The tourism intermediaries' profitability in Portugal and Spain–differences and similarities

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Conceição Gomes ◽  
Fernanda Oliveira
Keyword(s):  
Financial Performance ◽  
Positive Association ◽  
Comparative Approach ◽  
Content Type ◽  
Return On Equity ◽  
Final Sample ◽  
Asset Turnover ◽  
Distribution Sector ◽  
Return On Sales ◽  
Official Data

PurposeThis study aims to compare the financial performance of the tourism distribution sector between Portugal and Spain, regarding the years 2007 and 2017. It is also intended to determine which variables influence the performance of tourism intermediaries' enterprises.Design/methodology/approachThis is a quantitative study based on financial information available on SABI database, with official data of Spanish and Portuguese enterprises. The final sample gathers 6095 intermediaries (1585 Portuguese and 4510 Spanish) which were analyzed regarding their profitability through DuPont model and an additional variable – size.FindingsThe return on equity (ROE) calculation in 2007 and 2017 identifies an increase of 12.8% for Portugal and 19.6% for Spain. Through Spearman's Rho, return on sales (ROS), asset turnover and return on asset (ROA) have a positive association with ROE, but the results about asset on equity and enterprise size did not reveal such precise evidence.Research limitations/implicationsThis study intends to reinforce the literature in terms of performance evaluation techniques to be used in this type of enterprises, applying DuPont model. At a practical level, besides aiming the maximization of the enterprise's profit, managers are faced with other financial challenges. Thus, this study provides important indications about aspects that should be considered to improve the enterprise's financial performance, supporting managers' decision making.Originality/valueFinancial studies focusing on the tourism distribution sector are limited. Even less frequent are studies with financial and official data from large samples, representative of the universe under study. The value of this study is based on these two aspects, allowing to strengthen the knowledge about tourism intermediaries and their financial performance, in a comparative approach between two countries.

The effect of board gender diversity on firm performance: evidence from Turkey

2016 ◽  
Vol 31 (7) ◽  
pp. 434-455 ◽  
Author(s):  
Merve Kılıç ◽  
Cemil Kuzey
Keyword(s):  
Firm Performance ◽  
Financial Performance ◽  
Empirical Studies ◽  
Gender Diversity ◽  
Content Type ◽  
Return On Equity ◽  
Firm Financial Performance ◽  
Board Gender Diversity ◽  
Return On Sales ◽  
The Relationship

Purpose This study aims to include two primary goals. First to determine the board characteristics of listed companies in Turkey and second to investigate the effect of board gender diversity on the performance of these companies. Design/methodology/approach This study uses an instrumental variables regression analysis to investigate the relationship between board gender diversity and firm performance using the data from 2008-2012 of the entities listed on the Borsa Istanbul. Findings The results indicate that the boards of these companies in Turkey are male-dominated. Moreover, this study shows that the inclusion of female directors is positively related to the financial performance of firms, as measured by the return on assets, the return on equity and the return on sales. Originality/value Limited empirical studies have been conducted on the relationship between board gender diversity and firm performance in emerging economies. Therefore, there is still no consensus regarding the link between board gender diversity and firm financial performance based upon the mixed and sometimes contradictory results in prior research. Therefore, this study extends the current literature in the context of Turkey, showing that a female member on the board can enhance the financial performance of a company.

Disability employment and financial performance: the effect of technological innovation of listed firms in India

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kofi Mintah Oware ◽  
T. Mallikarjunappa
Keyword(s):  
Financial Performance ◽  
Technological Innovation ◽  
Service Sector ◽  
Technology Innovation ◽  
Manufacturing Sector ◽  
Sustainability Reporting ◽  
Positive Association ◽  
Content Type ◽  
Return On Equity ◽  
Disability Employment

Purpose Technological innovation (TI) has become a competitive advantage to firm sustainability and survival; however, stakeholders struggle to embrace this revolution. There is a fear that technology innovation leads to massive job loss. Therefore, the purpose of this paper is to investigate TI, employee disability (EDI) and financial performance. Design/methodology/approach Using the Indian stock market as a testing ground, the authors used panel regression to analyse 80 sustainability-reporting firms (640 firm-year observations) between 2010 and 2017. Findings The findings show that technology innovation has a positive association with EDI. It further indicates EDI with TI improves the financial performance (return on assets and return on equity) of firms. Also, the study shows that EDI in the service and manufacturing sector are the critical contributors when combined with TI towards an increase in financial performance. Practical implications The implication for the study allows firms to increase employment of people with disabilities in the workplace because TI has a positive effect on EDI. The results from the study confirm the service sector as the highest contributor to financial performance in the emergence of TI. Originality/value The novelty of this research provides empirical evidence that the service sector contributes more to financial performance when EDI combines with TI.

Do third-party assurance and mandatory CSR reporting matter to philanthropic and financial performance nexus? Evidence from India

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kofi Mintah Oware ◽  
Arunima Kambikkanon Valacherry ◽  
Thathaiah Mallikarjunappa
Keyword(s):  
Financial Performance ◽  
Stock Price ◽  
Interactive Effect ◽  
Sustainability Reporting ◽  
Positive Association ◽  
Negative Association ◽  
Third Party ◽  
Content Type ◽  
Return On Equity ◽  
Csr Reporting

Purpose The purpose of this study is to focus on examining whether third-party assurance (TPA) and mandatory corporate social responsibility reporting (MCSR) matter in the association between philanthropic giving (PHG) and listed firms’ financial performance. Design/methodology/approach Using the Indian stock market as a testing ground, the study used interactive regression and panel regression to analyse 80 sustainability-reporting firms with 800 firm-year observations between 2010 and 2019. Findings The first findings show a positive association between PHG and financial performance (return on assets, ROA and stock price returns, SPR). Also, the study shows that the interactive variable of MCSR and PHG has a mixed association with financial performance. The second findings show a positive and statistically significant association between TPA and SPR. Also, the interactive effect of TPA and PHG has a negative association with return on equity (ROE) and a positive association with SPR. The third findings show a negative association between MCSR and financial performance (ROA and ROE) and a positive association with SPR. However, when a firm combines MCSR and TPA, the outcome is a negative association with ROE. The fourth findings show that MCSR has a positive association with TPA. The study control for any form of heteroscedasticity, serial correlation and endogeneity effects. Practical implications Managers, if given a choice, must opt for TPA over MCSR because the βcoefficient is higher in TPA than MCSR in PHG-financial performance nexus. Originality/value The study addresses the information asymmetry problem from the application of TPA and MCSR, which is new to an emerging economy context.

PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN BARANG KONSUMSI YANG TERDAFTAR DI BEI TAHUN 2015-2017

2019 ◽  
Vol 3 (2) ◽  
pp. 26
Author(s):  
Niken Ayu Wulandari ◽  
Tegoeh Hari Abrianto ◽  
Edi Santoso
Keyword(s):  
Regression Analysis ◽  
Linear Regression ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Sampling Technique ◽  
Simple Linear Regression ◽  
Return On Equity ◽  
Asset Turnover

This research to analyze and evaluate intellectual capital on financial performance obtained by return on equity, asset turnover and growth in revenue. The population in this study are consumer goods companies listed on the Stock Exchange in 2015-2017. The research sample was received by 21 companies obtained by using purposive sampling technique. The analytical method used is simple linear regression analysis with the SPSS version 20 application and uses the VAICTM method to measure intellectual capital. The results of this study indicate that intellectual capital has a significant effect on financial performance generated by return on equity, but intellectual capital does not have a significant effect on financial performance required by asset turnover and growth in revenue.

scholarly journals PROFITABILITAS TERHADAP RETURN SAHAM

2018 ◽  
Vol 19 (3) ◽  
pp. 36
Author(s):  
Happy Sista Devy
Keyword(s):  
Financial Performance ◽  
Stock Returns ◽  
Return On Investment ◽  
Stock Return ◽  
Stock Exchange ◽  
Investment Decision ◽  
Control Variable ◽  
Return On Equity ◽  
Ratio Size ◽  
Return On Sales

The development of the capital market is currently followed by the development of the stock market is increasingly in demand by investors as well, seen from data on Indonesia Stock Exchange (IDX) which shows that the stocks included in the sharia has increased. An investor will do the analysis to make an investment decision. The analysis is technical and fundamental. One of the fundamental analysis is profitability ratio analysis issued by the company. Good financial performance will be the information used as a positive signal by investors, because companies that have good financial performance will provide more benefits for investors. The purpose of this research is to examine and analyze profitability variables on stock returns in Jakarta Islamic Index (JII) period 2012-2016. Population of this research is a company included in the Jakarta Islamic Index (JII). This research using sample criteria, we obtained a sample of 21 companies included in the Jakarta Islamic Index (JII) for the period of 2012-2016 and published annual financial report data on Indonesia Stock Exchange (IDX) required during the study. The variables used in this research are earning per share (EPS), return on equity (ROE), return on asset (ROA), return on sales (ROS), return on investment (ROI), size as control variable, and stock return as the dependent variable. Result of this research show that investor on Jakarta Islamic Index (JII) see simultaneously the profitability ratio as a signal for investment decision making. Variable size can be used as control variable in that used in this research. Profitability ratios that are taken by investors are return on assets (ROA), earnings per share (EPS), and return on investment (ROI). So that should be a special attention for companies incorporated in the Jakarta Islamic Index (JII) to increase investor interest to invest in the company. Keywords : stock return, profitability ratio, size.

The effectiveness of flexible manufacturing strategies

2009 ◽  
Vol 58 (2) ◽  
pp. 119-135 ◽  
Author(s):  
Therese A. Joiner ◽  
X. Sarah Yang Spencer ◽  
Suzanne Salmon
Keyword(s):  
Financial Performance ◽  
Performance Measures ◽  
Flexible Manufacturing ◽  
Positive Association ◽  
Manufacturing Firms ◽  
Manufacturing Strategy ◽  
Organisational Performance ◽  
Content Type ◽  
Financial Performance Measures

PurposeAgainst a background of a customization imperative embraced by manufacturing firms in industrialised nations and the concomitant call for more balanced performance measurement systems (PMS), this study seeks to examine the mediating role of both non‐financial and financial performance measures in the relationship between a firm's strategic orientation of flexible manufacturing and organisational performance.Design/methodology/approachA path‐analytical model is adopted using questionnaire data from 84 Australian manufacturing firms.FindingsThe results indicate that, first, firms emphasising a flexible manufacturing strategy utilise non‐financial as well as financial performance measures; second, these performance measures are associated with higher organisational performance; and third, there is a positive association between a firm's strategic emphasis on flexible manufacturing and organisation performance via non‐financial and financial performance measures.Practical implicationsWhile there is agreement on the beneficial role of non‐financial performance measures in supporting strategic priorities associated with customization strategies, equivocal research results have emerged on the role of financial performance measures in this context. The study underscores the importance of both non‐financial and financial performance measures in this context.Originality/valueThe paper reinstates the value of financial performance measures for firms pursuing customization type strategies and adds to one's knowledge of PMSs by exploring the intervening role of such systems in linking flexible manufacturing strategy to organisation performance.

Impact of the Covid 19 Pandemic on the Financial Performance of Consumer Goods Industry in 2019-2020 on the Indonesia Stock Exchange

2021 ◽  
Vol 1 (3) ◽  
pp. 75-80
Author(s):  
Sri Isworo Ediningsih ◽  
Agung Satmoko
Keyword(s):  
Financial Performance ◽  
Consumer Goods ◽  
Stock Exchange ◽  
Current Ratio ◽  
Return On Equity ◽  
Industry Sector ◽  
The People ◽  
Food And Beverage ◽  
Asset Turnover ◽  
Consumer Goods Industry

Covid -19 pandemic that announced by the Indonesian government on March 2, 2020, may have an impact on the company's financial performance, marked by layoffs, decreased productivity, and decreased purchasing power of the people. This study aims to determine the financial performance of companies in the consumer goods industry sector in 2019 - 2020 (food and beverage sub-sector with pharmaceutical sub-sector) listed on the Indonesia Stock Exchange. The financial performance referred to in this study is measured by Current Ratio/CR, Debt Ratio/DR, Total Asset Turnover/TATO, Return On Equity/ROE, and Price Earning/PE. This study found that the financial performance of companies in the consumer goods industry and the financial performance of companies in the food and beverage sub-sector as measured by CR, DR, TATO, and PE increased, but ROE decreased during the pandemic Covid-19. On the other hand, the financial performance of the pharmaceutical sub-sector companies as measured by DR, TATO, ROE, and PE increased, and CR decreased during the Covid-19 pandemic.

Risk disclosure and financial performance: the case of Islamic and conventional banks in the GCC

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ayman E. Haddad ◽  
Hussain Alali
Keyword(s):  
Financial Performance ◽  
United Arab Emirates ◽  
Best Practice ◽  
Annual Reports ◽  
Risk Disclosure ◽  
Return On Assets ◽  
Content Type ◽  
Return On Equity ◽  
Gcc Countries ◽  
Conventional Banks

Purpose This study aims to explore the extent of risk disclosure (RD) among conventional banks (CBs) and Islamic banks (IBs) listed on stock markets in the Gulf cooperation council (GCC). It also examines the influence of RD on the banks’ financial performance as measured by return on assets (ROA) and return on equity (ROE). Design/methodology/approach This study uses content analysis to examine RD in the annual reports of 16 CBs and 14 IBs in the GCC for a sample of 240 firm-year observations over the period 2007 to 2014. Findings The study shows no significant differences between the RD reported in the annual reports of CBs and that of IBs. On average, a CB reported 234 sentences while an IB disclosed 244 sentences of RD in its annual report. The authors also find that both types of banks had an upward trend over the periods. While the means of RD reported by CBs have significantly improved over the period, the RD reported by IBs has not. Similar results are also found when the authors compared the RD pre- and post-financial crisis period. Finally, the authors find that there is a significant association between RD and both models of financial performance (ROA and ROE) for IBs, after controlling other variables. However, RD has a significant association with only ROE for CBs. Research limitations/implications The bank selection was restricted to publicly traded banks in the GCC. Other financial institutions and different types of industries were not considered. Further research could determine whether the results obtained in this study could be generalized to different industries in the GCC and or in other countries. Practical implications This study provides evidence on the significant association between RD and the financial performance of CBs and IBs in GCC countries. This study could be helpful to regulatory authorities in encouraging banks to adopt the best practice of RD and thus promote banks’ transparency. Originality/value This is the first known study to examine the RD practices of both types of banks and their association with banks’ financial performance in five-GCC countries (Kuwait, Qatar, Saudi Arabia, United Arab Emirates and Bahrain), based on a longitudinal analysis of year-end annual reports, covering eight years period from 2007 to 2014.

Measuring impact of working capital efficiency on financial performance of a firm

2019 ◽  
Vol 11 (1) ◽  
pp. 75-94 ◽  
Author(s):  
Punam Prasad ◽  
Narayanasamy Sivasankaran ◽  
Samit Paul ◽  
Manoharan Kannadhasan
Keyword(s):  
Financial Performance ◽  
Value Chain ◽  
Bargaining Power ◽  
Direct Measure ◽  
Working Capital ◽  
Content Type ◽  
Return On Equity ◽  
Operating Income ◽  
Performance Variables ◽  
Capital Efficiency

Purpose The purpose of this study is to introduce working capital efficiency multiplier (WCEM) as a direct profitability measure of working capital management. The existing accounting measures in the literature establish an indirect approach to study the relationship between working capital efficiency and profitability of the firms. Design/methodology/approach Using the help of a set of companies from CMIE Prowess database, the study introduces WCEM as a direct profitability measure of working capital efficiency. Findings In this study, a new direct measure of working capital efficiency is introduced which is multiplicative in nature. WCEM is a product of three components, namely, WACC, ratio of the sum of trade receivables and inventories to trade payables and ratio of net working capital (NWC) to net sales. Practical implications The importance of direct measure like WCEM could be enormous in performance evaluation of a firm. It can be used as an indicator for choosing a suitable investment opportunity by an investor. This is due to the fact that the firm that is highly efficient in managing working capital is less exposed to liquidity risk. At the same time, the firm is less dependent on external financing. Therefore, such firms eventually create more value for their shareholders. Another indication that WCEM provides is to gauge the bargaining power of the firm and its competitive position in the market. Lower WCEM indicates higher bargaining power of a firm across the value chain, and its superior position relative to its competitors. Originality/value Most of the studies on WCM are of the empirical type and there is a complete dearth on theoretical framework. Researchers hereafter can consider WCEM as one of the financial performance variables in place of the existing measures such as return on asset (ROA), return on invested capital (ROIC), return on equity (ROE), gross operating income (GOI) and net operating income (NOI) and thereby can contribute new empirical insights through their research outcomes.

scholarly journals Estimating the nonlinear effects of female directors on financial performance

2016 ◽  
Vol 31 (2) ◽  
pp. 97-113 ◽  
Author(s):  
Chen Ming ◽  
Lim Hock Eam
Keyword(s):  
Financial Performance ◽  
Linear Relationship ◽  
Initial Public Offerings ◽  
Gender Diversity ◽  
Nonlinear Effects ◽  
Board Members ◽  
Women Directors ◽  
Content Type ◽  
Return On Equity ◽  
Non Linear

Purpose The purpose of this paper is to identify the non-linear effects of the presence of women directors on the board on the financial performances of Malaysian companies which undertakes initial public offerings (IPOs). This paper also analyzes the impacts of non-executive directors and independent directors on their company performances. Design/methodology/approach This paper traces the effects of gender diversity on the board on the financial performance of a sample of 123 Malaysian companies from the list of 230 companies which have made IPOs and are listed during the period 2005-2012. The multiple regressions (with linear and non-linear specification) are used to estimate the effects of women directors on companies’ performance. Findings The results show that presence of women directors on the board do not purport to have any significant linear or non-linear impact on the financial performance of the companies under reference, except for the companies in the top 80th percentile of return on equity. Similarly, strong evidence is also found when the number of women as board members is more than 15 per cent. Research limitations/implications The findings of this paper suggest that presence of women directors provides a beneficial impact on the return on equity of companies in Malaysia. Therefore, it is suggested that there should be greater participation of women as board members in the country. Originality/value Prior studies tried to estimate linear relationship between the presence of woman directors on company performance. Present study assessed it from three different angles: the sample consists of companies in Malaysia issuing IPOs; possible non-linear relationship is also assessed; and apart from multiple regression, quantile regression technique was also used.

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