ORENS, Raf; LYBAERT, Nadine
The decline in the relevance of financial statement information to value firms leads to calls from organizational stakeholders to convey non-financial information in order to be able to judge firms' financial performance and value. This literature review aims to report extant literature findings on the use of corporate non-financial information by sell-side financial analysts, the information intermediaries between corporate management and investors. Prior studies highlight that financial ana...
Thinggaard, Frank; Damkier, Jesper
This paper presents insights into the question of whether accounting information based on the EU’s Accounting Directives has become less value-relevant to investors over time. The study is based on a research design first used by Francis and Schipper (1999), where value-relevance is measured......? The sample is based on non-financial companies listed on the Copenhagen Stock Exchange in the period 1984-2002. Our analyses show that all the applied accounting measures are value-relevant as investment strategies based on the information earn positive market-adjusted returns in our sample period....... The results provide some indication of a decline in the value-relevance of earnings information in the 1984-2001 period, and mixed, but not statistically reliable, evidence for accounting measures where book value information and asset values are also extracted from financial statements. The results seem...
Full Text Available The financial position of an economic entity is a concept that can have different meanings, depending on the stakeholder category that make its analysis. In energy sector, which is considered of high importance in the national economy, we consider that the most important category of stakeholder is the state (government, because ensuring the functionality of this sector is an crucial condition for development of others sectors from national economy. For this reason, we can look at the informational needs of other stakeholder categories trough the state’s “sine qua non” condition to ensure the optimal functionality of this sector, which manifests itself like this: the functioning of the sector involves the attraction of investors, the functioning of the sector involves the existence of human resources, the functioning of the sector cannot be ensured without the existence of commercial relations that involves suppliers and clients and for insuring the functioning of the sector it is often require various financing sources. All those aspects are giving raise to some categories of stakeholder interested over the parameters in which the energy sector entities are functioning, one of the interest domain being the financial position of the companies activating in its field. Over the present study we had in view to highlight the main present approaches regarding the concept of financial position, but also the main issues fallowed by the main stakeholder categories in their attempt to appreciate the financial position of the entities activating in energy sector which are listed to Bucharest Stock Exchange. The results of this study have showed that there is some base requirements regarding the informational needs of stakeholder regarding the financial position of the companies activating in energy sector, and those are related to the concepts of going concern, overall solvency ratio, general liquidity ratio and indebtedness degree. After this study
Full Text Available The role of the audit report is to provide a level of trust to the professional judgment behind the financial statements of a company. The market for audit services is not a homogenous one, and large audit partners known as the Big 4 dominate with their partner networks in both developed and emerging markets. The scientific literature provides a rich background of studies linking auditor affiliation and auditor independence. The current exploratory paper tries to approach the issue of auditor independence and affiliation by drawing on the Ohlson model for a sample of 552 firm-year observations from the Borsa Istanbul, covering the 2014 and 2015 financial periods. The results reveal a strong correlation for the year 2015 between the Big 4 affiliation and the value of the equities, possibly suggesting a correlation between auditor independence and financial statement relevance.
The main criticism brought to managers and to managerial accounting systems was the lack of emphasis on the return of the use of invested capital and the excessive focus on the efficiency of production processes. This fact forced the transition to a new view on the way of establishing the strategic objectives measured by financial indicators. The aim of this paper is to demonstrate, through case studies, the relevance and possibilities of manipulation of a series of indicators used for assess...
Full Text Available The main criticism brought to managers and to managerial accounting systems was the lack of emphasis on the return of the use of invested capital and the excessive focus on the efficiency of production processes. This fact forced the transition to a new view on the way of establishing the strategic objectives measured by financial indicators. The aim of this paper is to demonstrate, through case studies, the relevance and possibilities of manipulation of a series of indicators used for assessing performance: return on investment, residual profit, economic added value, commercial profitability. The relativity and the criticized appraisal of performance only through the means of profit were thought to be solved by implementing other indicators that would link several ingredients of profitability. The conclusions highlight that the remedy promoted by the new sets of financial indicators imposes a considerable cost, represented by the temptation of information distortion.
Full Text Available This study examines whether information about the winners of the Sustainability Reporting Award (SRA contributes to the usefulness of the information in financial statements. This study used a sample consisting of 110 winners of SRA (SRA firms and 110 companies that did not receive SRA (non-SRA firms from 2008 to 2016. The study found that earnings per share (EPS, earnings per share change (EPSC, and book value per share (BVPS are value-relevant information. Results of comparison between SRA firms and non-SRA firms show that the positive association between EPS and stock price (P and the positive association of EPS with stock returns (R for SRA firms are higher than that for the non-SRA firms. In addition, findings of this study indicate that EPSC is positively associated with R when EPSC and R are measured by Indonesian rupiah (IDR instead of by percentage, and the positive association between EPSC and R for the SRA firms is higher than that for the non-SRA firms. Thus, the results are sensitive to measures of the variables. However, this study found that value relevance of BVPS for SRA firms is lower than for non-SRA firms. Implication of this study is that information about the winners of SRA contributes to the usefulness of financial statements, especially the information of EPS and EPSC.
Aim: It explores whether the value relevance of interim financial statements is higher than the value relevance of annual financial statements. Finally, it investigates whether accounting information published in interim and annual financial statements has incremental value relevance. Setting: Data for the period from 1999 to 2012 were collected from a sample of non-financial companies listed on the Johannesburg Stock Exchange. Method: The Ohlson model to investigate the value relevance of accounting information was used for the study. Results: The results show that interim book value of equity is value relevant while interim earnings are not. Interim financial statements appear to have higher value relevance than annual financial statements. The value relevance of interim and annual accounting information has remained fairly constant over the sample period. Incremental comparisons provide evidence that additional book value of equity and earnings that accrue to a company between interim and annual reporting dates are value relevant. Conclusion: The study was conducted over a long sample period (1999–2012, in an era when a technology-driven economy and more timely reporting media could have had an effect on the value relevance of published accounting information. To the best of our knowledge, this is the first study to evaluate and compare the value relevance of published interim and annual financial statements.
Amir Ali Shusha
Full Text Available Financial risk tolerance is certainly an important topic for researchers, investors and personal financial planners or consultants. This study purposed to investigate the effect of demographic characteristics on financial risk tolerance among Egyptians. A literature review of demographic determinants of financial risk tolerance showed dialectical results. Therefore, this study attempts to clarify the debatable issues in these results by studying the moderating role of financial literacy in relationships among demographic characteristics and financial risk tolerance. The study sample included 386 respondents representing different segments of Egyptian people. Using the hierarchical regression analysis, the results demonstrated that there were significant effects of gender, age, educational level and annual income on financial risk tolerance. Moreover, the financial literacy moderates the relationships among demographic characteristics of individuals and their tendency to take a risk.
Koetter, Nicholas J.; Krause, Daniel J.; Liptak, Carl S.
Approved for public release; distribution is unlimited Department of Defense (DOD) service components are dedicating significant financial and human resources toward achieving unqualified opinions on audits of their financial statements. The DOD has endeavored to produce auditable financial statements as mandated in the Chief Financial Officers Act of 1990. In December of 2013, the United States Marine Corps became the first service component to achieve an unqualified audit opinion on its ...
Salvador Cruz Rambaud
Full Text Available Nowadays, most loan transactions are contracted by using the exponential discounting as the underlying standard economic model to value this type of financial operations. In a framework of absence of fees to be paid by the borrower, the interest rate of the exponential discount function is, moreover, the true interest rate of the operation. Nevertheless, there exist a set of circumstances which make this identity false. Among others, these characteristics are: the use of linear discount as the underlying discount function, splitting time when using a nominal interest rate, and the existence of fees in a loan at 0% interest rate. All these cases will be analyzed in this paper in the context of the so-called quick loans.
Alanyali, Merve; Moat, Helen Susannah; Preis, Tobias
The complex behavior of financial markets emerges from decisions made by many traders. Here, we exploit a large corpus of daily print issues of the Financial Times from 2(nd) January 2007 until 31(st) December 2012 to quantify the relationship between decisions taken in financial markets and developments in financial news. We find a positive correlation between the daily number of mentions of a company in the Financial Times and the daily transaction volume of a company's stock both on the day before the news is released, and on the same day as the news is released. Our results provide quantitative support for the suggestion that movements in financial markets and movements in financial news are intrinsically interlinked.
Three financial indicators were used: deposit money bank assets as percentage GDP, ratio of liquid liabilities to GDP and ratio of private sector credit of deposit money banks to GDP. The result found that real gdpc and financial development variables have at least one common stochastic trend driving their relationship.
Full Text Available Typically ‘income tax’ laws rely on financial accounting data to determine the taxable income of a business entity, although financial and tax accounting have different goals and requirements. The purpose of this paper is to explore the relationship between financial and tax accounting rules in Albania. The study employs a mixed methodology, comprising a review of the legislation, institutional framework and context, and semi-structured interviews with accountants, academics and institutional players. By reviewing the development of this relationship during the past 20 years, we aim to identify and explain the major divergences at present between two sets of rules.
Clacher, I; de Ricquebourg, AD; Hodgson, A
This study examines if there has been a change in the value relevance of direct cash flow components since the adoption of International Financial Reporting Standards (IFRS) in Australia. Our results show that for both industrial and extractive firms direct cash flow statements are value relevant under Australian Generally Accepted Accounting Principles (AGAAP) and remain so after the adoption of IFRS. In addition, for industrial firms there is a significant increase in the value relevance of...
Nguyen, Oanh Kieu; Halm, Ethan A; Makam, Anil N
Hospitals that have robust financial performance may have improved publicly reported outcomes. To assess the relationship between hospital financial performance and publicly reported outcomes of care, and to assess whether improved outcome metrics affect subsequent hospital financial performance. Observational cohort study. Hospital financial data from the Office of Statewide Health Planning and Development in California in 2008 and 2012 were linked to data from the Centers for Medicare and Medicaid Services Hospital Compare website. Hospital financial performance was measured by net revenue by operations, operating margin, and total margin. Outcomes were 30-day risk-standardized mortality and readmission rates for acute myocardial infarction (AMI), congestive heart failure (CHF), and pneumonia (PNA). Among 279 hospitals, there was no consistent relationship between measures of financial performance in 2008 and publicly reported outcomes from 2008 to 2011 for AMI and PNA. However, improved hospital financial performance (by any of the 3 measures) was associated with a modest increase in CHF mortality rates (ie, 0.26% increase in CHF mortality rate for every 10% increase in operating margin [95% confidence interval: 0.07%-0.45%]). Conversely, there were no significant associations between outcomes from 2008 to 2011 and subsequent financial performance in 2012 (P > 0.05 for all). Robust financial performance is not associated with improved publicly reported outcomes for AMI, CHF, and PNA. Financial incentives in addition to public reporting, such as readmissions penalties, may help motivate hospitals with robust financial performance to further improve publicly reported outcomes. Reassuringly, improved mortality and readmission rates do not necessarily lead to loss of revenue. Journal of Hospital Medicine 2016;11:481-488. © 2016 Society of Hospital Medicine. © 2016 Society of Hospital Medicine.
Full Text Available Each company must achieve the objectives to reach performance in order to survive on the market. The paper aims to present the concept of performance as is seen in economic literature, to discuss the relevance of the main performances indicators on economic and financial diagnosis, to answer the question what are the main indicators which reflect economic or financial performances: profit, profitability ratios, economic added value, investments return, liquidity, cash-flows, resources efficiency, productivity, others.
This thesis draws on agency theory to primarily investigate whether CEOs’ and CFOs’ voluntary certification of internal controls over financial reporting (hereafter, ICFR) is associated with audit fees and value relevance of Australian financial reports. The thesis also examines whether corporate governance and audit quality are associated with the likelihood that firms provide the CEOs’ and CFOs’ voluntary ICFR certification. While agency theory predicts that firms with high agency costs are...
provider. Hence, as a direct managerial implication, financial service managers should consider investing additional resources in satisfying their customers in the after crisis era. In addition, it is suggested that managers should seek to rebuild the positive relationship between trust and loyalty......This study examines the role of trust in customer-seller relationships before and after the 2008 financial crisis. On the basis of two surveys comprising 1155 and 757 bank customers, respectively, it is shown that trust is less likely to mediate the relationship between satisfaction and loyalty...
Marcelo Alvaro da Silva Macedo
Full Text Available Law 11.638/07 marked the start of a series of changes in the laws that regulate Brazilian accounting practices. The main reason for these changes is the convergence process of local with international accounting standards. As a result of Law 11.638/07, the legal precedent was established to achieve convergence. In that context, the aim of this study is to analyze the impact of the convergence process with international accounting standards on the relevance of financial information, based on data for 2007, without and with the alterations Law 11.638/07 introduced and according to the CPC Pronouncements, applicable as from 2008 onwards. Therefore, a value relevance study is used, applying regression analysis to annual stock price information (dependent variable and net profit per share (NPPS and net equity per share (NEPS as independent variables. The main results show that financial information on NPPS and NEPS for 2007, with and without the legal alterations, are relevant for the capital market. A comparison between both regressions used in the analysis, however, shows an information gain for financial information that includes the changes introduced in the first phase of the accounting convergence process with the international standards.
Mauskopf, Josephine; Chirila, Costel; Masaquel, Catherine; Boye, Kristina S; Bowman, Lee; Birt, Julie; Grainger, David
The aim of this study was to estimate the relationship between the financial impact of a new drug and the recommendation for reimbursement by the Australian Pharmaceutical Benefits Advisory Committee (PBAC). Data in the PBAC summary database were abstracted for decisions made between July 2005 and November 2009. Financial impact-the upper bound of the values presented in the PBAC summary database-was categorized as ≤A$0, >A$0 up to A$10 million, A$10 million up to A$30 million, and >A$30 million per year. Descriptive, logistic, survival, and recursive partitioning decision analyses were used to estimate the relationship between the financial impact of a new drug indication and the recommendation for reimbursement. Multivariable analyses controlled for other clinical and economic variables, including cost per quality-adjusted life-year gained. Financial impact was a significant predictor of the recommendation for reimbursement. In the logistic analysis, the odds ratios of reimbursement for drug submissions with financial impacts ≥A$10 million to ≥A$30 million or >A$0 to impact compared with those with a zero or negative financial impact. In Australia, financial impact on the drug budget is an important determinant of whether a new drug is recommended for reimbursement when cost-effectiveness estimates and other clinical and economic variables are controlled.
relevance and faithful representation is affected. To answer this, a random effect regression model is conducted to verify whether or not the banks under consideration in Hungary were at risk or not as a result of their use of derivatives during the period from 2003 to 2012. The results indicate that the use of futures, forwards, and swaps tend to mildly increase liquidity, leverage, and credit risks, while options negatively affect leverage, liquidity and credit risks. Other derivatives have a negative effect on bank risks as well. There is some evidence that the relationship between the use of derivatives and overall risk is not significant; hence the banks in the sample are not put at risk by using different derivatives. In sum, it can be concluded that fair valuation of these instruments satisfies the fundamental requirements of useful financial information.
Valachis, Antonis; Polyzos, Nikolaos P; Nearchou, Andreas; Lind, Pehr; Mauri, Davide
A potential financial relationship between investigators and pharmaceutical manufacturers has been associated with an increased likelihood of reporting favorable conclusions about a sponsor's proprietary agent in pharmacoeconomic studies. The purpose of this study is to investigate whether there is an association between financial relationships and outcome in economic analyses of new targeted therapies in oncology. We searched PubMed (last update June 2011) for economic analyses of targeted therapies (including monoclonal antibodies, tyrosine-kinase inhibitors, and mammalian target of rapamycin inhibitors) in oncology. The trials were qualitatively rated regarding the cost assessment as favorable, neutral, or unfavorable on the basis of prespecified criteria. Overall, 81 eligible studies were identified. Economic analyses that were funded by pharmaceutical companies were more likely to report favorable qualitative cost estimates (28 [82%] of 34 v 21 [45%] of 47; P = .003). The presence of an author affiliated with manufacturer was not associated with study outcome. Furthermore, if only studies including a conflict of interest statement were included (66 of 81), studies that reported any financial relationship with manufacturers (author affiliation and/or funding and/or other financial relationship) were more likely to report favorable results of targeted therapies compared with studies without financial relationship (32 [71%] of 45 v nine [43%] of 21; P = .025). Our study reveals a potential threat for industry-related bias in economic analyses of targeted therapies in oncology in favor of analyses with financial relationships between authors and manufacturers. A more balanced funding of economic analyses from other sources may allow greater confidence in the interpretation of their results.
Thijssen, Maximiliaan Willem Pierre; Iatridis, George Emmanuel
This study examines the relationship between conditional conservatism and value relevance in the EU and US. Specifically, it investigates whether this relationship differs under US GAAP and IFRS compliance. In addition, this study examines the trend in value relevance, conditional conservatism and
Gümrah, Ümit; Adiloğlu, Burcu
Failure in reflecting the impact of intangibles on financial statements on the current and future market value of the company leads an investor that financial statements are insufficient to present an unbiased (true and fair) view of the firm's financial position. In that context the aim of this study is to examine financial reporting reliability of goodwill and intangibles and value relevance of financial reports. To observe the effects of accounting variables on market value of equity ...
Within the European Union, parent companies have to prepare and publish both consolidated and individual financial statements. The objective of financial statements with general purpose is to give information regarding the financial position, performance and changes in financial position of the reporting entity, information that is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process ...
van Bijsterveld, S.C.
Webpublication: The Financial Relationship between Church and State in the Netherlands, Law and Religion in Transitional Societies.. Holmenkollen Park Hotel Rica, Oslo, Norway 2-3 December 2006. Co-sponsors: Council on Faith & International Affairs, Oslo Coalition on Freedom of Religion or Belief,
Addo, Fenaba R.; Sassler, Sharon
This study explored the association between household financial arrangements and relationship quality using a representative sample of low-income couples with children. We detailed the banking arrangements couples utilize, assessed which factors relate to holding a joint account versus joint and separate, only separate, or no account, and analyzed…
common stochastic trend driving their relationship. ... growth models have explained that the interaction between financial development and ..... This study adopted a dynamic vector autoregressive regression (VAR) which explores ... adjustment parameters in the vector error correction model and each column of is a.
Angell, Beth; Martinez, Noriko I; Mahoney, Colleen A; Corrigan, Patrick W
Although representative payeeship provided within clinical settings is believed to have therapeutic benefits, its potential negative impact on the therapeutic alliance or client-provider relationship is of concern. This study examined the effects of payeeship and perceived financial leverage on positive and negative dimensions of the client-provider relationship. The sample consisted of 205 adults ages 18 to 65 with axis I disorders who were receiving mental health services from a large urban community mental health clinic. Information about money management characteristics and ratings of the client-provider relationship were collected via face-to-face interview. Fifty-three percent of the sample had a payee or money manager, and 79% of this group had a clinician payee. Respondents with co-occurring psychotic and substance use disorders, lower functioning, and lower insight about their illness were more likely to have a clinician payee. Forty percent of those with a clinician payee reported perceived financial leverage. Having a clinician payee was also associated with perceived financial leverage and with higher levels of conflict in the case management relationship. When examined in combination, financial leverage was found to mediate the effects of payeeship on conflict in the case management relationship (mean+/-SE=2.37+/-1.33, 95% confidence interval=16-5.52, pconflict in the therapeutic alliance when used as a source of treatment leverage. Although payeeship provides important support and may enhance functional outcomes for the patient, decisions about using the mechanism for promoting treatment adherence should take into account the potential disruption to the client-provider relationship.
Full Text Available The purpose of this study is to investigate the nexus between mutual fund assets, financial freedom, and financial depth in 54 countries from 2000 to 2011 by employing panel ARDL bounds testing approach. To examine this linkage, we use the two-step procedure from ARDL bounds testing model: In first step, we explore the long-term relationship between the variables by using ARDL test of cointegration. Secondly, we employ a dynamic error correction model to explore the short-term relationship between the variables. All results suggest that there is a positive and statistically significant evidence between central bank independence, financial freedom, and economic growth in both long and short-term. Besides, long-term empirical results refer that current period central bank independence and financial freedom are the important factors for determining the national output level. In addition, the results of the short-term dynamics are parallel with the long-term estimation results. Furthermore, because the error correction term is found negative and statistically significant, it can be said that the variables converge to equilibrium quickly, and short-term imbalances will be overcomed in the long-term.
Full Text Available The Cadbury Report (1992, a pioneer in outlining the financial aspects of corporate governance, was the first to put the spotlight on corporate boards of directors. Around the same time, academic work started to gain impetus with the Hermalin and Weisbach (1991 study. The aim of this study is to examine the relationship between the number of members of the board of directors with accounting and market-based performance indicators empirical research in the national and international literature. For this purpose, all studies conducted in the early 1990s up to the present day are classified examined in a systematic way. A significant part of the board of directors of the studies indicated a negative relationship between financial performance.
Geib, Malte; Reichold, Annette; Kolbe, Lutz; Brenner, Walter
The majority of financial services companies in Germany and Switzerland have, with varying success, conducted customer relationship management (CRM) implementation projects. Nonetheless, the implementation of a specific CRM strategy that is aligned with company profitability and uses integrated information systems for performance measurement as well as for the control of marketing, sales, and service processes has been realized in very few companies.In this paper we present a framework for th...
Muller Victor - Octavian
Full Text Available Financial statements main objective is to give information on the financial position, performance and changes in financial position of the reporting entity, which is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process of users in general, and investors in particular. Hence, the following question arises logically which of the two sets best serves the information needs of investors (and other categories of users, respectively which of the two sets is more relevant for investors? Of course, the possibility of both sets at the same time best serving the information needs should not be ruled out. In our scientific endeavor we conducted an empirical association study on the problem of market value relevance of consolidated financial statements and of individual financial statements of the parent company, searching for an answer to the above question. In this sense, we analyze the absolute and relative market value relevance of consolidated accounting information of listed companies on the Frankfurt Stock Exchange (one of the largest three stock markets in the European Union between 2003 and 2008. Through this empirical study we intend to contribute to the relatively limited literature on this topic with a comparative time analysis of the absolute and incremental relevance of financial information supplied by the two categories of financial statements (group and individual. The results obtained indicate a statistically significant superiority of the relevance of consolidated statements (in detriment of individual ones. However, we could not statistically prove a superior value relevance of information provided together by consolidated and parent company financial statements as opposed to consolidated information. On the one hand, these results prove the importance (usefulness of consolidated financial statements especially for investors on
Full Text Available Advice provided by financial planners has the potential to impact the financial and emotional well being ofclients. Despite the outcomes of quality financial planning relationships, there is little direct evidence tosupport the importance of ‘relationship quality’ in financial planning. Previous research has emphasised theimportance of relationship quality in psychology, nursing, and business settings. This research investigatesdeterminants of client-professional relationship quality in financial planning, measured in a survey of clientsand financial planners regarding relationship factors of trust, engagement, empowerment, ownership, clientactivity and commitment. Ratings for relationship dimensions were compared between clients and financialplanners, with financial planners found to overestimate their clients’ levels of trust and commitment andunderestimate their client’s levels of empowerment. The relationship dimension of ‘trust’ was found to becritical for client-professional relationship quality.
... 25 Indians 2 2010-04-01 2010-04-01 false Relationship of financial statements to fee assessment..., submitted under 25 CFR part 514, with its audited or reviewed financial statements for each location and... COMPLIANCE AND ENFORCEMENT PROVISIONS MONITORING AND INVESTIGATIONS Audits § 571.14 Relationship of financial...
Dew, Jeffrey; Britt, Sonya; Huston, Sandra
Using longitudinal data from the National Survey of Families and Households and both wife- and husband-reported data (N = 4,574 couples), this study examined how financial well-being, financial disagreements, and perceptions of financial inequity were associated with the likelihood of divorce. When financial disagreements were in the model,…
Ana Luiza Paraboni
Full Text Available This article estimates association coefficients between measures of market sentiment and risk in the U.S., German and Chinese markets. In terms of risk, four measures were considered: standard deviation, value at risk, expected shortfall and shortfall deviation risk. For market sentiment, data was collected using the Psych Signal technology, which is based on the behavior of investors on social networks. The results indicate significant statistical associations, with the direction of association having financial meaning. Moreover, the empirical findings are valid for all risk measurements. The results are in keeping with the Prospect Theory, since in moments when the sentiment indicates low liquidity (a negative value for the difference between Bullish and Bearish Intensities investors try to reduce the negotiation volume, which has a positive impact on risk. On the other hand, under the inverted scenario, when sentiment indicates high liquidity, there is an increase in the negotiation volume and a consequent decrease in risk. This article is important because its observations of market sentiment as measured by social media data show a consistent relationship with measures of financial risk.
Full Text Available The aim of this paper is to analyze the relevance of dividend discount model, i.e. its specific form in stock price estimation known as Gordon growth model. The expected dividends can be a measure of cash flows returned to the stockholder. In this context, the model is useful for assessment of how risk factors, such as interest rates and changing inflation rates, affect stock returns. This is especially important in case when investors are value oriented, i.e. when expected dividends are theirmain investing drivers. We compared the estimated with the actual stock price values and tested the statistical significance of price differences in 199 publicly traded European companies for the period2010-2013. Statistical difference between pairs of price series (actual and estimated was tested using Wilcoxon and Kruskal-Wallis tests of median and distribution equality. The hypothesis that Gordon growth model cannot be reliable measure of stock price valuation on European equity market over period of 2010-2013 due to influence of the global financial crisis was rejected with 95% confidence. Gordon growth model has proven to be reliable measure of stock price valuation even over period of strong global financial crisis influence.
Jeffrey P. Dew
Full Text Available This study examines whether financial conflict arises because of financial difficulties, marital problems, or both. Using a recent nationally representative sample of over 1500 married couples, this study finds that economic pressure, communication issues, and deeper “hidden” issues within marriage are all associated with financial conflict. Specifically, economic pressure is positively associated with financial conflict. When spouses report satisfying communication, respect, commitment, and fairness and have equal levels of economic power, they report lower levels of financial conflict. These results suggest that financial conflict is a complex marital phenomenon that both marital therapists and financial counselors may help reduce.
Government financial information is an important part of government information, fully reporting the operational efficiency and the place where government puts tax onto. This paper analyses the problems in Chinese government financial information disclosure and the necessity of reform in detail. It also provides several proposals for the improvement of Chinese governmental financial report and financial information disclosure system.
Full Text Available Government financial information is an important part of government information, fully reporting the operational efficiency and the place where government puts tax onto. This paper analyses the problems in Chinese government financial information disclosure and the necessity of reform in detail. It also provides several proposals for the improvement of Chinese governmental financial report and financial information disclosure system.
Under conditions of intensive strengthening of globalization of world financial markets and deepening of the crisis, the main source of which are financial markets, financial derivatives market is rapidly developing. In such circumstances, we observe very active growing demand for tools, the main purpose of which is to reduce the financial risk – derivatives. Outlined trend has also involved Ukraine. In this connection, there is an objective need to develop estimate the interconnection of the...
Beckman, Adam L.; Bucholz, Emily M.; Zhang, Weiwei; Xu, Xiao; Dreyer, Rachel P.; Strait, Kelly M.; Spertus, John A.; Krumholz, Harlan M.; Spatz, Erica S.
Background Financial barriers to health care are associated with worse outcomes following acute myocardial infarction (AMI). Yet, it is unknown whether the prevalence of financial barriers and their relationship with post?AMI outcomes vary by sex among young adults. Methods and Results We assessed sex differences in patient?reported financial barriers among adults aged
... Financial Institutions Programs. 1806.102 Section 1806.102 Banks and Banking COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, DEPARTMENT OF THE TREASURY BANK ENTERPRISE AWARD PROGRAM General Provisions § 1806.102 Relationship to other Community Development Financial Institutions Programs. Prohibition against double funding...
Omar Giovanni Rosero Villabón
Full Text Available The research about the relationship between the level of social responsibility (CSR of an organization and the corresponding financial and economic performance (FP has been a task that has more than 30 years. More than 25 meta-analysis or study summaries have been developed, that analyze up to 186 studies. The paper presents in detail the most recognized figures and what has been the evolution of research in this area of knowledge. Both social responsibility and financial performance variables, frequently used by researchers are identified. In these investigations a positive relationship between csr and fp is tested. A few claim that the relationship is not strong or relevant; and fewer states that the relationship is negative.
Maryam Abulghasemi Komeleh
Full Text Available The primary objective of most financial statements is to provide a concentrated as well as categorized reports on financial performance and flexibility to help decision makers reach suitable financial decisions. This paper presents an empirical investigation to study the relationship between internal auditing and quality of financial statements on selected firms listed on Tehran Stock Exchange. The proposed study selects 140 firms over the period 2008-2012. Using some regression technique, the study has determined that there was a positive and meaningful relationship between firms with internal auditing in their activities and quality of financial statements.
Trust not only relates to customer trust in individual financial companies (i.e., narrow-scope trust) but also relates to the broader business context in which consumers carry out their financial decisions (i.e., broad-scope trust). Based on two surveys comprising 1,155 bank consumers and 764...... pension consumers, respectively, the results of this study indicate that broad-scope trust negatively moderates relations between knowledge and financial healthiness and between cognitive effort and financial healthiness. In addition, it is demonstrated that broad-scope trust negatively influences...... cognitive effort and positively influences financial healthiness....
Saeed Rabea Baatwah
Full Text Available This study reviews the literature on audit committee expertise and financial reporting timeliness. Financial reporting timeliness and audit committee expertise are two areas of research gaining the attention of a large number of stakeholders because they contribute to the reliability and the relevancy of financial reporting. Indeed, the focus of this review is primarily on the recent developments in the pertinent literature in order to show the limitations of such research and encourage future research to overcome these limitations. By also looking at the development of the audit committee expertise literature, this study concludes that (1 like most audit committee literature, financial reporting timeliness literature continues to assume the absence of the contribution of expertise other than financial expertise, and ignore the role of audit committee chair; (2 most of this literature fails to find a significant effect because it ignores the interaction among corporate governance mechanisms. Accordingly, this study posits that ignoring the issues raised in such research by future research would lead to major mistakes in reforms relating to how the quality of financial reporting can be enhanced.
Lucas Marc Fuhrer
Full Text Available The recent financial crisis has shown that many financial institutions may be systemically relevant. Their bankruptcy would cause significant costs for the overall economy. However, a clear definition of systemic risks still does not exist. Thus, the decision, whether an institution is, or is not systemically relevant is in the end made by policy makers. This paper takes a closer look at the incentives available to policy makers and their influence on the bailout decision. In the model presented here it is possible to show, that too many financial institutions get bailed out, when assuming that policy makers tend to be more risk-averse than socially optimal. The costs due to this misallocation of resources can be significant.
Financial statementsn#8217; main objective is to give information on the financial position, performance and changes in financial position of the reporting entity, which is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process of users in general, and investors in particular. Regarding consolidated financial statements, the accounting theory knows four perspectives (theories) on which ...
de Souza, Jonas A; Yap, Bonnie J; Wroblewski, Kristen; Blinder, Victoria; Araújo, Fabiana S; Hlubocky, Fay J; Nicholas, Lauren H; O'Connor, Jeremy M; Brockstein, Bruce; Ratain, Mark J; Daugherty, Christopher K; Cella, David
Cancer and its treatment lead to increased financial distress for patients. To the authors' knowledge, to date, no standardized patient-reported outcome measure has been validated to assess this distress. Patients with AJCC Stage IV solid tumors receiving chemotherapy for at least 2 months were recruited. Financial toxicity was measured by the COmprehensive Score for financial Toxicity (COST) measure. The authors collected data regarding patient characteristics, clinical trial participation, health care use, willingness to discuss costs, psychological distress (Brief Profile of Mood States [POMS]), and health-related quality of life (HRQOL) as measured by the Functional Assessment of Cancer Therapy: General (FACT-G) and the European Organization for Research and Treatment of Cancer (EORTC) QOL questionnaires. Test-retest reliability, internal consistency, and validity of the COST measure were assessed using standard-scale construction techniques. Associations between the resulting factors and other variables were assessed using multivariable analyses. A total of 375 patients with advanced cancer were approached, 233 of whom (62.1%) agreed to participate. The COST measure demonstrated high internal consistency and test-retest reliability. Factor analyses revealed a coherent, single, latent variable (financial toxicity). COST values were found to be correlated with income (correlation coefficient [r] = 0.28; Pfinancial toxicity were race (P = .04), employment status (Pcosts was not found to be associated with the degree of financial distress (P = .49). The COST measure demonstrated reliability and validity in measuring financial toxicity. Its correlation with HRQOL indicates that financial toxicity is a clinically relevant patient-centered outcome. Cancer 2017;123:476-484. © 2016 American Cancer Society. © 2016 The Authors. Cancer published by Wiley Periodicals, Inc. on behalf of American Cancer Society.
Camp, Mark W; Gross, Allan E; McKneally, Martin F
Over the past decade, revelations of inappropriate financial relationships between surgeons and surgical device manufacturers have challenged the presumption that surgeons can collaborate with surgical device manufacturers without damaging public trust in the surgical profession. We explored postoperative Canadian patients' knowledge and opinions about financial relationships between surgeons and surgical device manufacturers. This complex issue was explored using qualitative methods. We conducted semistructured face-to-face interviews with postoperative patients in follow-up arthroplasty clinics at an academic hospital in Toronto, Canada. Interviews were audiotaped, transcribed and analyzed. Patient-derived concepts and themes were uncovered. We interviewed 33 patients. Five major themes emerged: 1) many patients are unaware of the existence of financial relationships between surgeons and surgical device manufacturers; 2) patients approve of financial relationships that support innovation and research but are opposed to relationships that involve financial incentives that benefit only the surgeon and the manufacturer; 3) patients do not support disclosure of financial relationships during the consent process as it may shift focus away from the more important risks; 4) patients support oversight at the professional level but reject the idea of government involvement in oversight; and 5) patients entrust their surgeons to make appropriate patient-centred choices. This qualitative study deepens our understanding of financial relationships between surgeons and industry. Patients support relationships with industry that provide potential benefit to current or future patients. They trust our ability to self-regulate. Disclosure combined with appropriate oversight will strengthen public trust in professional collaboration with industry.
Marcin Jacek Jabłoński
Full Text Available Background: The therapeutic relationship is one of the most important and independent predictors in psychotherapy. Therapeutic relationships take place in a social environment, which shapes the mentality of therapists. One of the important aspects of this environment is financialization, which is considered to be the most significant socioeconomic phenomenon characteristic of capitalism. The aim of this paper is to discuss the effect of financialization on the attitudes of psychotherapists and on the quality of care they provide. Discussion: The paper presents a theoretical analysis of the relationship between the primary constituents of the therapeutic relationship (i.e. trust, realness, individuality of approach, honesty, truth, ethics, the good of the patient and the phenomena characteristic of the process of financialization (such as replacement of relationship for transaction, distrust, advertisement, statistics, profitability, acceptance of a lie, relativism, consumptionism, perception of own benefits. Summary: Financialization can change the therapeutic relationship through indiscriminate introjection of financialization by the therapist. The primary cognitive and behavioural effect of this process is a shift in the proportions between the foundations of therapeutic relationship towards the foundations of financialization (as defined in this article. To the best of our knowledge, this is the first article presenting the correlation between financialization and psychotherapy.
Şükriye Gül REİS
Full Text Available The aim of this study is to present the relationship between financial performance and stock liquidity. The relationship has been examined for industry firms which operate in BIST 100 index for the period of 2005Q1-2012Q1. The stock liquidity proxies are Amihud illiquidity ratio and turnover ratio; financial performance proxy is Market Value/Book Value(MV/BV. Dumitrescu and Hurlin causality test is used for determining the relationship. Empirical results show that there is a two-way causality between financial performance and stock liquidity in Borsa Istanbul
Full Text Available Firms need to implement some competition strategies and total quality management applications to overcome the fierce competition among others. The purpose of this study is to show the relationship between cost leadership strategy, total quality management applications and firms’ financial performance with literature review and empirical analysis. 449 questionnaires were conducted to the managers of 142 big firms. The data gathered was assessed with AMOS. As a result, the relationship between cost leadership strategy, total quality management applications and firms’ financial performance has been gathered. In addition, the relationship between TQM applications and financial performance has also been gathered.
Jézabel Couppey-Soubeyran; Jérôme Héricourt
Using a database of more than 1,300 firms from six countries in the MENA region, we study the impact of financial development on the relationship between trade credit on the one hand and bank credit access and firm-level characteristics, especially financial health, on the other hand. Trade credit use increases with the difficulty for gaining access to bank credit, and indicators of the quality of the firm's financial structure negatively influence the use of trade credit. Additional investig...
Full Text Available This study is focused upon the involvement of the central banks regarding the fulfillment of the two main objectives: price stability and financial stability. These two key concepts are part of an old and ongoing debate that the current turmoil has revived, and that is whether monetary policy should aim, or not, at ensuring financial stability in parallel to its main objective of price stability. On both sides there are solid and well known arguments. In the beginning of the study I have considered a literature review with regard to price and financial stability issues. After that I have tried to shed some light (from a theoretical point of view on the nature and dynamics of the fundamental interlinkages between the two aspects and there implications on the central banks and the economy. Finally I outline some general conclusions that have emerged in the present study.
Dal-Ri Murcia, Fernando; Borba, José Alonso; Schiehll, Eduardo
The objective of this paper was to identify perceptions of Brazilian auditors regarding the relevance of red flags in evaluating the risk of fraudulent financial reporting. To accomplish this, a questionnaire was designed using six papers as references: American Institute of Certified Public Accountants (2002), Conselho Federal de Contabilidade (1999), Albrecht and Romney (1986), Eining, Jones and Loebbecke, (1997), Bell and Carcacello (2000) and Wells (2005). Together, these works presented ...
Mannarini, Stefania; Boffo, Marilisa
In the present study an adult attachment dimension, latent to the constructs of security, anxiety, and avoidance, was hypothesized, wherein security was expected to occupy the most relevant position. Furthermore, the reciprocal functioning of attachment constructs and their interactions with self-esteem were explored. Four hundreds and thirty-four Italian university students responded to two adult attachment questionnaires (Attachment Style Questionnaire and Adult Attachment Questionnaire) and to the Rosenberg Self-esteem scale. A Many-Facet Rasch Measurement modeling approach was adopted. The main results can be summarized as follows: (a) security, anxiety, and avoidance are nested under one latent attachment dimension; (b) security occupies the most prominent position on the dimension; (c) security is positively associated with a moderate level of attachment anxiety and negatively related to avoidance; and (d) a positive interaction between self-esteem and security, and a negative relation between self-esteem and anxiety, were detected. Theoretical, clinical, and empirical implications of the results are further discussed. © 2013 Scandinavian Psychological Associations and John Wiley & Sons Ltd.
Kabir, Rezaul; Thai Minh, Hahn
Purpose: The theoretical and empirical relationships between corporate social responsibility (CSR) and corporate financial performance are not without controversy. Yet, CSR activities are increasingly undertaken by a large number of firms, not only in developed countries but also in emerging
Knuth, Kevin H.; Golera, Anthony; Curry, Charles T.; Huyser, Karen A.; Kevin R. Wheeler; Rossow, William B.
The primary objective of the NASA Earth-Sun Exploration Technology Office is to understand the observed Earth climate variability, thus enabling the determination and prediction of the climate's response to both natural and human-induced forcing. We are currently developing a suite of computational tools that will allow researchers to calculate, from data, a variety of information-theoretic quantities such as mutual information, which can be used to identify relationships among climate variables, and transfer entropy, which indicates the possibility of causal interactions. Our tools estimate these quantities along with their associated error bars, the latter of which is critical for describing the degree of uncertainty in the estimates. This work is based upon optimal binning techniques that we have developed for piecewise-constant, histogram-style models of the underlying density functions. Two useful side benefits have already been discovered. The first allows a researcher to determine whether there exist sufficient data to estimate the underlying probability density. The second permits one to determine an acceptable degree of round-off when compressing data for efficient transfer and storage. We also demonstrate how mutual information and transfer entropy can be applied so as to allow researchers not only to identify relations among climate variables, but also to characterize and quantify their possible causal interactions.
Full Text Available Corporate Social Responsibility (CSR is a desirable approach considering it reduces risks, increases brand value, improves transparency, and has a possible impact on the financial health of the business. Initiated as an act of philanthropy, it has recently become mandatory as a part of the Companies Act, 2013 in India which mandates CSR spending. The study had an objective to validate that CSR disclosures lead to better financial performance of a company and vice-versa. The study analyzed the relationship between CSR disclosure and financial performance and vice versa using various approaches viz., exploratory to understand the trends and practices and statistical by adopting multiple regression modelling techniques. The results of the study reveal that the company’s financial performance (profitability has a cause and effect relationship with the CSR disclosure and vice versa, which substantiated the theories predicting that CSR can affect the financial performance of the company.
Mehrdad Alipour; Reza Ahmadi; Hamed Abasi Nami
In competitive world, having expertise, knowledge and marketing experience for financial market activities, especially brokerage firms has proven inevitable. This should be accompanied by performing marketing operations along with intermediary roles and carrying on the daily transactions of shares in the Tehran stock exchange market. The current study aims investigating the level of marketing knowledge used in stock exchange market, identifying the reasons behind deficient use of the marketin...
Full Text Available The theoretical arguments of the psychological contracts arise from the social exchange theory. According to this theory, all the parties involved in any type of relationships want to build a relationship based on mutual respect and fairness. The main goal of this paper is to explore the influence that psychological contracts have on the quality of the business-to-business relationship in the financial services market. The research conducted in this paper continued the pioneer work of Kingshott and Pecotich (2007 and by extending their conceptual model it provided the theoretical and practical insights specific to the business-to-business market. In the empirical part of the paper, the relationship between hotels and financial institutions in the Republic of Croatia is tested using the canonical correlation analysis. The results of the analysis confirm that the psychological contracts have an influence on the relationship quality between the partners in the financial services market.
Full Text Available Under conditions of intensive strengthening of globalization of world financial markets and deepening of the crisis, the main source of which are financial markets, financial derivatives market is rapidly developing. In such circumstances, we observe very active growing demand for tools, the main purpose of which is to reduce the financial risk – derivatives. Outlined trend has also involved Ukraine. In this connection, there is an objective need to develop estimate the interconnection of the money and stock markets and derivatives market. It should be kept in mind that achieving the outlined goal is possible only under condition of the full understanding of the scientific and methodological principles of the development of these markets. Purpose is to estimate the interconnection of the money and stock markets and derivatives market by building a mathematical model of system of structural equations that will promote the compilation of scientifically based program of derivatives market. Methodology. By using methods of economic-mathematical modelling were estimated the degree of influence of studied markets factors on financial derivatives market development and by changing this or that factor were predicted future trends of its operations. Results of the survey showed the current state and problems of derivatives market functioning. At the same time, our study allowed us to talk, that factors of the money and stock markets have a different impact on the derivatives market. So, the majority of money market factors have a reverse influence on the development of derivatives market. Instead, the stock market has a direct influence. Practical implications. The proposed scientific and methodical approach to evaluating the impact of factors on the derivatives market allows: influenced by different factors; to conduct a qualitative interpretation of the quantitative changes in the level of market development; to form a complete system of state
2007/2008 FASB introduction of FIN 46/R variable interest consolidation model proved revolutionary as it ties up the accounting to the economic/financial frameworks and the judicial one. Legal structures and agreements among stakeholders of entities, creating net assets’ variability, have from now on to be compared with expected losses and expected returns distribution, prior to identify which stakeholder will need to consolidate pursuant this Interpretation. As a result, return variabilit...
Full Text Available This paper tries to make an attempt to study the relationship between the financial consumer protection and customer satisfaction by using factor analysis and discriminant analysis. The main objectives of the study are to analyze the financial consumer protection in commercial banks, to examine the customer satisfaction of commercial banks and to identify the factors of financial consumer protection lead customer satisfaction. There are many research work carried out on financial consumer protection in financial literacy, but the identification of factors which lead the financial consumer protection and the relationship between financial consumer protection and the customer satisfaction is very important, Particularly for banks to improve its quality and increase the customer satisfaction. Therefore this study is carried out with the aim of identifying the factors of financial consumer protection and its influence on customer satisfaction. This study is both descriptive and analytical in nature. It covers both primary and secondary data. The primary data has been collected from the customers of commercial banks using pre-tested interview schedule and the secondary data has been collected from standard books, journals, magazines, websites and so on.
Acierno, Ron; Steedley, Mara; Hernandez-Tejada, Melba A; Frook, Gabrielle; Watkins, Jordan; Muzzy, Wendy
The National Elder Mistreatment Study (NEMS) found that 5.2% of community older adults experienced financial abuse, and 4.6% experienced emotional mistreatment in the past year. Unfortunately, the majority of abuse was not reported to the authorities. This study investigated reasons for non-reporting. In all, 774 NEMS participants were surveyed 8 years later via telephone to assess past-year financial and emotional mistreatment, perpetrator status, and whether any of these episodes were reported to authorities. In total, 87.5% of financial abuse by family, friends, or acquaintances was not reported versus 33% of that perpetrated by strangers; for emotional mistreatment, 89.9% of that perpetrated by family, friends, and acquaintances was not reported, compared with 83.3% by strangers. Reasons for non-reporting of emotional abuse centered largely around with "not wanting publicity" and "not wanting to get the perpetrator in trouble," while no consistent reason emerged for failure to report stranger-perpetrated mistreatment.
Saari, Ryan J; Cooper, David K C
When clinical xenotransplantation is introduced, the costs associated with acquisition of a genetically engineered pig organ are as yet unknown. How will these costs compare with those currently associated with the acquisition of deceased human organs? An understanding of the financial aspects of deceased organ and tissue procurement in the USA is therefore worthwhile. We have therefore attempted to review certain economic aspects of non-profit and for-profit organizations that provide cadaveric organs and/or tissues for purposes of transplantation into patients with end-stage organ failure, cellular deficiencies, or in need of reconstructive procedures. We briefly consider the laws, organizations, and business practices that govern the acquisition, processing, and/or distribution of cadaveric organs and tissues, and the economic implications of industry practices. In particular, we explore and highlight what we perceive as a lack of transparency and oversight with regard to financial practices, and we question whether donor families would be entirely happy with the business environment that has developed from their altruistic donations. Until xenotransplantation becomes established clinically, which will negate the need for any system of organ procurement and allocation, we suggest that those involved in organ and cell transplantation, as well as those who participate in reconstructive surgery, should take responsibility to ensure that the financial practices associated with procurement are transparent, and overseen/regulated by a responsible authority. We suggest the major transplant societies should take a lead in this respect. The ability to acquire a genetically engineered pig organ whenever required through a simple commercial transaction (as in the acquisition of a life-saving drug) will be greatly to the patient's benefit. © 2017 John Wiley & Sons A/S. Published by John Wiley & Sons Ltd.
Full Text Available In this paper we chose to present two components of the financial statements: the profit and loss account and the cash flow statement. These summary documents and different indicators calculated based on them allow us to formulate assessments on the performance and profitability on various functions and levels of the companyâ€™s activity. This paper aims to support the hypothesis that the accounting information presented in the profit and loss account and in the cash flow statement is an appropriate source for assessing company performance. The purpose of this research is to answer the question linked to the main hypothesis: Is it the profit and loss statement or the cash flow account that reflects better the performance of a business? Based on the literature of specialty studied we tried a conceptual, analytical and practical approach of the term performance, overviewing some terminological acceptations of the term performance as well as the main indicators of performance analysis on the basis of the profit and loss account and of the cash flow statement: aggregated indicators, also known as intermediary balances of administration, economic rate of return, rate of financial profitability, rate of return through cash flows, operating cash flow rate, rate of generating operating cash out of gross operating result. At the same time we had a comparative approach of the profit and loss account and cash flow statement, outlining the main advantages and disadvantages of these documents. In order to demonstrate the above theoretical assessments, we chose to analyze these indicators based on information from the financial statements of SC Sinteza SA, a company in Bihor county, listed on the Bucharest Stock Exchange.
Full Text Available We studied the relationship between investor protection, government behavior, and financial development using data covering six provinces (Guangdong, Jiangsu, Shandong, Zhejiang, Henan, and Sichuan and two provincial-level cities (Beijing and Shanghai in China for the period 2005–2014. Using panel data estimation techniques, we found that there is a positive relationship between investor protection and financial development; by contrast, highly-intense government intervention leads to more financial impediments. Moreover, government intervention in education could promote financial development through its contribution to having a higher amount of the fund supply. Our empirical findings have important implications for policy-makers in terms of reforming the capital market regulation.
Sangram Kishor Patel
Full Text Available Studies exploring the linkages between financial vulnerabilities and community collectivization of female sex workers (FSWs are scarce in India despite having potential policy implications. To fill this gap in the literature, this study attempts to understand the financial vulnerabilities among FSWs and assess the relationship between community collectivization and financial vulnerabilities in southern India.Data were drawn from a cross-sectional, behavioral tracking survey (BTS-2014, conducted among FSWs (N = 2400 in Andhra Pradesh, a southern state of India under the Avahan-India AIDS initiative program. Adjusted odds ratios (AOR and their 95% confidence intervals (CI were estimated through multivariate logistic regression, to assess the independent relationships of the degree of community collectivization indicators with financial vulnerability indicators, adjusting for socio-demographic characteristics.Most FSWs (87% reported having either one or more financial vulnerability and nearly one-fifth had a high financial vulnerability. The risk of facing financial vulnerability was significantly lower among FSWs with a high degree of perceived collective efficacy (15% vs 31%; AOR: 0.4; 95% CI: 0.3-0.5 and collective agency (4% vs 21%; AOR: 0.2; 95% CI: 0.1-0.3 as compared to their respective counterparts, after controlling for their individual socio-demographic characteristics. FSWs with a high degree of collective efficacy are also less likely to report different components of financial vulnerability (e.g. income, saving, expenditure, and debt.This study finding suggests that community-led interventions such as improving collectivization are promising strategies to address financial vulnerabilities and a path to a sustainable reduction of HIV risk. This study calls for further evidence-based research and measurement of the effects of community-led approaches in addressing the financial vulnerabilities of the key population at risk for HIV.
Patel, Sangram Kishor; Prabhakar, Parimi; Jain, Anrudh Kumar; Saggurti, Niranjan; Adhikary, Rajatashuvra
Studies exploring the linkages between financial vulnerabilities and community collectivization of female sex workers (FSWs) are scarce in India despite having potential policy implications. To fill this gap in the literature, this study attempts to understand the financial vulnerabilities among FSWs and assess the relationship between community collectivization and financial vulnerabilities in southern India. Data were drawn from a cross-sectional, behavioral tracking survey (BTS)-2014, conducted among FSWs (N = 2400) in Andhra Pradesh, a southern state of India under the Avahan-India AIDS initiative program. Adjusted odds ratios (AOR) and their 95% confidence intervals (CI) were estimated through multivariate logistic regression, to assess the independent relationships of the degree of community collectivization indicators with financial vulnerability indicators, adjusting for socio-demographic characteristics. Most FSWs (87%) reported having either one or more financial vulnerability and nearly one-fifth had a high financial vulnerability. The risk of facing financial vulnerability was significantly lower among FSWs with a high degree of perceived collective efficacy (15% vs 31%; AOR: 0.4; 95% CI: 0.3-0.5) and collective agency (4% vs 21%; AOR: 0.2; 95% CI: 0.1-0.3) as compared to their respective counterparts, after controlling for their individual socio-demographic characteristics. FSWs with a high degree of collective efficacy are also less likely to report different components of financial vulnerability (e.g. income, saving, expenditure, and debt). This study finding suggests that community-led interventions such as improving collectivization are promising strategies to address financial vulnerabilities and a path to a sustainable reduction of HIV risk. This study calls for further evidence-based research and measurement of the effects of community-led approaches in addressing the financial vulnerabilities of the key population at risk for HIV.
Kyng, Timothy; Tickle, Leonie; Wood, Leigh
Software may be used in university teaching both to enhance student learning of discipline-content knowledge and skills, and to equip students with capabilities that will be useful in their future careers. Although research has indicated that software may be used as an effective way of engaging students and enhancing learning in certain scenarios, relatively little is known about academic practices with regard to the use of software more generally or about the extent to which this software is subsequently used by graduates in the workplace. This article reports on the results of a survey of academics in quantitative and financial disciplines, which is part of a broader study also encompassing recent graduates and employers. Results indicate that a variety of software packages are in widespread use in university programmes in quantitative and financial disciplines. Most surveyed academics believe that the use of software enhances learning and enables students to solve otherwise intractable problems. A majority also rate spreadsheet skills in particular as very important for the employability of graduates. A better understanding of the use of software in university teaching points the way to how curricula can be revised to enhance learning and prepare graduates for professional work.
M. Cotugno; S. Monferrà; G. Sampagnaro
This paper examines the firms’ credit availability during the 2007–2009 financial crisis using a dataset of 5331 bank–firm relationships provided by borrowers’ credit folders of three Italian banks. It aims to test whether a strong lender–borrower relationship can produce less credit rationing for borrowing firms even during a credit crunch period. The results show that exclusivity of the relationship can mitigate the firm credit rationing. We also verify the influence of lending organization...
Full Text Available The correlation between theoretical and empirical of corporate governance (CG and corporate financial performance (CFP is not there without controversy. This paper aims to determine the moderating effects of corporate social responsibility (CSR, on the relationship between corporate governance and corporate financial performance. The sample of this research are banking companies that are listed on Indonesia Stock Exchange between the period of 2010-2014, taken by using purposive sampling method. Moderated Regression Analysis (MRA analysis was used in this study. The results of this study indicate that corporate governance affects the company's financial performance positively. Aspects of corporate governance such as audit committees and number of board meetings have a positive relationship with financial performance, but there is no relationship from the aspect of independent board of commissioners. Furthermore, CSR can only strengthen the positive relationship between the number of board of commissioners’ meetings and the financial performance of the company. The frequency intensity of board of commissioners’ meetings can increasingly address corporate governance reforms by improving and realizing social responsibility as part of sustainability innovation by optimizing media and CSR reporting methods.
Cook, Steve; Watson, Duncan
Following its introduction in the seminal study of Osborne (1959), a voluminous literature has emerged examining the returns-volume relationship for financial assets. The present paper revisits this relationship in an examination of the FTSE100 which extends the existing literature in two ways. First, alternative daily measures of the FTSE100 index are used to create differing returns and absolute returns series to employ in an examination of returns-volume causality. Second, rolling regression analysis is utilised to explore potential time variation in the returns-volume relationship. The findings obtained depict a hitherto unconsidered complexity in this relationship with the type of returns series considered and financial crisis found to be significant underlying factors. The implications of the newly derived results for both the understanding of the nature of the returns-volume relationship and the development of theories in connection to it are discussed.
Rea, Jennifer K.
The two studies presented in this dissertation provide an understanding of young adults' perspective financial socialization processes and how the experiences influence a conceptualization of financial well-being and their choice of romantic relationship status (Study 1: N = 31, Study 2: N = 549). Study 1 has adapted Gudmunson and Danes' (2011)…
Full Text Available The importance of financial market development for the economic development and competitiveness of a country is reflected in channelling of capital towards those investments that have the highest returns, thus ensuring liquidity and efficient grouping of enterprises, that is, risk-taking. Efficient risk-taking is primarily reflected in the availability of a large number of sources of funding, which allow enterprises freedom when forming their capital structure. Enterprises that do not have a large number of sources of funding at their disposal have to resort to debt financing when forming their capital structure, which ultimately means excessive financial vulnerability. Financial vulnerability, especially in times of the financial crisis, when fluctuations in the cost of capital are very high, reduces investment, growth and employment in the long-term. Small and medium-sized enterprises in the Croatian underdeveloped financial market must resort to borrowing, as the most readily available source of funding. Analysing the process of decision-making about capital structure on a sample of 108 small and medium-sized enterprises, it was observed that enterprises whose capital structure is less dependent on debt achieve better financial results and growth. The process of making financial decisions in those companies is in the hands of owners and/or managers and consultants with knowledge about the advantages and disadvantages of individual sources of funding. Financial knowledge is one of the most important determinants of the capital structure that will enable the growth and development of the small and medium-sized enterprise sector, as well as greater competitiveness of enterprises, regardless of size, activity, industry and the form of ownership of these enterprises. T-test and Levene’s test of equality of variances were used to investigate the relationship between the profitability of enterprises and their financial literacy.
Abstract: Accounting information is vital for many aspects in business and numerous parties rely on reported information for a variety of purposes. Understanding how factors in a firm’s environment, such as standard setting, inter-firm relationships, managerial incentives and capital providers, influence the quality of this information is therefore crucial. This thesis focuses on two such factors, namely international financial reporting standards (IFRS) and inter-firm relationships. Chapter ...
Ali KURT; Cemal ZEHİR
Firms need to implement some competition strategies and total quality management applications to overcome the fierce competition among others. The purpose of this study is to show the relationship between cost leadership strategy, total quality management applications and firms’ financial performance with literature review and empirical analysis. 449 questionnaires were conducted to the managers of 142 big firms. The data gathered was assessed with AMOS. As a result, the relationship between ...
Kabir, Mohammed Rezaul; Thai Minh, H.; Thai Minh, H.
The theoretical as well as empirical relationships between corporate social responsibility and corporate financial performance are not without controversy. Yet, CSR activities are increasingly undertaken by a large number of firms, not only in developed countries but also in emerging countries.
Babalykova I. A.; Bashkatov V. V.; Barseghyan A. A.
This article explores the concept and the essence of accounting and taxation, as well as their relationship. We have considered such important aspects as AR 18/02 “Accounting for corporate income tax” in the form of accounting (financial) and tax reporting
Futris, Ted G.; Nielsen, Robert B.; Barton, Allen W.
The study reported here explored level of interest and preferred delivery method of Extension programming related to financial management and relationship skills education. These two subjects comprise areas of Extension that often receive less recognition but appear as pertinent issues in the lives of many individuals. Using a diverse sample of…
de Jong, F.C.J.M.; Nijman, T.E.
High frequency data are often observed at irregular intervals, which complicates the analysis of lead-lag relationships between financial markets. Frequently, estimators have been used that are based on observations at regular intervals, which are adapted to the irregular observations case by
Cleston Alexandre dos Santos
Full Text Available Brazilian soccer teams are required to present good results inside and outside the field. The main demand is about winning titles, to present continuous and increasing profits, and, consequently, to reach economic-financial stability. The present study aims at analyzing the relationship between the ranking formed by the Brazilian Soccer Confederation (CBF and the economic-financial indicators of the Brazilian soccer teams. The sample consisted of 36 Brazilian soccer teams that belong to the series A, B and C. Such teams are linked to CBF and published their financial statements of 2014. For data analysis, we used multi-criteria decision making method VIKOR that was applied along with Kendall rank correlation. Results revealed that the majority of Brazilian soccer teams have insufficient economical liquidity; they cannot bear their own expenses; they dependent of third-party resources; and they present negative profitability. Results also showed, through VIKOR technique, that the soccer teams studied occupy different positions in CBF ranking and in the economical-financial indicators, except for Botafogo club. Kendall rank correlation revealed no correlation and no significance between the rankings. Findings seem to support the idea that there is no relationship between CBF rankings and the economical-financial indicators of Brazilian soccer teams.
Mirela Elena Nichita
Full Text Available The purpose of financial reports is to provide useful information to users; the utility of information is defined through the qualitative characteristics (fundamental and enhancing. The financial crisis emphasized the limits of financial reporting, which has been unable to prevent investors about the risks they were facing. Due to the current changes in business environment, managers been highly motivated to rethink and improve the risk governance philosophy, processes and methodologies. The lack of quality, timely data and adequate systems to capture, report and measure the right information across the organization are fundamental challenges to implementing and sustaining all aspects of effective risk management. Starting from ‘80s, the investors have become more interested in narratives (from the Notes to financial statements, than in primary reports (which disclose financial position and performance. In this research, we aim to identify whether the accounting services entities disclose risk information in their financial statements. The research will use a regression model for the assessment of the relationship between the size, profitability, leverage ratios and risk reporting by the accounting and taxation services providers in Romania during the period 2009-2013
Adams, Danielle R.; Meyers, Steven A.; Beidas, Rinad S.
Objective: Financial strain may directly or indirectly (i.e., through perceived stress) impact students' psychological symptoms and academic and social integration, yet few studies have tested these relationships. The authors explored the mediating effect of perceived stress on the relationship between financial strain and 2 important outcomes:…
Birmingham, Wendy C; Holt-Lunstad, Julianne
There is a rich literature on social support and physical health, but research has focused primarily on the protective effects of social relationship. The stress buffering model asserts that relationships may be protective by being a source of support when coping with stress, thereby blunting health relevant physiological responses. Research also indicates relationships can be a source of stress, also influencing health. In other words, the social buffering influence may have a counterpart, a social aggravating influence that has an opposite or opposing effect. Drawing upon existing conceptual models, we expand these to delineate how social relationships may influence stress processes and ultimately health. This review summarizes the existing literature that points to the potential deleterious physiological effects of our relationships when they are sources of stress or exacerbate stress. Copyright © 2018 Elsevier B.V. All rights reserved.
Turner, John D.
This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial economics upon financial history, and warns of the dangers of applying financial economics unthinkingly to the study of financial history. The essay proceeds to highlight the many insights that financi...
Park, Jeongyoung; Werner, Rachel M
The relationship between financial performance and quality of care in nursing homes is not well defined and prior work has been mixed. The recent focus on improving the quality of nursing homes through market-based incentives such as public reporting may have changed this relationship, as public reporting provides nursing homes with increased incentives to engage in quality-based competition. If quality improvement activities require substantial production costs, nursing home profitability may become a more important predictor of quality under public reporting. This study explores the relationship between financial performance and quality of care and test whether this relationship changes under public reporting. Using a 10-year (fiscal years 1997-2006) panel data set of 9444 skilled nursing facilities in the US, this study employs a facility fixed-effects with and without instrumental variables approach to test the effect of finances on quality improvement and correct for potential endogeneity. The results show that better financial performance, as reflected by the 1-year lagged total profit margin, is modestly associated with higher quality but only after public reporting is initiated. These findings have important policy implications as federal and state governments use market-based incentives to increase demand for high-quality care and induce providers to compete based on quality. Copyright © 2010 John Wiley & Sons, Ltd.
Paulo César de Melo Mendes
Full Text Available Research regarding the capital structure of banks points to the regulatory minimum capital requirement established by the Basel agreements as its main determinant. For other kinds of enterprise, capital structure is pointed to by several theories as a tax planning alternative, since the use of debt allows tax savings. Given the debt characteristics of banks, which prevent the deduction of interest in the calculation of income taxes and thus prevent tax savings through debt, the use of capital structure for tax planning by financial institutions is less evident. In view of this, in addition to contributing to research on the determinants of the capital structure of banks, this study has the objective of examining the relationship between overall debt, taxation and the BIS ratio of financial institutions located in Brazil. The initial sample consisted of the 50 largest banks, identified by the criterion of net income in 2012; but due to lack of availability of information and adjustments made to assure the efficacy of the study, the final sample was made up of 34 financial institutions. The baseline for analysis was the mean values of data from 2010 to 2012 and data were analyzed using correlation analysis and multiple linear regression. No relationship was found between taxation and banks' overall indebtedness. However, influence of the regulatory minimum capital requirement on the capital structure of financial institutions was observed.
Mehri Akhavi Babi
Full Text Available This study was conducted to investigate the effects of financial risks on the relationship between earnings per share and stock returns. The statistical population of the study consisted of the companies accepted by Tehran Stock Exchange. According to the conditions for sampling, 65 companies were selected during a period of six years from 2008 to 2013 (i.e., 390 fiscal years, and four hypotheses were set forth to achieve the purposes of the study. The first hypothesis tried to assess the relationship between earnings per share and stock returns. The second, third, and fourth hypotheses investigated the significance of the effects of three financial risks, namely liquidity, credit, and solvency risks on the relationship between earnings per share and stock returns. The hypotheses of the study were tested using linear and multiple regressions. The findings of the study indicated that there was a positive and significant relationship between earnings per share and stock returns. In addition, the results proved that the credit and solvency risks had negative and significant effects on the relationship between earnings per share and stock returns, but the effect of liquidity risk on this relationship was not significant.
Levine, Jane; Gussow, Joan Dye; Hastings, Diane; Eccher, Amy
This study examined the association between authors' published positions on the safety and efficacy in assisting with weight loss of the Procter & Gamble (P&G) fat substitute olestra and their financial relationships with the food and beverage industry. Journal articles about olestra, and their authors, were classified as supportive, critical, or neutral with respect to its use. Authors not known to have industry affiliations were surveyed about their financial relationships. Supportive authors were significantly more likely than critical or neutral authors to have financial relationships with P&G (80% vs 11% and 21%, respectively; P <.0001). All authors disclosing an affiliation with P&G were supportive. Because authors' published opinions were associated with their financial relationships, obtaining noncommercial funding may be more essential to maintaining objectivity than disclosing personal financial interests.
Levine, Jane; Gussow, Joan Dye; Hastings, Diane; Eccher, Amy
Objectives. This study examined the association between authors’ published positions on the safety and efficacy in assisting with weight loss of the Procter & Gamble (P&G) fat substitute olestra and their financial relationships with the food and beverage industry. Methods. Journal articles about olestra, and their authors, were classified as supportive, critical, or neutral with respect to its use. Authors not known to have industry affiliations were surveyed about their financial relationships. Results. Supportive authors were significantly more likely than critical or neutral authors to have financial relationships with P&G (80% vs 11% and 21%, respectively; P < .0001). All authors disclosing an affiliation with P&G were supportive. Conclusions. Because authors’ published opinions were associated with their financial relationships, obtaining noncommercial funding may be more essential to maintaining objectivity than disclosing personal financial interests. PMID:12660215
Whyman, Philip B; Petrescu, Alina
This workplace flexibility study uses primary data on private sector small and medium-sized enterprises (SMEs) in Lancashire, United Kingdom, collected in 2009 during the recent “credit crunch” recession. Key features include: (1) objective measures of SME performance; (2) a focus on the previously relatively neglected relationship between workplace flexibility practices (WFPs) and three SME performance indicators, namely, redundancies, absenteeism, and financial turnover; and (3) a timely co...
Purpose: To analyze the bidirectional relationship between CSR practices of Turkish banks and their financial performance, which is proxied by ROE, ROA and NIM for the year 2013.Originality/value: The paper focus on the changing nature of the Turkish banks which face greater competition and their attempts at practicing CSRDesign/methodology/approach: The study uses content analysis to analyze the degree of CSR on a CSR index and uses regression analysis to determine the link between performan...
Faris Nasif ALSHUBIRI
Full Text Available The revolution of globalization, computerization and information technology has entered to Jordanian market. This phenomenon requires company's attention of human element and the acquired knowledge, experience and the development of the so-called concept of intellectual capital.(IC In this study I used only the human capital as a part of IC. This study aims to exploring the relationship between human capital investment (HCI, and corporate financial performance. This study used an 11 industrial sectors listed of Amman Stock Exchange from 2005to 2011. Correlation analysis tests used in this study and the results indicate the high positive significant relationship between HCI and corporate financial performance related to, ROE , PTBV , log of sales , log of assets , DPS and ICR but no significant relationship between HCI and WCTO. The researcher recommends industrial companies to strengthen and stimulate the concept of human capital in the companies and the need for develop administrative innovation program. For future analysis may be used more sectors listed in market in addition used the all parts of intellectual capital related to structural and physical capital with corporate financial performance.
Davis, Jullet A; Marino, Louis D; Vecchiarini, Mariangela
This paper explores the relationship between entrepreneurial orientation (EO) (i.e., their innovativeness, proactiveness and risk-taking) and financial performance in nursing homes. We hypothesize that nursing homes that are more proactive will report better short-term financial performance, while when firms with higher propensities for innovativeness and risk-taking will experience poorer financial performance in the short period due to the high costs associated with the initial adoption of innovation and with pursuing high-risks ventures. In 2004, a survey was developed and mailed to a population of 670 nursing homes in the state of Florida who were listed in the Florida Nursing Home Guide of the Agency for Health Care Administration. The final sample for this study included 104 respondents. The data from these surveys were merged with additional variables gathered from the 2004 Online Survey Certification and Reporting (OSCAR) system and the 2004/2005 Medicare Cost Reports (MCR). EO was operationalized using a nine-item scale adapted from Covin and Slevin (1989), and financial performance was assessed using total profit margin. The overall findings suggest partial support for the hypotheses. Support was found for the negative relationship between innovativeness and short-term financial performance, but only partial support was found for the relationship between performance and risk-taking. Our results demonstrated that the various aspects of entrepreneurial behaviors have a differential effect on firm performance. From a managerial perspective, nursing home administrators may continue to seek ways to be entrepreneurial while understanding that some activities may only lead to short-term profitability. These findings should not dissuade administrators from innovative behaviors. They do suggest, however, that innovative administrators should prepare for some initial decrease in profitability following new service implementation. Findings suggest that to varying
Irina Elena Gentimir
Full Text Available This paper makes an analysis of the commercial and financial relationship between EU27 and United States of America. Traditionally, USA and EU27 are the most powerful forces in the world. Today, the relationship between these two partners continues to dominate and to influence globally. The transatlantic relation consists, mainly, of the commercial exchanges and the investment flows. The objective of this paper is to highlight the evolution and the changes occurred in the commercial exchanges and the investment flows between this two powers in the context of the economic crisis constraints.
Chao, Albert H; Gangopadhyay, Noopur
Limited data exist regarding industry financial relationships in plastic surgery. The Sunshine Act Open Payments Database currently represents the largest repository of these data, but is limited primarily to queries of individual providers. The purpose of this study was to analyze these data and present them in a manner that better delineates these relationships, and to compare plastic surgery with other surgical subspecialties. A review of the Open Payments Database was performed for the period from January 1, 2014, to December 31, 2014. These data were analyzed with respect to types of payments, characteristics of plastic surgeons and companies, and comparison with other surgical subspecialties. A total of 49,053 payments from 274 companies were identified that were made to 4812 plastic surgeons (475 academic and 4337 private practice). The total value of payments was $17,091,077. Food and beverage represented the most common type of payment (82.2 percent). Royalties and licensing represented the highest valued type of payment (35.7 percent), but were received by only a minority of plastic surgeons (0.5 percent). No significant differences were identified between academic and private practice plastic surgeons in the value or quantity of payments. Plastic surgery (54.5 percent) exhibited the lowest prevalence of industry financial relationships compared with otolaryngology (57.9 percent), orthopedics (62.4 percent), neurosurgery (87.8 percent), and urology (63.1 percent) (p < 0.001). Approximately half of all plastic surgeons have industry financial relationships. The prevalence of these relationships is comparatively less than in other surgical subspecialties.
Full Text Available This study explores and tests the relationship between corporate social responsibility (CSR and corporate financial performance (CFP in developing countries, focusing mainly to examine the financial aspects of high vs low-ranked firms in the CSR Index in Egypt for eight consecutive years (excluding 2011 because of its special situation due to instability caused by the revolution. Moreover, this study empirically examines different financial ratios for 18 firms listed in Egyp-tian Stock Exchange EGX 30 for eight years, 2007 – 2015. Using the Standard and Poor’s index (S&P/EGX ESG Index to measure the CSR, and using accounting based measures (from Egypt for information Dissemination (EGID database and the Cairo and Alexandria Stock Exchange Disclosure book. This study’s purpose is to find the suitable measures of the CFP along with CSR, as well as, the relationship between them, to conclude whether CSR is beneficial for compa-nies or not. The main question here is: What is the type and significance of the relationship be-tween CSR and the CFP in Egypt? the ANOVA analysis was chosen and used on both compa-ny’s CSR and CFP variables, also constructed a Pearson Correlation between CSR and CFP va-riables and examined the multiple regression model to discriminate between the CFP of high and low-ranked firms in the CSR Index and recognize the type and significance of the relationship be-tween CSR and CFP. The results show that CSR has a positive significant relation with the CFP. The paper has implications for enhancing the understanding of performance management by understanding the relationship between CSR and CFP.
Full Text Available The purpose of this study is twofold. First, this study investigates the trends of corporate social responsibility (CSR reporting and financial performance (FP in commercial banks in Poland. Second, this study examines the impact of the CSR disclosure of the banks on their financial performance (ROA, ROE, NIM. Sample consists of 18 banks. The data from annual reports for the period of 8 years (2008 – 2015 were both hand collected and obtained from Notoria Servis Database. A content analysis is used to measure the level of CSR disclosures and a panel data analysis is employed to examine the CSR-FP relationship. Software: GRETL. Two key findings: (1 Positive relationship between banks’ CSR disclosures and their profitability measured by ROA and ROE. However, the relationship between banks’ CSR disclosures and NIM is negative. Statistical analysis did not report any significant effect of CSR activities on ROA, ROE and NIM ratios. (2 Banks’ CSR activities are not dominant predictor of their profitability as compared with control variables. To our best knowledge this research is the first quantitative analysis regarding banking sector in Poland. Further, this study was conducted in emerging market with different socio-economic context and regulations compared to developed market. The findings contribute to and increase the understanding of the relationship between CSR disclosures and FP. Finally, this study has important implications for policy makers, managers, investors, and others.
Full Text Available Increasing levels of financial inequality prompt questions about the relationship between income and well-being. Using a twins sample from the Survey of Midlife Development in the United States and controlling for personality as core self-evaluations, we found that men, but not women, had higher subjective financial well-being when they had higher incomes. This relationship was due to ‘unshared environmental’ factors rather than genes, suggesting that the effect of income on subjective financial well-being is driven by unique experiences among men. Further, for women and men, we found that core self-evaluations influenced income and subjective financial well-being, and that both genetic and environmental factors explained this relationship. Given the relatively small and male-specific relationship between income and subjective financial well-being, and the determination of both income and subjective financial well-being by personality, we propose that policy makers focus on malleable factors beyond merely income in order to increase subjective financial well-being, including financial education and building self-regulatory capacity.
Full Text Available Financial performance is often difficult to achieve by economic entities, especially in the current economic context and successful models of some companies constitute examples of good practice for aspirants. Cash-flow explains investment because it contains information about future flows of cash and because investment is made in pursuit of future income. Therfore, the purpose of this paper is to analyze the relationship between cash-flow, investment and net income. The target population of the study was the companies listed and traded on the Bucharest Stock Exchange during 2012-2016. The results of this empirical study showed that most of the companies listed and traded on BVB that earn profit constantly generate cash-flow and 65% of the companies listed and traded on BVB during the period 2012-2016 show a satisfactory long-term financial balance.
Full Text Available The aim of the current study is to investigate the factors affecting the companies’ ownership structure and the effect of financial health and flexibility on these factors. The statistical technique used to test the hypothesis proposed in this research is panel data. R software used to test the hypotheses. The statistical sample consists of 786 observations in 8 industries as automotive industry, chemical, rubber and plastics, pharmaceuticals, cement-lime plaster, food except sugar, basic metals and machinery over the years 2009-2014. The findings show that a positive interrelation exists between the management share, percentage of institutional owners, rate of return and percent of company growth, and the company’s financial flexibility strengthens the relationship between the percentage of institutional owners’ share and managers’ share.
Farhani, Sahbi; Ozturk, Ilhan
The aim of this paper is to examine the causal relationship between CO2 emissions, real GDP, energy consumption, financial development, trade openness, and urbanization in Tunisia over the period of 1971-2012. The long-run relationship is investigated by the auto-regressive distributed lag (ARDL) bounds testing approach to cointegration and error correction method (ECM). The results of the analysis reveal a positive sign for the coefficient of financial development, suggesting that the financial development in Tunisia has taken place at the expense of environmental pollution. The Tunisian case also shows a positive monotonic relationship between real GDP and CO2 emissions. This means that the results do not support the validity of environmental Kuznets curve (EKC) hypothesis. In addition, the paper explores causal relationship between the variables by using Granger causality models and it concludes that financial development plays a vital role in the Tunisian economy.
Full Text Available The research objectives of the study are to investigate whether there are any positive relationships between CFP and CSR under the slack resource theory and to investigate whether there are any positive relationships between CSR and CFP under good management theory by integrating concept of strategic management into the definition of CSR as sustainable corporate performance including economy, social, and environment. To answer the research questions of this study, questionnaire-based survey research design was used. The questionnaires that include items representing variables in this study (corporate social performance, corporate financial performance, business environment, strategy, organization structure, and control system were sent to the respondents who are managers of state-owned companies (BUMN and private-owned companies using post and e-mail services. There is a positive relationship between CFP and CSP under the slack resource theory and under good management theory.
Muhammad Yahdi Salampessy
Full Text Available The recent global financial catastrophe has raised questions about the relationship between corporate governance and the crisis. Many scholars attribute the crisis to the corporate failure and the Anglo-Saxon model of capitalism. Much of the literatures, however, tend to focus on examining the issue of financial crisis in the developed economy. Following up this line of literatures, this paper will extend the discussion of the role of corporate governance in financial crisis in the developing world. Using Indonesia as a case study, this paper will look at evidence that has emerged from the recent financial crisis regarding the failures of corporate governance in addressing and preventing the crisis.
Söderholm, Anna; Söderberg, Anna; Nordin, Steven
Odor intolerance is a frequently reported problem, predominantly among women. Our purpose was to illuminate how individuals living with sensory hyperreactivity (SHR; a form of odor intolerance) experience its impact on accessibility, financial security, and social relationships. Data were collected by having 12 women with SHR write descriptive texts. These texts were analyzed with qualitative content analysis. Six themes were identified: Being limited in participating in society, being forced to behave incompatibly with one's personality, experiencing lack of understanding and respect from others, experiencing insecurity, being dependent on others, and being forced to choose between the plague and cholera.
Full Text Available Financial statementsn#8217; main objective is to give information on the financial position, performance and changes in financial position of the reporting entity, which is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process of users in general, and investors in particular. Regarding consolidated financial statements, the accounting theory knows four perspectives (theories on which the preparation of those statements is based, namely, the proprietary theory, the parent company theory, the parent company extension theory and the entity theory (Baxter and Spinney, 1975. Of practical importance are especially the parent company extension perspective and the entity perspective. The IASB and FASB decided (within an ED regarding the Improvement of the Conceptual Framework that consolidated financial statements should be presented from the perspective of the group entity, and not from the perspective of the parent-company. However, this support for the entity theory is to our knowledge not backed by empirical findings in the academic literature. Therefore, in our paper we set to contribute with empirical arguments to finding an actual answer to the question about the superior market value relevance of one of the two concurrent perspectives (theories. We set to carry out an empirical association study on the problem of market value relevance of consolidated financial statements based on the entity theory respectively on the parent company (extension theory, searching for an answer to the above question. In this sense, we pursued an analysis of market value relevance of consolidated accounting information (based on the two perspectives of listed entities between 2003-2008 on the largest three European Stock Exchanges (London, Paris and Frankfurt. The obtained results showed that a n#8222;restrainedn#8221; entity perspective, which would combine
de Lotbiniere-Bassett, Madeleine P; McDonald, Patrick J
The 2013 Physician Payments Sunshine Act mandates that all U.S. drug and device manufacturers disclose payments to physicians. All payments are made available annually in the Open Payments Database (OPD). Our aim was to determine prevalence, magnitude, and nature of these payments to physicians performing neurologic surgery in 2015 and to discuss the role that financial conflicts of interest play in neurosurgery. All records of industry financial relationships with physicians identified by the neurological surgery taxonomy code in 2015 were accessed via the OPD. Data were analyzed in terms of type and amounts of payments, companies making payments, and comparison with previous studies. In 2015, 83,690 payments (totaling $99,048,607) were made to 7613 physicians by 330 companies. Of these, 0.01% were >$1 million, and 73.2% were <$100. The mean payment ($13,010) was substantially greater than the median ($114). Royalties and licensing accounted for the largest monetary value of payments (74.2%) but only 1.7% of the total number. Food and beverage payments were the most commonly reported transaction (75%) but accounted for only 2.5% of total reported monetary value. Neurologic surgery had the second highest average total payment per physician of any specialty. The neurological surgery specialty receives substantial annual payments from industry in the United States. The overall value is driven by a small number of payments of high monetary value. The OPD provides a unique opportunity for increased transparency in industry-physician relationships facilitating disclosure of financial conflicts of interest. Copyright © 2018 Elsevier Inc. All rights reserved.
Full Text Available This study aimed to understand (1 the association between the use of discretionary accruals and financial derivatives, taking into consideration the implementation of revised PSAK 55 (1999, which was adopted from SFAS 133; (2 the combined effects of derivatives and discretionary accruals on the value relevance of earnings and equity. The analysis used panel data regressions and the Wald test over the period from 2001-2008. The results showed a positive or complementary association between derivatives and discretionary accruals. The positive association implied that managers tended to intensify the use of discretionary accruals to offset a higher use of derivatives. Price and return models demonstrated negative significant effects of derivatives on the value relevance of earnings. The return model showed negative significant effects of discretionary accruals on the value relevance of earnings but negative effects on the value relevance of equity with the price model.
Originality/value: Significant relationships between competitive variables and financial performance in the brewing industry remains evasive in research thus far. Additionally, sustained in the potential the brewing industry represents within Europe, it is significant to identify these relationships for readers on both an academic and industrial background.
Editinete André da Rocha Garcia
Full Text Available ABSTRACT This study’s general objective is to investigate the moderating effect of Corporate Social Performance Disclosure (D-CSP on the relationship between Corporate Social Performance (CSP and Corporate Financial Performance (CFP. Based on this objective, the study presented a model in which D-CSP acts as a moderator in relation to primary stakeholders (employees, community, and suppliers. D-CSP is a mechanism through which the various social aspects involved in discretionary policies, actions, and activities identified in the management for stakeholders process can be evaluated. A sample of 1,147 companies belonging to 10 different sectors and five continents was used to test the model. Data were collected from the Bloomberg database, totaling 5,735 observations, from 2010 to 2014. The relationship was tested using the multiple linear regression model involving panel data with fixed effects, and the Newey-West robust standard errors correction. Three constructs, D-CSP, CSP, and CFP, were used to perform the tests. As a CSP measure, the CSP of the employee, supplier, and community stakeholders was used. As a D-CSP measure, the CSP disclosure scores available from the database were used, and return on assets (ROA was used as a CFP measure. The tests carried out indicated the existence of a positive moderating effect of disclosure on the relationship between the CSP of primary stakeholders and CFP. Besides presenting a positive CSP in relation to the primary stakeholders the results enable it to be inferred that these results need to be disclosed, thus contributing to higher corporate financial performance.
Full Text Available The relationship of the financial deepening to the interest rate has become an important study for the Southeast Asia countries, especially preparation for entering the ASEAN Economic Community (AEC in 2015. This study will explore the effect of interest rates on deposits and credit to the financial deepening in ASEAN 5. By using VECM showed that Indonesia, the Philippines and Singapore possessed a similar pattern where lending rates negatively affect financial deepening, while the deposit rate positive effect. In contrast to Malaysia and Thailand, deposit rates had a negative impact on financial depth, while the loan interest rate was positive. Meanwhile, using panel data for the ASEAN 5 showed that the effect of interest rates on loans to the depth of the financial sector is negative, whereas the effect of deposit rate was positive
Moses, O. Douglas
This report includes two separate but related empirical studies of the relationship between financial measures for defense aerospace contractors and pricing strategies adopted by contractors. Two pricing strategies are identified: skimming and penetration. Collectively the findings indicate that the adoption of a particular pricing strategy is associated with the financial condition of the contractor as reflected in measures of risk, asset utilization and organizational slack. Keywords: Finan...
Brandau, M.; Endenich, C.; Luther, R.; Trapp, R.
German accounting has traditionally followed a dual ledger approach with strictly separated internal cost accounting, as the basis for management information, and external financial accounting focusing on creditor protection and based on the commercial law. However, the increased adoption of integrated accounting system implies a significant change in the relationship between financial and management accounting systems. We use Hegelian dialectic to trace the historical development of German a...
Weiner, Joseph A; Cook, Ralph W; Hashmi, Sohaib; Schallmo, Michael S; Chun, Danielle S; Barth, Kathryn A; Singh, Sameer K; Patel, Alpesh A; Hsu, Wellington K
A retrospective review of Centers for Medicare and Medicaid Services Database. Utilizing Open Payments data, we aimed to determine the prevalence of industry payments to orthopedic and neurospine surgeons, report the magnitude of those relationships, and help outline the surgeon demographic factors associated with industry relationships. Previous Open Payments data revealed that orthopedic surgeons receive the highest value of industry payments. No study has investigated the financial relationship between spine surgeons and industry using the most recent release of Open Payments data. A database of 5898 spine surgeons in the United States was derived from the Open Payments website. Demographic data were collected, including the type of residency training, years of experience, practice setting, type of medical degree, place of training, gender, and region of practice. Multivariate generalized linear mixed models were utilized to determine the relationship between demographics and industry payments. A total of 5898 spine surgeons met inclusion criteria. About 91.6% of surgeons reported at least one financial relationship with industry. The median total value of payments was $994.07. Surgeons receiving over $1,000,000 from industry during the reporting period represented 6.6% of the database and accounted for 83.5% of the total value exchanged. Orthopedic training (P regression analysis revealed a strong inverse relationship between years of experience and number of payments from industry (r = -0.967, P Financial relationships between spine surgeons and industry are highly prevalent. Surgeon demographics have a significant association with industry-surgeon financial relationships. Our reported value of payments did not include ownership or research payments and thus likely underestimates the magnitude of these financial relationships. 3.
Yousefi Nejad Maryam
Full Text Available Value relevance studies have thus far provided mixed evidence. Studies also found that fair value reporting has a significant impact on the value relevance of other comprehensive income. Additionally, most studies on value relevance of other comprehensive income focused on developed countries where the capital market is more efficient. In these settings due to the existence of active market, fair valuation of assets may not pose a major problem. In Malaysia the mandatory reporting of comprehensive income by all listed firms based on the requirement of FRS101, coincides with the adoption of FRS139 the standard for financial instrument and could be an interesting setting to investigate. This study hypothesized that other comprehensive income and its components are associated with share price. The results indicate that other comprehensive income and its components are value relevant. The results indicate that the move towards a more comprehensive income reporting through the preparation of the Statement of Comprehensive Income results in more informative financial reporting.
Qi, G Y; Zeng, S X; Shi, Jonathan J; Meng, X H; Lin, H; Yang, Q X
The debate on the relationship between corporate or industrial environmental performance (EP) and financial performance (FP) has yet to be resolved, and studies need to examine the possible moderating effects on the EP-FP link. We argue that industrial EP has a positive effect on FP and that industrial munificence and resource slack can moderate the EP-FP link. Using a dataset from Chinese industrial firms, we examine the direct effect of industrial EP on FP and the indirect effects of industrial munificence and resource slack on the EP-FP link. Our results show that improving corporate or industrial-level EP significantly influences FP and that slack resources play a significant role on the EP-FP link. However, we found no significant moderating effect of industrial munificence on the link. Copyright © 2014 Elsevier Ltd. All rights reserved.
Full Text Available We analyze the dimension of a financial correlation-based network and apply our analysis to characterize the complexity of the network. First, we generalize the volume-based dimension and find that it is well defined by the correlation-based network. Second, we establish the relationship between the Rényi index and the volume-based dimension. Third, we analyze the meaning of the dimensions sequence, which characterizes the level of departure from the comparison benchmark based on the randomized time series. Finally, we use real stock market data from three countries for empirical analysis. In some cases, our proposed analysis method can more accurately capture the structural differences of networks than the power law index commonly used in previous studies.
Schulte, Mathis; Ostroff, Cheri; Shmulyian, Svetlana; Kinicki, Angelo
Research on organizational climate has tended to focus on independent dimensions of climate rather than studying the total social context as configurations of multiple climate dimensions. The authors examined relationships between configurations of unit-level climate dimensions and organizational outcomes. Three profile characteristics represented climate configurations: (1) elevation, or the mean score across climate dimensions; (2) variability, or the extent to which scores across dimensions vary; and (3) shape, or the pattern of the dimensions. Across 2 studies (1,120 employees in 120 bank branches and 4,317 employees in 86 food distribution stores), results indicated that elevation was related to collective employee attitudes and service perceptions, while shape was related to customer satisfaction and financial performance. With respect to profile variability, results were mixed. The discussion focuses on future directions for taking a configural approach to organizational climate. (c) 2009 APA, all rights reserved.
Full Text Available The empirical study over the period 1978-2011 found that the relationship between real per capita GDP and financial interrelation ratio structurally broke since 2004. From 1978 to 2003, economic growth and financial development had a long-term co-integration, and it showed one-way supply relationship according to the Granger causality test, which means the economic growth have a slowly leading function to the development of finance. From 2004 to 2011, the correlation between them became weaker and had no Granger causality, but there had a long-term co-integration and mutual causality relationship existed between loan and GDP during the whole period. From it we can see loan could boost output more persistently. Therefore, the enhanced economic power of Jiangxi province could promote further development of regional financial service industries, and we would propose some related policy suggestions in this paper.
Yoshino, Koichi; Suzuki, Seitaro; Ishizuka, Yoichi; Takayanagi, Atsushi; Sugihara, Naoki; Kamijyo, Hideyuki
Continuous or frequent overtime work has been shown to have harmful effects on human health. Meanwhile, one of the main reasons for tooth loss is caries. The aim of this study was to assess the relationship between overtime work and untreated decayed teeth in male financial workers. The participants were recruited by applying screening procedures to a pool of Japanese registrants in an online database. Participants filled out a questionnaire about their oral health, behavior, and working conditions. Participants comprised a total of 951 financial male workers, aged 25-64 years. The likelihood of tooth decay increased with amount of overtime work (p=0.002). After adjusting for age, income, educational background, oral hygiene behavior, snacking behavior, regular dental visitation, bad interpersonal relationships at work, and smoking habit, a multiple logistic regression analysis found that participants with 45-80 h of overtime work (odds ratio [OR], 2.56; 95% confidence interval [CI], 1.23-5.33) or over 80 h of overtime work (OR, 3.01; 95% CI, 1.13-7.97) were more likely to have untreated tooth decay. The percentage of participants who gave "too busy with work" as the reason for leaving decayed teeth untreated increased with amount of overtime (p<0.001). These results indicate that overtime work is strongly related to untreated decayed teeth. In addition to oral health education and dental checkups, decreasing stress and decreasing the amount of overtime work may also have a positive effect on oral health in the workplace.
Bacikova-Sleskova, Maria; Benka, Jozef; Orosova, Olga
The paper deals with parental employment status and its relationship to adolescents' self-reported health. It studies the role of the financial situation, parent-adolescent relationship and adolescent resilience in the relationship between parental employment status and adolescents' self-rated health, vitality and mental health. Multiple regression analyses were used to analyse questionnaire data obtained from 2799 adolescents (mean age 14.3) in 2006. The results show a negative association of the father's, but not mother's unemployment or non-employment with adolescents' health. Regression analyses showed that neither financial strain nor a poor parent-adolescent relationship or a low score in resilience accounted for the relationship between the father's unemployment or non-employment and poorer adolescent health. Furthermore, resilience did not work as a buffer against the negative impact of fathers' unemployment on adolescents' health.
Dal Maso, Lorenzo; Mazzi, Francesco; Soscia, Manuel; Terzani, Simone
This study contributes to the debate about the moderating factors that affect the relationship between environmental and financial performance. Combining stakeholder theory, stakeholder salience, and legitimacy theory, and based on a large international sample, we demonstrate that stakeholder prioritization and engagement jointly positively moderate the relationship between environmental and financial performance. However, this moderating effect is only found when both formal and informal societal characteristics are strong and support the business environment surrounding the firm and its stakeholders. Contributions and implications for managers and regulators are discussed. Copyright © 2018 Elsevier Ltd. All rights reserved.
Full Text Available This research study examines the importance of financial information and information contained in the ISA’s New Audit Report effective from 2016 for lenders as capital providers. We base our findings on a survey conducted in September of 2016 with corporate loan officers for medium-large corporate clients in Macedonia. The results show that the annual report of the company, except for the management report and notes to the financial statements, has consistently high importance and usability for respondents’ decision making. Various accounting ratios related to liquidity, financial stability and profitability of the company are considered very important and regularly used in credit analysis. However, respondents were not consistent in their shared perceptions regarding high importance of projected profits and historical information on operating cash flows. All loan officers gave high importance to the information found in existent auditor’s report format regardless of the form of expressed opinion. Also, information on key audit matters, additional information on going concern and related auditor’s judgement, procedures related to fraud risk were considered of high importance. Lenders rated as less important the disclosure of the name of engagement partner, auditor’s statement on independence and compliance with ethical requirements and the level of materiality used in the audit.
Campsall, Paul; Colizza, Kate; Straus, Sharon; Stelfox, Henry T
Financial relationships between organizations that produce clinical practice guidelines and biomedical companies are vulnerable to conflicts of interest. We sought to determine whether organizations that produce clinical practice guidelines have financial relationships with biomedical companies and whether there are associations between organizations' conflict of interest policies and recommendations and disclosures provided in guidelines. We conducted a cross-sectional survey and review of websites of 95 national/international medical organizations that produced 290 clinical practice guidelines published on the National Guideline Clearinghouse website from January 1 to December 31, 2012. Survey responses were available for 68% (65/95) of organizations (167/290 guidelines, 58%), and websites were reviewed for 100% (95/95) of organizations (290/290 guidelines, 100%). In all, 63% (60/95) of organizations producing clinical practice guidelines reported receiving funds from a biomedical company; 80% (76/95) of organizations reported having a policy for managing conflicts of interest. Disclosure statements (disclosing presence or absence of financial relationships with biomedical companies) were available in 65% (188/290) of clinical practice guidelines for direct funding sources to produce the guideline, 51% (147/290) for financial relationships of the guideline committee members, and 1% (4/290) for financial relationships of the organizations producing the guidelines. Among all guidelines, 6% (18/290) disclosed direct funding by biomedical companies, 40% (117/290) disclosed financial relationships between committee members and biomedical companies (38% of guideline committee members, 773/2,043), and 1% (4/290) disclosed financial relationships between the organizations producing the guidelines and biomedical companies. In the survey responses, 60 organizations reported the procedures that they included in their conflict of interest policies (158 guidelines
Rudolf M. Oosthuizen
Research purpose: The objective of the study was to investigate the relationship between employees’ career anchors and their psychosocial employability attributes as important career meta-capacities in contemporary career development. The study also investigated whether individuals from different age and race groups differed significantly regarding these career meta-capacities. Motivation for the study: Career management has become essential in the contemporary workplace for employees to sustain their employability. Research points to the importance of psychosocial career meta-capacities in helping employees to manage their career development and employability. Research design, approach and method: A cross-sectional quantitative survey using primary data was conducted on a non-probability purposive sample (N = 108 of full-time employees (67% women; 78% 26–45 years old; 78% black employees at a South African financial company. Correlations and Scheffé’s post-hoc test were performed to achieve the research objectives. Main findings: Significant positive relationships were observed between the participants’ career anchors and their psychosocial employability attributes. Age and race groups differed significantly only in terms of their career anchors. Practical/managerial implications: Career management practices in the organisation should accommodate the differences in career orientations and how these relate to the psychosocial employability attributes of their employees. Contribution: The findings add potentially important insights that may inform human resource practices aimed at enhancing the career development and employability of employees and addressing the career needs of different age and race groups.
Martínez Vidal, Jose L; Egea González, Francisco J; Garrido Frenich, Antonia; Martínez Galera, María; Aguilera, Pedro A; López Carrique, Enrique
Principal component analysis (PCA) was applied to the gas chromatographic data obtained from 23 different greenhouse trials. This was used to establish which factors, including application technique (very small, small, medium and large drop-size), crop characteristics (short/tall, thin/dense) and pattern application of the operator (walking towards or away from the treated area) are relevant to the dermal exposure levels of greenhouse applicators. The results showed that the highest exposure by pesticides during field applications in greenhouses, in the climatic conditions and in the crop conditions typical of a southern European country, occurs on the lower legs and front thighs of the applicators. Similar results were obtained by hierarchical cluster analysis (HCA). Drop-size seems to be very important in determining total exposure, while height and density of crops have little influence on total exposure under the conditions of the present study. No pesticide type is a major factor in total exposure. The application of multiple regression analysis (MRA) allowed assessment of the relationships between the pesticide exposure of the less affected parts of the body with the most affected parts.
Lucato, Wagner Cezar; Costa, Elpidio Moreira; de Oliveira Neto, Geraldo Cardoso
Currently, the concern with the environment is increasing and organizations seek solutions to preserve nature and at the same time earn higher profits or competitiveness. For this, they make frequent use of structured procedures in order to reduce their costs and expenses. However, it has not been always considered the environmental performance related to the financial performance of these processes. Therefore, this study aimed to investigate the relationship between environmental performance measured by eco-efficiency level with the financial performance of small and medium textile manufacturing companies. This study was done through a survey conducted in the interest of research companies in the state of Paraná in Brazil, where financial and environmental performance indicators were measured. The data analysis and validation of the hypotheses proposed, to some extent showed a surprising result because the larger the size of the company, the worst its environmental performance measured by their eco-efficiency level. On the other hand, it was not possible to identify a statistically significant relationship between environmental and financial performances of the companies surveyed. Therefore, it is concluded that this study is in line with those authors who claim not to be possible to establish a direct relationship between environmental and financial performances of companies, in opposition of another group of authors who claim contrariwise. Copyright © 2017 Elsevier Ltd. All rights reserved.
Full Text Available Purpose: This study was motivated by the need to better understand the effects of the global financial crisis in 2008 on the relationship between company financial performance and CEO guaranteed cost to company (CTC. The aim of this study was to understand the relationship between company financial performance using DuPont analysis and CEO guaranteed CTC in the South African retail and consumer goods sector. Design: The research was a quantitative, archival study of companies listed on the Johannesburg Stock Exchange (JSE, measured over a period of six years (2006–2011. The statistical analysis included regression and correlation analysis. Findings: The research found that CEO guaranteed CTC has shown no sensitivity towards company financial performance in terms of DuPont analysis over the six-year period, which included the global financial crises in 2008. Furthermore, a negative relationship existed between the return on equity and the guaranteed CTC of CEOs in the retail and consumer goods sector during this period. Practical implications: The findings suggest that there is misalignment between company strategy and performance and the guaranteed CTC of CEOs. A practical implication would be to have independent and competent remuneration committees ensuring alignment of the interests of a company with those of its leaders in this regard.
İsmail Erkan Çelik
Full Text Available Many reasons lie at the base of all financial crises from the past to the present. If we take into consideration the 2008 subprime mortgage crisis, the only reason cannot be mortgage loans. But the mortgage issue continued to advance and created several other problems. Definitely, the source of mortgage loans problem also had many roots. One of the reasons was the lack of correct use of accounting principles and auditing. This is a strong proof and indicator that, there are many accounting based reasons behind the occurrence of the financial crises. Many examples can be given showing moving away from the basic principles of accounting rules and the general accounting concepts. Moreover, institutions being not fully independent, running creative accounting practices, having problems with fair valuation and transparency issues, presenting unreal financial reports, and sharing misleading audit reports are all related to financial crises.Furthermore, specific businesses and people abuse accounting rules, standards and related legislation for the sake of their own interests. Accounting and finance history has shown us that, even audit institutions, credit institutions and rating agencies are getting unfair advantages and generating unethical cash by making intentional accounting and finance errors, which is actually categorized as fraud.The aim of this study is to analyze financial crises and to determine if accounting practices have any relationship with financial crises. The research investigated an oil company’s financial and operational indicators before and after the 2008 financial crises with related tables and figures. Also, an interview was run with the company’s accounting officer. Based on the statements of firm’s accounting officer, correct accounting practices defended firm from several negative effects of the 2008 financial crisis.
Bhargavan, Mythreyi; Sunshine, Jonathan H; Hughes, Danny R
Several limitations and deficiencies have been identified in existing studies of physician financial interest in imaging that show financial interest is associated with more imaging. We conducted extensive quantitative analysis of seven deficiencies that have been identified. Using Symmetry's Episode Grouper, we created episodes of care from all the 2004-2007 health care claims for a random 5% sample of Medicare fee-for-service beneficiaries. We compared utilization of imaging in nonhospital episodes having a nonradiologist physician who had a financial interest in imaging with utilization in episodes with no such physician. We studied 23 combinations of medical conditions with imaging modalities commonly used for these conditions. Across four different definitions of financial interest and the 23 combinations, the relative probability (risk ratio) of imaging was uniformly higher for episodes of physicians with a financial interest, predominantly at p financial interest used or the definition of the physician deemed responsible for the imaging. Controlling for patient characteristics, illness severity, and physician specialty likewise had little effect. Physicians who had acquired a financial interest averaged a 49% increase in the odds of imaging relative to physicians who had not. Physicians with a financial interest in an imaging modality used other modalities more than did physicians without a financial interest in the index modality. The Deficit Reduction Act's 2007 payment reductions had little effect. A financial interest in imaging is associated with higher utilization, probably causally. Limiting nonradiologists' financial interest in imaging may be desirable.
Haleem, Fazli; Farooq, Sami; Boer, Harry
Studies based on the role of context and stakeholder pressures on the relationship between CSR practices and financial performance are few and inconclusive. Aimed at contributing to filling this gap, the paper is based on data collected in 2013 from the sixth round of the International Manufactur...
This study explores the relationship between state financial aid policies and postsecondary enrollment for high school graduates (or equivalent diploma holders). Utilizing an event history modeling for a nationally representative sample from the National Education Longitudinal Study (NELS:88/2000) in addition to state-level policy variables, this…
This investigation examined the relationship between organizationally based financial incentives and a focus on profit vs. prosociality during decision making. Participants were 84 managers from a Fortune 200 corporation. Managers read a vignette containing a dilemma and freely generated issues that
Full Text Available The aim of the paper is to evaluate the influence of the financial crisis and corruption on the corporate social behaviour of Romanian organisations. Starting from the reference literature on financial crisis, corruption and corporate social responsibility, this article is an investigation of the impact that financial crisis and corruption characteristics have on the corporate social responsibility of the organisations. Our research underpins quantitative and qualitative methodology based on the outcomes of the HeRmeS international project.
Adriana SCHIOPOIU BURLEA; Carmen RADU; Liviu CRACIUN; Costel IONASCU; Marius MITRACHE; Radu LOLESCU
The aim of the paper is to evaluate the influence of the financial crisis and corruption on the corporate social behaviour of Romanian organisations. Starting from the reference literature on financial crisis, corruption and corporate social responsibility, this article is an investigation of the impact that financial crisis and corruption characteristics have on the corporate social responsibility of the organisations. Our research underpins quantitative and qualitative methodology based on ...
Mirela Elena Nichita; Marcel VULPOI
The purpose of financial reports is to provide useful information to users; the utility of information is defined through the qualitative characteristics (fundamental and enhancing). The financial crisis emphasized the limits of financial reporting, which has been unable to prevent investors about the risks they were facing. Due to the current changes in business environment, managers been highly motivated to rethink and improve the risk governance philosophy, processes and methodologies. The...
Elofsson, Mattias; Salén, Caroline
Relationship marketing is today becoming a more important element for the financial service providers, since competition within the market is increasing due to regulations and globalisation. Due to the fact that competition is increasing customer retention is becoming more and more important for the financial service providers. In order for the financial service providers to keep the customers there has to be a certain degree of trust between the actors in the relationship. The purpose with ...
Seyed Mohamad Fahimi
Full Text Available Intellectual capital has an important role in this knowledge based economy era. The purpose of this study is to examine the mediating effect of financial performance on the relationship between intellectual capital and market share in the listed Companies in the Tehran Stock Exchange in this study to assess the intellectual capital, the rate of value-added intellectual capital that developed by Pulic (1998 is used. The sample included 99 companies listed in the Tehran Stock Exchange, for a period of five years from 2011 to 2015. The research findings show a significant positive relationship between intellectual capital and market share. Also the results show that there is no mediating effect of financial performance in the relationship between intellectual capital and market share
LILIANA NICOLETA SIMIONESCU
Full Text Available Many scholars, academicians and practitioners have intensively examined corporate social responsibility (CSR and corporate financial performance (CFP in the literature on CSR along the years. Mainstream of these studies suggested a positive relationship or negative, neutral as few others found and/or curvilinear relationships. Hence, this paper develops an understanding for a mediator instrument as regards the relationship between corporate social responsibility and corporate financial performance. The present paper proposes to provide a theoretical framework, which explains how and why, companies through their socially responsible activities leads to a certain company performance by promoting a potential mediator respectively stakeholder ability to influence (SIC. Companies with socially responsible activities accumulate satisfactory SAI stock enjoying an enhanced financial performance. As more the companies invest in CSR activities, the greater SAI stock became. Based on the literature reviewed, the present paper enriches the literature on CSR by proposing three variables that can be used to employ the framework at a company level. The variables are corporate social responsibility (CSR, stakeholder ability to influence (SAI and corporate financial performance (CFP.
Full Text Available The purpose of the paper is to investigate role of the financial performance, ownership structure and number of syari'a supervisory board of Islamic banks in Indonesia on the sustainability of corporate social responsibilities (CSR disclosure. Ownership structure and number of syari'a supervisory board of Islamic banks as proxy of implementation good corporate governance (GCG. There are seven (7 fully fledge Islamic banks in Indonesia. This study uses logic regression to test empirically whether the CSR is highly influenced by the factors identified earlier. Evidence was found that size, ROA and leverage do not have significant role in corporate social responsibilities (CSR disclosure. Specifically, the results infer the fact that the CSR disclosures are significant and positively associated to bank size and ownership structure only. The result of the study has confirms the hypothesis that bank size and ROA has positive associated with CSR disclosure. This suggested that large and profitable banks have more resources to devote to social activities. Leverage negatively influences the disclosure of CSR. Thus, lowly leveraged banks will tend to make larger donations than highly leveraged banks. Ownership structure and number of syari'a supervisory board of Islamic banks have positive associated to CSR disclosure. These results also confirm the predictions that good corporate governance mechanism lead to the greater monitoring and thereby greater CSR disclosure.
Social epidemiologists are interested in determining the causal relationship between income and health. Natural experiments in which individuals or groups receive income randomly or quasi-randomly from financial credits (e.g., tax credits or cash transfers) are increasingly being analyzed using instrumental variable analysis. For example, in this issue of the Journal, Hamad and Rehkopf (Am J Epidemiol. 2016;183(9):775-784) used an in-work tax credit called the Earned Income Tax Credit as an instrument to estimate the association between income and child development. However, under certain conditions, the use of financial credits as instruments could violate 2 key instrumental variable analytic assumptions. First, some financial credits may directly influence health, for example, through increasing a psychological sense of welfare security. Second, financial credits and health may have several unmeasured common causes, such as politics, other social policies, and the motivation to maximize the credit. If epidemiologists pursue such instrumental variable analyses, using the amount of an unconditional, universal credit that an individual or group has received as the instrument may produce the most conceptually convincing and generalizable evidence. However, other natural income experiments (e.g., lottery winnings) and other methods that allow better adjustment for confounding might be more promising approaches for estimating the causal relationship between income and health. © The Author 2016. Published by Oxford University Press on behalf of the Johns Hopkins Bloomberg School of Public Health. All rights reserved. For permissions, please e-mail: firstname.lastname@example.org.
.... This relationship has been critical during the period of cold war politics from 1948-1989. However, since the breakup of the Soviet Union, this relationship has been the basis for much of the intensified hatred aimed at the U.S...
Mark H.R. Bussin
Full Text Available Background: Optimal contracting continues to dominate boardroom and dinner discussions worldwide in light of the 2008 global financial crisis and especially in South Africa, due to the growing income gap. Increased scrutiny is being placed on South African state-owned entities (SOEs, as a result of the seemingly poor performance of SOEs. Some of the SOEs are reported to have received financial bailouts from taxpayers’ money, while executives are raking in millions of rands in remuneration, provoking some concerns on the alignment of executive pay to company performance in SOEs. Aim: The study will assist remuneration committees and policymakers in the structuring of executive pay in SOEs to ensure alignment to company performance. Setting: The study sought to assess, based on empirical evidence, if there is a positive relationship between Chief Executive Officer (CEO and Chief Financial Officer (CFO remuneration and company performance in South African SOEs in the period between 2010 and 2014. All 21 Schedule 2 SOEs were included in the study. Methods: The research was a quantitative archival research methodology. Correlation and multiple regression analysis were the main statistical techniques used in this study. Results: Contrary to popular media, a positive relationship between CEO and CFO remuneration (fixed pay and short-term incentives and company performance in SOEs was observed. Company size appears to be the key determiner of fixed pay in SOEs. The positive relationship was mainly noted on absolute profitability measurements like EBITDA (earnings before interest and tax and depreciation and amortisation and net profit. Conclusion: SOE remuneration committees and policymakers should maintain the positive relationship; however, more emphasis should be placed on financial efficiency measurements so as to enhance efficiencies in SOEs.
Full Text Available This paper investigates the link between long-run corporate financial performance, corporate social responsibility, and customer satisfaction. Using annual financial data, customer satisfaction index, and the Dow Jones Sustainability Index, the paper seeks to establish whether it pays organizations to use ethical methods in striving to be sustainable. Data used for this research cover the period 2001 to 2008. We used dynamic panel data linear regression models to analyze the effect of customer satisfaction and social responsibility on short-run and long-run financial performance. It was found that it may benefit organizations to use ethical methods in pursuing sustainability. since organizations who invest time, money, and effort in corporate social responsibility activities, their good reputations and satisfied customers yield long-term cash flow growth. Keywords: corporate customer satisfaction, Corporate Social Responsibility, corporate financial performance DisciplinesL business studies, international studies, ethics, finance studies
Full Text Available The purpose of this paper is to provide an in-depth description of the inter-relationship between firm size, growth, and profitability of non-financial companies listed at Karachi stock exchange. The study is based on the sample of 70 (seventy non-financial companies listed at Karachi Stock Exchange of Pakistan, selected on the basis of their market capitalization. Panel data techniques were employed using 700 observations of each of the variables of study; size(log natural of total assets, growth (sustainable growth rate for firm and profitability (return on assets. Observations are collected for ten years (2001-2010. The study concluded thatthere is study reveals that all the profitability has strong positive relationship with the growth of the firm; however size has less significant and negative impact on the profitability. Onesuggestion for further research would be to replicate the study in order to get more cases. Furthermore, it would be valuable to take a more long-term focus to examine the described relationships in the long run. The paper highlights the importance of these measures which are generally used for performance evaluation. Paper sets out the criteria that under which situations the company should focus which of the measure, so that company may derive its strategies on that way. This paper improves our preferences about the three major measures of the firm. Moreover, it contributes to the literature of financial management that how these three measures have trade-off between them.
This study aims to identify the impact of Good Corporate Governance, represented by institutional ownership and managerial ownership, on Corporate Social Responsibility and Corporate Financial Performance.It examines 126 manufacturing companies listed at the Indonesian Stock Exchange (IDX) and have issued audited financial statements for 2006. The statistical method used to test the hypothesis is Path Analysis. The main results suggest that Good Corporate Governance has effects on both Corpor...
Molinari, C; Morlock, L; Alexander, J; Lyles, C A
This study examined whether hospital governing boards that invest in board education and training are more informed and effective decision-making bodies. Measures of hospital financial viability (i.e., selected financial ratios and outcomes) are used as indicators of hospital board effectiveness. Board participation in educational programs was significantly associated with improved profitability, liquidity, and occupancy levels, suggesting that investment in the education of directors is likely to enhance hospital viability and thus increase board effectiveness.
Rose, Susannah L; Krzyzanowska, Monika K; Joffe, Steven
PURPOSE To test the hypothesis that authors who play key scientific roles in oncology clinical trials, and who therefore have increased influence over the design, analysis, interpretation or reporting of trials, are more likely than those who do not play such roles to have financial ties to industry. METHODS Data were abstracted from all trials (n = 235) of drugs or biologic agents published in the Journal of Clinical Oncology between January 1, 2006 and June 30, 2007. Article-level data included sponsorship, age group (adult v pediatric), phase, single versus multicenter, country (United States v other), and number of authors. Author-level data (n = 2,927) included financial ties (eg, employment, consulting) and performance of key scientific roles (ie, conception/design, analysis/interpretation, or manuscript writing). Associations between performance of key roles and financial ties, adjusting for article-level covariates, were examined using generalized linear mixed models. Results One thousand eight hundred eighty-one authors (64%) reported performing at least one key role, and 842 authors (29%) reported at least one financial tie. Authors who reported performing a key role were more likely than other authors to report financial ties to industry (adjusted odds ratio [OR], 4.3; 99% CI, 3.0 to 6.0; P analysis, and interpretation, or reporting of oncology clinical trials are more likely than authors who do not perform such roles to have financial ties to industry.
Jézabel Couppey-Soubeyran; Jérôme Héricourt
Using a database of more than 1,300 firms from six countries in the MENA region, we study the impact of financial development on the relationship between trade credit on the one hand and bank credit access and firm-level characteristics, especially financial health, on the other hand. Trade credit use increases with the difficulty for gaining access to bank credit, and indicators of the quality of the firm's financial structure negatively influence the use of trade credit. Additional investig...
Full Text Available One of the most important issues on revenue management in banking industries is the assignment of loan to customers. In fact, a big portion of banks' revenue is from loan assignment and choosing appropriate customers for loan assignment not only reduces the financial risk but also it can increase the revenue. In this study, we perform an empirical study to find out whether customers' financial statements could provide enough information about customers for loan assignment. The other objective of this study is to find out whether banks' officials could understand about the details of customers' financial statements. Finally, we want to find out whether there is any relationship between unpaid loans and customers' credit rating. The present study is executed on an Iranian bank by distributing a questionnaire analyzing the results. The results indicate that there are some strong evidence that financial statement could help bank official determine customers' credit rating. The survey also concludes that highly education and experienced employees are the best people for devoting best credit rating for customers.
Onyehalu, Anthony S.
Contends that the apparent psychosocial inadequacies of contemporary adolescents stem from the widespread adult attitude of relegating them to the status of minors. Recommends that the dynamic principles of adult-adolescent relationships as well as child-rearing techniques in general, draw heavily from the provisions of Maslovian psychology. (JAC)
Geyskens, I.; Steenkamp, J.E.B.M.
We demonstrate the critical need to recognize the presence of two different types of satisfaction for effective channel governance—economic satisfaction, that is, a channel member’s evaluation of the economic outcomes that flow from the relationship with its partner, and social satisfaction, a
Frasquilho, Diana; de Matos, Margarida Gaspar; Marques, Adilson; Neville, Fergus G; Gaspar, Tânia; Caldas-de-Almeida, J M
We investigated, in a sample of 112 unemployed parents of adolescents aged 10-19 years, the links between parental distress and change in youth emotional problems related to parental unemployment, and the moderation roles of parent-youth relationship and financial deprivation. Data were analyzed using descriptive statistics and correlations. Further, simple moderation, additive moderation, and moderated moderation models of regression were performed to analyze the effects of parental distress, parent-youth relationship and financial deprivation in predicting change in youth emotional problems related to parental unemployment. Results show that parental distress moderated by parent-youth relationship predicted levels of change in youth emotional problems related to parental unemployment. This study provides evidence that during job loss, parental distress is linked to youth emotional well-being and that parent-youth relationships play an important moderation role. This raises the importance of further researching parental distress impacts on youth well-being, especially during periods of high unemployment rates.
Madden, Anne A; Epps, Mary Jane; Fukami, Tadashi; Irwin, Rebecca E; Sheppard, John; Sorger, D Magdalena; Dunn, Robert R
Many species of yeast are integral to human society. They produce many of our foods, beverages and industrial chemicals, challenge us as pathogens, and provide models for the study of our own biology. However, few species are regularly studied and much of their ecology remains unclear, hindering the development of knowledge that is needed to improve the relationships between humans and yeasts. There is increasing evidence that insects are an essential component of ascomycetous yeast ecology. We propose a 'dispersal-encounter hypothesis' whereby yeasts are dispersed by insects between ephemeral, spatially disparate sugar resources, and insects, in turn, obtain the benefits of an honest signal from yeasts for the sugar resources. We review the relationship between yeasts and insects through three main examples: social wasps, social bees and beetles, with some additional examples from fruit flies. Ultimately, we suggest that over the next decades, consideration of these ecological and evolutionary relationships between insects and yeasts will allow prediction of where new yeast diversity is most likely to be discovered, particularly yeasts with traits of interest to human industry. © 2018 The Author(s).
A. Vlam (Anita)
textabstractCustomer First is an important issue of the recently introduced banking code in the Netherlands. It mainly concerns customer satisfaction and it is aimed at regaining trust of customers. Interestingly, the code does not address the urgency of improving customers’ financial literacy and
Solis, Oscar; Ferguson, Ralph
The cost of higher education at both public and private institutions is increasing and adversely affecting college students (College Board, 2009; Idemudia & Ferguson, 2014a, 2014b, 2015a, 2015b). Utilizing an institutional dataset called Financial Survey of Students 2006 compiled at one of the largest public universities in the southwestern…
Full Text Available This research aims to determine the effect of using instagram social media and hedonic shopping motives to impulse buying media and to know whether financial literacy is able to moderate the influence of instagram social media use and hedonic shopping motives to impulse buying. This type of research is quantitative research. The population of this research was students of Accounting Economics Education Study Program of Economics Faculty of Universitas Negeri Semarang (UNNES. The research sample was 110 students of class of 2013 which chosen by using purposive sampling technique. The data was analyzed by using descriptive statistic, simple regression analysis, and interaction test (moderation. The result of the research shows that instagram social media usage and hedonic shopping motives have positive and significant effect to students’ impulse buying. The result of regression analysis shows that financial literacy has negative and significant effect on impulse buying. Thus, financial literacy can moderate the influence of instagram social media usage to impulse buying. However, the other regressive result indicates that financial literacy is not able to moderate the influence of hedonic shopping motives on impulse buying.
Institutions have increased the practice of tuition discounting, that is, the strategic use of price discrimination. During the past 30 years, both the average percent discount given to students and the proportion of students receiving tuition breaks have increased. As this practice has increased, there are financial determinants and implications…
Enrica Detragiache; Asli Demirgüç-Kunt
The authors study the empirical relationship between banking crises and financial liberalization using a panel of data for 53 countries for 1980-95. They find that banking crises are more likely to occur in liberalized financial systems. But financial liberalization's impact on a fragile banking sector is weaker where the institutional environment is strong--especially where there is respect for the rule of law, a low level of corruption, and good contract enforcement. They examine evidence o...
Full Text Available Strategic human resource management takes attention even corporate organizations hardly in the emerging economies like Turkey. In this study in terms of hotel enterprises, we evaluate the strategic human resource practices and the relationship between non-financial performances. We collect the data through 209 mid- level and senior managers of hotels which selected as sample of this study. In the analysis of the study data was analyzed with descriptive techniques and hypotheses of the research were tested by using multiple regression analysis. With this study, it is understood that organization performance is positively effected by strategic human resources practices (r=0,447.
Asri Triwidisari; Ahmad Nurkhin; Muhsin Muhsin
This research aims to determine the effect of using instagram social media and hedonic shopping motives to impulse buying media and to know whether financial literacy is able to moderate the influence of instagram social media use and hedonic shopping motives to impulse buying. This type of research is quantitative research. The population of this research was students of Accounting Economics Education Study Program of Economics Faculty of Universitas Negeri Semarang (UNNES). The research sam...
Valentina Lo Mauro
Full Text Available The present contribution - starting from the experience of the EATGA Workshop 2011 that took place in Palermo and that had as its theme “Intersubjective bonds in the globalized economy” - invites to reflect on the quality of the life of relationship and intersubjective connectedness in social contemporary world. One of the characterizing cultural phenomena influencing contemporary reality is made up by the dominant and pervasive presence of logic and language of financial markets in policies and activities that organize and articulate daily life. Theoretical hypothesis driving our research is that the structures of subjectivity, the meaning and the way of being in a relationship are characteristics (cultural themes that emerge within a defined cultural and historical system. In such a theoretical perspective, cultural themes are incorporated or interiorized by men belonging a shared cultural system and so became elements of the shared subjectivity and of the meanings given to intersubjective exchanges and bonds. From the workshop experience some meanings emerge concerning the role of economical-financial system in promoting codes and symbols that define the shape and the sense of relationship. The cultural codes of the market have gone out from the economic circle in which they were born and they are offered as organizers of affections and relationships. This is an evidence for the critical actual historical moment, in which the values and the cultural codes organized on the trust, on the reciprocity, on the common share and participation seems to be interdicted.Keywords: Transcultural Group-Analysis, Intersubjective Relationship, Cultural Models of the Exchange
Full Text Available Separation of property is defined as a principle of matrimonial regime such as, «Alimony» (Nafaqe, «Seal» (Mahriyeh and «Quantum Meruit» (Ojrat al-Mesl, in Iranian family law. Matrimonial regime in family law is- beside some other especial factors- mainly dependent on the "separation of property regime". But the result of this regime is not perfect. It seems that these factors are unable to create financial equality between spouses which is the main character of modern family law. In order to improve the financial structure of families and accommodate it with modern family requirements, we should redefine matrimonial regimes, for that to be able to create economic equality between spouses. There fore, it is recommended that the legislature, inspired by experiences of other legal systems, starts to modify the regime of separation and prepare the choice of “community of property” between spouses besides the currently existing financial regime.
Full Text Available Orientation: The relationship between Chief Executive Officer (CEO remuneration and organisation performance has been a topic of close scrutiny, especially since the global financial crisis. Optimal contracting relies on the premise that effective incentives will link organisation financial performance and CEO remuneration in ways that will be in the best interests of both shareholders and CEOs. Research purpose: The purpose of this research study was to investigate the relationship between CEO remuneration and organisation performance in South Africa between 2006 and 2012 and to determine whether the two constructs were positively correlated.Motivation for the study: The study provides an evidenced-based understanding of the nature of the CEO pay-performance relationship in South Africa. Understanding this relationship is critical to finding a suitable model to structure executive remuneration that will protect shareholders from over-remunerating executives in times of economic appreciation, whilst protecting executives from being underpaid in times of economic depreciation. Method: The financial results and CEO remuneration of 21 of the top 40 listed companies on the Johannesburg Stock Exchange were analysed for the period 2006–2012. The research was a quantitative, archival study. The primary statistical techniques used in the study were correlation analysis and multiple regression analysis. Main findings: The primary finding of the current research indicates that between 2006 and 2012 organisation executives have noticeably been moving away from focusing on short-termincentives, which are categorised as performance-related elements of remuneration packages.Based on these findings, it is evident that the relationship between executive remuneration and organisational financial performance has been experiencing a decline, especially since the 2008 global financial crisis. The decline has predominantly been due to a move away from performance
Wakhid Slamet Ciptono
Full Text Available This study investigates the moderating impacts of the three levels of management commitment (top, middle, and low levels on the structural relationships among the constructs— six critical success factors of TQM (quality improvement program, supervisory leadership, supplier involvement, management commitment, training to improve products/services, cross-functional relationships; world-class performance in operations (world-class company practices, operational excellence practices, company non-financial performance; and company financial performance. It uses a sample of 1,332 managers in 140 strategic business units (SBUs within 49 oil and gas companies in Indonesia. The empirical results indicate that the goodness-of-fit of the unconstrained model is much better than that of the constrained model, and this is an indicative that the three level of management moderates the structural relationships among the constructs. Those are, three levels of management act as a moderator variable between critical success factors of TQM, world-class company practices, operational excellence practices, company non-financial performance, and company financial performance. Results further reveal that world-class performances in operations (world-class company practices, operational excellence practices, and company non-financial performance were positively mediated the impact of critical success factors of TQM on company financial performance. Results also point out that five of six critical success factors of TQM positively associated with world-class company practices and operational excellence practices under the three levels of management (top, middle, low. World-class company practices and operational excellence practices have direct and significant effects on company non-financial performance (productivity, operational reliability. Furthermore, empirical results suggest that there is a positive and significant relationship between company non-financial
Piumatti, Giovanni; Mosso, Cristina
The current study explored how individual differences in endorsement of aggressive behaviors and thoughts relate to individual levels of tolerance and prejudice toward immigrants and established prejudice correlates such as social dominance orientation (SDO) and ethnic out-groups ratings among adolescents. Participants (N = 141; Age M = 16.08, 68% girls) completed the Readiness for Interpersonal Aggression Inventory, the Tolerance and Prejudice Questionnaire, and measures of SDO and ethnic out-groups ratings. Results indicated that higher individual endorsement of aggression was related to higher prejudice and SDO and lower tolerance and ethnic out-groups ratings. Patterns of endorsement of aggression related to habitual and socially determined aggressive acts or stable needs to hurt others as a source of satisfaction were significantly correlated with prejudice. Conversely, the relationship between prejudice and endorsement of impulsive actions lacking of emotional control resulted was less marked. The results highlight how in the cognitive spectrum of prejudice, individual levels of endorsement of aggression may play a significant triggering role during adolescence. These findings may have implications for future studies and interventions aimed at reducing prejudice already in young ages. PMID:28344674
Paul Munene Muiruri
Full Text Available Securitization is a process in which commercial banks can raise low-cost financing by assigning asset risks to investors’ appetite for risk. This has been one of the most dominant and fastest growing means of capital creation in the United States and the world over. After introduction of securitization, the banking industry in Kenya has recovered from a long period of poor performance. The aim of this study is to aim of study was to tests for the moderating effects of bank ownership on relationship between securitization uptake and financial performance of forty three commercial banks in Kenya, over a five-year period from 2009 to 2013. The researchers dominantly relied on secondary data from most recent annual published financial statements and banks supervision records at the Central Bank of Kenya. The data was complimented by use unstructured personal interview from 172 banks key officials; the mortgage, credit, risk and compliance and debt recovery who were identified by simple random sampling from each of 43 banks. The data were cross validated with information from secondary sources; five years annual published financial statements and bank supervision records at the Central Bank of Kenya so as to avoid premature conclusions. In line with the previous studies, the results indicate that the banks’ financial performance had been almost progressing over the operational periods considered for the study. The commendable performance in profitability of the banks was attributable to securitization uptake among banks. The study recommends banks to use securitization in ensuring they have adequate capital and bank managers to be allowed to invest their liquid assets so that can generate more income to boost their performance.
Takahashi, Kayoko; Kamide, Naoto; Suzuki, Makoto; Fukuda, Michinari
[Purpose] Maintaining high quality of life is crucial for the rehabilitation of patients with Parkinson's disease. The quality of life scales currently in use do not assess all quality of life domains or their importance for each individual. Therefore, a new quality of life measure, the Schedule for the Evaluation of Individual Quality of Life-Direct Weighting, was used to investigate quality of life in people with Parkinson's disease. [Subjects and Methods] Fifteen people with idiopathic Parkinson's disaese (average age = 80.0 years, standard deviation = 10.3 years, Hoehn & Yahr stages 1-4) were interviewed using the Schedule for the Evaluation of Individual Quality of Life-Direct Weighting. Its quality of life constructs were tested by comparing them against disease-specific quality of life (39-items Parkinson's Disease Questionnaire), motor functioning (Unified Parkinson's Disease Rating Scale Part III), and activities of daily living (Barthel Index). [Results] Social connections such as "family" and "friends" were revealed as important constructs of life satisfaction. The Schedule for the Evaluation of Individual Quality of Life-Direct Weighting was not significantly correlated with the 39-items Parkinson's Disease Questionnaire, Unified Parkinson's Disease Rating Scale Part III, or Barthel Index but was significantly correlated with the "communication" dimension of the 39-items Parkinson's Disease Questionnaire. [Conclusion] The Schedule for the Evaluation of Individual Quality of Life-Direct Weighting detected various domains of quality of life, especially social relationships with family and friends. "Being heard" was also revealed as an essential component of life satisfaction, as it provides patients with a feeling of acceptance and assurance, possibly resulting in better quality of life.
Pantjes, Rik; Tümer-Alkan, Günseli
In this paper, we investigate the link between the financing of mergers and acquisitions deals and existing bank-firm relationships by using a unique dataset consisting of forty M&A deals in the Netherlands from 2004 to 2012. The dataset allows us to identify the existing relationship lender to the
Kirch, Susan A.; Ma, Jasmine Y.
assertions, but we decided to focus this forum response on the problem of the learner and the solutions posed by Kim and Roth as well as the proposed relationship between passibility and agency.
Yoshino, Koichi; Suzuki, Seitaro; Ishizuka, Yoichi; Takayanagi, Atsushi; Sugihara, Naoki; Kamijyo, Hideyuki
The aim was to assess subjective oral health symptoms and job stress, as measured by self-assessment of how demanding the job is, in male financial workers. The participants were recruited by applying screening procedures to a pool of Japanese registrants in an online database. For the stress check, 7 items about how demanding the job is were selected from The Brief Job Stress Questionnaire (BJSQ). Participants comprised a total of 950 financial male workers, ages 25 to 64. Participants who answered "I can't complete my work in the required time" had more decayed teeth (p=0.010). Participants who felt that their job is highly demanding (answered affirmatively to 6 or all 7 items) were more likely to report "often get food stuck between teeth" (p=0.030), "there are some foods I can't eat" (p=0.005), "bad breath" (p=0.032), and "jaw makes clicking sound" (p=0.032). The independent variable of total stress score of 24-28 was found to be correlated to at least three oral health symptoms (OR: 3.25; 95%CI: 1.66-6.35). These results indicate that certain job stress factors are associated with certain oral health symptoms, and that oral health symptoms are likely predictors of job stress.
Agnew, Jonathan D; Stebbins, Marilyn R; Hickman, David E; Lipton, Helene Levins
To consider the extent, nature, and range of risk arrangements between physician groups and health maintenance organizations (HMOs) for self-administered injectable (SAI) drugs; to examine types and frequencies of SAI drug-use management strategies adopted by physician groups; and to explore the relationship between locus and level of financial risk for SAIs and physician group strategy adoption. We used a multiple case-study design to select physician groups and their health maintenance organization (HMO) contractual partners in 4 markets in the United States (Northwest, Northeast, Midwest, Southwest). Physician groups in these markets were chosen based on size (e50 physicians) and experience with drug risk (e1 year). Physician groups were asked to identify their 3 major HMO contractual partners in each market. Telephone interviews were conducted from January 2000 to June 2001, with the resulting purposive sample of 37 individuals representing 20 physician groups. We found that the level and locus of SAI financial risk were related to the adoption of management strategies. Physician groups with higher financial risk for SAIs adopted more strategies than lower-risk groups. Groups with SAI financial risk in the medical services capitation (MSC) adopted 9.2 strategies per group. In contrast, groups with SAI financial risk in the pharmacy-risk budget (PRB) averaged 1.5 strategies per group. Groups with SAI financial risk in both the MSC and PRB fell in-between, averaging 4.5 strategies per group. The most frequently adopted strategy was designing evidenced-based therapeutic guidelines, i.e., protocols based on evidence from the peer-reviewed literature used to guide physicians in the treatment of typically chronic conditions (9 groups, 45% of sample). The second most common strategy involved adapting the existing utilization management system to process SAIs (7 groups, 35%) and the establishment of office procedures for internal authorization (5 groups, 25%). The
Hansen, Torben; Grønholdt, Lars; Josiassen, Alexander
, this study contributes to previous research by examining how consumer knowledge O/U affects two types of trust (broad-scope trust and narrow-scope trust) and consumer relationship satisfaction. Trust does not only concern consumer trust in individual companies (i.e., narrow.-scope confidence NST), but also...... concerns consumer confidence in the broader business context in which consumers plan and implement their behavior (i.e., broad scope trust, BST). NST is defined as "the expectation that the service provider can be relied on to deliver on its promises’, while BST is defined as ‘the expectation....../U a consumer becomes, the higher/lower NST and levels of relationship satisfaction will be. Second, it is demonstrated that BST has a negative moderating effect on the relationship between knowledge O/U and satisfaction, such that knowledge O/U has a higher positive/negative effect on relationship satisfaction...
Full Text Available There is a positive relationship between financial development and economic growth in short-run and long-run. Financial development is beneficial to the reduction of poverty. But the financial instability which accompanies financial development is is costly for the poor and reduces the positive effect of financial development on the reduction of poverty. The paper aims to analyze in detail the relationship and the (direct and indirect effects between these variables, taking into account their economic and social importance. It is also highlighted the correlation between the financial economy and the real economy, emphasizing the impact on social welfare involved by the interaction of the above mentioned variables.
Chavez, Abel; Ramaswami, Anu
This paper compares the policy relevance and derives mathematical relationships between three approaches for GHG emissions accounting for cities. The three approaches are: (a) Purely-Geographic Inventory, (b) Trans-boundary Community-Wide Infrastructure Footprint (CIF), and (c) Consumption-Based Footprint (CBF). Mathematical derivations coupled with case study of three US communities (Denver Colorado, Routt Colorado, and Sarasota Florida), shows that no one method provides a larger or more holistic estimate of GHG emissions associated with communities. A net-producing community (Routt) demonstrates higher CIF GHG emissions relative to the CBF, while a net-consuming community (Sarasota) yields the opposite. Trade-balanced communities (Denver) demonstrate similar numerical estimates of CIF and CBF, as predicted by the mathematical equations. Knowledge of community typology is important in understanding trans-boundary GHG emission contributions
Babatunde B. O.
Full Text Available Customers relation management (CRM is an emerging customer innovation focused on growing customers profitably by knowing, caring and delivering value to the customers in a bid to enhance customer intimacy, increase quality service levels and enhance business penetration supported by technological capabilities.The objectives of the study is to find out the relevance of CRM in the industry and the extent of the concepts adopted. Also to determine the extent to which the CRM concept assist to build up competitive advantage overtime. In order to ascertain the fact in this research work secondary data were collected and regression model technique were adopted to analyze result both in quantitatively and descriptively format. Also, the finding revealed that more resources should be invested in technology and personnel training in order to get the best out of the customer relationship management (CRM. Recommendation were equally offered for banks aiming towards crafting a niche for themselves in the turbulent industry.
Marchica, Loredana; Zhao, Yaxi; Derevensky, Jeffrey; Ivoska, William
Fantasy sports is a growing industry with a reported 56.8 million individuals participating in the United States and Canada alone in 2015. Whereas this activity has attracted considerable public attention, little research has examined its impact on adolescents in spite of their high rates of gambling. The current study examined the relationship between regular participation (more than once a month) in sport-relevant gambling activities among adolescents and those identified as being at-risk for a gambling problem. Questionnaire responses were collected from high school students (N = 6818; 49 % male) in Wood County, Ohio, United States. Statistical analyses revealed that regular involvement in sports betting, fantasy sports betting, and daily fantasy sports betting among adolescents was associated with a higher risk of gambling problems. Further, although males participate more frequently in these activities, females who participate have a stronger likelihood of being at-risk. Students aged 16-19 years old are at a higher risk for developing a gambling problem compared to younger adolescents when regularly engaging in sports-related gambling. Moreover, regularly participating in daily fantasy sports is the strongest predictor of at-risk gambling behavior in 13-15 year old students. A hierarchical logistic regression supports that controlling for gender and age, all forms of sport-relevant gambling activities are significant predictors of at-risk gambling. This study contributes to a more comprehensive understanding of the impact of sports betting and fantasy sports on adolescents and establishes an initial step for future studies to further investigate these relationships.
Accounting information is vital for many aspects in business and numerous parties rely on reported information for a variety of purposes. Understanding how factors in a firm’s environment, such as standard setting, inter-firm relationships, managerial incentives and capital providers, influence the
Gibson, Cristina B; Porath, Christine L; Benson, George S; Lawler, Edward E
Previous research on organizational practices is replete with contradictory evidence regarding their effects. Here, the authors argue that these contradictory findings may have occurred because researchers have often examined complex practice combinations and have failed to investigate a broad variety of firm-level outcomes. Thus, past research may obscure important differential effects of specific practices on specific firm-level outcomes. Extending this research, the authors develop hypotheses about the effects of practices that (a) enable information sharing, (b) set boundaries, and (c) enable teams on 3 different firm-level outcomes: financial performance, customer service, and quality. Relationships are tested in a sample of observations from over 200 Fortune 1000 firms. Results indicate that information-sharing practices were positively related to financial performance 1 year following implementation of the practices, boundary-setting practices were positively related to firm-level customer service, and team-enabling practices were related to firm-level quality. No single set of practices predicted all 3 firm-level outcomes, indicating practice-specific effects. These findings help resolve the theoretical tension in the literature regarding the effects of organizational practices and offer guidance as to how to best target practices to increase specific work-related outcomes. Implications for theory, research, and practice are discussed. (c) 2007 APA
Issel, L Michele; Olorunsaiye, Comfort; Snebold, Laura; Handler, Arden
We explored the relationships between local health department (LHD) structure, capacity, and macro-context variables and performance of essential public health services (EPHS). In 2012, we assessed a stratified, random sample of 195 LHDs that provided data via an online survey regarding performance of EPHS, the services provided or contracted out, the financial strategies used in response to budgetary pressures, and the extent of collaborations. We performed weighted analyses that included analysis of variance, pairwise correlations by jurisdiction population size, and linear regressions. On average, LHDs provided approximately 13 (36%) of 35 possible services either directly or by contract. Rather than cut services or externally consolidating, LHDs took steps to generate more revenue and maximize capacity. Higher LHD performance of EPHS was significantly associated with delivering more services, initiating more financial strategies, and engaging in collaboration, after adjusting for the effects of the Affordable Care Act and jurisdiction size. During changing economic and health care environments, we found that strong structural capacity enhanced local health department EPHS performance for maternal, child, and adolescent health.
Full Text Available The creation of overly optimistic information can compromise the decision-making process on part of shareholders and other stakeholders. Considering that this type of information can create problems and additional costs stemming from erroneous choices made by users, the present work sought to identify financial indicators associated with the disclosure of Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA estimates in Management Earnings Forecasts (Guidance reporting. The sample examined was composed of 42 companies and analyses were carried out using logistic and multiple linear regression techniques. The results showed that larger (as per total assets and more-leveraged companies show a higher level of disclosure. Companies with higher return on equity (ROE and Current Liquidity ratios, as well as lower Net Margins, present less precise earnings forecast. The companies providing more timely forecasts are also the ones that show higher ROE and Current Liquidity ratios, as well as lower Net Margins. These results indicate that users must take caution when basing decisions on such information, given that the possibility exists that companies bearing these characteristics are more likely to better-timed albeit less-accurate disclosure.
The notion of corporate social responsibility is established on the reciprocal dependence between a company and society, as well as the indicators that influence this relationship. This paper explores whether profitability and company size have a potential influence on levels of corporate social responsibility according the annual dates of romanian companies, using statistical correlations. The research found that company size and company profitability have an influence toward the corporate s...
Research purpose: The study analysed the relationship between sustainability performance and FP in South African listed companies. Motivation for the study: Some South African listed companies acknowledge in their sustainability reports that there is a link between sustainability development and long-term shareholder value. This implies that FP is linked to sustainable development performance. This relationship has not been researched for South African listed companies and therefore needs to be investigated. Research design, approach and method: A similar research method was used as for an international study. Forty-five listed South African companies were selected as the sample. Their sustainable development reports were used for analysis. Data were analysed with the use of content and a canonical correlation analysis. Main findings: The results of the study revealed that an overall positive relationship exists between sustainability performance and FP. Practical implications: South African companies that have a high involvement and focus on specific sustainable development initiatives that are integrated into overall sustainable development strategy can deliver improved FP for the organisation and deliver long-term value to its shareholders. Contribution: Six sustainable development aspects were found to be significantly correlated with improved FP and if incorporated into a company’s sustainable development strategy can lead to increased successes.
Gardiner, Paul A; Byrne, Gerard J; Mitchell, Leander K; Pachana, Nancy A
Older people with cognitive impairment and/or dementia may be particularly vulnerable to diminished financial decision-making capacity. Financial capacity refers to the ability to satisfactorily manage one's financial affairs in a manner consistent with personal self-interest and values. Impairment of financial capacity makes the older individual vulnerable to financial exploitation, may negatively affect their family's financial situation and places strain on relationships within the family. Clinicians are often on the front line of responding to queries regarding decision-making capacity, and clinical evaluation options are often not well understood. Assessment of financial capacity should include formal objective assessment in addition to a clinical interview and gathering contextual data. Development of a flexible, empirically supported and clinically relevant assessment approach that spans all dimensions of financial capacity yet is simple enough to be used by non-specialist clinicians is needed.
Full Text Available The key purpose of this research paper is to explore the moderating effect of Corporate Governance on the relationship between accounting base financial performance i.e. ROA, and ROE and Capital Structure of 173 Manufacturing firms listed in KSE of Pakistan for the period of 2009 to 2014. In this study multiple regression method is used under fixed effect regression model approach on panel data. The empirical results show that the inclusion of Corporate Governance Index (CGI as moderating variable has influenced the interaction between Capital Structure and Financial Performance which was positively significant. The result is generally found that the most of Pakistani manufacturing listed firms pursue good corporate governance mechanism and use good and optimal level of Capital Mix to get the better and high financial performance. Furthermore, the corporate governance sub-indices i.e. board structure (BOD-I and transparency & disclosure (DISC-III both also have positive and statistically significant association with both firms performance variables: ROA and ROE. Moreover, the ownership structure sub-index (OWS-II has not significant influence on financial performance. In last, the capital structure also has positive relationship with financial performance, interestingly about 70 per cent of Capital is financed by Equity capital and the Debt capital signifies 30 per cent only. The core significance of this paper is to investigate the impact of Corporate Governance practices on financial decisions from the Pakistani perspective.
Steven K Msosa
Full Text Available Service quality and customer satisfaction are related and are important factors for the success of service providers be it in the public or the private sector. This study aims to examine the relationship between service quality and customer satisfaction in the Malawian public postal service, specifically its banking division. A cross-sectional, quantitative and descriptive study was undertaken and data was collected from 400 customers using the SERVPERF model. A non-probability sampling approach was adopted and respondents were selected using convenience sampling. Reliability of the study was tested using Cronbach alpha. Correlation tests were conducted using Spearman’s rho. The results show that all the five service quality dimensions, viz. tangibles, reliability, empathy, assurance and responsiveness, are significantly and positively correlated. There was also a significant correlation between the service quality dimensions and overall service quality, customer satisfaction and customer loyalty
Vermeulen, Robert; Hoeberichts, Marco; Vasicek, Borek; Zigraiova, Diana; Smidkova, Katerina; de Haan, Jakob
This paper develops a Financial Stress Index (FSI) for 28 OECD countries and examines its relationship to crises using a novel database for financial crises. A stress index measures the current state of stress in the financial system and summarizes it in a single statistic. Our results suggest that
Full Text Available This paper examines the relationship between Corporate Social Responsibility (CSR and Corporate Financial Performance (CFP using panel data for 228 Chinese mineral listed firms from 2010 to 2013 with Pooled Least Squares regression analysis. Our study considers five different sublevel CSR issues—shareholder responsibility, employee responsibility, environmental responsibility, public responsibility, and supplier, customer and consumer responsibility—in capturing the effects of CSR elements on CFP. The estimation results show the different effects of each sublevel CSR issue on CFP. Overall, shareholder, employee responsibility, environmental responsibility, supplier, customer and consumer responsibility have significant relationships with CFP, which are the stakeholders who have the closest linkage with firm operations. Meanwhile, public responsibility outside the firm does not show significant interaction with CFP, which is why many mineral firms ignore the public interest and this leads to conflicts. Shareholder responsibility has the most significant positive effect on CFP. Supplier, customer and consumer responsibility and environmental responsibility usually have negative effects on CFP as costs increase. Moreover, all 228 listed mineral firms that were selected in this paper have been classified into five sub-sectors: the extractive industry, metal fabrication industry, oil and gas industry, gas and water-related industry, and oil-producing equipment industry, based on the Industry Classification Benchmark (ICB. Our study shows that the differences in the relationship between CSR and CFP for five sublevel industries are due to industry characteristics. If the government wants to solve these conflicts and positively encourage firms to adopt CSR, it is necessary to create a mining development environment whereby firm profits are closely tied to CSR.
Ellinger, Andrea D.; Ellinger, Alexander E.; Yang, Baiyin; Howton, Shelly W.
Reports on a study of 208 manufacturing managers that found a positive correlation between the seven dimensions of learning organizations and four measures of business financial performance. "Invited Reaction" by Timothy T. Baldwin and Camden C. Danielson critiques the use of key respondent perceptions and bottom-line performance.…
Full Text Available Our research aims to develop an analysis of the usefulness of financial statements and financial investment in making the diagnosis. Financial analysis is by definition an activity that performance condition is diagnosed entity of the financial year. Financial analysis shall be determined by strengths and weaknesses of financial management based on which will underpin future strategy of the entity to maintain and develop it into a competitive environment. Results of financial analysis depends on the quality, accuracy, relevance and effectiveness of economic information collected and processed. The primary sources of information for financial analysis are the financial statements, which are considered as raw material in the analysis.
Full Text Available The interest in retirement planning is increasingly brought to common people’s attention due to demographic aging of population and better financial literacy level these days. In this study we analyze the level of financial literacy among Slovak university students in relation to further pension decisions and financial behavior overall. The primary aim of this research was to compare the level of financial literacy among the selected faculties of economics in Slovakia. The analytical part was oriented on evaluation of financial behavior of the respondents and their skills in terms of financial literacy concept along with the analysis of the correlative data dependence of the selected variables and their intensity by using the Logit model. At first, the results have shown a statistically significant dependency of financial literacy on the respondents’ gender. Female respondents reached higher financial literacy than male ones. Older students did not achieve higher level of financial literacy as compared to younger students. Students do not look ahead and most of them do not calculate how much they need to save for their retirement. The results of the presented research provide important information for policy makers who should reflect on the present status of this issue in Slovakia.
This paper examines the ability of financial advice provided by sellers of financial services to substitute for financial literacy of customers. I set up a simple theoretical model in which an informed financial advisor communicates with a less informed customer of financial services. Given the existence of a conflict of interest from the advisor's perspective, the model predicts that only well financially sophisticated customers receive relevant information from the advisor. This fact tends ...
Grohmann, Antonia; Kouwenberg, Roy; Menkhoff, Lukas
Financial literacy predicts informed financial decisions, but what explains financial literacy? We use the concept of financial socialization and aim to represent three major agents of financial socialization: family, school and work. Thus we compile twelve relevant childhood characteristics in a new survey study and examine their relation to financial literacy, while controlling for established socio-demographic characteristics. We find in a mediation analysis that both family and school pos...
Crooks, Claire V.; Burleigh, Dawn; Snowshoe, Angela; Lapp, Andrea; Hughes, Ray; Sisco, Ashley
Schools are expected to promote social and emotional learning skills among youth; however, there is a lack of culturally-relevant programming available. The Fourth R: Uniting Our Nations programs for Aboriginal youth include strengths-based programs designed to promote healthy relationships and cultural connectedness, and improve school success…
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.
Musa, I.; Nyoman Pujawan, I.
Current supply chain management (SCM) has become a potentially treasured way of safeguarding competitive advantage and improving organizational performance since competition is no longer between organizations, but among supply chains. This research conceptualizes and develops four resiliency practices (Flexibility, Redundancy, Collaboration and Agility) and tests the relationships between organizations’ financial performance and competitive advantage in manufacturing firms. The study involves manufacturing firms in Indonesia and Sierra Leone. The study used stratified random sampling to pick a sample size of 95 manufacturing firms, which represented different industrial sectors. The respondents were mainly managers of different manufacturing companies. The relationships proposed in the conceptual framework were tested using correlation analysis. The results indicate that higher levels of resilience practices in manufacturing firms can lead to enhanced competitive advantage and improved financial performance.
Patel, Minal R; Kruger, Daniel J; Cupal, Suzanne; Zimmerman, Marc A
Little is known about the role of positive financial behaviors (behaviors that allow maintenance of financial stability with financial resources) in mitigating cost-related nonadherence (CRN) to health regimens. This study examined the relationships between positive financial behaviors, financial stress, and CRN. Data came from the 2011 Speak to Your Health! Community Survey (n = 1,234). Descriptive statistics were computed to examine financial stress and CRN, by chronic condition and health insurance status. We used multivariate logistic regression models to examine the relationship between positive financial behaviors and financial stress and their interaction on a composite score of CRN, controlling for health insurance status, educational level, age, marital status, number of chronic conditions, and employment status. Thirty percent of the sample engaged in CRN. Participants reported moderate financial stress (mean, 13.85; standard deviation [SD] = 6.97), and moderate positive financial behavior (mean, 8.84; SD = 3.24). Participants with employer-sponsored insurance, Medicaid, Medicare, the Genesee Health Plan, high blood pressure, asthma, and diabetes had the highest proportion of CRN. The relationship between financial stress and CRN was not significantly different between those who reported lower versus higher levels of positive financial behavior (P = .32). Greater financial stress was associated with a greater likelihood of CRN (odds ratio [OR] = 2.49; 95% confidence interval [CI], 2.08-2.99). Higher level of positive financial behavior was associated with a lower likelihood of CRN (OR = 0.80; 95% CI, 0.67-0.94). Financial literacy as a means of promoting positive financial behavior may help reduce CRN. An intervention strategy focused on improving financial literacy may be relevant for high-risk groups who report high levels of financial stress.
Brouwer, Arjan; Naarding, Ewout
We analyse the conceptual problems in current accounting for deferred taxes and provide solutions derived from the literature in order to make International Financial Reporting Standards (IFRS) deferred tax numbers value-relevant. In our view, the empirical results concerning the value relevance of
Full Text Available The majority of academic literature explicitly or implicitly defines an organisation as “a group of people”. In this paper, we advocate a distinction between the formal social unit (“FSU” as economic organisation and its (internal organisation and argue that the latter is essentially the structure (or set of dynamic relationships between the FSU’s members. Such an approach is supported by the two levels, economic and organisational, of that adaptation of an FSU’s organisation in promoting success in a high-performance economy. A consideration of relationships between members as basic units of organisational analysis elicits the question of which types of relationships (out of many available classifications are most crucial for attaining the FSU’s goals. By taking firms as the prevailing types of FSUs, we find five (close to Barnard’s view types or dimensions of relationships, creating the direct instrumental chain of relationships, as being most influential regarding this objective. Due to our awareness that the performance of a firm significantly depends on the quality of the five types of relationships, we suggest that well-defined statistical analyses should be made in order to prove the strength of the influence between the quality of relationships on the direct instrumental chain and the firm’s performance in economic terms. A comparison with similar analyses in which some other groupings of relationships are taken into consideration should prove or negate our assumption.
This paper deals with problems of measuring acidity in rainfall and the interpretation of these measurements in terms of effects on the soil-plant system. Theoretical relationships of the carbon-dioxide-bicarbonate equalibria and its effect on rainfall acidity measurements are given. The relationship of a cation-anion balance model of acidity in rainfall to plant...
Latan, Hengky; Chiappetta Jabbour, Charbel Jose; Lopes de Sousa Jabbour, Ana Beatriz; Renwick, Douglas William Scott; Wamba, Samuel Fosso; Shahbaz, Muhammad
Inspired by the natural-resource-based view (NRBV) theory, we attempt to shed light on a controversy which has been persistent over the last decade, concerning the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP). Using the 'too-much-of-a-good-thing' (TMGT) concept, which suggests that "too much can be worse than too little," we link mixed results and consider the roles of advanced eco-learning and contingency factors in influencing the CEP-CFP relationship. Based on a sample composed of ISO 14001 certified companies in Indonesia, and analyzing the data using consistent Partial Least Squares (PLSc), we found that: the CEP-CFP relationship follows an inverted U-shape; advanced eco-learning is a significant predictor of the CEP-CFP relationship, meaning that organizations able to develop higher eco-learning capability will be better able to identify the ideal boundaries of investment in environmental performance without reducing their financial performance; and that contingency factors such as environmental strategy and firm size have a significant role in influencing the CEP-CFP relationship. The study's limitations, implications for practitioners and a future research agenda are also detailed. Copyright © 2018 Elsevier Ltd. All rights reserved.
Morash, Merry; Kashy, Deborah A; Smith, Sandi W; Cobbina, Jennifer E
This article reports on a study of the connection of probation and parole agents' communication with relationship supportiveness as perceived by both women offenders and agents. For a sample of offenders and their agents, multilevel modeling was used to control for nonindependence of data for women assigned to the same agent. Consistent with communication theory, a conversational approach was positively related to measures of a supportive relationship, and an authoritarian/ conformity pattern of communication was negatively related to a supportive relationship. For low-risk offenders, attention to client-identified problems was positively related to more supportive relationships. For women with high risk for reoffending, the agents viewed themselves as less supportive if they addressed a high proportion of offender-identified needs. Findings suggest the efficacy of training to promote agents' conversational communication and attention to offender-identified problems. Findings also suggest the need to more fully explore agents' experience in working with very high-risk offenders.
Gazica, Michele W; Spector, Paul E
Safety climate, violence prevention climate, and civility climate were independently developed and linked to domain-specific workplace hazards, although all three were designed to promote the physical and psychological safety of workers. To test domain specificity between conceptually related workplace climates and relevant workplace hazards. Data were collected from 368 persons employed in various industries and descriptive statistics were calculated for all study variables. Correlational and relative weights analyses were used to test for domain specificity. The three climate domains were similarly predictive of most workplace hazards, regardless of domain specificity. This study suggests that the three climate domains share a common higher order construct that may predict relevant workplace hazards better than any of the scales alone.
Rijken, M.; Groenewegen, P.P.
Chronically ill people have lower incomes and higher illness-related costs than the general population. Therefore, their financial situation can be considered vulnerable, like their health. The aims of this study were (1) to assess the strength of the relationship between financial resources and
Nielsen, Dorte Guldbrand; Gotzsche, Ole; Sonne, Ole; Eika, Berit
Two major views on the relationship between basic science knowledge and clinical knowledge stand out; the Two-world view seeing basic science and clinical science as two separate knowledge bases and the encapsulated knowledge view stating that basic science knowledge plays an overt role being encapsulated in the clinical knowledge. However, resent…
Ginn, G O; Young, G J; Beekun, R I
This study investigated the relationship between business strategy and financial structure in the U.S. hospital industry. We studied two dimensions of financial structure--liquidity and leverage. Liquidity was assessed by the acid ratio, and leverage was assessed using the equity funding ratio. Drawing from managerial, finance, and resource dependence perspectives, we developed and tested hypotheses about the relationship between Miles and Snow strategy types and financial structure. Relevant contextual financial and organizational variables were controlled for statistically through the Multivariate Analysis of Covariance technique. The relationship between business strategy and financial structure was found to be significant. Among the Miles and Snow strategy types, defenders were found to have relatively high liquidity and low leverage. Prospectors typically had low liquidity and high leverage. Implications for financial planning, competitive assessment, and reimbursement policy are discussed.
Casswell, Sally; Huckle, Taisia; Wall, Martin; Parker, Karl; Chaiyasong, Surasak; Parry, Charles D H; Viet Cuong, Pham; Gray-Phillip, Gaile; Piazza, Marina
To investigate behaviours related to four alcohol policy variables (policy-relevant behaviours) and demographic variables in relation to typical quantities of alcohol consumed on-premise in six International Alcohol Control study countries. General population surveys with drinkers using a comparable survey instrument and data analysed using path analysis in an overall model and for each country. typical quantities per occasion consumed on-premise; gender, age; years of education, prices paid, time of purchase, time to access alcohol and liking for alcohol advertisements. In the overall model younger people, males and those with fewer years of education consumed larger typical quantities. Overall lower prices paid, later time of purchase and liking for alcohol ads predicted consuming larger typical quantities; this was found in the high-income countries, less consistently in the high-middle-income countries and not in the low middle-income country. Three policy-relevant behaviours (prices paid, time of purchase, liking for alcohol ads) mediated the relationships between age, gender, education and consumption in high-income countries. International Alcohol Control survey data showed a relationship between policy-relevant behaviours and typical quantities consumed and support the likely effect of policy change (trading hours, price and restrictions on marketing) on heavier drinking. The path analysis also revealed policy-relevant behaviours were significant mediating variables between the effect of age, gender and educational status on consumption. However, this relationship is clearest in high-income countries. Further research is required to understand better how circumstances in low-middle-income countries impact effects of policies. © 2018 The Authors Drug and Alcohol Review published by John Wiley & Sons Australia, Ltd on behalf of Australasian Professional Society on Alcohol and other Drugs.
Webster, Lee Ann H
Medical practice leadership teams, often consisting primarily of physicians with limited financial backgrounds, must make important business decisions and continuously monitor practice operations. In order to competently perform this duty, they need financial reports that are relevant and easy to understand. This article explores financial reporting and decision-making in a physician practice. It discusses reports and tools, such as ratios, graphs, and comparisons, that practices typically include in their reports. Because profitability and cash flow are often the most important financial considerations for physician practices, reports should generally focus on the impact of various activities and potential decisions upon these concerns. This article also provides communication tips for both those presenting practice financial information and those making the decisions. By communicating effectively, these leaders can best use financial information to improve decision-making and maximize financial performance.
Van Oudenhove, Lukas; Cuypers, Stefaan E
Parallel to psychiatry, "philosophy of mind" investigates the relationship between mind (mental domain) and body/brain (physical domain). Unlike older forms of philosophy of mind, contemporary analytical philosophy is not exclusively based on introspection and conceptual analysis, but also draws upon the empirical methods and findings of the sciences. This article outlines the conceptual framework of the "mind-body problem" as formulated in contemporary analytical philosophy and argues that this philosophical debate has potentially far-reaching implications for psychiatry as a clinical-scientific discipline, especially for its own autonomy and its relationship to neurology/neuroscience. This point is illustrated by a conceptual analysis of the five principles formulated in Kandel's 1998 article "A New Intellectual Framework for Psychiatry." Kandel's position in the philosophical mind-body debate is ambiguous, ranging from reductive physicalism (psychophysical identity theory) to non-reductive physicalism (in which the mental "supervenes" on the physical) to epiphenomenalist dualism or even emergent dualism. We illustrate how these diverging interpretations result in radically different views on the identity of psychiatry and its relationship with the rapidly expanding domain of neurology/neuroscience.
Guidoboni, Giovanna; Harris, Alon; Cassani, Simone; Arciero, Julia; Siesky, Brent; Amireskandari, Annahita; Tobe, Leslie; Egan, Patrick; Januleviciene, Ingrida; Park, Joshua
This study investigates the relationship between intraocular pressure (IOP) and retinal hemodynamics and predicts how arterial blood pressure (BP) and blood flow autoregulation (AR) influence this relationship. A mathematical model is developed to simulate blood flow in the central retinal vessels and retinal microvasculature as current flowing through a network of resistances and capacitances. Variable resistances describe active and passive diameter changes due to AR and IOP. The model is validated by using clinically measured values of retinal blood flow and velocity. The model simulations for six theoretical patients with high, normal, and low BP (HBP-, NBP-, LBP-) and functional or absent AR (-wAR, -woAR) are compared with clinical data. The model predicts that NBPwAR and HBPwAR patients can regulate retinal blood flow (RBF) as IOP varies between 15 and 23 mm Hg and between 23 and 29 mm Hg, respectively, whereas LBPwAR patients do not adequately regulate blood flow if IOP is 15 mm Hg or higher. Hemodynamic alterations would be noticeable only if IOP changes occur outside of the regulating range, which, most importantly, depend on BP. The model predictions are consistent with clinical data for IOP reduction via surgery and medications and for cases of induced IOP elevation. The theoretical model results suggest that the ability of IOP to induce noticeable changes in retinal hemodynamics depends on the levels of BP and AR of the individual. These predictions might help to explain the inconsistencies found in the clinical literature concerning the relationship between IOP and retinal hemodynamics. Copyright 2014 The Association for Research in Vision and Ophthalmology, Inc.
Verrinder, Joy M; Phillips, Clive J C
With growing understanding of animals' capabilities, and public and organizational pressures to improve animal welfare, moral action by veterinarians and other relevant professionals to address animal issues is increasingly important. Little is known about how their action choices relate to their moral reasoning on animal ethics issues. A moral judgment measure, the VetDIT, with three animal and three non-animal scenarios, was used to investigate the action choices of 619 students in five animal- and two non-animal-related professional programs in one Australian university, and how these related to their moral reasoning based on Personal Interest (PI), Maintaining Norms (MN), or Universal Principles (UP) schemas. Action choices showed significant relationships to PI, MN, and UP questions, and these varied across program groups. Having a previous degree or more experience with farm animals had a negative relationship, and experience with horses or companion animals a positive relationship, with intuitive action choices favoring life and bodily integrity of animals. This study helps to explain the complex relationship between intuitive moral action choices and moral reasoning on animal ethics issues. As a useful research and educational tool for understanding this relationship, the VetDIT can enhance ethical decision making.
Archuleta, Kristy L; Britt, Sonya L; Tonn, Teresa J; Grable, John E
Using a sample of 310 married respondents from one U.S. Midwestern state, a test was conducted to examine the association of financial satisfaction and financial stressors in a spouse's decision to stay married to the same person or leave the relationship. The role of demographic and socioeconomic variables, religiosity, psychological constructs, financial satisfaction, and financial stressors as factors influencing marital satisfaction was tested. Financial stressors were measured using a list of financial stressors adapted from the literature. Financial satisfaction was measured with a one-item scale. The Kansas Marital Satisfaction Scale was used as a validation tool to assess whether individuals would marry or not marry again. Religiosity and financial satisfaction were positively associated with marital satisfaction. A negative interaction between financial satisfaction and financial stressors was also noted. Findings suggest that respondents who are financially satisfied tend to be more stable in their marriages.
Lim, HanNa; Heckman, Stuart J.; Letkiewicz, Jodi C.; Montalto, Catherine P.
Financial stress and self-efficacy are examined in relationship to college students' financial help-seeking behavior utilizing Grable and Joo's (1999) framework. A cognitive approach is taken by focusing on the moderating role of financial self-efficacy on the relationship between financial stress and financial help-seeking. Data from the 2010…
Henager, Robin; Cude, Brenda J.
The purpose of this study was to examine the relationship between financial literacy and financial behaviors among various age groups. Financial literacy was measured in three ways: objective financial knowledge, subjective financial knowledge or confidence, and subjective financial management ability. The age groups were 18-24, 25-34, 35-44,…
Tikhonov, Yuriy A.; Pudovkina, Olga E.; Permjakova, Juliana V.
The relevance of this research is caused by the need of strengthening a role of monetary regulators to prevent financial bubbles in the financial markets. The aim of the article is the analysis of a problem of crisis phenomena in the markets of financial assets owing to an inadequate growth of their cost, owing to subjective reasons. The leading…
Enowbi Batuo, M.; Mlambo, Kupukile; Asongu, Simplice
In the aftermath of the 2008 global financial crisis, the implications of financial liberalisation for stability and economic growth has come under increased scrutiny. One strand of literature posits a positive relationship between financial liberalisation and economic growth and development. However, others emphasise the link between financial liberalisation is intrinsically associated with financial instability which may be harmful to economic growth and development. This study assesses ...
Márcio André Veras Machado
Full Text Available This article has as purpose to analyze the degree of the financial managers' perception among small and middle organizations about the capital cost. The data were collected within 27 companies in 10 sections of the Brazilian economy. The method chosen for data collection relies greatly on personal interviews based on route previously elaborated. The interviews demonstrated that most of the interviewees even does not know about the cost of equity. The ones who know about it, in its majority, measure like as the minimum rate of profitability, measured for the cost of lost opportunity. In the regard of the cost of debt, most of them know and were unanimous to confirm that the cost of debt is explicit and it already comes defined by the financial institutions, in its contracts. It was observed that among the managers interviewed which affirmed to know the cost of equity and cost of debt, the great part were in the management position, had college degree in accounting or engineering,, had more than 15 years of experience in these functions, had over 40 years, worked within companies 21 years old and over in the market, and were basically male. Key-words: Cost of Equity, Cost of Debt, Small and Middle Business.
Full Text Available Financial development and the urbanization are important influence factors of the urban-rural income gap, and financial development can be measured by three main indexes which are financial scale, financial activities and financial efficiency. The financial development scale of China has obviously widened the urban-rural income gap. But rural financial activities have obvious effect on increasing farmers’ income, and the improvement of financial efficiency is helpful for narrowing the urban-rural income gap. The Kuznets effect between economic development and the urban-rural income gap has regional diversity. Besides that, the improvement of urbanization is also helpful for shorting the urban-rural income gap.
Full Text Available Despite the developments which tend to relax the relationship between financial analysis and accounting, property information provided by the latter irreplaceable render its use for diagnostic approaches financial foundation. An efficient information system can provide relevant indicators to users based on accurate and real information and financial analysis results are based on a diagnosis of return and risk. The aim of this article is to present primarily the origin and evolution of the relationship between financial analysis and accounting, and the fundamental role which accounting holds, through the information it produces, into analysts’ work. The used research method is the bibliographic one, being studied timely books and articles of the domain. Literature does not provide concrete answers to this problem, resolutions being expected especially from practitioners.
The article aims at discussing the evolution of the concept of materiality in financial and, more specifically, non-financial reporting. Materiality will play a central role in the next years in order for reports to reach conciseness, which is at present one of the main goals both financial and non-financial reporting (in particular Integrated Reporting) aims to achieve. The article reviews the most relevant materiality frameworks and definitions and provides further insights for the advancem...
Full Text Available Oxidative stress has been closely linked to the progressive cell damage associated with emerging non-communicable disease (NCDs. Early detection of these biochemical abnormalities before irreversible cell damage occurs may therefore be useful in identifying disease risk at an individual level. In order to test this hypothesis, this study assessed the relationship between a simple measure of redox status and lifestyle risk factors for NCDs, and the population-based risk score of Framingham. In a cross-sectional study design, 100 apparently healthy middle-aged males (n = 48 and females (n = 52 were asked to complete a comprehensive lifestyle assessment questionnaire, followed by body fat percentage and blood pressure measurements, and blood collection. The ratio of plasma total antioxidant capacity to hydroperoxide (TAC/HPX was used as an index of redox balance. One-way ANOVA and multiple linear regression analysis were performed to analyse the association between TAC/HPX, lifestyle components and other plasma biomarkers. The TAC/HPX ratio was higher in males compared to females (t96 = 2.34, P = 0.021. TAC/HPX was also lower in participants with poor sleep quality (t93 = 2.39, P = 0.019, with high sleep apnoea risk (t62.2 = 3.32, P = 0.002, with high caffeine (F(2, 93 = 3.97, P = 0.022 and red meat intake (F(2, 93 = 5.55, P = 0.005. These associations were independent of gender. Furthermore, the TAC/HPX ratio decreased with increasing body fat percentage (F(2, 95 = 4.74, P = 0.011 and depression score (t94 = 2.38, P = 0.019, though these associations were dependent on gender. Importantly, a negative association was observed between TAC/HPX levels and the Framingham risk score in both males (r(45 = -0.39, P = 0.008 and females (r(50 = -0.33, P = 0.019 that was independent of other Framingham risk score components. Findings from this study suggests that a relatively simple measure of redox balance such as the TAC/HPX ratio may be a sensitive
Although the financial crisis has elevated the interest for factors such as consumer financial healthiness, broad-scope trust, financial knowledge, and consumer relationship satisfaction, no existing model describes how these factors may influence consumer financial relationship trust...... healthiness, broad-scope trust, knowledge, and satisfaction positively affect narrow-scope trust in financial services. Furthermore, it is found that broad-scope trust negatively moderates the relationships between financial healthiness and narrow-scope trust and between satisfaction and narrow-scope trust....... This research extends prior research by developing a conceptual framework explaining how these constructs affect consumers' trust in their financial service provider. Based on two surveys comprising 764 pension consumers and 892 mortgage consumers, respectively, the results of this study indicate that financial...
Robb, Cliff A.; Woodyard, Ann S.
The current research examines the relationship between personal financial knowledge (both objective and subjective), financial satisfaction, and selected demographic variables in terms of best practice financial behavior. Data are taken from the Financial Industry Regulatory Authority's (FINRA) National Financial Capability Study, a nationally…
Full Text Available Stakeholder behavior and reputation are held to be the two main factors explaining the positive correlation between corporate social responsibility and financial performance. To date, however, researchers have not determined which of these factors is of greater significance. The results of this study indicate that the relative effects of stakeholder behavior and reputation are affected by market conditions. During a crisis, the former factor plays a greater role, while the latter becomes more prominent during the period of market recovery in the wake of a crisis. These findings have important practical ramifications as they provide guidance to companies on how to allocate their CSR budgets depending on the state of the economy to maximize their effect on the bottom line.
... designated Iranian financial institution, NIOC, or NICO in a direct customer relationship generally would be... relationship. (e) Impact. The impact of the transaction(s) or financial services on the objectives of the...
Kim, Tae Hyun; Mccue, Michael J; Thompson, Jon M
Community hospitals in the United States have experienced a substantial rise in the burden of uncompensated care over the past few years. Debate continues, however, about whether hospitals, especially private not-for-profits, are providing sufficient levels of uncompensated care. Increased scrutiny regarding uncompensated care and the community benefit of not-for-profit hospitals may be fueled in part by the growing profitability of community hospitals. This study assesses how and whether a hospital's financial performance, mission characteristics, or other significant factors influence its provision of uncompensated care. The study sample consists of 193 short-term, private, acute care community hospitals in California. Results from multivariate regression suggest that free cash flow is positively associated with the provision of uncompensated care in not-for-profit hospitals, whereas a higher level of debt is related to a lower level of uncompensated care. Ownership type (for-profit versus private not-for-profit) does not make a significant difference in the provision of uncompensated care, and overall levels of uncompensated care in the local market are positively associated with a hospital's level of uncompensated care.
Rindu Rika Gamayuni
Abstract The purpose of this study is to test empirically the relationship between intangible assets financial policies and financial performance to the firm value at going-public company in Indonesia. Path analysis was used to ascertain the relationship between intangible assets financial policies financial performance and firm value at going-public company in Indonesia in the year 2007 to 2009. This study also provides empirical evidence that Intangible assets financial policies financial p...
Kuntz, Ludwig; Pulm, Jannis; Wittland, Michael
Dynamic and complex transformations in the hospital market increase the relevance of good corporate governance. However, hospital performance and the characteristics of supervisory boards differ depending on ownership. The question therefore arises whether hospital owners can influence performance by addressing supervisory board characteristics. The objective of this study is to explain differences in the financial performance of hospitals with regard to ownership by studying the size and composition of supervisory boards. The AMADEUS database was used to collect information on hospital financial performance in 2009 and 2010. Business and quality reports, hospital websites, and data from health insurer were used to obtain information on hospital and board characteristics. The resulting sample consisted of 175 German hospital corporations. We utilized ANOVA and regression analysis to test a mediation hypothesis that investigated whether decisions regarding board size and composition were associated with financial performance and could explain performance differences. Financial performance and board size and composition depend on ownership. An increase in board size and greater politician participation were negatively associated with all five tested measures of financial performance. Furthermore, an increase in physician participation was positively associated with one dimension of financial performance, whereas one negative relationship was identified for nurse and economist participation. For clerics, no associations were found. Decisions concerning board size and composition are important as they relate to hospital financial performance. We contribute to existing research by showing that, in addition to board size and physician participation, the participation of other professionals can also influence financial performance.
Full Text Available Financial intermediaries have the key role in making a connection between savings and investments. Given the fact that an efficient transfer of savings into investments is made more difficult by transaction and information costs, financial intermediaries are specialized in minimizing the said costs per unit of invested capital. They are also trained to identify productive and innovative investment endeavors which contribute to the growth of real output. Real output growth is the basis for increasing the financial potential, which creates the basis for the development of financial intermediaries. In connection with that, apart from the analysis of the relevant factors making the process of the mobilization and transfer of savings more difficult, the theoretical models that put an emphasis on the relationship between the efficiency of financial intermediation and economic growth are discussed in the paper. The research results are indicative of the fact that the improvement in financial intermediaries’ business doing enables faster economic growth. Simultaneously, the growth of the economic activity increases the scope of the business operations conducted by financial intermediaries. Thanks to the effects of the economies of scale that contribute to a reduction in transaction and information costs, the efficiency of financial intermediations grows.
Full Text Available The users of financial services generally do not have the required expertise that they need to process the available financial information when they make financial and investment decisions, and as such they represent a sensitive category of financial market participants, which may intentionally or unintentionally be exposed to manipulation. If the beneficiaries do not have relevant and accurate information, the relationship between the provider and the service user is characterized with information asymmetry, and because of these reasons adequate regulatory instruments are necessary in order to protect the interests of financial services users. In the financial services sector, the development of a long-term successful relationship between providers and users of services should be based on mutual trust and users' feel that they have received a value for the price paid. The aim of the paper is to highlight the modern ways of improving the protection of the interests of consumers of financial services provided by insurance companies and investment funds. The paper analyses the reasons for protection of consumers of financial services, specifics of insurance as financial service, the importance of trust as a key factor for the attraction of service users and the basic principles of operation of investment funds in the developed and the domestic financial market are compared. The particular attention is given to insurance companies and investment funds in terms of regulatory and other mechanisms of governments that are related to the protection of insureds and investment funds investors.
Foughty, Zachary; Antalis, Matthew S; Ringenberg, Jonathan; Hall, Adam D
Concern exists regarding the reliability of published manuscripts due to influence of industry funding and author financial conflicts of interest (COI). We aim to determine whether COI affect the outcome of a research study or the level of evidence (LOE). We reviewed 244 consecutive original articles in Journal of Shoulder and Elbow Surgery from January 2014 to December 2014. Articles included only those available in the printed journal. For LOE, 178 articles from the Shoulder and Elbow section were used (basic science articles were excluded). COI was determined by comparing financial disclosures and stated funding sources to the study content. COI were present in 44 of 244 articles (18%); of these, 24 (55%) had positive outcomes. Of the 200 without COI, 128 (64%) had positive outcomes. This difference in proportions was determined to be significant (P = .007). COI were present in 27 shoulder and elbow articles; of these, only 1 was LOE I or II (4%). Of the 151 without COI, 34 (23%) were LOE I or II. This difference in proportions was determined to be significant (P = .023). We found that Journal of Shoulder and Elbow Surgery articles with COI are neither more likely to have positive outcomes nor higher LOE than those with no COI. Although the χ 2 analysis found a statistically significant relationship between COI and study outcomes, the study outcomes were more often positive in articles without COI. This is contrary to previously published analyses that found outcomes to be more positive in articles with COI. Copyright © 2017 Journal of Shoulder and Elbow Surgery Board of Trustees. Published by Elsevier Inc. All rights reserved.
Financial Statements and accompanying notes provided on .... to good governance principles. there is the risk that ...... responsibilities of the centre's internal auditor includes reviewing internal controls, including accounting and financial.
Full Text Available Accountability of local governments in the implementation of policies should be carried out with the financial statements present the quality. Qualitative characteristics of financial statements described in PP 24/ 2005 that the qualitative characteristics of financial statements is a normative measurement that needs to be realized in the accounting information that can be fulfil its purpose. To be able to raise the normative requirements, this characteristics is absolutely necessary in order to meet the government 's financial statements desired qualities are: relevant, reliable, comparable, and understandable.The population of this research is PPK-SKPD in Karesidenan Pati. Consisting of: Regency Jepara, Kudus, Pati , Rembang, Blora, and Grobogan, totally 113 SKPD with 73 respondents with a random sampling technique . Data analysis technique used is multiple regression analysis. The results mentioned that human resource policies affect the quality of financial reporting by 4.167. Implementation of the system accounting effect on the quality of financial reporting by 3.309 % . Human resources policies and implementation of accounting systems affect the quality of financial statements. This study did not succeed accept hypothesis 5 proved that the value of t = -1.021 and p = 0.311, which means that the BPK audit does not affect the relationship between the Application System Accounting for the Quality of Regional Financial Statements.
Impact of Global Financial Crisis on Nigerian Stock Market. ... that the global financial crisis measured by currency crisis, credit crisis, liquidity crisis, ... relevant regulatory authorities should use the financial stress index (FSI) as proposed by ...
1 Abstract/ Financial derivatives The purpose of this thesis is to provide an introduction to financial derivatives which has been, from the legal perspective, described in a not satisfactory manner as quite little literature that can be found about this topic. The main objectives of this thesis are to define the term "financial derivatives" and its particular types and to analyse legal nature of these financial instruments. The last objective is to try to draft future law regulation of finan...
Simonin, Marie; Martins, Jean M F; Le Roux, Xavier; Uzu, Gaëlle; Calas, Aude; Richaume, Agnès
Titanium-dioxide nanoparticles (TiO 2 -NPs) are increasingly released in agricultural soils through, e.g. biosolids, irrigation or nanoagrochemicals. Soils are submitted to a wide range of concentrations of TiO 2 -NPs depending on the type of exposure. However, most studies have assessed the effects of unrealistically high concentrations, and the dose-response relationships are not well characterized for soil microbial communities. Here, using soil microcosms, we assessed the impact of TiO 2 -NPs at concentrations ranging from 0.05 to 500 mg kg -1 dry-soil, on the activity and abundance of ammonia-oxidizing archaea (AOA) and bacteria (AOB), and nitrite-oxidizing bacteria (Nitrobacter and Nitrospira). In addition, aggregation and oxidative potential of TiO 2 -NPs were measured in the spiking suspensions, as they can be important drivers of TiO 2 -NPs toxicity. After 90 days of exposure, non-classical dose-response relationships were observed for nitrifier abundance or activity, making threshold concentrations impossible to compute. Indeed, AOA abundance was reduced by 40% by TiO 2 -NPs whatever the concentration, while Nitrospira was never affected. Moreover, AOB and Nitrobacter abundances were decreased mainly at intermediate concentrations nitrification was reduced by 25% at the lowest (0.05 mg kg -1 ) and the highest (100 and 500 mg kg -1 ) TiO 2 -NPs concentrations. Path analyses indicated that TiO 2 -NPs affected nitrification through an effect on the specific activity of nitrifiers, in addition to indirect effects on nitrifier abundances. Altogether these results point out the need to include very low concentrations of NPs in soil toxicological studies, and the lack of relevance of classical dose-response tests and ecotoxicological dose metrics (EC50, IC50…) for TiO 2 -NPs impact on soil microorganisms.
Sohn, Sang-Hee; Joo, So-Hyun; Grable, John E.; Lee, Seonglim; Kim, Minjeung
The purpose of this study was to test the relationships between financial socialization agents, financial experiences, money attitudes, demographic characteristics, and the financial literacy of Korean adolescents. Using the 2006 Korean National Financial Literacy Test Survey for Adolescents (N = 1185), a series of regression analyses were…
Sayinzoga, Aussi; Bulte, Erwin H.; Lensink, Robert
We organise a field experiment with smallholder farmers in Rwanda to measure the impact of financial literacy training on financial knowledge and behaviour. The training increased financial literacy of participants, changed their savings and borrowing behaviour and had a positive effect on the
Central Statistical Office as a source of information that is relevant in determining the state of the public finances of the Republic of Poland. The financial management of the Central Statistical Office
Full Text Available In the elaboration the author discussed the meaning of the public statistics in public finances, the structure and the financial activity of the Central Statistical Office (CSO and other units of public sector, which is related with it. Besides, the author indicates example of legal solutions in the Polish order financial which underlines the importance and actualness of undertaken subject matter. Also, the author underlines the meaning of the public statistics in the process of the efficient financial management public and conducts of the transparent economy with public measures. The author constates that the catalogue of tasks of CSO, from the perspective of public finance, is extensive and dynamic.
Full Text Available This paper explores how well equipped today’s households are to make complex financial decisions in the face of often high-cost and high-risk financial instruments. Specifically we focus on financial literacy. Most importantly, we describe the geography of financial literacy, i.e., how financial literacy is distributed across the fifty US states. We describe the correlation of financial literacy and some important aggregate variables, such as state-level poverty rates. Finally, we examine the extent to which differences in financial literacy can be explained by states’ demographic and economic characteristics. To assess financial literacy, five questions were added to the 2009 National Financial Capability Study, covering fundamental concepts of economics and finance encountered in everyday life: simple calculations about interest rates and inflation, the workings of risk diversification, the relationship between bond prices and interest rates, and the relationship between interest payments and maturity in mortgages. We constructed an index of financial literacy based on the number of correct answers provided by each respondent to the five financial literacy questions. The financial literacy index reveals wide variation in financial literacy across states. Much of the variation is attributable to differences in the demographic makeup of the states; however, a handful of states have either higher or lower levels of financial literacy than is explained by demographics alone. Also, there is a significant correlation between the financial literacy of a state and that state’s poverty level. The findings indicate directions for policy makers and practitioners interested in targeting areas where financial literacy is low.
B. Karreman (Bas)
textabstractThis study addresses the organization and strategy of firms in emerging markets with an explicit application to financial services. Given the relevance of a well-functioning financial system for economic growth, understanding the organization and strategy of firms contributing to the
Evgenia E. Frolova
. Conclusions and Relevance: the materials presented in the article show the special role of arbitration in resolving domestic and international financial disputes. The practical application of its results will improve the Russian legislation in the field of resolving financial disputes.
Honoré, Peggy A; Costich, Julia F
The absence of appropriate financial management competencies has impeded progress in advancing the field of public health finance. It also inhibits the ability to professionalize this sector of the workforce. Financial managers should play a critical role by providing information relevant to decision making. The lack of fundamental financial management knowledge and skills is a barrier to fulfilling this role. A national expert committee was convened to examine this issue. The committee reviewed standards related to financial and business management practices within public health and closely related areas. Alignments were made with national standards such as those established for government chief financial officers. On the basis of this analysis, a comprehensive set of public health financial management competencies was identified and examined further by a review panel. At a minimum, the competencies can be used to define job descriptions, assess job performance, identify critical gaps in financial analysis, create career paths, and design educational programs.
Melhuish, Edward C.; Belsky, Jay; Malin, A.
The theme of this study is that financial difficulties lead to financial distress that may lead to poorer psychological well-being and that one particularly vulnerable group is families with young children in disadvantaged areas. It interviewed 8,000 mothers of three-year-olds in deprived areas of England. An executive summary, introduction and outline of the methods used is followed by results on the effects of financial difficulties on life satisfaction, depression, malaise, self-esteem and...
Hisako KAI; Shigeyuki HAMORI
This paper examines the relationship between globalization, financial deepening, and inequality in sub-Saharan Africa between 1980 and 2002. We provide the first detailed econometric analysis in this regard covering the entire sub-Saharan African region; such an analysis has hardly been conducted owing to the lack of relevant data. We find that while globalization deteriorates inequality, its disequalizing effect depends on the level of development of the country. Further, this paper confirms...
Mihaela Alina ROBU
Full Text Available In the last decades, numerous studies have covered the relationship between stock price or stock return and financial information. These studies represent the "value-relevance" literature. Knowledge of this area of interest, through literature and the main ideas, yields scientific progress. The aim of the study is to achieve a qualitative and a quantitative analysis regarding the level of knowledge in the value relevance literature, in an international context. To achieve this aim, a number of 53 scientific articles published between 2001 and 2013 were selected, from the first two journals related to the number of citations in the rankings compiled by Google Scholar, Accounting and Taxation category. Qualitative analysis and quantitative analysis (factorial analysis of multiple correspondences as statistical method were used. The results reflect the importance of existing problems in the financial markets. The studies are focused on solving these problems, to support the investors.
Jothi, A Lenin
Financial services, particularly banking and insurance services is the prominent sector for the development of a nation. After the liberalisation of financial sector in India, the scope of getting career opportunities has been widened. It is heartening to note that various universities in India have introduced professional courses on banking and insurance. A new field of applied mathematics has come into prominence under the name of Financial Mathematics. Financial mathematics has attained much importance in the recent years because of the role played by mathematical concepts in decision - m
Huang, Wei-Qiang; Zhuang, Xin-Tian; Yao, Shuang; Uryasev, Stan
This study considers the effects of the financial institutions' local topology structure in the financial network on their systemic risk contribution using data from the Chinese stock market. We first measure the systemic risk contribution with the Conditional Value-at-Risk (CoVaR) which is estimated by applying dynamic conditional correlation multivariate GARCH model (DCC-MVGARCH). Financial networks are constructed from dynamic conditional correlations (DCC) with graph filtering method of minimum spanning trees (MSTs). Then we investigate dynamics of systemic risk contributions of financial institution. Also we study dynamics of financial institution's local topology structure in the financial network. Finally, we analyze the quantitative relationships between the local topology structure and systemic risk contribution with panel data regression analysis. We find that financial institutions with greater node strength, larger node betweenness centrality, larger node closeness centrality and larger node clustering coefficient tend to be associated with larger systemic risk contributions.
activates the postulated consumer financial vulnerability index (CFVI) .... words, the relationship between income, consumption, debt and saving as well as .... separation/divorce and bad financial management, as well as exogenous factors.
Geib, Malte; Kolbe, Lutz; Brenner, Walter
The integration of the financial services industry and many financial services companies' focus on core competencies have led to the emergence of financial services alliances. These alliances face a variety of challenges regarding an integrated approach to customer relationship management (CRM) by the partner companies.In this paper we describe the challenges derived from an analysis of five financial services companies that formed different financial services alliances. The main inhibitors o...
Cumurovic, Aida; Hyll, Walter
In this paper, we study the relationship between financial literacy and self-employment. We use established financial knowledge-based questions to measure financial literacy levels. The analysis shows a highly significant correlation between self-employment and financial literacy scores. To investigate the impact of financial literacy on being self-employed, we apply instrumental variable techniques based on information on economic education before entering the labour market and education of ...
users make on the basis of the financial information. .... IDRC's brand and reputation could impact partner- .... building and to provide internal services in support of the ...... maintains books of accounts, information systems, and financial and management controls that .... The significant accounting policies of the Centre are: a.
Full Text Available This paper examines the causal relationships between financial and economic aggregates in three Gulf countries, Bahrain, Kuwait, and Saudi Arabia, over the 64?quarterly period from 1973 to 1988.Patrick's causality patterns at different stages of economic development were also investigated by dividing the entire analysis period into the sub-periods of 1973?81, and 1982?88. Financial variables used were M1, M2 and the total bank credits. Exports in all the three countries plus government expenditures in Kuwait were employed as proxies to GDP.Sims' causality model which is based on Granger's definition was utilized and the following general patterns were detected: For the entire analysis period causality ran from financial to economic variables in Kuwait, but from economic to financial variables in Bahrain. While no generalization was possible for Saudi Arabia for the first sub-period (l973?81, a supply-leading phenomenon was dominant in Bahrain and Saudi Arabia. In Kuwait the results were mixed. In the second sub-period (1982?88, the dominant relationship was demand following in all the three countries. These results were seen in conformity with the economic trends in these countries over the study period.
This work provides basic information about consolidation and consolidated financial statements. In the beginning there are definisions of the members of the group under discussion and their relationship. Hereafter concepts of consolidation, accounting methods and methods of consolidation are discussed. It also compares approach of different accounting systems to consolidation.
Full Text Available Financial knowledge has been identified as an issue of importance to individual financial wellness. The FINRA Financial Capability Study provides data that make it possible to assess financial knowledge, and to analyze it in the context of financial satisfaction and participation in financial behaviors that are generally considered positive. This paper looks at these relationships by gender and by age group, identifying key differences in outcomes and behaviors. The aim of this study was to identify areas and issues where policy makers can focus efforts, and where practitioners can develop education and therapy protocols to assist clients in financial development and restoration.
Hastings, Justine S.; Madrian, Brigitte C.; Skimmyhorn, William L.
In this article, we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the…
Creswell, Paul D; Wisk, Lauren E; Litzelman, Kristin; Allchin, Adelyn; Witt, Whitney P
Research suggests a relationship between caring for a child with cancer and psychological distress in caregivers. Less evident is the role which financial difficulties might play in this relationship. We sought to determine if caring for a child with cancer was related to clinically relevant depressive symptoms among parents, whether or not financial difficulties mediated this relationship, and if financial difficulties were independently associated with symptoms of depression among parents of children with cancer. Data are from 215 parents of children diagnosed with cancer or brain tumors (n = 75) and a comparison group of parents of healthy children (n = 140). Multiple logistic regression analyses were used to assess the factors associated with reporting clinically relevant depressive symptoms. Caring for a child with cancer was associated with increased odds of clinically relevant depressive symptoms in parents (OR = 4.93; 95 % CI 1.97-12.30), controlling for covariates. The mediating effect of financial burden on this relationship was not statistically significant. However, among parents of children with cancer, negative financial life events increased the likelihood of reporting symptoms of depression (OR = 4.89; 95 % CI 1.26-18.96). Caring for a child with cancer was associated with depressive symptoms for parents. Financial difficulties were the strongest correlate of these symptoms among parents of children with cancer. Our results suggest that it may not only be the burden of caring for the child with cancer but also the associated financial difficulties that contribute to a higher likelihood of depressive symptoms in parents.
Lehman, Stephanie Jacobs; Koerner, Susan Silverberg
A study of 62 adolescent girls and their recently divorced mothers examined the relationship between maternal disclosure of financial concerns and difficulties in adolescent daughters' adjustment. Findings revealed a positive direct relationship between family financial hardship and girls' psychological distress, and that financial hardship was…
Mathematical Programming and Financial Objectives for Scheduling Projects focuses on decision problems where the performance is measured in terms of money. As the title suggests, special attention is paid to financial objectives and the relationship of financial objectives to project schedules and scheduling. In addition, how schedules relate to other decisions is treated in detail. The book demonstrates that scheduling must be combined with project selection and financing, and that scheduling helps to give an answer to the planning issue of the amount of resources required for a project. The author makes clear the relevance of scheduling to cutting budget costs. The book is divided into six parts. The first part gives a brief introduction to project management. Part two examines scheduling projects in order to maximize their net present value. Part three considers capital rationing. Many decisions on selecting or rejecting a project cannot be made in isolation and multiple projects must be taken fully into a...
Murphy, John L
This study uses data from the Health and Retirement Study (HRS) to analyze the psychological and social variables associated with financial literacy. The HRS is a nationally representative longitudinal survey of individuals older than age 50 and their spouses. An ordinary least squares linear regression analysis explores the relationship between financial literacy and several economic and psychosocial variables. After controlling for earnings, level of education, and other socioeconomic variables in this exploratory study, I find that financial satisfaction and religiosity are correlated with financial literacy.
US Ecology is a full service waste management company. The company operates two of the nation's three existing low-level radioactive waste (LLRW) disposal facilities and has prepared and submitted license applications for two new LLRW disposal facilities in California and Nebraska. The issue of financial assurances is an important aspect of site development and operation. Proper financial assurances help to insure that uninterrupted operation, closure and monitoring of a facility will be maintained throughout the project's life. Unfortunately, this aspect of licensing is not like others where you can gauge acceptance by examining approved computer codes, site performance standards or applying specific technical formulas. There is not a standard financial assurance plan. Each site should develop its requirements based upon the conditions of the site, type of design, existing state or federal controls, and realistic assessments of future financial needs. Financial assurances at U.S. Ecology's existing sites in Richland, Washington, and Beatty, Nevada, have been in place for several years and are accomplished in a variety of ways by the use of corporate guarantees, corporate capital funds, third party liability insurance, and post closure/long-term care funds. In addressing financial assurances, one can divide the issue into three areas: Site development/operations, third party damages, and long-term care/cleanup
Bunnett, Nancy Hubbell
Freshmen completed the Mooney Problem Check List and reported how much financial support their parents provided. The relationship between parents' support and finances, living conditions, and employment problems was highly significant, with women reporting more financial problems than men. (Author)
Full Text Available Financial analysis provides the information necessary for decision making, and also helps both the external and internal users of these. The results of the financial analysis work are dependent on the quality, accuracy, relevance and effectiveness of the information collected, and processed. Essential sources of information for financial analysis are financial statements, which are considered the raw material of financial analysis. One of the financial statements -the balance sheet - provides information about assets, liabilities, equity, liquidity, solvency, risk, financial flexibility. The profit and loss account is a synthesis accounting document, part of the financial statement reporting enterprise financial performances during of a specified accounting period and summarizes all revenues earned and expenses of an accounting period and reports the results.
Mora, Patricia Palhau; Januska, Michael
Monetary policy and financial stability are closely intertwined, and the resilience of the financial system carries weight in this relationship. This paper explores whether the financial system is more resilient as a result of the G20's post-crisis agenda for financial regulatory reform. It summarizes the agenda's key measures and implementation schedules, both internationally and in Canada, reviews the effectiveness of the reform measures in preventing and addressing financial imbalances, an...
Sheila Delhumeau Rivera
Full Text Available This document analyzes the relations between society and government that took place with the Financial Aid to Civil Society Organizations Program in Tijuana. The decentralization process of social policy in Mexico is revised as the context in which new programs and initiatives are developed promoting a stronger participation of the society in the policy process. The reflection on the social policy of the National Action Party in Baja California since 1989, has lead us to see the new challenges that the Financial Aid to Civil Society Organizations Program presents to the local and state government and the social organizations.
Does relationship satisfaction and financial aid from offspring influence the quality of life of older parents?: a longitudinal study based on findings from the Korean longitudinal study of aging, 2006-2012.
Ju, Yeong Jun; Han, Kyu-Tae; Lee, Tae-Hoon; Kim, Woorim; Kim, Juyeong; Park, Eun-Cheol
Quality of life (QoL) in old age is of major importance because the global population is aging rapidly. Offspring support, including financial and emotional support, is important in later life and directly affects the wellbeing of elderly individuals. The aim of this study was to examine the relationship between QoL in older parents and offspring support. We used baseline data from the 2006-2012 Korean Longitudinal Study of Aging, from 3,274 individuals aged 65 years or older. We measured the individual's QoL using a visual analog scale and included both relationship satisfaction and regular economic support as variables. A generalized estimating equation (GEE) model was used to perform longitudinal regression analysis on the data. Regarding the QoL of older parents, those with an unsatisfying relationship with their offspring had a QoL of -21.93 (SE = 0.55; P financial aid from their offspring had a QoL of -0.92 (SE = 0.38; P = 0.0171) compared to those who received such economic support. Combination effects were observed, with cases living alone - and having poor offspring relationships and no regular financial support from their offspring - showing the most drastic decrease in QoL (-23.46; SE = 1.03; P < 0.0001). Offspring support influences the QoL of elderly individuals, and Korean children appear to play a crucial role in the QoL of their (older) parents. Considering that the role of offspring is rapidly diminishing due to industrialization policies, initiatives are required to revitalize offspring support for elderly parents.
Assessing the Impact of Financial Policies on Nigeria's Economic Growth. ... Furthermore, it calls for effective implementation and monitoring of financial policies as well as adequate supervision of the financial sector by the relevant authorities to avoid lopsided compliance with financial and monetary guidelines. Keywords: ...
Julie R. Agnew
Full Text Available Financial literacy and numeracy are closely tied. Furthermore, financial literacy has been shown to relate to important financial behaviors. This study examines the relationship between financial literacy and retirement planning using a measure that includes questions requiring numeracy. We implement a customized survey to a representative sample of 1,024 Australians. Overall, we find aggregate levels of financial literacy similar to comparable countries with the young, least educated, those not employed, and those not in the labor force most at risk. Our financial literacy measure is positively related to retirement planning in our sample.
What can dissaving tell us about catastrophic costs? Linear and logistic regression analysis of the relationship between patient costs and financial coping strategies adopted by tuberculosis patients in Bangladesh, Tanzania and Bangalore, India.
Madan, Jason; Lönnroth, Knut; Laokri, Samia; Squire, Stephen Bertel
Tuberculosis (TB) is a major global public health problem which affects poorest individuals the worst. A high proportion of patients incur 'catastrophic costs' which have been shown to result in severe financial hardship and adverse health outcomes. Data on catastrophic cost incidence is not routinely collected, and current definitions of this indicator involve several practical and conceptual barriers to doing so. We analysed data from TB programmes in India (Bangalore), Bangladesh and Tanzania to determine whether dissaving (the sale of assets or uptake of loans) is a useful indicator of financial hardship. Data were obtained from prior studies of TB patient costs in Bangladesh (N = 96), Tanzania (N = 94) and Bangalore (N = 891). These data were analysed using logistic and linear multivariate regression to determine the association between costs (absolute and relative to income) and both the presence of dissaving and the amounts dissaved. After adjusting for covariates such as age, sex and rural/urban location, we found a significant positive association between the occurrence of dissaving and total costs incurred in Tanzania and Bangalore. We further found that, for patients in Bangalore an increase in dissaving of $10 USD was associated with an increase in the cost-income ratio of 0.10 (p costs of $7 USD (p costs that does not require usage of complex patient cost questionnaires. It also offers an informative indicator of financial hardship in its own right, and could therefore play an important role as an indicator to monitor and evaluate the impact of financial protection and service delivery interventions in reducing hardship and facilitating universal health coverage. Further research is required to understand the patterns and types of dissaving that have the strongest relationship with financial hardship and clinical outcomes in order to move toward evidence-based policy making.
Global Reporting Initiative (GRI as recognized guidelines for sustainability reporting by Spanish companies on the IBEX 35: homogeneity in their framework and added value in the relationship with financial entities
Full Text Available Purpose: The goal of this paper is to show that within the different ways to report the sustainability information, there is a mostly acceptance of voluntary initiatives to establish a homogeneous framework for transparency. Design/Methodology/Approach: In this paper we analyse the non financial reporting disclosed in the last two years (2010 and 2011 by all the companies listed on the Spanish IBEX 35 in 2010. The methodology has been based on the study of the non financial reporting available in the web sites of the analysed companies. Findings: The conclusions obtained highlight that the Global Reporting Initiative sustainability reporting framework has been mostly adopted by the studied firms as a global accepted standard in this non financial reporting and as the most important guidelines to standardize these issues. From this same descriptive point of view, we conclude that non financial entities which disclose have increased or maintained in a majority their banks´ balance sheet positions. Originality/Value: Disclosure of non financial information has been a miscellaneous of different practices depending on multiple variables. Nowadays this paper seeds some light in this subject in the way to the comparison and homogeneity of sustainability reporting and its relationship with other firms´ characteristics. Research limitations: This study is based on acceptance as a first step although must be completed with a deeper analysis of the content and its adequacy to the stakeholders´ information requirements. So, this is a descriptive analysis as a first step to go on researching in this field.
Johan Almenberg; Jenny Säve-Söderbergh
We examine the relationship between financial literacy and retirement planning in a representative sample of Swedish adults. We find significant differences in financial literacy between planners and non-planners. Financial literacy levels are also lower among older people, women and those with low education or earnings. When we control for demographic variables we do not find an association between a narrow measure of financial literacy and planning, but with a broader measure the associatio...
E. E. Frolova
Full Text Available Purpose: the article examines the main problems associated the regulatory acts of Japan – The Financial Instruments and Exchange Act, The Banking Act, The Insurance Business Act, lists the types of financial disputes subject to alternative settlement, identified the parties to the financial dispute. To achieve this goal, the article must solve the following tasks: to determine whether there are institutions in Japan that provide services for resolving financial disputes; to investigate the main problems associated with the definition of the concept and types of financial dispute, the conditions for the transfer of a financial dispute to the competent authority.Methods: this article is based on an interdisciplinary concept of research, which allowed to distinguish the distinctive features of the legal regulation of the settlement of financial disputes in Malaysia.Results: acts of Japan – The Financial Instruments and Exchange Act, The Banking Act, The Insurance Business Act, – refer to financial disputes – disputes resolved by "Designated Dispute Resolution Organizations", the so-called "financial DDRO". Financial disputes are disputes between suppliers and consumers of financial services. The Financial Instruments and Exchange Act details the persons, whose activities fall within the definition of financial provider services. A brief list of financial service providers is available on the website of Japan's main financial regulator, the Financial Services Agency. The list include: Japanese banking institutions, branches and representative offices of foreign banks, business operators of financial instruments, insurance companies, trust companies, financial markets, foreign audit firms. However, unlike other countries of the Asia-Pacific region, consumers of financial services can be both physical and legal entities.Conclusions and Relevance: the materials presented in the article show the special role of "Designated Dispute Resolution
Mitrović Aleksandra; Knežević Snežana; Veličković Milica
The subject of this paper is the evaluation of the financial analysis specifics of the dairy enterprises with a focus on the implementation of the ratio analysis of financial statements. The ratio analysis is a central part of financial analysis, since it is based on investigating the relationship between logically related items in the financial statements to assess the financial position of the observed enterprise and its earning capacity. Speaking about the reporting of financial performanc...
Wildemuth, Barbara M.
A user's interaction with a DL is often initiated as the result of the user experiencing an information need of some kind. Aspects of that experience and how it might affect the user's interactions with the DL are discussed in this module. In addition, users continuously make decisions about and evaluations of the materials retrieved from a DL, relative to their information needs. Relevance judgments, and their relationship to the user's information needs, are discussed in this module. Draft
Eyo Asro Sasmita
Full Text Available This research is aimed to test and identify empirical evidence regarding the effect of capital structure and loan to financial performance of cooperative where the relationship between loan and financial performance is moderated by non-performing loan. The population of this research is 257 Financial Service Cooperative hereinafter referred to as KJK as the abbreviation for Koperasi Jasa Keuangan of Urban Village Community Economic Empowerment hereinafter referred to as PEMK as the abbreviation for Pemberdayaan Ekonomi Masyarakat Kelurahan in Jakarta 2011 to 2013. Sample is determined by using purposive sampling method. The data is secondary data which is obtained from the Revolving Fund Management Unit hereinafter referred to as UPDB as the abbreviation for Unit Pengelola Dana Bergulir Jakarta. Hypothesis is tested by using multiple linear regression analysis with SPSS 20.00. The number of sample used in this research is 120. Research findings explain that 1 Capital Structure hereinafter referred to as SM as the abbreviation for Struktur Modal has positive and significant impact on financial performance hereinafter referred to as KIN as the abbreviation for Kinerja Keuangan because the probability value of 0000 is smaller than amp945 0.05. Calculation shows that if the capital structure rises 1 assuming that the loan and non-performing loan variables remain the same then the financial performance will increase 0.017. 2 Loans hereinafter referred to as PIN as the abbreviation for Pinjaman given has positive and significant impact on KIN because the probability value of 0001 is smaller than amp945 0.05. If the loan rises 1 assuming that the capital structure and non-performing loan variables remain the same then the KIN will increase 0.013. 3 Non-performing loan has negative and significant effect on KIN because the probability value of 0000 is smaller than amp945 0.05. PBR varible increase 1 assuming that the loan and capital structure variables
Full Text Available The recent financial crises has revealed the need to improve and ensure the stability of the financial sector to reduce negative externalities, to ensure fair and substantial contribution of the financial sector to the public finances and the need to consolidate public finance. All those needs represent substantial arguments for the discussion about the introduction of financial sector taxation. There are discussed in the paper two possible schemes of financial sector taxation – financial transaction tax and financial activities tax. The aim of the paper is to research the possibility of the introduction of financial sector taxation, to discuss the pros and cons of two major candidates on financial sector taxation – financial transaction tax and financial activities tax and to suggest the possible candidate suitable for the implementation on the EU level. Financial transaction tax represents the tool suitable mainly on global level, for only in that case enables generate sufficient financial resources. From EU point of view is considered as less suitable, for it bears the risk of reallocation. Therefore the introduction of financial activities tax on EU level is considered as a better solution for the financial sector taxation in the EU, for financial sector is exempted from value added tax. With respect to the fact, that the implementation would represent the innovative approach to the financial sector taxation, there are no empirical proves and therefore this could be the subject of further research.
The author argues that undesirable behaviour in the financial markets has not been countered by appropriate controls. Article by Colin Bamford (Barrister, 3-4 South Square) published in Amicus Curiae - Journal of the Society for Advanced Legal Studies. The Journal is produced by the Society for Advanced Legal Studies at the Institute of Advanced Legal Studies, University of London.
Sánchez-Bueno, María José; Muñoz-Bullón, Fernando
In the present study we explore the relationship between downsizing decisions and corporate financial performance after top management has decided to downsize. Our focus is on the financial consequences arising from the amount of downsizing and the use of disengagement incentives. For this purpose, we use a sample of downsizing announcements in the Spanish press from 1995 up to 2001. Although the results show that the amount of downsizing is not significantly related to post-downs...
Klein, Alina F.; Klein, Rudolf F.
This paper analyzes the relationship between culture and financial development in Europe, with culture defined as informal constraints on human interactions. We assert that various national characteristics such as people’s trust and trustworthiness, and the level of control they feel they have over their lives can modify transaction costs, which in turn leads to different levels of financial development. Furthermore, we consider communism as an exogenous shock to the cultural values existent ...
Oetjen, Reid M; Zhao, Mei; Liu, Darren; Carretta, Henry J
This study examines the relationship between financial performance and selected safety measures of nursing homes in the State of Florida. We used descriptive analysis on a total sample of 1,197. Safety information was from the Online Survey, Certification and Reporting (OSCAR) data of 2003 to 2005, while the financial performance measures were from the Medicare cost reports of 2002 to 2004. Finally, we examined the most frequently cited deficiencies as well as the relationship between financial performance and quality indicators. Nursing homes in the bottom quartile of financial performance perform poorly on most resident-safety measures of care; however, nursing homes in the top two financial categories also experienced a higher number of deficiencies. Nursing homes in the next to lowest quartile of financial performance category best perform on most of these safety measures. The results reinforce the need to monitor nursing home quality and resident safety in US nursing homes, especially among facilities with poor overall financial performance.
Beck, T.H.L.; Demirgüc-Kunt, A.; Singer, D.E.M.
Combining two unique data sets, this paper explores the relationship between financial structure and firms’ access to financial services. Specifically, it considers the importance of three different types of financial institutions: low-end financial institutions, specialized lenders, and banks. Two
Yu, Mengmeng; Zhao, Yonghong; Li, Wenbin; Lu, Zhigang; Wei, Meng; Zhou, Wenxiao; Zhang, Jiayin
To study the diagnostic performance of the ratio between the Duke jeopardy score (DJS) and the minimal lumen diameter (MLD) (DJS/MLD CT ratio) as assessed by coronary computed tomographic angiography (CTA) for differentiating functionally significant from non-significant coronary artery stenoses, with reference to invasive fractional flow reserve (FFR). Patients who underwent both coronary CTA and FFR measurement during invasive coronary angiography (ICA) within 2 weeks were retrospectively included in the study. Invasive FFR measurement was performed in patients with intermediate to severe coronary stenoseis. DJS/MLD CT ratio and anatomical parameters were recorded. Lesions with FFR ≤0.80 were considered to be functionally significant. One hundred and sixty-one patients with 175 lesions were included into the analysis. Diameter stenosis in CT, area stenosis, plaque burden, lesion length (LL), ICA-based stenosis degree, DJS, LL/MLD 4 ratio, DJS/MLA ratio as well as DJS/MLD ratio were all significantly different between hemodynamically significant and non-significant lesions (pvalue for DJS/MLD CT ratio to be 1.96 (area under curve = 0.863, 95 % confidence interval = 0.803-0.910), yielding a high diagnostic accuracy (86.9%, 152/175). In coronary artery stenoses detected by coronary CTA, the DJS/MLD ratio is able to predict hemodynamic relevance. Copyright © 2018 Society of Cardiovascular Computed Tomography. Published by Elsevier Inc. All rights reserved.
Full Text Available This paper analysis capital structure determinants of Croatian enterprises based on a cross-sectional data for pre-recession 2007 and recession 2010 comprising about 10,000 firms. Determinants are selected with reference to the relevant capital structure theories and include asset tangibility, profitability, firm size and business risk. The results indicate highly positive significant impact of tangibility and negative significant impact of profitability on financial leverage in both observed years. Firm size seems to be statistically significant at higher level in crisis period, but at the same time no relationship can be found between business risk and financial leverage that is of economic significance.
Morgan, Peter J.; Pontines, Victor
The purpose of this study is to better understand the likely impact on Asian economies and financial institutions of various recent global financial reforms, including Basel III capital adequacy and liquidity rules. Part one reviews the lessons of the global financial crisis (GFC) of 2007â€“09 and their relevance for Asian economies. Part two describes the major regulatory reforms that have been announced and possible concerns about their impacts on emerging economies. Part three reviews the ...
Ms. Tamara Ye. Kononenko
Full Text Available The paper clarifies the concepts of «risk», «financial risk» in banking business, and considers the main problems of financial risk management in trade banks while financing borrowers. The authors single out the most relevant problems, and conduct the analysis of overdue payment in case of OJSC “Sberbank of Russia”. The authors also offer a number of measures to minimize financial risks in trade bank activities in modern conditions.
The four essays in this dissertation address these main questions and alternate a general perspective with focused analysis on specific measures of integration and regions, providing several novel answers. First, new relevant proxies are proposed to measure financial market integration. They give
(IFRS) on the quality of financial reporting in Nigeria. The study utilises a ... cial reporting by public interest entities world- wide. In Nigeria ... Keywords: Reporting Standards, Value, Relevance, Earnings, Management ... of the. IFRS, the adoption is wrought with challenges. ... and transitional economies still have ineffective.
Park, Kay Sun
-time interval, though academics consider market price would stay at equilibrium in the long-run, as reflecting fundamentals in the end. As “Efficiency of Financial Market” says; price of assets reveals all relevant information. The continuous-time random walk is successfully taken as close as tracking down...
This study examines the allocation of financial resource to the education industry and ..... This should check all books of account at least once a month to reconcile ... All cash advance request must be supported with relevant documents vii.
... application of internal controls within the Centre's corporate financial systems. ... It is a key resource for managing IDRC's financial information systems both for the ... Assess the vendor development strategies and determine the impacts on the long .... applications to provide complete and relevant accounting information.
Averill, M.; Briggle, A.
Science policy and knowledge production lately have taken a pragmatic turn. Funding agencies increasingly are requiring scientists to explain the relevance of their work to society. This stems in part from mounting critiques of the "linear model" of knowledge production in which scientists operating according to their own interests or disciplinary standards are presumed to automatically produce knowledge that is of relevance outside of their narrow communities. Many contend that funded scientific research should be linked more directly to societal goals, which implies a shift in the kind of research that will be funded. While both authors support the concept of useful science, we question the exact meaning of "relevance" and the wisdom of allowing it to control research agendas. We hope to contribute to the conversation by thinking more critically about the meaning and limits of the term "relevance" and the trade-offs implicit in a narrow utilitarian approach. The paper will consider which interests tend to be privileged by an emphasis on relevance and address issues such as whose goals ought to be pursued and why, and who gets to decide. We will consider how relevance, narrowly construed, may actually limit the ultimate utility of scientific research. The paper also will reflect on the worthiness of research goals themselves and their relationship to a broader view of what it means to be human and to live in society. Just as there is more to being human than the pragmatic demands of daily life, there is more at issue with knowledge production than finding the most efficient ways to satisfy consumer preferences or fix near-term policy problems. We will conclude by calling for a balanced approach to funding research that addresses society's most pressing needs but also supports innovative research with less immediately apparent application.
This article focuses on analyzing of a consolidated financial statements of a hypothetically SME. The interpretation of the financial position and performances is based on the more than 40 financial key ratios computed by using financial data from consolidated income statement, consolidated financial position and cash flow. However additional data from notes to financial statements are provided.
This paper reviews the relationship between financial evaluation and control techniques and innovative activity in a range of technological contexts. The relationship is broadly conceived to include both the financial techniques developed and deployed within the firm and theevaluative behaviour...... of financial institutions external to the firm such as venture capital and industrial investment banking. With innovative and investment opportunities tending to vary over time within an industry, it becomes apparent that there can be no permanent solution to the common problem of how to trade off financial...
Ph. D. Olusegun Olowe
Full Text Available In this study , the measurement of the Nigerian financial interrelation ratio was considered in line with the structure and development of financial system between 1999 and 2008 with a view to examining the incidences of the financial liberalization . The financial intermediation role for Nigeria on current basic prices was computed to determining the extent of stability and /or positive cum negative changes. This is to ensure the involvement of government as well as thedegree of financial institutions’ involvement in the economic growth and development of the country. In essence, the results of this study will be of relevance to formulate and execute policy formulation in its entirety. The result of the study revealed a pure neglect in the country with emphasis on financial intermediation. The earlier we put an enhanced financial structure in place, , the better for the economy.
Bardoscia, Marco; Battiston, Stefano; Caccioli, Fabio; Caldarelli, Guido
Following the financial crisis of 2007-2008, a deep analogy between the origins of instability in financial systems and complex ecosystems has been pointed out: in both cases, topological features of network structures influence how easily distress can spread within the system. However, in financial network models, the details of how financial institutions interact typically play a decisive role, and a general understanding of precisely how network topology creates instability remains lacking. Here we show how processes that are widely believed to stabilize the financial system, that is, market integration and diversification, can actually drive it towards instability, as they contribute to create cyclical structures which tend to amplify financial distress, thereby undermining systemic stability and making large crises more likely. This result holds irrespective of the details of how institutions interact, showing that policy-relevant analysis of the factors affecting financial stability can be carried out while abstracting away from such details.
Grøm, Halvdan Alexander
In this thesis I have analysed the relationship between renewable energy stocks and the price of crude oil. As a part of my analysis I have provided a basic economic overview of the research period and how the value of renewable energy stocks and crude oil is determined. In order to analyse this relationship I have utilized a Vector Autoregressive Model (VAR) in addition to a Vector Error Correction Model (VECM). My findings indicate that the aforementioned assets follow a simi...
Slamet Ciptono, Wakhid
This study investigates the moderating impacts of the three levels of management commitment (top, middle, and low levels) on the structural relationships among the constructs— six critical success factors of TQM (quality improvement program, supervisory leadership, supplier involvement, management commitment, training to improve products/services, cross-functional relationships); world-class performance in operations (world-class company practices, operational excellence practices, company no...
McCarthy, John H.; Turner, Robert M.
This booklet for trustees of higher education institutions offers guidelines to help trustees understand the institution's financial statements. Individual sections describe the three major financial statements and cover topics such as: (1) standards of the Financial Accounting Standards Board; (2) the "statement of financial position,"…
Full Text Available The success of entrepreneurial activity depends on the state of the financial resources of the entity and the choice of the strategy of financial resources forming. In the article the specification of socio-economic nature of the financial resources of enterprises is analyzed and proved , their classification under the relevant characteristics and peculiarities of the financial resources formation of businesses in a rapidly changing economy in the context of sustainable economic state development are given. Keywords: financial resources, assets, cash funds, sustainable development
Financial insight and behaviour of household consumers in Port Elizabeth. ... improve their money management skills and ensure they eliminate debt, which can be ... Significant relationships between demographical variables and financial ...
Full Text Available Background: Measurement of financial performance of enterprises is an important part of balanced scorecard system. Previous research has indicated a relationship between leadership and financial performance of enterprises.
Environmental protection and sustainability have a complex relationship with finances and financial institutions. Financial institutions such as banks, pension funds and insurance companies, are increasingly seen as of vital importance for reaching environmental and sustainability goals. Initially,
Voorde, F.C. van de; Veldhoven, M.J.P.M. van; Paauwe, J.
This study is designed to test the mediating role of work satisfaction in the relationship between work unit climate and labour productivity. Two work unit climate facets are examined: goals and service orientation. Longitudinal data obtained from more than 14,000 employees in 171 branches of a
van de Voorde, F.C.; van Veldhoven, M.J.P.M.; Paauwe, J.
This study is designed to test the mediating role of work satisfaction in the relationship between work unit climate and labour productivity. Two work unit climate facets are examined: goals and service orientation. Longitudinal data obtained from more than 14,000 employees in 171 branches of a
Lang, Kenneth Brandon
Several studies have found a relationship between college students' academic majors and their environmental attitudes and behaviors. Results from this study of incoming first-year students at a medium-sized public university suggest that students majoring in different programs of study were likely to have different environmental attitudes and…
Full Text Available This study is intended to analyze the current levels of financial depth and financial access in Indonesia and to analyze the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relatively better than its financial depth, especially for financial markets, in which Indonesia ranks in the lower average group. From literature reviews, it can be inferred that the main factor driving the poor financial depth in Indonesia is non-competitiveness of the institutions; whereas the driving force of poor financial access in Indonesia are geographical constraints, poverty, a high income gap, and a less than effective national financial development policy.
Full Text Available In recent years the tourism industry has seen a rise in scope and influences both in the political and economic arenas. The industry has become exposed to risks such as money laundering and fraudulent reporting, demanding the use of International Financial Reporting Standards (IFRS to reduce differences in financial reporting and increase the attractiveness of the sector for investors. For the purpose of this paper, a sample of 611 equities in the tourism and hospitality business was used in order to understand the state of financial reporting in the sector with an emphasis on the relevance of financial information and other issues such as timeliness and the adherence to a true and fair presentation. The research reveals the enhanced relevance obtained from the use of the IFRS as well as risks for the financial management of the companies.
Borg, Christel; Fagerström, Cecilia; Balducci, Cristian; Burholt, Vanessa; Ferring, Dieter; Weber, Germain; Wenger, Clare; Holst, Göran; Hallberg, Ingalill R
The aim of this study was to investigate how overall health, participation in physical activities, self-esteem, and social and financial resources are related to life satisfaction among people aged 65 and older with reduced activities of daily living (ADL) capacity in 6 European countries. A subsample of the European Study of Adults' Well-Being (ESAW), consisting of 2,195 people with reduced ADL capacity from Sweden, the United Kingdom, the Netherlands, Luxembourg, Austria, and Italy, was included. The Older Americans' Resources Schedule (OARS), the Life Satisfaction Index Z, and the Self-Esteem Scale were used. In all national samples, overall health, self-esteem, and feeling worried, rather than ADL capacity, were significantly associated with life satisfaction. The findings indicate the importance of taking not only the reduction in functional capacity into account but also the individual's perception of health and self-esteem when outlining health care and nursing aimed at improving life satisfaction. The study thus suggests that personal rather than environmental factors are important for life satisfaction among people with reduced ADL capacity living in Europe.
Medicare and Medicaid programs; physicians' referrals to health care entities with which they have financial relationships: partial delay of effective date. Interim final rule with comment period; partial delay in effective date.
This interim final rule with comment period delays for 1 year the effective date of the last sentence of 42 CFR 411.354(d)(1). Section 411.354(d)(1) was promulgated in the final rule entitled "Medicare and Medicaid Programs; Physicians' Referrals to Health Care Entities With Which They Have Financial Relationships," published in the Federal Register on January 4, 2001 (66 FR 856). A 1-year delay in the effective date of the last sentence in Section 411.354(d)(1) will give Department officials the opportunity to reconsider the definition of compensation that is "set in advance" as it relates to percentage compensation methodologies in order to avoid unnecessarily disrupting existing contractual arrangements for physician services. Accordingly, the last sentence of Section 411.354(d)(1), which would have become effective January 4, 2002, will not become effective until January 6,2003.
As partners of farmers' associations and small agri-businesses, financial cooperatives can play an important role in the adoption of agricultural innovations by providing relevant financial services. This project will test the ability of financial services to support the deployment and large-scale adoption of innovations ...
Fenske, Robert H.; And Others
The full range of topics relevant to student financial aid are covered in this book by a variety of experts in financial aid administration and scholarship. The volume details how to organize, implement and assess a financial aid program--including how to determine student need, deal with student bankruptcy and aid termination, and improve…
Full Text Available The Journal of Financial Innovation (JoFI, which is totally independent and completely free to anyone who is interested in reading it, has been establishing itself as one of the first periodicals dedicated to financial innovation, a subject that has been growing in importance in various spheres of interest, from academia to industry, including policy makers. Economic stability and growth are closely linked to financial innovation in its various formats, i.e. products, processes and financial institutions.At the end of the 1980s the financial market in the United States and its institutions were facing changes that were seen as revolutionary at the time. In other words, at that particular moment in time we witnessed the rise of financial instruments and institutions that did not even exist at the end of the 1970s. As Mishkin (1990 points out, there is still an interest in understanding better the dynamic of the changes in financial systems and the proliferation of financial products. In this regard, the forces behind financial innovation are increasing in relevance. These include the conditions required for changes in the market, advances in technology, market (deregulation, different types of crisis that are relevant to the market, new challenges facing banks, and other such matters.
Bumann, S.; Hermes, N.; Lensink, B.W.
This study provides a systematic analysis of the empirical literature on the relationship between financial liberalization and economic growth by conducting a meta-analysis, based on 441 t-statistics reported in 60 empirical studies. We focus on explaining the heterogeneity of results in our sample
Brown, M.; de Haas, R.; Sokolov, V.
Abstract: We exploit variation in consumer price inflation across 71 Russian regions to examine the relationship between the perceived stability of the local currency and financial dollarization. Our results show that regions with higher inflation experience an increase in the dollarization of
Hendrikse, G.W.J.; Veerman, C.P.
The relationship between the financial structure of marketing cooperatives and the requirement of the domination of control by the members of the cooperative is analysed with an emphasis on incomplete contracts and system complementarities. It is argued that the disappearance of shortage markets in
Kimberly, John R.
The first section of this report provides descriptive information about the financial structure of a sample of sheltered workshops (n=123) in terms of the variety of their sources of income and their expenses during fiscal year 1966. The relationship between differences in financial structure and other organizational characteristics is examined in…
Carman, Katherine G; Zamarro, Gema
Food insecurity, not having consistent access to adequate food for active, healthy lives for all household members, is most common among low income households. However, income alone is not sufficient to explain who experiences food insecurity. This study investigates the relationship between financial literacy and food security. We find that low income households who exhibit financial literacy are less likely to experience food insecurity.
van Rooij, Maarten; Lusardi, Annamaria; Alessie, Rob
We have devised two special modules for De Nederlandsche Bank (DNB) Household Survey to measure financial literacy and study its relationship to stock market participation. We find that the majority of respondents display basic financial knowledge and have some grasp of concepts such as interest
Philbrick, D. [Elevate Energy, Chicago, IL (United States); Scheu, R. [Elevate Energy, Chicago, IL (United States); Brand, L. [Elevate Energy, Chicago, IL (United States)
The U.S. Department of Energy’s Building America research team Partnership for Advanced Residential Retrofit analyzed building, energy, and financial program data as well as other public and private data to examine the relationship between energy-efficiency retrofits and financial performance on three levels: building, city, and community.
Feofanova Iryna V.
Full Text Available The article is aimed at researching the approaches to assessing financial flexibility and the ways to improve it as a constituent part of financial security. Both the external and the internal threats to financial security have been defined. The indicators of assessment of the financial status of enterprise that are being calculated on the basis of value of equity were analyzed. It has been determined that the growth of equity has a positive impact on all coefficients, with the exception of the ratio of non-negotiable assets and the equity funds. It has been suggested that the ratio of non-negotiable assets to equity funds should be used as an indicator of the sufficiency of own capital gains. The relationship between the maneuverability coefficient of the own negotiable capital and the ratio of non-negotiable assets to the equity funds has been considered. It has been found that formation of the own financial resources is one of the main ways of increasing the financial flexibility of enterprises and organizations. A number of measures to increase equity have been proposed; the sources of the equity funds and the factors influencing the money flows have been defined.
Victoria María Antonieta Martín Granados
Full Text Available The financial information is the document that the administration of a juridical entity issues to know his financial situation. The financial information is useful and confiable for the users of the financial information when this has been prepared under conditions of certainty. This certainty is provided by the administration when it establishes political and procedures of internal control, as well as the surveillance in the accomplishment of the internal control. This control incides in the financial information since it is inherent to the operative flow and extends itself in relevant information, veracious and comparable. This is important for users of the financial information, due to the fact that they take timely and objective decisions.
Rajola, Federico; Frigerio, Chiara; Parrichi, Monica
In developed countries, economic and financial well-being is playing a crucial positive role in ageing and inclusion processes. Due to the complexity and pervasiveness of financial economy in the real life, more and more social as well as individual well-being are perceived as influenced by financial conditions. On the other hand, the demographic circumstances drive scholars as well as politicians to reflect on ageing dynamics. Bridging the two domains, the following research focuses on the role of the financial well-being as a mediating role of general well-being in elder people. The assumption is that elderly people have specific financial needs that sometimes are not covered by financial providers' offers. The motivation is mainly on the role of information asymmetries between elder consumers and financial institutions. On the dynamics of these asymmetries, the research will specifically investigate the role of financial literacy, as the ability of comprehension of elder people of their needs and of financial information. The applicative implication of this research work consists in finding the determinants of financial well-being for elders and the definition of their specific financial competencies, in order to 1) identify educational and regulatory guidelines for policy makers in charge of creating financial market transparency conditions, and to 2) support design of organizational mechanisms as well as financial product/services for this specific target of client. The following chapter presents preliminary explorative results of a survey delivered on 200 elder individuals (65-80 yrs.) leaving in Milan. Findings show that active elders consider the ability of managing personal wealth as one of the core determinant of well-being, although the economic and financial literacy is limited. Furthermore, the chapter proposes a research agenda for scholars interested in exploring the relationship between financial well-being and ageing.
Full Text Available Financial resources of the village that are sourced from a country or a Regional Finance Financial based Law Number 6 Year 2014 of The Village is the mandate of the law that must be allocated to the village. The interconnectedness of the financial position of the village in the financial system of the country or Region concerned the Financial administrative and territorial relations, and there is no setting directly regarding the finances of the village as part of the financial system of the country or the financial area. In respect of the elements of the crime of corruption deeds against financial irregularities of the village there are still disagreements on the interpretation of the law in trapping the perpetrators of corruption on the village chief that implies not satisfy the principle of legality and legal certainty in the ruling of the matter of financial irregularities. In fact, many of the village chief or Councilor caught the criminal offence of corruption over the use of financial irregularities. This research analyzes How the financial position of the village in the financial system of the country or region, as well as whether the financial resources of the village is derived from the state budget or region budget managed in village budget belongs to the category of village finances and whether tort against the financial management of the village can be categorized as a criminal act corruption. How To Cite: Purnomo, H. (2015. Financial Village Standing in Indonesian Financial System. Rechtsidee, 2(2, 121-140. doi:http://dx.doi.org/10.21070/jihr.v2i2.81
This study is intended to analyze the current levels of financial depth and financial access in Indonesia and to analyze the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...
Ur Rehman, Ijaz; Shahbaz, Muhammad; Kyophilavong, Phouphet
We study the relationship between financial development, technological development and economic growth in Romania. We construct aggregate indices of financial development and technological development using principal component analysis. The ARDL bounds testing approach shows the presence of cointegration between financial development, technological development and economic growth. Financial development and technological development contribute to economic growth. Moreover, financial developmen...
This article reviewed the history of Zhong He Shanxi Uranium Enrichment Company, summarizing an efficient and systematical financial management method during both construction period and operational period of the company. It related to fundamental financial management structure building, integrated budgeting, fund management, cost management, asset management, tax planning and HR management. of financial staffs. (author)
This paper investigates how financial globalization and financial development affect income inequality within a country. We demonstrate that when a country is financially closed to the world market, the Gini coefficient is monotonically decreasing with respect to the degree of financial development, whereas when a country becomes so small due to financial globalization that financial development in the country does not affect the world interest rate, the Gini coefficient is monotonically incr...
Over the last few years, large retailers offering financial services have considerably grown in the financial services sector. Retailers are increasing the wideness and complexity of their offer of financial services. Large retail companies provide financial services to their customers following different strategic ways. The provision of financial services in the retailers offer is implemented in several different ways related to the strategies, the structures and the degree of financial know...
To quantitate financial conflicts of interest (FCOIs) among radiation oncology peer-reviewers, specifically editorial board members of the 3 American Society for Radiation Oncology journals. The public Centers for Medicare and Medicaid Services Open Payments database delineates payments in 3 categories (general payments, research funding, and company ownership). After excluding non-US and non-MDs, names of board members were searched. Values of each FCOI were extracted for 2013 to 2015 and compiled. Of 85 board members, 65 (76%) received any form of payment during the overall period. The majority of delivered payments were general payments: 59 (69%) received at least 1 general payment during these 3 years. In each year, 9 board members (11%) received research funding, and 3 board members (4%) reported company ownership. Over the studied period, all board members received a sum total of $5,387,985; this was composed of $665,801 (12%) in general payments, $3,758,968 (70%) in research funding, and $963,216 (18%) in company ownership. The mean general payment and research funding amounts (all members) were $2,621 and $14,741, respectively. Median (interquartile range) general payments and research funding only in board members receiving payments were $419 ($91-$5072) and $56,250 ($13,345-$200,000), respectively. When assessing general payments according to amount, the vast majority of editorial board members received lower-quantity or no such payments, along with a smaller proportion that received higher-volume payments. The most frequent sources of general payments were Varian, Elekta, and Bristol-Myers Squibb. Merck and Varian were the most frequent funding sources for research payments. In this population, the majority of FCOIs were general payments, but research funding comprised the highest monetary sums. Large-volume FCOIs do not apply to the vast majority of editorial board members, implying that the maintained integrity of academic peer-review is likely not
Full Text Available Technological advances have created unprecedented opportunities for online financial education that can be used to improve financial literacy and money management practices. While online financial education programs have become popular, relevant research and theoretical frameworks have rarely been considered in the development of such programs. This article synthesizes lessons from literature and theories for the development of an effective online financial education program. Drawing from literature on financial literacy education and online education, implications and recommendations for integrating technology into online financial education programs for adults are discussed.
Full Text Available Financial literacy is an important issue today, but it is directed/limited to improve the practical skills of people taking financial markets and their present working for granted. However, financial markets are social institutions and social processes involving network relations as well as rules and norms. Globalization has resulted in a dominating role of financial markets over the economy with importance for the transformation of capitalistic society. The sociological perspectives on financial markets have relevance also for the present crisis for which several explanations have been suggested. Most explanations overlook, however, the process of disembedding of the financial markets from the societal context, which is represented by the reliance on a specific kind of knowledge. To illustrate the need for reintegrating financial markets in the economy and making them more responsive to societal concerns, financial knowledge requires to be embedded into social knowledge about the function of financial markets for society, the importance of norms and the social character of markets.Finanzerziehung ist ein wichtiges Anliegen in der Gegenwart, aber die „finanzielle Alphabetisierung“ beschränkt sich auf die Vermittlung praktischen Wissens, ohne die Finanzmärkte und ihr Funktionieren zu hinterfragen. Aber Finanzmärkte sind soziale Institutionen und soziale Prozesse, die Netzwerkbeziehungen sowie Regeln und Normen umfassen. Die Globalisierung resultierte in einer dominierenden Rolle des Finanzsystems im Verhältnis zur Wirtschaft und mit Implikationen für die Transformation der kapitalistischen Gesellschaft. Die soziologischen Perspektiven auf Finanzmärkte sind auch für die gegenwärtige Krise relevant, die verschieden zu erklären versucht wird. Diese Erklärungen übersehen jedoch vielfach den Prozess der Entbettung der Finanzmärkte aus den gesellschaftlichen Kontexten, der sich auch durch die Betonung einer spezifischen Art von Wissen
Full Text Available This article analyses the relationship between law, gender, and finance, with a particular focus on gender inequalities in the financial literacy measure which was constructed by the Organisation for Economic Cooperation and Development (OECD. It seeks to trouble predominant claims about financial literacy as an effective, ‘edu-regulatory’ policy to address gender inequalities in the financial services market. The article suggests that instead of acting as a neutral assessment of people’s financial literacy, the measure, in fact, embodies gendered assumptions about finance and financial practices. The measure presents a financial world in abstract terms and fails to account for different contexts within which financial decisions are made. The article exposes the measure’s problematic deployment of the literacy/illiteracy binary in thinking about financial gender inequalities. Rather than being attentive to the ways in which gender inequalities are produced in financial markets, the OECD measure misattributes these to irrational financial behaviour, and further reproduces the marginalisation of women in the global financial market. Este artículo analiza la relación entre derecho, género y finanzas, realizando un enfoque particular en las desigualdades de género existentes en el estudio sobre los conocimientos financieros que elaboró la Organización para la Cooperación y el Desarrollo Económico (OCDE. Busca contrastar las afirmaciones dominantes sobre los conocimientos financieros como una política efectiva, “edu-reguladora” para abordar las desigualdades de género en el mercado de servicios financieros. El artículo sugiere que, en lugar de realizar una evaluación neutral de los conocimientos financieros de las personas, la medida plasma asunciones de género sobre las finanzas y las prácticas financieras. El estudio presenta un mundo financiero en términos abstractos y no tiene en cuenta los diferentes contextos en los
Lichtenberg, Peter A; Ficker, Lisa J; Rahman-Filipiak, Annalise
This study examines preliminary evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS), a new person-centered approach to assessing capacity to make financial decisions, and its relationship to self-reported cases of financial exploitation in 69 older African Americans. More than one third of individuals reporting financial exploitation also had questionable decisional abilities. Overall, decisional ability score and current decision total were significantly associated with cognitive screening test and financial ability scores, demonstrating good criterion validity. Study findings suggest that impaired decisional abilities may render older adults more vulnerable to financial exploitation, and that the LFDRS is a valid tool.
Bothma, Theo; Tarp, Sven
This article starts by providing a brief summary of relevance theory in information science in relation to the function theory of lexicography, explaining the different types of relevance, viz. objective system relevance and the subjective types of relevance, i.e. topical, cognitive, situational...... that is very important for lexicography as well as for information science, viz. functional relevance. Since all lexicographic work is ultimately aimed at satisfying users’ information needs, the article then discusses why the lexicographer should take note of all these types of relevance when planning a new...... dictionary project, identifying new tasks and responsibilities of the modern lexicographer. The article furthermore discusses how relevance theory impacts on teaching dictionary culture and reference skills. By integrating insights from lexicography and information science, the article contributes to new...
Delhez, P; Wyzen, B; Dalcq, A-C; Colinet, F G; Reding, E; Vanlierde, A; Dehareng, F; Gengler, N; Soyeurt, H
Considering economic and environmental issues is important in ensuring the sustainability of dairy farms. The objective of this study was to investigate univariate relationships between lactating dairy cow gastro-enteric methane (CH4) production predicted from milk mid-IR (MIR) spectra and technico-economic variables by the use of large scale and on-farm data. A total of 525 697 individual CH4 predictions from milk MIR spectra (MIR-CH4 (g/day)) of milk samples collected on 206 farms during the Walloon milk recording scheme were used to create a MIR-CH4 prediction for each herd and year (HYMIR-CH4). These predictions were merged with dairy herd accounting data. This allowed a simultaneous study of HYMIR-CH4 and 42 technical and economic variables for 1024 herd and year records from 2007 to 2014. Pearson correlation coefficients (r) were used to assess significant relationships (P<0.05). Low HYMIR-CH4 was significantly associated with, amongst others, lower fat and protein corrected milk (FPCM) yield (r=0.18), lower milk fat and protein content (r=0.38 and 0.33, respectively), lower quantity of milk produced from forages (r=0.12) and suboptimal reproduction and health performance (e.g. longer calving interval (r=-0.21) and higher culling rate (r=-0.15)). Concerning economic results, low HYMIR-CH4 was significantly associated with lower gross margin per cow (r=0.19) and per litre FPCM (r=0.09). To conclude, this study suggested that low lactating dairy cow gastro-enteric CH4 production tended to be associated with more extensive or suboptimal management practices, which could lead to lower profitability. The observed low correlations suggest complex interactions between variables due to the use of on-farm data with large variability in technical and management practices.
Eun Young OH
Full Text Available This paper examines the relationship between reserve requirements, interest rate taxes, and long-term growth. I present a model which shows that the government might repress the financial sector as this is the easy way of channelling resources to productive sectors. In this endogenous model, I employ the government input in the firm production function. The implications of the model are confirmed in that, an increase in reserve requirements and interest rate controls have two different reverse effects on growth - one is the negative effect on the financial sector. The other is a growth enhancing effect from the effective public spending on the real sectors.
Carmen Martínez-Carrascal; Annalisa Ferrando
This paper analyses the impact that firms financial position has on investment decisions using panel data from a large sample of non-financial corporations(around 120,000 firms) in six euro area countries(Belgium, Germany, France, Italy, the Netherlands and Spain). The results indicate that financial position is important to explain capital expenditures, as financial pressure appears relevant in explaining investment dynamics when it is proxied by cash flow, indebtedness and debt burden. The ...
Full Text Available We study financial literacy in France using the PATER survey and following the Lusardi and Mitchell (2011c approach. We find that some subpopulations are less financially literate than others: women, young and old people as well as less-educated people are more likely to face difficulties when dealing with fundamental financial concepts such as risk diversification and inflation and interest compounding. We also find some differences in financial knowledge depending on the political opinion of the respondents. Finally we show that these differences in financial knowledge are correlated with differences in the propensity to plan: people who score higher on the financial literacy questions are more likely to be engaged in the preparation of a clearly defined financial plan.
Ngobo , Paul-Valentin; Casta , Jean-François; Ramond , Olivier ,
published on line : 2011/01/08; International audience; This study examines the effects of customer satisfaction on analysts' earnings forecast errors. Based on a sample of analysts following companies measured by the American Customer Satisfaction Index (ACSI), we find that customer satisfaction reduces earnings forecast errors. However, analysts respond to changes in customer satisfaction but not to the ACSI metric per se. Furthermore, the effects of customer satisfaction are asymmetric; fo...
Χατζηγώγου, Αρτεμις Π.
Σκοπός της μελέτης αυτής, είναι η συγκέντρωση όλων των στοιχείων εκείνων που συνθέτουν μια οργανωμένη διαδικασία έρευνας, που είναι γνωστή ως Financial Planning. Θα μπορούσαμε εναλλακτικά να πούμε, ότι βασικά ο χρηματοοικονομικός σχεδιασμός προγραμματίζει, εξευρίσκει και χρησιμοποιεί τα κεφάλαια με τέτοιο τρόπο ώστε η συνεισφορά τους να είναι μεγαλύτερη στην αποτελεσματική λειτουργία της οικονομικής μονάδας. Παρέχει τις γνώσεις των χρηματιστικών αγορών από όπου αντλούνται τα κεφάλαια. Οδηγεί ...
Catalin-Florinel Stanescu; Laurentiu Mircea Simion
Concerns about the financial risk is increasing. In this climate, companies of all types and sizes want a robust framework for financial risk management to meet compliance requirements, contribute to better decision making and increase performance. Financial risk management professionals working with financial institutions and other corporate clients to achieve these objectives.
Butt, Babar Zaheer; Hunjra, Ahmed Imran; Rehman, Kashif-Ur-
This study measures the relationship between organizational performance and financial management practices like capital structure decision, dividend policy, investment appraisal techniques, working capital management and financial performance assessment in Pakistani corporate sector. Sample of the study consisted of forty companies operating in Pakistan, related to different sectors and listed at Karachi Stock Exchange. The finance executives and financial analysts of the companies respon...
... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Reports of foreign financial accounts. 103.24 Section 103.24 Money and Finance: Treasury Regulations Relating to Money and Finance FINANCIAL..., a bank, securities or other financial account in a foreign country shall report such relationship to...
Full Text Available In recent years significant researches have been done to identify what are the determinants of financial development. With regard to this outline, the main objective is to investigate the effect of economic, political and social dimension of institutional quality, as well as the effect of political and macroeconomic factors on financial development. More specifically, the present work aims to contribute to the relevant literature in the following ways: i in the econometric front, we employ dynamic panel techniques, that allow for heterogeneity among variables, avoiding the known problems of traditional techniques. More specifically, we employ the “system GMM” estimator developed by Arellano and Bover (1995, and Blundell and Bond (1998, controlling for endogeneity among variables; ii we disentangle into economic, political and social institutional quality in order to quantify the effect of institutions on financial development and check the robustness of our results; iii in the same logic, we decompose our measure of financial openness into equity- and loan-related foreign assets and liabilities in order to assess whether the hoarding of risky vs. riskless assets or the accumulation of equity vs. debt liabilities affect the development of domestic financial institutions; and iv to control for a potential bias among variables, we include a large set of information, which covers all the spectrum of possible effects on finance, giving emphasis on political factors and government policies. Our main finding from the regression analyses is a robust empirical relationship from institutions to financial development, a result consistent with most empirical studies. Also, we find a stronger effect from economic institutions to banking sector development and from political institutions to stock market development. Regarding the trade and finance link, we find that openness has a much stronger association with bank-based finance than with stock market
Kerkmann, Barbara C.
The financial management habits and perceptions of young married couples were examined, as well as their financial problems and perceptions of their problems' magnitude in an attempt to assess the relationship of these financial factors to marital satisfaction. A survey was delivered to 604 residents of family student housing at Utah State University. The spouse who predominantly handled family finances was asked to complete the survey. By using an incentive for completing the survey, a respo...
Lioma, Christina; Larsen, Birger; Petersen, Casper
train a Recurrent Neural Network (RNN) on existing relevant information to that query. We then use the RNN to "deep learn" a single, synthetic, and we assume, relevant document for that query. We design a crowdsourcing experiment to assess how relevant the "deep learned" document is, compared...... to existing relevant documents. Users are shown a query and four wordclouds (of three existing relevant documents and our deep learned synthetic document). The synthetic document is ranked on average most relevant of all....
Meyer, Melanie A; Hudak, Ronald P
We investigated the relationship between financial literacy and patient engagement while considering the possible interaction effects due to patient financial responsibility and patient-physician shared decision making, and the impact of personal attributes. Participants consisted of an Internet-based sample of American adults (N = 160). Hierarchical multiple linear regression analysis was conducted to examine the relationship of the study variables on patient engagement. We found that patient financial responsibility (β = -.19, p financial literacy and patient engagement; moreover, the moderation effects of patient financial responsibility and shared decision making with financial literacy also were not statistically significant. Increasing patient financial responsibility and patient-physician shared decision making can impact patient engagement. Understanding the predictors of patient engagement and the factors that influence financial behaviors may allow for the development of interventions to enable patients to make better healthcare decisions, and ultimately, improve health outcomes.
Rindu Rika Gamayuni
Full Text Available Abstract The purpose of this study is to test empirically the relationship between intangible assets financial policies and financial performance to the firm value at going-public company in Indonesia. Path analysis was used to ascertain the relationship between intangible assets financial policies financial performance and firm value at going-public company in Indonesia in the year 2007 to 2009. This study also provides empirical evidence that Intangible assets financial policies financial performance have significant influence to the firm value simultaneously. Intangible assets has no significant influence to financial policies but has positive and significant influenced to financial performance ROA and firm value. Debt policies and financial performance ROA influenced firm value positive and significant. Financial statements limitation in measuring and disclosing intangible assets is the cause of significant difference between book value equity and market value equity. Measurement and disclosure of intangible assets intellectual capital precisely and aqurately is very important because intangible assets have a positive and significant effect to the firm value. Accounting standards should be concerned about this.
Kelly, Paul; Tejeda-Delgado, Carmen; Slate, John R.
In this study, the researchers investigated the perceived relationships of financial and non-financial incentives on teacher recruitment and retention among public school teachers in the State of Texas from the perspective of 98 public school superintendents. Findings revealed that school districts tended to offer teachers' salaries over the state…
This study is intended to analyse the current levels of financial depth and financial access in Indonesia and to analyse the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...
Full Text Available This paper tests the relative strength of three objective measures of financial health (using the solvency, liquidity, and investment asset ratio in predicting a household’s subjective feeling of current financial satisfaction. Using a sample of 6,923 respondents in the 2008 Health and Retirement Study this paper presents evidence of two main findings: 1 the solvency ratio is most strongly associated with financial satisfaction levels based on a cross-sectional design and 2 changes in the investment asset ratio are most strongly associated with changes in financial satisfaction over time.
This study is intended to analyse the current levels of financial depth and financial access in Indonesia and to analyse the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...
Full Text Available The financial market is one of the elements of the market-oriented economy. The financial analysis is a fundamental element of the financial controlling business. The purpose of this article is to inform briefly about horizontal and vertical financial statements analysis as the source of competitive advantage of the firm. The article is divided into two parts. First describes financial analysis and financial statements generally. Second, it presents a practical contribution of the horizontal and vertical financial statements analysis at the controlled businesses as financial management tools, which identify the financial position, market behaviour, correlations between the net profit and the prohibitively cost and operating profit, the financial activities profit, the income tax etc.Business, which the analysed firm operates in asks a provable claim on the high value of fixed assets. The capital composition of the firm is call to typify for the state-owned enterprise that was transformed to private joint-stock companies. Analysis is specially pleading for the needs considering the price of the borrowed capital in the capital structure rating. Fault factor ø value talks about needs for the cost regulation. Stair-step conception used for counting of the net profit in the accountant period indicates the financial profit, alternatively loss, as the distinguished pre-tax profit element. Picture about firms financial results can be completed with the information about the income tax value. Form of financial analyses presented in the article entablature the accents on the necessity to compare several accounting period and on the necessity of complex understanding of statements accounting slide en bloc.Financial analyse makes the decision makers possible to screen potential partners before the cooperation starts. On the other side, it makes a possibility to influence the production process, sales and financial management during the accounting
Saving is one of the important determinants of economic growth. Therefore determinants of saving are indirectly important for a sustainable economic growth. Financial sector has come into prominence as a possible determinant of saving in the globalized financial markets. This study examines the relationship between gross domestic savings and financial development in the emerging Asian countries during the period 1992-2011 by using panel regression. We found that financial de...
Simplice A, Asongu
In the first macroeconomic empirical assessment of the relationship between mobile phones and finance, this paper examines the correlations between mobile phone penetration and financial development using two conflicting definitions of the financial system in the financial development literature. With the traditional IFS (2008) definition, mobile phone penetration has a negative correlation with traditional financial intermediary dynamics of depth, activity and size. However, when a previous...
Research purpose: The objective of the study was to explore the relationship between psychological wellness as operationalised in the SOC construct and in financial health. Motivation for the study: Financial pressure can be a major stressor in the workplace, affecting employees’ ability to function optimally. The debt crisis in South Africa is therefore necessitating employers to invest in the financial health of their employees. In light of the National Credit Act 34 of 2005, employers should, in fact, provide debt counselling to employees struggling with financial problems. In the South African context, however, studies investigating the potential influence of psychological-wellness constructs on financial health are lacking. Research design, approach and method: A cross-sectional survey design was applied and a quantitative-relational approach followed. From the 1 100 employees in a financial insurance company, 435 completed questionnaires were received. Main findings: The empirical results indicated a significant relationship between the variables, confirming that a stronger SOC impacts positively on employees’ financial health. A stronger SOC therefore relates positively to more effective debt management and retirement planning. Practical/managerial implications: The findings emphasised the importance of debt management and retirement planning being addressed and integrated into employee-assistance strategies and programmes. Contribution/value-add: This study is a significant step in addressing financial health from a psychological perspective.
Full Text Available The theme of our research is related to the new type of relationship between financial audits (statutory and unique regulation of financial markets in Romania.The Romanian authorities have decided as from 2013 regulation of financial markets, capital market, insurance market and private pensions market to achieve by a single entity, this situation will also lead to a number of challenges in the relationship between the auditor and the new regulatory regime. The main elements of our study are: the relationship between the audit committee and regulatory authority; quality of financial reporting for financial market entities. The auditor plays an important role in financial markets because it certifies the financial statements in accordance with European Union practice . It is also interesting to note potential interference that can occur in single regulation between compliance audit and financial stability and return on investment between performance audit and financial markets.In this case, financial regulation can coexist with compliance audit. EU legislation recommends that the auditor discuss with the audit committee the quality and acceptability of the financial reporting process.This recommendation is what should constitute a possible consensus to be highly unlikely between audit committees would align auditors in financial reporting disputes with management financial entities. In this regard, auditors should identify the factors we consider important in determining the quality of financial reporting. .We conducted this research in an effort to identify the possible divergence between the type of regulations that can emit single regulatory authority and the audit process. New regulator will operate on two levels, issue general regulations apply to all three categories of financial markets, capital market, insurance market and private pensions market, but in the same time and in greater extent will issue specific regulations of each market in
Full Text Available This paper explores the recent series of financial scandals in the Australian financial advice industry. It examines the causes, consequences and responses to theses scandals by financial institutions, investors and regulators through the lens of relevant finance theory and extant literature. Although the paper focuses on the recent Australian experience the discussion and findings presented are of relevance to financial market regulation worldwide. It is proposed that a combination of compensation, education, training and structural reforms are required to reduce the undesirable effects of information asymmetry, adverse selection and moral hazard in the finance sector.
Full Text Available In this study, the relationships between financial development, environmental quality and economic growth are studied based on data from 102 countries over the period 1980–2010 using the generalized method of moments (GMM estimation. The econometric results show the following three basic conclusions: First, both financial development and environmental quality have a significant impact on economic growth and should be included in the production function of the economic growth model as important variables. Second, there is a significant and robust “inverted U-shaped” relationship between financial development and economic growth; with the improvement of the level of financial development, economic growth would first increase and then decrease, which is consistent with the results of previous studies. Third, there is also a significant and robust “inverted U-shaped” relationship between economic growth and carbon emissions, indicating that there exists a “critical point” at which achieving economic growth comes at the expense of environmental quality, and after passing the critical point, the deterioration of environmental quality will lead to a significant slowdown in economic growth. In addition, the econometric analysis in this paper also shows that there was a mutually promoting and strengthening relationship between financial development and environmental quality. Specifically, the degree of financial development can further strengthen the promoting effect of environmental quality on economic growth; meanwhile, an improvement in environmental quality can also strengthen the promoting effect of financial development on economic growth. Financial development and environmental quality could influence economic growth through strengthening the marginal product effects of capital and labor, which further indicates the that both financial and environmental factors play an important role in modern economic development.
Practical C++ Financial Programming is a hands-on book for programmers wanting to apply C++ to programming problems in the financial industry. The book explains those aspects of the language that are more frequently used in writing financial software, including the STL, templates, and various numerical libraries. The book also describes many of the important problems in financial engineering that are part of the day-to-day work of financial programmers in large investment banks and hedge funds. The author has extensive experience in the New York City financial industry that is now distilled in
The purpose of this research was to examine the effects of workplace financial education on workers' personal finances and work outcomes and determine relationships among financial management (attitudes, knowledge and behaviors), financial well-being, personal finance-work conflict, and work outcomes with data of white-collar workers in an insurance company in mid-western states. Research questions were (1) What are the profiles of financial attitudes, financial knowledge, financial behav...
Kramer, Marc M.
We find that people with higher confidence in their own financial literacy are less likely to seek financial advice, but no relation between objective measures of literacy and advice seeking. The negative association between confidence and advice seeking is more pronounced among wealthy households.
West, Stacia; Friedline, Terri
Lower-income millennials make important financial decisions that may affect their future financial well-being. With limited resources, this population is at risk for acquiring too much debt or being unprepared for a financial emergency that can send them further into poverty and constrain their ability to leverage resources for future economic mobility. A financial capability approach, an intervention that combines financial education with financial inclusion through the use of a savings account, may correlate with millennials’ healthy financial behaviors. This study used data from the 2012 National Financial Capability Study to examine the relationship between financial capability and the financial behaviors of lower-income millennials between the ages of 18 and 34 years (N = 2,578). Compared with those lower-income millennials who were financially excluded, those who were financially capable were also 171 percent more likely to afford an unexpected expense, 182 percent more likely to save for emergencies, and 34 percent less likely to carry too much debt, relating to their greater overall financial satisfaction. The findings of this study indicate that interventions that develop lower-income millennials’ financial capability may be effective for promoting healthy financial behaviors.
Muhammad Shahbaz; Akhtar Lodhi; Muhammad Sabihuddin Butt
This study investigates the importance of financial institutions, net capital inflows, and trade openness for financial-sector development in a small developing economy like Pakistan. Two approaches (Johansen test and autoregressive distributive lag approach) were employed for the robustness of long-run relationships among the variables under consideration and found that both techniques provide robust results for long-run relationships, in Pakistan’s case. Net capital in inflows has positive ...
Khodavandloo, Marzieh; Zakaria, Zukarnain; Nassir, Annuar Md.
The relationship between capital structure and firm performance has been extensively investigated in the recent decades. However, only few studies investigate this relationship during financial crisis. Recent global financial crisis provides an opportunity to examine the effect of the crisis on the relationship between capital structure and firm performance. Therefore, this paper aims to investigate this relationship based on 45 listed companies involved in trading and services sector of the...
Daniel Karl Detzer
Full Text Available This paper examines capital adequacy regulation in Germany. The first part reviews capital adequacy regulation from the 1930s up to the financial crisis and identifies two main trends: a gradual softening of the eligibility criteria for equity and increasing reliance on internal risk models. While the first trend has been reversed following the financial crisis, internal risk models still play a central role. Therefore, the second part discusses the problems with the use of internal risk models and discusses the potentials of Basel 2.5 and Basel III to alleviate the identified problems. It is concluded that the relevant problems are not resolved. Therefore, in the final part some suggestions of how the problems could be addressed properly are given.
Zeller, T L; Stanko, B B; Cleverley, W O
Using audit financial data in a study of 2,189 not-for-profit hospitals for the period 1989-1992, six financial characteristics of performance were defined. These characteristics are profitability factor, fixed-asset efficiency, capital structure, fixed-asset age, working capital efficiency, and liquidity. The statistical output also shows the specific sets of financial ratios that can be used to measure the six characteristics of hospital performance. The results of this study can be beneficial to healthcare financial managers, hospital boards, policy groups, and other relevant entities because it affords them a clear understanding of an institution's financial performance.
... and cointegration analysis based on Engle Granger cointegration theory and error correction methodology, we tested both short and long run relationships between financial intermediation and economic growth in Nigeria. The result revealed that a long–run relationship exists between financial intermediation and growth ...
Syed Jawad Hussain Shahzad
Full Text Available The objective of this study is to investigate the impact of financial leverage on corporate financial performance of Pakistan’s textile sector from 1999-2012 using panel data. The leverage-performance relationship is examined with a special focus on the Global Financial Crisis of 2007-2008. Both accounting-based (Return on Assets - ROA and market-based (Tobin’s Q measures of corporate financial performance are used. Regression analysis is performed with and without inclusion of financial crisis dummy. Total Debt to Total Assets (TDTA, Long Term Debt to Total Assets (LDTA, Short Term Debt to Total Assets (SDTA and Debt to Equity (DE ratios are used as proxies for financial leverage whereas firm’s size and firm’s efficiency are used as control variables. The results indicate that financial leverage has a negative impact on corporate performance when measured with ROA. Whereas in case of Tobin’s Q, SDTA coefficient is positive. It can be concluded that since cost of borrowing is high in Pakistan and debt capital markets are less developed, firms are forced to resort to banks as their source of debt finance and thus have to repay huge amount of principal and interest which has a heavy toll on their financial health. In addition to this, financial crisis was found to have a negative impact on corporate performance and also affect the leverage-performance relationship.
Effect of Information Asymmetry and Relationship Lending on Financial ... from small- business- friendly financial institutions, hypotheses postulated by the ... a model of transaction costs of financial contracting that put into consideration the ...
Full Text Available This study examines whether Shariah-compliant companies practice earnings management by investigating the relationship among the risk of financial distress, leverage, and free cash flow in discretionary accruals, which function as a substitute for earnings management. This empirical research is conducted on a sample of Malaysian Shariah-compliant companies from all industries in Bursa Malaysia from 2012 to 2014. Results show that Shariah-compliant companies are highly influenced by the risk of financial distress, leverage, and free cash flow. This study argues that working as either Shariah-compliant or non-Shariah-compliant does not affect the level of earnings management through financial distress, high leverage, and free cash flow by managers. Results should be of interest to stakeholders, shareholders, and regulatory bodies (i.e., the Shariah Advisory Council and the Securities Commission that oversee the accountability of corporate financial reporting to prevent earnings management in Shariah-compliant companies. Findings can also aid relevant authorities (i.e., the Shariah Advisory Council and the Security Commission in Malaysia in overcoming or reducing problems related to earnings management. This study is one of the most significant works in Malaysia in terms of sample size and methodology. It argues that the three elements of earnings management (i.e., financial distress, high leverage, and free cash flow influence better disclosure of reported earnings.
Adriana Claudia GHIMIS
The financial audit aims toward increasing the credibility of financial informaiton. The purpose of the paper is to outline the most important topics regarding the definition and application of significance limit.
U.S. Department of Health & Human Services — This section contains the annual CMS financial statements as required under the Chief Financial Officers (CFO) Act of 1990 (P.L. 101-576). The CFO Act marked a major...
This article focuses on computing techniques starting from trial balance data regarding financial key ratios. There are presented activity, liquidity, solvency and profitability financial key ratios. It is presented a computing methodology in three steps based on a trial balance.
Jun 30, 2011 ... 2 IDRC QUARTERLY FINANCIAL REPORT JUNE 2011. Consolidated .... spending on capacity-building projects as well as to management's decision to restrict capacity- building ...... The investments in financial institutions.
City of Jackson, Mississippi — This data compiles standard financial integrity benchmarks that allow the City to measure its financial standing. It measure the City's debt ratio and bond ratings....
T. V. Teplova
Full Text Available In this paper as the main feature of innovation in the financial health of a company analyst view the shift to two circuits of key interests of owners of capital (financial stakeholders. Justifi ed by differences key financial systems within the contour ownership interest and the lender three projections: liquidity, the current economic efficiency and growth. In the paper as the main feature of the innovation in the analysis of the financial health of a company is considered a transition to the two circuits of the interests of the key owners of financial capital (financial stakeholders. Justifi ed differences of key financial indicator systems in the framework of the outline of the interests of the owner and the lender by three projections: liquidity, efficiency and the quality of growth. The examples of Russian companies have different interpretations of financial targets and indicators with a choice of activities.
www.investopedia.com/features/industryhandbook/banking.asp Mishkin , F. & Eakins, S. (2003). Financial Markets + Institutions (4th ed.). Boston...purposes, participants interact in financial markets for securities, bonds, futures and options, utilizing financial intermediaries such as retail and...nations. U.S. participants, likewise, may also choose to participate in foreign financial institutions in order to gain access to or operate in
Finke, Michael S.; Huston, Sandra J.; Winchester, Danielle D.
Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, the client characteristics that are associated with the likelihood of paying for professional financial advice, as well as the type of financial services purchased, are identified. Results indicate that respondents who pay for…
World Bank; International Monetary Fund
A joint International Monetary Fund (IMF)-World Bank mission visited Rabat and Casablanca in 2015, to assess the soundness and resilience of the banking system, the state of play in financial inclusion and infrastructure, the oversight frameworks for banking, capital markets and financial market infrastructures, crisis preparedness, and update the findings of the Financial Sector Assessme...
Bush, Sarah B.; McGatha, Maggie B.; Bay-Williams, Jennifer M.
The current state of the economy elevates the need to build awareness of financial markets and personal finance among the nation's young people through implementing a financial literacy curriculum in schools. A limited amount of time spent on financial literacy can have a positive effect on students' budgeting skills. This knowledge will only add…
Huddleston, Thomas, Jr.; Batty, Burt F.
Student financial assistance services are becoming a major part of the institutional marketing plan as traditional college-age students decline in numbers and price competition among institutions increases. The effect of financial aid on enrollment and admissions processes is discussed along with the role of the financial aid officer. (Author/LBH)
van de Laar, T.A.H.M.; Bleker, Sylvie; Houben, Raf
This chapter will focus on the goals of financial market regulation through the rules of economics, the strategies financial regulation employs to achieve these goals and the insights this provides for the compliance profession. For an overview of the goals and strategies of financial regulation
This thesis investigates the effect of financial liberalization on economic growth, income inequality and financial instability. Chapter 1 describes aim and scope of the thesis. Chapter 2 provides a meta-analysis of the literature on financial liberalization and economic growth. It is found that
Katherine Grace Carman
Full Text Available Food insecurity, not having consistent access to adequate food for active, healthy lives for all household members is most common among low income households. However, income alone is not sufficient to explain who experiences food insecurity. This study investigates the relationship between financial literacy and food security. We find that low income households who exhibit financial literacy are less likely to experience food insecurity.
The study examines the relationships between the financial sector and small businesses, and the small business policy framework in South Africa. The study also measures the perception of the Business Chambers and Commercial Banks on the effectiveness of financial sector support to small businesses in the Gauteng area through a questionnaire. The Small Business Development Policy of 1996 outlines the functions of various small business support institutions such as Ntsika Enterprise Promotion A...
Kgabo L. Kobo; Collins C. Ngwakwe
Previous researchers have found conflicting results between CSI and firm financial performance. This paper moves this debate further by examining the extent to which corporate social investment (CSI) relates with corporate financial performance (CFP) from a developing country perspective. The main aim of the paper was to determine the relationship between CSI, stock price, sales turnover and return on equity (ROE) amongst the socially responsible investing (SRI) companies in the Johannesburg ...
Full Text Available The subject of this paper is the evaluation of the financial analysis specifics of the dairy enterprises with a focus on the implementation of the ratio analysis of financial statements. The ratio analysis is a central part of financial analysis, since it is based on investigating the relationship between logically related items in the financial statements to assess the financial position of the observed enterprise and its earning capacity. Speaking about the reporting of financial performance in family dairies, the basis is created for displaying techniques of financial analysis, with a special indication on the specifics of their application in agricultural enterprises focusing on companies engaged in dairying. Applied in the paper is ratio analysis on the example of a dairy enterprise, i.e. a family dairy operating in Serbia. The ratio indicators are the basis for identifying relationships based on which by comparing the actual performance and certain business standards differences or variations are identified.
Rayenda Khresna Brahmana
Full Text Available Indonesian migrant workers (IMW face life difficulties after returning back to Indonesia. This is a contrary condition considering their contribution to their home family in Indonesia while working abroad. Literature mentions that their financial planning is the root of the poverty of ex-IMW. Therefore, this research adopts literacy theory to explain this phenomenon. This research conducted a survey among 548 ex-IMW and measures their financial literacy and financial planning. This research also maps their asset ownership to examine the relationship between financial literacy and asset ownership. Overall, this research documents that financial literacy contributes statistically significantly and positively to financial planning. Furthermore, this research shows that asset ownership is closely related to financial literacy. In a nutshell, this research concludes that it is important for migrant workers to have good knowledge of financial issues, because having good financial literacy helps the migrant workers to plan their finance and budget much better, thereby helping them to avoid the poverty trap. Therefore, policymakers such as migrant worker authorities and/or Indonesian embassies abroad have to institute financial education programmes for migrant workers before they return to Indonesia.
Eder Oliveira Abensur
Full Text Available New Product Development (NPD is recognized as a fundamental activity that has a relevant impact on the performance of companies. Despite the relevance of the financial market there is a lack of work on new financial product development. The aim of this research is to propose the use of Genetic Algorithms (GA as an alternative procedure for evaluating the most favorable combination of variables for the product launch. The paper focuses on: (i determining the essential variables of the financial product studied (investment fund; (ii determining how to evaluate the success of a new investment fund launch and (iii how GA can be applied to the financial product development problem. The proposed framework was tested using 4 years of real data from the Brazilian financial market and the results suggest that this is an innovative development methodology and useful for designing complex financial products with many attributes.
Laura Grace Gabriella
Full Text Available The financial integration in South East Asia has varied over time. This paper focuses on three periods: before, during, and after the global financial crisis in 2008. This paper finds that ASEAN-5 countries have indeed taken a step towards financial integration. While we do not observe any (cointegrating long-run relationships between the ASEAN-5 countries, we find that there has been a significant increase in the volatility spillovers between them. This is particularly true in the recovery period following the global financial crisis. Abstrak Integrasi keuangan di Asia Tenggara telah mengalami perubahan dari waktu ke waktu. Penelitian ini berfokus pada tiga periode waktu, yaitu pada sebelum, saat, dan setelah Krisis Keuangan Global tahun 2008. Hasil penelitian ini menemukan bahwa negara ASEAN-5 memiliki kecenderungan kearah integrasi keuangan. Walaupun kami belum melihat adanya hubungan jangka panjang dari kelima negara tersebut, namun kami menemukan adanya peningkatan signifikan dari volatility spillover diantara mereka. Hal ini khususnya benar terjadi sepanjang periode pemulihan dari Krisis Keuangan Global. Kata kunci: Integrasi Keuangan; Krisis Keuangan Global; ASEAN; GARCH JEL classifications: F21; F33
Gravelle, Toni; Li, Fuchun
In this paper, we define a financial institution's contribution to financial systemic risk as the increase in financial systemic risk conditional on the crash of the financial institution. The higher the contribution is, the more systemically important is the institution for the system. Based on relevant but different measurements of systemic risk, we propose a set of market-based measures on the systemic importance of financial institutions, each designed to capture certain aspects of system...
Grohmann, Antonia; Klühs, Theres; Menkhoff, Lukas
While financial inclusion is typically addressed by improving the financial infrastructure we show that financial literacy, representing the demand-side of financial markets, also has a beneficial effect. We study this effect at the cross-country level, which allows to consider institutional variation. Regarding "access to finance", financial infrastructure and financial literacy are mainly substitutes. However, regarding the "use of financial services", the effect of higher financial literac...
G. Ramirez Camps (Georgina); T.H.W. Westerveld (Thijs); A.P. de Vries (Arjen)
htmlabstractSmall XML elements are often estimated relevant by the retrieval model but they are not desirable retrieval units. This paper presents a generic model that exploits the information obtained from small elements. We identify relationships between small and relevant elements and use this
Jorge Brantes Ferreira
Full Text Available This paper evaluated consumers’ perceptions of Brazilian Home Broker services in the online environment. Based on the model suggested by Balasubramanian, Konana and Menon (2003, the effects of relevant online consumer behavior constructs on customer satisfaction with the service were analyzed. Constructs such as perceived operational competence, willingness to trust and perceived environmental security were employed, in a model fully mediated by trust. A questionnaire with scales previously used in literature was employed to measure the relevant constructs and structural equations applied to analyze the relationships found. Results show a strong relationship between perceived environment security and perceived operational competence, indicating that trust formation precedes satisfaction in online financial services transactions within the Brazilian context.
transfers, donations, forfeitures, rescissions, etc.) less the net cost of operations. Figure 18 offers a visualization of this simplification. In this...cost of goods sold (Gates, 1927). If the ratio value is low, it may be an indication that the corporation is paying too much for merchandise or cost...corporation is making a large profit on the merchandise where sales revenue exceeds cost of goods sold by a larger margin. For the modification of this
Dubyna Maksym V
Full Text Available The article analyzes the nature of the financial services market by using the system approach methodology. In particular, the attention is focused on the already existing conceptual approaches to defining the nature of this market, their basic aspects are analyzed. The use of the system approach allowed to identify the essence of the financial services market as a single, complex system, which is proposed to be considered as an aggregate number of consumers and providers of financial services operating within a single economic space, their relationships emerging to meet different in their nature demands for financial services, with their interrelation being associated with movement of financial resources within this space and partially accompanied by processes of transformation of temporary free funds of economic entities into credit and investment resources. In the article the system components and the relationships between them are determined, the elements of the environment are identified and their relationship with the market for financial services described.
Chan il Park
Full Text Available The purpose of this paper is to investigate the relationship between financial development and economic growth based on Chinese experiences during the period of 1979~2000. This study places more emphasis on the causality running from economic growth to financThe purpose of this paper is to investigate the relationship between financial development and economic growth based on Chinese experiences during the period of 1979~2000. This study places more emphasis on the causality running from economic growth to financial development contrary to the mainstream view, which asserts that the well-functioning financial systems exert a large positive impact on economic growth via two channels- capital accumulation and technological innovations. The reverse causality is postulated by considering two factors in developments of the country's financial system. Firstly, this paper argues that the rapid accumulation of financial assets and the remarkable expansion of the financial system during the examined period are due primarily to income rises and changes in industrial structures rather than inefficient financial reforms. Secondly, it is recognized in this study that various financial reform measures undertaken by the state since 1994 are emerged endogenously in response to Chinese financial disorders and macroeconomic imbalances built up during the 1979~93 period. This line of thinking is not following the mainstream view in which financial reforms are regarded as policy variables (or exogenous variables in promoting economic growth. These two factors imply that the causality may run from economic growth to financial development at least in China.
Pachana, Nancy A; Byrne, Gerard J; Wilson, Jill; Tilse, Cheryl; Pinsker, Donna M; Massavelli, Bronwyn; Vearncombe, Katharine J; Mitchell, Leander K
Declines in financial capacity in later life may arise from both neurocognitive and/or psychiatric disorders. The influence of socio-demographic, cognitive, health, and psychiatric variables on financial capacity performance was explored. Seventy-six healthy community-dwelling adults and 25 older patients referred for assessment of financial capacity were assessed on pertinent cognitive, psychiatric, and financial capacity measures, including Addenbrooke's Cognitive Examination - Revised (ACE-R), Informant Questionnaire on Cognitive Decline in the Elderly (IQCODE), Geriatric Depression Scale (GDS), Geriatric Anxiety Inventory (GAI), selected Neuropsychiatric Inventory (NPI) items, Financial Competence Assessment Inventory (FCAI), and Social Vulnerability Scale (SVS). The internal consistency of the debt management subscale of the FCAI was relatively poor in our sample. Financial capacity performance differed between controls and patients. In our sample, performance on the FCAI was predicted by Mini-Mental State Examination, IQCODE, and GAI, but not by ACE-R, GDS, NPI items, or SVS (adjusted R(2) = 0.7059). Anxiety but not depression predicted financial capacity performance, possibly reflecting relatively low variance of depressive symptoms in this sample. Current cognitive decline as measured by the informant-rated IQCODE was more highly correlated to financial capacity than either educational attainment or ACE-R scores. Lack of significance of ACE-R data may reflect the instrument's decreased sensitivity to domains relevant to financial capacity, compared with more detailed neuropsychological assessment tools. The FCAI displayed fairly robust psychometric properties apart from the debt management subscale.
Caruntu Genu Alexandru
Full Text Available In economic and financial activity, risk is an inherent financial decisions, encountered in daily agenda of managers of companies. Unexpected changes in the price of a product development not only affect the financial results of a company, but can cause even bankruptcy. In fact, the nature of financial decisions involve uncertainty. Financial decisions are made based on cash flows under future contracts, which are par excellence incerte.Activitatea an enterprise that holds any weight in the industry is subject to risks, since it can not predict with certainty different components of its outcome (cost, quantity, price and operating cycle (purchase, processing, sales.
Full Text Available The aim of this paper is to empirically study the concept of financial stability in Romania, from both a monetary policy perspective and a financial perspective. In this paper, I also compute an aggregate index of financial stability, for the period 2008-2013, explaining the correlations between several extremely important macroeconomic and sectorial variables and financial stability. The article also debates the aspect of policy instruments that aim to promote, highlighting the undertaken measures and also giving some measures recommendations, pointing out the main pillars: crises management; cross-sectoral challenges; banking sector; securities markets and capital markets; insurance sector; pensions sector; access to financial services.
General Services Administration — For a visual depiction of GSA's Balance Sheet and Statement of Net Cost, please use the interactive charts to view the financial results for fiscal years 2007-2013.
propose solutions aimed at reducing the effects of global financial crisis by ... rates of return leading to more investment and higher growth for developing countries. .... capital can without notice turn into outflows as it did in Russia and East Asia.
Any discussion on improving the existing arrangements for assessing and managing financial risks and in particular supervising the relevant institutions will also need to address the question on which institution should be responsible for which task and for which sector of the financial system, how these institutions should be organized and, if there are several, how they should interact with each other. Based on the example of the European Union, this paper shows the gradual change from ...
The book introduces the key ideas behind practical nonlinear optimization. Computational finance - an increasingly popular area of mathematics degree programs - is combined here with the study of an important class of numerical techniques. The financial content of the book is designed to be relevant and interesting to specialists. However, this material - which occupies about one-third of the text - is also sufficiently accessible to allow the book to be used on optimization courses of a more general nature. The essentials of most currently popular algorithms are described, and their performan
Kozuharov, Sasho; Ristovska, Natasha; Blazeska, Daliborka
A continuous flow of reliable, relevant and financially important information is necessary for making economically justified and strategic investment decisions. Economic globalization has contributed to the need of creating a unified language for communication, a single set of international financial reporting standards with the sole purpose of enhancing transparency for investors and reducing the cost of capital. Harmonization of financial reporting provides more efficient use of...
Marcos Roberto Kühl; Tatiana Valer; Ivonaldo Brandani Gusmão
This study aims to assess the perception of employees in a Credit Cooperative in what it refers to the importance of financial literacy of its cooperative members, taking into consideration the existing standards in the OECD and the Central Bank of Brazil that deal with the good practice of financial education, in order to verify the importance of financial education of its cooperative members is relevant from the perception of the cooperative's employees. The research is a descriptive study,...
RADU VASILE POP
Full Text Available The information supplied by the financial statements based on creative accounting presents a large number of characteristics: the usefulness of information in the decision making process, the relevance (pertinence, reliability (objectivity or credibility, opportunity (meeting deadlines, predictive value, retrospective value, verifiability, neutrality, fidelity, prudence, continuity, importance, balance between cost and benefits, complete character (completeness, the absence of misleading elements, intelligibility, comparability. Detecting creative accounting influences on financial statements is the role of the financial auditor who can correct these deviations.
Rebentrost, Patrick; Gupt, Brajesh; Bromley, Thomas R.
Financial derivatives are contracts that can have a complex payoff dependent upon underlying benchmark assets. In this work, we present a quantum algorithm for the Monte Carlo pricing of financial derivatives. We show how the relevant probability distributions can be prepared in quantum superposition, the payoff functions can be implemented via quantum circuits, and the price of financial derivatives can be extracted via quantum measurements. We show how the amplitude estimation algorithm can...
Full Text Available This study examines whether socially responsible firms behave differently from other firms in their financial reporting. Specifically, we question whether firms that are better in their corporate social responsibility (CSR performance also behave in a responsible manner to maintain their financial reporting quality and whether the market rewards such responsible behaviors. Using data from S&P 500 US companies, we find that socially responsible firms are less likely to manage their earnings. However, we fail to find significant relationships between CSR and investors’ perceptions on earnings, measured by stock returns and earnings response coefficient. We interpret the results as investors not fully reflecting the benefits from CSR performance. Our findings are consistent with the notion that CSR activities are motivated by managers’ ethical incentives to serve the interests of stakeholders.
In addition to energy legislation, financial markets legislation and regulation (FMR) are becoming increasingly important for the energy sector. Consequently, parties on the energy market not only have to deal with the energy and competition authorities (the Dte and NMa respectively), but may also face supervision by The Netherlands Authority for the Financial Markets (AFM). Energy transactions may trigger certain prohibitions and obligations under financial and securities law, the most relevant of which are discussed in this article. Both the recent changes as a result of the Financial Markets Supervision Act ('Wet op het financieel toezicht', Wft) entering into force as per 1 January 2007 and the anticipated future amendments following the implementation of the Markets in Financial Instruments Directive (MiFID) are examined [nl
It has long been demonstrated that continuous-time methods are powerful tools in financial modeling. Yet only in recent years, their counterparts in empirical analysis—high frequency econometrics—began to emerge with the availability of intra-day data and relevant statistical tools. This
Li, Shouwei; Sui, Xin
Highlights: • We propose an endogenous financial network model. • Endogenous networks include interbank networks, inter-firm networks and bank-firm networks. • We investigate contagion risk in endogenous financial networks. - Abstract: In this paper, we investigate contagion risk in an endogenous financial network, which is characterized by credit relationships connecting downstream and upstream firms, interbank credit relationships and credit relationships connecting firms and banks. The findings suggest that: increasing the number of potential lenders randomly selected can lead to an increase in the number of bank bankruptcies, while the number of firm bankruptcies presents a trend of increase after the decrease; after the intensity of choice parameter rises beyond a threshold, the number of bankruptcies in three sectors (downstream firms, upstream firms and banks) shows a relatively large margin of increase, and keeps at a relatively high level; there exists different trends for bankruptcies in different sectors with the change of the parameter of credits’ interest rates.
Financial reports containing qualitative characteristic that are useful for usernya.For a long time believed to be the existence of trade off between characteristic of qualitative relevance and reliability. Trade off due to the fact that the use of the method of measurement historical cost and fair value. Trade off occur because of the interests of for the purpose of the preparation of reports on finance. Accountability for the purpose of the measurement of the cost of historical still reliab...
Based on the findings of the study, forensic experts are expected to consider whether the information presented in the financial statements is relevant, reliable, ... It is also recommended that quality assessment report that would add credibility to financial information for users should therefore be included in the statutory ...
This paper studies the quantitative relevance of the cross-sectional dispersion of corporate financial structure in explaining the intra-industry allocation efficiency of productive factors. I solve a heterogeneous firms model with financial constraints and distortions to the marginal rental-rate of
Full Text Available Financial sector has experienced significant expansion together with accelerating financial globalization in recent years and had important positive and negative economic implications for all the economies. This study investigates the interaction among unemployment, financial development and domestic investment in 16 emerging market economies during 2001-2014 period using panel data analysis. We found that there was long relationship among the variables and domestic investment had negative impact on the unemployment, while financial development had no significant impact on the unemployment. Furthermore, there was unidirectional causality from development of financial sector to unemployment.
It is important not to allow the present liquidity crisis to escalate into economic and political dislocations that could result in a prolonged cessation of necessary capital investment. In assessing the future growth of nuclear power in other parts of the world, it may be instructive to consider the plight of the U.S. industry and the parallels that are apparent. In the United States, electric utility debt is growing too fast; a structural imbalance has developed even on the better corporate balance sheets; and cash flow or internal generation has diminished, particularly as the time needed to complete nuclear plants has extended, thereby precluding revenue production for as long as 10 to 15 years from the beginning of construction. Newcomers to the lending business may have little appetite to lend in unfavorable climates, and regulatory (political) bodies may irresponsibly allow unproductive use of resources and refuse to adopt difficult but essential economic policies to preserve the financial integrity of the borrower. These issues are relevant in the examination of any lender/borrower relationship, whether it be between sovereign nations, banker and borrower, or vendor and vendee. (author)
Katrina B. Dobrova
financial and economic aspects of cluster operation. Conclusions and Relevance: the article draws a general conclusion that among the reasons for the failure of industrial cluster initiatives, an inappropriate choice is made of the forms and sources of functioning, the wrong choice of such financial and economic aspects of strategic management as organizational and legal form, organizational structure, the way of organization of joint stock relations, dividend policy of the cluster, etc. The search for effective solutions in terms of the financial and economic aspects of the strategic management of the industrial cluster is largely related to providing continuous and, to the extent possible, a full-fledged (up to 100% of the needs of the cluster financing from private capital. For this purpose, among other things, the legal and organizational-economic aspects of the relationship between the cluster members and its founders should be thoroughly worked out. To do this, it is recommended to determine the distribution of the burden of financing the cluster, the responsibilities in this area, clarify the system of financial management of the cluster, determine the financial guarantees of participants, including the distribution of financial results (dividends. Given the proper choice of ways to organize joint stock, financial and dividend relations, the concept of cluster-type cluster developed by “Roctec” corporation can ensure the effective and successful strategic development of industrial clusters.
Bose, Arnab; Ramji, Aditya; Singh, Jarnail; Dholakia, Dhairya
Energy access is critical for sustainable development and therefore financing energy access is a necessity. The key is whether to focus on grants or public finance for sustainable development projects or move to a more diffused financing mechanism, involving investment grade financing sources like debt and equity. In other words, financing sustainable development action via grants is becoming a constraint. To address this constraint, it is important to consider the relationship between the nature and sources of financial flows. The concept of ‘financial gradients’ emerged while analysing the financial and business strategy developed for Lighting a Billion Lives (LaBL) campaign. This paper espouses the idea of ‘financial gradients’ which is a potential financial mechanism for sustainable development action. Financial gradients, can contribute in three different ways—first, as an approach to analyse financial flows in projects; second, as a tool to generate a single, long term and stable inflow of finance; third, as a financial mechanism to help in creating long term strategies to sustain projects. This paper will concentrate on financial gradients as a potential approach to analyse financial flows in a sustainable development programme. - Highlights: ► Financial stability is a key challenge for sustainable development programmes. ► Development action via public funds is limited, need for investment grade finance. ► Need to understand financial flows with relation to nature and sources of finance. ► Financial gradients is an innovative tool for ensuring health of programmes.
Marcos Roberto Kühl
Full Text Available This study aims to assess the perception of employees in a Credit Cooperative in what it refers to the importance of financial literacy of its cooperative members, taking into consideration the existing standards in the OECD and the Central Bank of Brazil that deal with the good practice of financial education, in order to verify the importance of financial education of its cooperative members is relevant from the perception of the cooperative's employees. The research is a descriptive study, with data collection through structured questionnaire and data analysis with the use of quantitative methods. The final sample was composed of 87 valid questionnaires, accounting for 68.5% of the population surveyed. The survey type field research was conducted in the second half of 2014. Four constructs from 19 study variables was identified by Exploratory Factor Analysis, called: financial knowledge; risk reduction; financial practice; external visibility, empirically demonstrating the relevance of financial education in a financially driven institution. Considering the average of the four constructs, and most of the variables that make up, it is possible to realize that financial literacy is an issue within the institution from the perception of employees, followed by external visibility. The main contribution of this study was to seek empirical evidence on the importance of financial literacy on the principles and recommendations on good practice of financial education.
N. Pecchiari; G. Pogliani
The purpose of this study is to contribute towards a deeper debate about the concept of risk tolerance and its relationship with the principle of materiality relevant for the audit of internal controls over financial reporting. Despite the recognition of the fundamental role of the materiality principle in auditing, there is little guidance provided as to how this concept might be actually made and integrated in practice, thus leaving it up to the judgment of individual auditors and, residual...
Márcio André Veras Machado
Full Text Available The usefulness of financial statements depends, fundamentally, on the degree of relevance of the information they disclose to users. Thus, studies that measure the relevance of accounting information to the users of financial statements are of some importance. One line of research within this subject is in ascertaining the relevance and importance of accounting information for the capital markets: if a particular item of accounting information is minimally reflected in the price of a share, it is because this information has relevance, at least at a certain level of significance, for investors and analysts of the capital markets. This present study aims to analyze the relevance, in the Brazilian capital markets, of the information content of the Value Added Statement (or VAS - referred to in Brazil as the Demonstração do Valor Adicionado, or DVA. It analyzed the ratio between stock price and Wealth created per share (WCPS, using linear regressions, for the period 2005-2011, for non-financial listed companies included in Melhores & Maiores ('Biggest & Best', an annual listing published by Exame Magazine in Brazil. As a secondary objective, this article seeks to establish whether WCPS represents a better indication of a company's result than Net profit per share (in this study, referred to as NPPS. The empirical evidence that was found supports the concept that the VAS has relevant information content, because it shows a capacity to explain a variation in the share price of the companies studied. Additionally, the relationship between WCPS and the stock price was shown to be significant, even after the inclusion of the control variables Stockholders' equity per share (which we abbreviate in this study to SEPS and NPPS. Finally, the evidence found indicates that the market reacts more to WCPS (Wealth created per share than to NPPS. Thus, the results obtained give some indication that, for the Brazilian capital markets, WCPS may be a better proxy
Full Text Available Financial liberalization process and its implications on financial emerging markets have been multidisciplinary research since 1970. Reform of financial liberalization is a complex and long phenomena. This implies that the impact of this reform on financial markets should not be immediate, but rather gradually during a long time period. It is also important to note that liberalization does not occur in the same way on all financial markets. Each country, according to his specification regarding the economic climate and the specificity of financial markets, has differently set its progress of liberalization process. It is generally accepted that the process of financial liberalization is not composed of a single event, but a series of events. The idea is that market reform is a gradual process where the data identified above only refers to the most significant events. Regarding the effect of liberalization reform on emerging markets has been shown; on the one hand, that liberalization helps to reduce the cost of capital, helps to integrate the emerging markets in the global market, enhances economic growth and allows emerging markets to become more mature. On the other hand, financial liberalization process has a very ambiguous and inconclusive impact on informational efficiency and volatility in emerging markets. Launching liberalization reforms provided an analytical framework for studies that attempt to investigate the effectiveness of emerging markets and empirical links between liberalization and efficiency. The first reason is that with liberalization, the authors believe that emerging markets have become more speculative and more competitive. So there is a chance to see if the weak form market efficiency is verified. The second reason is that the authors explore the relationship between liberalization and efficiency. Researchers and regulators seek an answer to the fundamental question: financial liberalization helps the stock market
Chunitska Iryna I.
Full Text Available The problems of preventing financial fraud and legalization of funds using mechanisms of the financial market are considered. The relevance of this problem in general and peculiar features of its research in developing economies are substantiated. The experience of organizations created to prevent the legalization of illicit funds is studied. It is determined that new organizations are created in response to the global challenges. It is justified that in Ukraine the fight against the legalization of illicit funds has actualized due to a lack of financial resources in the country, declaration of course towards European values and also as a result of the military conflict in the east of the country. The risk factors for financial fraud and illegal movement of financial flows are systematized according to the groups of conditions: pressure, favorable situation, propensity (justification. It is determined which levels of risk of generating illegal financial flows are inherent in different sectors of the economy depending on institutional factors. It is argued that the increase in the risks of illegal financial flows occurs under conditions of a low level of maturity of the institutional environment and a high level of information asymmetry. Types and tools of fraud in the financial market that increase the risks of illegal financial flows are systematized. It is determined that main types of fraud in the financial market are related to information manipulations and regulatory deficiencies. The world experience of legislative initiatives on counteracting the legalization of funds in financial markets is systematized. It is justified that, in order to prevent financial fraud and prevent legalization of illicit funds in Ukraine, it is necessary to ensure maximum transparency of information on the movement of financial flows in financial markets. In addition, regulators of the financial market should not only cooperate with each other but also prevent
F. Gerard Adams
The world financial crisis of 2008 is a consequence of new financial technologies, new accounting methods and new international linkages. These developments have come at a time when governments have returned to an old-fashioned freemarket philosophy. This paper links the systemic financial/economic crisis of 2008 to the new economy developments, globalisation and policy philosophy perspectives of recent decades. It raises the question of how to re-establish confidence once traditional thinkin...
Jack M. Mintz
In most countries, substantial business activity is related to financial intermediation: banking, trusts, investment companies and insurance. Financial businesses play a crucial role in the economy by matching lenders with borrowers as well as facilitating governance of businesses through close monitoring of funds lent to businesses. Financial institutions also reduce risk faced by investors by pooling investments over many different types of business activities and insuring against property,...
Ricour, Olivia; Marguier, Marina; Lartigau, Thierry
The mission of RTE, the French electricity Transportation grid, a public service assignment, is to balance the electricity supply and demand in real time. This report presents RTE's financial results for 2012: increase of investments for services to clients, performance results, financial balance, stability of the economical model. RTE's regulated economical model, main financial indicators, 2007-2012 investments, 2012 investments by category, 2012 turnover, 2012 costs structure, taxes, financial balance sheet at the end of 2012, and the share of electricity transport in the electricity price are presented in appendixes
Deville, Joe; Lazarus, Jeanne; Luzzi, Mariana
show. Third, the “domestication of financial economies”: financial literacy programs developed by governmental bodies, international organizations, and banks have become a ubiquitous layer attached to the assemblage of financial economies in many countries. And last but not least, “domesticizing social...... practices as well as the precise way financial providers are evaluating, sorting and targeting their consumers. We believe these diverse trends are starting to converge, and the ambitions of this paper are both to organize scattered literature and to reflect upon the consequences of the new field...
Jan Willem Slingenberg; Jakob de Haan
This paper uses a Financial Stress Index (FSI) for 13 OECD countries to examine which variables can help predicting financial stress. A stress index measures the current state of stress in the financial system and summarizes it in a single statistic. We employ three criteria for indicators to be used in constructing a multi-country FSI (the index covers the entire financial system, indicators used are available at a high frequency for many countries for a long period, and are comparable) to c...
Meij, E.; Weerkamp, W.; Balog, K.; de Rijke, M.; Myang, S.-H.; Oard, D.W.; Sebastiani, F.; Chua, T.-S.; Leong, M.-K.
We describe a method for applying parsimonious language models to re-estimate the term probabilities assigned by relevance models. We apply our method to six topic sets from test collections in five different genres. Our parsimonious relevance models (i) improve retrieval effectiveness in terms of
Luís Fernando Varotto
Full Text Available Franchise literature disputes how the relationship between franchisors and franchisees develops over time. Traditional lifecycle theory views relationships following an ascendant curve, in which relationship quality and performance strengthen over time. Another perspective better reflects the peculiarities of the franchisor-franchisee relationship, indicating that relationship quality in franchise systems follows a U-shaped curve. There is also limited research on the moderating effect of time on the relationship between relational variables and outcomes. This study sheds light on the influence of relationship duration on relationship quality and financial performance in the franchisee-franchisor relationship. Using a self-report survey from a sample of 342 franchisees, mean and regression analyses are conducted to test relationships. Results confirm the time effect on franchisor-franchisee relationship quality and performance, but the hypothesized shape of relationship phases is only partially confirmed. Moreover, time has a positive moderating effect on the impact of relationship quality on financial performance.
institution relationship by means of a Financial Social Accounting Matrix multipliers model for the case of Algeria. Our purpose is to understand the role of structural institutional changes implemented in the financial sector and their contribution to ...
Full Text Available Due to the increased interest for sustainability issues, entities that operate in the areas agriculture, forestry and fishery are exposed to a variety of ecological challenges. Moreover, such fields are generally of strategic importance for a country’s economy, which also increases their exposure to public debate. The present study aims to provide a detailed and accurate description of the financial and non-financial information made available by listed Romanian entities operating in agriculture, forestry and fishery. The research goes beyond the mere description of the content of shareholders’ reports. Its purpose is to assess the financial performance and stability of selected companies and to investigate the relationships between the financial well-being of such companies and the extent to which they disclose non-financial information. The sample consists of companies which operate in the business of fields agriculture, forestry or fishery and are listed at the Bucharest Stock Exchange in Romania.
with a healthy financial behaviour than with the opposite. Hence, financial managers should be engaged with monitoring and influencing broad-scope trust. To conclude, by taking into account the contextual effect of broad-scope trust, the present study adds to our understanding of knowledge......While trust has long been regarded as one of the most critical variables for developing and maintaining well-functioning financial customer-seller relationships it can be suggested that trust not only relates to customer trust in individual companies (narrow-scope trust). Trust also relates...... to the broader business context in which consumers may carry out their financial behaviour (broad-scope trust). However, despite the well-recognized significance of trust in marketing research, only few studies have investigated the role of broad-scope trust in consumer financial behaviour. Moreover, as one...
Philbrick, D. [The Partnership for Advanced Residential Retrofit, Chicago, IL (United States); Scheu, R. [The Partnership for Advanced Residential Retrofit, Chicago, IL (United States); Brand, L. [The Partnership for Advanced Residential Retrofit, Chicago, IL (United States)
Increasing the adoption of energy efficient building practices will require the energy sector to increase their understanding of the way that retrofits affect multifamily financial performance as well as how those indicators are interpreted by the lending and appraisal industries. This project analyzed building, energy, and financial program data as well as other public and private data to examine the relationship between energy efficiency retrofits and financial performance on three levels: building, city, and community. The project goals were to increase the data and analysis in the growing body of multifamily financial benefits work as well provide a framework for other geographies to produce similar characterization. The goals are accomplished through three tasks. Task one: A pre- and post-retrofit analysis of thirteen Chicago multifamily buildings. Task two: A comparison of Chicago income and expenses to two national datasets. Task three: An in-depth look at multifamily market sales data and the subsequent impact of buildings that undergo retrofits.
Full Text Available Financial statistics undergo dynamic evolution as apparent consequence of their rising importance. Structureof assets, source of fi nancing, price changes or net fi nancial position, all these indicators can detect oncomingfi nancial instability. Financial statistics as a logical extension of the national accounts provide such information.Th e aim of the following text is to present fi nancial statistics, relation between particular accounts, the impact of extraordinary revision carried out in 2011, and also to analyse current wealth distribution as described by fi nancial statistics.
Full Text Available The actual economical conditions, the effect of global crisis and the efforts to pass this turning point, does force trading companies toward an extremely balanced management of performance. Now, when financial indicators are neither so spectacular nor so relevant, and when the principles of a durable development are mentioned over and over, the exigencies of companiesâ€™ external environment are higher and higher. This reality does force the companies to pay more attention to social responsibilitiesâ€™ assuming and investment into green innovation, as well as to the field of informationâ€™s communication in a relevant way, which should gather financial, social and environment information. The absence of a normalized balance of financial and non-financial indicators used in measuring companiesâ€™ global performance, does allow them selecting of â€œagreedâ€ indicators which should reflect the company under the light of high performance. But, the same reason urges the searcher for some research studies of the most adequate diagnostic model of global performance, which should faithfully reflect companyâ€™s current status. The purpose of this study is to measure the global performance of ANTIBIOTICE Trading Company, taking into account, both financial and non-financial indicators for a period of 5 years. For the financial years 2006 and 2008 companyâ€™s global performance is an acceptable one, while for the financial years 2007, 2009 and 2010 the global performance is a medium one. It should be highlighted the lack of involvement or transparency regarding social and environment responsibility in 2006 and weak financial performance in 2008, indicators which positioned the company to an acceptable level.
Baldi, Lucia; Vandone, Daniela; Peri, Massimo
This paper analyzes the relationship between Global Wine Industry Share Price Indexes and composite stock market indexes using a Threshold Vector Error Correction Model (TVECM), aiming to investigate if investments in the wine sector play a role in determining financial risk and return to investors who include it in their portfolio. Whilst in most of the literature analyses the return of investments of fine wine, this paper places the focus to “normal” (i.e. non‐fine) wine, using data from th...
TENEA ANDREI COSMIN
Full Text Available This paper is a thorough examination of the concept of financial stability by studying and exposing opinions from the relevant literature regarding the content and objectives of financial stability. I considered that such a study could be useful in an academic perspective, but also from the perspective of performers and those interested in the activities and actions of central banks. Financial stability shows us the capacity of a financial system to maintain its basic functions and adapt to disruptions threatening these functions
Corporate financial fragility preceding the Asian financial crisis heightened vulnerabilities. Many countries in the region undertook significant corporate financial restructuring after the crisis, with some countries bouncing back much faster than others. These sounder corporate financial practices bode well for financial stability.
AGUS INDRA TENAYA
The purpose of this article is to search for trade-off solution betweenreliability and relevance. Approach that can be used to have more reliable andrelevant financial statement is decision usefulness. This approach suggests thatfinancial statement must be useful to become a base of investors’ decision making.The change function of financial statement from just a tool of responsibility tobecome a tool of decision making has caused historical cost-based financialstatement could not be used to ...
Rebecca Chung-Fern Wu; Audrey Wen-Hsin Hsu
In light of the recent exodus of foreign insurers from Taiwan and the local insurers’ outcries against the International Financial Reporting Standard (IFRS) 4 Insurance Contracts, we examine the value relevance of financial statements for life insurance firms, with particular interests to the embedded value (EV) disclosure. We find that the EV of equity has an incremental information role for book value of equity, which indicates that the accounting mismatching problem in the insurance indust...
Soheil Kazemian; Noor Azura Ahmad Shauri; Zuraidah Mohd Sanusi; Amrizah Kamaluddin; Shuhaida Mohamed Shuhidan
This study examines the relationships between financial distress and financial ratio (liquidity, leverage, profitability, firm’s performance, and dividend) among public listed companies, using the Altman Z-Score to determine the financial distress levels among public listed companies in Malaysia. Five-year data has been collected (2010 to 2014) from the annual financial statements and from Data Stream of public listed companies in Malaysia. The findings indicate significant relationships betw...
Keating, Byron W.; Kriz, Anton; Quazi, Ali
This paper examines the effect of financial risk on perceptions of service quality and relationship-marketing quality in the online retail environment. Perceptions of financial risk were found to be negatively associated with service quality. In particular, a well-designed and attractive Web site was found to mitigate perceptions of financial risk during early trial-buy purchasing. Relationship-marketing quality was not affected by financial risk. This study adds to an enhanced understanding ...
Full Text Available This paper aims at investigating the relationship between financial inclusion and the formation of entrepreneurs, both theoretically and empirically. We first construct a theoretical model to examine how the development of financial inclusion affects the formation of entrepreneurs. The model suggests that the development of financial inclusion can mitigate credit constraints on entrepreneurial activities by reducing information asymmetry in financial transactions, and in addition this effect is greater in industries with lower barriers to entry. Then, using data from 31 provinces and 19 industries in China during the period 2005–2014, we test the impact of financial inclusion on the formation of entrepreneurs. The estimation results confirm the positive effect of financial inclusion development on the formation of entrepreneurs, and indicate that this effect is heterogeneous across industries. Moreover, the development of financial inclusion is often beneficial to the formations of entrepreneurs in sectors with lower entry barriers.
Full Text Available This paper based on the perspective of firm’s agency conflicts to examine the relationship between financial reporting quality and investment efficiency and to analyze the interaction effect between financial reporting and free cash flow on investment efficiency. We use 3,726 samples of Chinese listed firms during the period 2008–2012 to test the empirical models and find that financial reporting quality is negatively associated with both underinvestment and overinvestment. Further, we find that financial reporting quality is more strongly associated with overinvestment for firms with large free cash flow, which suggests that financial reporting quality can reduce information asymmetry arising from agency conflicts between the managers and investors. This paper extends the field of application of financial reporting quality and investment efficiency in the emerging capital markets in the world. Moreover, this is the first study that analyzes the interaction effect between financial reporting quality and free cash flow on investment efficiency.
Mitchell, Olivia S; Lusardi, Annamaria
This paper reviews what we have learned over the past decade about financial literacy and its relationship to financial decision-making around the world. Using three questions, we have surveyed people in several countries to determine whether they have the fundamental knowledge of economics and finance needed to function as effective decision-makers. We find that levels of financial literacy are low not only in the United States. but also in many other countries including those with well-developed financial markets. Moreover, financial illiteracy is particularly acute for some demographic groups, especially women and the less-educated. These findings are important since financial literacy is linked to borrowing, saving, and spending patterns. We also offer new evidence on financial literacy among high school students drawing on the 2012 Programme for International Student Assessment implemented in 18 countries. Last, we discuss the implications of this research for policy.
Alimi R. Santos
Full Text Available The paper examines the long run and short run relationships between inflation and the financial sector development in Nigeria over the period between 1970 and 2012. Three variables, namely; broad definition of money as ratio of GDP, quasi money as share of GDP and credit to private sector as share of GDP, were used to proxy financial sector development. Our findings suggest that inflation presented deleterious effects on financial development over the study period. The main implication of the results is that poor macroeconomic performance has deleterious effects to financial development - a variable that is important for affecting economic growth and income inequality. Moreover, we observed a negative effect of the measures of financial development on growth, suggesting that impact of inflation on the economic growth passes through financial sector. Therefore, low and stable prices, is a necessary first step to achieving a deeper and more active financial sector that will enhance growth as predicted by Schumpeter.
Robert Jacobson; Natalie Mizik
We investigate the association between information contained in the American Customer Satisfaction Index (ACSI) metric and future stock market performance. Some past research has provided results suggesting that the financial markets misprice customer satisfaction; i.e., firms advantaged in customer satisfaction are posited to earn positive future-period abnormal stock returns. We reexamine this relationship and find that statistically significant evidence of financial market mispricing of cu...
Financial sector has experienced significant expansion together with accelerating financial globalization in recent years and had important positive and negative economic implications for all the economies. This study investigates the interaction among unemployment, financial development and domestic investment in 16 emerging market economies during 2001-2014 period using panel data analysis. We found that there was long relationship among the variables and domestic investment had negative im...
Minnis, Michael; Sutherland, Andrew Gordon
Using a data set that records banks’ ongoing requests of information from small commercial borrowers, we examine when banks use financial statements to monitor borrowers after loan origination. We find that banks request financial statements for half the loans and this variation is related to borrower credit risk, relationship length, collateral, and the provision of business tax returns, but in complex ways. The relation between borrower risk and financial statement requests has an inverted ...
The relationship between the financial system (specifically stock market development) and economic growth has been an important issue of debate. A well-functioning financial system can affect economic growth through the improvement of capital productivity and the efficient allocation of resources. The role of taxation as a major determinant of an active financial system and strong economic growth also becomes of interest to the researcher. Taxation through policy and revenue collection seems ...
Full Text Available Financial development is correlated with several underlying regulatory variables (such as indicators of investor protection, market transparency variables for corporate governance growth and rules for capital market development, which are under the control of national legislators and EU directives. This paper provides estimates of the relationship between financial market development and corporate growth and assesses the impact of financial market integration on this relationship with reference to European Union (EU countries. The regression results obtained using this panel support the hypothesis that financial development promotes growth particularly in industries that are more financially dependent on external finance. For policy purposes, analyzing changes in these regulatory variables may be a more interesting exercise than analyzing integration of the financial systems themselves. Since assuming that EU countries will raise its regulatory and legal standards to the U.S. standards appears unrealistic, in this case we examine a scenario where EU countries raise their standards to the highest current EU standard.
Full Text Available What are the equilibrium features of a financial market where a sizeable proportion of traders face reputational concerns? This question is central to our understanding of financial markets, which are increasingly dominated by institutional investors. We construct a model of delegated portfolio management that captures key features of the US mutual fund industry and embed it in an asset pricing framework. We thus provide a formal model of financial equilibrium with career concerned agents. Fund managers differ in their ability to understand market fundamentals, and in every period investors choose a fund. In equilibrium, the presence of career concerns induces uninformed fund managers to churn, i.e., to engage in trading even when they face a negative expected return. Churners act as noise traders and enhance the level of trading volume. The equilibrium relationship between fund return and net fund flows displays a skewed shape that is consistent with stylized facts. The robustness of our core results is probed from several angles.
Full Text Available This paper attempts to delineate from a theoretical of view the financial data series relative to other statistical data, starting from the financial econometrics’ models and from the resulting features of the specific descriptive statistics’ analysis of these characteristic series. From the analysis of these financial data during either very short and short or medium periods of time or from the information provided by the website of the Bucharest Stock Exchange (BVB, the trend of great values of kurtosis or eccentricity and skewness or asymmetry of series appears as a characteristic tendency. During a long period of time, between 1920 and 2008, this tendency seems to be more relevant, being confirmed by an excerpt from the author’s earlier paper written in 2009, concerning the statistical Dow Jones Industrial Average Index (DJIA Index. The skewness, kurtosis and normality of data distribution analysis, using Jarque Bera test, along with the identification of residual autocorrelation or serial correlation in the presence of significant residual values and heteroskedasticity are the major evaluated aspects. Finally, the author investigates the optimal way to ensure statistical comparability inflationary and deflationary method for financial series of data, and offers a solution to the selection of the appropriate indicator from the categories of the absolute values, absolute variation of the absolute values and the relative variation of the absolute values, expressed by percentages, with the finding of the latter alternative as the best alternative in the world of financial modelling of the economic and financial processes and phenomena.
Olson, Lucretia Maria
This manual contains student assignments in the financial services area of the marketing process. The individualized competency-based materials are intended to enhance and supplement instruction or to provide the basis for a course of instruction by the teacher-coordinator. Information on skills needed in jobs in financial marketing is first…
This article investigates the sources of sociability in modern financial systems as a prelude to assessing the prospects for financial regulation. Three sources are identified: sociality dependent upon contract, upon relational interdependency, and upon the operation of will and passion. Each of ...
We analytically give the financial rogue waves in the nonlinear option pricing model due to Ivancevic, which is nonlinear wave alternative of the Black-Scholes model. These rogue wave solutions may he used to describe the possible physical mechanisms for rogue wave phenomenon in financial markets and related fields.
Brounen, Dirk; Koedijk, Kees; Pownall, Rachel
Greater personal responsibility toward financial decision-making is being advocated on a global basis. Individuals and households are encouraged to take a more active approach to personal finance. In this paper, we examine behavioral factors, which lead households toward savings and financial
Tarantino, D P
In his premier column for The Physician Executive, David Tarantino takes a look at those critical "financials" that can make or break a business. If you're considering a career move, you need to know the financial condition of future employers. Learn how to read the statements and glean valuable information from the numbers.
Castiglionesi, F.; Navarro, N.
We study a financial network characterized by the presence of depositors, banks and their shareholders. Belonging to a financial network is beneficial for both the depositors and banks' shareholders since the return to investment increases with the number of banks connected. However, the network is
Wood, Marcia R.
This publication is designed to be a desktop reference and assist financial officers in both public and independent institutions of higher education in the preparation of consolidated financial statements. Chapter 1 covers generally accepted accounting principles and other accounting literature, and summarizes reporting rules of the Financial…
A.M. Pacces (Alessio)
textabstractThis article analyzes the determinants of liquidity crises based on the dynamics of banking and finance under Knightian uncertainty. In this perspective, the facts of the global financial crisis seem to confirm Minsky's hypothesis of endogenous financial instability derived from Keynes's
This Financial Sector Assessment (FSA) provides a summary of the policy priorities, and main findings intended to assist the Moroccan authorities in evaluating the country's financial system. It reviews the uneasy trade-off between concerns for stability, and development, suggesting Morocco's macroeconomic policies and practices as a whole tend to err more on the side of the concerns of pr...
A joint International Monetary Fund-World Bank team conducted an assessment of Turkey's financial system in connection with the Financial Sector Assessment Program (FSAP) through missions in April, August-September 2006 and March, 2007. This report provides a summary of the main findings of the assessment and the policy priorities identified. The main objective of the FSAP is to assist the...
Owing primarily to extensive investment in new mining projects, Mongolia's economy is on a path of very rapid long-term growth. While financial intermediation in Mongolia has been growing fast, access to finance remains a critical constraint for enterprises, and especially for Small and Medium Enterprises (SMEs). Improving access to financial services will require strengthening the legal a...
... private sector in improving financial capability. DATES: The meeting will be held on April 9, 2012, at 10... appointed by the President with relevant backgrounds, such as financial services, consumer protection... federal government and the private sector can work together to improve the financial capability of...
the global spread of financialization: by privileging the rentier–investor within the 15 world economy; by perpetuating a distinctively Anglo-American approach to finance internationally; and by increasing the autonomy of finance vis-a-vis the nation-state. This study shares the primarily descriptive......This article identifies trusts as a legal structure associated with the global spread of financialization. Although trusts originated in Medieval England, they have acquired a new significance in contemporary finance by virtue of their advantages in terms of 10 profit maximization and capital...... and conceptual intent of Krippner’s work on financialization, but extends it in two ways: by comparing trusts to the better- known corporate form of organizing financial activity, and by showing how private 20 capital is implicated in the financialized economy alongside corporate wealth....
PATRUTA MIRCEA IOAN
Full Text Available The performance analysis is based on an informational system, which provides financial information in various formatsand with various applicabilities.We intend to formulate a set of important caracteristics of financial information along with identifying a set of relevant financial rates and indicatorsused to appreciate the performance level of a company. Economic performance can be interpreted in different ways at each level of analysis. Generally, it refers to economic growth, increased productivity and profitability. The growth of labor productivity or increased production per worker is a measure of efficient use of resources in value creation.
A conflict of interests occurs when a doctor is unduly influenced by a secondary interest (i.e., a personal incentive) in his acts concerning one of the primary interests to which he is professionally committed (the welfare of patients, the progress of science, or the education of students or residents). One specific variety of conflicts of interests has monopolized the attention of the scientific and lay press: the financial conflicts of interests arising from the relationships between doctors and drug companies. A large literature has described the many, sometimes subtle, ways by which a psychiatrist can be influenced in his prescribing habits or research activities by his relationships with the industry. Some empirical evidence is now available in this area. On the other hand, it has been pointed out that the current debate on this issue is sometimes "affectively charged" or fails to take into account that the interests of patients, families and mental health professionals and those of the industry may be often convergent. Other types of conflicts of interests are beginning now to be discussed. There is evidence that the allegiance of a researcher to a given school of thought may influence the results of studies comparing different psychotherapeutic techniques, thus colliding with the primary interest represented by the progress of science. Political commitment is also emerging as a source of conflicts of interests. Financial and non-financial conflicts of interests are widespread in psychiatric practice and research. They cannot be eradicated, but must be managed more effectively than is currently the case.
The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. The objective of an audit of financial statements is to enable an auditor to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with International Financial Reporting Standards or another identified financial reporting fr...
Baranga Laurentiu Paul
Full Text Available Structured products are financial instruments issued by a financial institution where the amount claimed by the investor from the issuer depends on the variation of the price of the underlying instrument based on which the certificate is issued, namely: individual shares, share costs, stock indexes, currencies, commodities or combinations of these according to the prospectus. These products appeared with the development and diversification of financial services during the recent years, as well as due to the emergence of liquidity suppliers of international importance. The liquidity providers have developed on their own platforms a new range of derivatives which are different from the classical derivatives. These new derivatives, similar to contracts for difference (CFDs, have given to other institutions the possibility of transferring their risk more easily, regardless of the nature or type of the underlying asset. Thus, the financial institutions issuing structured financial products have found in liquidity providers the possibility of developing the CFDs required for their risk transfer operations. The issuers of structured products do not accept new risky positions when they issue certificates because they neutralize them through suitable risk transfer operations. The issuing financial institutions structure certificates from a variety of financial assets and/or commodities in order to adjust them to the various risk profiles of investors both in terms of expected return and in terms of the response to risk. Thus, products are issued that quickly respond to the trends of the financial or commodity markets. Investors in structured financial products benefit from the economic effect of a derivative but are exposed to financial risks that are more complex and more difficult to understand and at the same time depend on the reliability and stability of the contractual relationships between various financial institutions.
Chien and Hsu (2010) found a positive moderating effect of corporate governance on the related transactions-firm performance relationship and deduce that presence of corporate governance could 'transfer' related party transactions 'conflict- of-interest' to be efficient. Past studies on the impact of RPT on financial reporting ...
Full Text Available Providing sufficient financial accessibility to low-income individuals is considered a way to decrease income inequality and could be a key factor in sustainable economic growth. To make the financial accessibility policy more effective, analyses of individuals’ understanding of financial risk within low-income groups need to be conducted. The current authors investigated individuals’ attitudes towards loan financial risk in terms of gender difference. Using South Korean survey data, we examined the relationship between gender and attitude towards loan financial risk with a regression analysis. We found that within a low-income group, males were more willing to pay higher interest rates than females. In addition, males’ willingness to pay high interest rates became stronger when their current financial costs were high. The results indicate that males are less careful with the risks that high interest rates can bring. Thus, the results imply that interventions, such as more substantial financial education, are required for males to make financial accessibility polices more effective.
Full Text Available The pressure for financial accountability contributed to widespread concern about the function of marketing within the company. Consequently, marketers have become preoccupied with measuring the performance of marketing activity. Diverse financial and non-financial methods have been developed to provide evidence of how marketing activity impacts on the bottom line. This article proposes an approach whereby financial and non-financial performance measures are combined to measure the contribution of marketing to sales. Secondary data from two retail brands within the same industry were analysed whereby actual accounting data were adjusted to examine the link between marketing expenditures, specifically with regard to the 4Ps (typical non-financial measures, and sales. The results of the time series regression showed that the nature of the relationship between marketing expenditures and sales is dependent largely on the product characteristics. The link between marketing and sales depicted serves as a starting point from which to build a more robust measurement tool incorporating financial and non-financial marketing performance measures that will serve to justify investment in the marketing of a brand.
Phillips, Gregory John
In this action research study, I, along with a student intervention committee of 14 members, developed a cyberbullying intervention for a large urban high school on the west coast. This high school contained a predominantly African American student population. I aimed to discover culturally relevant cyberbullying prevention strategies for African American students. The intervention committee selected video safety messages featuring African American actors as the most culturally relevant cyber...
.... With the passage of the Chief Financial Officers Act of 1990, Congress called for the production of financial statements that fully disclose a federal entity's financial position and results of operations...
O'Neill, Barbara; Xiao, Jing Jian; Ensle, Karen
This study explored relationships between the practice of following a hand-written or computer-generated budget and the frequency of performance of positive personal health and financial practices. Data were collected from an online quiz completed by 942 adults, providing a simultaneous assessment of individuals' health and financial practices.…
Peruso, Dominick F., Jr.
The rate of tuition inflation at U.S. colleges and universities is alarming and threatens both access and choice. Private nonprofit baccalaureate colleges often possess the highest tuition rates but routinely face financial challenges. This study was designed to better understand the relationship between tuition and financial condition for the…
This paper analyses the impact of share ownership, creditorship and net-working by financial institutions on the performance of 94 Dutch non-financial firms in the period 1992-1996. We find a nonlinear relationship between firm performance and ownership by banks. Because of various defense
Seay, Martin C.; Preece, Gloria L.; Le, Vincent C.
This study explored the relationship between financial literacy and the use of interest-only mortgages using data from the 2009 National Financial Capability Study (NFCS). A series of analyses were conducted to investigate characteristics associated with the use of an interest-only mortgage as a primary mortgage, as compared to fixed-rate mortgage…
Bates, Alan; Lucey, Thomas; Inose, Taki; Yamane, Eiji; Green, Vicki
This paper interprets comments associated with an open-response item on an online survey of college students in the United States, Japan, and Canada. The item inquired about their interpretations of financial morality. The paper describes student understandings of appropriate behaviors in relationship to financial practice. The authors claim that…
Fischer, Mary L.
Because of the integral relationship of student financial aid with student recruitment and retention, budgeting, program design and development, student services, and long-range institutional planning, it is useful to review organizational structure periodically to ensure visibility of the financial aid function within the institution. (MSE)
van Rooij, Maarten C. J.; Lusardi, Annamaria; Alessie, Rob J. M.
The complexity of financial decisions that households now face has increased to unprecedented levels. At the same time, households seem to lack the financial knowledge to cope with these decisions, including how to save and invest adequately for retirement. In this paper, we examine the relationship
Vermeulen, Robert; de Haan, Jakob
We investigate the relationship between a country's domestic financial development and the (composition of its) net foreign asset position using a pooled mean group estimator and data for 50 countries for the 1970-2007 period. The results show that financial development reduces a country's long-run
Udaibir S Das; Plamen Yossifov; Richard Podpiera; Dmitriy L Rozhkov
In this paper, we develop multi-country indices of financial system stress and quality of financial policies and use them in regression analysis of the determinants of financial stress. We find that countries with higher quality of financial policies are better able to contain the effects of macroeconomic pressures on the overall level of stress in the financial system. They are also in a better position to ensure sustainable development of the financial system.
Asongu, Simplice A.; Koomson, Isaac; Tchamyou, Vanessa S.
Purpose – This study assesses the effect of time-dynamic financial globalisation uncertainty on financial development in 53 African countries for the period 2000-2011. Design/methodology/approach – Financial globalisation uncertainty is estimated as time-dynamic to capture business cycle disturbances while all dimensions identified by the Financial Development and Structure Database of the World Bank are employed, namely: financial depth (money supply and liquid liabilities), financial sy...
Full Text Available A continuous flow of reliable, relevant and financially important information is necessary for making economically justified and strategic investment decisions. Economic globalization has contributed to the need of creating a unified language for communication, a single set of international financial reporting standards with the sole purpose of enhancing transparency for investors and reducing the cost of capital. Harmonization of financial reporting provides more efficient use of global resources, easier consolidation of multinational companies foreign subsidiaries, alleviation of accounting staff mobility and reducing of audit costs. The research is based on the benefits that the national economy can gain if the international financial reporting standards are successfully implemented. Special attention in the paper is devoted to the factors that determine the harmonization of financial reporting. The analysis of the results show the managers' perception of financial reporting, and emphasize the effects of the implementation of IFRS in Republic of Macedonia.
Mary A. Vera-Colina
Full Text Available The relationship between the presence of financial planning and difficulties regarding access to financing in small and medium-sized companies (SMEs in the Venezuelan manufacturing sector is studied. This is an explicative type research work, designed as non-experimental, crosssectional and correlational field work, applied to a sample of 67 SMEs. A questionnaire was applied and a review was made of the relevant literature, to establish the characteristics of the selected variables, according to the high-medium-low measurement for each of the selected indicators. The preliminary results make it possible to affirm that the financial planning variable demonstrates a medium presence in the companies, with medium and low levels of coordination among their components. Average access to financing is classified as low, marked by a medium-high access to credit from suppliers, medium access in reinvestment of profits and medium-low access to bank credit lines. There is also evidence of financing patterns compatible with the Pecking Order Theory. The conclusion is that there is a weak relationship between the characteristics of financial planning and the levels of access to financing, with the inference that the behavior of these variables is determined by a multiplicity of factors.
N.G. de Jager
textabstractReporting on value or reporting value-relevant information unavoidably implies that estimates of future cash flows should be made. Consequently, uncertainty becomes an important factor in (external) financial reporting. For a long time, uncertainty was dealt with by substituting relevant
Kurumsal Sosyal Sorumluluk Raporlaması ve Finansal Performans Arasındaki İlişki: Borsa İstanbul’da İşlem Gören Kimya-Petrol-Plastik Sektörü Şirketleri Üzerine Bir Araştırma(The Relationship Between Corporate Social Responsibility and Financial Performance: A Study on BIST Chemical, Petroleum and Plastic Index
Full Text Available In today’s World the companies which act according to social responsibility, evaluate their sucess according to economic, environmental and social effects in the long run. For this reason if they operate in the social responsible manner, they think that they will be sucessful. So the information which define the social responsibility activities of companies apart from the financial information tend to increase in the business World. In this study it is aimed to analyse corporate social responsibility and financial performance relationship. Thereby the companies which are BIST Chemical - Petroleum and Plastic sector will be studied between the years 2010-2012 according to the criteria which are determined by GRI (Global Reporting Initiative. In this anaysis firstly the reporting level of the companies according to criteria and then the relationship between the the results and financial performance will be examied.
Relationship between Research Outcomes and Risk of Bias, Study Sponsorship, and Author Financial Conflicts of Interest in Reviews of the Effects of Artificially Sweetened Beverages on Weight Outcomes: A Systematic Review of Reviews.
Full Text Available Artificially sweetened beverage consumption has steadily increased in the last 40 years. Several reviews examining the effects of artificially sweetened beverages on weight outcomes have discrepancies in their results and conclusions.To determine whether risk of bias, results, and conclusions of reviews of effects of artificially sweetened beverage consumption on weight outcomes differ depending on review sponsorship and authors' financial conflicts of interest.We performed a systematic review of reviews of the effects of artificially sweetened beverages on weight. Two assessors independently screened articles for inclusion, extracted data, and assessed risks of bias. We compared risk of bias, results and conclusions of reviews by different industry sponsors, authors' financial conflict of interest and journal sponsor. We also report the concordance between review results and conclusions.Artificial sweetener industry sponsored reviews were more likely to have favorable results (3/4 than non-industry sponsored reviews (1/23, RR: 17.25 (95% CI: 2.34 to 127.29, as well as favorable conclusions (4/4 vs. 15/23, RR: 1.52 (95% CI: 1.14 to 2.06. All reviews funded by competitor industries reported unfavorable conclusions (4/4. In 42% of the reviews (13/31, authors' financial conflicts of interest were not disclosed. Reviews performed by authors that had a financial conflict of interest with the food industry (disclosed in the article or not were more likely to have favorable conclusions (18/22 than reviews performed by authors without conflicts of interest (4/9, RR: 7.36 (95% CI: 1.15 to 47.22. Risk of bias was similar and high in most of the reviews.Review sponsorship and authors' financial conflicts of interest introduced bias affecting the outcomes of reviews of artificially sweetened beverage effects on weight that could not be explained by other sources of bias.
Highlights areas on university's financial statements that warrant careful review by trustees and suggests ways they can check to see whether an institution's financial statements are clear and valid indicators of its financial status. (EV)