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1
Sitorus, Jessy Safitri, Ernika Siburian, Yosevin Simbolon, and Royto Enjelia br Naibaho. "THE EFFECT OF OPERATING CASH FLOW, NET PROFIT, ROA AND ROE ON STOCK RETURN OF IDX." Jurnal Akuntansi 11, no. 2 (June 30, 2021): 189–96. http://dx.doi.org/10.33369/j.akuntansi.11.2.189-196.
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This research was conducted to determine the effect of Operating Cash Flow, ROA Net Profit and ROE on the movement of Stock Return, data or information obtained through financial statements. And the method of data collection is done with Purposive Sampling there are 21 companies in a period of 3 years, therefore the total sample of this study should be 63 samples. But because the data of this study using outliers then the total sample became 41. Then analyzed using multiple linear regression using SPSS 20 software. From this research, the researchers obtained results, namely: Operating Cash Flow, Net Income, and ROA individually had no significant effect on Stock Return. ROE individually affects and is significant to the Return of Shares. Operating Cash Flow, Net Income, ROA and ROE are simultaneously concurrently and significantly impacted on Stock Return. Keywords: Operating Cash Flow, Net Income, Return on Assets, Return on Equity, Share Return.
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Fairfield, Patricia M., J. Scott Whisenant, and Teri Lombardi Yohn. "Accrued Earnings and Growth: Implications for Future Profitability and Market Mispricing." Accounting Review 78, no. 1 (January 1, 2003): 353–71. http://dx.doi.org/10.2308/accr.2003.78.1.353.
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Prior research reveals that the accrual component of profitability is less persistent than the cash flow component, and that investors fail to fully appreciate their differing implications for future profitability (Sloan 1996). However, accruals are a component of growth in net operating assets as well as a component of profitability. Just as we can disaggregate profitability into accruals and cash flows from operations, we can disaggregate growth in net operating assets into accruals and growth in long-term net operating assets. We find that, after controlling for current profitability, both components of growth in net operating assets—accruals and growth in long-term net operating assets—have equivalent negative associations with one-year-ahead return on assets. This result is consistent with conservative accounting and diminishing marginal returns on investments. We also find that, after controlling for current profitability, the market appears to equivalently overvalue accruals and growth in long-term net operating assets relative to their association with one-year-ahead ROA. Our evidence suggests that the accrual anomaly documented in Sloan (1996) is a special case of what could be viewed as a more general growth anomaly.
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Stefanie, Stefanie, and Loh Wenny Setiawati. "PENGARUH NET PROFIT MARGIN, ARUS KAS OPERASI DAN REPUTASI AUDITOR TERHADAP RETURN SAHAM PADA PERUSAHAAN MANUFAKTUR PERIODE 2014-2017." AJAR 2, no. 02 (September 10, 2019): 1–18. http://dx.doi.org/10.35129/ajar.v2i02.79.
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Investments are made by investors to get a return. Return is a profit of an investment. Stock Return has a significant effect in determining the value of company’s stock. Investors will be interested to invest in companies with a high return. This research aimed to analysis the effect of net profit margin, operating cash flow and auditor reputation for the period 2014 – 2016 to stock return for the period 2015 – 2017 on manufacturing companies that listed on Indonesia Stock Exchange. Net profit margin is calculated by using net income after tax divided by total net sales for the period from audited financial statements. This research used secondary data which is from financial reports with purposive sampling. Research sample counted 55 manufacturing companies listed in Indonesia Stock Exchange period 2014 – 2017.
The results of this research showed that net profit margin and auditor reputation do not have a significant effect on stock return while operating cash flow has a significant effect on stock return.
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Sihombing, Monang Juanda Tua. "Analisis Faktor yang Mempengaruhi Return Saham dengan Kebijakan Deviden sebagai Variabel Moderating pada Perusahaan Consumer Goods." JURNAL ARMADA INFORMATIKA 3, no. 1 (August 1, 2019): 56–69. http://dx.doi.org/10.36520/jai.v3i1.39.
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This study aims to determine and analyze the factors that influence stock returns with dividend policy as a moderating variable simultaneously and partially on consumer goods companies listed on the Indonesia Stock Exchange (IDX). The population of this research is 155 consumer goods companies listed on the IDX. Samples selected using the saturated sampling method amounted to 31 companies. Data were processed using multiple linear regression statistical test methods using SPSS software. The results of this study prove the first hypothesis that the variable current ratio, return on equity, earnings per share, net profit margin, cash flow from operations to debt, inflation and Bank Indonesia interest rates simultaneously influence stock returns. Partially, inflation and interest rates of Bank Indonesia partially affect stock returns, while the current ratio variable, return on equity, earnings per share, net profit margin and cash flow from operations to debt do not affect stock returns. In the results of the research for the second hypothesis, dividend policy is not able to moderate the relationship of current ratio, return on equity, earnings per share, net profit margin, cash flow from operations to debt), inflation and Bank Indonesia interest rates on stock returns.
Keywords: current ratio, return on equity, earnings per share, net profit margin, cash flow from operations to debt, inflation, rate interest of Bank Indonesia, dividend policy and stock returns.
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SRIVASTAVA, VISHAL, SUNDER RAM KORIVI, and DIPASHA SHARMA. "Subprime Crisis – A Corporate Acquisition Opportunity?" Journal of Accounting, Business and Management (JABM) 28, no. 2 (November 7, 2021): 20. http://dx.doi.org/10.31966/jabminternational.v28i2.546.
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Corporate acquisition can be considered as one of the best processes of corporate restructuring. This study is focused to evaluate the post-acquisition operating performance of listed Indian companies (acquirers) which have made acquisitions during subprime crisis period i.e. from FY 2007-08 to FY 2009-10. Paired sample t-test has been used on four operating performance indicators i.e. Return on Equity(ROE), Return on Assets (ROA), Operating Profit margin (OPM) and Operating Cash flow to Net Sales ratio (OCF/Net Sales) to check whether operating performance of acquirers has significantly improved post-acquisition. This study has revealed that there is no significant improvement in firms’ operating performance based on financial parameters i.e. Return on Equity (ROE), Return on Assets (ROA) and Operating Profit Margin (OPM), post corporate acquisitions made during subprime crisis period. The study finds that there was negative impact based on these parameters. Though Operating Cash Flow to Net Sales ratio has improved significantly for the companies which have made acquisition in FY 2007-08 and FY 2008-09 but similar findings could not be achieved for FY 2009-10. This study will find its significance in present scenario wherein corporate acquisitions are seen as the fastest way to achieve growth. Corporate world may derive its growth strategy from this study.
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Alsharif, Bader M., Talal M. Bataineh, and Khaled M. Abo Aliqah. "Cash Flows and Earnings for Share in Islamic Banks: Jordanian Evidence." International Journal of Business and Management 15, no. 12 (November 6, 2020): 15. http://dx.doi.org/10.5539/ijbm.v15n12p15.
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This study provides evidence on the effect of cash flows extracted from operating, investing, and financing activities attributed to the net profit, total assets or liabilities on the return per share for Jordan Islamic Bank, International Islamic Arab Bank, and Al-Rajhi Islamic Bank. The methodology is based on panel regression analyses of annual report data for Jordan listed Islamic Banks for the year from 2005 to 2019. The return on a stock plays an important role in investing and financing operations. Thus, the cash flows are weak in the short term and quickly increase in the long run. Results show a negative relationship between cash flow and return on a stock, except for cash flows from operating activities, which have a positive relationship with the return on a stock in the second and third models. The reason for this positive relationship is either the increase in operations from untapped money does not increase the size of assets or liabilities or the decrease in operations leads to an increase in profits and thus an increase in the return on the stock. This association indicates moderation in maintaining the amount of cash. Any risk facing the bank from withdrawals or financing operations is covered without affecting the size of the bank’s profits until the turnout by investors increases and the profit increases.
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Putri, Sefka Anggraini, Reni Oktavia, and Widya Rizki Eka Putri. "Pengaruh Kinerja Keuangan Terhadap Rate of Return (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar di BEI Tahun 2014-2018 )." Jurnal Akuntansi dan Keuangan 25, no. 2 (July 17, 2020): 101–17. http://dx.doi.org/10.23960/jak.v25i2.136.
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The purpose of this study was to examine the effect of financial performance on the rate of return. The indicators used to measure financial performance are return on investment, net profit margin, earnings per share, operating cash flow, economic value added. This study uses secondary data with a population of companies listed on the Indonesia Stock Exchange (BEI) 2014-2018. The method used to determine the sample using purposive sampling. Consists of 19 industrial mining companies with 56 samples. The analysis method used is multiple regression analysis. The results of hypothesis testing show that the Return on Investment (ROI) has no significant effect on the Rate of Return (ROR), Net Profit Margin (NPM) has significant effect on the Rate of Return (ROR), Earning Per Share (EPS) has no significant effect on the Rate of Return (ROR), Operating Cash Flow(OCF) has no significant effect on the Rate of Return (ROR), Economic Value Added (EVA) has no significant effect on the Rate of Return (ROR)
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,, Hermi. "HUBUNGAN LABA BERSIH DAN ARUS KAS OPERASI TERHADAP DIVIDEN KAS PADA PERUSAHAAN PERDAGANGAN BESAR BARANG PRODUKSI DI BEJ PADA PERIODE 1999-2002." Media Riset Akuntansi, Auditing dan Informasi 4, no. 3 (February 18, 2008): 247. http://dx.doi.org/10.25105/mraai.v4i3.1807.
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<p class="Style12">Funds are important resources for an enterprise. Selling stocks is one way to collect funds from investors. Investors buy stocks and may get dividends. A company needs funds to operate the activities. According to this, company often has problems about how to obtain funds, how.to use them, and how to give it back with a proper rate of return. For investors, dividend distribution is important thing as well as company's growth. Investors need to know the result of the net income and the dividend proportion that distributed to them because they have invested their funds to the company. According to management functions, the purpose of dividend distribution is to maximize stockholder's wealth.</p><p class="Style12">The objective of this research is to determine the relationship between net income and operating cash flows with cash dividends. This research uses data of wholesale durable goods company listed in BEJ for period 1999 — <span style="text-decoration: underline;"><a href="http://2002.net/">2002. Net</a></span> income and operating cash flows are independence variables, cash dividends is dependence variables. This research uses descriptive statistics analysis, Pearson's Correlation.</p><p class="Style12">The result is a positive significant relationship between net income and oper-ating cash flows with cash dividends. Significant relationship means that the value of cash dividends is influenced significantly by the value of net income and operating cash flows. Positive relationship happens when the value of independent variables which are net income and operating cash flows increase, in that result the increase of the value of dependent variable that is cash dividends and vice versa.</p><p class="Style12">From the result, the writer gives some suggestions. In distributing cash divi-dends, the company has to concern for amount of the net income. If there is insufficient cash, the company may distribute the other form of dividends, such as stock dividends.</p><p class="Style1"><strong><em>Keywords: </em></strong><em>Net Income, Operating Cash Flow, Cash Dividend</em></p>
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Yanti, Sharen Santoso Rafli,. "PENGARUH EARNING PER SHARE, PRICE TO BOOK VALUE, CASH FLOW OPERATING, STOCK RETURN, DIVIDEND PAYOUT RATIOTERHADAP PENILAIAN EKUITAS PERUSAHAAN." Jurnal Ekonomi 20, no. 3 (February 26, 2018): 428. http://dx.doi.org/10.24912/je.v20i3.404.
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The purposeof this studyis to analyze the effect of Earnings Per Share, Price to Book Value, Cash Flow Operating, Stock Return, Dividend Payout Ratio to theEquity Valuation oncompanies listedinthe Indonesia Stock Exchange. A total sample of 47 manufacturing company was selected through purposive sampling method. The results of this study is the earnings per share, dividend payout ratio, and operating cash flow do not have significant influence on equity valuation. Conversely, the price-to-book value and stock return have significant influence on equity valuation. Suggestions for future research is to expand the period of research and use others independent variables that have not been tested in this study for example: sales, interest rates, retained earnings, stock price, and net income.
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TIKANA, NENY, and SUSI HANDAYANI. "Pengaruh Arus Kas Operasi, Laba Bersih, dan Hutang terhadap Kebijakan Dividen (Dividend Payout Ratio) pada Perusahaan Manufaktur yang Go Public di Bursa Efek Indonesia Tahun 2005-2009." BISMA (Bisnis dan Manajemen) 4, no. 1 (June 6, 2018): 66. http://dx.doi.org/10.26740/bisma.v4n1.p66-76.
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In the expansion, companies need a lot of sources of funding, that is through capital markets. Capital markets are an alternative source of external funding sources in addition to loan funds. With the capital markets, investor can invest in many different investment options, one of which is stock. Return the stock received by investors may include capital gains and dividends. Dividend is a part of the projected dividendd policy with a dividend payout ratio (DPR). Dividend policy is influenced by several factors including the operating cash flow, net income, and debt. The purpose of this study was to examine and analyze the influence of operating cash flow, nt income, and debt to dividend policy (dividend payout ratio) at a manufacturing company that went public on the Indonesia Stock Exchange in 2005-2009. This study uses purposive sampling method to take samples, in order to obtain a sample number 27 manufacturing companies. The method of analysis used is multiple linear regression analysis with the help of analysis tools SPSS version 16.0. Based on the results of data analysis can be concluded that there is a simultaneous influence of operating cash flow, net income, and debt to dividend policy (dividend payout ratio). While partial, operating cash flow negative influence on dividend payout ratio. That is because the large cash is not necessarily distibuted as dividends, because dividends depend essentially on the policy of the company itself and the profits of the acquired companies. Net income has a positive effect on dividend payout ratio for dividends derived from net income and companies will share profits if it makes a profit. The Debt has negative effect on dividend payout ratio for firms to prioritize paying off debt rather than dividends.
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Ranjithkumar, Dr S., and M. M. Aneesh. "Study on Multidimensionsal Aspects of Profitability: Evidence from Larsen & Toubro Ltd." Webology 18, Special Issue 03 (April 29, 2021): 339–48. http://dx.doi.org/10.14704/web/v18si03/web18044.
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The term profitability represents to the ability of an organization to obtain sufficient profit. Profitability is connected to the efficiency of an organization to maximize the profit and wealth at reasonable rate. It is relative measure of the success of the organization in terms of the effective utilization of resources. Scientific study of current trade provides a platform to forecast the possible future trends of the profitability strategic managerial decisions like expansion of the business, rising of additional finance, issue related to bonus and dividend directly connected with profit. To analyze the profitability, the researcher used profitability ratios to determine the earning by considering the variables like EBIT, Gross contribution, Net sales, operating cash flow, ROA, Capital employed, Shareholders equity are considered in the study. An appropriate statistical tools like regression analysis has been employed to measure the relationship between profitability and productivity, which predict the growth of an organization in monetary value during the study period. The researcher made an attempt to measure the profitability of L&T a leading private infrastructure company in India. The researcher made an attempt to measure the profitability of L&T a leading private infrastructure company in India. The study has analyzed the profitability of L&T. Profit being a crucial measure to determine the performance in profitability, internal determinants of the firms, earning power has been ascertained in the study by applying a multiple regression model with EBIT as dependent variable and internal data inputs has independent variable s namely operating profit margin ratio, net profit margin ratio, return on capital employed, return on net worth ratio, return on total assets, operating cash flow to total asset, EBIT to total tangible asset, profit after tax to total tangible assets, EBIT to total assets, retained cash flow to capital employed, EBIT to capital employed, PAT to tangible portion of shareholders equity, interest coverage ratio.
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Pranee, Supattra. "MEASUREMENT DESIGN FOR SME’S BUSINESS PERFORMANCE IN BANGKOK." EUrASEANs: journal on global socio-economic dynamics, no. 3(10) (June 15, 2018): 07–12. http://dx.doi.org/10.35678/2539-5645.3(10).2018.07-12.
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This research study is dedicated to measurement design for SMEs business performance in Bangkok. The objective was to create some sort of a metrics for assessing the performance of SMEs in Bangkok. This is a documentary research since it is using secondary data. Analysis and synthesis methods were used in relation to the obtained information so that to come up with a measurement of business performance for SMEs operating in the city of Bangkok. Our research results found that the innovation management model of SMEs is usually composed of 3 structural elements: 1. Finance, 2. Customers, and 3. Stakeholders. Further, 1. The structural element of Finance is composed of the following indicators: 1). Growth revealed through increased sales, market share, profit growth; 2) Return, namely 2.1) Return on assets, 2.2) Return rate for shareholders, 2.3). Average return on sale, and 3) Cash flow as 3.1) Net cash flow, 3.2) Cash flow from sales, 3.3) Inventory turnover. 2. The structural element called Customer is measured through the following indicators: 2.1) Satisfaction of customers with product delivery meeting Terms and Conditions of agreements, 2.2) Satisfaction of customers with a company as compared to competitors, 2.3) Satisfaction of customers with competitive position this company has already received. 3.The structural element of Stakeholder is measured through the following indicators and their parameters: 3.1) Employees and how they are satisfied with returns, 3.2) Return on investment and returns for shareholders when compared to the previous 3-year period, 3.3) Service quality in its dynamics, 3.4) Number of third parties (distributors) involved and how it increases with every new year, 3.5) Activities’ arrangements as responding to society’s or community’s needs, including company’s environmental responsibility.
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Yuliarni, Teti, Ulfi Maryati, and Hidayatul Ihsan. "Analisis Kinerja Perusahaan Sebelum Dan Sesudah Initial Public Offering (IPO) Di Bursa Efek Indonesia (BEI) (Studi Kasus Pada Perusahaan Non Keuangan yang IPO Di Bursa Efek Indonesia Pada Tahun 2012 Dan 2013)." Akuntansi dan Manajemen 11, no. 1 (June 1, 2016): 25–37. http://dx.doi.org/10.30630/jam.v11i1.97.
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This research aims to know the difference of the company before and after initial public offering at the indonesian stock exchange. The variables in this research are ROA (Return on Assets), OCF (Operating Cash Flow), SG (Sales Growth), TATO (Total Asset Turn Over), CFRS (Cash Flow Return on Sales), and CFNI (Cash Flow to Net Income). The sample of this research consist of 34 companies with purposive sampling method which is non financial company listed on the indonesian stock Exchange in IPO period 2012 - 2013. Analysis technique used is the method of analysis test different ( paired t test ) uses software ibm spss version 20. The results showed that (1) To the ratio of roa , sg and a tato there was a gap in the performance of which is significant at the company before and after ipo. (2) While to the ratio of ocf , cfrs and cfni there is no significant difference on corporations before and after ipo.
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Dabo, Abdoulaye, and Judith A. Laux. "A Probability Model For Earnings Restatement." Journal of Business & Economics Research (JBER) 10, no. 11 (October 26, 2012): 593. http://dx.doi.org/10.19030/jber.v10i11.7358.
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<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify;" class="MsoNormal"><span style="font-family: Times New Roman;"><span style="font-size: 10pt;">Given their prevalence in recent years, earnings management and financial restatements have been at the center of much of the discussion surrounding corporate malfeasance.<span style="mso-spacerun: yes;"> </span>This study builds a probability model for predicting the likelihood of earnings restatements by analyzing the trends in and the deviations from the industry averages of the return on assets, accounts receivable turnover, net profit margin, and operating cash flow to net income measures.<span style="mso-spacerun: yes;"> </span>Data are obtained for a sample of 104 firms (restating as well as non-restating) for the 2000 to 2001 period.<span style="mso-spacerun: yes;"> </span>The results suggest that deviations from the industry average of the accounts receivable turnover and the variability in the cash flow to net income provide good barometers for detecting fraudulent accounting.<span style="mso-spacerun: yes;"> </span></span><span style="font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">Potential restating firms have higher accounts receivable turnover rates than their industry counterparts and downward trends in their cash flow to net income, so an increase (decrease) in the accounts receivable turnover (operating cash flow to net income) significantly increases the likelihood of a restatement, at least in the current study.</span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>
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Dickinson, Victoria. "Cash Flow Patterns as a Proxy for Firm Life Cycle." Accounting Review 86, no. 6 (July 1, 2011): 1969–94. http://dx.doi.org/10.2308/accr-10130.
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ABSTRACT This study develops a firm life cycle proxy using cash flow patterns. The patterns provide a parsimonious indicator of life cycle stage that is free from distributional assumptions (i.e., uniformity). The proxy identifies differential behavior in the persistence and convergence patterns of profitability. For example, return on net operating assets (RNOA) does not mean-revert (spread of 7 percent after five years between mature and decline firms) when examined by life cycle stage, which has implications for growth rates and forecast horizons. Further, determinants of future profitability such as asset turnover and profit margin are differentially successful in generating increases in profitability conditional on life cycle stage. Finally, investors do not fully incorporate the information contained in cash flow patterns and, as a result, undervalue mature firms. The cash flow proxy is a robust tool that has applications in analysis, forecasting, valuation, and as a control variable for future research. Data Availability: All data are available from public sources identified in the paper.
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Leskinen, Niina, Jussi Vimpari, and Seppo Junnila. "The impact of renewable on-site energy production on property values." Journal of European Real Estate Research 13, no. 3 (April 20, 2020): 337–56. http://dx.doi.org/10.1108/jerer-11-2019-0041.
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Purpose Contrary to the traditional technology project perspective, real estate investors see building-specific renewable energy (on-site energy) investments as part of the property and as something affecting the property’s ability to produce a (net) cash flow. This paper aims to show the value-influencing mechanism of on-site energy production from a professional property investors’ perspective. Design/methodology/approach The value-influencing mechanism is presented with a case study of a prime logistics property located in the Helsinki metropolitan area, Finland. The case study results are compared with the results of a survey answered by over 70 property valuation professionals in the Finnish real estate market. Findings Current valuation practice supports the presented value-creation mechanism based on the capitalisation of the savings generated by a building’s own energy production. Valuation professionals see benefits beyond decreased operating expenses such as enhanced image and better saleability. However, valuers acted more conservatively than expected when transferring these additional benefits to the cash flows of the case property. Practical implications Because the savings in operating expenses can be capitalised into the property value, property investors should consider on-site energy production when the return of on-site energy exceeds the return of the property. This enhances the profitability of on-site energy, especially in urban areas with low initial yields. Originality/value This is the first research paper to open the value-influencing mechanism of on-site energy production from a professional property investors’ perspective in commercial properties and to confirm it from a market study.
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Mitchell, Ted, Shawn Mitchell, and Cyndi Cai. "Using The DuPont Decomposing Process To Create A Marketing Model." Journal of Business & Economics Research (JBER) 11, no. 11 (October 29, 2013): 485. http://dx.doi.org/10.19030/jber.v11i11.8195.
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The DuPont Model of Business is almost 100 years old. It provides a classic template for the decomposition process that can be used to build integrated systems of performance metrics. The marketing field has never embraced the DuPont Model as completely as accounting and finance because the focus is on the earning being return to the owners equity. Earnings flow is not the same as cash flow and marketing managers are more focused on operating profits than net profits. However, the decomposition process that is used to create the DuPont Model can be applied to the process of creating a Marketing Model. The paper reviews the classic decomposition process and uses it to create a new Marketing Model of Profitability.
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Vavrina, C. S., and F. M. Roka. "Comparison of Plastic Mulch and Bare-ground Production and Economics for Short-day Onions in a Semitropical Environment." HortTechnology 10, no. 2 (January 2000): 326–30. http://dx.doi.org/10.21273/horttech.10.2.326.
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In 4 years of research comparing production of short-day onions (Allium cepa L.) on plastic mulch versus bare ground in southern Florida, greater marketable yields were obtained when onions were grown on plastic mulch. Results showed that in a semitropical environment, white-on-black plastic mulch provided the greatest yield enhancement from increased weight and bulb size. Yield loss due to splitting, while apparent, was not sufficient to reduce the impact of mulch on the increase in individual bulb weight. Adopting plastic mulch for sweet onion production will add between $400 and $500/acre ($988 and $1,235/ha) of additional operating expenses. While this may increase cash-flow burdens and heighten overall financial risks, the added value from increased yields by weight and greater percentages of jumbo sized bulbs suggest that plastic mulch has an excellent chance to increase a grower's overall net return. Using conservative yield and market price assumptions, an economic analysis showed an increase in grower's net return of more than $120/acre ($296/ha).
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Islam, K. M. Anwarul. "An Empirical Research on Beximco Knitting Ltd: Ratio, DuPont, Valuation and Pro-Forma Analysis." Indian Journal of Finance and Banking 1, no. 1 (July 17, 2017): 1–7. http://dx.doi.org/10.46281/ijfb.v1i1.80.
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Beximco Knitting Ltd belongs to the Textile Industry. This paper examines some ratio analysis that showed the overall internal liquidity position of the company, that is not satisfactory; because of the entire ratio performance is not good, operating efficiency ratio is not good, indicates that lower efficiency generate capacity in terms of sale, debt-equity ratio is increasing overtime in order to employ the more debt financing as long-term borrowing compare to the equity financing, which make the firm more risky. Beximco Knitting Ltd is more sensitive to leverage compare to net profit margin and Asset turnover Discounted Cash Flow Analysis Model is using for valuation of the Beximco Knitting Ltd‘s prospective analysis. Forecasting the cash flow we have to use 2016-2017 as the base year of foresting cash flow for 2018-2020.The terminal growth rate of free cash flow is 2% and the present value of free cash flow is arrived using the 'Exit Multiple' model.Free cash flow to equity is discounted 10.77% to arrive at an estimated present value of free cash flows available to equity (debt and equity holders as a group), which is also known as Enterprise Value. Equity value per share (142.07) on the other hand, the market price of Beximco Knitting is 47.5tk per share, which indicates the share price is undervalued. Under pro-forma analysis we find out that all items of the financial statement is improving based on the assumption, but as investor‘s perspective we think investing in that company is not beneficial over the long run.Because the company can‘t earn positive return until 2020. Findings of the artcle are to really negative signs in accordance the investor‘s perspective, because its earnings per share are not attractive as much to invest.
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Sitepu, Samsudin, Budi Purwanto, and Abdul Kohar Irwanto. "Pengaruh Arus Kas Terhadap Profitabilitas dan Kinerja Saham Emiten Kompas 100 di Bursa Efek Indonesia." Jurnal Manajemen dan Organisasi 8, no. 3 (July 31, 2018): 236. http://dx.doi.org/10.29244/jmo.v8i3.22067.
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<p><em>ABSTRACT</em></p><p><em>In carrying out its activities, the company needs funds or capital originating from internal and external. Source of internal funds derived from capital contributions owner while external funding sources can be obtained through the sale of shares to the public in the capital market. Important information about a company's cash flow is very useful for users of financial statements as a basis for assessing the company's ability to generate cash and cash equivalents, as well as a basis for assessing how the company uses cash flow. Furthermore, this study aimed to analyze the effect of cash flows to profitability and stock performance. Using SEM-PLS, the study was used 51 of 100 enterprises listed on Compas 100 that have met the criteria such as manufacturing companies listed on the IDX during the period 2013 to 2016, the company has never been delisted during the observation period, companies that publish the financial statements in rupiah currency and the company has a complete datas on the financial statements during the period of observation. Variables used in this study was changes in operating cash flow, changes in cash flow investments, changes in cash flow funding, return on asset, return on equity, net profit margin, changes of stock performence, Earning per Share, and Price Earning Ratio. Furthermore, SEM’s test results found that cash flows has positively significant influence profitability and performance stock, profitability has positively significant influence performance stock. These findings implied that investors need to consider the enterprise cash flows and profitability analysis, before deciding to make investment in order to earn maximum and poisitive revenue.</em></p><p><em><br /></em></p><p>ABSTRAK</p><p>Dalam menjalankan kegiatannya, perusahaan membutuhkan dana atau modal yang berasal dari internal dan eksternal. Sumber dana internal berasal dari setoran modal pemilik sedangkan sumber dana eksternal dapat diperoleh perusahaan melalui penjualan saham kepada masyarakat di pasar modal untuk menjaga arus kas perusahaan. Secara teori informasi penting tentang arus kas suatu perusahaan sangat berguna bagi pemakai laporan keuangan sebagai dasar dalam menilai kemampuan perusahaan dalam menghasilkan kas dan setara kas, juga sebagai dasar untuk menilai penggunaan arus kas di perusahaan tersebut, namun teori ini sering terbantahkan dengan perilaku investor untuk berinvestasi di bursa yang lebih memperhatikan perolehan laba perusahaan dari pada ketersediaan arus kas. Oleh karena itu penelitian ini bertujuan untuk menganalisis pengaruh arus kas terhadap profitabilitas dan kinerja saham. Metode yang digunakan pada penelitian ini adalah SEM-PLS, penelitian ini menggunakan sampel 51 perusahaan dari 100 perusahaan yang terdaftar di Kompas 100 yang telah memenuhi kriteria seperti perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2013 sampai 2016, perusahaan tersebut tidak pernah dihapus dan keluar daftar selama periode pengamatan, perusahaan laporan keuangan disajikan dalam mata uang rupiah demikian juga perusahaan memiliki data secara lengkap tentang laporan keuangan selama periode pengamatan. Variabel yang digunakan dalam penelitian ini adalah variabel laten arus kas dengan indikator perubahan arus kas operasi, perubahan arus kas investasi, dan perubahan arus kas pendanaan, variabel laten profitabilitas dengan indikator return on asset, return on equity, net profit margin, dan variabel laten kinerja saham yang digunakan dengan indikator return saham, earning per share, dan price earning ratio. Hasil uji SEM-PLS menghasilkan bahwa arus kas memiliki pengaruh positif signifikan terhadap profitabilitas dan kinerja saham, dan profitabilitas berpengaruh positif signifikan terhadap kinerja saham. Hasil penelitian ini menghasilkan dan merekomendasikan kepada calon investor di bursa saham, bahwa sebelum mengambil keputusan investasi sebaiknya perlu mempertimbangkan analisa likuiditas perusahaan dengan arus kas dan analisa kinerja perusahaan dengan profitabilitas, yang kemudian dapat memutuskan untuk melakukan investasi pada perusahaan di Bursa Efek Indonesia guna memperoleh pendapatan yang positif dan maksimal. </p>
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Sitepu, Samsudin, Budi Purwanto, and Abdul Kohar Irwanto. "Pengaruh Arus Kas Terhadap Profitabilitas dan Kinerja Saham Emiten Kompas 100 di Bursa Efek Indonesia." Jurnal Manajemen dan Organisasi 8, no. 3 (August 1, 2018): 236. http://dx.doi.org/10.29244/jmo.v8i3.22472.
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<p><em>ABSTRACT</em></p><p><em>In carrying out its activities, the company needs funds or capital originating from internal and external. Source of internal funds derived from capital contributions owner while external funding sources can be obtained through the sale of shares to the public in the capital market. Important information about a company's cash flow is very useful for users of financial statements as a basis for assessing the company's ability to generate cash and cash equivalents, as well as a basis for assessing how the company uses cash flow. Furthermore, this study aimed to analyze the effect of cash flows to profitability and stock performance. Using SEM-PLS, the study was used 51 of 100 enterprises listed on Compas 100 that have met the criteria such as manufacturing companies listed on the IDX during the period 2013 to 2016, the company has never been delisted during the observation period, companies that publish the financial statements in rupiah currency and the company has a complete datas on the financial statements during the period of observation. Variables used in this study was changes in operating cash flow, changes in cash flow investments, changes in cash flow funding, return on asset, return on equity, net profit margin, changes of stock performence, Earning per Share, and Price Earning Ratio. Furthermore, SEM’s test results found that cash flows has positively significant influence profitability and performance stock, profitability has positively significant influence performance stock. These findings implied that investors need to consider the enterprise cash flows and profitability analysis, before deciding to make investment in order to earn maximum and poisitive revenue.</em></p><p><em><br /></em></p><p><em>A</em>BSTRAK</p><p>Dalam menjalankan kegiatannya, perusahaan membutuhkan dana atau modal yang berasal dari internal dan eksternal. Sumber dana internal berasal dari setoran modal pemilik sedangkan sumber dana eksternal dapat diperoleh perusahaan melalui penjualan saham kepada masyarakat di pasar modal untuk menjaga arus kas perusahaan. Secara teori informasi penting tentang arus kas suatu perusahaan sangat berguna bagi pemakai laporan keuangan sebagai dasar dalam menilai kemampuan perusahaan dalam menghasilkan kas dan setara kas, juga sebagai dasar untuk menilai penggunaan arus kas di perusahaan tersebut, namun teori ini sering terbantahkan dengan perilaku investor untuk berinvestasi di bursa yang lebih memperhatikan perolehan laba perusahaan dari pada ketersediaan arus kas. Oleh karena itu penelitian ini bertujuan untuk menganalisis pengaruh arus kas terhadap profitabilitas dan kinerja saham. Metode yang digunakan pada penelitian ini adalah SEM-PLS, penelitian ini menggunakan sampel 51 perusahaan dari 100 perusahaan yang terdaftar di Kompas 100 yang telah memenuhi kriteria seperti perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2013 sampai 2016, perusahaan tersebut tidak pernah dihapus dan keluar daftar selama periode pengamatan, perusahaan laporan keuangan disajikan dalam mata uang rupiah demikian juga perusahaan memiliki data secara lengkap tentang laporan keuangan selama periode pengamatan. Variabel yang digunakan dalam penelitian ini adalah variabel laten arus kas dengan indikator perubahan arus kas operasi, perubahan arus kas investasi, dan perubahan arus kas pendanaan, variabel laten profitabilitas dengan indikator return on asset, return on equity, net profit margin, dan variabel laten kinerja saham yang digunakan dengan indikator return saham, earning per share, dan price earning ratio. Hasil uji SEM-PLS menghasilkan bahwa arus kas memiliki pengaruh positif signifikan terhadap profitabilitas dan kinerja saham, dan profitabilitas berpengaruh positif signifikan terhadap kinerja saham. Hasil penelitian ini menghasilkan dan merekomendasikan kepada calon investor di bursa saham, bahwa sebelum mengambil keputusan investasi sebaiknya perlu mempertimbangkan analisa likuiditas perusahaan dengan arus kas dan analisa kinerja perusahaan dengan profitabilitas, yang kemudian dapat memutuskan untuk melakukan investasi pada perusahaan di Bursa Efek Indonesia guna memperoleh pendapatan yang positif dan maksimal.</p>
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Mireku-Gyimah, D., and R. Gyebuni. "Can Capital Injection Make Challenged Gold Projects in Ghana Economically Viable? – A Case Study." Ghana Mining Journal 19, no. 1 (June 30, 2019): 42–48. http://dx.doi.org/10.4314/gm.v19i1.5.
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Damang Gold Mine (DGM) in Ghana uses open pit mining technology to mine its gold deposit. It has an estimated mineable gold reserve of about 32 Mt exploitable for 8 years. As the gold price kept falling from 2013 and operating cost kept rising, the mine down sized its operations. But the operations became challenging due to poor performance of ageing mining equipment and processing plant, and the need for a new tailings dam. As the gold price stabilises, it could be gainful to invest capital to resolve the challenges and increase production. This study aims at investigating whether DGM would be economically viable if the intended investment is made assuming the gold price falls to US$ 32.15/g. The study estimates the required capital and annual operating cost to be US$89.49 M and US$100.84 M respectively. A cash flow analysis is carried out assuming no price escalation, discount rate of 20%, and applying the following investment laws of Ghana: royalty of 5% of gross revenue; straight line depreciation of capital expenditure over five years (20% per year); investment allowance of 5% in the first year only; loss carry forward; and corporate tax of 35%. The results give Net Present Value of US$82 723 720.28 and Internal Rate of Return of 41.13%, indicating profitability. Sensitivity analysis reveals that the project will continue to be profitable until the revenue falls below 24%, assuming all other economic parameters remain constant. The project will also continue to be profitable until the operating cost increases beyond 30%, assuming all other economic parameters remain constant. Risk analysis on the project indicates the project has 70% chances of success. DGM could invest the capital to mine its gold reserves because the mine will make profit provided cost is controlled and production level maintained to generate needed revenue. Keywords: Net Present Value, Internal Rate of Return, Sensitivity Analysis, Risk Analysis
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Charisma, Bryan, and Encep Amir. "Economic Value-Added Creation by Optimizing Capital Structure in Project Finance." International Journal of Applied Research in Management and Economics 3, no. 2 (December 30, 2020): 46–60. http://dx.doi.org/10.33422/ijarme.v3i2.446.
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Infrastructure Projects are large investment by the public and/or private sector that required enormous financial resource commitment to build physical asset and facilities needed for economic development so that the company need project financing to support with. Project finance is based on debt repayment from project companies’ revenue and not on the sponsors or the developer’s balance sheet, so the project companies should assure the cash flow is sufficient for debt repayment and dividend payment. Beside that investors still have to analyze the value created in that project with highest positive Economic Value Added. Net Operating Profit After Tax (NOPAT) need to cover cost of invested capital to create value so that the ratio of NOPAT to total Project Cost (Return on Invested Capital) is should be more than the weighted average cost of capital (WACC). The capital structure doesn’t have an optimum weight and cost as long as the Return on Invested Capital (ROIC) higher than WACC.
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Manal Mohammed Hamoudah, Manal Mohammed Hamoudah. "The Impact of Different Length of Operating Cycle on Saudi Cement Corporations’ Performance: An Applied Study: أثر اختلاف طول الدورة التشغيلية على أداء شركات الإسمنت المساهمة السعودية: دراسة تطبيقية." مجلة العلوم الإقتصادية و الإدارية و القانونية 6, no. 3 (January 30, 2022): 1–27. http://dx.doi.org/10.26389/ajsrp.l050821.
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This study examined the impact of different length of operating cycle (the sum of the average inventory period and average collection period) on the profitability and earnings quality of Saudi Cement corporations listed in Saudi Arabia Stock exchange during five years from 2016 to 2020. In addition, current ratio, net profit, and company age were used as control variables. The study used Return on Asset (ROA) and Return on Assets from Operating Cash Flow (ROAFOCF) as proxies to measure profitability and earnings quality. To achieve the aims of the study, data were obtained from the annual financial reports published in the “Tadawul”, for a purposive sample of fourteen (14) companies. Descriptive statistics, Two Way Anova, Pearson’s Linear Correlation and Simple regression analysis were used to test the hypotheses of the study. The results indicated that ROA and ROAFOCF have been explained at 61%, and 56% respectively. Furthermore, the results found that the length of operating cycle and current ratio have a negative and statistically significant effect on ROA. However, while the results found that the length of operating cycle has a negative and statistically significant effect on ROAFOCF, it did not find any significant effect of current ratio on ROAFOCF. Based on the results, we recommend that corporations need to pay attention to shorten the length of operating cycle in more efficient ways, especially through increasing the level of sales, which in turn lead to improve firm profitability and earnings quality.
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PARTHASARATHY, V. R. PERRY. "Managing uncertainty: A case for using real options with option pricing model (OPM) to evaluate capital investment." TAPPI Journal 12, no. 7 (August 1, 2013): 69–77. http://dx.doi.org/10.32964/tj12.7.69.
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The pulp and paper industry relies heavily on the traditional discounted cash flow-based net present value (DCF-NPV) for making capital investment decisions. The deficiency of the DCF-NPV model is that it is static; once a pattern of cash flow is established, management does not have the option to change the direction when new information is available. However, flexibility to alter the investment decision is a powerful strategic and capital investment tool. Abundant research has established strong precedence for applications of “real options” in operational and strategic settings to provide useful insights in the evaluation of irreversible investments under uncertainty. The binomial or Black-Scholes option pricing model (OPM) for strategic planning and capital investment has been used in many other industries but not in the pulp and paper industry. The pulp and paper industry, though very capital intensive, has provided poor to moderate return on investment or return on capital and has never used the OPM and the flexibility it offers for capital investment decisions. This paper makes a case for using OPM for capital investment decisions by using the example of a hypothetical North American mill considering investments to modernize its papermaking operation.
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Saberi, Esmaeel, Mahdi Mohammadzadeh, Isa Nakhai Kamal Abadi, and Mohsen Sadegh Amalnik. "Evaluation of Development Process of Strategic UAV Considering the Risk." Advanced Materials Research 433-440 (January 2012): 1506–12. http://dx.doi.org/10.4028/www.scientific.net/amr.433-440.1506.
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Economic evaluation of macro projects requiring a high volume of investment is one of important issues in the area of financial research. To deal with this problem, a great number of models such as direct operating cost, discounted cash flow analysis (e.g. net present value or internal rate of return), decision tree and real option analysis have been developed. Application of real option analysis has drawn more attention in recent researches because of the ability to assess the flexibility and considering the risk. In the present article, also, this theory is used to evaluate the development process of strategic unmanned aerial vehicle (UAV). To do this, a model comprising 4 development stages is used with each stage applying a novel approach to implement the model. In particular, we have tried to calculate and include the risk in an organized form in the model. Results obtained from a case study will be described at the end.
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Irawan, Ferry, and Silsilia Sindy Dwijayanti. "ANALISIS PERBANDINGAN NILAI ENTITAS, KINERJA KEUANGAN DAN POTTER FIVE FORCES ANALYSIS PERUSAHAAN PENGAKUISISI SEBELUM DAN SESUDAH AKUISISI: STUDI KASUS AKUISISI PT HOLCIM INDONESIA TBK OLEH PT SEMEN INDONESIA (PERSERO) TBK." Jurnal Pajak dan Keuangan Negara (PKN) 2, no. 1 (September 30, 2020): 63–77. http://dx.doi.org/10.31092/jpkn.v2i1.1003.
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This research aims to explain changes in profitability and financial performance, and compare entity values of PT Semen Indonesia (Persero) Tbk before and after the acquisition of PT Holcim Indonesia Tbk. The profitability was measured by profitability ratio in the form of gross profit margin, operating profit margin, net profit margin, EBITDA margin, return on equity, and return on assets. The financial performance was measured by liquidity ratio (current ratio), solvability ratio (liabilities to assets, liabilities to capital, and liabilities to equity), activity ratio (account receivable turnover, account receivable collection period, inventory turnover, and fixed assets turnover), and profitability ratio (gross profit margin, operating profit margin, net profit margin, EBITDA margin, return on equity, and return on assets). The entity value was determined by approaches in business valuation in the form of income approach with discounted cash flow method and market-based approach with guideline company method. This research used literature review as its research method with some data from www.idx.co.id, Bloomberg, and Damodaran. This research concluded that generally there was some decline in the profitability and financial performance of PT Semen Indonesia (Persero) Tbk, but there was increase in its entity value at the same time. Penelitian ini bertujuan untuk menjelaskan perubahan profitabilitas dan kinerja keuangan, serta membandingkan nilai entitas PT Semen Indonesia (Persero) Tbk sebelum dan setelah akuisisi PT Holcim Indonesia Tbk selesai dilaksanakan. Profitabilitas perusahaan diukur menggunakan rasio profitabilitas berupa marjin laba bruto, marjin laba usaha, marjin laba bersih, marjin EBITDA, return on equity, dan return on assets. Kinerja keuangan perusahaan diukur menggunakan rasio likuiditas (rasio lancar), rasio solvabilitas (liabilitas terhadap aset, liabilitas terhadap kapital, dan liabilitas terhadap ekuitas), rasio aktivitas (perputaran piutang, periode pengumpulan piutang, perputaran persediaan, dan perputaran aktiva tetap), serta rasio profitabilitas (marjin laba bruto, marjin laba usaha, marjin laba bersih, marjin EBITDA, Return on Equity, dan Return on Assets). Metode penelitian yang digunakan yaitu metode studi pustaka dengan data yang berasal dari www.idx.co.id, Bloomberg, dan Damodaran. Kesimpulan dari penelitian ini adalah secara umum terjadi penurunan profitabilitas dan kinerja keuangan perusahaan, namun terjadi kenaikan nilai entitas perusahaan di saat yang bersamaan.
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Herciu, Mihaela, and Radu Alexandru Șerban. "Measuring Firm Performance: Testing a Proposed Model." Studies in Business and Economics 13, no. 2 (August 1, 2018): 103–14. http://dx.doi.org/10.2478/sbe-2018-0023.
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AbstractFirm performance is a very complex and exhaustive concept. It can be related to many factors: starting with variables from balance sheet, income statement or cash-flow statement, continuing with research and development expenses or IT competences, and last but not least with intangible assets like human capital, goodwill, or brand value. The purpose of the present paper is to develop and test a model in order to measure firm performance by considering US companies that are ranked into the Global Fortune 500. In this study we used control variables (assets growth rate, net income growth rate and revenue growth rate) and depended variables – return on assets (ROA), debt to equity, research and development expenses to total operating expenses, environment, social and governance rating, Tobin‘s q – to measure firm performance. The article‘s findings suggest that when analyzing the firm performance much more factors must be considered.
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Arfandi, Arfandi, and Salma Taqwa. "Analisis Kinerja Keuangan Sebelum dan Sesudah Initial Public Offering (IPO) Pada Perusahaan Non Keuangan di Bursa Efek Indonesia." Wahana Riset Akuntansi 6, no. 2 (December 12, 2018): 1347. http://dx.doi.org/10.24036/wra.v6i2.102516.
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Deciding for an initial public offering (IPO) has a major influence in improving the company's condition, improving the company's performance, especially in terms of corporate financial performance. This study aims to assess financial performance by viewing and analyzing financial reports, non-financial companies that IPO in 2014 at BEI. Financial analysis uses 6 (six) financial ratios: Return On Investments (ROI), Net Profit Margin (NPM), Total Asset Turn Over (TATO), Current Ratio, Debt to Equity Ratio (DER), and CashFlow Operation Ratio (CashFlow to Sales). Assessment of financial performance by comparing the difference in performance before IPO with post IPO so that the data analysis technique used is paired sample T-test. Based on the results of the analysis found that there are differences in financial performance in the current ratio, and the ratio of total asset turnover (TATO) before and after the IPO, but there is no difference in financial performance measured through return on investment (ROI), net profit magin (NPM ), debt to equity ratio (DER), and cash flow operations ratio. The condition of performance difference in current ratio tends to increase seen from the average value before doing IPO but TATO ratio tends to decrease from before IPO.Keyword: Initial Public Offering (IPO), Financial Performance, Financial Ratio
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Mireku-Gyimah, D., and N. K. Owusu Ansah. "An Economic Evaluation of the Loye Quarry of Atiwa Quarries Limited." Ghana Mining Journal 17, no. 1 (June 30, 2017): 43–53. http://dx.doi.org/10.4314/gm.v17i1.5.
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Atiwa Quarries Limited (AQL) is one of the large operating granite quarries in the Central Region of Ghana. AQL’s current production of 24 000 m3 of aggregates per month cannot meet current demand let alone support a new contract to supply 25 000 m3 of aggregates per month for a major road infrastructure project. Fortunately, AQL has another granite concession at Loye, about 3 km from the first concession, with estimated granite reserves of 6 286 208 m3, which can be developed as a new quarry to meet the demand of the new contract. This will require capital to build infrastructure, purchase equipment, recruit labour and provide working capital. The objective of this paper is to evaluate the economic viability of the new quarry, considering it as a stand-alone project. The yearly revenue was estimated based on projected production of 25 000 m3/month and average price of US$ 15.63/m3. Capital and operating costs were estimated using detailed cost estimation method based on quotations from equipment suppliers and operational unit costs of AQL. It turns out that AQL can generate yearly gross revenue of US 4.69 million but requires total capital of US$ 3.67 million; the yearly operating cost is US$ 1.72 million. Cash flow and sensitivity analyses using Net Present Value (NPV) and Internal Rate of Return (IRR) as criteria, and risk analysis using Monte Carlo simulation method were carried out. The economic analysis indicates that based on AQL’s preferred capital structure of 80% equity and 20% loan, the NPV is $ 5.17 million and the IRR is 53.01%, showing the new quarry is profitable; the sensitivity analysis indicates that the project can withstand up to 40% drop in revenue, or over 60% increase in capital or operating cost. The risk profile indicates a probability of success of 98.2%. The study therefore recommends that AQL invests in the new quarry as it is economically viable. Keywords: Granite Quarry, Net Present Value, Internal Rate of Return, Sensitivity Analysis, Risk Analysis
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Kem, Socheat, and Sunthorn Pumjan. "A Pre-Feasibility Study of Limestone Quarry Development for Cement Industry in Cambodia." Advanced Materials Research 931-932 (May 2014): 1696–700. http://dx.doi.org/10.4028/www.scientific.net/amr.931-932.1696.
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s: Cambodia is a developing country, and mining sector is just started within the last 10 years. Many mining companies have started to explore and carry out the feasibility study amid the scarcity of geological data and technical code of practices. Therefore, the quarry sector is also considered at the early stage in Cambodia, and it is required a standard quarry planning practice. This paper will present the main concepts of (1) quarry operation, development, and design by using the commercial program Minesight to accommodate the mine planning and scheduling. as the result, 25 million ton of limestone was calculated to be a reserve with production of 1 million ton per year; (2) financial model, consisted of cash flow analysis, net present values (NPV), and the Internal Rate of Return (IRR) are the main point for economics consideration. In this point, 47% of internal rate of return was calculated with the net present values of 21.5 million US Dollar and (3) the environmental impact which involves dust, noise, vibration impacts and mine rehabilitation, will be addressed base on the specific local conditions.
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Kadiri, Oseni, John Temitope Kolawole, Babatunde Olawoye, and Alasa Paul Kadiri. "Economic Studies on the Production of Fruit Juice from a Locally Sourced Fruit ‘African Star Apple’." Turkish Journal of Agriculture - Food Science and Technology 4, no. 6 (June 15, 2016): 438. http://dx.doi.org/10.24925/turjaf.v4i6.438-445.547.
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The economic evaluation for the production of fruit juice from the Africa star apple otherwise known as ‘Agbalumo’ in the south western part of Nigeria was evaluated using the NPV (Net Present value) and IRR (Internal Rate of Return) methods assuming a uniform cash flow over a 10-year plant life. Sensitivity analysis was conducted by varying the number of production days (330, 300 and 250 days) at 100% plant capacity and varying the plant capacity (100, 85 and 70%) for a 330-day production schedule. Some components of the operating cost reduced with number of days and plant capacities. The production cost and product cost per unit increased with either plant capacity utilization or the number of days. It was observed that product cost/ 500ml Tetra Pak of Agbalumo juice at 85% and 70% stood at ₦37.48 while payback time/profitability percent had better index at 300 and 250 days compared to 330 days of plant operation. The results further indicated that the plant should not be operated for less than 250 days and plant capacity utilization of 70% in the year. Flexibility in the plant capacity utilization in the range of 70%-85% for 330 days shows a good economic performance as well as result of the NPV and IRR for this operating condition.
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Kpegele Le-ol, Anthony, Sidum Adumene, and Kenneth Israel. "Comparative Assessment of Thermal Power Systems Performance Under Uncertainty." European Journal of Engineering Research and Science 3, no. 7 (July 31, 2018): 50. http://dx.doi.org/10.24018/ejers.2018.3.7.710.
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This work presents a comparative analysis of the thermo-economic performance of a simple, retrofitted and built-in combined cycle power plants within the Delta. The data were obtained from a 25MW gas turbine plant-based engine, retrofitted and MATLAB software was used to model the thermodynamic performance of the plants. The economic prediction of the plants was done using a developed net present value(NPV), internal rate of return (IRR), cost of investment (COR) and payback period (PBP). The economic concept for plants performance was analysed under uncertainty constraints of energy need, operating conditions, energy cost and energy supply variability. Three plants configuration; simple gas turbine (SGT), retrofitted combined cycle (RCC) and Built-in combined cycle (BCC) was analysed based on these economic performance indicators. The three configurations show a positive NPV, PBP and IRR, with the BCC showing the optimum return on investment. Although the RCC show minimum initial cost on investment compare to BCC, the BCC demonstrates greater overall return with an NPV of $30,755,454.18, IRR of 17.1% and PBP of 6.3years for the period of 20years. The analysis shows cash flow of 34.1% and 52.6% for the RCC and BCC respectively. The result also showed that the plant performs better at a lower ambient temperature and higher relative humidity with a higher return on investment. This research provides great insight into the thermo-economic analysis, and benefits of combined cycle power plant and will aid energy system investors on the choice of the power plant for power generation in the Niger Delta.
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Kpegele Le-ol, Anthony, Sidum Adumene, and Kenneth Israel. "Comparative Assessment of Thermal Power Systems Performance Under Uncertainty." European Journal of Engineering and Technology Research 3, no. 7 (July 31, 2018): 50–57. http://dx.doi.org/10.24018/ejeng.2018.3.7.710.
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This work presents a comparative analysis of the thermo-economic performance of a simple, retrofitted and built-in combined cycle power plants within the Delta. The data were obtained from a 25MW gas turbine plant-based engine, retrofitted and MATLAB software was used to model the thermodynamic performance of the plants. The economic prediction of the plants was done using a developed net present value(NPV), internal rate of return (IRR), cost of investment (COR) and payback period (PBP). The economic concept for plants performance was analysed under uncertainty constraints of energy need, operating conditions, energy cost and energy supply variability. Three plants configuration; simple gas turbine (SGT), retrofitted combined cycle (RCC) and Built-in combined cycle (BCC) was analysed based on these economic performance indicators. The three configurations show a positive NPV, PBP and IRR, with the BCC showing the optimum return on investment. Although the RCC show minimum initial cost on investment compare to BCC, the BCC demonstrates greater overall return with an NPV of $30,755,454.18, IRR of 17.1% and PBP of 6.3years for the period of 20years. The analysis shows cash flow of 34.1% and 52.6% for the RCC and BCC respectively. The result also showed that the plant performs better at a lower ambient temperature and higher relative humidity with a higher return on investment. This research provides great insight into the thermo-economic analysis, and benefits of combined cycle power plant and will aid energy system investors on the choice of the power plant for power generation in the Niger Delta.
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Gottlieb, Paul D., Robin G. Brumfield, Raul I. Cabrera, Daniel Farnsworth, and Lucas Marxen. "An Online Tool for Estimating Return-on-investment for Water Recycling at Nurseries." HortTechnology 32, no. 1 (January 2022): 47–56. http://dx.doi.org/10.21273/horttech04925-21.
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Water availability, quality, and management, particularly under climate change constraints and fierce competition for water resources, are challenging the sustainability of intensively irrigated nursery crops. We created an online tool to estimate costs and benefits of a water recycling investment at a commercial nursery, given data on the operation input by the user. The online tool returns a “regulatory risk score” based on the user’s drought and pollution risk. Then, using a partial budget approach, it returns net present value of the investment, upfront capital cost, and expected change in annual cash flow. The present article seeks to cross-validate this computer model with results reported in the case study literature. We aggregated data on 38 nurseries and greenhouses profiled in five published studies into a meta study dataset. These data validated the computer tool’s assumptions about the relationship of operation size to total capital cost. Separate simulations on the profitability effects of varying public water rates and price premia due to green marketing corroborated the findings of earlier studies. A major finding of the simulation analysis not previously emphasized in the literature is that capital cost and profit vary significantly with the precise method that is used to size the recapture pond. A “minimalist” approach to this decision is likely to be the most cost-effective, but growers should also keep stormwater runoff and other issues of environmental best practices in mind.
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Cakranegara, Pandu Adi. "Analisa Performa Perusahaan Properti dengan Menggunakan Multi Rasio." MAKSIMUM 11, no. 1 (March 31, 2021): 50. http://dx.doi.org/10.26714/mki.11.1.2021.50-57.
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The development of the population and the increasing middle class have made the demand for property increase in Indonesia. This trend is an opportunity for property companies in Indonesia to sell more properties. Property management can meet this demand, among others, by developing new areas or selling in developed areas at a premium. Each choice will have consequences and will create a trade-off. Therefore this study examines the factors that drive the profitability of the company. The hope is that by focusing on the factors that drive profitability, the company will get the optimum return. The research method used in this research is a quantitative method using multiple linear regression. The research data is secondary data taken from the company's financial statements for 2015 to 2019. This study's findings are that internal factors and external factors both influence the profitability of property companies. This study found four internal factors and one internal factor that affect profitability. Internal factors consist of Debt to Equity Ratio, Net Profit Margin, Total Assets Turnover and Operating Cash Flow. Meanwhile, the external factor that influences it is the interest rate. Managers can focus on these factors to achieve the optimum level of profitability.
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Fabbri, Rita, Laura Gabrielli, and Aurora Greta Ruggeri. "Interactions between restoration and financial analysis: the case of Cuneo War Wounded House." Journal of Cultural Heritage Management and Sustainable Development 8, no. 2 (May 21, 2018): 145–61. http://dx.doi.org/10.1108/jchmsd-05-2017-0026.
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Purpose The purpose of this paper is to examine the cross-sectoral collaboration between conservation and economic appraisal, and to process a financial analysis for private owners of a built heritage. Design/methodology/approach The methodology applied addresses the financial analysis of restoration through a discounted cash flow analysis, together with a life cycle costing. Costs and revenues are both analysed in this paper. Some energy-saving measures are applied to cut running costs and decrease the energy required by the building, using as reference the “Guidelines for improving energy efficiency in cultural heritage” drafted by MiBACT, which considers the respect of restoration principles. In order to increase revenues, part of the building is rented. The attractiveness of the investment opportunity is valued through the calculation of the net present value of cash flows, the payback period and the internal rate of return. Findings The paper offers a simple strategy for the planning of cost-revenues, preventively allowing verification if the conservation is economically feasible and if the owners can afford the operation. The strategic planning will give the owners the chance of maintaining the property of their building and achieve a proper restoration on it. Originality/value The novelty of the paper is the study of cooperation between conservation and economic valuation, but also the focus on a specific portion of twentieth-century heritage, the war-wounded houses, which represent a widespread patrimony, on which it is not clear how to operate yet.
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Purani, Keyoor, and Krishnan Jeesha. "Capital Budgeting: Maledia Broadcasting Ltd." Asian Journal of Management Cases 17, no. 2 (September 2020): 241–56. http://dx.doi.org/10.1177/0972820120922641.
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In 2011, Samjad, deputy CEO of Maledia Broadcasting Limited (MBL)—a new venture of the media group Maledia, based in Cochin, India—prepared to make financial projections to justify the feasibility of the new Malayalam news channel. He was faced with challenges of making estimates that made the project attractive yet practical and credible for the group that was conservative in their advertising sales approach. Set in an interesting industry like broadcasting, the case simulates a real-life situation that also provides a internal corporate context. With the help of the rich market data such as advertising spends, commercial time, competitive scenario in the region, students are expected to forecast revenue for the project. Students are also challenged to use benchmark data of competitors to estimate hurdle rate, capex and operating costs. Estimation of initial investments is also required to be made. Using the processed financial data and projections, students are required to prepare discounted cash flows (DCF) statements with net present value (NPV) and internal rate of return (IRR) for the broadcast channel project. They learn to build alternate scenarios to deal with decisions under uncertainty. The case provides several opportunities to discuss narratives and numbers, helping students of finance realize the value of analysing the company policies and values, business situation, market environment and competitive financial information in capital budgeting, and project finance beyond number crunching.
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Asante, Michael K., and John K. M. Kuwornu. "A comparative analysis of the profitability of pineapple-mango blend and pineapple fruit juice processing in Ghana." Applied Studies in Agribusiness and Commerce 8, no. 2-3 (September 30, 2014): 33–42. http://dx.doi.org/10.19041/apstract/2014/2-3/4.
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This study analyzes the profitability of fruit juice processing using data from Kudors Fruit Juice Limited at Kasoa in Ghana. The cost involved in fruit juice processing (which includes the capital cost and the operating cost) was obtained from the Company. This study compares the profitability of blend (i.e. fruit juice made up of pineapple and mango blend) with that of pineapple juice alone. The viability of the project was determined using the discounted measures of project worth: Benefit-Cost Ratio (BCR), Net Present Value (NPV) and Internal Rate of Return (IRR). The empirical results reveal that pineapple juice processing had a BCR of 1.03 which means that going into the pineapple juice processing is profitable. The value of the NPV (GHS11,728.00) and IRR (23%) further confirms that pineapple juice processing is profitable because the NPV is positive and the IRR is greater than the discounted factor (21%). The results also showed that it is more profitable to invest in the blend (pineapple and mango blend) than the pineapple juice alone as it yields a BCR of 1.36 which was greater than the BCR of 1.03 for the pineapple juice only. Furthermore, the value of the NPV (GHS176,831.00) which is greater than the pineapple juice only, suggests that the blend is more profitable even though the IRR for both are the same. Moreover, it is also more likely to recover capital investment earlier in the processing of the blend than when one goes into pineapple juice processing only, because the net cash flow in year 2 (GHS 58,146.00) for the blend is more than triple that of the pineapple juice only (GHS17,826.00).These results have policy implications for the development of Agribusinesses in Ghana.
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Lima, Andrey Felipe Lima e. Lima, Pedro Igor Dias Lameira, Emannuel Sant thiago Pereira Loureiro, Rodrigo Pereira Guerreiro, and Marcus Pinto Da Costa Da Rocha. "Technical and economic feasibility study for offshore transshipment operation." International Journal for Innovation Education and Research 10, no. 2 (February 1, 2022): 159–77. http://dx.doi.org/10.31686/ijier.vol10.iss2.3662.
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Intercontinental cargo transport is carried out mainly through the waterway modal, increasing the number of vessels and the deadweight of ships. This means that onshore ports cannot stand the cargo demands and, to make them competitive in this reality, a very high investment is needed, and their expansion can produce serious environmental impact. Thus, it is necessary to search for alternatives that facilitate the flow of vessels in the regional and world scenario. Hence, the present work conducts a technical and economic feasibility study of a direct offshore transshipment operation of solid bulk cargo of vegetable origin at the Organized Port of Vila do Conde, in Brazil, using the Net Present Value (NPV) methods, Internal Rate of Return (IRR) and Payback. In the study, three scenarios were considered, each of which had its particularity related to the operating life and the amount of cargo handled. Therefore, it was noted that offshore transshipment is more viable in two scenarios – the project's useful life is up to 14 years, so that the investment of capital in an onshore installation is more viable. Furthermore, it was found that, only in the worst-case scenario, offshore transshipment overlapped the other activity in any period of its useful life.
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Bennouna, Karim, Geoffrey G. Meredith, and Teresa Marchant. "Improved capital budgeting decision making: evidence from Canada." Management Decision 48, no. 2 (March 9, 2010): 225–47. http://dx.doi.org/10.1108/00251741011022590.
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PurposeThe purpose of this article is to evaluate current techniques in capital budget decision making in Canada, including real options, and to integrate the results with similar previous studies.Design/methodology/approachA mail survey was conducted, which included 88 large firms in Canada.FindingsTrends towards sophisticated techniques have continued; however, even in large firms, 17 percent did not use discounted cash flow (DCF). Of those which did, the majority favoured net present value (NPV) and internal rate of return (IRR). Overall between one in ten to one in three were not correctly applying certain aspects of DCF. Only 8 percent used real options.Research limitations/implicationsOne limitation is that the survey does not indicate why managers continue using less advanced capital budgeting decision techniques. A second is that choice of population may bias results to large firms in Canada.Practical implicationsThe main area for management focus is real options. Other areas for improvement are administrative procedures, using the weighted average cost of capital (WACC), adjusting the WACC for different projects or divisions, employing target or market values for weights, and not including interest expenses in project cash flows. A small proportion of managers also need to start using DCF.Originality/valueThe evaluation shows there still remains a theory‐practice gap in the detailed elements of DCF capital budgeting decision techniques, and in real options. Further, it is valuable to take stock of a concept that has been developed over a number of years. What this paper offers is a fine‐grained analysis of investment decision making, a synthesis and integration of several studies on DCF where new comparisons are made, advice to managers and thus opportunities to improve investment decision making.
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Bojnec, Štefan, and Sabina Žampa. "Subsidies and Economic and Financial Performance of Enterprises." Journal of Risk and Financial Management 14, no. 11 (October 20, 2021): 505. http://dx.doi.org/10.3390/jrfm14110505.
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The aim of this article is to analyze the economic and financial performance of Slovenian enterprises, as a European Union (EU) member state case study. A favorable economic and financial performance is crucial for long-term sustainable enterprise growth and survival. Eight economic and financial performance indicators are used to evaluate the sustainability in the growth of enterprises: seven of them are financial indicators—assets, revenues from sales, equity, net profits, operating efficiency, return on equity, and value added per employee—while the eighth variable is the economic indicator for the number of employees. A distinction is made between enterprises that did and that did not receive subsidies from national and EU funds. Three enterprise-level data sources are combined in the empirical analysis: balance sheet data from enterprise accounts, own surveys data, and government data on public subsidies to enterprises. The mean values and standard deviations of economic and financial indicators based on balance sheet data for the years in two financial periods are estimated. The summary statistics for economic and financial indicators and correlation analysis are conducted and the results of the economic and financial indicators are compared using the parametric paired sample two-tailed t-test that allows comparison between the enterprises in the two financial periods. An increase in the economic and financial indicators is investigated by comparing the enterprises that did receive subsidies with the enterprises that did not receive subsidies in the two financial periods. The empirical results confirm that the value added per employee is the only financial indicator where a positive link is found between the financial indicator and subsidies. The results suggest that subsidies can be important for cash flow into enterprises, but entrepreneurial activities are crucial for favorable economic and financial performance and long-term sustainable growth in a competitive market environment.
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Safley, Charles D., Otilia Boldea, and Gina E. Fernandez. "Estimated Costs of Producing, Harvesting, and Marketing Blackberries in the Southeastern United States." HortTechnology 16, no. 1 (January 2006): 109–17. http://dx.doi.org/10.21273/horttech.16.1.0109.
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This study identified the costs associated with growing, harvesting, and marketing blackberries (Rubus subgenus Rubus) and estimated the revenues and breakeven yields for various combinations of pick-your-own (PYO) and wholesale blackberry prices. The total cost of producing, harvesting, and marketing the blackberries was estimated to be $15,514/acre if the marketable yield was 10,000 lb/acre in the second year of production, and $19,561/acre if the yield was 12,500 lb/acre. Labor was the greatest expense category after the planting started producing fruit, totaling $13,739/acre, or 70% of the total costs, when full production was reached in the third year. Net revenues for varying combinations of PYO and wholesale market prices and yields were estimated, assuming that half of the marketable fruit would be sold at a PYO operation and the remaining half sold to wholesale markets. This analysis showed that if growers received $1.25 and $2.50/lb for PYO and wholesale fruit, respectively, they would have to sell a minimum of 10,066 lb/acre to cover the estimated costs for the third through the ninth years. A return to land and management of $3876/acre would be realized if growers received $1.25/lb for PYO and $2.50/lb wholesale with yields of 12,500 lb/acre. Profitability analysis reveals that blackberry production using recommended practices can be a profitable venture. The annual net cash flow is positive after the planting is established and enough revenues are projected to be generated to cover start-up expenses in the fifth year.
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Demeu, Fabiana Alves, Marcos Aurélio Lopes, Julio Cesar Pascale Palhares, André Luis Ribeiro Lima, Francisval de Melo Carvalho, Marcos Aurélio Lopes Filho, Andréia Alves Demeu, Douglas Alves Vidal, Marina de Luca Lima, and Matteo Barbari. "Economic feasibility of implementing an infrastructure for collecting rainwater from the roof of free-stall sheds." Semina: Ciências Agrárias 42, no. 2 (February 24, 2021): 877–90. http://dx.doi.org/10.5433/1679-0359.2021v42n2p877.
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his study aimed to analyze the economic feasibility of implementing and using the necessary infrastructure to collect rainwater from the roof of free-stall sheds in a dairy production system in southern Minas Gerais, Brazil. Specifically, the total cost (TC), total operating cost (TOC), and actual operating cost (AOC) of a cubic meter of rainwater and the break-even point in cubic meters were estimated. The research was conducted from January to December 2017 on a property located in the south of Minas Gerais. The following MOP scenarios were analyzed: most likely (Scenario 1), optimistic (scenario 2), and pessimistic (scenario 3). The grant value of the Das Velhas River basin was considered for the most likely scenario, as it has the most similar value with that of the basin surrounding the Furnas reservoir, in which the property is inserted. The grant value for water collection and consumption from the Paraíba River basin was considered in Scenario 2, as this Federal basin has the lowest grant value. The grant value for water collection and consumption from the Piracicaba, Jundiaí, and Capivari river basins was considered in Scenario 3, as these basins have the highest prices for the cubic meter of the collected and consumed water. The implementation of the infrastructure for collecting rainwater from the roof of free-stall sheds under the studied conditions was economically unfeasible for all scenarios, with negative net present values (NPV). Simple and discounted paybacks were longer than the proposed horizon. The internal rate of return (IRR) could not be estimated due to the negative values of the net cash flow. The benefit-cost ratios (BCR) were unsatisfactory (lower than 1). The TC values for rainwater collection from the roof of free-stall sheds were R$ 23,206.59 and R$ 20,489.25 for scenarios with interest rates of 8.50 and 6.99%, respectively, while the TOC value was R$ 7,850.30 for all analyzed scenarios. The unit values for TOC and AOC were R$ 9.9024/m3 and R$ 1.3060/m3 of collected water, respectively. The break-even point could not be estimated in the studied scenarios, as the variable cost per cubic meter of water collected from the roof of the free-stall shed was higher than the grant value charged by the water management committees of the different studied basins.
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Klauz, Artem V., Igor E. Frolov, Vladimir V. Kharitonov, and Aleksandra A. Shaeva. "Methodology for calculating the criteria of economic efficiency of investments in nuclear icebreakers." Nuclear Energy and Technology 7, no. 4 (December 17, 2021): 333–39. http://dx.doi.org/10.3897/nucet.7.78501.
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An economic and analytical model for evaluating the criteria of efficiency (profitability) of investments in the projects of innovative nuclear icebreakers of the Northern Sea Route is suggested. The model is based on the new analytical representation of the methodology for forecasting the investment project efficiency that is widely used in international practice. The mathematical expression for the net discounted income provides convenient formulas for calculating several investment efficiency criteria for nuclear icebreakers: internal rate of return, minimum annual revenues from icebreaker convoys, discounted payback period, and the volume of delivered cargo. The paper gives estimates of the criteria for the efficiency of investments in “Leader” class icebreakers that depend on the discount rate of cash flows, capital, and operating costs. It is shown that at high capital costs, typical for construction of “Leader” class nuclear icebreakers, the minimum required revenue of an icebreaker, representing a financial burden for ships transporting cargo along the NSR, rapidly increases with the growth of discount rate and the reduction of investment payback period. This means that the profitability of such icebreakers is only possible at low discount rates of 2–3% per year, which is an extremely low-interest credit. Even with low interest and impressive technical characteristics of the icebreaker (high speed of navigation, large number of ships in the caravan and their maximum capacity) the payback period would exceed 25 years.
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Martinez, Norberto, Alejandra Tabares, and John F. Franco. "Generation of Alternative Battery Allocation Proposals in Distribution Systems by the Optimization of Different Economic Metrics within a Mathematical Model." Energies 14, no. 6 (March 19, 2021): 1726. http://dx.doi.org/10.3390/en14061726.
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Battery systems bring technical and economic advantages to electrical distribution systems (EDSs), as they conveniently store the surplus of cheap renewable generation for use at a more convenient time and contribute to peak shaving. Due to the high cost of batteries, technical and economic studies are needed to evaluate their correct allocation within the EDS. To contribute to this analysis, this paper proposes a stochastic mathematical model for the optimal battery allocation (OBA), which can be guided by the optimization of two different economic metrics: net present value (NPV) and internal rate of return (IRR). The effects of the OBA in the EDS are evaluated considering the stochastic variation of photovoltaic generation and load. Tests with the 33-node IEEE test system indicate that OBA results in voltage profile improvement (~1% at peak time), peak reduction (31.17%), increased photovoltaic hosting capacity (18.8%), and cost reduction (3.06%). Furthermore, it was found that the IRR metric leads to a different solution compared to the traditional NPV optimization due to its inherent consideration of the relation between cash flow and investment. Thus, both NPV and IRR-based allocation alternatives can be used by the decision maker to improve economic and technical operation of the EDS.
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Batista, Tayná Cruz, Juliana Ferreira de Oliveira, and Marcelo Alvaro da Silva Macedo. "Relevância da informação contábil para o mercado brasileiro de capitais: uma análise comparativa entre lucro líquido, lucro abrangente e fluxo de caixa operacional." RACE - Revista de Administração, Contabilidade e Economia 16, no. 1 (March 23, 2017): 381–408. http://dx.doi.org/10.18593/race.v16i1.12052.
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Para que as informações contábeis sejam úteis às partes interessadas é necessário, entre outros aspectos, que elas sejam relevantes na revelação do desempenho organizacional. Os estudos sobre a relevância da informação contábil buscam analisar, de maneira geral, se as variações nos preços/retornos das ações guardam relação com as informações contábeis. Ou seja, verificam a relevância das informações contábeis sob a ótica dos investidores (mercado de capitais). Nesse sentido, neste trabalho buscou-se analisar se as informações contábeis são capazes de explicar as variações ocorridas no preço da ação das empresas listadas na Bolsa de Valores de São Paulo (BM&FBovespa), utilizando o Lucro Líquido (LL), o Lucro Abrangente (LA) e o Fluxo de Caixa Operacional (FCO). A partir da base de dados Economática®, foram coletadas as informações referentes ao LL, ao FCO e a Outros Resultados Abrangentes (ORAs) de 2010 a 2013. Os resultados revelam que, de maneira geral, para o mercado brasileiro de capitais, o LL se mostrou mais relevante. Em seguida, observou-se que o LA foi o mais relevante. Por outro lado, constatou-se que o FCO apresentou menor relevância; isso pode estar associado ao fato de que o lucro atende a diversas demandas, o que pode justificar maior interesse dos usuários (investidores) por essa medida de desempenho em comparação com as demais informações analisadas.Palavras-chave: Relevância da informação contábil. Lucro Líquido. Fluxo de Caixa Operacional. Lucro Abrangente. Abstract For the accounting information to be useful to stakeholders, it is required, among other things, that they are relevant in the development of organizational performance. Studies on value relevance seek to analyze, in general, if the changes in prices/stock returns are related to the accounting information. So, they check the value relevance from the perspective of investors (capital markets). In this sense, this study sought to examine if the accounting information is able to explain the variations in the share price of companies listed on the São Paulo Stock Exchange (BM&FBovespa), using Net Income (NI), Comprehensive Income (CI) and Operating Cash Flow (OCF). The information for the NI, OCF and Other Comprehensive Income (OCI) of the years 2010 to 2013 were collected from the Economática® database. The results show that, in general, for the Brazilian capital market, the NI proved to be more relevant. Then it was observed that CI is the most relevant. Moreover, it was found that the OCF showed less relevance; this may be associated with the fact that profit meets various demands, what could justify greater interest of users (investors) by that measure performance in comparison to other information analyzed.Keywords: Value relevance. Net Profit. Operating Cash Flow. Comprehensive Income.
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Kaplan, Radosław, and Michał Kopacz. "Economic Conditions for Developing Hydrogen Production Based on Coal Gasification with Carbon Capture and Storage in Poland." Energies 13, no. 19 (September 28, 2020): 5074. http://dx.doi.org/10.3390/en13195074.
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This study documents the results of economic assessment concerning four variants of coal gasification to hydrogen in a shell reactor. That assessment has been made using discounting methods (NPV: net present value, IRR: internal rate of return), as well as indicators based on a free cash flow to firm (FCFF) approach. Additionally, sensitivity analysis has been carried out, along with scenario analysis in current market conditions concerning prices of hard coal, lignite, hydrogen and CO2 allowances, as well as capital expenditures and costs related to carbon capture and storage (CCS) systems. Based on NPV results, a negative economic assessment has been obtained for all the analyzed variants varying within the range of EUR −903 to −142 million, although the variants based on hard coal achieved a positive IRR (5.1–5.7%) but lower than the assumed discount rates. In Polish conditions, the gasification of lignite seems to be unprofitable, in the assumed scale of total investment outlays and the current price of coal feedstock. The sensitivity analyses indicate that at least a 20% increase of hydrogen price would be required, or a similar reduction of capital expenditures (CAPEX) and costs of operation, for the best variant to make NPV positive. Analyses have also indicated that on the economic basis, only the prices of CO2 allowances exceeding EUR 40/Mg (EUR 52/Mg for lignite) would generate savings due to the availability of CCS systems.
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Andison, Andison, and Etty M. Nasser. "Operating Cash Flow, Earning Response Coefficient, and Fixed Asset Revaluation: Study on Manufacturing Company." ETIKONOMI 16, no. 1 (March 11, 2017): 93–102. http://dx.doi.org/10.15408/etk.v16i1.4820.
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The purpose of this study to determine the effect of operating cash flow to the abnormal return and the effect of operating cash flow to the abnormal return of companies that conduct the revaluation is higher than that of non revaluation which adopted SFAS No. 16 (2012). The analysis used in this study are multiple regression, for the period 2012-2015. The results showed that operating cash flow has no effect on non-sampled companies revaluation, while the sample of firms that perform revaluation proves that operating cash flow has a positive and significant impact on the abnormal return. Moreover, the effect of revaluation policy can strengthen the influence between operating cash flow to the firm abnormal return than non revaluation.DOI: 10.15408/etk.v16i1.4820
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Marhaeni, Erlita Tyas Puspa. "PENGARUH EARNINGS PER SHARE, ECONOMIC VALUE ADDED, MARKET SHARE, DAN NET CASH FLOW TERHADAP RETURN SAHAM (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR KERAMIK PORSELIN DAN KACA YANG TERDAFTAR DI BEI 2011-2015)." INVENTORY: JURNAL AKUNTANSI 1, no. 1 (July 17, 2019): 12. http://dx.doi.org/10.25273/inventory.v1i1.4710.
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The purpose of this research is to determine whether there is the influence of earning per share, economic value added, market share, and net cash flow to return of both simultaneously and partial. The population in this study is a company manufacturing the ceramic, porcelain and glass are listed on the BEI in 2011-2015. The study used data from secondary in the form of financial statements the company.Testing this hypothesis using regression linear and through augmented with partial test, simultan test, and coefficient of determination. The result in partial to show that a market share and net cash flow, have a significant effect on return, while earning per share and economic value added don’t have a significant effect on return. In a simultaneous variable earning per share, economic value added , market share and net cash flow together have a significant effect on return. Manufacturing companies the industrial ceramics, porcelain and glass need to increase the company’s performance in achieving market share and net cash flow are higher because it will provide a significant impact on the return. Keyword: Earning Per Share, Economic Value Added, Market Share, Net Cash Flow, Return