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Journal articles on the topic 'Assets managers'
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1
Chan, Anthony, and Carl R. Chan. "How Well do Asset Allocation Mutual Fund Managers Allocate Assets?" Journal of Portfolio Management 18, no. 3 (April 30, 1992): 81–91. http://dx.doi.org/10.3905/jpm.1992.81.
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Coombs, W. Timothy, and Sherry J. Holladay. "Helping Crisis Managers Protect Reputational Assets." Management Communication Quarterly 16, no. 2 (November 2002): 165–86. http://dx.doi.org/10.1177/089331802237233.
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Brooks, Marcus, Stephanie Hairston, and Charles Harter. "Does manager ability influence the classification of lease arrangements?" Journal of Applied Accounting Research 21, no. 1 (December 23, 2019): 19–37. http://dx.doi.org/10.1108/jaar-02-2019-0028.
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Purpose The purpose of this paper is to examine the influence of manager ability on a firm’s choice of lease classification and the decision to capitalize vs lease firm-specific assets. Design/methodology/approach The authors use regression analysis to examine the association between manager ability, lease classification and asset specificity. Findings Using 31,110 firm-year observations from 1998 to 2013, the authors find a significant positive relationship between manager ability and the decision to classify leases as operating. The authors also find that high-ability managers are more likely to capitalize, rather than lease, specialized firm-specific assets. Research limitations/implications The results imply that manager ability influences the choice of lease classification, which provides some support for the recent changes to lease accounting in Accounting Standard Update (ASU) 2016-02. The authors also show that asset specificity may serve as a mitigating factor in high-ability managers’ preference for operating leases, which implies that high-ability managers’ concerns with operational efficiency outweigh the benefits of off-balance sheet financing in their purchasing decisions if the asset in question is firm-specific. Practical implications The findings may be useful to boards of directors, investors and accounting academics concerned with the role that managerial ability plays in operational decision making and financial reporting. Originality/value The results imply that high-ability managers prefer off-balance sheet financing, which is unlikely to limit their access to external capital, but that this relationship is mitigated if the firm requires highly specialized assets.
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Houben, Servaas. "Asset Owners versus Asset Managers: Agency Costs and Asymmetries of Information in Alternative Assets." CFA Digest 42, no. 4 (November 2012): 25–27. http://dx.doi.org/10.2469/dig.v42.n4.32.
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Grace, Paula, and Carolyn M. Straub. "Forgotten resources: Line managers as assets to training." Performance + Instruction 29, no. 6 (July 1990): 14–20. http://dx.doi.org/10.1002/pfi.4160290606.
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Deng, Liurui, Lan Yang, and Bolin Ma. "Research on the Multi-Period Optimal Fee of the Money Manager Under Cumulative Prospect Theory." Business and Management Studies 1, no. 2 (August 21, 2019): 29. http://dx.doi.org/10.11114/bms.v5i3.4468.
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We are interested in investors’ interaction with portfolio managers and investigate the manager’s optimal strategy under cumulative prospect theory. We create model to characterize the relative anxiety about investing in risk assets and trust in the manager. Besides, we research how anxiety and trust affect the manager’s fee and the investors’ portfolios under cumulative prospect theory. Compared with previous work, our main novelty is that we focus on a dynamic portfolio selection. In other words, we formulate the optimal problem under multi-period setting. Besides, relying on the sub-game perfect investment strategies, we attain an optimal fee in multi-period. Another contribution is to discuss multiple risky assets. We use elliptic distribution to reduce a high-dimensional optimal problem to a one-dimensional optimal one. We obtain the CPT-investors’ portfolio for multiple risky assets under a dynamic framework. Based on this result, we study the manager’s optimal fee. It is valuable to say that we explore the optimal strategy for the manager under cumulative prospect theory but not the classical mean-variance preferences.
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Steenkamp, Natasja, and Varsha Kashyap. "Importance and contribution of intangible assets: SME managers' perceptions." Journal of Intellectual Capital 11, no. 3 (July 27, 2010): 368–90. http://dx.doi.org/10.1108/14691931011064590.
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Pershkow, Amy Ward, and Adam D. Kanter. "US Securities and Exchange Commission settles administrative action against fund manager concerning use of fund assets to pay management company expenses." Journal of Investment Compliance 16, no. 4 (November 2, 2015): 55–58. http://dx.doi.org/10.1108/joic-08-2015-0050.
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Purpose – To explain a recently settled administrative proceeding that the US Securities and Exchange Commission (SEC) brought against a private fund manager in connection with the use of fund assets to pay for the manager’s operating expenses. Design/methodology/approach – Explains the major takeaways from the settled case, and places them in the context of prior administrative proceedings and public statements from SEC staff. Findings – This case is the latest example of the SEC taking action against a private fund manager related to the improper deduction or allocation of expenses, and related disclosure lapses, and further cases are expected in the future. Practical implications – Private fund managers should examine their practices involving the reimbursement and allocation of expenses and related disclosures to fund investors. Originality/value – Practical guidance and explanation from experienced securities regulatory lawyers.
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Arjaliès, Diane-Laure, and Pratima (Tima) Bansal. "Beyond Numbers: How Investment Managers Accommodate Societal Issues in Financial Decisions." Organization Studies 39, no. 5-6 (May 15, 2018): 691–719. http://dx.doi.org/10.1177/0170840618765028.
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Investment managers use financial numbers to assess the quality of their portfolios, which requires them to estimate the market value of their assets—i.e., the priced trading of such assets. Prior research has shown that investment managers tend to disregard information that does not easily integrate into financial numbers, such as environmental, social and governance (ESG) criteria. We argue that when investment managers use visuals to incarnate ESG criteria, they are more likely to accommodate societal issues in their financial decisions. We undertook a three-year ethnography of an asset management company to better understand how investment managers respond to ESG criteria. We found that fixed-income investment managers attempted to include ESG criteria in their financial models by financializing the data, so that ESG-related information could be commensurated with their existing models. Equity investment managers, on the other hand, did not financialize ESG issues, but introduced visuals, specifically emojis, to incarnate ESG issues. In this way, ESG criteria were juxtaposed against, rather than integrated into, financial criteria. In doing so, equity managers created a sense of dissonance between financial numbers and the visuals, which fostered creative friction. The visuals permitted equity managers to analyze the ESG criteria not only for their financial insights, but also for the social and environmental information that could not be financialized. We discuss the implications of these findings for prior research on financialization and calculative devices.
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Georgieva, Theodora. "Assets (Nominated play, excerpt)." Sledva : Journal for University Culture, no. 41 (August 20, 2020): 123–24. http://dx.doi.org/10.33919/sledva.20.41.20.
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A dystopian play representing a world based entirely on the number of assets people have. (Assets - points equal to the cash owned by each person.) People accumulate assets since childhood; the number of their assets determines their education, access to food, medicines, work. The main conflict is between the material represented by the Branch Managers who direct the assets flow, and the spiritual, represented by those who oppose them. The play is set in a city recently taken by the Branch. The new government promises progress and better life and most people support it. But there are others who disagree because they cannot stand the prohibition of music, books, parties.
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Lestari, D. Lili, and Mudjilah Rahayu. "Debt Policy, Institutional Ownership, Company Values, and Assets Utilization as Intervening Variables in Manufacturing Companies in Indonesia." Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management 11, no. 2 (November 29, 2018): 147. http://dx.doi.org/10.20473/jmtt.v11i2.10486.
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Separation of functions between owners and management creates agency conflicts where the manager's decision is not necessarily in line with the owner. The manager no longer prioritizes the interests of the owner over his personal interests. Management as an insider effectively controls the company and knows more information than the owner as an outsider. In Asian countries, there is a tendency for majority ownership to take control in management. So that the agency conflict that occurs is no longer pure between managers and capital owners, but between majority and minority shareholders. This management system allows for expropriation by majority shareholders against minorities. The control mechanism is needed to suppress agency conflicts that exist within the company so that shareholders remain prioritized over the manager's personal interests.This study uses a sample of 123 manufacturing companies listed on the Indonesia Stock Exchange in 2013-2016. The results of the study show that debt has a significant negative effect on the utilization of assets and company value. While institutional ownership has a significant positive effect on asset utilization and company value.
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Rakhmanov, Oleksandr. "The concept of top manager in big business: a problem of categorical singling." Ukrainian society 2013, no. 2 (2013): 66–76. http://dx.doi.org/10.15407/socium2013.02.066.
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The article is devoted to the categorical analysis of the concept of top managers in big business. This paper identifies the main dimensions of corporate governance that distinguish top management as a social group. Ownership of the assets of the company selects top managers-owners and hired top managers.Measurement of the hierarchy of the company distinguishes CEO, functional executives and line executives. Top managers of subsidiaries are subject to both the CEO of the self company and the corresponding linear top-manager of the parent company.
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D’Agata, S. "The “go with what you know” approach to forecasting future asset replacement expenditure." Water Supply 3, no. 1-2 (March 1, 2003): 51–54. http://dx.doi.org/10.2166/ws.2003.0085.
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A reliable predictive model for the deterioration of water mains and sewers has been the quest of water industry asset managers for several decades. No doubt driven by finance managers, asset managers have been searching for that mythical formula that will tell them exactly when an asset will fail and allow them to accurately forecast replacement and renewal expenditure into the future. Although it is imperative that water authorities act to avoid and prevent the catastrophic failure of major infrastructure assets where the consequence of failure is high, for most authorities these assets form a relatively small part of the asset base. Therefore, the detailed predictive modelling and analysis of pipe material properties employed to plan the replacement of these critical assets is not appropriate or practical to apply to reticulation assets that represent over 95% of the total infrastructure for most Authorities. The application of predictive models based upon pipe material performance to develop replacement programs for extensive reticulation systems, does not adequately take into consideration the variations in construction methods, ground conditions, consumption patterns, topography and climatic conditions that exist in many networks. These variations are, however, implicit in historical performance data which also provides information of the rate of failure of assets which is the main driver for the replacement of reticulation assets. It is only when the rate of failure of an asset becomes unacceptable that replacement is necessary and this adopted level of service will have a greater influence on future asset replacement expenditure than the assessment of the deterioration of pipe materials. All the more reason to base asset replacement programs around historical data and go with what you know.
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Zhu, Zhaohui, and Wensheng Huang. "Bounded Rationality, Stock Mispricing, and Corporate Investment." Journal of Advanced Computational Intelligence and Intelligent Informatics 21, no. 6 (October 20, 2017): 1056–64. http://dx.doi.org/10.20965/jaciii.2017.p1056.
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Although the effects of agents’ bounded rationality and stock mispricing on corporate investment is becoming a frontier research field in corporate finance, little research has been devoted to different channels of managers catering to agents’ bounded rationality and stock mispricing. With a sample of 2003–2010 Chinese listed companies, we investigate how firms cater to stock mispricing in their investment decision-making. The empirical study results support the view that managers do cater to investors’ perceived bias for investment in intangible assets and/or fixed assets and that firms’ financial constraints, market characteristics, and the myopia of investors are important factors in catering for such investment. Moreover, fixed asset investment may be a more important channel than intangible asset investment for managers when catering to stock mispricing.
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Fernandes, Carolina Cristina, Moacir de Miranda Oliveira Jr, Roberto Sbragia, and Felipe Mendes Borini. "Strategic assets in technology-based incubators in Brazil." European Journal of Innovation Management 20, no. 1 (January 9, 2017): 153–70. http://dx.doi.org/10.1108/ejim-04-2016-0043.
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Purpose The purpose of this paper is to analyze the relationship between strategic assets and the launch of new products in technology-based incubators (TBIs) in Brazil. Design/methodology/approach The authors applied two surveys, one for the universe of TBIs’ managers in the state of Sao Paulo, Brazil, and the other to the incubated firms’ managers/owners. Two statistical techniques were used: correlation analysis and multiple linear regression. Findings The main finding of this paper is that TBIs’ strategies focusing on the supply of knowledge assets and the creation of relationship assets are more effective than strategies focused only on the supply of physical infrastructure for firms located in incubators. Research limitations/implications Because the sample of 100 respondents of incubated companies was the result of a non-probabilistic convenience sampling, the outcomes also cannot be generalized. Practical implications For managers of TBIs, there is a challenge to focus on the supply of intangible and high value added assets for incubated firms. For managers/owners of incubated firms, the authors provide an orientation to what they should seek or demand when deciding where to place their business in a TBI. For the government, the results of this research may help to formulate public policies to support and incentivize TBIs. For investors, the results can help to define where to seek the most innovative projects. Social implications Innovation and entrepreneurship are understood as sources of wealth creation and social development. Originality/value The authors propose in this paper that there is a theoretical gap between traditional theories of innovation and entrepreneurship and the strategic behavior and performance of business incubators and their interconnected stakeholders. Here the authors seek to bridge this gap.
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lan, Wu, Mao Liqing, and Yu Lingli. "Professional Managers and Long-term Investment in State-owned Enterprises." E3S Web of Conferences 214 (2020): 02039. http://dx.doi.org/10.1051/e3sconf/202021402039.
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In the background of mixed ownership reform, the introduction of professional managers in state- owned enterprises is to gradually integrate with the market, participate in market competition, and improve the efficiency of state-owned assets. However, due to the late introduction of China, the professional manager system of state-owned enterprises is constantly developing and improving. The results of this study show that the introduction of professional managers in state-owned enterprises will reduce the long-term investment of enterprises, but it is not significant in the case of the combination of manager and chairman. This paper puts forward a new direction and thinking for the construction of professional manager system.
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Baldenius, Tim, and Beatrice Michaeli. "Investments and Risk Transfers." Accounting Review 92, no. 6 (February 1, 2017): 1–23. http://dx.doi.org/10.2308/accr-51720.
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ABSTRACT We demonstrate a novel link between relationship-specific investments and risk in a setting where division managers operate under moral hazard and collaborate on joint projects. Specific investments increase efficiency at the margin. This expands the scale of operations and thereby adds to the compensation risk borne by the managers. Accounting for this investment/risk link overturns key findings from prior incomplete contracting studies. We find that if the investing manager has full bargaining power vis-à-vis the other manager, he will underinvest relative to the benchmark of contractible investments; with equal bargaining power, however, he may overinvest. The reason is that the investing manager internalizes only his own share of the investment-induced risk premium (we label this a “risk transfer”), whereas the principal internalizes both managers' incremental risk premia. We show that high pay-performance sensitivity (PPS) reduces the managers' incentives to invest in relationship-specific assets. The optimal PPS, thus, trades off investment and effort incentives.
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Rakhal, Dhaneshwar. "Role of Board- Manager Relation on Cooperative Performance." Janapriya Journal of Interdisciplinary Studies 6 (March 2, 2018): 60–77. http://dx.doi.org/10.3126/jjis.v6i0.19309.
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Cooperatives are based on the philosophy of equality and mutual help i.e. 'All for each and each for all'. They cover a wide range of development services in Nepalese context. The members of a cooperative elect a board of directors in its general meeting for the day to day operation. The board prepares policy and procedures, and appoints manager(s) to implement the policies and run the program. One of the internal issues in saving and credit cooperatives is the relationship between managers and the board of directors which affects on the performance level of the cooperative. In this regard, the main objective of this paper is to assess the relationship between managers and the board of directors, and its impact on the performance of saving and credit cooperatives in Pokhara. The study also covers the managers' feelings of job satisfaction, career development opportunities, and responsibilities of board of directors and managers. Out of 212 savings and credit cooperatives in Pokhara Sub-metropolitan, 77 cooperatives were selected as sample. A questionnaire survey with the mangers was carried out to derive the primary information, and annual audited reports are used as secondary sources of data. The results indicate that board-manager relation does not affect the responsibilities of board of directors and managers, and academic qualifications of managers are positively related to performance of the cooperatives. Finally the paper concludes that the board manager relationship is positively related to return on assets of the cooperatives. Janapriya Journal of Interdisciplinary Studies, Vol. 6 (December 2017), page: 60-77
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Guerrieri, Veronica, and Péter Kondor. "Fund Managers, Career Concerns, and Asset Price Volatility." American Economic Review 102, no. 5 (August 1, 2012): 1986–2017. http://dx.doi.org/10.1257/aer.102.5.1986.
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We propose a model of delegated portfolio management with career concerns. Investors hire fund managers to invest their capital either in risky bonds or in riskless assets. Some managers have superior information on default risk. Based on past performance, investors update beliefs on managers and make firing decisions. This leads to career concerns that affect managers' investment decisions, generating a countercyclical “reputational premium.” When default risk is high, return on bonds is high to compensate uninformed managers for the high risk of being fired. As default risk changes over time, the reputational premium amplifies price volatility. (JEL G11, G12, G23, L84)
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Wati, Emiliya Rahma, Heru Tjaraka, and Erina Sudaryati. "Do Managerial Ability Impact Indonesian Firm Risk-Taking Behavior?" AKRUAL: Jurnal Akuntansi 12, no. 1 (October 24, 2020): 18. http://dx.doi.org/10.26740/jaj.v12n1.p18-33.
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This study aims to examine the role of managerial in firm decisions. This study recognizes that managerial plays an important role in corporate decision making. Decisions carried out by the company are not only influenced by the manager's explicit mandate to maximize firm value, but also by the manager's ability to manage the company. In previous research it was found that high-ability and low-ability managers have opposite effects on firm behavior and firm value. High-ability managers accept risk-taking whereas low-ability managers refrain from taking risks. Managerial Ability in this study was measured using DEA (Data Envelopment Analysis) while for firm risk-taking behavior using the return on assets (ROA), return on equity (ROE), and research and development costs to total assets (R&D). The model used in this study is a causality model or the relationship of influence between research variables. The proposed model is analyzed using the Structural Equation Model (SEM) causality technique. This research was conducted on manufacturing companies listed on IDX (Indonesian Stock Exchange) in 2013-2017. However, unlike previous studies, the results of this study indicate that highly capable managers play a role in minimizing corporate risk taking. This research contributes as a reference for Indonesian corporate investors and also regulators as a reflection of the effectiveness of regulations made in Indonesia.
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Trzcinka, Charles. "Discussion: “Individual-Firm Style Loadings, Unrecorded Economic Assets, and Systematic Risk”." Journal of Accounting, Auditing & Finance 13, no. 3 (July 1998): 297–300. http://dx.doi.org/10.1177/0148558x9801300308.
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Classifying stocks and stock portfolios into “investment styles” is widely practiced in portfolio management. The most common styles are “growth” versus “value” and “small capitalization” versus “large capitalization.” There are several purposes for this classification, but generally practitioners seem to believe that various segments of the markets are inefficient and that it is appropriate to judge a portfolio manager against peers in the segment. The classification is also widely used as a communication tool between portfolio managers and their clients. Practitioners believe that the firms in each style classification have different return and risk characteristics from firms in other styles and that communicating style gives useful information about the portfolio manager. Finally styles are usually defined by variables such as market value of equity to book value of equity and cash flow variable but typically, styles are not deterministic functions of these variables since subjective judgment is used by whoever defines the style.
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Munir, Mustapha, Arto Kiviniemi, Stephen Finnegan, and Stephen W. Jones. "BIM business value for asset owners through effective asset information management." Facilities 38, no. 3/4 (September 25, 2019): 181–200. http://dx.doi.org/10.1108/f-03-2019-0036.
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Purpose The purpose of this paper is to investigate the processes, tools and techniques of strategic asset information management (AIM) for built assets, and how the asset information content enhances the proficiency of asset managers to effectively manage their assets throughout their life cycle by utilising building information modelling (BIM) and asset management (AM) systems. For most asset managers, the problem is not the lack of information about their assets, but the abundance of it, and most especially the absence of established processes and protocols to effectively manage large sets of asset data. Therefore, it is crucial to develop a strategy to control and manage this information in order for asset managers to harness its potential and realise value from their organisation’s information assets.. Design/methodology/approach A qualitative case study strategy was used to investigate the effective management of asset data in an AIM system. Seven sets of interviews were conducted and nine respondents were interviewed. These were analysed through qualitative thematic analysis using the NVivo software. Findings The paper identifies six dimensions of value that BIM contributes to AM, which are: management, commerce, efficiency, industry, user and technology value. Also, the paper demonstrates that there is real value to be derived by the asset owner from the effective management of asset information. The study highlights that the value of BIM is not inherent but would require many other processes to deliver value to the organisation. Originality/value The key value of the paper is that it identifies important techniques for managing asset data and how asset information is collected, organised, stored, controlled, analysed, secured, shared and reported within a virtual AIM system for strategic management-based decisions.
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Abdel-Azim, Mohamed H., and Awad E. A. Ibrahim. "Investigating The Impact Of Historical Costing On Real Earnings Management: An Empirical Study." International Business & Economics Research Journal (IBER) 13, no. 2 (February 27, 2014): 387. http://dx.doi.org/10.19030/iber.v13i2.8455.
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The current study examines the relationship between Historical Cost Accounting (HCA) and real earnings management. Accounting literature argues that HCA provides a chance for manipulation. HCA creates large unrealized capital gains/losses that are recognized in income statements only when managers decide to sell such assets. This may induce managers to manipulate earnings. Moreover, managers are able to decide which assets to sell and during which period. Therefore, managers can exploit HCA in real earnings management by interfering in the structuring of asset sale transactions. The current study aims to contribute to the ongoing debate over dropping HCA and replacing it with Fair Value Accounting (FVA). Using a sample of the 71 most actively traded non-financial firms listed on the Egyptian Stock Exchange during 20042010, multiple regression analysis is employed to test two main hypotheses: the income-smoothing hypothesis and the debt/equity hypothesis. The results provide evidence that managers in the Egyptian business environment exploit HCA in real earnings management to some extent. Managers with negative earnings changes tend to use HCA to smooth earnings, while managers with earnings changes do not. Moreover, there is no evidence for managers use of HCA to avoid violating debt contract terms based on accounting numbers.
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Gholipour, Hassan F., and Mary Elizabeth Dunkley. "Economic Policy Uncertainty and Household Financial Assets." Applied Economics Quarterly: Volume 65, Issue 2 65, no. 2 (June 1, 2019): 101–14. http://dx.doi.org/10.3790/aeq.65.2.101.
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Abstract We examine the relationship between economic policy uncertainty (EPU) and patterns of two major household financial assets. Using data from a set of OECD countries from 1995 to 2016 and applying cointegrating regressions, we find evidence that escalations in EPU shift households’ portfolios away from shares and towards currency and deposits. Our results have important implications for macroeconomic policymakers and corporate finance managers. JEL Classifications: G11, D81 Policy Uncertainty; Household Financial Assets; FMOLS
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Chalupová, Naděžda. "Prediction of customer behaviour through datamining assets." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 57, no. 3 (2009): 43–54. http://dx.doi.org/10.11118/actaun200957030043.
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Business managers accounting for commercial success or non-success of the organization have to gain knowledge needful for correct decision acceptance. These knowledge represent sophisticated information hidden in enterprise data. One possibility, how to extract mentioned knowledge from data, is to use so-called datamining assets.The paper deals with an application of chosen basic methods of knowledge discovering in databases for area of customer-provider relation and it presents, how to avail acquired knowledge as basis of managerial decisions leading to improving of customer relationship management. It solves prediction, whose aim is, on the basis of some attributes of exploring objects, to predict future behaviour of objects with these attributes. This way acquired knowledge, as the output of prediction, then can markedly help competent enterprise manager with planning of marketing strategies, for example so-called cross-selling and up-selling. The contribution describes a whole operation of available data processing: from its purifying, over its preparation for mining task, to self processing by the help of SAS Enterprise Miner tool. Regression analysis, neural network and decision tree, whose principles are briefly explained in this paper too, were used for knowledge mining. The estimation of customer behaviour was tested by two mining task varying in attribute using and in categories number of one of predicive attributes. The results of these two tasks are confronted by the help of prediction fruitfulness charts.
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Sciulli, Nick. "Towards the development of a climate change risk index for local government: Some evidence from coastal councils in Australia." Corporate Ownership and Control 10, no. 4 (2013): 276–82. http://dx.doi.org/10.22495/cocv10i4c2art4.
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The objective of this investigation is to assess the views of coastal council managers regarding which infrastructure assets are vulnerable to climate change to develop a Climate Change Risk Index. There are several implications emanating from this study including that local council managers will require more reporting guidance from federal and state governments. Adequate and consistent reporting across local councils can be used as a means of protecting infrastructure at risk to climate change. This paper contributes to the topical area of the risk climate change could pose for local council infrastructure assets. There are important implications for the safeguarding and maintenance of infrastructure in the face of increasing climatic events.
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Bhatia, Aparna, and Khushboo Aggarwal. "Impact of investment in intangible assets on corporate performance in India." International Journal of Law and Management 60, no. 5 (September 10, 2018): 1058–73. http://dx.doi.org/10.1108/ijlma-05-2017-0127.
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Purpose The purpose of this paper is to evaluate the impact of investment in Intangible Assets on the corporate performance of Indian companies for a period of twelve years from 2001 to 2012. Design/methodology/approach Intangible assets have been measured using the “Intangible Assets Monitor” method developed by Sveiby (1997). Findings The results of panel data regression model reveal that Intangible Assets affect performance of companies positively after controlling for firm size, age, leverage, physical capital intensity, market share, risk, industries and dummy year. Practical implications The study is of immense importance to corporate managers in improving managerial insight into the significance of investment in Intangible Assets. The results direct Indian managers to understand and realize the importance of Intangible Assets and keenly invest in research and development, technology, software, advertising, customer relationship management and human resources to further augment their performance. Originality/value Specifically considering India, the research related to the association between Intangible Assets and performance is undersized. Thus, the present study would contribute to the existing literature comprehensively.
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Kimani M’Kuma, Ezekiah, Jesse Maina Kinyua, and Samuel Nduati Kariuki. "Organizational Assets and Strategic Positioning in Telecommunication Industry in Kenya." Journal of Social Sciences Research, no. 63 (March 5, 2020): 216–23. http://dx.doi.org/10.32861/jssr.63.216.223.
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The rapid development in the telecommunication industry has raised a question about the organizational assets and strategic positioning in a rapidly changing environment. The telecommunication industry is continuing to change and mounting a lot of pressure towards the fitness of organizational assets and strategic positioning. The demand for efficiency in the telecommunication industry has enabled exploration of organizational assets that guarantee desired strategic positioning. The fast changing environment has led the industry to focus on developing organizational assets which guarantee them future success in meeting the fast changing expectations and that which position them well in the dynamic market. The study was carried out in the four mobile and network operators licensed by Communication Authority of Kenya. These were Safaricom limited, Airtel Kenya, Orange Kenya and Equitel Kenya. Descriptive statistics such as mean scores, standard deviation, frequency distributions and percentages were used in this study. The study used Pearson Correlation to measure strength of linear relationship between variables. The research adopted multiple regression analysis in testing of variables. A Census method was used on strategic planning managers and C.E.O’s from 188 customer care centers from the four mobile and network operators. Primary data were collected using semi-structured questionnaires and secondary data were corrected using interview schedule. The questionnaires were administered to all Strategic planning Managers at customer care centers or C.E.O’s at headquarter offices for four companies in 47 counties. The findings on this objective revealed that organizational assets positively influence the strategic positioning of telecommunication industry in Kenya. The study concluded that assets components were all statistically significant to enhancing strategic positioning in the telecommunication industry. It is recommended that the strategic managers of the telecommunication industries should ensure the right use of assets. CAK and Ministry of ICT should make it a requirement that telecommunication industries should be submitting reports regularly of the assets they have.
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Dhade, Aruna. "A Human Resource Accounting: A Way to Succeed in Knowledge-Driven Economy." Management and Labour Studies 30, no. 4 (November 2005): 381–92. http://dx.doi.org/10.1177/0258042x0503000406.
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In today's knowledge driven economy, mere procurement and management of tangible assets is not the end for survival and growth of an organization. Historically, companies had focused primarily on measuring and managing the tangible assets. There are other assets, which are often overlooked – Intangible Assets. Organizations lead towards success because of inherent intangible assets. The problems start when managers try to measure the intangible wealth with traditional measurement tools available to them. The focus of this paper is to highlight the importance of managing and measuring intangible asset – human capital, which is overlooked in traditional accounting system.
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Kustono, Alwan Sri, Aisa Tri Agustini, and Scherrgyo Agung Rhyo Dermawan. "Beware of the existence of a big bath with asset impairment after pandemic covid-19!" Indonesian Accounting Review 11, no. 1 (January 14, 2021): 21. http://dx.doi.org/10.14414/tiar.v11i1.2243.
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This study attempts to investigate the relationship between big bath accounting and asset impairment. It used the sample consisting of 231 firm-year observations from 33 mining companies listed on the Indonesia Stock Exchange during the 2012 to 2018 period. Logistic regression has been used to analyze a big bath accounting on assets impairment. The results provide evidence that companies that tend to do a big bath accounting will recognize a loss of asset value. A big bath accounting is done because managers assume that investors will respond when the company suffered large losses or small losses. The manager acknowledges the costs of future periods and current period losses when unfortunate unavoidable circumstances in the current period. It will consequently make a profit higher than expected in the next year. In the next period, the company’s performance will look better so that managers can maximize utility in the form of compensation for the targets that have been achieved.
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Hasan, Helen, and Maen Al‐hawari. "Management styles and performance: a knowledge space framework." Journal of Knowledge Management 7, no. 4 (October 1, 2003): 15–28. http://dx.doi.org/10.1108/13673270310492912.
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The selection of an appropriate style for a knowledge management initiative for the company is recognized as a dilemma for most managers who have an interest in the knowledge asset and its applications. Innovation is an important part of organizational performance and a company’s innovative capacity may be dependent upon its ability to take advantage of its knowledge assets. It is therefore critical that there is compatibility between the firm’s knowledge management approach and the style that executive managers adopt for managing their knowledge assets in order to achieve the required optimum performance in their organization. In this paper the role of the knowledge management styles on organizational performance will be examined and understood through a conceptual model based on a k‐space framework.
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Gao, Wei. "Protection and Management of Intangible Assets of Scientific Research Institutions." Scientific and Social Research 3, no. 2 (July 13, 2021): 185–89. http://dx.doi.org/10.36922/ssr.v3i2.1131.
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In view of the scientific protection and management of intangible assets of scientific research institutions, the importance of protection and management is expounded, and the significance of intangible assets to scientific research institutions is understood. In view of the problems existing in the management of intangible assets, the paper puts forward suggestions on three aspects: paying attention to the management of intangible assets property rights, optimizing the management mechanism of intangible assets and improving the specialty of intangible assets management. The purpose is to change the ideology of all managers, realize the value of intangible assets, and improve the protection and management system of intangible assets.
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Hsu, Pei-Hui, and Yao-Min Chiang. "Using Prospect Theory To Explain The Setting Of The Expected Rate Of Return On Pension Assets." Journal of Applied Business Research (JABR) 30, no. 5 (August 27, 2014): 1457. http://dx.doi.org/10.19030/jabr.v30i5.8798.
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Studies often use earnings management to explain the setting of assumed expected rate of return (ERRs) on pension assets in the defined benefit plans. In this paper, we argue that a managers risk attitude toward investment may have an impact on setting ERRs on pension assets. Prospect theory is a theory of decision making under risk and is used to explain firms behavior with regard to earnings management. We believe that prospect theory also can be used to explain firms setting of ERRs, which critically depends on managers expectations regarding risky investment. Empirical evidence shows that prospect theory can explain how firms set their ERRs on pension assets. We find that firms in the high-ERR group are risk-averters; that is, there is a positive relationship between risk and return. On the other hand, firms in the low-ERR group are risk-lovers and have an inverse risk-return relationship. Our findings contribute to the literature by suggesting that managers risk attitudes also affect the choice of ERR.
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Muhtaseb, Majed R. "Hedge fund manager fraud through PIPEs." Journal of Financial Crime 25, no. 3 (July 2, 2018): 636–45. http://dx.doi.org/10.1108/jfc-04-2017-0032.
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Purpose The purpose of this paper is to draw lessons to investors from the conduct of a hedge fund manager who according to the Securities and Exchange Commission (SEC) complaint made false and misleading statements before and after an auditor’s reports, misappropriated for personal benefit over $1m, misappropriated clients’ assets, failed to conduct due diligence on third-party buyer, instructed an employee to mislead investors and satisfied some investors’ redemptions with other investors’ subscriptions (Ponzi scheme) without disclosing it to investors. Ironically, the scheme was unveiled by the economic crises and not the investors, their advisers or third-party hedge fund vendors. Corey Ribotsky set up the investment adviser NIR Group to manage four AJW Funds that invested in private equity in public companies in 1999. Through manipulation of financial statements, he also managed to collect about $136m in management and incentive fees over an eight-year period. The SEC complaint alleged the AJW Funds’ assets to be $876m in 2007, yet this figure was not verified, and no assets were traced. Ribotsky did not pay any monies to SEC, as ordered by court settlement, and hence the victims did not recover any of their monies. The SEC could not produce criminal charges; hence, Ribotsky did not go to jail. This case highlights sterility of law enforcement when confronted with brazen fraud. Findings Investors fail to monitor hedge fund managers. Fraud was detected late and not through investors. Fraud was unraveled by the economic crises of 2008. The SEC had sued the fund manager. The fund manager consented to making payment to the SEC but did not make any payments. The SEC could not bring evidence to criminally charge the fund manager. Research limitations/implications The findings based on the case study are valuable to investors and hedge fund industry stakeholders. The findings are not based on an empirical study. Practical implications Investors need to carefully vet all hedge fund managers before allocating and funds and understand how managers make money through the claimed strategy. Also, there are limitations to law enforcement even with confronted with profound fraud schemes. Originality/value The case was built up from public sources to benefit investors considering making allocations to hedge fund managers. The public information about the case is of either legalistic or journalistic in nature.
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Eaton, Tim V., Craig Nichols, James Wahlen, and Matthew Wieland. "Managers’ Investment Decisions: Incentives and Economic Consequences Arising from Leases." Journal of Risk and Financial Management 14, no. 4 (April 6, 2021): 165. http://dx.doi.org/10.3390/jrfm14040165.
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What incentives do managers face that might give rise to inefficient investments in leases? If managers make inefficient investments in leases, what economic consequences arise for those managers and their firms? We develop a model of expected investments in leased assets and use the residuals from the model as proxies for inefficient investments. We find that, in contrast to investments in capital expenditures, leasing appears to be a mechanism through which managers can seemingly over-invest, even among firms with high quality financial reporting and negative free cash flows. Examining economic consequences, we predict and find that unexpected investments in leased assets trigger increasing future sales growth but declining future earnings growth for as long as three years ahead. We also find a negative relation with contemporaneous stock returns, suggesting investors view unexpected investments in leases as value destructive. Finally, despite negative returns consequences, we find that unexpected investments in leases are associated with higher CEO compensation driven primarily by future sales growth. Our study suggests that compensation contracts that reward growth may give managers’ incentives to drive sales growth with larger-than-expected investments in leased assets, which lead to slower future earnings growth and negative share price consequences for investors. Our results should inform managers and board members, investors, and researchers interested in investment efficiency, corporate governance, and leases.
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Rauterberg, Gabriel. "The Essential Roles of Agency Law." Michigan Law Review, no. 118.4 (2020): 609. http://dx.doi.org/10.36644/mlr.118.4.essential.
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This Article suggests a fundamental shift in how we think about agency. The essential function of agency law lies not only in enabling the delegation of authority, as is widely suggested, but as significantly in its effect on creditors’ rights through asset partitioning. There is an increasing temptation in legal scholarship to treat agency law as a sideshow confined to the first day of corporations class. This is because much of what agency law does in commerce could simply be accomplished through standard-form contracts that provide default terms for the relationships among firms, their managers, and third parties. Even agency’s much-vaunted fiduciary duties can easily be altered or waived by contract—and often are. This Article identifies the essential roles of agency law, which parties could not contractually replicate, and the important efficiencies that flow from them. Agency’s essential roles in commercial enterprise are twofold: first, to permit one person to attribute the legal significance of his or her acts to another, and second, to facilitate asset partitioning. Just as limited liability partitions off the assets of a firm’s owners from the assets of the firm itself, agency law partitions off the assets of a firm’s managers from the firm’s own assets. Recognizing this function reframes the usual staging of contractual disputes in agency as a zero-sum balancing act between the interests of third parties and of principals. Whether owners or managers should be liable for a firm’s unpaid contracts is not just a win-lose distributional question—pitting the firm’s creditors against insiders—but rather can be socially efficient. Through simplifying and specializing asset pools, asset partitioning lowers the cost of monitoring the firm’s assets and thus the cost of credit. To illustrate the asset partitioning role of agency law, I unearth two doctrines ignored by scholarship—the “veil piercing” doctrines of agency. Understanding agency’s asset partitioning role has extensive implications for theory and practice. In addition to providing a unifying account of agency law, the analysis resolves current disputes in the interpretation of its doctrine. Most importantly, recognizing the essential roles of agency demonstrates its ongoing significance to commercial and corporate law.
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Jones, Stewart. "Does the Capitalization of Intangible Assets Increase the Predictability of Corporate Failure?" Accounting Horizons 25, no. 1 (March 1, 2011): 41–70. http://dx.doi.org/10.2308/acch.2011.25.1.41.
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SYNOPSIS: The value relevance of intangible assets is now well documented in the literature, leading to calls for standard setters to adopt more flexible reporting rules for these assets. In this study, I evaluate the merits of intangibles capitalization from a bankruptcy and default risk perspective, which has not been previously considered in the literature. The study is conducted in a unique reporting environment, where managers have had considerable discretion to capitalize a wide range of intangibles over an extended period. Three main results are reported. First, failing firms capitalize intangible assets more aggressively than non-failed firms over the 16-year sample period, but particularly over the five-year period leading up to firm failure. Second, drawing on the accounting choice literature, I find that managers’ propensity to capitalize intangible assets has a strong statistical association with earnings management proxies, particularly among failing firms. Finally, voluntary capitalization of intangibles has strong discriminating and predictive power in a firm failure model, even after controlling for several other factors.
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Jogi Christiawan, Yulius, and I. Made Narsa. "Earnings Management Through Foreign Currency Transactions on Companies Listed on Indonesia Stock Exchange." SHS Web of Conferences 76 (2020): 01059. http://dx.doi.org/10.1051/shsconf/20207601059.
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This research aims to examine whether the condition of Rupiah currency, the magnitude of monetary liabilities in foreign currencies, and the condition of operating profit affects the management’s aggressiveness to perform earnings management through foreign exchange gain or loss (FEGL) post. This research was conducted on 258 companies listed on the BEI in 2009 to 2015. This research was successfully proved on earnings management through foreign currency transactions phenomenon for several conditions. First, in the condition of Rupiah appreciation, the managers that have monetary liabilities in foreign currency are less than the monetary assets in foreign currency are more daring to make earnings management through FEGL post than companies that have monetary liabilities in foreign currency greater than monetary assets in foreign currency. Second, managers of companies that decreasing in operating profit, more daring to make earnings management through FEGL post than companies that experience an increase in operating profit. Under the depreciation of the Rupiah, the managers of companies with monetary liabilities in foreign currency are less than monetary assets in foreign currency, are more aggressive to perform earnings than the managers of companies who have monetary liabilities denominated in foreign currency greater than the monetary assets in foreign currency.
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Akther, Shahin. "An Exploratory Study on Authentic Leadership Concept in Fostering Training Effectiveness in Commercial Banks of Bangladesh." Journal of Economics, Trade and Marketing Management 2, no. 4 (September 7, 2020): p1. http://dx.doi.org/10.22158/jetmm.v2n4p1.
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To train an organization’s staff results in qualified and knowledgeable performers and make them organizational assets by generating excellent leadership in the long run. A bank manager or leader understand the training gap of an employee and do the assessment according to the training need. Therefore, it is vital to pinpoint the training needs and ensure training effectiveness more than contemporary leadership behaviour of bank managers and trainers also. This study was conducted in the banks of Bangladesh to examine employee’s perception of the authentic leadership style of bank managers or senior officials, to evaluate the relationship between leaders (bank managers) & followers (bank employees) and relationship between authentic leadership style & training effectiveness. This is an exploratory research using qualitative approach with a sample size of 69 employees from commercial banks of Bangladesh. The study found that an authentic leaders or managers are more concern about training budget and training transfer than generic leaders.
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Tvrdoň, Oldřich, Radmila Presová, and Martin Přibyl. "Economic-legal aspects of business assets definition and its effectiveness analysis." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 52, no. 6 (2004): 189–210. http://dx.doi.org/10.11118/actaun200452060189.
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The thesis “Economic-legal aspects of business assets definition and its effectiveness analysis” analyses the contribution of business assets in joint-stock company Svornost Těmice. The company operates in the field of agricultural primary production. Focus of plant production still keeps the traditional composition of plants grown. In connection with increasing the quality of effectiveness of the machinery the area of corn-production will be expanded. In animal production, the company specialises on the pig-feeding and milking-cows.The theoretical part includes the opinions of the world economists and managers on the definition of basic concepts related to business assets. These opinions are confronted with those of Czech authors, in order to acquaint students of the Faculty of Business and Economics with them – focusing on students of the Trade Management specialisation.The practical part is focused on analysis of effectiveness of business assets in the selected company. It have confirmed that managers of this business have to improve the intensity of exploitation of the asset base and thus to reach its higher effectiveness. This task is necessary for operation in the intensive-competition environment formed after the entrance into the European Union.
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Prorokowski, Lukas. "Depository banks under the Alternative Investment Fund Managers Directive (AIFMD)." Journal of Investment Compliance 15, no. 4 (October 28, 2014): 29–36. http://dx.doi.org/10.1108/joic-07-2014-0025.
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Purpose – This paper aims to investigate whether enhanced requirements result in the depositories exiting the business. Furthermore, this paper attempts to analyse prospective changes to the operating structures caused by the Alternative Investment Fund Managers Directive (AIFMD). Most importantly, this paper discusses the processes to evaluate and manage counterparty risk relating to prime brokers. AIFMD makes fundamental changes to the depository liability and managing counterparty risk by making a depository bank liable for any losses to investor assets, even those held within third-party custodians appointed by the depository. Depositories will also need to calculate the probability of default of their sub-custodians and use complex credit models to calculate any capital requirements under the fourth Capital Requirements Directive (CRD IV). Design/methodology/approach – This paper is based on an insightful secondary analysis of the AIFMD with practical implications drawn for depository banks. The analysis of this topical research has been broken down into the following sections: assessing and managing counterparty risk of prime brokers; insurance against defaults of prime brokers; and regulatory-driven challenges and changes to depository banks. Findings – The post-Lehman banking industry has realised that counterparty risk cannot be ignored. This has triggered heated debates among regulators and practitioners whereby any depository bank should clearly separate the assets of its clients from the depository assets and its own assets. This paper argues that the custodian services will witness consolidation with the big players remaining and small custodians forced to leave the business in light of the enhanced liabilities under the AIFMD. In addition to this, this paper has stressed that assessing counterparty risk should be supported by an insightful analysis of the culture of a prime broker; its legal, structural and regulatory safeguards; and quality of assets. Moreover, managing risks associated with prime brokers entails significant costs to depositories. Thus, depository banks are advised to factor these costs into their pricing models. Originality/value – Given the magnitude of recent regulatory initiatives and complex challenges faced by depositories, an important question arises whether depository banks would exit the business in light of the regulatory-induced liabilities. This paper addresses the aforementioned question and provides practical implications into managing emerging risks by depository banks. At this point, the majority of depositories are in a process of developing in-house solutions for managing risks related to prime brokers, and hence would benefit from practical insights into these processes that are provided in this paper.
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Gaur, Dolly. "Total Quality Management and Assets Quality." International Journal of Business Analytics 8, no. 1 (January 2021): 38–57. http://dx.doi.org/10.4018/ijban.2021010103.
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The present study aims to examine the relationship between assets quality of banks as represented by non-performing assets (NPA) and management quality. The study has used Fama-MacBeth regression approach to measure management quality, which has been considered as the primary determinant of NPA. A sample comprising of 45 scheduled commercial banks in India has been studied for a time period of 15 years (2004-2019). The findings have revealed that better quality management leads to better asset quality. Banks with above average managerial ability can reduce NPA significantly. The bank managers should focus on their role in controlling problem loans of banks and should implement more efficient monitoring and supervision process for loan portfolios. The policy makers should pay attention towards the managerial ability of banks and stress on enhancing the quality of management. Also, investors may take note of the banks that are showing good management quality because such banks can be a profitable investment avenue.
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Napoli, Francesco. "Voluntary disclosure reduces agency conflicts: an empirical analysis of Italian listed companies with substantial intangible assets." Corporate Ownership and Control 11, no. 1 (2013): 576–99. http://dx.doi.org/10.22495/cocv11i1c6art5.
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R&D assets cause information asymmetries between shareholders and managers. In order to reduce such information asymmetries, our aim is to learn what typologies of additional information managers find it opportune to disclosure voluntarily in annual reports. We consider voluntary information which can be disclosed about strategy as well as that about R&D assets. Our analysis, which is conducted on a panel of 195 observations, shows that information about R&D is more useful to investors than information about strategy, but companies obtain greater benefits from providing information about strategy because they are more useful to other important stakeholders, such as lenders, bondholders, suppliers and others. For firms whose value is largely composed of assets such as R&D, management faces higher future uncertainty in transforming firm assets into revenues. This increases the utility for investors and other stakeholders of knowing the strategy management intends to anticipate and deal with eventual changes in the environment.
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Martí Ballester, Carmen Pilar. "Does Concurrent Management of Mutual Funds and Pension Plans Create Conflicts of Interest?" Ensayos de Economía 30, no. 56 (July 28, 2020): 53–77. http://dx.doi.org/10.15446/ede.v30n56.78134.
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The purpose of this paper is to compare the performance of mutual funds —pension plans— whose managers simultaneously manage the assets belonging to pension plans —mutual funds— with that achieved by mutual funds —pension plans— whose managers only manage the assets belonging to mutual funds —pension plans—. To do this, we present a sample consisting of data corresponding to 115 Spanish equity pension plans and 336 Spanish equity mutual funds in relation to such aspects as risk-adjusted return, management and custodial fees, asset size, creation date, number of participants, name of the asset management companies for the period between February 2007 and June 2011. On this data, we propose a model using the bootstrap technique. The results obtained show no significant relationship between side-by-side management and financial performance in the mutual fund and pension plan industries. Therefore, we do not find evidence that pension plan investors are being exploited.
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Herrera, Elizabeth Kemp, Aimee Flannery, and Michael Krimmer. "Risk and Resilience Analysis for Highway Assets." Transportation Research Record: Journal of the Transportation Research Board 2604, no. 1 (January 2017): 1–8. http://dx.doi.org/10.3141/2604-01.
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Transportation agencies own tens of thousands of assets, providing essential mobility and economic services to the communities they serve. Moving Ahead for Progress in the 21st Century and subsequent legislation require asset managers to implement risk-based asset management. A discussion is presented on the application of one quantitatively based framework—the American Society of Mechanical Engineers Innovative Technology Institute's Risk and Resilience Analysis and Management for Critical Asset Protection—for analyzing risks posed by physical threats to highway transportation systems and assets. The application of this particular risk analysis framework by the Colorado Department of Transportation following the 2013 floods is recounted; the analysis was used to support requests for federal emergency response funding. Finally, the potential benefits of such analysis for highway transportation project planning and strategic planning are also examined.
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Rosen, Harvey S., and Alexander J. W. Sappington. "What Do University Endowment Managers Worry About? An Analysis of Alternative Asset Investments and Background Income." Education Finance and Policy 11, no. 4 (October 2016): 404–25. http://dx.doi.org/10.1162/edfp_a_00193.
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This paper examines whether university endowment managers think only in terms of the assets they manage or also take into account background income, that is, the other flows of income to the university. Specifically, we test whether the level and variability of a university's background income (e.g., from tuition and government grants) affect its endowment's allocations to so-called alternative assets, such as hedge funds, private equity, and venture capital. We find that both the probability of investing in alternative assets and the proportion of the portfolio invested in such assets increase with expected background income and decrease with its variability.
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Mandal, Sonik, Charlie Swartz, Sanjib Guha, and Carl B. McGowan Jr. "How CEO Wealth Affects the Riskiness of a Firm." Applied Economics and Finance 6, no. 4 (June 9, 2019): 36. http://dx.doi.org/10.11114/aef.v6i4.4319.
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The objective of this paper is to analyze the relationship between the ownership level of managers and the risk averse behavior of the firm. We measure the ownership level of the managers by the ratio of their ownership of the company relative to their total wealth for a sample of 69 individuals from the Forbes 400 list of the wealthiest individuals in the world for the period from 2001-11 using an unbalanced panel data analysis. The dependent variable is the Altman Z-score of each firm and we further test these relationships using financial leverage. The independent variables are delta and Vega of the option portfolio of the manager, R&D for the firm, total assets, the age of the manager, the tenure of the manager, stock holding of the manager, CEO/Chair duality of the manager and firma age. The Z-score is statistically significantly related to size, CEO age, CEO wealth, and duality. Financial leverage is not statistically significantly related to any of the independent variables.
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Papathanasiou, Natalia, and Bryan T. Adey. "Identifying the Input Uncertainties to Quantify When Prioritizing Railway Assets for Risk-Reducing Interventions." CivilEng 1, no. 2 (August 19, 2020): 106–31. http://dx.doi.org/10.3390/civileng1020008.
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Railway managers identify and prioritize assets for risk-reducing interventions. This requires the estimation of risks due to failures, as well as the estimation of costs and effects due to interventions. This, in turn, requires the estimation of values of numerous input variables. As there is uncertainty related to the initial input estimates, there is uncertainty in the output, i.e., assets to be prioritized for risk-reducing interventions. Consequently, managers are confronted with two questions: Do the uncertainties in inputs cause significant uncertainty in the output? If so, where should efforts be concentrated to quantify them? This paper discusses the identification of input uncertainties that are likely to affect railway asset prioritization for risk-reducing interventions. Once the track sections, switches and bridges of a part of the Irish railway network were prioritized using best estimates of inputs, they were again prioritized using: (1) reasonably low and high estimates, and (2) Monte Carlo sampling from skewed normal distributions, where the low and high estimates encompass the 95% confidence interval. The results show that only uncertainty in a few inputs influences the prioritization of the assets for risk-reducing interventions. Reliable prioritization of assets can be achieved by quantifying the uncertainties in these particular inputs.
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Hu, Fang, Majella Percy, and Daifei Yao. "Asset revaluations and earnings management: Evidence from Australian companies." Corporate Ownership and Control 13, no. 1 (2015): 1287–96. http://dx.doi.org/10.22495/cocv13i1c11p1.
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This paper examines the association between asset revaluations and discretionary accruals (a proxy for earnings management) using a sample of the largest 300 Australian companies. The results from this study indicate that the revaluation of non-current assets is positively associated with discretionary accruals. This finding is consistent with the argument that revaluation of assets reflects higher agency problems in the form of increased earnings management. Additional findings are that discretionary accruals are higher for firms reporting their non-current assets at fair values appraised by directors, than those of firms that use external appraisers. As well, the choice of auditors and the strength of corporate governance can constrain the opportunistic behaviour of managers in the accounting choice to revalue non-current assets.
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Aryani, Fransisca Ayudya, and Agung Juliarto. "RELEVANSI NILAI REVALUASI ASET TETAP DENGAN TINGKAT UTANG SEBAGAI VARIABEL MODERASI." JURNAL AKUNTANSI DAN AUDITING 14, no. 1 (March 24, 2018): 1. http://dx.doi.org/10.14710/jaa.14.1.1-21.
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This study aims to analyze the value relevance of fixed asset revaluation and whether debt levels moderate value relevance of fixed asset revaluation. Signaling theory states that the company revalues its assets with the aim to provide credible signals about favorable future prospects; whereas debt contracting theory suggests that firms with high debt levels have opportunistic motives in doing the revaluation of fixed. This study uses 54 data of nonfinancial companies listed on the Indonesian Stock Exchange and have revalued its fixed assets in the period 2012-2015. The results shows that the revaluation of fixed asset has a value relevance, and leverage moderates this value relevance. Companies are trying to show the fair value of assets and an overview of the actual company's financial condition by revaluing their assets. However, when the company revalued its assets and has a fairly high leverage, investor respons negatively on revaluation conducted. Investors perceive that it is an opportunistic motives of managers to avoid the costs arising from the loan agreement.