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Journal articles on the topic 'Financial leasing companies'
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1
Kadhum Al-Atabi, Sadiq Jafar. "Financing Companies using Financial Technology an Exploratory Study." JOURNAL OF UNIVERSITY OF BABYLON for Pure and Applied Sciences 27, no. 1 (March 31, 2019): 43–68. http://dx.doi.org/10.29196/jubpas.v27i1.2064.
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The modern technology to finance investments, of leasing, and the wide attention in the industrialized countries due to their particular flexibility, as well as their low costs often thus making them an alternative to compete with other traditional financing methods. It is noted in this regard that developing countries, especially Arab ones for the most part what relatively late still in the application of this type of financing , companies are leasing is still very low compared with the industrialized countries due to traditional methods control of funding for financial institutions, and non-acceptance risk in new areas of funding, lack of professionalism in the financial and banking field and then dodging relatively active participation in economic development; this study examine the decision to leasing the Iraqi environment as a source of funding for projects to identify extent the desire of the Iraqi projects and their ability to exercise Activity leasing, as well as the desire of the Iraqi banks and their ability to finance the leasing projects, According hypotheses of the study using a model according to the measure " Likert " questionnaire, the first model to the Iraqi projects, as leasing , and was (50) projects , in the face of the second model to the branches of Iraqi banks, as leased, the (40) bank. The study concluded the following results: The desire of the Iraqi projects, and their ability to exercise Activity leasing, as well as a statistically significant relationship between the knowledge of the project of leasing activity and flexible lease process, and pledges to the tenant project against for financing its assets on the one hand, and between the desire of the projects, and their ability to exercise leasing activity on the other.
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Jaszczuk, Joanna, Anna Białek-Jaworska, Krzysztof Opolski, Marek Sylwestrzak, and Katarzyna Trzpioła. "Leasing Puzzle in Polish Small Firms Listed on the Alternative Market." Central European Economic Journal 5, no. 52 (May 7, 2019): 25–39. http://dx.doi.org/10.2478/ceej-2018-0006.
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Abstract In this article, we study the substitution between leasing and bank loans in financing the investment of small companies. The analysis is based on financial information about Polish companies listed on NewConnect, which used financial leasing in the period of 2012–2016. We argue that leasing and bank loans are the substitute in financing the investment of small companies. We estimate the probability of financial leasing and its size using the tobit and logit models. We find that financial leasing and bank loan, for Polish small companies, are complementarity. Our empirical results indicate that financial leasing and bank loans are complementary sources of financing investment in fixed assets. Also the higher the usage of financial leasing, the higher the likelihood that the enterprise is indebted because of long-term bank loan – complementarity.
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Lukyanova, M. T., and V. A. Kovshov. "THE PRACTICE OF USING FINANCIAL INSTRUMENTS TO ENSURE THE ECONOMIC STABILITY OF AGRICULTURAL ENTERPRISES." RUSSIAN ELECTRONIC SCIENTIFIC JOURNAL 38, no. 4 (December 19, 2020): 186–97. http://dx.doi.org/10.31563/2308-9644-2020-38-4-186-197.
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In the current conditions of development of the Russian economy, the most relevant are the prospects for choosing methods and tools for financing various investments of economic entities. When choosing a financing source between a loan, leasing, or purchase, many companies choose leasing. The effectiveness of leasing is confirmed by numerous financial and economic calculations. When it is necessary to compare leasing, credit or purchase, practical economists pay attention to the assessment of tax benefits provided in accordance with Russian legislation for the development of financial leases and many other factors. In modern conditions, the need to study the prospects of leasing as the optimal form of financing the company's investments becomes particularly relevant. Many economic entities seek to save financial resources through proper planning of debt obligations. Leasing has many advantages. Today, leasing is interesting for both small and medium-sized business clients, as well as large companies and corporations, due to the availability of various economic benefits.
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Miroshnychenko, O. Yu, N. O. Mykhailova, and K. O. Yaschuk. "LEASING SERVICES MARKET IN UKRAINE: STATUS AND TRENDS." THEORETICAL AND APPLIED ISSUES OF ECONOMICS, no. 38 (2019): 85–97. http://dx.doi.org/10.17721/tppe.2019.38.8.
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The status, dynamic, structure of sources of financing of leasing operations and tendencies of the development of the leasing services market in Ukraine in 2014-2018 have been considered. Today, financial leasing services are predominantly provided by financial companies, unlike in 2014, its share in the leasing market is 77.03%. The dynamics of the value and quantity of financial leasing agreements concluded by legal entities and financial companies have been considered. During the period under review, the largest value and number of financial leasing contracts were concluded by the legal entities and their value has increased in three times. The structure of the cost of financial leasing agreements by industry has been analyzed. The transport, agriculture, construction and services sectors are found to be the largest users of financial leasing services. The distribution of the value of the financial leasing contracts by its terms has been characterized and the agreements with the term of validity from 2 to 5 years are established. The structure of sources of financing of leasing operations has been investigated. It is established that their structure is dominated by equity of companies. The perspective directions of use of leasing in Ukraine have been considered. Industries such as healthcare, real estate, tourism and IT have been found to be the most promising for the leasing market. The problems that hinder the effective functioning of the leasing market in Ukraine and hinder its further development have been identified. The measures that should be taken to overcome existing problems and ensure the further development of leasing activities in Ukraine have been suggested.
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NIKONCHUK, Maksym. "Legal status of the leasing company in the financial services market." Economics. Finances. Law, no. 11/3 (November 27, 2020): 13–15. http://dx.doi.org/10.37634/efp.2020.11(3).3.
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In the world economy, leasing is the second largest investment after bank lending. That is why the emphasis on strengthening the new industry in Ukraine is important. The paper analyzes the literature and current legislation of Ukraine on the legal status of the leasing company and the provision of leasing services. The lack of terminological definition of a leasing company is emphasized, the terminology proposed by scientists on this issue is given. A comparative description of the main global leasing business models and their integration into the financial services market of Ukraine. An analysis is made of business entities that provide leasing services. The objective possibilities of banking and non-banking leasing companies are compared. The structure of leasing companies, the mechanism of their work, the market share of services are considered. Due to the lack of settlement of many issues related to the provision of leasing services, and the existence of an inefficient existing leasing market system in Ukraine, proposals are submitted in parallel with the NBU project to improve the existing order. The substantiation of the role of leasing companies in the financial services market, conditions and methods of leasing operations is of great importance, which will create an effective leasing system in Ukraine while the development of the financial leasing segment will meet the needs for quality and affordable leasing services. The regulatory model should ensure the functioning of an efficient and transparent financial leasing market, its harmonious development, as well as the avoidance of unjustified requirements that could harm such development. This model should also help eliminate the negative factors that hinder the development of financial leasing.
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Zhulyn, O. V., I. I. Nazarenko, N. P. Tesliuk, and V. V. Shturko. "Leasing as a Tool for Innovative Development of Enterprises." Business Inform 7, no. 522 (2021): 195–201. http://dx.doi.org/10.32983/2222-4459-2021-7-195-201.
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In countries with a developed financial market, one can often see the relationship between the level of distribution of financial leasing services and the volume of capital investment and the introduction of innovations in enterprises. In the context of the implementation of the concept of sustainable development and updating of fixed assets for more energy-efficient ones, financial leasing services are gaining special popularity. The article is aimed at comprehensive analyzing of the domestic market of leasing services and developing a mechanism for improving financial leasing services as a tool for innovative development of enterprises. The article considers the concept of financial leasing; the development of the leasing services market in Ukraine is analyzed; the main problems of leasing services provision, as well as their advantages compared to a bank loan are highlighted; the main directions of development of financial leasing services are proposed. As a result of scientific researches, a mechanism for the development of the financial leasing services market as a tool for innovative development of enterprises and financial inclusion in general has been developed. This mechanism provides for: creation of conditions for easy and equal access to the financial services market for all lessors; expanding possible sources of financing for leasing companies; conducting financial statements in accordance with IFRS and risk management system; carrying out measures to improve financial literacy with an emphasis on the advantages of leasing for enterprises, which should contribute to financial inclusion; creation of a balanced policy of taxation of leasing operations and licensing of owners of leasing companies only with impeccable business reputation and fair behavior in the financial services market.
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Hontar, Daria, Nataliya Opeshko, and Svitlana Kolodizieva. "Forecasting the development of leasing market (on the example of Ukraine)." Problems and Perspectives in Management 14, no. 4 (December 23, 2016): 264–72. http://dx.doi.org/10.21511/ppm.14(4-1).2016.16.
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The purpose of the study consists in the investigation of the leasing market and determining the prospects of its development in Ukraine, which will make possible for lessors to justify the choice of their strategies. There were forecasted values of the analyzed indicators of leasing market for the following three periods: the third quarter of 2016, fourth quarter of 2016, first quarter of 2017. It was proposed to calculate the integral development index of leasing services in Ukraine based on the amount of leasing companies in Ukraine, the amount of financial leasing contracts, the share of long-term lease agreements, the value of financial leasing contracts, the proportion of borrowed funds in the structure of leasing transactions financing, the share reward the lessor for the leased property in the structure of the lease payments, in the amount of leasing companies in Ukraine, the amount of financial leasing contracts, the share of long-term lease agreements, the value of financial leasing contracts, the proportion of borrowed funds in the structure of leasing transactions financing, the share reward the lessor for the leased property in the structure of the lease payments. The authors defined the growth of Ukrainian leasing market in the first quarter of 2017. The proposed integral development index is applicable both on regional and international level. The results of study can be used for substantiation of the choice of lessors’ strategies by developing alternative strategic decisions, the optimal use of which should lead to a further growth of the leasing market. Keywords: leasing, leasing companies, methods of multivariate statistical analysis, forecasting, market of leasing services. JEL Classification: C53, G17, G21
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Chien, Fengsheng, Chia-Nan Wang, Ka Yin Chau, Van Thanh Nguyen, and Viet Tinh Nguyen. "Sustainability in the Business Sector: A Fuzzy Multicriteria Decision-Making Model for Financial Leasing Company Selection of the Vietnamese SMEs." SAGE Open 11, no. 3 (July 2021): 215824402110360. http://dx.doi.org/10.1177/21582440211036080.
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The uses and management of capital is extremely important to the operation of any businesses. However, not all businesses have available capital, so the use of loans in many different forms is always an effective solution in managing corporate finance. Accompanying with businesses, many financial leasing companies have implemented products and programs to lend money to businesses with low interest rates. So, choosing the best financial leasing company is a primary concern of businesses. To increase competitiveness, financial leasing companies often offer preferential conditions to attract businesses. Choosing the best financial leasing service to leasing is important and necessary to those businesses. Thus, the selection of a financial leasing company by small and medium enterprises benefits from the application of Multicriteria Decision-Making (MCDM) methods which allows the decision maker to consider various qualitative and quantitative criteria. In this article, the author applied Fuzzy Analytical Network Process (FANP) to calculate the related criteria weights of the financial leasing company selection problem of businesses. Then, the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) is applied to rank the potential decision-making units. This research establishes one complete and efficient model for financial leasing company selection using FANP and TOPSIS methods. The proposed model is then applied into a real-world case study to demonstrate its feasibility.
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Presová, Radmila, Oldřich Tvrdoň, and Andrea Živělová. "Leasing transactions." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 58, no. 3 (2010): 207–18. http://dx.doi.org/10.11118/actaun201058030207.
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The paper describes trade operations in leasing companies as specific businesses enabling acquisition of possession by legal and physical persons by gradual repayments of the purchase price. On a diagram it shows the complexity of business relations between the main participants of a leasing transaction, which are production companies, leasing companies and those interested in the subject of leasing. To capture the complexity of relations, there are also included all other participants. Their function in a leasing transaction starts only at the moment, when the leaseholders are not able to pay their liabilities to which they agreed in the innominate contract. Paper clarifies the term “leasing with zero mark-up”. With the help of calculation it describes the basis of a leasing transaction, where significantly participates also the production company, insurance company and commercial bank. All these subjects have certain benefits from a realized transaction. These are enabled by their close business relationships with the leasing company, which is sufficiently clear from the diagram and it is also substantiated by calculations. Paper includes a definition of leasing operations, as well as a mathematical model of leasing payments calculation for a car. A part of the paper is also dealing with a cession of a leasing contract in the person of a leaseholder as a specific case enforced by financial issues of the leaseholder. The paper elaborates alternatives of evaluating client’s bonding capacity with the help of financial indicators.
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Razumova, H. V., O. V. Oskoma, and V. V. Voloschuk. "Leasing Activities: The Problems and Prospects for Development." Business Inform 7, no. 522 (2021): 202–7. http://dx.doi.org/10.32983/2222-4459-2021-7-202-207.
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The article is aimed at researching the current state of the leasing services market in Ukraine, identifying problems and prospects for its further development. It is defined that leasing is a very promising direction of economic activity, which facilitates the improvement of financial conditions in the country. The article considers the peculiarities of foreign experience in leasing activities and the functioning of the global leasing market. The indicators on the state and development of financial companies and lessors in Ukraine are analyzed, which leads to a conclusion about their positive dynamics. It is determined that today the level of leasing use in Ukraine remains low and is in the process of development, so it requires detailed consideration and analysis. The advantages of financial leasing as an investment instrument, as well as problems and obstacles that slow down the development of leasing activities in Ukraine are presented. Given that leasing activity in Ukraine is under development, there are many urgent problems, which include: imperfection of Ukrainian legislation; the unformedness at the national level of leasing development policy; stiff system of taxation of leasing operations; low demand for domestic goods; low solvency of all categories of consumers; poorly developed subleasing; non-compliance with international standards; low financial stability of lessors; dependence of leasing companies on credit funds from banks; vague regulation on the part of the State, etc. Methods of problem solving are provided that will contribute to improving the functioning of leasing activities and stimulating its development. It is defined that in order to use financial leasing as an innovative instrument for modernizing the country's economy, provision of the State support is necessary.
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Lubonja, Fatjola. "DEVELOPMENT OF THE LEASING INDUSTRY IN THE ALBANIAN MARKET. AN OVERVIEW OF THE LAST 20 YEARS FROM LEGAL FRAMEWORK TO PERFORMANCE INDICATORS." CBU International Conference Proceedings 6 (September 25, 2018): 325–32. http://dx.doi.org/10.12955/cbup.v6.1177.
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Financial leasing, known as well as the financial rent, has been available in the Albanian market since 2005 although most of the leasing operating companies have only been registered since 2009. Even though in developing countries financial leasing is widely available and growing considerably, in the case of Albania this product has faced difficulties in getting recognition in the eyes of the public. Based on the European practices, small and middle enterprises compose 99% of the operating businesses in Albania and these types of enterprises are among the main users of leasing in Europe, about 50%. These elements are exactly what made leasing an alternative to financial borrowing even though financial leasing yet has an unused potential compared to loans and other forms of financing. This article aims to give a general description of the meaning of financial leasing, the legal and the regulatory framework in which this form of financing has been applied in Albania and further provide several conclusions that will focus on the factors that are expected to affect the future of financial leasing in Albania.
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Alazzam, Farouq. "Financial Leasing in the Construction Companies in Irbid City." Business and Economic Research 5, no. 1 (January 22, 2015): 51. http://dx.doi.org/10.5296/ber.v5i1.6815.
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Карпова, Елена, and Elena Karpova. "Features of the Organization of Internal Control in Order to Counter the Legalization of Criminal Proceeds in Leasing Companies." Scientific Research and Development. Economics of the Firm 8, no. 3 (October 11, 2019): 67–74. http://dx.doi.org/10.12737/article_5d7b454b0c0421.47918816.
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The article describes the features of the functioning of leasing companies as subjects of primary financial monitoring, which necessitates their registration in the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring). The subject of the research is the compliance of leasing companies with the requirements of the Russian legislation aimed at countering the legalization of illicit gains (money laundering) and terrorism financing (AML / CFT) in terms of organizing and effectively implementing internal control for AML / CFT purposes. An analysis of the interaction between employees responsible for compliance with and implementation of internal control rules has been carried out. The study showed that leasing companies are characterized by a moderate level of risk of involvement in the process of laundering criminal proceeds.
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Orjonikidze, Nino, and Nino Liparteliani. "Review of Georgian Leasing Market and Perspectives for Development." European Journal of Multidisciplinary Studies 6, no. 2 (June 10, 2017): 123. http://dx.doi.org/10.26417/ejms.v6i2.p123-129.
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At contemporary stage leasing has formed as one of the dynamically growing trend that encourages investment progressions throughout the world business development. In the modern world, leasing acts as a multimillion industry. 80% of companies in developed countries use this financial instrument. 1/3 of investments in fixed assets are accomplished by means of leasing. Leasing companies have quite diverse business and operations. All these depend on lease term, type of relation, form of object, organizational structure of a company, etc. Leasing essentially is a whole complex of three simultaneously executed operations (lease, crediting and material support). At certain point, leasing is similar to credit, which is given to buy an object. Consequently, it may be called a property credit. Nowadays, in Georgia, banking credit is more well-known than leasing, in spite of the fact that for entrepreneurs leasing is more convenience than banking credit.
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Tantik Sumarlin. "Analisa Sistem Pencatatan Dan Monitoring Piutang Leasing." JURNAL TEKNOLOGI INFORMASI DAN KOMUNIKASI 10, no. 2 (September 3, 2019): 15–22. http://dx.doi.org/10.51903/jtikp.v10i2.131.
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This research was made with the aim to help companies in controlling receivables. The study was conducted on companies engaged in the sale and purchase of motorcycles. These companies act as suppliers of goods and collaborate with credit financing institutions or what is commonly called leasing. Every credit sale will form a lease receivable that must be paid by the related leasing party. In general, many receivables have not been paid from the due date of the agreement. This impedes the company's financial productivity. From these problems, researchers create a system that can be used to meet the needs of the company, in relation to receivables. Researchers create a system that can improve performance to be more effective and dynamic, especially to record the daily control of receivables, namely by using the Leasing Accounts Recording and Monitoring System.
The design of recording and monitoring systems for receivables is made using the direct recording method. Systems development methods using the R & D. Method stages in the R & D method include potential problems, information gathering, product design, design validation, design improvement, product testing, product revision, trial use, mass product manufacturing. The design of a monitoring system for leasing receivables billing, can help companies control receivables. Leasing Receivables Recording and Monitoring System can minimize receivables losses.
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Gláserová, Jana, and Milena Otavová. "Comparison of financial leasing according to the Czech accounting legislation and IAS/IFRS including taximplications." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 58, no. 3 (2010): 55–66. http://dx.doi.org/10.11118/actaun201058030055.
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There is intensive effort of the harmonisation of accounting in the world. Primary sence of harmonisation is ensured that individual financial statements of all accounting units were comparable. Notwithstanding there are still significant differences in same areas. This contribution is aimed at define of posting and showing financial leasing according to Czech accounting legislation and international accounting standards IAS/IFRS, and determination of significant differences in these legislation.The leasing is one of the form of purchase of property. So International Accounting Standards require so that a tenant (leasee) notices the subject of leasing in his assests and correlationally with obligation. After that the subject of leasing can be amortized. Argument for this way of billing is the fact, that the tenant (leasee) obtaines economic gain from use of the subject of leasing during its essential economic lifetime. For it the tenant (leasee) has to pay an amount that is about equal to real value and financial costs.The companies recording leasing according to czech legal form this fact do not record in accounting so value of their assests and obligations is lower than their actual (true) value. This procedure disfigures financial indicators to be important for review of financial situation of company according to International accounting standardsBecause financial leasing is the most favourite form of leasing relation, the aim of this article is determination all changes in tax legislation to be related to financial leasing during three last years. And of course outline effect of these changes on the leasing market.
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Ya. Kuznyetsova, Anzhela, Natalia I. Kozmuk, and Оlexandr A. Levchenko. "Peculiarities of functioning of financial and credit mechanism for performing leasing operations in developed countries and in Ukraine." Problems and Perspectives in Management 15, no. 4 (December 25, 2017): 209–21. http://dx.doi.org/10.21511/ppm.15(4-1).2017.05.
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World experience shows that improving the equipment and machinery supply efficiency in all economic sectors and, thus, contributing to the country’s economic growth can be achieved through the effective functioning of the financial and credit mechanism for performing leasing operations. Given that Ukrainian leasing market is at the formation stage and the economy is in the crisis, the issues of improving the leasing industry activity are extremely important for Ukraine. Thus, the purpose of the article is to study the worldwide experience of the functioning of the financial and credit mechanism for performing leasing operations and to substantiate the need to implement new leasing tools and forms in Ukraine and the use of new financing sources for leasing operations. It is determined that in order to improve functioning of the financial and credit mechanism for performing leasing operations in Ukraine, it is necessary to diversify financing sources of leasing operations by using institutional investors’ or venture capital investors’ funds and certificates, pools of securities provided with assets, which is a lease agreement. At the same time, as experience of the developed countries shows, new instruments and forms of leasing operations should be applied in Ukraine, in particular securitization, venture leasing, complex and operational leasing, which should improve the leasing industry activity. It was revealed that the secondary leasing market development in Ukraine should help to reduce the leasing companies’ vulnerability to the risk of equipment price change. During scientific research, the methods of logical generalization and scientific abstraction, the statistical method (to analyze the leasing market development in the world and in Ukraine), the graphical method (for the changing dynamics of the main indicators of Ukrainian leasing market development), the comparative analysis method (while comparing the features of the functioning of the financial and credit mechanism for performing leasing operations in developed countries and in Ukraine) have been used. Research results provide grounds for arguing that in order to improve the leasing industry activity in Ukraine, it is necessary to improve the financial and credit mechanism for performing leasing operations directly through the tools, forms and leasing operations financing sources diversification
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Vizjak, Ana, and Romina Alkier. "THE ROLE OF LEASING IN EU ECONOMY." Tourism and hospitality management 11, no. 2 (December 2005): 135–46. http://dx.doi.org/10.20867/thm.11.2.12.
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Derived from the English "to lease", the term “leasing" refers to hiring or renting. In international economic practice the expression is used in its original form to signify one of the means of financing movable and immovable investments, granted to the buyer or the leasee for a specified rent based on mutual agreement. Leasing experienced rapid growth during the 1930s, first in real estate financing, and later in financing movable capital equipment. Leasing operations are handling by special leasing companies, which provide the use of equipment or objects against specified compensation. In Europe the leasing system is most widely used in Gennany, Italy, France and Great Britain, the most advanced EU countries. All are members of “Leaseuropa“, an organisation bringing together 26 countries. In the EU’s five latest member countries, leasing helped to encourage vigorous growth in the years leading up to full membership, although the market for leasing did became somewhat saturated after that. Nevertheless, leasing has sent the trend for new and stronger development. In Croatia leasing has emerged as the fastest growing part of the financial market and it is becoming increasingly more difficult to sustain the leaps this rapid growth is taking. On the financial market, only investment funds are capable of keeping up with this type of development. Today there are thirteen leasing companies operating in Croatia. Although the leasing market in Croatia still lacks a proper legal framework, the leasing business is steadily growing and is showing a trend in specialising towards specific types of operations.
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Lubonja, Fatjola, Blerina Gjylameti, and Sllavka Kurti. "Financial leasing in Albania and the impact that internal factors of a SME would have on the probability to be financed by lease." Central European Economic Journal 6, no. 53 (May 26, 2020): 189–98. http://dx.doi.org/10.2478/ceej-2019-0015.
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AbstractSmall- and medium-sized enterprises (SMEs) are the backbone of the economy and their need to be financed remains one of the most discussed topics in the business world (World Bank, 2014; IFC, 2010). Financial leasing is a midterm financial instrument mainly used for the procurement of machinery, equipment, tools and/or property (IFC, 2009). Although the financial leasing in Albania started in 2001, this form of business financing has experienced difficulties in spreading, getting recognised and being used by the public in Europe which is different from other countries. About 19 years after the creation of the first leasing companies, this financing option continues to be used at a low scale by businesses and individuals and it remains segmented into the market despite its large potential and the need for financing similar to SMEs. Why is financial leasing not yet used in Albania and which are some of the factors that would influence its use in the future? The purpose of this article is to identify the reasons of why the financial leasing market in Albania is in stagnation and understand some of the factors that influence the demand from a SME to be financed through lease. To achieve this and understand firms’ behaviour, questionnaire has been distributed to companies that have used lease to finance their asts and those that have never used it before. The model used to analyse the results of the questionnaires is the logistic regression. As we will see through the article, factors in need for financing by SMEs or the knowledge firms have about leasing have a direct impact on the possibility of firms to use lease.
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Morshed, Amer, and Zsuzsanna Széles. "Explore the Lessee Accounting Treatment When Utilizing the Islamic Financial Leasing." Acta Universitatis Sapientiae, Economics and Business 8, no. 1 (October 1, 2020): 69–78. http://dx.doi.org/10.2478/auseb-2020-0005.
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AbstractThis study aims to discuss the effects of the AAIOFI accounting standards of financial leased assets on the accounting treatment of the lessee in the case of using the Islamic finance lease. The importance of this study became evident when AAIOFI announced Islamic accounting standards with a significant difference between the IFRSs about the recognition of leased financial assets. Islamic financial institutions recognize the financial leased assets following AAIOFI accounting under long-term assets in the statement of financial position. This study used the interviews as a qualitative research method with financial managers of Jordanian companies using Islamic financial leasing. This study reached the conclusion that both Islamic financial leasing parties recognize the assets in the long-term asset side. The recommendations to avoid the inflation of the Islamic financial leased assets will be by applying a reasonable accountancy treatment by the lessee and consider it as operational leasing with proper justification for the non-compliance with the IFRS.
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Tolstikova, Viktoriya Andreevna, and Umidahon Mardonovna Ubaydullaeva. "International leasing and features of using it in Russia." Vestnik of Astrakhan State Technical University 2020, no. 2 (November 11, 2020): 59–71. http://dx.doi.org/10.24143/1812-9498-2020-2-59-71.
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The paper describes the problems of expansion of economic cooperation between states and the development of international financial transactions, which helped to expand the use of cross-border leasing. International leasing has proven to be a valuable financing vehicle for companies exporting capital goods (machinery, equipment, etc.) or developing new production units abroad. The complexity of the agreement is increased due to activities of two or more markets. There has been carried out a theoretical and analytical analysis of the international leasing market, its features, regulation and trends. There have been analyzed various aspects of the international leasing market in the Russian market, assessment of the current state of the leasing market, its features and differences from the international leasing practice (size, market trends and prospects, programs of leasing transactions, type of companies, regulation). There have been found out six main regions in the leasing market, given the general characteristics for all regions: specialization, securitization, consolidation of leasing assets. The advantages of international leasing were noted (one of which is the ability to have some tax benefits from another country), which have become the main factor in the development of leasing in Russia. There have been given the recommendations for the development of leasing industry and factors that should be taken into account to assess the possibility of developing the global leasing market
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Ayupov, Aidar A., Olga E. Medvedeva, and Michał Flieger. "Application of Innovative Financial Product for Increase of Efficient Realization of Leasing Operations." Kwartalnik Ekonomistów i Menedżerów 27, no. 1 (January 31, 2013): 39–49. http://dx.doi.org/10.5604/01.3001.0009.6293.
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Contemporary organizations seek for new, innovative ways of building up competitive advantage. One of them is financing operations using new forms racing. Such a form is innovative leasing option which leaves the leaser the right to sell the leased equipment to the leasing company, which in turn is obliged to buy it. This way the risk for the company is smaller and the decisions to invest in such a way are taken more easily. The article deepens the topic showing advantages of such solutions to the companies.
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Arbidane, Iluta, and Anita Puzule. "PROBLEMS AND SOLUTIONS FOR LEASE VALUATION AND ACCOUNTING IN LATVIA." Scientific Journal of Polonia University 33, no. 2 (April 3, 2019): 11–18. http://dx.doi.org/10.23856/3301.
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In the legislation of the Republic of Latvia, leasing transaction accounting complies with the provisions no. 17 of the International Accounting Standard "Leasing", which expired on January 1, 2019. The problem for the lessee in the accounting of leasing transactions is also the introduction of a new standard for companies that prepare annual financial reports in accordance with the requirements of international accounting standards. The aim of the study is to examine accounting problems and assess leasing transactions in Latvia and offer solutions. The study examined the justification for the assessment and accounting of leasing transactions in line with international accounting standards and identified issues of assessment and reporting in Latvia, possible solutions to improve the quality of leasing transactions have been worked out, offering necessary changes in legislation and revision of methodological documents.
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Svoboda, P. "New approaches to the operative leasing accounting." Agricultural Economics (Zemědělská ekonomika) 56, No. 7 (July 20, 2010): 341–48. http://dx.doi.org/10.17221/43/2010-agricecon.
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: In 2009, the IASB and FASB started a public discussion and commenced work on a project referring to the recording of leasing in financial statements of companies using the International Accounting Standards for reporting. Contrary to most national regulations, the current solution of the IAS and US GAAP require a completely different recording of operative and financial leasing in financial statements, and consider the transfer of risks and leasing rewards as the main criteria for their division. Such an approach, however, has been repeatedly criticized by many users of financial statements, because transactions that are very similar or even identical economically are caught up in a completely different manner depending on whether the recording entity evaluates the leasing subjectively. It may even lead to the manipulation of recording according to the requirements and intents of the recording entity. This contribution analyzes the advantages and disadvantages of some discussed procedures, in particular of those which could replace the current standards in the future (recording based on the use of the concept of right to use), and various effects on the report on the financial situation and profit or loss development when using the current methods or the newly suggested methods during the existence of leasing. The impact is demonstrated on a specific example of business premises leased by an entity conducting business in agriculture. We also focus on different approaches of the IASB and FASB to some related issues, for example concerning the update of the applied incremental interest rates, the conditioned parts of rent and the guarantees for the residual value.
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Svítil, Martin. "The New Rules of Capital Adequacy Basel III from the Perspective of Leasing Companies in Europe and Czech Republic." Financial Assets and Investing 10, no. 2 (December 31, 2019): 21–41. http://dx.doi.org/10.5817/fai2019-2-2.
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Some significant changes to the Basel III regulatory framework (called Basel IV) will come into effect during the 2022 to 2027 period. In its first part, this article shows the opinion of the European Federation of Leasing Company Associations Leaseurope on Basel IV. In its second part, this paper evaluates the situation of the largest leasing companies on the Czech market using methods of financial analysis.The results of several studies published by Leaseurope clearly show that the risk associated with the provision of liabilities through leasing is significantly lower than the risk calculated by the capital adequacy calculation for Basel rules. For this reason, the Leaseurope federation prepared concrete proposals for changes in the rules so that the regulation better corresponds to the actual risks taken.The second part of the article analyzes the situation of leasing companies in the Czech Republic in terms of capital, capital adequacy and compliance with Basel rules. It shows the state of the capital adequacy of the largest leasing companies operating on the Czech market using simplified indicators of the ratio of Equity / Balance sheet total and Equity / Receivables. As a complementary indicator, the ratio of Share capital / Balance sheet total is also used. Furthermore, a simplified stress test based on 5% and 10% decline in net receivables and coverage of this decline from equity, respectively, was performed.The results show that leasing companies operating on the Czech market would probably have no problem meeting the considered tightening of capital requirements. Several exceptions are mentioned in the text.
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Kuznietsova, Anzhela, and Oleksandr Levchenko. "Development of methodological approaches to establishing an integrated risk management framework for leasing transactions in Ukraine." Herald of Ternopil National Economic University, no. 3(85) (August 8, 2017): 49–63. http://dx.doi.org/10.35774/visnyk2017.03.049.
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Based on studies of domestic and foreign researchers, the article gives a modified and extended classification of risks related to leasing transactions which includes a new classify cation attribute ‘by types of leasing activities’ (in terms of risk management). Risk mitigation techniques for leasing transactions are described in detail, as well as their essence, ways of introducing and expected outcomes. The advantages of securitization are summarized and key reasons for low efficiency of this method in the domestic leasing market are identified. For these reasons, the domestic stock market is less developed and Ukraine’s current legislation on leasing is imperfect. It is pointed out that success in development of Ukraine’s financial market relies on the growth of leasing along with the efficiency of financial and credit mechanism that supports leasing transactions and determines the quality of risk management framework as an integral part of such a mechanism. The process of risk management for leasing transactions is formalized. A comparative analysis of fragmentary and complex approaches applied in Ukraine towards establishing a risk management framework for leasing companies is undertaken. The paper justifies the necessity of establishing an integrated risk management framework for leasing transactions as part of financial and credit mechanism that supports leasing transactions. The need for establishing such a framework is driven by the following market trends: globalization; increased competition; company consolidation; product standardization; product life cycle decrease; technological innovation; increased attention to risks given by the state, society, stockholders and board of directors. It is stated that establishing an integrated risk management framework for leasing transactions involves the following progressive steps: setting goals and targets, identifying and evaluating risks, planning for potential risks, monitoring risks and introducing risk management process. The article highlights the main goal of an integrated risk management framework for leasing transactions, long-term tasks for achieving this goal, major function that the framework should perform and principles that it should preserve.
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Kostolansky, John, Dora Altschuler, and Brian B. Stanko. "Financial Reporting Impact Of The Operating Lease Classification." Journal of Applied Business Research (JABR) 28, no. 6 (November 5, 2012): 1509. http://dx.doi.org/10.19030/jabr.v28i6.7405.
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The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are preparing to make changes to accounting standards for leasing that will have a significant impact on the financial statements of a large number of companies. The proposed standard will eliminate the operating lease classification, and if passed, companies using this classification will be required to report additional assets and liabilities on the balance sheet. This study estimates the impact of this change in accounting standards on the financial statements and several key financial ratios for an extensive sample of companies and industries from the Compustat North America database. It is important that users of financial statements understand and are prepared for these changes prior to implementation, particularly for industries in which operating leases are heavily utilized.
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Leontieva, Jamila, Ludmila Tarasova, Yulia Boiko, and Eugenia Zaugarova. "Financing of investment activities of Russian energy enterprises." E3S Web of Conferences 110 (2019): 02017. http://dx.doi.org/10.1051/e3sconf/201911002017.
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The experience of the last decade in the formation of the existing structure of the national economy of Russia shows that in changing conditions, the relevance of reassessing the role of the fuel and energy complex (hereinafter – the FEC) in the foreign economic relations is growing in Russia. In addition, the FEC is of great importance for the Russian Federation not only from the point of view of foreign economic activity, but also from the point of view of the country's internal energy needs and the energy security of Russia as a whole, which necessitates a qualitative transformation, intensive development and diversification of this sphere. A key factor in the financial support of Russian energy companies is international leasing. The article presents the results of the study of legal, customs and tax aspects of regulating an international financial lease agreement (leasing), the current trends in leasing development.
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Lukić, Radojko. "Analysis of the efficiency of financial institutions in Serbia based on the OCRA method." Tehnika 76, no. 1 (2021): 103–11. http://dx.doi.org/10.5937/tehnika2101103l.
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Recently, as is well known, the performance and efficiency of financial institutions are increasingly being measured on the basis of multi-criteria analysis. With this in mind, this paper analyzes the efficiency of financial institutions in Serbia based on the OCRA method. In this context, adequate measures have been proposed to improve the efficiency of financial institutions in Serbia in the future. Based on the obtained results of research on the efficiency of financial institutions in Serbia using the OCRA method, it can be concluded that banks and insurance companies are the most efficient in order. They are in order: other financial institutions, financial leasing providers, voluntary pension funds, broker-dealer companies, open-end investment funds, voluntary pension fund management companies and investment fund management companies. This positioning of financial institutions in Serbia was influenced by numerous macro and micro factors. The development of the financial market plays a significant role in this. It is still not at the level of developed market economies.
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Shkolnyk, I., and V. Kryvozub. "CURRENT SITUATION OF THE FINANCIAL SUPPORT OF ENTERPRISES OF THE AGRARIAN SECTOR OF UKRAINE." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 4 (2019): 49–55. http://dx.doi.org/10.21272/1817-9215.2019.4-6.
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Agricultural sector is the one of the main domestic economy sectors, that providing the much of the net profit and currency income to the country, agricultural sector employs more then 10% of country population. One of the general factors of the agricultural development efficiency is financial security, that might to promote increase of efficiency, but in the other side this can to slow development of enterprises and reduce factory profitability. In turn financial security of agricultural sector is quite complex complicated and variegated and needs of the further research. Financial security is an economic category can be considered like a complex of the methods, origins and objects as a financial instrument. Sufficient financial security of agricultural sectors enterprises forming problem based on high level risk in production process. Agricultural companies have possibility to use a wide range of methods, such as self-financing, budget international and market ministry. Based on research we systematized basic form of financial security, that are used by agriculture companies in their activity. There are: self-financing, inclusive financing, traditional (classic) financing, leasing and factoring, insurance, loan guarantee, forward contracts. In Ukraine we have situation, when agriculture companies don’t receive proper financial support by country. The programs that have been started, are unstable, but the positive point is that amount of financial resources, that are granted to agricultural sector, have been increased, that showing country interest in agricultural sector forming and developing. What about banking lending, so it isn’t just expensive, in main situations companies cannot get credit because there are have a weak credit history or have a low credit rating. One of the instruments, which is becoming more popular is the agrarian receipts. There are divided to two parts: financial and commodity. The amount of financial resources, that are attracted by agrarian receipts, are increasing for several years and have significant benefits for using by agriculture companies. Keywords: financial instruments, lending, budget financing, government support, leasing.
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Srinivasan, N. P., and S. Sreenivasa Murthy. "Factors Influencing the Decision to Lease: An Indian Perspective." Vikalpa: The Journal for Decision Makers 19, no. 3 (July 1994): 37–46. http://dx.doi.org/10.1177/0256090919940303.
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The Indian leasing industry has grown dramatically in the recent past. The reasons for leasing differ from country to country and from company to company depending on the tax and accounting policies of that country and the basic financial characteristics of the companies respectively. It is against this background that N P Srinivasan and S Sreenivasa Murthy had undertaken a survey of the opinions of Indian finance managers on the reasons influencing their decision to lease. According to them, availability, working capital, and tax and off-balance sheet factors are important factors in the decision to lease.
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De Villiers, Rikus R., and Sanlie L. Middelberg. "Determining The Impact Of Capitalising Long-Term Operating Leases On The Financial Ratios Of The Top 40 JSE-Listed Companies." International Business & Economics Research Journal (IBER) 12, no. 6 (May 24, 2013): 655. http://dx.doi.org/10.19030/iber.v12i6.7871.
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Operating leases forma great part of companies financing structures in todays economicenvironment. Some accounting standard-setters and other users of financialstatements are of the opinion that the current standard on accounting foroperating leases, IAS 17, does not provide sufficient guidelines on the disclosureof a companys leasing activities. The current accounting standard on leasesprovides companies with the opportunity to classify lease contracts intodifferent classes which leads to off-balance-sheet financing. This problem iscurrently being addressed by the IASB as they are in the process of developingan improved standard on leases.The main focus ofthis paper is to determine the impact of the improved accounting standard onthe financial statements and the resulting financial ratios of theJSETop40 companies when operating leases are accounted for ason-balance-sheet debt. The differences between the current IAS 17 and theExposure draft (ED/2010/9) are identified and the comparison indicatessignificant differences between these two approaches on accounting foroperating lease activities.The focus of the IASBin developing this exposure draft was to provide the users of financialstatements with a universal picture of the leasing activities that the companyis engaged in. The findings include that this objective is achieved as usersare not left uninformed about any of the financing activities that stakeholdersare exposed to if indeed a company is engaged in operating lease activities.The study also revealed that the capitalising of long-term operating leaseswill have a significant effect on the key financial ratios that stakeholdersuse to interpret a companys financial performance.
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Jayne, Nguthu. "EFFECT OF PRIVATIZATION ON FINANCIAL PERFORMANCE OF WATER UTILITIES IN KENYA: A CASE OF WATER COMPANIES UNDER COAST WATER SERVICE BOARD." International Journal of Finance and Accounting 2, no. 1 (February 2, 2017): 36. http://dx.doi.org/10.47604/ijfa.246.
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Purpose: This study therefore sought to evaluate the effects of privatization on financial performance of water utilities in line with water sector reforms objectives aimed at improving performance in the sector in Kenya in order to fulfill the global and national goals. The target population of the study was all seven water utilities registered as public limited companies commonly referred to as water service providers (WSPs) that operate under Coast Water Service Board (CWSB) in coast region. Methodology:The study used a census approach hence, included the whole population. Secondary data was used in the study for analysis using the Statistical package for Social Sciences (SPSS) to generate descriptive statistics, trend analysis and inferential statistics.Results: Descriptive results indicate that private sector management is an efficient means of privatization which some water companies in Coast County adopt. Delegated management a method of privatization is most used by most Water Service companies as it improves efficiency in operations, productivity and service delivery. Leasing contracts are considered expensive means of privatization; however, it is equally a performance efficient means of privatization. Corporatization on the other hand promotes efficiency and service delivery. Regression results show a positive and significant relationship between private sector participation, delegated management, leasing contracts and corporatization. ANOVA statistics indicate that the overall model was significant. Pearsons’ bivariate correlations show that all the variables had strong and positive correlation, private sector participation (0.893), delegated management (0.151), leasing contracts (0.441)and corporatization (0.536)respectively.Unique contribution to theory, practice and policy: These results imply that privatization positively affects the overall performance of a company. Through privatization companies are able to positively affect their service delivery, production levels, profitability and increase investment through stock trading.
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Ahmad, Salman. "Performance of Commercial Banks in Pakistan: A Study in Risk Analysis." LAHORE JOURNAL OF ECONOMICS 7, no. 2 (July 1, 2002): 65–76. http://dx.doi.org/10.35536/lje.2002.v7.i2.a4.
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The financial sector in Pakistan has evolved over the years in response to the growth of the economy and the government’s plans for the growth and development of the country. The sector as on 31 March 2002 comprises the State Bank of Pakistan, 4 state-owned banks, 2 newly privatised banks, 4 specialised banks, 14 private scheduled banks, about 30 leasing companies, 45 Modarabas, 14 investment banks, 3 stock exchanges, 58 insurance companies, and Government Saving Centers.
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Nekaa, Nejia, and Sami Boudabbous. "Corporate governance and the social performance: investigation on Tunisian financial institutions." International Journal of Law and Management 60, no. 6 (November 12, 2018): 1412–31. http://dx.doi.org/10.1108/ijlma-06-2017-0131.
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Purpose The purpose of this study is to show the specificities of the corporate governance of Tunisian financial institutions and the impact of the internal mechanisms of corporate governance of these institutions on their social performance. It is therefore interesting to establish the existing relationship between these mechanisms of corporate governance and the performance of a financial firm. Design/methodology/approach This study aims to study the financial sector, generally characterized by its opacity, its regulation, its evolution and its obscurity. Therefore, a study based on the questionnaire method was recommended. The questionnaire is intended for managers. Therefore, the authors interviewed 138 managers of Tunisian financial institutions dispersed between agencies and headquarters in different regions (Gabes, Tozeur, Gafsa, Sfax, Sousse and Tunisia). Findings As a result, an impact on performance was observed according to the empirical study. Therefore, the authors can conclude an essential role of internal mechanisms for improving the social performance of a financial institution. The empirical findings in this paper lead to important conclusions. Indeed, the variables measuring the governance mechanisms have divergent effects on the social performance of the financial institutions subject to the sample. For the variables board of directors, confidence, culture, auditing, they have a positive effect. While, the incentive remuneration effect negatively the social performance. Originality/value This study will be based essentially on the financial sector in Tunisia: the credit institutions (22 banks), the establishments of leasing (eight companies of leasing), two factoring companies and two banks of cases which are listed on the Stock Exchange of Tunis (BVMT).
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Sapulette, Shella Gilby, and Kathleen Asyera Risakotta. "Pengaruh Crowes Fraud Pentagon dalam Mendeteksi Kecurangan Pelaporan Keuangan." Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit 7, no. 1 (February 24, 2020): 37. http://dx.doi.org/10.12928/j.reksa.v7i1.2605.
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This study aims to obtain empirical evidence and to examine the elements of fraud in fraud pentagon theory against indications of fraudulent financial reporting on 42 leasing companies listed in the Indonesia stock exchange (BEI) period 2016-2018. Independent variables in this research were financial target, external pressure, ineffective monitoring, change in auditor, change of director, and frequent number of CEO’s picture, while the dependent variable was fraudulent financial reporting which measured using earnings management (DACC). This research use multiple linear regression method with 21 SPSS software. The results of this research shows that financial target, ineffective monitoring, and frequent number of CEO’s picture are significant in detecting fraudulent financial reporting. These variables represents three elements in fraud pentagon, namely pressure, opportunity and arrogance.
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Churyk, Natalie Tatiana, Alan Reinstein, and Gerald Harold Lander. "Leasing: reducing the game of hiding risk." Journal of Accounting & Organizational Change 11, no. 2 (June 1, 2015): 162–74. http://dx.doi.org/10.1108/jaoc-10-2012-0099.
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Purpose – This paper aims to examine the status and implications of the Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) forthcoming standard on leases. The proposal arose from concern that many lease obligations are unrecorded on the balance sheet and that current accounting for lease transactions does not represent fully the economics of many lease transactions. Design/methodology/approach – On September 20, 2012 and September 25, 2012, the Boards decided to account for some lease contracts using an approach similar to their proposed 2010 leases exposure draft (interest and depreciation) and to account for some leases using an approach that results in a straight-line lease expense. On May 13, 2013, the Boards decided to continue to account for some lease contracts on a straight-line basis, and others on an amortization basis separate from interest expense. Identification of the type of lease requires a two-step process at lease commencement, and all leases are recorded identically at inception. The subsequent measurement gives rise to differences. Some concerns are that an increase in assets and liabilities may result in debt covenant breaches that will require renegotiation and adjustment. Findings – While understanding that many financial users, preparers and auditors favor retaining the current and long-standing leasing standards, the FASB and IASB should recognize many unexpected consequences of its new proposals, including the changing of many long-held financial ratios and the resultant violations of many bank loan covenants. Research limitations/implications – The only limitation is that this manuscript is not based on primary empirical data. There are no implications for the study’s purpose is an update of a proposed FASB/IASB standard, an analysis of the empirical impact studies that have been done, a questionning of whether a new standard is really needed or that the current standard is not being implemented properly, and guidance for the implementation at transition and on-going for the proposed standard. This study gives a reader a compact update, implications, ramifications and guidance for preparation of a new standard if it is passed. Practical implications – The new rules will alter many key financial metrics that investors use to determine company valuations and credit agencies use to determine credit worthiness. Some items will improve, such as gross margin, cash flow from operations and earnings before interest and taxes. Reported interest coverage and return on assets will be lower under the new rules. Industries that make extensive use of operating leases such as transportation, banking, telecommunications, retail and real estate will be most affected. Social implications – In the best case scenario, the new standard would destroy approximately 190,000 US jobs. US gross domestic product (GDP) would be reduced by $27.5 billion annually. In the best case, the household earnings would be reduced by $7.8 billion annually. In the worst case, this decrease is $135.2 billion a year. The apparent liabilities of US publicly traded companies would increase by $1.5-$2 trillion, the equivalent gross state product of 20 states. Approximately $1.1 trillion of this would be attributable to balance sheet recognition of real estate operating leases, while the remainder would come from recognizing equipment and other leases as liabilities. Originality/value – The value of this research is the unique analysis of the proposed lease standard, and in looking at why the previous models did not work or did they? Is it the current requirements that are wrong or their implemenation? The reader is given a detailed overview of the proposed standard, its economic and social impacts, an update of the proposed standard, what companies must do now to get ready for the transition and on-going requirements, and a discussion of the tremendous opposition to any proposed changes in the current lease requirements from what they are.
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Vovchenko, N. G., A. A. Alukhanyan, L. Yu Andreeva, and G. A. Buryakov. "Formation of an Adaptive Personnel Training System as a Factor of Ensuring Financial Stability of Leasing Companies." EUROPEAN RESEARCH STUDIES JOURNAL XXI, Special Issue 1 (November 1, 2018): 3–15. http://dx.doi.org/10.35808/ersj/1153.
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贺, 宁. "Title Empirical Analysis on the Influenc-ing Factors of Financial Leasing of Listed Companies in Western China." Statistics and Application 07, no. 06 (2018): 630–35. http://dx.doi.org/10.12677/sa.2018.76072.
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Morozko, N. I. "Small Business Promotion Factors." Economics, taxes & law 11, no. 3 (November 6, 2018): 64–70. http://dx.doi.org/10.26794/1999-849x-2018-11-3-64-70.
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The paper examines approaches to boosting small businesses by solving financial and economic problems of business functioning. The subject of the research is the factors that stimulate business development in tough economic circumstances. The purpose of the research was to identify the factors affecting the development of small businesses and ways of boosting their activities. To this end, a SWOT-analysis matrix for a small organization has been developed. The factors hampering the development of small businesses are revealed including reduced investment, lack of cooperation between large and small companies, significant tax burden on small companies, difficulties in obtaining loans and other sources of financing, insufficient financial support from the state, inefficient microfinance system, scarce introduction of standard leasing schemes into small businesses. As a result of the research, small business promotion policies have been suggested to spur the activities of small business entities. It is concluded that at present the tools available for boosing the small business activities are not used in the full range.
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Youssef, Amel Ben. "Migration Analysis of Credit Risk in Tunisian Banking Sector." Indian Journal of Finance and Banking 2, no. 1 (March 9, 2018): 34–43. http://dx.doi.org/10.46281/ijfb.v2i1.91.
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In this paper, credit migration matrices are built to measuretransition probabilitiesat Tunisian credit institutions, allowing a comparison of credit risk quality shiftsfor public banks, private banks and leasing companies. We proposeto apply estimating Markov transition matrices using proportions data in order to be adapted to the scarcity of individual dataonloan quality transitions. We employ annual classification of assets issued in theregistration documents and annual financial reports during 2003-2014 period.It’s found from the analysis that the risk grade 2 has the greater tendancy to be downgraded than to be upgraded in public banks and in leasing companies.For the other risk grade 3, the upgradation in the category is higher than the downgradation in all cases. The resultsindicate that the public banks are the riskiest credit institution in Tunisia and there is a lack of rigor in loan classification inpublic and private banks. The findings are useful and critical for supervisory purposes and foroptimizing bank credit risk management.
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Prayagsing, Chakeel, and Kheswar Jankee. "Influence of External Sources of Funding on Corporate Financial Policies in a Pre-Financial Crisis Period in South Africa—A Case Study of Mauritian Enterprises." Journal of Economics and Public Finance 3, no. 3 (June 3, 2017): 287. http://dx.doi.org/10.22158/jepf.v3n3p287.
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<p><em>A number of scholars have been motivated to study the manner to which firms adjust their corporate finance strategies in light of the availability and easiness of accessing external sources of funding. Till recently, researchers have also been interested to analyse the external factors that allow firms to relax their fixed budget and the consequent impact on corporate strategies. These mainly include alterations in the composition of their funding and the second round effects on other corporate decisions such as on investment projects and their dividend policies. External financing can be assessed both from a policy perspective, i.e., via financial liberalisation policies, as well as other development in the financial sector such as availability of alternative bases of finance, both from banks and non-banks. It will thus be pertinent to examine the impact of FL policies as well as availability of financial resources on the capital structure of Mauritian firms and their investment decisions in a post financial liberalization period. A judicious investigation is undertaken and the empirical soundness of our different formulations tested with the techniques of panel data and GMM estimates. We compare and contrast the results in the 7 different sectors notably banking, insurance, leasing, hotel, oil, retail/distributive trade and the construction industry. For a better analysis, the full sample of firms is divided into several subsamples as follows: top 100 companies, firms in group-structure, those which are not in group structures, local firms, international firms, firms with good banking ties, those with good and poor corporate governance, listed and unlisted firms. By employing different econometric investment models, we found that all indices of FL, including the index of money market liberalisation, index of capital account liberalisation and overall financial liberalisation index have do not have any influence on private investment behaviour. In contract, higher amount of money in circulation, bank credit, leasing activities and subsidised financing from the Development bank have a positive impact on private investment expenditures. Development in the financial sector in terms of credit facilities offered by insurance companies, venture capitals and the stock market activities have not been effective in inducing firms to increase their investment portfolios.</em></p>
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Bulyga, R. P., and I. V. Safonova. "Information Transparency: Approaches to Evaluation, Key Features, Trends." Accounting. Analysis. Auditing 6, no. 6 (January 25, 2020): 6–23. http://dx.doi.org/10.26794/2408-9303-2019-6-6-6-23.
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To increase the level of information transparency of economic entities is one of the most important tasks for the development of the domestic financial market within the framework of the state national programs implementation. The article provides a detailed review of the current methods and practices of reputable international and Russian rating agencies and professional communities for assessing information transparency of economic entities, it also defines and systemizes the basic characteristics disclosed by companies. The article identifies the main patterns and positive trends in the development of information transparency of Russian business over the past ten to fifteen years. The analysis shows that there has been a positive trend in disclosures in Russian business, but the level of transparency is still far from the level of Western companies. The applied methods vary greatly in the choice of indicators and assessment criteria, depending on the target nature and the specifics of the study, so determining the optimal level of information transparency is very subjective. Since transparency measurement largely depends of the branch of industry, the authors propose to develop this concept taking into consideration the special features of different segments such as credit organizations, financial companies, leasing organizations and others.
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Fabi, Tommaso, Enrico Laghi, Marco Mattei, and Alessandro Sura. "Comparing the effects of IASB Proposal on leasing: an impact assessment of EU listed Companies." FINANCIAL REPORTING, no. 2 (March 2015): 17–57. http://dx.doi.org/10.3280/fr2014-002002.
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In August 2010, the IASB and the FASB jointly released an exposure draft proposing a "right-of-use" model for the recognition of lease-related assets and liabilities. The literature shows that leasing is a relevant subject for study. Many studies have investigated the point of view of users and preparers about lease accounting. Moreover, significant studies on the impact assessment of new accounting models for leases have been conducted. The objective of this paper is to perform an impact assessment of the new standard on leases that takes into account companies listed on the main EU stock exchanges. Specifically, this paper try to estimate the magnitude of the change in some ratios that would have been produced by the new treatment with reference to 2011. The results of the paper show that the debt-to-equity ratio increased significantly and, subject to the IASB final decisions on profit or loss accounting, the EBITDA should also have increased, while ROA should not significantly be affected. Furthermore, the results show that the impact of the introduction of the IASB proposal on financial ratios will differ both among industries and among European Union countries.
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Trojanek, Maria. "Carrying Out Municipal Tasks in the Scope of Housing Stock Management – Case Study of Poznań City." Real Estate Management and Valuation 22, no. 3 (October 1, 2014): 85–92. http://dx.doi.org/10.2478/remav-2014-0030.
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Abstract The municipal real estate stock, including housing, serves as an asset base in the process of carrying out statutory tasks by the municipality. Due to the numerous functions of municipal housing in socioeconomic development and its influence on people’s living conditions, it is essential that local governments manage the stock with particular rationality and effectiveness. Management activities differ according to the aim, type and functions of the stock. This paper discusses conditions and potential benefits for the municipality from replacing budgetary units with commercial companies that take over the statutory tasks of municipalities in the field of public social housing and providing the right conditions to enable people’s housing needs to be met. Furthermore, the author presents possible financial settlement forms resulting from leasing municipal housing to commercial companies.
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Abidi, Ilyes, Mariem Nsaibi, and Boutheina Regaieg. "Financial Stability of Islamic Finance." International Journal of Accounting and Financial Reporting 10, no. 1 (January 6, 2020): 92. http://dx.doi.org/10.5296/ijafr.v10i1.16060.
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The aim of this paper is to study the stability of the Islamic financial system. To do this, we are interested in the scoring method and the volatility of stock market indices.The first empirical study includes all the components of the financial system, in particular, banks, insurance companies, leasing, factoring and investments companies.The results of this study suggest that, Islamic finance saw a loss of 0.014% of its stability score, in 2007, against 0.43% and 1.675% for conventional finance, respectively in 2007 and 2008. In contrast, during the period of the Arab revolutions only Islamic finance depreciated.In order to refine our research, we used the autoregressive conditional heteroscedasticit models to study the volatility of the DJ index and the DJIM index. The empirical results reveal that, the DJIM index is less volatile than the DJ index of emerging countries, Europe, Asia and the United States. However, the DJ Global Index is less volatile than the DJIM index, which seems paradoxical compared to previous results. From then on, we studied the volatility of the two indices before, during and after the crisis. The empirical results reveal that, the DJIM index is much more stable than the DJ index during the crisis (2007-2009). On the other hand, before and after the crisis (2002-2006 and 2010-2015), the DJ Global index is more stable but the difference is insignificant.
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Kozłowski, Maciej. "Financial Participation In Poland In Comparison To Other EU Countries." Comparative Economic Research. Central and Eastern Europe 18, no. 3 (September 25, 2015): 59–79. http://dx.doi.org/10.1515/cer-2015-0021.
Full textAbstract:
The success of the profound restructuring changes in the Polish economy depended mainly on the effectiveness of the reforms concerning the restructured properties in all sectors. This required a new approach to private property, determining the new role and place of employees in the process of changes and forming employee companies. Employee companies were formed as a result of direct privatization, so-called liquidation, when the equity of the enterprise is handed over for use with the right to the repurchase by the majority of employees of the established company (leasing). Prior to this privatization it was necessary to convince employees to purchase shares. One should keep in mind that this method turned out to be effective with respect to small and medium-sized enterprises, which didn't require the great financial outlays which were necessary for the privatization of larger companies. Initially it may be said that the conditions for implementing new solutions increasing the participation of employees in ownership, or their participation in other financial programs, are not very favourable. It is even possible to formulate the thesis that in Polish enterprises and amongst employees, peculiarly at the workshop level, there was an awareness barrier, which has made the process of further democratic changes rather difficult. Breaking this barrier can only take place after a certain time, when the employee as an owner begins to understand the economic significance of a dividend, picks up the habit of thinking in categories of an increase in goodwill, and realizes that this is transferred directly into an increase in the value of his or her assets.
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Havlová, Kristýna. "Ifrs Versus Cz Gaap: Influence of Construction Contracts on Financial Indicators." International Journal of Entrepreneurial Knowledge 3, no. 2 (December 1, 2015): 76–86. http://dx.doi.org/10.1515/ijek-2015-0017.
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Abstract In 2009, 117 countries all over the world allowed to prepare financial statements according to International Financial Reporting Standards (IFRS) including the Czech Republic. Between Czech General Accepted Accounting Principles (CZ GAAP) and IFRS are some differences involving reporting of noncurrent fixed assets, leasing, construction contracts etc. Using different accounting procedure we can get different value of assets and assets are one component that is used to calculate the financial performance indicators. Those indicators are then used by investors to assess the financial performance of companies and the application of IFRS instead of CZ GAAP can lead to distinct presentation of enterprise performance. In this paper we examine the influence of construction contract reporting using IFRS and CZ GAAP on financial indicators. IFRS leads to more stable development during the period when the project is in progress. In the last year when the project is finished the figures of both ratios (ROA and Z-score) are getting worse which is due to the lower percentage of the construction that is built in this year.
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Al Abbadi, Abeer. "Determinants of Capital Structure in Industrial Companies: Conservative Policy—Applied Study on Jordanian Industrial for the Period (2014-2016)." International Journal of Business and Management 14, no. 2 (January 25, 2019): 125. http://dx.doi.org/10.5539/ijbm.v14n2p125.
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The study aimed to define the factors that determinate the capital structure for industrial companies in Jordan. By depending on theoretical references and literature review that related to capital structure, and to define the determinants that influenced the capital structure by depending on statistical analysis. The study used 15 companies of Amman stock exchange for the period 2014-2016.
The study concluded multiple results. The most importantly, there is significant impact of profitability, interest rates, and the amount of tangible assets. And there is impact of investment opportunities, the size of company and to the adoption of conservative policy according to the comprehensive concept of indebtedness in building capital structure. There was no possible impact for financial distress. The study proposed recommendations. The most important recommendations are studying the underlying causes of reduction long term debt ratio to the total assets of many public share holding companies. Urging financial managers to study the capital structure and the factors that determinate it, in order to manage the capital structure of the companies according to scientific methodology. Urging companies to use Islamic instruments for funding the tangible assets .As it is appropriate to the prevailing economic conditions in the market in terms of profit rates. It is necessary to confirm the existence of a credit rating classification from international credit agencies that helps in issuance of instruments and corporate bonds, or to obtain credit. Urging companies using rent ending in ownership or finance leasing; and urging companies of tangible assets to obtain funding from Islamic and commercial banks especially, when the cost of borrowing and Islamic funding is less than the cost of the issuance of shares. The study suggested studying the determinate factors that makes some companies following the conservative policy in building the capital structure, and in maintaining high cash balances. The study affected the impact of the existence of financial organizations as board of directors in public shareholding companies determine and study the factors of building the capital structure.
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Benmelech, Efraim, Ralf R. Meisenzahl, and Rodney Ramcharan. "The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles*." Quarterly Journal of Economics 132, no. 1 (November 13, 2016): 317–65. http://dx.doi.org/10.1093/qje/qjw031.
Full textAbstract:
Abstract Illiquidity in short-term credit markets during the financial crisis might have severely curtailed the supply of nonbank consumer credit. Using a new data set linking every car sold in the United States to the credit supplier involved in each transaction, we find that the collapse of the asset-backed commercial paper market reduced the financing capacity of such nonbank lenders as captive leasing companies in the automobile industry. As a result, car sales in counties that traditionally depended on nonbank lenders declined sharply. Although other lenders increased their supply of credit, the net aggregate effect of illiquidity on car sales is large and negative. We conclude that the decline in auto sales during the financial crisis was caused in part by a credit supply shock driven by the illiquidity of the most important providers of consumer finance in the auto loan market. These results also imply that interventions aimed at arresting illiquidity in short-term credit markets might have helped contain the real effects of the crisis.