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There is no consensus in the literature on the determinants of business failure, given the complexity and dynamic interaction between them. This paper focuses on the financial failures of the Spanish tourism sector in 2022, as it is one of the most affected by the paralysis of economic activity as a consequence of Covid-19. Using the SABI database, we applied a fuzzy set Qualitative Comparative Analysis (fsQCA) focused on the variables traditionally considered by the literature. We find that several combinations of financial attributes lead to the failure of Spanish tourism firms, none of them individually being sufficient, but depending on the interaction of other attributes, which reveals complex antecedent conditions for the explanation of the phenomenon. Specifically, we find that the combined effect of high indebtedness and low levels of profitability, activity and solvency are sufficient conditions to lead to failure in Spanish tourism companies. Additionally, when we consider the size of the entities, we find a substitution effect between a low level of turnover and low liquidity. The identification of the combination of financial ratios that warn of problems of continuity in companies in the tourism sector is of great relevance for Spanish economic development, researchers and managers in the sector., El fracaso empresarial en la literatura no presenta consenso acerca de cuáles son sus factores determinantes, dada la complejidad e interacción dinámica entre ellos. Este trabajo se centra en las quiebras financieras del sector turístico español en el año 2022, por ser uno de los más afectados por la paralización de la actividad económica consecuencia del Covid-19. A partir de la base de datos SABI aplicamos un análisis comparativo cualitativo de conjuntos difusos (fuzzy set Qualitative Comparative Analysis, fsQCA) centrado en las variables tradicionalmente consideradas por la literatura. Descubrimos que varias combinaciones de atributos financieros conducen al fracaso de las empresas turísticas españolas sin que ninguno individualmente sea suficiente, sino que depende de la interacción de otros atributos, lo que revela condiciones antecedentes complejas para la explicación del fenómeno. En concreto, encontramos que el efecto combinado de alto endeudamiento y bajos niveles de rentabilidad, actividad y solvencia son condiciones suficientes para conducir al fracaso en empresas turísticas españolas. Adicionalmente, cuando tenemos en cuenta el tamaño de las entidades, encontramos un efecto sustitución entre un bajo nivel de rotación y baja liquidez. La identificación de la combinación de ratios financieros que alertan de problemas de continuidad en las empresas del sector turístico, es de gran relevancia para el desarrollo económico español, así como para investigadores y directivos del sector.

Purpose: The purpose of this study is to preliminarily explore the financial performance of Hong Kong listed companies in recent years, so that the public can have a preliminary understanding of the operating conditions of Hong Kong companies in recent years. Theoretical Framework: Financial performance is whether a business strategy and its implementation and execution are contributing to the ultimate business performance. Financial performance can fully express the effect of cost control, the effect of asset utilization and management, the effect of capital allocation, and the composition of the return on shareholders' equity. Financial performance is mainly reflected in four aspects: profitability, operating ability, solvency and growth ability. Design/Methodology/Approach: We randomly obtained the annual financial reports of 17 listed companies from 2016 to 2021 from the official website of the Hong Kong Stock Exchange. And based on the financial data disclosed in the financial reports of each company, it makes a detailed calculation, analysis and comparison of the profitability, solvency, operating capability and growth capability of each company. Findings: In recent years, the profitability and operational capabilities of listed companies in Hong Kong have been stable without major fluctuations, but there is still a slight downward trend. The solvency performance is good, and the source of capital flow is relatively reliable. At the same time, the financial performance of listed companies in Hong Kong has also been significantly negatively affected by the spread of the covid-19 pandemic. Research, Practical & Social Implications: We suggest that in the future, listed companies in Hong Kong should improve their business strategies in a targeted manner to resist the impact of the new crown pandemic and the outside world on business operations. Originality/Value: The profitability and operating capacity of Hong Kong-listed companies remained stable with

Companies ending up in financial distress and ultimately filing for bankruptcy is a costly affair not only to the company itself, but also to all of its connected shareholders. Both in an attempt to decrease the risk, and as a way of managing risk for creditors, models aimed at predicting bankruptcies of companies using financial data, for example in the form of ratios, has been an active area of research since the early 20th century. Knowing which financial ratios are the most important in predicting bankruptcy is useful both in the sense that it can be used as an early warning sign, but also as in the sense that it can be used to aid businesses and practitioners to steer a firm away from a possible bankruptcy. This thesis used a machine learning classifier in order to predict corporate bankruptcy. The classifier was trained on panel data containing different financial ratios selected to represent the different financial dimensions of a company, alongside an indicator variable showing whether or not a company filed for bankruptcy. Three separate models were trained using the data in order to predict bankruptcy one, two, and three years prior to the bankruptcy event. Different prediction horizons were applied to see how the relative importance of the ratios and their effect vary with time. Once the classifier was trained, the relatively most important financial ratios could be extracted, alongside the marginal effect that the different ratios have of the probability of bankruptcy. This study found that one year prior to bankruptcy, the interest coverage rate was the relatively most important variable, and that there was a significant decrease in probability of bankruptcy for companies above a certain value. It also found that the further away from the bankruptcy event the model predicts, the harder it is to discern any strong signals for bankruptcy as the relative importance of the financial ratios are fairly equal. Like any quantitative study, the findings and th, Företag som går i konkurs har inverkan både på företaget i sig och på en mängd olika intressenter som är på olika vis kopplade till företaget. Då många av de inblandade oftast drabbas negativt av konkurs finns det ett behov att reducera och kontrollera risken för konkurs för att minimera potentiella kostnader. Forskning inom konkursförutsägelser har varit ett aktivt område inom finansiering sedan tidigt 1900-tal och otaliga modeller har utvecklats genom åren för att med hjälp av olika variabler förutspå huruvida ett företag kommer gå i konkurs eller inte. Att veta vilka finansiella nyckeltal som har störst inverkan på sannolikheten för konkurs och företagsrekonstruktion är användbart då det både kan ge en indikation på när ett företag är nära att hamna i en sådan sits, samtidigt som det även kan användas för att styra ett företag i rätt riktning så fort indikationer för sådant scenario uppdagas. För att undersöka vilka nyckeltal som är viktigast och olika värden på nyckeltalen påverkar sannolikheten för konkurs tränades en maskininlärningsmodell på data innehållande finansiella nyckeltal och om företaget gått i konkurs eller inte. Maskininlärningsmodellen, i det här fallet en binär klassificerare, tränades på data ett, två och tre år före konkurs för att kunna undersöka hur beteendet hos modellen förändras. När modellen väl var tränad kunde vilka nyckeltal som var viktigast för att förutspå konkurs extraheras, samt grafer som illustrerar hur sannolikheten för konkurs varierar för olika värden på nyckeltalen. Denna uppsats fann att ett år före konkurs är ränteteckningsgrad det nyckeltal som är relativt viktigast samt att sannolikheten för konkurs minskade markant för ränteteckningsgrad över ett visst värde. Dessutom visade resultaten att ju längre ifrån konkurstillfället man försöker förutspåkonkurs, desto svårare blir det att urskilja om något nyckeltal är relativt viktigare de andra. Tre år före konkurs var det inget nyckeltal som stod ut lika tydligt som ett år

Companies ending up in financial distress and ultimately filing for bankruptcy is a costly affair not only to the company itself, but also to all of its connected shareholders. Both in an attempt to decrease the risk, and as a way of managing risk for creditors, models aimed at predicting bankruptcies of companies using financial data, for example in the form of ratios, has been an active area of research since the early 20th century. Knowing which financial ratios are the most important in predicting bankruptcy is useful both in the sense that it can be used as an early warning sign, but also as in the sense that it can be used to aid businesses and practitioners to steer a firm away from a possible bankruptcy. This thesis used a machine learning classifier in order to predict corporate bankruptcy. The classifier was trained on panel data containing different financial ratios selected to represent the different financial dimensions of a company, alongside an indicator variable showing whether or not a company filed for bankruptcy. Three separate models were trained using the data in order to predict bankruptcy one, two, and three years prior to the bankruptcy event. Different prediction horizons were applied to see how the relative importance of the ratios and their effect vary with time. Once the classifier was trained, the relatively most important financial ratios could be extracted, alongside the marginal effect that the different ratios have of the probability of bankruptcy. This study found that one year prior to bankruptcy, the interest coverage rate was the relatively most important variable, and that there was a significant decrease in probability of bankruptcy for companies above a certain value. It also found that the further away from the bankruptcy event the model predicts, the harder it is to discern any strong signals for bankruptcy as the relative importance of the financial ratios are fairly equal. Like any quantitative study, the findings and th, Företag som går i konkurs har inverkan både på företaget i sig och på en mängd olika intressenter som är på olika vis kopplade till företaget. Då många av de inblandade oftast drabbas negativt av konkurs finns det ett behov att reducera och kontrollera risken för konkurs för att minimera potentiella kostnader. Forskning inom konkursförutsägelser har varit ett aktivt område inom finansiering sedan tidigt 1900-tal och otaliga modeller har utvecklats genom åren för att med hjälp av olika variabler förutspå huruvida ett företag kommer gå i konkurs eller inte. Att veta vilka finansiella nyckeltal som har störst inverkan på sannolikheten för konkurs och företagsrekonstruktion är användbart då det både kan ge en indikation på när ett företag är nära att hamna i en sådan sits, samtidigt som det även kan användas för att styra ett företag i rätt riktning så fort indikationer för sådant scenario uppdagas. För att undersöka vilka nyckeltal som är viktigast och olika värden på nyckeltalen påverkar sannolikheten för konkurs tränades en maskininlärningsmodell på data innehållande finansiella nyckeltal och om företaget gått i konkurs eller inte. Maskininlärningsmodellen, i det här fallet en binär klassificerare, tränades på data ett, två och tre år före konkurs för att kunna undersöka hur beteendet hos modellen förändras. När modellen väl var tränad kunde vilka nyckeltal som var viktigast för att förutspå konkurs extraheras, samt grafer som illustrerar hur sannolikheten för konkurs varierar för olika värden på nyckeltalen. Denna uppsats fann att ett år före konkurs är ränteteckningsgrad det nyckeltal som är relativt viktigast samt att sannolikheten för konkurs minskade markant för ränteteckningsgrad över ett visst värde. Dessutom visade resultaten att ju längre ifrån konkurstillfället man försöker förutspåkonkurs, desto svårare blir det att urskilja om något nyckeltal är relativt viktigare de andra. Tre år före konkurs var det inget nyckeltal som stod ut lika tydligt som ett år

This study discussed the impact of the financial ratios on stock return with reference to the Swedish Technological Sector. Based on the previous studies done by the scholars and the findings of the results, this study was built. To analyze the impact, the authors selected the financial years figures of the 30 listed companies in the Swedish stock market. Financial ratio does not have a significant impact on stock returns in companies within the technology sector. It can be established that there is a sole financial ratio that has an impact on stock returns within the technology's sector, which is return on equity,in respect to the latter half of the five-year period. Regarding how the impact of financial ratios on stock returns has changed over the five-year period, it can be determined thatthere has been a minor change over the five-year period, but largely remain unaltered.According to the findings of the study, the researcher identified that there are some drawbacks in the year 2019 and after the growth in the year 2020 due to various reasons such as, COVID-19 pandemic situation. The findings of this study will be significant forthe investors who seek information on investing

Objective: To analyse the demographic and investment patterns of the stock market investors, To understand which financial ratios impacted the investor returns.   Method: The present study used descriptive statistics for understanding the investors. This was followed by applying the discriminant analysis using the tool Advanced Excel. Prepared the structured questionnaire and collected data from the stock market investors. Variables for the study are identified by reviewing the existing the literature. This study followed the descriptive methodology steps for findings and conclusion. Followed steps are literature review, questionnaire preparation, data collection, data cleaning, processing, analyzing them, and conclusion. This study limited to Telangana, India region.   Results and Conclusion:The stock market has investors from all categories of people. Most of them are aged between 20 and 40. We see that having more disposable income is increasing the chances of investing in stock market. As less income people struggle to satisfy their basic needs and have less disposable income. It is observed that most of investors are investing in multiple stocks and not in one bucket. They are interested in diversifying the risks. While investing they are spending time to gather information from all resources. At the time of investment more emphasis is on Growth of company and EPS. Most of the investors not looking at the financial ratios before making decision of investment in stock market. Hence, there is further chance of study to understand why some of the investors not looking at the financial ratios and why taking decision based on different parameters and how they are getting benefited.   Implications of research:Earlier research papers, and studies considered the technical ratio analysis to get the maximum profits, and did the sentiment analysis of the investors, but studies did not consider the opinion of the investors in terms of selection of ratios use

Purpose: An investor considers lot of factors while investing his money into the Stocks. Money is majorly invested in BSE or NSE in India. BSE is established in the year 1875 and NSE established in the year 1992. Apart from this some stocks are traded in local exchange market in each city. Earlier we had manual trading. However, it is more organized and digitalized now.  Every investor does some survey prior to investing their hard-earned money. The reason behind investment is to earn profits over the invested money. The returns over the stock market are dependent on various micro and macro-economic factors. Panel data analysis was conducted using data from the top 50 companies listed on the National Stock Exchange (NSE) over a 10-year period. The analysis explored the impact of various financial ratios on stock market returns, considering individual-specific effects and time variations. The study found that certain financial ratios, including Earnings per Share (EPS), Earning Yield, Debt to Equity ratio, and Market Capitalization to Sales ratio, significantly influenced stock market returns.   Method: Panel data analysis, also known as longitudinal data analysis or panel regression, is a statistical method used to analyze data collected from a group of individuals, entities, or subjects over time. In panel data analysis, observations are made on the same subjects or entities repeatedly at multiple time points, creating a panel or panel dataset. Panel data analysis is particularly useful in social sciences, economics, and other fields where researchers are interested in studying the dynamics of individual units over time and accounting for both cross-sectional and time-series variations.   Results and Conclusion: The findings from this study provide valuable guidance for individual investors, financial advisors, and policymakers in optimizing investment strategies. However, it is essential to acknowledge the limitations of this research, including the

Reformen för frivillig revision genomfördes med syfte att möjliggöra valfrihet för revisionsfrågan utefter småföretagens egna behov och resurser. Trots att reformen genomfördes för över ett decennium sedan är forskarna fortfarande oense om effekterna av den avskaffade revisionsplikten. Det senaste åren har debatten kring återinförandet av revisionsplikten varit aktuell där argumenten bakom återinförandet baseras på den ökade ekonomiska brottsligheten och minskade lönsamheten hos de bolag som valt bort revisionen. Även de olika fördelar som revisorns kompetens och legitimitet som skapar trygghet för företagens intressenter är argument för återinförandet av revisionsplikten. Denna studie bidrar med en ökad förståelse och vägledning för småföretag i valet om frivillig revision. Syftet med denna studie är därför att undersöka om reformen för frivillig revision har påverkat konkursrisken hos svenska aktiebolag, samt om det finns andra finansiella faktorer som kan påverka småföretagens långsiktiga överlevnad. Syftet besvaras med utgångspunkt i tre teorier: legitimitetsteori, informationsasymmetri och signalteori, som dessutom utgör en del av den teoretiska referensramen. Den kvantitativa studien utvecklar hypoteser genom teorierna och den tidigare forskningen. Dessa ligger till grund för dataanalysen som sker genom logistisk regression för att skapa en konkursprognostiseringsmodell. Datamaterialet som undersökts består av sekundärdata genererad från Retriever Business av småföretag i Västra Götaland under period 2019. Studiens resultat visar att det finns ett signifikant negativt samband mellan revisorn och konkursrisk. Studien visar därmed att revisorn har en effekt på konkursrisken, även om det är svårt att fastställa den exakta påverkan som revisorn har på konkursrisken. Resultatet ger trots det indikationer på att återinförande av revisionsplikten skulle gynna såväl småföretagare som myndigheter och bidrar på så sätt med stöd till debatten om återinförandet av revisio, The reform for voluntary audit was implemented with the aim of enabling freedom of choice regarding audit matters based on the needs and resources of small businesses. Despite the reform being implemented over a decade ago, researchers are still divided on the effects of abolishing the mandatory audit requirement. In recent years, there has been a debate on reintroducing the mandatory audit requirement, with arguments based on increased economic crime and decreased profitability among companies that have opted out of audits. The various advantages of the auditor's expertise and legitimacy in providing security for stakeholders are also arguments for the reintroduction of the mandatory audit requirement. This study contributes to a better understanding and guidance for small businesses in the decision-making process regarding voluntary audits. Therefore, the purpose of this study is to examine whether the reform for voluntary audit has influenced the bankruptcy risk of Swedish limited liability companies and to identify other financial factors that may affect the long-term survival of small businesses. The purpose is addressed based on three theories: legitimacy theory, information asymmetry, and signaling theory, which also form part of the theoretical framework. The quantitative study formulates hypotheses based on these theories and previous research. These hypotheses form the basis for data analysis using logistic regression to create a bankruptcy prediction model. The data analyzed consist of secondary data generated from Retriever Business on small businesses in Västra Götaland during the period 2019. Therefore, this study is written in Swedish. The study's results show a significant negative correlation between the auditor and bankruptcy risk. Thus, the study demonstrates that the auditor has an effect on bankruptcy risk, although it is difficult to determine the exact impact of the auditor on bankruptcy risk. In spite of that, the results provide indications

La predicción de las dificultades financieras se ha convertido en uno de los temas más importantes en el área contable y financiera debido a su correlación significativa con el desarrollo de la ciencia y la tecnología. El objetivo principal de este trabajo es predecir la dificultad financiera con base en la Regresión de Procesos Gaussianos (GPR) y luego comparar los resultados de este modelo con los resultados de otros modelos de aprendizaje profundo (SVM, LR, LD, DT, KNN). El análisis se basa en un conjunto de datos de 352 empresas extraídos de la base de datos de Kaggle. En cuanto a los predictores, se utilizaron 83 ratios financieros. El estudio concluyó que el uso de la GPR logra resultados muy relevantes. Además, superó al resto de los modelos de aprendizaje profundo y logró el primer lugar por igual con el modelo SVM con una precisión de clasificación del 81 %. Los resultados contribuyen al mantenimiento del sistema integrado y a la prosperidad de la economía del país, a la predicción de las dificultades financieras de las empresas y, por lo tanto, a la posible prevención de perturbaciones del sistema en cuestión., Predicting financial distress has become one of the most important topics of the hour that has swept the accounting and financial field due to its significant correlation with the development of science and technology. The main objective of this paper is to predict financial distress based on the Gaussian Process Regression (GPR) and then compare the results of this model with the results of other deep learning models (SVM, LR, LD, DT, KNN). The analysis is based on a dataset of 352 companies extracted from the Kaggle database. As for predictors, 83 financial ratios were used. The study concluded that the use of GPR achieves very relevant results. Furthermore, it outperformed the rest of the deep learning models and achieved first place equally with the SVM model with a classification accuracy of 81%. The results contribute to the maintenance of the integrated system and the prosperity of the country’s economy, the prediction of the financial distress of companies and thus the potential prevention of disruption of the given system.

This paper analyzed the impacts of the implementation of IFRS SMEs in 17 financial indicators of 16,217 Colombian companies, belonging to 18 economic sectors. The literature evidence case studies that explain the impacts of IFRS implementation, but this paper goes further by analyzing the financial indicators calculated with financial information prepared under the generally accepted local accounting principles as under IFRS SMEs, which represents an added value. The mean difference was calculated with the Mann-Whitney U test taking the applied accounting standard as an independent variable and the 17 financial indicators as dependent variables, to determine the existence of statistically significant differences between them. The results were dissimilar, not being able to show impacts in groups of indicators or economic sectors, however, the Real Estate and Financial sectors stand out, and the indicator net operating working capital with the highest findings, El presente trabajo analizó los impactos de la implementación de las NIIF Pymes en 17 indicadores financieros de 16,217 empresas colombianas, pertenecientes a 18 sectores económicos. La literatura evidencia estudios de caso que explican los impactos de la implementación de las NIIF, pero este documento va más allá analizando los indicadores financieros calculados con información financiera preparada bajo los principios de contabilidad generalmente aceptados locales como bajo NIIF Pymes, lo cual representa un valor agregado. Se calculó la diferencia de medias con la prueba U de Mann-Whitney tomando como variable independiente la norma contable aplicada y como variables dependientes los 17 indicadores financieros, para determinar la existencia de diferencias estadísticamente significativas entre los mismos. Los resultados fueron disimiles, no pudiéndose evidenciar impactos en grupos de indicadores o sectores económicos, no obstante, sobresalen los sectores Inmobiliarias y Financiero, y el indicador capital de trabajo neto operativo con mayores hallazgos

Purpose: The objective of this research is to analyze past performance statistics and make projections about the financial future. This study examines the potential for the cement industry to address national challenges and meet societal needs, while simultaneously enhancing shareholder value. Design/Methodology/Approach: The financial performance of cement sector is analyzed by applying the multiple regression with help of SPSS and E views from 2012 to 2021 years. Findings: The study provides valuable insights into the factors influencing ROI for the given dataset, allowing managers and investors to make informed decisions about financial strategies. However, the results are based on the specific dataset and should be interpreted within that context. Implications/Originality/Value: The study suggests that businesses should maintain a strong financial position, manage assets and liabilities efficiently, and focus on profitability to improve ROI. Future research directions include longitudinal analysis, industry-specific analysis, macro-economic factors, qualitative factors, and risk assessment. Limitations include data limitations, causality, external factors, sample size and selection bias, model complexity, limited ratios, external validity, and the changing business environment.

Purpose: The purpose of this study was to determine the financial performance of the Savings and Loans Cooperative CUM Anugerah Bekasi in 2018-2020, seen from the liquidity ratio, solvency ratio, and profitability ratio. Design/methodology/approach: This type of research uses quantitative descriptive research, namely collecting, processing and interpreting the data obtained to provide a clear picture of the situation under study using financial formulas. The object of this research is the financial report of the CUM Anugerah Bekasi Savings and Loan Cooperative in 2018-2020. Findings: The results of the analysis of the Financial statements of the CUM Anugerah Bekasi Savings and Loans cooperative using financial ratio analysis are less good. So it can be concluded that the financial performance of the Savings and Loans Cooperative CUM Anugerah Bekasi. Research, Practical & Social implications: This study confirms the need for the ability to process a savings and loan system in cooperatives. Because employees who have quality in managing cooperatives will greatly influence the progress of cooperatives. Originality/value: Sustainability of short-term savings and loans Cooperatives must be fulfilled on time. because if there is an increase in congestion, the cooperative will produce less profit.

The objective of this study was to analyze the differences between the means of the financial indicators of Peruvian and Chilean fishing companies in the period 2018-2021. This research with a mixed approach and DEXPLOS design, used ANOVA of one factor to test the hypothesis. The sample consisted of five companies. It was found that there are significant differences between the means of the indicators analyzed in the study period, standing out in the analysis Austral Group from Peru and Camanchaca from Chile. One limitation corresponded to the limited availability of previous similar studies, which implies that this research work is unprecedented. In this work an analysis of the management of the operations was not included and other variables inherent to the fishing sector were not considered, however, the business management finally ends up being reflected in the Financial Statements and consequently in the financial indicators. It is recommended to carry out similar studies to compare the results found with companies in the fishing sector of other countries, in such a way that the model is validated or improved with other proposals., El objetivo de este estudio fue analizar las diferencias entre las medias de los indicadores financieros de empresas pesqueras peruanas y chilenas en el periodo 2018-2021. Esta investigación de enfoque mixto y diseño DEXPLOS, utilizó ANOVA de un factor para comprobar la hipótesis. La muestra estuvo conformada por cinco empresas. Se halló que sí existen diferencias significativas entre las medias de los indicadores analizados en el periodo de estudio, destacando en el análisis Austral Group de Perú y Camanchaca de Chile. Una limitación correspondió a la escasa disponibilidad de estudios previos similares, lo que implica que este trabajo de investigación es inédito. En este trabajo no se incluyó un análisis de la gestión de las operaciones y no se consideraron otras variables inherentes al sector pesquero, sin embargo, la gestión empresarial finalmente termina reflejándose en los Estados Financieros y en consecuencia en los indicadores financieros. Se recomienda realizar estudios similares para comparar los resultados hallados con empresas del sector pesquero de otros países, de tal forma que se valide el modelo o mejorar el mismo con otras propuestas.

Purpose: The study aims to examine the effect of Financial Ratios, Firm size, and Cash Flows from Operating Activities on Earnings per Share. Theoretical framework: Earnings per share are one of the crucial matters of concern to dealers in securities because of their important role in evaluating investments and the risks surrounding them. Since earnings per share are affected by several factors. Design/Methodology/Approach: The study sample consisted of industrial companies listed on the Palestine Exchange during the period 2016–2020. Secondary sources were used to collect study data. Findings: The results of the study showed that there is a statistically significant effect of each company's size and financial leverage on stock returns. However, the results of the study showed that there was no statistically significant effect for each of the liquidity and operating cash flows on the returns per share. Research, practical & social implications: We can consider that financial ratios, return on equity, debt to equity, price to book value, and cash flow from operating activities altogether affect earnings per share. Originality/Value: The results of this study provide evidence for stakeholders to be able to judge the efficiency of firms by understanding the factors that affect the size and stability of earnings per share.

Purpose: The objective of this research is to analyze past performance statistics and make projections about the financial future. This study examines the potential for the cement industry to address national challenges and meet societal needs, while simultaneously enhancing shareholder value. Design/Methodology/Approach: The financial performance of cement sector is analyzed by applying the multiple regression with help of SPSS and E views from 2012 to 2021 years. Findings: The study provides valuable insights into the factors influencing ROI for the given dataset, allowing managers and investors to make informed decisions about financial strategies. However, the results are based on the specific dataset and should be interpreted within that context. Implications/Originality/Value: The study suggests that businesses should maintain a strong financial position, manage assets and liabilities efficiently, and focus on profitability to improve ROI. Future research directions include longitudinal analysis, industry-specific analysis, macro-economic factors, qualitative factors, and risk assessment. Limitations include data limitations, causality, external factors, sample size and selection bias, model complexity, limited ratios, external validity, and the changing business environment.

Purpose: This study analyzed the effect of financial ratios, corporate governance, and macroeconomic variables on financial distress. This research was conducted during the covid-19 pandemic when many companies experienced difficulties due to activity restrictions during the pandemic.   Theoretical framework: Prolonged financial difficulty can lead to the company's insolvency. As a result, understanding the company's health status is critical. Internal company factors, such as the firm's financial situation and company management, as reflected in corporate governance, and external company factors, such as macroeconomic conditions, can all influence the occurrence of financial hardship in the company.   Design/Methodology/Approach: This study uses a sample of property and real estate sector companies listed on the Indonesia stock exchange. The model used was 270 observations. This research is a quantitative approach using a logistic regression test. The unit of analysis in this study is property, real estate, and building construction sector companies listed on the Indonesia Stock Exchange, where each company is undoubtedly influenced by internal company factors, namely financial ratios and corporate governance, and external factors, namely macroeconomics.   Findings: The results showed that the relevant financial ratios are sales total assets and retained earnings to total assets. At the same time, the corporate governance included in the model is director size and macroeconomic variables in the form of inflation entering the financial distress model. The accuracy of the model in classifying its observations is 84.1%.   Research, practical & social implications: The implication of this study's results is that financial ratios, governance, and macroeconomic indicators can be used as a benchmark to detect the possibility of financial distress.   Originality/Value: This research was conducted in the real estate industry during the Covid-19

Reformen för frivillig revision genomfördes med syfte att möjliggöra valfrihet för revisionsfrågan utefter småföretagens egna behov och resurser. Trots att reformen genomfördes för över ett decennium sedan är forskarna fortfarande oense om effekterna av den avskaffade revisionsplikten. Det senaste åren har debatten kring återinförandet av revisionsplikten varit aktuell där argumenten bakom återinförandet baseras på den ökade ekonomiska brottsligheten och minskade lönsamheten hos de bolag som valt bort revisionen. Även de olika fördelar som revisorns kompetens och legitimitet som skapar trygghet för företagens intressenter är argument för återinförandet av revisionsplikten. Denna studie bidrar med en ökad förståelse och vägledning för småföretag i valet om frivillig revision. Syftet med denna studie är därför att undersöka om reformen för frivillig revision har påverkat konkursrisken hos svenska aktiebolag, samt om det finns andra finansiella faktorer som kan påverka småföretagens långsiktiga överlevnad. Syftet besvaras med utgångspunkt i tre teorier: legitimitetsteori, informationsasymmetri och signalteori, som dessutom utgör en del av den teoretiska referensramen. Den kvantitativa studien utvecklar hypoteser genom teorierna och den tidigare forskningen. Dessa ligger till grund för dataanalysen som sker genom logistisk regression för att skapa en konkursprognostiseringsmodell. Datamaterialet som undersökts består av sekundärdata genererad från Retriever Business av småföretag i Västra Götaland under period 2019. Studiens resultat visar att det finns ett signifikant negativt samband mellan revisorn och konkursrisk. Studien visar därmed att revisorn har en effekt på konkursrisken, även om det är svårt att fastställa den exakta påverkan som revisorn har på konkursrisken. Resultatet ger trots det indikationer på att återinförande av revisionsplikten skulle gynna såväl småföretagare som myndigheter och bidrar på så sätt med stöd till debatten om återinförandet av revisio, The reform for voluntary audit was implemented with the aim of enabling freedom of choice regarding audit matters based on the needs and resources of small businesses. Despite the reform being implemented over a decade ago, researchers are still divided on the effects of abolishing the mandatory audit requirement. In recent years, there has been a debate on reintroducing the mandatory audit requirement, with arguments based on increased economic crime and decreased profitability among companies that have opted out of audits. The various advantages of the auditor's expertise and legitimacy in providing security for stakeholders are also arguments for the reintroduction of the mandatory audit requirement. This study contributes to a better understanding and guidance for small businesses in the decision-making process regarding voluntary audits. Therefore, the purpose of this study is to examine whether the reform for voluntary audit has influenced the bankruptcy risk of Swedish limited liability companies and to identify other financial factors that may affect the long-term survival of small businesses. The purpose is addressed based on three theories: legitimacy theory, information asymmetry, and signaling theory, which also form part of the theoretical framework. The quantitative study formulates hypotheses based on these theories and previous research. These hypotheses form the basis for data analysis using logistic regression to create a bankruptcy prediction model. The data analyzed consist of secondary data generated from Retriever Business on small businesses in Västra Götaland during the period 2019. Therefore, this study is written in Swedish. The study's results show a significant negative correlation between the auditor and bankruptcy risk. Thus, the study demonstrates that the auditor has an effect on bankruptcy risk, although it is difficult to determine the exact impact of the auditor on bankruptcy risk. In spite of that, the results provide indications

Pandemi telah menyebabkan kontraksi ekonomi global. Di tengah perlambatan ekonomi, ada satu sektor yang masih mampu tumbuh, yaitu sektor kesehatan. Hal ini ditunjukkan dengan pertumbuhan PDB sektor kesehatan selama pandemi. Namun, data PBV pada perusahaan tersebut tidak menunjukkan hasil yang memuaskan. Penelitian ini dilakukan untuk menilai faktor-faktor yang dapat meningkatkan nilai perusahaan perusahaan kesehatan, seperti profitabilitas, modal kerja, aset berwujud, dan kepemilikan institusional yang dimoderasi oleh leverage pada nilai perusahaan. Penelitian ini akan menggunakan teknik analisis data panel, laporan keuangan triwulanan tahun 2020-2021 terhadap sembilan perusahaan subsektor jasa dan perlengkapan kesehatan dari sektor kesehatan yang terdaftar di tahun 2022. Hasil penelitian ini menunjukkan bahwa aset berwujud memberikan dampak negatif dan leverage memberikan dampak positif terhadap nilai perusahaan, sedangkan faktor lainnya tidak mempengaruhi nilai perusahaan. Leverage hanya dapat memoderasi aset berwujud untuk melemahkan efek negatif dari aset berwujud, sedangkan faktor lain tidak dapat dimoderasi oleh leverage. Hasil ini menunjukkan bahwa untuk memaksimalkan nilai perusahaan, leverage harus dioptimalkan untuk mengurangi efek negatif dari investasi pada aset berwujud., The pandemic has caused a contraction in the global economy. Amidst the slowing of the economy, a sector still grows so-called healthcare. This is shown by the growth in the healthcare sector’s GDP during the pandemic, but the PBV data on these companies didn’t show a satisfactory result. This study assesses factors that might increase the firm’s value of healthcare companies, such as profitability, working capital, tangible assets, and institutional ownership moderated by leverage on the firm’s value. This research uses a panel data analysis technique with moderated regression analysis (MRA) in E-views 12, quarterly financial statements from 2020-2021 of nine companies in the subsector of health services and equipment from the healthcare sector. The empirical results show that tangible assets have a negative impact, and leverage positively impacts a firm’s value, while the other factors do not affect a firm’s value. Leverage can only moderate tangible assets to weaken the negative effect of tangible assets, while other factors can’t be moderated by leverage. This result shows that leverage must be optimised to maximize the firm’s value to reduce the negative effects of an investment in tangible assets.

Pandemi telah menyebabkan kontraksi ekonomi global. Di tengah perlambatan ekonomi, ada satu sektor yang masih mampu tumbuh, yaitu sektor kesehatan. Hal ini ditunjukkan dengan pertumbuhan PDB sektor kesehatan selama pandemi. Namun, data PBV pada perusahaan tersebut tidak menunjukkan hasil yang memuaskan. Penelitian ini dilakukan untuk menilai faktor-faktor yang dapat meningkatkan nilai perusahaan perusahaan kesehatan, seperti profitabilitas, modal kerja, aset berwujud, dan kepemilikan institusional yang dimoderasi oleh leverage pada nilai perusahaan. Penelitian ini akan menggunakan teknik analisis data panel, laporan keuangan triwulanan tahun 2020-2021 terhadap sembilan perusahaan subsektor jasa dan perlengkapan kesehatan dari sektor kesehatan yang terdaftar di tahun 2022. Hasil penelitian ini menunjukkan bahwa aset berwujud memberikan dampak negatif dan leverage memberikan dampak positif terhadap nilai perusahaan, sedangkan faktor lainnya tidak mempengaruhi nilai perusahaan. Leverage hanya dapat memoderasi aset berwujud untuk melemahkan efek negatif dari aset berwujud, sedangkan faktor lain tidak dapat dimoderasi oleh leverage. Hasil ini menunjukkan bahwa untuk memaksimalkan nilai perusahaan, leverage harus dioptimalkan untuk mengurangi efek negatif dari investasi pada aset berwujud., The pandemic has caused a contraction in the global economy. Amidst the slowing of the economy, a sector still grows so-called healthcare. This is shown by the growth in the healthcare sector’s GDP during the pandemic, but the PBV data on these companies didn’t show a satisfactory result. This study assesses factors that might increase the firm’s value of healthcare companies, such as profitability, working capital, tangible assets, and institutional ownership moderated by leverage on the firm’s value. This research uses a panel data analysis technique with moderated regression analysis (MRA) in E-views 12, quarterly financial statements from 2020-2021 of nine companies in the subsector of health services and equipment from the healthcare sector. The empirical results show that tangible assets have a negative impact, and leverage positively impacts a firm’s value, while the other factors do not affect a firm’s value. Leverage can only moderate tangible assets to weaken the negative effect of tangible assets, while other factors can’t be moderated by leverage. This result shows that leverage must be optimised to maximize the firm’s value to reduce the negative effects of an investment in tangible assets.

The global construction industries were significantly affected by the COVID-19 pandemic, resulting in substantial consequences for businesses in this sector. The operational activities of construction companies in the Philippines were significantly impacted by the imposed restrictions. The objective of this study is to conduct a comparative analysis of the profitability of three construction companies in the Philippines. Through the application of horizontal comparative analysis and ANOVA, the researchers have determined that there exists a statistically significant positive correlation between the profitability ratios of the three construction companies. Their Gross Profit Margin and Return on Assets (ROA) showed positive acceptable ratios during the pandemic.

In Modern Agriculture, Production & Use of Agrochemicals for High Food Productivity, Development & Use of Modern Instruments, Electricity & Petroleum Products for Land Mowing, Tilling, Irrigating Soils and Harvesting the Crops also had some Adverse Effects on the Environment & Society. a). Production & Use of Agrochemicals (Chemical Fertilizers & Pesticides) Although it was essential to use the Agrochemicals (Chemical Fertilizers for Growth of Crops & Chemical Pesticides to Protect them from Pests & Diseases) for high food productivity to feed the fast-growing population of the world & protect from ‘hunger’ & ‘starvation’ it came as a ‘Mixed Blessing’ for the world. It was also termed as ‘Green Revolution’ when it was started in the 1960’s. It adversely affected the Environment & the Agricultural Ecosystems all over world. It badly degraded & destroyed the ‘natural fertility’ of the farm soils & ‘chemically contaminated’ many of the foods produced. About 57 fruits & vegetables grown by the Agrochemicals have been found to be contaminated with the ‘Residual Chemical Pesticides’. As mentioned earlier, several farmers are ‘poisoned’ every year all over the world by the use of Pesticides. Use of Chemical Fertilizers in farms also consumes more water for Farm Irrigation using huge ‘Groundwater Resources’ of Earth which is now fast depleting all over the World. b). Use of ‘Metals’ & ‘Materials’ for Production of Farm Vehicles and Instruments In modern times, production of metals like ‘Iron & Steel’, ‘Copper & Aluminium’ are required in large amounts for the production of Machines & Equipments for development of ‘Food Farms’ in the fertile Forested areas by removing the Trees, mowing & tilling the Soils to remove the ‘weeds & grass’. These days ‘Mowing Equipments & Vehicles’ (Tractors) for Soil tilling in Farms are also needed all over the world as the farm soils have become very ‘Hard &amp

Purpose: The objective of this research is to analyze past performance statistics and make projections about the financial future. This study examines the potential for the cement industry to address national challenges and meet societal needs, while simultaneously enhancing shareholder value. Design/Methodology/Approach: The financial performance of cement sector is analyzed by applying the multiple regression with help of SPSS and E views from 2012 to 2021 years. Findings: The study provides valuable insights into the factors influencing ROI for the given dataset, allowing managers and investors to make informed decisions about financial strategies. However, the results are based on the specific dataset and should be interpreted within that context. Implications/Originality/Value: The study suggests that businesses should maintain a strong financial position, manage assets and liabilities efficiently, and focus on profitability to improve ROI. Future research directions include longitudinal analysis, industry-specific analysis, macro-economic factors, qualitative factors, and risk assessment. Limitations include data limitations, causality, external factors, sample size and selection bias, model complexity, limited ratios, external validity, and the changing business environment.

This research aims to know the financial ratio analysis to assess the financial performance of the PT Argha Karya Prima Industry Tbk period 2017-2021 listed on the Indonesia Stock Exchange. (BEI). This research uses the type of descriptive analysis data with the calculation of data using quantitative methods. The data used is secondary data from the financial statements obtained from the company’s official website and the official website of Bursa Efek Indonesia. Data analysis techniques use financial ratio analysis: liquidity ratio, solvency ratio and profitability ratio. The results of the study that the liquidity ratio on PT Argha Karya Prima Industry Tbk if reviewed from current ratio, quick ratio and cash ratio is said to be not good because it is below industry standards. The revised solvency ratio of the company’s debt to assets ratio and debt-to-equity ratio is not in good condition because it is below industry standards. Revised activity ratio of receivable turnover, fixed asset turnover and total assets turnover of the company in an inefficient condition because it is below industry standards. In addition, inventory turnover results are in an efficient state because they are below industry standards. And the reviewed profitability ratio of return on assets, return on equity, return upon investment and net profit margin of the company is in good condition because it is above industry standards

This research aims to determine whether there is Financial Distress in BUMN in Indonesia and State Equity Participation. The population in this study were state-owned and non-problematic infrastructure companies registered on the BUMN court website from 2016 to 2020. The sampling technique used was purposive sampling to obtain a sample of 12 companies—data analysis techniques using panel data regression analysis method. The study results show that Return On Equity (ROE) and Capital Expenditure is significant for financial distress. BUMN receives assistance from small and insignificant State Equity Participation (PMN) and is paid to pay off large debts based on the assignment Participation (PMN), Soundness Level of BUMN, Liquidity, and Leverage do not affect solving BUMN financial problems.

Pandemi telah menyebabkan kontraksi ekonomi global. Di tengah perlambatan ekonomi, ada satu sektor yang masih mampu tumbuh, yaitu sektor kesehatan. Hal ini ditunjukkan dengan pertumbuhan PDB sektor kesehatan selama pandemi. Namun, data PBV pada perusahaan tersebut tidak menunjukkan hasil yang memuaskan. Penelitian ini dilakukan untuk menilai faktor-faktor yang dapat meningkatkan nilai perusahaan perusahaan kesehatan, seperti profitabilitas, modal kerja, aset berwujud, dan kepemilikan institusional yang dimoderasi oleh leverage pada nilai perusahaan. Penelitian ini akan menggunakan teknik analisis data panel, laporan keuangan triwulanan tahun 2020-2021 terhadap sembilan perusahaan subsektor jasa dan perlengkapan kesehatan dari sektor kesehatan yang terdaftar di tahun 2022. Hasil penelitian ini menunjukkan bahwa aset berwujud memberikan dampak negatif dan leverage memberikan dampak positif terhadap nilai perusahaan, sedangkan faktor lainnya tidak mempengaruhi nilai perusahaan. Leverage hanya dapat memoderasi aset berwujud untuk melemahkan efek negatif dari aset berwujud, sedangkan faktor lain tidak dapat dimoderasi oleh leverage. Hasil ini menunjukkan bahwa untuk memaksimalkan nilai perusahaan, leverage harus dioptimalkan untuk mengurangi efek negatif dari investasi pada aset berwujud., The pandemic has caused a contraction in the global economy. Amidst the slowing of the economy, a sector still grows so-called healthcare. This is shown by the growth in the healthcare sector’s GDP during the pandemic, but the PBV data on these companies didn’t show a satisfactory result. This study assesses factors that might increase the firm’s value of healthcare companies, such as profitability, working capital, tangible assets, and institutional ownership moderated by leverage on the firm’s value. This research uses a panel data analysis technique with moderated regression analysis (MRA) in E-views 12, quarterly financial statements from 2020-2021 of nine companies in the subsector of health services and equipment from the healthcare sector. The empirical results show that tangible assets have a negative impact, and leverage positively impacts a firm’s value, while the other factors do not affect a firm’s value. Leverage can only moderate tangible assets to weaken the negative effect of tangible assets, while other factors can’t be moderated by leverage. This result shows that leverage must be optimised to maximize the firm’s value to reduce the negative effects of an investment in tangible assets.

[Resumen]: En este trabajo hemos analizado la información financiera de las cuentas anuales de la empresa Plásticos compuestos, S.A. de los ejercicios cerrados a 31 de diciembre de 2021 y a 31 de diciembre de 2020, y los informes de auditoría de estos dos ejercicios. La sociedad se dedica al diseño y fabricación de materias primas para la industria transformadora del plástico, y la familia Duch está muy ligada a ella desde sus inicios. En cuanto a los informes de auditoría de los ejercicios 2021 y 2020, el auditor enfocó su trabajo en la activación de los gastos en investigación y desarrollo, la valoración de las existencias y el cumplimiento de las ratios financieras. El cumplimiento de las ratios financieras fue tratado como cuestión clave de auditoría en el informe del ejercicio 2020, emitiendo el auditor en dicho informe una opinión favorable; en cambio, en el informe del ejercicio 2021 el cumplimiento de las ratios financieras fue tratado como una salvedad por su incumplimiento y la incorrecta contabilización de un pasivo financiero al cierre del ejercicio, emitiendo el auditor en dicho informe una opinión con salvedades. En el último apartado antes de pasar a las conclusiones, también hemos comentado algunas normas internacionales, sus principales diferencias con el plan general contable, y la normativa que aplica la empresa en cada uno de estos casos. Como conclusiones, podemos decir que las cuentas anuales del ejercicio 2021 no reflejan la imagen fiel del patrimonio y de la situación económica y financiera de la sociedad en todos los aspectos relevantes ya que, a juicio del auditor y apoyándonos en su trabajo realizado, existe un pasivo financiero mal contabilizado., [Abstract]: In this work, we have analysed the financial information of the annual accounts of the company Plásticos compuestos, S.A. for the years ended on December 31, 2021, and December 31, 2020, as well as the audit reports for these two years. The company is dedicated to the design and manufacturing of raw materials for the plastic transforming industry, and the Duch family has been closely involved with it since its inception. Regarding the audit reports for the years 2021 and 2020, the auditor focused on the capitalization of research and development expenses, inventory valuation, and compliance with financial ratios. Compliance with the ratios was considered a key audit matter in the 2020 report, and the auditor issued an unqualified opinion in that report. However, in the 2021 report, compliance with financial ratios was treated as a reservation due to non-compliance and the incorrect recording of a financial liability at the year-end, leading the auditor to issue a qualified opinion in that report. In the final section before reaching the conclusions, we have also discussed some international standards, their main differences with the general accounting plan, and the regulations applied by the company in each of these cases. In conclusion, we can state that the 2021 annual accounts do not present a true and fair view of the company's financial position and performance in all relevant aspects since, according to the auditor's judgment and based on their work, there is a misstated financial liability.

Intellectual Capital (IC) can be classified as the intangible assets that are not explicitly listed in the company's Balance Sheets, but affect performance, thus revealing the relationship between employees, ideas and information. Given the above, the present study sought, in a longitudinal manner, between 2009 and 2019, to evaluate the IC of the pulp and paper sector and relate it to the financial performance of the respective companies by means of the Intellectual Value Added Coefficient (VAIC) methodology. The VAIC, through linear regression analysis, showed a significant relationship with all performance indicators. A deeper analysis was carried out and it was observed that when the value of the Intellectual Coefficient is up to ten thousand Reais, the probability of the return on equity and the probability of the total return on assets being negative is 4.821 times higher than being positive. On the other hand, the relationship of the value of the Intellectual Coefficient with the probability of return on invested capital was not significant. The findings of the study suggest that Intellectual Capital is mainly affected by human capital efficiency coefficient (HCE). On the other hand, customer capital efficiency coefficient (CCE) and structural capital efficiency coefficient (SCE) work together to create this value. Therefore, it is recommended to support the relevant strategies in order to identify key people and train them with customer focus., O Capital Intelectual (CI) pode ser classificados como os ativos intangíveis que não estão listados explicitamente nos Balanços da empresa, mas afetam o desempenho, revelando, assim, o relacionamento entre funcionários, ideias e informações. Diante do exposto, o presente estudo buscou, de forma longitudinal, entre 2009 e 2019, avaliar o CI do setor de papel e celulose e relacioná-lo com o desempenho financeiro das respectivas empresas por meio da metodologia Coeficiente Intelectual de Valor Agregado (VAIC). O VAIC, através da análise de regressão linear, apresentou uma relação significativa com todos os indicadores de desempenho. Realizou-se uma análise mais afundo e observou-se que quando o valor do Coeficiente Intelectual é de até dez mil reais, a probabilidade do retorno sobre PL e a probabilidade do retorno total sobre ativos ser negativo é 4,821 vezes maior do que de ser positivo. Por outro lado, a relação do valor do Coeficiente Intelectual com a probabilidade do retorno sobre capital investido não obteve significância. As conclusões do estudo sugerem que o Capital Intelectual é afetado principalmente pelo coeficiente de eficiência do capital humano (HCE). Por outro lado, o coeficiente de eficiência de capital de cliente (CEE) e o coeficiente de eficiência de capital estrutural (SCE) trabalham em conjunto para criação desse valor. Por esse motivo, recomenda-se apoiar as estratégias relevantes, a fim de identificar as pessoas-chave e treiná-las com o foco no cliente.

Intellectual Capital (IC) can be classified as the intangible assets that are not explicitly listed in the company's Balance Sheets, but affect performance, thus revealing the relationship between employees, ideas and information. Given the above, the present study sought, in a longitudinal manner, between 2009 and 2019, to evaluate the IC of the pulp and paper sector and relate it to the financial performance of the respective companies by means of the Intellectual Value Added Coefficient (VAIC) methodology. The VAIC, through linear regression analysis, showed a significant relationship with all performance indicators. A deeper analysis was carried out and it was observed that when the value of the Intellectual Coefficient is up to ten thousand Reais, the probability of the return on equity and the probability of the total return on assets being negative is 4.821 times higher than being positive. On the other hand, the relationship of the value of the Intellectual Coefficient with the probability of return on invested capital was not significant. The findings of the study suggest that Intellectual Capital is mainly affected by human capital efficiency coefficient (HCE). On the other hand, customer capital efficiency coefficient (CCE) and structural capital efficiency coefficient (SCE) work together to create this value. Therefore, it is recommended to support the relevant strategies in order to identify key people and train them with customer focus., O Capital Intelectual (CI) pode ser classificados como os ativos intangíveis que não estão listados explicitamente nos Balanços da empresa, mas afetam o desempenho, revelando, assim, o relacionamento entre funcionários, ideias e informações. Diante do exposto, o presente estudo buscou, de forma longitudinal, entre 2009 e 2019, avaliar o CI do setor de papel e celulose e relacioná-lo com o desempenho financeiro das respectivas empresas por meio da metodologia Coeficiente Intelectual de Valor Agregado (VAIC). O VAIC, através da análise de regressão linear, apresentou uma relação significativa com todos os indicadores de desempenho. Realizou-se uma análise mais afundo e observou-se que quando o valor do Coeficiente Intelectual é de até dez mil reais, a probabilidade do retorno sobre PL e a probabilidade do retorno total sobre ativos ser negativo é 4,821 vezes maior do que de ser positivo. Por outro lado, a relação do valor do Coeficiente Intelectual com a probabilidade do retorno sobre capital investido não obteve significância. As conclusões do estudo sugerem que o Capital Intelectual é afetado principalmente pelo coeficiente de eficiência do capital humano (HCE). Por outro lado, o coeficiente de eficiência de capital de cliente (CEE) e o coeficiente de eficiência de capital estrutural (SCE) trabalham em conjunto para criação desse valor. Por esse motivo, recomenda-se apoiar as estratégias relevantes, a fim de identificar as pessoas-chave e treiná-las com o foco no cliente.

Syfte: Tidigare användes IAS 17 vid redovisning av leasingavtal där operationella leasingavtal uteslöts från balansräkningen. Detta bidrog till en felaktig bild av företagens finansiella ställning. Standarden IFRS 16 infördes då som inte längre behandlar avtalen olika. Tidigare studier behandlar endast fiktiva siffror vilket har gjort det svårt att se den verkliga påverkan. Syftet med studien är att beskriva hur införandet av IFRS 16 har påverkat företags nyckeltal för publika bolag samt hur effekten sett ut mellan branscherna. Metod: Studien baseras på en positivistisk forskningsstrategi med en deduktiv ansats. Studien antar en kvantitativ strategi som baseras på sekundärdata från Thomson Reuters Eikon. Datamaterialet presenterar data från två år, 2018 respektive 2020, i 235 publika företag vilket resulterade i 2036 observationer. Insamlad data analyserades i ett statistikprogram, SPSS, och sammanställdes sedan i tabeller. Resultat och slutsats: Studiens resultat påvisar bevis för ett samband mellan implementeringen av IFRS 16 och påverkan på nyckeltal, där vissa nyckeltal påverkades mer än andra. Resultatet för sambandet mellan nyckeltalen och branscherna påvisar att vissa branscher påverkas mer av införandet än andra. Studiens slutsats är därför att nyckeltalen påverkas i och med implementeringen men inte i den utsträckning som förväntades samt att branscherna påverkades olika av implementeringen. Examensarbetets bidrag: Studien bidrar till reella siffror vilket inte tidigare varit möjligt. Den beskriver även vilka branscher som drabbats mer än andra samt hur den egentliga påverkan ser ut. Studien bidrar till sist till att se hur nyckeltal kan komma att påverkas av framtida redovisningsregleringar. Förslag till fortsatt forskning: Förslag till vidare forskning på ämnet är att inkludera fler länder, branscher och andra nyckeltal för att få fler perspektiv på hur den reella påverkan ser ut. Ett ytterligare förslag hade varit att gå in djupare på de påverkade b, Aim: Previously, IAS 17 was used in accounting for leases where operating leases were excluded from the balance sheet. This contributed to an inaccurate picture of the financial position of enterprises. The IFRS 16 standard was introduced at the time, which no longer treated the contracts differently. Previous studies only process fictitious numbers which makes it difficult to see the real impact. The purpose of the study is to describe how the introduction of IFRS 16 has affected public companies´ financial ratios and if the transformation has influences industries differently. Method: The study assumes positivistic research with a deductive approach. The study adopts a quantitative strategy based on secondary data from the database Thomson Reuters Eikon. The material presents data from two years, 2018 and 2020, in 235 listed companies in Sweden and Germany which resulted in 2036 observations. The collected data has been analysed in one statistical program, SPSS, and then compiled into tables. Results and conclusions: The results of the study gives some evidence that the implementation of IFRS 16 has a connection with the influence on financial ratios, where some financial ratios had a more significant impact than others. The results for the relationship between the financial ratios and the industries show that some industries are more affected by the introduction than others. The study's conclusion is therefore that the ratios are affected by the implementation but not to the extent that was expected and that the industries were affected differently by the implementation. Contribution of the thesis: The study contributes to real numbers, which has not previously been possible. It also describes which industries that have been affected more than others and what the actual impact looks like for companies in these industries. The study ultimately helps to see how financial ratios may be affected by future accounting regulations. Suggestions for future research

The objective of this research is to analyze the main financial, liquidity, indebtedness, management and profitability ratios of micro, small and medium-sized enterprises (MSMEs) in the Costa and Sierra regions of Ecuador using a quantitative approach of a descriptive and exploratory nature with data provided by 701 companies that registered their accounting and financial information to the Superintendency of Companies, Securities and Insurance in the year 2020. The results of this investigation showed that the general liquidity and strict liquidity of MSMEs in the Coast region are significantly higher than that shown by companies in the Sierra region. This study also showed that companies in the Sierra region have better returns, in terms of shareholder investment, than companies in the Coast; In addition, it was evidenced that there are no significant differences regarding the financing and administration of their assets. The conclusions of this research offer guidelines for future research on the factors that affect corporate profitability and business failure., La presente investigación tiene como objetivo analizar las principales ratios financieros, de liquidez, de endeudamiento, gestión y rentabilidad de las micros, pequeñas y medianas empresas (mipymes) de las regiones Costa y Sierra de Ecuador utilizando un enfoque cuantitativo de carácter descriptivo y exploratorio con datos suministrados por 701 empresas que registraron su información contable y financiera a la Superintendencia de Compañías, Valores y Seguros en el año 2020. Los resultados de esta investigación mostraron que la liquidez general y la liquidez estricta de las mipymes de la región Costa son significativamente mayores que la mostrada por las empresas de la región Sierra. Este estudio también mostró que las empresas de la región Sierra tienen mejores rendimientos, en términos de inversión de accionistas, que las empresas de la Costa; además, se evidenció que no existen diferencias significativas en cuanto al financiamiento y administración de sus activos. Las conclusiones de esta investigación ofrecen orientaciones a futuras investigaciones sobre los factores que inciden en la rentabilidad corporativa y fracaso empresarial.

The objective of this research is to analyze the main financial, liquidity, indebtedness, management and profitability ratios of micro, small and medium-sized enterprises (MSMEs) in the Costa and Sierra regions of Ecuador using a quantitative approach of a descriptive and exploratory nature with data provided by 701 companies that registered their accounting and financial information to the Superintendency of Companies, Securities and Insurance in the year 2020. The results of this investigation showed that the general liquidity and strict liquidity of MSMEs in the Coast region are significantly higher than that shown by companies in the Sierra region. This study also showed that companies in the Sierra region have better returns, in terms of shareholder investment, than companies in the Coast; In addition, it was evidenced that there are no significant differences regarding the financing and administration of their assets. The conclusions of this research offer guidelines for future research on the factors that affect corporate profitability and business failure., La presente investigación tiene como objetivo analizar las principales ratios financieros, de liquidez, de endeudamiento, gestión y rentabilidad de las micros, pequeñas y medianas empresas (mipymes) de las regiones Costa y Sierra de Ecuador utilizando un enfoque cuantitativo de carácter descriptivo y exploratorio con datos suministrados por 701 empresas que registraron su información contable y financiera a la Superintendencia de Compañías, Valores y Seguros en el año 2020. Los resultados de esta investigación mostraron que la liquidez general y la liquidez estricta de las mipymes de la región Costa son significativamente mayores que la mostrada por las empresas de la región Sierra. Este estudio también mostró que las empresas de la región Sierra tienen mejores rendimientos, en términos de inversión de accionistas, que las empresas de la Costa; además, se evidenció que no existen diferencias significativas en cuanto al financiamiento y administración de sus activos. Las conclusiones de esta investigación ofrecen orientaciones a futuras investigaciones sobre los factores que inciden en la rentabilidad corporativa y fracaso empresarial.

This article presents the possible association between the three components (profit generation, asset efficiency and financial leverage) of the DUPONT ratio and share prices. The generalized method of moments (GMM) estimation was used with a sample of 23 companies traded on the Mexican stock exchange between 2008 and 2016, considering a period of three days before and three days after the presentation of the quarterly results. It is noted that the generation of profit and efficiency are the components of the DUPONT model that are strongly associated with stock prices, while the leverage effect is the component with the least impact. This empirical work is intended to help understand the relationship between accounting information and stock prices. The study identifies variables that influence decision-making and does not seek to be a predictive model of the value of actions in the future. This research differs from previous studies because it considers the volatility index (VIMEX) as a control variable. JEL Classification: C23, D53, E32, E44, G12., La relación entre los precios de las acciones y los componentes del modelo DUPONT: evidencia del mercado de valores mexicano En este artículo se presenta la posible asociación entre los tres componentes (generación de beneficios, eficiencia de activos y apalancamiento financiero) de la razón DUPONT y los precios de las acciones. Se utilizó la estimación del Método Generalizado de Momentos (GMM) con una muestra de 23 empresas cotizadas en la Bolsa Mexicana entre 2008 y 2016, considerando un período de tres días antes y tres días después de la presentación de los resultados trimestrales. Se observa que la generación de beneficios y eficiencia son los componentes del modelo DUPONT que están fuertemente asociados con los precios de las acciones, mientras que el efecto de apalancamiento es el componente con menor impacto. Este trabajo empírico pretende ayudar a comprender la relación entre la información contable y los precios de las acciones. El estudio identifica variables que influyen en la toma de decisiones y no busca ser un modelo predictivo del valor de las acciones en el futuro. Esta investigación difiere de estudios anteriores porque considera el índice de volatilidad (VIMEX) como una variable de control.

The objective of this research is to analyze the main financial, liquidity, indebtedness, management and profitability ratios of micro, small and medium-sized enterprises (MSMEs) in the Costa and Sierra regions of Ecuador using a quantitative approach of a descriptive and exploratory nature with data provided by 701 companies that registered their accounting and financial information to the Superintendency of Companies, Securities and Insurance in the year 2020. The results of this investigation showed that the general liquidity and strict liquidity of MSMEs in the Coast region are significantly higher than that shown by companies in the Sierra region. This study also showed that companies in the Sierra region have better returns, in terms of shareholder investment, than companies in the Coast; In addition, it was evidenced that there are no significant differences regarding the financing and administration of their assets. The conclusions of this research offer guidelines for future research on the factors that affect corporate profitability and business failure., La presente investigación tiene como objetivo analizar las principales ratios financieros, de liquidez, de endeudamiento, gestión y rentabilidad de las micros, pequeñas y medianas empresas (mipymes) de las regiones Costa y Sierra de Ecuador utilizando un enfoque cuantitativo de carácter descriptivo y exploratorio con datos suministrados por 701 empresas que registraron su información contable y financiera a la Superintendencia de Compañías, Valores y Seguros en el año 2020. Los resultados de esta investigación mostraron que la liquidez general y la liquidez estricta de las mipymes de la región Costa son significativamente mayores que la mostrada por las empresas de la región Sierra. Este estudio también mostró que las empresas de la región Sierra tienen mejores rendimientos, en términos de inversión de accionistas, que las empresas de la Costa; además, se evidenció que no existen diferencias significativas en cuanto al financiamiento y administración de sus activos. Las conclusiones de esta investigación ofrecen orientaciones a futuras investigaciones sobre los factores que inciden en la rentabilidad corporativa y fracaso empresarial.

The objective of this research is to analyze the relevance of the use of financial indicators for effective decision-making in the management of a manufacturing company in the food sector. We proceeded to use the Bibliographic Review Methodology in conjunction with the field design research, which allowed to support this descriptive research, the financial information was used through different indicators related to the balance sheet, following the following phases: obtaining the financial information in the company under study, subsequent analysis of the financial information and its interpretation once the indicators of the financial situation have been calculated. The results reflected a general solvency ratio of 1.16, liquidity ratio of 0.36, as well as an immediate liquidity ratio of 0.1. Finding, a set of indicators such as indebtedness, which can allow organizations to make decisions regarding the amount of company assets that are financed with debt of different types, in this case 66%, and that the remaining 44% of the financing comes from shareholders' capital. Based on the results obtained, it was proceeded to recommend due to the low solvency ratios presented, that the organization not accept more short-term loans and that the financial analyst, together with the management, adopt as a strategy the analysis of these indicators of permanent way in making decisions, El objetivo de esta investigación en analizar la relevancia del empleo de indicadores financieros para la toma efectiva de decisiones en la gestión de una empresa manufacturera del sector alimenticio. Se procedió a emplear la Metodología de revisión bibliográfica en conjunto con la investigación de diseño de campo, que permitió dar sustento a esta investigación descriptiva, se empleó la información financiera mediante distintos indicadores relacionados con el balance general, siguiendo las siguientes fases: obtención de la información financiera en la empresa objeto de estudio, posterior análisis de la información financiera y su interpretación una vez calculados los indicadores del estado de situación financiera. Los resultados reflejaron un índice de solvencia general de 1,16, índice de liquidez de 0,36, así como también, un índice de liquidez inmediata de 0,1. Encontrándose, un conjunto de indicadores como el de endeudamiento, que pueden permitir a las organizaciones la toma de decisiones en cuanto la cantidad de los bienes de la empresa que están financiados con deuda de distintos tipos, en este caso el 66 %, y que el 44% restante del financiamiento proviene del capital de los accionistas. Basado en los resultados obtenidos, se procedió a recomendar debido a los bajos ratios de solvencia presentados, que la organización no admita más créditos a corto plazo y que el analista financiero en conjunto con la gerencia, adopte como estrategia el análisis, de estos indicadores de forma permanente en la toma decisiones.

The objective of this research is to analyze the main financial, liquidity, indebtedness, management and profitability ratios of micro, small and medium-sized enterprises (MSMEs) in the Costa and Sierra regions of Ecuador using a quantitative approach of a descriptive and exploratory nature with data provided by 701 companies that registered their accounting and financial information to the Superintendency of Companies, Securities and Insurance in the year 2020. The results of this investigation showed that the general liquidity and strict liquidity of MSMEs in the Coast region are significantly higher than that shown by companies in the Sierra region. This study also showed that companies in the Sierra region have better returns, in terms of shareholder investment, than companies in the Coast; In addition, it was evidenced that there are no significant differences regarding the financing and administration of their assets. The conclusions of this research offer guidelines for future research on the factors that affect corporate profitability and business failure., La presente investigación tiene como objetivo analizar las principales ratios financieros, de liquidez, de endeudamiento, gestión y rentabilidad de las micros, pequeñas y medianas empresas (mipymes) de las regiones Costa y Sierra de Ecuador utilizando un enfoque cuantitativo de carácter descriptivo y exploratorio con datos suministrados por 701 empresas que registraron su información contable y financiera a la Superintendencia de Compañías, Valores y Seguros en el año 2020. Los resultados de esta investigación mostraron que la liquidez general y la liquidez estricta de las mipymes de la región Costa son significativamente mayores que la mostrada por las empresas de la región Sierra. Este estudio también mostró que las empresas de la región Sierra tienen mejores rendimientos, en términos de inversión de accionistas, que las empresas de la Costa; además, se evidenció que no existen diferencias significativas en cuanto al financiamiento y administración de sus activos. Las conclusiones de esta investigación ofrecen orientaciones a futuras investigaciones sobre los factores que inciden en la rentabilidad corporativa y fracaso empresarial.

Purpose: This study sought to compare the following prediction models (Ng-Thomas & AL-Abidili) and the extent of the reliability of the results of each model in predicting the solvency of the Iraqi Contracting companies Registered in the Iraq Stock Exchange. It also sought to test the degree of congruence of the results of the two models. Theoretical framework: Contracting companies are of great importance to the country in general and to the economy in particular. That is why researchers have been developing a large and wide range of financial models as well as the necessary criteria for the purpose of predicting the financial situation of these companies through the extent of their ability to complete projects or to find the necessary solutions to financial problems before it gets worse. Design/methodology/approach: The financial statements were used to obtain the necessary data to calculate the ratios used in the two models. The analysis was conducted for a time series consisting of seven years, extending from 2011 - 2018. The Excel program was also used to calculate the variables of the two models, as well as the use of the (SPSS) package to test the hypotheses Findings: The results showed the two models' ability to predict Iraqi contracting companies' solvency. On the other hand, there was agreement in the results of the two models, with that model (AL-ABIDILI) The most accurate prediction was. Research, Practical & Social implications: The use of financial models, especially the financial models that have been prepared for contracting companies, gives a more accurate picture of the financial position of the companies and enables them to get rid of the evaluation problems that may occur if financial ratios are used and based on their interpretations. Originality/value: models whose variables are highly dependent on the indicators of returns and profitability it models that greatly outperform the other models

The objective of this research is to analyze the relevance of the use of financial indicators for effective decision-making in the management of a manufacturing company in the food sector. We proceeded to use the Bibliographic Review Methodology in conjunction with the field design research, which allowed to support this descriptive research, the financial information was used through different indicators related to the balance sheet, following the following phases: obtaining the financial information in the company under study, subsequent analysis of the financial information and its interpretation once the indicators of the financial situation have been calculated. The results reflected a general solvency ratio of 1.16, liquidity ratio of 0.36, as well as an immediate liquidity ratio of 0.1. Finding, a set of indicators such as indebtedness, which can allow organizations to make decisions regarding the amount of company assets that are financed with debt of different types, in this case 66%, and that the remaining 44% of the financing comes from shareholders' capital. Based on the results obtained, it was proceeded to recommend due to the low solvency ratios presented, that the organization not accept more short-term loans and that the financial analyst, together with the management, adopt as a strategy the analysis of these indicators of permanent way in making decisions, El objetivo de esta investigación en analizar la relevancia del empleo de indicadores financieros para la toma efectiva de decisiones en la gestión de una empresa manufacturera del sector alimenticio. Se procedió a emplear la Metodología de revisión bibliográfica en conjunto con la investigación de diseño de campo, que permitió dar sustento a esta investigación descriptiva, se empleó la información financiera mediante distintos indicadores relacionados con el balance general, siguiendo las siguientes fases: obtención de la información financiera en la empresa objeto de estudio, posterior análisis de la información financiera y su interpretación una vez calculados los indicadores del estado de situación financiera. Los resultados reflejaron un índice de solvencia general de 1,16, índice de liquidez de 0,36, así como también, un índice de liquidez inmediata de 0,1. Encontrándose, un conjunto de indicadores como el de endeudamiento, que pueden permitir a las organizaciones la toma de decisiones en cuanto la cantidad de los bienes de la empresa que están financiados con deuda de distintos tipos, en este caso el 66 %, y que el 44% restante del financiamiento proviene del capital de los accionistas. Basado en los resultados obtenidos, se procedió a recomendar debido a los bajos ratios de solvencia presentados, que la organización no admita más créditos a corto plazo y que el analista financiero en conjunto con la gerencia, adopte como estrategia el análisis, de estos indicadores de forma permanente en la toma decisiones.

The objective of this research is to analyze the main financial, liquidity, indebtedness, management and profitability ratios of micro, small and medium-sized enterprises (MSMEs) in the Costa and Sierra regions of Ecuador using a quantitative approach of a descriptive and exploratory nature with data provided by 701 companies that registered their accounting and financial information to the Superintendency of Companies, Securities and Insurance in the year 2020. The results of this investigation showed that the general liquidity and strict liquidity of MSMEs in the Coast region are significantly higher than that shown by companies in the Sierra region. This study also showed that companies in the Sierra region have better returns, in terms of shareholder investment, than companies in the Coast; In addition, it was evidenced that there are no significant differences regarding the financing and administration of their assets. The conclusions of this research offer guidelines for future research on the factors that affect corporate profitability and business failure., La presente investigación tiene como objetivo analizar las principales ratios financieros, de liquidez, de endeudamiento, gestión y rentabilidad de las micros, pequeñas y medianas empresas (mipymes) de las regiones Costa y Sierra de Ecuador utilizando un enfoque cuantitativo de carácter descriptivo y exploratorio con datos suministrados por 701 empresas que registraron su información contable y financiera a la Superintendencia de Compañías, Valores y Seguros en el año 2020. Los resultados de esta investigación mostraron que la liquidez general y la liquidez estricta de las mipymes de la región Costa son significativamente mayores que la mostrada por las empresas de la región Sierra. Este estudio también mostró que las empresas de la región Sierra tienen mejores rendimientos, en términos de inversión de accionistas, que las empresas de la Costa; además, se evidenció que no existen diferencias significativas en cuanto al financiamiento y administración de sus activos. Las conclusiones de esta investigación ofrecen orientaciones a futuras investigaciones sobre los factores que inciden en la rentabilidad corporativa y fracaso empresarial.

The industrial sector of Cuenca represents an icon of development and progress of this city. The problem of studying this sector is that it calculates traditional financial ratios exposed to volatile contexts with high uncertainty. The aim of this research is to estimate financial ratios with fuzzy logic approach in industrial companies of Cuenca city, Ecuador, due to the great importance of estimating these ratios to determine the financial health of these organizations. The research is descriptive, with a quantitative approach, using the development of expert and counter-expertise techniques, applying a form of calculation through Triangular Fuzzy Numbers (TFNs), and confidence intervals, instruments of fuzzy logic. The results obtained at 80% and 90% of the degree of presumption, are equivalent to the bands [1,488, 1,506] and [1,494, 1,503] respectively, corresponding to the liquid ratio; in a similar way the other working capital ratios are presented in the study. This new estimate will allow directors and managers to make more accurate decisions for the benefit of their companies, overcoming traditional barriers to be framed in the objectivity and reality of the current market.

The objective of this research is to analyze the main financial, liquidity, indebtedness, management and profitability ratios of micro, small and medium-sized enterprises (MSMEs) in the Costa and Sierra regions of Ecuador using a quantitative approach of a descriptive and exploratory nature with data provided by 701 companies that registered their accounting and financial information to the Superintendency of Companies, Securities and Insurance in the year 2020. The results of this investigation showed that the general liquidity and strict liquidity of MSMEs in the Coast region are significantly higher than that shown by companies in the Sierra region. This study also showed that companies in the Sierra region have better returns, in terms of shareholder investment, than companies in the Coast; In addition, it was evidenced that there are no significant differences regarding the financing and administration of their assets. The conclusions of this research offer guidelines for future research on the factors that affect corporate profitability and business failure., La presente investigación tiene como objetivo analizar las principales ratios financieros, de liquidez, de endeudamiento, gestión y rentabilidad de las micros, pequeñas y medianas empresas (mipymes) de las regiones Costa y Sierra de Ecuador utilizando un enfoque cuantitativo de carácter descriptivo y exploratorio con datos suministrados por 701 empresas que registraron su información contable y financiera a la Superintendencia de Compañías, Valores y Seguros en el año 2020. Los resultados de esta investigación mostraron que la liquidez general y la liquidez estricta de las mipymes de la región Costa son significativamente mayores que la mostrada por las empresas de la región Sierra. Este estudio también mostró que las empresas de la región Sierra tienen mejores rendimientos, en términos de inversión de accionistas, que las empresas de la Costa; además, se evidenció que no existen diferencias significativas en cuanto al financiamiento y administración de sus activos. Las conclusiones de esta investigación ofrecen orientaciones a futuras investigaciones sobre los factores que inciden en la rentabilidad corporativa y fracaso empresarial.

Syfte: Tidigare användes IAS 17 vid redovisning av leasingavtal där operationella leasingavtal uteslöts från balansräkningen. Detta bidrog till en felaktig bild av företagens finansiella ställning. Standarden IFRS 16 infördes då som inte längre behandlar avtalen olika. Tidigare studier behandlar endast fiktiva siffror vilket har gjort det svårt att se den verkliga påverkan. Syftet med studien är att beskriva hur införandet av IFRS 16 har påverkat företags nyckeltal för publika bolag samt hur effekten sett ut mellan branscherna. Metod: Studien baseras på en positivistisk forskningsstrategi med en deduktiv ansats. Studien antar en kvantitativ strategi som baseras på sekundärdata från Thomson Reuters Eikon. Datamaterialet presenterar data från två år, 2018 respektive 2020, i 235 publika företag vilket resulterade i 2036 observationer. Insamlad data analyserades i ett statistikprogram, SPSS, och sammanställdes sedan i tabeller. Resultat och slutsats: Studiens resultat påvisar bevis för ett samband mellan implementeringen av IFRS 16 och påverkan på nyckeltal, där vissa nyckeltal påverkades mer än andra. Resultatet för sambandet mellan nyckeltalen och branscherna påvisar att vissa branscher påverkas mer av införandet än andra. Studiens slutsats är därför att nyckeltalen påverkas i och med implementeringen men inte i den utsträckning som förväntades samt att branscherna påverkades olika av implementeringen. Examensarbetets bidrag: Studien bidrar till reella siffror vilket inte tidigare varit möjligt. Den beskriver även vilka branscher som drabbats mer än andra samt hur den egentliga påverkan ser ut. Studien bidrar till sist till att se hur nyckeltal kan komma att påverkas av framtida redovisningsregleringar. Förslag till fortsatt forskning: Förslag till vidare forskning på ämnet är att inkludera fler länder, branscher och andra nyckeltal för att få fler perspektiv på hur den reella påverkan ser ut. Ett ytterligare förslag hade varit att gå in djupare på de påverkade b, Aim: Previously, IAS 17 was used in accounting for leases where operating leases were excluded from the balance sheet. This contributed to an inaccurate picture of the financial position of enterprises. The IFRS 16 standard was introduced at the time, which no longer treated the contracts differently. Previous studies only process fictitious numbers which makes it difficult to see the real impact. The purpose of the study is to describe how the introduction of IFRS 16 has affected public companies´ financial ratios and if the transformation has influences industries differently. Method: The study assumes positivistic research with a deductive approach. The study adopts a quantitative strategy based on secondary data from the database Thomson Reuters Eikon. The material presents data from two years, 2018 and 2020, in 235 listed companies in Sweden and Germany which resulted in 2036 observations. The collected data has been analysed in one statistical program, SPSS, and then compiled into tables. Results and conclusions: The results of the study gives some evidence that the implementation of IFRS 16 has a connection with the influence on financial ratios, where some financial ratios had a more significant impact than others. The results for the relationship between the financial ratios and the industries show that some industries are more affected by the introduction than others. The study's conclusion is therefore that the ratios are affected by the implementation but not to the extent that was expected and that the industries were affected differently by the implementation. Contribution of the thesis: The study contributes to real numbers, which has not previously been possible. It also describes which industries that have been affected more than others and what the actual impact looks like for companies in these industries. The study ultimately helps to see how financial ratios may be affected by future accounting regulations. Suggestions for future research

This review article shows how empirical studies are often inappropriate in using stock price data to be related to firm financial performance and other relevant variables. The analyses of the articles about stock price as a sample show that there is improper use of data on the stock price. Most of them use prices which are closing prices of annual financial statements, when financial statements information is not known to investors because the financial statements have not been published as of that date. All of the article samples used stock prices in absolute terms that are not relative to the movement of the stock price index. This indicates that the results of the previous studies in the articles fail to prove that stock price movements are really influenced by changes in the firm's financial performance and not because the stock market is bullish or bearish. It is recommended that future studies about the firm financial performance and the relation to stock price, consistent with the efficient market hypothesis (EMH) that the stock price should use the stock price after the publication of financial statements when all information about the firm is reflected in firm stock price. Consistent with the capital asset pricing model (CAPM) and arbitrage pricing theory (APT), the stock price should use the stock price relative to its stock market index to prove that the movement of the stock price is affected by the change in the firm financial performance.

The efficiency and stability of a local government can impact the lifestyle of its citizens. While Chapter 9 bankruptcies are not common, when they do occur, they can be disruptive and extremely costly. Scholarly literature on bankruptcy prediction focuses primarily on corporate bankruptcies. Therefore, a gap exists regarding predictors specific to municipal bankruptcies. This non-experimental quantitative study examined the relationship between the financial indicators of those government entities that have declared bankruptcy as compared to financial indicators from similar government entities that have not declared bankruptcy in order to identify possible predictors of bankruptcy. The analysis established that two financial ratios were successful as predictors for bankruptcy. These two predictors are the net asset ratio and the operating ratio. These ratios may be used by local government officials as early indicators of potential problems. In addition, potential lenders may use these ratios to help measure the solvency and stability of local government entities (LGEs). Lastly, the ratios may be used by citizens to better understand and become involved in local government decision making.

Due to the complexity of transactions and the availability of Big Data, many banks and financial institutions are reviewing their business models. Various tasks get involved in determining the credit worthiness like working with spreadsheets, manually gathering data from customers and corporations, etc. In this research paper, we aim to automate and analyze the credit ratings of the Information and technology industry in India. Various Deep-Learning models are incorporated to predict the credit rankings from highest to lowest separately for each company to find the best fit model. Factors like Share Capital, Depreciation & Amortisation, Intangible Assets, Operating Margin, inventory valuation, etc., are the parameters that contribute to the credit rating predictions. The data collected for the study spans between the years FY-2015 to FY-2020. As per the research been carried out with efficiencies of different Deep Learning models been tested and compared, MLP gained the highest efficiency for predicting the same. This research contributes to identifying how we can predict the ratings for several IT companies in India based on their Financial risk, Business risk, Industrial risk, and Macroeconomic environment using various neural network models for better accuracy. Also it helps us understand the significance of Artificial Neural Networks in credit rating predictions using unstructured and real time Financial data consisting the influence of COVID-19 in Indian IT industry.

Due to the complexity of transactions and the availability of Big Data, many banks and financial institutions are reviewing their business models. Various tasks get involved in determining the credit worthiness like working with spreadsheets, manually gathering data from customers and corporations, etc. In this research paper, we aim to automate and analyze the credit ratings of the Information and technology industry in India. Various Deep-Learning models are incorporated to predict the credit rankings from highest to lowest separately for each company to find the best fit model. Factors like Share Capital, Depreciation & Amortisation, Intangible Assets, Operating Margin, inventory valuation, etc., are the parameters that contribute to the credit rating predictions. The data collected for the study spans between the years FY-2015 to FY-2020. As per the research been carried out with efficiencies of different Deep Learning models been tested and compared, MLP gained the highest efficiency for predicting the same. This research contributes to identifying how we can predict the ratings for several IT companies in India based on their Financial risk, Business risk, Industrial risk, and Macroeconomic environment using various neural network models for better accuracy. Also it helps us understand the significance of Artificial Neural Networks in credit rating predictions using unstructured and real time Financial data consisting the influence of COVID-19 in Indian IT industry.

The main purpose of this study is to investigate the best predictor of firm performance among different proxies. A sample of 287 Czech firms was taken from automobile, construction, and manufacturing sectors. Panel data of the firms was acquired from the Albertina database for the time period from 2016 to 2020. Three different proxies of firm performance, return of assets (RoA), return of equity (RoE), and return of capital employed (RoCE) were used as dependent variables. Including three proxies of firm's performance, 16 financial ratios were measured based on the previous literature. A machine learning-based decision tree algorithm, Chi-squared Automatic Interaction Detector (CHAID), was deployed to gauge each proxy's efficacy and examine the best proxy of the firm performance. A partitioning rule of 70:30 was maintained, which implied that 70% of the dataset was used for training and the remaining 30% for testing. The results revealed that return on assets (RoA) was detected to be a robust proxy to predict financial performance among the targeted indicators. The results and the methodology will be useful for policy-makers, stakeholders, academics and managers to take strategic business decisions and forecast financial performance.

Cílem práce je přiblížit problematiku předpovědi finanční tísně prostřednictvím predikčních modelů. Práce se věnuje nejprve vysvětlení pojmů souvisejících se souhrnnými ukazateli, jako je finanční analýza či finanční tíseň. Následuje kategorizace modelů a její vysvětlení. Poté jsou popsány jednotlivé vybrané zahraniční i české modely. Dále je zanalyzováno, jakých informačních zdrojů je v této oblasti využíváno a jaké jsou ve vývoji predikce trendy. Práce je zakončena zhodnocením silných a slabých stránek modelů mezi sebou, ale i v porovnání s jinými možnostmi zjištění finanční situace podniku., The aim of this work is to describe the issue of forecasting financial distress using prediction models. At first, the thesis deals with explanation of concepts related to prediction models as is financial analysis or financial distress. It is followed by categorization of models and its explanation. Then, selected foreign and Czech models are described. It is also mentioned, what kind of information sources are used in this area and what are the trends in development od prediction models. The thesis ends with an evaluation of strengths and weaknesses of models among each other and in comparison with other possibilities to determine financial situation of the company., Fakulta ekonomicko-správní, Studentka seznámila členy komise se svou bakalářskou prací na téma: Prediktory finanční tísně podniku. Studentka odpověděla na otázky vedoucího práce: Který z Vámi analyzovaných modelů byl nejpřesnější? Který z modelů Vám připadal jako nejkomplexnější z hlediska z Vašeho pohledu směrodatných vstupních informací? Komise položila otázky: Který model vy byste doporučila použít v praxi a proč? Spolehlivost se určuje pro nějaký interval, pro jaké období se počítá Altmanův index? Víte na jakých datech byl Altmanův index počítán? Studentka na otázky částečně odpověděla., Dokončená práce s úspěšnou obhajobou

[ES] En este Trabajo de Fin de Máster (TFM) se presenta el análisis de un proyecto de inversión, cuyo objeto social es la comercialización, personalización y reparación de bicicletas 100% eléctricas de distintas modalidades y venta de accesorios, el 1 de enero del año 2021, con el fin de conocer si sería conveniente su aceptación para introducirse en el mercado. Concretamente, se va a centrar en el estudio de la viabilidad económico financiera del proyecto, el cual permitirá conocer si el proyecto será o no rentable. Para ello, se plantea la creación de una startup denominada BICIGAM, S.L orientada a la comercialización, producción por encargos personalizados y reparación de bicicletas 100% eléctricas de diferentes tipos: paseo, montaña y carretera, así como la venta de accesorios. Además, en función de la posibilidad económica del cliente, así como de sus necesidades de uso, dentro de cada modalidad existirán diferentes variedades de bicicletas en cuanto a precio y calidad. Se trata de un tema de gran actualidad, en cuanto al objeto del TFM se refiere, que son las bicicletas eléctricas, por su repercusión en el medio ambiente de las ciudades. Así, el objeto de este TFM se encuentra directamente relacionado con dos de los Objetivos de Desarrollo Sostenible (ODS) de la Adenda 2030 de Naciones Unidas. Éstos ODS constituyen un llamamiento universal a la acción para poder fin a la pobreza, proteger el planeta y mejorar las vidas y perspectivas de las personas en todo el mundo. Por un lado, el ODS número 11 en relación a las ciudades y comunidades sostenibles pretende reducir la contaminación del aire y el crecimiento urbano incontrolado, pues el mundo está cada vez más urbanizado y, tras esperar un aumento de los niveles de urbanización, esto supone una gran preocupación a que se disparen los niveles de contaminación. Por otro lado, el ODS número 13 expone algunas medidas para combatir el cambio climático y sus efectos. Al haber aumentado los niveles de CO2 y de otros g, [EN] In this Final Master's Thesis (TFM) the analysis of an investment project is presented, whose corporate purpose is the commercialization, customization and repair of 100% electric bicycles of different modalities and sale of accessories, on January 1, 2021 , in order to know if its acceptance would be convenient to enter the market. Specifically, it will focus on the study of the economic and financial viability of the project, which will make it possible to know if the project will be profitable or not. For this, the creation of a startup called BICIGAM, S.L is proposed, oriented to the commercialization, production by personalized orders and repair of 100% electric bicycles of different types: ride, mountain and road, as well as the sale of accessories. In addition, depending on the economic possibility of the client, as well as their needs for use, within each modality there will be different varieties of bicycles in terms of price and quality. This is a very topical issue, as far as the object of the TFM is concerned, which are electric bicycles, due to their impact on the environment of cities. Thus, the purpose of this TFM is directly related to two of the Sustainable Development Goals (SDG) of the United Nations Addendum 2030. These SDGs constitute a universal call to action to end poverty, protect the planet and improve the lives and prospects of people around the world. On the one hand, SDG number 11 in relation to sustainable cities and communities aims to reduce air pollution and uncontrolled urban growth, since the world is increasingly urbanized and, after expecting an increase in urbanization levels, this implies a great concern that pollution levels will skyrocket. On the other hand, SDG number 13 sets out some measures to combat climate change and its effects. As levels of CO2 and other greenhouse gases have risen in the atmosphere in recent years, the consequences are expected to be severe. One of the proposals to curb this great problem has be

[ES] En este Trabajo de Fin de Máster (TFM) se presenta el análisis de un proyecto de inversión, cuyo objeto social es la comercialización, personalización y reparación de bicicletas 100% eléctricas de distintas modalidades y venta de accesorios, el 1 de enero del año 2021, con el fin de conocer si sería conveniente su aceptación para introducirse en el mercado. Concretamente, se va a centrar en el estudio de la viabilidad económico financiera del proyecto, el cual permitirá conocer si el proyecto será o no rentable. Para ello, se plantea la creación de una startup denominada BICIGAM, S.L orientada a la comercialización, producción por encargos personalizados y reparación de bicicletas 100% eléctricas de diferentes tipos: paseo, montaña y carretera, así como la venta de accesorios. Además, en función de la posibilidad económica del cliente, así como de sus necesidades de uso, dentro de cada modalidad existirán diferentes variedades de bicicletas en cuanto a precio y calidad. Se trata de un tema de gran actualidad, en cuanto al objeto del TFM se refiere, que son las bicicletas eléctricas, por su repercusión en el medio ambiente de las ciudades. Así, el objeto de este TFM se encuentra directamente relacionado con dos de los Objetivos de Desarrollo Sostenible (ODS) de la Adenda 2030 de Naciones Unidas. Éstos ODS constituyen un llamamiento universal a la acción para poder fin a la pobreza, proteger el planeta y mejorar las vidas y perspectivas de las personas en todo el mundo. Por un lado, el ODS número 11 en relación a las ciudades y comunidades sostenibles pretende reducir la contaminación del aire y el crecimiento urbano incontrolado, pues el mundo está cada vez más urbanizado y, tras esperar un aumento de los niveles de urbanización, esto supone una gran preocupación a que se disparen los niveles de contaminación. Por otro lado, el ODS número 13 expone algunas medidas para combatir el cambio climático y sus efectos. Al haber aumentado los niveles de CO2 y de otros g, [EN] In this Final Master's Thesis (TFM) the analysis of an investment project is presented, whose corporate purpose is the commercialization, customization and repair of 100% electric bicycles of different modalities and sale of accessories, on January 1, 2021 , in order to know if its acceptance would be convenient to enter the market. Specifically, it will focus on the study of the economic and financial viability of the project, which will make it possible to know if the project will be profitable or not. For this, the creation of a startup called BICIGAM, S.L is proposed, oriented to the commercialization, production by personalized orders and repair of 100% electric bicycles of different types: ride, mountain and road, as well as the sale of accessories. In addition, depending on the economic possibility of the client, as well as their needs for use, within each modality there will be different varieties of bicycles in terms of price and quality. This is a very topical issue, as far as the object of the TFM is concerned, which are electric bicycles, due to their impact on the environment of cities. Thus, the purpose of this TFM is directly related to two of the Sustainable Development Goals (SDG) of the United Nations Addendum 2030. These SDGs constitute a universal call to action to end poverty, protect the planet and improve the lives and prospects of people around the world. On the one hand, SDG number 11 in relation to sustainable cities and communities aims to reduce air pollution and uncontrolled urban growth, since the world is increasingly urbanized and, after expecting an increase in urbanization levels, this implies a great concern that pollution levels will skyrocket. On the other hand, SDG number 13 sets out some measures to combat climate change and its effects. As levels of CO2 and other greenhouse gases have risen in the atmosphere in recent years, the consequences are expected to be severe. One of the proposals to curb this great problem has be

[ES] En este Trabajo de Fin de Máster (TFM) se presenta el análisis de un proyecto de inversión, cuyo objeto social es la comercialización, personalización y reparación de bicicletas 100% eléctricas de distintas modalidades y venta de accesorios, el 1 de enero del año 2021, con el fin de conocer si sería conveniente su aceptación para introducirse en el mercado. Concretamente, se va a centrar en el estudio de la viabilidad económico financiera del proyecto, el cual permitirá conocer si el proyecto será o no rentable. Para ello, se plantea la creación de una startup denominada BICIGAM, S.L orientada a la comercialización, producción por encargos personalizados y reparación de bicicletas 100% eléctricas de diferentes tipos: paseo, montaña y carretera, así como la venta de accesorios. Además, en función de la posibilidad económica del cliente, así como de sus necesidades de uso, dentro de cada modalidad existirán diferentes variedades de bicicletas en cuanto a precio y calidad. Se trata de un tema de gran actualidad, en cuanto al objeto del TFM se refiere, que son las bicicletas eléctricas, por su repercusión en el medio ambiente de las ciudades. Así, el objeto de este TFM se encuentra directamente relacionado con dos de los Objetivos de Desarrollo Sostenible (ODS) de la Adenda 2030 de Naciones Unidas. Éstos ODS constituyen un llamamiento universal a la acción para poder fin a la pobreza, proteger el planeta y mejorar las vidas y perspectivas de las personas en todo el mundo. Por un lado, el ODS número 11 en relación a las ciudades y comunidades sostenibles pretende reducir la contaminación del aire y el crecimiento urbano incontrolado, pues el mundo está cada vez más urbanizado y, tras esperar un aumento de los niveles de urbanización, esto supone una gran preocupación a que se disparen los niveles de contaminación. Por otro lado, el ODS número 13 expone algunas medidas para combatir el cambio climático y sus efectos. Al haber aumentado los niveles de CO2 y de otros g, [EN] In this Final Master's Thesis (TFM) the analysis of an investment project is presented, whose corporate purpose is the commercialization, customization and repair of 100% electric bicycles of different modalities and sale of accessories, on January 1, 2021 , in order to know if its acceptance would be convenient to enter the market. Specifically, it will focus on the study of the economic and financial viability of the project, which will make it possible to know if the project will be profitable or not. For this, the creation of a startup called BICIGAM, S.L is proposed, oriented to the commercialization, production by personalized orders and repair of 100% electric bicycles of different types: ride, mountain and road, as well as the sale of accessories. In addition, depending on the economic possibility of the client, as well as their needs for use, within each modality there will be different varieties of bicycles in terms of price and quality. This is a very topical issue, as far as the object of the TFM is concerned, which are electric bicycles, due to their impact on the environment of cities. Thus, the purpose of this TFM is directly related to two of the Sustainable Development Goals (SDG) of the United Nations Addendum 2030. These SDGs constitute a universal call to action to end poverty, protect the planet and improve the lives and prospects of people around the world. On the one hand, SDG number 11 in relation to sustainable cities and communities aims to reduce air pollution and uncontrolled urban growth, since the world is increasingly urbanized and, after expecting an increase in urbanization levels, this implies a great concern that pollution levels will skyrocket. On the other hand, SDG number 13 sets out some measures to combat climate change and its effects. As levels of CO2 and other greenhouse gases have risen in the atmosphere in recent years, the consequences are expected to be severe. One of the proposals to curb this great problem has be