 10 to 17%. The closest competitors of Slovnaft will have to invest in desulphurization and the processing of heavy residues. And so Slovnaft can look forward to very profitable years. The same cannot be said of its customers. Slovnaft is set to publish
Ferrari Mascia; Momentè Francesco; Reggiani Francesco
We analyze the earnings quality under the IAS/IFRS and German GAAP by evaluating the earnings management degree in IAS and HGB adopters and by investigating what is the level of uncertainty (reliability) that investors perceive from the earnings announced. Our results show that IAS and HGB adopters do not present any significant differences in earnings management, if we examine the working capital accruals, while IAS/IFRS sub-sample is less engaged in earnings management, considering the tota...
Ahmed, A M; Sirageldin, I
This paper analyzes the impact of internal migration on earnings within the human capital model framework. Since migrants constitute a non-random sample of population, the endogenous nature of migration decision warrants necessary correction for the selectivity bias in their earnings function. The Mincer-type earnings model is thus augmented to determine the extent of this bias. Besides estimating the standard Mincerian earnings model, the paper also attempts to verify the learn-as-you-go proposition by introducing migration duration variables in the earnings model. Based on the household level Population, Labor Force, and Migration (1979-80) survey data, the analysis yields the following important conclusions: (i) the data allowed a meaningful estimation of Mincerian earnings function for migrants and non-migrants; (ii) the level of schooling was one of the important determinants of the distribution of income both for migrants and nonmigrants--the four categorical variables of education were in general statistically significant with expected signs, implying that the hypothesis of a positive relationship between income and education was accepted; (iii) the rates of return to education improved systematically with higher levels of education, thus confirming the notion that education serves as a signalling device; (iv) the age-income profile was almost linear for migrants but showed concavity for nonmigrants; (v) the presence of sample-selection was observed for migrants; and (vi) even after controlling for the influence of personal characteristics, i.e., education and experience, the long-standing migrants earned relatively more at the destination than the more recent migrants.
Enactment of Ghana's Petroleum (Local Content and Local Participation) Regulations, 2013 (L.I. 2204) was intended to regulate the percentage of local products, personnel, financing, and goods and services rendered within Ghana's upstream petroleum industry value chain. Five years after the inception of Ghana's upstream oil and gas industry, a gap is evident between the requirements of L.I. 2204 and professional practice. Drawing on Lewin's change theory, a cross-sectional study was conducted to examine the extent of differences between the prevailing human resource local content and the requirements of L.I. 2204 in Ghana's upstream petroleum industry. The extent to which training acquired by indigenous Ghanaians seeking jobs in Ghana's oil fields affects the prevalent local content in its upstream petroleum industry was also examined. Survey data were collected from 97 management, technical, and other staff in 2 multinational petroleum companies whose oil and gas development plans have been approved by the Petroleum Commission of Ghana. To answer the research questions and test their hypotheses, one-way ANOVA was performed with staff category (management, technical, and other) as the independent variable and prevalent local content as the dependent variable. Results indicated that prevailing local content in Ghana's upstream petroleum industry meets the requirements of L.I. 2204. Further, training acquired by indigenous Ghanaians seeking jobs in Ghana's oil fields affects the prevalent local content in its offshore petroleum industry. Findings may encourage leaders within multinational oil companies and the Petroleum Commission of Ghana to organize educational seminars that equip indigenous Ghanaians with specialized skills for working in Ghana's upstream petroleum industry.
... CONTRACT TYPES CONTRACTING BY NEGOTIATION Contract Pricing 1415.404-4 Profit. (a) DOI's policy is to use a... also refer to the Armed Services Pricing Manual (ASPM No. 1). The “Other Costs” factor shall include...
Purchase behavior and profitability data derived from the accounting system of a firm, are ... terms of cost control, in the sense that marketing ... internal accounting system which allows for an ..... information and advice, and the effects of such.
The main objectives of this study were to analyze the profitability of projects of methanization, and to identify factors which curb or favour their profitability. It is based on a detailed analysis of the investment and of the profitability of 50 sites of different sizes and at different stages of progress (from the feasibility study to few months of operation), and also of experiences in three neighbour countries (Germany, Switzerland and Belgium). First, the study highlights the importance of investment costs in the biogas production global cost, notably with respect to current German prices. Then, it comments the impact of subsidies on facility profitability. It proposes ways to improve public support to the different energetic vectors produced from biogas: electricity, biomethane, and heat
... TYPES CONTRACTING BY NEGOTIATION Contract Pricing 915.404-4 Profit. (c)(4)(i) Contracting officer...) and Bonneville Power Administration (BPA) functions. Pursuant to section 602(d) (13) and (20) of the...
Full Text Available This work involves identification of causes of different profitability of agricultural sector done on case study of nearly identical agricultural enterprises. It shows that financial mix even in scope of similar companies can lead to various profit indicators. Through comparative financial analysis in the same industry and activity by applying methods and techniques we have concluded that company PP Ratkovo operates more stable and closer to determined norms and also shows better results in majority of the indicators. Horizontal and vertical analysis indicates that companies in Agribusiness partner group use expensive external sources of financing. We have precisely defined in which cost segment occurs highest distinction. Also we have shown reasons why PP Ratkovo in the last two years manifests great profitability measured by ebit, ebitda and net profit as well as excellent structure of material costs and wages costs in in frame of the operating income, and reasons why enterprises in Agribusiness partner group does not.
..., unusual contingency provisions, or other risk-reducing measures, the amount of profit shall be less than... contribute to successful results. Conversely, the Contracting Officer shall view failure or unwillingness on...
Mortensen, Jonas Egmose
This discussion paper deliberates on how the concept of social learning can be used for evaluating upstream engagement initiatives in science and technology. The paper briefly introduces to the concept of upstream engagement and a concrete case, the UK Citizen Science for Sustainability project...... (SuScit), as an outset for discussing how the concept of social learning can be used for analysing and understanding relations between citizen participation, Science and research, and sustainability. A number of relevant research questions and methodological considerations are distilled...
Full Text Available The aim of the paper is to evaluate the accountability and transparency of Italian non profits organizations. The main goal is to understand if a general accountability or transparency problem, or a systematic publicity deficit, exist in the third sector in Italy. Non profit organizations have an ethical obligation to their stakeholder and to the public to conduct their activities with accountability and transparency. Non profit organizations should regularly and openly convey information to the stakeholder about their vision, mission, objectives, activities, accomplishments, decision-making processes and organizational structure. Information from a non profit organization should be easily accessible to the stakeholder and should create external visibility, public understanding and trust in the organization, conditions necessary to find donors. Non profit organizations work with communities and community donors need to know how their money is used. In the first part the analysis of the definition of transparency and accountability is made and the sustainability report like an important instrument of communication is considered. In the second part an empirical research is presented. The Italian law allows taxpayers to devote 5 per thousand of their income tax to non profit organizations, choosing between charities, social promotion associations, recognized associations, entities dedicated to scientific research and health care, universities, municipal social services and other non profit organizations. The present study present a quantitative research and it’s based on an empirical analysis of non-profit organizations that receive this donation in Italy in the year 2010 and 2011. In the paper we analyze the transparency and the accountability of the top 100 non profit organizations that have received the contribution of 5 per thousand, checking whether they prepare their Sustainability Report or any other kind of report for communicate the use
Bordeleau, Etienne; Graham, Christopher
The recent crisis has underlined the importance of sound bank liquidity management. In response, regulators are devising new liquidity standards with the aim of making the financial system more stable and resilient. In this paper, the authors analyse the impact of liquid asset holdings on bank profitability for a sample of large U.S. and Canadian banks. Results suggest that profitability is improved for banks that hold some liquid assets, however, there is a point at which holding further liq...
Nadezhda Sergeevna Piontkevich
Effective management of financial activity of commercial organization promotes achievement of the main objective of its activity – receiving profit. Both external and internal factors causing specifics of financial management of organization in the field of management of profit have impact on this process. In modern conditions of economic development this problem gains the greatest relevance, and new approaches for its decision are required. In the present article the author’s theoretical and...
Grönlund, Andreas; Yi, Il Gu; Kim, Beom Jun
We investigate the structure of the profit landscape obtained from the most basic, fluctuation based, trading strategy applied for the daily stock price data. The strategy is parameterized by only two variables, p and q Stocks are sold and bought if the log return is bigger than p and less than -q, respectively. Repetition of this simple strategy for a long time gives the profit defined in the underlying two-dimensional parameter space of p and q. It is revealed that the local maxima in the profit landscape are spread in the form of a fractal structure. The fractal structure implies that successful strategies are not localized to any region of the profit landscape and are neither spaced evenly throughout the profit landscape, which makes the optimization notoriously hard and hypersensitive for partial or limited information. The concrete implication of this property is demonstrated by showing that optimization of one stock for future values or other stocks renders worse profit than a strategy that ignores fluctuations, i.e., a long-term buy-and-hold strategy.
Full Text Available Every company has a different structure of balance sheet. Some of the companies have more liabilities than equity. Considering the industry or debt-to-equity ratio, the balance sheet structure affects the company profitability measured by DuPont system. The main objective of the paper is to analyze the structure of balance sheet and to identify some optimal levels in order to increase company profitability. The DuPont returns like ROA (return on assets and ROE (return on equity will be used to measure the company profitability, while the debt-to-equity ratio will be used as a measure (reflection of capital structure. The samples consist on the most profitable non-financial companies ranked in Fortune Global 500. The companies will be grouped in clusters (based on industry or debt-to-equity ratio in order to identify the signification of the correlation between the profit and the balance sheet structure. The main results of the paper refer to the company profitability that can be increased by using an optimal structure of liabilities and equity.
Full Text Available Discriminant analysis has been employed in this paper in order to identify and explain key features of bank profitability levels. Bank profitability is set up in the form of two categorical variables: profit or loss recorded and above or below average return on equity. Predictor variables are selected from various groups of financial indicators usually included in the empirical work on microeconomic determinants of bank profitability. The data from the Croatian banking sector is analyzed using the Enter method. General recommendations for a more profitable business of banking found in the bank management literature and existing empirical framework such as rationalization of overhead costs, asset growth, increase of non-interest income by expanding scale and scope of financial products proved to be important for classification of banks in different profitability levels. A higher market share may bring additional advantages. Classification results, canonical correlation and Wilks’ Lambda test confirm statistical significance of research results. Altogether, discriminant analysis turns out to be a suitable statistical method for solving presented research problem and moving forward from the bankruptcy, credit rating or default issues in finance.
Débora Gomes Machado
Full Text Available The goal of this study is to identify characteristics, from the perspective of social networks, of the scientific literature on earning management in Brazilian accounting journals. Specifically, were identified: a authors and their social networks of scientific production; b researched topics, models for accruals detection, authors’ networks and the period studied; c methodological procedures used. A bibliometric survey, with a quantitative approach was performed through the analysis of 17 Brazilian accounting journals, since their first edition until the year 2010. Out of them, 10 published articles having the theme earning management in the title, abstract or keywords. The 32 identified articles were submitted to content analysis and then the data were presented from the perspective of social networks. The survey results show that: the authors and their social networks of production originates mostly from Universidade de São Paulo (USP; the most researched theme was the methods or means to conduct earnings management, and accruals measurement models, with emphasis on Kang and Sivaramakrishnan Model; the descriptive research, based on document and quantitative approach were the most commonly used forms in the articles researched. It is noteworthy that structural gaps are the topics, such as compensation plans, political costs and earnings management in different contractual environments. The research results can contribute to academia to highlight some features of the earnings management theme and its researchers, in the field of publications in Brazilian accounting journals.
Salive, M E
A shortage of preventive medicine (PM) physicians exists in the United States. Researchers know little about these physicians' earnings and practice characteristics. The American College of Preventive Medicine (ACPM) mailed a survey to all self-identified PM physicians on the American Medical Association (AMA) Physician Masterfile. A total of 3,771 (54%) responded; respondents' sex and region of residence were typical for PM physicians in general, with a slight excess of older physicians and those reporting board certification. A total of 2,664 (71%) were working full time, with median earnings of $85,000 (mean $90,000). Among full-time physicians, relatively higher earnings were associated with the following characteristics: male sex; age 45 to 64 years; major source of income from clinical, business, or industrial sources, rather than governmental or academic; and PM board certification. Full-time PM physicians earned much less than office-based private practitioners in several primary care specialties in 1989. The gap in earnings between PM specialists in government positions and those in the private sector is also substantial. Both disparities may require creative solutions.
Acquisitions may be integral and strategic drivers for successfully executing the business objectives of an entity or fulfilling its mission. The new guidance creates accounting and valuation challenges for not-for-profit entities that for-profit entities have been dealing with for years. Now that not-for-profit entities apply the same principles, the fair value concepts and accounting complexities are more pervasive. By brining to bear the rights complement of accounting, finance, and valuation resources, not-for-profit entities can successfully navigate these challenges and gain an understanding of the full magnitude of acquisition decisions on financial results.
We discuss more aspects of collisionless shock theory that might be pertinent to the problem of upstream waves and particles. It is hoped that our qualititive remarks may be a useful guide for the general reader as he goes through the detailed papers to come
Sep 21, 2011 ... added recombinant proteins and enzymes for industries. The upstream region ... cost, eukaryotic expression and no endogenous patho- gen pollution, thus it ... developmental process (Santino et al., 1997) which may deplete nutrient ... ideal bioreactors for economic production and storage of value-added ...
Crutcher, R.A.; Yip, R.Y.; Young, M.R.
This paper is a descriptive overview of Employee Assistance Programs (EAPs) in the upstream Canadian petroleum industry. The authors review current EAP models within the occupational health setting and the Canadian health care context. This article also explores the challenging issues of EAP's emergent functions in workplace substance abuse programs, its changing role in organizational effectiveness and its professional identity
Kitto, J.B. Jr.
An unusual form of ''upstream'' critical heat flux (CHF) has been observed and directly linked to the inlet flow pattern during an experimental study of high pressure (17 - 20 MPa) water flowing through a vertical 38.1 mm ID smooth bore tube with uniform axial and nonuniform circumferential heating. These upstream CHF data were characterized by temperature excursions which initially occurred at a relatively fixed axial location in the middle of the test section while the outlet and inlet heated lengths experienced no change. A rifled tube inlet flow conditioner could be substituted for a smooth tube section to generate the desired swirling inlet flow pattern. The upstream CHF data were found to match data from a uniformly heated smooth bore tube when the comparison was made using the peak local heat flux. The mechanism proposed to account for the upstream CHF observations involves the destructive interference between the decaying swirl flow and the secondary circumferential liquid flow field resulting from the one-sided heating
Juan Francisco Canal Domínguez
Full Text Available The increasing demand for highly qualifi ed workers in developed countries has raised a new interest in analysing whether doctoral training meets the needs of the European labour market. Job satisfaction enables an approach to both the relationship between training and job position and to a company?s successful management of its relationship with those workers who are PhD holders. The results indicate that an analysis based on earnings is relevant, as it makes it possible to identify two clear job satisfaction behaviours: on the one hand, as earnings increase, so does job satisfaction, although this is found to a lesser extent in the higher earnings range; on the other hand, when moving up in the salary range, the relative assessment of job satisfaction components changes, as well as their signifi cance in explaining the variations in job satisfaction.
Full Text Available Using the agency theoretical framework, the study postulates that audit committee attributes can impact significantly, constraining accrual-based distortion of financial reporting credibility and thus improve the quality of financial reporting. To assess our arguments, audit committee size, audit committee financial literacy, audit committee attendance at meetings, audit committee independence and audit meetings frequency of meeting were regressed on financial reporting quality measured by discretionary accruals. The findings for the full sample and negative discretionary accruals sample confirm our expectation that audit committee characteristics have a constraining effect on earnings management. Specifically, audit committee financial expertise, audit committee size, audit committee independence and diligence showed an inverse and significant relationship with earnings management. This is in tandem with theoretical expectations and suggest that increases in these variables we exert a declining influence on earnings management. The study concludes that there is the need for companies to focus on attributes that strengthen the effectiveness of their audit committees.
Le Maire, Daniel; Schjerning, Bertel
-employed can retain earnings and thereby transfer income across tax-years. Secondly, expected income level and income variance are important determinants in choice of occupation. Thirdly, men put more emphasis on expected earnings level, while women appears more risk averse, which contribute to explain why......This paper investigates the relationship between self-employment choice, expected earnings, and uncertainty. Several interesting results emerge from our analysis on Danish longitudinal register data: Firstly, self-employed (taxable) personal income bunch at kink points in the tax system since self...... fewer women are self-employed. Finally, our results suggest that non-western immigrants are marginalized into self-employment. Occupational choice, self-employment, wage-di¤erentials, income uncertainty, risk aversion, overcon…dence, self-selection, gender di¤erences. ...
Barth, Erling; Pekkala Kerr, Sari; Olivetti, Claudia
We use a unique match between the 2000 Decennial Census of the United States and the Longitudinal Employer Household Dynamics (LEHD) data to analyze how much of the increase in the gender earnings gap over the lifecycle comes from shifts in the sorting of men and women across high- and low-pay establishments and how much is due to differential earnings growth within establishments. We find that for the college educated the increase is substantial and, for the most part, due to differential ea...
Xiuli Zhu; Lianjun Li; Yunkui Xue
This paper investigates credit allocation before and after the 2003 banking system reform in China. We find that relationships between earnings quality and new short-term loans, long-term loans and total loans in listed companies changed significantly after the banking system reform, especially in stateowned listed companies. Further investigation shows that due to the influence of rent-seeking, banks have eased the earnings requirements of non-stateowned listed companies. These findings enhance our understanding of the economic consequences of the banking system reform and of credit discrimination under the new regime.
Full Text Available This paper investigates credit allocation before and after the 2003 banking system reform in China. We find that relationships between earnings quality and new short-term loans, long-term loans and total loans in listed companies changed significantly after the banking system reform, especially in state-owned listed companies. Further investigation shows that due to the influence of rent-seeking, banks have eased the earnings requirements of non-state-owned listed companies. These findings enhance our understanding of the economic consequences of the banking system reform and of credit discrimination under the new regime.
Klausen, Trond Beldo
wages among private sector employees. This applies to both genders, but the differences are stronger among male employees. The analyses of long-term wages reveal a more homogeneous pattern. Mature graduates earn less in all the years investigated. The wage differences are greatest among male graduates...... for a longer period of time and to control for more labour market-relevant variables than any previous study of graduation age and earnings. The results show that graduation age has either a slightly positive or an insignificant impact on starting wages within the public sector or a negative impact on starting...... employed in private enterprises, and the gap increases throughout their careers....
César Medeiros Cupertino
Full Text Available Este artigo promove um estudo de caso de uma das maiores instituições financeiras brasileiras da década de 90: o Banco Nacional S.A. (BNSA. O BNSA teve sua intervenção decretada pelo Banco Central do Brasil em 1995, após ser identificada a existência de ativos insolventes, originados por gerenciamento fraudulento dos lucros da entidade. O estudo visa investigar a gestão fraudulenta de lucros do Banco Nacional S.A., tanto nos seus aspectos motivadores, quanto em relação aos seus efeitos na composição patrimonial da entidade. A abordagem metodológica contempla: (i pesquisa explicativa, quanto aos objetivos do estudo; (ii estudo de caso, quanto aos procedimentos aplicados e (iii pesquisa qualitativa, quanto à abordagem do problema. Constatou-se que pode haver interesses inconciliáveis entre o agente e o principal, conforme disciplinado pela teoria da agência. O artigo, ainda, ressalta a importância do conhecimento dos dados financeiros na identificação dos fatos de interesse, dos ajustes pertinentes e da correta evidenciação da situação patrimonial da entidade.This paper features a case study of one of the main Brazilian banks of the 90's: Banco Nacional S/A (BNSA. The bank had its intervention decreed by Central Bank of Brazil in 1995, after the existence of insolvent assets, originated by fraudulent earnings management, were identified. The study aims to investigate the fraudulent earnings management of BNSA, both in motivational aspects and in relation of the effects in its balance sheet structure. The methodological approach of the study encompasses: (i an explanatory research, regarding the intended aim of the study; (ii case study, regarding the applied procedures; and (iii a qualitative research, regarding the approach to the problem. It was concluded that irreconcilable conflicts of interest might occur between the agent and the principal, according to the Agency Theory. The paper also emphasizes the importance of
Larsen, Samuel; Jacobsen, Peter
Although the concept of the reverse supply chain (RSC) is not unknown in industry, an inhibitor for its successful use is low (or no) profitability. A research challenge is investigating ways to establish the RSC as a profit-creating center in the organization. This paper contributes...
Ma, Jie; Raimondos-Møller, Pascalis
When countries compete for the location of a new multinational plant they need to be aware of the profit shifting opportunities this new plant creates for the global multinational firm. By modelling explicitly the multinational’s intra-firm transactions, we show that the home market advantage...... that large countries have due to their size will be counteracted by such profit shifting opportunities. As a result of this, large countries will not be able to capitalize on their size and sustain high corporate taxes. We show that, on the basis of these profit shifting opportunities, a small country can...... easily win the location game ahead of a large country. How lenient the small country is in implementing transfer pricing regulations turns out to be an important variable in such location games....
The calculation method presented here makes it possible to conduct profitability comparisons between annual and perennial crops and in addition take the planning situation into account. The method applied is a modified total step calculation. The difference between a traditional total step calculation and the modified version is the way in which payments and disbursements are taken into account over a period of several years. This is achieved by combining the present value method and the annuity method. The choice of interest rate has great bearing on the result in perennial calculations. The various components influencing the interest rate are analysed and factors relating to the establishment of the interest rate in different situations are described. The risk factor can be an important variable component of the interest rate calculation. Risk is also addressed from an approach in accordance with portfolio theory. The application of the methods sheds light on the profitability of Salix cultivation from the viewpoint of business economics, and also how different factors influence the profitability of Salix cultivation. Aspects studied are harvesting intervals, the importance of yield level, the competitiveness of Salix versus grain cultivation, the influence of income taxes on profitability etc. Methods for evaluation of activities concerning cultivation of a perennial crop are described and also involve the application of nitrogen fertilization to Salix cultivation. Studies have been performed using these methods to look into nitrogen fertilizer profitability in Salix cultivation during the first rotation period. Nitrogen fertilizer profitability has been investigated involving both production functions and cost calculations, taking the year fertilization into consideration. 72 refs., 2 figs., 52 tabs
Full Text Available The term of professional sport is considered. The models of entrepreneurial activity are described in this sphere. The structure of income of soccer clubs of France, USA and Ukraine is analysed. The tendencies of receipt of profits are rotined on the example of professional soccer clubs of Ukraine. It is marked that in Ukraine actual two models of orientation of conduct of sporting business on condition of high-efficiency management and marketing. For the increase of profits necessary changes are in a current legislation.
In order to provide a detailed review of workplace health and safety, the Alberta Ministry of Human Resources and Employment prepares an annual report on the occupational injuries and diseases in the upstream oil and gas industries. The purpose of the report is to provide government, employers, workers, and health and safety professionals with information about key health and safety issues. This report presented estimations of the risk of injury or disease at the provincial, industry sector and subsector level as well as general descriptions about the incidents and injured workers. It also revealed the fatality rates for the major industry sectors as well as the occupational fatalities that the Workers Compensation Board (WCB) accepted for compensation. The number of employers that earned a certificate of recognition was also identified. The injury and disease analysis was discussed in terms of injured worker characteristics; nature of injury or disease; part of body injured; source of injury or disease; type of event or exposure; and duration of disability. The report also provided terms, definitions and formulas and upstream oil and gas WCB industry codes. It was found that in 2005, the WCB accepted 1,481 lost-time claims from upstream oil and gas workers, representing 4.2 per cent of all lost-time claims in the province. In addition, employers with 20 to 39 person-years had the highest lost-time claim rate of 2.4 per 100 person-years. tabs., figs., 2 appendices.
Carnevale, Anthony P.; Rose, Stephen J.; Cheah, Ban
Education and earnings interact in complex and often unexpected ways--but there are rules to the game. "The College Payoff," a new paper from the Georgetown University Center on Education and the Workforce, uses in-depth data analysis to identify, illuminate and elucidate those rules. This executive summary provides a glimpse of the education and…
Mao, Y.; Renneboog, L.D.R.
Abstract: To address the question as to whether managers manipulate accounting numbers downwards prior to management buyouts (MBOs), we implement an industry-adjusted buyout-specific approach and receive an affirmative answer. In UK buyout companies, negative earnings manipulation (understating the
Kuang, Y.F.; Qin, B.; Wielhouwer, J.
This study examines the influence of CEO origin on accrual-based earnings management and how these effects evolve over the CEO's tenure in office. Compared with CEOs promoted from within the company, CEOs recruited from outside have a stronger incentive to demonstrate their abilities in the initial
Price-earnings ratios are part of the toolkit that is used for assessing the valuation ofindividual firms on the stock market as well as the entire market itself. This paperpresents consistent P/E series for the liquid Danish shares adjusted for share buybacks.The results show that over the period...
O.V. Visnevskaá (Olga)
textabstractExecutive summary This paper examines the relationship between the extent of goodwill impairment and the properties of CEOs and CFOs of a selection of FTSE Eurotop 100 Index companies. Prior research indicated that it is likely that CEOs tend to take earnings baths early in their tenure,
By Ashley DeVine, Staff Writer From project management and energy and water efficiency to emissions and the indoor environment, the Advanced Technology Research Facility (ATRF) was built with sustainability in mind, exceeding the National Institutes of Health’s (NIH’s) building standards and earning three Green Globes from the Green Building Initiative (GBI).
Gitterman, Daniel P.; Moulton, Jeremy G.; Bono-Lunn, Dillan; Chrisco, Laura
This article addresses the policy debate over "college for all" versus "college for some" in the United States and analyzes the relationship between "some college" (as a formal education attainment category) and earnings. Our evidence confirms--using data from the American Community Survey (ACS), the Panel Study on…
... separate EHPA for each homebuyer. Since the homebuyer is responsible for maintaining the home, a portion of... through a work order. A homebuyer shall receive a copy of all such work orders for his home. (i... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Earned Home Payments Account (EHPA...
Kuang, Y.; Qin, B.; Wielhouwer, J.L.
This study examines the influence of CEO origin on accrual-based earnings management and how these effects evolve over the CEO’s tenure in office. Compared with CEOs promoted from within the company, CEOs recruited from outside have a stronger incentive to demonstrate their abilities in the initial
Current Population Survey data indicate an overall decline in the rural-urban pay gap during the early 1990s (due to declining urban wages, not rising rural wages). In 1993, the earnings of 30 percent of rural full-time workers were below the poverty level. Compares low-income workers by gender, age group, education, and race/ethnicity. (LP)
Using a nationally representative sample of baccalaureate graduates from 1993 (B&B 93/97/03), I explore factors that contribute to the gender and racial gap in earnings among recent college graduate. Results indicate that college major remains the most significant factor in accounting for the gender gap in pay. Female graduates are still left…
Salverda, W.; Checchi, D.; Atkinson, A.B.; Bourguignon, F.
Considering the contribution of the distribution of individual wages and earnings to that of household incomes we find two separate literatures that should be brought together, and bring “new institutions” into play. Growing female employment, rising dual-earnership and part-time employment
Rajecki, D. W.
A Census Bureau national survey identified baccalaureates aged up to 64 years having major area subspecializations labeled "psychology," "industrial/organizational (I/O) psychology," and "counseling psychology." Median 2009 earnings of all such types of baccalaureate psychology alumni were well below the distribution mean of the 153 fields in the…
Frederiksen, Anders; Halliday, Timothy; Koch, Alexander Karl
It is widely accepted that promotions within firms and mobility across firms lead to significant earnings progression. Existing research generally examined cross-firm mobility separately from hierarchical advancement. Yet, as our descriptive evidence from Danish panel data shows, how the two type...... growth of promotions (either within or across firms) and subsequent mobility at a higher hierarchy level....
Alex Augusto Timm Rathke
Full Text Available This study analyzes the level of earnings management in Latin America after the adoption of the International Financial Reporting Standards (IFRS and analyzes the role of cross-listing in the United States. The literature on earnings management in less developed countries is still under construction, and few studies focus on this issue, especially with respect to Latin America, despite its relevant role in the global economy. This paper fills this gap in the literature as it analyzes the level of IFRS earnings management regarding the first and main Latin American countries applying IFRS (Brazil and Chile, when compared to the main Anglo-Saxon countries with IFRS tradition (United Kingdom and Australia, and with the main Continental European economies (France and Germany. The results show that Latin American firms present a higher level of earnings management than Continental European and Anglo-Saxon firms, and this opportunistic behavior remains significant when only global players with cross-listing in the United States are analyzed. Thus, even with a unique set of high quality accounting standards (IFRS and strong reporting incentives, countries’ specific characteristics still play an important role in the way IFRS is implemented in each country.
This study evaluates building construction projects using the Earned Value Analysis technique, the Experimental Approach, and Value Concept Analysis. The aim was to compare the cost incurred for an identified amount of work done on a project with the cost budgeted for the same work. The results were used to calculate ...
Huffman, Matt L.; Torres, Lisa
Data from adults in Atlanta, Boston, and Los Angeles (n=1,942) who searched for work using formal (ads, agencies) or informal (networks) methods indicated that type of method used did not contribute to the gender gap in earnings. Results do not support formal job search as a way to reduce gender inequality. (Contains 55 references.) (SK)
Kim, Moon-Kak; Polachek, Solomon W.
Application of single and simultaneous equation fixed-effects and random-effects shows that earnings appreciation with experience and depreciation with labor market interruptions are comparable for men and women. Adjusting for heterogeneity reduces the wage gap to 20%; adjusting for endogeneity reduces it nearly to zero. (SK)
G. Mueller; E.J.S. Plug (Erik)
textabstractThis paper uses the Five-Factor Model of personality structure as an organizing framework to explore the effects of personality on earnings. Using data from a longitudinal survey of American high school graduates, we find that extroversion, agreeableness, conscientiousness, neuroticism
Kramer, S.T.; Georgakopoulos, G.; Sotiropoulos, I.; Vasileiou, K.Z.
This study aims to contribute to the debate around the possibility of mandating audit firm rotation. Specifically, it examines conservatism as an attribute of earnings quality, which has not attracted particular attention in the auditor rotation research. Applying regression analyses on a sample,
The tools for data analyses were descriptive statistics, income statement and an econometric model involving Ordinary Least Square regression analyses. The earning performance evaluation indicated that the enterprises have performed creditably considering the value of the gross margin analysis which is high and gross ...
Boudt, Kris; Thewissen, James; Torsin, Wouter
The tone of a firm's financial disclosure is increasingly used as a variable in panel data regressions to predict future performance and explain investors’ reaction at earnings announcement. We investigate when tone is informative, and argue that the informativeness of tone increases with the
Westergård-Nielsen, Niels Chr.; Agerbo, Esben; Eriksson, Tor Viking
This paper investigates the effect of severe mental illness on the capacity to hold a job and to earn an income. We find that the employment rate is reduced with about 1/3 during the development of the disease. Hospital admission seems to stabilize employment for all diagnoses. The employment rate...
I. Zagers-Mamedova (Irina)
textabstractMain subject of this paper is to understand whether there could be an incentive for managers to manipulate cash flow from operating activities (CFO) through the use of real earnings management (REM), in situations with increasing leverage. Based upon a study of Jelinek (2007) who
Scholtens, Bert; Kang, Feng-Ching
We investigate how earnings management is associated with corporate social responsibility (CSR) and investor protection with 139 firms in ten Asian countries. In Asia, CSR is increasingly attracting attention but the legal system generally is perceived as being poor. We hypothesize that there is an
We survey the literature on the Risk Augmented Mincer equation that seeks to estimate the compensation for uncertainty in the future wage to be earned after completing an education. There is wide empirical support for the predicted positive effect of wage variance and the negative effect of wage
We survey the literature on the Risk Augmented Mincer equation that seeks to estimate the compensation for uncertainty in the future wage to be earned after completing an education. There is wide empirical support for the predicted positive effect of wage variance and the negative effect of wage
Frederiksen, Anders; Halliday, Timothy; Koch, Alexander
, we show that cross-firm moves at the non-executive level provide sizeable short-run gains (similar to the effect of a promotion), consistent with the existing literature. These gains, however, appear modest when compared with the persistent impact on earnings growth of promotions (either within...... or across firms) and subsequent mobility at a higher hierarchy level....
Hoffman, Saul D.; Seidman, Laurence S.
The impact of the Earned Income Tax Credit (EITC) on working families was analyzed. The analysis established that the EITC is, on balance, a highly effective program that meets its primary objectives well. The following benefits of the EITC were identified: (1) it reduced the poverty rate in 1999 by an estimated 1.5 percentage points; (2) it is…
Santos Raposo, P.M.; van Ours, J.C.
December 1, 1996 Portugal introduced a new law on working hours which gradually reduced the standard workweek from 44 hours to 40 hours. We study how this mandatory working hours reduction affected employment and earnings of workers involved. We find for workers who were affected by the new law that
J.D. Lemans (Jamilla)
textabstractExecutive summary This research examines whether or not goodwill impairments are being used by Dutch listed firms to manipulate earnings. Two different regression models are used for this purpose which include firm-specific factors as well as proxies for big bath accounting, income
... that they may compare planned spending with actual spending, isolate the source of performance problems..., since the cost incurred by the government is fixed the requirement for ANSI compliance for performance... Earned Value Management (EVM) is a performance-based tool that gives agency managers an early warning of...
Randek, Judit; Mandenius, Carl-Fredrik
This review provides an overview and a critical discussion of novel possibilities of applying soft sensors for on-line monitoring and control of industrial bioprocesses. Focus is on bio-product formation in the upstream process but also the integration with other parts of the process is addressed. The term soft sensor is used for the combination of analytical hardware data (from sensors, analytical devices, instruments and actuators) with mathematical models that create new real-time information about the process. In particular, the review assesses these possibilities from an industrial perspective, including sensor performance, information value and production economy. The capabilities of existing analytical on-line techniques are scrutinized in view of their usefulness in soft sensor setups and in relation to typical needs in bioprocessing in general. The review concludes with specific recommendations for further development of soft sensors for the monitoring and control of upstream bioprocessing.
Yang, Zhi-Feng; Zhang, Wen-Guo
A case study is introduced and discussed concerning water dispute of misuse and pollution between up- and down-stream parts. The relations between water usage and local industrial structures are analyzed. Results show it is important to change industrial structures of the target region along with controlling water pollution by technical and engineering methods. Three manners of upstream-downstream cooperation are presented and discussed based on the actual conditions of Guangting Reservoir watershed. Two typical scenarios are supposed and studied along with the local plan on water resources development. The best solution for this cooperation presents a good way to help the upstream developing in a new pattern of eco-economy.
Farr, T. D.; Hancock, P. E.
A series of studies are in progress investigating the effects of turbine-array-wake interactions for a range of atmospheric boundary layer states by means of the EnFlo meteorological wind tunnel. The small, three-blade model wind turbines drive 4-quadrant motor-generators. Only a single turbine in neutral flow is considered here. The motor-generator current can be measured with adequate sensitivity by means of a current sensor allowing the mean and fluctuating torque to be inferred. Spectra of torque fluctuations and streamwise velocity fluctuations ahead of the rotor, between 0.1 and 2 diameters, show that only the large-scale turbulent motions contribute significantly to the torque fluctuations. Time-lagged cross-correlation between upstream velocity and torque fluctuations are largest over the inner part of the blade. They also show the turbulence to be frozen in behaviour over the 2 diameters upstream of the turbine.
In order to provide its member companies with a useful reference document in environmental analysis and compliance, CAPP compiled a list of Canadian legislation, regulations and guidelines which relate to the upstream petroleum industry. Text of all federal, Alberta, British Columbia and Saskatchewan legislation, regulations, guidelines and related documents were provided. Pending legislation, regulations and government policy have been identified. Annual updates will be provided to all subscribers
Pitňa, A.; Šafránková, J.; Němeček, Z.; Goncharov, O.; Němec, F.; Přech, L. [Charles University, Faculty of Mathematics and Physics, V Holešovičkách 2, 180 00 Prague 8 (Czech Republic); Chen, C. H. K. [Department of Physics, Imperial College London, London SW7 2AZ (United Kingdom); Zastenker, G. N., E-mail: email@example.com [Space Research Institute of Russian Academy of Sciences, Moscow, Russia, Profsoyuznaya ul. 84/32, Moscow 117997 (Russian Federation)
Interplanetary (IP) shocks as typical large-scale disturbances arising from processes such as stream–stream interactions or Interplanetary Coronal Mass Ejection (ICME) launching play a significant role in the energy redistribution, dissipation, particle heating, acceleration, etc. They can change the properties of the turbulent cascade on shorter scales. We focus on changes of the level and spectral properties of ion flux fluctuations upstream and downstream of fast forward oblique shocks. Although the fluctuation level increases by an order of magnitude across the shock, the spectral slope in the magnetohydrodynamic range is conserved. The frequency spectra upstream of IP shocks are the same as those in the solar wind (if not spoiled by foreshock waves). The spectral slopes downstream are roughly proportional to the corresponding slopes upstream, suggesting that the properties of the turbulent cascade are conserved across the shock; thus, the shock does not destroy the shape of the spectrum as turbulence passes through it. Frequency spectra downstream of IP shocks often exhibit “an exponential decay” in the ion kinetic range that was earlier reported at electron scales in the solar wind or at ion scales in the interstellar medium. We suggest that the exponential shape of ion flux spectra in this range is caused by stronger damping of the fluctuations in the downstream region.
Russell, C.T.; Luhmann, J.G.; Elphic, R.C.; Southwood, D.J.; Smith, M.F.; Johnstone, A.D.
Measurements obtained in the solar wind by ISEE-2 and the United Kingdom Subsatellite (UKS) have been examined for observations of upstream waves. These data reveal that the waves in the foreshock region are enhanced at all frequencies from at least 0.003 Hz to 0.5 Hz. The wave spectra generally have a spectral peak, but this peak is usually broad and the peak frequency depends on the position of the spacecraft. Generally, the spectra seen at the two spacecraft are most similar at high frequencies and least similar at low frequencies. The geometry of the interaction is displayed in the plane containing the magnetic field, the solar wind velocity, and the spacecraft location. However, this coordinate system does not order all the observed wave properties. It does not clearly explain or order the handedness of the waves, or their direction of propagation. It is clear that the upstream region is inherently three-dimensional. The position-dependent nature of the upstream waves indicates that comparisons between ground-based measurements and in-situ observations must be undertaken with some caution
Chan Wai Wong
Originality/value: The findings has also revealed important variables to be included in explaining high skill labor earnings in the context of Malaysian engineers, it serves as an important reference for future in modeling earnings.
Rigbey, S. [Acres International Ltd., Niagara Falls, ON (Canada)
This paper describes the development and use of a simple sonar system that has been used by engineers for routine monitoring of small sinkholes on the upstream face of a distressed earth dam. Improper construction of the dam led to the development of several sinkholes measuring 10 to 20 m in diameter upstream from the dam which is founded on deep alluvial sands and gravels. The dam has a central core of silt and leakage varies between 200 and 500 l/s, depending on the water level of the reservoir. The main issues with the upstream blanket are: improper fill placement due to the inability to dewater the area properly; omission of a filter material between the blanket and the alluvium foundation; thin placement of fill and runnelling of the blanket prior to impoundment; and, short upstream extent of the blanket. A downstream weighting toe of material was placed to address the seepage and piping that developed immediately following impounding. Other incidents continued over the years, such as downstream sinkholes, slumping of the crest and repairs about 12 years after construction. An inverter filter was also constructed to better control the seepage. Simple bathymetric surveys conducted by sounding the bottom of the reservoir from the ice surface each winter revealed the presence of several large sinkholes. Although infilling programs were conducted, sinkholes redeveloped after each program. The bathymetric surveys were found to be limited in accuracy and repeatability. Therefore, it was not possible to monitor small developments on a yearly basis. A 3-dimensional seepage model was developed to reconcile some of the unexplained piezometric patterns and to better understand the seepage patterns. However, this was also unsuccessful on its own. A trial sonar survey was then undertaken in 2002 by a Vancouver-based sonar company using an Imagenix profiling sonar head. It was successful in locating a small, previously unknown sinkhole measuring a few metres in diameter at
Ng, Mitchell; Song, Simon; Piuzzi, Nicolas S; Ng, Kenneth; Gwam, Chukwuweike; Mont, Michael A; Muschler, George F
Treatments based on stem cells have long been heralded for their potential to drive the future of regenerative medicine and have inspired increasing medical and business interest. The stem cell therapy market has been expanding since 2012, but earnings and profitability still lag the broader health care sector (compounded annual growth rate in annual financing of 31.5% versus 13.4%, respectively). On the basis of historical financial data, approximately $23 billion has been invested in stem cell companies since 1994, with more than 80% of this raised from 2011 through 2016. This reflects a marked acceleration in capital investment, as companies began late-stage clinical trials, initiate partnerships or are acquired by large pharmaceutical companies. All of these data reflect a field that is emerging from infancy, which will demand more time and capital to mature. This update is relevant to researchers, clinicians and investors who wish to quantify the potential in this field. Copyright © 2017 International Society for Cellular Therapy. Published by Elsevier Inc. All rights reserved.
Full Text Available This paper examines the effect of Korea’s fair disclosure regulation on the timeliness and informativeness of earnings announcements. The present regulation for Korean listed firms requires that if a company’s sales revenue, operating income (or loss and net income (or loss have changed by over 30% compared to the prior year, the firm must disclose this information through a preliminary financial report (PFR even before the company is audited by external auditors. To analyze the effects of this policy, we first investigate the timeliness of preliminary financial report disclosures. We examine the extent to which Korean listed companies actually comply with the requirement for prompt notification of information concerning material changes in financial performance. Second, we investigate the informativeness of preliminary financial reports by analyzing differential stock market reactions to different timings of preliminary financial report disclosures. Our empirical results reveal that more than half of our sample firms release their preliminary financial reports after external audits are completed, thereby potentially invalidating the effectiveness of the regulation. In addition, we find that preliminary financial reports have information value only if they are disclosed prior to annual audit report dates. This finding supports the notion that timeliness increases the informativeness of preliminary financial report disclosure by curbing insiders’ ability to potentially profit from their information advantage.
Unique cropping systems have emerged in Nigeria to suit limited farmer resources and production objectives in humid forest inland valley ecosystems. But the basis for farm resource allocation and profitability of different crop enterprises are not properly understood. This study is based on a survey of 48 randomly selected ...
Blitz, David; Vidojevic, Milan
Low-risk stocks exhibit higher returns than predicted by established asset pricing models, but this anomaly seems to be explained by the new Fama-French five-factor model, which includes a profitability factor. We argue that this conclusion is premature given the lack of empirical evidence for a
Information and links to EPA web pages that are meant to help businesses and non-profits adhere to EPA regulations and otherwise protect the environment, take advantage of opportunities to collaborate with the EPA, and find training EPA training programs.
Baldino, Roberto Ribeiro; Cabral, Tânia Cristina Baptista
In Baldino and Cabral (2013) we introduced the concept of qualified labour-power as the commodity produced by the school system. In the present article we outline a quantitative model to evaluate the profit rate of educational programmes. We compare a medical school programme with a teacher education programme at a public university in Brazil,…
Currently refining profitability is low because there has been an overbuilding of conversion capacity in Western Europe in the last round. Oil marketing, the chemicals business and the fundamental economy itself are at low points in their cycles which have not coincided, at least in the UK, since 1975. Against that gloomy background, it is predicted that downstream profitability will recover in the mid-1990s. Crude oil prices will remain low until the call on OPEC crude increases again and takes up the capacity which has been brought on stream in response to the Gulf War. When this happens, it is likely to trigger another price spike and another round of investment in production capacity. Environmentally driven investments in desulphurisation or emissions reduction will be poorly remunerated all the way through the value chain. Refining margins will recover when white oil demand growth tightens up the need for conversion capacity. Marketing will need to reduce the retail network overcapacity in the mature markets if it is to improve its profitability. In this period of low profitability, even with the light at the end of the tunnel for refiners in the middle of the decade, the industry structure is under threat. There is a strong argument for new modes of competitive behaviour which are backed by strong elements of cooperation. (author)
Guardiola, L.A.; Meca, A.; Timmer, Judith B.
We study the coordination of actions and the allocation of profit in distribution chains under decentralized control. We consider distribution chains in which a single supplier supplies goods for replenishment of stocks of several retailers who, in turn, sell these goods to their own separate
... Aeronautics and Space OFFICE OF THE SECRETARY, DEPARTMENT OF TRANSPORTATION (AVIATION PROCEEDINGS) ECONOMIC REGULATIONS GUIDELINES FOR SUBSIDIZING AIR CARRIERS PROVIDING ESSENTIAL AIR TRANSPORTATION § 271.6 Profit element. The reasonable return for a carrier for providing essential air service at an eligible place...
... prenegotiation profit or fee objective on any negotiated contract action when cost or pricing data is obtained, except for cost-plus-award-fee contracts (see 215.404-74, 216.405-2, and FAR 16.405-2) or contracts with... DEFENSE CONTRACTING METHODS AND CONTRACT TYPES CONTRACTING BY NEGOTIATION Contract Pricing 215.404-4...
...) Termination settlements; and (v) Cost-plus-award-fee contracts; (b) Unless otherwise restricted by contracting... CONTRACT TYPES CONTRACTING BY NEGOTIATION Contract Pricing 415.404-4 Profit. (a)(1) USDA will use a... negotiation is based on cost analysis. (2) The following types of acquisitions are exempt from the...
... performance and not merely the application of a predetermined percentage factor. For the purpose of... ASSISTANCE Grants for Construction of Treatment Works-Clean Water Act § 35.937-7 Profit. The objective of negotiations shall be the exercise of sound business judgment and good administrative practice including the...
V.D.R. Guide Jr (Daniel); R.H. Teunter (Ruud); L.N. van Wassenhove (Luk)
textabstractThe profitability of remanufacturing depends on the quantity and quality of product returns and on the demand for remanufactured products. The quantity and quality of product returns can be influenced by varying quality dependent acquisition prices, i.e., by using product acquisition
Robert Mayer; Jan Wiedenbeck
In today's global economy, the "opportunity cost" associated with suboptimal utilization of raw material and mill resources is significant. As a result, understanding the profit potential associated with different types of logs is critically important for sawmill survival. The conventional sawmill study typically has been conducted on a substantially...
Negari, Leidena Sekar; Sunarto, Sunarto; Lukmantoro, Triyono
DRAMATURGI KEPEMIMPINAN PEREMPUAN DALAMORGANISASI PROFITAbstrakPemimpin dalam organisasi biasanya didominasi oleh kaum pria, karena konsepdan tradisi yang dimiliki oleh masyarakat Indonesia yang mengaut pahampaternalistik. Seiring perkembangan zaman perempuan kini mampu mendudukijajaran top tier manajemen di sejumlah organisasi profit. Gaya komunikasiperempuan yang dianggap mampu dicintai karyawan dan lingkungan kerjanyadalam membangun sebuah hubungan menjadi sebuah nilai plus.Di dalam peneli...
This shows poultry production is profitable. The study recommends the formation of poultry farmers association, so as to source more funds from financial institutions, government agencies at lower interest rate, adequate, reliable, affordable and constant feed, water, stable market and electricity supply to its members.
Haley, J. A.; Barton, C. C.
The size-cumulative frequency distribution of petroleum fields has long been shown to be power scaling, Mandelbrot, 1963, and Barton and Scholz, 1995. The scaling exponents for petroleum field volumes range from 0.8 to 1.08 worldwide and are used to assess the size and number of undiscovered fields. The size-cumulative frequency distribution of movie box office earnings also exhibits a power scaling distribution for domestic, overseas, and worldwide gross box office earnings for the top 668 earning movies released between 1939 and 2016 (http://www.boxofficemojo.com/alltime/). Box office earnings were reported in the dollars-of-the-day and were converted to 2015 U.S. dollars using the U.S. consumer price index (CPI) for domestic and overseas earnings. Because overseas earnings are not reported by country and there is no single inflation index appropriate for all overseas countries. Adjusting the box office earnings using the CPI index has two effects on the power functions fit. The first is that the scaling exponent has a narrow range (2.3 - 2.5) between the three data sets; and second, the scatter of the data points fit by the power function is reduced. The scaling exponents for the adjusted value are; 2.3 for domestic box office earnings, 2.5 for overseas box office earnings, and 2.5 worldwide box office earnings. The smaller the scaling exponent the greater the proportion of all earnings is contributed by a smaller proportion of all the movies: where E = P (a-2)/(a-1) where E is the percentage of earnings, P is the percentage of all movies in the data set. The scaling exponents for box office earnings (2.3 - 2.5) means that approximately 20% of the top earning movies contribute 70-55% of all the earnings for domestic, worldwide earnings respectively.
Turner, Jason; Broom, Kevin; Elliott, Michael; Lee, Jen-Fu
This paper evaluates the drivers of profitability for a large sample of U.S. hospitals. Following a methodology frequently used by financial analysts, we use a DuPont analysis as a framework to evaluate the quality of earnings. By decomposing returns on equity (ROE) into profit margin, total asset turnover, and capital structure, the DuPont analysis reveals what drives overall profitability. Profit margin, the efficiency with which services are rendered (total asset turnover), and capital structure is calculated for 3,255 U.S. hospitals between 2007 and 2012 using data from the Centers for Medicare & Medicaid Services' Healthcare Cost Report Information System (CMS Form 2552). The sample is then stratified by ownership, size, system affiliation, teaching status, critical access designation, and urban or non-urban location. Those hospital characteristics and interaction terms are then regressed (OLS) against the ROE and the respective DuPont components. Sensitivity to regression methodology is also investigated using a seemingly unrelated regression. When the sample is stratified by hospital characteristics, the results indicate investor-owned hospitals have higher profit margins, higher efficiency, and are substantially more leveraged. Hospitals in systems are found to have higher ROE, margins, and efficiency but are associated with less leverage. In addition, a number of important and significant interactions between teaching status, ownership, location, critical access designation, and inclusion in a system are documented. Many of the significant relationships, most notably not-for-profit ownership, lose significance or are predominately associated with one interaction effect when interaction terms are introduced as explanatory variables. Results are not sensitive to the alternative methodology. The results of the DuPont analysis suggest that although there appears to be convergence in the behavior of NFP and IO hospitals, significant financial differences remain
Younis, Mustafa Z
The Balanced Budget Act of 1997 (BBA) reduced the payment for fees for service providers and reduced the subsidy paid by the government for teaching hospitals. Since the passage of such cost containment measures, debates regarding their impact on hospitals, graduate medical education, and access to health care were raised. The need to examine the effect of such payment reduction on hospital profitability was widely ignored. We examined the relationship between the BBA and hospital profitability by using return on assets to measure profitability, by running an ordinary least squares regression for 1996 as pre-BBA and 1999 as post-BBA. We controlled for variables that were not included in previous literature, such as disproportionate share hospital status, critical access hospital status, and graduate medical education, measured by teaching hospitals to measure the effect of BBA cuts on teaching hospitals. Furthermore we incorporated several economic, financial, and utilization variables in the model. We used 1996 and 1999 data in our analysis to bridge potential effects of the BBA. To locate hospitals that changed ownership status we cross-matched the Medicare Cost Report data with the American Hospital Association Annual Survey. We found that overall hospital profitability declined as a result of the introduction of the BBA; however, small rural hospitals that converted to critical access status enjoyed improvement in financial status over the period of our study. Hospitals that converted to for-profit status did not improve in financial status, and showed a lower earning after the conversation. Our results show that the BBA had a negative effect on hospitals because of cuts in its reimbursement policy, except for critical access hospitals, which show improvement because of their exemption from the prospective payment system. Our study differs from others by using national comprehensive data for years that focus exclusively on the Balanced Budget Act period. We
Inić Branimir P.
Full Text Available Non-profit organizations are increasingly gaining importance in the modern economy with their development and their numbers increasing day by day. It is very important to note that non-profit organizations are often subject to various benefits that the for-profit companies are not. Thus, for example, preferential tax status of non-profit organizations is manifested primarily in the form of exemption from corporate income tax. In addition, private non-profit organizations enjoy various other state, local and federal taxes exemptions. Under certain conditions, these organizations are exempt from taxes on donations and membership fees. A feature that differentiates various non-profit organizations and profit-oriented companies is their source of income. Profit oriented companies depend on their income, obtained from sales of their goods or services to customers, who usually cover the price and cost of goods and services plus the profit. In contrast, nonprofit organizations are very dependent on membership fees, tax exemptions, members donations or depend on funds of the sponsoring agency which covers most of their costs, for example a federal government agency. Those non-profit organizations that have substantial operating costs beyond national borders and do not identify themselves as purely domestic in their mandate are International non-profit organizations. Most non-profit organizations remain in their national boundaries, on the territory of the country in which they were created, but a large number of non-profit organizations rapidly internationalize, and some larger non-profits have grown into important global actors. The paper includes the following sections: (1 introduction, (2 why is the 'non-profit' important, (3 the internationalization of non-profit organizations, (4 sources of income of non-profit organizations (4.1. causality of impact and of strategic decisions in cases pertaining to universities, (5 the limits of strategic
Woo, C.K.; Lloyd-Zannetti, D.; Martin, J.; Price, S.
As the electric power industry is opened to forces of competition, increased attention must be focused to develop products and services that deliver good value to customers and to identify customer segments that are profitable to serve. This primer introduces the concept of profitability analysis and its application to the electric power industry. The primer recognizes that some segments of the business will remain monopolistic and subject to regulations, while other segments will become competitive. The primer also recognizes that customer profitability is critically dependent on a host of related issues such as how internal costs are allocated to various functions and how revenues are collected and allocated
...-employment even if the business or enterprise operated at a loss of if the profits were reinvested. (Approved by the Office of Management and Budget under control number 1215-0160) [50 FR 400, Jan. 3, 1985] ...
The object of this writing is to demonstrate that audits (in general) when used as a ''management tool' can contribute to pride, productivity, and profit. The goal of ''pride'' achievement is demonstrated through the use of techniques developed from behavioral sciences. Discussed is dealing with people and their basic needs. This is intended to point out the fact that satisfying individual needs and concerns is the first step to achieving the goals of pride, productivity, and profit. Also discussed are the basic needs of safety (security), social, ego/esteem, and self-fulfillment as well as providing some basic techniques of auditing which will help assure general satisfaction of these needs. Also noted are reporting methods. The goal of ''productivity'' is approached by demonstrating that objectives must be clear and workable. Objectives must be translated into specific action and that action must be compatible with the overall company objectives. All objectives must be known and understood by those affected. Consideration must be given to men, money, and machines (present technology). All of the objectives must also be weighed against external constraints. The goal of ''profit'' then becomes the product of a combination of ''pride'' and ''productivity''. Audits must be cost conscious. Value engineer the problem, the cause, and the solution. Discussion continues with quality cost programs briefly indicating that ''Q'' costs could be considered a type of audit. Identifying deficiencies and weaknesses, then correcting them, contributes to profit. Increased pride and productivity contributes to profit. Consider the employee's awareness and commitment for doing a good job when auditing
Kim, ChangHwan; Tamborini, Christopher R.
Few studies have considered how earnings inequality estimates may be affected by measurement error in self-reported earnings in surveys. Utilizing restricted-use data that links workers in the Survey of Income and Program Participation with their W-2 earnings records, we examine the effect of measurement error on estimates of racial earnings…
Lønroth, Helle Langhoff; Møller, Peder Fredslund; Thinggaard, Frank
suggest that only a model based on reported IBES-estimates of earnings per share shortly before earnings release is descriptive of the market´s expectations. Some of these findings contradict the results in the only published 17 year old Danish event study on annual earnings announcements...
... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Account 439, Adjustments to retained earnings. 367.4390 Section 367.4390 Conservation of Power and Water Resources FEDERAL... NATURAL GAS ACT Retained Earnings Accounts § 367.4390 Account 439, Adjustments to retained earnings. (a...
..., either debit or credit, of undistributed retained earnings of subsidiary companies since their... account, this account must be debited and account 216, Unappropriated retained earnings (§ 367.2160..., Unappropriated undistributed subsidiary earnings. 367.2161 Section 367.2161 Conservation of Power and Water...
Dedhy Sulistiawan; Jogiyanto Hartono
This study examines whether technical analysis signals can detect price reactions before and after earnings announcement dates in Indonesian stock market. Earnings announcements produce reactions, both before and after the announcements. Informed investors may use private information before earnings announcements (Christophe, Ferri and Angel, 2004; Porter, 1992). Using technical analysis signals, this study expects that retail investors (uninformed investors) can detect preannouncements react...
Full Text Available The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data during 6 years revealed that the earnings in comparison to the cash flows are very important as they have positive effects on the stock. Moreover, in the case of the relations of earnings and earnings changes with the expected return of stocks and the relation of cash flows and cash flow changes with the expected return of stock, it was found that there is only a meaningful relationship between earning changes and the expected return of stock in banking groups. However, there is no meaningful relationship between earning and cash flows with the expected return of stock. The result was that the informational content test didn’t support the value relation of earning and cash flows. Furthermore, the classifying of information through banking group indicated that the changes of earning was in the first rank and next were earning, the changes of cash flow and cash flows.Keywords: Earnings; Cash flows; expected return; Value relevance; Banking risks
... Earned Income Tax Credit Issue Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of Meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Issue... Advocacy Panel Earned Income Tax Credit Issue Committee will be held Tuesday, April 20, 2010 from 8 a.m. to...
... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...
... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of Meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...
... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee will be held Tuesday...
... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...
... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Panel Earned Income Tax Credit Project Committee will be held Monday, September 26, 2011, at 3 p.m...
... Earned Income Tax Credit Project Committee. AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...
... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Earned Income Tax Credit Project Committee will be held Monday, October 24, 2011, at 3 p.m. Eastern Time...
... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...
... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...
... Earned Income Tax Credit Project Committee. AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...
... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Earned Income Tax Credit Project Committee will be held Monday, November 28, 2011, at 3 p.m. Eastern Time...
... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Panel Earned Income Tax Credit Project Committee will be held Monday, March 28, 2011, at 2 p.m., Eastern...
... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...
Full Text Available Our paper shows that based on the RMSE criteria, Price-to-Earnings ratio is a better predictor of financial and market performances of the firm than the Customer Satisfaction index (CS. This conclusion is based on the choice of five financial and seven market indicators that we consider as proxies for financial and market performances with a sample comprising eighty-six companies: Book value, dividend yield, Gross Profit Margin, Price to Cash-Flows, Price-to-Earnings, Price to Sales, Annual return, ROA, ROE, ROI, Volatility and Tobin’s Q. However, CS clearly outperforms our five benchmarks (Tobin’s Q, Price-to-Cash Flows, Price-to-Earnings, Volatility or the indicator itself when forecasting Tobin’s Q, Volatility, ROE and ROI. In periods of volatile market such as year 2008, CS is a more stable predictor of Volatility or ROE than the indicators themselves (i.e. Volatility for Volatility, ROE for ROE.
Customer satisfaction is supposed to be positively related to profitability. This conception may be called “the paradigm of customer satisfaction”. Nevertheless, only a few studies have examined this fundamental relationship. Thus, evidence for this “much talked about relationship” is questioned. In this working paper the focus is on the individual customer with respect to the relationships between customer satisfaction, customer loyalty and customer profitability at the customer level. The f...
Eilertsen, Bendik Foss; Hui, Erik
The conditions in the Norwegian salmon farming industry are constantly changing. Locally and globally, regulations, consolidation and technological advancements are some of the factors having a deep impact on the current industry. To ensure competitiveness, it is essential to emphasise on profitability and taking the correct strategic decisions. The objective of this thesis is to indicate what may cause variation in profitability in the current Norwegian salmon farming industry...
Kirkeleit, Jorunn; Riise, Trond; Bjørge, Tone; Moen, Bente E; Bråtveit, Magne; Christiani, David C
Objectives To investigate cancer risk, particularly oesophageal cancer, among male upstream petroleum workers offshore potentially exposed to various carcinogenic agents. Methods Using the Norwegian Registry of Employers and Employees, 24 765 male offshore workers registered from 1981 to 2003 was compared with 283 002 male referents from the general working population matched by age and community of residence. The historical cohort was linked to the Cancer Registry of Norway and the Norwegian Cause of Death Registry. Results Male offshore workers had excess risk of oesophageal cancer (RR 2.6, 95% CI 1.4 to 4.8) compared with the reference population. Only the adenocarcinoma type had a significantly increased risk (RR 2.7, 95% CI 1.0 to 7.0), mainly because of an increased risk among upstream operators (RR 4.3, 95% CI 1.3 to 14.5). Upstream operators did not have significant excess of respiratory system or colon cancer or mortality from any other lifestyle-related diseases investigated. Conclusion We found a fourfold excess risk of oesophageal adenocarcinoma among male workers assumed to have had the most extensive contact with crude oil. Due to the small number of cases, and a lack of detailed data on occupational exposure and lifestyle factors associated with oesophageal adenocarcinoma, the results must be interpreted with caution. Nevertheless, given the low risk of lifestyle-related cancers and causes of death in this working group, the results add to the observations in other low-powered studies on oesophageal cancer, further suggesting that factors related to the petroleum stream or carcinogenic agents used in the production process might be associated with risk of oesophageal adenocarcinoma. PMID:19858535
Gazali, Nadhirah; Halim, Nurfadhlina Abdul; Ghazali, Puspa Liza
Profit is the aims for Islamic banking and conventional banking. Determination of profit in Islamic banking in Malaysia depends on the profit rate, whereas profit rate is essentially from reference rate which is known as the base rate (BR). However, the determination of the components contained in the BR such as benchmark cost of funds and the statutory reserve requirement (SRR) is non-compliance with the Shariah because its directly proportional to the overnight policy rate (OPR). Therefore, an alternative formula for the profit rate are proposed which is known as the base profit rate (BPR). Construction of BPR formula is based on the principle that are more Shariah-compliant.
Amrie Firmansyah; Ahmad Sigid Febriyanto
This study aims to examine the effects of tax avoidance, accrual profit management, real profit management, and capital intensity on equity costs. The population of this study is a manufacturing company listed on the Indonesia Stock Exchange which amounted to 146 companies. The sampling technique used was purposive sampling and resulted in 420 units of analysis. This type of research is quantitative causality by performing hypothesis testing analysis is done by using multiple linear regressio...
The p53 tumor suppressor is a tetrameric transcription factor that is posttranslational modified at >20 different sites by phosphorylation, acetylation, or sumoylation in response to various cellular stress conditions. Specific posttranslational modifications, or groups of modifications, that result from the activation of different stress-induced signaling pathways are thought to modulate p53 activity to regulate cell fate by inducing cell cycle arrest, apoptosis, or cellular senescence. Here we review recent progress in characterizing the upstream signaling pathways whose activation in response to various genotoxic and non-genotoxic stresses result in p53 posttranslational modifications.
Gary, S.P.; Gosling, J.T.; Forslund, D.W.
The linear theory of the electromagnetic ion beam instability for arbitrary angles of propagation has been studied. The parameters considered in the theory are typical of the solar wind upstream of the earth's bow shock when a 'reflected' proton beam is present. Maximum growth occurs for propagation parallel to the ambient field B, but this instability also displays significant growth at wave-vectors oblique to B, Oblique, unstable modes seem to be the likely source of the compressive magnetic fluctuations recently observed in conjunction with 'diffuse' ion population. An energetic ion beam does not directly give rise to linear growth of either ion acoustic or whistler mode instabilities
Full Text Available Abstract Background Myf5 is one member of the basic helix-loop-helix family of transcription factors, and it functions as a myogenic factor that is important for the specification and differentiation of muscle cells. The expression of myf5 is somite- and stage-dependent during embryogenesis through a delicate regulation. However, this complex regulatory mechanism of myf5 is not clearly understood. Results We isolated a 156-kb bacterial artificial chromosome clone that includes an upstream 80-kb region and a downstream 70-kb region of zebrafish myf5 and generated a transgenic line carrying this 156-kb segment fused to a green fluorescent protein (GFP reporter gene. We find strong GFP expression in the most rostral somite and in the presomitic mesoderm during segmentation stages, similar to endogenous myf5 expression. Later, the GFP signals persist in caudal somites near the tail bud but are down-regulated in the older, rostral somites. During the pharyngula period, we detect GFP signals in pectoral fin buds, dorsal rostral myotomes, hypaxial myotomes, and inferior oblique and superior oblique muscles, a pattern that also corresponds well with endogenous myf5 transcripts. To characterize the specific upstream cis-elements that regulate this complex and dynamic expression pattern, we also generated several transgenic lines that harbor various lengths within the upstream 80-kb segment. We find that (1 the -80 kb/-9977 segment contains a fin and cranial muscle element and a notochord repressor; (2 the -9977/-6213 segment contains a strong repressive element that does not include the notochord-specific repressor; (3 the -6212/-2938 segment contains tissue-specific elements for bone and spinal cord; (4 the -2937/-291 segment contains an eye enhancer, and the -2937/-2457 segment is required for notochord and myocyte expression; and (5 the -290/-1 segment is responsible for basal transcription in somites and the presomitic mesoderm. Conclusion We suggest
Tsai, Wen-Hsien; Lee, Kuen-Chang; Liu, Jau-Yang; Lin, Sin-Jin; Chou, Yu-Wei
We analyse whether there is a linkage between performance measures of enterprise resource planning (ERP) systems and earnings management. We find that earnings management decreases with the higher performance of ERP systems. The empirical result is as expected. We further analyse how the dimension of the DeLone and McLean model of information systems success affects earnings management. We find that the relationship between the performance of ERP systems and earnings management depends on System Quality after ERP implementation. The more System Quality improves, the more earnings management is reduced.
Balozi Bekuta Kirongo
Full Text Available Due to the current high demand for timber, fuelwood, and building poles and the realization that tree growing may pay dividends in the short and long term, many farmers are planting trees on their farms. Farmers are increasingly planting eucalyptus partly due to the fast growth rates of the hybrid clones as well as the opportunity to earn money within a short time. In this paper we report on the profitability of growing eucalyptus hybrid clones in the coastal region, Kenya. Tree growth and cost data was sourced from farmers in Malindi, Kilifi, and Msambweni. Market information was sourced from hardwares in North and South Coast while tree growth models were used to provide average tree sizes at various ages. Results showed that a farmer could make a net income of upto Kshs.500,000.00 (USD6,250 in 5 years. Farmers in the South Coast (Kwale and Msambweni spent more on transport than their counterparts in the North Coast (near Gede-KEFRI. This, added to the fact that trees in the South Coast (Msambweni grew less compared to those in North Coast meant that farmers in the south made less profits.
Eilifsen, Aasmund; Knivsflå, Kjell Henry; Sættem, Frode
This paper is concerned with the dissemination process of firm-specific annual earnings information in the Norwegian capital market. We find a significant reduction in stock price volatility in the post-announcement period relative to the pre-announcement period for companies traded on the Oslo Stock Exchange in the period 1990-1995. Potential explanations for this phenomenon are tested by relating the observed return volatility to changes in the volatility of the underlying business, the spe...