Journal articles: 'Corporate Financial Management'

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Fleming, Jeff, Douglas R. Emery, and John D. Finnerty. "Corporate Financial Management." Journal of Finance 52, no. 4 (September 1997): 1742. http://dx.doi.org/10.2307/2329457.

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Bondarenko, Olena Serhiivna, Ludmila Serhiivna Seliverstova, and Iryna Petrivna Adamenko. "FORMATION OF FINANCIAL MANAGEMENT ARCHITECTONICS IN CORPORATE STRUCTURES." SCIENTIFIC BULLETIN OF POLISSIA 1, no. 4(12) (2017): 56–61. http://dx.doi.org/10.25140/2410-9576-2017-1-4(12)-56-61.

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Zaboj, Marek. "Currency arbitrage as a tool of corporate financial management." Perspectives of Innovations, Economics and Business 16, no. 1 (April 23, 2016): 21–36. http://dx.doi.org/10.15208/pieb.2016.03.

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Pass, Christopher L., and Stephen F. Witt. "Financial Institutions, Corporate Control and Financing." Managerial Finance 11, no. 3/4 (March 1985): 61–72. http://dx.doi.org/10.1108/eb013552.

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OK, Moo Seok. "Financial reinsurance contracts for corporate financial risk management." Ewha Law Journal 25, no. 2 (December 31, 2020): 701–29. http://dx.doi.org/10.32632/elj.2020.25.2.701.

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Liu, Yuxuan. "Analysis on Corporate Financial Engineering and Financial Management Innovation." Financial Forum 9, no. 3 (September 10, 2020): 141. http://dx.doi.org/10.18282/ff.v9i3.1085.

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Corporate financial engineering refers to the use of advanced mathematical and communication techniques to solve financial problems for the maximization of company’s own interests. The techniques are used for innovative designs regarding financial tools and means, and also for devising and implementing financial products. As for corporate financial management, it is the basic guarantee for operating a company. For both the company and its internal and external activities, the support from financial management is inseparable. Financial management is an important link to balance the benefits and costs generated in the process of corporate operation. This article analyzes and explores the effects of the application of financial engineering in financial management.

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Zeng, Ting. "Financial Management of the Company for Financial Crisis." Applied Mechanics and Materials 34-35 (October 2010): 1185–89. http://dx.doi.org/10.4028/www.scientific.net/amm.34-35.1185.

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Corporate Finance is a business process the company forecast capital movement, organization, coordination, analysis and control of a decision-making and management activities. If the long-term store the excess corporate cash, will result in capital investment flow can not, can not be profitable. At the same time, enterprises need to expand production but difficult to raise funds. Therefore, SME Banking, the key is enterprise fund safety, liquidity and profitability of organic combination.

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Harisa Putri, Wika, Nurwiyanta Nurwiyanta, Sungkono Sungkono, and Tia Wahyuningsih. "The emerging fintech and financial slack on corporate financial performance." Investment Management and Financial Innovations 16, no. 2 (June 27, 2019): 348–54. http://dx.doi.org/10.21511/imfi.16(2).2019.29.

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FinTech innovations are one of strategic decisions to increase the profitability of a company. This study determines the level of profitability of companies before and after the emergence of FinTech products. The authors focused on companies that have launched FinTech products and published their financial reports. The study sample consisted of 17 FinTech products from 16 companies in Indonesia. The limited number of the sample was caused by not all of them having published its financial reports, while we have checked 157 FinTech companies. An event study approach using paired sample T-test is utilized. The period used in this study is four years, covering two years before and two years after the company launched FinTech products. Data were obtained from IDX, FinTech.id, and company web-pages. The results clearly showed that there was a significant influence on return on assets (ROA), but no significant difference in return on equity (ROE). This finding gives more contribution to the FinTech industry about the company’s profitability impact of launching FinTech product.

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Fields, Joseph A., and Neil A. Doherty. "Corporate Risk Management - A Financial Exposition." Journal of Risk and Insurance 55, no. 1 (March 1988): 201. http://dx.doi.org/10.2307/253296.

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Schlesinger, Harris, and Neil A. Doherty. "Corporate Risk Management: A Financial Exposition." Journal of Finance 42, no. 4 (September 1987): 1107. http://dx.doi.org/10.2307/2328314.

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Shkvarchuk, L., and R. Slav`yuk. "INTRA-CORPORATE FINANCIAL FLOWS IN THE CORPORATE MANAGEMENT SYSTEM." Journal of Lviv Polytechnic National University. Series of Economics and Management Issues. 6, no. 3 (March 1, 2019): 64–72. http://dx.doi.org/10.23939/semi2019.03.064.

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Tonaya, Clariss, and Paulina Sutrisno. "Are Corporate Governance Mechanisms, Corporate Strategy and Corporate Financial Characteristics Related to Earnings Management?" 11th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 11, no. 1 (December 9, 2020): 53. http://dx.doi.org/10.35609/gcbssproceeding.2020.11(53).

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This study aims to examine the mechanism of corporate governance and several factors of corporate financial characteristics towards earnings management. Corporate governance mechanisms such as an independent board, board size, and audit committee size are expected to be able to limit management actions in carrying out earnings management. While the company's financial characteristics such as corporate strategy, company age, operating cash flow, company growth, profitability, company size and leverage are predicted to affect the earnings management. In previous studies, testing of corporate governance mechanisms and corporate financial characteristics of earnings management has been carried out, but there are still inconsistencies or debates from the results of previous studies so this study reexamined the existence of corporate governance mechanisms and corporate financial characteristics of earnings management in non-financial companies in Indonesia in period 2016-2018. The research problem in this study is whether corporate governance mechanisms such as independent board, board size, audit committee size and company financial characteristics such as corporate strategy, company age, operational cash flow, company growth, profitability, company size and leverage affect earnings management? Keywords: earnings management, corporate strategy, audit committee size, company age, operating cash flows

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Tonay, Clarissa, and Paulina Sutrisno. "Are Corporate Governance Mechanisms, Corporate Strategy, and Corporate Financial Characteristics Related to Earnings Management?" GATR Journal of Finance and Banking Review Vol. 5 (2) April-June 2020 5, no. 2 (September 30, 2020): 48–57. http://dx.doi.org/10.35609/jfbr.2020.5.2(2).

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Objective – This study aims to examine the effect of corporate governance and several factors of corporate financial characteristics on earnings management. Corporate governance mechanisms such as an independent board, board size, and audit committee size are expected to be able to limit the ability of management to carry out earnings management. Meanwhile, a company's financial characteristics such as corporate strategy, company age, operating cash flow, company growth, profitability, company size and leverage are predicted to affect earnings management. Methodology/Technique – Many previous studies have involved the examination of corporate governance mechanisms and corporate financial characteristics of earnings management however, the results of those studies give rise to inconsistencies. Hence, this study seeks to re-examine the existence of corporate governance mechanisms and corporate financial characteristics of earnings management. The sample in this research is non-financial companies listed on the Indonesian Stock Exchange between 2016 and 2018. Findings – This data in this study is analysed using statistical methods such as multiple regression linear. The results of this study indicate that one mechanism of corporate governance, the size of the audit committee, has a positive effect on earnings management, while the financial characteristics of companies such as company size and operating cash flow negatively affect earnings management. Novelty – Other corporate financial characteristics such as corporate strategy, company age, operating cash flow, and profitability have a positive effect on earnings management. Meanwhile, the other variables such as board size, leverage, and company growth do not have an influence on earnings management. Type of Paper: Empirical. JEL Classification: G3, G34, G39. Keywords: Earnings Management; Corporate Strategy; Audit Committee Size; Company Age; Operating Cash Flows. Reference to this paper should be made as follows: Tonay, C; Sutrisno, P. 2020. Are Corporate Governance Mechanisms, Corporate Strategy, and Corporate Financial Characteristics Related to Earnings Management? J. Fin. Bank. Review, 5 (2): 48 – 57 https://doi.org/10.35609/jfbr.2020.5.2(2)

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Michalski, G. "Corporate inventory management with value maximization in view." Agricultural Economics (Zemědělská ekonomika) 54, No. 5 (June 13, 2008): 187–92. http://dx.doi.org/10.17221/251-agricecon.

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The basic financial purpose of the firm is maximization of its value. An inventory management should also contribute to the realization of this basic aim. Many current assets management models which we can find in the literature relating to financial management were constructed with the assumption of book profit maximization as the basic aim. These models could be lacking what relates to another aim, i.e., maximization of the enterprise value. This article presents the value based inventory management model modification.

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L. Kobo, Kgabo, and Collins C. Ngwakwe. "Relating corporate social investment with financial performance." Investment Management and Financial Innovations 14, no. 2 (August 21, 2017): 367–75. http://dx.doi.org/10.21511/imfi.14(2-2).2017.08.

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Previous researchers have found conflicting results between CSI and firm financial performance. This paper moves this debate further by examining the extent to which corporate social investment (CSI) relates with corporate financial performance (CFP) from a developing country perspective. The main aim of the paper was to determine the relationship between CSI, stock price, sales turnover and return on equity (ROE) amongst the socially responsible investing (SRI) companies in the Johannesburg Stock Exchange. CSI data on the SRI companies were collected from companies’ integrated reports from 2011 to 2015. Therefore, a cross-sectional panel data arrangement was applied and the analysis was conducted using the ordinary least square (OLS). Tested at an alpha level of 0.05, the regression result produced a probability level of P &lt; 0.01 for share price and sales turnover; and P = 10 for return on equity. Therefore, the findings revealed a strong positive and significant linkage between the SRI companies’ social investment, share price and sales turnover and no significant linkage with return on equity. These findings are consistent with previous literature findings reviewed in the paper on similar research conducted in developed countries, which showed positive and negative relationships. Findings from the literature indicate that various factors may account for conflicting results, which includes inter alia, time coverage, size of data, location, market sustainability awareness and culture. The paper contributes by revealing that whilst CSI may trigger improvement in stock price and sales turnover of SRI companies, the sales turnover might not necessarily result in boost in profit level that could engender enough return on equity within a short period time. The conflicting results from the literature is indicative of the inclusiveness in research between CSI and firm performance. Hence, the paper recommends further research to examine the relationship within a longer period of time using new sample of companies and other methods of analysis.

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Charaeva, M. V. "The toolkit for financial risk management in financially unsustainable corporations." Financial Analytics: Science and Experience 13, no. 1 (February 28, 2020): 50–70. http://dx.doi.org/10.24891/fa.13.1.50.

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Subject. Financial risk management is a cornerstone for the strategic development of any corporation. This especially matters when the economy is volatile and the financial standing of the corporation is affected externally. In this case, it is important to find tools to manage financial risks during the unstable period of corporate operations. Objectives. The study aims to devise and substantiate tools for financial risk management by identifying them and striving to reduce the exposure of financial operations during the strategic period. Methods. To substantiate the above ideas, I apply a systems approach. Studying equity management, I use methods of logic and structural analyses, synthesis, induction, deduction, graphic interpretation, mapping of relationships. Results. The study was proved with the case of Coca-Cola HBC Russia. Following a step-by-step strategy, I identified risks, their causes, and the appropriateness of the strategy for their reduction as part of the full financial risk management process (ERM). Conclusions and Relevance. The study gave theoretical and practical results that contribute to the methodology for financial risk management. I specify what tools will work to evaluate financial risks, and find techniques for avoiding, preventing and eliminating their impact on corporate operations. I discover the dependence of factors, which influence the financial position and possibilities of eliminating adverse effects that cause the exposure of financial operations and financial wellbeing of corporations. The findings can be used by those responsible for corporate risk management in financial risk management. The findings can underlie further research into the identification, assessment and management of financial risk during the volatility of the economy.

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Rehman, Hania, Muhammad Ramzan, Muhammad Zia Ul Haq, Jinsoo Hwang, and Kyoung-Bae Kim. "Risk Management in Corporate Governance Framework." Sustainability 13, no. 9 (April 29, 2021): 5015. http://dx.doi.org/10.3390/su13095015.

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There is a scarcity of literature involving studies about the effect of risk management on the relationship between corporate governance and a firm’s financial performance, especially in emerging markets. The study fills this gap and adds to the existing literature by investigating whether risk management acts as a mediator between corporate governance and the firm’s financial performance. This study found that risk management partially mediates the relationship between board size and financial performance. Our results further indicate that risk management acts as a partial mediator between foreign ownership and financial performance.

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18

Starr, Claudia, and James W. Bryant. "Financial Modelling in Corporate Management (2nd Edition)." Journal of the Operational Research Society 39, no. 5 (May 1988): 513. http://dx.doi.org/10.2307/2582369.

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Starr, Claudia. "Financial Modelling in Corporate Management (2nd Edition)." Journal of the Operational Research Society 39, no. 5 (May 1988): 513–14. http://dx.doi.org/10.1057/jors.1988.88.

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Todorovic, Miroslav. "Psychology and financial management: Behavioral corporate finance." Ekonomika preduzeca 59, no. 5-6 (2011): 275–87. http://dx.doi.org/10.5937/ekopre1106275t.

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Wong, Anson. "Corporate sustainability through non-financial risk management." Corporate Governance 14, no. 4 (July 29, 2014): 575–86. http://dx.doi.org/10.1108/cg-02-2013-0026.

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Purpose – This paper aims at highlighting the significance in developing non-financial risk management, emphasizing the need of managing environmental and social issues for enhancing corporate sustainability. Particularly, through discussing the implications of non-financial risk management, its benefits, opportunities and challenges will also be presented. Design/methodology/approach – Drawing on authoritative academic literature, reports of corporations’ studies, current articles and documents, the researcher has managed to examine and construe the development and implications of non-financial risk management. Findings – Several key findings are covered in this article. First of all, environmental and social concerns are usually being deemed as intangible issues that need to be properly articulated and managed by an effective non-financial risk management system for enhancing corporate sustainability. Second, through different interpretations of sustainability, links could be drawn for highlighting the significance of non-financial risk management and corporate sustainability. Third, by explaining the impacts from non-financial risk management to sustainable development and profits, the article has illustrated corporate sustainability as a clear business case for any corporation. Fourth, challenges are also portrayed for the effective management of non-financial risk management by corporations. Finally, and most importantly, the need of a systematic and strategic non-financial risk management system for helping businesses to be more competitive, thus, moving closer to sustainable development, is discussed in this paper. Originality/value – The contribution of the article is thought to be significant. Although there exists a wide body of research on sustainable development, risk management and corporate sustainability, there is limited insight into how the corporations can effectively conceptualize such intangible or non-financial risk in relation to sustainability. Integrating environmental and social risks is critical to the effective management of any corporation’s real risks, and to improve resources allocation in a sustainable fashion. This demands a systematic and strategic identification of issues through non-financial risk management. Most significantly, this article has shown the way this can be achieved by any corporation, and the concepts can be applied globally.

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Dolde, Walter. "THE TRAJECTORY OF CORPORATE FINANCIAL RISK MANAGEMENT." Journal of Applied Corporate Finance 6, no. 3 (September 1993): 33–41. http://dx.doi.org/10.1111/j.1745-6622.1993.tb00232.x.

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Jostarndt, Philipp, and Zacharias Sautner. "Financial distress, corporate control, and management turnover." Journal of Banking & Finance 32, no. 10 (October 2008): 2188–204. http://dx.doi.org/10.1016/j.jbankfin.2007.12.040.

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García-Benau, María Antonia, Nicolás Gambetta, and Laura Sierra-García. "Financial Risk Management and Sustainability." Sustainability 13, no. 15 (July 25, 2021): 8300. http://dx.doi.org/10.3390/su13158300.

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In the last decades, the studies that analyze the links between corporate social responsibility and financial performance in developed countries show mixed and inconclusive results, so additional research is required [...]

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Almeida, Heitor, Murillo Campello, Igor Cunha, and Michael S. Weisbach. "Corporate Liquidity Management: A Conceptual Framework and Survey." Annual Review of Financial Economics 6, no. 1 (December 2014): 135–62. http://dx.doi.org/10.1146/annurev-financial-110613-034502.

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Ellul, Andrew. "The Role of Risk Management in Corporate Governance." Annual Review of Financial Economics 7, no. 1 (December 7, 2015): 279–99. http://dx.doi.org/10.1146/annurev-financial-111414-125820.

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Xie, Xi. "On the Practical Application of Financial Engineering in Corporate Financial Management." Financial Forum 9, no. 3 (September 10, 2020): 137. http://dx.doi.org/10.18282/ff.v9i3.1074.

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The proportion of income and operating expenses will be out of balance once there is no appropriate financial management on the basic finance of corporate operation. The improving of corporate financial management has become the focus of many companies, especially for modern enterprises of strong competitiveness. However, many Chinese companies still adopt traditional financial management techniques, and their effects of risk management are obviously decreasing. Financial engineering is beneficial to the implementation of company’s new management plans. It is essential and plays a critical role in all aspects of business operations. Improvement and innovation should also be made with effort in the process of application.

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Suhadak, Suhadak, Sri Mangesti Rahayu, and Siti Ragil Handayani. "GCG, financial architecture on stock return, financial performance and corporate value." International Journal of Productivity and Performance Management 69, no. 9 (May 17, 2019): 1813–31. http://dx.doi.org/10.1108/ijppm-09-2017-0224.

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Purpose The purpose of this paper is to observe and analyze the influence of good corporate governance (GCG) and financial architecture on stock returns and financial performance and its implication for corporate value. Design/methodology/approach The data were analyzed using generalized structured component analysis. The unit of analysis for this research was LQ45 listed companies at the Indonesian Stock Exchange, taking data from the Indonesia Capital Market Directory (ICMD), and the annual reports and financial reports of these companies. The population researched was as many as 84 companies. For the sample, LQ45 companies with annual reports, financial reports and long-standing, continuous ICMD membership were examined using “purposive sampling.” The research sample was about 22 companies assessed over the course of five years (i.e. 110 samples). Findings First, GCG has a significant and negative relationship to stock returns; second, financial architecture has a significant and positive relationship to stock returns, financial performance and corporate value; third, stock returns have a significant and positive relationship to financial performance and corporate value; and fourth, financial performance has a significant and positive relationship to stock returns and corporate value. Originality/value The originality of this research is to be found in its examination and analysis of relationships between stock returns and financial performance, which was discovered to be reciprocal, namely, the relationship between the variables occurring affected each other (causality alternating with turning), whereas in previous studies the relationship between variables was unidirectional. Besides the research undertaken before, an analysis was made to understand the influence of GCG on stock returns, corporate value and financial performance. There are differences in the results between studies that support the conjecture that financial architecture has a significant positive effect on financial performance and corporate value, and also that financial architecture has a significant positive effect on financial performance and corporate value. Given those existing differences, this study reexamines the effect of financial architecture on financial performance and corporate value.

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Huang, Chi-Jui. "Corporate governance, corporate social responsibility and corporate performance." Journal of Management & Organization 16, no. 5 (November 2010): 641–55. http://dx.doi.org/10.5172/jmo.2010.16.5.641.

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AbstractPrevious research has analyzed and debated corporate governance (CG) and corporate social responsibility (CSR) independently. This paper aims to empirically explore the interrelationship between CG, CSR, financial performance (FP) and Corporate Social Performance (CSP) using a sample of 297 electronics companies operating in Taiwan, a newly industrialized Asian economy. The results show that a CG model which includes independent outside directors and which has specific ownership characteristics has a significantly positive impact on both FP and CSP, whereas FP itself does not influence CSP. The presence of independent outside directors in the firm has the greatest impact on the social performance of the firm's worker, customer, supplier, community and society dimensions. Government shareholders enhance a firm's social performance extraordinarily because government shareholders will be more likely to request that companies fulfill their social responsibilities. Only government shareholders positively and significantly relate to a firm's environmental performance. Furthermore, foreign institutional stockholders help to increase worker and supplier performance by paying more attention to employee policies and supply chain relationships. Finally, independent outside directors, foreign institutional stockholders and domestic financial institutional stockholders are shown to improve financial performance.

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Gartenberg, Claudine, Andrea Prat, and George Serafeim. "Corporate Purpose and Financial Performance." Organization Science 30, no. 1 (January 2019): 1–18. http://dx.doi.org/10.1287/orsc.2018.1230.

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Kowalewski, Oskar. "Corporate governance and corporate performance: financial crisis (2008)." Management Research Review 39, no. 11 (November 21, 2016): 1494–515. http://dx.doi.org/10.1108/mrr-12-2014-0287.

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Purpose This paper aims to investigate the impact of corporate governance, as measured by the Corporate Governance Index, on firm performance and dividend payouts during the financial crisis of 2008. Design/methodology/approach The empirical approach followed in the study involved constructing a comprehensive measure of corporate governance for 298 non-financial companies listed on the Warsaw Stock Exchange in the years 2006-2010. Findings The results show that prior to the crisis, there was a positive association between corporate governance and performance as measured by Tobin’s q. Moreover, the study presents evidence that higher corporate governance leads to an increase in cash dividends. Amid the financial crisis, corporate governance was positively associated with a higher return on assets, yet this was not observed when measured by Tobin’s q. Additionally, during this period, better-governed companies paid dividends less generously than firms with lower corporate governance standards did. Originality/value The study provides new evidence on the impact of corporate governance on firm performance and valuation in an emerging market during the financial crisis. Moreover, the study shows that governance mechanisms operate differently in crisis and non-crisis periods.

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Umezawa, Toshihiro, and Ujo Goto. "Corporate ownership structure and management earnings forecast." Corporate Ownership and Control 4, no. 3 (2007): 247–50. http://dx.doi.org/10.22495/cocv4i3c2p2.

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The purpose of this paper is to examine how the structure of corporate ownership impacts the accuracy of management earning forecasts in Japan. An evaluation of the financial reporting reform from 2000 is also presented. As a result, corporate ownership structure variables, such as managerial ownership, financial institution ownership, foreign investment ownership and corporation ownership, are negatively associated with the accuracy of management earnings forecast. We find that corporate ownership structure makes the manager announce more accurate management earnings forecasts. In addition, the reform of financial reporting system in 2000 has an influence on the quality of financial disclosures

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Susilowati, Eko Meiningsih. "Corporate Management Reviewed from Financial Performance Viewed from Corporate Social Responsibility." Ilomata International Journal of Management 2, no. 1 (January 25, 2021): 30–34. http://dx.doi.org/10.52728/ijjm.v2i1.197.

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ABSTRACT This research aims to examine the financial performance viewed from corporate social responsibility in manufacturing companies enlisted in Indonesian Stock Exchange in 2017. The population of research consisted of manufacturing companies enlisted in Indonesian Stock Exchange. The sample employed was manufacturing companies enlisted in Indonesian Stock Exchange in 2017. The sampling technique used was purposive sampling one. Data analysis was conducted using a multiple linear regression. The result of research showed that media exposure and firm size affect positively and significantly the disclosure of corporate social responsibility. Meanwhile, leverage and profitability affect positively but insignificantly the disclosure of corporate social responsibility in manufacturing companies. The result of adjusted R2 test in this research showed value of 0.297. It means that the disclosure of corporate social responsibility is affected by media exposure variable, firm size, leverage and profitability by 29.7%, while the rest of 79.3% was affected by other factors excluded from this study. Keywords: financial performance, corporate social responsibility

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Yarram, Subba Reddy, and Brian Dollery. "Corporate governance and financial policies." Managerial Finance 41, no. 3 (March 9, 2015): 267–85. http://dx.doi.org/10.1108/mf-03-2014-0086.

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Purpose – The purpose of this paper is to examine the influence of board structure on dividend policy of Australian corporate firms. It also considers the traditional explanations of corporate dividend choice, such as agency cost theory, signalling hypothesis, the life cycle hypothesis along with tax-based explanations of dividend policy. Design/methodology/approach – The final sample consists of 413 non-financial firms that are part of the All Ordinaries Index. The causal analysis was undertaken in three stages. In the first stage, the authors analyse the likelihood of paying dividends. And classify all firms as either dividend payers or non-payers. The authors then model this binary variable as a function of different sets of variables. In the second stage, the authors analyse the factors determining the magnitude of dividend payout by those firms that have paid a dividend. In contrast, stage three employs all firms – those which did not pay any dividend and those firms which paid a dividend. Findings – For the study period 2004-2009, this study finds that board independence has a significant positive influence on the dividend payout of Australian firms. This finding is consistent with the “outcome” model of La Porta et al. (2000). This study also finds that size has a significant positive influence on the dividend payout of Australian firms thus providing support for the agency cost view of dividend policy. Similarly, this study also finds support for the signalling hypothesis and the life cycle theory given the significant positive influence of profitability and the significant negative influence of current losses and growth opportunities on the dividend policy of Australian firms. Research limitations/implications – The findings of the study are robust with to alternative measures of variables employed and are not influenced by the global financial crisis. However, this study did not consider the possible endogenous and multiple relationships between dividends, debt, profitability, cash holdings and governance structures given the limited study period considered. Practical implications – This study finds that board independence has a significant positive influence on the dividend behaviour of Australian firms. This suggests that dividends and independent directors play complementary governance roles. While dividends provide the monitoring and disciplinary roles, independent directors act as catalysts for enhancing effective board functioning. These findings have implications for corporate governance policies and the payout policies. Originality/value – Though the governance role of dividends has long been recognized in the literature (Easterbrook, 1984; Jensen, 1986), very few studies analyse the influence of board characteristics on the decision to pay dividends in Australia. Given the distinct Australian setting where the tax imputation system allows companies to pay franked dividends to domestic investors, this study provides evidence on the interaction of corporate and dividend policies. This study finds that dividend polices are influenced by percentage franking of dividends. This study also finds that board independence has a significant positive influence on the dividend policy of Australian firms.

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Charaeva, M. V. "Designing financial operations as part of corporate finance management." Digest Finance 25, no. 2 (June 29, 2020): 124–39. http://dx.doi.org/10.24891/df.25.2.124.

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Subject. Nowadays, it is impossible to manage corporate finance without making prompt financial decisions, which grow even more important as the Russian economy is volatile. Therefore, it is important to design financial operations, with the solvency and endowment of financial resource being at the forefront as the basis for the strategic corporate development. Objectives. I find and test tools for designing financial operations and performance. Methods. I apply the systems approach to substantiate the conclusions I present. Studying the financial operations of enterprises, I use methods of logic and structural analysis, synthesis, induction, deduction, graphic representation, mapping of relationships. Results. Tasks of financial operations were identified one-by-one. Hence, I made templates of key financial documents, which will help streamline the performance of financial specialists and avoid financial gaps in corporate finance. Conclusions and Relevance. I achieved theoretical and practical results to promote the development of the corporate finance methodology. If financial operations are effectively managed, there will be the basis for the strategic development and financial sustainability of an enterprise. The findings can be used by financial managers to handle corporate finance in the future.

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Alexandridis, George, Zhong Chen, and Yeqin Zeng. "Financial hedging and corporate investment." Journal of Corporate Finance 67 (April 2021): 101887. http://dx.doi.org/10.1016/j.jcorpfin.2021.101887.

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Liu, Yuxuan. "Financial Risk Management and the Avoidance Strategy in Corporate Financial Projects." Modern Management Forum 4, no. 3 (September 18, 2020): 86. http://dx.doi.org/10.18686/mmf.v4i3.2406.

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With the rapid development of social economy, enterprises enter into an era with best opportunities for development, and are facing with great challenges at the same time. Especially in the current situation, it is important for enterprises to make careful decisions to avoid financial risks when carrying out financial projects. Based on this, this article, starting with the financial risks in corporate financial projects, scientifically divides financial risks into different types and puts forward specific strategies to avoid risks for reference.

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Freire, Cesar, Felix Carrera, Paola Auquilla, and Gabriela Hurtado. "Independence of corporate governance and its relation to financial performance." Problems and Perspectives in Management 18, no. 3 (September 1, 2020): 150–59. http://dx.doi.org/10.21511/ppm.18(3).2020.13.

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Most studies in the area of corporate governance measure certain characteristics and the effects on financial performance; however, other authors only focus on profitability and do not analyze financial performance in all its dimensions; this is relevant because in some situations the government corporate governance can influence performance measured by liquidity, solvency or activity. The aim of the study is to relate the independence of corporate governance and the financial performance of non-listed companies using econometric techniques. This process was carried out by collecting primary information for the independent variable and secondary data for the dependent variable; the independence of corporate governance was measured by applying a confirmatory factor analysis to data collected through a survey, while the financial performance was measured through average Z factors created for liquidity, solvency, profitability and activity indicators. As a result, it was found that the independence of corporate governance influenced financial performance, but this relationship was statistically significant only with solvency and activity variables. As a result, it can be seen that there is a direct relationship between corporate governance independence and financial performance, in such a way that if the perception of board independence increases, financial performance can increase positively. Acknowledgments An acknowledgment to department SINDE from University Catholique Santiago of Guayaquil, who helped with the necessary resources to conduct this research.

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Subrahmanyam, Avanidhar. "Corporate governance and financial markets." Corporate Ownership and Control 5, no. 3 (2016): 263–78. http://dx.doi.org/10.22495/cocv5i3c2p2.

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We link corporate governance with liquidity, trading activity, and the clientele that holds the firm’s stock. On the one hand high liquidity can decrease the quality of a firm’s governance because it reduces costs of turning over a stock attracting too many short-term agents who have little vested in good governance. On the other hand, liquidity can attract more sophisticated agents and hence improve the quality of a firm’s governance. In our cross-sectional analysis, we find that high liquidity is accompanied by poorer governance and vice versa. Further, increased institutional holdings are surprisingly associated with weaker governance in the 1990s, whereas in later years, they are not significantly related to governance. The proportion of orders transacted by small (large) traders is associated with weaker (stronger) governance, supporting the notion that a clientele consisting of small, unsophisticated investors can weaken the discipline imposed by outside investors on management. Given the known relation between corporate governance and stock returns, our results establish an indirect link between security prices and liquidity as well as trading activity, which goes beyond the direct channel described in Amihud and Mendelson (1986)

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Balasubramanian, Senthil Arasu, Radhakrishna G.S., Sridevi P., and Thamaraiselvan Natarajan. "Modeling corporate financial distress using financial and non-financial variables." International Journal of Law and Management 61, no. 3/4 (October 23, 2019): 457–84. http://dx.doi.org/10.1108/ijlma-04-2018-0078.

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Purpose This paper aims to develop a corporate financial distress model for Indian listed companies using financial and non-financial parameters by using a conditional logit regression technique. Design/methodology/approach This study used a sample of 96 companies, of which 48 were declared sick between 2014 and 2016. The sample was divided into a training sample and a testing sample. The variables for the study included nine financial variables and four non-financial variables. The models were developed using financial variables alone as well as combining financial and non-financial variables. The performance of the test sample was measured with confusion matrix, sensitivity, specificity, precision, F-measure, Types 1 and 2 error. Findings The results show that models with financial variables had a prediction accuracy of 85.19 and 86.11 per cent, whereas models with a combination of financial and non-financial variables predict with comparatively better accuracy of 89.81 and 91.67 per cent. Net asset value, long-term debt–equity ratio, return on investment, retention ratio, age, promoters holdings pledged and institutional holdings are the critical financial and non-financial predictors of financial distress. Originality/value This study contributes to the financial distress prediction literature in different ways. First, there have been, until now, few studies in the area of financial distress prediction in the Indian context. Second, business failure studies in the past have used only financial variables. The authors have combined financial and non-financial variables in their model to increase predictive ability. Thirdly, in most earlier studies, variable institutional holdings were found to affect financial distress negatively. In contrast, the authors found this parameter to be positively significant to the financial distress of the company. Finally, there have hitherto been few studies that have used promoter holdings pledged (PHP) or pledge ratio. The authors found this variable to influence business failure positively.

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Haque, Faizul, and Thankom G. Arun. "Corporate governance and financial performance: an emerging economy perspective." Investment Management and Financial Innovations 13, no. 3 (September 23, 2016): 228–36. http://dx.doi.org/10.21511/imfi.13(3-1).2016.09.

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This paper investigates the influence of firm-level corporate governance on financial performance of the listed firms in Bangladesh. Agency theory suggests that better corporate governance reduces expropriation costs, which, in turn, enhances investors’ confidence in the firm’s future cash flow and growth prospects, leading to higher firm valuation. Likewise, a decrease in private benefits is likely to cause an improved operating performance. This paper uses a questionnaire survey-based corporate governance index (CGI), comprising of the three dimensions – shareholder rights, independence and responsibilities of the board and management, and financial reporting and disclosures. The study results partly confirm the prediction of the agency theory, with a statistically significant positive relationship between a firm’s corporate governance quality and its valuation, even though the relationship between firm level corporate governance and operating performance seems inconclusive. Keywords: corporate governance index, agency theory, financial performance, Bangladesh. JEL Classification: G32, G34, G38, O16

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Cicilia, Orlin. "PENGARUH FINANCIAL CLASSIFICATION, FINANCIAL INDICATORS, DAN CORPORATE PERFORMANCE TERHADAP MANAJEMEN LABA." JURNAL INFORMASI, PERPAJAKAN, AKUNTANSI, DAN KEUANGAN PUBLIK 13, no. 1 (August 10, 2019): 55. http://dx.doi.org/10.25105/jipak.v13i1.5008.

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The purpose of this study is to know the analysis of the effect of financial classification, financial indicators, and corporate performance on earning management through corporate governance as intervening variable. Financial indicators of this study are measured by liquidity, profitability, and leverage. Sampling method used is purposive sampling method (a method using special criterias). The sample in this study is 54 manufactur companies listed on the Indonesia Stock Exchange in 2011-2014. This research uses IBM SPSS 21.0 and variety of journals and references relating to the topic of this research contained in the library as well as other information from legal website on the internet. The result of this study shows that financial classification, financial indicators, and, corporate performance don’t have significant influence to earning management indirectly through corporate governance as intervening variable. The direct and significant influence only happen to profitability on earning management

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Guerard, John B., Alden S. Bean, and Steven Andrews. "R&D Management and Corporate Financial Policy." Management Science 33, no. 11 (November 1987): 1419–27. http://dx.doi.org/10.1287/mnsc.33.11.1419.

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Eckersall, Patricia J. "The Financial Reporting Aspects of Corporate Tax Management." Managerial Finance 13, no. 3/4 (March 1987): 33–39. http://dx.doi.org/10.1108/eb013589.

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Baños-Caballero, Sonia, Pedro J. García-Teruel, and Pedro Martínez-Solano. "Working capital management, corporate performance, and financial constraints." Journal of Business Research 67, no. 3 (March 2014): 332–38. http://dx.doi.org/10.1016/j.jbusres.2013.01.016.

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Taofiki Akinwumi, Taleatu, Adetula Dorcas Titilayo, and Iyoha Francis Odianonsen. "Upper echelons’ personality traits and corporate earnings management in Nigeria." Problems and Perspectives in Management 18, no. 2 (May 4, 2020): 90–101. http://dx.doi.org/10.21511/ppm.18(2).2020.09.

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Earnings management offers an opportunity to hide frauds, which are often associated with key officials of corporate entities. Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) have been implicated in fraudulent earnings management. This study aims to investigate the effect of CFOs’ personality traits on earnings management in non-listed companies facing a debt crisis in Nigeria. The study explores a survey research method involving the administration of copies of a structured questionnaire on CFOs of the sampled companies. Statistical analysis includes computation of means, linear and multiple regression analyses. The findings reveal a high level of upward corporate earnings management and a strong exhibition of narcissistic trait among the CFOs. It was further observed that CFOs’ narcissistic trait is implicated in upward earnings management during the financial crisis. Possible economic implications of these outcomes include misallocation of resources by investors and aggravation of corporate debt crisis. These outcomes have policy implications on the appointment of corporate key officials and the accounting education curriculum. Consequently, the study recommends the personality trait test for individuals to be appointed into upper echelons’ positions in corporate organizations, as well as the inclusion of Element of Psychology in the curriculum of accounting education in Nigeria. AcknowledgmentOur sincere gratitude goes to Covenant University, Ota, Ogun State, Nigeria, for sponsoring the publication of this research paper as a contribution to the body of existing knowledge in corporate financial reporting in Nigeria.

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Melis, Andrea. "Financial reporting, corporate communication and governance." Corporate Ownership and Control 1, no. 2 (2003): 31–37. http://dx.doi.org/10.22495/cocv1i2p2.

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This paper describes the issues of financial reporting and corporate communication in connection with corporate governance. The analysis is based on the studies conducted in the Anglo-American and the European academic literature both from a normative and a positive perspective. It is discussed why accounting standards are not able by themselves to avoid corporate “miscommunication”, and how a good corporate governance system is a sine qua non to improve the quality of corporate communication and financial reporting. The analysis also shows how the effectiveness of the systems of financial reporting and corporate governance seems to be highly correlated.

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Giannarakis, Grigoris, George Konteos, Eleni Zafeiriou, and Xanthi Partalidou. "The impact of corporate social responsibility on financial performance." Investment Management and Financial Innovations 13, no. 3 (September 23, 2016): 171–82. http://dx.doi.org/10.21511/imfi.13(3-1).2016.03.

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This study investigates whether corporate social responsibility (CSR) affects the financial performance of the United States (US) companies. In particular, the impact of CSR on financial performance is investigated in terms of involvement in socially responsible initiatives instead of outcome. The Environmental, Social and Governance disclosure score as calculated by Bloomberg is used as a proxy for corporate involvement in socially responsible initiatives. Fixed effects regression is employed to estimate the relationship between the extent of corporate social disclosure (CSD) and financial performance using the data of listed companies on the Standard &amp; Poor’s 500 during the period 2009-2013. The results suggest that the involvement in socially responsible initiatives has a significantly positive effect on financial performance. In addition, the control variables, such as total compensation to directors, CEO duality and women presence on board are statistically significant to financial performance. It is important to incorporate a longer period in order to validate the positive relationship between CSR and financial performance, whilst the sample is focused on large in size US companies. This study chose to approach the topic from a different angle in order to provide an alternate perspective on this issue taking into account the involvement of socially responsible initiatives via CSD. Keywords: corporate social responsibility, disclosure, financial performance. JEL Classification: M140, M410, Q00

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Ang, Jessica, Werner Ria Murhadi, and Endang Ernawati. "Pengaruh Corporate Social Responsibility terhadap Kinerja Keuangan Perusahaan dan Earning Management sebagai Variabel Moderasi." Journal of Entrepreneurship & Business 1, no. 1 (March 17, 2020): 11–20. http://dx.doi.org/10.24123/jerb.v1i1.2820.

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This study aims to analyze the effect of corporate social responsibility on a company’s financial performance with earning management as a moderating variable. The variables used in this study are corporate social responsibility, firm age, firm size, leverage, and earning management as moderation variables. This research uses a quantitative approach using multiple linear regression analysis. The target population in this study are all non-financial sector companies listed on the Indonesia Stock Exchange (IDX) in 2014-2018, which amounted to 875 observations. The results showed that corporate social responsibility variable has no significant influence on financial performance. The analysis with moderating variables show that earning management can strengthen the relationship between corporate social responsibility and financial performance. Keywords: corporate social responsibility, financial performance, earning management

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Schmalz, Martin C. "Common-Ownership Concentration and Corporate Conduct." Annual Review of Financial Economics 10, no. 1 (November 2018): 413–48. http://dx.doi.org/10.1146/annurev-financial-110217-022747.

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The question of whether and how partial common-ownership links between strategically interacting firms affect firm objectives and behavior has been the subject of theoretical inquiry for decades. Since then, the growth of intermediated asset management and consolidation in the asset management sector has led to more pronounced common-ownership links at the level at which corporate control is exercised. Recent empirical research has provided evidence consistent with the literature's prediction that common-ownership concentration (CoOCo) can affect product market outcomes. The resulting antitrust concerns have received worldwide attention. However, because CoOCo can change the objective function of a firm, the potential implications span all fields of economics that involve corporate conduct, including corporate governance, strategy, industrial organization, and financial economics. This article connects the papers establishing the theoretical foundations, reviews the empirical and legal literatures, and discusses challenges and opportunities for future research.

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Journal articles on the topic 'Corporate Financial Management'

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