985 results on '"Cash and cash equivalents"'
Search Results
2. Improving the current assets account in uzbekistan on the basis of international standards
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Khudoyberdiev, Odiljon
- Published
- 2022
3. The Cash of The Big Bulgarian Companies: What Do Their Cash Flow Statements Show and What Do Not?
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Filipova, Fanya, Zapryanova, Teodora, Atanasov, Atanas, and Marinova, Rumyna
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CASH flow statements ,ECONOMIC indicators - Abstract
The subject of the study is the information about cash and cash flows of ten largest Bulgarian companies, which in recent years are almost constantly present in the annual ranking of the international insurance company Coface "CEE Top 500 Ranking". The researched period is between 2019 - 2022. The aim is to present and comment on several of the most important financial indicators, also used by banks creditors, calculated mainly from statement of cash flow (SCF) and their relationship with other statements of the annual financial report (with the profits/losses of these companies; with their revenues; with their indebtedness; with the net change in cash and cash equivalents, etc.). Based on this, the information is defined that the SCF directly does NOT provide, or is not visible in the SCF prepared by the direct method. Conclusions are formulated related to some identified gaps and weaknesses in the SCFs of the 10 Bulgarian companies, including the disclosure of the information (minimum disclosure requirements) related to them, according to the requirements of IAS 7. Through the research, an attempt is made to define the usefulness of the information from the SCF, but also to emphasize the need to check its quality, through cross-checking (binding) with other data in financial statements and through proposals for changes in IAS 7. [ABSTRACT FROM AUTHOR]
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- 2023
4. Financial Statements’ Audit
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Lessambo, Felix I. and Lessambo, Felix I.
- Published
- 2018
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5. Faktori upravljanja gotovinom.
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Mijić, Kristina
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FINANCIAL statements ,STOCK exchanges ,DEBT ,CORPORATION reports ,FACTOR analysis ,CASH position of corporations ,CASH management - Abstract
Copyright of Financing is the property of Financing and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
- Full Text
- View/download PDF
6. Mantenimiento de las notas contables aplicado bajo NIIF para PYMES en la ferretería Cristal a los rubros del efectivo y equivalente, inventarios y propiedad planta y equipos
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Díaz Orduña, Amparo, Garnica Ríos, Joan Sebastián, Sandoval Rodríguez, Linda Kelly, and Barrera Arciniegas, Helga Lucero
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Accounting Notes ,optimización de recursos ,SMEs ,Property, Plant and Equipment ,Inventarios ,contabilidad financiera ,IFRS ,PYMES ,NIIF ,Cash and Cash Equivalents ,auditoria contable ,Propiedad Planta y Equipo ,depreciación ,Notas Contables ,Inventories ,Efectivo y Equivalente de Efectivo - Abstract
El presente trabajo, tuvo como objetivo realizar mantenimiento a las notas contables en materia de inventarios, propiedad, planta y equipo y efectivo y equivalente de efectivo aplicado bajo NIIF en la ferretería Cristal, organización en la que se estableció que en dichas cuentas existen ciertas falencias y discrepancias en su tratamiento conforme con las NIIF para PYMES. Para tal fin se desarrolla una investigación descriptiva y documental sobre las NIIF y los estados e informes financieros pes de la ferretería, de las cuales se obtendrá la información que se requiere para cumplir con el desarrollo de los objetivos planteados. Entre sus principales resultados se tienen: la empresa establece el valor neto de realización de sus inventarios a partir del precio de venta estimado en el momento de vender, menos los costos estimados, cuando en las NIIF se establece que es el valor menor entre el costo de dichos inventarios o el precio de ventas menos los costos de terminación y venta de los mismos; en propiedad, planta y equipo, se estima la vida útil de cada activo de acuerdo con las expectativas sobre su uso pero no establece en forma periódica si cambia la vida útil de los activos debido a cambios en su uso, desgastes del activo, cambios tecnológicos o cambios en los precios del mercado; en el rubro efectivo y equivalente de efectivo, la empresa solo registra en bancos, en cuentas corrientes o de ahorro y no considera como equivalente a las inversiones que posee a corto plazo con vencimiento próximo menor a tres meses. The objective of this work was to maintain the accounting notes in terms of inventories, Property, Plant and Equipment and cash and cash equivalent applied under IFRS in the Cristal hardware store, an organization in which it is established that in said accounts there are certain shortcomings and discrepancies in their treatment in accordance with the IFRS for SMEs. For this purpose, a descriptive and documentary investigation is developed on the IFRS and the financial statements and reports of the hardware store, from which the information required to comply with the development of the proposed objectives is obtained. Among its main results are: the company establishes the net realizable value of its inventories based on the estimated sale price at the time of sale, less the estimated costs, when the IFRS establishes that it is the lower value between the cost of said inventories or the sales price less the costs of completion and sale thereof; in property, plant and equipment, it estimates the useful life of each asset in accordance with the expectations regarding its use but does not periodically establish whether the useful life of the assets changes due to changes in their use, asset wear, technological changes or changes in market prices; In the cash and cash equivalent category, the company only holds funds in banks, checking or savings accounts and does not consider as equivalent the short-term investments that it has with an upcoming maturity of less than three months. Especialista en Revisoría Fiscal y Auditoría Externa http://www.ustabuca.edu.co/ustabmanga/presentacion Especialización
- Published
- 2023
7. The impact of corporate environmental responsibility on corporate cash holdings: evidence from the most polluting listed companies in China
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Jia Liao, Yu Yuan, and Liping Zheng
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Finance ,business.industry ,Cash and cash equivalents ,media_common.quotation_subject ,Theoretical Computer Science ,Green economy ,Net asset value ,Corporate sustainability ,Control and Systems Engineering ,Stock exchange ,Cash ,Computer Science (miscellaneous) ,Corporate social responsibility ,business ,Emerging markets ,Engineering (miscellaneous) ,Social Sciences (miscellaneous) ,media_common - Abstract
PurposeThe purpose of this paper is to examine the impact of corporate environmental responsibility (CER) on corporate cash holdings. This paper also investigates the moderating effects of ownership type and institutional environment between CER and corporate cash holdings.Design/methodology/approachThis study uses the data of the most polluting listed companies on the Shanghai and Shenzhen stock exchange markets over the period 2010–2019. CER data from Hexun.com (a professional CSR evaluation system) are used to measure CER performance. Two proxies are used to measure the level of cash holdings simultaneously, where CASH1 is calculated as the ratio of cash and cash equivalents to total assets, and CASH2 is calculated as the ratio of cash and cash equivalents to net assets (total assets minus cash and cash equivalents). Finally, multiple regression analysis is applied to test the research hypotheses.FindingsThe results show that environmentally responsible companies hold substantially less cash, and the result is statistically significant and robust even after using firm fixed effects and applying alternative measures of cash holdings or alleviating potential endogeneity. In addition, the results of cross-sectional tests show that the negative relation between CER and corporate cash holdings is concentrated among non-state-owned enterprises, and firms in provinces with more developed institutions. Furthermore, the result of the analysis of the economic consequence shows CER significantly increases the value of cash holdings.Research limitations/implicationsThis study focuses on China's institutional context, which limits the generalizability of the findings to other countries. However, the objective of this research can be studied in other institutional settings, so the above limitations provide a springboard for further research. Furthermore, the environmental protection investment, green technology innovation, and even pollutant discharge of companies can also be important indicators to measure the performance of firms in fulfilling their environmental responsibilities, which can be considered in future research.Practical implicationsThe findings of this study may help company management in China to establish a correct view of environmental responsibility to achieve corporate value creation and corporate sustainability. And our research can also provide the policy reference value for the Chinese government to further improve environmental protection policies and systems, guide enterprises to conduct green production to realize the country's vision of an environmentally friendly society.Originality/valueBased on the current background that countries in the world advocate the development of a green economy, this is the first study to examine the impacts of the environmental responsibility of the most polluting companies on corporate cash holdings and the value of cash holdings in the context of China, an emerging market.
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- 2021
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8. АНАЛИЗА НА УПРАВУВАЊЕТО СО ТЕКОВНИ СРЕДСТВА КАКО КЛУЧЕН ФАКТОР ЗА УСПЕШНО РАБОТЕЊЕ НА ПРЕТПРИЈАТИЈАТА
- Author
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Стојанова, Павлина, Петреска, Ленче, and Стевановска, Емилија
- Abstract
Copyright of International Dialogue: East-West is the property of International Center for Slavic Education- Sveti Nikole and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2018
9. Financial Planning through the Liquidity Ratios for HDFC and SBI Banks
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Dr.M. Geeta and Dr.C. Nagasivanand
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Finance ,Solvency ,Current ratio ,Current liability ,Cash and cash equivalents ,business.industry ,Cash ,media_common.quotation_subject ,Financial plan ,business ,Current asset ,media_common ,Market liquidity - Abstract
Financial planning and Analysis plays a vital role in the evaluation of Budget and forecasting for the future periods. One of the tools is financial planning through the liquidity ratios calculation and Analysis of the ratios. The present study concentrates on current ratio and Cash ratio of both banks for evaluating the cash fluidness. The analysis of current ratio infers about the liquidity position of the firm, which is crucial in paying short-term liabilities. The current ratio is calculated by dividing current assets with current liabilities. The current ratio is called as “current” because it includes all current assets and current liabilities for a particular accounting year. A current ratio which is less than the industry average is an indicator of risk of default and distress. A high ratio indicates that the organization is utilizing the assets efficiently. The current ratio is used as yardstick for short term solvency of the firm. A high current ratio enables the firm to cover all the current liabilities of a particular accounting year. But it is also an indicator of non efficient usage of short term assets. A current ratio of 1.5 indicates that for 1.5 current assets to 1 current liabilities. The current assets are those assets which can be converted in to cash within the specified year. The second objective of the study is to compare the liquidity stand of the banks through analysis of cash ratio’s of the selected banks. The cash ratio helps the banks to is identify the deposited amount which can be used for the credit lending purposes for an accounting year. The cash ratio is calculated by dividing cash equivalents plus cash with current liabilities. The present study is financial planning through current ratios for HDFC and SBI banks operating in India. The data is collected through the official websites of banks. The data is collected for the years from March 16 to March 20. The analysis is done through the calculation of current ratio, descriptive statistical analysis, bar charts for both the banks.
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- 2021
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10. Industry Payments to Plastic Surgeons: What Has Changed Over the Last 6 Years Following Implementation of the Physician Payments Sunshine Act?
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Jordan Kaplan, Anand Kumar, Carrie K. Chu, Edward M. Reece, Matthew M Delancy, Sebastian Winocour, Anaeze C. Offodile, and Rowland W Pettit
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Databases, Factual ,Cash and cash equivalents ,media_common.quotation_subject ,Stock options ,030230 surgery ,03 medical and health sciences ,0302 clinical medicine ,Physician payment ,Humans ,Industry ,Medicine ,Operations management ,Stock (geology) ,media_common ,Surgeons ,Conflict of Interest ,business.industry ,Data interpretation ,General Medicine ,Payment ,United States ,Geographic distribution ,030220 oncology & carcinogenesis ,Cash ,Surgery ,business - Abstract
Background The Open Payments Program, as designated by the Physician Payments Sunshine Act, is the single largest repository of industry payments made to licensed physicians within the United States. Though sizeable in its dataset, the database and user interface are limited in their ability to permit expansive data interpretation and summarization. Objectives The authors sought to comprehensively compare industry payments made to plastic surgeons with payments made to all surgeons and all physicians to elucidate industry relationships since implementation. Methods The Open Payments Database was queried between 2014 and 2019, and inclusion criteria were applied. These data were evaluated in aggregate and for yearly totals, payment type, and geographic distribution. Results A total 61,000,728 unique payments totaling $11,815,248,549 were identified over the 6-year study period; 9089 plastic surgeons, 121,151 surgeons, and 796,260 total physicians received these payments. Plastic surgeons annually received significantly less payment than all surgeons (P = 0.0005). However, plastic surgeons did not receive significantly more payment than all physicians (P = 0.0840). Cash and cash equivalents proved to be the most common form of payment; stock and stock options were least commonly transferred. Plastic surgeons in Tennessee received the most in payments between 2014 and 2019 (mean $76,420.75). California had the greatest number of plastic surgeons who received payments (1452 surgeons). Conclusions Plastic surgeons received more in industry payments than the average of all physicians but received less than all surgeons. The most common payment was cash transactions. Over the past 6 years, geographic trends in industry payments have remained stable.
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- 2021
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11. COVID-19: data-driven dynamic asset allocation in times of pandemic
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Anna Timonina-Farkas
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data-driven optimization ,optimal quantization ,Mathematical optimization ,T57-57.97 ,Applied mathematics. Quantitative methods ,Cash and cash equivalents ,Computer science ,Quantization (signal processing) ,covid-19 pandemic ,Asset allocation ,Conditional probability ,Dynamic asset allocation ,General Medicine ,multi-stage stochastic optimization ,Fixed income ,Approximation error ,HG1-9999 ,dynamic asset allocation ,Stochastic optimization ,Finance - Abstract
The COVID-19 pandemic has demonstrated the importance and value of multi-period asset allocation strategies responding to rapid changes in market behavior. In this article, we formulate and solve a multi-stage stochastic optimization problem, choosing the indices' optimal weights dynamically in line with a customized data-driven Bellman's procedure. We use basic asset classes (equities, fixed income, cash and cash equivalents) and five corresponding indices for the development of optimal strategies. In our multi-period setup, the probability model describing the uncertainty about the value of asset returns changes over time and is scenario-specific. Given a high enough variation of model parameters, this allows to account for possible crises events. In this article, we construct optimal allocation strategies accounting for the influence of the COVID-19 pandemic on financial returns. We observe that the growth in the number of infections influences financial markets and makes assets' behavior more dependent. Solving the multi-stage asset allocation problem dynamically, we (i) propose a fully data-driven method to estimate time-varying conditional probability models and (ii) we implement the optimal quantization procedure for the scenario approximation. We consider optimality of quantization methods in the sense of minimal distances between continuous-state distributions and their discrete approximations. Minimizing the well-known Kantorovich-Wasserstein distance at each time stage, we bound the approximation error, enhancing accuracy of the decision-making. Using the first-stage allocation strategy developed via our method, we observe ca. 10% wealth growth on average out-of-sample with a maximum of ca. 20% and a minimum of ca. 5% over a three-month period. Further, we demonstrate that monthly reoptimization aids in reducing uncertainty at a cost of maximal wealth. Also, we show that optimistically off setted distribution parameters lead to a reduction in out-of-sample wealth due to the COVID-19 crisis.
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- 2021
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12. Effect of Female CEO and CFO on Cash Holdings on Food and Beverages Companies Listed on Indonesia Stock Exchange
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Ade Awaludin, Suherman, and Gatot Nazir Ahmad
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Gender diversity ,female cfo ,Cash and cash equivalents ,business.industry ,HF5601-5689 ,Corporate governance ,female ceo ,Accounting ,General Medicine ,Annual report ,cash holdings ,top management ,Accounting. Bookkeeping ,Net asset value ,Stock exchange ,HG1-9999 ,Position (finance) ,gender diversity ,business ,Finance ,Panel data - Abstract
The current trend in the management of large companies is implementation of the gender diversity measures. The existence of women at the top management became one of the growing issues recently, especially in corporate governance. The prevailing opinion is still that men are better and more deserving to hold the power of leaders in the company. But authors believe that this statement needs to be verified. The purpose of this study is to assess the impact of female CEO and CFO on cash holdings of Indonesian food and beverages companies. The data used in this study are the data from annual report of food and beverage companies listed on the Indonesia Stock Exchange for the 2016-2020 period. The company's cash holdings in this study are assessed on the basis of two indicators: a) the ratio of the cash and cash equivalents to the company's total assets; b) the ratio of the cash and cash equivalents to the company's net assets. The sample of the study is presented by 25 companies with 125 observations. For data analysis authors use the panel data regression analysis and the fixed-effect model. Microsoft Excel 2013, Stata/MP 16.0 and Reviews 10 software were used for data processing. The analysis results show that the female CEOs have a significant positive effect on the company's cash holdings, while female CFOs have no significant positive effect on the company's cash holdings. These results have the practical significance because they will help the business owner to make the right decision when he selects candidates for the position of CEO/CFO.
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- 2021
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13. Impacto de implementación de las normas internacionales de contabilidad para el sector público en el municipio de Tebaida del departamento del Quindio
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Luz Amparo Mejía Castellanos, Deicy Arango Medina, and Olga Inés Ceballos Rincón
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Government ,Consolidation (business) ,Documentation ,business.industry ,Cash and cash equivalents ,Public sector ,Position (finance) ,Accounting ,Asset (economics) ,business ,Financial statement - Abstract
Este articulo busca, describir el impacto de las normas internacionales de Contabilidad para el sector público en el municipio de Tebaida del departamento del Quindío, generado por la implementación de la Resolución 533 del 2015, en el estado de situación financiera de apertura. Es una investigación descriptiva e inductiva, por cuanto identifica características particulares de las entidades en referencia, como lo es su naturaleza jurídica, económica y social; además, el estudio fue documental teniendo en cuenta que el entorno en el que se desarrolló es público y por lo tanto fue necesario el uso de información oficial para la recolección y análisis de datos; por otra parte, se hizo un análisis transversal, debido a que la recolección de datos se dio en un momento específico y responde a un problema particular, que para el caso es el impacto de la implementación de esta Resolución en el estado de situación financiera de apertura, en las entidades de gobierno. Como consecuencia de este estudio, se evidenció que las políticas contables fueron adecuadas para cada uno de los elementos del estado de situación financiera a excepción de algunas partidas en las cuales no se especificó el método de medición, el tiempo de vida útil y los criterios para el reconocimiento. Una vez identificada la estructura de las políticas contables se describió el impacto en el estado de situación financiera de apertura, generado por la implementación de la Resolución, aplicando herramientas de análisis e interpretación de los estados financieros, como resultado de este proceso, se obtuvo cifras porcentuales de participación de cada una de las cuentas con sus respectivas variaciones, las más significativas, fueron el Activo en cuanto a Efectivo y Equivalente al Efectivo, Inversiones e Instrumentos Derivados y el Pasivo en las Provisiones, las cuales hicieron parte del saneamiento contable para la transición al nuevo marco normativo, el cual tuvo un impacto significativo en el patrimonio de la entidad. Para concluir, la administración municipal deberá cumplir efectivamente con todos los requisitos expuestos por la Contaduría General de la Nación para ejecutar eficientemente las Normas Internacionales de Contabilidad del Sector Público bajo el nuevo marco normativo, además de seguir estableciendo todas aquellas acciones y estrategias necesarias para que exista un adecuado, oportuno flujo de información y documentación hacia el área contable, con el propósito de garantizar el reconocimiento y revelación de todos los hechos económicos de la misma.
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- 2020
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14. Corporate real estate ownership, cash and credit ratings
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Matthew Faulkner and Stoyu I. Ivanov
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040101 forestry ,Finance ,050208 finance ,business.industry ,Cash and cash equivalents ,media_common.quotation_subject ,05 social sciences ,04 agricultural and veterinary sciences ,Corporate Real Estate ,Credit rating ,Cash ,0502 economics and business ,0401 agriculture, forestry, and fisheries ,business ,General Economics, Econometrics and Finance ,media_common - Abstract
PurposeRecently, multiple examples of large firms acquiring real estate have polarized investors. Who are the firms investing in real estate and what are their characteristics? How does this investment in owning commercial real estate relate to cash holding policies? Is owning commercial real estate associated with better credit ratings? This study questions commonly held beliefs in finance that firms prefer to lease their real estate rather than own it and examines what are the differences in outcomes between the choices.Design/methodology/approachThe authors identify three testable hypotheses based on the research questions and prior literature. The authors use univariate and multivariate analyses to test these hypotheses along with thorough robustness and addressing of endogeneity issues to confirm that our results hold in a variety of settings. The authors employ new proxies of real estate to the literature from Bloomberg and firm level data from Compustat.FindingsThe authors show that more firms within the S&P 500 choose to own commercial real estate. The authors also find many significant differences in corporate characteristics between firms who own real estate and those who do not, such that firms with real estate ownership have significantly: higher growth opportunities, higher R&D expenses, higher working capital levels, lower capital expenditures, higher leverage and higher cash flow. Firms with corporate real estate (CRE) ownership hold less cash. Contingent on real estate ownership, firms have higher cash holdings as their real estate holdings increase. Last, firms with commercial real estate ownership have higher credit ratings.Originality/valueOne of the main contributions of this study is in the use of a new specific proxy using data on corporate land, buildings and construction in progress, which to the best of our knowledge has not been done in the past. Other studies focus on aggregate property, plant and equipment data which blurs the CRE ownership picture. Additionally, the authors provide an underexplored variable of CRE ownership to its impacts of cash holdings and credit ratings, which had yet to be uncovered.
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- 2020
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15. Corporate Cash Holdings and Agency Problem : Evidence from Vietnam
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DAO, Thi Thuong
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cash holdings ,agency problem ,reputation ,Cash and cash equivalents ,listed firms in Vietnam - Abstract
This paper examines the effects of state ownership, age after equitization, and the interaction term between state ownership and age after equitization on corporate cash holdings of listed firms on Vietnamese stock exchanges from 2010 to 2017. Our regression results show that state ownership positively impacts on the level of cash holdings, which attributes to agency theory. Specially, this paper provides empirical evidence that cash holdings reduce as the firm age after being equitized increases. Also, along with an increase in age after equitization, a positive effect of state ownership on cash holdings diminishes as a result of a better reputation and a lower degree of information asymmetry these such firms have on the market.
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- 2020
16. Crypto asset assessment models in financial reporting content typologies
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Tatiana Morozova, Ravil Akhmadeev, Liubov Lehoux, Alexei Valerievich Yumashev, Galina Vladimirovna Meshkova, and Marina Lukiyanova
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Technological innovations. Automation ,Finance ,Entrepreneurship ,050208 finance ,ComputingMilieux_THECOMPUTINGPROFESSION ,Cash and cash equivalents ,business.industry ,Financial instrument ,HD45-45.2 ,05 social sciences ,Economics, Econometrics and Finance (miscellaneous) ,050201 accounting ,Management, Monitoring, Policy and Law ,Original research ,Environmental sciences ,Management of Technology and Innovation ,0502 economics and business ,Sustainability ,GE1-350 ,Business ,Business and International Management ,GeneralLiterature_REFERENCE(e.g.,dictionaries,encyclopedias,glossaries) - Abstract
Entrepreneurship and Sustainability Issues is a peer-reviewed journal which publishes original research papers and case studies
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- 2020
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17. Spatial analysis of food security in Iran: associated factors and governmental support policies
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Mohammad Reza Pakravan-Charvadeh, Cornelia Butler Flora, and Haider A. Khan
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030505 public health ,Food security ,Cash and cash equivalents ,Health Policy ,media_common.quotation_subject ,Public Health, Environmental and Occupational Health ,Subsidy ,03 medical and health sciences ,0302 clinical medicine ,Cash ,Environmental health ,National Policy ,Residence ,030212 general & internal medicine ,Business ,Rural area ,0305 other medical science ,media_common ,Social policy - Abstract
This study analyzes caloric intake in Iran as a proxy for food security to determine factors associated with caloric intake that could be impacted by policies. We modeled regional heterogeneity by analyzing a complete countrywide dataset disaggregated for rural intra-provincial areas using unique data from the Iranian Statistical Centre for 2007–2016. We applied logistic regression modeling and likelihood ratio tests to assess the association between socio-economic determinants and caloric intake among rural areas of all provinces. National policies (nation-wide food subsidies and a cash equivalent for food for each adult regardless of residence or income) had significant negative associations with caloric intake among all provinces. The detected spatial diversity suggests policies specific to each area could be more effective than a centralized national policy for food security. Rather than implementing one-size-fits-all policies, such as across-the-board cash food subsidies, the government should take a differential spatially targeted approach to directly support low-income households.
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- 2020
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18. Disappearing investment‐cash flow sensitivities: Earnings have not become a worse proxy for cash flow
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Håkan Jankensgård and Niclas Andrén
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Earnings ,Financial economics ,Cash and cash equivalents ,Accrual ,media_common.quotation_subject ,Monetary economics ,Investment (macroeconomics) ,Cash flow forecasting ,Cash conversion cycle ,Operating cash flow ,Accounting ,Cash ,Fair value ,Economics ,Business, Management and Accounting (miscellaneous) ,Cash flow ,Cash flow statement ,Price/cash flow ratio ,Cash on cash return ,Finance ,media_common - Abstract
According to a recent conjecture in the literature, earnings have become a poorer proxy for cash flow from operations over time. We find that since 1988, when cash flow statements started to be consistently reported in Compustat, the cash effectiveness of earnings has actually increased for a large sample of US manufacturing firms. This occurs despite the introduction of fair value accounting and increasing accounting accruals during the last three decades. The evidence suggests that this puzzle is explained by more efficient working capital management. Also contrary to the conjecture, using more comprehensive measures of cash flow does not restore the investment-cash flow sensitivity, which continues to be around 0.05 in more recent periods. We end by noting that the investment model used in the literature can be enhanced by including accruals, since it leads to a more precise estimation of cash flow.
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- 2020
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19. Investigating the Feasibility of a Restaurant Delivery Service to Improve Food Security among College Students Experiencing Marginal Food Security, a Head-to-Head Trial with Grocery Store Gift Cards
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Darice Ingram, Lana Mariko Wood, Joshua Kier Adrian Santillan, Alina Engelman, Juleen Lam, Nancy Ortiz, Maria M. Pritchard, Michael T. Schmeltz, Sarah Taylor, Adianez Ampil, Ryan J Gamba, Kate Cheyne, and Esteban S. Rivera
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Restaurants ,Grocery store ,Cash and cash equivalents ,Health, Toxicology and Mutagenesis ,InformationSystems_INFORMATIONSTORAGEANDRETRIEVAL ,Supplemental Nutrition Assistance Program ,Article ,Proxy (climate) ,Food Supply ,restaurant delivery service ,food insecurity ,ComputingMilieux_COMPUTERSANDEDUCATION ,Humans ,Supermarkets ,Marketing ,Students ,Poverty ,GeneralLiterature_REFERENCE(e.g.,dictionaries,encyclopedias,glossaries) ,Gift card ,Service (business) ,Food security ,InformationSystems_INFORMATIONSYSTEMSAPPLICATIONS ,Public Health, Environmental and Occupational Health ,college students ,InformationSystems_DATABASEMANAGEMENT ,Popularity ,food assistance intervention ,food aid preferences ,Food Security ,marginal food security ,Feasibility Studies ,Medicine ,Food Assistance ,Business ,supplemental nutrition assistance program - Abstract
Restaurant delivery services have gained in popularity among college students, however, students participating in the Supplemental Nutrition Assistance Program (SNAP) are not allowed to redeem their benefits via restaurant delivery services. This mixed-methods head-to-head crossover trial assessed whether college students experiencing marginal food security prefer benefits via a grocery store gift card (as a proxy for traditional SNAP benefits) or via a restaurant delivery service gift card of equivalent value, and which type of benefit is more effective at improving food security status. Thirty college students experiencing marginal food security were recruited to receive $80 in cash equivalent benefits to spend over a two-month period in the form of grocery store gift cards and restaurant delivery service gift cards. Participants completed surveys and interviews to measure their food security status and share their experiences with each benefit type. After four months of benefits, 48.3% of participants improved their food security status. However, neither type of benefit was statistically better at improving food security status. Most participants preferred grocery store benefits (89.7%) over restaurant delivery service benefits (10.3%). However, more research is needed to explore whether allowing SNAP recipients to redeem their benefits with restaurant delivery services is a viable mechanism to address food challenges among college students experiencing marginal food security.
- Published
- 2021
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20. Cash versus Lotteries: COVID-19 Vaccine Incentives Experiment*
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Maciej Filipek, Laurence Roope, Adrian G. Barnett, Raymond M. Duch, Philip Clarke, and Mara Violato
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Voucher ,Lottery ,Incentive ,Actuarial science ,Cash and cash equivalents ,Random assignment ,Cash ,media_common.quotation_subject ,Credible interval ,Odds ratio ,Business ,media_common - Abstract
Governments are considering financial incentives to increase vaccine uptake to end the COVID-19 pandemic. Incentives being offered include cash-equivalents such as vouchers or being entered into lotteries. Our experiment involved random assignment of 1,628 unvaccinated participants in the United States to one of three 45 second informational videos promoting vaccination with messages about: (a) health benefits of COVID-19 vaccines (control); (b) being entered into lotteries; or (c) receiving cash equivalent vouchers. After seeing the control health information video, 16% of individuals wanted information on where to get vaccinated. This compared with 14% of those assigned to the lottery video (odds ratio of 0.82 relative to control: 95% credible interval 0.57-1.17) and 22% of those assigned to the cash voucher video (odds ratio of 1.53 relative to control: 95% credible interval 1.11-2.11). These results support greater use of cash vouchers to promote COVID-19 vaccine uptake and do not support the use of lottery incentives.
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- 2021
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21. Does the monitoring effect of Big 4 audit firms really prevail? Evidence from managerial expropriation of cash assets
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Pinghsun Huang, Yi Chieh Wen, and Yan Zhang
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050208 finance ,Cash and cash equivalents ,media_common.quotation_subject ,05 social sciences ,050201 accounting ,Monetary economics ,General Business, Management and Accounting ,Shareholder value ,Market liquidity ,Corporate finance ,Expropriation ,Accounting ,Cash ,0502 economics and business ,Liberian dollar ,Business ,Finance ,Valuation (finance) ,media_common - Abstract
This study pins down the monitoring effect of Big 4 versus non-Big 4 audit firms on shareholder wealth by exploring the dollar equivalent of the reduction in shareholder value arising from managerial expropriation of cash assets. We detect a value discount of $0.12 for a dollar of cash assets held by non-Big 4 clients, while we uncover a value premium of $0.09 for an extra dollar of cash reserves in Big 4 clients. We further observe that second-tier auditors underperform their Big 4 rivals in containing managerial expropriation of corporate liquidity. Moreover, the economic consequences of cash and cash equivalents increase with a switch from a non-Big 4 firm to a Big 4 firm. Our results survive examinations of excessive cash assets, propensity score-matching analysis, a vast array of controls, and alternative valuation models. Collectively, our results suggest that Big 4 auditors tend to play a significantly stronger role vis-a-vis their non-Big 4 rivals in deterring managers from expropriating outside shareholders through cash resources.
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- 2019
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22. Türk Sigortacılık Sektöründe Faaliyet Gösteren Hayat Dışı Sigorta Şirketlerinin Etkinlik Analizi
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İbrahim Erem Şahin and Havva Akkoyuncu
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Index (economics) ,business.industry ,Cash and cash equivalents ,General Medicine ,Accounts payable ,Insurance Sector,Non-Life Insurance Companies ,Paid in capital ,Agricultural science ,Social ,Scale (social sciences) ,Data envelopment analysis ,Business ,Sosyal ,Total factor productivity ,Sigortacılık Sektörü,Hayat Dışı Sigorta Şirketleri,Veri Zarflama Analizi,CCR Modeli,Malmquist Toplam Faktör Verimlilik Endeksi - Abstract
The insurance sector in Turkey has an important place in thefinancial systems. As in all sectors, efficiency is very important in theinsurance sector. The aim of this study is to measure the activities of 23non-life insurance companies as of 2014-2017. In the study, CCR model andMalmquist total factor productivity ındex were used according to dataenvelopment analysis which is one of the nonparametric methods. In theanalysis, where four inputs and output were discussed, a fixed-income andinput-oriented model was created according to the scale. In the analysis, cashand cash equivalents, payables due to main operations, technical reserves andprovisions (net) and paid in capital are used as input; and receivables from isused as output. According to the analysis, while the average activity scores ofthe companies were highest in 2015, the lowest year has been 2016. In terms ofMalmquist total factor productivity index, 12 copmpanies in 2015, 8 companiesin 2016 and 13 companies in 2017 showed positive development compared to theprevious year., Türkiye’de sigortacılık sektörü finansal sistemlerde önemli biryere sahiptir. Tüm sektörlerde olduğu gibi sigortacılık sektöründe de etkinlikçok önemlidir. Çalışmanın amacı 2014-2017 yılları itibariyle 23 tane hayat dışısigorta şirketinin etkinliklerini ölçmektir. Çalışmada parametrik olmayanyöntemlerden biri olan veri zarflama analizine göre CCR modeli ve Malmquisttoplam faktör verimlilik endeksi kullanılmıştır. Dört girdi ve bir çıktının elealındığı analizde ölçeğe göre sabit getirili ve girdi odaklı modeloluşturulmuştur. Analizde girdi olarak nakit ve nakit benzerleri, esasfaaliyetten borçlar, sigortacılık teknik karşılıkları ve ödenmiş sermaye; çıktıolarak esas faaliyetten alacaklar kullanılmıştır. Analize göre firmalarınortalama etkinlik skorlarının en yüksek olduğu yıl 2015 iken, en düşük olduğuyıl ise 2016 yılı olmuştur. Malmquist toplam faktör verimliliği endeksisonuçları açısından ise bir önceki yıla göre 2015 yılında 12 firma, 2016yılında 8 firma ve 2017 yılında ise 13 firma pozitif gelişme göstermişlerdir.
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- 2019
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23. Payout policy, financial flexibility, and agency costs of free cash flow
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Jacob Oded
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Finance ,Flexibility (engineering) ,Free cash flow ,Cash and cash equivalents ,business.industry ,media_common.quotation_subject ,Agency cost ,Dividend policy ,Discretion ,Cash flow forecasting ,Incentive ,Operating cash flow ,Accounting ,Cash ,Agency (sociology) ,Business, Management and Accounting (miscellaneous) ,Dividend ,Cash flow statement ,Price/cash flow ratio ,Business ,Cash management ,media_common - Abstract
This paper builds on the agency costs of free cash to explain how firms determine their payout policies. Payout methods considered are dividends and open-market stock repurchase programs. Dividends eliminate the agency costs of free cash by reducing cash under management (insiders) discretion, but could result in underinvestment if the paid out cash is needed later for operations. Stock repurchase programs avoid the underinvestment problem by giving insiders the option to cancel the payout. They are also an incentive to pay out cash because they provide trading gains to better informed insiders through the firm's informed trade. Because their execution is optional, however, repurchase programs cannot always prevent the waste of free cash. Payout policy is thus determined as a trade-off between eliminating agency problems with dividends and preserving financial flexibility with open-market programs.
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- 2019
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24. Financial Sustainability and Value of Joint-Stock Companies from Food Industry in Central and Eastern Europe
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Mirosław Wasilewski, Natalia Wasilewska, and Serhiy Zabolotnyy
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Finance ,Current liability ,business.industry ,Cash and cash equivalents ,Enterprise value ,Earnings before interest and taxes ,Equity (finance) ,Revenue ,Profitability index ,business ,Market liquidity - Abstract
The research presents the analysis of relations between financial sustainability and value of joint-stock companies from food industry in Central and Eastern Europe. Increase of volume of assets, shareholders’ equity and revenues demonstrated an improvement of financial sustainability and resulted in growing valuations of companies in the study period. Sample business entities achieved relatively high liquidity and profitability that proved their financial sustainability in terms of risk and return. At the same time rising operating profit margins and liquidity ratios determined higher enterprise value of joint-stock companies. This emphasized a positive relation between enterprise value and financial sustainability. Joint-stock companies demonstrated a robust capital structure with a minor decrease of corporate debt in 2011-2015. However changes in sources of financing could provoke a trade-off between financial sustainability and enterprise value. According to a regression model factors positively influencing enterprise value included revenue, cash and cash equivalents, operating profit, current liabilities and shareholder’s equity. Stimulating revenue and increasing operating profit as well as maintaining higher cash balances improves financial sustainability while debt extension can significantly deteriorate continuity of business.
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- 2019
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25. The optimal allocation of current assets using mean-variance analysis
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Nikolaos Arnis and Georgios Kolias
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Cash and cash equivalents ,business.industry ,Efficient frontier ,Accounting ,Risk–return spectrum ,lcsh:Business ,lcsh:HF5601-5689 ,Current asset ,Current assets management ,lcsh:Accounting. Bookkeeping ,Random coefficient modeling on panel data ,Econometrics ,Portfolio ,Expected return ,Balance sheet ,Mean-variance analysis ,Business ,lcsh:HF5001-6182 ,Finance ,Panel data - Abstract
Research Question: The investigation of the optimal allocation of current assets. Motivation: Current assets investment is a decision process which affects firm value. In this paper, we develop a framework that encompasses these decisions by taking into consideration the trade-off between risk and return. Idea: We build up a model implemented in two stages. In the first stage, using random coefficient modeling on panel data, we obtain the estimates of the expected returns and standard deviations for cash holdings, inventories and receivables along with the correlations between them. Having these estimates on hand we move on to the second stage to determine the optimal allocation of current assets portfolio and construct the efficient frontier of the possible combinations of the current assets’ elements. Data: For the purposes of our study we use financial data from Greek manufacturing firms, drawn from their annual income statements and balance sheets. Firms are classified into the manufacturing industry for the years 2003 to 2014. Tools: In the first stage we use random coefficient modeling on panel data while in the second stage mean-variance analysis is employed. Findings: By applying the model in the Greek manufacturing sector we find that the minimum-variance portfolio of the average firm of our data set has an expected return of 10.00% with a 6.14% standard deviation (risk) and consists of 13% cash and cash equivalents, 29% inventories and 58% receivables. Contribution: Our model would be useful to assess and monitor firms’ current assets investments and may be used in the formulation of sound current assets policies and procedures.
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- 2019
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26. Cash Flow Statement Analysis between Commercial Banks (With Reference to Himalayan Bank Ltd. and Global IME Bank Ltd.)
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Lilaballabh Dhakal
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Finance ,business.industry ,Cash and cash equivalents ,media_common.quotation_subject ,General Medicine ,Payment ,Cash receipts journal ,Operating cash flow ,Cash ,Cash flow ,Cash flow statement ,Business ,Cash management ,media_common - Abstract
Banks are general means of institutions that deal with money. They provide financial resources for the development of the nation. They collect deposits from the people and lend these resources to people who demand investment. This study aims to evaluate and compare cash flows of selected two commercial banks. It helps to find out sources and uses of cash to analyze cash flow performance of Himalayan Bank and Global IME Bank limited. Cash flow statement is a statement which states the cash inflows and outflows of cash. A statement of cash flow reports cash receipts and payments classified according to the major activities: operating, investing and financing during the period. In this paper, a comparative study has been undertaken between two banks Global IME Bank limited and Himalayan Bank Limited. This study has been carried out with analytical research design to analyze the cash flow of two banks. Secondary data were used in this study. The cash flow from operating, investing and financing activities is fluctuating trend. It is also found that operating cash flow is positive and financing cash flow is negative in most of the years. In comparison, the cash flow of HBL has more consistency than GIBL. Both banks have positive Net cash flow except few years. Because of the conflict and political instability, the banking sector has also been affected. In banking industry, it seems that operating expenses are increasing year by year. Therefore, commercial banks should pay good attention to the minimization of operating expenses as possible.
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- 2019
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27. The Odds of Profitable Market Timing
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Luigi Buzzacchi and Luca Ghezzi
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010407 polymers ,050208 finance ,Cash and cash equivalents ,05 social sciences ,Rationality ,Commission ,Market timing ,01 natural sciences ,0104 chemical sciences ,Odds ,Data set ,HD61 ,0502 economics and business ,HG1-9999 ,Econometrics ,Economics ,ddc:330 ,forecasting accuracy ,Common stock ,Portfolio ,Monte Carlo analysis ,Risk in industry. Risk management ,commission ,market timing ,Finance - Abstract
This statistical study refines and updates Sharpe’s empirical paper (1975, Financial Analysts Journal) on switching between US common stocks and cash equivalents. According to the original conclusion, profitable market timing relies on a representative portfolio manager who can correctly forecast the next year at least 7 times out of 10. Four changes are made to the original setting. The new data set begins and ends with similar price-earnings ratios, a more accurate approximation of commissions is given, the rationality of assumptions is examined, a prospective and basic Monte Carlo analysis is carried out so as to consider the heterogeneous performance of a number of portfolio managers with the same forecasting accuracy. Although the first three changes improve retrospectively the odds of profitable market timing, the original conclusion is corroborated once more.
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- 2021
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28. Financial Performance Growth of Oman Cement Company
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Balamurugan Muthuraman and Badriya Sarhan Al Nairi
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Finance ,Ratio Analysis ,business.industry ,Cash and cash equivalents ,Financial statement analysis ,Competitor analysis ,Performance Growth ,Operating ratio ,Cement industry in Oman ,Market liquidity ,Oman Cement Company ,Financial Statement Analysis ,Fixed asset ,Position (finance) ,Profitability index ,Business - Abstract
Purpose: The objectives of the study were to analyze the financial growth of Oman Cement Company (OCC) to critically investigate the financial performance along with its growth in the Oman cement industry. Design/methodology/approach: The data was collected from the five years’ financial statements between 2016 and 2020 listed in the Muscat Security Market and the analysis was carried out applying the different ratios – profitability ratios, liquidity ratios, management efficiency ratios, operating ratios, and financing ratios. Findings: The results of the study reveal that the OCC growing more efficiently in finance with effectively utilizes its assets. The company liquidity position was given a positive sign during the study period. The management and operating efficiency are less, and it needs improvement. Overall financial growth is stable impartment started during the end of the study period. Research limitations/implications: The study implies that the company management needs to utilize the fixed assets and improve the cash and cash equivalents. The production policy needs an eye on the future success of management. Social implications: The study suggests that the management should act wisely in handling finance. Further, the OCC policies should maintain standards to compete with foreign competitors. Originality/Value: Only a very few have examined the causes for the financial issue in the Oman cement industry, and it is a first-hand study of its kind, and the results will be useful to the stakeholders. 
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- 2021
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29. Risk disclosure and corporate cash holdings
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Khaled Hussainey and Issal Haj-Salem
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content analysis ,Cash and cash equivalents ,media_common.quotation_subject ,Accounting ,Sample (statistics) ,Tunisian listed companies ,cash holdings ,0502 economics and business ,Agency (sociology) ,ddc:330 ,Empirical evidence ,media_common ,050208 finance ,business.industry ,05 social sciences ,050201 accounting ,Annual report ,risk disclosure ,ComputingMilieux_MANAGEMENTOFCOMPUTINGANDINFORMATIONSYSTEMS ,HD61 ,Impression management ,Content analysis ,Cash ,HG1-9999 ,ComputingMilieux_COMPUTERSANDSOCIETY ,Risk in industry. Risk management ,Business ,Finance - Abstract
In this paper, we extend corporate disclosure and corporate cash holdings literature by testing whether corporate voluntary risk disclosure affects corporate cash holdings for a sample of Tunisian non-financial listed companies. As a measure of risk disclosure, we use manual content analysis to count the number of risk-related sentences in the narrative sections of corporate annual reports. As a measure of corporate cash holdings, we use the ratio of cash and cash equivalent over the total assets. Using a sample of 140 firm-year observations for the period of 2008–2013, we find that corporate risk disclosure has a negative impact on corporate cash holdings. Our results are consistent with agency, legitimacy and impression management theories. Our paper adds to the existing literature by being the first empirical evidence for the impact of risk disclosure on cash holdings. Our findings offer policy implications relevant for the current debate on the reliability of narrative risk disclosure and whether managers inform or obfuscate stakeholders by disclosing more risk-related information in their annual report narratives.
- Published
- 2021
30. Determinants of Capital Adequacy of Nigerian Banks
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Sanyaolu Wasiu Abiodun, Yunusa Lateef Adewale, and Alao Adeniyi Abdul-Azeez
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050208 finance ,Flow of funds ,Cash and cash equivalents ,business.industry ,05 social sciences ,Developing country ,Financial system ,Investment (macroeconomics) ,Capital adequacy ratio ,Loan ,0502 economics and business ,Business ,050207 economics ,Non-performing loan ,Risk management - Abstract
A reliable banking system in developing economies like Nigeria is vital for economic progress as it facilitates the flow of funds to productive investment sectors. The capital adequacy requirement of banks is a crucial feature of the stability of the banks globally. Because of its importance, we have examined the antecedents to capital adequacy. We have used the data set of ten leading banks of Nigeria from 2007 to 2017. Our results indicate that ROA and loan to total assets are significantly associated with capital adequacy. However, we found that nonperforming loans and size are negatively associated with the capital adequacy. Our results do not support the association between macroeconomics variables and capital adequacy. Therefore, we recommend that all banking entities should reserve sufficient cash and cash equivalents as a percentage of deposits and apply aggressive risk management practices to reduce the magnitude of nonperforming loans. This study was restricted to one country. Future studies can be carried out in other countries. A comparative data set of more than one country may bring further insight into the phenomenonKeywords: Capital adequacy ratio, banks-specific determinants, macroeconomic determinants, Nigeria.
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- 2020
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31. UAB ,,Senasis Paventys' trumpalaikio turto apskaita
- Author
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Zaveckytė, Liveta and Jurevičienė, Jadvyga
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finansinė analizė ,stock ,cash and cash equivalents ,per vienus metus gautinos sumos ,amount receivable within one year ,trumpalaikis turtas ,atsargos ,current assets ,pinigai ir pinigų ekvivalentai - Abstract
Baigiamajame darbe nagrinėta trumpalaikio turto apskaita teoriškai ir praktiškai, atlikta finansinė analizė. Tyrimo tikslas: išnagrinėti UAB ,,Senasis Paventys" trumpalaikio turto apskaitą. Išsikelti uždaviniai: išnagrinėti trumpalaikio turto apskaitą teoriniu aspektu; išanalizuoti UAB ,,Senasis Paventys" trumpalaikio turto apskaitos procesą; atlikti UAB ,,Senasis Paventys" finansinių ataskaitų duomenų analizę. Naudoti tyrimo metodai: įmonės dokumentų analizė, teisės aktų analizė, mokslinės literatūros analizė ir finansinių ataskaitų analizė., In the final work the accounting of short-term assets is analyzed theoretically and practically and financial analysis is performed. The aim of the research: to examine the accounting of short-term assets of UAB Senasis Paventys. Tasks: to examine the accounting of short-term assets from the theoretical point of view; to analyze the accounting process of short-term assets of UAB Senasis Paventys; performed analysis of UAB "Senasis Paventys" financial statements data. Research methods used: analysis of company documents, analysis of legal acts, analysis of scientific literature and analysis of financial statements.
- Published
- 2020
32. Compensating control participants when the intervention is of significant value: Experience in Guatemala, India, Peru and Rwanda
- Author
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Quinn, Ashlinn K, Williams, Kendra, Thompson, Lisa M, Rosa, Ghislaine, Diaz-Artiga, Anaite, Thangavel, Gurusamy, Balakrishnan, Kalpana, Miranda, J Jaime, Rosenthal, Joshua P, Clasen, Thomas F, Harvey, Steven A, Aravindalochanan, Vigneswari, Barr, Dana Boyd, Burrowes, Vanessa, Campbell, Devan, Campbell, Julia McPeek, Canuz, Eduardo, Castanaza, Adly, Chang, Howard, Checkley, William, Chen, Yunyun, Chiang, Marilu, Clark, Maggie L, Craik, Rachel, Crocker, Mary, Davila-Roman, Victor, de la Fuentes, Lisa, De Leon, Oscar, Dusabimana, Ephrem, Elon, Lisa, Gabriel Espinoza, Juan, Pineda Fuentes, Irma Sayury, Garg, Sarada, Goodman, Dina, Gupton, Savannah, Hardison, Megan, Hartinger, Stella, Herrera, Phabiola, Hossen, Shakir, Jaacks, Lindsay, Jabbarzadeh, Shirin, Johnson, Michael A, Jones, Abigail, Kearns, Katherine, Kirby, Miles, Kremer, Jacob, Laws, Margaret, Liao, Jiawen, Lovvorn, Amy, Majorin, Fiona, McCollum, Eric, McCracken, John, Meyers, Rachel, Mollinedo, Erick, Moulton, Lawrence, Mukhopadhyay, Krishnendu, Naeher, Luke, Nambajimana, Abidan, Ndagijimana, Florien, Nizam, Azhar, Ntivuguruzwa, Jean de Dieu, Papageorghiou, Aris, Peel, Jennifer, Piedrahita, Ricardo, Pillarisetti, Ajay, Puttaswamy, Naveen, Puzzolo, Elisa, Rajkumar, Sarah, Ramakrishnan, Usha, Reardon, David, Ryan, P Barry, Sakas, Zoe, Sambandam, Sankar, Sarnat, Jeremy, Simkovich, Suzanne, Sinharoy, Sheela, Smith, Kirk R, Steenland, Kyle, Swearing, Damien, Toenjes, Ashley, Underhill, Lindsay, Uwizeyimana, Jean Damascene, Valdes, Viviane, Verma, Amit, Waller, Lance, Warnock, Megan, Young, Bonnie, Investigators, HAPIN, Investigators, HAPIN, and Papageorghiou, A
- Subjects
purl.org/pe-repo/ocde/ford#3.03.05 [https] ,Cash and cash equivalents ,Control (management) ,010501 environmental sciences ,01 natural sciences ,Liquefied petroleum gas ,Household economics ,law.invention ,compensation ,03 medical and health sciences ,0302 clinical medicine ,Randomized controlled trial ,purl.org/pe-repo/ocde/ford#3.03.02 [https] ,law ,030212 general & internal medicine ,Socioeconomics ,0105 earth and related environmental sciences ,2. Zero hunger ,Practice ,Health Policy ,Public Health, Environmental and Occupational Health ,multi-country trial ,ethics ,Local community ,Intervention (law) ,Stove ,Business ,randomised controlled trial - Abstract
The Household Air Pollution Intervention Network (HAPIN) trial is a randomised controlled trial in Guatemala, India, Peru and Rwanda to assess the health impact of a clean cooking intervention in households using solid biomass for cooking. The HAPIN intervention—a liquefied petroleum gas (LPG) stove and 18-month supply of LPG—has significant value in these communities, irrespective of potential health benefits. For control households, it was necessary to develop a compensation strategy that would be comparable across four settings and would address concerns about differential loss to follow-up, fairness and potential effects on household economics. Each site developed slightly different, contextually appropriate compensation packages by combining a set of uniform principles with local community input. In Guatemala, control compensation consists of coupons equivalent to the LPG stove’s value that can be redeemed for the participant’s choice of household items, which could include an LPG stove. In Peru, control households receive several small items during the trial, plus the intervention stove and 1 month of fuel at the trial’s conclusion. Rwandan participants are given small items during the trial and a choice of a solar kit, LPG stove and four fuel refills, or cash equivalent at the end. India is the only setting in which control participants receive the intervention (LPG stove and 18 months of fuel) at the trial’s end while also being compensated for their time during the trial, in accordance with local ethics committee requirements. The approaches presented here could inform compensation strategy development in future multi-country trials.
- Published
- 2020
33. Impact of working capital management on the profitability of smes through cash operation cycles in Kumasi
- Author
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Genesis Gyasi Sah
- Subjects
Finance ,Cash and cash equivalents ,business.industry ,media_common.quotation_subject ,05 social sciences ,Working capital ,Current asset ,Skills management ,Current liability ,Cash ,0502 economics and business ,050211 marketing ,Profitability index ,Business ,Small and medium-sized enterprises ,050203 business & management ,media_common - Abstract
A business ought to be able to breed an adequate amount of cash and cash equivalent to meet its short-term liabilities if it is to carry on and develop in business. For that reason, working capital management which helps an entity to, efficiently and effectively manage current assets and liabilities is a key factor in the company’s long-term success; without working capital, the non- current assets will not function. The better the degree to which current assets exceed current liability, the more solvent or liquid a company is likely to be. This paper observes the relationship between working capital management practices of small and medium enterprises (SMEs) and the performance and profitability of these businesses in the Kumasi Metropolis distinctively Asafo, to evaluate key ratios of industries of such working capital management policies in ensuring that current assets meets current liabilities, to assess the degree to which management of SMEs are dedicated to the effective and efficient management of working capital. The implication of the findings is that the government of Ghana should pursue policies aimed at encouraging training and improving the managerial skills of SME owner/managers as well as creating the enabling environment for the development of improved modern technologies to transform the business processes of these vital industries.
- Published
- 2020
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34. ASSETS OF THE ENTITIES OF PUBLIC SECTOR OF THE ECONOMY: CONCEPTS, CLASSIFICATION AND METHODOLOGICAL PRINCIPLES OF ORGANIZATION OF ACCOUNTING
- Author
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Oleksandra Yurchenko
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Economy ,Cash and cash equivalents ,business.industry ,Financial instrument ,Capital (economics) ,Public sector ,Equity (finance) ,Fixed asset ,Accounting ,Chart of accounts ,Business ,Investment (macroeconomics) - Abstract
Reforming the accounting and reporting system in the public sector of Ukraine’s economy is a long and difficult process. Changes in legislation, testing of a new chart of accounts, new forms of financial reporting in practice, the use of a new grouping of assets, capital, liabilities; changes in the structure of property and sources of its formation (including equity) pose new challenges to improve the methodology of organization, accounting in new realities for scientists, and appropriate training, improving skills and competencies for practitioners. Thus, the accounting practice of public sector entities includes the concepts of assets, financial and non-financial assets. Assets are resources controlled by a budgetary institution as a result of past events; the use of them is expected to result in future economic benefits. Financial assets are financial instruments that include cash and cash equivalents; current and long-term receivables, financial investments, promissory notes received and other financial assets. Non-financial assets are all assets, except financial ones, that are used or held by a budgetary institution for the purpose of obtaining future economic benefits. Among them there are fixed assets, investment property, intangible assets, capital investments and other non-current tangible assets. Without knowledge of the theoretical foundations and methods of organization of accounting of public sector entities, it is impossible to show information about business transactions with assets in accounting; to systematize and generalize accounting and analytical data for the purpose of compiling reports, as well as their interpretation to meet the information needs of decision makers; to form accounting and analytical information on the availability and movement of financial and non-financial assets for effective management of the public sector entity; to apply the acquired knowledge in practice, etc.
- Published
- 2020
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35. Aktualne tendencje orzecznicze w sprawach finansowych ochotniczych straży pożarnych
- Author
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Dariusz Piotr Kała
- Subjects
Finance ,Cash and cash equivalents ,business.industry ,Compensation (psychology) ,Fire protection ,Subsidy ,Business - Abstract
Current judicial trends in financial matters voluntary fire brigadesThe aim of the study is to present the latest and current judicial trends in financial issues regarding volunteer fire. You should not pay a cash equivalent for participating in emergency and rescue exercises.Based on Article. 32 para. 3b of the Fire Protection Act, subsidies for volunteer fire brigades may be planned in the commune budget. Compensation and compensation for members of volunteer fire brigades is exempt from tax.
- Published
- 2018
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36. Cash transfers and labor supply: Evidence from a large-scale program in Iran
- Author
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Djavad Salehi-Isfahani and Mohammad H. Mostafavi-Dehzooei
- Subjects
Economics and Econometrics ,Cash transfers ,Labour economics ,Cash and cash equivalents ,Impact evaluation ,050204 development studies ,media_common.quotation_subject ,Development ,Transfer (computing) ,0502 economics and business ,Per capita ,Economics ,Cash on cash return ,050207 economics ,Cash management ,Tertiary sector of the economy ,health care economics and organizations ,media_common ,business.industry ,05 social sciences ,Operating cash flow ,Cash ,Value (economics) ,Household income ,Demographic economics ,Business ,Panel data - Abstract
This paper examines the impact of a national cash transfer program on labor supply in Iran. In 2011, Iran started monthly deposits of cash into individual accounts covering more than 70 million people and amounting to 28% of the median per capita household income. The payments were compensation for the sudden removal of hefty energy subsidies. The program has been heavily criticized for its disincentive for work, especially for the poor. We use panel data to study the causal effect of the transfers on labor supply using exogenous variation in the time households first started receiving transfers and in the intensity of treatment, which we define as the share of net transfers from the program in total per capita household expenditures. We find no evidence that cash transfers reduced labor supply, in terms of hours worked or labor force participation. To the contrary, we find positive effects on the labor supply of women and self-employed men.
- Published
- 2018
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37. The effects of liquidity on inventory: Evidence form forestry subsector in Turkey
- Author
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Celal Demirkol, Ali Açikgöz, and Sudi Apak
- Subjects
040101 forestry ,Fen ,business.industry ,Cash and cash equivalents ,Science ,05 social sciences ,Forestry ,04 agricultural and veterinary sciences ,General Medicine ,Current asset ,Market liquidity ,Trade credit ,0502 economics and business ,Financial analysis ,0401 agriculture, forestry, and fisheries ,Balance sheet ,financial analysis,liquidity,inventory,bank credit,Forestry products subsector ,Hedge (finance) ,business ,050203 business & management ,Accounts receivable - Abstract
As a part of Agriculture sector, forestry subsector is the main provider for the forestry products industry which has been neglected in terms of short-term liabilities and liquidity analysis. Liquidity is a function of the liabilities of the businesses in the short-run and it is expected to consist much of trade credit rather than bank credit. This study tries to reveal the long-term dependence of the short-term inventories on cash and cash equivalents, short-term bank credit used, and short-term accounts receivable as a percentage of short-term liabilities in the forestry products subsector in Turkey. We analyze the sectoral three years averages of aggregate balance sheet data in the long-term (1998 - 2016) and we depict that inventories have correlations with cash and cash equivalents, short-term bank credit and short-term accounts receivable and we also reveal that the sector’s short-term liabilities have had a diminishing trend in the very long-run. After introducing the model, we have run the linear regression of the model and we share the robust results of the tests. The findings give evidence that inventories, which are in fact the most illiquid part of the current assets, have bank credit dependency as much as accounts receivable though decreasing liabilities in the short-term. We therefore offer suggestions on the results for the forestry products subsector so as to hedge against the potentially adverse liquidity conditions in the near future. Each precaution held for a subsector will therefore help the sustainability of the forestry and the agriculture sector as a whole and it will also contribute as an example therein integrated especially with the marketing strategies.
- Published
- 2018
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38. Corporate Cash Hoarding: The Role of Just-in-Time Adoption
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Xiaodan Gao
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Finance ,050208 finance ,Cash and cash equivalents ,business.industry ,Strategy and Management ,05 social sciences ,Management Science and Operations Research ,Cash conversion cycle ,Cash flow forecasting ,Operating cash flow ,0502 economics and business ,Economics ,Cash flow ,Cash flow statement ,Price/cash flow ratio ,050207 economics ,Cash management ,business - Abstract
I explore the role of the just-in-time (JIT) inventory system in the increase in cash holdings by U.S. manufacturing firms. I develop a model to illustrate the mechanism through which JIT affects cash and quantify its impact. In the model, both cash and inventory can serve as working capital. As firms switch from the traditional system to JIT, they shift resources from inventory to cash to facilitate transactions with suppliers. On average, this switchover accounts for a 4.1-percentage-point increase in the cash-to-assets ratio, which is approximately 28% of the change observed in the data. Data are available at https://doi.org/10.1287/mnsc.2017.2775 . This paper was accepted by Neng Wang, finance.
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- 2018
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39. Bankruptcy prediction in Visegrad group countries using multiple discriminant analysis
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Jaromír Vrbka, Zuzana Rowland, and Tomas Kliestik
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Economics and Econometrics ,Cash and cash equivalents ,Economics, Econometrics and Finance (miscellaneous) ,Visegrad group ,Financial ratio ,02 engineering and technology ,Current asset ,financial analysis ,Return on equity ,0502 economics and business ,0202 electrical engineering, electronic engineering, information engineering ,Financial analysis ,Finance ,Multiple discriminant analysis ,business.industry ,lcsh:Economic theory. Demography ,05 social sciences ,discriminant analysis ,prediction model ,lcsh:HB1-3840 ,bankruptcy ,Current liability ,Bankruptcy prediction ,020201 artificial intelligence & image processing ,Business ,050203 business & management - Abstract
Research background: The problem of bankruptcy prediction models has been a current issue for decades, especially in the era of strong competition in markets and a constantly growing number of crises. If a company wants to prosper and compete successfully in a market environment, it should carry out a regular financial analysis of its activities, evaluate successes and failures, and use the results to make strategic decisions about the future development of the business. Purpose of the article: The main aim of the paper is to develop a model to reveal the un-healthy development of the enterprises in V4 countries, which is done by the multiple discriminant analysis. Methods: To conduct the research, we use the Amadeus database providing necessary financial and statistical data of almost 450,000 enterprises, covering the year 2015 and 2016, operating in the countries of the Visegrad group. Realizing the multiple discriminant analysis, the most significant predictor and the best discriminants of the corporate prosperity are identified, as well as the prediction models for both individual V4 countries and complex Visegrad model. Findings & Value added: The results of the research reveal that the prediction models use the combination of same financial ratios to predict the future financial development of a company. However, the most significant predictors are current assets to current liabilities ratio, net income to total assets ratio, ratio of non-current liabilities and current liabilities to total assets, cash and cash equivalents to total assets ratio and return of equity. All developed models have more than 80 % classification ability, which indicates that models are formed in accordance with the economic and financial situation of the V4 countries. The research results are important for companies themselves, but also for their business partners, suppliers and creditors to eliminate financial and other corporate risks related to the un-healthy or unfavorable financial situation of the company.
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- 2018
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40. Pengaruh Fluktuasi Suku Bunga Kredit KURS terhadap Profitabilitas
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Robert Pius Pardede and Shinta Listari
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Exchange rate ,Loan ,Cash and cash equivalents ,media_common.quotation_subject ,Debt ,Profitability index ,Cash flow statement ,Financial system ,Business ,Loan-to-value ratio ,Interest rate ,media_common - Abstract
The high level of business competition nowadays challenges companies to make every effort to survive and to continuously innovate in order to fulfill the customers’ demands. The past few years, property industry in Indonesia experienced a tremendous development. This is shown by the increasing number of residential housing, shopping centers, even to the township. The number of Indonesian resident is a very potential market for industrial property. Property prices continue to experience a notable increase caused by a number of investors and speculators. At the end of 2013, Bank Indonesia released a policy “Loan To Value” to secure property prices in Indonesia, particularly the housing sector from investors and speculators game. The purpose of this study case was to determine the accounting policy of interest rates and exchange rate, to find out the recognition of loan interest rate fluctuations and exchange rate, and determine the effect of changes in interest rates and exchange rates on profitability in property companies, namely PT Summarecon Agung Tbk, PT Agung Podomoro Land Tbk, and PT Alam Sutera Realty Tbk at 5 period, 31 December 2012, 30 June 2013, 31 December 2013, 30 June 2014, and 31 December 2014. The research shows that the three companies use and apply PSAK 10 related to exchange rates and PSAK 26 related to borrowing cost, lending costs. These costs occur due to the lending rates for bank debt owned by the company. PT Summarecon Agung Tbk and PT Agung Podomoro Land Tbk included the foreign exchange differences in the statement of cash flows as the effect of exchange rate differences affecting cash and cash equivalents in the current year and PT Alam Sutera Realty Tbk included it into a foreign exchange gain/(loss) on foreign exchange that affect profitability in the current year. Mean while, credit interest rate fluctuations affect the rise in lending cost and the exchange rate is not significant according to results from SPSS calculations.
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- 2018
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41. The role of the AFA coefficient as a new criterion in the long-run liaison between corporate liquidity and bank credit
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Sadi Uzunoglu, Sudi Apak, Nicholas Apergis, and Ali Açikgöz
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050208 finance ,Cointegration ,Cash and cash equivalents ,business.industry ,05 social sciences ,Economics, Econometrics and Finance (miscellaneous) ,Working capital ,Accounting ,Management Information Systems ,Market liquidity ,Bank credit ,Current ratio ,Sectoral analysis ,0502 economics and business ,Econometrics ,Economics ,Unit root ,050207 economics ,business - Abstract
Purpose This paper aims to focus on the absence of a direct criterion for the ideal level of net working capital (NWC) for which Acikgoz (2014) theoretically demonstrates that this NWC can be treated in a manner that allows the assessment of repayments. The study presents and discusses a new multiplier (i.e. the afa coefficient), defined as the ratio of cash equivalents ratio to NWC, measured as the percentage of short-term liabilities (Acikgoz, 2014). In other words, the study explores whether NWC could be an indicator of the ratios of corporate short-term bank credit to STL and of bank credit to total assets. Design/methodology/approach Sectoral panel regressions are used in the case of Turkey, spanning the period 1996-2013, on data obtained from the Central Bank of Turkey. Through second-generation panel unit root tests for cross-section dependence and panel cointegration methodologies, the results illustrate the statistical significance of the CD statistics, indicating the presence of cross dependence, the presence of non-stationary variables and the presence of a long-run association for the variables under study. Findings The findings document that a transformed variable of NWC is more substantive than the explicatory quality of the current ratio and may potentially be used in the prediction of bank credit in corporate liabilities. Originality/value The afa coefficient shows the ratio of liquid assets to NWC as a percentage of STL. The results illustrate that this coefficient plays a significant role for corporate bank credit usage in the case of the Turkish sectoral analysis.
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- 2018
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42. Corporate cash holdings in the shipping industry
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Meike Ahrends, Wolfgang Drobetz, and Nikos K. Nomikos
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040101 forestry ,Finance ,050208 finance ,business.industry ,Cash and cash equivalents ,05 social sciences ,Transportation ,04 agricultural and veterinary sciences ,Monetary economics ,Cash flow forecasting ,Operating cash flow ,0502 economics and business ,0401 agriculture, forestry, and fisheries ,Cash flow ,Cash flow statement ,Cash on cash return ,Price/cash flow ratio ,Business and International Management ,business ,Cash management ,Civil and Structural Engineering - Abstract
We examine the corporate cash holdings of listed shipping companies and show that shipping firms hold more cash than similar firms in other asset-heavy industries. Higher cash holdings in the shipping industry are not attributable to firm- or country-level characteristics, but rather to the higher marginal value of cash. Shipping firms value an additional dollar of cash higher than matched manufacturing firms, regardless of their financial constraints status, but depending on their cultural background and the cyclicality of their expansion opportunities. Less procyclical shipping firms have a higher marginal value of cash, and this valuation effect is most pronounced in bad times of the business cycle when external capital supply tends to becomescarce.Overall, it appears that shipping companies are more conservative than their peers in managing their cash positions.
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- 2018
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43. Labor Union Effect on Corporate Cash Holdings and Their Marginal Value
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Minshik Shin, Jae-Ik Lee, Jongho Shin, and Sooeun Kim
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Labour economics ,050208 finance ,Cash and cash equivalents ,Marginal product of labor ,media_common.quotation_subject ,05 social sciences ,Shareholder value ,Operating cash flow ,Cash ,0502 economics and business ,Business ,Cash on cash return ,050207 economics ,Cash management ,General Economics, Econometrics and Finance ,Finance ,Labor union ,media_common - Abstract
By using panel data from Korean listed firms, we find that unionized firms strategically hold less cash to enhance their bargaining power against labor unions. We also find that unionized firms are likely to reduce the marginal value of their cash holdings, thereby decreasing shareholder value from the agency theory perspective. This finding complements the agency theory argument that managers tend to waste corporate resources by hoarding cash, particularly when faced with increased information asymmetry and financial constraints. Overall, our results suggest that information-related financial constraints and agency problems are likely to co-exist in unionized firms.
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- 2018
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44. Earnings Quality Effect on Corporate Excess Cash Holdings and Their Marginal Value
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Jae-Ik Lee, Jongho Shin, Sooeun Kim, and Minshik Shin
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050208 finance ,Cash and cash equivalents ,media_common.quotation_subject ,05 social sciences ,Financial system ,050201 accounting ,Marginal value ,Monetary economics ,Operating cash flow ,Cash ,0502 economics and business ,Earnings quality ,Business ,Cash on cash return ,Cash management ,General Economics, Econometrics and Finance ,health care economics and organizations ,Finance ,Panel data ,media_common - Abstract
By using panel data from Korea’s listed firms, we find that firms with poor earnings quality are more likely to accumulate excess cash holdings, perhaps in an attempt to buffer themselves from information asymmetry problems. We also find that firms with poor earnings quality are more likely to discount the marginal value of their excess cash holdings because their shareholders appear to question the reason for such cash policy changes from the agency theory perspective. Overall, our results suggest that information asymmetry and agency problems are likely to co-exist in firms with poor earnings quality.
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- 2018
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45. The Speed of Adjustment of Corporate Cash Holdings
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Keyur B. Thaker and K T Vigneswara Rao
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040101 forestry ,Finance ,050208 finance ,business.industry ,Cash and cash equivalents ,05 social sciences ,Geography, Planning and Development ,04 agricultural and veterinary sciences ,Monetary economics ,Cash flow forecasting ,Operating cash flow ,0502 economics and business ,Economics ,0401 agriculture, forestry, and fisheries ,Cash flow ,Cash flow statement ,Cash on cash return ,Price/cash flow ratio ,Cash management ,business - Abstract
Cash is an important and highly liquid asset held by a business firm to meet its liquidity needs and other purposes. Cash holding level bear real consequences on the financial and operating performance and policy of a firm in both short run and long run. In India, there has been a dramatic increase in the corporate cash holdings over the last decade. For the last three years, the percentage of assets that the listed firms are retaining as a cash has undergone an unusal increase. The major purpose of this study is to explore the speed of adjustment of cash balances of sampled firms towards target cash holding. The study sample consists of 849 manufacturing firms listed on National Stock Exchange of India for the period 2007-2012. The present study used dynamic panel data regression analysis to address the dynamic nature of cash holdings, where the generalized method of moments (GMM) technique was employed for estimating the determinants and the speed of adjustment (SOA) of cash holdings with one-step and two-step estimators of system GMM (SYS–GMM) The findings indicate net working capital, leverage, capital expenditure, default spread and T-bills rates have negative association with the cash to total asset ratios while the dividends, net debt issuance and net equity issuance have positive association with cash holding levels of the firm. The estimated adjustment coefficient (λ) is below 0.5 signifying that a typical firm in the sample closes more than half the gap between actual and target cash holdings within one and half year and the entire gap within two and half years. The study results supports trade-off theory of corporate cash holdings. This study provides an insight to the dynamic nature and speed of adjustment towards the target level of cash holdings of sample firms, which might help a finance manager in the better management of cash holdings. Effective liquidity management leads to the realization of long-term financial goals and objectives of a firm.
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- 2018
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46. Cash remains top-of-wallet! International evidence from payment diaries
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David Bounie, Yassine Bouhdaoui, Carlos A. Arango-Arango, Martina Eschelbach, Lola Hernandez, Département Sciences Economiques et Sociales (SES), Télécom ParisTech, Economie Gestion (ECOGE), Institut interdisciplinaire de l’innovation (I3, une unité mixte de recherche CNRS (UMR 9217)), École polytechnique (X)-Télécom ParisTech-MINES ParisTech - École nationale supérieure des mines de Paris, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Centre National de la Recherche Scientifique (CNRS)-École polytechnique (X)-Télécom ParisTech-MINES ParisTech - École nationale supérieure des mines de Paris, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Centre National de la Recherche Scientifique (CNRS), and Applied Economics
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Finance ,Money demand ,Economics and Econometrics ,050208 finance ,[QFIN]Quantitative Finance [q-fin] ,Cash and cash equivalents ,business.industry ,05 social sciences ,1. No poverty ,Petty cash ,ATM access ,Cash conversion cycle ,Cash flow forecasting ,Payment instruments ,Cash and carry ,Operating cash flow ,0502 economics and business ,Economics ,Cash flow statement ,050207 economics ,Cash management ,business ,ComputingMilieux_MISCELLANEOUS - Abstract
In recent years, many studies have emphasized the cost-saving potential of electronic payments. Yet, cash is still heavily used to pay for point-of-sale transactions in many developed economies. We introduce a model of optimal cash holdings and payments that exploits survey payment diaries from Austria, Canada, France, Germany, the Netherlands and the United States. Our results provide evidence that differences in incentives, such as the relative cost of cards compared with cash, and differences in ATM withdrawal costs, are key factors explaining why cash remains top-of-wallet across many developed economies. Indeed, we show that once obtained, cash goes first because it ”burns” in consumers’ wallets.
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- 2018
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47. Stochastic internal rate of return on investments in sustainable assets generating carbon credits
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Joseph Sarkis and Dileep G. Dhavale
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021103 operations research ,Actuarial science ,General Computer Science ,Cash and cash equivalents ,05 social sciences ,0211 other engineering and technologies ,02 engineering and technology ,Management Science and Operations Research ,Net present value ,Operating cash flow ,Modeling and Simulation ,0502 economics and business ,Econometrics ,Economics ,Cash flow statement ,Cash flow ,Cash on cash return ,Price/cash flow ratio ,Cash management ,050203 business & management - Abstract
Internal rate of return (IRR) is a widely used tool in ranking capital budgeting projects and eventual accept or reject decisions. In this paper, we consider an investment decision involving a sustainable, energy efficient, greenhouse gases (GHG) reducing asset and incorporate the value of carbon emission allowances for the investing company. These allowances create cash flows that may be characterized by significant volatility and uncertainty. The methodology developed in this paper allows decision makers to integrate their knowledge of carbon trading markets and the cash flows that result from sale of emissions credits. The novel methodology utilizes a Bayesian model for IRR that uses Gibbs sampler. Analysis of the results shows that IRR is influenced by volatility and uncertainty of carbon credit cash flows. Ignoring those uncertainty characteristics and simply using the expected values of cash flows can result in significantly inaccurate investment rate of returns. When compared to deterministic IRR calculations, the results show that the occurrence of very high and very low cash flows affects IRR positively, whereas higher variability of cash flow distribution affects IRR of GHG-reducing asset negatively. In other words, frequent large or small cash flows are preferred over fluctuating cash flows. The results may also provide a rationale for the existence of an anomalous consumer behavior known as the energy efficiency gap.
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- 2018
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48. PENYUSUNAN LAPORAN ARUS KAS PADA PRIMKOP KARTIKA S-11 BHALADIKA SEMARANG TAHUN 2020
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Adibatul Isna, Sulistiyo Sulistiyo, and Didiek Susilo Tamtomo
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Finance ,Free cash flow ,Cash and cash equivalents ,business.industry ,Cash ,media_common.quotation_subject ,Cash flow ,Cash flow statement ,Balance sheet ,General Medicine ,Business ,Database transaction ,media_common - Abstract
This study aims is to prepare the statement of cash flow and analyze thecash flow statement in 2020 at Primkop Kartika S-11 Bhaladika. Data collection was obtained by interview and documentation, while methods of writing used aredescription and exposition. Description method to describe comparative balancesheets as of December 31, 2020 and 2019, calculation of business results for the year ended December 31, 2020, and selected data transaction Primkop Kartika S-11 Bhaladika for 2020. Exposition method to clarify about changes in cash and cash equivalents, cash flows from operating activities, investing activities, and financing activities. The result of this study is the cash flow statement of Primkop Kartika S-11 Bhaladika in 2020 can be prepared and presented. The statement of cash flow shows positive cash flow in operating activities of Rp 629.577,163.00, and positive cash flow in investing activities of Rp 976,769,854.00, and positive cash flow in financing activities of Rp 285,951,078.00. Analysis of cash flow statement indicates idle cash at Primkop Kartika S-11 Bhaladika Semarang in 2020.
- Published
- 2021
- Full Text
- View/download PDF
49. PENGARUH KEPEMILIKAN KAS TERHADAP MANAJEMEN LABA RIIL DENGAN KONEKSI POLITIK SEBAGAI VARIABEL MODERASI
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Faisal Faisal, Cut Sri Firman Hastuti, and Ikhsan Ikhsan
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Net asset value ,Leverage (finance) ,Operating cash flow ,Earnings management ,Stock exchange ,Cash and cash equivalents ,Cash ,media_common.quotation_subject ,Econometrics ,Profitability index ,Business ,media_common - Abstract
This study aims to provide evidence of the extent of cash holding ability in influencing real earnings management while also calculate the role of political connections as a moderating variable in companies listed on the Indonesia Stock Exchange in 2017 and 2018. This analysis is also supported by several control variables including profitability, company size, sales growth, and leverage. The sample selection method used in this study is purposive sampling in order to get a sample of 710 companies on the Indonesia Stock Exchange in 2017 and 2018. The analysis technique used is a technical analysis with a moderating regression analysis. Cash ownership is measured using the logarithm of the proportion of cash and cash equivalents with net assets, while net assets are measured by total assets minus cash and cash equivalents. Real earnings management (REM) is measured by calculating the number of Abnormal Cash Flow from Operations (Ab_CFO) plus Abnormal Discretionary Expenses (Ab_DEXP) and Abnormal Production Cost (Ab_PROD). While the disclosure of political connections is measured using a categorical scale (dummy). Based on the results of the regression test that has been done, cash holding has a positive and significant effect on real earnings management. Meanwhile, political connections do not affect real earnings management and political connections moderate the effect of cash holding on real earnings management. This study also provides information that disclosure of political connections can moderate the effect of cash holding on real earnings management appropriately in the entire sample studied. Keywords : Cash Holding, Real Profit Management, Political Connections, Profitability, Company Size, Sales Growth, and Leverage.
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- 2021
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50. Training of Implementation of Simple Financial Statements on Waste Bank Group in West Jakarta
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Helsinawati Helsinawati
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Finance ,Cash and cash equivalents ,business.industry ,Income statement ,General ledger ,Revenue ,Cash flow ,Balance sheet ,General Medicine ,Business ,Financial statement ,Trial balance - Abstract
Regulation of the Minister of Environment No 13 of 2012 on the implementation of Reduce, Reuse, and Recycle (Ministry of Environment, 2012) is to manage waste through 3R principles (Reduce, Reuse, and Recycle). This regulation drives the community to establish a waste bank. Community Service on Training on Implementation Simple financial report on waste bank group aims to; provide theory, demonstration and practice about account code creation, document formats, and financial transaction processing on Member Savings Books / Waste customers. A waste bank is a concept of collecting and sorting dry waste, and has management like a bank but a savings is not of money but rubbish. Waste bank report, Purchase Report, Debt Report, Sales Report, Receivable Report and Cash and Cash Equivalent Report, Inventory Report, Journal, General Ledger, Trial Balance and Financial Statement (Balance Sheet, Income Statement and Cash Flow) Waste bank can monitor and control the source and the use of funds . The efficiency and accountability of revenue and expenditure of funds can be better so that profitability of business can increase. Training methods used (1) Lecture and Discussion, (2) Demonstration, and (3) Direct Practical Simple Finanvial Statement . Outcomes of this activity are the Improvement of knowledge, better understanding, skills of application of financial report recording from Waste Bank management.
- Published
- 2017
- Full Text
- View/download PDF
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