Journal articles on the topic 'Power of influence of an operating leverage'
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1
Younas, Khadija, and Muhammad Sarmad. "THE IMPACT OF DEGREE OF FINANCIAL LEVERAGE AND DEGREE OF OPERATING LEVERAGE ON THE SYSTEMATIC RISK OF COMMON STOCK." Malaysian E Commerce Journal 4, no. 1 (April 22, 2020): 24–32. http://dx.doi.org/10.26480/mecj.01.2020.24.32.
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The aim of this study is that the to evaluate the effect of financial leverage and operating leverage on the systematic risk of stock. In trendy competitive business era, the power to extend come of the firm is usually depends on economical use of leverage within the capital structure. Leverage is outlined as an extended term debt funding that improves the permanent financial performance yet because the success of the organization. It conjointly explained because the use borrowed funds to ascertain investment and come thereon investment however it’s a lot of risky if they can’t be ready to generate higher rate of come in compare with value of capital. For this reason, the determination of the proportion of debt and equity is one in every of the foremost essential choices that the organization faces, and any variability in leverage will influence a company’s monetary capability, risk, return, investment, strategic call and therefore the wealth maximization of organization. During this study, financial leverage and operating leverage as independent variables and systematic risk because the variable is considered. This study used a quantitative analysis style. The population of the study was created from the 8 cement industries of Pakistan. The study used secondary knowledge that was obtained from the annual audited monetary statements that had audited and revealed by securities market of Pakistan for an amount of five years between 2014 and 2019. This study used a correlation analysis and a multiple rectilinear regression technique in analyzing the collected knowledge. The study found that financial leverage and operating leverage had a big positive relationship with systematic risk of stock. This study covers that financial leverage and operating leverage have an immediate result on the systematic risk of stock in a very companies’ come. The study counseled that management of corporations listed at the securities market to draw in smart management therefore to beat the danger of stock. Whereas important at ≤ 0/05 H0 hypothesis, is rejected. Otherwise, there’s no different adequate reason for rejecting H0 hypothesis. For testing the hypothesis of this study, rectilinear regression technique has been used. In step with the results obtained, H0 is rejected because of important = zero.00< 0.05. This analysis is 100% because of all knowledge is collected from the correct places.
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Razavi, S. Donya, Lydia Kapiriri, Julia Abelson, and Michael Wilson. "Who is in and who is out? A qualitative analysis of stakeholder participation in priority setting for health in three districts in Uganda." Health Policy and Planning 34, no. 5 (June 1, 2019): 358–69. http://dx.doi.org/10.1093/heapol/czz049.
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Abstract Stakeholder participation is relevant in strengthening priority setting processes for health worldwide, since it allows for inclusion of alternative perspectives and values that can enhance the fairness, legitimacy and acceptability of decisions. Low-income countries operating within decentralized systems recognize the role played by sub-national administrative levels (such as districts) in healthcare priority setting. In Uganda, decentralization is a vehicle for facilitating stakeholder participation. Our objective was to examine district-level decision-makers’ perspectives on the participation of different stakeholders, including challenges related to their participation. We further sought to understand the leverages that allow these stakeholders to influence priority setting processes. We used an interpretive description methodology involving qualitative interviews. A total of 27 district-level decision-makers from three districts in Uganda were interviewed. Respondents identified the following stakeholder groups: politicians, technical experts, donors, non-governmental organizations (NGO)/civil society organizations (CSO), cultural and traditional leaders, and the public. Politicians, technical experts and donors are the principal contributors to district-level priority setting and the public is largely excluded. The main leverages for politicians were control over the district budget and support of their electorate. Expertise was a cross-cutting leverage for technical experts, donors and NGO/CSOs, while financial and technical resources were leverages for donors and NGO/CSOs. Cultural and traditional leaders’ leverages were cultural knowledge and influence over their followers. The public’s leverage was indirect and exerted through electoral power. Respondents made no mention of participation for vulnerable groups. The public, particularly vulnerable groups, are left out of the priority setting process for health at the district. Conflicting priorities, interests and values are the main challenges facing stakeholders engaged in district-level priority setting. Our findings have important implications for understanding how different stakeholder groups shape the prioritization process and whether representation can be an effective mechanism for participation in health-system priority setting.
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Gordon, Elizabeth A., and Peter R. Joos. "Unrecognized Deferred Taxes: Evidence from the U.K." Accounting Review 79, no. 1 (January 1, 2004): 97–124. http://dx.doi.org/10.2308/accr.2004.79.1.97.
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We examine whether U.K. managers use the flexibility provided under the partial method for deferred taxes to measure unrecognized deferred taxes opportunistically. We first test whether firm-specific operational and opportunistic factors are associated with the level of unrecognized deferred taxes. The tests provide evidence certain U.K. managers opportunistically measure deferred taxes to manage leverage, consistent with arguments by commentators that deferred taxes heavily influence leverage indicators that play a prominent role in the U.K. contracting framework. Because the proper identification and measurement of both operational and opportunistic determinants of unrecognized deferred taxes influence our tests, we additionally investigate whether unrecognized taxes relate to future deferred tax reversals and future operating profitability of the firm. These tests show the components of deferred taxes predict both future deferred tax reversals and indicators of future profitability of the firm as predicted. Taken together, our results indicate that, on average, the existence of balance sheet management does not nullify the predictive power of (unrecognized) deferred taxes for future deferred tax reversals and for profitability measures. One implication of the results is that the recent U.K. standard change eliminating the partial provision method for deferred taxes potentially has reduced the usefulness of deferred tax disclosures.
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Sari, Pratama Agustin Indah. "ANALISIS PENGARUH RASIO KEUANGAN TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2011." MANAJERIAL 1, no. 1 (August 15, 2018): 43. http://dx.doi.org/10.30587/manajerial.v1i1.427.
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This research had a purpose to provide empirical evident about factors that financial distress of property and real estate company ware listed in Bursa Efek Indonesia 2011. The examined factors on this research ware profit margin, profitability, financial leverage, liquidity, position of cash, Growth, and efisiently of operation. The samples consist of 34 company which had not on financial distress condition, and 6 company which had financial distress. The statistic method used to test on the research hypothesis is logit regression. The result showed that profit margin, profitability, financial leverage, liquidity, position of cash, Growth, and efisiently of operation had classification power to know financial ratio’s influence financial distress property and real estate company ware listed in Bursa Efek Indonesia 2011. This research also indicated that profit margin, profitability, financial leverage, liquidity, position of cash, Growth, and efisiently of operation ratios ware statistically different for financial distress company and non financial distress company, finally only profitability was significant variables in determinant financial distress company.
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Srijaroen, Suveera, and Jun Jiang. "FINANCIAL PREFERENCES OF LISTED FIRMS IN EMERGING MARKET: THEORY AND PRACTICE IN THE CASE OF THAILAND." Australian Journal of Business and Management Research 01, no. 06 (January 8, 2012): 134–42. http://dx.doi.org/10.52283/nswrca.ajbmr.20110106a14.
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The study aims to identify the determinants of Thai listed firms’ capital structure using derived theoretical-based models from CAPM and Hamada equations, which incorporate the control variables, i.e. company’s operating performance and capital size, with time-invariant and random effects, for improving the explanatory power of the model. The empirical test employs the quarterly data covering the year 2006 to 2010 from the Stock Exchange of Thailand. The results showed that the tax shield and industry classification explicitly demonstrate material relevance to the alteration of the firm’s degree of financial leverage. The results also showed that the fixed assets merely exert moderate influences on the firm’s willingness to implement a policy of increasing financial leverage. Conclusively, none other relevant factors possess a significant impact on the choice of capital structure, in the case of Thailand.
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Klein, Levente J., Sergio Bermudez Rodrigues, Satya Nitta, Robert Sandstrom, Supratik Guha, and Hendrik Hamann. "Optimization of photovoltaic power generation using a Measurement and Management Technology (MMT) platform." International Symposium on Microelectronics 2010, no. 1 (January 1, 2010): 000760–65. http://dx.doi.org/10.4071/isom-2010-wp6-posters-lklein.
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In this article we describe preliminary results for a general data acquisition and management platform applied to system level solar farm energy optimization. The system optimization takes into account weather, solar radiance, sky cloud coverage, and solar panel characteristics. Despite continuous improvement in photovoltaic (PV) systems, the generated power of many installations is underperforming due to factors like: light obstruction, orientation and tilt of the solar panels, variation in manufacturing and installation process and debris or soiling on the solar panels. To overcome the above challenges, we leverage the capabilities of an energy management analytic platform to monitor in real time the power generation from solar panels under real operating conditions. The generated power of the solar panel is correlated with predictive weather models where the influence of sky coverage, temperature and opacity of air are integrated in physical models to predict the solar panel performance. Furthermore, it is recognized that in large scale photovoltaics system the generated power is dependent on the performance of individual cells and solar panels. Analyzing spatial and temporal trends of individual solar panels and combining it with real time power performance enable an increased visibility in the PV system performance and optimization through power management of the individual solar panel.
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Gupta, Seema. "Indian Alcoholic Beverages Industry: A Strategic Analysis." Paradigm 7, no. 1 (January 2003): 46–58. http://dx.doi.org/10.1177/0971890720030105.
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The Indian Alcoholic Beverages Industry is under the process of phased liberalization and hence is going through turbulent transformation. The changing environment demands fresh thinking and a re-look at the strategy to gain the cutting edge. This paper attempts to look at the various macro and micro environmental factors operating in the industry to gain a holistic understanding of it. The paper uses the model of strategic analysis by George Day to analyze the bargaining power of buyers and suppliers, the threat of new entrants, threat of substitutes, intensity of rivalry, impact of technological changes, growth & volatility of the market and the influence of government and regulatory interventions. These variables affecting the industry have been categorized as favourable or adverse which accordingly influence the profitability of the industry. The paper also identifies some strategic initiatives, which can be adopted to leverage the favourable forces and protect themselves from the adverse ones. A good understanding of the industry enables management to detect opportunities early and exploit them forcefully.
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Davis, Susannah M., and Dirk C. Moosmayer. "Greening the Field? How NGOs Are Shaping Corporate Social Responsibility in China." Journal of Current Chinese Affairs 43, no. 4 (December 2014): 75–110. http://dx.doi.org/10.1177/186810261404300404.
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China's state-led model of corporate social responsibility (CSR) does not seem to present a promising environment for the participation of non-governmental organizations (NGOs). Nevertheless, we observe recent examples of NGO involvement in CSR initiatives. Chinese NGOs are using the CSR platform to challenge the environmental practices of firms operating in China. We take a field-theoretical approach that focuses on the agency of actors. We show how an international NGO proposes a new standard and how Chinese NGOs use local environmental information disclosure laws to engage with firms in the textile supply chain. We find that NGOs leverage the power of brands to influence the practices of Chinese suppliers. However, we find differences in the framing and tactics employed by international NGOs versus their Chinese counterparts. Field analysis helps better understand the actors in the field of CSR, along with their motivations and their resources, and it offers a useful perspective on civil society development in China.
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Coleman, John. "The Role of The European Bank in The Energy Sector." Energy Exploration & Exploitation 12, no. 5 (October 1994): 351–57. http://dx.doi.org/10.1177/014459879401200502.
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The European Bank for Reconstruction and Development was established in 1991 and is owned by the western industrialized countries, including Canada, and the former communist countries of Europe and Central Asia. Its purpose is to assist the latter countries to make the transition from command to market economies in a democratic framework. The Bank, with an initial capital of approximately US$1.2 billion, directs 60 per cent of its resources towards private enterprises and state-owned enterprises which are being privatized. The remainder of the EBRD's lending is directed to governments for infrastructure development. The EBRD's lending, now at US$1.5 to 2 billion a year, is small in relation to the investment needs of its countries of operation. As a result, the Bank tries to maximize its leverage by limiting its share in total project financing to 35 per cent and encouraging co-financing by other lenders and investors. Through its lending it tries to create a demonstration effect and to encourage institutional reforms which increase private investment flows. In the energy sector, most of the EBRD's lending has been in the oil and gas sector in Russia, but it is open for business in other sectors and in all countries of operation. Unlike other development banks, the EBRD is prepared to finance nuclear power projects, especially for improving the safety and extending the operating life of nuclear power stations built before the fall of communism. In this connection, it operates a Nuclear Safety Account established by the G-7 countries after the 1992 Munich Summit. The Bank also is prepared to finance conventional power plants where these would permit the closure of obsolete or unsafe nuclear plants. In the oil and gas sector, most of the EBRD's lending has related to private sector, joint venture projects in Russia, aimed at oilfield rehabilitation and development. Three of the eight projects done so far have involved Canadian firms, reflecting their expertise in secondary and tertiary recovery, and cold weather operations. The private sector ventures supported by the Bank normally involve joint stock companies owned 50 per cent by western partners and 50 per cent by Russian state oil companies, which are being privatized or are operating according to private sector principles. The joint stock companies make up the difference between the EBRD's financing and total project cost through equity contributions in cash and kind, and through debt financing. The EBRD adds value not simply through its own financing. Its involvement in a project promotes co-financing by other investors. Its influence on behalf of foreign and local investors can help overcome administrative and regulatory difficulties affecting projects. Furthermore, the EBRD can give potential clients the benefit of its accumulated knowledge on how to structure the deal to meet host country priorities and regulations and to benefit from the greatest possible financing from the EBRD and from other lenders and investors.
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Larionova, Marina, and Andrei Shelepov. "Emerging Regulation for the Digital Economy: Challenges and Opportunities for Multilateral Global Governance." International Organisations Research Journal 16, no. 1 (June 1, 2021): 29–63. http://dx.doi.org/10.17323/1996-7845-2021-01-02.
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The role of information and communications technology (ICT), high-speed communication infrastructure, digital content and the digital economy is expected to grow in the post-pandemic society. Simultaneously, competition for digital technologies and solutions and the contest to influence norms, standards and regulatory mechanisms is escalating. The new regulatory mechanisms and approaches are concurrently being shaped in the key international institutions, including the United Nations (UN), the International Telecommunication Union (ITU), the World Trade Organization (WTO), the Organisation for Economic Co-Operation and Development (OECD), the European Union (EU), the Group of 20 (G20) and the BRICS group of Brazil, Russia, India, China and South Africa. This article presents analysis of the current cooperation on issues of digital economy regulation within the main international institutions. The study aims to assess the influence of the existing and emerging regulatory mechanisms on the balance of power between the key international actors. This assessment of the emerging mechanisms’ impact on the balance of power among international actors indicates that advantages and leverage capabilities accruing from them are distributed unevenly. The advanced members of the OECD and the G20 gain significant advantages, and there is a risk that the new mechanisms will consolidate the balance of power embodied by the Bretton Woods system, which has successfully resisted decades-long endeavors for its reform. However, regulation of the digital economy is not yet built as an established order. A window of opportunity was opened in 2020, not only to implement the G20’s 2008 pledge to reform the international financial and economic architecture, but also to build a new digital economy governance system, ensuring thatemerging markets and developing countries have a voice in decision-making commensurate with their weight in the global economy. The article is structured in three parts. The introduction presents the research questions and objectives and describes the parameters of comparative analysis and influence assessment criteria. The second section reviews the emerging mechanisms and instruments and reflects on their influence on the balance of power. The third section puts forward conclusions and recommendations for enhancing the influence of emerging markets and developing countries on the shaping and functioning of the emerging digital economy’s regulatory mechanisms.
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Lin, Kuan-Cheng, Chuan-Neng Lin, and Josh Jia-Ching Ying. "Construction of Analytical Models for Driving Energy Consumption of Electric Buses through Machine Learning." Applied Sciences 10, no. 17 (September 2, 2020): 6088. http://dx.doi.org/10.3390/app10176088.
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In recent years, the Taiwan government has been calling for the use of public transportation and has been popularizing pollution-reducing green vehicles. Passenger transport operators are being encouraged to replace traditional buses with electric buses, to increase their use in urban transportation. Reduced energy consumption and operating costs are important operational benefits for passenger transport operators, and driving behavior has a significant impact on fuel consumption. Although many literatures or real-world systems have addressed the issues related to reducing energy consumption with electric buses, these works do not involve the records collected from an on-vehicle battery management system (BMS). Accordingly, the results of analyses of existing works lack in-depth discussions, and therefore the applicability of existing works is insignificant. Therefore, in this study, driving data were collected using a battery management system (BMS), and vehicular power consumption was classified according to energy efficiency. Then, decision trees and random forest were applied to construct energy consumption analytical models. Finally, the driving behaviors that influence energy consumption were investigated. A case study was conducted in which a Taichung passenger transport operator’s electric bus driving data on urban routes were collected to construct energy consumption analytical models. The data consisted of two parts, i.e., vehicle records and route records. On the basis of these records, we considered the practicability and applicability of the analytical models by transforming the unstructured records into raw data. Passenger transport operators and drivers can leverage the obtained eco-driving indicators for different bus routes for energy savings and carbon reduction.
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Britton, Jennifer, Jami Leveen, Don Liberati, and Anna D'Isidoro. "From Transactional to Transformational." Metropolitan Universities 31, no. 2 (July 20, 2020): 92–110. http://dx.doi.org/10.18060/23808.
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This analysis of the supplier relationship between Drexel University and Aramark offers a demonstration of the potential for intensifying an anchor institution’s local economic inclusion strategies by leveraging the economic power of supplier partnerships. The operation of a major food service contract represents a substantial set of campus jobs and procurement, but this economic activity often remains outside the remit of economic inclusion efforts when the institution has no contractual influence over it. When an anchor institution can partner with a major supplier that shares a commitment to community impact, it offers opportunities to strengthen an anchor strategy. This article describes how Drexel University and Aramark used their campus food service relationship to deepen Drexel’s anchor mission and core strategic priorities and Aramark’s enterprise sustainability agenda, including the value of the negotiation process, and a set of outcomes in the form of initiatives in food insecurity, local economic inclusion and community engagement, research and technology transfer, and student co-op employment. Both the relationship building process and its outcomes offer a model for other institutions as they look to leverage the untapped economic activity of the major service suppliers.
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Shah, Raj, Simon Tung, Rui Chen, and Roger Miller. "Grease Performance Requirements and Future Perspectives for Electric and Hybrid Vehicle Applications." Lubricants 9, no. 4 (April 6, 2021): 40. http://dx.doi.org/10.3390/lubricants9040040.
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Electric vehicle sales are growing globally in response to the move towards a greener environment and a reduction in greenhouse gas emissions. As in any machine, grease lubricants will play a significant role in the component life of these new power plants and drivetrains. In this paper, the role of grease lubrication in electric vehicles (EVs) and hybrid vehicles (HVs) will be discussed in terms of performance requirements. Comparisons of grease lubrication in EVs and HVs for performance requirements to current internal combustion engines (ICEs) will be reviewed to contrast the major differences under different operating conditions. The operating conditions for grease lubrication in these EVs and HVs are demanding. Greases formulated and manufactured to meet specific performance specifications in EVs and HVs, which will operate within these specific electrification components, will be reviewed. Specifically, the thermal and electrified effects from the higher operating temperatures and electromagnetic fields on lubricant degradation, rheology, elastomer compatibility, and corrosion protection of the grease need to be evaluated to accurately meet the performance requirements for EVs and HV. The major differences between EVs and conventional ICEVs can be grouped into the following technical areas: energy efficiency, noise, vibration, and harshness (NVH), the presence of electrical current and electromagnetic fields from electric modules, sensors and circuits, and bearing lubrication. Additional considerations include thermal heat transfer, seals, corrosion protection, and materials’ compatibility. The authors will review the future development trends of EVs/HVs on driveline lubrication and thermal management requirements. The future development of electric vehicles will globally influence the selection and development of gear oils, coolants, and greases as they will be in contact with electric modules, sensors, and circuits and will be affected by electrical current and electromagnetic fields. The increasing presence of electrical parts in EVs/HVs will demand the corrosion protection of bearings and other remaining mechanical components. Thus, it is imperative that specialized greases should be explored for specific applications in EVs/HVs to ensure maximum protection from friction, wear, and corrosion to guarantee the longevity of the operating automobile. Low-viscosity lubricants and greases will be used in EVs to achieve improvements in energy efficiency. However, low-viscosity fluids reduce the film thickness in the driveline application. This reduced film thickness increases the operating temperature and reduces the calculated fatigue life of the bearings. Bearing components for EVs/HVs will be even more crucial as original equipment manufacturers (OEMs) specify these low-viscosity fluids. The application of premium bearing components using low-viscosity grease will leverage materials, bearing geometries, and surface topography to combat the impact of low-viscosity lubricants. In addition, EVs and HVs will create their own NVH challenges. Wind and road noise are more prominent, with no masking noise from the ICE. Increasing comfort, quality, and reliability issues will be more complicated with the introduction of new electrified powertrain and E-driveline subsystems. This paper elaborates on the current development trends and industrial test standard for the specified grease used for electrical/hybrid driveline lubrication.
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Nugraha, Robi. "ANALYSIS OF THE INFLUENCE OF CAPITAL LABOUR INTENSIVE,INVESTMENT, MANAGERIAL OWNERSHIP, OPERATING LEVERAGETHROUGH DIVIDEND AND FINANCIAL LEVERAGE AS INTERVENING VARIABLE ON FIRM VALUE IN INDONESIA NON FINANCIAL SECTOR COMPANIES." JRMSI - Jurnal Riset Manajemen Sains Indonesia 7, no. 1 (April 28, 2016): 1. http://dx.doi.org/10.21009/jrmsi.007.1.01.
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The purpose of this study was to analyze the influence of capital labour intensive, investment, managerial ownership, operating leverage, dividend and financial leverage on the firm value of Indonesia non financial sector companies, the influence of capital labour intensive, investment, managerial ownership, operating leverage variable on dividend and financial leverage of Indonesia non financial sector companies, and the influence of capital labour intensive, investment, managerial ownership, operating leverage variable on the firm value through dividend and financial leverage as intervening variable.The results show that the capital labour intensive, investment, managerial ownership, operating leverage, dividend and financial leverage have significant influences on the firm value of Indonesia non financial sector companies. The capital labour intensive, investment, managerial ownership, operating leverage variable do not have significant influences on dividend. The capital labour intensive, investment, managerial ownership, operating leverage variable have significant influences on financial leverage.With path analysis, the result show the The capital labour intensive, investment, managerial ownership, operating leverage variable do not have significant influence on the firm value of Indonesia non financial sector companies with dividend and financial leverage as intervening variable.Keywords: Capital Labour Intensive, Investment, Managerial Ownership,Operating Leverage, Dividend and Financial Leverage, Firm Value.
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Nugraha, Robi. "ANALISIS PENGARUH CAPITAL/LABOUR INTENSIVE, INVESTASI, KEPEMILIKAN MANAJERIAL, LEVERAGE OPERASI DENGAN VARIABEL MEDIASI KEBIJAKAN DIVIDEN DAN LEVERAGE KEUANGAN TERHADAP NILAI PERUSAHAAN." JURNAL DINAMIKA MANAJEMEN DAN BISNIS 1, no. 1 (September 1, 2017): 1–21. http://dx.doi.org/10.21009/jdmb.01.1.5.
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ABSTRACT
The purpose of this study was to analyze the influence of capital labour intensive, investment, managerial ownership, operating leverage, dividen and financial leverage on the firm value of Indonesia non financial sector companies, the influence of capital labour intensive, investment, managerial ownership, operating leverage variable on dividen and financial leverage of Indonesia non financial sector companies, and the influence of capital labour intensive, investment, managerial ownership, operating leverage variable on the firm value through dividen and financial leverage as intervening variable.
The research data was collected using purposive sampling method to the data of non financial sector companies listed on the Indonesian Stock Exchange during the period 2003-2012. Based on the criteria of the study obtained 310 samples were then analyzed Using the panel data regression and path analysis. The results show that the capital labour intensive, investment, managerial ownership, operating leverage, dividen and financial leverage have significant influences on the firm value of Indonesia non financial sector companies. The capital labour intensive, investment, managerial ownership, operating leverage variable do not have significant influences on dividen. The capital labour intensive, investment, managerial ownership, operating leverage variable have significant influences on financial leverage.
With path analysis, the result show the The capital labour intensive, investment, managerial ownership, operating leverage variable do not have significant influence on the firm value of Indonesia non financial sector companies with dividen and financial leverage as intervening variable.
Keywords: Capital Labour Intensive, Investment, Managerial Ownership, Operating Leverage, Dividen and Financial Leverage, Firm Value.
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Sibarani, Novia, and Eri Bukhari. "Pengaruh Financial Leverage Dan Operating Leverage Terhadap Rentabilitas PT Kalbe Farma, Tbk." Jurnal Kajian Ilmiah 20, no. 1 (January 25, 2020): 29–42. http://dx.doi.org/10.31599/jki.v20i1.68.
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This study aims to determine the effect of Financial Leverage and Operating Leverage partially and simultaneously on the Profitability of PT. Kalbe Farma, Tbk. The data used is the Financial Report for the period 2002 to 2018. The data analysis technique used is the Multiple Linear Regression Analysis. Based on the results of the analysis show that partially Financial Leverage does not significantly influence Rentability, while the Operating Leverage partially has a significant effect on Rentability. Simultaneously Financial Leverage and Operating Leverage have a significant effect on Rentability.
Keywords: financial leverage, operating leverage, return on equity, profitability
Abstrak
Penelitian ini bertujuan untuk mengetahui pengaruh Financial Leverage dan Operating Leverage secara parsial dan secara simultan terhadap Rentabilitas PT. Kalbe Farma, Tbk. Adapun data yang digunakan adalah Laporan Keuangan periode tahun 2002 sampai dengan tahun 2018. Teknik analisis data yang digunakan adalah Analisis Regresi Linear Berganda. Berdasarkan Hasil analisis menunjukan bahwasecara parsial Financial Leverage tidak berpengaruh signifikan terhadap Rentabilitas, sedangkan Operating Leverage secara parsial berpengaruh signifikan terhadap Rentabilitas. Secara simultan Financial Leverage dan Operating Leverage berpengaruh signifikan terhadap Rentabilitas.
Kata Kunci: financial leverage, operating leverage, return on equity, rentabilitas
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Fuad, Muhammad, Oyami Sara, and Muhammad Nur Daud. "Pengaruh Perputaran Modal Kerja, Operating Leverage dan Financial Leverage terhadap Profitabilitas Perusahaan Sektor Retail di Bursa Efek Indonesia." JKBM (JURNAL KONSEP BISNIS DAN MANAJEMEN) 5, no. 2 (May 31, 2019): 131. http://dx.doi.org/10.31289/jkbm.v5i2.2206.
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<h1>This study aims to analyze the influence of working capital turnover, operating leverage and financial leverage on profitability. The research object is thirteen retail sector companies listed on the Indonesia Stock Exchange (IDX) which are selected based on certain criteria. Secondary data are in the form of financial statements from each company in the period 2013 to 2017, and analyzed using multiple linear regression methods. The results obtained state that each working capital turnover, operating leverage and financial leverage have a positive influence on the profitability of retail sector companies on the IDX. However, the results of the partial test prove that only financial leverage has a significant influence on profitability; while working capital turnover and operating leverage proved to be insignificant. Simultaneously, the three independent variables analyzed have a significant influence on the profitability of retail sector companies on the IDX.</h1>
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Aini, Amira Qurrata, and Zuraida Zuraida. "PENGARUH ARUS KAS OPERASI, TINGKAT UTANG, DAN OPINI AUDIT TERHADAP PERSISTENSI LABA PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BEI PERIODE 2013-2016." Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi 5, no. 2 (July 27, 2020): 182–92. http://dx.doi.org/10.24815/jimeka.v5i2.15552.
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The study aims to determine the effect of operating cash flow, leverage, and audit opinions on earnings persistence. The population of this study is mining companies listed in Indonesian Stock Exchange in 2013-2016. The sample selected by purposive sampling method. The data used in this research is secondary data in the form of financial statement companies. Data analysis was performed using multiple linear regression statistical analysis. The results of this research show that operating cash flow, leverage, and audit opinions simultaneously influence earnings persistence. Partially operating cash flow and leverage significantly influence earnings persistence, whereas, audit opinions do not influence earning persistence.
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Nabilah, Zahrah, Sri Hermuningsih, and Gendro Wiyono. "Pengaruh Operating Leverage Dan Likuiditas Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening Pada Perusahaan Sektor Consumer Goods Industry Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016 - 2018." Bisman (Bisnis dan Manajemen): The Journal of Business and Management 3, no. 2 (August 17, 2020): 148–59. http://dx.doi.org/10.37112/bisman.v3i2.794.
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The purpose of this study is to examine the direct and indirect effects of Operating Leverage and Liquidity on Firm Value with Capital Structure as an intervening variable. The sampling technique uses purposive sampling method to determine the sample based on the consideration of researchers. Data analysis uses Partial Least Square (PLS), which is variance-based SEM, with SmartPLS software. The analysis shows that (1) there is a negative and insignificant influence between Operating Leverage on Capital Structure (2) there is a positive and significant effect between Liquidity on Capital Structure (3) there is a negative and insignificant influence between Operating Leverage on Firm Value (4 ) there is a negative and insignificant effect between Liquidity on Firm Value (5) there is a negative and insignificant influence between Capital Structure on Company Value (6) Capital Structure cannot mediate between Operating Leverage and Liquidity on Firm Value.
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Salehi, Erfan, Mohammad-Reza Mohammadi, Abdolhossein Hemmati-Sarapardeh, Vahid Reza Mahdavi, Thomas Gentzis, Bo Liu, and Mehdi Ostadhassan. "Modeling Interfacial Tension of N2/CO2 Mixture + n-Alkanes with Machine Learning Methods: Application to EOR in Conventional and Unconventional Reservoirs by Flue Gas Injection." Minerals 12, no. 2 (February 16, 2022): 252. http://dx.doi.org/10.3390/min12020252.
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The combustion of fossil fuels from the input of oil refineries, power plants, and the venting or flaring of produced gases in oil fields leads to greenhouse gas emissions. Economic usage of greenhouse and flue gases in conventional and unconventional reservoirs would not only enhance the oil and gas recovery but also offers CO2 sequestration. In this regard, the accurate estimation of the interfacial tension (IFT) between the injected gases and the crude oils is crucial for the successful execution of injection scenarios in enhanced oil recovery (EOR) operations. In this paper, the IFT between a CO2/N2 mixture and n-alkanes at different pressures and temperatures is investigated by utilizing machine learning (ML) methods. To this end, a data set containing 268 IFT data was gathered from the literature. Pressure, temperature, the carbon number of n-alkanes, and the mole fraction of N2 were selected as the input parameters. Then, six well-known ML methods (radial basis function (RBF), the adaptive neuro-fuzzy inference system (ANFIS), the least square support vector machine (LSSVM), random forest (RF), multilayer perceptron (MLP), and extremely randomized tree (extra-tree)) were used along with four optimization methods (colliding bodies optimization (CBO), particle swarm optimization (PSO), the Levenberg–Marquardt (LM) algorithm, and coupled simulated annealing (CSA)) to model the IFT of the CO2/N2 mixture and n-alkanes. The RBF model predicted all the IFT values with exceptional precision with an average absolute relative error of 0.77%, and also outperformed all other models in this paper and available in the literature. Furthermore, it was found that the pressure and the carbon number of n-alkanes would show the highest influence on the IFT of the CO2/N2 and n-alkanes, based on sensitivity analysis. Finally, the utilized IFT database and the area of the RBF model applicability were investigated via the leverage method.
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Zia ul haq, Hafiz Muhammad, Muhammad Sohail Shafiq, Muhammad Kashif, and Saba Ameer. "Determining Force behind Value Premium: The Case of Financial Leverage and Operating Leverage." Journal of Risk and Financial Management 13, no. 9 (September 2, 2020): 196. http://dx.doi.org/10.3390/jrfm13090196.
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The determining force behind the value premium is the matter of debate among the researchers. Some are of the opinion that the financial distress risk determines value premium whereas other theorize that value premium is basically the compensation for operating leverage (investment activity risk). This research provides empirical evidence on this theoretical contradiction by investigating the relationships of financial leverage (FL) and operating leverage (OL) with stock returns, the book to market ratio (B/M), and systematic risk on non-financial sector firms trading at the Pakistan stock exchange (PSE). This research empirically finds significant and direct influence of operating leverage on stock returns, the book to market ratio, and systematic risk respectively. Overall findings provide support for the theoretical models which have a linked book to market effect with operating leverage. Thus, we conclude that investment activity risk seems to be the major factor that determines value premium.
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Stefhani, Yosi. "ANALISIS PENGARUH UKURAN PERUSAHAAN, STRUKTUR MODAL DAN OPERATING LEVERAGE TERHADAP PROFITABILITAS SAHAM-SAHAM LQ 45 DI BURSA EFEK INDONESIA." Jurnal Manajemen 3, no. 2 (February 1, 2019): 30–44. http://dx.doi.org/10.54964/manajemen.v3i2.123.
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The purpose of this research is to look at the effect of company size, capital structure and operating leverage on the profitability of stocks including LQ 45 shares on the Indonesia Stock Exchange. The sample in this research is LQ 45 shares in the period 2018. The indicators used from the variables studied are (1) the size of the company using the indicator of total assets (2) capital structure using the Debt to Equity Ratio (DER) indicator ( 3) operating leverage using the Degree Operating Leverage (DOL) indicator and (4) profitability using the Earning Per Share (EPS) indicator. The data analysis method used is multiple regression analysis. The results of the research show that partially only company size affects profitability while the capital structure and operating leverage partially do not affect profitability. But simultaneously the size of the company, capital structure and operating leverage have influence profitability.
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Uvarova, Olena. "Business and Human Rights: Key Issues for Legal Theory." Philosophy of law and general theory of law, no. 1 (December 21, 2021): 21–47. http://dx.doi.org/10.21564/2707-7039.1.247438.
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Just like the fight against discrimination or other injustice in its time, the sphere ofbusiness and human rights goes through the same stages: the experience of injustice is accumulated –a demand for release from the problem is formed, a demand for a more perfect reality – a requestfor new regulation arises.The article discusses the key issues for the theory of law, conditioned by the formation of thisnew reality. The starting point for consideration is the question of business as a direct addressee ofhuman rights requirements, that is, the operation of human rights without mediation by the state,since one of the defining reasons for the emergence of public expectations, embodied in the conceptof business and human rights, was the inability or in some cases of deliberate unwillingness of thestate to ensure corporate respect for human rights. This, in turn, raises the question of the powerinfluence of business on human rights and the need to revise the concept according to which privateactors in their relations are equal. The imperious nature of the influence of business also means thatthere is a revision of the social contract, the parties to which were previously considered society andthe state, and therefore the need to legitimize such power of business, substantive and procedural. Even in a situation where the state exercises effective control over the business operations, therequirement of legitimation is relevant, since there is a space free from state legal regulation. Objectively,the state cannot (and should not) regulate all aspects of the functioning of economic entities; thespace for self-regulation always remains. Business, by understanding its internal processes, is betterable to identify risks to human rights and minimize them. The state can only react to the violationof human rights that has occurred.The demand for business to fulfill its human rights obligations is particularly heightened ina situation where government control over its activities is absent or ineffective. Such situations arepossible in the case of a weak nature of state power or its inconsistent policy in the field of humanrights (in particular, investment projects may not be assessed by the state in terms of their impacton human rights) or in a situation of an undemocratic political regime, when the state itself violateshuman rights. and business is directly or indirectly involved in such violations. It is also possible thatthe state does not have sufficient leverage over business. Transnational corporations are a classicexample of this situation. The lack of effective state control can also be explained by the oligarchicstructure of the economy.Accordingly, the concept of business and human rights, being a response to modern challenges of“unfair social experience”, forces us to reconsider the classical views on the addressees of human rightsdemands, the mechanism of operation of the rule of law, the requirements of which should applyto private actors and, in general, to reconsider the social contract taking into account the significantimpact that business has on the organization of life in modern society.
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Wulandari, Endriana Winda, and Jaeni Jaeni. "Faktor-Faktor Yang Mempengaruhi Financial Distress." Jurnal Ilmiah Universitas Batanghari Jambi 21, no. 2 (July 4, 2021): 734. http://dx.doi.org/10.33087/jiubj.v21i2.1495.
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This study aims to analyze the influence of operating cash flow, leverage, liquidity, operating capacity, profitability and sales growth on the financial distress of Property and Real Estate companies on the Indonesia Stock Exchange (IDX) 2015-2019. This research is a type of quantitative research using secondary data. The sample in this study obtained as many as 26 companies, in the case of the method used is purposive sampling which is a sampling method by determining the criteria that have been determined. The data analysis method used multiple linear regression. The results of the F test show that operating cash flow, leverage, liquidity, operating capacity, profitability, and sales growth variables simultaneously affect financial distress. However, in testing the hypothesis (t-test) the operating cash flow, operating capacity, profitability and sales growth variables have no effect on financial distress, while the leverage and liquidity variables have a significant and negative effect on financial distress
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Grizzle, Cleopatra, Margaret F. Sloan, and Mirae Kim. "Financial factors that influence the size of nonprofit operating reserves." Journal of Public Budgeting, Accounting & Financial Management 27, no. 1 (March 1, 2015): 67–97. http://dx.doi.org/10.1108/jpbafm-27-01-2015-b003.
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ABSTRACTAlthough operating reserves can aid nonprofit organizations in alleviating periods of fiscal stress, they are not widely used. This study examines organizational factors that impact the level of operating reserves in nonprofit organizations. It also explores the relationship of operating reserves with organizational demographics and financial health variables using a six-year (1998-2003) unbalanced panel regression model containing 460,437 observations. Findings demonstrate a positive relationship between operating reserves and administration ratio, profit margin, operating margin, and organization age. Conversely, the size of operating reserves is negatively related to leverage ratio, donations, and organization size. Revenue diversification, however, shows a mixed relationship with operating reserves among different types of nonprofit indicating complexity in risk-reducing strategy. This study contributes to understanding factors relevant to the presence, or absence, of nonprofit operating reserves.
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Zabolotnyy, Serhiy. "ECONOMIC VALUE ADDED VERSUS RISK IN AGRICULTURAL COMPANIES – INTERACTIONS AND CAUSES OF THEIR OCCURRENCES." Annals of the Polish Association of Agricultural and Agribusiness Economists XIX, no. 3 (August 22, 2017): 301–7. http://dx.doi.org/10.5604/01.3001.0010.3267.
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The goal of the research is to present relations between the ability to generate value and risk in agribusiness companies. The ability to generate value of analyzed entities was determined using a rate of return on invested capital expressed by economic value addend (EVA). To characterize the risk of business indicators of operating and financial leverage were used. In periods of higher leverage lower rates of return on invested capital were noticed. The main reason for growth of the degree of leverage was an increase in the share of fixed cost in gross margin along with a decrease of operating profit. This gave an evidence of a negative influence of risk expressed by leverage on ability to generate value in agribusiness companies.
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Oktaviani, Rima Fathonah, and Hotman T. Pohan. "PENGARUH ECONOMIC VALUE ADDED, RESIDUAL INCOME, EARNINGS, OPERATING CASH FLOW DAN OPERATING LEVERAGE TERHADAP RETURN SAHAM PADA PERUSAHAAN LQ 45." Jurnal Magister Akuntansi Trisakti 4, no. 1 (February 18, 2017): 21. http://dx.doi.org/10.25105/jmat.v4i1.4985.
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<p class="Normal1"><em>The purpose of this study was to </em><em>determine the influence between </em><em>economic value added, residual income, eranings, operating cash flow and operating leverage on stock returns.The population of this study is company</em><em> LQ </em><em>45. The sample of the study was obtained by purposive sampling method where are 26 same companies each year and meet the sampling criteria. The study period is 2012 to 2015.This study found that there </em><em>is a positive influence between </em><em>economic value added, residual income, operating cash flow, and operating leverage on stock returns on company LQ 45. But for earnings there is not effect on stock return on company LQ 45.<strong></strong></em></p>
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MUSDHOLIFAH, MUSDHOLIFAH, and DIANA PUSPITASARI. "Pengaruh Ukuran Perusahaan, Profitabilitas dan Leverage terhadap Perataan Laba pada Sektor Industri Perbankan." BISMA (Bisnis dan Manajemen) 2, no. 1 (June 6, 2018): 48. http://dx.doi.org/10.26740/bisma.v2n1.p48-60.
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Income smoothing is an action that taken by management to decrease reported company profit fluctuation. Income smoothing practice is a phenomena that commonly happens as management’s effort to reach certain aims. The purpose of this research is finding out whether there is income smoothing practice in banking industrial sector or not and identifying factors that influence income smoothing. Four factors that includes company’s size, profitability, financial leverage and operating leverage will be used to identify factors that influence income smoothing index. There is separation between company that performs income smoothing and not performing income smoothing by using Eckel Index for companies in banking industrial sector that registered in Jakarta Stock Exchange. This research is involving 16 banking companies that registered in Jakarta Stock Exchange by performing 4 years experiment started from 2004 until 2007. The result of the counting with Eckel Index shows that there is 9 companies in banking industrial sector that perform income smoothing practice. The result of univariate and multivariate, in order to find out the influence of each factor, shows that profitability, financial leverage and operating leverage do not influence income smoothing (Sig>0,05) meanwhile company’s size has positive influence to income smoothing (Sig<0,05).
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Utama, Wahyu Putra, and Erma Setiawati. "Influence of Company Size, Leverage, Sales Growth and Operating Capacity on Financial Distress." Journal of Economics, Business, and Government Challenges 5, no. 1 (April 13, 2022): 27–34. http://dx.doi.org/10.33005/ebgc.v5i1.211.
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Financial distress is a condition where the company faces financial difficulties. Financial distress has a close relationship with bankruptcy in a company because financial distress is the stage where the company's financial condition has decreased before the bankruptcy. The purpose of this study was to find out empirical evidence about the effect of firm size, leverage, sales growth and operating capacity on financial distress. The population of this study is Real Estate and Property Companies Listed on the Indonesia Stock Exchange in 2017-2019. The sample in this study is 100 companies that have been selected by the purposive sampling method. The analysis method uses multiple linear regression analysis techniques. The results show that leverage has an effect on Financial Distress while Company Size, Sales Growth and Operating Capacity have no effect on financial distress.
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Agustin, Kety Lulu, Ubud Salim, and Andarwati Andarwati. "Pengaruh Profitabilitas, Tingkat Pertumbuhan Aktiva, Leverage Operasi, Stabilitas Penjualan terhadap Struktur Modal dan Nilai Perusahaan." IQTISHODUNA 16, no. 1 (April 25, 2020): 17–38. http://dx.doi.org/10.18860/iq.v16i1.7276.
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The purpose of this research is to determine the effect of profitability, asset growth, operating leverage and sales stability on the capital structure and firm value. The company value in this study was published with Tobin Q. The population of this study were all manufacturing companies reported on the Indonesia Stock Exchange for the period 2015-2017. In accordance with the selection criteria, there are 46 filtered sample companies. The analysis technique that used is Partial Least Square (PLS). The results of hypothesis indicate profitability and sales that are significant to the capital structure while increasing performance and leverage of operations do not have a significant effect on capital structure. Profitability, asset growth, sales stability have a significant effect on firm value while operating leverage does not involve significance to firm value. Profitability and influence of sales have a significant effect on firm value through capital structure, while yield growth and operating leverage are opposite.
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Fitri, Melsa Aninda, and Vaya Juliana Dillak. "ARUS KAS OPERASI, LEVERAGE, SALES GROWTH TERHADAP FINANCIAL DISTRESS." Jurnal Riset Akuntansi Kontemporer 12, no. 2 (October 28, 2020): 60–64. http://dx.doi.org/10.23969/jrak.v12i2.3039.
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The purpose of this study is to determine how the influence of operating cash flow, leverage and sales growth ratios on the occurrence of financial distress. The research method used in this study is a quantitative method. While the data collection techniques used in this study are purposive sampling. The population in this study is the textile and garment subsector companies listed on the Indonesia Stock Exchange in 2015-2018 as many as 14 companies with observational data of 56 samples. This study uses panel data regression analysis techniques. Simultaneous variable operating cash flow, leverage, and sales growth have a significant effect on financial distress. And then, leverage has a significant effect on financial distress. While the operating cash flow and sales growth partially did not have significant effect on financial distress.
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Henryanto Wijaya, Meliana Tania,. "Faktor-Faktor Yang Mempengaruhi Financial Distress Dengan Firm Size Sebagai Variabel Moderasi." Jurnal Paradigma Akuntansi 3, no. 4 (November 12, 2021): 1517. http://dx.doi.org/10.24912/jpa.v3i4.15244.
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The objective of this research is to examine the influence of liquidity, leverage, operating capacity and operating cash flow that being moderated by firm size to financial distress on the manufacturing companies listed on the IDX in 2017-2019. The sample was selected by using purposive method and there are 16 companies that were selected as samples. This research uses the moderated regression analysis (MRA) method to analyze data using the Eviews program version 11. The results show that liquidity, leverage and firm size have a positive and significant effect to financial distress. However, operating capacity and operating cash flow do not have a significant effect on financial distress. This study also shows that firm size weakens the effect of leverage on financial distress. However, liquidity, operating capacity and operating cash flow, which are moderated by the firm size, have no effect to financial distress. The implication of this study is to provide suggestions for companies in predicting financial distress conditions. The earlier the signs of bankruptcy are known, the better company management to immediately find solutions of the problems.
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Panggabean, Rosinta Ria, and Novita Novita. "Pengaruh Faktor-Faktor Penentu Perataan Laba terhadap Return Saham pada Perusahaan Perata Laba di Industri Manufaktur." Binus Business Review 3, no. 1 (May 31, 2012): 26. http://dx.doi.org/10.21512/bbr.v3i1.1277.
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Income smoothing is the way that used by management to reduce fluctuation in reported earnings to fit the desired target. Income smoothing action is considered as a common action done by management to achieve certain purposes. The purpose of this research is to analyze the influence of determinant factors of income smoothing (net earnings, total asset, total sales, leverage, and operating profit margin) toward stock return. Thesample used in this research is 48 manufacturing companies listed in Indonesian Stock Exchange selected by purposive sampling method. Eckel Index is used in this research as the assumption of income smoothing. The data analysis methods that been used are classical assumption test that included test of normality with One Sample Kolmogorov-Smirnov, multicollinearity test, autocorrelation test, and heteroskedastisity test withscatterplot. Moreover, data are also analyzed using regression test with f test and t test.Based on the result of this research, it is shown that only the net earnings which have a significant influence on stock returns. While, total assets, total sales, leverage, and operating profit margin have no influence on stock returns. Result of this research which conducted by f test (simultaneous test) showed that all independent variables (net earnings, total assets, total sales, leverage, and operating profit margin), together have a significant influence on stock returns.
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Purnama, Yusak Maleakhi, and Eindye Taufiq. "PENGARUH PROFITABILITAS, LEVERAGE, FIRM SIZE, DAN EARNINGS POWER TERHADAP MANAJEMEN LABA PADA PERUSAHAAN SEKTOR PROPERTI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2017-2019." Journal of Accounting, Finance, Taxation, and Auditing (JAFTA) 3, no. 1 (March 30, 2021): 71–94. http://dx.doi.org/10.28932/jafta.v3i1.3280.
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The purpose of this research is to obtain evidence regarding the effect of independent variable consisting of profitability, leverage, firm size, and earnings power towards dependent variable earnings management. The company used in this research is a property company that listed on the Indonesian Stock Exchange (IDX) from 2017-2019 with the criteria using purposive sampling method. The result of this research are profitability and earnings power has no influence on earnings management. However, leverage has a positive and significant influence on earnings management. Then, firm size has a negative and significant influence on earnings management.
Keyword: Earnings Management, Profitability, Leverage, Firm Size, Earnings Power
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Sukmaningtyas, Jantu, and Salamatun Asakdiyah. "FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN TELEKOMUNIKASI DI INDONESIA." Jurnal Fokus Manajemen Bisnis 1, no. 2 (September 30, 2011): 83. http://dx.doi.org/10.12928/fokus.v1i2.1302.
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The purpose of this thesis is to analyze factors that influence capital structure at telecommunications industry in Indonesia. In this research, dependent variable is capital structure and the independent variables are the operating leverage, taxes, and firm size.The samples are 5 companies, its take by purposive sampling method: taking the sample with specific criteria, that is the companies which listed on the Indonesia Stock Exchange during the period from 2005 to 2009. The operating leverage has a positive and significant influence to capital structure, tax has a negative and significant impact to capital structure, but the variable firm size has no effect to capital structure.
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Reid, Lindsay. "Finding a Peace that Lasts." Journal of Conflict Resolution 61, no. 7 (October 26, 2015): 1401–31. http://dx.doi.org/10.1177/0022002715611231.
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How does leverage vary across different mediators? What influence does this variation have on mediation outcomes? Extant literature has equated mediation leverage with material power. Leverage, however, is context dependent and comprised of two dimensions: capability and credibility. Capability leverage is a function of economic resources and power, while credibility leverage derives influence from historical and cultural ties that bolster a mediator’s contextual knowledge of a conflict. I hypothesize that mediators with capability leverage are more likely to achieve short-term success, whereas mediators with credibility leverage generate more durable settlements. I quantitatively test the hypotheses using civil war mediation attempts from 1989 to 2006. I find that capability leverage does indeed contribute to the achievement of short-term success; credibility leverage, however, generates a more durable peace. The results demonstrate the importance of understanding mediation leverage as a context-dependent concept and highlight the potential long-term benefits of softer forms of mediation.
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Dufour, Dominique, Philippe Luu, and Pierre Teller. "Accruals quality and leverage adjustments." Journal of Applied Accounting Research 21, no. 4 (July 19, 2020): 799–817. http://dx.doi.org/10.1108/jaar-06-2019-0102.
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PurposeThis paper analyses the role of accounting information quality on leverage adjustments. More specifically, the authors investigate whether a better accounting information leads to a higher speed of adjustment to the target financial leverage.Design/methodology/approachThe authors use a two-step method. They first estimate the target financial structure and then the influence of accruals quality on the speed of adjustment to this target. The study sample consists of French listed companies in the CAC All-Tradable index. The sample contains 210 companies and 1,713 observations.FindingsAccounting literature showed the positive influence of accounting quality on financial management. The study findings are in line with these results. The authors give evidence of that a better quality of accruals is associated with a greater speed of adjustment.Research limitations/implicationsA common limitation in this field is the use of proxies. This makes results harder to generalize. For this reason, the authors implemented several models to improve the robustness of their results.Practical implicationsThe authors give evidence that firms have an incentive to disclose a good-quality accounting information. A weak accounting quality prevents firms from adjusting their leverage to their financial target and therefore reduce their value.Social implicationsThis work shows the need for accounting standardization bodies to strive to produce accounting standards allowing the production of high-quality accounting information. In a teaching dimension, these results highlight the importance in corporate finance of acquiring expertise in quality accounting information analysis.Originality/valueThis work is original because the authors study the influence of accounting quality on speed of adjustments of firms operating in the same legal environment and using the same accounting standards, when previous work compared different accounting frameworks. The French context is characterized by the weakness of market mechanisms and the important role of banks. These characteristics are known to reduce the role of accounting information in financing process. This result is interesting because the authors demonstrate that firms operating in this context still have an incentive in producing high accounting quality information.
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Garas, Samy, and Suzanna ElMassah. "Corporate governance and corporate social responsibility disclosures." critical perspectives on international business 14, no. 1 (March 5, 2018): 2–26. http://dx.doi.org/10.1108/cpoib-10-2016-0042.
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Purpose The purpose of this study is to explore the impact of corporate governance (CG) on the corporate social responsibility (CSR) disclosures. This is done in the context of firms operating in the Gulf Cooperation Council (GCC) countries and is largely based on the legitimacy theory, although other theories such as principal–agent theory and stakeholder theory are disucssed. Design/methodology/approach This study used the annual reports of 147 firms in the GCC countries, drawing on a legitimacy theory framework to determine the impact of CG characteristics, such as management ownership, ownership concentration, independence of board members, duality of CEO and chairman positions and the existence of an audit committee, on firms’ CSR disclosures to various stakeholders. Accordingly, the authors developed five hypotheses to examine the above variables and used a data set from Hawkamah – the Institute of Corporate Governance. This study covers a period of six years (2007-2012). The data set had been regressed in a multi-variate regression analysis. Findings The authors reported that greater managerial ownership and concentration of ownership have positive impact on CSR disclosures. The findings of this study also show that internal CG mechanisms, such as the independence of board members, the separation of powers, between the CEO and chairman positions and the existence of an independent audit committee, also have a positive influence on CSR disclosures. In addition, the leverage ratio, return on assets, company’s size and age emerge as important determinants of CSR disclosures; nevertheless, the company’s size and age are statistically not significant. These significant findings corroborate the recent concern with CG in developing countries that brings greater attention to CSR disclousures, as both internal and external CG mechanisms are effective in influencing the CSR practices. Practical implications This study fills the gap in literature by providing empirical evidence on the impact of CG on CSR disclosures in a significant region in the emerging economies. Furthermore, it alerts regulators, policy-makers, practitioners and firms’ executives in the GCC region and other developing countries to pay more attention to CG reforms and enforcement as well as to increase institutional pressures regarding CSR adaptation. Originality/value The study on how CG and CSR disclosures are connected has been limited. This study addresses this research gap and focuses on a region that has often been overlooked by accounting research.
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Figueroa-Lorenzo, Añorga, and Arrizabalaga. "A Role-Based Access Control Model in Modbus SCADA Systems. A Centralized Model Approach." Sensors 19, no. 20 (October 14, 2019): 4455. http://dx.doi.org/10.3390/s19204455.
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Industrial Control Systems (ICS) and Supervisory Control systems and Data Acquisition (SCADA) networks implement industrial communication protocols to enable their operations. Modbus is an application protocol that allows communication between millions of automation devices. Unfortunately, Modbus lacks basic security mechanisms, and this leads to multiple vulnerabilities, due to both design and implementation. This issue enables certain types of attacks, for example, man in the middle attacks, eavesdropping attacks, and replay attack. The exploitation of such flaws may greatly influence companies and the general population, especially for attacks targeting critical infrastructural assets, such as power plants, water distribution and railway transportation systems. In order to provide security mechanisms to the protocol, the Modbus organization released security specifications, which provide robust protection through the blending of Transport Layer Security (TLS) with the traditional Modbus protocol. TLS will encapsulate Modbus packets to provide both authentication and message-integrity protection. The security features leverage X.509v3 digital certificates for authentication of the server and client. From the security specifications, this study addresses the security problems of the Modbus protocol, proposing a new secure version of a role-based access control model (RBAC), in order to authorize both the client on the server, as well as the Modbus frame. This model is divided into an authorization process via roles, which is inserted as an arbitrary extension in the certificate X.509v3 and the message authorization via unit id, a unique identifier used to authorize the Modbus frame. Our proposal is evaluated through two approaches: A security analysis and a performance analysis. The security analysis involves verifying the protocol's resistance to different types of attacks, as well as that certain pillars of cybersecurity, such as integrity and confidentiality, are not compromised. Finally, our performance analysis involves deploying our design over a testnet built on GNS3. This testnet has been designed based on an industrial security standard, such as IEC-62443, which divides the industrial network into levels. Then both the client and the server are deployed over this network in order to verify the feasibility of the proposal. For this purpose, different latencies measurements in industrial environments are used as a benchmark, which are matched against the latencies in our proposal for different cipher suites.
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Widyaningrum, Lupita, and Dodik Siswantoro. "Analysis the Effect of Macroeconomic Indicators and Specific-Firm Characteristic as Determinant Profitability of Islamic Banks in Asia." Global Review of Islamic Economics and Business 2, no. 2 (September 7, 2015): 085. http://dx.doi.org/10.14421/grieb.2014.022-01.
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: The purpose of this study is to examine the effect of macroeconomic indicators and specific-firm characteristics on the profitability of Islamic banks in Asia for period 2008-2012. Macroeconomic indicators using variables GDP growth and inflation, while the firm-specific characteristics using variables leverage, capitalization, operating expense, asset quality, number of branches, and firm size. Bank profitability measured by ROA and ROE. Research method using Ordinary Least Squares regression (OLS) to process the data types unbalanced panels and balanced panel. Unbalanced panel using sample of 42 Islamic banks with 188 observations, while on balanced panel using sample of 28 Islamic banks with 140 observations. The result of this research shows that capitalization, firm size, GDP growth, and inflation are determinants affecting ROA with positive and significant influence, while operating expense and leverage are significantly negative determinants that affect ROA. Asset quality and number of branches had no significant influence to ROA. The research also shows that determinant factors that affect ROE with positive and significant influence are captalization, number of branch, GDP growth, and inflation, while operating expense, and asset quality are determinants that affect significantly negative to ROE. Leverage and firm size don’t have significant influence to ROE. These results expected to be useful as a consideration material to improve the performance of Islamic banking, especially in Indonesia in order to compete with Islamic banking in Asia.
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Kepramareni, Putu, Sagung Oka Pradnyawati, and Made Ardinda Rika Pratiwi. "Laba Ditahan, Laba Operasi, Aliran Kas Operasi, Leverage, Profitabilitas Dan Pengaruhnya Pada Peringkat Obligasi." WACANA EKONOMI (Jurnal Ekonomi, Bisnis dan Akuntansi) 20, no. 1 (April 1, 2021): 28–37. http://dx.doi.org/10.22225/we.20.1.3158.28-37.
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Companies in carrying out their activities need funds or capital obtained through the money market and the capital market. The capital market allows investors to have various investment options according to their risk preferences where companies can issue financial instruments in the capital market to obtain funds. This is one of the functions of the capital market which facilitates the transfer of funds from parties of surplus to parties in need of funds. One of the related financial instruments in the market is a fund is a drawback. Eligibility for a withdrawal can be seen through an independent body that can rate the resignation. There are several factors that can influence your resignation. According to (Syaifullah & Soemantri, 2016), income and profitability have a positive effect on negotiations but are different from Susilowati and Sumarto (2010) who found that profitability and operating profit have no effect on negotiating research results on the influence of profit, operating cash flow and leverage on negotiations were also found. in research conducted by Adrian (2010), (Estiyanti & Yasa, 2012) and Sihombing and Rachmawati (2015). This study aims to obtain empirical evidence regarding the effect of profit on, operating profit, operating cash flow, leverage and profitability as some of the factors that influence bargaining. The population in this study are companies that publish and are listed on the IDX in 2017-2019. The sampling method used in this study was purposive sampling. Logistic regression is used to test the hypothesis. The results showed that profitability had a positive effect on approval. Meanwhile, profit profit, operating profit flow, operating flow and leverage have no effect on resignation.
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Asmas, Denny, Hasminidiarty Hasminidiarty, and R. Adisetiawan. "STRUKTUR MODAL DAN VARIABEL YANG MEMPENGARUHINYA." J-MAS (Jurnal Manajemen dan Sains) 3, no. 2 (October 17, 2018): 237. http://dx.doi.org/10.33087/jmas.v3i2.61.
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This research aims to analyze the factors affecting the capital structure of the company. The sample companies are companies incorporated in the Indonesia Stock Exchange's LQ45 period 2012-2017. Bound variable used in this research is the structure of assets, while non used is the company's size, profitability, liquidity, operating leverage and sales growth. Test tool used multiple regression test tools IE. The results obtained i.e. There are five free variables that influence partially against variable capital structure i.e. variable structure of assets, company size, profitability, liquidity and sales growth. While the operating leverage variable have no effect partially against the capital structure.
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Nadia, Astari. "PENGARUH UKURAN PERUSAHAAN,OPERATING LEVERAGE, DAN PERINGKAT OBLIGASI TERHADAP PERATAAN LABA PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA." Media Riset Akuntansi, Auditing & Informasi 14, no. 3 (December 1, 2014): 73–88. http://dx.doi.org/10.25105/mraai.v14i3.2813.
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The purpose of this research is to examine the factors that impact income smoothing in Indonesia. The issues investigated in this research were factors such as company size, operating leverage,and the bond ratings. The data are collected from 24 listed companies in Indonesian Stocks Exchange (ISX). Selection process were using (purposive) sampling method. The sampling companies then classified into smoother and non smoother using Eckel’s model. The result shows that there are some companies listed in Indonesian Stocks Exchange that practice income smoothing. Data analysis worked by using Descriptive Statistic,Hosmer and Lemeshow test, Omnibus tests of model coefficients, Nagelkerke’s R Square, and Logistic Regression. Based on statistic test, the result show that the bond ratings influence on income smoothing. As for company size and operating leverage have no influence on income smoothing.
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Fadlillah, Muhammad Rizali. "FAKTOR-FAKTOR YANG MEMPENGARUHI FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR DI INDONESIA." Jurnal AKSI (Akuntansi dan Sistem Informasi) 4, no. 1 (May 14, 2019): 19–28. http://dx.doi.org/10.32486/aksi.v4i1.296.
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This study conducted to understand and get empirical evidence from the effect of factors which represented by Liquidity, Leverage, Operating Capacity, Profitability and Firm Growth on Financial Distress at manufacture companies which listed on Indonesia Stock Exchange from 2015-2017. This study is an associative research category. This study uses quantitative methods to determine the effect of a variable on other variables. All of manufacturing companies which listed on the Indonesia Stock Exchange in the period 2015 to 2017 are the population of this study. Then, the number of samples used are 101 companies which purposive sampling as the sample technique. Samples are selected using the specified criteria.The factors that become the variables in this research are liquidity, leverage, operating capacity, profitability and firm growth as independent variables, and financial distress as dependent variable. This research used secondary data. The data analysis technique used binary logistic regression supported by SPSS version 23. The result of this research showed that liquidity, leverage, operating capacity, and profitability have significant influence on the condition of financial distress of manufacturing companies listed in Indonesia Stock Exchange. Meanwhile, firm growth do not have significant influence on the condition of financial distress of manufacturing companies listed in Indonesia Stock Exchange.
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Singhania, Monica, Navendu Sharma, Rohit J. Yagnesh, and Nimit Mehra. "Hero cycles: operating breakevens." Emerald Emerging Markets Case Studies 4, no. 2 (March 5, 2014): 1–8. http://dx.doi.org/10.1108/eemcs-2014-4444.
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Subject area Bicycle industry, emerging markets, competitor analysis, financial forecasting. Study level/applicability This case can be used as a teaching tool in the following courses: MBA/post-graduate programs in management in management accounting, management control systems and strategic cost management; executive training programs for middle and senior level employees; and under-graduate/post-graduate programs in entrepreneurship. It can be used to explain and test the concepts of SWOT analysis, Porter's five forces model and PEST analysis. It introduces the technique of breakeven analysis and its relationship with operating leverage. Moreover, it demonstrates the application and analyses of the Du Pont equation. Case overview Hero Cycles Ltd was established by the four Munjal brothers in pre-independence India. It started off as a business of bicycle spare parts, but quickly expanded in post-independence India, with Ludhiana as its base. The company later joined with foreign firms like Honda Motors, Japan to become the largest manufacturers of bicycles in the world. It dominates domestic markets with a market share of around 40 percent. Ananth Munjal, a learned, ambitious and cautious individual, is the next generation, ready to take over the reins of the company. Being someone who believes in learning from past mistakes, he forms a team to critically examine the decisions made by his predecessors. This team is also directed to utilize forecasting techniques for determining the expected profitability given the existing state of affairs that prevail. Additionally, Du Pont analysis is to be performed for studying the efficiency of the company on the facets of operating performance, asset turnover and associated financial leverage. Also, Ananth's risk-averse nature compels him to study the past with regard to the relationship between operating leverage, breakeven sales and corresponding margin of safety. Furthermore, he wishes to inspect the historical cost structure of the firm, and its influence on company performance. Expected learning outcomes These include the use of: SWOT analysis to identify the strengths, weaknesses, opportunities and threats to a company; PEST analysis to identify the political, economic, social and technological factors that affect the operations of a company; Porter's five forces model to analyse an industry. The case also helps students: by identifying fixed costs and variable costs that are a part of operating expenditure of a business; in the use of forecasting the financials of a company for the sake of predicting the future outcomes of certain business strategies; by application of Du Pont analysis to examine the efficiency of the various processes and strategies; in determining quantitative terms like contribution margin, breakeven sales, operating leverage, margin of safety, their significance, and the relationship between these terms. Supplementary materials Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
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Asraf, Asraf, and Mia Muchia Desda. "Analysis of the Effect of Operating Leverage and Financial Leverage on Companies Profitability Listed on Indonesia Stock Exchange." Ilomata International Journal of Management 1, no. 2 (March 31, 2020): 45–50. http://dx.doi.org/10.52728/ijjm.v1i2.65.
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The purpose of this study was to explain the influence of the Degree of Operating Leverage (DOL) and Degree of Financial Leverage (DFL) on company profitability. The population in this study was consumer goods companies listed on the Indonesia Stock Exchange in 2017-2018, with 33 sample companies selected using purposive sampling. Method research was causality research and the data used is quantitative data. The company published a complete financial report from 2017 to 2018 which could be accessed through the Indonesian Stock Exchange Website and related company websites. The data were analyzed using the SPSS 21 application. The result shows that individual testing of DOL with profitability and DFL with profitability and joint testing of DOL and DFL with profitability found that DOL and DCL did not have a significant effect on the changes in company profitability (ROE and ROA) .
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Murni Utami, Kurnia, Diana Dwi Astuti, and Hamzah Fansuri Yusuf. "Variabel – Variabel Yang Mempengaruhi Struktur ModalPada Perusahaan Manufaktur Di Bursa Efek Indonesia." JAKUMA : JURNAL AKUNTANSI DAN MANAJEMEN KEUANGAN 1, no. 1 (September 1, 2020): 28–41. http://dx.doi.org/10.31967/jakuma.v1i1.376.
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This study aims to determine the effect of simultaneous and partial variables of sales stability, asset structure, operating leverage, company size, and profitability on capital structure in manufacturing companies on the Indonesia Stock Exchange. Research period 2014 - 2018. Determination of the sample by purposive sampling method. Using the method of multiple linear regression analysis. The results of the classic assumptions of the study, showed that normally distributed, no multicollinearity, no symptoms of heteroscedasticity, and no autocorrelation. The results of multiple regression, show the independent variables simultaneously influence the dependent variable. Partially, the variables of sales stability, operating leverage and firm size have a significant effect on capital structure, while asset structure and profitability have no significant effect on capital structure.
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INDRASTUTI, DEWI KURNIA, and VENIA MARIA DJOJO. "REPUTASI AUDITOR DAN KARAKTERISTIK PERUSAHAAN TERHADAP MANAJEMEN LABA." Media Bisnis 12, no. 2 (January 10, 2021): 185–200. http://dx.doi.org/10.34208/mb.v12i2.923.
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The purpose of this study is to analyze the impact of public accountant firm size, auditor specialization, company size, operating cash flow, leverage, return on assets, market to book value ratio, independent commissioners and firm age on earnings management. Purposive sampling method is used to obtain samples from manufacturing companies that listed in Indonesian Stock Exchange during 2015-2018. There are 71 companies meet the criteria and the hypothesis was tested using multiple linear regression analysis. The results indicate that company size, operating cash flow, leverage and return on assets have a significant effect on earnings management. Other independent variables such as public accountant firm size, auditor specialization, market to book value ratio, independent commissioners and firm age have no influence on earnings management.
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Hendro Lukman, Frederica,. "Faktor-Faktor Yang Mempengaruhi Keputusan Revaluasi Aset Tetap Pada Perusahaan Pertambangan." Jurnal Paradigma Akuntansi 3, no. 4 (November 12, 2021): 1806. http://dx.doi.org/10.24912/jpa.v3i4.15292.
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The objective of this research is to obtain empirical evidence about the effect of leverage, fixed asset intensity, firm size, and operating cashflow on fixed asset revaluation in mining companies listed on the Indonesia Stock Exchange (IDX) during the year 2015-2019. This study uses secondary data. This research is conducted with a sample of 125 mining companies data with the technique used in this study is purposive sampling. The research data was processed using Statistical Product and Service Solution software for Windows version 23 (SPSS version 23) and Microsoft Excel 2013. The results of this research show that firm size has a significant influence on fixed asset revaluation, while leverage, fixed asset intensity, and operating cashflow do not have a significant effect on fixed asset revaluation.
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Detemple, Jerome, and Yerkin Kitapbayev. "The Value of Green Energy: Optimal Investment in Mutually Exclusive Projects and Operating Leverage." Review of Financial Studies 33, no. 7 (September 3, 2019): 3307–47. http://dx.doi.org/10.1093/rfs/hhz097.
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Abstract We study investments in exclusive projects with different cost structures. Our analysis incorporates the possibility of producing a stochastic revenue stream from two alternative technologies with a stochastic variable cost and a fixed cost, respectively, and accounts for project managers’ endogenous operating decisions. The optimal investment decision is characterized by two possibly nonmonotone boundaries. We examine the effect of operating leverage on managerial policies, investment decisions, and values and carry out an application to power generation projects. We assess the impact of knowledge acquisition, that is, investments in growth options. (JEL G13, Q40, Q42, L94)