Academic literature on the topic 'Corporate financial health'
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Journal articles on the topic "Corporate financial health"
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Goldberg, Harold H., Robert W. Burke, Samuel Gordon, Kenneth J. H. Pinkes, and M. Dough Watson. "ASSET SECURITIZATION AND CORPORATE FINANCIAL HEALTH." Journal of Applied Corporate Finance 1, no. 3 (September 1988): 45–51. http://dx.doi.org/10.1111/j.1745-6622.1988.tb00471.x.
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Simic, D., I. Kovacevic, and S. Simic. "Insolvency prediction for assessing corporate financial health." Logic Journal of IGPL 20, no. 3 (February 4, 2011): 536–49. http://dx.doi.org/10.1093/jigpal/jzr009.
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Cut Nadira Putri Kamal. "Decoding Corporate Financial Health: A Comprehensive Quantitative Analysis of Annual Accounts and Financing Strategies." Business and Investment Review 2, no. 1 (February 25, 2024): 108–19. http://dx.doi.org/10.61292/birev.98.
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This study navigates the intricate landscape of corporate finance within publicly traded Indonesian companies, aiming to comprehensively grasp their financial health. A holistic approach merges quantitative analyses of annual accounts with qualitative insights from corporate finance, focusing on unraveling the nuanced relationship between financing techniques and financial performance indicators, considering diverse variables such as industry characteristics and company sizes. Employing robust methodologies including regression analysis, correlation analysis, and panel data analysis, the study uncovers significant trends. Noteworthy findings include a burgeoning reliance on debt financing, the emergence of hybrid financing structures, and industry-specific variations in financing preferences. The positive correlation between equity financing and profitability aligns seamlessly with agency theory, underlining its potential for aligning management interests with long-term value creation. Meanwhile, the nuanced impact of debt financing emphasizes the imperative for companies to delicately balance the benefits and risks associated with financial leverage. Implications derived from the research extend practical advice to industry practitioners, emphasizing the need for tailored financing strategies, strengthened corporate governance, and industry-specific considerations. Policymakers are encouraged to play a pivotal role in fostering equity market development, implementing responsible regulatory measures, and championing transparency in financial reporting. This research not only contributes to the existing financial literature by enriching academic discourse but also provides actionable insights for businesses navigating the intricate terrain of corporate finance in Indonesia.
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González, Francisco. "Creditor rights, financial health, and corporate investment efficiency." North American Journal of Economics and Finance 51 (January 2020): 100873. http://dx.doi.org/10.1016/j.najef.2018.11.002.
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Cai, Jun, Miao Luo, and Alan J. Marcus. "Financial health and the valuation of corporate pension plans." Journal of Pension Economics and Finance 19, no. 4 (November 19, 2019): 459–90. http://dx.doi.org/10.1017/s1474747219000210.
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AbstractWe return to the long-standing question ‘Who owns the assets in a defined benefit pension plan?’ Unlike earlier studies, we condition the market's assessment of implicit property rights on the sponsoring firm's financial health. Valuations of financially strong firms, and those that are strengthening, are more responsive to pension plan funding. For these firms, each extra dollar of net plan assets is valued at between $0.50 and $1.00. In contrast, for weak and weakening firms, valuation effects are statistically indistinguishable from zero. This result is consistent with the higher likelihood that they will renege on their pension obligations.
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Clement, Jan P., Thomas A. D??Aunno, and Barbara Lou M. Poyzer. "Hospital Corporate Restructuring and Financial Performance." Medical Care 31, no. 11 (November 1993): 975–88. http://dx.doi.org/10.1097/00005650-199311000-00001.
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Isaac, Fikry W. "Employee health contributes to corporate financial health at Johnson & Johnson." Journal of Organizational Excellence 24, no. 1 (2004): 57–65. http://dx.doi.org/10.1002/npr.20038.
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Chakraborty, Sumit, and Sushil K. Sharma. "Prediction of corporate financial health by Artificial Neural Network." International Journal of Electronic Finance 1, no. 4 (2007): 442. http://dx.doi.org/10.1504/ijef.2007.012898.
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Conradie, Christina Susanna, Eon van der Merwe Smit, and Daniel Pieter Malan. "Corporate Health and Wellness and the Financial Bottom Line." Journal of Occupational and Environmental Medicine 58, no. 2 (February 2016): e45-e53. http://dx.doi.org/10.1097/jom.0000000000000653.
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Pratomo, Teguh Phambudi, Nugroho Mardi Wibowo, and Chandra Kartika. "PENGARUH CORPORATE SOCIAL RESPONSIBILITY, GOOD CORPORATE GOVERNANCE TERHADAP VALUE OF COMPANY MELALUI PERFORMANCE FINANCIAL PADA PERUSAHAAN FOOD AND BEVERAGE DI BEI." Jurnal Manajerial Bisnis 5, no. 3 (December 28, 2022): 204–14. http://dx.doi.org/10.37504/jmb.v5i3.462.
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Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh corporate social responsibility, good corporate governance terhadap value of company melalui performance financial pada perusahaan food and beverage yang terdaftar di Bursa Efek Indonesia periode 2016-2018. Metode penelitian in ialah kuantitatif dengan pendekatan diskriptif. sampel yang digunakan sebanyak 9 perusahaan food and beverage yang terdaftar di bursa efek indonesia periode 2016 – 2018. Teknik analisis data yang digunakan dalam penelitian ini adalah partial least square (pls) dengan program smartpls 3.0. Hasil penelitian ini menunjukkan secara langsung: 1). corporate social responsibility berpengaruh positif dan tidak signifikan terhadap performance financial, 2). good corporate governance berpengaruh positif dan tidak signifikan terhadap performance financial, 3). corporate social responsibilityberpengaruh positif dan tidak signifikan terhadap value of company, 4). good corporate governance berpengaruh positif dan tidak signifikan terhadap value of company,5). performance financial berpengaruh positif dan tidak signifikan terhadap value of company, untuk hasil yang secara tidak langsung (variabel intervening): 6). corporate social responsibility berpenngaruh positif dan tidak signifikan terhadap value of company melalui performance financial, 7). good corporate governance berpengaruh postif dan tidak signifikan terhadap value of company melalui performance financial pada perusahaan food and beverage yang terdaftar di bursa efek indonesia periode 2016-2018.
Dissertations / Theses on the topic "Corporate financial health"
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Adamu, Stephen A. "Impact of Corporate Social Responsibility on Financial Performance in the Pharmaceutical Industry." Thesis, Pepperdine University, 2018. http://pqdtopen.proquest.com/#viewpdf?dispub=10689996.
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Many studies have examined the association between corporate social responsibility (CSR) and corporate financial performance, but scholars argue that the exact relationship between CSR and corporate financial performance remains unclear. This quantitative study examines the impact of CSR on corporate financial performance in the pharmaceutical industry. The study addresses the research question: What is the financial performance in the pharmaceutical industry among companies that have embraced CSR? The alternative hypothesis predicted positive correlations between financial performance and CSR. The related null hypotheses predicted that there would be no correlations between any of 8 dimensions of CSR and corporate financial performance. Archival data from 18 leading global pharmaceutical companies ranked by Access to Medicine Index were used to answer the research question.
In 4 of the 8 hypotheses tested, the results show partial support for a positive effect of CSR on corporate financial performance in the pharmaceutical industry based on significant correlations in 2014. Specifically, significant 2014 relationships with corporate financial performance were observed for CSR general access to medicine management, CSR capacity advancement in product development and distribution, CSR product donations and philanthropic activities, and overall CSR. However, no significant 2014 relationships with corporate financial performance were observed for CSR public policy and market influence, CSR research and development, CSR pricing, manufacturing, and distribution, and CSR patents and licensing. In the 8 hypotheses tested, the findings in 2012 did not show any effect of CSR on corporate financial performance in the pharmaceutical industry. The results of this study suggest at the minimum, that CSR does not negatively impact corporate financial performance in the pharmaceutical industry. This study does not support arguments against product donations and philanthropic activities. The partial support for a positive effect of CSR on corporate financial performance and no negative impact of CSR on financial performance in the pharmaceutical industry, could encourage corporate leaders to pay attention to, not only their corporate financial profits, but also ethical, environmental, and social issues such as improving the access to medicines; and contributing to improving society.
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Marais, Wandra. "The impact of physical activity on selected health risk factors and medical costs of employees working within a financial institution / Wandra Marais (née Van der Merwe)." Thesis, North-West University, 2008. http://hdl.handle.net/10394/2715.
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For employees to optimally perform at work, it is important that they are healthy. The employee is under constant work pressures that affects their health behaviour. The aim of this research is to look at the evident health risks of employees working within a financial institution, to analyze how physical activity influences these health risk factors and their medical costs. In this study a sample of 9860 self selected employees, aged between 18 and 64 (35.3 ± 10.7 years), was used. These employees are spread over all the provinces of South Africa and from all racial groupings. Differentiation was made between employees who were on chronic medication and those who were not. The Health Risk Assessment (HRA) questionnaire developed and provided by the medical aid of the institution was used as the analysis tool. Medical expenditures of the sample group were also provided by the medical aid and investigated. A national network of registered Biokineticists administered the implementation of the HRA, based on a set protocol. ANOVA was used for statistical data analysis - providing descriptive and summarising statistics. One-way analysis of variance was used to determine relationships between variables. It is clear from the descriptive data that the tendencies of selected health risks were high.
The results also show that 37.6% (Diastolic) and 47.87% (Systolic) of the sample group comply with the normal borders of blood pressure. With regards to BM3, 32.3% were overweight and 25.3% within the boundaries of obesity. The average cholesterol of the group is 4.4mmol.L-l. The Physical activity levels were determined using an activity algorithm developed by the medical aid of the institution (described in detail in the thesis). Results show a low level of physical activity index (7.18 + 3.05) within the sample group. No statistical significance could be found between physical activity levels and medical expenditure, although those who are highly active seemed to have higher expenditure than those who are inactive.Thesis (M.A. (Human Movement Science))--North-West University, Potchefstroom Campus, 2009.
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Langová, Karolína. "Posouzení finančního zdraví firmy." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-222341.
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This diploma thesis' objective is to assess the financial situation of the specific company and suggestion the concrete recommendation for the improvement its financial situacion. The first part of the thesis comprises theoretical fundamentals of the financial analysis and introduction the company. The second part represents application of financial analysis methods to assess the financial situation of the specific company. Summary gathers the general financial situation of the specific company and proposals to its improvement.
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Agyenim-Boateng, Cletus. "Examining the structuration processes in the financial accountability and governance practices pertaining to the public private joint venture partnerships (LIFT) in the UK health sector." Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/examining-the-structuration-processes-in-the-financial-accountability-and-governance-practices-pertaining-to-the-public-private-joint-venture-partnerships-lift-in-the-uk-health-sector(96d755d2-22e4-48ac-8324-f4e9c603d8b9).html.
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Shaoul et al. (2012) state that the accounting, scrutiny and oversight of Public Private Partnerships (PPPs) remain areas of concern. Also, there have been calls for a more socio-technical and multidisciplinary approach to accounting and governance studies (Broadbent, 2012; Broadbent and Guthrie 2008), especially in relation to the empirical study of PPPs (Hodge et al., 2010). This thesis responds to these calls in part by drawing on Giddens’ structuration theory to examine the financial accountability and governance concerns that are created in PPP joint venture structures. The empirical work focuses on the health sector, which is identified as one of the sectors inundated by PPP activities, particularly in the UK (Treasury, 2012; Whitfield, 2010). It adopts a case study approach, based on qualitative methodology, which involves documentary analysis of secondary data and interviews in relation to two PPP schemes under the Local Improvement Finance Trust (LIFT) scheme in the UK’s health sector.The thesis investigates: the extent to which the corporate structures of the LIFT scheme do complicate financial accountability and governance including external scrutiny; the extent to which the LIFT scheme does enhance partnership working between the public and private sector partners; the structures in financial accountability and governance in the LIFT scheme; the human agents that provide agency in financial accountability and governance in the LIFT scheme and; whether and in what ways structures and human agency in financial accountability and governance interact in the LIFT scheme and what the implications are.The thesis finds firstly that the complex corporate structure of the LIFT scheme is very complicated and the joint venture mechanism cannot be relied upon to deliver transparency of reporting. Secondly, as limited companies, all financial reporting follows private sector accounting regulations and Company Law and there is minimal disclosure in terms of information available to the general public. This is worsened by lack of information sharing between partners as evidenced in one case study group. Thirdly, there was considerable inconsistency in the reporting due to multiplicity of interpretive schemas between the two case study groups. Fourthly, there was considerable change in the reporting due both to changes in accounting regulations and changes in organisational structure and interpretive schemas throughout the period. Fifthly, there is lack of continuity of public sector oversight and monitoring as the public sector, in practice, restricts its activities to pre-operational phase and limited oversight after construction phases. Moreover, partnership working is very difficult in the context of profit seeking under the LIFT structure. Partnership working and success of the LIFT scheme may depend on trust, key personalities working together as well as leadership. From the structuration perspective, the study finds structural contradictions and conflicts of interests in financial accountability and governance practices. Therefore, transparency, public accountability, oversight and scrutiny are necessarily undermined and, policy makers should pay attention to not only the private sector technologies but also the manner in which they are used to benefit finance capital.
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Vaněček, Milan. "Podnikatelský záměr rozvoje firmy." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-401454.
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This Master’s thesis deals with the analysis of the existing, general and departmental environment and internal status of the company STROJÍRNA OSLAVANY, spol. s r. o. On the basis of the finding informations the work includes the processed suggestion of the corporate strategy, which should be helpful to establish the company position on the market and assure her additional development.
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Tanner, Janet Jeffery. "Financial Analysis and Fiscal Viability of Secondary Schools in Mukono District, Uganda." BYU ScholarsArchive, 2006. https://scholarsarchive.byu.edu/etd/1289.
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Within the worldwide business community, many analysis tools and techniques have evolved to assist in the evaluation and encouragement of financial health and fiscal viability. However, in the educational community, such analysis is uncommon. It has long been argued that educational institutions bear little resemblance to, and should not be treated like, businesses. This research identifies an educational environment where educational institutions are, indeed, businesses, and may greatly benefit from the use of business analyses. The worldwide effort of Education for All (EFA) has focused on primary education, particularly in less developed countries (LDCs). In Sub-Saharan Africa, Uganda increased its primary school enrollments from 2.7 million in 1996 to 7.6 million in 2003. This rapid primary school expansion substantially increased the demand for secondary education. Limited government funding for secondary schools created an educational bottleneck. In response to this demand, laws were passed to allow the establishment of private secondary schools, operated and taxed as businesses. Revenue reports, filed by individual private schools with the Uganda Revenue Authority, formed the database for the financial analysis portion of this research. These reports, required of all profitable businesses in Uganda, are similar to audited corporate financial statements. Survey data and national examination (UNEB) scores were also utilized. This research explored standard business financial analysis tools, including financial statement ratio analysis, and evaluated the applicability of each to this LDC educational environment. A model for financial assessment was developed and industry averages were calculated for private secondary schools in the Mukono District of Uganda. Industry averages can be used by individual schools as benchmarks in assessing their own financial health. Substantial deviations from the norms signal areas of potential concern. Schools may take appropriate corrective action, leading to sustainable fiscal viability. An example of such analysis is provided. Finally, school financial health, defined by eight financial measures, was compared with quality of education, defined by UNEB scores. Worldwide, much attention is given to education and its role in development. This research, with its model for financial assessment of private LDC schools, offers a new and pragmatic perspective.
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Schwach, Christiane Garrido. "O desafio dos hospitais privados no acesso ao investimento estrangeiro: uma análise da relação entre governança corporativa e o desempenho econômico-financeiro." Universidade Nove de Julho, 2016. http://bibliotecatede.uninove.br/handle/tede/1578.
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With the opening of the Brazilian market of hospitals for foreign direct investment, authorized from January 2015, some challenges of the private hospitals and the healthcare market is to understand what the investors seek in hospitals to make financial contributions. Some issues as macroeconomic outlook of the market; growth potential of the health sector; knowledge of the risks; existence of attractive hospitals available and Corporate Governance (CG), are essential for the analysis of investors. The need to professionalize the management of hospitals and train more qualified professionals is because, of mergers and acquisitions in health operations, be preceded by a thorough study of economic and financial viability and the assessment of the hospital that will receive the contribution. In this way, openness to foreign capital, brings new concepts to the health sector, particularly as the need for adjustments in current management models, mainly as good CG practices. In this sense, the objective of this study is to analyze the CG practices grip level in hospitals of the National Association of the Private Hospitals (ANAHP), and its indicators of economic and financial performance, which make them attractive to foreign investment. In addition, it elaborated the following research question: What is the relationship between the principles of corporate governance and financial indicators of the hospitals associated with ANAHP within the multidimensional perspective. The methodology is a study of exploratory nature, using a nearly-experimental research strategy, classified as ex post facto. Given a quantitative assessment the research has a multivariate approach, using descriptive analysis, multidimensional scaling (MDS) and application of cluster model. It was found that the group with the highest percentage of member hospitals CG (75%) showed better indicators. This result showed a positive relationship between the economic and financial performance indicators and CG practices and illustrated that the greater transparency of information, the better the economic and financial analysis of hospitals who wish to seek foreign investment.
Com a abertura do mercado brasileiro de hospitais ao investimento estrangeiro direto, autorizada a partir de janeiro de 2015, um dos desafios dos hospitais privados e do mercado de saúde é entender o que os investidores buscarão nas instituições hospitalares para realizar os aportes financeiros. Algumas questões como, perspectivas macroeconômicas do mercado; potencial de crescimento do setor de saúde; conhecimento dos riscos; existência de hospitais atrativos disponíveis e Governança Corporativa (GC), são essenciais para a análise dos investidores. A necessidade de profissionalizar a gestão dos hospitais e formar profissionais mais qualificados, se deve ao fato das operações de fusões e aquisições na saúde, serem precedidas de profundo estudo de viabilidade econômico-financeira e avaliação do hospital que receberá o aporte. Desta maneira, a abertura ao capital estrangeiro traz novos conceitos ao setor da saúde, sobretudo quanto a necessidade de adequações nos atuais modelos de gestão, principalmente quanto as boas práticas de GC. Neste sentido, o objetivo deste trabalho é analisar o nível de aderência as práticas de GC nos hospitais da Associação Nacional dos Hospitais Privados (ANAHP) e seus indicadores de desempenho econômico-financeiros, que os tornam atraentes ao investimento estrangeiro. Ademais, elaborou-se a seguinte questão de pesquisa: Qual é a relação entre os princípios de Governança Corporativa e os indicadores econômico-financeiros dos hospitais associados a ANAHP, dentro da ótica multidimensional. Trata-se de um estudo de natureza exploratório, por meio de uma estratégia de pesquisa quase-experimental, classificada como ex post facto. Perante uma avaliação quantitativa a pesquisa adotou uma abordagem multivariada, por meio da análise descritiva, da técnica de escalonamento multidimensional (EMD) e da aplicação do modelo de agrupamentos. Verificou-se que, o agrupamento com maior percentual de hospitais aderentes as práticas de GC (75%), apresentou os melhores indicadores. Este resultado evidenciou uma relação positiva entre os indicadores de desempenho econômico-financeiros e as práticas de GC e ilustrou que, quanto maior a transparência das informações, melhor a análise econômico-financeira das instituições hospitalares que desejam buscar o investimento estrangeiro.
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Moura, Luiz Carlos Feitosa de. "Does transparency pay off? Evidence from stock market segment switches." reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/18506.
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Research on corporate governance has made a substantial effort to determine its impact on the stock market, albeit little attention has been given to testing the value of distinct listing segments of transparency. Building on the asymmetric information and investor awareness literatures, we test the relative importance of each level of corporate governance in the Brazilian Stock Exchange and how they are perceived among shareholders. Using an event study methodology, we provide clear evidence that investors are willing to reward high levels of transparency, although it is not the smartest investment choice in the short-term as one might expect. Finally, our last analysis explores situations in which the relationship between transparency and the firms’ cumulative abnormal returns can be enhanced. For this purpose, we make use of the Altman Z-score (2000) and present clear reasons of whether and how this strong relationship can be moderated. The results are robust to alternative event windows, different time-periods in the comparison, alternative sets of control variables, and distinct measures of financial health.
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Bloom, Connor. "The Feasibility of Whole-Blood-System Genotyping: A Case Study using the San Diego Blood Bank." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2110.
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Over the past several decades and increasingly in recent years, blood transfusions in the United States have plummeted as surgery has gotten more precise and less invasive. Alongside this decrease in general transfusions has been an increase in specific blood products for patients whose immune systems require special treatment. Simultaneously, trends in healthcare in the United States have incentivized regional hospitals to join large conglomerates. These coexisting factors have left regional blood banks, traditionally economically viable, in much weakened states. This thesis was born out of an initial curiosity to discover whether or not genetic science, and genotyping in particular, could benefit small regional blood banks by allowing them to bring down their costs of pre-transfusion blood testing or offer new products. I focus on the San Diego Blood Bank (SDBB) as a case study of the larger blood banking industry. In the course of this research, economic factors were taken into consideration as well as social and health. A minor question that was also discussed was whether genotyping not only help regional blood banks survive fiscally but also open the gateway to better patient outcomes and lower costs nationally of blood transfusions and their associated costs. Feasibility analyses and financial modeling suggest support for genotyping blood donors and transfusion recipients in order to more perfectly match blood transfusions through extended antigen matching.
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Coupaud, Marine. "Mondialisation, conditions de travail et santé." Thesis, Bordeaux, 2016. http://www.theses.fr/2016BORD0139/document.
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Cette thèse s’applique à explorer dans quelle mesure et par quels mécanismes lamondialisation, au travers de ses différentes composantes, impacte la santé des travailleurseuropéens. Dans une première partie, nous exposons les conséquences socio-économiques de cephénomène. Dans une deuxième partie, nous montrons que l’exposition concurrentielleinternationale constitue un facteur de risque pour la santé des travailleurs non qualifiés. Lesfacteurs individuels et organisationnels sont néanmoins les plus à même d’expliquer la prévalencede troubles physiques et mentaux chez l’ensemble des travailleurs. La mondialisation impliqueaussi de nouvelles pratiques organisationnelles liées à l’internationalisation des firmes, une autrefacette de la mondialisation. Nous soulignons que les travailleurs doivent ainsi trouver lesressources nécessaires pour rester attractifs dans ce monde en perpétuelle évolution. Dans unetroisième partie, nous exposons que la mondialisation favorise le développement des activités deservices dans les pays industrialisés. En parallèle, l'organisation de type "lean" est mise en placedans ces secteurs et la pression concurrentielle s’accroit. Ces changements impactent les conditionsde réalisation du travail. Dans ce contexte, la santé se trouve dégradée par des facteurs de risqueen évolution, parmi eux l’intensité du travail liées aux relations interpersonnelles. Enfin, nousmontrons que la Responsabilité Sociale de l’Entreprise apparait comme une solution dont lesentreprises peuvent s’emparer pour améliorer la santé de leurs travailleurs et par conséquent, leurperformance sociale et financièreThis thesis aims at exploring to what extent globalization, through its diversecomponents, impacts the health of European workers. In a first part, we expose the socio-economicconsequences of this multi-faceted phenomenon. In a second part, we show that internationalcompetition, one of the essential components of globalization, is a risk factor for non-skilledworkers. Nevertheless, individual and organizational factors are the most likely to explain mentaland physical disorders prevalence in the population as a whole. Globalization also implies newpractices linked to firms’ internationalization strategy, another component of globalization. Weunderline that workers must acquire the skills to stay attractive in a constantly changing worldand they do not find much support in their companies. In a third part, we show that globalizationenhances the surge of the service sector in industrialized countries. In addition, the leanmanagement is implemented in those sectors and competitive pressure increases. These changesimpact the way the work is performed. Within this context, the health of workers deterioratesbecause they are exposed to changing risk factors, among them: intense of work related tointerpersonal relationships. Finally, we find that the Corporate Social Responsibility comes as ananswer to improve workers’ health and as a consequence, firms’ social and financial performance
Books on the topic "Corporate financial health"
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J, Ward William. Health care budgeting and financial management. Santa Barbara, California: Praeger, 2016.
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1953-, Carlson Greg, ed. Leading healthcare cultures: How human capital drives financial performance. Chicago: Health Administration Press, 2009.
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Marshall, Joanne Gard. The impact of information services on decision making: Some lessons from the financial and health care sectors. London: British Library Research and Development Dept., 1993.
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Project, Carbon Disclosure, ed. Climate disclosure: Measuring financial risks and opportunities : hearing before the Subcommittee on Securities and Insurance and Investment of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Tenth Congress, first session, on examining the types of economic risks and opportunities posed and the connection between climate change and the health of financial markets, risks and opportunities discussed in corporate financial disclosure statements and whether requirements are adequate, and listen to investors and other stakeholders on their request for consistent climate risk disclosure in order to better manage financial risks, Wednesday, October 31, 2007. Washington: U.S. G.P.O., 2010.
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Gupta, L. C. Corporate Financial Health ; Building Reliable Ratio Indicators. Manas Publications, 1991.
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Atchison, Thomas A. Leading Healthcare Cultures: How Human Capital Drives Financial Performance. Health Administration Press, 2008.
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Knudsen, Jette Steen. Government Regulation of Corporate Social Responsibility. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198805274.003.0013.
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Governments increasingly require that firms address a wide range of corporate social responsibility (CSR) stakeholder demands, rather than narrow shareholder needs. This chapter explores implications for corporate governance of mandatory CSR reporting requirements, focusing in particular on non-financial disclosure, and tax transparency in extractives. Non-financial disclosure requirements are overwhelmingly soft, while tax transparency reporting requirements are hard. Firms typically manage soft CSR programmes in non-core support functions such as communications or health, safety and environment. Soft CSR reporting criteria have limited impact on the internal governance of firms and top-level management decisions. In contrast, hard CSR reporting criteria constitute a key element of corporate governance. Firms manage tax transparency in core corporate functions such as the audit committee, and it is the responsibility of the chief financial officer, who usually sits on the executive board. Top-level management is more likely to take CSR programmes seriously that impose mandatory hard requirements.
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Financing And Liability (HEALTH CARE CORPORATE LAW SERIES). Aspen Publishers, 1999.
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Dignam, Alan, and John Lowry. 16. Corporate governance 2: the UK corporate governance debate. Oxford University Press, 2016. http://dx.doi.org/10.1093/he/9780198753285.003.1694.
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Titles in the Core Text series take the reader straight to the heart of the subject, providing focused, concise, and reliable guides for students at all levels. This chapter explores the corporate governance debate in the UK in terms of industry and the government. After presenting the background to the UK debate, it considers UK corporate theory and the industry and government response to the corporate governance debate. It then examines the Sarbanes-Oxley Act that became law in the United States in July 2002; the UK Government’s independent review of non-executive directors (the Higgs Review); the link between corporate governance failure and the recent financial crisis; and the Walker Report (2009) which reviewed problems within the UK financial industry. Finally, it outlines a number of reforms that have been adopted between 2009 and 2012 concerning the financial crisis in general and the Walker Report in particular.
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Beachler, Donald W., and Thomas Shevory. When Good Companies Go Bad. ABC-CLIO, 2014. http://dx.doi.org/10.5040/9798216034889.
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Covering the entire world of business from heavy industry to the financial houses of Wall Street, this book shines a spotlight on 100 of the most infamous cases of misconduct and malfeasance in corporate history. Corporations are in the business of making money. But when companies forget ethics, take operational shortcuts, or willingly endanger customers and the general public in their quest for profits, disasters of enormous magnitude can result. This book examines 100 of the worst cases of corporate greed and irresponsibility and poses the questions: Is it necessary or desirable to conduct business in this manner? Do the penalties and other punishments levied against these companies go far enough? And what is the government's responsibility for keeping corporate misdeeds in check? Coauthored by distinguished public policy experts, When Good Companies Go Bad: 100 Corporate Miscalculations and Misdeeds presents a representative sample of cases on a variety of topics, such as the financial sector, health care, environmental protection, product liability, and copyright. This broad introduction to the dark side of the corporate world focuses on events and scandals that resulted in substantial financial penalties, regulatory actions, or criminal convictions. The cases are presented in a readable and engaging format, making the book an illuminating and informative read for high school and college students as well as businesspeople, lawyers, journalists, and professors who teach American politics, public law, or public policy.
Book chapters on the topic "Corporate financial health"
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Perwitasari, W., and E. Kritijadi. "The effect of good corporate governance and financial performance on the health score of regional development banks in Indonesia." In Contemporary Research on Business and Management, 21–24. London: CRC Press, 2021. http://dx.doi.org/10.1201/9781003196013-6.
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Ferrando, Tomaso. "The UN Food Systems Summit: Disaster Capitalism and the Future of Food." In Beyond Global Food Supply Chains, 139–53. Singapore: Springer Nature Singapore, 2022. http://dx.doi.org/10.1007/978-981-19-3155-0_11.
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AbstractCOVID-19 has brought to light the multiple cracks in the logistically integrated, financialized and commodity-based capitalist food system. As with other aspects of social life thrown into disruption amid the global health, economic and environmental downturn, the early weeks of the pandemic seemed to offer the hope of transformative possibility, a “portal” towards different food systems. The time seemed ripe for the kinds of radical transitions that social movements and peasants’ organizations have requested for decades: subverting the “conventional” food system without going back to “corporate normality”. However, when the multiple crises are characterized as exceptional rather than structural, a narrative of emergency and urgency is deployed to reinforce the power of the incumbents. The overlap between the pandemic and the climate crisis can be an opportunity, but hardly for peasants and indigenous people. As in Naomi Klein’s Shock Doctrine, corporate actors and billionaire philanthropists are using the rhetoric of urgency to push for changes that reinforce the status quo and do not address the root causes that have brought us here. In order to spark debate and reflections, my contribution engages with one example of ongoing co-optation of the state of climate and sanitary emergency: the 2021 United Nations Food Systems Summit as a new food policy arena where decisions are distanced from peasants, indigenous communities and citizens and put in the hands of corporations, financial investors and billionaire philanthropists.
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Schoenmaker, Dirk, and Willem Schramade. "Corporate Governance." In Springer Texts in Business and Economics, 65–90. Cham: Springer International Publishing, 2023. http://dx.doi.org/10.1007/978-3-031-35009-2_3.
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AbstractCorporate governance is about controlling and directing the company. The starting point is the objective of the company. In the shareholder model, the ultimate control is with shareholders, who usually aim to maximise company profits and thus put financial value as the company objective. In contrast, the stakeholder model includes other stakeholders, notably employees and customers, alongside shareholders. The integrated model expands the company objective to integrated value, which combines financial, social, and environmental value. This includes not just current stakeholders and shareholders, but also future stakeholders, by representing the environment and people not yet born.The conflict of interest between managers and shareholders has been at the heart of corporate governance research for decades. However, this debate changes if one broadens the objective of the firm to integrated value. How does one balance the interests of the various stakeholders? What information is used for this balancing? What ownership structures and governance mechanisms are most effective in balancing these interests? How can management be held accountable to stakeholders? The answers lie in the concept of integrated value as introduced in Chap. 1. It provides guidance on the required information; the alignment of interests; accountability; and decision-making, which involves dealing with trade-offs between the interests of various stakeholders.
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Simon, Diane-Charlotte. "Corporate Sustainability and Financial Performance." In World Scientific Series in Health Investment and Financing, 113–53. WORLD SCIENTIFIC, 2023. http://dx.doi.org/10.1142/9789811240928_0005.
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"Determining a Firm's Financial Health (PIPES-A)." In Lessons in Corporate Finance, 7–25. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2016. http://dx.doi.org/10.1002/9781119228899.ch2.
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Buhr, Leeshawn. "Corporate Financial Risk Case Study." In Applied Research Approaches to Technology, Healthcare, and Business, 215–21. IGI Global, 2023. http://dx.doi.org/10.4018/979-8-3693-1630-6.ch014.
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This case study begins with a company purchase card audit that brought years of unethical purchasing practices to light. The author discusses how the purchases impacted organizational culture, leadership, and employee well-being. Risk management policies are examined to determine the best methods to reduce employee fallout impacting the organization. Change management, organizational culture, and leadership theories are analyzed to mitigate the negative impact unethical leadership has on the overall health of an organization.
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"The Financial Education." In Global Corporate Social Responsibility Initiatives for Reluctant Businesses, 101–25. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-3988-0.ch006.
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Financial education is a process that must take place throughout the life of consumers, given the intensification of the process of financial and technological innovation materialized in the emergence of new financial products and ways of accessing them. The financial education programs must focus on capitalizing on and use of financial knowledge and skills by children, young people, and women. The education can create responsible financial behavior within consumers to efficiently manage resources throughout life, including periods of the current health crisis. COVID has demonstrated the importance of economic resilience and the ability of consumers to adapt to the turbulence specific to this period. The financial fragility faced by certain categories of consumers during this period demonstrates the need to implement financial education programs. There is a need to adopt radical changes that are taking place in the financial market under the impact of fintech.
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Kondo, Naoki, and Jun Aida. "Disaster and Health What Makes a Country Resilient?" In Health in Japan, 281–96. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198848134.003.0018.
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Resilience reflects the capability of communities and individuals to resist, cope with, and continue functioning during and after a disaster. Evidence from the 2011 Great East Japan Earthquake and Tsunami suggest that maintaining community social interactions is especially important to enhance community resilience. Economic crisis is another type of disaster that challenges population health, and may affect privileged social groups, e.g. corporate managers. In the aftermath of the 2008 Global Financial Crisis, health risks for the children of impoverished households and single-parent households increased. Community preparedness and adequate social capital before disasters is important to build resilient communities. With routine monitoring of health conditions across subpopulations, we can identify groups in need of support and assess the effects of those actions. It is crucial that central government measures align with local actions to maximize support for communities affected by disaster.
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Dixon, Kevin, and Richard Morgan-Jones. "Financial bodies called to account: Corporate risks of carrying fear and greed on behalf of the body politic." In The Body of the Organisation and its Health, 199–221. Routledge, 2018. http://dx.doi.org/10.4324/9780429481215-12.
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Rothman, David J. "Blue Cross and the American Way in Health Care." In Beginnings Count, 15–40. Oxford University PressNew York, NY, 1997. http://dx.doi.org/10.1093/oso/9780195111187.003.0002.
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Abstract In health care as in so many other spheres, the boundary lines between private enterprise and government programs have been continually negotiated and altered. In a country that remains more complacently pragmatic than rigidly ideological, the division between what belongs to the marketplace and is assumed to be individual citizens’ own responsibility (like purchasing an automobile) and what is the state’s obligation to its citizens (like providing fire and police protection or, after 1935, Social Security benefits) is not so much anchored and fixed as contested and fluctuating. The outcomes reflect the values that citizens hold (for example, the elderly should not be left to fend for themselves) as well as the financial and ideological preferences of organizations, both corporate and voluntary. But there is an artificiality about such a distinction-because popularly held values affect organizational decisions, and organizations energetically attempt to shape social values.
Conference papers on the topic "Corporate financial health"
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Hundal, Shab, and Anne Eskola. "Financial accounting manipulations and bankruptcy likelihood: A study of Nordic banks." In Corporate governance: Fundamental and challenging issues in scholarly research. Virtus Interpress, 2021. http://dx.doi.org/10.22495/cgfcisrp13.
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The phenomena of accounting manipulations and bankruptcy likelihood have always been a topic of interest among researchers. The key objective of the current study is to examine the impact of fraudulent accounting practices on the likelihood of bankruptcy, and the performance of firms. Beneish M-score model and Jones model have been applied to evaluate earnings quality, whereas the Altman Z-score model has been used to analyze the level of financial distress. Based on the analysis of secondary data collected from 33 Nordic banks for the period 2011–2018, the findings disclose that Z-score of most of the sample banks has been found to be relatively high thus representing their high level of financial health. The study does not rule out potential earnings management measures applied by the sample banks. Furthermore, earnings manipulations increase the bankruptcy likelihood, especially in case of larger banks. The financial data manipulation practices artificially enhance the financial performance of banks, however, in a broad perspective; such manipulations can trigger potential financial distress
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ZHULYN, Olha. "USING DIVERSITY AND INCLUSION DATA TO IMPROVE THE COMPANY'S FINANCIAL HEALTH AND ACHIEVE CORPORATE GOALS." In Management of business processes and technological innovations in the current context and in the post-war period. National Transport University, 2023. http://dx.doi.org/10.33744/978-966-632-321-0-2023-13-14.
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Utomo, St Dwiarso, Indri Fatmawati, and Zaky Machmuddah. "Financial Performance as an Intervening Variable on the Relationship of Corporate Social Responsibility Disclosure and Firm Value: Evidence From Indonesia." In 1st International Conference on Science, Health, Economics, Education and Technology (ICoSHEET 2019). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/ahsr.k.200723.012.
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Gupta, Dr Ambrish. "IFRS: Borrowing Costs An Examination in to the Implications of Its Adoption for Corporate Financial Health and Government Finances in India." In 4th Annual International Conference on Accounting and Finance (AF 2014). Global Science & Technology Forum (GSTF), 2014. http://dx.doi.org/10.5176/2251-1997_af14.69.
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Ugolo, Jerry Obaro. "Impact of Public Health on Oil Production Operation Expenditure – Case Study: Covid-19 Era Expenses in Nigeria Oil & Gas Industry." In SPE Nigeria Annual International Conference and Exhibition. SPE, 2021. http://dx.doi.org/10.2118/208229-ms.
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Abstract Oil price is primarily determined by global supply and demand forces as well as governments policies and action or inaction of institutions like OPEC. However, in recent times, it has become evident that public health is a vital factor influencing demand and in turn oil price. In US, oil price reached a negative value for the first time in history by April 2020. Personnel and public health have been shown to have profound effect on operational expenditure (OPEX) of organizations, this in turn affecting the profitability of such organizations. Extra measures involving cost, had to be taken by organizations all over the world to ensure health and safety of their personnel in their sites. In Nigeria, effect of covid-19 measures for companies were, shut in of production, declaration of force majeure on ongoing contracts, slashing of costs, suspension on evaluation of future projects, profile assets for sale, remote/tele working, etc. Huge costs were also incurred as a part of corporate social responsibility for host communities/states where they operate. The consequential outcome is that there are reports of lower than planned profitability and liquidity positions. This paper examines action taken during this covid crisis and their impact on the financial status of their organizations. Using a quantitative and descriptive research design, an online survey has been used to gather information from respondents from different oil and gas companies of cost incurred by them. Secondary data was also obtained from quarterly reports of some companies of the oil majors to show their profitability comparing Q1-Q4 of 2019 and 2020. The paper also appraises action and inaction by corporate/government bodies to stimulate economic growth and help its personnel/citizenry. An attempt is also made to glean experience and lessons from organization that lived through the periods being examined.
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David, B. A. A., and M. N. N. Manswell. "The Critical Role of HSSE Management and its Impact on Productivity and Corporate Social Responsibility's (CSR's) Mandate and Influence on Trinidad& Tobago's Energy Sector." In SPE Energy Resources Conference. SPE, 2014. http://dx.doi.org/10.2118/spe-169985-ms.
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Abstract Today's energy sector has evolved by leaps and bounds in the sphere of Health, Safety, Security and the Environment. The minimization of incidents on board oil and gas platforms and by extension the energy sector continues to be the highest standards of HSSE performance companies aspire to. Our current fiscal environment has forced countries and companies to carefully consider how limited finances are to be utilized and managed to achieve outlined targets. This shrinking financial pie has also seriously impacted on the Corporate Social Responsibility (CSR) Plan for companies within the sector. Fiscal management is key in a global village where every dollar counts. In the case of Trinidad and Tobago we must seek to secure our future assets be it through acquisition, maintenance and reliability. CSR must be comprehensively managed ensuring that both the corporate entity and the various indigenous communities get full value for the relationship they might be part of. The free spending attitude is definitely a thing of the past. Proper investments into a company's CSR, particularly where it adds value to the communities where there are vested interests are of paramount importance. This paper will advance the value of having a robust quality benchmarked HSSE portfolio/system utilizing the Plan Do Check Act (PDCA) mechanism and how it impacts on company productivity. The role, value and impact of CSR will also be scrutinized highlighting its critical importance in today's changing corporate landscape.
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Montandon, Corinne, and Marianne Zentriegen. "Applications of Customer Focused E-Learning." In 2003 Informing Science + IT Education Conference. Informing Science Institute, 2003. http://dx.doi.org/10.28945/2703.
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This paper provides information on customer focused e-learning (CFEL). It is an overview on the application area of CFEL and the potential of its business applications. Training of customers holds some undiscovered potential. CFEL is a new concept and little technical literature is available yet. In the majority of cases a differentiation is made between the category groups e-learning as business segment (private training) and e-learning as marketing instrument (educommerce). In this paper product training is considered as a third type of CFEL. For the illustration of possible applications of CFEL, numerous practical examples are given. This paper then goes on to develop these ideas in a practical way through case studies of the e-learning provision of three Swiss companies. This paper refers solely to corporate e-learning, whereas employee and supplier training is not considered. Especially in the sectors of computer science, financial services, staffing and employment service, and health care, the odds for an early breakthrough of CFEL are promising.
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Xiao, Zhen-Hong. "Study on Financial Risk Pre-Warning of Combined Heat and Power Corporate." In 2008 4th International Conference on Wireless Communications, Networking and Mobile Computing (WiCOM). IEEE, 2008. http://dx.doi.org/10.1109/wicom.2008.2460.
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Mihalech, Patrik. "Modelling of Non-Maturing Liabilities in Survival Period for Liquidity Risk Management Purposes." In Fifth International Scientific Conference ITEMA Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2021. http://dx.doi.org/10.31410/itema.2021.73.
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Correct assessment of banking risks is essential for a healthy banking system and the development of economy. This paper focuses on liquidity risk management, more specifically on modelling of non-maturing liabilities. Liquidity risk emerges as a consequence of uncertainty in terms of future cash inflows and outflows. Due to the fact, that result of a liquidity crisis is not only loss, but directly bankruptcy of financial institutions, liquidity risk belongs among major banking risks. This paper aims to project future cash outflows emerging from corporate deposit accounts without contractual maturity with a focus on stress outflows, in case of crisis. Bootstrap simulation techniques are introduced and performed on anonymized historical time series of cumulative corporate balances of Slovak commercial banks. Stress scenario based on analysis is proposed as entry to the calculation of broader liquidity Survival period indicator.
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Martto, J., S. Diaz, B. Hassan, S. Mannan, P. Singh, F. Villasuso, and O. Baobaid. "ESG Strategies in the Oil and Gas Industry from the Maritime & Logistics Perspective - Opportunities & Risks." In ADIPEC. SPE, 2023. http://dx.doi.org/10.2118/217047-ms.
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Abstract The global energy sector is shifting towards a more sustainable, environmentally friendly production, and consumption of all energy sources. ESG topics are opening interesting debates about its benefit reflected on the long-term prospects of a company, which takes into consideration businesses’ financial performance, resilience, and the ability to sustain their operations & business continuity during adverse situations. As it is widely known, stakeholders are requiring more transparency and more substantiated facts in reporting ESG (Environment, Social, and Governance), because what gets measured gets managed in a more efficient manner. Operators are also more focused on energy efficiencies to tackle emissions reduction and satisfy global Climate Change initiatives driven by the Paris Agreement. Currently, ESG is also becoming more marked over longer time horizons, which is playing an integral role in the company valuation, reputation, and the availability and quality of capital that companies are able to access. Today, sustainability & ESG reporting mandates in ADNOC, which is leading a real transition along with other global energy companies. ADNOC Logistics & Services has started this journey by conducting a benchmark to analyze what other companies or competitors are doing in the sector in terms of ESG standards, Sustainable Development Goals (SDGs), strategic topics, number of KPIs, and goals. A methodology was created to assess the Group’s material topics & relevant actions to measure progress into a new performance management approach with includes internal and external stakeholders and how the Group can meet their expectations based on the company’s value proposition. Risk management, corporate governance, and market drivers were also key elements considered in the sustainability strategy deployment in terms of accuracy and reliability. Every shortlisted material topic has perfectly matched the ADNOC sustainability pillars and UN SDGs and principles- (1) Business sustainability, (2) Social & economic contribution, (3) Climate emissions and energy, (4) Environment, (5) Health, safety, and security, and (6) Workforce, diversity & development. This framework allowed the team to define a roadmap with specific actions based on relevant priorities and redefine its sustainability KPIs on a broader scope, and targets. Achieving ESG targets requires collaboration between industry, service companies, regulators (e.g., IMO- International Maritime Organization), and governments. Therefore, the UAE sustainability plans, ADNOC sustainability pillars, and IMO stricter regulations are incentivizing the sector to meet ambitious goals by 2030 and 2050. Climate change and social topics are now driving a steady increase in reporting and assessment activities towards net-zero targets, and more diversity & inclusion practices. All these elements are making ESG a real enabler for the ADNOC growth and sustainability plans.
Reports on the topic "Corporate financial health"
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Smallridge, Diana, and Fernando De Olloqui. A Health Diagnostic Tool for Public Development Banks. Inter-American Development Bank, January 2011. http://dx.doi.org/10.18235/0008553.
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This study introduces a diagnostic tool for determining the health of a public development bank. It defines in normative terms what good health looks like across various dimensions, which allows the PDB to delineate how it can improve its overall performance and achieve its financial and developmental goals. Due to the variety of mandates and business models used by PDBs, there is no one definition of what constitutes perfect health for a PDB; nonetheless there are common parameters and features to their overall systems that can be compared against under a flexible and comprehensive framework. The three common parameters of performance identified in the Health Diagnostic Tool are public policy and corporate governance, development impact and financial and operational performance.
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TANG, Denise Tse-Shang, Stefanie TENG, Celine TAN, Bonnie LAM, and Christina YUAN. Building inclusive workplaces for lesbians and bisexual women in Hong Kong’s financial services industry. Centre for Cultural Research and Development, Lingnan University, April 2021. http://dx.doi.org/10.14793/ccrd2021001.
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Workplace inclusion is a core component of corporate social responsibility (CSR) in Hong Kong. Workplace inclusion points to the need for employers to recognize diversity among employees, to acknowledge their contributions to the work environment and to raise professional standards for the work force. Diversity within a workplace indicates inclusion of persons with different backgrounds as in racial, ethnic, sex, health status, sexual orientation and gender identity. Women are already less represented at senior levels across various business sectors in Hong Kong. Lesbians and bisexual women face a double glass ceiling in the workplace as a result of both their gender and sexual orientation. Funded by Lingnan University’s Innovation and Impact Fund, and in partnership with Interbank Forum and Lesbians in Finance, Prof. Denise Tse-Shang Tang conducted an online survey and two focus groups targeting lesbians and bisexual women working in Hong Kong’s financial and banking industry. The aim of the study is to examine the specific challenges and barriers faced by lesbians and bisexual women in Hong Kong’s financial services industry. We found that only 37% of survey respondents were out at work, with 23% partially out to close colleagues. In other words, there are still key concerns with being out at work. On the issue of a glass ceiling for LGBT+ corporate employees, 18% of the survey respondents agreed and 47% somewhat agreed that such a ceiling exists. When asked whether it is harder for lesbians and bisexual women to come out in the workplace than it is for gay men, 32% agreed and 46% somewhat agreed. 27% agreed and 39% somewhat agreed with the statement that it is difficult for lesbians and bisexual women to climb up the corporate ladder. Other findings pointed to the low visibility of lesbians and bisexual women in corporate settings, lack of mentorship, increased levels of stress and anxiety, and the fear of being judged as both a woman and a lesbian. Masculine-presenting employees face significantly more scrutiny than cisgender female employees. Therefore, even though discussion on diversity and inclusion has been on the agenda for better corporate work environment in Hong Kong, there still remain gaps in raising awareness of lesbian and bisexual women’s issues.
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Bernal, Raquel, and Marcela Eslava. Switching from Payroll Taxes to Corporate Income Taxes. Inter-American Development Bank, April 2017. http://dx.doi.org/10.18235/0009369.
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The Colombian 2012 tax reform reduced payroll taxes and employer contributions to health insurance by 13.5%, while also increasing corporate income taxes, and leaving untouched the benefits to workers financed through these taxes. Shifting taxation from formal employment to other business activities is a policy recipe under heated discussion in Latin America. In this context, the reform offers an ideal laboratory to study empirically the potential distortions against formal employment associated with payroll taxes in contrast to other taxes to firms. Using monthly firm-level data on all formal employment in the country, and a difference-in-difference approach that takes advantage of the fact that a few sectors were exempt from the 2012 tax reform, we analyze the impact of the reform on employment and wages. We find a positive average effect of 4.3% on employment and of 2.7% on average firm wage, for the average firm. The employment effect is identified only for micro and small firms, while we do not find a significant employment effect for medium and large firms, where the bulk of the employment is concentrated. According to these estimates, between January and May of 2015 about 145K new jobs were created by virtue of the reform. Though our findings on employment are less robust than those on wages, they are generally supportive of efforts to reduce payroll taxes, which are still high in the country. Since the apparent lack of effect for medium and large employers may be due to these firms being more sensitive to the increase in corporate taxation that financed the reduction in payroll taxes, our results also raise concerns about this particular way of financing the reform, especially formedium and large firms, which according to our data represent 70% of formal employment.
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Sembler, Jose Ignacio, Regina Legarreta, Ernesto Cuestas, Roni Szwedzki, Sumiko Andrade Sakaguchi, Damian Galinsky, Fernando Barbosa, et al. Approach Paper: Evaluation of IDB Invest. Inter-American Development Bank, September 2022. http://dx.doi.org/10.18235/0004463.
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This approach paper defines the objectives, scope, and methodology for the evaluation of IDB Invest by the Office of Evaluation and Oversight (OVE). At the 2015 annual meeting in Busan, the Boards of Governors of the Inter-American Development Bank (IDB) and the Inter-American Investment Corporation (IIC) decided to consolidate the IDB Group's private sector operations into the IIC. This decision was accompanied by a US$2.03 billion capital increase for the IIC over a 10-year period (2016-2025). This process of consolidation and capitalization, known as the private sector merge-out, took effect on 1 January 2016. In 2017, OVE completed a midterm review of implementation of the private sector merge-out to identify emerging lessons that might be helpful in completing the merge-out. In November 2017, the IIC was rebranded as IDB Invest. At the request of the Boards of Executive Directors of the IDB and IDB Invest, this evaluation was included in OVE's 2021-2022 work program. The Busan Resolution set forth a “Renewed Vision” for promoting development through the private sector. This Renewed Vision provides a long-term framework (2016-2025) for IDB Invest and focuses on strengthening development effectiveness, development impact, and additionality of operations, as well as maximizing the efficient use of resources and synergies between the IDB Group's public and private sector activities. The merge-out was selected as the way to implement this Renewed Vision. The challenges posed by the COVID-19 health crisis, as well as current discussions on the need to pursue a new business model for the institution and its financial and operational implications, make this an ideal moment to take stock of lessons learned and provide input for future discussions at the corporate level. Against this backdrop, this evaluation seeks to report independently to the Boards of Executive Directors of the IDB and IDB Invest on the effectiveness of the implementation to date of the Renewed Vision that gave rise to the creation of IDB Invest. This evaluation will also use the findings of OVE's 2017 midterm review of implementation of the merge-out to further analyze areas that had not yet matured at that time (e.g., finance, operations management, development effectiveness, etc.). The evaluation will cover the period from January 2016 (when the merge-out took effect) to December 2021.
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Financial Stability Report - September 2015. Banco de la República, August 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2015.
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From this edition, the Financial Stability Report will have fewer pages with some changes in its structure. The purpose of this change is to present the most relevant facts of the financial system and their implications on the financial stability. This allows displaying the analysis more concisely and clearly, as it will focus on describing the evolution of the variables that have the greatest impact on the performance of the financial system, for estimating then the effect of a possible materialization of these risks on the financial health of the institutions. The changing dynamics of the risks faced by the financial system implies that the content of the Report adopts this new structure; therefore, some analyses and series that were regularly included will not necessarily be in each issue. However, the statistical annex that accompanies the publication of the Report will continue to present the series that were traditionally included, regardless of whether or not they are part of the content of the Report. In this way we expect to contribute in a more comprehensive way to the study and analysis of the stability of the Colombian financial system. Executive Summary During the first half of 2015, the main advanced economies showed a slow recovery on their growth, while emerging economies continued with their slowdown trend. Domestic demand in the United States allowed for stabilization on its average growth for the first half of the year, while other developed economies such as the United Kingdom, the euro zone, and Japan showed a more gradual recovery. On the other hand, the Chinese economy exhibited the lowest growth rate in five years, which has resulted in lower global dynamism. This has led to a fall in prices of the main export goods of some Latin American economies, especially oil, whose price has also responded to a larger global supply. The decrease in the terms of trade of the Latin American economies has had an impact on national income, domestic demand, and growth. This scenario has been reflected in increases in sovereign risk spreads, devaluations of stock indices, and depreciation of the exchange rates of most countries in the region. For Colombia, the fall in oil prices has also led to a decline in the terms of trade, resulting in pressure on the dynamics of national income. Additionally, the lower demand for exports helped to widen the current account deficit. This affected the prospects and economic growth of the country during the first half of 2015. This economic context could have an impact on the payment capacity of debtors and on the valuation of investments, affecting the soundness of the financial system. However, the results of the analysis featured in this edition of the Report show that, facing an adverse scenario, the vulnerability of the financial system in terms of solvency and liquidity is low. The analysis of the current situation of credit institutions (CI) shows that growth of the gross loan portfolio remained relatively stable, as well as the loan portfolio quality indicators, except for microcredit, which showed a decrease in these indicators. Regarding liabilities, traditional sources of funding have lost market share versus non-traditional ones (bonds, money market operations and in the interbank market), but still represent more than 70%. Moreover, the solvency indicator remained relatively stable. As for non-banking financial institutions (NBFI), the slowdown observed during the first six months of 2015 in the real annual growth of the assets total, both in the proprietary and third party position, stands out. The analysis of the main debtors of the financial system shows that indebtedness of the private corporate sector has increased in the last year, mostly driven by an increase in the debt balance with domestic and foreign financial institutions. However, the increase in this latter source of funding has been influenced by the depreciation of the Colombian peso vis-à-vis the US dollar since mid-2014. The financial indicators reflected a favorable behavior with respect to the historical average, except for the profitability indicators; although they were below the average, they have shown improvement in the last year. By economic sector, it is noted that the firms focused on farming, mining and transportation activities recorded the highest levels of risk perception by credit institutions, and the largest increases in default levels with respect to those observed in December 2014. Meanwhile, households have shown an increase in the financial burden, mainly due to growth in the consumer loan portfolio, in which the modalities of credit card, payroll deductible loan, revolving and vehicle loan are those that have reported greater increases in risk indicators. On the side of investments that could be affected by the devaluation in the portfolio of credit institutions and non-banking financial institutions (NBFI), the largest share of public debt securities, variable-yield securities and domestic private debt securities is highlighted. The value of these portfolios fell between February and August 2015, driven by the devaluation in the market of these investments throughout the year. Furthermore, the analysis of the liquidity risk indicator (LRI) shows that all intermediaries showed adequate levels and exhibit a stable behavior. Likewise, the fragility analysis of the financial system associated with the increase in the use of non-traditional funding sources does not evidence a greater exposure to liquidity risk. Stress tests assess the impact of the possible joint materialization of credit and market risks, and reveal that neither the aggregate solvency indicator, nor the liquidity risk indicator (LRI) of the system would be below the established legal limits. The entities that result more individually affected have a low share in the total assets of the credit institutions; therefore, a risk to the financial system as a whole is not observed. José Darío Uribe Governor
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Inter-American Development Bank Sustainability Report 2020: Global Reporting Initiative Annex. Inter-American Development Bank, March 2021. http://dx.doi.org/10.18235/0003100.
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The Global Reporting Initiative (GRI) sets global standards for sustainability reporting, relying on best practices for reporting on a range of economic, environmental, and social impacts. This is the IDBs fifth GRI annex, prepared as a supplement to the IDB Sustainability Report. The annex reports on both corporate and operational topics using standardized indicators. The following material topics are included in the annex: active ownership, anticorruption and ethics, biodiversity, climate resilience, employment and labor relations, energy, engagement and coordination, feedback mechanisms, financial inclusion, gender equality and diversity, greenhouse gas (GHG) emissions, health and safety, human rights, indirect economic impacts, market presence, material use, monitoring and evaluation, responsible portfolio, supply chain management, training and education, waste, and water.
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Payment Systems Report - June of 2021. Banco de la República, February 2022. http://dx.doi.org/10.32468/rept-sist-pag.eng.2021.
Full textAbstract:
Banco de la República provides a comprehensive overview of Colombia’s finan¬cial infrastructure in its Payment Systems Report, which is an important product of the work it does to oversee that infrastructure. The figures published in this edition of the report are for the year 2020, a pandemic period in which the con¬tainment measures designed and adopted to alleviate the strain on the health system led to a sharp reduction in economic activity and consumption in Colom¬bia, as was the case in most countries. At the start of the pandemic, the Board of Directors of Banco de la República adopted decisions that were necessary to supply the market with ample liquid¬ity in pesos and US dollars to guarantee market stability, protect the payment system and preserve the supply of credit. The pronounced growth in mone¬tary aggregates reflected an increased preference for liquidity, which Banco de la República addressed at the right time. These decisions were implemented through operations that were cleared and settled via the financial infrastructure. The second section of this report, following the introduction, offers an analysis of how the various financial infrastructures in Colombia have evolved and per¬formed. One of the highlights is the large-value payment system (CUD), which registered more momentum in 2020 than during the previous year, mainly be¬cause of an increase in average daily remunerated deposits made with Banco de la República by the General Directorate of Public Credit and the National Treasury (DGCPTN), as well as more activity in the sell/buy-back market with sovereign debt. Consequently, with more activity in the CUD, the Central Securi¬ties Depository (DCV) experienced an added impetus sparked by an increase in the money market for bonds and securities placed on the primary market by the national government. The value of operations cleared and settled through the Colombian Central Counterparty (CRCC) continues to grow, propelled largely by peso/dollar non-deliverable forward (NDF) contracts. With respect to the CRCC, it is important to note this clearing house has been in charge of managing risks and clearing and settling operations in the peso/dollar spot market since the end of last year, following its merger with the Foreign Exchange Clearing House of Colombia (CCDC). Since the final quarter of 2020, the CRCC has also been re¬sponsible for clearing and settlement in the equities market, which was former¬ly done by the Colombian Stock Exchange (BVC). The third section of this report provides an all-inclusive view of payments in the market for goods and services; namely, transactions carried out by members of the public and non-financial institutions. During the pandemic, inter- and intra-bank electronic funds transfers, which originate mostly with companies, increased in both the number and value of transactions with respect to 2019. However, debit and credit card payments, which are made largely by private citizens, declined compared to 2019. The incidence of payment by check contin¬ue to drop, exhibiting quite a pronounced downward trend during the past last year. To supplement to the information on electronic funds transfers, section three includes a segment (Box 4) characterizing the population with savings and checking accounts, based on data from a survey by Banco de la República con-cerning the perception of the use of payment instruments in 2019. There also is segment (Box 2) on the growth in transactions with a mobile wallet provided by a company specialized in electronic deposits and payments (Sedpe). It shows the number of users and the value of their transactions have increased since the wallet was introduced in late 2017, particularly during the pandemic. In addition, there is a diagnosis of the effects of the pandemic on the payment patterns of the population, based on data related to the use of cash in circu¬lation, payments with electronic instruments, and consumption and consumer confidence. The conclusion is that the collapse in the consumer confidence in¬dex and the drop in private consumption led to changes in the public’s pay¬ment patterns. Credit and debit card purchases were down, while payments for goods and services through electronic funds transfers increased. These findings, coupled with the considerable increase in cash in circulation, might indicate a possible precautionary cash hoarding by individuals and more use of cash as a payment instrument. There is also a segment (in Focus 3) on the major changes introduced in regulations on the retail-value payment system in Colombia, as provided for in Decree 1692 of December 2020. The fourth section of this report refers to the important innovations and tech¬nological changes that have occurred in the retail-value payment system. Four themes are highlighted in this respect. The first is a key point in building the financial infrastructure for instant payments. It involves of the design and im¬plementation of overlay schemes, a technological development that allows the various participants in the payment chain to communicate openly. The result is a high degree of interoperability among the different payment service providers. The second topic explores developments in the international debate on central bank digital currency (CBDC). The purpose is to understand how it could impact the retail-value payment system and the use of cash if it were to be issued. The third topic is related to new forms of payment initiation, such as QR codes, bio¬metrics or near field communication (NFC) technology. These seemingly small changes can have a major impact on the user’s experience with the retail-value payment system. The fourth theme is the growth in payments via mobile tele¬phone and the internet. The report ends in section five with a review of two papers on applied research done at Banco de la República in 2020. The first analyzes the extent of the CRCC’s capital, acknowledging the relevant role this infrastructure has acquired in pro¬viding clearing and settlement services for various financial markets in Colom¬bia. The capital requirements defined for central counterparties in some jurisdic¬tions are explored, and the risks to be hedged are identified from the standpoint of the service these type of institutions offer to the market and those associated with their corporate activity. The CRCC’s capital levels are analyzed in light of what has been observed in the European Union’s regulations, and the conclusion is that the CRCC has a scheme of security rings very similar to those applied internationally and the extent of its capital exceeds what is stipulated in Colombian regulations, being sufficient to hedge other risks. The second study presents an algorithm used to identify and quantify the liquidity sources that CUD’s participants use under normal conditions to meet their daily obligations in the local financial market. This algorithm can be used as a tool to monitor intraday liquidity. Leonardo Villar Gómez Governor
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Monetary Policy Report, October 2023. Banco de la República, December 2023. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr4-2023.
Full textAbstract:
Inflation has decreased since April, and it is projected to continue to reduce significantly throughout 2024 as it converges toward 3%. In September 2023, the headline annual inflation rate was 10.99% and completed six consecutive months of declines. Core inflation, excluding food and regulated items, has experienced three consecutive months of reductions and currently stands at 9.5%. The reduction in inflation has been slower than the projected by the Central Bank and market analysts, primarily due to: More persistent price increases in services and regulated baskets, which are affected by indexation mechanisms of past inflation and minimum wage. Increases in some prices of perishable food items. Going forward, monetary policy actions will continue contributing to inflation reduction in 2024 and its convergence toward the 3% target during 2025. Projections for 2024 consider the impact of the El Niño with moderate effects on food and energy prices, the implementation of healthy taxes, and necessary adjustments in fuel prices. Economic activity and employment continue to grow, with a projected GDP growth of 1.2% for 2023. The economic slowdown this year allows economic activity and consumption and investment expenditures to align with the long-term productive capacity of the economy, contributing to inflation reduction. For the third quarter, available economic indicators suggest an annual GDP growth of 0.4%. Despite the low growth rate, economic activity would maintain the high levels achieved in the first half of the year. Employment continues to grow in most economic sectors, and the unemployment rate remains historically low. The economic slowdown has been milder than the projected by the Central Bank, resulting in an upward revision of the 2023 growth rate from 0.9% to 1.2%. For 2024, the economy is expected to maintain a slow growth pace (0.8%), contributing to the inflation convergence to the target. Private consumption will adjust, while investment levels will remain lower than before the pandemic. In 2025, the economy is expected to return to growth rates close to those sustainable in the long-term. These adjustments in the economy are reflected in a reduction of the current account deficit and less vulnerability to external conditions changes. The policy interest rate remains at 13.25%, currently appropriate level to consolidate inflation reduction toward the 3% target and to foster sustainable economic growth. In the September and October meetings of 2023, the Board of Directors, by majority, decided to keep the interest rate unchanged at 13.25%. The current monetary policy stance is driven by persistent high inflation, forecasts and expectations of inflation exceeding the 3% target, and with levels of economic activity close to its productive capacity. The Bank will continue to monitor the economy and its key risks to make decisions that are in the best interest of the country. Some important risk factors to watch in the coming months include: El Niño phenomenon evolution, which may result in additional impacts on inflation. Wage adjustments that will be determined in the coming months. The persistence of higher price increases, particularly, in the services sub-basket. The behavior of global short and long-term interest rates that may affect the exchange rate. The economic slowdown. Reducing inflation brings multiple benefits to the economy: Reducing inflation toward the target supports the preservation of wage purchasing power. Low and stable inflation prevents regressive income and wealth redistributions. In particular, low-income individuals and the unemployed have fewer mechanisms to shield themselves from the eroding impact of inflation on their income and savings. When inflation is low, it becomes more predictable and facilitates the development and continuity of long-term financing markets (such as TES and mortgages), enabling the financing of government, corporate, and household investment projects. Additionally, when inflation is low, real interest rates are lower, making it more affordable to finance these projects. When inflation is low and stable, price movements of goods and services are more informative about the sectors in which it is most valuable to increase production. This leads to a better sectoral allocation of capital and labor and, therefore, to raising the total productivity of the economy.