Academic literature on the topic 'Finance management. Business finance. Corporation finance'
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Journal articles on the topic "Finance management. Business finance. Corporation finance"
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Giddy, Ian H., and Roy C. Smith. "Mitsubishi Corporation Finance." Journal of International Financial Management & Accounting 5, no. 1 (February 1994): 74–89. http://dx.doi.org/10.1111/j.1467-646x.1994.tb00035.x.
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Il'in, Sergey, Gamlet Ostaev, and Guzaliya Klychova. "CORPORATE FINANCE IN MODERN CONDITIONS OF ECONOMY." Vestnik of Kazan State Agrarian University 16, no. 4 (February 15, 2021): 102–7. http://dx.doi.org/10.12737/2073-0462-2021-102-107.
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The study of the issues of assessing performance indicators and intensification of finance in the activities of corporations operating in modern economic conditions is necessary and relevant. The purpose of the study is to identify a group of indicators of financial and economic activity to assess the effectiveness of the corporation (corporate finance). In the course of the research, a toolkit has been developed, which is a group of indicators that allow corporations to analyze indicators of financial and economic activity in generalized and detailed forms. When choosing the resulting and factor indicators of efficiency and intensification, the author's position was based on taking into account the current economic environment, namely, the multidisciplinary activity of corporations (on the scale of state borders and beyond) and a high share of borrowed capital for the implementation of business processes in the field of core and non-core types of entrepreneurship. The research indicators in generalized and detailed forms were direct and indirect profitability. These indicators refer to the resulting performance indicators, calculated by comparing profit and consumed capital (its factor indicators). Changes in profit and capital are the resulting indicators of intensification, under the influence of the effectiveness and cost (factor indicators affecting it) of entrepreneurial national and international projects of corporations. The generated indicators fully correspond to the current economic environment and the economic nature of the categories “efficiency” and “intensification”. With their use, it is possible to calculate the dependence not only between the resulting and factor indicators, but also to analyze the interactions of the factor indicators themselves. These indicators meet all economic postulates and are fully adapted to generally recognized economic requirements, in particular, of a financial-economic and financial-management nature. The proposed approach will help maximize financial benefits through an objective analysis of the efficiency and intensification of business operations
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Salmon, Harly Clifford Jonas. "Kedudukan Keuangan Negara Dalam Badan Usaha Milik Negara." TATOHI: Jurnal Ilmu Hukum 3, no. 2 (April 28, 2023): 198. http://dx.doi.org/10.47268/tatohi.v3i2.1570.
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Introduction: The state separates its finances to be used as capital in state-owned enterprises. However, Law Number 17 of 2003 concerning State Finances still counts the separated capital as state finance, contrary to the principle that separated finance is corporate finance.Purposes of the Research: Analyzing the Position of State Financial Status in State-Owned Enterprises. Methods of the Research: The research method used is normative juridical, with a statutory and conceptual approach. The sources of legal materials used are primary, secondary, and tertiary legal materials. The technique of collecting legal materials carried out in this research is through literature study.Results of the Research: The results of the study show that state finances are all rights attached to the state in the form of money or goods, including equity participation in state-owned enterprises. However, in its management, when the capital has been handed over to a state-owned enterprise, the state's financial status has completely changed to private finance, in this case it is a state-owned enterprise in accordance with Article 4 paragraph (1) UUBUMN which states that the company's capital comes from separated state assets. This capital in the legal context of the company is equity capital. Pursuant to the provisions of Article 1 point 7 of Government Regulation Number 72 of 2016 concerning Procedures for Participation and Administration of State Capital in BUMN and Limited Liability Companies, state capital participation is the separation of State assets from the APBN or determination of company reserves or other sources to serve as BUMN capital and/or other limited liability companies are managed as a corporation. has also been explained in the Constitutional Court Decision No. 77/PUU-IX/2011. The Constitutional Court ruled that a BUMN is a business entity that has separate assets from state assets so that the authority to manage business assets, including the settlement of BUMN debts, is subject to the limited liability company law. This is the point of privatization of state finances which are included in state-owned enterprises where the capital is then managed by the business entity with business principles.
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Millet-Reyes, Benedicte, and Nancy Uddin. "Board structure changes after accounting fraud: the case of Schneider Electric." CASE Journal 17, no. 3 (June 29, 2021): 406–18. http://dx.doi.org/10.1108/tcj-04-2019-0036.
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Theoretical basis The impact of corporate governance on internal controls and quality of financial disclosures. Research methodology Analysis of a real financial fraud event for a non-US multinational corporation. The case relies on accessing and analyzing annual reports for the firm, both before and after the fraud. Additional information on industry governance characteristics are provided in the case itself so that students can compare the firm to the industry. Case overview/synopsis This business case is centered on the analysis of Schneider Electric, a French multinational corporation, which had to restate their financial statements in 2011 because of accounting fraud. Following this event, Schneider undertook major changes in their board structure to improve internal control mechanisms. This pedagogical business case familiarizes students with international differences in ownership and board structure and emphasizes potential corporate governance changes after financial statement fraud. Complexity academic level Managerial finance, corporate finance, international finance, auditing. This case is more appropriate for upper-level undergraduate and graduate courses.
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Margotta, Donald G. "The Legal Meaning Of Agency And Its Implications For Finance Theory." Journal of Applied Business Research (JABR) 6, no. 1 (October 25, 2011): 34. http://dx.doi.org/10.19030/jabr.v6i1.6316.
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Agency theory in the finance literature is based on the assumption that an agency relationship exists between a firms managers, the agents, and its shareholders, the principals. This paper demonstrates that, in a legal sense, no formal agency relationship exists between managers and shareholders. Legal theory views managers as agents of the corporation rather than of shareholders, and the paper discusses the implications of these differences for finance theory.
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Klychova, Guzaliya, Alsou Zakirova, Gamlet Ostaev, Vyacheslav Sokolov, and Elena Nekrasova. "Corporate finance in the system of economic analysis management and intensification." E3S Web of Conferences 273 (2021): 10037. http://dx.doi.org/10.1051/e3sconf/202127310037.
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The study of the issues of assessing the indicators of efficiency and intensification of finance in the activities of corporations operating in modern economic conditions is necessary and relevant. The research was conducted in order to identify a group of financial and economic indicators for assessing the financial efficiency of the corporation. In the course of the research a toolkit was developed, which is a group of indicators that allow corporations to analyze financial and economic activity in generalized and detailed forms. When selecting the resulting and factor indicators of efficiency and intensification, the author's position was based on taking into account the current economic situation, namely, the multiprofile activities of corporations (within and outside the state borders) and the high proportion of borrowed capital for business processes in the core and non-core types of entrepreneurship. The objects of the study in generalized and detailed forms were direct and indirect profitability. They refer to the resulting indicators of efficiency, calculated by comparing the profit and consumed capital. The formed indicators fully correspond to the modern economic situation and the economic nature of the categories of «efficiency» and «intensification». With their use it is possible to calculate the dependence not only between the resultant and factor indicators, but also to analyze the interaction of the factor indicators themselves. These factor indicators meet all the economic postulates and are fully adapted to the generally recognized economic requirements, in particular, financial and economic and financial management. The proposed approach will help to maximize the financial benefits through an objective analysis of the effectiveness and intensification of economic operations.
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Link, Stefan. "The Charismatic Corporation: Finance, Administration, and Shop Floor Management under Henry Ford." Business History Review 92, no. 1 (2018): 85–115. http://dx.doi.org/10.1017/s0007680518000065.
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After assuming sole ownership of the Ford Motor Company in 1919, Henry Ford transformed his business into a mission-driven organization that prioritized improvements in production and engineering over investment returns. At the same time, the company programmatically rejected bureaucratic management in favor of informal procedures and ingrained collective protocols, both in administration and on the shop floor. This article references Max Weber's view of “charismatic” authority to explain the company’s organizational structure, its culture, its ambivalence toward Henry Ford’s worst tendencies and prejudices, and its resilience during the decline of his leadership in the 1930s and 1940s.
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Ansari, Teuku Syahrul. "Reminding State Enterprises (BUMN) Management Using the Principle of ’Business Judgment Rule’: A Preliminary Note." Budapest International Research and Critics Institute (BIRCI-Journal) : Humanities and Social Sciences 2, no. 3 (July 31, 2019): 27–38. http://dx.doi.org/10.33258/birci.v2i3.390.
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This paper explains that the development of BUMN (state enterprises) as a corporation that carries out social and business missions is facing constitutional juridical problems and facing the challenges of globalization. Factually, at this time legal development cannot be separated from the influence of globalization. Globalization in the economic field has affected various fields of the business sector in the world. This globalization is followed by the globalization of law, which causes substantially various laws and agreements to spread across national borders, which causes the merging of legal principles (especially in the economic sector) from one country to another . For Indonesia, the logical consequence of this development is the demand to harmonize the principles of economic law in Indonesia, with the principles of economic law in the international world. Without harmonization, Indonesia can be ostracized in international business activities, because there is no certainty for legal protection for business and investment activities that are commonly carried out globally. The Constitutional Court in case number 48 / PUU-XI / 2013 and case No. 62 / PUU-X1 / 2013 dated May 22, 2013 decided that management BUMN must use the principle of Business Jugment Rule. In the ruling, it was also stated that state-owned finances were state finances. As a result, this ruling brings legal certainty about the position of finance of BUMN.
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Van Auken, Howard E., and Tom Holman. "Financial Strategies of Small, Public Firms: A Comparative Analysis with Small, Private Firms and Large, Public Firms." Entrepreneurship Theory and Practice 20, no. 1 (October 1995): 29–41. http://dx.doi.org/10.1177/104225879502000102.
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This study uses canonical correlation analysis to examine the Interrelationships among balance sheet accounts for 190 small, publicly traded corporations. The results suggest that small, public corporations manage risk with the concurrent use of cash and equity, use long-term assets as collateral for long-term debt, and use accounts payable and other current debt to finance receivables and Inventories. Small, public corporations have characteristics similar to both small, private businesses and large corporations, while having unique, Individual qualities. These findings can be attributed to the small, public corporation having greater access to the capital markets than the small, private business, but facing greater constraints than the large corporation In accessing those markets. These results Increase the understanding of the sources and uses of funds for the small, public corporations and Indicates that financing strategies tend to evolve as firms grow.
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Klychova, Guzaliya, Gamlet Ostaev, Alsou Zakirova, Nailya Yakupova, Irina Selezneva, and Elena Zaharova. "Development of methodological support for assessing the sustainability of corporate finance." BIO Web of Conferences 116 (2024): 07002. http://dx.doi.org/10.1051/bioconf/202411607002.
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In modern times, for the purposes of management and assessment of the sustainability of corporate finances, it is necessary to develop a methodology for a comprehensive assessment of the sustainability of corporate finances based on the system formalization of general and private indicators. The offered technique allows to reveal operatively and to rank reserves on achievement of optimum final parameters. The scope of the research includes the definition of intermediate static and dynamic financial indicators and their combination for logical combination with each other through a representative set of calculation dependencies. The aim of the study was to develop a methodology for assessing the sustainability of the functioning of the finances of organizations conducting large business (corporations). The research is based on the selected static (performance and cost) and dynamic (changes of result and costs) indicators. The proposed approaches to calculating indicators will become a reliable management tool for an enterprise when analyzing the sustainability of the functioning of finance, thanks to which they will correctly evaluate the calculated indicators and draw objective conclusions on making decisions necessary to optimize cash receipts and payments.
Dissertations / Theses on the topic "Finance management. Business finance. Corporation finance"
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Mohamad, Maslinawati. "Three essays in corporate finance." Thesis, University of Sussex, 2017. http://sro.sussex.ac.uk/id/eprint/71251/.
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The financial crisis that started in 2008 led to issues of corporate financial distress and bankruptcy. The global financial crisis has resulted in many venerable institutions being rescued by the government. There is an ongoing research debate in law and economic theories about the efficiency of the US bankruptcy code (Senbet and Wang, 2012; Jory and Madura, 2010; Zhang, 2010; Faelten and Vitkova, 2014). Due to the global financial crisis, there is a fundamental issue questioning whether the bankruptcy law (e.g., Chapters 11 and 7 of the US Bankruptcy Code) is efficient in rehabilitating economically efficient but financially distressed firms and liquidating economically inefficient firms (Senbet and Wang, 2012). Mergers and acquisition (hereafter M&A) involving financially distressed targets and bankrupt targets have become a common practise in the US. Theoretically, restructuring is meant to be a way of reorganizing operations and generating extra resources. However, due to the complexity of businesses and recent global financial crises, there is inconsistency in the association of rewards for Chief Executive Officers (CEOs) and management with the firm's performance. This thesis explores the issues about corporate restructuring, performance and governance of firms including banks in the US emanated from the economic crisis. It comprises three empirical pieces of research. The first empirical research is on the wealth creation of bidders and of M&As of financial distressed and bankrupt targets. Our second research is about the earnings management behaviour of managers. Of those that were involved in the restructuring and reorganization of an organization. It is especially related to carve-out, sell-off, spin-off and other types of divestitures. Our third essay is on bank efficiency; taking into consideration the importance and crucial and urgency in the research related areas, such as the pay structure of the top management, and the existence of the internal monitoring. Institutional ownership plays an important role in corporate performance of firms particularly to banks in the US. First, we examine the wealth effects of M&A activities involving financially constrained targets (hereafter FCTs). By interrogating the wealth creation of bidders of these target firms, this study extends the analysis on the relationship between the discount on deal value, and the financial health of bidder firms. Based on sample data between 1985 and 2012, the study finds that bidders of FCTs earn abnormally positive cumulative abnormal returns (CARs) the day of the M&A announcement. This contrasts with the findings of negative to zero CARs accruing to bidders of financially healthy targets, as documented in the literature. The bidder firms benefit from a low M&A premium on these deals. However, in the long run, both their stock and operating performance lag those of bidders of healthy targets. Second, we examine the earnings management (hereafter EM) behaviour of firms engaged in corporate reorganization and restructuring. More specifically, our sample includes carve-outs, spin-offs, asset sell-offs, and divestitures. We follow Anagnostopoulou and Tsekrekos (2015) and Cohen and Zarowin (2010) to calculate the EM variables. This is so especially the accrual-based and real EM variables. To measure firm performance, we use industry-adjusted return on assets (ROA), cumulative abnormal returns (CARs), and Buy-and-Hold Abnormal Return (BHARs). We use the standard deviation of monthly stock returns (SDAR), as the proxy to measure the stock volatility and information asymmetry. We document a direct relationship between firms that manage earnings above the industry-year median EM index, and changes in the ROA, CARs, and BHARs. Conversely, firms that manage their earnings EM are associated with lower standard deviations in the firms' stock returns for carve-outs. Finally, we examine the relationship between the CEO's pay (CPS) and each of the bank's efficiency and risk. We use several measures of CEO pay including the ratio of CEO pay-to-the total pay of the top five managers. The ratio of CEO pay to the total pay of executives who also serve on the firm's board. We use the Stochastic Frontier Analysis (SFA) to measure bank efficiency. To measure firm risk, we compute the Z-Score and standard deviation of daily and annual returns. We document an inverse relationship between CEO pay ratio and bank efficiency. Conversely, high pay disparity is associated with lower insolvency risk, lower Z-scores, and lower standard deviations in the banks' stock returns.
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Kallias, Konstantinos. "Political connections of new business ventures." Thesis, University of Sussex, 2016. http://sro.sussex.ac.uk/id/eprint/61505/.
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The perceived capability of corporate organizations to influence politics, although fueling an ongoing public debate, features in literature as a source of probable benefits. According to the majority of the pertinent studies, these benefits, more often than not, materialize with important value-adding implications. In the U.S. context, whereby political money contributions constitute the prevalent way of establishing connections, this can result in a hefty return on a firm's political investment. Our research posits that if political connections formed via monetary donations elevate the donor to a higher status, this should reflect in circumstances whereby a firm needs to assert its quality to other economic agents. This is the case for firms that are plagued by the market newness liability. Whether as a form of insurance from tail risk or entitlement to economic rents, proximity to politics offers legitimacy and a compelling way of introducing a new venture to the marketplace. To prove this conjecture, we mainly draw from IPOs for representing a setting of acute uncertainty. Our findings confirm that both lobbying and PAC (Political Action Committee) expenditure pays off on listing day as donors incur less underpricing; an effect which can be amplified with contribution size and strategic targeting of recipients. Donor IPOs also experience negative offer price revisions and lower aftermarket volatility. Collectively, these results offer new empirical grounding to uncertainty and signaling theories. Subsequently, we frame IPO pricing as an efficiency problem for prospective issuers and develop an approach of general application in finance, where relationships of influence are suspected. Rather than imposing a regression-based framework, we allow relationships to manifest themselves in a data-driven manner. Our analysis reveals nonlinearities between IPO pricing efficiency and the two contribution avenues (justifying the fully nonparametric treatment). We are able to uncover relationships separately according to business sector, which we interpret in terms of varied competitive environments. Broadening up our scope prior to and after the IPO event, we document that connected firms are associated with a longer time to venture or other equity capital financing, attesting to a greater financial autonomy. Additionally, they attain larger market shares and have a superior likelihood of survival in the public domain.
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Boahen, Eric Owusu. "The impact of religiosity, culture, legal environment and corporate governance on earnings management methods." Thesis, University of Sussex, 2018. http://sro.sussex.ac.uk/id/eprint/74581/.
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This thesis examines several important aspects of the impact of religiosity, national culture, corporate governance, BIG4 auditors and legal environment on earnings management practices in the U.S. and 63 other countries. First, the study investigates the extent to which religious socials norms of the firms' environment interact with corporate governance and BIG4 audit to affect managers' motivation to engage in expense and revenue misclassification in order to influence reported core earnings. The results show that religiosity decreases misclassification and complements corporate governance and the Sarbanes-Oxley Act (2002) to mitigate classification shifting in high, rural and geographically centralised segment areas. In a religious social norm environment, the study finds that managers have a disincentive to shift revenue items from, and core expenses into, special items to inflate reported core earnings to avoid market penalties and beat analysts' forecasts, even more so in the presence of board independence. In addition, the study shows that the interactive term between religiosity and audit from the big four auditors also lowers the presence of misclassification. Overall, the results show that religiosity lessens misclassification and complements corporate governance and audit against the misclassification of revenue items or core expenses. Second, the study examines the extent to which religiosity, firms' legal environment, and the interaction between these two variables affect accrual-based and real-activities earnings management. The results suggest that religiosity, legal environment and the interaction between them mitigate accrual-based earnings management. In contrast, the study observes a positive association between religiosity and real-activities earnings management, suggesting that religious social norms facilitate real-activities earnings management. However, the positive effect of religiosity on real activities is subdued when the study interacts the legal environment with religiosity. The results also indicate that firms' corporate governance mechanism mitigates both accrual-based and real activities earnings management. Finally, in Chapter four, the study provides new international evidence by examining the relationship between the misclassification of core expenses into special items and country-wide religiosity, the national dimensions of culture, and the legal environment in developed, emerging and developing countries. The study observes that the interaction between religiosity and legal environment, or national cultural dimensions and legal environment, mitigates expense misclassification in developed, emerging and developing countries. Therefore, the positive effect of power distance, masculinity and uncertainty avoidance on earnings management can no longer be demonstrated when national dimensions of culture interact with the legal environment. In Chapter five, the study concludes, summarises and discusses some of its major findings and contributions. The limitations of the study, policy implications and suggestions for future research are also provided.
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Khansalar, Ehsan. "The consistent estimation of future cash flow and future earnings : a predictive model with accounting double entry constraint." Thesis, University of Sussex, 2011. http://sro.sussex.ac.uk/id/eprint/7402/.
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In empirical financial accounting research, there continues to be a debate as to what the best predictors of future earnings and future cash flows might be. Past accruals, earnings and cash flows are the most common predictors, but there is no consensus over their relative contributions, and little attention to the underlying accounting identities that link the components of these three prominent variables. The aim of this thesis is to investigate this controversy further, and to apply an innovative method which yields consistent estimations of future earnings and cash flows, with higher precision and greater efficiency than is the case in published results to date. The estimation imposes constraints based on financial statement articulation, using a system of structural regressions and a framework of simultaneous linear equations, which allows for the most basic property of accounting - double entry book-keeping - to be incorporated as a set of constraints within the model. In predicting future cash flows, the results imply that the constrained model which observes the double entry condition is superior to the models that are not constrained in this way, producing (a) rational signs consistent with expectations, not only in the entire sample but also in each industry, (b) evidence that double entry holds, based on the Wald test that the estimated marginal responses sum to zero, and (c) confirmation of model improvement by way of a higher likelihood and greater precision attached to predictor variables. Furthermore, by then using an appropriately specified model that observes the double entry constraint in order to predict earnings, the thesis reports statistically significant results, across all industries, that cash flows are superior to accruals in explaining future earnings, indicating also that accruals with a lower level of reliability tend to be more relevant in this respect.
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Gu, Jinlong. "Firm diversification and performance : the roles of geographic location and product relatedness." Thesis, University of Sussex, 2018. http://sro.sussex.ac.uk/id/eprint/78230/.
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Lari, Dashtbayaz Mahmoud. "Cash flow accounting and the cost of debt." Thesis, University of Sussex, 2011. http://sro.sussex.ac.uk/id/eprint/7028/.
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The aim of this study is to examine why firms may manipulate not just their earnings but also their cash flows, and to investigate the effects of this behaviour in debt markets with respect to the cost of debt. This research addresses current concerns about accounting rules (both GAAP and IFRS) which allow companies discretion in the presentation of their operating cash flow in financial statements. Using a sample of 8,684 UK and 23,935 USA firm-years from 1998 to 2010, the reported operating cash flow is decomposed into two components, unmanaged and managed, in order to examine the association between the estimated discretionary part of operating cash flow and the cost of debt. The results show that the cost of debt has a significantly positive association with the managed component of operating cash flows. By using path analysis, it is further shown that the effect of cash flow management in increasing the cost of debt is largely through its impact on accounting quality. Also it is found that the market positively prices abnormal operating cash flow information when firms experience financial problems, especially when companies are faced with low cash flows.
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Gihwala, Kiran. "Black economic empowerment funding structures of the Industrial Development Corporation." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/80486.
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Thesis (MDF)--Stellenbosch University, 2011.This study considers the impact that the particular funding structure used in the financing of black economic empowerment (BEE) transactions has on the expected outcome. Various structures are evaluated, each with their particular advantages and disadvantages. The report details the history of South Africa, the Industrial Development Corporation (IDC), as well as the black economic empowerment phenomenon. An in-depth commentary on the financing structures used for BEE transactions within the IDC is presented together with a new, remodeled structure to be used in the analysis as part of a comparative study to determine whether the existing preferential Vanilla Special Purpose Vehicle (SPV) structure garners the most appropriate result for the BEE entrepreneur. The statistical study tests whether the Vanilla SPV structure, where the financier is reliant on dividends for the repayment of their preference shares, is a better structure than the reworked SPV structure, where the financier is reliant on free cash flow for repayment. The results infer that access to free cash flow is preferred by both the financier, as well as the BEE party, as vesting is higher and the bullet payment required to attain that vesting is significantly lower.
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Mans, Nadia. "The effect of the changing economical environment on the capital structure of South African listed industrial firms." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/4266.
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Thesis (MComm (Business Management))--University of Stellenbosch, 2010.ENGLISH ABSTRACT: The determinants of capital structure form an important part of the finance profession. Contemporary capital structure theory began in 1958 when Modigliani and Miller indicated that in a perfect capital market, the value of a firm is not influenced by its capital structure. However, when considering, inter alia, the effect of taxes, bankruptcy costs and asymmetric information, the value of a firm could be affected by its leverage. Capital structure theory offers two contrasting capital structure models, namely the trade-off and pecking order models. According to the trade-off model, firms trade-off the costs and benefits of debt financing in order to reach an optimal capital structure. According to this model, a positive relationship exists between leverage and profitability. In contrast, the pecking order model indicates that firms use a financing hierarchy where internal funds are preferred above debt and equity usage. This model indicates a negative relationship between leverage and profitability. However, in practice, firms often deviate from these models to incorporate the benefits of the other model or to adapt to changing circumstances. Firms' financing decisions may be influenced by both firm-specific and economical factors within the country where they are operating. Therefore, a firm's managers should consider the growth rate, interest rate, repo rate, inflation rate, exchange rates and the tax rate when conducting finance decisions, since these factors could influence the cost and availability of capital. In addition, these economical factors often have a significant influence on each other. Prior capital structure research mainly focused on developed countries. However, South Africa provides the ideal environment to consider the effect of economic changes on capital structure within a developing country, due to South Africa's profound economic changes during 1994 and the years to follow. The primary objective of this study was thus to determine whether the capital structures of South African listed industrial firms are influenced by changes in the South African economical environment. The effect of economic changes on capital structure was examined by using a TSCSREG (time-series cross-section regression) procedure. The regression model is based on a model developed by Fan, Titman and Twite (2008). One-period lags were built into the model to make provision for the effect of economic changes that often only occur after some time. The study was conducted on a sample of firms listed on the industrial sector of the Johannesburg Securities Exchange (JSE Ltd) over the period 1989 to 2008. The data, required to calculate the measures, were obtained from the South African Reserve Bank, the South African Revenue Service and the McGregor BFA database. This database contains standardised financial statements for both listed and delisted South African firms. In an attempt to reduce the possible skewing of results due to survivorship bias, both listed and delisted firms were included in the sample. In order to reflect its true nature, data should be available for consecutive years. Therefore, only firms with data available for more than five years were included in the final sample. The resulting sample consisted of 320 firms and 4 172 observations. The sample was also divided into years before and years after 1994, in order to determine the effect of the economic changes during 1994 and the years to follow on the firms' capital structures. The results of this study indicated that some of the economic factors influenced the D/E ratio as well as each other. However, the effect of economic changes often only occurred after a lagged period. A strong relationship was indicated between the tax rate and the repo rate, which influenced the significance of the regression results. Support was found for both the trade-off and the pecking order models. The combined profitability variable ROA-ROE also had a significant effect on the other variables. Based on these results, the claim that economic changes have an impact on capital structure is supported. The effect is often only indicated after a certain period. It also seems that the combination of the two capital structure models have a significant effect on leverage. Firms therefore appear to consider a combination of these models when conducting finance decisions.
AFRIKAANSE OPSOMMING: Die determinante van kapitaalstruktuur speel belangrike rol in die finansiële professie. Hedendaagse kapitaalstruktuurteorie het in 1958 tot stand gekom toe Modigliani en Miller aangedui het dat die waarde van 'n firma in 'n perfekte kapitaalmark nie deur kapitaalstruktuur beïnvloed word nie. Maar, wanneer die uitwerking van onder andere belastings, die koste van bankrotskap en asimmetriese inligting in ag geneem word, kan die waarde van 'n firma deur sy finansiële hefboomwerking beïnvloed word. Kapitaalstruktuurteorie bied twee kontrasterende kapitaalstruktuurmodelle, naamlik die ruilmodel (trade-off model) en rangorde-model (pecking order model). Volgens die ruilmodel vergelyk firmas die kostes en voordele van finansiering met geleende kapitaal totdat 'n optimale kapitaalstruktuur bereik word. Hierdie model dui op die bestaan van 'n positiewe verband tussen hefboomwerking en winsgewendheid. In teenstelling hiermee dui die rangorde-model aan dat firmas 'n finansieringshiërargie gebruik waar interne fondse verkies word bo skuld en ekwiteit. Hierdie model dui 'n negatiewe verband aan tussen hefboomwerking en winsgewendheid. In die praktyk wyk firmas egter dikwels af van hierdie modelle om die voordele van die ander model te inkorporeer of om by veranderende omstandighede aan te pas. Firmas se finansieringsbesluite kan beïnvloed word deur beide firma-spesifieke en ekonomiese faktore in die land waar hulle sake doen. Daarom moet 'n firma se bestuurders die groeikoers, rentekoers, inflasiekoers, wisselkoerse en die belastingkoers oorweeg wanneer hulle finansieringsbesluite neem, aangesien hierdie faktore moontlik die koste en beskikbaarheid van kapitaal kan beïnvloed. Hierdie ekonomiese faktore het dikwels ook 'n belangrike invloed op mekaar. Vroeëre navorsing insake die kapitaalstruktuur het dikwels op ontwikkelde lande gefokus. Suid-Afrika bied egter die ideale omgewing om die uitwerking van ekonomiese veranderinge op kapitaalstruktuur in 'n ontwikkelende land te ondersoek as gevolg van Suid-Afrika se betekenisvolle ekonomiese veranderinge gedurende 1994 en die daaropvolgende jare. Die primêre doelwit van hierdie studie was dus om te bepaal of die kapitaalstruktuur van genoteerde Suid-Afrikaanse nywerheidsondernemings deur veranderinge in die Suid-Afrikaanse ekonomiese omgewing beïnvloed word. Die uitwerking van ekonomiese veranderinge op kapitaalstruktuur is ondersoek deur gebruik te maak van 'n TSCSREG (tydreeks dwarssnit-regressie)-prosedure. Hierdie regressiemodel is gebaseer op 'n model wat deur Fan, Titman en Twite (2008) ontwikkel is. Enkeltydperk-vertragings is in die model ingebou om voorsiening te maak vir die uitwerking van ekonomiese veranderinge wat dikwels eers ná 'n tydperk sigbaar word. Die studie is uitgevoer op 'n steekproef firmas wat gedurende die tydperk 1989 tot 2008 op die nywerheidsektor van die Johannesburgse Sekuriteitebeurs (JSE Ltd) genoteer is. Die nodige data om die metings te bereken is verkry van die Suid-Afrikaanse Reserwebank (SARB), die Suid-Afrikaanse Inkomstediens (SAID) en die McGregor BFA-databasis. Hierdie databasis bevat gestandaardiseerde finansiële state vir beide genoteerde en gedenoteerde Suid-Afrikaanse firmas. In 'n poging om die moontlike skeeftrekking van resultate as gevolg van die oorlewingsneiging te verhoed, is beide genoteerde en gedenoteerde firmas by die steekproef ingesluit. Data moet vir opeenvolgende jare beskikbaar wees om die ware aard daarvan aan te dui. Daarom is slegs firmas met data beskikbaar vir meer as vyf jaar in die finale steekproef ingesluit. Die steekproef het gevolglik 320 firmas en 4 172 waarnemings behels. Die steekproef is ook in jare voor en jare ná 1994 verdeel, om die uitwerking van ekonomiese veranderinge gedurende 1994 en die daaropvolgende jare op firmas se kapitaalstruktuur te bepaal. Die bevindinge van die studie het daarop gedui dat sommige van die ekonomiese faktore die skuld/ekwiteit (D/E)-verhouding, maar ook elkeen van hulle beïnvloed het. Die uitwerking van ekonomiese veranderinge het egter dikwels eers ná 'n vertraagde tydperk sigbaar geword. 'n Sterk verhouding is aangedui tussen die belastingkoers en die repokoers, wat die betekenisvolheid van die regressieresultate beïnvloed het. Ondersteuning is gevind vir beide die ruilmodel en die rangorde-model. Die gekombineerde winsgewendheidsveranderlike ROA-ROE het ook 'n betekenisvolle uitwerking op die ander veranderlikes gehad. Die bewering dat ekonomiese veranderinge 'n impak op die kapitaalstruktuur het, word ondersteun op grond van die bevindinge van hierdie studie. Die uitwerking daarvan word egter dikwels eers ná 'n tydperk sigbaar. Die gekombineerde kapitaalstruktuurmodelle het moontlik 'n betekenisvolle uitwerking op hefboomwerking. Dit wil dus voorkom of firmas 'n kombinasie van hierdie modelle oorweeg wanneer hulle finansieringsbesluite neem.
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Vutula, Luthando. "The combination of technical assistance with development finance : does it work?" Thesis, Stellenbosch : University of Stellenbosch, 2007. http://hdl.handle.net/10019.1/784.
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Thesis (MDF (Business Management))--University of Stellenbosch, 2007.AFRIKAANSE OPSOMMING: Tegniese bystand bly steeds ’n aktuele kwessie in die meeste ontwikkelende lande. Tegniese samewerking is vir baie dekades gebruik as ’n werktuig vir die opbou van toenemende kapasiteit en, van groter belang, as ’n manier om projekte te implementeer. Werkskrag is nodig sodat ontwikkeling kan plaasvind. Dit is ’n uitdaging om te bepaal hoe tegniese bystand voorsien moet word, en of sodanige bystand wél aan die ontvanger se behoeftes voldoen. Sommige is van mening dat Westerse lande geneig was om aan ontwikkelende lande voor te skryf watter soort tegniese bystand hulle sou benodig. Dit het daartoe gelei dat die meeste ontvangers nie verantwoordelikheid vir produksie aanvaar het nie. Navorsing verwys na die behoefte vir tegniese bystand asook die sukses wat tot nou toe behaal is op dié terrein, alhoewel dit gering was. Die meeste ontwikkelende finansiële instansies, insluitende die Wêreldbank, lewer bewys van tegniese bystandsprogramme. Hierdie programme dien as ondersteuning vir instansies in die uitbetaling van verdere fondse vir ontwikkeling. Die verslag dui aan dat, alhoewel tegniese bystand en ontwikkelingsfinansiering wél werk, vooruitgang steeds nodig is.
ENGLISH ABSTRACT: Technical assistance continues to be a topical issue in most developing countries. For many decades, technical cooperation has been used as a vehicle to build capacity building and, more importantly, as a way to implement projects. Capacity is required for development to take place. The challenge is how the technical assistance is provided, and whether such assistance is what the recipient needs. Western countries have tended to prescribe to the developing countries in terms of the kind of technical assistance they need, which has resulted in many recipients not taking responsibility for the output. The research alludes to the need for technical assistance and the successes that have been achieved until now in the field, even though they have been marginal. Most development finance institutions, including the World Bank, are shown to have technical assistance programmes. Such programmes assist the institutions in disbursing more development funds. The Report indicates that, although technical assistance and development finance do work, improvement is still required.
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Vermeulen, Marise. "Divided payout and future earnings growth : a South African study." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/21215.
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Thesis (MDF)--Stellenbosch University, 2011.In the past it was believed that the payment of dividends would decrease the funds available to finance growth, and would therefore lead to lower future earnings growth. This belief was challenged in recent years with research that tested the relationship between dividend payout and future earnings growth, both on the individual company and aggregate market level in different countries. The results contradicted popular belief, and showed that companies with high payout ratios tend to realise stronger future earnings growth. This study tested the same relationship in South Africa and concluded that even in a developing country, dividend payout will still lead to higher future earnings growth.
Books on the topic "Finance management. Business finance. Corporation finance"
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Balynin, Igor', Natal'ya Vlasova, Aleksey Gubernatorov, Lyudmila Koreckaya, Dmitriy Kuznecov, Evgeniy Lomov, Tat'yana Nikerova, et al. Corporate finance. ru: INFRA-M Academic Publishing LLC., 2019. http://dx.doi.org/10.12737/1013023.
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The textbook deals with the organization of corporate management in the innovation and digital economy, describes the direction of investment policy and the mechanism of its implementation in the activities of the Corporation. Special attention is paid to the mechanisms and methods of financing the Corporation's activities, as well as applied aspects of modeling business processes and their effectiveness.
Meets the requirements of the Federal state educational standards of higher education of the last generation.
It is intended for students studying in the areas of "management" and "Economics", and can also be useful for graduate students and teachers.
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M, Samuels J. Management of company finance. 4th ed. Wokingham: Van Nostrand Reinhold, 1986.
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M, Samuels J. Management of company finance. 6th ed. London: International Thomson Business Press, 1996.
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Horne, James C. Van. Fundamentals offinancial management. 6th ed. Englewood Cliffs: Prentice-Hall, 1986.
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Cooley, Philip L. Business financial management. 3rd ed. Fort Worth: Dryden Press, 1994.
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Horne, James C. Van. Fundamentals of financial management. 5th ed. Scarborough, Ont: Prentice-Hall of Canada, 1985.
Find full textBook chapters on the topic "Finance management. Business finance. Corporation finance"
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Rao, Kurma Sankara. "Chapter 21 A Brief Appraisal on Tourism Finance Corporation of India." In Handbook of Evidence Based Management Practices in Business, 168–74. London: Routledge, 2023. http://dx.doi.org/10.4324/9781003415725-22.
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Kouloridas, Athanasios. "Finance." In Business and Management Practices in Greece, 49–65. London: Palgrave Macmillan UK, 2011. http://dx.doi.org/10.1057/9780230306530_3.
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Dewhurst, Jim, and Paul Burns. "Bank Finance." In Small Business Management, 187–200. London: Palgrave Macmillan UK, 1993. http://dx.doi.org/10.1007/978-1-349-23109-6_10.
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Wirtz, Bernd W. "Finance-Business-Model." In Business Model Management, 365–80. Wiesbaden: Springer Fachmedien Wiesbaden, 2017. http://dx.doi.org/10.1007/978-3-658-18669-2_19.
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Wirtz, Bernd W. "Finance Business Model." In Business Model Management, 327–41. Wiesbaden: Gabler Verlag, 2011. http://dx.doi.org/10.1007/978-3-8349-7062-6_19.
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Wirtz, Bernd W. "Finance Business Model." In Business Model Management, 331–45. Wiesbaden: Gabler Verlag, 2013. http://dx.doi.org/10.1007/978-3-8349-4636-2_19.
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Guerard, John B., and Eli Schwartz. "The Corporation and Other Forms of Business Organization." In Quantitative Corporate Finance, 11–30. Boston, MA: Springer US, 2007. http://dx.doi.org/10.1007/978-0-387-34465-2_2.
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Guerard, John B., Anureet Saxena, and Mustafa Gultekin. "The Corporation and Other Forms of Business Organization." In Quantitative Corporate Finance, 11–27. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-43547-9_2.
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Guerard, John B., Anureet Saxena, and Mustafa N. Gültekin. "The Corporation and Other Forms of Business Organization." In Quantitative Corporate Finance, 13–29. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-87269-4_2.
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Sommerer, Susanne. "Service Business Is People Business – Strategic Personnel Management in a Global Shared Services Organization." In Finance Bundling and Finance Transformation, 447–72. Wiesbaden: Springer Fachmedien Wiesbaden, 2013. http://dx.doi.org/10.1007/978-3-658-00373-9_22.
Full textConference papers on the topic "Finance management. Business finance. Corporation finance"
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Stölzle, Simon C., and Dominika P. Gałkiewicz. "GREEN BONDS REPRESENTING GREEN FINANCE IN EUROPE – BASIC CHARACTERISTICS." In Sixth International Scientific-Business Conference LIMEN Leadership, Innovation, Management and Economics: Integrated Politics of Research. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/limen.s.p.2020.27.
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This study examines whether there is a negative green bond premium for investors in the secondary European market. To answer this question, the matched pairs method is applied, where the daily i-spreads of green bonds and the interpolated daily i-spreads of similar non-green bonds are compared. The bond sample contains 37 bond couples issued by corporations, financial institutions and governments between November 2019 and April 2020. The findings suggest that there is an average statistically significant negative very small green bond premium. The negative premium could be explained by investors’ preferences for green financial instruments leading to excess demand. The negative green bond premium may also be a compensation for the issuer’s external costs or reflect the internalization of environmental externalities. Further evidence shows that the negative green bond premium varies across industries and is not higher for lower rated investment grade bonds.
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Berger, Thomas. "Human Resource Risk Management Concepts." In 8th International Conference on Human Interaction and Emerging Technologies. AHFE International, 2022. http://dx.doi.org/10.54941/ahfe1002796.
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The German Supervisory Board as intended by the German stock corporation act should not only supervise the Executive Board, but also be able to advise and steer it (not in day-to-day business, but strategically). As part of this task, the Supervisory Board needs adequate information on the risks the corporation faces, in all areas of business, e.g. finance, marketing or human resource. As strategic management is a core responsibility of the executive board and supervisory board and personnel risks are an essential part of strategy development and execution, information on the prevalence and severity of personnel risks are essential for a sound debate on strategic issues in the Supervisory Board. Like all risks, the management of personnel risks must be an integral part of a cyclical and company-specific strategy process. Currently, however, the area of human resource risk management plays only a minor role, which may be due to the supposedly comparatively more complex quantifiability of personnel risks or the complexity of human factor interactions. But risks in the domain of human resources are not only an important part of risk management because of current regulatory developments e.g. in the area of corporate social responsibility (CSR), but also because of the important role human resources play at companies in general. Personnel risks cannot be seen independently of a corporate strategy as humans execute them: Every strategy risk is linked with human resources.We therefore have analyzed existing human resource risk concepts with the aim of how such concepts could be used in Supervisory Boards especially for members of the employee representation to be able to advise and steer the Executive Board. We found a number of existing studies dealing with personnel risks from different angles and a few concepts for managing personnel risks. We also found that evidence is scant for personnel risks as a whole category, not only focusing on one area like motivation or health in general, but more broad categories like management risks or adaption risks. The aim of this paper therefore is to first provide a rationale for human resource risk management, second to provide an overview on existing studies and concepts in this field and third to summarize the various concepts into one for the potential usage in the Supervisory Board. This paves the way for more empirical studies on personnel risks and their relation to strategic management or enterprise risk management.
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Foo, Siang Choon, and Raja Tatina Raja Musa. "Competency Rulers on Social Performance in Human Rights Management." In SPE/IATMI Asia Pacific Oil & Gas Conference and Exhibition. SPE, 2023. http://dx.doi.org/10.2118/215461-ms.
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Abstract Company must aspire for its business presence to positively and have strong management of Social Performance where impacts arising from areas of its operation are managed whilst contributing to the society in a responsible manner. The paper aims to demonstrate the need of competency in a Social Performance skill-group in supporting companies in its Human Rights management. Generally, human rights issues that can arise include nuisance to communities, violation of communities’ rights, land acquisition, displacement, environmental degradation to that of forced and child labour. The more recent discourse on human rights is relevant to Climate Change and Just Transition. Therefore, it is important for companies to operate in a manner that adopt human rights management ensuring they respect the rights of affected stakeholders. Fundamentally, personnel appointed to implement these deliverables must have the apt knowledge and skills. In ensuring these knowledge and skills are relevant, a set of competency rulers can be established to ensure the nature of the tasks and deliverables are acquired as a practitioner in human rights management. Overall, the competency rulers must be relevant to indicators and requirements of the work that is relevant to guidance ranging from from United Nations Guiding Principles (UNGP), International Finance Corporation (IFC), International Labour Organisation (ILO) among others. In addition, familiarity with company's internal standards and guidelines are among the necessities for the personnel to execute their responsibilities. As the industry continues to face challenges in complying to legislations, meeting stakeholders’ requirements, expectations and standards pertaining to Social Performance; companies are also expected to demonstrate responsible operations in managing Human Rights. Hence, companies can strive to equip its employees with the right competency. In this case, the competency ruler on Social Performance is exemplary in addressing this.
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Liu, Jinhui. "Research on Internet Finance." In ICBIM '18: The 2nd International Conference on Business and Information Management. New York, NY, USA: ACM, 2018. http://dx.doi.org/10.1145/3278252.3278253.
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Okereke, Emeka, and Ufuoma Ofierohor. "HEALTH FINANCE AND ECONOMIC GROWTH IN NIGERIA." In 8th Business & Management Conference, Venice. International Institute of Social and Economic Sciences, 2018. http://dx.doi.org/10.20472/bmc.2018.008.022.
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Liu, Qian. "ERP-based Business Accounting and Finance Management." In 2015 3rd International Conference on Education, Management, Arts, Economics and Social Science. Paris, France: Atlantis Press, 2016. http://dx.doi.org/10.2991/icemaess-15.2016.29.
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Pascoe, Pulkeria, Marcia Dutra De Barcellos, Hans De Steur, Joachim Schouteten, Hawa Petro Tundui, and Xavier Gellynck. "FIRM-LEVEL DETERMINANTS OF ACCESS TO EXTERNAL FINANCE AND IMPACT OF EXTERNAL FINANCE ON FIRM PERFORMANCE." In 13th International Scientific Conference „Business and Management 2023“. Vilnius Gediminas Technical University, 2023. http://dx.doi.org/10.3846/bm.2023.1083.
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This cross-sectional study employs resource-based view and resource dependence theories to examine the determinants of access to external finance at firm-level and the effect of access to external finance on performance of 328 agri-food firms. Applying binary logistic regression, results indicate that firm age, ownership, sources of financing, and firm location were significant predictors of access to external finance. The effect of access to external finance on firm performance analyzed using linear regression was positive and significant. Therefore, firm-specific characteristics are crucial in the decision to access external finance. Access is easier for older firms in small cities that rely on informal sources of financing. Family firms are more vulnerable to external finance than non-family firms. Furthermore, access to external financing is associated with better firm performance. The findings of this study are useful for managers making financing decisions and for stakeholders involved in micro and small enterprises financing.
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Tie, Jing, Wenjing Zhao, and Yu Dai. "Correlation with Internet Finance and Residence Consumption." In 2nd International Symposium on Business Corporation and Development in South-East and South Asia under B$R Initiative (ISBCD 2017). Paris, France: Atlantis Press, 2017. http://dx.doi.org/10.2991/isbcd-17.2017.6.
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Ji, Xue-feng. "ANALYSIS AND SUGGESTIONS OF E-COMMERCE FINANCE." In World Symposium on Economics, Business and Management（WSEBM）. Volkson Press, 2017. http://dx.doi.org/10.26480/wsebm.01.2017.49.51.
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Ratan, Rajiv, and A. N. Singh. "MICRO FINANCE CRISIS IN INDIAN PROSPECTIVE." In 2nd International Conference on Relationship between public administration and business entities management. Scientific Center of Innovative Researches OÜ, 2022. http://dx.doi.org/10.36690/rpabm-2022-176.
Full textReports on the topic "Finance management. Business finance. Corporation finance"
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Moronese, Deborah. Access to Finance: OPIC Support for Small Business Lending in Latin America. Inter-American Development Bank, October 2008. http://dx.doi.org/10.18235/0007893.
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Presentation delivered by the Overseas Private Investment Corporation (OPIC), an U.S. government agency providing financing and political risk insurance to projects of all sizes in a range of sectors in developing countries.
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Michelitsch, Roland, Alejandro Soriano, Ernesto Cuestas, Rocio Funes Aguilera, Danya Churanek, Patricia Sadeghi, and Jack Glen. Comparative Study of Equity Investing in Development Finance Institutions. Inter-American Development Bank, March 2017. http://dx.doi.org/10.18235/0010674.
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The Board of Executive Directors of the Inter-American Investment Corporation (IIC) requested that the Office of Evaluation and Oversight (OVE) produce this technical study to inform IIC's future equity business. The core content of this study is a comparative benchmarking of equity strategies, results and processes of selected DFIs and other comparators. The study focuses on practical strategic, organizational and operational issues of use to IIC.
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Michelitsch, Roland, Alejandro Soriano, Ernesto Cuestas, Rocio Funes Aguilera, and Danya Churanek. Approach Paper: Comparative Study of Equity Investing in Development Finance Institutions. Inter-American Development Bank, July 2016. http://dx.doi.org/10.18235/0010676.
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The Inter-American Investment Corporation (IIC) Board of Executive Directors mandated OVE to produce a technical study to inform IIC's future equity business. The core content of this study will be a comparative benchmarking of equity strategies, results and processes of selected Development Finance Institutions and other comparators.
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Sembler, Jose Ignacio, Regina Legarreta, Ernesto Cuestas, Roni Szwedzki, Sumiko Andrade Sakaguchi, Damian Galinsky, Fernando Barbosa, et al. Approach Paper: Evaluation of IDB Invest. Inter-American Development Bank, September 2022. http://dx.doi.org/10.18235/0004463.
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This approach paper defines the objectives, scope, and methodology for the evaluation of IDB Invest by the Office of Evaluation and Oversight (OVE). At the 2015 annual meeting in Busan, the Boards of Governors of the Inter-American Development Bank (IDB) and the Inter-American Investment Corporation (IIC) decided to consolidate the IDB Group's private sector operations into the IIC. This decision was accompanied by a US$2.03 billion capital increase for the IIC over a 10-year period (2016-2025). This process of consolidation and capitalization, known as the private sector merge-out, took effect on 1 January 2016. In 2017, OVE completed a midterm review of implementation of the private sector merge-out to identify emerging lessons that might be helpful in completing the merge-out. In November 2017, the IIC was rebranded as IDB Invest. At the request of the Boards of Executive Directors of the IDB and IDB Invest, this evaluation was included in OVE's 2021-2022 work program. The Busan Resolution set forth a “Renewed Vision” for promoting development through the private sector. This Renewed Vision provides a long-term framework (2016-2025) for IDB Invest and focuses on strengthening development effectiveness, development impact, and additionality of operations, as well as maximizing the efficient use of resources and synergies between the IDB Group's public and private sector activities. The merge-out was selected as the way to implement this Renewed Vision. The challenges posed by the COVID-19 health crisis, as well as current discussions on the need to pursue a new business model for the institution and its financial and operational implications, make this an ideal moment to take stock of lessons learned and provide input for future discussions at the corporate level. Against this backdrop, this evaluation seeks to report independently to the Boards of Executive Directors of the IDB and IDB Invest on the effectiveness of the implementation to date of the Renewed Vision that gave rise to the creation of IDB Invest. This evaluation will also use the findings of OVE's 2017 midterm review of implementation of the merge-out to further analyze areas that had not yet matured at that time (e.g., finance, operations management, development effectiveness, etc.). The evaluation will cover the period from January 2016 (when the merge-out took effect) to December 2021.
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Shmakova, M. V. Study of foreign practices in attracting finance of the business sector and the population in the field of financial management of territories. Актуальные вопросы современной экономики, 2019. http://dx.doi.org/10.18411/avse-5-2019-shmakova-m-v.
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Kwon, Heeseo Rain, HeeAh Cho, Jongbok Kim, Sang Keon Lee, and Donju Lee. International Case Studies of Smart Cities: Songdo, Republic of Korea. Inter-American Development Bank, June 2016. http://dx.doi.org/10.18235/0007012.
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This case study is one of ten international studies developed by the Korea Research Institute for Human Settlements (KRIHS), in association with the Inter-American Development Bank (IDB), for the cities of Anyang, Medellin, Namyangju, Orlando, Pangyo, Rio de Janeiro, Santander, Singapore, Songdo, and Tel Aviv. At the IDB, the Competitiveness and Innovation Division (CTI), the Fiscal and Municipal Management Division (FMM), and the Emerging and Sustainable Cities Initiative (ESCI) coordinated the study. This project was part of technical cooperation ME-T1254, financed by the Knowledge Partnership Korean Fund for Technology and Innovation of the Republic of Korea. At KRIHS, the National Infrastructure Research Division coordinated the project and the Global Development Partnership Center provided the funding. Songdo, as part of Incheon Free Economic Zone, is an iconic new smart city of Korea that hosts international business events and attract IT, biotech, ad R&D facilities. Its smart city initiative began in 2008 and is still ongoing with an aim for completion by 2017. The project is largely divided into six sectors including transport, security, disaster, environment, and citizen interaction while other services related to home, business, education, health and car are also being developed. Specialized service in Songdo includes smart bike services, criminal vehicle tracking and monitoring unusual activities through motion detecting technology while Integrated Operation and Control Center (IOCC) readily facilitates collaboration between various agencies and citizen engagement. Songdo smart city initiative is managed by Incheon U-city Corporation, a private- public partnership in order to secure funding for system operation through effective business model.
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Busso, Matías, Kyunglin Park, and Nicolás Irazoque. The Effectiveness of Management Training Programs: A Meta-Analytic Review. Inter-American Development Bank, May 2023. http://dx.doi.org/10.18235/0004815.
Full textAbstract:
We conduct a meta-analysis of 44 studies and 68 different managerial skills training programs, with the aim of identifying program characteristics that can lead to more effective public policies promoting firm growth and entrepreneurship. We synthesize 431 estimates to assess the effects of these programs on firm performance. Our findings show that, on average, managerial skills development programs have positive returns on management practices, firm productivity, profits, and survival. We also examine how program and participant specifications affect program effectiveness. Our analysis suggests that, on average, business training programs focused on human resources, soft skills, marketing, and finance-accounting, especially when organized by local organizations, tend to result in better firm performance. Moreover, training of potential entrepreneurs and managers in specifically targeted sectors such as agriculture, manufacturing, or services was more likely to result in improvement compared to non-targeted programs. Finally, our results indicate that programs that involve both male and female participants are more likely to enjoy higher effects from managerial training interventions.
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Granada, Isabel, Pier Saraceno, and Anna Camilo. The Importance of Financial Information in the Transport Sector: an Encouragement to New Outlooks and Perspectives in Light of the IDB's Vision 2025. Inter-American Development Bank, April 2022. http://dx.doi.org/10.18235/0004152.
Full textAbstract:
Services in the transport sector in Latin America & the Caribbean are provided mainly by private enterprises of different sizes. However, as technical transport specialists, our knowledge and understanding of their management strategies and financial objectives remains limited. Most of the sectorial attention is rightly dedicated to the analysis of the effectiveness and efficiency of the products/services provided by companies, leaving out of the picture the focus on the “business” side of their structures and operations. Such lack of awareness can be linked to several reasons. But one of the motives that mostly hinder transport practitioners from further analyzing these aspects is the ability to speak the private companies “financial language”. Engineers, planners, and even economists are not always familiar with the instruments of financial analysis, management accounting or corporate finance; concepts that are at the core of this language. When it comes to financial analysis, sectors practitioners are mainly biased in thinking about PPPs issues and project finance. This is certainly not a fault per se! However, such a narrow focus can unquestionably represent an obstacle to the full comprehension of the phenomena and rationales that impact the sectors functioning
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Avis, William. Responsible E-Waste Value Chains in Africa. Institute of Development Studies (IDS), January 2022. http://dx.doi.org/10.19088/k4d.2022.015.
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Population growth, increasing prosperity and changing consumer habits globally are increasing demand for consumer electronics. Further to this, rapid changes in technology, falling prices, increased affordability and consumer appetite for new products have exacerbated e-waste management challenges and seen millions of tons of electronic devices become obsolete. This rapid literature review collates evidence from academic, policy focussed and grey literature on e-waste value chains. The report should be read I conjunction with an earlier report on e-waste management. E-waste is any electrical or electronic equipment, including all components, subassemblies and consumables, which are part of the equipment at the time the equipment becomes waste. When e-waste is collected and treated formally, it normally includes the following steps: Collection, Sorting and disassembly, Size reduction, Separation. The following five pillars of a sustainable e-waste management system have been identified: • Business and finance • Policy and regulation • Technology and skills • Monitoring and control • Marketing and awareness As such, to support the development of a responsible e-waste value chain, the following elements must be addressed. • Understanding how e-waste is currently managed • There is no one-size-fits all solution to building a robust e-waste management system based on extended producer responsibility. • An e-waste system built without a participatory approach is likely to be hampered by a series of issues. • An overarching policy is necessary • The choices made for the sector should be founded on two crucial elements – data from on the ground, and inputs from stakeholders. • Enforcement is incumbent on the government mandate The push towards a circular economy has provided stakeholders across the value chain with an impetus to initiate systemic improvements and invest in infrastructure and awareness raising.
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Diop, Ahmed. Country Diagnostic Study – Senegal. Islamic Development Bank Institute, October 2021. http://dx.doi.org/10.55780/rp21003.
Full textAbstract:
The Country Diagnostic Study (CDS) for Senegal uses the Hausmann-Rodrik-Velasco growth diagnostics model to identify the binding constraints being faced in its quest for higher and more sustained economic growth and make recommendations to relax these constraints. Hence, the findings of the CDS can help the Islamic Development Bank in identifying areas where it can have a greater impact and provide an evidence-basis to support the development of the Member Country Partnership Strategy. After decades of subdued and highly volatile economic growth due to heavy dependence on primary commodities and low productivity, Senegal experienced an unprecedented growth acceleration from 2014 to 2019. However, there appeared to be a weak correlation between economic growth and jobs creation. In addition, about 90 percent of non-agricultural employment is estimated to be informal. The national poverty rate decreased by 5 percentage points between 2011 and 2018. Nonetheless, the absolute number of poor people has increased. Furthermore, regional disparities are persistent. Despite the country’s solid performance in the field of governance, further simplification and transparency of business procedures and regulations will be critical in addressing the challenge of informality. Efforts to address informality in the economy should also target the issue of access to finance through the design of financing mechanisms based on specific needs assessment and risk management tools. Senegal will also need to create the conditions for higher competitiveness and follow upgrading trajectories in global and regional value chains. In this respect, both physical and digital connectivity will be essential.