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1
Sitorus, Jessy Safitri, Ernika Siburian, Yosevin Simbolon, and Royto Enjelia br Naibaho. "THE EFFECT OF OPERATING CASH FLOW, NET PROFIT, ROA AND ROE ON STOCK RETURN OF IDX." Jurnal Akuntansi 11, no. 2 (June 30, 2021): 189–96. http://dx.doi.org/10.33369/j.akuntansi.11.2.189-196.
Повний текст джерелаАнотація:
This research was conducted to determine the effect of Operating Cash Flow, ROA Net Profit and ROE on the movement of Stock Return, data or information obtained through financial statements. And the method of data collection is done with Purposive Sampling there are 21 companies in a period of 3 years, therefore the total sample of this study should be 63 samples. But because the data of this study using outliers then the total sample became 41. Then analyzed using multiple linear regression using SPSS 20 software. From this research, the researchers obtained results, namely: Operating Cash Flow, Net Income, and ROA individually had no significant effect on Stock Return. ROE individually affects and is significant to the Return of Shares. Operating Cash Flow, Net Income, ROA and ROE are simultaneously concurrently and significantly impacted on Stock Return. Keywords: Operating Cash Flow, Net Income, Return on Assets, Return on Equity, Share Return.
2
Marhaeni, Erlita Tyas Puspa. "PENGARUH EARNINGS PER SHARE, ECONOMIC VALUE ADDED, MARKET SHARE, DAN NET CASH FLOW TERHADAP RETURN SAHAM (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR KERAMIK PORSELIN DAN KACA YANG TERDAFTAR DI BEI 2011-2015)." INVENTORY: JURNAL AKUNTANSI 1, no. 1 (July 17, 2019): 12. http://dx.doi.org/10.25273/inventory.v1i1.4710.
Повний текст джерелаАнотація:
The purpose of this research is to determine whether there is the influence of earning per share, economic value added, market share, and net cash flow to return of both simultaneously and partial. The population in this study is a company manufacturing the ceramic, porcelain and glass are listed on the BEI in 2011-2015. The study used data from secondary in the form of financial statements the company.Testing this hypothesis using regression linear and through augmented with partial test, simultan test, and coefficient of determination. The result in partial to show that a market share and net cash flow, have a significant effect on return, while earning per share and economic value added don’t have a significant effect on return. In a simultaneous variable earning per share, economic value added , market share and net cash flow together have a significant effect on return. Manufacturing companies the industrial ceramics, porcelain and glass need to increase the company’s performance in achieving market share and net cash flow are higher because it will provide a significant impact on the return. Keyword: Earning Per Share, Economic Value Added, Market Share, Net Cash Flow, Return
3
Stefanie, Stefanie, and Loh Wenny Setiawati. "PENGARUH NET PROFIT MARGIN, ARUS KAS OPERASI DAN REPUTASI AUDITOR TERHADAP RETURN SAHAM PADA PERUSAHAAN MANUFAKTUR PERIODE 2014-2017." AJAR 2, no. 02 (September 10, 2019): 1–18. http://dx.doi.org/10.35129/ajar.v2i02.79.
Повний текст джерелаАнотація:
Investments are made by investors to get a return. Return is a profit of an investment. Stock Return has a significant effect in determining the value of company’s stock. Investors will be interested to invest in companies with a high return. This research aimed to analysis the effect of net profit margin, operating cash flow and auditor reputation for the period 2014 – 2016 to stock return for the period 2015 – 2017 on manufacturing companies that listed on Indonesia Stock Exchange. Net profit margin is calculated by using net income after tax divided by total net sales for the period from audited financial statements. This research used secondary data which is from financial reports with purposive sampling. Research sample counted 55 manufacturing companies listed in Indonesia Stock Exchange period 2014 – 2017.
The results of this research showed that net profit margin and auditor reputation do not have a significant effect on stock return while operating cash flow has a significant effect on stock return.
4
Putri, Sefka Anggraini, Reni Oktavia, and Widya Rizki Eka Putri. "Pengaruh Kinerja Keuangan Terhadap Rate of Return (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar di BEI Tahun 2014-2018 )." Jurnal Akuntansi dan Keuangan 25, no. 2 (July 17, 2020): 101–17. http://dx.doi.org/10.23960/jak.v25i2.136.
Повний текст джерелаАнотація:
The purpose of this study was to examine the effect of financial performance on the rate of return. The indicators used to measure financial performance are return on investment, net profit margin, earnings per share, operating cash flow, economic value added. This study uses secondary data with a population of companies listed on the Indonesia Stock Exchange (BEI) 2014-2018. The method used to determine the sample using purposive sampling. Consists of 19 industrial mining companies with 56 samples. The analysis method used is multiple regression analysis. The results of hypothesis testing show that the Return on Investment (ROI) has no significant effect on the Rate of Return (ROR), Net Profit Margin (NPM) has significant effect on the Rate of Return (ROR), Earning Per Share (EPS) has no significant effect on the Rate of Return (ROR), Operating Cash Flow(OCF) has no significant effect on the Rate of Return (ROR), Economic Value Added (EVA) has no significant effect on the Rate of Return (ROR)
5
Mole, R. H. "The Cost of Capital for Financial Evaluation of Plant and Machinery Capital Proposals." Proceedings of the Institution of Mechanical Engineers, Part B: Journal of Engineering Manufacture 203, no. 1 (February 1989): 57–62. http://dx.doi.org/10.1243/pime_proc_1989_203_047_02.
Повний текст джерелаАнотація:
This paper makes the case for the close involvement of engineers in the financial appraisal of proposals for capital expenditure on plant and machinery. Post-tax assessments are now essential for the great majority of companies and this requires a coherent analytical framework which encompasses both the tax cash flows and the impact of tax upon the cost of capital in an inflationary environment. This paper deals with the impact of taxation upon the cost of capital, the discount rate and the yield (internal rate of return) which forms an essential component of modern methods of discounted cash flow financial appraisal. A companion paper considers tax cash flows and shows that the net present value discounted at the net cost of capital may be distorted in comparison to the pre-tax NPV discounted at the gross cost of capital.
6
Meher, Kishor, and Henok Getaneh. "Impact of determinants of the financial distress on financial sustainability of Ethiopian commercial banks." Banks and Bank Systems 14, no. 3 (October 10, 2019): 187–201. http://dx.doi.org/10.21511/bbs.14(3).2019.16.
Повний текст джерелаАнотація:
The study aims to investigate the impact of determinants of financial distress on financial sustainability of Ethiopian commercial banks. The balanced panel data of 12 commercial banks of Ethiopia have been taken for the study from 2011 to 2017. The research deploys Ordinary Least Square (OLS) Regression Model. The indicators of financial distress are bank’s specific internals and macro-economic factors. The proxies of financial sustainability are Return on Assets, Return on Equity, Financial Stability Index and Bank Soundness. The findings reveal that the Absolute Liquidity Risk and Net Income Growth are found to be positive and significant and Solvency Risk negative and significant in relation to Return on Assets. Asset Quality is found to be positive and significant and Solvency Risk negative and significant with respect to Return on Equity. The Asset Quality and Net Income Risk are positive and significant and Solvency Risk is negative and significant with relation to the Financial Stability Index. Absolute Liquidity Risk and Liquidity Risk are positive and significant and Credit Risk negative and significant with Bank Soundness. Free Cash Flow and Net Income Growth are essential for enhancing Return on Assets and Bank Soundness, and managing equity within the prudential norms could bring forth short-term financial sustainability of commercial banks. By lowering provisioning of loan loss, Growth in Net Interest Income and managing Solvency Risk could ensure financial stability to the banks, which in turn leads to financial sustainability. The study reveals that financial sustainability of banks is insulated from the exposures of systematic risks originating from macroeconomic factors.
7
Kulakov, Nikolay, and Anastasia Blaset Kastro. "Evaluation of Financial Instruments Possessing Non-Conventional Cash Flow." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 12, no. 2 (July 2, 2018): 7–17. http://dx.doi.org/10.17323/j.jcfr.2073-0438.12.2.2018.7-17.
Повний текст джерелаАнотація:
Investments are often justified and accepted based on the IRR as the main criterion of profitability. However, that criterion is hardly ever used to evaluate some financial instruments (e.g. short sales, options, futures and swaps). This is partially due to the fact that some instruments possess a cash flow describing a borrowing rather than an investment. Others have a non-conventional cash flow and, consequently, the IRR may be meaningless or impossible to determine. We describe a non-conventional cash flow of a financial instrument as a non-conventional project consisting of a sequence of single-period (simple) projects. Each simple project has only two cash flows with opposite signs therefore the IRR for the simple project is always determined. If there is a decomposition in which each simple project has the same IRR value, then that value is the IRR of the non-conventional project. If a decomposition of the non-conventional project into simple projects with the same IRR is impossible, the non-conventional project’s IRR does not exist. If a simple project is an investment then the IRR is a rate of return for an investor. If a simple project is a loan then the IRR is an interest rate for the borrower, but not for the investor. Therefore the NPV method estimates a non-conventional project for two different participants simultaneously that leads to problems with definition of IRR. In order the loan’s IRR would be a rate of return for the investor, but not an interest rate for the borrower, the sign of IRR should be replaced to opposite one. The paper discusses how to use the Generalized Net Present Value (GNPV) method to calculate a yield of the financial instrument with non-conventional cash flow. The function GNPV(r, p) depends on two rates: finance and reinvestment ones that determine a cost of funding and a rate of return, respectively. The equation GNPV (r, -r) = 0 is investigated in the paper. The solution of that equation is the Generalized Average Rate of Return (GARR). We suggest using the GARR as a new measure of a yield for evaluating financial instruments possessing a non-conventional cash flow and estimating a portfolio’s performance over period with contributions and withdrawals.
8
Kulakov, Nikolay, and Anastasia Blaset Kastro. "Evaluation of Financial Instruments Possessing Non-Conventional Cash Flow." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 12, no. 2 (March 1, 2018): 131–41. http://dx.doi.org/10.17323/j.jcfr.2073-0438.12.2.2018.131-141.
Повний текст джерелаАнотація:
Investments are often justified and accepted based on the IRR as the main criterion of profitability. However, that criterion is hardly ever used to evaluate certain financial instruments (e.g. short sales, options, futures and swaps). This is partially due to the fact that some instruments possess a cash flow describing a borrowing rather than an investment. Other instruments have a non-conventional cash flow and, consequently, the IRR may be meaningless or impossible to determine. We may describe a non-conventional cash flow of a financial instrument as a non-conventional project consisting of a sequence of single-period (simple) projects. Each simple project has only two cash flows with opposite signs, therefore the IRR for the simple project is always determinable. If a functional decomposition is applied in which each simple project is shown to have the same IRR value, then that value is the IRR of the non-conventional project. However, where a decomposition of the non-conventional project into simple projects with the same IRR is impossible, the non-conventional project's IRR does not exist. If a simple project is an investment, then the IRR is a rate of return for an investor. If a simple project is a loan, then the IRR is an interest rate for the borrower, but not for the investor. Therefore, the NPV method is seen to estimate a non-conventional project for two different participants simultaneously, which leads to problems with the definition of the IRR. In order that the loan's IRR would be a rate of return for the investor, but not an interest rate for the borrower, the sign of the IRR should be replaced with the opposite one.
This paper discusses how to use the Generalized Net Present Value (GNPV) method to calculate a yield of a financial instrument with a non-conventional cash flow. The function GNPV(r, p) depends on two rates: a finance rate and a reinvestment rate, which determine a cost of funding and a rate of return, respectively. The equation GNPV (r, -r) = 0 is investigated in the paper. The solution of that equation is the Generalized Average Rate of Return (GARR).
We suggest using the GARR as a new measure of a yield for evaluating financial instruments possessing a non-conventional cash flow and estimating a portfolio's performance over time with contributions and withdrawals.
9
SRIVASTAVA, VISHAL, SUNDER RAM KORIVI, and DIPASHA SHARMA. "Subprime Crisis – A Corporate Acquisition Opportunity?" Journal of Accounting, Business and Management (JABM) 28, no. 2 (November 7, 2021): 20. http://dx.doi.org/10.31966/jabminternational.v28i2.546.
Повний текст джерелаАнотація:
Corporate acquisition can be considered as one of the best processes of corporate restructuring. This study is focused to evaluate the post-acquisition operating performance of listed Indian companies (acquirers) which have made acquisitions during subprime crisis period i.e. from FY 2007-08 to FY 2009-10. Paired sample t-test has been used on four operating performance indicators i.e. Return on Equity(ROE), Return on Assets (ROA), Operating Profit margin (OPM) and Operating Cash flow to Net Sales ratio (OCF/Net Sales) to check whether operating performance of acquirers has significantly improved post-acquisition. This study has revealed that there is no significant improvement in firms’ operating performance based on financial parameters i.e. Return on Equity (ROE), Return on Assets (ROA) and Operating Profit Margin (OPM), post corporate acquisitions made during subprime crisis period. The study finds that there was negative impact based on these parameters. Though Operating Cash Flow to Net Sales ratio has improved significantly for the companies which have made acquisition in FY 2007-08 and FY 2008-09 but similar findings could not be achieved for FY 2009-10. This study will find its significance in present scenario wherein corporate acquisitions are seen as the fastest way to achieve growth. Corporate world may derive its growth strategy from this study.
10
Yanuarti, Ika, and Helena Dewi. "Startup Bisnis Sebagai Alaternatif Investasi." ULTIMA Management 10, no. 2 (January 31, 2019): 81–96. http://dx.doi.org/10.31937/manajemen.v10i2.979.
Повний текст джерелаАнотація:
Abstract
The main purpose of the investment activity is to obtain profits for both the company and the investor. To generate profits for investors, the company requires initial capital to manage its operational to do business. In general, investors will make investment decisions based on the intrinsic value of the company or based on the growth of the company’s profitability from the previous period. To measure those reference, investors needs historical data of financial reports as a baseline to calculate and for comparison. The barriers for startup companies are the lack or unavailability of historical financial data due to the age of startups more likely in the early stages (less than or equal to one year).
This research uses the method of discounted cash flows based on the company's financial report. The rates of return to discount the cashflow are based on return from real assets, such as gold and property and stock price as financial asset.
The result shows that the company is good enough to be one of investment alternative since its net present value is positive for all rate of return and its payback period is relatively short.
Key words Discounted Cash flow, Intrinsic Value, Startup Company, Angel Investors
11
Yuliarni, Teti, Ulfi Maryati, and Hidayatul Ihsan. "Analisis Kinerja Perusahaan Sebelum Dan Sesudah Initial Public Offering (IPO) Di Bursa Efek Indonesia (BEI) (Studi Kasus Pada Perusahaan Non Keuangan yang IPO Di Bursa Efek Indonesia Pada Tahun 2012 Dan 2013)." Akuntansi dan Manajemen 11, no. 1 (June 1, 2016): 25–37. http://dx.doi.org/10.30630/jam.v11i1.97.
Повний текст джерелаАнотація:
This research aims to know the difference of the company before and after initial public offering at the indonesian stock exchange. The variables in this research are ROA (Return on Assets), OCF (Operating Cash Flow), SG (Sales Growth), TATO (Total Asset Turn Over), CFRS (Cash Flow Return on Sales), and CFNI (Cash Flow to Net Income). The sample of this research consist of 34 companies with purposive sampling method which is non financial company listed on the indonesian stock Exchange in IPO period 2012 - 2013. Analysis technique used is the method of analysis test different ( paired t test ) uses software ibm spss version 20. The results showed that (1) To the ratio of roa , sg and a tato there was a gap in the performance of which is significant at the company before and after ipo. (2) While to the ratio of ocf , cfrs and cfni there is no significant difference on corporations before and after ipo.
12
Correia, C. "Capital budgeting practices in South Africa: A review." South African Journal of Business Management 43, no. 2 (June 29, 2012): 11–29. http://dx.doi.org/10.4102/sajbm.v43i2.180.
Повний текст джерелаАнотація:
This paper reviews the capital budgeting survey literature in South Africa over the period 1972 to 2008. The survey evidence indicates a significant growth in Discounted Cash Flow (DCF) methods and a fall in the use of other methods. In particular, there has been growth in the use of Net Present Value (NPV). Yet, the Internal Rate of Return (IRR) technique remains the primary method used in practice despite some serious drawbacks. Larger companies are more likely to use DCF methods. There has been a significant growth in the use of sensitivity analysis and scenario analysis. However, there is little use of sophisticated risk analysis tools such as Monte Carlo simulation, and decision trees. Although financial theory predicates the use of risk adjusted discount rates, surveys indicate that the majority of companies use a single firm discount rate. Companies have increasingly used inflation-adjusted cash flows but the process of ranking mutually exclusive projects is not aligned with finance theory. There is limited use of the Modified Internal Rate of Return (MIRR) method and DCF dominant companies do not outperform non-DCF dominant companies. The most important phase of project evaluation is the project definition and cash flow estimation phase and yet research studies have focused mainly on the financial analysis and project selection phase.
13
Aldeseit, Bassam. "Evaluating Financial Viability of Olive Mills Enterprise in Jordan." Journal of Agricultural Science 6, no. 4 (March 15, 2014): 173. http://dx.doi.org/10.5539/jas.v6n4p173.
Повний текст джерелаАнотація:
The main aim of this study was to evaluate financial viability of olive oil mills enterprise. Thirty olive mills were investigated. A questionnaire was designed to obtain information from mills owners. The information obtained was mainly related to costs and returns. Cash flows were derived from costs and returns items of the enterprise. Three main discounted measures of project worth were used; these were Net Present Value (NPV), the Internal Rate of Return (IRR), and the Benefit Cost Ratio (B/C). The results of this study revealed that olive mills could be a viable encouraging, and profitable enterprise because of its capability to generate a highly positive and acceptable NPV (837966.05 JDs). The IRR (85%) and B/C ratio (2.3) values for this enterprise were economically accepted.
14
Arfandi, Arfandi, and Salma Taqwa. "Analisis Kinerja Keuangan Sebelum dan Sesudah Initial Public Offering (IPO) Pada Perusahaan Non Keuangan di Bursa Efek Indonesia." Wahana Riset Akuntansi 6, no. 2 (December 12, 2018): 1347. http://dx.doi.org/10.24036/wra.v6i2.102516.
Повний текст джерелаАнотація:
Deciding for an initial public offering (IPO) has a major influence in improving the company's condition, improving the company's performance, especially in terms of corporate financial performance. This study aims to assess financial performance by viewing and analyzing financial reports, non-financial companies that IPO in 2014 at BEI. Financial analysis uses 6 (six) financial ratios: Return On Investments (ROI), Net Profit Margin (NPM), Total Asset Turn Over (TATO), Current Ratio, Debt to Equity Ratio (DER), and CashFlow Operation Ratio (CashFlow to Sales). Assessment of financial performance by comparing the difference in performance before IPO with post IPO so that the data analysis technique used is paired sample T-test. Based on the results of the analysis found that there are differences in financial performance in the current ratio, and the ratio of total asset turnover (TATO) before and after the IPO, but there is no difference in financial performance measured through return on investment (ROI), net profit magin (NPM ), debt to equity ratio (DER), and cash flow operations ratio. The condition of performance difference in current ratio tends to increase seen from the average value before doing IPO but TATO ratio tends to decrease from before IPO.Keyword: Initial Public Offering (IPO), Financial Performance, Financial Ratio
15
Syah, Adrian, and Herlina Helmy. "Komponen-Komponen Other Comprehensive Income dan Relevansi Risiko Comprehensive Income." JURNAL EKSPLORASI AKUNTANSI 3, no. 4 (November 24, 2021): 764–83. http://dx.doi.org/10.24036/jea.v3i4.408.
Повний текст джерелаАнотація:
This study aims to examine the risk relevance net income, comprehensive income, and component-competent other comprehensive income. Specifically, this study investigates the risk relevance of net income volatility, comprehensive income volatility, and component-component other comprehensive income volatility on stock return volatility. The study population was finance and banking companies listed in Indonesia Stock Exchange period 2013-2017. Samples are selected with purposive sampling method. This study employed a quantitative method with simple linear regression because for variable tested had a number of different samples. The result of this research showed the risk relevance net income and comprehensive income can not be proven statistically. But of the five component of OCI only volatility change in the fair value of a financial instrument in a cash flow hedge are shown to have a significant positive effect on volatility stock return.
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Illés, Mária. "The Positive Net Present Value of Loss-making Projects: Economic Content of the Two Internal Rates of Return." Theory, Methodology, Practice 16, no. 2 (2020): 41–50. http://dx.doi.org/10.18096/tmp.2020.02.04.
Повний текст джерелаАнотація:
This paper examines the economic content of the positive net present value of a project type that is loss-making and has two internal rates of return. The most important finding is that the economic content of a positive net present value is false in such cases. The financial source of the missing amount to reach the level of business efficiency is a false interest income generated by the method. In such cases, the two internal rates of return are also derived from false interest income. The revealed and mathematically proved causality relationships usually prevail in some form in the case of other types of non-conventional cash flows as well.
17
Peres, A. A. C. O., A. A. Santos, C. A. B. Carvalho, and N. Brandalise. "Análise financeira de sistemas de produção para novilhas em pastagem de Brachiaria brizantha." Archivos de Zootecnia 64, no. 246 (June 10, 2015): 123–30. http://dx.doi.org/10.21071/az.v64i246.386.
Повний текст джерелаАнотація:
The objective was to determine the economic feasibility and financial risk of different production systems for dairy heifers grazing on Xaraes pallisadgrass pasture, during the year, with roughage supplementation of sugarcane, during the autumn-winter and the supply of mineral mixture (commercial and selective). Each production system was characterized and quantified in accordance with the administrative and livestock realized during the period February 2006 to March 2008. The cash flows were constructed for production system in a horizon of 12 years, being applied discount rates of 6, 10, 14, 18 and 22 % per year. About the cash flows were determined economic indicators of profitability: net present value and internal rate of return. The sensitivity and financial risk analyzes were realized. The production systems showed positive net present value at a discount rate of 14 % per year, which reflects the return on capital invested, compared to savings accounts. The trading price of the heifer is the item of greatest influence on economic results. The production systems had low financial risk of becoming unviable, given the price fluctuations that occurred in the market. The production systems are financial viable to exploration.
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Fauziah S.C.S. Maisarah, Suselo Utoyo, Firda Eka Damayanti,. "ANALISA FINANSIAL PROYEK BANGUNAN GEDUNG (STUDI KASUS: PROYEK GEDUNG INTENSIF RSSA MALANG)." PROKONS Jurusan Teknik Sipil 8, no. 2 (August 31, 2014): 164. http://dx.doi.org/10.33795/prokons.v8i2.72.
Повний текст джерелаАнотація:
The 4,333 m2-four-floored Intensive Building development project was carried out to accommodate additional facility to the hospital due to the increasing number of patients. Financial analysis is necessary to find out the project cost and to see the operational cost sufficient to meet the building management for 20 years life span according to the building standard. The aims of this analysis are to find out the project cash flow during the life span, financial report, feasibility analysis, and sensitivity analysis. Some data of budgeting, technical drawings, medical equipment procurement cost, hospitalization and out-patient rates were needed. All of them were obtained from interviews and calculations. While Net Present Value (NPV), Internal Rate of Return (IRR), Benefit Cash Ratio (BCR), Pay Back Period (PP), and sensitivity analysis were employed to determine the financial feasibility. The calculations result in financial analysis of NPV = 32,989,940,121 > 0; BCR = 1.34 > 1; IRR = 18.83% > Minimum Attractive Rate of Return (MARR) = 10%; and PP = 7.2 years. The results of the sensitivity analysis show that the most influential factor is occupancy rate, but the project is feasible.Keywords: feasibility, financial analysis, intensive building.
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Sitepu, Samsudin, Budi Purwanto, and Abdul Kohar Irwanto. "Pengaruh Arus Kas Terhadap Profitabilitas dan Kinerja Saham Emiten Kompas 100 di Bursa Efek Indonesia." Jurnal Manajemen dan Organisasi 8, no. 3 (July 31, 2018): 236. http://dx.doi.org/10.29244/jmo.v8i3.22067.
Повний текст джерелаАнотація:
<p><em>ABSTRACT</em></p><p><em>In carrying out its activities, the company needs funds or capital originating from internal and external. Source of internal funds derived from capital contributions owner while external funding sources can be obtained through the sale of shares to the public in the capital market. Important information about a company's cash flow is very useful for users of financial statements as a basis for assessing the company's ability to generate cash and cash equivalents, as well as a basis for assessing how the company uses cash flow. Furthermore, this study aimed to analyze the effect of cash flows to profitability and stock performance. Using SEM-PLS, the study was used 51 of 100 enterprises listed on Compas 100 that have met the criteria such as manufacturing companies listed on the IDX during the period 2013 to 2016, the company has never been delisted during the observation period, companies that publish the financial statements in rupiah currency and the company has a complete datas on the financial statements during the period of observation. Variables used in this study was changes in operating cash flow, changes in cash flow investments, changes in cash flow funding, return on asset, return on equity, net profit margin, changes of stock performence, Earning per Share, and Price Earning Ratio. Furthermore, SEM’s test results found that cash flows has positively significant influence profitability and performance stock, profitability has positively significant influence performance stock. These findings implied that investors need to consider the enterprise cash flows and profitability analysis, before deciding to make investment in order to earn maximum and poisitive revenue.</em></p><p><em><br /></em></p><p>ABSTRAK</p><p>Dalam menjalankan kegiatannya, perusahaan membutuhkan dana atau modal yang berasal dari internal dan eksternal. Sumber dana internal berasal dari setoran modal pemilik sedangkan sumber dana eksternal dapat diperoleh perusahaan melalui penjualan saham kepada masyarakat di pasar modal untuk menjaga arus kas perusahaan. Secara teori informasi penting tentang arus kas suatu perusahaan sangat berguna bagi pemakai laporan keuangan sebagai dasar dalam menilai kemampuan perusahaan dalam menghasilkan kas dan setara kas, juga sebagai dasar untuk menilai penggunaan arus kas di perusahaan tersebut, namun teori ini sering terbantahkan dengan perilaku investor untuk berinvestasi di bursa yang lebih memperhatikan perolehan laba perusahaan dari pada ketersediaan arus kas. Oleh karena itu penelitian ini bertujuan untuk menganalisis pengaruh arus kas terhadap profitabilitas dan kinerja saham. Metode yang digunakan pada penelitian ini adalah SEM-PLS, penelitian ini menggunakan sampel 51 perusahaan dari 100 perusahaan yang terdaftar di Kompas 100 yang telah memenuhi kriteria seperti perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2013 sampai 2016, perusahaan tersebut tidak pernah dihapus dan keluar daftar selama periode pengamatan, perusahaan laporan keuangan disajikan dalam mata uang rupiah demikian juga perusahaan memiliki data secara lengkap tentang laporan keuangan selama periode pengamatan. Variabel yang digunakan dalam penelitian ini adalah variabel laten arus kas dengan indikator perubahan arus kas operasi, perubahan arus kas investasi, dan perubahan arus kas pendanaan, variabel laten profitabilitas dengan indikator return on asset, return on equity, net profit margin, dan variabel laten kinerja saham yang digunakan dengan indikator return saham, earning per share, dan price earning ratio. Hasil uji SEM-PLS menghasilkan bahwa arus kas memiliki pengaruh positif signifikan terhadap profitabilitas dan kinerja saham, dan profitabilitas berpengaruh positif signifikan terhadap kinerja saham. Hasil penelitian ini menghasilkan dan merekomendasikan kepada calon investor di bursa saham, bahwa sebelum mengambil keputusan investasi sebaiknya perlu mempertimbangkan analisa likuiditas perusahaan dengan arus kas dan analisa kinerja perusahaan dengan profitabilitas, yang kemudian dapat memutuskan untuk melakukan investasi pada perusahaan di Bursa Efek Indonesia guna memperoleh pendapatan yang positif dan maksimal. </p>
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Sitepu, Samsudin, Budi Purwanto, and Abdul Kohar Irwanto. "Pengaruh Arus Kas Terhadap Profitabilitas dan Kinerja Saham Emiten Kompas 100 di Bursa Efek Indonesia." Jurnal Manajemen dan Organisasi 8, no. 3 (August 1, 2018): 236. http://dx.doi.org/10.29244/jmo.v8i3.22472.
Повний текст джерелаАнотація:
<p><em>ABSTRACT</em></p><p><em>In carrying out its activities, the company needs funds or capital originating from internal and external. Source of internal funds derived from capital contributions owner while external funding sources can be obtained through the sale of shares to the public in the capital market. Important information about a company's cash flow is very useful for users of financial statements as a basis for assessing the company's ability to generate cash and cash equivalents, as well as a basis for assessing how the company uses cash flow. Furthermore, this study aimed to analyze the effect of cash flows to profitability and stock performance. Using SEM-PLS, the study was used 51 of 100 enterprises listed on Compas 100 that have met the criteria such as manufacturing companies listed on the IDX during the period 2013 to 2016, the company has never been delisted during the observation period, companies that publish the financial statements in rupiah currency and the company has a complete datas on the financial statements during the period of observation. Variables used in this study was changes in operating cash flow, changes in cash flow investments, changes in cash flow funding, return on asset, return on equity, net profit margin, changes of stock performence, Earning per Share, and Price Earning Ratio. Furthermore, SEM’s test results found that cash flows has positively significant influence profitability and performance stock, profitability has positively significant influence performance stock. These findings implied that investors need to consider the enterprise cash flows and profitability analysis, before deciding to make investment in order to earn maximum and poisitive revenue.</em></p><p><em><br /></em></p><p><em>A</em>BSTRAK</p><p>Dalam menjalankan kegiatannya, perusahaan membutuhkan dana atau modal yang berasal dari internal dan eksternal. Sumber dana internal berasal dari setoran modal pemilik sedangkan sumber dana eksternal dapat diperoleh perusahaan melalui penjualan saham kepada masyarakat di pasar modal untuk menjaga arus kas perusahaan. Secara teori informasi penting tentang arus kas suatu perusahaan sangat berguna bagi pemakai laporan keuangan sebagai dasar dalam menilai kemampuan perusahaan dalam menghasilkan kas dan setara kas, juga sebagai dasar untuk menilai penggunaan arus kas di perusahaan tersebut, namun teori ini sering terbantahkan dengan perilaku investor untuk berinvestasi di bursa yang lebih memperhatikan perolehan laba perusahaan dari pada ketersediaan arus kas. Oleh karena itu penelitian ini bertujuan untuk menganalisis pengaruh arus kas terhadap profitabilitas dan kinerja saham. Metode yang digunakan pada penelitian ini adalah SEM-PLS, penelitian ini menggunakan sampel 51 perusahaan dari 100 perusahaan yang terdaftar di Kompas 100 yang telah memenuhi kriteria seperti perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2013 sampai 2016, perusahaan tersebut tidak pernah dihapus dan keluar daftar selama periode pengamatan, perusahaan laporan keuangan disajikan dalam mata uang rupiah demikian juga perusahaan memiliki data secara lengkap tentang laporan keuangan selama periode pengamatan. Variabel yang digunakan dalam penelitian ini adalah variabel laten arus kas dengan indikator perubahan arus kas operasi, perubahan arus kas investasi, dan perubahan arus kas pendanaan, variabel laten profitabilitas dengan indikator return on asset, return on equity, net profit margin, dan variabel laten kinerja saham yang digunakan dengan indikator return saham, earning per share, dan price earning ratio. Hasil uji SEM-PLS menghasilkan bahwa arus kas memiliki pengaruh positif signifikan terhadap profitabilitas dan kinerja saham, dan profitabilitas berpengaruh positif signifikan terhadap kinerja saham. Hasil penelitian ini menghasilkan dan merekomendasikan kepada calon investor di bursa saham, bahwa sebelum mengambil keputusan investasi sebaiknya perlu mempertimbangkan analisa likuiditas perusahaan dengan arus kas dan analisa kinerja perusahaan dengan profitabilitas, yang kemudian dapat memutuskan untuk melakukan investasi pada perusahaan di Bursa Efek Indonesia guna memperoleh pendapatan yang positif dan maksimal.</p>
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Riyanti, Iftitah Hevi, Jabal Tarik Ibrahim, and Istis Baroh. "Analisis Kelayakan Finansial Pabrik Penggilingan Beras Organik “BOTANIK” (Studi Kasus Unit Processing Padi Organik Tani Mandiri I di Desa Lombok Kulon Kecamatan Wonosari Kabupaten Bondowoso)." Agriecobis : Journal of Agricultural Socioeconomics and Business 1, no. 1 (February 10, 2018): 01. http://dx.doi.org/10.22219/agriecobis.vol1.no1.01-08.
Повний текст джерелаАнотація:
Organic rise is a rice which produce organically from paddy without using fertilizer and chemical perticides. The market demand on organic rice has increased drastically and effected on promising market prospect. Lombok Kulon village is one of the area di Bondowoso district has been applied organic farming on organic rice. Tani mandiri 1 is one of farmer group who are cultivating organic rice with the certificate. The subject of research was taken at Lombok Kulon village, Wonosari regency, Bondowoso district. The method of research was descriptive qualitative with purposive sampling. The objectives of the research are: (1) to analyze the financial structure; (2) To know the criteria of financial feasibility. The quantitave analysis is purposed to analyze the aspects of financial which are cash flow, NPV (Net Present Value), IRR (Internal Rate of Return), Net B/C Ratio, Payback Period and sensitivity analysis financial. The research showed that Unit Processing Padi Organik Tani Mandiri I was a viable unit based on the result of financial analysis. It was proved by NPV score which was Rp. 1.456.180.006 with 6 % of discount rate, the score of Net B/C Ratio was 1,65 or more than (>) 1, and IRR score was 23,80% or more than (>) 6% of bank interest rate.Organic rise is a rice which produce organically from paddy without using fertilizer and chemical perticides. The market demand on organic rice has increased drastically and effected on promising market prospect. Lombok Kulon village is one of the area di Bondowoso district has been applied organic farming on organic rice. Tani mandiri 1 is one of farmer group who are cultivating organic rice with the certificate. The subject of research was taken at Lombok Kulon village, Wonosari regency, Bondowoso district. The method of research was descriptive qualitative with purposive sampling. The objectives of the research are: (1) to analyze the financial structure; (2) To know the criteria of financial feasibility. The quantitave analysis is purposed to analyze the aspects of financial which are cash flow, NPV (Net Present Value), IRR (Internal Rate of Return), Net B/C Ratio, Payback Period and sensitivity analysis financial. The research showed that Unit Processing Padi Organik Tani Mandiri I was a viable unit based on the result of financial analysis. It was proved by NPV score which was Rp. 1.456.180.006 with 6 % of discount rate, the score of Net B/C Ratio was 1,65 or more than (>) 1, and IRR score was 23,80% or more than (>) 6% of bank interest rate.
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Mole, R. H. "Tax Cash Flows in Financial Evaluation of Plant and Machinery Capital Proposals." Proceedings of the Institution of Mechanical Engineers, Part B: Journal of Engineering Manufacture 203, no. 1 (February 1989): 63–67. http://dx.doi.org/10.1243/pime_proc_1989_203_048_02.
Повний текст джерелаАнотація:
This paper describes tax cash flows, the tax payments associated with cash returns and the tax savings from capital allowances associated with capital expenditure upon plant and machinery. The post-tax net present value (NPV) of capital equipment proposals is then evaluated at the post-tax cost of capital, which is taken from a companion paper. A numerical example of the post-tax yield (internal rate of return) illustrates the crucial importance of incorporating the effects of a company's capital gearing ratio into financial evaluation procedures. An expression is derived for the ratio of the post-tax NPV to the pre-tax NPV as a function of the project duration, profitability and the capital structure of the company. The post-tax-pre-tax ratio is not just 65 per cent for the current 35 per cent rate of corporation tax, and it is seen to vary over a very wide range. Understanding the nature of such tax distortion will help the engineer to undertake realistic post-tax appraisals of capital projects.
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Dabo, Abdoulaye, and Judith A. Laux. "A Probability Model For Earnings Restatement." Journal of Business & Economics Research (JBER) 10, no. 11 (October 26, 2012): 593. http://dx.doi.org/10.19030/jber.v10i11.7358.
Повний текст джерелаАнотація:
<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify;" class="MsoNormal"><span style="font-family: Times New Roman;"><span style="font-size: 10pt;">Given their prevalence in recent years, earnings management and financial restatements have been at the center of much of the discussion surrounding corporate malfeasance.<span style="mso-spacerun: yes;"> </span>This study builds a probability model for predicting the likelihood of earnings restatements by analyzing the trends in and the deviations from the industry averages of the return on assets, accounts receivable turnover, net profit margin, and operating cash flow to net income measures.<span style="mso-spacerun: yes;"> </span>Data are obtained for a sample of 104 firms (restating as well as non-restating) for the 2000 to 2001 period.<span style="mso-spacerun: yes;"> </span>The results suggest that deviations from the industry average of the accounts receivable turnover and the variability in the cash flow to net income provide good barometers for detecting fraudulent accounting.<span style="mso-spacerun: yes;"> </span></span><span style="font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">Potential restating firms have higher accounts receivable turnover rates than their industry counterparts and downward trends in their cash flow to net income, so an increase (decrease) in the accounts receivable turnover (operating cash flow to net income) significantly increases the likelihood of a restatement, at least in the current study.</span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>
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Mejía-Ramírez, Miguel Ángel, Verónica Valadez Rocha, and Carlos Iván Pérez-Rostro. "Economic feasibility analysis of small-scale aquaculture of the endemic snail Pomacea patula catemacensis (Baker 1922) from southeast Mexico." Aquatic Living Resources 33 (2020): 2. http://dx.doi.org/10.1051/alr/2020001.
Повний текст джерелаАнотація:
The snail Pomacea patula catemacensis is an endemic mollusk from the southeast Gulf of Mexico, which is commercially exploited and in decline since 2010. This decline is associated with an increasing market demand and illegal capture. We designed a small-scale production system for P. p. catemacensis and determined its financial feasibility for a base scenario. We used information gathered from stakeholders and stochastic modeling to predict the impact of uncertain variables on the economic indicators to assess the financial viability under varying conditions. The small-scale intensive production system, designed to yield 3.9 tons/year of unshelled product, requires an investment of about US $65,000. The production unit was financially assessed using the Modified Internal Return Rate and The Net Present Value of cash flow, considering a 14% discount rate and a 7% reinvestment rate. We obtained a Net Present Value of $67,000 and a Modified Internal Return Rate of 20% for the base scenario, which indicates the viability of the project. A Monte Carlo simulation was run to assess the robustness of the project to variability of three parameters: labor cost, energy cost, and market price; with random and simultaneous variation, resulting in 95% probability of getting a Modified Internal Return Rate larger than the current interest rate (8%) and a low probability (2.8%) to be financially unviable. This production system is worthy of consideration as an option to reduce the fishing pressure on the tegogolo natural populations of the Catemaco Lake while satisfying the market demand.
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Medi Efendi, Bagas Putranto, Djoko Trijanto,. "KELAYAKAN FINANSIAL PROYEK PEMBANGUNAN PERUMAHAN THE CITY INSIDE KOTA MALANG." PROKONS Jurusan Teknik Sipil 12, no. 2 (July 18, 2019): 73. http://dx.doi.org/10.33795/prokons.v12i2.157.
Повний текст джерелаАнотація:
1.2 ha The City Inside is a housing construction project. This thesis is financial feasibility study to find out the house and the profit of the project through cash flows, Payback Period (PP), Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (IP), and Benefit Cost Ratio (BCR) of types 47 and 65. Besides, the technical feasibility study discusses about the construction and implementation schedule of the project.The required data were of site plan, technical drawings, analysis of work unit price of Malang 2017. The financial feasibility results in IDR164.299.587,00 of type 47 and price of type 65; IDR339.734.500,00 operational cost; IDR188.830.077 for type 47 and IDR226.296.554,00 for type 65, public facility; IDR94.591.130,00 cash inflow; IDR64.031.357.341,04 cash out flow; IDR46.492.361.358,33 NPV value meaning feasible to run ;interest IRR of 13.87% >12% meaning feasible and the 1.398 BCR meaning feasible; feasible in 5.3 years PP. The sensitivity level at the rise and fall of 5% - 20% profit value, The sensitivity level at the rise and fall of 5% - 20% out cost value , The sensitivity level at the rise and fall of 5% - 20% of bank discount.The technical study results in orderly construction method for type 47. Keywords: financial, technical, feasibility, sensitivity analysis
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Park, Jin, Hyunseok Kim, and Jungwon Suh. "Korean Firms’ Share Repurchase Activities: Firm Characteristics, Financing and Investment." Korean Journal of Financial Studies 49, no. 5 (October 31, 2020): 643–79. http://dx.doi.org/10.26845/kjfs.2020.10.49.5.643.
Повний текст джерелаАнотація:
This study examines Korean listed firms’ share repurchasing activities over the period 2006~2016 using the amount of net share repurchases from annual statements of cash flow. Korean firms use dividends rather than share repurchases as their primary payout method. Each year, the proportion of share repurchasing firms is lower than 20%, whereas the proportion of dividend-paying firms is around 70% or higher. Univariate analysis and Tobit regressions reveal that the incidence and amount of share repurchases increase with firm value, size, and cash flow. Our findings do not suggest that low valuations (or poor stock performance) or low debt ratios motivate share repurchases. Korean firms use primarily internal funds to finance share repurchases, as share repurchasing firms experience substantial increases in retained earnings. Share repurchasing firms do not invest less than other firms do, suggesting that share repurchases do not result in underinvestment. Compared to dividends, share repurchases are more positively associated with firm value. Compared to share repurchase, dividends are more positively associated with cash flow and financial maturity, but more negatively associated with stock return volatility. Finally, firms with high controlling shareholders’ ownership tend to choose dividends over share repurchases in their payout policy.
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Fitri Puspa, Dwi, Listiana Srimulatsih, and Zaitul . "Properties of Accounting Income in Indonesia: Net Income and Total Comprehensive Income." International Journal of Engineering & Technology 7, no. 3.21 (August 8, 2018): 261. http://dx.doi.org/10.14419/ijet.v7i3.21.17170.
Повний текст джерелаАнотація:
Introduction- This study aims to investigate the quality of net income and total comprehensive earnings from four properties or characteristics. The characteristics in question are persistence, variability, predictability and value relevance. The samples of the research are manufacturing companies listed in Indonesian Stock Exchange in 2012. By employing sampling technique based on the criteria, 24 companies were selected as samples with period of data collection from2012 to 2014. There are six hypotheses tested by using regression technique. The results of the research show some findings, namely that net income is more persistent than total comprehensive income, there is no significant difference in the variability between total comprehensive income and net income, net income has the ability to predict cash flow and net income for the upcoming year is better than the total comprehensive income and the relevance of net income is different from the total comprehensive income both by applying price and return model. IFRS convergence financial accounting standards require companies that have public accountability in Indonesia to present a comprehensive income statement that includes the presentation of net income, other comprehensive income and total comprehensive income. The results of the research on the characteristics of net income and total comprehensiveness benefit for various parties such as investors, financial analysts and creditors concerned with the quality of profit that is characterized from 4 perspectives mentioned before.. For the financial accounting standards setter, results of this study provide information about the quality of comprehensive earnings.
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Kusuma, Marhaendra. "Measurement of Return on Asset (ROA) based on Comprehensive Income and its Ability to Predict Investment Returns: an Empirical Evidence on Go Public Companies in Indonesia before and during the Covid-19 Pandemic." Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi 16, no. 1 (March 18, 2021): 94. http://dx.doi.org/10.24269/ekuilibrium.v16i1.3238.
Повний текст джерелаАнотація:
Purpose - The concept of recognizing all inclusive income, which is used by IFRS and Indonesian SAK, is the basis for presenting other comprehensive income in the income statement. This change in format became the idea of developing a financial performance measurement.Methodology - Testing the effect of attributable comprehensive income ROA and attributable ROA net income on future cash flows and net income, as a proxy for the ability to provide future returns, and applying them in measuring performance before and during the Covid-19 pandemic.Findings - ROA net income is better able to predict future investment returns. ROA comprehensive income has more relevance value, when only other items of comprehensive income that have the potential to be realized are included. In assessing performance, users are advised to keep using the ROA of the net income version, and when using the ROA of the comprehensive income version, it is advisable to include only OCI which will be reclassified. The financial performance of companies in many industrial sectors experienced a decline during the Covid 19 pandemic using two ROA measures.Novelty - Development of ROA formulation by including other comprehensive income and profit attribution, so far ROA is only based on net income.
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Febryano, Indra Gumay. "ANALISIS FINANSIAL AGROFORESTRI KAKAO DI LAHAN HUTAN NEGARA DAN LAHAN MILIK." PERENNIAL 4, no. 1 (January 1, 2008): 41. http://dx.doi.org/10.24259/perennial.v4i1.182.
Повний текст джерелаАнотація:
The cultivation of cocoa (Theobroma cacao) has been an important driver of tropical deforestation globally. Efforts to reverse this trend are focusing on the reintroduction of shade trees to cocoa plantations. Shade trees are valuable in enhancing biophysical conditions on cocoa fields and contribute to biodiversity and product diversification for smallholder producers. The aim of this study was to compare financial analysis of cocoa agroforestry between in state forest land and private land. Financial analysis was undertaken to assess its economic viability. Input–output data were collected from farmer by interview and participant observation. A discounted cash flow analysis was carried out to estimate the benefit-cost (B/C) ratio, net present value (NPV), internal rate of return (IRR) at 6,4% discount rate. The results showed that the main combination of planting pattern that consist of cacao and banana (in state forest land), cacao and petai, cacao and durian (in private land) were financially feasible; the largest contribution was given by cacao at all planting patterns based on farmer household revenue structure. Key words: Financial analysis, cocoa, agroforestry, land tenure security
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Islam, K. M. Anwarul. "An Empirical Research on Beximco Knitting Ltd: Ratio, DuPont, Valuation and Pro-Forma Analysis." Indian Journal of Finance and Banking 1, no. 1 (July 17, 2017): 1–7. http://dx.doi.org/10.46281/ijfb.v1i1.80.
Повний текст джерелаАнотація:
Beximco Knitting Ltd belongs to the Textile Industry. This paper examines some ratio analysis that showed the overall internal liquidity position of the company, that is not satisfactory; because of the entire ratio performance is not good, operating efficiency ratio is not good, indicates that lower efficiency generate capacity in terms of sale, debt-equity ratio is increasing overtime in order to employ the more debt financing as long-term borrowing compare to the equity financing, which make the firm more risky. Beximco Knitting Ltd is more sensitive to leverage compare to net profit margin and Asset turnover Discounted Cash Flow Analysis Model is using for valuation of the Beximco Knitting Ltd‘s prospective analysis. Forecasting the cash flow we have to use 2016-2017 as the base year of foresting cash flow for 2018-2020.The terminal growth rate of free cash flow is 2% and the present value of free cash flow is arrived using the 'Exit Multiple' model.Free cash flow to equity is discounted 10.77% to arrive at an estimated present value of free cash flows available to equity (debt and equity holders as a group), which is also known as Enterprise Value. Equity value per share (142.07) on the other hand, the market price of Beximco Knitting is 47.5tk per share, which indicates the share price is undervalued. Under pro-forma analysis we find out that all items of the financial statement is improving based on the assumption, but as investor‘s perspective we think investing in that company is not beneficial over the long run.Because the company can‘t earn positive return until 2020. Findings of the artcle are to really negative signs in accordance the investor‘s perspective, because its earnings per share are not attractive as much to invest.
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Kem, Socheat, and Sunthorn Pumjan. "A Pre-Feasibility Study of Limestone Quarry Development for Cement Industry in Cambodia." Advanced Materials Research 931-932 (May 2014): 1696–700. http://dx.doi.org/10.4028/www.scientific.net/amr.931-932.1696.
Повний текст джерелаАнотація:
s: Cambodia is a developing country, and mining sector is just started within the last 10 years. Many mining companies have started to explore and carry out the feasibility study amid the scarcity of geological data and technical code of practices. Therefore, the quarry sector is also considered at the early stage in Cambodia, and it is required a standard quarry planning practice. This paper will present the main concepts of (1) quarry operation, development, and design by using the commercial program Minesight to accommodate the mine planning and scheduling. as the result, 25 million ton of limestone was calculated to be a reserve with production of 1 million ton per year; (2) financial model, consisted of cash flow analysis, net present values (NPV), and the Internal Rate of Return (IRR) are the main point for economics consideration. In this point, 47% of internal rate of return was calculated with the net present values of 21.5 million US Dollar and (3) the environmental impact which involves dust, noise, vibration impacts and mine rehabilitation, will be addressed base on the specific local conditions.
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Vavrina, C. S., and F. M. Roka. "Comparison of Plastic Mulch and Bare-ground Production and Economics for Short-day Onions in a Semitropical Environment." HortTechnology 10, no. 2 (January 2000): 326–30. http://dx.doi.org/10.21273/horttech.10.2.326.
Повний текст джерелаАнотація:
In 4 years of research comparing production of short-day onions (Allium cepa L.) on plastic mulch versus bare ground in southern Florida, greater marketable yields were obtained when onions were grown on plastic mulch. Results showed that in a semitropical environment, white-on-black plastic mulch provided the greatest yield enhancement from increased weight and bulb size. Yield loss due to splitting, while apparent, was not sufficient to reduce the impact of mulch on the increase in individual bulb weight. Adopting plastic mulch for sweet onion production will add between $400 and $500/acre ($988 and $1,235/ha) of additional operating expenses. While this may increase cash-flow burdens and heighten overall financial risks, the added value from increased yields by weight and greater percentages of jumbo sized bulbs suggest that plastic mulch has an excellent chance to increase a grower's overall net return. Using conservative yield and market price assumptions, an economic analysis showed an increase in grower's net return of more than $120/acre ($296/ha).
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Wang, Yuanqing, Zihua Li, and Yanan Gao. "Minimum revenue guarantee and toll revenue cap optimization for PPP highways: Pareto optimal state approach." Baltic Journal of Road and Bridge Engineering 10, no. 4 (December 15, 2015): 365–71. http://dx.doi.org/10.3846/bjrbe.2015.46.
Повний текст джерелаАнотація:
In the Public-Private Partnership highway projects the Minimum Revenue Guarantee and Toll Revenue Cap policies are effective measures for risk and benefit sharing between the government and the private sector. However, if the Minimum Revenue Guarantee and Toll Revenue Cap values are unreasonable, it may lead one part of the investors to take too much risk and financial burden. This paper mainly establishes six objectives from the return and risk perspectives of the government, the concessionaire and the overall situation respectively. Because the traditional Discount Cash Flow method does not consider the risk factors, this paper proposes to use Monte Carlo simulation and scatter search algorithm to calculate the optimal values of the Minimum Revenue Guarantee and Toll Revenue Cap under different objectives. Compared with the statistics of the Net Present Value under different cases, it was summarized that when the objective is minimizing the variance of the total Net Present Value, the investors will realize the Pareto optimal state between the return and risk. In addition, it was found that the government is more sensitive to the Minimum Revenue Guarantee and Toll Revenue Cap marginal values according to the sensitive analysis. Therefore, the model has an effect on improving the fairness of the risk sharing measures, reducing the financial burden of the investors especially the government, and increasing the investment attraction of the private sectors.
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Ching (USA), Hugh, Chien Yi Lee (China), and Benjamin Li (Canada). "From P/E Ratio to Fuzzy Infinite Spreadsheet—Mathematically Rigorous Derivations of the Zeroth and the First Order Solutions of Rate of Return." Journal of Research in Philosophy and History 5, no. 1 (January 15, 2022): p7. http://dx.doi.org/10.22158/jrph.v5n1p7.
Повний текст джерелаАнотація:
The P/E Ratio (Price/Earning) is one of the most popular concepts in stock analysis, yet its exact interpretation is lacking. Most stock investors know the P/E Ratio as a financial indicator with the useful characteristics of being relatively time-invariant. In this paper, a rigorous mathematical derivation of the P/E Ratio is presented. The derivation shows that, in addition to its assumptions, the P/E Ratio can be considered the zeroth order solution to the rate of return on investment. The commonly used concept of the Capitalization Rate (Cap Rate = Net Income / Price) in real estate investment analysis can also be similarly derived as the zeroth order solution of the rate of return on real estate investment. This paper also derives the first order solution to the rate of return (Return = Dividend/Price + Growth) with its assumptions. Both the zeroth and the first order solutions are derived from the exact future accounting equation (Cash Return = Sum of Cash Flow + Cash from Resale). The exact equation has been used in the derivation of the exact solution of the rate of return. Empirically, as an illustration of an actual case, the rates of return are 3%, 73%, and 115% for a stock with 70% growth rate for, respectively, the zeroth order, the first order, and the exact solution to the rate of return; the stock doubled its price in 2004. This paper concludes that the zero-th, the first order, and the exact solution of the rate of return all can be derived mathematically from the same exact equation, which, thus, forms a rigorous mathematical foundation for investment analysis, and that the low order solutions have the very practical use in providing the analytically calculated initial conditions for the iterative numerical calculation for the exact solution. The solution of value belongs to recently classified Culture Level Quotient CLQ = 10 and is in the process of being updated by fuzzy logic with its range of tolerance for predicting market crashes to advance to CLQ = 2.
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Fabbri, Rita, Laura Gabrielli, and Aurora Greta Ruggeri. "Interactions between restoration and financial analysis: the case of Cuneo War Wounded House." Journal of Cultural Heritage Management and Sustainable Development 8, no. 2 (May 21, 2018): 145–61. http://dx.doi.org/10.1108/jchmsd-05-2017-0026.
Повний текст джерелаАнотація:
Purpose The purpose of this paper is to examine the cross-sectoral collaboration between conservation and economic appraisal, and to process a financial analysis for private owners of a built heritage. Design/methodology/approach The methodology applied addresses the financial analysis of restoration through a discounted cash flow analysis, together with a life cycle costing. Costs and revenues are both analysed in this paper. Some energy-saving measures are applied to cut running costs and decrease the energy required by the building, using as reference the “Guidelines for improving energy efficiency in cultural heritage” drafted by MiBACT, which considers the respect of restoration principles. In order to increase revenues, part of the building is rented. The attractiveness of the investment opportunity is valued through the calculation of the net present value of cash flows, the payback period and the internal rate of return. Findings The paper offers a simple strategy for the planning of cost-revenues, preventively allowing verification if the conservation is economically feasible and if the owners can afford the operation. The strategic planning will give the owners the chance of maintaining the property of their building and achieve a proper restoration on it. Originality/value The novelty of the paper is the study of cooperation between conservation and economic valuation, but also the focus on a specific portion of twentieth-century heritage, the war-wounded houses, which represent a widespread patrimony, on which it is not clear how to operate yet.
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Navrozova, Yuliia. "IMPACT OF LOGISTICS ON THE FINANCIAL RESULTS OF THE COMPANY." Development of Management and Entrepreneurship Methods on Transport (ONMU) 78, no. 1 (2022): 42–54. http://dx.doi.org/10.31375/2226-1915-2022-1-42-54.
Повний текст джерелаАнотація:
The purpose of the article is to assess the impact of logistics decisions on the company's financial results. To achieve the goal in the course of the study, the follo-wing tasks were set and solved: logistics costs were analyzed by their structure, financial results of leading Ukrainian logistics companies, it was proposed to evaluate the effectiveness of logistics solutions using return on assets (ROA) and return on investment (ROI) indicators, and a factorial analysis of ROA and ROI according to the Dupont model.Global logistics costs exceeded 9,3 trillion USD. Ukraine has a high value of 18%, which characterizes the logistics system negatively. The most significant logistics costs are associated with transportation (60% in 2020), inventory costs (23%) and warehousing (11%).The Ukrainian logistics market leaders in terms of gross income are DP Kuehne & Nagel, DP DSV Logistics and DP FM Logistic Ukraine.The financial aspects of making management decisions by logistics companies are maximizing net profit, positive cash flow, improving the use of fixed and working capital.Without reducing the importance and role of the profit indicator, we note that it can often be more effective to use investments, borrowed capital in order to increase the turnover of investments (capital) and, as a result, to increase profitability.It is also recommended to assess the impact of logistics on the company's perfor-mance using the return on assets (ROA) and return on investment (ROI) indicators.In terms of ROA, among the analyzed companies, the leaders were DP Kuehne & Nagel with an indicator of 25,2% and DP Logistic Plus with a value of 20,8%. Interes-tingly, at the same time, LLC Zammler Ukraine (18,12%) was the leader in terms of pro-fitability of sales, and SE DSV Logistics (5,71) in terms of asset turnover ratio.It is advisable to supplement the analysis with factor analysis, that is, an assessment of the influence of factors on the profitability of assets.It is advisable to supplement the analysis with factor analysis, that is, an asses-sment of the influence of factors of return onsales and asset turnover on the return on assets.Keywords:logistics costs, logistics company, profit, return on assets, return on investment.
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Irawan, Ferry, and Silsilia Sindy Dwijayanti. "ANALISIS PERBANDINGAN NILAI ENTITAS, KINERJA KEUANGAN DAN POTTER FIVE FORCES ANALYSIS PERUSAHAAN PENGAKUISISI SEBELUM DAN SESUDAH AKUISISI: STUDI KASUS AKUISISI PT HOLCIM INDONESIA TBK OLEH PT SEMEN INDONESIA (PERSERO) TBK." Jurnal Pajak dan Keuangan Negara (PKN) 2, no. 1 (September 30, 2020): 63–77. http://dx.doi.org/10.31092/jpkn.v2i1.1003.
Повний текст джерелаАнотація:
This research aims to explain changes in profitability and financial performance, and compare entity values of PT Semen Indonesia (Persero) Tbk before and after the acquisition of PT Holcim Indonesia Tbk. The profitability was measured by profitability ratio in the form of gross profit margin, operating profit margin, net profit margin, EBITDA margin, return on equity, and return on assets. The financial performance was measured by liquidity ratio (current ratio), solvability ratio (liabilities to assets, liabilities to capital, and liabilities to equity), activity ratio (account receivable turnover, account receivable collection period, inventory turnover, and fixed assets turnover), and profitability ratio (gross profit margin, operating profit margin, net profit margin, EBITDA margin, return on equity, and return on assets). The entity value was determined by approaches in business valuation in the form of income approach with discounted cash flow method and market-based approach with guideline company method. This research used literature review as its research method with some data from www.idx.co.id, Bloomberg, and Damodaran. This research concluded that generally there was some decline in the profitability and financial performance of PT Semen Indonesia (Persero) Tbk, but there was increase in its entity value at the same time. Penelitian ini bertujuan untuk menjelaskan perubahan profitabilitas dan kinerja keuangan, serta membandingkan nilai entitas PT Semen Indonesia (Persero) Tbk sebelum dan setelah akuisisi PT Holcim Indonesia Tbk selesai dilaksanakan. Profitabilitas perusahaan diukur menggunakan rasio profitabilitas berupa marjin laba bruto, marjin laba usaha, marjin laba bersih, marjin EBITDA, return on equity, dan return on assets. Kinerja keuangan perusahaan diukur menggunakan rasio likuiditas (rasio lancar), rasio solvabilitas (liabilitas terhadap aset, liabilitas terhadap kapital, dan liabilitas terhadap ekuitas), rasio aktivitas (perputaran piutang, periode pengumpulan piutang, perputaran persediaan, dan perputaran aktiva tetap), serta rasio profitabilitas (marjin laba bruto, marjin laba usaha, marjin laba bersih, marjin EBITDA, Return on Equity, dan Return on Assets). Metode penelitian yang digunakan yaitu metode studi pustaka dengan data yang berasal dari www.idx.co.id, Bloomberg, dan Damodaran. Kesimpulan dari penelitian ini adalah secara umum terjadi penurunan profitabilitas dan kinerja keuangan perusahaan, namun terjadi kenaikan nilai entitas perusahaan di saat yang bersamaan.
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Ilyas, Amin. "Evaluasi Kelayakan Investasi Proyek Pembangunan Perumahan Green Terrace Ditinjau pada Aspek Keuangan." Journal of Economics and Business UBS 9, no. 1 (June 12, 2020): 9–17. http://dx.doi.org/10.52644/joeb.v9i1.40.
Повний текст джерелаАнотація:
Indonesian population growth rate was quite high especially in regions jabodetabek (Jakarta, Bogor, Depok, Tangerang, Bekasi). The resulted in increased demand for homes. Green Terrace Housing Project located in the street Mukti, Jati Asih, Bekasi, which was completed in 2013, contributing to the increase in demand for homes. Project finance is an information that can help investors to identify the feasibility of a project. One of the tools used in the analysis financial was capital budgeting. With the calculation method using NPV, IRR, and PI. Researchers use secondary data from PT Ritma Panca Gemilang, in form of cash flows during the project within a period, from 2009 to 2013. Results of the study were reviewed on the financial aspects through the method of calculation of Net Present Value (NPV), Internal Rate of Return (IRR), and Profitability Index (PI). The Third calculation results showed good results, so the evaluation of capital budgeting Green Terrace housing development was feasible. The results of the study were reviewed through the financial aspects of capital budgeting methods bring out the Net Present Value (NPV) RP 7,286,398,008.25, Internal Rate of Return (IRR) with a 25% percentage, and Profitability Index (PI) 2,86. The calculation results indicate an ideal outcome, so the evaluation of capital budgeting of Green Terrace housing development was prope.
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Charisma, Bryan, and Encep Amir. "Economic Value-Added Creation by Optimizing Capital Structure in Project Finance." International Journal of Applied Research in Management and Economics 3, no. 2 (December 30, 2020): 46–60. http://dx.doi.org/10.33422/ijarme.v3i2.446.
Повний текст джерелаАнотація:
Infrastructure Projects are large investment by the public and/or private sector that required enormous financial resource commitment to build physical asset and facilities needed for economic development so that the company need project financing to support with. Project finance is based on debt repayment from project companies’ revenue and not on the sponsors or the developer’s balance sheet, so the project companies should assure the cash flow is sufficient for debt repayment and dividend payment. Beside that investors still have to analyze the value created in that project with highest positive Economic Value Added. Net Operating Profit After Tax (NOPAT) need to cover cost of invested capital to create value so that the ratio of NOPAT to total Project Cost (Return on Invested Capital) is should be more than the weighted average cost of capital (WACC). The capital structure doesn’t have an optimum weight and cost as long as the Return on Invested Capital (ROIC) higher than WACC.
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Khoir, Misbahul. "Nilai Waktu Dari Uang Dalam Perspektif Ekonomi Islam." JES (Jurnal Ekonomi Syariah) 1, no. 1 (September 5, 2016): 71–84. http://dx.doi.org/10.30736/jes.v1i1.5.
Повний текст джерелаАнотація:
The time value of money is associated with the current value and future value because the money received now is more worth than the money received in the future. However, is the concept of time value of money is appropriate and justified by the Shari'ah? The time value of money is a concept that says that the money of the one rupiah that can be received today is more worth than one rupiah which will be received in the future time. The concept of time value of money is needed by financial managers in making decision when will invest in an asset and determine the source of loan funds that will be chosen. Methods for the time value of money pervade; a) the method of average rate of return. This method measures the level of profit gained by an investment. The disadvantage of this method is ignoring the time value of money; b) the payback period method. The method measures how fast the investment return is, the sooner the better; c) method of net present value (NPV). This method calculates quarrel between the current value of investment and the present value of net cash receipts in the future and calculates quarrel between the present value of cash outflow (investment) and cash inflow (income) per year; d) profitability index method (PI). This method calculates ratio between the present value of net cash receipts in the future and the present value of the investment; and e) the methods of internal rate of return (IRR). If IRR > saving or profit required → decent. Islam views money as a flow concept. Money must rotate in an economy and may not be idle for too long time. Moreover, it lets for years. Islam does not recognize the method of time value of money because this method adds value to money solely with increasing time and not effort. Islam actually knows the money value of time; that is the time has economic value as well as the money value of money. Imam Nawawi provides definition related to value addition for money based solely on the value of time is the category of riba.
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Hassan, Mohamad, and Evangelos Giouvris. "Financial institutions mergers: a strategy choice of wealth maximisation and economic value." Journal of Financial Economic Policy 12, no. 4 (October 19, 2020): 495–529. http://dx.doi.org/10.1108/jfep-06-2019-0113.
Повний текст джерелаАнотація:
Purpose This study Investigates Shareholders' value adjustment in response to financial institutions (FIs) merger announcements in the immediate event window and in the extended event window. This study also investigates accounting measures performance, comparison of post-merger to pre-merger, including several cash flow measures and not just profitability measures, as the empirical literature review suggests. Finally, the authors examine FIs mergers orientations of diversification and focus create more value for shareholders (in the immediate announcement window and several months afterward) and/or generates better cash flows, profitability and less credit risk. Design/methodology/approach This study examines FIs merger effect on bidders’ shareholder’s value and on their observed performance. This examination deploys three techniques simultaneously: a) an event study analysis, to estimate and calculate abnormal returns (ARs) and cumulative abnormal returns (CARs) in the narrow windows of the merger announcement, b) buy and hold event study analysis, to estimate ARs in the wider window of the event, +50 to +230 days after the merger announcement and c) an observed performance analysis, of financial and capital efficiency measures before and after the merger announcement; return on equity, liquidity, cost to income ratio, capital to total assets ratio, net loans to total loans, credit risk, loans to deposits ratio, other expenses and total assets, economic value addition, weighted average cost of capital and return on invested capital. Deal criteria of value, mega-deals, strategic orientation (as in Ansoff (1980) growth strategies), acquiring bank size and payment method are set as individually as control variables. Findings Results show that FIs mergers destroy share value for the bidding firms pursuing a market penetration strategy. Market development and product development strategies enable shareholders’ value creation in short and long horizons. Diversification strategies do not influence bidding shareholders’ value. Local bank to bank mergers create shareholders’ value and enhance liquidity and economic value in the short run. Bank to bank cross border mergers create value for bidders’ in the long term but are associated with high costs and higher risks. Originality/value A significant advancement over the current literature is in assessing mergers, not only for bank bidders but also for the three pillars FIs of the financial sector; banks, real-estate companies and investment companies mergers. It is an improvement over current finance literature because it deploys two different strategies in the analysis. At a univariate level, shareholder value creation and market reaction to merger announcements are examined over short (−5 or +5 days) and long (+230 days) windows of the event. Followed by regressing, the resultant CARs and BHARs over financial performance variables at the multivariate level.
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Ficbauer, David, and Mária Režňáková. "Holding Company and Its Performance." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 62, no. 2 (2014): 329–37. http://dx.doi.org/10.11118/actaun201462020329.
Повний текст джерелаАнотація:
Research projects on the performance of companies search for the relationships between the methods of managing a company and the results. This paper presents a research on holding companies. The aim is to analyse the reasons for and purposes of holding companies being established and the advantages they may bring to the owners trying to find out whether the level of association between the companies influences their performance. The research was carried out in two stages. First a questionnaire enquiry was made with interviews and, subsequently, financial ratios were quantified and their correlation investigated with the extent of efficient cash flow management. The correlation was expressed by Spearman’s rank coefficient. The benefits of creating a holding company were mostly found in the owners’ investment risk diversification, reduction of the capital invested, and improved negotiating position of a holding company. Also, a correlation was determined between the method of cash flow management and financing strategy (measured by net working capital – the value of Spearman’s coefficient is 0.761849 in average and by ratio debt to assets – the value of Spearman’s coefficient is 0.813525 in average), liquidity of companies (measured by cash liquidity the value of Spearman’s coefficient is −0.800436 in average) and performance (measured by return on assets – the value of Spearman’s coefficient is 0.474 in average).
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Saberi, Esmaeel, Mahdi Mohammadzadeh, Isa Nakhai Kamal Abadi, and Mohsen Sadegh Amalnik. "Evaluation of Development Process of Strategic UAV Considering the Risk." Advanced Materials Research 433-440 (January 2012): 1506–12. http://dx.doi.org/10.4028/www.scientific.net/amr.433-440.1506.
Повний текст джерелаАнотація:
Economic evaluation of macro projects requiring a high volume of investment is one of important issues in the area of financial research. To deal with this problem, a great number of models such as direct operating cost, discounted cash flow analysis (e.g. net present value or internal rate of return), decision tree and real option analysis have been developed. Application of real option analysis has drawn more attention in recent researches because of the ability to assess the flexibility and considering the risk. In the present article, also, this theory is used to evaluate the development process of strategic unmanned aerial vehicle (UAV). To do this, a model comprising 4 development stages is used with each stage applying a novel approach to implement the model. In particular, we have tried to calculate and include the risk in an organized form in the model. Results obtained from a case study will be described at the end.
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SIMÕES, DANILO, ANTÔNIO CARLOS CABRAL, and PAULO ANDRÉ DE OLIVEIRA. "CITRICULTURE ECONOMIC AND FINANCIAL EVALUATION UNDER CONDITIONS OF UNCERTAINTY." Revista Brasileira de Fruticultura 37, no. 4 (December 2015): 859–69. http://dx.doi.org/10.1590/0100-2945-257/14.
Повний текст джерелаАнотація:
ABSTRACT The citriculture consists in several environmental risks, as weather changes and pests, and also consists in considerable financial risk, mainly due to the period ofreturn on the initial investment. This study was motivated by the need to assess the risks of a business activity such as citriculture. Our objective was to build a stochastic simulation model to achieve the economic and financial analysis of an orange producer in the Midwest region of the state of Sao Paulo, under conditions of uncertainty. The parameters used were the Net Present Value (NPV), the Modified Internal Rate of Return(MIRR), and the Discounted Payback. To evaluate the risk conditions we built a probabilistic model of pseudorandom numbers generated with Monte Carlo method. The results showed that the activity analyzed provides a risk of 42.8% to reach a NPV negative; however, the yield assessed by MIRR was 7.7%, higher than the yield from the reapplication of the positive cash flows. The financial investment pays itself after the fourteenth year of activity.
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DeBoeuf, David, Hongbok Lee, Don Johnson, and Maksim Masharuev. "Purchasing power return, a new paradigm of capital investment appraisal." Managerial Finance 44, no. 2 (February 12, 2018): 241–56. http://dx.doi.org/10.1108/mf-07-2017-0265.
Повний текст джерелаАнотація:
Purpose The purpose of this paper is to contribute to financial managers’ capital budgeting decision-making processes by proposing a new paradigm of capital investment appraisal. The expected return, required return structure of the proposed purchasing power return (PPR) methodology eliminates the many flaws associated with the competing internal rate of return (IRR) and modified IRR (MIRR) techniques. Design/methodology/approach The authors provide a new framework for examining long-term investment projects through a percentage return prism. Unlike that of IRR and MIRR, mathematical consistency with net present value (NPV) is a design requirement. Findings PPR eliminates the many flaws found in the IRR and MIRR methodologies, is mathematically consistent with NPV, and identifies positive-NPV investments forecasted to reduce the company’s purchasing power. These projects are acceptable under NPV, but flagged for additional review and potential rejection. Created to examine projects on a percentage return basis, PPR employs market-based inflation rates to convert all cash flows into constant purchasing power units of measure. From these units, an expected real return is estimated and compared to the project’s inflation-adjusted required return, resulting in an accept/reject decision consistent with that of NPV. Originality/value The proposed PPR is a new paradigm of capital investment appraisal that eliminates the many problems found in the IRR and MIRR techniques, is mathematically consistent with the NPV method, and helps financial decision makers examine investment projects on an expected percentage return basis. PPR also flags for further review projects expected to actually reduce the company’s purchasing power.
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Baral, Srijana, Yanshu Li, and Bin Mei. "Financial Effects of the 2017 Tax Cuts and Jobs Act on Nonindustrial Private Forest Landowners: A Comparative Study for 10 Southern States of the United States." Journal of Forestry 118, no. 6 (August 11, 2020): 584–97. http://dx.doi.org/10.1093/jofore/fvaa032.
Повний текст джерелаАнотація:
Abstract Changes in tax codes applicable to timberland investments can affect tax treatment of timber revenues and expenses. The 2017 Tax Cuts and Jobs Act (TCJA) is regarded as the most expansive overhaul of tax codes in the United States since 1986; however, our understanding of its effects on timberland investments for family forest owners has yet to be explored. Using the discounted cash-flow method, we estimated and compared effects of TCJA on land expectation value (LEV) and net tax from managing timberland for two classifications of median-income family forest owners in 10 southern states. Results showed a decrease in LEV and net tax for both material participants and investors, with a greater effect on landowners managing timberland as investments. Thus, owning timberland can become less beneficial under the current law for median-income family forest landowners. Study Implications: Family forests occupy a large portion of the total forest area in the United States and provide various goods and services to society. Taxes and tax policies are regarded as important issues for these landowners because policies could ultimately influence timberland investment, ownership structure, and management activities. After the 2017 tax reform, landowners became concerned about the effect of the new act on profitability and financial return from timberland investment. Here, we attempt to provide a better understanding of tax effects by estimating change in net benefit of owning and managing timberland under the current law compared with the previous law in 10 southern states. For policymakers, this study can provide insight into the importance of considering unique characteristics of timberland investment during the tax policy design and evaluation process. For landowners, this study can facilitate the timberland investment decisionmaking process and serve as a guide to the effects of the new tax rules on returns.
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Zhitlukhina, O. G., та O. L. Mikhalyova. "Оn Methodological Approaches to the Formation of Indicators of Trade Organizations Effectiveness". Accounting. Analysis. Auditing 6, № 2 (11 квітня 2019): 11–25. http://dx.doi.org/10.26794/2408-9303-2019-6-2-11-25.
Повний текст джерелаАнотація:
The article focuses on the importance of methodological approaches to determining the effectiveness of organizations; considers such approaches to the calculation of performance indicators as the “costly” approach, the “net return” approach and the approach “characterizing the effectiveness of capital allocation”. It identifies the factors which influence the availability of reliable information for assessing the organization effectiveness by external users of accounting (financial) statements and complicate this assessment for internal users. The authors carry out a comparative analysis of the calculation of performance indicators dynamics, made by the traditional method and the refined method, in terms of adjusting the differentiation of complex articles of accounting (financial) reporting and excluding tax accounting items. It is concluded that to increase the reliability of the information base for evaluating the effectiveness of organizations, it is important to take into account the estimated characteristics of the reported indicators at fair value or amortized cost. The article substantiates the expediency of making adjustments to accounting (financial) items not related to cash flows.
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Bojnec, Štefan, and Sabina Žampa. "Subsidies and Economic and Financial Performance of Enterprises." Journal of Risk and Financial Management 14, no. 11 (October 20, 2021): 505. http://dx.doi.org/10.3390/jrfm14110505.
Повний текст джерелаАнотація:
The aim of this article is to analyze the economic and financial performance of Slovenian enterprises, as a European Union (EU) member state case study. A favorable economic and financial performance is crucial for long-term sustainable enterprise growth and survival. Eight economic and financial performance indicators are used to evaluate the sustainability in the growth of enterprises: seven of them are financial indicators—assets, revenues from sales, equity, net profits, operating efficiency, return on equity, and value added per employee—while the eighth variable is the economic indicator for the number of employees. A distinction is made between enterprises that did and that did not receive subsidies from national and EU funds. Three enterprise-level data sources are combined in the empirical analysis: balance sheet data from enterprise accounts, own surveys data, and government data on public subsidies to enterprises. The mean values and standard deviations of economic and financial indicators based on balance sheet data for the years in two financial periods are estimated. The summary statistics for economic and financial indicators and correlation analysis are conducted and the results of the economic and financial indicators are compared using the parametric paired sample two-tailed t-test that allows comparison between the enterprises in the two financial periods. An increase in the economic and financial indicators is investigated by comparing the enterprises that did receive subsidies with the enterprises that did not receive subsidies in the two financial periods. The empirical results confirm that the value added per employee is the only financial indicator where a positive link is found between the financial indicator and subsidies. The results suggest that subsidies can be important for cash flow into enterprises, but entrepreneurial activities are crucial for favorable economic and financial performance and long-term sustainable growth in a competitive market environment.
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Ozturk, H. Huseyin. "A techno-economical evaluation for energy exploitation of wastes from agro-processing industries: a case study of cotton processing wastes." World Journal of Engineering 12, no. 1 (February 1, 2015): 61–76. http://dx.doi.org/10.1260/1708-5284.12.1.61.
Повний текст джерелаАнотація:
The main objective of the present study was to evaluate the feasibility of obtaining energy from cotton processing waste oil and heating demand in the cotton oil processing. For the techno-economical feasibility, Cukobirlik cotton union, located in Adana, Turkey was selected considering capacity per annum. The techno-economical feasibility of cotton processing wastes for fossil fuel substitution running three scenarios was examined. The case study constitutes of the following parts, background information and description of the company activities, the existing facilities and its energy requirements, the second the technical options for the exploitation of biomass and the results of their financial appraisal, environmental considerations, risks and assumptions and finally conclusions and recommendations. The economic and financial assessment of the investment for biomass utilization in Cukobirlik cotton union includes the calculation of the economic viability parameters and cash flow analysis table and investment return indices. An economical solution was determined to be scenario 2 for Cukurova cotton union. The values of discounted payback period, net present value, internal rate of return and benefit to cost ratio were calculated as 3.28 years, 2 832 421 €, 34.07% and 3.31 for scenario 2. Based on the results of the pre-feasibility study, it seems that the installation of a 5 MW biomass boiler to Cukobirlik for substitution of fuel oil (scenario 2) is a very attractive investment and is still favorite in comparison with the installation of a natural gas boiler to meet the same needs when the natural gas price is higher than 0.37 €/Nm3.
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Sari, Mega Mustika, Sri Mulyati, and Estu Widarwati. "PENGARUH STOCK SELESCTION SKIIL, MARKET TIMING ABILITY, TURNOVER RATIO DAN CASH FLOW TERHADAP KINERJA REKSA DANA SYARIAH." TSARWATICA (Islamic Economic, Accounting, and Management Journal) 1, no. 01 (July 12, 2019): 45–55. http://dx.doi.org/10.35310/tsarwatica.v1i01.80.
Повний текст джерелаАнотація:
Mutual funds syariah are other investment opportunities with measurable risk and return is high enough with enough capital affordable to the community. Mutual funds syariah have an Investment Manager with the ability and knowledge of the market it is or will happen. Therefore, mutual funds syariah selected by investors because it is cheap, easy and "managed by the experts".
This research analysted do stock selection skill, market timing ability, Turnover ratio and Cashflow can influence the performance of equity mutual funds syariah in Indonesia. The data used in this research are data on financial statements , Net Asset Value (NAV), SBI, IHSG, yearly data and prospectus of 10 equity mutual fund syariah that were sampled during this research report from 2011-2014.
As a research methodology, we used F test and t test to examine research’s hypothesis, also used assumption classic test there are normality test, autocorrelation test, heteroscedasticity test and multicolinearity test. These results can be viewed on multiple regression analysis and the coefficient of determination, the R value of 0.513 means the relation between the stock selection skill, market timing ability, Turnover ratio and Cashflow to profitability by 51.3%, meaning that the relationship between variables was most closely. Adjusted R Square value of 0.545 which means 54,5% achievement of profitability can be explained by the stock selection skill, market timing ability, Turnover ratio and Cashflow. The remaining 45,5% can be explained by other factors not examined in this research..