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1
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.
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Dandapani, Krishnan. "Electronic finance – recent developments." Managerial Finance 43, no. 5 (May 8, 2017): 614–26. http://dx.doi.org/10.1108/mf-02-2017-0028.
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Purpose The purpose of this paper is to evaluate the impact of the Digital Age on e-finance in five key areas: payment systems, cloud computing in financial services, valuation metrics for multisided platforms, quantum trading, cyber security – costs, benefits and protection. Design/methodology/approach It is an exhaustive review of technical developments and corporate practices in the area of electronic finance. Findings Electronic finance is a dominating force changing business models and systems in financial services. New developments are creating newer valuation metrics, and reinforcing the costs and benefits of security systems. Research limitations/implications This review concludes by pointing out potential areas of advancement in the coming decades and the possible evolution of newer e-finance models based on developments in artificial intelligence (AI) and internet of things (IoT) and its implications for managerial finance. Originality/value This is a review of the impact of electronic finance over the past two decades. Looking back electronic finance has significantly transformed the activities of corporations. Looking forward, financial managers have to watch for two important technical developments of AI and IoT and its potential impact on finance.
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Ellerman, David. "Corporate governance, capital theory, and corporate finance theory: An approach from property theory." Corporate Ownership and Control 1, no. 4 (2004): 13–29. http://dx.doi.org/10.22495/cocv1i4p1.
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An analysis of the corporate governance debate is developed using a descriptive theory about the system of private property and contract in a market economy. There are strong implications for capital theory and corporate finance theory. The structure of the main results is that what often appears as being an owned property right is upon analysis seen to be only a contractual position—and contractual positions only extend a few years into the future. An enterprise could be described concretely as specific people working with specific machines producing a certain product or it could be described more abstractly using the economists’ notion of a production function. But either way, it is not determined who is legally undertaking the enterprise until the contracts between the factor suppliers are given. Thus the determination of who undertakes an enterprise is contractually determined; it is not an owned property right. In this sense, there is no such thing as the "ownership of the firm" since the party undertaking an enterprise, the residual claimant, is determined by the direction of the hiring contracts. There is the ownership of a conventional joint stock corporation, but a corporation does not "own" the enterprise that it is currently undertaking by virtue of its contractual position. For another party to take over the enterprise, it is sufficient to redo the contracts, not "buy the firm." Since a corporation’s paid contracts at best extend only a few years into the future, there is no basis for the common assumption in capital theory or corporate finance theory that the corporation "owns" the future enterprise cash flows in perpetuity. This simple result thus has rather strong implications for considerations of enterprise governance as well as for capital theory and corporate finance theory. Many of the "ownership" assertions that fuel the debate about enterprise governance are groundless, and the discounting of future enterprise net returns beyond the horizon of current contracts does not represent the valuation of current property rights.
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Li, Yuanhui, and Check Teck Foo. "A sociological theory of corporate finance." Chinese Management Studies 9, no. 3 (August 3, 2015): 269–94. http://dx.doi.org/10.1108/cms-12-2014-0232.
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Purpose – The paper aims to investigate the relationship between social responsibility and equity in China. In the process, the authors utilize data on corporate social responsibility (CSR) reports (in particular, information disclosure) and equity capital (focusing on cost). The overarching hypothesis may be phrased simply as: is CSR reporting rewarded by the capital market in China? Design/methodology/approach – The data of 3,012 list corporations in China securities are used and 1,015 CSR report quality scores (Rankins CSR Ratings) are hand-gathered from HEXUN (Web site) and utilized in the process of developing the model; financial and stock market information is obtained from the Wind database and the China Stock Market and Accounting Research database. Findings – The authors’ results suggest that overall the quality of CSR report is strongly, negatively related with the cost of capital: the higher the quality of social responsibility information disclosure, the lower the cost of equity capital. Most intriguingly, the authors find a sharp contrast between the government-owned corporations (state-owned enterprises) and privately owned, listed corporations. The quality of CSR reporting has a much higher impact in lowering the cost of equity capital for privately owned corporations. In contrasting the results for mandatory versus voluntary CSR disclosure, the quality of CSR reporting for the latter does not have any higher impact in lowering the cost of equity. Practical implications – Good social responsibility behavior by corporations and their subsequent information disclosure has beneficial financial impacts. In the authors’ research, the authors showed its immediate impact to be in the lowering of the overall corporate cost of equity. In this regard, the authors would recommend that chief executive officers pay more attention to CSR practice and its disclosure. Private firms issuing CSR reports will benefit from much lower financing costs through the capital market. Originality/value – Due to the structure of capital markets in China, the authors are able to show that CSR reporting of privately owned, listed corporations have much more effective signaling power. On the basis of the authors’ empirical findings in relation to the quality of CSR reporting and its impact on cost of capital, the authors suggest there is greater scope for research which takes a “finance and society” perspective. Based on more extensive research, such a perspective may enable scholars to orientate finance and finance research toward a model of “socio-capitalism”.
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Klychova, Guzaliya, Alsou Zakirova, Almaz Nigmetzyanov, Igor Nikitenko, and Gamlet Ostaev. "Efficiency of corporate finance: formation of accounting and management tools." E3S Web of Conferences 273 (2021): 10038. http://dx.doi.org/10.1051/e3sconf/202127310038.
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The commercial sector of the economy is the guarantor of the stability of the state functioning, since the economic subjects employed in it are able to combine personal (entrepreneurial) interests with the interests of the population, thanks to their economic potential formed at the expense of business processes aimed at profit (the main source of financing measures to meet human needs for the existing benefits). The purpose of the study - the formation of accounting and management tools that allow corporations to conduct a comprehensive analysis of the effectiveness of financial relationships, taking into account all the conditions of activity inherent in big business. In the course of the study the calculative-constructive, deductive and inductive methods were used, which allow to interconnect dialectically resultant and factor efficiency indicators, in our case, in the sphere of corporate finance, through multiple-additive correlation of efficiency and cost of financial relations in big business. The article presents the system of indicators developed by the authors, offered to corporations for assessment by the accounting and management apparatus of efficiency of their financial relations, which play the key role in business due to the greatest liquidity of monetary resources. The toolkit of such a system is built on the study of controlled and uncontrolled conditions of corporations' functioning. The use by corporations of the recommended author's approach will provide them with the optimization of the result and costs (profit and expenses) and, accordingly, the effectiveness and cost effectiveness (direct and indirect profitability or profitability) of activities, by which their financial efficiency is determined.
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Ostaev, Gamlet, Sergey Il'in, Igor' Gogolev, and Oksana Zlobina. "CORPORATE FINANCE IN AN ECONOMIC ANALYSIS SYSTEM: GOVERNANCE, INTENSIFICATION, COMPETITIVENESS AND COST." Russian Journal of Management 8, no. 4 (January 25, 2021): 86–90. http://dx.doi.org/10.29039/2409-6024-2020-8-4-86-90.
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Accounting and management information of a corporation in the current economic state of business should be useful for forecasting, planning, regulation, analysis and control, i.e. act as an important link in managerial decision-making.
The article contains material that includes the author's development of tools for the formation of a system of indicators intended for an objective assessment of the intensification of corporate finance, which for them, as the main economic entities of large business, is a key factor in competitiveness and leadership in their market segments. This system is built through the interaction of the resulting indicators (changes in the result (profit) and changes in costs (expenses)) with direct and indirect indicators of the efficiency of corporate finance without taking into account (generalized) and taking into account their differentiation (detailed), based on cash receipts and payments, according to controlled (economic processes) and uncontrolled (micro-environment and macro-environment) operating conditions. It is aimed at helping corporations to obtain financial benefits while combining the maximum possible increase in profits and reducing costs (monetary savings) in aggregate and in the context of their individual elements in operational terms through a holistic and organic analysis of the selected resulting and factor indicators that characterize the effectiveness (direct profitability ) and the cost (indirect profitability) of the activities carried out by them in their multidirectional and vast business environment.
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Hoh, Jeannie, and Kin Boon Tang. "Multinational corporation finance and accounting: An empirical transaction cost economics analysis." IIMB Management Review 33, no. 4 (December 2021): 337–46. http://dx.doi.org/10.1016/j.iimb.2021.12.001.
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Il'in, Sergey, Gamlet Ostaev, Igor' Gogolev, and Oksana Zlobina. "EFFICIENCY OF CORPORATE FINANCE: FORMATION OF ACCOUNTING AND MANAGEMENT TOOLS." Russian Journal of Management 8, no. 4 (January 25, 2021): 91–95. http://dx.doi.org/10.29039/2409-6024-2020-8-4-91-95.
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The article presents a system of indicators developed by the authors, which is offered to corporations to assess the efficiency of their financial relations by the accounting and management apparatus, which play a key role in business due to the greatest liquidity of monetary resources in the modern economic era. The tools of such a system are based on the study of controlled and uncontrolled conditions of corporate functioning. Controlled conditions include economic processes in their expanded understanding, uncontrolled conditions-microenvironment and macroenvironment of corporations, which require them to bear the corresponding monetary costs, compared with the result obtained from them (profit in relation to the commercial sector of the economy). the argument of this approach to the formation of the proposed tools consists in the diversification and multi-vector nature of corporate business processes, which entail a wide range of costs for the maximum attraction of financial benefits from each type of activity, while simultaneously ensuring parity of accounting and economic indicators (reducing to zero the level of imputed costs that generate lost profits in value terms). the use of the recommended author's approach by corporations will ensure that they optimize the result and costs (profit and expenses) and, accordingly, the effectiveness and cost (direct and indirect profitability or profitability) of their activities, which determine their financial efficiency.
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Malkawi, Bashar H. "Editorial: Corporate governance and COVID-19 in the context of coming drastic changes." Corporate Board role duties and composition 16, no. 3 (2020): 4–6. http://dx.doi.org/10.22495/cbv16i3editorial.
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Corporate governance faces a new set of challenges in light of COVID-19. Corporations would have to reduce their finance by assuming more debt and providing dividends for shareholders. This will lead to a stable financial environment. Corporations might choose among diverse interests that would include a mix of government interests and concentrated ownership. Also, as a result of increase in the use of technology, there will a shift in the bargaining power between capital and labor as corporations will have a wide spectrum in hiring employees worldwide. As we have seen over the past few years, there is increasing pressure to limit foreign investment in strategic sectors and focus on national security screening for foreign corporation accruing domestic firms. This trend is expected to continue as a result of COVID-19 as countries are trying to shore up their economics against external shocks. Moreover, there would be an increase in government ownership in corporations and other types of controls. The presence of the COVID-19 health crisis is likely to push the debate toward stakeholder perception of the corporation, shifting away – over the next few years – from shareholders’ interests. There could be even more focus on employees and the role they play in the corporation. Employees are expected to act as active players in running the affairs of the corporation. Overall, these topics are addressed in the current issue of Corporate Board: Role, Duties and Composition.
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Seeling, Marcelo, Tobias Kreuter, Luiz Felipe Scavarda, Antonio Márcio Tavares Thomé, and Bernd Hellingrath. "The role of finance in the sales and operations planning process: a multiple case study." Business Process Management Journal 28, no. 1 (January 17, 2022): 23–39. http://dx.doi.org/10.1108/bpmj-07-2021-0447.
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PurposeThis paper aims to offer evidence-based findings on the under-researched role of finance in the sales and operations planning (S&OP) process, aiming to guide academics and practitioners towards successful S&OP implementations.Design/methodology/approachThe research builds upon a multiple case study, embracing five Latin American subsidiaries of four global manufacturing corporations from the consumer goods, chemical and pharmaceutical industries. Following an exploratory approach, the case study results are analysed in within- and cross-case analyses.FindingsThe research findings are synthesised into a framework, demonstrating relevant benefits from the engagement of finance along the S&OP process and the implications of its interactions with traditional S&OP functions as sales, marketing and operations. The paper shows how finance adds value in supporting the process, enabling decisions on costs, margins, capital expenditures and return on investments. Finance strengthens S&OP when assessing demand- and supply-related risks and facilitates comparing the functional business areas' plans to budget. While finance participation is highlighted as necessary for supporting successful S&OP implementations, it also receives valuable inputs in return, characterising a two-way communication role that benefits the entire organisation.Originality/valueThis is the first research paper focusing on empirically exploring the role of finance within S&OP, going beyond initial insights from practice and academia. It provides practitioners and scholars with an in-depth, evidence-based view of finance's integration along the S&OP process.
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Knopman, Debra, Martin Wachs, Benjamin Miller, Scott Davis, and Katherine Pfrommer. "Renewing America’s Infrastructure: An Agenda for Federal Transportation and Water Policy." Public Works Management & Policy 23, no. 4 (August 15, 2018): 310–23. http://dx.doi.org/10.1177/1087724x18789703.
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Federal infrastructure investment is receiving a great deal of attention, largely about money: how to finance capital investment, operations, and maintenance. Less discussed but very important is modernizing federal policy to support the mature and urban-centered economy of the United States—rather than the economy it had when most of the terms of federal engagement were set. This article summarizes a RAND Corporation report which addresses recent trends in infrastructure spending and finance and proposes improvements in federal infrastructure policy. We argue for modernizing federal policies related to funding, finance, and project selection. Modernization should recognize the centrality of regional initiatives that transcend local government and state boundaries and should encourage different types of financing—public, private, and public–private partnerships. Poorly targeted investment comes from poorly designed policy. Inadequate maintenance often is a symptom of failure of management and governance. More money will help, but it is not nearly enough.
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Kovalová, Erika, and Katarína Frajtová Michalíková. "The creative accounting in determining the bankruptcy of Business Corporation." SHS Web of Conferences 74 (2020): 01017. http://dx.doi.org/10.1051/shsconf/20207401017.
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If there is a period of unfavourable to critical economic development Business Corporation, there is no doubt about the significance of determining the actual factual moment of bankruptcy of the business corporation. In such a situation, it is crucial for further development approach of the statutory body of Business Corporation in terms of truly evaluation and timely search for a constructive solution. There are different methods of creative accounting to delaying the impending corporation bankruptcy. This paper describes the individual ways in which the creative accounting can favour the business corporation, e.g. increase the reported earnings or reduce the reported loss, manipulate with indicators used in financial analysis, conceal financial risk or strengthen the company´s access to finance. The reason for using these practices by the company management can be just a simple delay in solving the situation, trying to keep the company position as long as possible or the reasons are more complex and sophisticated. There are many model to predict the adjusting financial statements. We described and applied two of them, the CFEBT model and BENEISH M-score model.
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Jora, Octavian-Dragomir, Radu Cristian Mușetescu, and Mihaela Iacob. "The capitalism of turbulences and the over-limited liability of the too big to fail corporations: A property economics note on the working of moral hazard." Corporate Ownership and Control 10, no. 3 (2013): 200–209. http://dx.doi.org/10.22495/cocv10i3c1art4.
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In the corporative realm of the organization of firms, endemic to modern capitalist economy, a common allegation is that “limited liability”, State historically allowed for political or fiscal reasons, would (though asymmetrically) incite stockholders and managers to overconfidence in their characteristic profit-driven endeavours. It is asserted that the corporative judicial-legal shield absorbs risks and unleashes moral hazard, eroding the genuine market capitalism (gambling, greed, monopolism, wickedness). In this article, we will re-examine the moral hazard around modern corporation, starting from an “institutionally neutral” analysis of the interpersonal asymmetry of knowledge, and shifting over to the domain of “comparative inter-institutional” judgements, opposing two counterfactual mutually exclusive frameworks: the one respecting naturally defined private property rights and the other one hampering them through State-made regulatory interventions. We will add more precision to an old classical debate upon the “illiberalism of corporations”, arguing that, along with the factors fuelling the modern boom-bust business cycles by means of easy money and credit, guilty as well for instability in the global markets is some sort of “over-limited responsibility” of corporations (for instance, in finance and banking industry), granted with those “too big to fail” privileges, invoking their “systemic importance” in terms of resource allocation or employment dynamic.
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Svensson, Richard Berntsson, George Joseph Anthony Haggar, Aybuke Aurum, and Vincent J. Hooper. "The application of geographical information systems to multinational finance corporations." International Journal of Business and Systems Research 3, no. 4 (2009): 437. http://dx.doi.org/10.1504/ijbsr.2009.027199.
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Butchey, Deanne. "Determining the Environmental Sustainability Content of Finance and Accounting Textbooks." Journal of Business Ethics Education 16 (2019): 63–80. http://dx.doi.org/10.5840/jbee2019165.
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Corporations play a historic role in generating wealth but sometimes have a contentious impact on the environment and society as a whole. In recent years, corporations have become more sensitive to social issues and stakeholder concerns, and are collectively striving to become better corporate citizens (in some cases, compelled to do so by multiple stakeholders or government regulations). Business schools must prepare their graduates for success within these organizations by ensuring they are exposed to the best practices for implementing corporate sustainability initiatives and for measuring the social and financial impacts of these activities. This article provides implications for curriculum by examining recent editions of Corporate Finance/Financial Management and Financial and Managerial Accounting textbooks commonly used by undergraduate students in North America to see how much space is devoted to these topics. The study finds that Cost/Managerial Accounting textbooks have the highest coverage (frequencies) related to sustainability and environmental topics.
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Freeman, Willoe, Peter Wells, and Anne Wyatt. "Insights from the failure of the Countrywide Financial Corporation." International Journal of Managerial Finance 10, no. 1 (January 28, 2014): 115–36. http://dx.doi.org/10.1108/ijmf-12-2012-0131.
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Purpose – This paper aims to evaluate the business activities, financial reports, and management compensation practices of Countrywide Financial Corporation (Countrywide) in the period preceding the company's financial distress and leading to its eventual takeover by Bank of America in 2008. This analysis provides a number of insights into the risks that Countrywide was exposed to which may guide future research and financial management. Design/methodology/approach – Case study evaluating the failure of Countrywide Financial Corporation. Findings – First, Countrywide was highly reliant upon the securitization of mortgage loans to finance its activities and this was apparent in the financial reports. Second, these securitization transactions exposed Countrywide to significant financial risks, including the risk inherent in the uncertain values of residual interests and warrantees. Problematically, these risks were not transparently reflected in the financial reports, as confirmed by the lag in the timing of stock price responses. This untimely market response suggests the equity market was not aware of Countrywide's risk exposures until shortly before the company's solvency crisis. Third, the compensation practices of Countrywide encouraged and rewarded management for exposing the firm to significant risks. Practical implications – This paper provides insights into financial management that are relevant for researchers and professionals. Originality/value – This paper provides insights for researchers and practitioners relating to the impact of asset securitization on business risk and how these business activities and risks are disclosed in the financial reports.
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Dash, Ashutosh. "IRFC – the beginning of a green era." Emerald Emerging Markets Case Studies 11, no. 1 (May 22, 2021): 1–30. http://dx.doi.org/10.1108/eemcs-07-2020-0253.
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Learning outcomes The learning outcomes of this paper is as follows: to review the basic differences between the two evolving bonds, i.e. green vs masala bonds in the Indian capital market; to comprehend the factors that need to be considered in deciding the type of bond to be issued; to assess complexities, such as process, timing, risk and location in relation to the issue of the green bonds; and to understanding the rudiments of bond economics, such as pricing, all-in-cost and yield-to-maturity of bonds and make a comparison of all-in-cost of the Reg-S bond and green bond to Indian Railway Finance Corporation (IRFC). Case overview/synopsis In September 2017, IRFC, a public sector undertaking registered as a Non-Banking Finance Company with Reserve Bank of India under the administrative control of the Ministry of Railways, was planning to raise US$500m 10-year green bonds from investors in Asia, Europe and the Middle East. The green bond proceeds were proposed to be used for low carbon transport and in this way, contribute significantly to the green initiatives of the Indian Railways. Many companies in India had issued regular bonds without labeling them as green but had used the proceeds of the bond for climate-aligned assets. Therefore, a bigger challenge before the IRFC management was the economics of green bond for getting a nod from the Board of Governors to go ahead. Some preliminary estimates on cost of green bonds were received from few bankers but to see that the terms of green bonds are met eventually, the Director (Finance) developed his own estimate of the cost of the new bonds. The Managing Director and Director (Finance) of IRFC were trying to figure out the economic advantage of green bonds besides its social benefits. Complexity academic level MBA Programme Executive Training. Supplementary materials Teaching notes are available for educators only. Subject code CSS 1: Accounting and Finance.
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Shakatreh, Mamoun, Ahmad Moh’d Ahmad Mansour, and Zakarya A. Alatyat. "Corporate Tax Features in Jordan Affecting Business Decisions: Strengthening Finance Accountability in Emerging Economies." International Journal of Professional Business Review 7, no. 4 (November 11, 2022): e0739. http://dx.doi.org/10.26668/businessreview/2022.v7i4.e739.
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Purpose: This paper attempted to evaluate the attributing factors of corporate tax that impact and influence the financial decision-making of the businesses of Jordan. The attributes of mandatory disclosure of Jordan and opportunities in the financial report have been comprehensively discussed to analyze the financial accountability factor. Theoretical framework: the paper discussed the hypotheses related to the features of corporate tax that impact the business decisions in Jordan, the sectors of financial accountability in emerging markets, the link between corporate governance and financial reports, and the connection between attributes of taxpayers and VAT compliance. Design/methodology/approach: the descriptive type of research design is implemented to follow both qualitative and quantitative methods of research. The data were measured and evaluated using correlation, and regression to understand the link and connection between the research variables. Findings: it can be concluded that there are various factors that impact the decision-making of the businesses in corporations such as the size of the business. Also, there is in rising opportunity for the financial reports and a link between the attributes of the taxpayers and VAT compliance. Moreover, the accounting framework of Jordan is also discussed comprehensively and the strategies that are followed for mandatory disclosure of businesses in Jordan or also discussed. Among the factors, the agency cost and profitability together with financial leverage also have an impact on the decision-making of the businesses. Research, Practical & Social implications: the stance of financial accountability in emerging economies like Jordan is being discussed with in-depth understanding. Originality/value: identifying the features of corporate tax that impact the business decisions in Jordan, understanding the sectors of financial accountability in emerging markets, identifying the link between corporate governance and financial reports, understanding the connection between attributes of taxpayers and VAT compliance.
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Francoeur, Claude. "La finance corporative comme objet d’étude dans la littérature scientifique sur la PME." Notes de recherche 14, no. 1 (February 16, 2012): 93–111. http://dx.doi.org/10.7202/1008688ar.
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Cette étude vise à déterminer les caractéristiques des objets de recherche en finance corporative des PME. La recherche porte sur 108 articles publiés durant les 10 dernières années dans six revues scientifiques de renom dans le domaine de l’entrepreneuriat et de la gestion des PME : Entrepreneurship Theory and Practice, International Small Business Journal, Journal of Business Venturing, Journal of Small Business Management, Revue internationale PME et Small Business Economics. Tous les objets de recherche ont été identifiés à partir du texte intégral des articles recueillis et classés a posteriori dans l’une ou l’autre des catégories suivantes : le capital de risque, la création d’entreprises, les conditions de financement, l’entre-preneurship, l’évaluation, la gestion financière, l’objectif financier, la performance financière, la recherche, la structure de capital et la structure organisationnelle. Ces objets de recherche ont aussi été analysés en fonction des recommandations de Pettit et Singer (1985) sur ce que devraient être les voies de recherche à emprunter en finance corporative des PME ; les écarts entre les pistes de recherche suggérées et les objets effectivement étudiés sont analysés et discutés. Les résultats font notamment ressortir la grande diversité des auteurs, une forte concentration autour d’un nombre restreint d’objets de recherche et un manque d’intérêt pour certaines autres voies de recherche jugées, par ailleurs, importantes pour le développement des connaissances en finance des PME.
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Harrison, Jeffrey S., Robert A. Phillips, and R. Edward Freeman. "On the 2019 Business Roundtable “Statement on the Purpose of a Corporation”." Journal of Management 46, no. 7 (December 17, 2019): 1223–37. http://dx.doi.org/10.1177/0149206319892669.
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The Business Roundtable, a large group of top CEOs, recently issued a statement defining the purpose of the corporation in stakeholder terms, a direct and intended reversal from an earlier statement that defined the duty of directors as serving the interests of stockholders. In this editorial, we briefly describe the major twists and turns in the stockholders-versus-stakeholders debate that make this statement so significant to management theory and practice. We then describe the implications of the statement for scholars and practicing managers. We end with a description of three specific research topics that require more research in light of this statement: firm boundaries, the nature of value creation systems, and theory regarding the destruction of stakeholder value.
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Butterfield, Scott L., and Lou X. Orchard. "Corporate Inversions And Fair Play." Journal of Applied Business Research (JABR) 29, no. 3 (April 23, 2013): 653. http://dx.doi.org/10.19030/jabr.v29i3.7771.
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<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; mso-pagination: none;" class="MsoNormal"><span style="color: black; font-size: 10pt; mso-themecolor: text1;"><span style="font-family: Times New Roman;">A Corporate inversion is a process that a company undergoes to change the domicile of the parent corporation in a multinational corporate conglomerate to a country other than the United States.<span style="mso-spacerun: yes;"> </span>J. S. Barry (2002) quotes U.S. Senator Max Baucus, Chairman of the Senate Finance Committee, as saying: "Prominent U.S. companies are literally re-incorporating in off-shore tax havens in order to avoid U.S. taxes. They are, in effect, renouncing their U.S. citizenship to cut their tax bill.<span style="mso-spacerun: yes;"> </span>This is very troubling, especially now, as we all try to pull together as a nation."<span style="mso-spacerun: yes;"> </span>Senator Charles Grassley (R-Iowa), the ranking Republican member of the Finance Committee, has called inversions "immoral." Stanley Works, a corporation based in Connecticut, planned to re-incorporate in Bermuda. A Democratic Representative from that state, James Maloney, said, "Connecticut hasn't seen such a shameful day since Benedict Arnold sailed away." Stanley Works buckled under political pressure and did not go forward with the planned inversion.<span style="mso-spacerun: yes;"> </span>This paper addresses the current practice of corporate inversions, and reviews the current legal and political actions taken to address them.</span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>
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Sharma, Dipasha, Sagar Singhi, and Dhaval Kosambia. "The fall of DHFL: hidden issues that everyone ignored." Emerald Emerging Markets Case Studies 13, no. 1 (June 8, 2023): 1–32. http://dx.doi.org/10.1108/eemcs-04-2020-0124.
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Learning outcomes The learning outcomes are as follows: to be able to evaluate early warning signs/red flags through financial statement analysis; to be able to analyse company’s credit or debt servicing using a thorough process of fundamental analysis; to be able to analyse and decode the financial health of an organization through different financial tools applicable according to the industry such as default probability and financial ratios; and to be able to synthesize credit rating framework and role of credit rating agencies in the bond market. Case overview/synopsis In late January 2019, the allegation by an online investigative portal about the misuse of the Dewan Housing Finance Corporation Ltd. (DHFL) money by its promoter for buying asset abroad was the start of the fall of the non-banking finance company giant. This was followed by a series of downgrade by credit rating agencies on its debt and eventual default on its interest payment on 4 June 2019 which upset multiple portfolio investors and the regulators. Investors became sceptical about the regulator’s policy and inefficiencies of credit rating agencies in predicting the default along with asset management houses which were expected to guard investors’ interest. One investor, Shikhar Pachori, decided to scrutinize all hidden information on DHFL to investigate if DHFL crisis arises because of unknown factors which was not in control of management or if it a clear negligence on the part of all involved parties. The case tries to emphasize the aspect of Asset-Liability Management and process of credit analysis while looking for red flags which aids in identifying any stress in company’s financial or any potential default by company. Complexity academic level This case can be used in the advance level of post-graduate finance course or MBA program for elective/specialization courses such as Financial Statement Analysis, Financial Institutions and Market and Fixed Income. Supplementary materials Teaching notes are available for educators only. Subject code CSS 1: Accounting and Finance
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El Fakir, Adil, and Mohamed Tkiouat. "Profit and loss sharing contracts as a prisoners dilemma: An agent based simulation with game theory application to participative finance." Corporate Ownership and Control 13, no. 4 (2016): 520–25. http://dx.doi.org/10.22495/cocv13i4c3p10.
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PLS contracts, Like Musharakah in participative finance, represent a practice of profit and loss sharing contracts. It is claimed to be a fair economic mode of investment as it entails the sharing, by the participants, of profits and risks. This mode of financing, however, suffers from asymmetric information in the form of adverse selection and moral hazards. In this Agent based simulation we managed to apply a repeated game theoretical approach to PLS financing using an agent based simulation tool called Net- logo. The purpose is to test whether PLS contracts are representative of a prisoner’s dilemma game. We have identified different parameters which are used to calculate the payoffs of the bank and the enterprise which seeks financing. Each agent in this simu- lation has some strategies that he/she can use through the game. We have managed to run the simulation1000 times for different model parameters under each combination of the agent’s strategies. We have found evidence that PLS contracts are not represen- tatives of a a prisoner dilemma game as mutual cooperation does not lead to a better payoff to the corporation than mutual defection. Over a repeated process, however, we found simulation evidence that the threat by the bank to apply an unforgiving strat- egy towards defection, leads to a cooperative behavior by the corporation through the strategy Tit-for-Tats.
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Khvostova, A. A. "Methodological Approaches and Tools for Managing Working Assets in the System of Finance Management in Russian Corporations." Vestnik of the Plekhanov Russian University of Economics, no. 6 (December 22, 2021): 170–79. http://dx.doi.org/10.21686/2413-2829-2021-6-170-179.
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The article summarizes today’s theoretical aspects of the notion ‘working assets’ and their management with focus on the most widely used in Russia ideas about this group of enterprise and organization assets. At the same time the author provides findings of academic research by classics of economic theory and finance management (F. Kene, A. Smith, D. Ricardo, K. Marx) and present day scientists and experts. While studying academic works by today’s scientists the most frequently used in Russia definitions of the notion ‘working assets’ were identified. The author gave explanations, which allow us to see the differences between non-current and working assets of business entities. Apart from that, the effective legal aspects of managing working assets by corporations were studied with focus on describing the procedure of their fixing in forms of periodical accounting and showing material costs. The article provides different types of working asset management, depicts groups of methods for working asset management and gives a list of the most widely used tools for effective management of working assets in the system of finance management of Russian corporations.
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Croft, Lena. "Competing or Complementing: AES Entry into the Chinese Power Generation Market." Asian Case Research Journal 07, no. 01 (June 2003): 89–114. http://dx.doi.org/10.1142/s021892750300032x.
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This case study used longitudinal data to test the applicability of a western theory to a socialist market economy. Traditional theories assert that on entering a foreign market, firms must possess some ownership-specific advantages (e.g. access to sources of finance and advanced technology) in order to compete with indigenous firms (Hymer, 1976; Dunning, 1985; Buckley and Casson, 1991). The theories were subjected to debate when applied to the entry of the AES Corporation (AES), a United States power generation firm, into the People's Republic of China where socialist economic system is in practice. The case method was used to collect information rich qualitative data so as to analyse the firm behaviour of AES in China when the firm was exposed to the context of different fundamental values and institutional orders. Secondary data was collected from archives. In-depth interviews were conducted to gather data for later analysis. The study concluded that access to finance was the major ownership advantage constituting the successful entry of AES into China. This advantage complemented the deficiencies of its Chinese partners. Yet, the complementary relationship may not extend to some quasi state-owned firms which are nurtured under the Chinese government policies to become the "National champion teams". With the emergence of the "National champion teams", AES would have to apply a new set of strategies to meet the challenge.
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Durán Santomil, Pablo, and Luis Otero González. "Enterprise risk management and Solvency II: the system of governance and the Own Risk and Solvency Assessment." Journal of Risk Finance 21, no. 4 (July 17, 2020): 317–32. http://dx.doi.org/10.1108/jrf-09-2019-0183.
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Purpose The purpose of this paper is to analyze how enterprise risk management (ERM), the system of governance and the Own Risk and Solvency Assessment (ORSA) have been boosted with the entry of Solvency II. Design/methodology/approach For this analysis, the authors have undertaken a survey of chief risk officers (CROs) working in Spanish insurance companies. Findings The results show that Solvency II has definitely promoted ERM in the European insurance industry and improved the system of governance of the insurance companies, and that the perceived value of the ORSA for the companies is higher than the cost. It is clear that the quality of ERM implemented by companies is higher in those that face more complex risks and with greater interdependencies – that is, larger companies, foreign insurers and insurers with several lines of business – but is unaffected by the legal form of the entity (mutual/corporation). Originality/value This study conducts primary research with surveys of CROs and develops a measure of the quality of ERM implemented by insurance companies.
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admin, admin, and Nariman A. Khaliel. "Leveraging Business Intelligence for Enhanced Green Financial Practices in Advanced Corporations." Journal of Sustainable Development and Green Technology 4, no. 1 (2024): 16–22. http://dx.doi.org/10.54216/jsdgt.040102.
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The research aims to fill a gap in the current sustainability strategies by investigating how business intelligence can be integrated into advanced companies to improve green financial practices. We will apply our proposed framework to Mutual Funds and Exchange-Traded Funds (ETFs) as we recognize the need for environmentally responsible financial decisions. Our study uses statistical analysis and predictive modelling with Random Forest and Ordinary Least Squares based on a comprehensive dataset obtained from Yahoo Finance. The results, presented through sector distributions, risk ratings, and distribution by category, provide detailed insights into the multifaceted impacts of business intelligence. Our findings indicate that the suggested framework optimises financial decisions and emphasizes the importance of customized approaches across different financial instruments. This study provides a valuable roadmap for practitioners, policymakers, and researchers navigating the changing landscape of environmentally responsible financial strategies in an era where advanced corporations grapple with the complexities of sustainable finance.
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Fama, Eugene F., and Joel M. Stern. "A Look Back at Modern Finance: Accomplishments and Limitations." Journal of Applied Corporate Finance 28, no. 4 (December 2016): 10–16. http://dx.doi.org/10.1111/jacf.12206.
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In a conversation held in June 2016 between Nobel laureate Eugene Fama of the University of Chicago and Joel Stern, chairman and CEO of Stern Value Management, Professor Fama revisited some of the landmarks of “modern finance,” a movement that was launched in the early 1960s at Chicago and other leading business schools, and that gave rise to Efficient Markets Theory, the Modigliani‐Miller “irrelevance” propositions, and the Capital Asset Pricing Model. These concepts and models are still taught at prestigious business schools, whose graduates continue to make use of them in corporations and investment firms throughout the world.But while acknowledging the staying power of “modern finance,” Fama also notes that, even after a half‐century of research and refinements, most asset‐pricing models have failed empirically. Estimating something as apparently simple as the cost of capital remains fraught with difficulty. He dismisses betas for individual stocks as “garbage,” and even industry betas are said to be unstable, “too dynamic through time.” What's more, the wide range of estimates for the market risk premium—anywhere from 2% to 10%—casts doubt on their reliability and practical usefulness. And as if to reaffirm the fundamental insight of the M&M “irrelevance” propositions—namely, that what companies do with the right‐hand sides of their balance sheets “doesn't matter”—Fama observes that “we still have no real resolution on the key questions of debt and taxes, or dividends and taxes.”But if he has reservations about much of modern finance, Professor Fama is even more skeptical about subfields now in vogue such as behavioral finance, which he describes as “mostly just dredging for anomalies,” with no underlying theory and no testable predictions. Although he does not dispute that a number of well‐documented traits from cognitive psychology show up in individual behavior, Fama says that behavioral economists have thus far failed to come up with a testable theory that links cognitive psychology to market prices. And he continues to defend the concept of “efficient markets” with which his name has long been closely associated, while noting that empirically based asset pricing models such as his (with Ken French) “three‐factor” CAPM have produced much better results than the standard CAPM.
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Rane, Nitin Liladhar, Saurabh P. Choudhary, and Jayesh Rane. "Artificial Intelligence-driven corporate finance: enhancing efficiency and decision-making through machine learning, natural language processing, and robotic process automation in corporate governance and sustainability." Studies in Economics and Business Relations 5, no. 2 (June 1, 2024): 1–22. http://dx.doi.org/10.48185/sebr.v5i2.1050.
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This research paper delves into the transformative possibilities of Artificial Intelligence (AI) within corporate finance, specifically focusing on its role in improving efficiency and decision-making processes. Through the utilization of machine learning, natural language processing (NLP), and robotic process automation (RPA), AI introduces innovative methods for enhancing corporate governance and sustainability practices. In the contemporary business landscape, corporations encounter mounting pressure to streamline operations while simultaneously addressing concerns regarding environmental, social, and governance (ESG) issues. Conventional finance methodologies often struggle to efficiently handle large volumes of data and extract actionable insights promptly. However, AI presents a shift in paradigm by enabling automated data analysis, recognizing patterns, and conducting predictive modeling, thus enabling finance professionals to make data-informed decisions swiftly and accurately. Machine learning algorithms play a pivotal role in detecting patterns and correlations within financial data, facilitating proactive risk management and strategic planning. Additionally, NLP technologies facilitate the extraction of valuable insights from unstructured data sources like regulatory filings, news articles, and social media, thereby enabling informed decision-making in corporate governance and sustainability endeavors. Moreover, RPA simplifies repetitive tasks and workflows, thereby reducing operational expenses and freeing up human resources for more strategic pursuits. Through the automation of routine processes such as data entry, reconciliation, and reporting, RPA enhances operational efficiency and ensures adherence to regulatory standards. Through the adoption of AI technologies, corporations can unlock novel avenues for innovation, optimize resource allocation, and promote sustainable growth within today's dynamic business milieu.
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Styhre, Alexander. "A managerial revolution in reverse: finance market control of the corporation and the triumph of the agency theory model." Management & Organizational History 10, no. 1 (December 23, 2014): 71–86. http://dx.doi.org/10.1080/17449359.2014.989234.
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Huang, Cheng-Kui, Kwo-Whei Lee, and Chien-Huei Chou. "Market reaction of the business cooperation with IT service provider: an investigation of IBM." Managerial Finance 46, no. 12 (July 31, 2020): 1549–67. http://dx.doi.org/10.1108/mf-10-2019-0503.
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PurposeSince business competition has become more intense throughout the world, most enterprises are seeking to engage in business cooperation with other partners in order to enhance their competitive strengths. However, they do not necessarily develop mature information technologies’ (ITs) capabilities and skills internally but rather outsource them to IT providers. Therefore, the benefits received by firms which adopt the approach of business cooperation with IT providers have become an interesting issue for managers and shareholders.Design/methodology/approachThis study adopted an event study methodology for apprising the short-term business value from the stock market. The authors predicted that investors will react as they receive news coverage about the strategy of business cooperation between outsourcing firms and an IT provider, International Business Machines (IBM) Corporation. The authors then collected all news coverage regarding the firms which had announced business cooperation with IBM and observed different types of abnormal returns.FindingsOn analyzing 53 announcements of cooperation with IBM from 2008 to 2016, the authors found that the announcement of business cooperation had a significantly positive influence on companies' market value.Originality/valueTo the best of the authors’ knowledge, this is the first study to investigate the issue for market reaction to the announcement of business cooperation with IBM.
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Mohatarem, G. Mustafa. "Commentary: GM's Perspective on the WTO Doha Development Agenda Multilateral Trade Negotiations." Global Economy Journal 5, no. 4 (December 7, 2005): 1850074. http://dx.doi.org/10.2202/1524-5861.1161.
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Commentary on Doha Round by a representative of General Motors. G. Mustafa Mohatarem was named chief economist of General Motors Corporation on March 1, 1995. He serves on the Coordination Committee of the corporation’s Public Policy Center and the Corporate Risk Management committee. Mohatarem is an expert on trade issues and heads the corporation’s Trade Team. He interacts regularly with officials from the United States and other countries on trade-related issues. He joined General Motors in 1982 as an economist on the Economics Staff in Detroit. In 1985, he became senior staff assistant on the Industry-Government Relations Staff and the following year he returned to the Economics Staff as senior staff economist. He was promoted to director of trade and competitive analysis in 1987, and general director of economic analysis in 1990. He received an undergraduate degree in economics and mathematics from Denison University and an MA and PhD from the University of Chicago Graduate School of Business in 1979 and 1982, respectively.
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Sriram, Mahadevan. "Analysis of Minda Corporation Ltd: leveraging strategic financial tools and analytics." Emerald Emerging Markets Case Studies 13, no. 4 (November 28, 2023): 1–17. http://dx.doi.org/10.1108/eemcs-05-2023-0186.
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Learning outcomes After completion of the case study, the students will be able to understand the calculation of cost of individual sources of funds and cost of capital, examine various tools such as economic value added and cash value added analyses which help determining whether a company has added value to its shareholders or not and explore the application of Benford’s law and the Beneish M-score in detecting manipulation of numbers in financial statements. Case overview/synopsis Nimmy Jacob, a newly recruited research analyst with an equity research firm, was entrusted with tracking the “auto ancillary industry”, specifically “Minda Corporation Ltd” (MIL). MIL was a leading diversified auto components manufacturing companies in India. The company’s share price meteorically rose during February 2021–2022 (Figure 1). The company’s turnover over the past few years had grown at a compounded annual growth rate of 15% during the three preceding years. The company had in the recent past bought a 15% stake in another competitor, Pricol Ltd, for a consideration of INR 400 crores and previously had used joint ventures and acquisitions to scale up its operations. Jacob, apart from the conventional financial analysis, had to ascertain whether all the strategic decisions were adding value to the shareholders’ investments by exploring the various tools available for the same and also calculate the minimum expected rate of return for MIL. Jacob was apprehensive about the financial statements, although the numbers for the company were good. Jacob was skeptical about a high-growth company having the incentive to manipulate its earnings. Manipulations could be in the form of abnormal increase in accruals, inconsistency in expenses and high days of receivables. Therefore, Jacobs used certain analytics/statistical tools to detect any manipulation of numbers in the financial statements of the company and to ascertain apt findings about the company. Complexity academic level This case study is intended for discussion in corporate finance, financial reporting and analysis and financial analytics at Master of Business Administration/undergraduate level. Supplementary material Teaching notes are available for educators only. Subject code CSS1: Accounting and finance
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Ahmed, Neveen, Omar Farooq, and Mohammed Bouaddi. "Organizational structure, ownership structure and credit ratings: evidence from SMEs." Corporate Ownership and Control 11, no. 3 (2014): 63–71. http://dx.doi.org/10.22495/cocv11i3p4.
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This paper documents that credit ratings of closed corporations depend on their organizational structure and ownership structure (family management and family control). Using the data from the Survey of Small Business Finance (SSBF), we show that S-Corporations have higher credit ratings than C-Corporations. We argue that lower information asymmetries inherent in S-Corporations lead to better credit ratings. We also show that ownership structure – as explained by family control and family management – is also associated with higher credit ratings. We argue that increased monetary stake of a single entity – family – translates into his altruistic commitment and increased effort, thereby improving credit ratings.
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Tsujikawa, Tetsuji. "Restrictions Relating to Investment in Entities Holding Infrastructure in Japan." Global Trade and Customs Journal 5, Issue 9 (September 1, 2010): 379–88. http://dx.doi.org/10.54648/gtcj2010045.
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On May 17, 2010, the Growth Strategy Meeting set up in the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) issued a report on growth strategy (“GSM Report”). The GSM Report recommends as a basic principle the creation of a new market environment consisting of the following pillars: (i) intensive allocation of public investment according to costeffectiveness; (ii) relaxation of regulation, and facilitation of private sector proposals and bold management; (iii) active use of private sector’s wisdom and fund through public-private partnership (PPP) and private fund; and (iv) cooperation with private sector and promotion of talent. With regard to an international operation and cooperation with private sector, the GSM Report recommends: (a) formation of infrastructure fund; and (b) use of PPP and Private Finance Initiative (PFI). The infrastructure mentioned in the GSM Report includes airport infrastructure, port infrastructure, highway infrastructure, railway infrastructure, and sewage infrastructure. The measures for facilitation of PPP and PFI mentioned in the GSM Report includes introduction of concession method in infrastructure sector, privatization of government-affiliated corporation, improvement of tax for promotion of PFI, and measures allowing the participant to sell to a third party its shares in special purpose vehicle used in the PPP and PFI. On June 1, 2010, the Ministry of Economy, Trade and Industry (METI) released a report on the Industry Structure Vision 2010, which recommends for improvement of industrial finance such measures as improvement of tax for foreign fund and tax exemption or corporate bond interest. We here review environment on foreign direct investment in Japan and investment in infrastructure.
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de las Heras-Rosas, Carlos, and Juan Herrera. "Innovation and Competitive Intelligence in Business. A Bibliometric Analysis." International Journal of Financial Studies 9, no. 2 (June 10, 2021): 31. http://dx.doi.org/10.3390/ijfs9020031.
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The business environment of today is complex and dynamic due to increasing global competition. The businessman needs to master and know all the information that has strategic value, and Competitive Intelligence is positioned as the most appropriate tool to achieve this goal. In recent decades, research and publications related to Competitive Intelligence have been increasing, although the military heritage of this field of research and the association with large corporations has meant that the literature is still at an early phase of development and specialisation. This paper analyses scientific articles on Competitive Intelligence from journals in the Web of Science database between 1985 and 2021. The main objective of this research has been to detect the topics that have been most related to Competitive Intelligence. The 589 papers analysed indicate that interest in this topic is relatively recent and that the most central topic in the sample is Innovation. The bibliometric analysis carried out indicates that Competitive Intelligence is closely linked to innovation processes in companies, facilitating its development. Furthermore, it highlights the importance that business management, together with the promotion of absorptive capacity and alignment around Competitive Intelligence will allow companies to improve their competitive advantages, as well as greater success with new products. Little research was found on aspects related to small and medium-sized enterprises and patents in relation to Competitive Intelligence. This research aims to show which are the most researched topics in relation to Competitive Intelligence, so that it can serve as support for future research, as well as for company managers in making decisions in relation to this topic.
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Konno, Yukiko. "An empirical analysis of the discontinuance of business for startup contractors and property companies in Japan." Journal of Financial Management of Property and Construction 20, no. 1 (April 7, 2015): 50–64. http://dx.doi.org/10.1108/jfmpc-07-2014-0012.
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Purpose – The purpose of this paper is to examine the factors that affect the discontinuance of business of start-up contractors and property companies in Japan. It will help managers of start-up contractors and property companies to effectively manage their companies. Furthermore, it will be useful for stakeholders with links to start-up companies to analyse the credit risks associated with these businesses. Design/methodology/approach – This study uses data from the Japan Finance Corporation Business Startup Panel Survey to empirically examine the factors that affect the discontinuance of business of start-up companies. A binary logit model is used as the statistical method. Utilising the resource-based view theory, this study explores the relationships between resources and company capabilities at both start-up and discontinuance of business. Findings – Start-up contractors tend to discontinue their business, as managers grow older and when a sufficient workforce cannot be found at start-up. On the other hand, start-up property companies tend to discontinue business when securing of orderers is not sufficient at start-up. Originality/value – This study analyses start-up contractors and property companies and finds that factors that affect the discontinuance of business differ across construction and property industries, with each industry facing important, sector-specific issues.
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Hallin, Christina, Ulf Holm, and Dharma Deo Sharma. "Embeddedness of innovation receivers in the multinational corporation: Effects on business performance." International Business Review 20, no. 3 (June 2011): 362–73. http://dx.doi.org/10.1016/j.ibusrev.2010.09.002.
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Bae, Sung C., Bell J. C. Park, and Tracy Wagner. "Capital asset management process: the case of Hose & Fittings Corporation." International Journal of Managerial Finance 1, no. 3 (September 2005): 204–20. http://dx.doi.org/10.1108/17439130510619640.
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Yao, Yuyan, Guanrui Yi, Jian Xu, and Siyu Liu. "Innovations and Future Development Pathways of Internet Finance Asset Securitization in China: A Case Study of Ant Group." Advances in Economics, Management and Political Sciences 97, no. 1 (July 2, 2024): 193–210. http://dx.doi.org/10.54254/2754-1169/97/20231192.
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With the evolution of the Internet age, e-commerce giants have established small loan entities to accommodate the booming B2C business model. While these online small loan providers retain the traditional attributes of their counterparts, they are adept at addressing the financing needs of micro-enterprises and individuals. Furthermore, these digital lenders have a broader reach in terms of geography and demographic distribution and possess enhanced capabilities to assess borrowers' creditworthiness. Such strengths make them well-suited for asset securitization, an emerging financing approach. This paper will analyze China International Capital Corporation -Ant Financial special asset management program which is one of the important asset securitizations of Internet small loan in China. The analysis will focus on the basic features and innovations of the structure of the securities. In addition, various economic indicators of Ant Financial will be considered to analyze the effectiveness and risks of Ant asset securitization. This study provides both theoretical and practical insights into Ant Financial Services asset securitization. Moreover, the research has analyzed the reasons behind the suspension of Ant Group's IPO, its subsequent rectifications, as well as the future trends of internet finance in China, providing beneficial reference for other companies.
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Popoola, Oluwatoyin Muse Johnson. "Preface to the Fourth Issue of Indian-Pacific Journal of Accounting and Finance." Indian-Pacific Journal of Accounting and Finance 1, no. 4 (October 1, 2017): 1–3. http://dx.doi.org/10.52962/ipjaf.2017.1.4.29.
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I welcome you with most significant pleasure and honour to the Volume 1 Issue 4 of Indian-Pacific Journal of Accounting and Finance. In this Issue 4, the emphasis is placed on accounting, taxation, business administration, corporate governance and risk management, accounting regulation and financial reporting, and accounting.
In the first paper entitled “Board Characteristics, Corporate Performance and CEO Turnover Decisions: An empirical study of listed Non-financial Companies”, Mr Yahya Uthman Abdullahi (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia), Dr. Rokiah Ishak (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) and Dr. Norfaiezah Sawandi (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) examine the influence of board characteristics and corporate performance on CEO turnover decisions using a sample of 144 firms from non-financial companies listed on the Nigerian Stock exchange between the periods of 2011 to 2015. The study adopts agency and resource dependency theories to support its objectives and applies a logistic regression statistical technique to analyse the results. The results show that board nominating committee has a significant positive relationship with CEO turnover and board gender diversity has a negative influence on CEO turnover. Also, the study also finds that poor corporate performance leads to CEO turnover. In concurring with the findings, the study suggests to the government to enact legislation on gender quota for more women appointment on the board of the corporation to better the performance of the firm, and as well to enhance the monitoring role of the board.
In the second paper with the caption “Factors affecting the productivity of IRBM Field Tax Auditor: A Case Study in Malaysia”, Mr Sabin Samitah (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia), Prof Dr Kamil Md Idris (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) and Dr Saliza Abdul Aziz (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) explore the idea of factors affecting the productivity of field tax auditors in the Inland Revenue Board of Malaysia (IRBM). This study is significant because IRBM has not yet implemented a systematic method of deploying officers to the field tax audit unit throughout Malaysia. The factors identified could be used as a reference in designing future human development programme in IRBM with particular emphasis on field tax auditors. Several variables have been defined, which broadly classified into individual characteristics and external factors. Data for the analysis are sourced from IRBM’s internal database, unpublished records and direct questionnaire of all respondents engaged in the field audit in Klang Valley. The proposed idea would analyse the relationship between auditors’ productivity and various variables based on the initial assumption that all variables are influencing the productivity through direct impact. This is, however, merely an initial expectation and subject to further data analysis once the data collection is implemented and completed.
In the third paper with the title “Knowledge sharing and barriers in Organisations: A conceptual paper on Knowledge-Management Strategy”, Mr Saravanan Nadason (School of Business Management, Universiti Utara Malaysia), Associate Prof Dr Ram Al-Jaffri Saad (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) and Dr Aidi Ahmi (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) investigates the barriers that give impact towards the knowledge sharing among individuals in organisations. Knowledge sharing becomes the significant part of many organisations’ knowledge-management strategy. Even though the knowledge sharing is signifying practice for organisations’ competitiveness directly and market performance indirectly, several barriers make it difficult for knowledge management to achieve the goals and deliver a positive return on investment (ROI). The barriers were identified through literature reviews. The findings of previous studies revealed that several factors affect the knowledge sharing in organisations. This paper provides the analysis of significant factors that influence knowledge sharing in organisations, which comprise the individuals, culture, technology and organisation.
In the fourth paper entitled “Ownership Structure and Earnings Management of listed Conglomerates in Nigeria”, Dr Musa Adeiza Farouk (Department of Accounting, Ahmadu Bello University) and Dr Nafiu Muhammad Bashir (Department of Business Administration, Ahmadu Bello University) examine the effect of ownership structure on earnings management of listed conglomerates in Nigeria. Ownership structure is represented with managerial ownership, institutional ownership, block ownership and foreign ownership, while earnings management is measured using modified Jones model by Dechow, Sloan and Sweeney (1995). Data were obtained from the six listed conglomerates on the Nigerian Stock Exchange covering the period 2008-2014 through their annual reports and accounts. The findings show that managerial ownership and ownership concentration have a significant and adverse effect on earnings management of listed conglomerates in Nigeria, while foreign ownership recorded positive and significant impact on earnings management of firms, institutional ownership was however reported to have an insignificant but negative influence on earnings management. The study, therefore, recommends that management should be encouraged to have more interest through shares in the organisation as it enables them to have more sense of belonging, which in turn will help mitigate their opportunistic tendencies. Also, the institutional ownership should be improved upon through allotment of more shares as these categories of investors are well informed and could be more vigilant over their stake in the organisation thereby performing monitoring role to mitigate earnings management.
In the fifth paper with the title “Corporate Governance Structure and Firm Performance: A Case Study of Malaysian University Holdings Companies”, Prof Dr Wan Nordin Wan Hussina (Othman Yeop Abdullah Graduate, College of Business, Universiti Utara Malaysia), Dr. Norfaiezah Sawandi (Tunku Puteri Intan Safinaz School of Accountancy, College of Business, Universiti Utara Malaysia), and Dr Hasnah Shaari (Tunku Puteri Intan Safinaz School of Accountancy, College of Business, Universiti Utara Malaysia) analyse the corporate governance structure and performance of Malaysian public university holding companies from 2010 to 2014. The sample comprises eight public university holding companies. Data were obtained by using three methods, namely: survey, semi-structured interview, and documentation review. The board structure and board sub-committees practices of these case organisations were evaluated against the best practice recommendation of (i) the Malaysian Code on Corporate Governance (MCCG) 2012, (ii) the Green Book 2006, and (iii) other relevant acts. The firm performance is measured using four indicators which are sales, profit before tax, net profit margin and return on equity. Overall, their study finds that the practice and structure of corporate governance of the holding companies are excellent. However, their study reveals non-compliance by companies about certain aspects of the recommendations of Malaysian Code on Corporate Governance 2012 (MCCG) and the Green Book. The study also observed that the practice of governance between the university companies is not uniform. The findings provide an insight into the competence of the ministry of higher education as the shareholder to improve the monitoring of the public university holding companies.
As you read through this Vol. 1 Issue 4 of IPJAF, I would like to reiterate that the success of the journal depends on your active participation and those of your colleagues and friends through submission of high-quality articles within the journal scope for review and publication.
I acknowledge your support as we endeavour to make IPJAF the most authoritative journal on accounting and finance for the community of academic, professional, industry, society and government.