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1
Rachmawati, Windasari, and Vinsensia Retno Widi Wisayang. "ANALISIS PENGARUH ASSETS DAN MANAJEMEN INVENTORY TERHADAP MANAJEMEN LABA PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG LISTING DI BURSA EFEK INDONESIA 2010 - 2012." Jurnal Ekonomi dan Bisnis 19, no. 1 (January 11, 2018): 99. http://dx.doi.org/10.30659/ekobis.19.1.99-110.
Повний текст джерелаАнотація:
This research aims to learn the effect of the values of the quick ratio, turnover asset, return on aset, and inventory turnover toward net profit before taxes in the food and beverage indusry in Jakarta Stock Exchange (Indonesia) in 2012 - 2013. The approach used is qualitative approach with multiple regression. Based on the analysis described previously, it can be concluded that from the independent variable of turnoverasset, retunt on assets and inventory turnover partially have positive and significant impact on Ebit of Profit. this proves the previous studies that management of assets and inventoy affect earning before tax (EBIT). From the analysis ATR, ROA, and ITO have effects on Ebit or Profit. Som the employers of company are advised to keep ATR, ROA and ITR to remain high in order to get higher profits. Keywords : assets, stocks, earnings before tax
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Rachmawati, Windasari, and Vinsensia Retno Widi Wisayang. "ANALISIS PENGARUH ASSETS DAN MANAJEMEN INVENTORY TERHADAP MANAJEMEN LABA PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG LISTING DI BURSA EFEK INDONESIA 2010 - 2012." Jurnal Ekonomi dan Bisnis 19, no. 2 (July 10, 2018): 142. http://dx.doi.org/10.30659/ekobis.19.2.142-153.
Повний текст джерелаАнотація:
This research aims to learn the effect of the values of the quick ratio, turnover asset, returnon assets, and inventory turnover toward net profit before taxes in the food and beverageindustry in Jakarta Stock Exchange (Indonesia) in 2010-2012. The approach used is qualitativeapproach with multiple regression. Based on the analysis described previously, it can beconcluded that from the independent variable of turnover asset, return on assets and inventoryturnover partially have positive and significant impact on Ebit or profit. This proves the previousstudies that management of assets and inventory affect earnings before tax (EBIT). From theanalysis ATR, ROA and ITO have effects on Ebit or profits. So, the employers of company areadvised to keep ATR, ROA and ITR to remain high in order to get higher profits.Keywords: assets, stocks, earnings before tax
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Rachmawati, Windasari, and Vinsensia Retno Widi Wisayang. "ANALISIS PENGARUH ASSETS DAN MANAJEMEN INVENTORY TERHADAP MANAJEMEN LABA PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG LISTING DI BURSA EFEK JAKARTA (INDONESIA) 2010 - 2012." Jurnal Dinamika Sosial Budaya 19, no. 1 (November 21, 2017): 163. http://dx.doi.org/10.26623/jdsb.v19i1.693.
Повний текст джерелаАнотація:
This research aims to study the influence of the values of the quick ratio, asset turnover, return-on - asset and inventory turnover to net income before taxes in the food and beverage industry in the Jakarta Stock Exchange (Indonesia) in 2010-2012. The approach used is a qualitative approach with multiple regression. Based on the analysis described previously, it can take the conclusion of the independent variable asset turnover, return on assets and inventory turnover is partially has positive and significant impact on Ebit or profit. This proves that the previous research studies on assets and inventory management affects earnings before tax (EBIT). From this analysis ATR, ROA and ITO have an influence on Ebit or profit. So that business owners are advised to keep the ATR, ROA, and ITR to always be high to get higher profits.
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Ali, Anis. "Profitability variations and disparity in automobile sector: A case of leading Indian Automobile companies." Accounting 7, no. 6 (2021): 1455–62. http://dx.doi.org/10.5267/j.ac.2021.3.019.
Повний текст джерелаАнотація:
The Indian automobile sector is the biggest market and emerging by displacing some advanced countries. The Indian automobile sector contributes positively and progressively to the growth and development of the Indian economy. The study is based on secondary data and considers the financial statements available on concerned websites. Ratio analysis, ANOVA (Analysis of Variance), CV (Coefficient of Variation), and rank correlation applied to analyze the data extracted from the financial statements of leading Indian automobile companies. The study reveals that there is a significant difference in the profitability of the Leading Indian automobile companies for the period 2011 to 2020. There is a moderate positive relational relationship between PBDIT(Profit Before Depreciation, Interest, and Tax) ratio and PBIT(Profit Before Interest and Tax) ratio and their variability while PBT ( Profit Before Tax) ratio and PAT ( Profit After Tax) ratio and their variability positively and highly correlated. This reveals that manufacturing expenses and depreciation do not affect profitability while profitability governs the interest and taxes of the leading Indian automobile companies. The study suggests a possible reduction in all direct and indirect costs, optimum cost of capital, or low cost of capital structure can be considered to avoid excessive burden against the profits of the negative performing leading Indian automobile sector companies.
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Andini, Dessy Putri. "KEMAMPUAN PREDIKSI RASIO-RASIO KEUANGAN TERHADAP LABADAN ARUS KAS MASA DEPAN DAN PENGARUHNYATERHADAP DIVIDEND PAYOUT RATIOPADA PERUSAHAAN MANUFAKTUR DAN JASA." JURNAL AKUNTANSI UNIVERSITAS JEMBER 9, no. 2 (March 31, 2015): 73. http://dx.doi.org/10.19184/jauj.v9i2.1240.
Повний текст джерелаАнотація:
Tujuan penelitian ini adalah untukmenguji kemampuan rasio-rasio keuangan yang meliputi gross profit to net sales, current ratio, cost of goods sold inventory, cost of goods sold to net sales,inventory to net sales,net sales to netassets, quick assets to inventory, quick assets to total assets, working capital to total assets, working capital to net sales, profit before taxes to shareholders’ equitydalam memprediksi laba yangdiperoleh perusahaandan arus kas masa depan,dan jugamenguji kemampuan laba dan arus kas bebas untuk investasi atau pendanaan dalam meningkatkan DPR.Penelitian yang dilakukan merupakan penelitian empirik dengan pengujian hipotesis. Populasi penelitian adalah seluruh perusahaan publik yang terdaftar di Bursa Efek Indonesia (BEI). Sampel penelitian diambil dengan menggunakan purposive sampling dan diperoleh 40 perusahaan manufaktur dan 1 perusahaan jasa yang listed di BEI dengan periode penelitian 2006-2008.Penelitian ini menggunakan analisis jalur (path analysis).
Hasil pengujian menunjukkan bahwa hanya rasio CGSNS (cost of goods sold to net sales) danPBTSE(profit before taxes to shareholders’ equity) yang berpengaruh positif dan signifikan terhadap variabel interveninglaba dan arus kas. Sedangkan laba dan arus kas dapat digunakan untuk memprediksi DPR. Laba memiliki pengaruh yang sangat kuat dalam memprediksi DPR dibandingkan dengan arus kas. Hal ini tidak aneh karena perusahaan hanya dapat membagikan dividen semakin besar jika perusahaan mampu menghasilkan laba yang semakin besar. Jika laba yang dihasilkan besarnya tetap, perusahaan tidak bisa membagikan dividen yang makin besar karena hal ini berarti perusahaan akan membagikan modal sendiri.
Kesimpulan dari penelitian ini adalah bahwa hanya rasio CGSNS (cost of goods sold to net sales) danPBTSE(profit before taxes to shareholders’ equity) yang berpengaruh positif dan signifikan untuk memprediksi laba dan arus kas masa depan. Sedangkan laba dan arus kas bebas dapat digunakan untuk memprediksi dividen yang dibagikan perusahaan.
Kata Kunci : gross profit to net sales, current ratio, cost of goods sold inventory
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Siekelova, Anna, Maria Kovacova, Peter Adamko, and Vojtech Stehel. "Profit Management as an Instrument for SMEs Developing: the Case for Slovakia." Marketing and Management of Innovations, no. 3 (2019): 285–96. http://dx.doi.org/10.21272/mmi.2019.3-22.
Повний текст джерелаАнотація:
The goal of the business should reflect its efforts to achieve a certain future state. Classical economic theories emphasize the achievement of profit as a fundamental goal of business. Modern theories consider gaining profit as one of the basic motivating factors. In practice, we distinguish several profit categories that are described in our contribution. The effort of businesses is detection of indicators that help enterprises to generate profit. In our contribution, we focused on the analysis of the profitability of small and medium-sized enterprises as well as on the identification of indicators that significantly influence the rate of profit. In our research we worked with a sample of 9,500 Slovak small and medium-sized enterprises. It was primarily a limited liability company with domestic ownership. We mainly focused on this type of businesses because many authors emphasize the irreplaceable role of small and medium-sized enterprises in countries' economies. Small and medium-sized enterprises play a very important role not only in Slovakia but also in the global economy. The significantly influence the creation of hundreds of jobs, regional development or a high percentage of GDP. Approximately 98% of enterprises in the Slovak Republic fall into the category of small and medium-sized enterprises. For their functioning, it is very important to have the capital that they inevitably need, either for the start of business as such, for development. However, these type of businesses does not always have easy access to financing, especially in the case of bank loan financing. Profit for SMEs is a very important internal source of funding. The aim of our paper is profit analysis and identification of the main profit-taking indicators. The analysis of the profitability was conducted by using methods of descriptive statistics. Based on the studied literature, we selected individual profit categories as basic indicators of profitability as well as selected indicators of profitability that are defined below. Pearson's correlation coefficient and the one-way ANOVA were used to examine the relationship between the selected indicators and achieved profit. Graphs and charts are used to clear the processing of the results of our research. Keywords: ANOVA, cash management, earnings before interest and taxes, earnings before interest, taxes, depreciation and amortization, net operating profit after tax, earnings before interest after taxes, Pearson correlation coefficient.
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Jescheck, Christoph. "Debate: Taxes on Digital Services and the Substantive Scope of Application of Tax Treaties: Pushing the Boundaries of Article 2 of the OECD Model?" Intertax 46, Issue 6/7 (June 1, 2018): 573–78. http://dx.doi.org/10.54648/taxi2018059.
Повний текст джерелаАнотація:
In response to base erosion and profit shifting by multinational enterprises, states increasingly complement their corporate income taxes with new taxes that seek to secure tax revenue otherwise lost under ordinary corporate income tax. The European Union also seems to favour a new tax on certain digital services as an interim measure, before the concept of a digital permanent establishment as the long-term tax policy goal can be agreed upon. The new taxes can be seen as either explicit treaty overrides or, more interestingly, falling outside the scope of existing tax treaties. This article examines when such new taxes really succeed in avoiding the scope of application of tax treaties and what impact they might have on the tax treaty landscape.
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Al Taha'at, Ebraheem, Mohammad Abdel Mohsen Al-Afeef, Saqer Al Tahat, and Muhannad Akram Ahmad. "The Impact of the General Level of Prices and Operating Profit on Economic Value Added (EVA) (Analytical Study: ASE 2001 - 2015)." Asian Social Science 13, no. 11 (October 30, 2017): 142. http://dx.doi.org/10.5539/ass.v13n11p142.
Повний текст джерелаАнотація:
This study aims to show the importance of the economic value added as one of the most modern to measure the financial performance for firms, then to know the effect of the general prices level and earnings before interest and taxes on EVA in the companies listed in (ASE) (2006-2015), the researcher addresses a random sample consisting of (46) Company, and uses regression model, which connects the dependent and independent variables.The results of the study shows that There is a significant impact for the general prices level and the earnings before interest and taxes on the economic value added, and also shows that 22% of the changes in the economic value added are due to general prices level and earnings before interest and taxes, and 78% of the changes are due to other factors.This study also recommends the need to manage of operating expenses because of the positive impact of operating profit on EVA value, and to take inflation into account when calculating the value of EVA, and also searching for other factors that could affect the value of EVA such as sales volume, cost of capital, and the growth in the total assets of the company's financial leverage, etc…
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Wulandari, Dian Sulistyorini. "Tindakan Agresivitas Pajak dipandang dari Teori Akuntansi Positif." Owner 6, no. 1 (January 3, 2022): 554–69. http://dx.doi.org/10.33395/owner.v6i1.631.
Повний текст джерелаАнотація:
Taxes are one of the state's largest sources of income. For businesses, taxes are a burden that can reduce profits. The government wants high tax revenues, but businesses want low tax revenues. Therefore, this is a tax avoidance act that seeks to minimize the amount of tax a company pays for violating or being legal. This study aims to determine how tax aggressiveness can be seen from aggressive accounting theory. The tax aggressiveness measure uses the company's ETR. This is the income tax expense divided by the profit before income tax. The sample of this survey consists of manufacturers listed on the Indonesia Stock Exchange (IDX) between 2017 and 2019. Targeted sampling was used to select the samples, and 54 companies obtained samples. The analytical method used is multiple regression analysis. The results of this study show that the Inventory Intensity does not affect tax aggressiveness. Capital Intensity, Fixed Assets Intensity, and Firm Size have a significant positive impact on tax aggressiveness.
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Anwar, Vebby. "ANALISIS KOMPARASI FAKTOR-FAKTOR YANG MEMPENGARUHI LABA SEBELUM PAJAK PADA BANK PEMERINTAH." Bongaya Journal for Research in Management (BJRM) 1, no. 2 (October 31, 2018): 09–17. http://dx.doi.org/10.37888/bjrm.v1i2.74.
Повний текст джерелаАнотація:
The purpose of this study was to determine 1) the image of profit beforetax, net interest margin, loan to deposit ratio, asset quality and operating expenses/ operating income state bank listed on the Indonesia Stock Exchange. 2) analyzethe differences in income before taxes, net interest margin, loan to deposit ratio,asset quality and operating expenses / operating income state bank listed on theIndonesia Stock Exchange. The population in this study are all listed in theGovernment Bank Stock Exchange Bank Indonesia as much as 4. The samplingtechnique used proposive sampling. The analytical method used is descriptive analysis and ANOVA analysisThe results showed that 1) the average profit before tax state bank listed on theIndonesia Stock Exchange the lowest occurred in 2008 and highest in 2011. Theaverage net interest margin is the lowest place in 2011 and highest in 2009. theaverage loan to deposit ratio of the lowest occurred in 2009 and highest in 2011.Average asset quality of the lowest occurred in 2011 and highest in 2009. Averageoperating expenses / operating income of the lowest occurred in 2009 and highestin 2010. 2) There are differences in income before taxes, net interest margin, loanto deposit ratio and the bank's operating expenses/operating incomeintergovernmental listed in Indonesia Stock Exchange in 2008 until 2011. As for thequality of earning assets do not pass the test of homogeneity.
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Febrianto, Ridiana, Andri Indrawan, and Idang Nurodin. "Pengaruh Omzet Penjualan Terhadap Laba Sebelum Pajak UMKM Pada Kios Rista Cell Periode 2017-2019." Jurnal Syntax Transformation 1, no. 8 (October 24, 2020): 522–30. http://dx.doi.org/10.46799/jst.v1i8.127.
Повний текст джерелаАнотація:
This study aims to determine the effect of sales revenue on MSME profit before tax on Rista Cell Kiosk, Jampang Kulon District. The population and sample in this study are financial statements namely sales revenue reports and earnings reports before taxes for the period of 2017 to 2019. This research technique uses the classic assumption test, multiple linear regression analysis and hypothesis testing. Data collection techniques using interviews, documentation, data realization (financial statements) and literature studies. After the data is collected, the test analysis in this study was carried out with the help of IBM SPSS 26 for Windows. The test results of multiple linear regression analysis show the equation Y = 89480865,970 + 9,493 which means that if the sales revenue is zero then there is an increase in profits by 89480865, whilst the positive revenue coefficient of sales is 9,493 means that every increase in sales revenue will increase profit by 9,493. While the partial test results (t) show the t(count) of the sales revenue variable (X) that is equal to 4.009 and the t(table) is 2.032245 then the t(count) is 4.099 > t(table) 2.032245 and the significant value is 0.000 < 0.05. As for the level of sales revenue effect on earnings before tax is categorized as weak, this is shown from the results of the coefficient of determination test with an R Square value of 0.331 or 33.1%. It can be concluded that sales revenue affects earnings before tax or the hypothesis is accepted
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Sterrett, S. B., C. W. Coale, and C. P. Savage. "Comparison of Management Techniques for Broccoli Production Using a Systems Approach." HortScience 26, no. 5 (May 1991): 599–602. http://dx.doi.org/10.21273/hortsci.26.5.599.
Повний текст джерелаАнотація:
A systems approach that included production and economic aspects was used to assess broccoli potential as an alternate enterprise for eastern Virginia. Broccoli yield and head quality were improved with 96,400 plants/ha compared to 64,500 plants/ ha. While target populations for the early harvest were achieved with either transplants or direct seeding, plant establishment was significantly reduced for direct-seeding in the main-season harvest (85% vs. 95% for transplants). Increased cost of production with transplants resulted in reduced enterprise profit (before taxes) in the early harvest, while improved plant establishment and increased yield with transplants resulted in increased enterprise profit in the main-season harvest. The systems approach assessed market price risk through estimated revenue and yield risk, providing the information needed by growers for risk management decisions associated with broccoli as an alternate enterprise.
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Rubio, Lihki, Alejandro J. Gutiérrez-Rodríguez, and Manuel G. Forero. "EBITDA Index Prediction Using Exponential Smoothing and ARIMA Model." Mathematics 9, no. 20 (October 9, 2021): 2538. http://dx.doi.org/10.3390/math9202538.
Повний текст джерелаАнотація:
Forecasting has become essential in different economic sectors for decision making in local and regional policies. Therefore, the aim of this paper is to use and compare performance of two linear models to predict future values of a measure of real profit for a group of companies in the fashion sector, as a financial strategy to determine the economic behavior of this industry. With forecasting purposes, Exponential Smoothing (ES) and autoregressive integrated moving averages (ARIMA) models were used for yearly data. ES and ARIMA models are widely used in statistical methods for time series forecasting. Accuracy metrics were used to select the model with best performance and ES parameters. For the real profit measure of the financial performance of the fashion sector in Colombia EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was used and was calculated using multiple SQL queries.
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Bodiuk, Adam. "Fiscal obligations of the subsoil users." Problems of Innovation and Investment Development, no. 19 (June 14, 2019): 29–35. http://dx.doi.org/10.33813/2224-1213.19.2019.3.
Повний текст джерелаАнотація:
The article of research is operating financial relations of subsoil users before the state for mining, exploitation of underground space and system of forming of monetary resources for a budget after the Internal revenue code of Ukraine. The aim of writing of the article is development after resource approach of concept vehicle and mechanism of input of payments on the fiscal obligations of subsoil users. Methodology of realization of work is application of abstractly-logical, system-structural and comparative analysis (for forming of the system and mech- anism of forming of fiscal obligation of subsoil users); to the analysis (research of right base of production of paying is for using the bowels of the earth); mono- graphic analysis (at application of resource approach); generalization (forming of the system of bills of debt is before the state); interpretation (application of tran- sition from fiscal payments to the budgetary resources from position of more generalized concept; fiscal resources ). Job performances – reasonably: resource approach is to forming of profits of the state budget; system of bills of debt of subsoil users before the state; name of operating pay in different forms for using the bowels of the earth for mining after her essence by a subsoil fiscal profit as to payment of subsoil users, that is brought in by them in the state budget; actu- ality of replacement far of past origin of concept of taxes is on fiscal obligations for using the bowels of the earth; concept of money, fiscal, budgetary resources. Conclusions – instead of the operating system of taxes it is necessary to enter payments on the fiscal obligations of subsoil users for using the bowels of the earth for mining and using underground space, with bringing of these inputs in the Internal revenue code of Ukraine.
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Husna, Luthfi Jauharotul. "Analisis Model Altman, Grover, dan Zmijewski dalam Memprediksi Financial Distress Perusahaan pada Industri Manufaktur di Indonesia." Eksos 17, no. 1 (June 30, 2021): 13–21. http://dx.doi.org/10.31573/eksos.v17i1.272.
Повний текст джерелаАнотація:
This research was conducted to analyze the model altman score, grover score, zmijewski score, in predicting financial distress in the manufacturing industry. This type of research in this research is quantitative with descriptive methods. The object of this research is a company that has been delisted from the Indonesia Stock Exchange in the 2015-2018 period. The object-taking technique in this study was purposive sampling, amounting to 16. The results of this study indicate that the Altman model has an accuracy rate of 25%, Grover has an accuracy rate of 6.25%, Zmijewski has an accuracy rate of 50%. From the three bankruptcy analysis models used in this study it can be concluded that the Zmijewski model is best used as a bankruptcy detector with an accuracy rate of 50%. This is because a company that goes bankrupt has a tendency to generate a small net capital of its total assets, the company's ability to generate profit before interest and taxes from its assets is getting smaller, the lower the level of company sales using all of its assets, and the less likely the profit before tax can be cover current debts owned by the company.
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SUMELIUS, J., M. MESIC, and Z. GRGIC. "Marginal abatement costs for reducing leaching of nitrates in Croatian agriculture." Agricultural and Food Science 14, no. 3 (December 4, 2008): 293. http://dx.doi.org/10.2137/145960605775013236.
Повний текст джерелаАнотація:
The aim of this paper is to estimate marginal abatement costs (MAC) of N-fertiliser tax policies which aim to prevent NO3 levels from rising. Estimates of MAC provide information on how large reductions in Nfertilisation rates should be before other measures are considered. Based on N-response experiments from Croatian field trials with maize, N-response curves were estimated and profit maximising N-doses were derived. Values of NO3-N concentration in lysimeter water from the same treatments were used to estimate an NO3-leaching function. A sample of 20 Croatian family farms was used to obtain records of producer and input prices as well as actual N-doses. Abatement costs and MAC for an N-tax, a product tax and an Nquota were estimated. The MAC for all the instruments are non-constant and increase at an accelerating rate. The MAC for N-taxes are positive for N-taxes lower than 60%, indicating a net return to society. Reduction rates in fertilisation up to this level should be achieved before considering governmental support for other measures. The N-tax has the lowest abatement cost and the lowest MAC for a particular level of reduction while the N-quota has a lower MAC than the product tax when total reduction levels are below 20 mg NO3 l-1.;
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Al-Muharrami, Saeed. "Interest rate in Oman: is it fair?" Humanomics 31, no. 3 (August 10, 2015): 330–43. http://dx.doi.org/10.1108/h-01-2014-0004.
Повний текст джерелаАнотація:
Purpose – The purpose of this study is to try to answer whether the banking system in Oman is fair for both depositors and entrepreneurs. Design/methodology/approach – The interest margin decomposition is based on the methodology proposed in Randall (1998). The income statement of banks defines profits before taxes (P) as interest income (II), plus non-interest income (NII), minus interest expense (IP), minus operating costs (OC) and minus provision for loan losses (Prov). After rearranging this identity, the net interest revenue can be expressed as follows: II – IP = OC + Prov + P – NII. The above expression decomposes the margin into the following cost and profit components: reserve requirement costs, operational costs, loan loss provision costs, profitability and non-interest income (with a negative sign). Findings – A trend analysis of commercial banks’ interest rate spreads in Oman exposes the following facts: First, the implicit interest margin is relatively small (in the neighborhood of 1 percentage point); second, profits constitute a substantial proportion of the margin; third, the share of operating costs in the margin has been broadly constant over time; fourth, reserve requirement costs have been reduced following the decline of the reserve requirement ratio; and fifth, the weighted average interest rate on deposits base is lower than the rate of inflation. Originality/value – This work is original.
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Jantyik, Lili, Jeremiás Máté Balogh, and Áron Török. "What Are the Reasons Behind the Economic Performance of the Hungarian Beer Industry? The Case of the Hungarian Microbreweries." Sustainability 13, no. 5 (March 5, 2021): 2829. http://dx.doi.org/10.3390/su13052829.
Повний текст джерелаАнотація:
In terms of absolute alcohol consumption and total quantity consumed, beer is the most consumed alcoholic beverage in Hungary. The Hungarian beer industry is highly concentrated, the three largest, foreign-owned companies ruled the market for almost 90% of total turnover in 2009–2017. The study investigates the factors influencing the Hungarian beer industry’s economic performance, special attention given to the microbreweries. The analysis applied panel-data linear models for the period of 2009–2017. The financial performance of breweries is represented by companies’ turnover, Earnings Before Interest and Taxes (EBIT) and profit along with explanatory variables of the age of brewery, Social Media activity, geographical location, direct sales, and impact of tax reduction. Breweries with direct sales channels reached significantly higher sales, EBIT and profit. Breweries situated in or close to the capital are the most profitable due to the higher demand for high-quality beer, in contrast, the distance from the capital had a negative impact on the firms’ performance. The Social Media activity–often used as the only promotion channel for the microbrewery–positively impacts the brewery’s profitability. Finally, tax reduction for small breweries introduced in 2012 had the most significant positive influence on the industry.
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Shpak, P. S., and E. G. Sycheva. "ECONOMIC EVALUATION OF THE EF-FECTIVENESS OF AN INNOVATIVE-ACTIVE ENTERPRISE AS A FACTOR IN ITS SUSTAINABLE DEVELOPMENT." ECONOMIC VECTOR 1, no. 28 (March 2022): 133–42. http://dx.doi.org/10.36807/2411-7269-2022-1-28-133-142.
Повний текст джерелаАнотація:
The progress of the state economy in an innovative way can be determined by the resource conditions of the management of its constituent organizations. In modern eco-nomic conditions, innovation is a key factor in the competitiveness of companies. The article analyzes the results of the activi-ties of the leading innovative and active en-terprises of the North-Western region from the point of view of the effectiveness of eco-nomic resource management and the for-mation of company development strategies, namely, the following indicators are present-ed in dynamics for 2012–2020 years: return on investment, return on assets, return on equity, return on profit before interest and taxes, and etc. The authors have developed the model of strategic management of inno-vative development of the enterprise.
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Khouri, Samer, Lubos Elexa, Michal Istok, and Andrea Rosova. "A Study from Slovakia on the Transfer of Slovak Companies to Tax Havens and Their Impact on the Sustainability of the Status of a Business Entity." Sustainability 11, no. 10 (May 16, 2019): 2803. http://dx.doi.org/10.3390/su11102803.
Повний текст джерелаАнотація:
The main aim of this paper is to provide empirical evidence about profit-shifting to selected tax havens by Slovak companies. This contribution focused on the very rare evidence of use of tax havens by Slovak companies not only in the field of corporate income tax, but also in selected areas of profitability. Two sources of data were used. Lists of Slovak companies with tax haven links were provided by the company, Bisnode, and financial statements of investigated companies were gained from the Finstat database. Based on the available data, the investigated period was between 2008 and 2016. We statistically tested selected indicators (ETR, taxes per assets, ROE, ROA, and ROS) of Slovak companies with direct ownership links to tax havens compared to their counterparts. Our findings suggest that Slovak companies with an ownership link to tax havens pay significantly lower taxes compared to companies without ownership links to tax havens during the period monitored. The aggressive tax planning was not only confirmed by the significantly lower reported values of ETR and taxes per assets, but also by the lower values of ROA. On the one side, Slovak companies with ownership links to midshore tax havens had the highest values of ROE, ROA, and ROS, but on the other side, these Slovak companies reported the highest ETR among the appointed categories (onshore, midshore, and offshore). The lowest taxes paid per unit of total assets were found in Slovak companies with ownership links to onshore tax havens. The analysis was supplemented by the changes of the selected indicators before and after obtaining an ownership link to a tax haven.
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Durana, Pavol, and Radovan Bacik. "Earnings management: Local or global phenomenon in the Visegrad Four?" SHS Web of Conferences 92 (2021): 02015. http://dx.doi.org/10.1051/shsconf/20219202015.
Повний текст джерелаАнотація:
Research background: Increasing number of national scientific studies related to business finance shows that the earnings management phenomenon as a legal apparatus of manipulation business profit plays a significant role in financial reports in conditions of Slovak economy. Slovakia belongs to Visegrad Four, group of very historically and developmentally close countries. That is why it is relevant to compare the issue of earnings manipulation it these countries’ context. Purpose of the article: The main purpose of the article is to confirm global approach to manipulation of earnings in the Visegrad Four’s enterprises and justify that managers incline to earnings management systematically in all analysed group not only at a local level in chosen country. Methods: This econometric investigation used the observations of earnings before interest, taxes, depreciation and amortization of 1,058 Slovak enterprises, 688 Czech enterprises, 1,376 Polish enterprises and 731 Hungarian enterprises. It was investigated nine-years period from 2010 to 2018. Non-parametric time series trend modelling was run by Mann-Kendall test and estimation of the slope of the trend by Sen’s method used a linear model. Findings & Value added: The article focused on nine-years development of earnings before interest, taxes, depreciation and amortization in the Visegrad Four’s enterprises. It was found out the systematic trend manipulation in all analysed countries. This fact highlighted that earnings management is not local phenomenon, but its development is globally preferred tool of business finance.
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Kube, Hanno, and Ekkehart Reimer. "Tax Policy: Trends in the Allocation of Powers Between the Union and Its Member States." EC Tax Review 25, Issue 5/6 (November 1, 2016): 247–61. http://dx.doi.org/10.54648/ecta2016027.
Повний текст джерелаАнотація:
Over the last twenty-five years, the picture of European tax law has changed significantly. While the European Economic Community (EEC) had largely harmonized indirect taxes already, the law of direct taxation had not realized any substantial influence of EEC law before the 1990 Directives entered into force. With a turbulent start in the mid-1990s, the Court of Justice has reshaped income taxation of cross-border activities and investment by activating the fundamental freedoms. Further developments brought about additional waves of intra-European Union (EU) tax neutrality – joint efforts to combat unfair tax competition, to improve cross-border administrative assistance and to counter Base erosion and profit shifting (BEPS). In their interdisciplinary analysis, two lawyers and one economist reflect on these developments from the specific perspective of the vertical allocation of powers. Avoiding any misleading split-of-sovereignty language, they demonstrate the current balance of taxing powers between the EU (Commission [COM], Court of Justice of the European Union [CJEU]) and its Member States, most notably the balance of positive and negative integration (section 2). On this basis, they explore options for future EU rule-making on the field of direct taxes (section 3), stress the persistent relevance of negative integration (section 4) and indicate ‘third ways’ – informal cooperation in tax legislation, indirect influence of non-tax measures to tax policy (section 5) and eventually, the introduction of European taxes (section 6).
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D'Amato, Antonio, Giuseppe Festa, Amandeep Dhir, and Matteo Rossi. "Cooperatives' performance relative to investor-owned firms: a non-distorted approach for the wine sector." British Food Journal 124, no. 13 (December 10, 2021): 35–52. http://dx.doi.org/10.1108/bfj-03-2021-0275.
Повний текст джерелаАнотація:
Purpose This study aims to investigate whether significant performance differences between cooperatives and investor-owned firms (IOFs) may exist.Design/methodology/approach Based on data from a sample of Italian wine firms for the period from 2009 to 2018, an adjusted measure of performance called earnings before interests, taxes, depreciations and amortizations gross the raw materials cost was adopted to consider the different objectives of cooperatives relative to those of IOFs.Findings Empirical evidence shows that in the context under analysis, cooperatives have performed better than IOFs.Originality/value Despite the theoretical literature suggesting that the cooperative form of organizations suffers from many weaknesses, these results highlight that cooperatives operating in the wine sector are at least as economically efficient as other organizations, and more specifically, they perform better than for-profit firms. Consequent implications for theory and practice are discussed.
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KVASOVSKYI, Oleksandr, and Mykola STETSKO. "MODERN TRANSFORMATION AND PROBLEMATIC ASPECTS OF TAXATION OF THE FINANCIAL RESULTS OF INSURERS IN UKRAINE." WORLD OF FINANCE, no. 3(52) (2017): 19–33. http://dx.doi.org/10.35774/sf2017.03.019.
Повний текст джерелаАнотація:
Introduction. Today the problem of establishing an effective taxation technology of domestic insurers' financial results has not been finally solved. That technology would ensure achieving fiscal objectives of budget revenues improvement and the implementation of the regulatory capacity of the tax regime to enhance the development of the insurance market in Ukraine on the principles of transparency and legitimacy of the business. Purpose. The purpose of the article is critical analysis of recent transformations in the method of taxation of the financial performance of insurance companies in Ukraine, assessment of their impact on the dynamics of national insurance organizations budget revenues in recent years, a clear identification of legal conflicts and problematic aspects of the insurers' profit and income tax collecting procedures with a view to their elimination. Results. The article looks into the major differences in innovation and methodological approaches to taxation of the financial performance of domestic insurers before and after January 1, 2015. The work characterizes the dynamics of absolute and relative indicators of income tax on profits from insurance companies to the consolidated budget of Ukraine in 2012-2016 (compared to banks) from a position of impact of changes in tax regime for insurers. The research also revealed a number of legal contradictions and problematic issues in the current procedure for determining taxable profits of insurance organizations in the consideration of tax differences, calculating the income tax of taxable item in the neglecting of the revenues and transmission of insurance payments (contributions, premiums) for reinsurance operations and so on. Conclusion. A number of recommendations to improve the technology of direct taxation of insurance companies' corporate income tax and indirect taxes on insurance premiums, namely: clear distinction of mentioned fiscal duties; revision of the legal framework regarding the collection of insurers’ income tax (detailed definition of the list of costs for the calculation of financial results of the insurer before tax, establishing a list and approval of scientifically based methods of calculating insurance reserves for the calculation of taxable income, specification of legal provisions regarding taxation of insurance companies that specialize in life insurance, and longterm pension insurance); the introduction of preferential tax treatment of small profit insurance organizations through the establishment of progressive tax rates; gradual reduction of the effective tax rate for insurance companies.
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Jarass, Lorenz, and Gustav M. Obermair. "Tax on earnings before interest and taxes instead of profit – fair, simple and competitive: a conceivable initiative of EU Member States for a common consolidated corporate tax base." EC Tax Review 17, Issue 3 (June 1, 2008): 111–17. http://dx.doi.org/10.54648/ecta2008062.
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Freitas, José Leoncio Delmondes Pereira, Evandro Neves Muniz, Anselmo Domingos Ferreira Santos, Sônia Magna Moura Delmondes Freitas, Luana Moura Delmondes Freitas, Valdir Ribeiro Junior, Leda Maria Delmontes Freitas Trindade, Gladston Rafael de Arruda Santos, and Camilla Mendonça Silva. "Direct cost method applied to calculate milk production costs." Research, Society and Development 11, no. 2 (January 17, 2022): e2911225328. http://dx.doi.org/10.33448/rsd-v11i2.25328.
Повний текст джерелаАнотація:
The objective was to apply direct costing (DC) methodology to calculate dairy farms costs located in the semiarid region of Sergipe, Brazil. Productive and financial data were used from 30 dairy farms, in which milk market is the farms primary activity. Costs were segregated as fixed and variable, as profitability index, contribution margin (CM) and net income (NI). Profit before interest, taxes, depreciation and amortization (EBITDA) was adopted as financial index. In rural farms analyzed, CM was negative equivalent to R$ - 0.06 per liter of milk, due to the high production cost setting the sold goods cost (COGS), exceeding the net income by 4.49 percentage points, equivalent to R$ 1.31 per liter of milk, contributing to the result of R$ -0.20 (twenty cents) per liter of milk, equivalent to -16.8% of the raw milk price. The direct costing methodology has applicability to calculate costs in dairy farming, as it provides full data and information from the economic-financial point of view, well segregated.
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Andor, Gyorgy, and Tamas Toth. "NON-FINANCIAL BACKGROUND OF SUCCESS AROUND GLOBAL FINANCIAL CRISIS – EVIDENCE FROM EASTERN EUROPE." Facta Universitatis, Series: Economics and Organization, no. 2 (January 23, 2019): 305. http://dx.doi.org/10.22190/fueo1804305a.
Повний текст джерелаАнотація:
The research is about the relationship between the non-financial firm characteristics and the financial progress around the global financial crisis in 2008-2009. Non-financial firm characteristics data of 218 non-listed Central and Eastern European companies come from a survey in 2006 which focused on the capital budgeting practices and other characteristics of firms – such as presence of Western management culture, firm size, and extent of management ownership. The most important financial indicators are followed up reflecting these firms’ financial progresses – sales, profit before tax, net income, earnings before interest and taxes, total assets, equity, debt, return on equity, return on assets and number of employees – from 2005 to 2012. To analyse firms’ sensibility to the 2008-2009 global financial crisis, differences of financial indicators between the pre-crisis (2005-2008) and post-crisis (2009-2012) periods are examined by the non-financial indicators.Our results confirm that 1) firms using any accounting-based capital budgeting methods are less sensitive to the financial crisis; 2) small firms are more exposed to a volatile business environment than larger ones; and 3) firms with higher level of management ownership perform better in time of crisis than firms with lower level of management ownership.
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Mantu, Mohammad Affan, and Achmad Ibnu Sholeh. "Analisis Perencanaan Pajak Penghasilan PPh 21 Sebagai Upaya untuk Meningkatkan Efesiensi Beban Pajak Studi Kasus Pada Persek MJH." Jurnal Pajak Vokasi (JUPASI) 2, no. 1 (November 2, 2020): 1–11. http://dx.doi.org/10.31334/jupasi.v2i1.1105.
Повний текст джерелаАнотація:
Tax planning is a process of organizing taxpayer's business in such a way that its payable tax, either income or other taxes, is in minimum amount. The company can save coporate income payment by means of applying Gross Up method in estimating income tax PPh 21 but the company applied gross method. This research aims to analyze the estimation of PPh 21 used by Persek Mjayahadi & Co through the estimation of PPh 21 using Gross and Gross Up methods as well as constraints an attempts taken to save the corporate tax. The author used Chairl Anwar Pohan’s (2017:21) theoy. The research method employed was descriptive quatitative one. Techniques of collecting data used were observation, interview, and documentation. The result of research shows that total tax assumed by the employees is IDR 2,431,591,608, but following the use of gross up method, it becomes IDR 2,429,661,781, with the difference of IDR 1,929,827. Therefore, the net profit after tax subtracted wtth non-deductible burden before the application of gross Up method Is IDR 7,987,666,865, and after the appIication of gross up is IDR 7,989,596,692. Therefore, there is a difference of IDR 1,929,827, meaning equal to the tax efficiency.
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Bussin, Mark, and Sean Barrett. "The effect of race on CEO pay-performance sensitivity in South Africa." African Journal of Employee Relations (Formerly South African Journal of Labour Relations) 40, no. 2 (February 18, 2019): 8–29. http://dx.doi.org/10.25159/2520-3223/5850.
Повний текст джерелаАнотація:
South Africa’s labour policies and the growing societal calls to better explain executive remuneration create a unique opportunity to examine the effects of race on CEO pay. This empirical research study sought to investigate the effects of race on the sensitivity of executive pay to corporate performance. The study aims to contribute to the literature by providing an evidence-based approach to understanding the effect of race on CEO remuneration. The research design was quantitative, descriptive and longitudinal in nature, utilising validated secondary data sources. The sample consisted of 19 black CEOs and a random sample of 45 white CEOs. All components of South African CEO remuneration studied were found to correlate strongly with PAT (Profit after Tax) and EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation) and to a lesser degree with ROE (Return on Equity) and HEPS (Headline Earnings per Share). Black and white CEO mean remuneration was found to show no significant difference as a result of race. A notable difference found was the higher degree of payperformance sensitivity and variability seen within the black CEO sample. The study showed that race does not affect the level of CEO remuneration but does impact on pay-performance sensitivity and variability.
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Handayani, Susi. "Pengaruh Corporate Governnace Terhadap Kinerja Keuangan Pada Perusahaan Bumn (Persero) Di Indonesia." AKRUAL: Jurnal Akuntansi 4, no. 2 (April 17, 2013): 183. http://dx.doi.org/10.26740/jaj.v4n2.p183-198.
Повний текст джерелаАнотація:
AbstractCorporate sustainability is characterized by an increase in the value of the company is reflected in the achievement of profit targets. One of the obstacles faced in achieving this goal is the conflict of interest between management and shareholders. Corporate Governance is an effective mechanism to minimize agency conflicts, with emphasis on legal and ethical aspects to encourage the growth of the company's performance. The purpose of this study is to empirically examine the effect of corporate governance on financial performance.This research is a quantitative study using a dependent variable corporate governance that is proxied by the meeting's activities the board of commissioners, the number of board of directors, the proportion of independent board, as well as the number of audit committee. Financial performance as the dependent variable is measured using the cash flow rate of return on assets (CFROA). CFROA calculated from earnings before interest and taxes plus depreciation divided by total assets. The sample used in this study were 12 BUMN that publish their financial statements during the period 2007-2012. The results showed that the activity of the board of commissioners meeting and audit committee size has no effect on financial performance. While the size of the board of directors and board size are independent has effect on financial performance.
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Clausing, Kimberly A. "Profit Shifting before and after the Tax Cuts and Jobs Act." National Tax Journal 73, no. 4 (December 1, 2020): 1233–66. http://dx.doi.org/10.17310/ntj.2020.4.14.
Повний текст джерелаАнотація:
In recent years, profit shifting by multinational companies (MNCs) has generated substantial revenue costs to the U.S. government. The Tax Cuts and Jobs Act (TCJA) changed U.S. international tax law in several important ways. This paper discusses the nature of these changes and their possible effects on profit shifting. The paper also evaluates the effects of the global intangible low-taxed income (GILTI) tax on the location of taxable profits. Once company adjustment to the legislation is complete, estimates suggest that the GILTI tax will reduce the corporate profits of U.S. multinational affiliates in haven countries by about 12-16 percent, modestly increasing the tax base in both the United States and in higher-tax foreign countries. However, a per-country minimum tax would generate much larger increases in the U.S. tax base; a per-country tax at the same rate reduces haven profits by 23-31 percent, resulting in larger gains in U.S. tax revenue.
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Arilyn, Erika Jimena, and Beny Beny. "The Influence of Growth, Asset Tangibility, Cost of Debt, Profitability and Business Risk On Debt Capital." GATR Journal of Accounting and Finance Review (AFR) Vol. 4 (4) Oct-Dec 2019 4, no. 4 (December 30, 2019): 120–27. http://dx.doi.org/10.35609/afr.2019.4.4(4).
Повний текст джерелаАнотація:
Objective –The aims to identify the significant factors that influence a company’s decision to use debt capital. Methodology/Technique – This study uses 5 independent variables namely; firm growth (growth rate in total gross assets), asset tangibility (ratio of net fixed assets to total assets), cost of debt (interest before tax / long term debt), profitability (Earnings Before Interest and Taxes (EBIT) / Total Asset), and business risk (standard deviation of EBIT to total assets). The dependent variable in this study, debt capital, is measured by the ratio of long-term debt to total assets. A purposive sampling method is used to select 11 out of 18 textile and garment companies listed on the Indonesian Stock Exchange between 2014 and 2018 that report their annual financial positions. A quantitative method, panel data analysis technique and SPSS tools were also used in this study. Findings – The results show that debt capital is influenced by profitability, while the remaining factors do not influence debt capital. Novelty – This study adds to the existing literature on internal factors, market condition as an external factors, and debt capital in developed countries. The benefit of this study is to explore the potential capabilities of the industry in using its profit to minimize the use of debt as a source of capital to decrease business risk. Type of Paper: Empirical Keywords: Profitability; Growth; Cost of Debt; Business Risk; Tangibility; Capital Structure. Reference to this paper should be made as follows: Ariyln, E., J; Beny; 2019. The Influence of Growth, Asset Tangibility, Cost Of Debt, Profitability and Business Risk On Debt Capital, Acc. Fin. Review 4 (4): 120 – 127 https://doi.org/10.35609/afr.2019.4.4(4) JEL Classification: G23, G32.
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Fadhilah Hanum Lubis, Sigid Eko Pramono, and Saiful Anwar. "Income Smoothing Use Financing Loss Provision In Indonesia And Malaysia’s Islamic Banks." International Journal of Science, Technology & Management 2, no. 1 (January 27, 2021): 127–44. http://dx.doi.org/10.46729/ijstm.v2i1.152.
Повний текст джерелаАнотація:
Rapid development of Islamic banks leads to the requirement to compete in order to show the best performance. Performance assessment can be seen from the profit information. Income smoothing through the use of Financing Loss Provision (FLP) is one method that can be applied in Islamic banking in an attempt to get income based on their goals. This research aims to investigate income smoothing practice by using FLP at both Indonesia and Malaysia’s Islamic banks by applying mixed-method approach. In this regard, quantitive method was used to measure panel regression by using Eviews in order to analyze income smoothing practice through FLP in both Indonesia and Malaysia than qualitative method was used through interviews with practitioners and sharia supervisors in Indonesia to get the data about the practice. The data in this research were taken from 11 Islamic banks in Indonesia and 19 Islamic banks in Malysia from 2011 to 2016. The results of the research reveal that Islamic banks in both Indonesia and Malaysia apply income smoothing by using FLP. The findings imply that Earning Before Taxes and Provision (EBTP) has significant positive effect on FLP. Moreover, the results of interviews indicate that Islamic banks in Indonesia do not apply income smoothing. However, there is an indication that they will lead to this condition. Therefore, it is suggested that the regulators will supervise the application of FLP by developing the investigation of this account in financial statement of the Islamic banks.
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Botrup, Heinz-J. "Finanzmarktkrise und wirtschaftliche Entwicklung des deutschen Bankensektors." Vierteljahrshefte zur Wirtschaftsforschung 87, no. 3 (September 1, 2018): 27–45. http://dx.doi.org/10.3790/vjh.87.3.27.
Повний текст джерелаАнотація:
Zusammenfassung: Der deutsche Bankensektor hat die weltweite Finanz- und Wirtschaftskrise, sieht man von den hoch spekulativen Großbanken und den geschäftsmodelllosen Landesbanken einmal ab, relativ gut überstanden. Auch das der Krise folgende Niedrigzinsniveau hat zwar im Zinsergebnis negative Spuren hinterlassen, dennoch konnte der gesamte deutsche Bankensektor von 2000 bis 2017 einen Jahresüberschuss vor Ertragsteuern in Höhe von fast 326 Milliarden Euro (jahresdurchschnittlich 18,1 Milliarden Euro) erzielen. Davon haben sich die öffentlichen Sparkassen mit gut 120 Milliarden Euro den größten Teil des Gewinns einverleibt, gefolgt von den Volksbanken mit fast 84 Milliarden Euro. Zusammen kamen Sparkassen und Volksbanken auf einen Gewinnanteil von 62,7 Prozent des gesamten Bankensektors. Die Großbanken realisierten dagegen von 2000 bis 2017 „nur“ fast 31 Milliarden Euro beziehungsweise kamen auf einen Gewinnanteil von 9,5 Prozent. Das mit Abstand größte deutsche Kreditinstitut, die Deutsche Bank, konnte von 2000 bis 2017 insgesamt 56 Milliarden Euro an Gewinn vor Steuern einstreichen, was bedeutet, dass die anderen Großbanken im selben Zeitraum zusammen einen Verlust in Höhe von 25 Milliarden Euro verkraften mussten. Die trotz Wirtschaftskrise hohen Gewinne im Bankensektor haben im Grundsatz mit einer marktwirtschaftlich gewollten Wettbewerbssituation nur wenig zu tun. Allerdings relativieren sich die Gewinne bezogen auf das niedrig eingesetzte Eigenkapital. Die Eigenkapitalrentabilitäten vor Steuern schwanken hier von 2000 bis 2017 im gesamten deutschen Bankensektor zwischen –7,4 Prozent (2008) und 12,9 Prozent (2005). Auffallend hoch sind hier die Profitraten der Sparkassen mit Werten von 27,4 Prozent (2011) und 16,4 Prozent (ebenfalls 2011) bei den Volksbanken. Im Vergleich zur deutschen Wirtschaft fallen die Renditewerte im Bankensektor natürlich weit geringer aus, weil sich die Gewinne der Finanzsphäre nur aus der produzierenden Wirtschaft ergeben können. Nach der Krise ist vor der Krise. Zwar wurde der Bankensektor einer größeren staatlichen Kontrolle unterworfen, die aber nur die Symptome bekämpft und nicht die Krisenursache, die in einer neoliberal gewollten Umverteilung von den Arbeits- zu den Kapitaleinkünften liegt. So konnte auch ein stetig wachsender gefährlicher Schattenbankensektor entstehen, der ohne jegliche staatlichen Kontrollen die nach wie vor sich zu den Kapitaleinkünften umverteilenden Wertschöpfungen in spekulativer Manier aufsaugt. Wird die Umverteilung in der produzierenden Wirtschaft nicht endlich durch einen signifikanten Anstieg der Lohnquote und durch eine entsprechende staatliche Besteuerung des völlig ungleich verteilten Vermögens geändert, also die Krisenursache beseitigt, so ist die nächste schwere Finanz- und Wirtschaftskrise nicht mehr weit. Summary: The German banking sector has weathered the global financial and economic crisis relatively well, apart from the highly speculative big banks and the non-banked state banks. Even though the low interest rate following the crisis has had a negative impact on net interest, the entire German banking sector was able to generate net income before taxes of nearly 326 billion euros (annual average 18.1 billion euros) from 2000 to 2017. Of these, the public savings banks have incorporated 120 billion euros, this is most of the profits, followed by the Volksbanks with almost 84 billion euros. Together, savings banks and Volksbanks earned a 62.7 percent share of the total banking sector. By contrast, the big banks are realizing „only“ almost 31 billion euros between 2000 and 2017, or a profit share of 9.5 percent. By far the largest German bank, Deutsche Bank, was able to recoup a total of 56 billion euros in profit before tax from 2000 to 2017, which means that the other major banks together had to cope with a loss of 25 billion euros during the same period. The high profits in the banking sector despite the economic crisis have, in principle, little to do with a market-driven competitive situation. However, the profits are relative to the low capital employed. The pre-tax return on equity between 2000 and 2017 in the German banking sector as a whole fluctuates between –7.4 percent (2008) and 12.9 percent (2005). Noticeably high here are the profit rates of the savings banks with values of 27.4 percent (2011) and 16.4 percent (also 2011) at the Volksbanks. Compared to the German economy as a whole, the return values in the banking sector are, of course, much lower because the profits of the financial sphere are. After the crisis is before the crisis. It is true that the banking sector has been subject to greater state control, which, however, only combats the symptoms of the crisis and not the cause of the crisis, which is a neoliberal change from labor to capital. As a result, a steadily growing dangerous shadow banking sector could emerge which, without any state controls, absorbs in a speculative manner the added value of reallocated capital gains. If the decisive redistribution in the producing economy is not finally reversed in a significant increase in the wage share and by a corresponding state taxation of completely unevenly distributed assets, thus eliminating the cause of the crisis, the next serious financial and economic crisis is not far away.
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Markauskas, Mantas, and Asta Saboniene. "Evaluation of Capital Cost: Long Run Evidence from Manufacturing Sector." Engineering Economics 31, no. 2 (April 30, 2020): 169–77. http://dx.doi.org/10.5755/j01.ee.31.2.21439.
Повний текст джерелаАнотація:
The article is directed to determine the most appropriate method for evaluating cost of capital of a manufacturing sector and, using the methodology, to perform a case study of Lithuanian manufacturing sector. For evaluation of cost of capital, calculation of Weighted Average Capital Cost was chosen, as literature analysis distinguished this method as the most widely accepted and used. Some changes were made to the methodology of WACC evaluation in order to adapt the method for countries, which do not contain liquid, mature financial markets, like using country’s credit ranking to assess risk premium and adding this premium to base premium for maturelly developed equity markets. The case study of Lithuanian manufacturing sector was performed for the period of 2001-2016. Empirical study revealed that required rate of return on separate WACC components evolved differently between the years of 2001-2016. Average annual return on equity for the period 2001-2016 was 7.7%, while average annual return on debt was only 4.4%. In the year of 2015 weight of equity capital, first time during the analyzed period, exceeded 50%. In the same year, ratio of net profit before taxes to total assets of Lithuanian manufacturing sector also reached the highest value at the time, later surpassed in 2016. This fact demonstrates, that increased free cash flows from the operations were reinvested into further development of the companies. To maximize value of the shareholders, it would be preferable to pay out portion of earnings as dividends and finance growth with debt, as it is currently a cheaper alternative.
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Wee, Kenneth. "What's your gas worth: a thrilling or a taxing matter?" APPEA Journal 59, no. 2 (2019): 744. http://dx.doi.org/10.1071/aj18214.
Повний текст джерелаАнотація:
Australia is poised to imminently become the world’s largest liquefied natural gas (LNG) producer. The prices realised for Australia’s natural gas, whether for export LNG or domestic consumption, dictate the level of revenues and, ultimately, the profitability and returns, of the gas producers. A rational producer will seek to maximise the price or return for the gas it supplies. A portion of a producer’s remuneration for its gas is then shared with the community via taxes and royalties. In Australia, these imposts are triggered at different taxing points, hence necessitating a determination of what the gas is worth at each point. Typically, for royalties, it is the wellhead value; for the petroleum resource rent tax, it is either the value at the domestic gas processing plant outlet or the value of feed gas just before liquefaction; and, for income tax, it is the proceeds or consideration for the gas when sold or exported. Wherever related party transactions occur, the price must be set at arm’s length and reflect market realism. Where gas must be valued at a point devoid of an actual sale, finding a suitable comparable price can be challenging. In such circumstances, pricing options include the cost-plus, the netback and the profit-split methods. Each has its own merits and limitations, and incorporates elements that are susceptible to disputation. Gas producers should consider engaging proactively with the revenue authorities to agree a gas pricing model upfront to mitigate latent tax liabilities if the pricing approach adopted is subsequently challenged.
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Michalkova, Lucia. "Earnings Quality and Accruals over Company´S Life Cycle." SHS Web of Conferences 92 (2021): 02043. http://dx.doi.org/10.1051/shsconf/20219202043.
Повний текст джерелаАнотація:
Research background: The increasing number of bankruptcies and the growing risk of financial distress highlight the need for quality financial statements, conservative accounting or increase the need for quality tools to detect the occurrence of earnings management. However, the life cycle of a company affects financial performance and key aspects of earnings management, which examined in the international context only to a small extent. Purpose of the article: The paper examines the impact of the life cycle and country-specific factor on the value of discretionary accruals in the tourism sector in the Visegrad countries, which are among the most vulnerable sectors in the coming economic crisis. Methods: This study uses the method of two-way analysis of variance with interaction, while also testing the assumptions of the model by normality tests, homogeneity test and post hoc tests (Scheffé and Tukey methods). Findings & Value added: Earnings quality changes during the life cycle of a business; whereas in the first stages (introduction, growth) and in decline they use downward earnings management. On the contrary, mature and shake-out companies have enough positive earnings before taxes, which is a prerequisite for tax profit optimization. The level of earnings management in tourism varies significantly at different stages of the life cycle, but also in different countries. The results imply that the qualitative variable corporate life cycle in interaction with the country is an important explanatory variable, the implementation of which can improve the explanatory power of earnings management models in Central European developing countries.
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Cahyani, Zepriani Dwi, Yuli Tri Wulandari, Ani Tiga Arti, Farahiya Della Erlinda, Denta Jemi Fabela, and Iman Supriadi. "A. PENDAMPINGAN KEWIRAUSAHAAN MELALUI ANALISIS PENYUSUNAN LAPORAN KEUANGAN UMKM SURABAYA AKRILIK BERDASARKAN SAK-EMKM." Economics and Sustainable Development 4, no. 2 (December 2, 2019): 1. http://dx.doi.org/10.54980/esd.v4i2.69.
Повний текст джерелаАнотація:
ABSTRAK
Penelitian ini bertujuan untuk mengetahui bagaimana penyusunan laporan keuangan pada UMKM Surabaya Akrilik. Judul yang di gunakan yaitu Analisis Penyusunan Laporan Keuangan UMKM Surabaya Akrilik Berdasarkan SAK-EMKM. Jenis dari penelitian yang digunakan yaitu jenis penelitian kualitatif. Berdasarkan karakteristik masalah yang diangkat oleh peneliti, penelitian ini merupakan penelitian kualitatif deskriptif. Adapun Data yang digunakanpada penelitian ini yaitu data-data primer yang akandiperoleh langsung dari pihak UMKM seperti data hasil wawancara dengan pihak UMKM serta data-data yangberasal dari informasi catatan harian kas masuk dan kas keluar. Sedangkan untuk data sekunder akan diperoleh dari jurnal dan internet yang akan mendukung penelitian ini.
Hasil analisis data dan penelitian yang akan dilakukan inimenunjukkan bahwa laporan keuangan UMKM Surabaya Akrilik, menyajikan posisi keuangan di bulan Januari sampai November 2019.Per 30 November 2019 menunjukkan total Asset Rp 14,503,900,- dan Laba Rugi pada tahun 2019 nett profit Rp 1,003,900,-. Catatan Atas Laporan Keuangan (CALK) menyediakan deskripsi biasa mengenai UMKM Surabaya Akrilik, pengakuan jika pengaturan neraca keuangan memakai SAK EMKM ialah fundamen pengaturan yang dipakai, dan kebijaksanaan akuntansi yang diaplikasikan serta diberikan dalam laporan Balance Vol. XVINo. 1 Januari 2019 Jurnal Balance 32 keuangan UMKM Surabaya Akrilik. Pada UMKM Surabaya Akrilik belum memasukkan beban pajaknya sehingga nilai laba bersih yang diperoleh masih sebelum dikurangi beban pajak.
Kata kunci : Analisis Penyusunan Laporan Keuangan, SAK-EMKM
ABSTRAK
The research that will be done is aimed to know how to prepare a financial report on SMEs Surabaya acrylic. The title used is the analysis of the financial Report preparation of micro, small, and medium enterprises of Surabaya acrylic based on SAK-EMKM. Types of research used are types of qualitative research. Based on the characteristics of the problem raised by researchers, this research is a qualitative descriptive study. The Data used in this research is the primary data that will be obtained directly from the micro, small, and medium enterprises such as the data of interviews with the micro, small, and medium enterprises and data derived from information Daily note cash in and cash out. As for the secondary data will be obtained from the journal and the Internet that will support this research.
The results of data analysis and research will be conducted, showing that the financial statements of MSME Surabaya Acrylic, presenting a financial position in the month of January to November 2019. As of 30 November, 2019 shows a total Asset of Rp 14,503,900-and profit loss in 2019 net profit of Rp 1,003,900-. Note on the financial report (CALK) presents an overview of the micro, small and medium enterprises of Surabaya Acrylic, a statement that the preparation of the financial statements using the SACK of EMKM is the basis of the drafting used, as well as the accounting policy Applied and presented in the Balance Vol. XVI report No. 1 January 2019 Journal Balance 32 Finance of Micro, small, and medium enterprises Surabaya acrylic. In micro, small, and medium enterprises, Surabaya acrylic has not included the tax burden so that the value of net profit gained is still before deducting the taxes.
Keywords: Analysis of Preparation of Financial Statements, SAK-EMKM.
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FROLOV, Serhiy, Mariia DYKHA, and Viktoriia DZIUBA. "METHODS OF CORPORATE CAPITAL CAPITAL STRUCTURE OPTIMIZATION." HERALD OF KHMELNYTSKYI NATIONAL UNIVERSITY 298, no. 5 Part 1 (October 4, 2021): 258–63. http://dx.doi.org/10.31891/2307-5740-2021-298-5(1)-45.
Повний текст джерелаАнотація:
When forming the optimal capital structure, the choice of methods, approaches, tools is important, which is determined by a set of initial conditions, the need to perform the tasks, achieving results / strategic guidelines. The purpose of the article is to systematize scientific approaches to optimize the capital structure, to clarify the impact of factors on the capital structure of the corporation, which will serve as a basis for ensuring the optimal level of capital structure. As a result of the research, the views of scientists on the optimization of capital structure are systematized, the key aspects of the three main approaches to such optimization are singled out and described. The approaches used in determining financial leverage are described. The expediency of determining financial leverage through the ratio of EPS – earnings per share and EBIT – earnings before interest and taxes is substantiated. The most common methods of capital structure optimization are identified: the method of capital expenditures (the method of minimizing the weighted average cost of capital); the method of determining the effect of financial leverage or the method of maximizing the level of financial profitability; method of determining the complex operational and financial leverage; EBIT-EPS valuation method, Du Pont method, operating profit method and adjusted present value method. Their features, advantages and disadvantages of use are described. The factors influencing financial leverage are systematized, the positive or negative influence of each of the determined factors on financial leverage is determined. A matrix of factors that determine the optimal capital structure in terms of the environment (internal or external) and the implementation of financial policy (at the strategic or operational-tactical levels).
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Kliestik, Tomas, Katarina Valaskova, Elvira Nica, Maria Kovacova, and George Lazaroiu. "Advanced methods of earnings management: monotonic trends and change-points under spotlight in the Visegrad countries." Oeconomia Copernicana 11, no. 2 (June 22, 2020): 371–400. http://dx.doi.org/10.24136/oc.2020.016.
Повний текст джерелаАнотація:
Research background: Enterprises manage earnings in an effort to balance their profit fluctuations to provide increasingly consistent earnings in every reporting period. Earnings management is legal and very effective method of accounting techniques and may be used to obtain specific objectives of the enterprises involving the manipulation of accruals. Therefore, there is a need to analyze it in the context of group of countries, while the issue of their detection in the new ways appears.
Purpose of the article: The analysis of annual earnings before interest and taxes (EBIT) of 5,640 enterprises from the Visegrad Four during the period 2009–2018 confirms that the development of earnings management in these countries is not a randomness. Thus, the aim of this article is to determine the existence of positive trend in earnings management and to detect the change-point in its development for each Visegrad country.
Methods: Grubbs test, Mann-Kendall trend test and Buishand test were used as appropriate statistical methods. Mann-Kendall test identifies significant monotonic trend occurrence in earnings manipulation in every country. Buishand test indicates significant years, which divides the development of EBIT into two homogenous groups with individual central lines.
Findings & Value added: Based on the statistical analysis applied, we rejected randomness in the managing of earning, but we determined the trend of its increasing. The positive earnings manipulation was not homogenous in the analyzed period, however, a change-point was defined. Year 2014 was identified as a break-point for Slovak, Polish and Hungarian enterprises considering the earnings manipulation. Year 2013 was detected as a change-point in Czech enterprises. The methodical approach used may be very helpful for researchers from other countries to determine, detect and understand earnings management as well as for the investors to make decisions based on a specificities of an individual country.
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Essman, Michael, Lindsey Smith Taillie, Tamryn Frank, Shu Wen Ng, Barry M. Popkin, and Elizabeth C. Swart. "Taxed and untaxed beverage intake by South African young adults after a national sugar-sweetened beverage tax: A before-and-after study." PLOS Medicine 18, no. 5 (May 25, 2021): e1003574. http://dx.doi.org/10.1371/journal.pmed.1003574.
Повний текст джерелаАнотація:
Background In an effort to prevent and reduce the prevalence rate of people with obesity and diabetes, South Africa implemented a sugar-content-based tax called the Health Promotion Levy in April 2018, one of the first sugar-sweetened beverage (SSB) taxes to be based on each gram of sugar (beyond 4 g/100 ml). This before-and-after study estimated changes in taxed and untaxed beverage intake 1 year after the tax, examining separately, to our knowledge for the first time, the role of reformulation distinct from behavioral changes in SSB intake. Methods and findings We collected single-day 24-hour dietary recalls from repeat cross-sectional surveys of adults aged 18–39 years in Langa, South Africa. Participants were recruited in February–March 2018 (pre-tax, n = 2,459) and February–March 2019 (post-tax, n = 2,489) using door-to-door sampling. We developed time-specific food composition tables (FCTs) for South African beverages before and after the tax, linked with the diet recalls. By linking pre-tax FCTs only to dietary intake data collected in the pre-tax and post-tax periods, we calculated changes in beverage intake due to behavioral change, assuming no reformulation. Next, we repeated the analysis using an updated FCT in the post-tax period to capture the marginal effect of reformulation. We estimated beverage intake using a 2-part model that takes into consideration the biases in using ordinary least squares or other continuous variable approaches with many individuals with zero intake. First, a probit model was used to estimate the probability of consuming the specific beverage category. Then, conditional on a positive outcome, a generalized linear model with a log-link was used to estimate the continuous amount of beverage consumed. Among taxed beverages, sugar intake decreased significantly (p < 0.0001) from 28.8 g/capita/day (95% CI 27.3–30.4) pre-tax to 19.8 (95% CI 18.5–21.1) post-tax. Energy intake decreased (p < 0.0001) from 121 kcal/capita/day (95% CI 114–127) pre-tax to 82 (95% CI 76–87) post-tax. Volume intake decreased (p < 0.0001) from 315 ml/capita/day (95% CI 297–332) pre-tax to 198 (95% CI 185–211) post-tax. Among untaxed beverages, sugar intake increased (p < 0.0001) by 5.3 g/capita/day (95% CI 3.7 to 6.9), and energy intake increased (p < 0.0001) by 29 kcal/capita/day (95% CI 19 to 39). Among total beverages, sugar intake decreased significantly (p = 0.004) by 3.7 (95% CI −6.2 to −1.2) g/capita/day. Behavioral change accounted for reductions of 24% in energy, 22% in sugar, and 23% in volume, while reformulation accounted for additional reductions of 8% in energy, 9% in sugar, and 14% in volume from taxed beverages. The key limitations of this study are an inability to make causal claims due to repeat cross-sectional data collection, and that the magnitude of reduction in taxed beverage intake may not be generalizable to higher income populations. Conclusions Using a large sample of a high-consuming, low-income population, we found large reductions in taxed beverage intake, separating the components of behavioral change from reformulation. This reduction was partially compensated by an increase in sugar and energy from untaxed beverages. Because policies such as taxes can incentivize reformulation, our use of an up-to-date FCT that reflects a rapidly changing food supply is novel and important for evaluating policy effects on intake.
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AVERIKHINA, Tetiana, Alina VLAIEVA, and Mykola AVERIKHIN. "Analysis of background of the output of domestic food industry enterprises on international markets." Economics. Finances. Law, no. 5/1 (May 29, 2020): 6–10. http://dx.doi.org/10.37634/efp.2020.5(1).1.
Повний текст джерелаАнотація:
Introduction. At present, the task of expanding the market for selling Ukrainian products to Ukrainian enterprises is very urgent, as well as establishing foreign relations not only for better profit of the enterprise, but also for attracting additional investments, which will contribute to the rapid development of production. The purpose of the paper is to analyze the prerequisites and features of the entry into the international markets of opportunities and threats for domestic producers and to determine on the basis of the conducted research the prospects associated with entering the international markets. Results. The paper examines the current state of foreign trade relations, stages of entering the foreign market, identifies opportunities and threats that may face domestic industrial enterprises. Before engaging in foreign economic activity, it is necessary to study the prerequisites for entering the international market and determine whether the company owns them. The complexity and frequent change of state methods of regulation of foreign economic activity have a negative impact on the export activity of enterprises. Insufficient knowledge of the legal framework of foreign countries governing the import of goods complicate export activities. Exports are hampered by the poor quality of the product due to technology backwardness and low staff skills. The development of export activity of enterprises can be constrained by high taxes on foreign economic activity, the mandatory sale of the state part of foreign exchange earnings, insufficient assistance from the state to expand export activity through various levers of economic regulation and support. export activity from the standpoint of its sufficiency in quantitative and qualitative aspects. An important prerequisite for export activity is the availability of the necessary financial resources for the company. Conclusion. The analysis of the prerequisites for the entry of Ukrainian enterprises into the international market made it possible to distinguish the most important of them: the export of the corresponding product of the enterprise potentially provides higher profitability in comparison with its realization in the domestic market; the company needs the currency to buy the necessary equipment abroad, equipment that is either missing from the domestic market or of poor quality; by means of export the enterprise tries to use the available production capacities or to expand the field of its activity at the expense of those industries whose products are in demand abroad; The company manufactures high quality products that meet the world standards due to the high qualification of personnel and the introduction of advanced technology, and at the same time has overall marketing advantages.
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Davis, Miles, and Leyland M. Lucas. "Principles before profits: An interview with S. Truett Cathy." New England Journal of Entrepreneurship 10, no. 1 (March 1, 2007): 27–32. http://dx.doi.org/10.1108/neje-10-01-2007-b003.
Повний текст джерелаАнотація:
Recent attention has been given to organizations that claim to run on faith-based principles. Activities such as at work bible study groups, charitable giving, and the individual practices of the owners are often the focus of such discussions. In such discussions little attention has been paid to those who not only hold strong religious views, but have chosen to put those views into practice‐even when it may not appear to make good business sense. Since 1946, S. Truett Cathy, founder and chairman of Chick-fil-A Inc., has run his enterprises based on his understanding of Christian principles. Starting with his first restaurant, the “Dwarf Grill,” which he opened with his brother Ben in 1946, continuing when he opened the first “Chick-fil-A” in 1967, and even as he finished the remodeling of the companies headquarters in 1997, S. Truett says he tries “to glorify God by being a faithful steward of all that is entrusted to us and to have a positive influence on other people. . . .” In fact, this purpose is engraved in a bronze plaque that rests at the entrance to Chick-fil-A’s corporate headquarters in Atlanta, Georgia. In practice, this purpose has lead S.Truett to never have his businesses open on Sunday, a time in the quick service industry that normally generates 20 percent of revenue. It has caused him to shut down another restaurant venture, Markos in Florida, rather than serve alcohol, which most patrons wanted. Despite his staunch adherent to principles that seem to run counter to “good business sense,” S.Truett Cathy has built a successful, privately held organization that operates in 38 states, has more than 1,300 franchisees, and generates over $2 billion a year in revenue. In the following interview, S.Truett offers his perspective on why focusing on principles is more important than focusing on profits and what he thinks it takes to succeed in business and in life.
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Hilmi hatta, Achmad Setiawan, and Sri Handini. "COMPARATIVE ANALYSIS OF FINANCIAL PERFORMANCE BEFORE AND AFTER MERGER (CASE STUDY AT PT HOLCIM INDONESIA)." Ekspektra : Jurnal Bisnis dan Manajemen 5, no. 1 (April 12, 2021): 68–77. http://dx.doi.org/10.25139/ekt.v5i1.3700.
Повний текст джерелаАнотація:
This study aims to analyze differences in the company's financial performance before & after the merger of PT Holcim Indonesia Tbk. The company's financial performance is measured using financial ratios: liquidity ratios (current ratio & cash ratio), solvency ratios (debt ratio & debt equity ratio), activity ratios (total assets turn over & fixed assets turn over), profitability ratios (nett profit margin & gross profit margin), & market ratio (earnings per share & price earnings ratio). The quantitative method used in this study takes data from PT Holcim Indonesia Tbk's financial statements for the 2014-2017 period. The analysis technique uses SPSS software. The results of the calculation of financial performance before & after showed a decrease in post-merger performance on all liquidity ratios, activity ratios, profitability ratios, & market ratios, only the solvency ratio increased. Then do a paired sample t test which concludes that there is no significant difference from the average financial performance ratio before and after the merger. This is because the difference in the ratio before and after the merger is not much different.
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Varju, Marton, and Mónika Papp. "Sectoral Special Taxes in Hungary as Instruments of a Populist Fiscal Policy: A Legal Analysis." Review of Central and East European Law 47, no. 1 (March 8, 2022): 60–83. http://dx.doi.org/10.1163/15730352-bja10061.
Повний текст джерелаАнотація:
Abstract In order to meet a variety of locally relevant socio-economic expectations and needs, Hungarian tax policy in the last decade has applied a number of unconventional instruments. The government favored in particular the imposition of additional taxes on corporate taxpayers in specific sectors of the national economy. The taxation of turnover in addition to corporate profits has proved to be a particularly attractive idea. These measures pursue declared objectives which any national government that is faithful to its political mandate could endorse as its own. However, the design of these taxes and their related regulatory hiatuses, which have been subject to extensive scrutiny before the courts of the European Union, raise the possibility of their abusive and discriminatory use to the disadvantage of select individuals, in particular non-national corporate taxpayers. This element of contemporary Hungarian tax policy may well be considered as forming part of the government’s populist policy agenda.
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Bronson, Patricia. "A Model for Exogenous Learning on Department of Defense Procurement Programs." Return on Investement (ROI) of New Approaches to Defense Acquisition 27, no. 93 (July 1, 2020): 312–30. http://dx.doi.org/10.22594/dau.19-834.27.03.
Повний текст джерелаАнотація:
Evidence of exogenous learning on Department of Defense (DoD) procurement programs for major weapon systems acquisition can be demonstrated and explained with an investment strategy model that maximizes the manufacturer’s return on investment (ROI) over the life of the program. This article describes one such model. The model takes a list of investment and unit-cost-reduction pairs and a planned procurement profile and computes which investments should be made and in what order to maximize profit. Simulations conducted with this model explore the learning curve effects caused by regulatory lag (the period of time the contractor gets to keep the ROI before he has to pass savings onto the customer), the manufacturers’ expected profit, and changes to the procurement rate.
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Fahriati, Andriyani Rahmah. "National Health Insurance, Profitability, and Service Quality: Case Study at the Private Hospital in West Java." ETIKONOMI 17, no. 1 (February 25, 2018): 153–60. http://dx.doi.org/10.15408/etk.v17i1.7064.
Повний текст джерелаАнотація:
National health insurance is one of the government programs to facilitate health services for the people. The purpose of this research to determine whether there are effects of National Health Insurance program (JKN) on profitability and service quality at Juanda Kuningan Hospital, of West Java. The method using the paired-t-test to analyze the difference between before and after the National Health Insurance program. The result showed that there is a difference in profitability and service quality between pre and post the implementation of national health insurance program. Gross profit margin measured the profitability, net profit margin, return on total assets, and return on equity. This result means that the value of the company's profitability is better when the program JKN yet takes place in the Juanda hospital. While on the service quality variable it is found that the mean value is higher when the JKN program has conducted at the hospital.DOI: 10.15408/etk.v17i1.7064
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Prasetyo, Yohanes Wahyu. "MEMBACA FENOMENA KABAR BOHONG PILPRES 2019 DI INDONESIA BERDASARKAN KACA MATA HERBERT MARCUSE, JÜRGEN HABERMAS, DAN ZYGMUNT BAUMAN." JAP UNWIRA 3, no. 2 (December 30, 2020): 107–14. http://dx.doi.org/10.30822/jap.v3i2.864.
Повний текст джерелаАнотація:
Abstract
Hoaxes were rampant before, during and after the 2019 presidential election. According to Herbert Marcuse’s point of view, the hoax phenomenon is closely related to capitalism, hence prioritizing profit gaining and ignoring truth. Consequently, the people are seen as things and objects. Further, according to Jürgen Habermas, the hoax phenomenon takes place because of lack of communicative dialog and ethical responsibility where mass media are used as weaponry means by political parties to make public opinions. In the meantime, Zygmunt Bauman is of the opinion that the hoax phenomenon demonstrates that the people are treated as outsiders, foreigners and the out-group
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Mikhalchuk, Vitaly. "The Impact of Domestic Mergers and Acquisitions on the Operating Profit Margins of Companies in Russia." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 14, no. 1 (June 19, 2020): 69–79. http://dx.doi.org/10.17323/j.jcfr.2073-0438.14.1.2020.69-79.
Повний текст джерелаАнотація:
This research paper studies the impact of domestic Russian mergers and acquisitions on the operating profit margin of companies participating in deals. The goal of the research is to evaluate the changes in operating profit margin, and to analyse the significance of factors affecting operating profit margin after deals have been concluded.
The main scientific contribution of this research is the development of a methodology to analyse the effect of mergers and acquisitions on operating profit margins that takes into account the idiosyncratic features of the Russian market, and which can be used with limited information for analysis of private companies. The proposed methodology is based on benchmarking the operating profit margin of companies participating in a deal against the same variable for a portfolio of similar companies.
Based on the analysis of recent studies, several explanatory variables were proposed to explain the changes in operating profit margin after the deal. Among these were included real GDP growth, type and value of the deal, book value of assets of the target company, as well as a number of control variables. A random effects model with robust standard errors was used to test the significance of factors affecting operating profit margin. This methodology was applied to a sample of 73 domestic Russian deals observed in the period 2012-2019.
This research makes several practical contributions to the literature. In the studied sample, deals lead to an increase of operating profit margin by 4.6% relative to the period before the deal, and 2.5% relative to the benchmark portfolio. The highest growth of operating profit margin relative to the benchmark portfolio is observed 2 years after the deal. This growth is increased by the purchase of large companies in the same industry. There is a significant negative effect of the deal value and a strong indication that buyers tend to overpay for the target companies relative to their fair value.
This research will be of practical use for persons in management positions to estimate the value of prospective deals, and for academic researchers interested in the analysis of mergers and acquisitions in emerging markets.
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Macías-López, Adrián, Leopoldo Eduardo Cárdenas-Barrón, Rodrigo E. Peimbert-García, and Buddhadev Mandal. "An Inventory Model for Perishable Items with Price-, Stock-, and Time-Dependent Demand Rate considering Shelf-Life and Nonlinear Holding Costs." Mathematical Problems in Engineering 2021 (April 9, 2021): 1–36. http://dx.doi.org/10.1155/2021/6630938.
Повний текст джерелаАнотація:
Nowadays, consumers are more health conscious than before, and their demand of fresh items has intensely increased. In this context, an effective and efficient inventory management of the perishable items is needed in order to avoid the relevant losses due to their deterioration. Furthermore, the demand of products is influenced by several factors such as price, stock, and freshness state, among others. Hence, this research work develops an inventory model for perishable items, constrained by both physical and freshness condition degradations. The demand for perishable items is a multivariate function of price, current stock quantity, and freshness condition. Specific to price, six different price-dependent demand functions are used: linear, isoelastic, exponential, logit, logarithmic, and polynomial. By working with perishable items that eventually deteriorate, this inventory model also takes into consideration the expiration date, a salvage value, and the cost of deterioration. In addition, the holding cost is modelled as a quadratic function of time. The proposed inventory model jointly determines the optimal price, the replenishment cycle time, and the order quantity, which together result in maximum total profit per unit of time. The inventory model has a wide application since it can be implemented in several fields such as food goods (milk, vegetables, and meat), organisms, and ornamental flowers, among others. Some numerical examples are presented to illustrate the use of the inventory model. The results show that increasing the value of the shelf-life results in an increment in price, inventory cycle time, quantity ordered, and profits that are generated for all price demand functions. Finally, a sensitivity analysis is performed, and several managerial insights are provided.