Total Effects of Privatization: Evidence from Turkey

2018 ◽  
Vol 50 (4) ◽  
pp. 699-707
Author(s):  
Doruk Cengiz
Keyword(s):  
Jel Classification ◽  
Profit Margin ◽  
Income Transfer ◽  
Firm Level ◽  
Privatization Process ◽  
Direct Outcome ◽  
Wage Earners

I examine effects of the privatization process as a whole in Turkey. I show that the privatization process begins before the firm is sold to private agents. I find that privatization causes the firm-level workforce to decline by 65 percent, profit-margin to increase by 18 percent, and no substantial changes in real sales. Based on the evidence presented, I conclude that the direct outcome of privatization is an income transfer from wage earners to profit earners. JEL Classification: L33, H42

Neo-Dualism: Accumulation, Distress, and Proliferation of a Fissured Informality

2021 ◽  
pp. 048661342110121
Author(s):  
Kasturi Sadhu ◽  
Saumya Chakrabarti
Keyword(s):  
Informal Sector ◽  
Informal Economy ◽  
Growth Process ◽  
Jel Classification ◽  
Formal Sector ◽  
Firm Level ◽  
Macro Model ◽  
Long Run ◽  
Level Data ◽  
Firm Level Data

A dominant strand of orthodoxy argues that the problem of the informal sector could be mitigated through the capitalistic growth process. But our observations on India are different—with an expansion of the capitalistic formal sector, as the economy grows, there is a proliferation of fissured informality. Using a structuralist macro-model, we provide certain explanations for this phenomenon, which are also tested empirically using Indian subnational-state and firm-level data. Thus, we explore both the short- and long-run effects of the expansion of the formal sector on the heterogeneous informal economy. While a section of the population is pulled into the advanced informal activities, a vast segment is pushed to petty production. Accordingly, the orthodox transition narrative is questioned and alternative policy and political possibilities are introduced. JEL Classification: O11, O13, O17, P48

Corporate governance and turnaround: Evidence from Australia

2020 ◽  
Vol 45 (4) ◽  
pp. 549-578
Author(s):  
Seema Miglani ◽  
Kamran Ahmed ◽  
Darren Henry
Keyword(s):  
Institutional Ownership ◽  
Jel Classification ◽  
Board Independence ◽  
Outside Directors ◽  
Firm Level ◽  
Corporate Turnaround ◽  
Outside Director ◽  
Director Ownership ◽  
The Relationship ◽  
Matched Samples

We examine the relationship between ownership and outside director attributes and corporate turnaround outcomes using matched samples of 99 turnaround and 99 non-turnaround listed Australian firms during the 2004–2015 period. Based on agency theory principles, we propose that key shareholder groups (block ownership, director ownership, institutional ownership) and outside directors are related to firm-level turnaround outcomes, and particularly changes in these attributes across decline to turnaround periods. Our results provide evidence that turnaround and non-turnaround firms differ in terms of their ownership and board composition structures, and that changes in director ownership and the degree of board independence are important in determining the likelihood of turnaround success. JEL Classification: G33, G34, M40

scholarly journals Keputusan Manajemen Memediasi Pengaruh Gross Profit Margin Terhadap Benchmarking Agresivitas Pajak

1970 ◽  
Vol 4 (01) ◽  
pp. 134-147
Author(s):  
Santi Sani ◽  
Surtikanti Surtikanti
Keyword(s):  
Quantitative Research ◽  
Jel Classification ◽  
Profit Margin ◽  
Financial Leverage ◽  
Management Decisions ◽  
Quantitative Research Methods ◽  
Tax Aggressiveness ◽  
Purposive Sampling ◽  
Tax Payments ◽  
Selection Of

ABSTRACT The aim of research to determine how much influence the gross profit margin on a tax aggressiveness benchmarking with pemediasi management decisions. Correlational quantitative research methods with PLS regression analysis techniques SmartPLS 3.0 program and selection of samples by purposive sampling methodThe results showed a significant influence between the gross profit margin on a tax aggressiveness mediated management decisions in this case financial leverage and dividend policy. Contributions of research can provide a signal to the fund owner (shareholder) the placement of capital in companies that commit acts of tax aggressiveness, and the regulator can be considered the formulation of the rules-setting debt and dividends related to the effect of tax payments arising from tax aggressiveness action. A B S T R A K Tujuan penelitian untuk mengetahui seberapa besar pengaruh gross profit margin terhadap benchmarking agresivitas pajak dengan pemediasi keputusan manajemen. Metode penelitian kuantitif korelasional dengan tehnik analisis regresi PLS program SmartPLS 3.0 dan pemilihan sampel dengan metode purposive sampling. Hasil penelitian menunjukkan pengaruh yang signifikan antara gross profit margin terhadap agresivitas pajak dimediasi keputusan manajemen dalam hal ini financial leverage dan kebijakan dividen. Kontribusi penelitian dapat memberikan signal terhadap pemilik dana (shareholder) terhadap penempatan modal pada perusahaan yang melakukan tindakan agresivitas pajak, dan bagi regulator dapat menjadi pertimbangan perumusan peraturan penetapan hutang dan dividen terkait dengan efek pembayaran pajak yang ditimbulkan dari tindakan agresivitas pajak. JEL Classification: M41, H25

scholarly journals Differing Impact of Liberalisation: The Case of Vertically Integrated Clothing Firms

2018 ◽  
Vol 57 (3) ◽  
pp. 283-306
Author(s):  
Zara Liaqat
Keyword(s):  
Quality Control ◽  
Vertical Integration ◽  
Firm Heterogeneity ◽  
Jel Classification ◽  
Clothing Industry ◽  
Trade Expansion ◽  
Firm Level ◽  
Significant Growth ◽  
The Mean ◽  
Relative Factor

This paper compares the productivity and other characteristics of vertically integrated and non-integrated firms to investigate whether efficiency gains associated with a given liberalisation episode vary across firms, depending on their organisation. A theoretical setting of vertical integration in the textile and clothing industry is developed, to reveal that trade expansion triggers a change in the relative factor cost of these two types of firms, and consequently, a change in product range produced by them. The results are further backed by using a sample of clothing firms in Pakistan for the years 1992-2010 to analyse the effect of the phasing out of U.S. textile and clothing quotas on firm-level efficiency. The empirical findings illustrate that an increase in the level of quotas brings about a significant growth in the mean productivity of vertically integrated clothing firms. The diminishing efficiency of non-integrated firms points to the lack of ability of these firms to benefit from tighter quality control, timely revision of production policies and guarantee of supplies. JEL Classification: F13, F14, D24, L23 Keywords: Trade Liberalisation, Productivity, Vertical Integration, Firm Heterogeneity, Multi-Fibre Arrangement

scholarly journals Determinants of Export Performance of Pakistan: Evidence from the Firm-Level Data

2009 ◽  
Vol 48 (3) ◽  
pp. 227-240 ◽  
Author(s):  
Mr. Musleh ud Din ◽  
Ejaz Ghani ◽  
Tariq Mahmood
Keyword(s):  
Export Performance ◽  
Industrial Clusters ◽  
Jel Classification ◽  
Supply Side ◽  
Export Processing Zones ◽  
Firm Level ◽  
Know How ◽  
Level Data ◽  
Side Constraints ◽  
Product And Process

This paper explores the determinants of export performance at the level of firms in respect of their characteristics and supply side constraints. The analysis is based on a survey of export-oriented firms in four major sectors. The results indicate a relationship between the better performance of foreign-owned firms to their better know-how and resources compared to the domestically owned firms. Export performance is positively affected by the level of investment in market/client oriented technologies. Lack of certification of product and process standards is the main supply side constraint adversely affecting the firms’ export performance. Facilitation measures like export processing zones, internationally recognised testing labs, and industrial clusters would be helpful in improving the export performance of firms. JEL classification: F1, L1, L6 Keywords: Trade, Exports, Firms, Performance, Manufacturing

scholarly journals Kinerja Keuangan Badan Layanan Umum Rumah Sakit Se-Jabotabek

1970 ◽  
Vol 4 (02) ◽  
pp. 161-169
Author(s):  
Sonny Sulaksono ◽  
Darmansyah Darmansyah
Keyword(s):  
Firm Size ◽  
Secondary Data ◽  
Data Retrieval ◽  
Jel Classification ◽  
Profit Margin ◽  
Service Agency ◽  
Financial Report ◽  
Quantitative Analysis Method ◽  
Report Data ◽  
Turn Over

ABSTRACT This study aims to identify and analyze the significant effect of cash ratio, receivable turn over, firm size on the financial performance proxyed by gross profit margin at General Hospital Service Agency located in Jakarta, Bogor, Tangerang and Bekasi. This research method using quantitative analysis method with secondary data retrieval, obtained from financial report data of hospital of Public Service Agency in Jabotabek area year 2013-2015 which measured by using ratio scale. The results of this study show that cash ratio partially does not affect significantly to gross profit margin, and the frequency of cash ratio movement that occurs partially has no impact on gross profit margin. Receivable turn-over is partially significant to gross profit margin, and the frequency of partially receivable turnover movements will have an impact on gross profit margin. Firm Size partially significant effect on gross profit margin, and firm size changes that occur partially impact on gross profit margin generated. ABSTRAK Penelitian ini bertujuan untuk mengidentifikasi dan menganalisis pengaruh signifikan cash ratio, receivable turn over, firm size terhadap kinerja keuangan yang diproksikan oleh gross profit margin pada Rumah Sakit Badan Layanan Umum yang berlokasi di wilayah Jakarta, Bogor, Tangerang dan Bekasi. Metode penelitian ini menggunakan metode analisis kuantitatif dengan pengambilan data sekunder, diperoleh dari data laporan keuangan rumah sakit Badan Layanan Umum di wilayah Jabotabek tahun 2013-2015 yang diukur dengan menggunakan skala rasio. Hasil penelitian ini menunjukkan cash ratio secara parsial tidak berpengaruh secara signifikan terhadap gross profit margin, dan frekuensi atas pergerakan cash ratio yang terjadi secara parsial tidak berdampak apapun terhadap gross profit margin. Receivable turn-over secara parsial berpengaruh secara signifkan terhadap gross profit margin, dan frekuensi pergerakan Receivable turn-over yang terjadi secara parsial akan berdampak pada gross profit margin. Firm Size secara parsial berpengaruh secara signifikan terhadap gross profit margin, dan perubahan firm size yang terjadi secara parsial berdampak terhadap gross profit margin yang dihasilkan. JEL Classification: H83, I18, L25

Determinan Net Profit Margin Laporan Keuangan Konsolidasian PT. ABC Power Group

2018 ◽  
Vol 5 (02) ◽  
pp. 156-165
Author(s):  
Reinza Syafruddin
Keyword(s):  
Cross Section ◽  
Fixed Effect Model ◽  
Jel Classification ◽  
Fixed Effect ◽  
Profit Margin ◽  
Future Research ◽  
Sales Growth ◽  
Process Data ◽  
Effect Model ◽  
Net Profit

ABSTRACT This study aims to determine the effect of cash turnover, funding decisions, sales growth and company size on net profit margins at PT. Abcpower Group. This company is an electricity producer. The sample is 11 subsidiaries. Process data with EVIEWS 9.0 software. The Chow test is performed in testing panel data by selecting the fixed effect on the option panel›s cross section. The Haussman test is used to determine the most appropriate model to use is the fixed effect model. The results showed that cash turnover had an effect on the net profit margin. Funding decisions (DER) have no effect because existing funds are preferred to pay for operational costs. Sales growth has a significant positive effect on sales because the only way to increase current profit. The size of the company has no effect because many assets are not utilized optimally. The results of the study are expected to contribute to the company›s decision making. Future research can test other financial performance so that empirical evidence can be found regarding the relationship between the company›s financial components. ABSTRAK Penelitian ini bertujuan untuk mengetahui pengaruh cash turnover, funding decisions, sales growth dan ukuran perusahaan terhadap net profit margin pada PT. Abcpower Group. Perusahaan ini merupakan produsen listrik. Sampel adalah 11 anak perusahaan. Olah data dengan software EVIEWS 9.0. Uji Chow dilakukan dalam pengujian data panel dengan memilih fixed effect pada cross section panel option. Uji Haussman digunakan untuk menentukan model yang paling tepat digunakan adalah model fixed effect. Hasil penelitian menunjukkan bahwa cash turnover berpengaruh terhadap net profit margin. Funding decisions (DER) tidak berpengaruh karena dana yang ada lebih diutamakan membayar biaya operasional. Sales growth berpengaruh signifikan secara positif terhadap karena penjualan satu- satunya cara untuk meningkatkan profit saat ini. Ukuran perusahaan tidak berpengaruh karena banyak aset yang tidak termanfaatkan secara optimal. Hasil penelitian diharapkan dapat memberikan kontribusi dalam pengambilan keputusan perusahaan. Riset mendatang dapat menguji kinerja keuangan lain agar dapat diketahui bukti empiris terkait hubungan antara komponen finansial perusahaan. JEL Classification: M41, O43

Inter-firm differences in mergers and acquisitions: a study of the pharmaceutical sector in India

2017 ◽  
Vol 44 (5) ◽  
pp. 861-878 ◽  
Author(s):  
Santosh Kumar Sahu ◽  
Nitika Agarwal
Keyword(s):  
Mergers And Acquisitions ◽  
Empirical Work ◽  
Capital Intensity ◽  
Profit Margin ◽  
Pharmaceutical Sector ◽  
Export Intensity ◽  
Firm Level ◽  
Content Type ◽  
Probit Models ◽  
Matching Techniques

Purpose Mergers and acquisitions (M&A) are common strategies of firms to increase its performance. Although the motives of M&A are different, the determinants are discreet. The purpose of this paper is to determine the factors affecting M&A activities in the Indian pharmaceutical sector. Design/methodology/approach Using a balanced panel data of the pharmaceuticals sector in India, this study arrives at the determinants of M&A. The authors use regression techniques such as panel probit models, ordered probit models and matching techniques for a comparable and robust estimates for the factors related to M&A activities at firm level. Findings The empirical findings suggest that export intensity, import intensity, firm size and R&D intensity as the major determinants of M&A in the Indian pharmaceutical sector. In the context of acquisition, there is a riskiness associated with the any business strategy, for to which a firm may choose to finance the deal either via cash, stock or assets. This study further looks at the firm’s decision on the types of acquisitions and arrives at the determinants of such decisions. The factors such as capital intensity were found more important when acquisition by share was undertaken compared to others. The success of the M&A is observed by considering the financial performance of the firm measured in terms of the profit margin at firm level. Using the propensity score matching technique, this study concludes that M&A have a positive effect on the profit margin in the post-M&A scenario. Research limitations/implications The study seeks to add to the existing literature and empirical work done in the field of M&A, by not only looking at determinants that motivate a firm to merge and/or acquire but also if the decision of the firm is reflected positively in the firm’s performance. The study concludes that export intensity is an important factor for the pharmaceutical firms in India since exports are a major proportion of firm’s total sales. Technology transfers as technology imports and R&D conducted by the firm are both very important for the drug manufacturers. Any gap in the flow of drugs to the market would hamper the growth of the firm. The growth of the pharmaceutical industry depends on the close collaboration between small R&D units that lack resources to sell their work and large business houses, both domestic and foreign affiliated that will provide them the required market. However, all comprehensive work has been done in this study to cover all aspects of M&A including the financial pathway taken by the firm yet, the study has certain limitations as it does not take into account the entry and exit of firms from the industry. Practical implications Policies related to small and large firms should aim at making them export oriented and multinational affiliated to compete at the international market with corporate restructuring through M&A. This will help in firm’s growth and sharing of knowledge capital. Originality/value No such study is conducted that differentiate type of M&A and their determinants for the Indian pharma sector.

Innovation in newly public firms: The influence of government grants, venture capital, and private equity

2018 ◽  
Vol 44 (2) ◽  
pp. 248-281 ◽  
Author(s):  
George A Shinkle ◽  
Jo-Ann Suchard
Keyword(s):  
Venture Capital ◽  
Private Equity ◽  
Jel Classification ◽  
Patent Citations ◽  
Firm Level ◽  
Public Firms ◽  
Government Grants

We investigate the influence of government grants, venture capital (VC), and private equity (PE) funding on innovation in newly public firms. We examine innovation inputs (R&D), innovation outputs (patents), and the quality thereof (patent citations). We contribute to understanding of the mechanisms between government grants and subsequent VC and PE funding and innovation. We find that grants encourage VC funding but not PE funding. Grants and VC/PE funding are generally complements regarding innovation except grants substitute for VC funding on innovation inputs. Furthermore, we observe that the firm-level heterogeneity of VC/PEs significantly influences innovation in portfolio companies. JEL Classification: G24, G32, L53, O31, O38

Privatizing Rural China: Insider Privatization, Innovative Contracts and the Performance of Township Enterprises

2003 ◽  
Vol 176 ◽  
pp. 981-1005 ◽  
Author(s):  
Hongbin Li ◽  
Scott Rozelle
Keyword(s):  
Local Government ◽  
Local Governments ◽  
Rural China ◽  
Firm Level ◽  
Policy Makers ◽  
Book Value ◽  
The World ◽  
Privatized Firms ◽  
Privatization Process ◽  
Insider Privatization

This article examines the privatization of China's township enterprises. According to our survey of 670 firms in 15 randomly selected counties in Jiangsu and Zhejiang provinces, more than half of the firms owned by local government were completely privatized by 1999. The privatization process is striking for two reasons. First, local governments almost always sold firms to insiders, while in the rest of the world privatization largely involves outsiders. Secondly, unlike the predictions of some academics and policy makers, many privatized firms have experienced an increase in performance. Drawing on firm-level survey data and extensive interviews with government leaders and managers, we found that leaders devised a way to elicit information from the buyer at the time of the sale about the firm's future profitability that enabled them to execute privatization successfully. Our analysis shows that the performance of firms with new owners that paid a price for the firm that exceeded the book value of its assets is on par with the performance of private firms after privatization since they also received strong incentives.

Sign in / Sign up

Export Citation Format

Share Document