scholarly journals Famers’ access to credit: Does collateral matter or cash flow matter?—Evidence from Sindh, Pakistan

2017 ◽  
Vol 5 (1) ◽  
pp. 1369383 ◽  
Author(s):  
Abbas Ali Chandio ◽  
Yuansheng Jiang ◽  
Feng Wei ◽  
Abdul Rehman ◽  
Dan Liu ◽  
...  
Keyword(s):  
Cash Flow ◽  
Access To Credit

Artisans, Retailers, and Credit Transactions in the Roman World

2017 ◽  
Vol 5 (1) ◽  
Author(s):  
Cameron Hawkins
Keyword(s):  
Cash Flow ◽  
Trade Credit ◽  
Credit Market ◽  
Access To Credit ◽  
Goods And Services ◽  
Flow Problems ◽  
Roman World ◽  
Tangible Assets

AbstractIn this article, I argue not just that many artisans and retailers in the Roman world were able to finance their businesses only by relying heavily on access to credit, but also that they depended primarily upon trade credit—that is, upon interpersonal credit provided to them by suppliers and subcontractors to whom they were linked by relationships of trust, and from whom they purchased goods and services on account. This was true primarily because most artisans and retailers catered to clients who often lacked ready money when they made purchases, and thus found it necessary to offer shop credit instead of concluding sales in exchange for immediate cash payments. This strategy in turn exacerbated their own cash flow problems and compelled them to incur liabilities that could easily match or exceed the value of their tangible assets. In these circumstances, many found that trade credit was both more accessible than loans procured on the credit market (for which they often lacked the necessary collateral), and also less risky, since suppliers of trade credit could be more forgiving of missed payments than conventional lenders (who were likely to take actions that could result either in seizure of an entrepreneur’s collateral or in his or her insolvency).

Exploring the decline in trade credit investment

2017 ◽  
Vol 43 (12) ◽  
pp. 1375-1391 ◽  
Author(s):  
Chris Harris ◽  
Scott Roark
Keyword(s):  
Cash Flow ◽  
Trade Credit ◽  
Negative Relationship ◽  
Publicly Traded ◽  
Content Type ◽  
Access To Credit ◽  
Increased Risk ◽  
Cash Flow Volatility ◽  
Publicly Traded Firms ◽  
The Relationship

Purpose The purpose of this paper is to identify three factors leading to the observed decline in trade credit offered from publicly traded firms. Design/methodology/approach The study conducts firm fixed effect regressions testing the relationship between cash flow volatility and firm investment in trade credit. The relationship is further examined with all firms separated into two groups, based on SIC codes, designating if they are in industries that traditionally offer higher amounts of trade credit. Findings The proportion of US firms that has traditionally extended the most trade credit has been decreasing over time, contributing to part of the decline in trade credit offered. Increases in cash flow volatility have also contributed to decreasing investment in trade credit. The negative relationship with cash flow volatility is greatest amongst firms that traditionally place the highest value on trade credit. Firms with access to credit, proxied by investment grade debt ratings, do not experience the same decline in trade credit offered. Practical implications Firms that value the ability to extend trade credit may maintain their level of investment in trade credit, even with increased risk of cash flow volatility, by maintaining a comparative advantage in access to credit. Originality/value This study extends prior findings by providing three previously unexplored explanations for the decline in offered trade credit seen in the USA. The changing make-up of publicly traded firms, a market-wide increase in cash flow volatility, and access to credit all play an important role in observed declines of trade credit investment.

Dividend Payout Ratio: Persoalan Free Cashflow, Debt To Equity Ratio, Kepemilikan Institutional, Investment Opportunity, Dan Kesejahteraan Karyawan

Liquidity ◽  
2017 ◽  
Vol 6 (1) ◽  
pp. 1-11
Author(s):  
Nurlis Azhar ◽  
Helmi Chaidir
Keyword(s):  
Cash Flow ◽  
Significant Influence ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Flow Ratio ◽  
Prediction Ability ◽  
Employee Welfare ◽  
Equity Ratio

This study was conducted to examine the effect of Free Cash Flow Ratio, Debt Equity Ratio (DER), Institutional Ownership, Employee Welfare and Price Earning Ratio (PER) to Divident Payout Ratio (Parliament) partially on manufacturing companies listed on Indonesia Stock Exchange period 2011-2015. In addition, to test the feasibility of regression model, the influence of Free Cash Flow Ratio, Debt Equity Ratio (DER), Institutional Ownership, Employee Welfare and Price Earning Ratio (PER) to Divident Payout Ratio (DPR) simultaneously at manufacturing company listed on Bursa Indonesia Securities period 2011-2015. The population in this study are 146 manufacturing companies that have been and still listed in Indonesia Stock Exchange period 2011-2013. The sampling technique used was purposive sampling and obtained sample of 42 companies. Data analysis technique used is by using multiple linear regression test. The results showed that Free Cash Flow Ratio, no significant effect on Divident Payout Ratio (DPR). Debt Equity Ratio (DER) has a negative and significant influence on Divident Payout Ratio (DPR), Institutional Ownership has a significant positive effect on Divident Payout Ratio (DPR), Employee Welfare and Price Earning Ratio (PER) has a positive and significant influence on the Divident Payout Ratio ). Simultaneously Free Cash Flow Ratio, Debt Equity Ratio (DER), Institutional Ownership, Employee Welfare and Price Earning Ratio (PER) give effect to Divident Payout Ratio. The prediction ability of the five variables to the Divident Payout Ratio (DPR) is 21.3% as indicated by the adjusted R square of 0.271 while the remaining 79.7% is influenced by other factors not included in the research model.

ECONOMIC ANALYSIS OF TRAVEL COMPANIES CASH FLOW

2019 ◽  
Author(s):  
Valentine Tarasova ◽  
Iryna Kovalevska
Keyword(s):  
Economic Analysis ◽  
Cash Flow

Pengaruh Jumlah Dewan Komisaris, Leverage, Profitabilitas, Intensitas Modal, Cash Flow, Dan Ukuran Perusahaan Terhadap Konservatisme (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2017)

2019 ◽  
Vol 8 (1) ◽  
pp. 17-24
Author(s):  
Siti Suharni ◽  
Arini Wildaniyati ◽  
Dea Andreana
Keyword(s):  
Cash Flow ◽  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Capital Intensity ◽  
Financial Statements ◽  
Descriptive Statistics ◽  
Company Size ◽  
Manufacturing Companies ◽  
Financial Reports

This study is aimed at examining the effects of the Number of Board of Commissioners, Leverage, Profitability, Capital Intensity, Cash Flow, and Company Size toward Conservatism in the manufacturing companies listed on the Indonesian Stock Exchange (IDX). The population used in this study is the yearly financial statements on firm of manufacturing listed at BEI period 2012-2017, using purposive sampling method. The type of data used is secondary data obtained from yerly financial reports published and downloaded through the official BEI website. Data analyzed with Descriptive statistics, test of classic assumption and exmination of hypothesis with multiple linier regression method. The result of hypothesis research shows variable Profitability and Cash Flow have a significant effect on the ability of Conservatism, while the Number of Board of Commissioners, Leverage, Capital Intensity, and Company Size has no effect on the ability of Conservatism.

Hungarian small business tax and possibilities to minimize distortions from capital income taxation

2015 ◽  
Vol 37 (s1) ◽  
pp. 87-105
Author(s):  
Benedek Nobilis ◽  
András Svraka
Keyword(s):  
Small Business ◽  
Cash Flow ◽  
Capital Accumulation ◽  
Value Added ◽  
Regulatory Elements ◽  
Capital Income ◽  
Potential Growth ◽  
Elegant Method ◽  
Business Tax ◽  
Working Out

Governments throughout the EU and OECD countries rely on revenues raised on capital income. Albeit several arguments can be made for keeping these taxes, in their widespread form they hinder capital accumulation and significantly lower potential growth due to their savings and investment distorting nature. At the same time, the actual economic impact of tax types is largely influenced by their structure. An elegant method, which is also simple in its concept, for eliminating the economic distortions of profit taxes is cash-flow taxation which moves income taxes closer to the more growth-friendly value-added taxes. The small business tax, which was introduced in Hungary in 2013, was designed along these principles. In this paper we review the theoretical literature on cash-flow taxation and discuss the main regulatory elements of the small business tax, as well as the solutions elaborated for working out the challenges related to its implementation.

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