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1
Hariyanto, Gunawan, Suhariningsih Suhariningsih, Bambang Winarno, and Sihabuddin Sihabuddin. "Liquidator Professional Responsibility in Company Liquidation." International Journal of Multicultural and Multireligious Understanding 8, no. 1 (January 3, 2021): 43. http://dx.doi.org/10.18415/ijmmu.v8i1.2212.
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The dissolution of a Limited Liability Company is basically something that isn’t desired by the shareholders, therefore the implementation of the dissolution of a Limited Liability Company should be avoided as much as possible, because the dissolution of a Limited Liability Company will provide great losses for the shareholders of the company and the parties directly related to the Company Limited. Pursuant to Article 142 paragraph (1) of Law Number 40 of 2007 concerning Limited Liability Companies, the dissolution of a Company may occur due to: First, based on the resolution of the General Meeting of Shareholders; Second, because the period stipulated in the articles of association has ended; Third, based on a court order; Fourth, with the revocation of bankruptcy based on the decision of the commercial court which has permanent legal force, the Company's bankruptcy assets are not sufficient to pay bankruptcy costs; Fifth, because the Company's bankrupt assets that have been declared bankrupt are in a state of insolvency as regulated in the Law on Bankruptcy and Postponement of Debt Payment Obligations; Sixth, due to the revocation of the Company's business license, which requires the Company to conduct liquidation in accordance with the provisions of laws and regulations. Based on the research results, the liquidator must make and submit a report on the liquidation implementation process, the report contains the responsibility for the liquidation he did. Furthermore, the accountability report is given and submitted by the liquidator to the General Meeting of Shareholders, the District Court, the liquidator is obliged to notify the final result of the liquidation to the Minister, the liquidator is also required to announce the final result of the liquidation process in a newspaper, the liquidator is responsible to the General Meeting of Shareholders or the court that appointed it for the liquidation of the Limited Liability Company. There is a criminal sanction, and if it can be proven that the liquidator acted the opposite / cheated arbitrarily in the sense of not clearing all company affairs in the context of liquidation, then the liquidator can be prosecuted by reporting violations of the code of ethics, and the Liquidator has the right to attend a lawsuit in court , Liquidators have the power to maintain and dispose of assets, Liquidators have general administrative power, Liquidators have continuous control rights over the Company's liquidation assets, Liquidators have the right to sell the liquidated assets.
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Jurič, Dionis, and Mihaela Braut Filipovič. "Limited Liability Companies in Croatia." Central European Journal of Comparative Law 1, no. 1 (June 30, 2020): 69–85. http://dx.doi.org/10.47078/2020.1.69-85.
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This article aims to provide an overview of the main features of the limited liability company (hereinafter: LLC) in Croatia. LLCs are the most common company type in Croatian business practices. This is because of low amounts of minimum sharecapital, limited liability of shareholders, freedom of shareholders to regulate own internal relations and the LLC’s internal organization, which is regulated by the articles of association and holds fewer formalities to function. Interestingly, most LLCs are established as a single shareholder LLC, followed by two and three shareholders LLCs. This supports the finding that Croatian LLCs are often closely held companies, whose founders also act as directors and employees of the company. Since 2012, it is possible to form a simple LLC for a minimum share capital of 10 KN (cca. 1.32 EUR), and as of 2020, LLCs can even be established online. Thus, the simplicity and cost effectiveness to establish an LLC remain its primary advantage. Mandatory provisions that shareholders must respect are inter alia capital requirements and capital maintenance, formation, and competencies of the management board and shareholders’ meeting. The shareholders’ meeting is superordinate to other LLC bodies, allowing directors to be appointed and dismissed at any time. Shares are alienable and inheritable, but their transfer may be limited by the LLC’s articles of association. In certain cases, shareholders can be held personally liable for the LLC’s obligations (e.g., in the event of abuse of limited liability, partial payment of capital contributions, and the LLC’s dissolution without liquidation). Further specifics and current challenges of LLCs in Croatia will be analysed in detail.
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Harahonych, O. V. "The problems of joint stock company liquidation and ways of their settlement." Analytical and Comparative Jurisprudence, no. 1 (July 1, 2021): 54–58. http://dx.doi.org/10.24144/2788-6018.2021.01.10.
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The article explores the problematic aspects of joint stock company liquidation. The essence and types of liquidation of joint stock companies have been analysed. The distinctive features of voluntary, compulsory and enforced liquidation of joint stock companies, as well as the liquidation of a bankrupt joint stock company and the liquidation on the basis of the law have been determined.
The elements of the legal composition constituting the basis for the termination of joint stock companies by voluntary liquidation have been investigated. The complexity of the procedure of voluntary liquidation has been established. The expediency of introducing a simplified mechanism of voluntary liquidation has been substantiated.
The main factors that hinder the liquidation of joint stock companies in Ukraine in the current context have been identified. The main problems of terminating joint stock companies through forced liquidation and the reasons for their emergence have been revealed. The main obstacles to compulsory liquidation of joint stock companies by judicial and administrative procedure have been elucidated.
It has been ascertained that the current Ukrainian legislation on liquidation is still in its formative stage, characterized by inconsistencies, internal contradictions and fails to solve the main problem – a civilized exit of business entities, including joint stock companies, from the sphere of economic relations.
Special emphasis is placed on researching the prospects for the development of legal regulation of relations connected with the liquidation of joint stock companies in the context of solving the revealed issues.
It has been proposed as a priority step to address the problems of liquidation of joint stock companies by ensuring an adequate level of legal and regulatory regulation of the relations to terminate such organisations through liquidation.
It has been reasoned that further research should be conducted into specific recommendations for solving the problems of JSC liquidation in order to consider them in the preparation of Draft No. 2493 for the second reading in the Supreme Council of Ukraine, as well as the systematisation of general rules on voluntary and compulsory liquidation in the Civil Code of Ukraine.
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Nusinov, Volodymyr, Liudmyla Burkova, and Natalia Shura. "Estimating the Ukrainian companies’ financial potential and the probability of forced liquidation." Investment Management and Financial Innovations 17, no. 2 (May 4, 2020): 26–39. http://dx.doi.org/10.21511/imfi.17(2).2020.03.
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The development of a global economy is impossible without economic ups and downs, which disrupt economic stability. The growth of the crisis in Ukrainian companies is no exception. In world practice, there are many methods for estimating the possibility of companies’ bankruptcy. At the same time, there are no methodological approaches to setting up the possible commencement of company’s liquidation during its bankruptcy. The article aims to develop a methodology for estimating the possibility of company’s liquidation due to the introduction of its bankruptcy procedure and to determine the financial potential of the company based on the Ukrainian economy. Statistical surveys about the activities of Ukrainian companies were conducted. Using a discriminant analysis, a four-factor model for estimating the possibility of companies’ liquidation undergoing bankruptcy was developed. An appropriate scale has been constructed to interpret the values obtained using the collective expert estimation method. The matrix method was applied to construct matrices of pairwise comparison for the results of qualitative assessment.It has been proposed to assess the liquidation of a company by determining the conditional probability of such liquidation. A matrix of the pairwise comparison of the qualitative assessment results has been constructed for the company’s bankruptcy procedure commencement probability and that for the company’s liquidation procedure commencement. It has been substantiated that the level of the company’s financial potential is the reverse indicator of the probability value for the bankruptcy and the liquidation of that company. Matrices have been constructed that qualitatively assess probabilistic level of the financial potential both for the companies at the bankruptcy stage and for those whose bankruptcy procedure has not yet begun. The results of the testing confirm the correctness of the proposed methods and the expediency of their application.
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DiGabriele, James A., and Richard A. Riley. "Scratchpad: A Private Company Business Valuation Case." Journal of Forensic Accounting Research 3, no. 1 (August 14, 2018): A16—A36. http://dx.doi.org/10.2308/jfar-52119.
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ABSTRACT Ben and Cindy Johnson have been partners in marriage and business for 20 years, jointly owning and operating Scratchpad, a software production and distribution company. In recent years the couple drifted apart, and Ben, with Cindy's agreement, has filed for divorce. The couple has also agreed that they will not work together post-divorce. As a result, the divorce settlement will include compensation to Ben for transferring his ownership interest in Scratchpad to Cindy. In this case, you will be the valuation analyst to develop the valuation of Scratchpad to support this matrimonial dissolution.
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Inderadi, Regina, Larasati Adiannisa, and Nugroho J. Setiadi. "The Business Strategy Analysis of a Forwarding Company in Indonesia." Winners 19, no. 1 (March 30, 2018): 31. http://dx.doi.org/10.21512/tw.v19i1.4584.
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The aims of this research were to identify key internal and external success factors within the forwarding industry and the organization, and to analyze competitive positioning of a forwarding business in Indonesia in order to obtain its optimal business strategy. Research method applied was qualitative approachusing case study. Respondents consist of 20 managers at Jakarta. Data collection was conducted in October 2017 at Jakarta using questionnaire distribution. The first stage of data analysis mapped company's strengths and weaknesses into Internal Factor Evaluation (IFE) matrix, mapped market opportunities and threats into External Factor Evaluation (EFE) matrix, and mapped competition into Competitive Profile Matrix (CPM) with the application of Expert Choice Software. The results of the external and internal audit were used to generate alternative strategies by applying a Business Competitive Position Matrix, Grand Matrix Strategy, and BCG Matrix. Three alternative strategies were selected from matrices conducted prior to Quantitative Strategic Planning Matrix (QSPM), namely adding the new sub-business unit to serve delivery service for small-sized goods (product development), conduct IT innovation to open opportunities in entering E-Commerce business (market development), and liquidation. The outcome is a product development strategy, which is indicating that the best strategic decision for the future sustainability in the business competition is to add new sub-business unit in small-sized goods delivery.
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Tokarski, Andrzej, and Maciej Tokarski. "Restructuring proceedings as a positive effect of implementing the instruments of the New Chance Policy in the Polish economy in the years 2016–2018." Journal of Management and Financial Sciences, no. 37 (September 4, 2019): 25–46. http://dx.doi.org/10.33119/jmfs.2019.37.2.
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You can respond to a business crisis in two ways: either by saving it (restructuring or remodelling the company and limiting, at least temporarily, creditor rights, while preserving the jobs and assets of the restructured entrepreneur) or by liquidating it (by realization of the estate and thus liquidation of the economic entity with a partial satisfaction of creditors and simultaneous return of tangible assets to trading). Thus, both liquidation and reorganization are possible in most countries. The problem of the accuracy of choice between the liquidation of an enterprise and its restructuring is one of the main topics of interest for practitioners and theorists dealing with the bankruptcy of enterprises. The decision to restructure constitutes an alternative to declaring an enterprise bankrupt. The aim of the article is to present kinds of restructuring proceedings, taking into account their characteristics, advantages and disadvantages, benefits and threats resulting from the multitude ofrestructuring proceedings including an analysis and statistics concerning the analysed phenomenon in the Polish economy in the years 2016–2018.
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Mpofu, Kudzai, Anthony O. Nwafor, and Koboro J. Selala. "Exploring the role of the business rescue practitioner in rescuing a financially distressed company." Corporate Board role duties and composition 14, no. 2 (2018): 20–26. http://dx.doi.org/10.22495/cbv14i2art2.
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The emphasis on corporate sustainability as against liquidation in the South African Companies Act 71 of 2008 creates an important figure in the person of the business rescue practitioner. The practitioner in that capacity supplants the board and is insulated from the relevant elements of shareholder control in the discharge of the task of rescuing the financially distressed company. The article interrogates, through doctrinal approach, the efficacy of the statutory provisions relating to the role of the business rescue practitioner in the business rescue process and argues against the disqualification of juristic persons from appointment as business rescue practitioners. While respecting the subjective decision of the practitioner in the preparation of the rescue plan, the paper considers that such subjective decision should withstand some level of objective assessment to enjoy credibility, just as the practitioner should conform to a high level of judicial scrutiny as an officer of the court to be absolved from any liability arising from a breach of duty.
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Yusuf, Bing. "JUDICIAL REVIEW OF DISMISSION AND LIQUIDATION PROCESS FOR LIMITED LIABILITY COMPANY POST BANCRUPTCY." UNTAG Law Review 1, no. 2 (November 30, 2017): 1. http://dx.doi.org/10.36356/ulrev.v1i2.590.
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<p>Starting from registration and licensing of the establishment until the end which is dismission and liquidation. From the beginning until the end of the existence of a Limited Liability Company, consists of many operational activities related to the business as regulated in Statute of Law Number 40 of year 2007 which legislate Limited Liability Company. At the end of the life cycle of the Limited Liability Company, there are three stages, they are dismission, liquidation, and ultimately revocation of the legal entity status of a Limited Liability Company. The main principle of this stage is as stated in a proverb on justice derived from Latin means that the basic principle of the law is to live a respectable life, not harming others, and to give others what is their due, so ideally the rule of law is implemented. In fact there is a dispute in the implementation of the stages of dismission, liquidation and revocation of legal entity status due to injustice and fraudulent acts committed by individuals, Therefore this research will be discussing the aspects that trigger the dispute, to the analysis on litigation process, and ultimately the researcher provides a solution to avoid the same disputes occur in accordance with the regulations of the Statute. This research was studied using descriptive analysis with normative juridical approach, supported by primary and secondary data source from literature study. It was found that the occurrence of a dispute was caused by an irresponsible director. Not responsible in carrying out his duties to do the General Meeting of Shareholders and submit the remaining treasury from bankruptcy process. Proceeded to the litigation process where the court declared that the court was not authorized according to relative competence in giving the decree of dismission. However, at the level of cassation, the decree was canceled. Problems as such should not occur in the first place if the director has been professional and responsible due to his duty.</p>
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Nwafor, Anthony O. "The goal(s) of corporate rescue in company law: A comparative analysis." Corporate Board role duties and composition 13, no. 2 (2017): 20–31. http://dx.doi.org/10.22495/cbv13i2art2.
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The concept of corporate rescue lays emphasis on corporate sustainability than liquidation. This trend in corporate legislation which featured in the United Kingdom Insolvency Act of 1986, Australian Corporations Act 2001, Indian Sick Industrial Companies (Special Provisions) Act of 1985 (as replaced by Companies Act, 2013 and supplanted by the Insolvency and Bankruptcy Code, 2016) has been adopted in the South African Companies Act of 2008. The goal(s) of corporate rescue in some of these jurisdictions are not clearly defined. The paper examines, through a comparative analysis, the relevant statutory provisions in the United Kingdom, India, Australia and South Africa and the attendant judicial interpretations of those provisions with a view to discovering the goal(s) of corporate rescue in those jurisdictions. It is argued that while under the United Kingdom and Australian statutory provisions, the administrator could pursue alternative goals of either rescuing the company or achieving better results for the creditors; the South African and Indian statutory provisions do not provide such alternatives. The seeming ancillary purpose of crafting a fair deal for the stakeholders under the South African Companies Act’s provision is not sustainable if the company as an entity cannot be rescued.
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Spahiu, Naim. "Financial Institutions Involved in the Bankruptcy and Liquidation Process in Kosovo." European Journal of Social Sciences 2, no. 2 (May 31, 2019): 59. http://dx.doi.org/10.26417/ejme-2019.v2i2-71.
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In modern states, economic system of state it function through financing institutions. So, financing system plays an important role in business and economic activities. Bankrupty and liquidation process in finance sector in Kosovo has intended avoiding the failure of the economic enterprise and its one of the important cases in finance direction. Therefore, studies of this form shows a big interes from scientific researcher in our state and wider. This paper is focused in bankrupty and liquidation process of finance institutions, studing the most important elements of bankrupty and liquidation process in out place and region. Research model gives a visual describe of research and this topic elaborates very well. Financing institution are registered and licensed from CBK and it consisting of: Banks, Pension Funds, Ensurance Companies, microfinancial institutions and other nonbank financial institutions. Central Bank of Kosovo (CBK) has executive responsibilities for licensing/ registering and monitoring financial institutions such as: banks, ensurance company, pension funds, microfinancial institutions, nonbank financing institutions and other legal subjects that exercising financial activity with Kosovo legislation.As th bankrupty process starts ealry, by taking signals from financial indicators, research preliminarly do actual evaluation of finance statements of financial institutions. The purpose of this paper is to give general frame of bankrupty and liquidation of financial institutions in Kosovo. Financial performance measurement which is thought to be a model of performance is limited with CAMEL model for banks and Dupont model for other financial institutions. Excepted of those, research is a subject of only financial institutions in Kosovo, so it could not be generalized.
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Boraine, A. "Formal Debt-Relief, Rescue and Liquidation Options for External Companies in South Africa." BRICS Law Journal 7, no. 4 (December 20, 2020): 85–126. http://dx.doi.org/10.21684/2412-2343-2020-7-4-85-126.
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This article discusses how foreign companies doing business in South Africa during periods of financial distress and registered locally as external companies are, as a recent High Court decision confirms, denied the formal debt-relief measures of business rescue and therefore a compromise with creditors because of being excluded by the definition of “company” in the Companies Act 71 of 2008. Nor, for the same reason, may these companies, if solvent, rely on the current liquidation procedures. But they may possibly use the procedure preserved in the otherwise repealed Companies Act 61 of 1973 for liquidation as far as the transitional arrangements in the Companies Act 71 of 2008 allow. The purposive solution suggested in this article for the interplay between the two Acts may need legislative attention. This article surveys other possibilities relevant to these companies such as informal voluntary arrangements, applications for winding-up, ordinary debt collection, and perhaps compulsory sequestration applications. Finally, it raises the policy issue for the legislature to consider why these companies should be denied business rescue and/or a compromise with their creditors when these formal debtrelief measures might help them survive their financial stress and emerge stronger, to the advantage of themselves, their creditors, their stakeholders and communities, and the entire nation. It is submitted that these issues could and should be considered as part of the current law reform process of South African insolvency law.
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Puzić, Goran. "Financial statements and audit in the insurance company." Pravo - teorija i praksa 37, no. 3 (2020): 76–91. http://dx.doi.org/10.5937/ptp2003076p.
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In accordance with the Law on Insurance and the Law on Accounting and Audit, insurance companies in Serbia are required to prepare financial statements. These materials are submitted to the Agency of Business Registers and the National Bank of Serbia from 31st December of the reporting year according to the Law on Accounting and Audit. Insurance companies which undergo a change in a legal position, such as mergers, divisions, i.e. sales, have to submit financial statements with a cut-off on the day determined by the decision on the change of a legal position or on the day determined by the sales contract. Furthermore, financial reports are submitted in the cases of the insolvency proceedings or liquidation of an insurance company. The notion of audit in an insurance company has its importance from the Insurance Law itself, in which the entire Chapter 9 is dedicated to the audit of financial statements. It deals with the performance of the audit, prior consent to the selection of the audit company, liabilities of the audit company, and the check of the audit report and the notification of the body responsible for supervising the audit. The significance and role of audit in an insurance company is far broader, which will be explored later in this paper.
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Vukmirović, Valentina, Dejan Petrović, and Milica Kostić-Stanković. "Strategic management and its effects on Serbian wood industry." Management:Journal of Sustainable Business and Management Solutions in Emerging Economies 22, no. 3 (November 21, 2017): 37. http://dx.doi.org/10.7595/management.fon.2017.0027.
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According to the available data on economic trends in Serbia, it is noticeable that companies in wood industry do not use their capacities to the maximum. Furthermore, a significant number of newly founded small enterprises, shortly after their establishment, go bankrupt or go into liquidation. Research works that have been conducted so far have indicated that, most commonly, company deterioration is caused by a lack of strategic approach in business management and company development. The aim of this paper is to gain an insight into the extent to which wood industry enterprises apply strategic approach (their vision, mission and development strategies) when making business decisions, as well as the effects of such approach. This will be achieved by analyzing collected questionnaires and interviews with competent experts from wood industry monitoring institutions. Besides, SWOT and PESTLE analyses of the surveyed companies will be conducted. Furthermore, possible solutions for overcoming weaknesses and threats emerging in Serbian wood industry development will be indicated. Likewise, the possibilities for encouraging industry development and increasing its competitiveness level will be presented.
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Masud, Muhammad Hammad, Faisal Anees, and Haseeb Ahmed. "Impact of corporate diversification on earnings management." Journal of Indian Business Research 9, no. 2 (June 19, 2017): 82–106. http://dx.doi.org/10.1108/jibr-06-2015-0070.
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PurposeThe purpose of this research is to examine the effects of corporate diversification on earnings management. Design/methodology/approachBased on listed firms regarding non-financial sector of Pakistan, the study runs mean comparison test along with panel least squares regression analysis. FindingsThe results of the study suggested that locally diversified firms and combination of industrial and geographical diversified firms mitigate earnings management. In support of the earnings equalizing hypothesis, managers of diversified firms have less need for accruals management because diversified firms had more free cash flows which naturally reduces earnings variability. This study also found that diversified firms had no informational asymmetry problems which reject the asymmetric information hypothesis. In addition, debt ratios are also associated with large organizations, but it shows that the more debt ratios are negatively associated with earnings management. Mean comparison test is also conducted, but the results are same as the regression results which does not confirm asymmetric information hypothesis. Research limitations/implicationsDifferent business segments are affected by the world financial crisis in 2008. Because of those financial shocks, the diversified firms are affected more. In future studies, results will become more favorable in context of diversified firms. Practical/implicationsThe main function of earnings management is to make up the company for investors point of view to look healthier than it really is. But it may cause to disappointment for investors regarding loss of investment. It shows future projections of the company and has vital importance for investor’s perspective. Social/implicationsThe misallocation of resources caused by earnings management refers to the value loss for society. Because the misallocation of funds will make that particular segment or division more vulnerable which ultimately make shareholders to go for entrenchment or liquidation. At the end, un-employment rises after entrenchment or liquidation and the society suffers. Originality/valueThis research makes an important contribution to the accounting and management literature by providing new and significantly different evidences on the relative roles of corporate diversification and earnings management.
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Andreev, V. K., and V. A. Kondratiev. "The Decision of the General Meeting of Members in a Non-Public Business Company: Concept and Types." Pravosudie / Justice 2, no. 2 (June 11, 2020): 148–69. http://dx.doi.org/10.37399/issn2686-9241.2020.2.148-169.
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Introduction. The article examines the features of holding general meetings of members in non-public business companies, in particular questions about the place of decisions of general meeting in the system of legal facts, their relationship with the deal and the contract. The ability to use digital technology in decision making. Theoretical Basis. Methods. The article is based on an analysis of the norms of positive law, primarily the Civil Code and the Laws on Company Business. Results. The authors conclude that the starting point in the activities of a non-public business company is the acquisition and exercise of their civil rights and the fulfilment of duties, and not a legal relationship that includes civil rights and civil duties as a necessary element. In addition, the decision of a general meeting, despite having many features in common, is not a deal. The decision of a general meeting, acting as an act of individual regulation, is in fact an act of a legal entity, and not a decision of the business community. The authors proposed a classification of decisions of meetings of business entities, depending on the method of their adoption, the possibilities being: the unanimously adoption by all participants of the company; decisions of the meeting of members of a company being adopted by a majority, or a qualified majority, of votes; decisions of the meeting of members of a company to change its charter, reorganization and liquidation of the company, requiring state registration in the unified state register of legal entities. The decision of a general meeting can be made either in person or in absentia, or a combination of the two. The decision of the meeting adopted in absentia will be valid, despite the absence of any special document establishing the procedure for its adoption. Discussion and Conclusion. Decisions of general meetings are actions of participants in a business company concerning legal consequences, including civil rights and obligations, in cases specified by law, and binding on all persons entitled to participate in the meeting, as well as other persons, whether required by law or having some other involvement.
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Andreev, V. K., and V. A. Kondratiev. "The Decision of the General Meeting of Members in a Non-Public Business Company: Concept and Types." Pravosudie / Justice 2, no. 2 (June 11, 2020): 148–69. http://dx.doi.org/10.37399/issn2686-9241.2020.2.148-169.
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Introduction. The article examines the features of holding general meetings of members in non-public business companies, in particular questions about the place of decisions of general meeting in the system of legal facts, their relationship with the deal and the contract. The ability to use digital technology in decision making. Theoretical Basis. Methods. The article is based on an analysis of the norms of positive law, primarily the Civil Code and the Laws on Company Business. Results. The authors conclude that the starting point in the activities of a non-public business company is the acquisition and exercise of their civil rights and the fulfilment of duties, and not a legal relationship that includes civil rights and civil duties as a necessary element. In addition, the decision of a general meeting, despite having many features in common, is not a deal. The decision of a general meeting, acting as an act of individual regulation, is in fact an act of a legal entity, and not a decision of the business community. The authors proposed a classification of decisions of meetings of business entities, depending on the method of their adoption, the possibilities being: the unanimously adoption by all participants of the company; decisions of the meeting of members of a company being adopted by a majority, or a qualified majority, of votes; decisions of the meeting of members of a company to change its charter, reorganization and liquidation of the company, requiring state registration in the unified state register of legal entities. The decision of a general meeting can be made either in person or in absentia, or a combination of the two. The decision of the meeting adopted in absentia will be valid, despite the absence of any special document establishing the procedure for its adoption. Discussion and Conclusion. Decisions of general meetings are actions of participants in a business company concerning legal consequences, including civil rights and obligations, in cases specified by law, and binding on all persons entitled to participate in the meeting, as well as other persons, whether required by law or having some other involvement.
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Zeng, Bei, Andreas Johannesen, and Xin Fang. "How to value a real estate company? Alexander & Baldwin, Inc. (ALEX)." CASE Journal 16, no. 2 (April 11, 2020): 155–83. http://dx.doi.org/10.1108/tcj-04-2019-0043.
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Purpose This study aims to provide students an opportunity to analyze the financial performance of a publicly listed real estate company and estimate its instinct value by applying appropriate financial models and approaches. Theoretical basis Three major valuation models/approaches generated by financial theory and practice to estimate the intrinsic value of a security: discounting cash-flows valuation (DCF and NPV) – valuation through adjusted net asset and liquidation value (NAV) – relative valuation through price and value multiples (valuation multiple analysis and precedent transactions analysis). Wholly owned subsidiaries versus and joint venture ones. Research methodology Analyze financial information of all segments in a multiple-business firm, and apply suitable financial models and approaches among net asset value model (NAV), discounted cash flow (DCF) or net present value (NPV) model, valuation multiple analysis and precedent transactions analysis to estimate the intrinsic value of the whole firm. Case overview/synopsis This decision-based case allows students to explore the business valuation process for a public listed real estate company, Alexander & Baldwin, Inc. (NYSE: ALEX). Based on financial statements analysis and forward-looking financial expectation on ALEX, this case elevates students' understanding and practice of valuating this multiple-business firms by applying appropriate financial models and approaches among NAV, DCF or NPV, valuation multiple analysis and precedent transactions analysis and enable students to make their investment decisions of buying, holding or selling the company’s stocks. Complexity academic level This case is most appropriate for graduate courses such as corporate finance, investments, personal finance, real estate finance and financial markets and institutes.
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Michalski, Marek. "FORMY USTROJOWE SPÓŁKI AKCYJNEJ." Zeszyty Prawnicze 7, no. 2 (June 23, 2017): 45. http://dx.doi.org/10.21697/zp.2007.7.2.02.
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An Organisational Form of a Joint Stock CompanySummaryA joint stock company constitutes the most organised and formalised type of a commercial partnership in the Polish law. Its economic significance results from the aim of such a legal construction to conduct huge business ventures requiring an engagement of considerable financial and human resources. Thus, the legislator regulated the topic of a joint stock company in a much detailed manner than in case of other commercial partnerships, including a limited liability company. Hence, a joint stock company is a pure type of an association of capital, without personal elements, which causes that its functioning is subjected to the formalised rules specified by the provisions of the law. These rules not only describe the precise manner of actions during the formation of the joint stock company but also assign three basic stages of the legal being of the company. These stages are described in the legal study as organisational forms of a joint stock company and they include: (i) the stage of organisation, so-called joint stock company in organisation, in which actions aimed at the formation of the company and obtaining of the status of a legal person are being undertaken. At this stage, the company in organisation already has the status of a legal person, therefore it may participate in the legal trade as its participant with full rights; (ii) stage of the proper company, which begins with the moment of registering the company in the court register, which means obtaining the legal personality by the company. From that moment, the joint stock company begins its statutory activity; (iii) stage of the company in liquidation, in which the actions aiming at the termination of the legal being of a joint stock company and its removal from the court register are undertaken.
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Terletska, Viktoria. "Approaches and methods of evaluation of the innovation company." Management and Entrepreneurship in Ukraine: the stages of formation and problems of development 2021, no. 1 (June 1, 2021): 177–82. http://dx.doi.org/10.23939/smeu2021.01.177.
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The article the main traditional approaches to business valuation, namely: profitable, costly and comparative have been explored and analyzed. The main methods within each of the traditional approaches have been investigated. The methods of estimating the value of business by income approach are the method of capitalization of net income, the method of capitalization of dividends, the method of capitalization of excess income and the method of discounting cash flow. The methods of estimating the value of business by the cost approach are: the method of net book value, the method of adjusted book value, the method of estimating the net market value of tangible assets, the replacement cost method, the replacement cost method and the liquidation value method. The methods of estimating the value of business by a comparative approach are the method of industry ratios, the method of comparing sales and the method of multipliers. In addition, it is found that in modern conditions, traditional approaches to assessing the value of the business “in its pure form” are not always used by venture investors, and the most popular methods are contractual, multipliers, discounted cash flow, venture and real options. Synthetic models play an important role today. In world practice, many different approaches are used to assess the value of companies, their assets, business in general. However, the issue of evaluation is still insufficiently addressed. When conducting valuation work in enterprises, many of the existing approaches are either not used at all, or are used very rarely, resulting in practice does not always achieve a comprehensive, complete and objective assessment of the amount of capital. A characteristic feature in determining the value of the business within the application of each of the commonly used methods is the need to take into account various aspects of financial activities, which leads to different estimates of the value of the business, which requires coordination of the results. This situation involves the selection of key cost parameters to obtain the final value of the business. Given the above, there is a need and feasibility to reconcile the results of business valuation methods, which will help to obtain a reasonable value by combining the advantages of each of the traditional methods. Determining the value of the company is one of the most important tasks in the field of corporate governance, which makes it possible to assess the level of competitiveness and success of the company in the market. The process of determining the value is carried out with a specific purpose: calculating the sale price, property insurance, obtaining a loan, etc., which determines the choice of valuation method. Business valuation is the determination of the value of a business as a property complex that can bring profit to the owner. When conducting an appraisal examination, the value of all the company’s assets is determined: real estate, machinery and equipment, inventories, financial investments, intangible assets. In addition, the efficiency of the company, its past, present and future revenues, development prospects and competitive environment in this market are assessed separately, and then the evaluated company is compared with similar companies. On the basis of such a comprehensive analysis, the business is actually assessed as a property complex that can be profitable.
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Hapsari, Puspita Ika, Sihabudin Sihabudin, and Budi Santoso. "PERLINDUNGAN HUKUM PARA PEMEGANG SAHAM DALAM PROSES PERMOHONAN PEMBUBARAN PERSEROAN TERBATAS KEPADA PENGADILAN: Studi Putusan Nomor: 534 K/Pdt/2014." JURISDICTIE 10, no. 2 (January 14, 2020): 232. http://dx.doi.org/10.18860/j.v10i2.7363.
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<p>Pembubaran adalah tindakan yang mengakibatkan Perseroan berhenti eksistensinya dan tidak lagi menjalankan kegiatan bisnis untuk selama-lamanya. Kemudian, diikuti dengan proses administrasi berupa pemberitahuan, pengumuman, dan pemutusan hubungan kerja dengan karyawannya. Permohonan pembubaran Perseroan Terbatas kepada Pengadilan diatur dalam Pasal 146 ayat(1) huruf c Undang-undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas (selanjutnya disebut dengan UUPT). Permohonan pembubaran Perseroan Terbatas kepada Pengadilan adalah cara yang dapat ditempuh oleh pemegang saham jika terdapat perimbangan kepemilikan saham pada Perseroan masing-masing sebesar 50% (lima puluh persen) dimana Rapat Umum Pemegang Saham (RUPS) tidak dapat mengambil keputusan yang sah karena perimbangan kepemilikan saham tersebut. Oleh karena itu, tujuan penulisan ini adalah untuk menganalisis perlindungan hukum para pemegang saham dalam proses pembubaran Perseroan Terbatas kepada Pengadilan. Metode yang digunakan dalam penulisan ini adalah yuridis normatif, metode penelitian ini digunakan oleh penulis untuk menganalisis perlindungan hukum pemegang saham dalam permohonan pembubaran Perseroan Terbatas (Studi Putusan Nomor: 534 K/Pdt/2014) dikaitkan dengan Pasal 146 ayat (1) huruf c UUPT.</p><p>The dissolution is an act which causing company has no existence and unable to continue its business activities forever. Then, followed by an administration process such as notification, announcement, and downsizing with the employees. The dissolution application of Limited Liability Company to court is regulated in Article 146 Clause (1) Part c Law Number 40 the year 2007 about Limited Liability Company. The dissolution of Limited Liability Company to the court is an option which can be done by shareholders if there is a 50% (fifty percents) balance where Annual Shareholders Meeting unable to take a decision because of its shareholder's balance. Thus, the aim of this paper is to analyze the law protection of shareholders in Limited Liability Company’s dissolution application to the court. The method used in this paper is normative juridical, which used by the researcher to analyze the law protection for a shareholder in dissolution application of Limited Liability Company (Final Judgement Number: 534 K/Pdt/2014) related to Article 146 Clause (1) Part c Law of Limited Liability Company.</p>
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Widhoyoko, S.E., MFA, Samuel Anindyo, Deoga Prayudha, Jeannada Natasha Laya, and Jerremy Immanuel. "THE ROLES OF FORENSIC ACCOUNTANTS IN PREVENTION AND DETECTION OF MONEY LAUNDERING IN PHOENIX ACTIVITIES." Indonesian Journal of Accounting and Governance 1, no. 1 (June 1, 2017): 83–111. http://dx.doi.org/10.36766/ijag.v1i1.17.
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The process of company liquidation is always full of money laundering allegations andvulnerable to fraud. This fraudulent scheme is referred to as phoenix activity. The main purposeof phoenix activity is to avoid liability and expenses, which detriments the stakeholders. Thisresearch explains the importance of the role of forensic accountants prior, during, and afterbankruptcy. The methodology used in this research is literature review examining the problemsthrough various researches and frameworks. The literature review discusses three aspectsrelated to fraudulent bankruptcy scheme i.e. motivation, the scheme processes and litigationprocesses. The research concludes that the presence of forensic accountants is important in theinsolvency prevention and detection, in their roles as (1) independent and hired experts; (2)professional legal assistance providers of Anti-Money Laundering (AML) and asset manager; (3)business valuation experts; (4) private investigators; and (5) surveillance body for anti-moneylaundering purposes.
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Leccese, Stephen R. "JOHN D. ROCKEFELLER, STANDARD OIL, AND THE RISE OF CORPORATE PUBLIC RELATIONS IN PROGRESSIVE AMERICA, 1902–1908." Journal of the Gilded Age and Progressive Era 16, no. 3 (June 23, 2017): 245–63. http://dx.doi.org/10.1017/s1537781417000184.
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When the Supreme Court ordered the dissolution of Standard Oil in 1911, it marked the end of an unsuccessful campaign by the company to improve its public standing. Standard Oil's failure to mollify public opinion in the aftermath of Ida Tarbell's muckraking masterpiece, “The History of the Standard Oil Company,” has resulted in a historiographical record that negatively assesses the company's response. This article reassesses the company response by placing it within the wider context of business history in the early twentieth century. It offers a detailed exploration of the public relations initiatives of Standard Oil from 1902 to 1908. Additionally, the article views the affair through the lens of standard corporate practices of the early Progressive Era, when large businesses had only begun to promote favorable public images. It argues that progressive reform inadvertently aided the rise of big business by teaching corporations the importance of promoting favorable public images. This wider context reveals that Standard Oil's public relations response, if unsuccessful, was not as aloof as others have argued. In fact, the company made a concerted effort to change public opinion about its business practices.
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Widhoyoko, Samuel Anindyo, Deoga Payudha, Jeannada Natasha, and Jerremy Immanuel. "THE ROLES OF FORENSIC ACCOUNTANTS IN PREVENTION AND DETECTION OF MONEY LAUNDERING IN PHOENIX ACTIVITIES." INDONESIAN JOURNAL OF ACCOUNTING AND GOVERNANCE 1, no. 1 (December 10, 2019): 83–111. http://dx.doi.org/10.36766/ijag.v1i1.5.
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The process of company liquidation is always full of money laundering allegations and vulnerable to fraud. This fraudulent scheme is referred to as phoenix activity. The main purpose of phoenix activity is to avoid liability and expenses, which detriments the stakeholders. This research explains the importance of the role of forensic accountants prior, during, and after bankruptcy. The methodology used in this research is literature review examining the problems through various researches and frameworks. The literature review discusses three aspects related to fraudulent bankruptcy scheme i.e. motivation, the scheme processes and litigation processes. The research concludes that the presence of forensic accountants is important in the insolvency prevention and detection, in their roles as(1) independent and hired experts; (2) professional legal assistance providers of Anti-Money Laundering (AML) and asset manager; (3) business valuation experts; (4) private investigators; and (5) surveillance body for anti-money laundering purposes.
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CARMODY, DANA. "THE T. EATON COMPANY LIMITED: A CASE ANALYSIS." Journal of Enterprising Culture 10, no. 03 (September 2002): 225–40. http://dx.doi.org/10.1142/s0218495802000104.
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The T Eaton company, considered the world's first department store, was named after its founder Timothy Eaton. In 1869, it as a small dry goods business in Toronto. By 1907, at the death of its founder, it was a giant retail store, with a branch in Winnipeg, alongside a country-wide mail-order business. Innovative practices established during his time included sales for cash only and satisfaction guaranteed or money refunded. Eaton's successors extended the Eaton empire across Canada, continuing the tradition of quality goods, prices, customer service and also fair labour practices. It became a Canadian institution. Eaton's filed for protection from its creditors in February 1997 and once again in August 1999 (see Appendix 1 for a chronology of events) under the federal Companies' Creditors Arrangement Act and the Ontario Business Corporations Act (Closings). The restructuring that followed the first bankruptcy was only partially successful. However, it had a significantly positive impact on Eaton's operations, and seemed to turn things around. Were it not for bad economic news and misfortune in mid-to-late 1998 (CNW 3 and CNW 5), the plan might have worked. Store-closings, employee terminations, and a huge liquidation sale followed the second bankruptcy declared in August 1999, as did the suspension of the trading of Eaton's stock (Chron). Sears Canada Inc. agreed to purchase 16 of the Eaton's stores in September 1999 (Sears 1; Material 1). These will open by the fall of 2000 (Material 2; Sears 1). A compromise was made with Eaton's creditors (including the employees) to give them approximately $0.50 on the dollar (Olijnyk 1). A compromise was also arrived at with Eaton's shareholders whereby the latter would be given participation units in exchange for their common shares (on a one-for-one trade) (Amended; Trachuk). These participation units are to be used in a contingent and conditional settlement based upon the possible utilization of tax credits by Sears acquired as a result of Eaton's $390 million in losses since 1996 (Receivership; Amended; Trachuk). These settlement monies might or might not be realized by the former shareholders (Amended; Trachuk). Today, Eaton's is no more. In its place are many great memories by a former generation of Canadians who used to go to the Eaton's stores to buy big things that were always of high quality. "Agnes Lunn, who was visiting [Edmonton, Calgary,] from Dartmouth, N.S., said she will miss the chain because of its trustworthiness. "If you bought something from Eaton's, you knew it was worth having, you knew it would be quality," she said (Auction)." Perhaps having six of the Eaton's stores open up this fall with the Eaton's name on them will rekindle a loyalty in a new generation of Canadians?
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Sarfati, Gilberto Sarfati Gilberto, Thomaz Martins, and Gabriel Akel Abrahão. "Clashes Among Founding Partners: How Entrepreneurs Overcome Conflicts?" Revista de Empreendedorismo e Gestão de Pequenas Empresas 9, no. 4 (September 18, 2020): 502. http://dx.doi.org/10.14211/regepe.v9i4.1895.
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Objective: Conflicts have negative impacts on organizational performance and can lead to company mortality. The GVentures Accelerator, from the School of Business Administration of São Paulo (EAESP-FGV) identified that several startups that failed during and after the acceleration process had conflicts among the founding partners. This work aims to understand why some entrepreneurial teams in a pre-seed stage are able to overcome conflicts while others are not Methodology: We conducted a case study of 9 accelerated startups using in-depth interviews with 20 founding partners, and the interviews were followed by the codification and analysis of the cases with support from the manager responsible for the accelerator.Results: The research concludes that operational conflicts that escalate to affective conflicts due to disagreements in the process of giving and receiving feedback and/or mistrust between partners can lead to the dissolution of a company. On the other hand, founding members, even if they experience affective conflicts, are able to overcome the problems using the strategies of taking a step aside, giving in and putting their egos aside. It was also identified that the acceleration process tends to exacerbate the operational conflicts between founding partners.Theoretical/methodological contributions: The research contributes to the literature about founding teams by pointing out that operational conflict does not necessarily lead to the dissolution of the organization or closing the business, but operational conflicts that intensify to affective conflicts due to disagreements in the process of giving and receiving feedback and/or distrust among partners can lead to the dissolution of the organizationRelevance/originality: Founding teams are the backbone of any company. In spite of several articles discussing team conflict little is known about why some entrepreneurial team are able to overcome conflicts while other not. Moreover, also little is known about the role accelerators play in these conflicts.Social/management contribution: The conclusions about the strategies for managing founding team conflicts: taking a step aside, giving in and putting their egos aside; may be very useful for both entrepreneurs and accelerators’ management team in dealing with conflicts among founders.
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Ṭḯrlea, Mariana Rodica. "Financing Alternatives of Micro Enterprises (II Practical Application)." International conference KNOWLEDGE-BASED ORGANIZATION 25, no. 2 (June 1, 2019): 98–103. http://dx.doi.org/10.2478/kbo-2019-0063.
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Abstract One Micro-enterprises can benefit from state aid only when they demonstrate that, at the time of the on-line completion of the business plan, they meet cumulatively the eligibility criteria imposed by the funding authority. These criteria are minimal and binding for fund applicants and are conditioned as micro-enterprises: 1. to be organized either according to the Law on Commercial Companies no. 31/1990 or according to Law on co-operation no. 1/2005, republished; 2. are small and medium-sized enterprises; 3. are registered at the national trade registry office; 3. have integral private share capital; 4. have their registered office and / or working place; 5. the subject-matter of the activity is authorized and eligible according to the requirements of the aid scheme at the time of submitting the request for reimbursement; 6. the activity takes place in Romania; 7. does not have obligations to the consolidated budget of the state; 8. is not in bankruptcy, is not in dissolution, is not in judicial reorganization, is not in liquidation, is not subject to forced execution, is not in insolvency or bankruptcy, does not have temporary suspended activity or has operational closure.
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Arraiza Jiménez, Pablo. "El concurso de acreedores desde la óptica de la sociedad familiar." Pecvnia : Revista de la Facultad de Ciencias Económicas y Empresariales, Universidad de León, no. 12 (June 1, 2011): 133. http://dx.doi.org/10.18002/pec.v0i12.619.
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El concurso de acreedores constituye una institución mixta de derecho mercantil y procesal que tiene por objeto la salvaguarda del patrimonio social o masa con la finalidad de permitir a los acreedores de una sociedad en situación de insolvencia obtener el cobro de sus créditos en la mayor medida posible, ya sea mediante la suscripción de un convenio que tienda a permitir la supervivencia de la empresa como medio de obtención de los recursos precisos para hacer frente al pago, ya sea mediante la instauración de un proceso liquidatorio que partiendo de una disolución ordenada de la sociedad, contemple la satisfacción de los acreedores de acuerdo con un orden de prelación determinado por una jerarquización crediticia construida sobre la base de la mayor preeminencia de determinados grupos de acreedores caracterizados por la relevancia social de los sujetos que integran cada grupo. La institución del concurso de acreedores viene actualmente regulada en la Ley 22/2003 de 9 de julio, inspirada en el principio de unidad de disciplina como expresamente reconoce la Exposición de Motivos de esta Ley, la cual somete a un mismo régimen normativo a la totalidad de las situaciones concursales, con independencia de que afecten a personas físicas o jurídicas, comerciantes o no. En tal contexto, las singularidades que por su idiosincrasia interna presenta la sociedad familiar tienen su reflejo en la regulación y el desarrollo del concurso de acreedores, en cuestiones tan relevantes como la génesis y virtualidad de la decisión de instar la declaración de concurso voluntario ante el Juzgado de lo Mercantil, la calificación de los créditos de los socios, su intervención en la junta de acreedores, la solicitud de la apertura de la fase de liquidación, o la calificación del concurso.<br /><br />The bankruptcy constitutes a mixed institution of commercial and procedural law that takes as an object the safeguard of the social heritage or mass with the purpose of allowing to the creditors of a company in situation of insolvency obtain the collection of his credits in the major possible measure, already be by means of the subscription of an agreement that tends to allow the survival of the company as way of obtaining of the precise resources to face to the payment, already be by means of the restoration of a liquidation process that departing from a dissolution been ordained as the company, contemplate the satisfaction of the creditors of agreement with an order of marshalling determined by a credit hierarchical organization constructed on the base of the major preeminence of certain groups of creditors characterized by the social relevancy of the subjects who integrate every group. The institution of the bankruptcy comes nowadays regulated in the Law 22/2003 of July 9, inspired by the beginning of unit of discipline as expressly it recognizes them the Exposition of reasons of this Law, which submits to the same normative regime to the totality of the situations compete for them, with independence of which they affect natural or juridical persons, merchants or not. In such a context, the singularities that for his internal idiosyncrasy the familiar company presents have his reflection in the regulation and the development of the creditors' contest, in questions as relevant as the genesis and virtuality of the decision of urging the declaration of voluntary bankruptcy before the Judge of the mercantile thing, the qualification of the credits of the partners, his intervention in the creditors' meeting, the request of the opening of the phase of liquidation, or the qualification of the bankruptcy.<br />
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Kudryashova, S. V., and O. M. Taran. "Influence of Mergers and Acquisitions Processes on the Competitiveness of the Agricultural Sector." Business Inform 2, no. 517 (2021): 138–43. http://dx.doi.org/10.32983/2222-4459-2021-2-138-143.
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Mergers and Acquisitions (M&A) are widespread in the business world, being one of the means of competition. They belong to agreements between two companies that become combined in one form or another. Although mergers and acquisitions are used as synonyms, they have different meanings. When merged, two companies of the same size are combined into one new enterprise. Acquisitions are a situation in which a larger company acquires a smaller company, thereby taking over the business of the latter. M&A agreements may be friendly or hostile, depending on their approval by the board of directors (management) of the target company. The main reasons for mergers and acquisitions can be called the desire of companies to increase the growth rate, strengthen and stabilize supply chains and sales of products, diversify production, optimize the tax burden, as well as strengthen their market positions due to reputational advantages. The article analyzes the normative and legislative acts of Ukraine regulating the procedure for concluding M&A agreements, as well as displaying information about them in both the accounting and the financial statements of enterprises. Regarding the regulation of the procedure for concluding M&A agreements, there are no clear definitions of these terms. These concepts are considered only in the context of methods of formation, reorganization or liquidation of enterprises. The authors have allocated some aspects of taxation of operations on the purchase and sale of assets and shares in the implementation of M&A agreements. The relevance of the chosen topic is due to the strengthening of the tendency to the concentration of resources (land banks) by large agricultural enterprises in Ukraine. The statistics on M&A agreements in the agro-industrial sector of Ukraine for the period 2018-2020 are to testify to this tendency. Positive aspects of mergers and acquisitions for agricultural enterprises, as well as risk factors that may appear as a result of an increase in the share of foreign companies in the agro-industrial sector of Ukraine, have been allocated.
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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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Öberg, Christina. "Who owns a customer relationship following a merger or acquisition?" Corporate Ownership and Control 6, no. 2 (2008): 212–21. http://dx.doi.org/10.22495/cocv6i2c1p5.
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This paper discusses how changes in management affect customer relationships. Management turnover is described widely in literature on M&As. Such turnover may help new owners to attain control over an acquired party, for example, but managers who leave an M&A party may also lead to customer losses. This paper shows that managers and other company representatives are important if customers are to be kept following an M&A. The findings indicate that customer relationships may well be “owned” by managers rather than by companies and also show that what managers and other representatives leaving an M&A party actually do is to make customers’ dissolution decision more probable.
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Gláserová, Jana. "Impacts of Newly Acquired Items Within Business Combinations on the Items of the Financial Statements." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 64, no. 1 (2016): 265–74. http://dx.doi.org/10.11118/actaun201664010265.
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This paper is focused on the operations with the company (business combinations). These are those operations that are associated with the formation or dissolution of companies or reorganization of their ownership structure. They are often referred as equity transactions. In the concept of Czech accounting legislation, these are the purchase, sale, investment (deposit) of firms or their parts, and various forms of transformation of enterprises. There are analyzed the accounting practices of recording of these issues under the Czech accounting legislation and International Financial Reporting Standards. Consequently there are identified newly acquired assets and liabilities arising directly in connection with the business combinations. In the conclusion of this paper there are examined the effects of different reporting of newly acquired items in the context of business combinations according to Czech accounting legislation and in accordance with International Financial Reporting Standards on the significant items of balance sheet and profit and loss statement from the material and time point of view.
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Dukoska, Katerina. "MARKETING ACCESS FOR THE GLOBAL MARKET." KNOWLEDGE INTERNATIONAL JOURNAL 30, no. 1 (March 20, 2019): 209. http://dx.doi.org/10.35120/kij3001209d.
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The company in the global economy is persisting in the production of goods that people want and are able to buy. Accordingly, it is essential to determine the market consumption to gain insight into the company's continued existence and resilience in the event that there is no potential threat to liquidation. Many companies today focus their focus on consumers (or towards the market). This implies that companies focus their activities and products on customer requirements. In general, there are three ways to do this: an approach to consumers, an approach to recognizing market changes and an approach to product innovation. In the approach to consumers, the wishes of the buyer are the drivers of all strategic marketing decisions. No strategy has been put into use until it passes the consumer research test. Every aspect of market supply, including the nature of the product itself, is driven by the needs of potential consumers. In this type of business, the firm's marketing department is often seen as a prime importance for the level of the organization's performance. The information from the marketing department of the organization will be used to guide the actions of other departments in the company. As an example, we can assume that the marketing department through marketing research can establish that consumers want a new kind of product or a new use of the already known product. Based on this knowledge, the marketing department will inform the research and development department on the basis of new wishes of consumers to create a prototype product / service. Then, the production department will start to produce the product, while the marketing department will focus on promotion, distribution, price and the like of the product. The company's financing section will additionally be consulted, taking into account the costs of financing the development, production and promotion of the product. Conflicts between departments can occur if the firm joins only the marketing orientation. Production may oppose the introduction, maintenance and provision of investments that may be needed to promote a new product. It is crucial to say that a company that plays on the global market must have a strategy that can be used to gain a competitive advantage. Every company needs to have a strategy for appearance on the global market in order to gain the opportunity to progress. It is crucial to create the conditions for advancing the company by choosing the right marketing strategy. This is necessary for the following reasons: - Direct the work of the company - Give an insight into the necessary expenses - Allows the company to gain a competitive advantage
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Al Humaidan, Saleh, and Valerie Sabatier. "Strategic renewal in times of environmental scarcity." Journal of Organizational Change Management 30, no. 1 (February 13, 2017): 106–20. http://dx.doi.org/10.1108/jocm-09-2015-0161.
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Purpose The purpose of this paper is to analyze how strategic renewal occurs in large incumbent newspaper companies facing a specific context of environment scarcity (i.e. environmental dissolution (the market gradually changing in size and scope)). Within the media industry, the Kingdom of Saudi Arabia (KSA) offers a particularly interesting research setting because the number of competitors in the regional market is regulated by the government; consequently, the incumbent firms face the same local environment. This situation offers the possibility to shed light on how the orientation of the top management team (TMT) of the firm influences the strategic renewal and the traditional business model of the firm. Design/methodology/approach The strategic renewal of the three largest incumbents of the print newspapers in KSA over 12 years (from 2000 to 2012) was analyzed with a qualitative approach (archival data and 30 interviews with the TMTs of each company and with external observers). A two-step analysis of within-case analysis and cross-case analysis was used. Findings Building on Schmitt et al.’s (2016) framework, it was empirically found that depending on the orientation of the TMT, the managerial perception of the firm’s environment within the same scarcity situation leads to different strategic renewal responses. The findings demonstrate that internally oriented TMTs engage in incremental business model changes, while externally oriented TMTs engage in disruptive business model changes. However, management’s attitude toward technology has been neglected in the literature so far, and it was concluded that technology plays a mediating role in strategy renewal. Research limitations/implications Recent research on strategic renewal in times of environmental scarcity has built on both population ecology and strategic choice literatures and has argued that varying CEO perceptions can lead to very different strategic responses. Other research on business models has started to explore the role of technology in business model evolution. In the context of environmental dissolution, it can be argued that the attitude of the TMT toward technology has a mediating role in business model evolution. Practical implications In times of environmental dissolution – the traditional market of the firm changes not only in size but also in scope – strategic renewal is conditioned by the orientation of the TMT and its attitude toward technology. When the traditional business model of the firm is put under pressure by such changes, teams with an external orientation or an appetite for technology will be more likely able to engage in business model disruption. Originality/value The authors have had the opportunity to conduct case studies on three large newspapers companies in a country where the regulation is very strong and press freedom is not comparable to other European or North-American countries.
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Miguélez del Río, Carlos. "La empresa familiar y la sociedad legal de gananciales y su sucesión." Pecvnia : Revista de la Facultad de Ciencias Económicas y Empresariales, Universidad de León, no. 12 (June 1, 2011): 71. http://dx.doi.org/10.18002/pec.v0i12.616.
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Este trabajo hace referencia a la problemática derivada de la existencia de la empresa familiar y a las características específicas de las explotaciones familiares, especialmente las de asegurar la conservación y continuación de la misma. Ante la falta de una regulación específica en la materia, estudiaremos la normativa común sobre la empresa familiar dentro del régimen económico del matrimonio y la sucesión de la misma. Con esta finalidad examinaremos las nuevas reformas introducidas en nuestro ordenamiento jurídico contemplando la empresa familiar, tanto como bien ganancial, como privativo, como integrada por bienes privativos y gananciales, así como en cuanto a sus beneficios y pérdidas y los efectos que en ella produce la liquidación de la sociedad ganancial. Efectuaremos también un estudio específico del protocolo familiar y de las formas de sucesión de la empresa familiar, con mención concreta al novedoso contenido del art. 1056 del Cc y a las facultades de mejora de hijos o descendientes, para concluir con las notas más importantes de los pactos sucesorios y su trascendencia jurídica.<br /><br /><br />His work refers to the problematics derived from the existence of the family business and to the specific characteristics of the familiar developments, specially them of assuring the conservation and continuation of the same one. Before the lack of a specific regulation in the matter, we will study the common regulation on the family business inside the economic regime of the marriage and the succession of the same one. With this purpose we will examine the new reforms got in our juridical classification contemplating the family business, so much as profit good, since exclusively, since integrated by exclusive and profit goods, as well as for his benefits and losses and the effects that in her there produces the liquidation of the profit company. We will effect also a specific study of the familiar protocol and of the forms of succession of the family enterprise, with mention it makes concrete to the new content of the art. 1056 of the Cc and to the powers of improvement of children or descendants, to conclude with the most important notes of the successor agreements and his juridical transcendency.<br />
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Marlissa, Elsyan Rienette. "Effectiveness and Contributions Analysis of PT. Bank Papua Owned Enterprises (BUMD) toward Regional Income (PAD) in Papua Province." Journal of Social and Development Sciences 7, no. 3 (October 9, 2016): 20–25. http://dx.doi.org/10.22610/jsds.v7i3.1406.
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Government of Papua Province by placing the regional enterprises as the one of the assets that will be used to provide a real contribution to the local economy, many steps and efforts put enterprises as an institution that has a chance to be an advance contributor to contribute to the economy and income for the region through the placement funds by the government in business institutions established under Regional Regulation. The placement of these funds will take a role in stimulating economic growth, which may create additional value, employment, and foreign exchange. This research is purposed to determine the effectiveness of the financial capacity of the PT.Bank Papua Owned Enterprises (Ind: BUMD) toward the income target of PT.Bank Papua profit and find out how much the contribution of the Regional Owned Enterprises (Ind: BUMD) on PT.Bank Papua income of Papua Province. The method used is the analysis of the effectiveness and contribution analysis. The results shows that PT.Bank Papua profit is very effective based on the financial balance sheets and PT.Bank Papua income (loss), PT. Bank Papua Deposits have very effective category, PT.Bank Papua postal giro has effective category. PT. Bank Papua financial ratio analysis, liquidation analysis or LDR PT.Bank Papua has a category of highly effective, the analysis of acceptance or BOPO PT.Bank Papua has effective category. Bank of Papua contribution to regional income of Papua Province was the highest in 2010, reaching Rp.23.339.102.363 or 6.00%. Suggestion findings show that Bank of Papua in the growth and development of enterprises needs to be fostered and implemented, especially on the motivation to improve the regional company's operating profit reception for regional income. The efforts can be done through increasing the expertise and the professionalism of its staff and their directors in running the company as a purely commercial business that promotes/prioritize the efficiency considerations. PT.Bank Papua Directors and staff (enterprises) in achieving the profit should be continued to improve the development of the soul and spirit of entrepreneurship.
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Mpanza, Mbalenhle, Elhadi Adam, and Raeesa Moolla. "Dust Deposition Impacts at a Liquidated Gold Mine Village: Gauteng Province in South Africa." International Journal of Environmental Research and Public Health 17, no. 14 (July 8, 2020): 4929. http://dx.doi.org/10.3390/ijerph17144929.
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The windy season brings numerous community complaints for gold mining companies situated in the Witwatersrand due to windblown dust from partially rehabilitated tailings storage facilities (TSFs). For communities encroaching onto TSFs, windblown dust is perceived as a health hazard and an environmental challenge. In a study conducted in 2017 by the Lawyers for Human Rights, the community of a gold mine village perceived tailings storage facility 6 (TSF6) and other surrounding tailings storage facilities which are partially rehabilitated to be a health and socio-economic threat. Since 2013, when a nearby gold mining company was liquidated, this community has been complaining about dust fallout. To validate the claims made by the community this paper reports on the dust deposition impacts, and respiratory illnesses risk posed by wind-blown generated dust. The study conducts an air quality assessment using dispersion modelling of windblown dust. Surface material from the TSFs was sampled, analysed for silica and heavy metal content using X-ray fluorescence (XRF) and inductively coupled plasma-mass spectrometry (ICP-MS) respectively. This study finds that PM10 dust fallout, high in silica and uranium content, could potentially pose health threats to the surrounding community. The study further shows that dust deposition is the highest in July–October, with TSF6 posing a nuisance while TSF1 represents a potential health threat owing to its particle size distribution for the surrounding gold mine village community. Potential receptors of the air pollution by dust in this study area include neighbouring property owners, business owners of the nearby shopping centre, the school and the clinic. This study further finds that sudden mine closure due to mine liquidation results in unrehabilitated tailings storage facilities which exacerbates dust deposition.
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Чегар, Бобана. "Нужност ефикаснијег вођења стечајног поступка у функцији опоравка привреде // The necessity of introducing a more efficient bankruptcy procedure as a function of economic recovery." ACTA ECONOMICA 12, no. 20 (February 6, 2014): 261. http://dx.doi.org/10.7251/ace1420261c.
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Резиме: Стечајни поступак је нешто с чим се сусрећу све привреде, али ефикасност његовог вођења није иста код свих. Ефикасност стечајног поступка може се мјерити узимајући у обзир три фактора: трајање, трошкове и исход. С обзиром да једно предузеће не може да послује са самим собом, финансијске неприлике у којем се нађе осјетиће се и код других предузећа. Зато је оправдано стечајни поступак посматрати у функцији опоравка привреде, јер се може завршити реорганизацијом, а не само банкротством (ликвидацијом).Рад је подијељен у три дијела. У првом дијелу укратко се даје теоријско објашњење стечајног поступка и начин његовог функционисања. Приказане су и најважније законске и рачуноводствене одреднице стечајног поступка и дефинисање реорганизације. Други дио заснива се на анализи садашњег стања ефикасности стечајног поступка, док је у посљедњем дијелу дат приједлог мјера за његово ефикасније вођење.Summary: Bankrupt process is something that all economic encounter, but efficiency in leading such processes is not everywhere the same. The efficiency of bankruptcy proceedings can be measured by taking in account three factors: duration, cost and outcome. Since one company can not conduct business with itself the financial problems it falls in will have impact on other companies. Therefore it is reasonable to observe bankruptcy procedures as a function of economic recovery, because it can end up by reorganisation, not just bankruptcy (liquidation).The work is divided in three parts. The first part gives a brief theoretical explanation on bankruptcy procedures and how it operates. Displayed are the most important legal and accounting determinates of bankruptcy procedure and defines reorganiсatio. The second part is based on the analysis of the present state of the bankruptcy proceedings. While the last part gives proposal measures for an efficient introduction.
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Shumilin, P. E., and V. A. Eremenko. "ACCOUNTING MODEL OF DECISION SUPPORT SYSTEM." Scientific Review: Theory and Practice 10, no. 4 (May 4, 2020): 612–19. http://dx.doi.org/10.35679/2226-0226-2020-10-4-612-619.
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The digital development of the economy opens up new horizons for accounting. On the one hand, dissolution of accounting in corporate management systems takes place, on the other hand, the accounting functions for managing economic information remain relevant. This article uses the accounting modeling method. We offer a five-blocks accounting model of the decision support system. The model is formed by such blocks as the interface for collecting primary data on company transactions in the context of the formation of financial, managerial, strategic accounting accounts, ETL (extract, transform, loading) of processes for combining credentials from various sources within the framework of a structured work plan of accounts; predicted accounting iterations, having a synergistic, reorganization, reorganization, immunization, hedging and other areas; express audit of the management decision, which consists in assessing the impact of the management decision on the effectiveness of the company, which includes such elements as tax and legal expertise; SWOT analysis; reporting visualization tools that allow you to generate different types of reporting: financial, managerial, statistical, not just in tabular form, but using digital visualization methods; accounting and analytical indicators of managerial decisions, which can be described as a system of indicators reflecting the financial and economic situation of the enterprise under the influence of managerial decisions; the state of its financial stability, profitability, solvency, liquidity; the size of the property of the founders. The introduction and use of this model will allow generating relevant accounting information based on the needs of management, supporting the adoption of management decisions at a scientifically sound level that meets the criteria of business efficiency and protect the interests of owners.
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Leiß, Gabriela, and Anita Zehrer. "Intergenerational communication in family firm succession." Journal of Family Business Management 8, no. 1 (April 9, 2018): 75–90. http://dx.doi.org/10.1108/jfbm-09-2017-0025.
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Purpose The purpose of this paper is to explore how intergenerational communication between predecessors and successors impacts on the entrepreneurial family and the family business, and aims at developing a typology of communication patterns in family business succession. Design/methodology/approach Based on grounded theory methodology, ten in-depth narrative family interviews with predecessors and successors were conducted, transcribed and analyzed. The qualitative data analysis followed a hermeneutic approach focusing on in situ language phenomena such as positioning, syntax, semantics and interaction patterns. Findings The reconstruction of the interviewees’ subjective realities resulted in a theoretical concept with four communication types, varying between continuity and change, and between relatedness and autonomy. Given the fact that succession is not a single event but a long-lasting process, the typology can be transferred into a dynamic model for succession comprising three consecutive stages: intergenerational transmission, independent acquisition and finally interdependent development of the family firm heritage. Research limitations/implications First, the results are based upon a small sample size (n=10) that should not be generalized to the population of family businesses at large. Hence, to complete the overall picture, a broader survey among family-run firms by means of an extended qualitative or even a quantitative survey would be most valuable to generate more objective data. Another shortcoming is that the authors only investigated intra-family succession and challenges. No attention was paid to the various opportunities of external succession of family businesses, such as management buyout, management buy in, external management or liquidation. Practical implications Understanding the sociological and psychological aspects of communication helps family firms to identify characteristics in communication during their succession process. First, the knowledge that various communication types are highly dependent upon the personal interactions among the parties involved, might be an asset for family firms which are handing over their company in the future. Second, knowledge on different communication types might raise awareness for and prevent from conflicts and emotional relationships during the firm succession and thus function as a strategic advantage. Social implications Following a sustainable and responsible strategy, family firms can be regarded as the pillars of our economy. Yet, they can be compared to an endangered species often not surviving the transfer from one generation to the next. Succession seems to be a delicate stage in a company’s lifecycle, the failure of which threatens thousands of jobs every year. When it comes to the survival rate of family firms, the increase of communicative and reflexive competence as it is addressed by this paper, is one of the key factors helping the family to deal with conflicts and thus strengthen their self-efficacy. Originality/value The dynamic succession model presented in this paper gives experts a comprehensive insight into the inner logic of entrepreneurial families reconstructed by their communicative patterns. Understanding the different dimensions of succession lays the foundation for consulting and supporting family members in transition processes helping them to cope with intergenerational ambivalences and find solutions that are both beneficial for the individuals as well as for the business.
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"A Detailed Research on Liquidation of a Company." International Journal of Recent Technology and Engineering 8, no. 4 (November 30, 2019): 7791–97. http://dx.doi.org/10.35940/ijrte.d5387.118419.
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Liquidation is a process of closing the business affairs of a company .It also means closing of all the business activities of a company .In certain circumstances if the company has been involved in illegal business then liquidation is made compulsory. The main reasons for Liquidation of a company is due to insolvency of a company , obsolescence of the products made by the company continuous losses or any other compelling reasons .As per Companies Act , 1956 liquidation of a company can be done in 3 ways , Compulsory liquidation ,Voluntary liquidation and winding up under the supervision of the court . The process of liquidation is done by the appointed liquidator who would look into the interests of the company , its members and its creditors. Compulsory liquidation is usually initiated by the creditors. The essentiality of winding up a company is to save the creditors and members from further losses and also distribution of assets and liabilities among the creditors and members.A company is liquidated when it is ascertained that the business is not in any state to continue. This may be due to various reasons such as insolvency unwillingness to carry on with the operations, etc. An empirical study is done where the samples are collected by using probability sampling and random sampling method. Samples of approximately 1512 respondents are collected . Using the spss tool the value of the chi square is found and the output of the research is that there is no significant association between the process of liquidation of company done by the liquidator and gender and there is a significant association between the compulsory liquidations initiated by the creditors as per court order and its concluded that most of the company undergo liquidation process in order to save the company from loss and also the money which is raised will be distributed to the creditors as well as the shareholders the liquidation process is done only when the business is not in any state to continue
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Ericson, Steven. "The Wealth of Zaibatsu Owner Families: The Impact of Zaibatsu Busting in Occupied Japan." Shashi: the Journal of Japanese Business and Company History 6, no. 1 (June 28, 2021). http://dx.doi.org/10.5195/shashi.2021.48.
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Contrary to widely accepted views, the former zaibatsu owner families, despite the drastic reduction in their enormous wealth, emerged from the U.S. Occupation with relatively sizable assets. The Holding Company Liquidation Commission, the Japanese agency that at the direction of Occupation Headquarters (GHQ) seized stocks that the zaibatsu families had held either directly or through their holding companies, worked to protect the families, especially by convincing GHQ to switch compensation from nonnegotiable bonds to cash. Furthermore, in the sale of stocks, the policy of giving purchase priority to zaibatsu company employees appears to have made it possible in some cases for the families to buy back shares and regain control over their former enterprises after 1952. As it turned out, the confiscatory measure was not so much the appropriation of the families’ assets under the GHQ-mandated dissolution of the combines as it was the Japanese government’s own punitive capital levy.
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Buttignon, Fabio. "Distressed Firm Valuation: A Scenario Discounted Cash Flow Approach." Journal of Business Valuation and Economic Loss Analysis 15, no. 1 (September 10, 2020). http://dx.doi.org/10.1515/jbvela-2020-0002.
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AbstractValuation of a distressed company is a very tricky issue, for which many approaches and methods have been provided by the literature. Unfortunately, many of the more suitable proposals from a theoretical point of view (i.e., those based on option pricing theory, and even integrated with game theory) are very difficult to apply to real cases. To face the many contingencies emerging in a real case valuation, a scenario discounted cash flow (SDCF) model is provided here. The focus is on companies at an advanced stage of distress, where their ability to operate as a going concern is in question, and maintenance or recovery of business continuity requires significant interventions in the firm’s strategic, operational, and financial structure. In this context, SDCF, with a number of arrangements elaborated here, appears useful for valuing assets, debt, and equity – from current or potential new investors – and the interactions between them, which are particularly critical for distressed companies. At the same time, SDCF takes into account the firm’s liquidation option, not only at the valuation date but even after a restructuring plan has been launched. The going-concern value including the liquidation option should be the reference point for judging the suitability of business continuity compared to liquidation. In presenting the model, the key concepts and methodology adopted are set out following a numerical example inspired by a real case.
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"RECENT TRENDS IN WINDING UP OF COMPANIES IN INDIA." International Journal of Research in Informative Science Application & Techniques (IJRISAT), June 20, 2020, 20461–204616. http://dx.doi.org/10.46828/ocpu/ijrisat.
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As per the Companies Act, 2013, a Company is an artificial juristic person which can only come into existence through registration and incorporation and is provided with various rights, duties and obligations .Similarly dissolution of company is a legal phenomenon, as per the guidelines of the article of association, being regulated by the various provisions of the said Act. Winding up means a process by which the dissolution of a company is brought about and its assets are realized and applied in the payment of its debts. After satisfaction of the debts, the remaining balance, if any, is paid to the members in proportion to their contribution to the capital of the company. As per Section 2 (94A) of the Companies Act, 2013, winding up refers to process winding up under the said Act or liquidation under the Insolvency and Bankruptcy Code, 2016. There exit various modes of winding up of Companies under section 270 of Companies Act, 2013, such as Compulsory winding up by the courts, Winding up under the supervision of court and Voluntary winding up. After the enforcement of the Insolvency and Bankruptcy Code, 2016, several changes have been brought in the Companies Act, 2013, such as subtractions voluntary winding up and winding up on the ground of inability to pay debts. The research paper is an attempt to examine the important principals governing winding up of companies in India and has been written in an analytical style. The study is essentially being doctrinal and secondary source of data has been used for writing the research paper. The primary sources include Companies Act, 1956, Companies Act, 2013, Insolvency and Bankruptcy Code, 2016 and the government notifications of various amendments done in the existing laws. The research paper will analyse the recent trends in the winding up of companies in India and its impact followed by suggestions wherever required.
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Lasnita, Fiany Alifia, and Muhamad Adji Rahardian Utama. "Authorized Failure: How is Company Status?" Indonesian Journal of Advocacy and Legal Services 2, no. 2 (May 16, 2020). http://dx.doi.org/10.15294/ijals.v2i2.37721.
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The sense of the limited liability company is a legal entity to be able to run a business that has a capital consisting of a share, which its owners have lots of stock. Because it is composed of capital over shares that can be traded, and changes to the ownership of the company can be done without the need for a dissolution of a company. Limited liability company is a business entity and the magnitude of the capital company which are poured in a basic budget. The wealth of the company separate from the personal wealth of the owners of the company so that it can have its own treasures. Each person can have more than one stock which can be a proof of ownership of a company. The owner of the stock itself has a limited liability, i.e. as much as their shares. In the establishment of limited liability company also required permission and also some important documents that should be owned by a limited liability company to be its foundation.
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Akande, Adesola Adebayo. "Nexus Of Liquidity Management And Corporate Business Failures In Non –Financial Sectors’ A Case Of Nigeria." European Journal of Business and Management Research 4, no. 5 (October 14, 2019). http://dx.doi.org/10.24018/ejbmr.2019.4.5.93.
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This paper examined the imperativeness of liquidity management – a key survival strategy of listed companies on the Nigeria Stock Exchange Markets and retrospectively assessed the salient variables on delisted corporate firms in Nigeria. Data were randomly collected from ten companies each from 114 listed and 82 delisted companies on the Nigeria stock exchange market records from January 2016 to 31st December, 2018 - healthy listed companies and 2006 -2008 for delisted records of failed companies. In all, twenty companies were analysed with two-tailed test using a significance level of 0.05 to test the possibility of the relationships, The existence of a positive relationship between liquidity management and profitability of corporate firms in Nigeria were established as the result of the study showed that adequate liquidity management spurs rapid cash growth, effective operating activities and profit making propensity of corporate healthy businesses which invariably were lacking in the delisted companies and resulted into eventual failure. Also, a higher cash flow from operations reduce the chance of a firm growing resulting into eventual liquidation. Cash flow from investing activities is however seen as a factor that exert a positive influence generally on corporate businesses in Nigeria. The study concluded that ill management of business liquidity is the major cause of failure of corporate businesses in developing economy and as such cash flow from operations, investments and financing activities of a firm should be adequately monitored by the company managers, investors, creditors and suppliers and even the government to forestall financial distress of companies in developing economy.
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Mujkić, Elvis. "THE INFLUENCE OF THE FINANCIAL STRUCTURE OF CAPITAL ON THE ESTIMATED VALUE OF THE COMPANY." EMC Review - Časopis za ekonomiju - APEIRON 21, no. 1 (September 21, 2021). http://dx.doi.org/10.7251/emc2101240m.
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In the modern business environment, the appearance of mergers and acquisitions, the sale of companies, as well as the disappearance of companies from the market are an everyday occurrence. In these, so called “transactions”, there is a need to determine the value of a company that is merged with another company, or that is being sold, or on the other hand that disappears from the market, i.e. goes into liquidation. The companies that are the subject of these “transactions” differ in a number of criteria. One of these criteria is the capital structure. The capital structure is conditioned by numerous factors, from profitability, creditor security, all the way to financial elasticity. Each of these factors implies a different ratio of equity and borrowed capital. The aim of the research is to determine the influence of the financial structure of capital on the estimated value of the company. The methods used to estimate the value of the company are: the method of discounting net cash flow, as a method of yield approach and the method of multiplier based on comparable transactions, as a method of market approach. The influence of the capital structure on the estimated value of the company was determined on the basis of regression and correlation analysis. The results obtained by applying the multiplier method based on comparable transactions, indicate that, with the increase of the share of borrowed capital in the capital structure, the estimated value of the company increases, which is in line with Modigliani - Miller theorem from 1964. However, as the costs of financial troubles increase with the increase in indebtedness, i.e. creditors lose trust in a given company, the question arises what is the upper limit of the company’s indebtedness that maximizes the estimated value of the company. To answer this question, the method of discounting net cash flows was applied. Applying the method of discounting net cash flows, it was determined that the relationship between the share of debt in capital and the value of the company is in line with the theory of static compromise. This means that with an increase in the share of debt in capital, the value of the company will grow to a certain level of that leverage, and after that level, the value of the company will decrease with an increase in the share of debt in capital. The level of debt participation in the capital that maximizes the value of the company differs from company to company, i.e. it is not unambiguously determined and it depends on the price of equity and borrowed capital, as well as the level of income tax rate. Taking into account the above-mentioned results, as well as the results of hypothesis testing, it can be concluded that the hypothesis was confirmed, according to which with increasing share of borrowed capital, the value of the company will grow to a certain level of leverage, and after that level with further increase of leverage the value of the company decreases.
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Moinoddin, Mohammad Khaja. "MERGERS IN BANKING SECTOR WITH SPECIAL REFERENCE TO SBI - A CASE STUDY." Interscience Management Review, July 2011, 147–52. http://dx.doi.org/10.47893/imr.2011.1093.
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In the previous few years, Asian country had witnessed a considerable lag within the mergers and acquisitions (“M&A”) activity. within the year 2014, Indian firms were concerned in transactions value $ thirty three billion whereas within the year 2015, the worth of M&A activity saw a dip to $ twenty billion. it's forecasted that 2016 can see heightened world M&A activity and it's anticipated that the worth of transactions would cross $ thirty billion simply. One will expect the rise within the M&A deals and activities within the future time as each native and international investors and business homes area unit eyeing Asian country with a hope of tremendous growth. the start of 2017 proceeded with the executive amendment motivation of the administration particularly, product and Services Tax (GST), property regulatory agency (RERA), combined with the legal translations on a number of elements of the not terribly very previous economic condition and Bankruptcy Code (IBC) that has reimagined the obligation and liquidation scene in Asian country. The year 2017 was loaded up with nice live of discusses company reconstruction and mergers and acquisitions – thanks to the relative facilitating of the executive setting and primarily thanks to the event of the IBC, that at one hand offers recovery/liquidation of the organizations in doldrums and at different hand offers the monetary fund sound organizations to develop/grow by gaining the opposition/focuses at seductive valuations. The arrangements examined loosely were within the medium half Vodafone-Idea merger, Bharti Airtel procuring Telenor Asian country, and Bharti Airtel merger with Tata Teleservices. Among the most important M&A arrangements to be culminated were – Russia's Rosneft PJSC willing to get Essar Oil Ltd, Flip kart procuring the Indian arm of Ebay, Axis Bank forward management over the versatile installment application – FreeCharge, olla gaining Foodpanda, the partners of depository financial institution of Asian country (SBI) connexion into SBI, during this means upgrading the muscle intensity of individuals normally division behemoth.
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Tsyhan, Raisa, and Yelyzaveta Lyzhova. "ANALYSIS OF APPROACHES AND METHODS OF VALUATION OF THE ENTERPRISE." Young Scientist 11, no. 87 (2020). http://dx.doi.org/10.32839/2304-5809/2020-11-87-45.
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Valuation of the enterprise is one of the main stages in the implementation of mergers and acquisitions. With the help of M&A, a business has the opportunity to develop, and if a business develops, then the industry in which the business operates develops. All this further contributes to the development of the national economy. That is why the assessment of the value of the enterprise is important both for the development of a particular enterprise and for understanding the development trends of the industry and the national and world economy as a whole. That is why choosing the right method and approach to assessing the value of the enterprise is important and relevant today. If you choose the right approach, the risks of overestimating or underestimating the value of the enterprise are minimized, due to such factors as: the nature of the market in which the company operates, the characteristics of the enterprise, its internal and external factors, the identified reason for evaluation. By assessing the value of the enterprise, the firm can identify the main factors that positively affect the value of the enterprise, which will positively affect the enterprise in the future, and for investors it can be a key indicator in making important decisions. The article considers the following methods and approaches: income (cash flow discounting method and method of determining the capitalized value of income), market (capital market method, transaction method and method of industry ratios) and cost (net asset value method, book value method, replacement cost method), liquidation value method and excess profit method). The main approaches, their essence, advantages and disadvantages of each approach, identified patterns of use of each approach and developed an algorithm for their application to assess enterprises based on their age, condition and existence of a developed market, which can greatly facilitate the selection of the required method. It also proposes a comprehensive method of estimating the value of the business based on the cost approach by calculating net assets using balance sheet data: value of fixed assets, current assets, goodwill and long-term and short-term liabilities and collateral.
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Herlambang, Tedy. "Is There A Fe(Male) Approach In Customer Relationship Management?" Jurnal Manajemen Teori dan Terapan| Journal of Theory and Applied Management 2, no. 3 (December 22, 2009). http://dx.doi.org/10.20473/jmtt.v2i3.2384.
Full textAbstract:
Customer relationship management (CRM) has been the favorite topic of scores of marketing consultants and academicians for over a decade. CRM approaches marketing as dating in which the marketer attempts to turn strangers into friends and friends into lifetime partners and to retain the loyalty of the right customers for this is the key to long-term profits in a company. Gender theories posit that women and men behave differently, and that they approach things differently. Moreover, these theories have documented a picture of women are being more expert and motivated relationship psychologists than men, as more active in their relationship monitoring, and as more oriented toward the maintenance and success of their relationships. Based on these theories, this paper develops some propositions to facilitate its empirical testing related to relationship communication and relationship dissolution in business market. The contribution of this paper is twofold. First, it attempts to create more insight into areas where relationship marketing research to date has not been abundant. Second, this paper attempts to contribute to methodological development of measuring relationship success by systematically distinguishing between good communication relationship and good management relationship.