To see the other types of publications on this topic, follow the link: Financial performance.
Dissertations / Theses on the topic 'Financial performance'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 dissertations / theses for your research on the topic 'Financial performance.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse dissertations / theses on a wide variety of disciplines and organise your bibliography correctly.
1
Kisseleva-Scherenberger, Katja [Verfasser], Per [Akademischer Betreuer] Olsson, and David T. [Akademischer Betreuer] Robinson. "Financing and financial performance of entrepreneurial firms / Katja Kisseleva-Scherenberger." Berlin : ESMT European School of Management and Technology, 2021. http://d-nb.info/1236353986/34.
Full text
2
Källum, Martin, and Hampus Sturesson. "Financial leverage : The impact on Swedish companies’ financial performance." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-67482.
Full textAbstract:
Background: Swedish companies were negatively affected by the financial crisis between 2007 to 2009. Even if companies with a high level of financial leverage were hit harder due to the financial crisis than companies with financial leverage, the level of financial leverage about the same now as it was right before the financial crisis. Even if an increase of cash flows associated to financial leverage increase a company’s business opportunities, there are a lot of research done in the field that claim that the relation between financial leverage and financial performance is negative. Purpose: Since there is evidence that the relation between financial leverage and financial performance differ from different countries across the world, it is important to determine the relation in different countries. There is a research gap when it comes to the relation in Sweden, since the prior research have focused on specific industries or company sizes. By extending prior research in Sweden, companies, investors and creditors could get better understanding for Swedish companies’ relation between financial leverage and financial performance. Method: In the thesis, data from 750 companies listed on Stockholm stock exchange has been examined to determine the relation between financial leverage and financial performance. Totally, 3750 observation from the years 2012 to 2016, have been tested by a multivariate regression. Results: The evidence from the thesis showed that the relation between financial leverage and financial performance depends on which type of measurement for financial leverage and financial performance that is used. There is partly significant evidence that company size affect the relation
3
Nowotnick, Melanie. "The Environmental-Financial Performance Link." Thesis, Mid Sweden University, Department of Social Sciences, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:miun:diva-8413.
Full text
4
Mathiesen, Henrik. "Managerial ownership and financial performance /." København, 2002. http://www.gbv.de/dms/zbw/360389503.pdf.
Full text
5
Nikkhah-Babaei, H. "Analysis of company financial performance." Thesis, University of Bradford, 1988. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.381010.
Full text
6
Prondetchi, Emilia. "Corporate governance and financial performance." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20861.
Full textAbstract:
Mestrado em FinançasEste estudo tem como objetivo medir o impacto da Governança Corporativa no Desempenho Financeiro das Empresas em França, Alemanha e Reino Unido. A amostra do estudo é composta por 214 empresas no período de 2010-2019. As variáveis explicativas do estudo são representadas por algumas medidas de governança corporativa: tamanho do conselho, dualidade CEO / presidente, independência do conselho, percentagem de ações do conselho e os cinco maiores acionistas. As variáveis dependentes são: LogROE, LogROIC e LogTobin's Q, que representam o desempenho da empresa. O estudo também considerou duas variáveis de controlo, rendimentos e alavancagem, com o objetivo de ajudar a medir a relação entre governança corporativa e desempenho da empresa. A teoria da agência sugere que as empresas que cumprem todas as medidas de governança corporativa têm um desempenho melhor. Concluímos que as medidas de governança corporativa têm um resultado positivo e significante relacionadas ao desempenho do mercado.
This study aimed to measure the impact of Corporate Governance on Firm Financial Performance of listed companies in France, Germany and UK. The study sample is composed of 214 listed companies between 2010 to 2019. The explanatory variables of the study are represented by some measures of corporate governance: board size, CEO/Chairman duality, board independence, board ownership and the largest five shareholders. The dependent variables are: LogROE, LogROIC and LogTobin´s Q, which represent Firm Performance. The study also considered two control variables, revenue and leverage, in order to help measuring the relationship between corporate governance and firm performance. Agency theory suggests that companies that comply with all measures of corporate governance perform better. We find that our measures of corporate governance are positively and significantly related with market performance.
info:eu-repo/semantics/publishedVersion
7
Volgina, Vera. "Postmerger financial performance: econometric analysis." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16850.
Full textAbstract:
There are numerous researches done in the last couple decades dedicated to the observation of impact of merges and acquisitions on the performance of the company. The topic is considered to be up-to-date, as still there is no common approach to evaluating of benefits mergers are about to bring to a new established entity. In this thesis the issue of post-merger financial performance is investigated on an example of three biggest energy companies in Europe: RWE, E.ON and Vattenfall. The aim of the thesis is to find out whether financial performance of chosen companies improves after the merger occurs. This target is elaborated with a help of the analysis of commonly used financial ratios in corporate finance and construction of two regression models, which explain the interrelations between basic indicator of the company's growth (net income), the fact of the merger and determined financial ratios. As an outcome of the research, a few findings were obtained, such as worsening of financial performance three to five years after the merger, with continuing improvement in further years, quite stable financial indicators before the merger, positive interconnection between the fact of the merger and the net income. Such outcomes might be considered as significant, though further research and elaboration of the topic can be performed in the future.
8
Fujieki, Patrick B. "The Balanced Scorecard: A Look at Financial & Non-Financial Measures." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/889.
Full textAbstract:
This paper introduces Robert Kaplan’s model of the balanced scorecard and the financial and non-financial measures that make up the model. It looks into the effectiveness of using both financial and non-financial measures to help measure the performance of a company. Once done with that, I look at possible areas of deficiencies within the balanced scorecard. The main purpose of this paper is to discover shortcomings of the balanced scorecard and attempt to find solutions to those problems, and by doing so helping others looking to implement a balanced scorecard of their own. This study does find shortcomings in the balanced scorecard that may bother some companies and it does introduce possible solutions to those problems. More specifically, the issues of the balanced scorecard are cost and time, the amount of people involved with the implementation of the system, too much emphasis being placed on internal processes, and the levels of importance that should be placed on each perspective of the balanced scorecard.
9
Maren, Vanessa <1997>. "Diversity Management impact on financial and non-financial organizations’ performance." Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21875.
Full textAbstract:
The purpose of this thesis is to discuss the Diversity Management strategy applied inside the context of an organization. The concept of diversity is in fact always more relevant in a multicultural and globalized society like the one in which we live today, that represents diverse cultures, values, conditions and ways of thinking characterizing the population. For this reason, the objective of the discussion is to understand how to implement a good diversity strategy in order to value differences and to create inclusiveness in the workplace between employees; and secondly to understand if there is effectively an impact in term of business performance given by the valorization of these differences.
The analysis is principally focused on the development and implementation of the Diversity Management strategy and then on the measurement of the impact given by the strategy in term of business performance. Performances in this sense are considered both as financial and non-financial performance, due to the social function that every organization has in the context in which it is located. The commitment in themes like diversity in fact give the possibility to achieve fundamental results, encouraging equal education, equal economic condition and opportunities between people, endorsing institutional policies and regulations, underling in this way the corporate responsibility related to social sustainable goals. This aspect could be a challenge and an occasion to organizations in order to improve their value and their outcomes.
Consequently, the second chapter of the thesis is concentrated on the importance given by the communication about Diversity Management practices and results, in particular considering the non-financial reports and the Corporate Social Responsibility, which affect stakeholders’ perception, and in particular customers, investors and employees’ reputation. In this part, a relevant role will be done to the development of a communication framework useful to link Diversity Management to Sustainable Development Goals and the measurement of relative results.
Finally, the last part of the thesis is instead focused on business cases, analyzing the way in which companies develop Diversity Management Strategy, the way in which they communicate their objectives and results and which are effectively the outcomes obtained by the strategy.
10
Nellkrans, Gabriel, and Seyfi Dogan. "Pay-performance sensitivity during financial distress : Did the financial crisis change payperformance sensitivity?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-255729.
Full textAbstract:
This study examines the existence of pay-performance sensitivity in total compensation and bonus during the financial crisis, using data between 2007-2010 from Swedish 196 listed firms. We perform panel data regression analysis of CEO compensation on financial performance measured as stock returns. Our results indicate that there is, although not significant, a weak positive relationship between CEO compensation and firm performance during 2007-2010. However during 2009-2010 in a market state defined as post-crisis we find weak negative pay-performance sensitivity at a significance level of 10 %. Nevertheless, as regards to the bonus paid to executives there was a significantly positive relationship relative bonus % and firm performance. These results contribute to our understanding of the pay-performance sensitivity in times of financial disturbance, highly relevant to the existing debate considering CEO compensation.
11
Vangneur, Kathryn Otto. "Financial performance measurement effects on hierarchical consistency and performance." Thesis, London Business School (University of London), 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.339007.
Full text
12
Miller, Dawn P. "The Relationship between Corporate Social Performance and Financial Performance." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2563.
Full textAbstract:
Business leaders lack consistent information to make and support strategic budgetary decisions while supporting corporate social responsibility initiatives. Grounded in stakeholder and contract theory, this correlation study examined the relationship between Fortune reputation scores and return on asset, return on equity, and earnings per share, while controlling for total assets. Archival data were collected from 25 corporate websites of U.S. banks included in Fortune Most Admired Companies listing from 2011 to 2013. For 2011 there was a moderate positive partial correlation between Fortune reputation index (FRI) and return on equity (ROE) while controlling for total assets, r = .47, p < .05, with higher levels of FRI associated with higher levels of ROE. For 2012 there was a moderate positive partial correlation between FRI and ROE while controlling for total assets, r = .48, p < .05, with higher levels of FRI associated with higher levels of ROE. Correspondingly, there was a moderate positive partial correlation between FRI and EPS, r = .56, p < 0.5 with higher levels of FRI associated with higher levels of ROE in 2012. For 2013, there was also a moderate positive, but not statistically significant, partial correlation between FRI and EPS, r = .41, p > .05, with higher levels of FRI associated with higher levels of EPS. The implications for positive social change include greater support for socially responsible business strategies to promote sustainability and more business leaders promoting the provision of social benefits for stakeholders.
13
Florey, Barrie H. W. "Appraising farm business financial performance indicators." Thesis, Bangor University, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.417259.
Full text
14
Dunaway, Tarrah M. "Farm Financial Performance of Kentucky Farms." UKnowledge, 2013. http://uknowledge.uky.edu/agecon_etds/13.
Full textAbstract:
This study examines farm financial performance of Kentucky farms using Kentucky Farm Business Management data from 1998-2010. Logit models are used to estimate the likelihood of farm characteristics affecting whether financial ratios fall into critical zones or not. The results show that large farms in terms of total gross returns and total assets are less likely to experience repayment capacity problems. Total gross returns significantly affect all five financial measures. These findings will help farmers and lenders understand what factors influence farm financial performance. Profitability migration is tested to see if the migration probabilities differ across business cycles. Migration drift is also tested to determine if the Markov property of independence is violated. Results show substantial retention in return on equity (ROE) performance over time, and a tendency for trend-reversal if ROE changes occur. Results are compared to previous literature using ARMS data and Illinois FBFM.
15
Gibson, David McFarlane. "The financial performance of Asian airlines." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1991. http://hub.hku.hk/bib/B3126492X.
Full text
16
Schuster, Joel D. "Business aircraft investment and financial performance." Thesis, Capella University, 2015. http://pqdtopen.proquest.com/#viewpdf?dispub=3714060.
Full textAbstract:
This research was an attempt to replicate, yet expand previous empirically supported, qualitative gray literature research conducted by NEXA (2010). The primary difference between this study and the NEXA study is adding significance testing in a quantitative study, to substantiate previously reported positive organizational financial performance associated with business aircraft investment. The outcome contradicted the previous study by providing evidence there were no significant differences in financial performance between those companies that own business aircraft and those companies that do not. The sampling populations were collected from publicly available data through a Federal Aviation Administration (FAA) aircraft registry and Securities and Exchange Commission (SEC) / Edgar database for the Standard and Poor’s (S&P) 600 Small Capitalization (SmallCap) Index funds.
The research utilized the Andersen (2001) Utilization strategies, Benefits, and shareholder Value (UBV) conceptual framework. The dependent variables of Earnings Before Income Tax, Depreciation and Ammoritization (EBITDA), Revenue Growth, Return on Equity (ROE), and Return on Assets (ROA) financial indicators and ratios were applied to test the significant differences between the independent variables of companies that own business aircraft versus companies that do not own business aircraft. The breadth of associated costs when contemplating investment in business aircraft goes well beynd the initial cost of the aircraft itself and was not covered in this study. Depending on the strategic objective and intended use of a business aircraft, ownership involves an additional and significant investment in infrastructure and back office support, segregated by direct and indirect costs.
In order to help define the future roles of business aircraft, the industry as a whole must create a synchronous and performance based public face that emphasizes the broad collection of the multi-dimensional and positive, technological, economic, and regulatory, political, and social dynamic contributions. Moreover, with financial indicators demonstrating positive value, productivity, and performance separation between business aircraft ownership from non-ownership, coupled with the internal as well as external drivers influencing financial results, the public face of business aviation and its aircraft should be one of the top investment decisions for future sustainability and competitive advantage.
17
Erasmus, Petrus Daniel. "Evaluating value based financial performance measures." Thesis, Stellenbosch : University of Stellenbosch, 2008. http://hdl.handle.net/10019.1/1407.
Full textAbstract:
Thesis (PhD (Economics))--University of Stellenbosch, 2008.The primary financial objective of a firm is the maximisation of its shareholders’ value. A problem faced by the shareholders of a firm is that it is difficult to determine the effect of management decisions on the future share returns of the firm. Furthermore, it may be necessary to implement certain monitoring costs to ensure that management is focused on achieving this objective. A firm would, therefore, benefit from being able to identify those financial performance measures that are able to link the financial performance of the firm to its share returns. Implementing such a financial performance measure in the valuation and reward systems of a firm should ensure that management is aligned with the objective of shareholder value maximisation, and rewarded for achieving it. A large number of traditional financial performance measures have been developed. These measures are often criticised for excluding a firm’s cost of capital, and are considered inappropriate to be used when evaluating value creation. Furthermore, it is argued that these measures are based on accounting information, which could be distorted by Generally Accepted Accounting Practice (GAAP). Studies investigating the relationship between these measures and share returns also provide conflicting results. As a result of the perceived limitations of traditional measures, value based financial performance measures were developed. The major difference between the traditional and value based measures is that the value based measures include a firm’s cost of capital in their calculation. They also attempt to remove some of the accounting distortions resulting from GAAP. Proponents of the value based measures present these measures as a major improvement over the traditional financial performance measures and report high levels of correlation between the measures and share returns. A number of studies containing contradictory results have been published. On the basis of these conflicting results it is not clear whether the value based measures are able to outperform the traditional financial performance measures in explaining share returns. The primary objectives of this study are thus to: • Determine the relationship between the traditional measures earnings before extraordinary items (EBEI) and cash from operations (CFO), and shareholder value creation; • Investigate the value based measures residual income (RI), economic value added (EVA), cash value added (CVA) and cash flow return on investments (CFROI), and to determine their relationship with the creation of shareholder value; • Evaluate the incremental information content of the value based measures above the traditional measures. The information content of the traditional measures and the value based measures are evaluated by employing an approach developed by Biddle, Bowen and Wallace (1997). The first phase of this approach entails the evaluation of the relative information content of the various measures in order to determine which measure explains the largest portion of a firm’s market-adjusted share returns. The second phase consists of an evaluation of the incremental information content of the components of a measure in order to determine whether the inclusion of an additional component contributes statistically significant additional information beyond that contained in the other components. The study is conducted for South African industrial firms listed on the Johannesburg Securities Exchange for the period 1991 to 2005. The data required to calculate the measures investigated in the study are obtained from the McGregor BFA database. This database contains annual standardised financial statements for listed and delisted South African firms. It also contains EVA, cost of capital and invested capital amounts for those firms listed at the end of the research period. Including only these listed firms in the research sample would expose the study to a survivorship bias. Hence these values are estimated for those firms that delisted during the period under review by employing a similar approach to the one used in the database. The resulting sample consists of 364 firms providing 3181 complete observations. Since different information is required to calculate the various measures included in the study, different samples are compiled from this initial sample and included in the tests conducted to evaluate the information content of the measures. The results of this study indicate that the value based measures are not able to outperform EBEI in the majority of the relative information content tests. Furthermore, the measures EVA, CVA and CFROI are also not able to outperform the relatively simple value based measure RI. The results from the incremental information content tests indicate that although some of the components of the value based measures provide statistically significant incremental information content, the level of significance for these relatively complex adjustments is generally low. Based on these results, the claims made by the proponents of the value based measures cannot be supported. Furthermore, if a firm intends to incorporate its cost of capital in its financial performance measures, the measure RI provides most of the benefits contained in the other more complex value based measures.
18
Newkirk, Kevin J. "Financial performance comparison for ABC Farm." Thesis, Kansas State University, 2012. http://hdl.handle.net/2097/19692.
Full textAbstract:
Master of AgribusinessDepartment of Agricultural Economics
Michael Langemeier
This thesis had two objectives. One objective was to compare one northeast Kansas farm's financial performance from 2002 through 2011 to various groups of farms participating in the Kansas Farm Management Association (KFMA) during the same period. The second objective was to compare the crop acreage growth trends of the same northeast Kansas farm from 2002 through 2011 to the same groups of farms participating in the KFMA. In this thesis the northeast Kansas farm was referred to as ABC Farm. The purpose of this thesis was to provide ABC Farm's owners and management with information that could be used to formulate long-term goals for ABC Farm and to help identify strategies for achieving those goals. ABC Farm's 10-year financial performance was compared to six different KFMA member groups using 12 different financial measures or ratios. The KFMA groups included all NE region farms, NE region farms in the highest value of farm production (VFP) category, STATE irrigated crop farms, NE region farms in the highest net farm income quartile, NE region farms in the highest crop acreage category, and NE region farms in the lowest adjusted total expense ratio quartile. The 12 financial measures or ratios included VFP, net farm income, adjusted total expense ratio, operating profit margin ratio, asset turnover ratio, percent return on assets, VFP per worker, total crop acres farmed, crop machinery investment per crop acre, crop machinery cost per crop acre, current ratio, and debt to asset ratio. ABC Farm's 10-year average financial performance was better than the 10-year average of any KFMA group for most financial measures. ABC Farm's VFP, net farm income, operating profit margin ratio, VFP per worker, total crop acres, and current ratio were all higher than any KFMA group. ABC Farm's adjusted total expense ratio, crop machinery cost per crop acre, and debt to asset ratio were also lower than those of the various KFMA groups compared to. ABC Farm did not compare favorably to other KFMA groups for some of the financial measures. ABC Farm's average crop machinery investment per crop acre was higher than every group. ABC Farm's average asset turnover ratio was lower than every group. ABC Farm's average return on assets was lower than all but one group, all NE region farms.
19
Nasar-Ullah, Q. A. "High performance parallel financial derivatives computation." Thesis, University College London (University of London), 2014. http://discovery.ucl.ac.uk/1431080/.
Full textAbstract:
Computing the price and risk of financial derivatives is a necessary activity for many financial market participants and is often undertaken by large and costly computing farms. This thesis seeks to explore the use of parallel computing, with particular focus on graphics processing units (GPUs), to improve the speed per cost ratio of such computation. This thesis addresses three distinct layers of high performance parallel financial derivatives computation: the first layer is related to the formulation of parallel algorithms that are generally used in the context of derivatives. The second layer is related to the optimum computation of pricing models, which consist of a series of computational steps or algorithms, where such pricing models are used to calculate the price and risk of individual derivatives. The third and final layer is related to deploying several pricing models within large scale infrastructures with particular focus on optimal scheduling approaches. Several contributions are made within this thesis: (i) with regard to the formulation of parallel algorithms, we introduce novel approaches for evaluating the normal cumulative distribution function (CDF), calculating option implied volatility, calibrating SABR (stochastic-αβρ) volatility models and generating CDF lookup tables. (ii) With regard to pricing models, we explore the computation of two dominant fixed income pricing models, namely non-callable bullet options and callable bond options. (iii) With regard to the computation of many such pricing models within large scale infrastructures, we devise and verify novel scheduling approaches that are able to optimally allocate tasks between a heterogeneous mix of CPU and GPU processors.
20
Tran, Hien Thi. "Corporate social performance and corporate financial performance : theory and empirical evidence from the recent global financial crisis." Thesis, University of Southampton, 2015. https://eprints.soton.ac.uk/385559/.
Full textAbstract:
This thesis searches for the theoretical influence of corporate social performance (CSP) on corporate financial performance and to provide empirical evidence for this effect from the recent global crisis. Hence, the author investigates how and why CSP influences financial performance from the international perspective with a global dataset of Fortune World’s Most Admired Companies in three distinctive studies. The first study develops a model on how and why independent directors using CSP disclosure affect profitability. The model is built on Schmidt and Keil’s (2013) theory of the conditions and mechanisms that make resources valuable to a firm. The regression results support the proposed model in a way that the synergy of independent directors using CSP disclosure probably increases profitability. The second study tests the agency theory on the impact of executive remuneration combining with CSR disclosure on profitability. The study finds that a combination of executive remuneration and CSP disclosure are likely to improve profitability; however, higher salary and stock might be the drivers that affect executives to disclose more information on CSP, which enhances the corporate reputation in CSP. The third study tests the theory of transaction costs in a model on the influence of CSR on profitability intervened by corporate governance. The data support the model, suggesting that well-informed and good governance is the condition for a positive influence of CSP on financial performance. The novel contributions of the thesis are as follows. From an international perspective and use of a global-level dataset, the thesis confirms and extents the global theories related to corporate governance, and opens up the new research avenues. Empirically, this thesis is the first that proposes and tests a model on how and why independent directors using CSP disclosure affects profitability, underpinned by Schmidt and Keil’s (2013) function. Methodologically, the studies used the two measures of CSP in terms of disclosure and reputational rank; the structures of two simultaneous equations were used to fit the data. Further, the problem of endogeneity was addressed in the studies. At the firm level, the thesis implies that first, the strategy in which independent directors use CSP is likely to improve financial performance due to the willingness to pay for the increased resources and social capital of their firm. Second, the study results raise the concerns on managerial manipulation of CSP disclosure due to agency problems and information asymmetry problems, thus recommending independent directors’ role of monitoring CSP. Third, the study suggests that positive effect of CSP on financial performance is conditional on the intervention of transparent and good governance. Moreover, the thesis reveals the advantages of the two coordinating forms of economic activities from the recent financial crisis, one based on networks and the other on governance hierarchy. These should be macro policy considerations during periods of economic recession when the market mechanism might fail.
21
Tracey, Noel Patrick. "Corporate reputation and financial performance : underlying dimensions of corporate reputation and their relation to sustained financial performance." Thesis, Queensland University of Technology, 2014. https://eprints.qut.edu.au/67787/1/Noel_Tracey_Thesis.pdf.
Full textAbstract:
This thesis examined the relationship between firms' corporate reputation and their future financial performance. Corporate reputation was represented by measuring the level of senior executives' attention to a number of intangible firm' resources (e.g. financial reputation, service culture) within firms' annual reports over a 17 year period. Initial findings suggested there was only a small relationship between reputation and future performance which lead to a reformulation of the problem. Reputation was posited to be a source of corporate resilience that helped firms with stronger reputations to sustain superior financial performance in times of difficulty, as well as allowing them to rebound more quickly from performance decline. Results suggest this interpretation of corporate reputation as well as indicating that industry sectors operate in different reputational 'domains' in which the relative importance of financial versus stakeholder aspects of corporate reputation varies.
22
Kanclerytė, Agnė. "The impact of corporate social performance on corporate financial performance." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20100914_101805-16498.
Full textAbstract:
This thesis attempts to extend the research in the Corporate Social Performance – Corporate Financial Performance relationship. The studies conducted previously display mixed findings with no unified evidence of the relationship direction and impact. This study reviews the existing literature on CSP and CFP as well as their link, identifying main problems and brings forward the concepts of strategic CSP and ad-hoc CSP. These concepts in a wider term are referred as CSP maturity. The main aim of this study is to investigate whether there is a relationship between company’s financial performance and CSP maturity and if the relationship is present, the relationship direction and causality. A study sample was constructed from large European banks and insurance companies. A panel data containing the information of 86 companies measured separately three times in three years period was analyzed. The empirical study used return on asset (ROA), return on equity (ROE) and return on sales (ROS) ratios for CFP operationalisation. CSP maturity was measured as years of continuous involvement into strategic CSP. The correlation analysis was build in order to verify the hypothesis about the CSP maturity and CFP relationship direction. Additionally the average mean of ROA, ROE and ROS was compared between the companies engaged in strategic and ad-hoc CSP. The weighted least squares regression, including several control variables was constructed to test two models of CSP maturity and CFP... [to full text]Šiuo magistriniu darbu autorė siekia praplėsti įmonės socialnės veiklos (CSP) ir įmonės finansinių resultatų (CFP) sąryšio tyrimus. Ankstesnių tyrimų rezultatai yra prieštaraujantys ir nepateikiantys vienalyčių įrodymų apie šių dviejų kintamųjų ryšio kryptį bei stiprumą. Šis tyrimas apžvelgia ankstesnius tyrimus, atliktus siekiant ištirti ryšį tarp CSP ir CFP, identifikuoja pagrindines problemas ir pristato strateginės ir atsitiktinės socialinės veiklos sampratas. Šios sampratos apibendrintai yra vadinamos CSP branda. Pagrindinis šio tyrimo tikslas yra ištirti ar egzistuoja priežastinis ryšys tarp CSP and CFP ir jei egzistuoja, nustatyti jo kryptį bei priežastingumą. Tyrimui naudojama imtis buvo sudaryta iš stambių Europos bankų bei draudimo kompanijų. Tyrimui buvo naudojami paneliniai duomenys, kurie buvo gauti 86 įmones matuojant 3 kartus tryjų metų periode. Tyrime įmonių finansiniai rezsultatai buvo matuojami turto grąžos (ROA), nuosavybės grąžos (ROE) bei pardavimų grąžos (ROS) rodikliais. CSP branda buvo matuojama nepertraukiamos strategines CSP veiklos metų skaičiumi. Koreliacijos analizė parodė neigiamą ryšį tarp CSP brandos ir įmonės finansinų rezultatų (koreliacijos koeficinetai kievienam finansiniam rodikiui buvo -0.438, -0.358, -0.350). Nepriklausomų imčių vidurkių palyginimo T-testas parodė statistiškai reikšmingą skirtumą tarp ROA ir ROS rodiklių lyginant įmones, kurios CSP vykdė strategiškai ir atsitiktinai. Įmonės, kurios vykdė CSP atsitiktinai, jų ROA ir ROS... [toliau žr. visą tekstą]
23
Mcleod, Michelle. "Does environmental performance predict financial performance? A South African perspective." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/80774.
Full textAbstract:
Thesis (MBA)--Stellenbosch University, 2011.Corporate environmental responsibility has engaged the attention of academics, practitioners and environmentalists for some time, creating pressure for companies to conduct business in an environmentally greener manner. To find economic support for such conduct by South African companies, this study aims to investigate whether superior environmental performance by South African listed companies leads to superior financial performance. A review of related literature identified significant diversity in research approach and methodology as well as environmental and financial performance measures employed and therefore also in the results obtained. Given the continuing emergence of climate change as a material issue for business, this study utilised South African Carbon Disclosure Leadership Index (CDLI SA) ratings as proxy for South African companies’ environmental performance. The infancy of the Carbon Disclosure Project in South Africa does result in some data limitations which necessitated a portfolio approach to address the research question. This approach, however, prevented explicit consideration or judgement on the direction of causality between environmental and financial variables. The environmental performance data limitations and the resulting need for some assumptions resulted in this study being explorative in nature. Using CDLI SA ratings as distinguishing environmental performance characteristic, industrymatching, mutually-exclusive stock portfolios were constructed. Relative portfolio performance was measured with reference to the Sharpe and Treynor ratios and a simple statistical test. Considering the three years 2008 to 2010, the Sharpe and Treynor ratios for Environmental Leaders and Laggards portfolios did not clearly identify either Environmental Leaders or Environmental Laggards as superior financial performers and results also varied across industries. There appears to be some trend emerging which sees Environmental Leaders outperforming Environmental Laggards in more recent years for some industries, however, the short time frame under consideration provided insufficient support for such conclusion. Statistical means testing concluded that the mean returns of Environmental Leaders and Environmental Laggards are similar. Sensitivity analysis performed on the Financials sector indicated that the Sharpe and Treynor ratios are sensitive to portfolio construction. Despite this sensitivity, statistical means testing consistently found little evidence to infer that the mean returns of Environmental Leaders portfolios are either higher or lower than that of Environmental Laggards portfolios. It is suggested that the similar performance of the Environmental Leaders and Environmental Laggards portfolios may be attributed to the use of an environmental performance measure unable to sufficiently distinguish between environmental leaders and environmental laggards. Another interpretation of the results could be that investors consider disclosure-based environmental performance measures as unreliable, or less reliable as compared with outcome-based or combined measures. Finally, it may be that investors’ expectations have not yet been adjusted to reflect the fact that climate change constitutes a materiality issue for business in the long run, which will require companies to actively manage carbon risks. Although there exists voluminous international research on the topic of this study, South African research in this regard is restricted. This study adds to the existing body of South African specific research, but is only explorative in nature; therefore areas for future research have been recommended.
24
Murthy, Vijaya Sundari. "Narratives on managerial mobilisation of Non-financial Performance Information in a financial institution." Thesis, The University of Sydney, 2011. http://hdl.handle.net/2123/8771.
Full textAbstract:
The purpose of this thesis is to examine how managers mobilise non-financial performance information (NFPI) within an Australian financial institution. The thesis contains published work and uses a narrative approach to build on top of the three empirical papers. This narrative approach is used as both a theory and method. Data was collected from one Australian financial institution and included interviews with 14 executives and 45 employees, employee newsletters (2003-07), annual reports (2003-07), external stakeholder reports (2003-07) and internal strategy documents (2004-06). Narrative analysis was used to provide an understanding of the workings of the organisation by linking the past events to understand the mobilisation of NFPI. The rich detailed information found in the three individual papers was recast in this thesis into stories containing a plot, to understand how managers mobilised NFPI in the organisation. Managers found it a challenge to use NFPI frameworks because these frameworks tried to separate the individual elements (such as human capital, structural capital and relational capital). It was found that these non-financial elements worked in a network with each other and could not individually be put to work when they were separated. Also, it was found that the functioning of non-financial resources, such as intellectual capital, required inputs of financial resources. The managers faced many trials while using NFPI because these non-financial resources were constantly moderated by unacknowledged conditions and unintended effects. A plot was identified for each of the three empirical papers. Paper 1 was classified as a „tragedy‟, paper 2 classified as „satire‟ and paper 3 was classified as „romance‟. When financial resources interfered with the functioning of the back office (BO) „tragedy‟ was exhibited as the managers had to make decisions based on economisation and rationalisation ix of financial resources. When the internal and external documents highlighted that non-financial resources could be separated and evaluated individually, „satire‟ was exhibited. It was found that when managers tried to mobilise one intellectual capital element, it impacted on another intellectual capital element, due to constrained financial resources. However, by using a discourse on „workplace flexibility‟ managers were successful in mobilising non-financial resources, as the need for financial resource investment was insignificant, exhibiting a „romantic‟ drama. In this thesis, the narrative approach is considered as a frame of reference, a way of reflecting during the entire inquiry process, a research method, and a mode for representing the study. The thesis uses narratives to show the complexities that managers face while mobilising NFPI in practice. By using a narrative approach, this thesis portrays an actual organisational experience that questions common understandings and offers a degree of interpretive space. When major plots are identified comparison is possible. Tragic narratives focus attention on problem areas and crisis; satiric plots locate decision points that direct attention transitions where different actions lead to different results; romantic narratives suit processes where management actions lead to (expected) results. By reviewing and synthesising the literature and using a narrative approach, this thesis provides an important source of reference for future researchers and policy makers who wish to understand how managers mobilise NFPI in a large organisation. It also provides significant empirical evidence about how non-financial performance information is mobilised within an organisational setting.
25
Lindbergh, Lars. "Essays of Financial Performance and Capital Structure." Doctoral thesis, Umeå universitet, Företagsekonomi, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-213.
Full textAbstract:
This thesis consists of an introductory chapter and four self-contained essays on financial performance and capital structure. Essay I assesses the strength of strategic inputs into profitability among firms within several sub-sectors within the industrial service sector in the U.S. and Sweden. In this study we employ an ordinary least square regression. The results, coupled with structural observations on production sectors, suggest that significant differences may indeed occur in both productivity and pricing in the two systems, i.e. the U.S. and Sweden. Essay II estimates the impact of operating costs and cost of debt on revenue, profit generation and asset retention in public housing companies in Sweden. A general conclusion to draw from the empirical results is that expentitures on consolidated maintenance is not only associated with short-term rental revenues, but undoubtedly long-term viability as well. Further, first difference results suggested that negotiated rents produced operating profits that kept pace with revenues over the time period of study. Essay III examines the impact of selected financial and contextual variables on managers’ decisions to appropriate funds to tax allowances in small firms in Sweden. The motive for appropriating to the tax allocation reserve is twofold. First, the tax allocation reserve is intended to lower the tax levy on investments financed with internally generated income. Second, it creates a possibility for firms to smooth income over a number of years. The results, from the logistic regression, suggest that financial performance, financial position and prior appropriations do impact on managers’ decision to appropriate. Essay IV examines the association between the two sides of the balance sheet based on financial statement information from small firms in Sweden The results of the multivariate canonical correlation analysis provides some support to the hypotheses that firms develop patterns, in their use of assets and their financing.
26
Lindbergh, Lars. "Essays on financial performance and capital structure /." Umeå : Univ, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-213.
Full text
27
Bacevičius, Tadas, and Tadas Bacevicius. "Performance of financial sectors in Baltic States." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2012. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2012~D_20120723_120428-92142.
Full textAbstract:
The purpose of this study is to examine economic growth impact on financial sector development in the Baltic
States by investigating interrelation between indicators of these two economic areas.
Research is based on scientific literature and empirical analysis. Statistical data is collected mostly from World
Bank database in the period between 1994-2009. Indicators like liquid liabilities to GDP and private credit to GDP ratio
are used to measure the financial sector size and activity. Economic growth is analyzed throughout total production and
factors which are suggested by three economic growth theories. Analysis of GDP is made by expenditure approach.
Statistical data showed positive financial sector development in Baltic States during the research period. Estonia
had highest developed financial sector, then followed Latvia and Lithuania. The main reason for strongest financial
performance in Estonia can be explained by highest export and import activity, financial capital accumulation and
lowest real interest rates, unemployment and population. Financial sector development in Latvia was supported by high
education expenditure and capital formation in the private sector. Lowest performance of financial activity in Lithuania
can be justified by greatest unemployment, population and lowest financial capital attraction.
This work confirms Patrick's (1966) demand-following hypothesis which states that growing economy leads to
increasing demand of financial services and so... [to full text]Šių studijų tikslas yra ištirti ekonomikos augimo įtaką finansinio sektoriaus plėtrai Baltijos šalyse, nagrinėjant tarpusavio ryšį tarp šių dviejų ekonominiu sričių vystymosi rodiklių. Tyrimas remiasi moksline literatūra ir empirine analize. Statistiniai duomenys yra surinkti daugiausiai iš Pasaulio Banko duomenų bazės 1994-2009 metų laikotarpyje. Indikatoriai kaip likvidţių įsipareigojimų santykis su BVP ir privačių kreditų santykis su BVP yra naudojami matuojant finansinio sektoriaus dydį ir aktyvumą. Ekonomikos augimas analizuojamas per bendrą produkciją ir indikatorius, kurie buvo pasiūlyti trijų ekonomikos augimo teorijų. BVP analizuojamas išlaidų metodu. Statistiniai duomenys parodė pozityvų finansinio sektoriaus vystymąsi Baltijos šalyse tiriamajame laikotarpyje. Estija turėjo labiausiai išvystytą finansinį sektorių, po jos sekė Latvija ir galiausiai Lietuva. Stipri finansinė padėtis Estijoje gali būti paaiškinama dėl aukšto eksporto ir importo aktyvumo, finansinio kapitalo akumuliacijos ir ţemos palūkanų normos, ţemo nedarbo ir populiacijos. Finansinio sektoriaus plėtra Latvijoje buvo paremta didelėmis švietimo išlaidomis ir kapitalo formavimu privačiame sektoriuje. Silpnesnį finansinį sektorių Lietuvoje greičiausiai sąlygojo didţiausias nedarbas, populiacija, ir maţiausias finansinio kapitalo pritraukimas. Šis darbas patvirtina Patricko (1966) paklausos-sekimo hipotezę, kuri teigia, kad ekonomikos augimas veda prie didėjančios finansinių paslaugų paklausos ir taip... [toliau žr. visą tekstą]
28
Al-Fadhli, Mansour. "Financial performance of Islamic banking in Kuwait." Thesis, Loughborough University, 1998. https://dspace.lboro.ac.uk/2134/7995.
Full textAbstract:
The Kuwaiti economy has witnessed remarkable changes especially since the oil boom in the 1970s. Kuwait is one of the world's richest countries in terms of GNP per capita (WBA, 1997). However, the country has hitherto been entirely dependent on oil exports and as petroleum prices increased during the 1 970s, imports also increased. The government undertook a major industrial development program (such as manufacturing industries including cement and other building material, petrochemicals, plastic products and boats). With Iraq's invasion of Kuwait in the early 1 990s, much of the infrastructure of the country was ruined. Post-war Kuwait faced serious problems including shortages of food, fresh water, and electricity, oil well fires and the resulting environmental damage. It is vital for Kuwait to have a thriving and efficient financial system that helps meet the country's developmental and investment targets. The country has two types of financial institutions Islamic and conventional, both of which exist side by side. Both types of institutions take part in investing in the country to improve the infrastructure and industrial base of the economy. Therefore, a successful financial system can only bode well for the country as a whole. In this study, we evaluate the performance of Islamic banks by analyzing their financial indicators and comparing them with those of conventional, commercial banks. This will lead to a better appreciation of advantages and disadvantages of Islamic banking institutions, as well as their efficiency as compared to that of the conventional banks. For this purpose we conduct a case study of the Kuwait Finance House, which runs its activities according to Islamic principles, and also the National Bank of Kuwait, which is the leading conventional bank in Kuwait - comparing and assessing their structure and performance. Both case studies are carried out by examining the differences in their respective internal and external environments and the way they affect financial behavior; our hypotheses are: (1) Islamic financial institutions are on par with traditional (commercial) banking institutions in securing funds; (2) Islamic financial institutions are on par with traditional (commercial) banking institutions in performance and efficiency. (3) Clients' religious attitudes are not the only (or primary) reason behind the success of such institutions in securing funds; (4) legal restrictions imposed on such institutions do not constitute an obstacle against their ability to compete in the tough financial market. In the light of the above evaluation, the nature of the difference in the framework of assets and liabilities between the two types of banks is discerned. We also seek an understanding of the effect of the difference in the nature of revenues earned by both types of institutions - on its framework and management.
29
Farah, Nathalie. "Issues of performance measurement in financial economics." Thesis, University of Cambridge, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.615663.
Full text
30
Neradová, Alena. "Performance of private MFIs and financial cooperatives." Doctoral thesis, Česká zemědělská univerzita v Praze, 2015. http://www.nusl.cz/ntk/nusl-260285.
Full textAbstract:
Developing countries have a long-term deal with a financial and economic instability in the current economic environment. Besides others, one of discussed solutions on that scheme is dedicated to microfinance where are evident efforts at delivering inclusive socio-economic development. Thus, the dissertation is focused on the analysis of the relative performance of private MFIs and financial cooperatives in Mediterranean region on selected socio-economic indicators, such as women's employment, education or level of material well-being. The impact of the offered products, such as credit and savings in the attempt to express what types of institutions are providing higher added value to clientele and in what intensity they change selected socio-economic indicator is also significant. Primary data of selected institutions will be inspected on the background of global data structured in the major regions of the world trying to understand the logics, risks and potentials of the development of the microfinance and cooperative sector and their intersections. The output will be a recommendation for the support of the microfinance and cooperative sector.
31
Li, Zhenxiong. "Essays on financial development and economic performance." Thesis, Lancaster University, 2018. http://eprints.lancs.ac.uk/126388/.
Full textAbstract:
This thesis attempts to provide empirical evidence for the hotly debated relationship between financial development and economic performance using a variety of time series and panel data methods. Also, it extends the previous finance-growth literature by examining the role of democracy in the process. Three inter-related studies form the work undertaken. Chapter 2: In the first of these the impact of financial development on growth is investigated for the case of China using a range of time-series techniques. The results from this work - which spans almost five decades from 1952 - uncover a bi-directional causality between the country’s output performance and its financial development. Meanwhile, domestic financial development failed to promote China’s long-term economic performance over the period under investigation. These findings are inconsistent with the previous studies of Hao (2006) and Liang and Teng (2006). Here, the failure of financial development to stimulating the long-term growth is attributed to the issues of majority government ownership and the high volume of non-performing loans in the domestic financial system. Chapter 3: The relationship between domestic financial development and economic growth has been on the agenda of growth economics for a long time. Notwithstanding its hypothesized benefits certain studies have uncovered evidence of the detrimental effect of domestic financial development for the long-term growth prospects. Such findings highlighted the importance of institutional conditions of financial development. With a panel of 171 countries worldwide over the period 1960 to 2014, this study presents an examination of the question of whether the existence of sound democratic institutions is necessary for financial development to stimulate economic growth in these countries. The baseline results show that financial sector development per se has the capacity of exerting a significantly positive impact on domestic economic growth. However, little evidence of any significant effect of democracy on growth is observed. Meanwhile, the results suggest that the positive effect of financial development on economic growth does not require the condition of the existence of democratic institutions. The study conjectures that, for policymakers, improving the domestic financial system can contribute growth, even in the absence of sound democratic institutions. Chapter 4: This research provides a re-examination of the long-term effect of financial development on economic growth using annual data for 67 countries from 1971 to 2007. Autoregressive distributed lag (ARDL) and cross-sectionally augmented autoregressive distributed lag (CS-ARDL) models have been applied to confront cross-country heterogeneity and error cross-country dependence. A positive and significant effect of financial development on the long-run per capita output is observed. Typically, such a beneficial impact is largely driven by nondemocratic countries. Also, some evidence of a nonlinear effect of financial development is revealed in this study.
32
Lynch, Janet. "THE FINANCIAL PERFORMANCE OF SYSTEM ACQUIRED HOSPITALS." VCU Scholars Compass, 1988. https://scholarscompass.vcu.edu/etd/5224.
Full textAbstract:
This study investigated the financial performance of not-for-profit hospitals in 10 Southern states acquired by either the for-profit or not-for-profit multihospital systems between the years 1978 through 1982. The impact of system affiliation on acquired hospitals was investigated by looking at average financial performance from the two years before acquisition to 1984/1985. Differences between the performance of hospitals acquired by for-profit and not-for-profit multihospital systems were examined as well. with regard to the latter, major findings revealed both for-profit and not-for-profit multihospital systems increased debt in acquired hospitals and made improvements to plant and equipment. For-profit multihospital systems additionally increased profitability and appeared to operate their acquisitions in a more business-like fashion than the not-for-profit multihospital systems did. Comparing acquired hospitals with matched independents revealed that both for-profit and not-for-profit multihospital facilities used more debt and had newer plant and equipment than the not-for-profit independents did. Multihospital systems decreased liquidity in acquisitions as compared with independent not-for-profit hospitals. Only for-profit multihospital system facilities showed increased profitability, and this was largely due to higher prices. Little or no improvement in efficiency was observed in either for-profit or not-for-profit multi hospital system hospitals; however, the financial indicators used to measure efficiency proved to be problematic.
33
Warren, Cranla. "Financial Investment Advisor Professional Arrogance and Performance." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/6701.
Full textAbstract:
Arrogance in the workplace is a growing area of interest within industrial-organizational psychology. Arrogant employees tend to lack positive interpersonal work relationships, act superior yet have a lower level of cognitive abilities, and have poorer job performance than their less arrogant counterparts, leading to challenging work relationships and overall impact on an organization's ability to meet its objectives. The present study examined professional arrogance measured by the Workplace Arrogance Scale (WARS), a 26 question survey, in relation to the objective outcome measure of a Financial Investment Advisor's (FIA) ranking on the firm's leader board based on total assets under management plus revenue. A total of 37 participants who have been in the profession for more than 2 years completed the survey. This study employed a quantitative, correlational research design. The research questions were assessed using linear regression and moderation analyses. Analysis of the data showed no significant predictive relationship between results of the WARS and performance. Gender and professional experience did not moderate the relationship between an FIA's arrogance and their performance. While these findings did not support the hypothesis of a connection between a FIA's assessed arrogance and measured performance, arrogance remains an important construct requiring further study. As workplace arrogance is better understood, it can be screened for by human resources within hiring processes and can be addressed directly by leadership through training and development. Decreased arrogance is likely to lead to more respectful client relationships, leading to customer loyalty and increased revenues for the client, FIA and the financial firm that he/she serves.
34
Ajwala, Awuor. "Corporate Governance Strategies to Support Financial Performance." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5963.
Full textAbstract:
The insurance industry continues to experience financial scandals despite increasing pressure to integrate sound governance practices. The purpose of this multiple case study was to explore the corporate governance strategies insurance business leaders used to support financial performance. The targeted population consisted of 7 business leaders from 7 insurance companies in Austria who have used corporate governance strategies successfully to support financial performance. The conceptual framework of this study was the agency theory. Data for the study were gathered from face-to-face semistructured interviews and a review of company documents. The data were analyzed using Yin's 5 nonlinear interlinked steps for assembling, disassembling, reconvening, inferring, and formulating conclusions. Three themes emerged from the data analysis: the need for a robust risk-management system, effective internal control mechanisms, and consistent application and compliance with corporate governance principles and regulations. The implications for positive social change include the potential for business leaders in the local community to restore confidence in the stability and financial performance of the insurance industry by establishing corporate governance structures with a robust risk-management system and processes that support transparency and accountability.
35
Chirozva, Gift. "Financial intermediation and economic performance in Zimbabwe." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2001. https://ro.ecu.edu.au/theses/1081.
Full textAbstract:
Financial literature is replete with theoretical and empirical evidence suggesting financial development has a causal effect on economic growth. Yet there is no consensus on the finance-growth nexus. The direction of causality is still controversial In fact, classical economists argue that financial factors are neutral and hence cannot have real effects. Critics argue the traditional methods of identifying long run economic relationships fail to address the methodological conflict between equilibrium implied by theory and the disequilibria in the data. The rise of new representation techniques such as the General Methods of Moments (GMM) and vector autoregression [VAR] brought with them empirical flexibility, which facilitates the re-examination of several theories. VAR characterization permits the economic system to determine the behavior of macroeconomic variables simultaneously. The endogenous growth theoretical literature gives credibility to system-wide V AR financial models. This research is both critical (in its search for a common framework to inform debate on Zimbabwe) and positive (to the extent it undertakes an empirical investigation.) Empirically, the study examines the nature and intensity of links between financial intermediation and economic performance in a small developing economy. A Vector Autoregressive [VAR] framework is applied to model and estimate the temporal and dynamic relationships between financial aggregates and economic activity. Cointegration among the variables is examined to determine the degree of heterogeneity and coevolution. The general impulse response function [GIRF] and variance decomposition [VDC] analytical techniques are applied to throw light on the speed and direction of the causal links and the persistence of shocks over time. Branches of financial theory, e.g. agency risk, corporate governance and information asymmetry have taught us economic activity does not take place in a vacuum or perfect market. To put this research into perspective, the study critically examines the evolution of Zimbabwean institutional structures in search of a new conceptual framework with potential to inform debate. The works of Levine (1997, 1998) LaPorta, Lopez-de-Silanes, Shleifer and Vishny (1997, 1998, 2000), Beck, Levine and Loayza (2000), Kane (1981, 1983, 2000) Jensen and Meckling (1976) and Stiglitz (1989) give considerable prominence to governance and institutional design. Allen and Gale(1994, p10) emphasized that institutional settings underlie the process of financial innovation. In fact, Schumpeter (1954, p12) exalts history, statistics and "theory" as the three pillars of economic analysis. Stiglitz (1989, p199) agrees that particular localized historical events could have permanent effects. More recently, Beck, Demirgüç-Kunt and Levine (2001) summarized the theory and provided an empirical examination of the links between laws, politics and finance.
36
Arslan-Ayaydin, O., C. Florackis, and Aydin Ozkan. "Financial flexibility, corporate investment and performance: evidence from financial crises." 2013. http://hdl.handle.net/10454/11461.
Full textAbstract:
noThis study examines the impact of financial flexibility on the investment and performance of East Asian firms over the period 1994–2009. We employ a sample of 1,068 firms and place particular emphasis on the periods of the Asian crisis (1997–1998) and the recent credit crisis (2007–2009). The results show that firms can attain financial flexibility, primarily through conservative leverage policies and less commonly by holding large cash balances. Financial flexibility appears to be an important determinant of investment and performance, mainly during the Asian 1997–1998 crisis. In particular, firms that are financially flexible prior to this crisis (1) have a greater ability to take investment opportunities, (2) rely much less on the availability of internal funds to invest, and (3) perform better than less flexible firms during the crisis. Our analysis covering the credit crisis period of 2007–2009 suggests that some of the advantages of flexible firms towards investing persist but are significantly less pronounced over that period. We also find that the value of financial flexibility is region/country specific, which may be explained by the fact that different regions/countries often adopt different macroeconomic policies and operate in diverse economic/legal environments.
37
CHEN, FENG-QI, and 陳豐琪. "The research for diversification, financial policy and financial performance." Thesis, 1992. http://ndltd.ncl.edu.tw/handle/46898768177538826799.
Full text
38
Chia-Lin, Hsu, and 許家齡. "Financial Flexibility and Operational Performance." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/03525505286671285472.
Full textAbstract:
碩士國立暨南國際大學
財務金融學系
94
This research constructs a framework to measure a multinational enterprise’s financial flexibility containing three dimensions: (1) globalization ability, (2) financing ability, and (3) liquidity ability. We then build a panel dataset of 100 information technology firms and 167 non-information technology firms in Taiwan during 1999-2003. Our major findings are as follows: (1) Export ratio, debts from foreign countries, spontaneous short-term debt ratio, and quick ratio have significantly positive effects on operational performance. (2) Foreign assets ratio has a significantly negative effect on operational performance. (3) Equity from foreign countries, mainland China investment, and external short-term debt ratio have no significant effects on operational performance.
39
Fang-Yu, Huang, and 黃方俞. "Financial Performance Evaluation of Bulk." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/33577979381216628046.
Full textAbstract:
碩士國立交通大學
管理學院碩士在職專班運輸物流組
95
is study aims to evaluable financial performance of the 6 bulk shipping companies in Taiwan which sell stocks in the open market.The evaluation is conducted based on the five-force analysis framework, in which 17 financial indicators are selected as the appraisal standards. The five-force analyses are profitability, safety, growth, efficiency and productivity analysis, statistical methods such as 1-Way ANOVA and Multiple Range Test and stepwise discrimination analysis.Major findings of this study are as follows: 1.By 1-Way ANOVA , except growth indicators , the other four indicators are significantly difference for the bulk shipping firms. 2.By the Scheffe Multiple Range Test , the overall performance of Taiwan Line is ranked as the best. and FSC is the worst. 3.By stepwise discrimination, efficinency is the most influential factor,followed by safety and profitability .Growth and productivity are not significant for overall performance.
40
JI, SPARK, and 紀均凱. "Performance Evaluation of Domestic Financial." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/zy99vs.
Full textAbstract:
碩士東吳大學
經濟學系
107
Based on Data Envelopment Analysis (DEA), this study uses deposits, number of employees, and capital adequacy ratio (BIS) as input items; bad debts, investment income, and loans are output items; fixed assets are used as Carry-over. A total of 30 banks were selected as research targets, and the banks in Taiwan were affiliated to the banks of financial holding companies and non-affiliated financial holding companies for efficiency analysis. The five full annual data from 2013 to 2017 were used for empirical analysis. The empirical results show that(1) The total efficiency value and period efficiency value of 31 banks in Taiwan from 2013 to 2017, the total efficiency is higher than the average of 18 banks; the average efficiency value in 2013 is the lowest, and the average efficiency in 2016 is The highest value.(2)A total of 11 banks with the best overall efficiency value during the study period (Antai Bank, Cathay Pacific, Cooperative Treasury, HSBC, Shanghai Commercial Bank, Taipei Fubon, Taiwan SME Bank, Bank of Taiwan, Land Bank, Yushan Banks and Mega Bank); the lowest overall efficiency of the three banks are non-affiliated by the Bank of Jinkong, followed by Citibank, Far East Commercial Bank and Board Bank.(3)Each input and output item reached the efficiency in the five full years of the study period. Banks include Shanghai Commercial Bank, Land Bank, Yushan Bank, Cooperative Treasury and Antai Bank.(4)The average overall efficiency of sub-banks affiliated to Jinkong is higher than the average overall efficiency of non-subordinated financial controllers. The annual average efficiency of the subordinates of the sub-bank of Jinkong from 2013 to 2017 is higher than that of non-subordinated financial controllers. The average efficiency value is the lowest in 2013.(5)Sub-banks affiliated with Jinkong achieved the highest number of efficiency in 2016, with 11 in total, and the number of efficiency households reached the least in 2017, with a total of 8; non-subordinate banks of Jinkong achieved efficiency in 2015 and 2016. The number of households is the largest, with a total of 9; in 2013, the number of efficiency values was the lowest, with a total of six.
41
Chen, Yen Ming, and 陳彥名. "Financial Supervision Integration and Financial Performance-An Asian Countries Study." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/35848909487857584194.
Full textAbstract:
碩士東吳大學
國際貿易學系
91
Since the restrictions of financial activities are getting looser and looser as well as the frequent trading of complex derivatives, it is indispensable to have an efficient financial supervision system and institution. Facing the large international conglomerates that blurred the distinction of financial business, it has become a trend to integrate the supervision of banking, insurance and security business together. Under the background mentioned above, we investigate the financial supervision system of selected Asian countries as well as their evolution. To catch up with the financial market, there have been five countries applying integration of financial supervision. Two of them are Japan and Korea, who has built a new institution to take charge of integrated financial supervision. While the other three countries, Malaysia, Philippine and Singapore, appointed their central bank as exclusive supervision agent. We empirically study the effect of financial supervision integration on financial performance in selected Asian countries mentioned above. The CAMEL principle is utilized to measure the financial performance of financial institutions and the results are as follows. The integration of supervision will improve capital adequacy and asset quality, while its effect on management, earning power and liquidity not significant. Besides Asia, we also apply empirical study to each Asian country with analysis. According to above results, we made out suggestion to future research regarding this issue or new sole supervision agent in Taiwan.
42
Huang, Li-Hong, and 黃浰紅. "On the Financial Performance Evaluation of Taiwanese Financial Holding Companies." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/62742086111578023600.
Full textAbstract:
碩士玄奘大學
國際企業學系碩士班
96
By the global market’s getting developed prosperously, it urges a new trend of financial holding group. All financial companies concentrate on cross-integration, disposing capital and allocating human resource efficiently, to help improve their profit as well as international competitiveness. This research examined the financial data from fourteen Taiwan financial holding companies of 2005 and 2006 by the following three indicators: the margin factor, scale factor, and risk factor. Then we use multiple decision-making criterion method of TOPSIS to analyze and grade the above companies, which aims to find out their relative competiveness. This analysis is based on the TOPSIS Model, setting up a fair and detached pattern to evaluate the competitiveness, and smashing the subjectively contrived interference factors. Since financial holding groups easily ignore these complex factors while processing in large-scale merging, an originally estimated synergy would be contracted. The result shows that the complete positive-correlation doesn’t exist between the capital scale and the business performance. Different types of the host of financial holding companies would result in synergies with distinct approach. The strategy of accurate investment would be the most important factor that gets the v advantage of competitive ascendance.
43
Luo, Wei-Luen, and 羅偉綸. "Operating Performance of Taiwan Financial Holding Companies after Financial Crisis." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/23246447437572851313.
Full textAbstract:
碩士中國文化大學
國際企業管理學系
100
This research aims to investigate how to improve management achievement finan-cial holding companies of Taiwan after the financial crisis and face to compete closely trends. The study of 14 financial holding companies for samples through data envelop-ment analysis method (DEA) to conduct empirical analysis and construct the model of Taiwan's domestic banking industry analysis of the input and output from 2008 to 2010 in Taiwan. The imformation selected from Taiwan Economic Joural(TEJ). The fixed as-sets, personnel expenses, interest expense acted as input variables and interest income, non-interest income as output variable. Finally, according to the empirical analysis of financial holding companies with better results performance would be as the reference standard in each bank and financial holding companies. The better results performance of financial holding companies would be also as the banks in the operating efficiency of strategic direction in the future and provide the reference with government policy formulation.
44
Chang, Yung-Ning, and 張詠寧. "The relationship between corporate social performance and corporate financial performanceThe relationship between corporate social performance and corporate financial performance." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/12646844799759581485.
Full textAbstract:
碩士中國文化大學
國際企業管理研究所
97
The concept of CSR (Corporate Social Responsibility) about to rise in the ear-ly 20th century in United States. Though the specific connotation of CSR has not unified, but the norms and standards related to CSR is developing now. There are more and more Taiwan enterprises participate in the lists of concering community, and contribute to the community with specific actions to expose their CSR related activities. Empirical Studies have indicated that the relationship between CSR and finan-cial performance is not clear. And the literature has also pointed out that innovation has a great impact between CSP and CFP. Therefore, this study in addition to adapt the scale and innovation as a control variable, but also the CSR and CFP of the elec-tronics and the financial industries. In this study, the Taiwan 50 Index and Taiwan medium-100 index included the listed companies as samples, to analysis its linkage of the relationship between CSP and CFP. This study use regression analysis as the main statistical examination. The results of this study pointed out that of the earlier stage pre-CSP has posi-tive impacts of the late return on assets, but the pre-CFP has nothing to do with the latter CSP. In considering the innovation and scale, the pre-CSP has a positive corre-lation of the late return of corporate assets. Besides, the CSP has a negative correla-tion of ROE(return on equity)in the finance industry. And CSP has nothing to do with CFP in the electronic industry.
45
Horváthová, Eva. "Environmental policy and firm financial performance." Doctoral thesis, 2016. http://www.nusl.cz/ntk/nusl-347473.
Full textAbstract:
In my PhD thesis I investigate the relationship between corporates' financial and environmental performances. The concept of quantitative environmental performance measures was introduced to enable to compare and analyse environmental impacts of different socioeconomic units e.g. companies, countries, regions. In my dissertation, I use environmental performance measures to examine their effect on the financial performance of different companies. In the first chapter, I apply a metaanalysis to examine the results of the previous studies which investigate the impact of firms' environmental performance on their financial performance. The outcomes propose that it is important to account for the omitted variable bias such as unobserved firm heterogeneity. The results suggest that it takes time for the environmental regulation to materialize into the financial performance, too. In the subsequent two chapters I study Czech firms over 20042008. First I study the intertemporal effects of corporates' environmental performance on financial ...
46
Lu, Hui-Ling, and 盧惠伶. "The Financial Performance, Internal Corporate Governance, and Environmental Performance." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/80074673340171751872.
Full textAbstract:
碩士國立彰化師範大學
會計學系
92
This research focuses on environmental performance beyond internal corporate governance framework, attempting to integrate and clarify the mutual causal relationships among “environmental performance”, “financial performance”, “executive compensation”, “corporate governance”, and “firm characteristics”. As a result, the purpose of this study aims to examine “the financial implications of environmental performance”, “the compensation implications of environmental performance”, and “the factors driving corporate environmental performance”. To investigate above issues, the study uses the environmental ratings of the public manufacturing firms by EPA Taiwan from 1992 to 2000 as indicators for environmental performance. The main results are presented as follows: 1.Firms who set up environmental management earlier lead to better financial performance. 2.Our results show that executive compensation is negatively associated with environmental performance, indicating that CEOs are compensated for this environmental exposure premium. 3.Corporate financial performance is positively related to its environmental performance. With view of the firm characteristics, corporate competitiveness and long-built environmental reputations are both positively associated with environmental performance, while operating risk and financial risk both lead to weak environmental performance. As for strategy management, it shows firms with differentiation strategy improve their environmental performance most. In the regard of corporate governance, executive compensation and managers’ equity ownership both have a negative association with environmental performance. Although CEO duality and the size of the board have no significant correlation with environmental performance, these findings are consistent with previous literatures. Taken as a whole, environmental performance and financial performance are mutually positively related, while environmental performance and executive compensation are mutually negatively associated. Further more, firm characteristics, such as corporate competitiveness, financial risk and firm size, are in consistent direction toward environmental performance and financial performance individually; however, the impacts of corporate governance separately on environmental performance and financial performance are in opposite directions.
47
Chiang, Sheng-Ta, and 江昇達. "Does financial performance enhance corporate governance on firm performance?" Thesis, 2014. http://ndltd.ncl.edu.tw/handle/86265524408609153674.
Full textAbstract:
碩士淡江大學
管理科學學系企業經營碩士在職專班
102
This study is to explore whether financial performance would enhance corporate governance on firm performance as well as whether corporate governance would enhance financial performance on firm performance. In this study, we select director holding ratio and director pledge ratio as corporate governance variables as well as the debt ratio, asset turnover ratio, and net profit ratio as financial performance variables, and then derive the following findings. First, director holding ratio would enhance asset turnover ratio and net profit ratio on firm performance, but director pledge ratio would weaken asset turnover ratio on firm performance. Second, debt ratio, on the contrary, would not weaken directors pledge ratio on firm performance; otherwise, the firms might not be able to survive in the capital market. Third, asset turnover ratio and net profit ratio would enhance director holding ratio on firm performance, indicating that asset management ability and corporate governance would have positive cycle effect.
48
Su, Din Jin, and 蘇定堅. "Measuring the Performance of Financial Management." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/13527353933516303433.
Full textAbstract:
碩士國立成功大學
會計學系
85
The purpose of this study is to establish measurement index reflecting financial performance. The financial variable related to financial performance is then analyzed. This study is going to explore whether the chosen variables of financial performance will be different depending on (1) prior and after the period of bubble economy of Taiwan (2) industries (3) size of scale. Finanlly, two models, one fundamental model, the other neural network model, are used to predict financial performance based on chosen financial category or financial ratios and are compared to each other to find out which one has better predictive power.Four financial performance index are return on assets, return on equity, market valuation and earning per share. 27 financial ratios reflecting financial functions are chosen. These financial ratios are then filtered through factor analysis and the filtered financial category/ratios are further filtered using stepwise regression analysis. Finally, backward neural network and statistical analysis model are compared to find out which one has higher predictive power on the financial performance based on chosen financial category/ratios. The results of this study would help investor and financial institution to make investment and loan decision.Empirical Results show that (1) financial performance index and its related financial variable are different prior and afer the period of bubble economy. Financial performance of the former is higher than that of the latter . In addition most of the related financcial ratios prior the period of bubble economy are significantly different from those after the period of bubble economy. (2) Financial performance and its related financial ratio are different among industries no matter prior and after the period of bubble economy. (3) Financial performance and its related financial ratio are different between large and small companies. (4) Backward Neural network model has higher predictive power than stepwise regression model based the accuracy of direction and absolute value when earning per share but not price is considered.
49
TSENG, HSUN-YANG, and 曾勛揚. "Investment, Firm Performance, and Financial Constraints." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/54eu9n.
Full textAbstract:
碩士東吳大學
國際經營與貿易學系
104
R&D and capital expenditures in the company's investment activities are the most important discussion topic. When companies face financial constraints, may have their threshold limit for investment decisions. A few literature integrated investments, financial restrictions, the impact on R&D and capital expenditures on the company's performance to a research. In this paper, in addition to use multiple regression, Panel Data model, and simultaneous equations model to analysis. We find the impact on R&D expenditures and capital expenditures is not the same. Due to the R&D expenditures is the research of new products or new technology, it will affect the current tax net profit. Capital expenditures are the long-term investments. When the economy outlook is better, the company will increase its capital expenditure. Directors’ stock holding ratio shows a positive effect on corporate performance. That means good corporate governance can enhance the company's performance, and can have a positive effect on R&D and capital expenditures. When the companies face financial constraints, it may be difficult to obtain external financing. So, we find that financial constraints is significantly negative to capital expenditures.
50
wang, Lun-wu, and 王崙伍. "Privatization and Financial Performance In Taiwan." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/02851113438405769752.
Full textAbstract:
碩士立德大學
國際企業管理研究所
97
This study examines the privatization and financial performance in Taiwan, taking 39 observations from privatization listed companies from 1991 to 2008. We found that after privatization the ROA, ROE, and EPS had decreased. We also found after privatization did not upgrade the stock performance and did not influence on Tobin’s Q. Finally, we divided the sample by size and employee into two groups, then to do empirical test on accounting and market performance. This result showed that when the corporation size and employee larger has positive accounting performance.