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POZDNYAKOV, Yuri, and Maria LAPISHKO. "CHANGES IN REAL ESTATE VALUE DYNAMICS DURING SERVICE CYCLES AS A SOURCE OF NEGATIVE PERIODIC PROPERTY DEPRECIATION." JOURNAL OF EUROPEAN ECONOMY 19, Vol 19, No 3 (2020) (September 2020): 535–57. http://dx.doi.org/10.35774/jee2020.03.535.
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Main methodological principles of mathematically describing the patterns of changes in the asset’s value/depreciation dynamics are studied in cases when economic measurements are performed by independent expert evaluation. The basic hypothesis suggests that for all tangible assets, which are characterized by redeemable depreciation, there is a possibility of negative periodic depreciation during short-term service periods when remedial and repair work to eliminate depreciation signs is carried out. The most influential price-forming factors that determine the asset’s depreciation indexes and indicators of value dynamics over long periods are identified and analysed. It is shown that when this period is comparable to the asset’s service life, most of tangible assets are characterized by both positive and negative periodic depreciation indexes at separate times. It is noted that the models used in accounting documents do not describe the actual changes in the value dynamics, and amortization in particular, since they do not take into account the possibility of increasing asset value and periodic negative depreciation. A new kind of mathematical model is proposed that takes into account the opposite signs of periodic depreciation in the operation and service periods. It is proved that the actual indicators of fair market value and periodic depreciation indexes of these types of assets can be determined by performing periodic independent expert evaluation (revaluation).
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Zadorozhnyi, Zenovii-Mykhailo, and Sofiia Kafka. "The unique characteristics of the operating environment of oil and gas enterprises and their influence on accounting of non-current tangible assets." Herald of Ternopil National Economic University, no. 3(85) (August 8, 2017): 127–40. http://dx.doi.org/10.35774/visnyk2017.03.127.
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The enterprises, which affect accounting of non-current tangible assets and include the following: dependence on natural factors, heterogeneity of gas and oil drilling, development of mineral deposits, immobility of mining processes, duration of mining, technological cycles involving simultaneous mining of various minerals, lack of work-in-progress, sequence of operations and continuity of production processes, and others. In order to study the unique characteristics of the operational environment of oil and gas enterprises and determine their influence on practices and techniques for accounting of capital assets, methods of measuring interconnections, analysis and synthesis, logical approach are used. Special methods of statistical groups and generalization are applied to explore trends in the oil and gas industry as a whole, and separate sub-sectors of oil and gas extraction, drilling, and transportation. It is found that in the oil and gas industry, the basic methods of measuring accrued depreciation on fixed assets, viewed as the main component of non-current tangible assets, are straightforward and industrial methods; depreciation is not calculated on buffer gas classified as a noncurrent asset; among non-current tangible assets there are no long-term biological assets; enterprises bear significant expenses related to repair and maintenance of main pipelines, etc. The findings of the study are aimed at increasing the reliability, timeliness and analytics of accounting, which will enhance operational efficiency and management of non-current tangible assets in oil and gas enterprises.
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Bang, Sung Sig, and Sang Yun Park. "The Case Study of Depreciation Method for Long－Term Tangible Assets－Focusing on Nuclear Power Generation Facility－." Journal of Taxation and Accounting 21, no. 5 (October 31, 2020): 139–64. http://dx.doi.org/10.35850/kjta.21.5.05.
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Bang, SungSig, and SangYun Park. "Effect of Depreciation Method for Long-Term Tangible Assets on Sustainable Management: From a Nuclear Power Generation Cost Perspective under the Nuclear Phase-Out Policy." Sustainability 13, no. 9 (May 8, 2021): 5270. http://dx.doi.org/10.3390/su13095270.
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The Korean Government has been implementing a nuclear phase-out policy since 2017. Nuclear power plants accounted for 30.0% of the total power generation in 2016; this figure fell to 25.9% at the end of 2019, and the average Capacity Factor (CF) of a nuclear power plant approximately dropped from 89.1% to 69.2%. The nuclear phase-out policy presents severe consequences for the sustainable management of the nuclear power industry. Accordingly, the purpose of this study is to analyze the effect of a decrease in the nuclear capacity factor under the nuclear phase-out policy on the depreciation cost per unit using the Straight-Line Method (SLM) and Decelerated Depreciation Method (DDM) and to provide recommendations from a sustainable management perspective. The results show that the decrease in CF of nuclear power plants has a negative impact on sustainable development of the nuclear power industry. DDM is more beneficial than the SLM during this initial stage of depreciation under the nuclear phase-out policy. In addition, in the early stages of projects or immediately after attracting large-scale investments, DDM can offer more positive signs for stockholders by calculating a smaller net loss or a higher net profit.
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Rosochatecká, E., K. Tomšík, and D. Žídková. "Selected problems of capital endowment of Czech agriculture." Agricultural Economics (Zemědělská ekonomika) 54, No. 3 (March 31, 2008): 108–16. http://dx.doi.org/10.17221/242-agricecon.
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In the paper, the level of assets and long-term tangible property as well as the development of own and foreign capital, and the development of sales are evaluated in the time period 1992–2004. An analysis of internal financing resources – profit after taxation, reserves, depreciations of long-term property – was done for the years 2000–2005. The monitored items are calculated for agricultural enterprises of legal entities. Further selected factors are evaluated, which influence the property and capital structure of an enterprise.
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Bethlendi, András, Csaba Lentner, and László Nagy. "The issue of sustainability in a highly centrally regulated fiscal model of local governments: an empirical study." Accounting Research Journal 33, no. 6 (September 23, 2020): 669–89. http://dx.doi.org/10.1108/arj-04-2020-0076.
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Purpose This study aims to assess the sustainability of local governments in a highly centrally regulated fiscal model. Design/methodology/approach This paper uses a novel approach, a broad data set of almost 3,200 local governments and network methods. This paper analyses financial data from annual reports and other socio-economic sources using cluster analysis. Findings Even in this model, local governments show significant differences in terms of long-term sustainability. Investments do not compensate for the depreciation of tangible assets at a significant part of local governments. A specific type of soft budget constraint can be noticed. Heads of local governments do not “play” for subsequent ad hoc bailouts by the central government, but rather engage themselves in political competition for development subsidies. A further finding of this study is that shrinking populations itself does not explain the differences in local governments’ financial management. Research limitations/implications Further directions of research include the application of an extended approach to sustainability that gives an account of the availability and quality of local services, as well as aims to identify the qualitative social characteristics (success criteria) of the local government financial management. Practical implications The findings can be useful for policymakers, state audit offices, auditors, voters, users of public services and other stakeholders. Social implications The paper argues in favour of moving away from the financial balance in its narrow sense to a long-term and broader term of financial sustainability. Originality/value The findings provide new empirical evidence about the accounting-based measurement of financial sustainability in local governments.
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Sabauri, Levan. "INFLUENCE OF ACCOUNTING BALANCE INDICATORS ON INVESTMENT EVALUTION." Applied Finance and Accounting 2, no. 1 (November 16, 2015): 57. http://dx.doi.org/10.11114/afa.v2i1.1158.
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The work considers essential matters of cash flow return on investments. The basic of CFROI® methodology is the idea of a company as the integrity of projects. Those projects have different moments and terms of development and effect as well as the various rates of payback. Subject to the goals of the analysis, they are represented as a single consolidated project which generates cash flows within the term of useful life of those assets to which the investments are aimed. The CFROI® is based on the main idea – to determine the inflation-adjusted cash flows in favor of every capital owner and to compare them with the inflation-adjusted historical investments which have been put in the business in consideration of the depreciated cost of non-depreciable assets according to the internal rate. The work focuses on the detailed analysis of the CFROI® components. All components are considered separately and in connection with each other that makes the single chain determining the cash rate of return on investments. Within the analysis of cash rate of return on investments it is important to determine the duration of life cycle of strategic investments which is directly related to the establishment of the average age of the fixed depreciated tangible assets. When determining the average asset age noteworthy is by what formula it will be calculated. Based on the practical examples the work presents the cases of “artificial rejuvenation” of depreciated assets and “artificial aging” of assets. The work also determines the values of total investments and total cash flows, their effect on calculation of the cash rate of return on investments. Parallel with investments and cash flows there is also considered the role of IRR and MIRR for calculation of CFROI. Together with the investment model of calculation there has been applied calculation with CFROI coefficient which is based on the use of data of the economical depreciation of total investments. Therefore, the operating cash flows are recurrent and reiterated and they create the necessary idea of the profit to be received from a business in future. CFROI® value is measured on the annual basis. It may be subject to modification. Noteworthy is to determine the internal rate of return (IRR) of a business in the current conditions. CFROI® is of analytical predictable nature. However, it shall be applied with a particular caution. In the final analysis, the purport of the company existence is to return all investments deposited in it and to receive the adequate revenue which will compensate alternative expenses and bring profit to the company.
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Alexander Petruk, Sergey Legenchuk, Tetyana Ostapchuk, and Oksana Novak. "QUESTIONS OF RECOGNITION AND DEPRECIATION OF OBJECTS OF ACCOUNTING IN THE FIELD OF LAND RELATIONS." European Cooperation 8, no. 39 (September 30, 2018): 35–49. http://dx.doi.org/10.32070/ec.v8i39.35.
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Recognition of criteria for all assets of an enterprise based on the study of normative and methodological documents were investigated and summarized in this article. The approaches to the criteria for recognition and depreciation of such objects of long-term assets as capital expenditures on land improvement and land use rights are explored. The depreciation charge for capital expenditures on land improvement should be carried out using the straight-line method, the method of reducing the residual value or cumulative, since the tax law does not use the method of accelerated reduction of residual value, and it is inappropriate to apply the production method of depreciation. Using the method of reducing the residual value or cumulative, will allow in the shortest possible time to accumulate depreciation deductions, keeping them from inflation depreciation. The straight-line method should be applied for the right to use a land plot because it is possible for use for the objects that were recognized as intangible assets. In accounting for monitoring the formation and use of depreciation deductions for reproduction of the above-mentioned objects of long-term assets, it is recommended for the calculation of the amounts to collect the required settlement information on accounts using the MS Excel table processor. The practical application of this table processor will simplify the calculation and promptness of providing information to investors, shareholders and others, and it will enable them to strategically approach the formation of depreciation policy of the enterprise.
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Das, Pradip Kumar. "Financing Pattern and Utilization of Fixed Assets - A Study." Asian Journal of Social Science Studies 2, no. 2 (May 26, 2017): 20. http://dx.doi.org/10.20849/ajsss.v2i2.159.
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Fixed assets are the assets of permanent nature used in the operation of a business. These assets are earning assets and provide the basis for the firm's earning power and value. Due attention must be given to the management of fixed assets as they represent sizable outlay and involve the long-term financial commitment. A systematic blending of current and fixed assets into a profitable combination is a challenging task to the financial management. An analysis on the financing pattern and utilization of fixed assets is, therefore, vital for the management of a business enterprise.The financing pattern and utilization of fixed assets of Tata Steel Ltd., the selected company have been studied with the help of several statistical measures during the period from 2011-12 to 2015-16.The study reveals the sufficiency of owners' funds to finance fixed assets requirements and that the company had also enough long-term funds to finance the entire fixed assets as well as part of current assets. The pace of expansion in gross block on sales was not impressive in the years of study. Apart from this, slow increase in the indices of depreciation points out that overall provision for depreciation was moderate in the company under reference.
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Hnatiuk, Alla. "A New Look at the Classification of Non-current Tangible Assets During a Crisis." Modern Economics 25, no. 1 (February 23, 2021): 46–51. http://dx.doi.org/10.31521/modecon.v25(2021)-07.
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Annotation. Introduction. Creation of an efficient property management system is one of the main problems for the enterprise management system. The effectiveness of such a system is directly determined by the quality of information used for management. Among the tasks, which an economic entity faces, a special place is occupied by the classification of objects of accounting. Financial and tax indicators depend on its solution at a particular enterprise. In order to properly organize the economic activity of an enterprise, it is needed to know what funds it has and in what these funds are invested (placed). Therefore, the division of enterprise resources into separate groups is necessary to understand and summarize the accounting information used for financial statements. Purpose. To ensure the usefulness of information on the availability of non-current tangible assets, which is provided to users in the way of classification, the article defines the qualitative characteristics of the classification of non-current tangible assets (relevance, objectivity, reliability, content, comparison) and studies their essence. Results. The research suggests a critical assessment of existing approaches to the criteria for grouping non-current tangible assets in order to define differences between them. This has made it possible to clarify the content of the criteria for recognizing non-current tangible assets as assets of the enterprise (criteria of economic benefit, value reliability, and control). This clarification deepens the understanding of the nature of non-current tangible assets as objects of accounting. Conclusions. The research has investigated the classification of non-current tangible assets from the normative-legal and scientific points of view. It has summarized the criteria applied in accordance with domestic and foreign legislation for the classification of non-current tangible assets. The research has substantiated the importance of improving the existing classification of such assets for accounting purposes. The research has also improved classification of non-current tangible assets according to the following criteria: the ability to bring economic benefits (long-term, immature) and the method of use in the production process (consumed, fruitful), which will significantly improve the structuring of enterprise assets. Keywords: classification; resources; criteria; non-current tangible assets; fixed assets; long-term biological assets.
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STANISLAVYK, Olena, and Oleksandr KOVALENKO. "Modern problems of fixed capital management of the industrial enterprise." Economics. Finances. Law, no. 4 (April 29, 2021): 23–27. http://dx.doi.org/10.37634/efp.2021.4.4.
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Introduction. Production activity is impossible without the presence of fixed capital and its basic element – fixed assets, in the operation of which the depreciation fund is formed and the targeted use of depreciation deductions and quality reproduction of fixed assets of the enterprise are positioned to the fore. The importance of this issue increases due to need to enter markets with competitive goods and services, which leads to innovative and active activities of industrial enterprises, which require, above all, significant investments into the fixed assets. The purpose of the paper is to highlight the essence and modern problems of fixed capital management of industrial enterprise. Results. The paper explores the essence of fixed capital management of industrial enterprise and identifies modern key issues in this area facing managers of domestic industrial enterprises. The role of strategic and tactical planning of the process of reproduction of fixed assets in the management of fixed capital of the industrial enterprise and the reasons for its renewal are highlighted. The requirements for the formation of strategy and management system of fixed capital of the industrial enterprise are presented. The stages of formation of the effective strategy of fixed capital management under conditions of the modern market and the basic directions of activity of the industrial enterprise in this sphere are offered. The necessity of implementing the rational depreciation policy and correct revaluation of fixed assets is shown. The importance of using leasing as effective tool for investment and renewal of fixed assets of domestic enterprises of the industrial sector of economy is considered. Conclusion. For the effective management of fixed capital, it is important for industrial enterprises to perform a number of tasks, which involve the development of long-term strategy and tactics for the formation and effective use of fixed assets; determination of fixed capital renewal needs; adequate assessment of the conditions of fixed assets, maintaining the proper conditions of machinery and equipment; implementation of rational depreciation policy; finding acceptable sources of funding for the restoration of fixed capital, as well as finding more efficient ways of using the investment resources. It should allow the industrial enterprise to produce products, which are in demand, and ensure stable competitive positions and high efficiency in the long run.
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Silatchom, Francois De Paul. "VECM and Variance Decomposition: An Application to the Consumption-Wealth Ratio." International Journal of Economics and Finance 9, no. 6 (May 25, 2017): 188. http://dx.doi.org/10.5539/ijef.v9n6p188.
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This study uses a variance decomposition technique, which doesn’t rely on the underlying economic theory, in order to implement a permanent-transitory variance decomposition of the consumption-wealth ratio. We break down the wealth variable into financial assets, tangible assets, and human assets. Using quarterly data over the last six decades, we rely on cointegration analysis as the framework for the study, in order to assess the long-term interrelation between consumption shocks, and those from each of the above mentioned wealth components. Our results indicate that wealth components tend to exhibit permanent shocks, while consumption shocks appear to be transitory. Moreover, the results also indicate a low contemporaneous correlation between shocks in consumption and the ones from financial assets, and also between shocks in consumption and the ones from tangible assets. In addition, the variance decomposition of consumption shocks seems to indicate that, over the time a significantly increasing proportion of consumption shocks is explained by financial assets.
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Zdeněk, Radek, and Jana Lososová. "Investments of Czech farms located in less favoured areas after EU accession." Agricultural Economics (Zemědělská ekonomika) 66, No. 2 (February 24, 2020): 55–64. http://dx.doi.org/10.17221/212/2019-agricecon.
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This paper investigates the development and structure of the fixed assets of Czech farms and their investment behaviour. We use data from a long-term (2003–2016) survey of farms and categorise farms into three groups according to their share of agricultural land in less favoured areas. The development of tangible fixed assets and their structural development points to the importance of investments to agricultural holdings. Above all, there is an extensive trend of investing in the land, but purchases of land are likely to affect the growth of the relative age of tangible fixed assets, especially the obsolescence of buildings that are not sufficiently modernised by farms. Results of the accelerated model indicate that there is an absence of soft budget constraints but a presence of capital imperfections and high importance of both operating and investment subsidies when deciding on investments in fixed assets.
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한중호. "Do Tangible Assets Support Long-Term Debt? New Evidence from Unsecured Debt Financing by Small Firms." Seoul Journal of Business 14, no. 2 (December 2008): 3–28. http://dx.doi.org/10.35152/snusjb.2008.14.2.001.
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Wulandari, Laras Gita, and Bahtiar Usman. "Faktor-Faktor yang Mempengaruhi Share Repurchase Decisions Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia." Media Riset Bisnis & Manajemen 19, no. 1 (August 28, 2019): 24. http://dx.doi.org/10.25105/mrbm.v19i1.5363.
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<p><strong><em>Abstract</em></strong></p><p><strong><em>Purpose –</em></strong><em>This study examines determinants of share repurchase decisions. The samples are obtained from the companies listed in Indonesian Stock Exchange (IDX) in the year of 2010-2017. The independent variables in this study acquisitions, depreciation, dividends, earning before interest and taxes, retained earnings, revenue, research and development, cash flow, and beta coefficient. The control variables in this study are long term debt to assets, debt to assets, and institutional ownership. The dependent variable is share repurchase decisions.</em></p><p><strong><em>Design/Methodology/Approach: </em></strong><em>The sample of this study included 18 (out of 555) in all sectors by using purposive sampling method. This study used panel regression analysis model for the empirical result. The study also found acquisitons, depreciation, dividends, retained earnings, long term debt to assets, and debt to assets had non-significant effect on share repurchase.</em></p><p><strong><em>The Finding </em></strong><em>- The results of the study revealed that earning before interest and taxes, revenue, research and development had a significant negative effect on share repurchase decisions and cash flow, beta coefficient, and institutional ownership had a significant positive effect on share repurchase decisions. A decrease in earnings before interest and tax expenses, research and development will encourage companies to share repurchase. To increase share repurchase, companies should increase in cash flow and pay attention that high systematic risk can increaseshare repurchase decisions.</em></p>
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Ramaker, T. A. B., A. F. M. Meuleman, L. Bernhardi, and G. Cirkel. "Climate change and drinking water production in The Netherlands: a flexible approach." Water Science and Technology 51, no. 5 (March 1, 2005): 37–44. http://dx.doi.org/10.2166/wst.2005.0104.
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Climate change increases water system dynamics through temperature changes, changes in precipitation patterns, evaporation, water quality and water storage in ice packs. Water system dependent economical stakeholders, such as drinking water companies in The Netherlands, have to cope with consequences of climate change, e.g. floods and water shortages in river systems, upconing brackish ground water, salt water intrusion, increasing peak demands and microbiological activity. In the past decades, however, both water systems and drinking water production have become more and more inflexible; water systems have been heavily regulated and the drinking water supply has grown into an inflexible, but cheap and reliable, system. Flexibility and adaptivity are solutions to overcome climate change related consequences. Flexible adaptive strategies for drinking water production comprise new sources for drinking water production, application of storage concepts in the short term, and a redesign of large centralised systems, including flexible treatment plants, in the long term. Transition to flexible concepts will take decades because investment depreciation periods of assets are long. This implies that long-term strategies within an indicated time path have to be developed. These strategies must be based on thorough knowledge of current assets to seize opportunities for change.
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Jubaedah, Jubaedah, Ivan Yulivan, and Abdul Razak Abdul Hadi. "The Influence of Financial Performance, Capital Structure and Macroeconomic Factors on Firm’s Value – Evidence from Textile Companies at Indonesia Stock Exchange." Applied Finance and Accounting 2, no. 2 (February 23, 2016): 18. http://dx.doi.org/10.11114/afa.v2i2.1403.
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This study aims to investigate how financial performance, capital structure and macroeconomic factors may influence a firm’s value in Indonesia textile industry. This research is exploratory in nature involving 20 textile companies listed in Indonesia Stock Exchange (IDX). Using panel data regression, the results show that financial performance, capital structure, inflation and exchange rate are contributory factors that influence firm’s value. The better the financial performance of a company, the higher its value will be. The study also reveals that ratio of short term debt to total assets has no significant impact on firm’s value, while there is a positive significant relationship between the ratio of long term debt to total assets and firm’s value. Interestingly, depreciation in Indonesia Rupiah and increase in inflation rate would also enhance the firm’s value. As far as Indonesian textile industry is concerned, the findings suggest that capital structure, increased financial performance, higher inflation rate and depreciating Rupiah do influence the textile company’s value.
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Yatsukh, Olena. "Cognitive modeling of factors of influence on the processes of formation and reproduction of fixed assets of agricultural enterprises." Development Management 16, no. 4 (April 8, 2019): 73–87. http://dx.doi.org/10.21511/dm.4(4).2018.07.
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The features of financial support for reproduction of fixed assets of agrarian enterprises are considered in the article. These include quantitative and qualitative differences in the basic assets of agrarian enterprises, seasonal production, long payback period of capital investments, the reproduction in agricultural enterprises of a significant part of fixed assets in kind, unsustainable financial condition of enterprises and lack of collateral for obtaining long-term loans, undervalued value of fixed assets, no accrual of depreciation on land. For the agricultural enterprises of Ukraine, a cognitive model of the situation "Fixed Assets" was developed, which allows us to investigate factors that determine the possibilities of expanding their reproduction in the light of unstable conditions of functioning. On the basis of cognitive modeling, studies of a possible scenario for the transformation of this system in accordance with the purpose of management have been carried out and modeling the dynamics of the levers of directing the management influences depending on the chosen behavior. It is established that the most significant factors influencing changes in the system of fixed assets are: net profit received by enterprises of the agrarian sector of Ukraine, state support of agricultural producers, foreign investments in agriculture and financing of fixed assets on the basis of leasing. Based on a correlation-regression analysis based on the estimation of stable cause-and-effect relationships, establishing quantitative relations between random variables of the investigated process, conditional forecasts of changes in the size of fixed assets of agricultural enterprises are constructed.
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Aren, Selim, Lutfihak Alpkan, Bulent Sezen, and Ziya Alper Guncu. "DRIVERS OF FIRMS’ DEBT RATIOS: EVIDENCE FROM TAIWANESE AND TURKISH FIRMS / ĮMONIŲ SKOLOS SANTYKIO NUSTATYMAS: TAIVANO IR TURKIJOS ĮMONIŲ PAVYZDŽIU." Journal of Business Economics and Management 13, no. 1 (February 21, 2012): 53–70. http://dx.doi.org/10.3846/16111699.2011.620142.
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This study investigates the drivers of debt ratios of the firms listed on the stock markets of two different countries, namely Turkey, a developing country and Taiwan, a newly developed country. The factors impacting short-term, long-term, and total debts are selected as EBIT (Earnings before Interest and Tax), ROE (Return on Equity), sales, total assets, fixed assets-total assets ratio, and depreciation-total assets ratio. The findings indicate that there are differences between Turkish and Taiwanese firms in terms of the drivers’ impacts on the debt structures of the firms. The proposed regression models work better on the data collected from Taiwan as compared to the data from Turkey. Possible reasons are discussed in the final section. Santrauka Šis tyrimas apima dviejų skirtingų, tačiau stipriai besivystančių šalių, t. y. Taivano ir Turkijos rinkose veikiančių kompanijų skolos santykio nustatymą. Pagrindiniais veiksniais, turinčiais įtakos trumpalaikėms, ilgalaikėms ir bendrosioms skoloms, buvo pasirinktas pelnas prieš sumokant palūkanas ir mokesčius (EBIT), nuosavo kapitalo grąža (ROE), pardavimo, bendrojo turto, ilgalaikio turto ir bendrojo turto santykis bei bendrojo turto nusidėvėjimo santykis. Autorių gauti rezultatai rodo, kad vis dėlto yra skirtumų tarp Turkijos ir Taivano įmonių bei tų įmonių skolų struktūros. Straipsnio autoriai taikė regresijos metodus, kurie Taivano situaciją atspindėjo geriau nei Turkijos, o kodėl taip nutiko, autoriai argumentuoja paskutiniame straipsnio skyriuje.
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Magnusková, Jana, Zdeněk Pavelek, and Lucie Krčmarská. "Possibilities of Application of Static Investment Appraisal Methods for Optimizing Purchase under Conditions of Mine Rescue Service." GeoScience Engineering 60, no. 1 (March 1, 2014): 35–44. http://dx.doi.org/10.2478/gse-2014-0004.
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Abstract The present article focuses on the importance of making investment decisions and its long-term effect on the economy of companies. It presents a specific investment in the recovery of rescue equipment used for interventions in the irrespirable or deleterious environment on an example of the company HBZS, a.s. The objective is to evaluate the effectiveness of the investment project using static methods in relation to setting an optimal price level for leasing the equipment. The optimization of such setting is examined in terms of the economic lifetime of relevant tangible fixed assets
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Meuleman, A. F. M., G. Cirkel, and G. J. J. Zwolsman. "When climate change is a fact! Adaptive strategies for drinking water production in a changing natural environment." Water Science and Technology 56, no. 4 (August 1, 2007): 137–44. http://dx.doi.org/10.2166/wst.2007.545.
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Climate change increases water system dynamics through temperature changes, changes in precipitation patterns, evaporation, and water quality and water storage in ice packs. Water system dependent economical stakeholders, such as drinking water companies in the Netherlands, have to cope with consequences of climate change, e.g. floods and water shortages in river systems, upcoming of brackish ground water, salt water intrusion, increasing peak demands and microbiological activity due to temperature rise. In the past decades, however, both water systems and drinking water production have become more and more inflexible; water systems have been heavily regulated aiming at maximum security and economic functions and the drinking water supply in the Netherlands has grown into an inflexible, but cheap and reliable, system. At a water catchment scale, flexibility and adaptation are solutions to overcome climate change related consequences. Flexible adaptive strategies for drinking water production comprise new sources for drinking water production, application of storage concepts in the short term, and a redesign of large centralized systems, including flexible treatment plants, in the long term. Transition to flexible concepts will take decades because investment depreciation periods of assets are long. These strategies must be based on thorough knowledge of current assets to seize opportunities for change.
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Syed Alwi, Sharifah Faridah, Bang Nguyen, TC Melewar, Yeat Hui Loh, and Martin Liu. "Explicating industrial brand equity." Industrial Management & Data Systems 116, no. 5 (June 13, 2016): 858–82. http://dx.doi.org/10.1108/imds-09-2015-0364.
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Purpose – The purpose of this paper is to explore brand equity from multiple perspectives (tangible and intangible) and their joint consequences, namely, on industrial buyers’ brand loyalty and their long-term commitment. The aim is to provide a more comprehensive framework of the buyer’s behavioral response in the business-to-business context by integrating both trust elements and industrial brand attributes (brand performance and industrial brand image). In addition, the study explores the mediation effects of trust and brand attributes on industrial buyers’ responses such as loyalty and long-term commitment. Design/methodology/approach – Using a survey approach, the study includes respondents working in the heating, ventilating and air-conditioning (HVAC) industry in Malaysia, and data are collected in the industrial air-conditioning segment. The research model was tested with SEM. Findings – Findings show that brand performance and industrial brand image directly affect brand trust but with different effects on buyers’ commitment and loyalty. Interestingly, industrial brand image only mediates the responses via brand trust, while brand performance has a direct effect. Thus, both brand performance and industrial brand image build buyer trust. But in this context, it is brand performance rather than industrial brand image that influences long-term commitment and loyalty. The study concludes that in the HVAC industry, brand performance, industrial brand image, buyer trust, industrial loyalty and commitment build brand equity. Originality/value – Significant research reveals that, in business-to-business contexts, brand equity depends on the supplier’s brand trust and attributes of the brand such as brand image and brand performance. While useful in guiding a supplier’s or industry’s brand strategy, the study of both brand trust and brand attributes has led to only a partial explanation of the supplier’s or industry’s brand equity. The present research explores industrial brand equity, focussing on tangible assets (performance) and intangible assets (brand image), and their joint consequences.
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Farooq, Muhammad, Shahzadah Fahed Qureshi, and Zahra Masood Bhutta. "Indirect financial distress costs in non-financial firms: evidence from an emerging market." Pacific Accounting Review 33, no. 4 (June 26, 2021): 417–34. http://dx.doi.org/10.1108/par-09-2020-0127.
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Purpose This study aims to analyse 508 financially distressed firm-year observations for the period 2010–2018 of Pakistan Stock Exchange (PSX) listed firms to examine the magnitude of indirect financial distress costs (IFDC) and to investigate which firm-specific variable is relatively important in explaining these indirect costs. This will not only enrich empirical literature but also helpful in cross-country comparison. Design/methodology/approach Optimal model selection along with panel data analysis technique is used to select the most optimal model to observe the findings. Financial distress is measure through Altman’s Z-score and firm-specific variables cover leverage, level of intangible assets, investment policy, tangible assets, firm’s size, level of liquid assets and Tobin’s Q of sample firms. Findings The findings of this study show that the average size of IFDC for the sample observations is 6.70%. In addition to this, finding further suggest that leverage, the level of intangible assets and changes in investment policy have positive while the size of the firm and Tobin’s Q have a significant negative impact on IFDC. Further, this paper argues that the level of tangible assets and liquid assets are statistically unimportant in observing the IFDC for PSX financially distressed firm-year observations. Practical implications The findings of this study provide more insight to corporate managers and investors about the association between firm-specific financial characteristics and IFDC concerning Pakistani firms. Furthermore, this study contributes to the existing literature by adding new evidence from developing countries such as Pakistan which are helpful for regulatory bodies and policymakers in the formulation of long-term strategies to manage the financial distress costs. Originality/value The study extends the body of existing literature on IFDC regarding Pakistan. The results suggest that policymakers may pay special attention to the quality of a firm’s capital structure strategies while predicting corporate financial distress costs.
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Aleskerova, Yuliia, Lidiia Fedoryshyna, and Natalia Koval. "FEATURES OF LOAN SECURITY FOR THE REPRODUCTION OF FIXED ASSETS FOR AGRICULTURAL PURPOSES." Baltic Journal of Economic Studies 4, no. 4 (September 2018): 1–5. http://dx.doi.org/10.30525/2256-0742/2018-4-4-1-5.
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The purpose of the article is to justify features of credit support for reproduction of basic agricultural products. It is shown that the modern financial system of Ukraine is in a state of prolonged decline, the output of which depends on the innovation activity of all subjects of the financial system, on the effective reproduction of fixed assets and the adequate financial and credit mechanism of its provision for agricultural enterprises. Methodology. There are several stages of reproduction of fixed assets of agricultural enterprises. At the first stage, there is a productive use of fixed assets. At this stage, they wear out and, accordingly, the amount of wear is calculated. It is the basis for the cancellation of the amount of depreciation deductions for costs after the completion of the production process. At the first stage of the turnover of fixed assets, the lost value of means of labour is lost. It is carried over to the cost of finished products. At the second stage, the transformation of the worn out of fixed assets, which were in a productive form, into cash, is taking place. On the third stage, in the process of production, there is an update of the consumption value of the fixed assets. This update is carried out by replacing the worn core production assets with new ones due to the accumulated depreciation of fixed assets. Results. Thus, it is established that the process of reproduction of fixed assets of agricultural enterprises is characterized by a number of features. The main ones are: a gradual write-off of cost to production costs; partial reproduction of the value in the finished product and its accumulation in cash; a long-time interval required for the renewal of fixed assets in a naturally real form; the need to attract significant one-time cash expenditures. Practical implications. Thus, the peculiarities of credit support for the reproduction of fixed assets of agricultural enterprises are: the objective necessity of its implementation due to the unprofitableness of the industry and the impossibility for a large part of agricultural enterprises, from their own sources, to provide a simple and extended reproduction of fixed assets; seasonal production; necessity of state support of the crediting process of reproduction of fixed assets. Value/originality. Thus, credit support for the reproduction of fixed assets of agricultural enterprises is the obligation of an agrarian enterprise to a credit institution, which must be paid out over a period of more than one year from the date of drawing up the balance sheet, as well as the prolongation of short-term loans used by the enterprise solely for the purpose of reproduction of fixed assets.
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Al Abbadi, Abeer. "Determinants of Capital Structure in Industrial Companies: Conservative Policy—Applied Study on Jordanian Industrial for the Period (2014-2016)." International Journal of Business and Management 14, no. 2 (January 25, 2019): 125. http://dx.doi.org/10.5539/ijbm.v14n2p125.
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The study aimed to define the factors that determinate the capital structure for industrial companies in Jordan. By depending on theoretical references and literature review that related to capital structure, and to define the determinants that influenced the capital structure by depending on statistical analysis. The study used 15 companies of Amman stock exchange for the period 2014-2016.
The study concluded multiple results. The most importantly, there is significant impact of profitability, interest rates, and the amount of tangible assets. And there is impact of investment opportunities, the size of company and to the adoption of conservative policy according to the comprehensive concept of indebtedness in building capital structure. There was no possible impact for financial distress. The study proposed recommendations. The most important recommendations are studying the underlying causes of reduction long term debt ratio to the total assets of many public share holding companies. Urging financial managers to study the capital structure and the factors that determinate it, in order to manage the capital structure of the companies according to scientific methodology. Urging companies to use Islamic instruments for funding the tangible assets .As it is appropriate to the prevailing economic conditions in the market in terms of profit rates. It is necessary to confirm the existence of a credit rating classification from international credit agencies that helps in issuance of instruments and corporate bonds, or to obtain credit. Urging companies using rent ending in ownership or finance leasing; and urging companies of tangible assets to obtain funding from Islamic and commercial banks especially, when the cost of borrowing and Islamic funding is less than the cost of the issuance of shares. The study suggested studying the determinate factors that makes some companies following the conservative policy in building the capital structure, and in maintaining high cash balances. The study affected the impact of the existence of financial organizations as board of directors in public shareholding companies determine and study the factors of building the capital structure.
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Jaishi, Bhupal, and Resam Lal Poudel. "Impact of Firm Specific Factors on Financial Performance: A Comparative Study of Life and Non-Life Insurance Companies in Nepal." Prithvi Academic Journal 4 (May 12, 2021): 39–55. http://dx.doi.org/10.3126/paj.v4i0.37014.
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The empirical research has been carried out to examine the firm specific factors composition and its impact on financial performance of life and non-life insurance companies in Nepal. This paper employs the descriptive as well as causal-comparative research design. The study comprises of a panel data set of 14 insurance companies listed in Nepal Stock Exchange (NEPSE) with 140 observations covering a period of 10 years from 2009/10 to 2018/19. The result exhibits that the insurance companies having a high debt ratio have better financial performance. It also reveals that a higher proportion of debt ratio and tangible assets increases return in assets. On the other side, a lesser proportion of equity, firm size and liquidity decreases the return on assets of the insurance companies in Nepal. The study raises understanding of impacts of firm specific factors on financial performance and provides an empirical evidence that the total debt ratio, equity to the total assets ratio, leverage, firm size, liquidity and tangibility are the significant factors in determining the financial performance of Nepal’s insurance companies. The non-life insurance companies tend to perform better in term of financial performance measured by earning per share and return on assets. The study leads to practical implications for insurance companies and regulatory bodies. The insurance companies of Nepal interested to improve their financial performance should focus on increasing their leverage and long-term investment and decreasing the proportion of equity, firm size and liquidity.
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Tong, Yehui, and Zelia Serrasqueiro. "The Influential Factors on Capital Structure: A Study on Portuguese High Technology and Medium-High Technology Small and Medium-Sized Enterprises." International Journal of Financial Research 11, no. 4 (June 28, 2020): 23. http://dx.doi.org/10.5430/ijfr.v11n4p23.
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Using the panel data model, this paper studies the influential factors on the capital structure of small and medium-sized enterprises (SMEs) in high and medium-high technology manufacturing sectors in Portugal. In particular, the total sample is further classified into young SME group and mature SME group for observing the similarities and differences. The research results show that firm size, profitability, firm age, and industry sector impact much on the capital structure and debt ratios; on the other hand, the impacts of tangible assets, intangible assets, and growth are not as strong as the previous factors. The differences of the impacts on young and mature SMEs are mainly shown by growth, intangible assets and industry sector. In particular, intangible assets show more statistical significance in young SMEs compared to mature SMEs, and intangible assets tend to be positively related to long-term debt especially in young SME group; this may reflect the positive attitude of financial institutions on the value of intangibles in generating future benefits for high and medium-high technology young firms. Besides, the findings tend to support the pecking order theory more than the trade-off theory regarding the high and medium-high technology manufacturing SMEs here.
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Vintilă, Gherghina, and Toader. "Exploring the Determinants of Financial Structure in the Technology Industry: Panel Data Evidence from the New York Stock Exchange Listed Companies." Journal of Risk and Financial Management 12, no. 4 (October 22, 2019): 163. http://dx.doi.org/10.3390/jrfm12040163.
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This paper aims to analyze the influencing factors on the financial structure of 51 companies listed on the New York Stock Exchange, in the technology industry, from 2005–2018. The objective is to see the impact of independent company-specific variables such as company size, tangibility of assets, growth opportunity, effective tax rate, current liquidity, depreciation, stock rotation, financial return, working capital, price to book value, price to earnings ratio, as well as the impact of governance variables and macroeconomic variables such as inflation rate, interest rate, market size, gross domestic product per capita. Using panel data and multiple linear regressions, we analyze the relationship between the independent variables listed above and the dependent variables, namely the total debt ratio, the long-term debt ratio and the short-term debt ratio. The results of the analysis showed that variables such as size, tangibility, liquidity, profitability have a significant influence on the dependent variables in accordance with the theories regarding the capital structure.
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Kanapickiene, Rasa, Greta Keliuotyte-Staniuleniene, and Deimante Teresiene. "Disclosure of Non-Current Tangible Assets Information in Private Sector Entities Financial Statements: The Case of Lithuania." Economies 9, no. 2 (May 18, 2021): 78. http://dx.doi.org/10.3390/economies9020078.
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The research aims to examine and evaluate the accounting information disclosure (AID) quality of the non-current tangible assets in the annual financial statements of private sector entities of Lithuania and identify characteristics of these enterprises that have an impact on the AID quality. The research model of the AID quality in the financial statements is created. Based on the national accounting standards’ legal requirements, the original checklists were structured, and the disclosure quality indexes (DQIs) allowing evaluation of AID (both mandatory and voluntary) quality were formed. The empirical results show that Lithuanian enterprises’ AID quality was sufficient and average during the investigation period. The significant AID quality change was not observed during the short term (2007–2008), i.e., when Lithuania was going through a significant change in the economy, where the rapid growth was followed by the financial crisis. In addition, it was investigated whether significant changes were observed during the long term (2007–2016) when Lithuania was transforming from a developing to a developed country. The results show that during this period the disclosure of mandatory (for all enterprises) and voluntary information did not change significantly, while additional (for large and medium) AID quality increased. Multiple panel regression analysis showed that the enterprise’s characteristics (such as its size, debt-paying capacity, indebtedness, tangible assets, and profitability) appeared to have a statistically significant effect on the AID quality. The research findings could contribute to helping shareholders, potential investors or creditors, financial analysts, and other stakeholders when making decisions in regard to the evaluation of the AID quality as well as helping regulators to increase standards for information transparency and comparability.
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Zelenková, Marie. "Negative Impact of Tax Deductable Provisions for Repair of Long-term Tangible Assets on True and Fair View of the Financial Statements." Český finanční a účetní časopis 2010, no. 1 (March 1, 2010): 59–67. http://dx.doi.org/10.18267/j.cfuc.59.
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Pulina, Manuela, and Valentina Santoni. "A two-stage DEA approach to analyse the efficiency of the hospitality sector." Tourism Economics 24, no. 3 (March 7, 2018): 352–65. http://dx.doi.org/10.1177/1354816618758733.
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This article explores the performance of the hospitality sector in Sardinia (Italy) using empirical data collected from company balance sheets (from 2004 to 2013). A standard data envelopment analysis (DEA) is run using sales revenue as an output and the monetary value of all tangible and intangible assets as well as labour costs as inputs. Following the Simar–Wilson approach, a post-DEA is also carried out to investigate the factors that influence hotels’ economic efficiency. The empirical results show that business default and the cost of money negatively influence hotels’ performance and that firms located in highly specialized areas with a strong seasonality are relatively inefficient. Furthermore, the short-run debt index and the long-term debt index positively impact efficiency.
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Popova, Ekaterina V. "Proposals for Creating an Effective Mechanism for Implementation of the Long-term Socio-economic Strategy of Russia." Economic Strategies 144, no. 3 (June 25, 2021): 50–57. http://dx.doi.org/10.33917/es-3.177.2021.50-57.
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Today, in a complicated macroeconomic and geopolitical environment, Russia requires fundamentally new approaches to creating an effective long-term socio-economic development strategy. The Government of the Russian Federation has created a federal information system for strategic planning through the state information system “Management”, collection of data on implementation of strategic planning documents is going on. Currently, there are thousands of strategic planning documents, but it is still missing a unified management of the country's economic system based on these documents, federal government does not have feedback from regions and enterprises, which could allow coordinating the development goals and objectives of the country as a whole and individual industries and regions. In this regard, the issue of developing effective methods for converting strategic planning and management of the Russian economy into operational terms is particularly urgent — from a set of thousands of documents, individual strategies and plans to an operate management system with feedback. Application of the toolkit for intersectoral and interregional economic balances, transport-economic and fuel-energy balances, in that respect, seems to be one of the priorities. It is also necessary to calculate financial, trade balances, balances of payments, of labour resources, which have always been and still remain necessary elements of economy forecasting and planning. Along with this, it seems appropriate, analyzing the state and prospects of individual industries development to use balance methods within the same industry, showing the ratio of "costs — issue", balances of fixed assets, based on depreciation degree, the level of renewal, investments.
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Bertani, Filippo, Marco Raberto, and Andrea Teglio. "The productivity and unemployment effects of the digital transformation: an empirical and modelling assessment." Review of Evolutionary Political Economy 1, no. 3 (October 28, 2020): 329–55. http://dx.doi.org/10.1007/s43253-020-00022-3.
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AbstractFor the last 30 years, the economy has been undergoing a massive digital transformation. Intangible digital assets, like software solutions, Web services, and more recently deep learning algorithms, artificial intelligence, and digital platforms, have been increasingly adopted thanks to the diffusion and advancements of information and communication technologies. Various observers argue that we could rapidly approach a technological singularity leading to explosive economic growth. The contribution of this paper is on the empirical and the modelling sides. On the empirical side, we present a cross-country empirical analysis assessing the correlation between the growth rate of both tangible and intangible investments and different measures of productivity growth. Results show a significant correlation between intangible investments and both labor and total factor productivity in the period after the 2008 financial crisis. Similarly, both measures of productivity growth are correlated with a combination of both tangible and intangible investments which include information and communication technologies and software and database. These results are used to inform the enrichment of the agent-based macro-model Eurace that we employ to assess the long-term impact on unemployment of digital investments. Computational experiments show the emergence of technological unemployment in the long run with a high pace of intangible digital investments.
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Schlappa, Hans. "Co-producing the cities of tomorrow: Fostering collaborative action to tackle decline in Europe’s shrinking cities." European Urban and Regional Studies 24, no. 2 (December 28, 2015): 162–74. http://dx.doi.org/10.1177/0969776415621962.
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Investments through the 2014–2020 European structural funds pursue goals of smart, inclusive and sustainable growth, while many towns and cities in Europe are shrinking rather than growing. Policy makers and practitioners therefore face challenges in ensuring that places with very limited growth potential will not fall further behind. While scholars argue that cities in long-term decline would benefit from enhancing their capacity to develop collaborative initiatives that draw on local resources and assets, in practice local decision makers seem to struggle to engage their communities in the fight against the causes and consequences of decline. This paper advances the argument that the concept of co-production is well suited to explore and explain how collaborative actions unlock new strategic choices that are based on capabilities and resources over which local actors have control. A case study from a small manufacturing town in Germany is used to illustrate how co-production at different levels can lead to tangible, long-term improvements in a context of ongoing shrinkage.
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Siregar, Budi Gautama. "CORPORATE SOCIAL RESPONSIBILITY DALAM MEMINIMALKAN PRAKTIK MANAJEMEN LABA." Imara: JURNAL RISET EKONOMI ISLAM 1, no. 1 (March 30, 2018): 35. http://dx.doi.org/10.31958/imara.v1i1.989.
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Information earnings, a key element in the inancial statement, as stated in the Statement ofFinancial Accounting Concepts (SFAC) No. 2 is very important for those who use it because its predictivevalue. Earnings management can be applied in the preparation of inancial statements through creativeaccounting practices, the choice of accounting methods, the classiication of accounting systems andthe timing of the transaction. Earnings management practices can also done through the electionmethod of inventory accounting, depreciation of ixed assets, capitalization of pensions, inlation, andamortization. Corporate Social Responsibility (CSR) activities disclosed by the company will give goodimpact for the company itself in the long term. The higher the company implemented corporate socialresponsibility, the lower the activity of management to manage earnings to its interests. Due to theinancial statements prepared by the management will be read and analyzed by stakeholders as a basisfor decision making, management is required to prepare honest inancial statements. Disclosure ofcorporate social responsibility that is increasingly widespread will improve the image of the companyand increase of the proits to be earned by the company ultimately.
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Savickas, Vilius. "Issues in selecting profitability indicators for the evaluation of corporate financial performance." Buhalterinės apskaitos teorija ir praktika, no. 20 (January 24, 2020): 6. http://dx.doi.org/10.15388/batp.2019.14.
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The article analyses the selection of profitability indicators for the evaluation of corporate financial performance. Both theory and practice, address a variety of profitability indicators, therefore, it is essential to understand the possibilities of using the information they provide, as well as to be able to identify potential reasons of indicator value deviations, and to assess the conditions causing the analysis performed based on these indicators to provide incomplete or unreliable information. The aim of the study is to analyse the main profitability indicators, their potential disadvantages, and possible issues in the analysis and interpretation of these indicators. Methods of logical and comparative analysis of the scientific literature, synthesis and generalisation, statistical data analysis and interpretation were used in this article. The results of the analysis show that there is no universal profitability indicator, that would cover all areas of company performance, because profitability indicators’ reliability, as well as objectivity of comparison to other entities, are influenced by national accounting standards, different prime cost calculation methods, long-term assets depreciation methods, reserve assessment, and other methods.
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Ramalho, P., A. Santos, B. Barbosa, S. Graça, J. Cassidy, A. Ganhão, and J. Feliciano. "Asset management – the overlooked gains from efficiency projects." Water Supply 20, no. 5 (May 5, 2020): 1706–15. http://dx.doi.org/10.2166/ws.2020.079.
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Abstract Efficiency is a key topic nowadays in the water sector as customers' expectations are continuously increasing, legislation becomes more demanding, utilities become more exposed to public opinion and expectations are increasing towards a high-quality service at an affordable cost and both combined with high risk avoidance. The implementation of efficiency projects, such as non-revenue water (NRW) reduction projects are fundamental both from an economic and an environmental perspective. However, decisions on the implementation of these projects are often reduced to short-term economic criteria or to a cost-benefit analysis at best, not considering an adequate timeframe that would potentially allow the accommodation of the adopted NRW reduction measures (capital and operational expenditures). Infrastructure asset management requires a strategic view on water systems based on the long-term balance of performance, cost and risk aiming at the adequate management of utilities' physical, human, technological and intangible assets. Water managers should take these principles into consideration when deciding whether to implement efficiency projects, since the long-term effect of current water systems' inefficiencies can translate into significant capital expenditures in the future. This paper presents an evaluation of tangible and intangible gains that result from NRW reduction projects and why intangible gains should be part of decision-making processes on whether to implement them or not.
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Vodanović Lukić, Ives. "Placemaking, local community and tourism." Hrvatski geografski glasnik/Croatian Geographical Bulletin 83, no. 1 (2021): 77–104. http://dx.doi.org/10.21861/hgg.2021.83.01.04.
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The challenges of modern tourism development increasingly indicate the need for new approaches based on the creative use of intangible assets and heritage, and a more harmonious relationship between the local community and tourists. Placemaking is one such approach, which goes to the core of what builds places and local communities. This paper looks at the evolution of the concept, and its approaches and definitions. Among the tools of placemaking, tangible (physical design), intangible (mental images), and mixed approaches are recognized. The examples in this paper have been selected mainly from tourism and community development studies. Quality placemaking leads to the development of a sense of place, increases social cohesion, and stimulates the long-term regeneration of public spaces, which contributes to tourism attractiveness. In this light, the concept of placemaking can serve as a useful analytical category for more systematic research on spatial transformations and as a development tool in strategic tourism planning.
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LUNINA, Inna, Olena BILOUSOVA, and Nataliya FROLOVA. "COMPETITIVENESS OF THE TAX SYSTEM IN THE CONTEXT OF EXPANDING THE FISCAL SPACE OF UKRAINE." Economy of Ukraine 2020, no. 10 (October 25, 2020): 34–53. http://dx.doi.org/10.15407/economyukr.2020.10.034.
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For many countries, the competitiveness of the tax system is a complex issue, as it not only reduces the tax burden on corporate income, whileensuring the intensification of economic development, but also leads to risks of lower tax revenues and loss of public financesustainability. Tax competition requires finding a compromise between ensuring investments and expanding fiscal space to deal withurgent socio-economic challenges in the face of new global challenges. The authors carried out a comparative analysis of the efficiency of tax reforms in terms of their impact onreducing the tax burden on business and increasing the competitiveness of tax systemsin the EU and Ukraine. Despite the success of such reforms in the EU, it was found that Ukrainian reforms have not been quite as efficient in achieving the appropriate level of investments and creating conditions for reducing the shadow economy. It is determined that tax reforms in Ukraine were carried out without considering specific effects of changes in corporate income taxation conditions, in particular, the impact of lower tax rates on tax revenues in the medium and long term, intensification of innovation and investment activities, investment dynamics abroad, etc. It is proved that the priority of increasing the international tax competitiveness of Ukraine should not consist intax ratesdecreasing and eliminationof tax restrictions on the formation of the corporate income tax base, but in the improvement of depreciation policy in terms of accelerating reimbursement of fixed assets and intangible assets, stimulating capital investment in the renewal of production on an innovative basis. It is substantiated that the development of the tax system of Ukraine (as well asother countries with small, open economy and with high level of corruption and shadow economy) should take place within the framework of a holistic concept of sustainable development, taking into account the possible consequences of budget decisions for both current and long-term budgets that will apply to future generations.
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Даничић, Душко, and Данка Панић. "Циљеви и обим концентрације власништва у акционарским друштвима у Републици Српској // Objectives and scope of ownership concentration in listed companies in Republic of Srpska." ACTA ECONOMICA 11, no. 18 (February 6, 2013): 289. http://dx.doi.org/10.7251/ace1318289d.
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Резиме: Укрупњавање власништва и преузимање предузећа је обично повезано са мотивима какви су: максимизирање добити у дугом року, освајање нових тржишта, остваривање контроле ради управљања предузећем и његовог дугорочног развоја и сл. Као мотив за куповину већинског учешћа или концентрацију не мора бити пословање, већ нематеријална и материјална имовина друштва, име или друге вриједне ставке пословне или инвестиционе активе. Из презентованих података добијених током обављеног истраживања, закључује се да се Република Српска сврстава у групу земаља у којима је власништво над излистаним компанијама концентрисано. Мотиви који су претходили концентрацији капитала често су повезани са имовином друштва, док је пословање имало споредну улогу, што је у многим случајевима довело до гашења пословних активности преузетих друштава. Промјена укупног пословног амбијента најбољи је начин да се не само концентрација капитала, већ и остале инвестиције усмјеравају ка реалном сектору и пословним циљевима који укључују развојне пројекте и инвестирање за будућност. Тиме ће се умањити мотивисаност власника капитала да инвестирају у краткорочне пројекте са циљем куповине и брзе продаје привредног друштва, што се код нас своди на продају ставки активе. На овај начин ће се умањити и број ликвидација које су подстакнуте намјером да се имовина друштва прода и уновчи.Summary: Еnlargement of ownership and takeover is usually associated with motifs such as: maximizing profit in the long term, new markets, gain control of management of the company and its long-term development, etc. The motive for the purchase of the majority share or concentration is not necessarily doing business, but tangible and intangible assets of the company, it’s name, or other valuable items of business or investment assets. From the presented data obtained during the research that was done, it could be concluded that the Republic of Srpska ranks among the countries in which the ownership of listed companies is concentrated. Motives that preceded the capital concentration are often associated with property companies, while business had a supporting role, which in many cases has led to the closure of books, business activities undertaken societies. Change in the overall business environment is the best way to not only capital but also the concentration of other investments are directed towards the real sector and business objectives that include development projects and investments for the future. This will reduce the motivation of the owners of capital to invest in short-term projects in order to purchase and quick sale of the company, it comes down to us on the sale of assets items. In this way the number of liquidation, that were triggered with the intent to sell the assets of companies, could be reduced.
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Marty, Frédéric, Sylvie Trosa, and Arnaud Voisin. "The move to Accrual Based Accounting: the challenges facing central governments." International Review of Administrative Sciences 72, no. 2 (June 2006): 203–21. http://dx.doi.org/10.1177/0020852306064610.
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France’s decision to move to Accrual Based Accounting, triggered by the application of the Organic Law to the Finance Laws, has a tangible impact on political decision-making mechanisms. By adopting accounting and financial information standards derived from the private sector, it has the effect of reinforcing the economic rationality of public decisions. It makes it possible, in particular, to draw comparisons between public and private costs, comparisons that are necessary to set up any possible contract-based links with private suppliers. The move towards Accrual Based Accounting sets out to improve the information provided to the public operators. It also tends to limit the possibilities of arbitrations that are unfavourable to long-term investments and the maintenance of public assets. It gives parliaments, control bodies and citizens an appreciation of the policies being carried out, thus reinforcing the demands for the transparency of public accounts and the accountability of their managers. However, there is no getting away from the fact that it is a complex and costly reform, whose implementation requires a favourable political context and an appropriate implementation strategy.
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Aguiar, Joao Francisco, Leonardo Fernando Cruz Basso, and Herbert Kimura. "CAPITAL INTELECTUAL E CRIAÇÃO DE VALOR NO SETOR DE FABRICAÇÃO DE PRODUTOS DE METAL DOI:10.7444/fsrj.v1i2.25." Future Studies Research Journal: Trends and Strategies 1, no. 2 (December 19, 2009): 191–212. http://dx.doi.org/10.24023/futurejournal/2175-5825/2009.v1i2.25.
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The historical evolution of the ratio of investments in intangible assets over GNP in the US economy from 1959 to 2007 – which reached 8 to 10% in 2007 - indicates a positive long term trend that is as relevant as the rate of investments in tangible assets in terms of the GNP, during the same timeframe. The most surprising fact however, was the expansion beyond expectations over the last 40 years. According to international researchers, this trend is due to a combination of a series of causes, such as the financial globalization, market deregulation and exponential growth of technological changes, rousing the interest of entrepreneurs, scholars and researchers in becoming acquainted with indicators, classifying and ideating these so as to comprehend the value creation process within companies. The purpose of this line of research was to test Pulic´s Value Added Intellectual Coefficient Model (2000), so as to evaluate its significance in creating value, as applied to the Metal Products Manufacturing segment, utilizing an adjusted data base obtained from the Brazilian Geography and Statistics Institute´s (IBGE) Annual Industrial Research (PIA) for the period 2000 to 2006, comprising companies with more than 100 employees throughout Brazil, resorting to a panel of static data. Results obtained demonstrate a positive relationship between VAIC and value creation as well as between the Calculated Intangible Value – CIV, (explanatory variable) and value creation. Key-Words: Intellectual Capital. VAIC. Value Creation. IBGE (Brazilian Geography and Statistics Institute).
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Zakirova, Alsou, Guzaliya Klychova, Gamlet Ostaev, Evgenia Zaugarova, Almaz Nigmetzyanov, and Elena Zaharova. "Organizational and methodological approach to managing financial flows of agricultural enterprises." E3S Web of Conferences 164 (2020): 10009. http://dx.doi.org/10.1051/e3sconf/202016410009.
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Management accounting and management of an agricultural enterprise includes strategic planning and regulation of financial flows. Therefore, at the present stage, the development of measures to develop management accounting and improve the management of financial flows of agricultural enterprises is a significant problem. Management accounting and management of financial flows is the management of cash (financial) flows arising in the process of promotion of tangible and intangible assets. Besides, in the process of management accounting there is a purposeful distribution of financial resources in the logistic financial system of an agricultural enterprise. Management of financial flows is carried out both for the internal environment of the agricultural enterprise and for the external environment. The aim of the article is the justification of theoretical provisions and development of organizational and methodical approach to management of financial flows of agricultural enterprises in the system of management accounting. Objectives of the research: to determine the main components, directions and mechanism of development in the management accounting of financial strategy; to develop a method of management accounting for management of financial flows of developing enterprises, planning to expand their activities in the long term.
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Palazzo, Anna Laura. "The Early Global Vocation of Rome. Worship, Culture and Beyond." Humanities 10, no. 3 (September 14, 2021): 103. http://dx.doi.org/10.3390/h10030103.
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In all likelihood, Rome was the first global city, holding such primacy for around two thousand years since the time when the Empire built strong integration and interdependence relationships with the whole oecumene. Against the backdrop of long-term beliefs powered by the Papacy, this paper highlights the main features of the global Rome as the very core of Christianity and, after several disruptive events from the Early Renaissance onwards, as a main destination of the Grand Tour. Making use of primary and secondary literature sources as well as of a substantial iconography, the paper investigates the interplay between power strategies and urban morphology—permanence/change—through two main lenses: (i) the ‘inertia’ over time of the radiocentric pattern of the Forma Urbis citywide, according to the old saying all roads lead to Rome; and, (ii) the relentless reuse processes over built-up areas and sense-making dynamics coupling tangible and intangible assets. Accordingly, the Città Antica and the Città Moderna would be intertwined in residents’ and visitors’ everyday experiences until the Age of Enlightenment, when a new sense of history was to require protection measures setting antiquities apart from city life. However, this is another story.
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Urbano, Eva M., Victor Martinez-Viol, Konstantinos Kampouropoulos, and Luis Romeral. "Energy-Investment Decision-Making for Industry: Quantitative and Qualitative Risks Integrated Analysis." Sustainability 13, no. 12 (June 21, 2021): 6977. http://dx.doi.org/10.3390/su13126977.
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Industrial SMEs may take the decision to invest in energy efficient equipment to reduce energy costs by replacing or upgrading their obsolete equipment or due to external socio-political and legislative pressures. When upgrading their energy equipment, it may be beneficial to consider the adoption of new energy strategies rising from the ongoing energy transition to support green transformation and decarbonisation. To face this energy-investment decision-making problem, a set of different economic and environmental criteria have to be evaluated together with their associated risks. Although energy-investment problems have been treated in the literature, the incorporation of both quantitative and qualitative risks for decision-making in SMEs has not been studied yet. In this paper, this research gap is addressed, creating a framework that considers non-risk criteria and quantitative and qualitative risks into energy-investment decision-making problems. Both types of risks are evaluated according to their probability and impact on the company’s objectives and, additionally for qualitative risks, a fuzzy inference system is employed to account for judgmental subjectivity. All the criteria are incorporated into a single cost–benefit analysis function, which is optimised along the energy assets’ lifetime to reach the best long-term energy investment decisions. The proposed methodology is applied to a specific industrial SME as a case study, showing the benefits of considering these risks in the decision-making problem. Nonetheless, the methodology is expandable with minor changes to other entities facing the challenge to invest in energy equipment or, as well, other tangible assets.
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Arbogast, Doug, Peter Butler, Eve Faulkes, Daniel Eades, Jinyang Deng, Kudzayi Maumbe, and David Smaldone. "Using social design to visualize outcomes of sustainable tourism planning: a multiphase, transdisciplinary approach." International Journal of Contemporary Hospitality Management 32, no. 4 (May 11, 2020): 1413–48. http://dx.doi.org/10.1108/ijchm-02-2019-0140.
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Purpose This paper aims to describe the transdisciplinary, multiphase, mixed methods, generative design research, participatory planning and social design activities developed and implemented by the West Virginia University Rural Tourism Design Team and associated outcomes. Design/methodology/approach The multiphase methodology included quantitative and qualitative research in initial stages of the study (key informant interviews, resident attitudes toward tourism survey, visitor preferences survey, economic impact analysis) which informed social design activities at latter stages (asset mapping, landscape design/visualization of opportunities and sites targeted for development and cultural identity design) using generative design tools facilitating co-design with the communities and helping the destination take sequential steps toward achieving their goals and objectives. Findings Opportunities and challenges identified through multiple methods were triangulated and pointed to the same conclusions including the need for long term planning and managed growth; protecting community values; underutilized natural, cultural and historic assets; the opportunity to develop nature-based, cultural and historical attractions; and the need for a common vision and collective identity. Research limitations/implications This study makes a unique contribution to literature on sustainable tourism planning by incorporating social design activities to visualize findings of more traditional planning methods and provide tangible, visible outcomes of planning activities which can guide local stakeholders in rural destinations more directly to funding for planning recommendations and project implementation. Practical implications The transdisciplinary and social/generative/participatory approach provided a scaffolding of outputs to the community with citizen control and active involvement throughout the planning and design process. The incorporation of social design provided tangible outcomes including site designs and a cultural identity. Generative design research gives people a language with which they can imagine and express their ideas and dreams for future experiences. Originality/value This paper investigates the role of social design in a transdisciplinary, multiphase project to support sustainable tourism planning.
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Holz, Evandro. "(SELF-MANAGED) URBAN RESILIENCE AND MASS SOCIAL HOUSING." Journal of Research in Architecture and Planning 23, no. 2 (December 25, 2017): 1–8. http://dx.doi.org/10.53700/jrap2322017_1.
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The outlook on urban resilience has gone through significant evolution. Its concept has been broadened from an emphasis on endurance of functions, through a focus on adaptability of systems, towards transformative capabilities in the face of uncertainty of events. Most notably, new visions acknowledge both short-term ‘shocks’ (e.g. hurricanes) and longer-term ‘stresses’ (e.g. inequality), recognising crises as intrinsic to the complexities of the world we live in, and actually necessary for our progress. To encompass the uneven and unpredictable circumstances we experience, it is essential that we acknowledge the empowerment of citizens, along with their tangible and intangible assets (e.g. infrastructure and education, respectively), as the main drivers of change (which I refer to as ‘self-managed resilience’). Social housing programmes present a great opportunity to build on this new perspective on resilience. They allow the transformation of a set of issues (including shocks, e.g. natural disaster, and stresses, e.g. poverty) into an opportunity to embrace change and evolve from it. However, they often cause a big disruption in the city fabric and, in the long-term, even replicate the problems beneficiaries faced before it. This article shows how the application of new urban resilience perspectives in social housing, particularly via self-managed practices, can minimize the occurrence of these issues. Drawing on experiences in Brazil, it describes the positive effects in social, economic and environmental resilience derived from beneficiaries’ engagement in all project phases. Moreover, it provides a forward-looking conclusion including recommendations to further improve self-managed resilience and housing practices. Key words: urban resilience, self-managed housing, social housing
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Nath, Golaka C., and Y. V. Reddy. "Indian Debt Market – Realities & Issues." Management and Labour Studies 28, no. 2 (May 2003): 89–124. http://dx.doi.org/10.1177/0258042x0302800201.
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Traditionally Indian banking system provided the much-needed financial support to industry and commerce. Till the onset of financial sector reforms in early 1990s the Indian industry depended heavily on banks and development financial institutions for their working capital and long-term projects respectively. Capital was scarce and hence, needed rationing to areas and sectors where the government wanted and prioritized. The existence of Controller of Capital Issues was the guiding force behind investment where public support was needed. At the time of its liberation from the British in 1947 India had only the traditional commercial banks and these banks were small and owned by private companies who had other interests in business and promoted banks to channelize resources to their activities. It was no different from earlier fragmented banking system of the USA. These banks supplied shorter maturity credit for working capital needs of the industry and commerce as major infrastructure, manufacturing facilities, etc. were financed by the Government through priorities in Five Year Plans. Public sector undertakings were set up to achieve the industrial self reliance objective of the nation. The role of creating capital formation was shifted primarily to the PSUs. The banks were willing to fund basically the working capital requirements of the credit-worthy borrowers on the security of tangible assets. These PSUs were funded through budgetary support as well as support from the DFIs. Thus emerged a well-knit structure of national and state level development financial institutions (DFIs) for meeting requirements of medium and long-term finance of all range of industrial units, from the smallest to the very large ones. Government as well as Reserve Bank of India nurtured DFIs through various types of financial incentives and other supportive measures.
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Yang, Chung-Shan, and Taih-Cherng Lirn. "Revisiting the resource-based view on logistics performance in the shipping industry." International Journal of Physical Distribution & Logistics Management 47, no. 9 (October 2, 2017): 884–905. http://dx.doi.org/10.1108/ijpdlm-05-2017-0184.
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Purpose The purpose of this paper is to evaluate empirically the impact of intrafirm resources, interfirm relationships, and logistics service capabilities on logistics performance (LP) in the context of container logistics. Design/methodology/approach Factor analysis was employed to identify the key intrafirm resources (i.e. tangible assets and intangible assets), interfirm relationships (i.e. communication (COM) and long-term relationships), logistics service capabilities (i.e. service efficiency, service reliability, service flexibility, and value-added service), and LP dimensions. Data were collected from a survey of container shipping service providers, and were analyzed by a structural equation model to test the research hypotheses. Findings The findings show that interfirm relationships and logistics service capabilities act as mediator variables between intrafirm resources and LP. Research limitations/implications The results of this research support the application of the general theory on firm-level performance and the resource-based view (RBV) as a lens through which LP can be achieved via logistics service capabilities. In addition, the findings lend empirical support to the capability-building view, which asserts the importance of resource investment and relationship maintenance, and the development of distinctive capabilities to enhance performance. Practical implications Container logistics operators should not view their intrafirm resources (including logistics information technology and teamwork organizational culture) or interfirm relationships (including informal COM with key stakeholders and evergreen relationship with key stakeholders) separately; instead, a systems approach should be used. Originality/value This research updates the RBV theory by clearly indicating that the overall performance of shipping firms cannot be decided solely by the firm’s own resources. Interfirm relationships and logistics service capabilities are found to be powerful moderators which help shipping firms allocate their resources effectively and thus improve their LP.
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Jamaludin, Agus, Nahason Sihotangand, and Firdaus Budhy Saputro. "ANALYSIS OF FINANCIAL STATEMENTS PERTAMINA 2017." International Journal of Engineering Technologies and Management Research 6, no. 9 (April 22, 2020): 68–75. http://dx.doi.org/10.29121/ijetmr.v6.i9.2019.575.
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This study was obtained from the PT. Pertamina Balance Sheet and Profit Report in 2017, thenthe title is: Analysis of Pertamina's Financial Statements. The goal is to find out theperformance of PT Pertamina. This research was obtained from PT Pertamina's Balance Sheetand Income Statement. in 2018, the title is: Analysis of Pertamina's Financial Statements. Theaim is to find out the performance of Pertamina in terms of liquidity, solvency, activities andprofitability. The research method is Library Research by exposing existing data in the form ofBalance Sheet and Income reports via the internet where the data are in the form of quantitativedata and in the form of descriptive. Financial statement analysis is performed to determine thecompany's financial performance, can also be used as a reference in making decisions thataffect the company's future. The result is that liquidity: current ratio = 1.336, Quick ratio =11.221.049.9, cash ratio = 0.543 and working capital = 0.077. The solvability is: total debt toequity ratio = 2.63, total debt to total asset ratio = 0.625, long term to total asset ratio = 1.66,Tangible Asset dept coverage = 1.94, Time interest earned Ratio = 0.064. Its activities are: Totalasset turnover = 0.256, accounts receivable turnover = 2.67, accounts receivable collectionperiod = 134.78, inventory turnover = 0, fixed assets turnover = 0.370. While the profitabilityare: Gross profit Margin = 1, Net Profit Margin = 0.099, operational profit Margin = 0.141,Return on Investment = 0.020 and return on equity = 0.07.