scholarly journals Inventory management and performance of Brazilian firms

2020 ◽  
Vol 14 (1) ◽  
Author(s):  
Guilherme Cardoso ◽  
Dannie Carr Quirós ◽  
Guilherme Santos Souza ◽  
Karem Cristina de Sousa Ribeiro
Keyword(s):  
Inventory Management ◽  
Value Added ◽  
Optimal Level ◽  
Simple Linear Regression ◽  
Internal Factors ◽  
Trade Cycle ◽  
Practical Guidelines ◽  
And Performance ◽  
The Relationship ◽  
Robustness Check

Objective: The inventory management faces a trade-off which affects firms in the relationship between whether maintaining high inventories and decreasing the probability of stock-outs or keeping inventory levels lower and applying the excess cash to other investments. Thus, this paper investigates the relationship between inventory management and performance. Method: The sample is comprised of non-financial Brazilian firms listed in the BM&FBovespa from 2010 to 2016, and due to inventory is not to be a relevant factor in the revenues of all the firms of the initial sample, it was applied a procedure to refine the sample through a simple linear regression to only comprise firms with a significant relationship between inventory and sales. To test the assumptions declared by the study, we used a quantitative approach based in a regression analysis. Results: The results indicate that the model which considers value added measurement of performance shows that there is no relationship between inventory and performance. However, a robustness check was done using the ROA to measure the performance and, in this scenario, there was a statistically inverted U-shaped relation between the profitability, the net trade cycle and its square. This means that a non-linear relationship between the variables were found, which follows the idea of an optimal level of inventory and performance. Contributions: To the best of the author’s knowledge, this is the first study that investigates an inflection point between inventory management and performance in Brazilian firms. The findings have relevant practical guidelines to the Brazilian firms and researchers in the analysis of the performance related to the net trade cycle, which it can be suggested that the Brazilian shareholders are not concerned about internal factors, as the inventory management, but if the firm is being managed profitable.

Financing Decisions and Performance of Italian SMEs in the Hotel Industry

2018 ◽  
Vol 60 (4) ◽  
pp. 335-354 ◽  
Author(s):  
Marco Botta
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Optimal Level ◽  
Pecking Order ◽  
Optimal Capital Structure ◽  
Financing Decisions ◽  
Medium Enterprise ◽  
Optimal Capital ◽  
And Performance ◽  
The Relationship

This study investigates the existence of an optimal capital structure for small and medium enterprise (SME) hotels through the analysis of the relationship between financing decisions and financial performance in a large sample of Italian hotel SMEs. The results show that hotel SMEs face an optimal capital structure that allows them to maximize returns to investors, while instead having both too little and too much debt reduces their financial performance. This notwithstanding, we show that hotel SMEs are not particularly concerned with optimizing their capital structure, and their funding behavior is deeply connected with the availability of internally available funds, a typical pecking order behavior, and they result extremely slow in converging toward their optimal level of leverage so that they could improve their performance by adopting a more sophisticated financial strategy.

Intellectual capital and performance of listed companies: empirical evidence from Italy

2014 ◽  
Vol 18 (1) ◽  
pp. 22-35 ◽  
Author(s):  
Domenico Celenza ◽  
Fabrizio Rossi
Keyword(s):  
Explanatory Power ◽  
Value Added ◽  
Listed Companies ◽  
Cross Sectional ◽  
Content Type ◽  
Accounting Performance ◽  
And Performance ◽  
The One ◽  
Two Stages ◽  
The Relationship

Purpose – The aim of this paper is to investigate the relationship between corporate performance and Value Added Intellectual Coefficient (VAICTM) on the one hand, and the relationship between the variations in market value and the variations in VAIC on the other hand. Design/methodology/approach – Starting from the VAIC model, 23 Italian listed companies were examined with the aim of investigating the relationship between VAIC and the performance of the firms in the sample. The analysis was divided into two stages. In the first stage, eight models of linear regression were estimated to verify the presence of a positive and statistically significant relationship between M/BV and VAIC and between accounting performance indicators (ROE, ROI, ROS) and the VAIC. In the second stage, six other models were tested, considering as an independent variable the variations in VAIC and the variations in profitability indicators. Findings – The outcomes of the application stress the importance of VAIC in the explanation of the variations in MV and its role as “additional coefficient” in the analysis of equity performance. Originality/value – This methodology highlights some very interesting aspects. In particular, whereas the relationship between M/BV and VAIC and between profitability indicators (ROI, ROE, ROS) and VAIC is statistically insignificant, the subsequent analysis highlights the importance of VAIC as a variable capable of increasing the explanatory power of the regression in a cross-sectional perspective.

scholarly journals Stakeholders approach on corporate governance and performance of Vietnamese manufacturing firms

2017 ◽  
Vol 6 (2) ◽  
pp. 61-73
Author(s):  
Thi Thanh Binh Dao ◽  
Thi Kim Anh Tran
Keyword(s):  
Corporate Governance ◽  
Production Function ◽  
Functional Form ◽  
Manufacturing Sector ◽  
Manufacturing Firms ◽  
External Factors ◽  
Executive Board ◽  
Internal Factors ◽  
And Performance ◽  
The Relationship

Corporate governance is one of the most vital issues in this compound environment at present, which is indicated by the fact that the success or failure of firms strongly depends on performance of the control that board of directors and executive board, take on corporations’ activities. This issue has attracted a variety of researches worldwide, and become a popular buzz lately, however there is still limited researches on this topic in Vietnam. In this paper, we focus on manufacturing sector, one of the most important industries in Vietnam economy, which account for 41.2% of total GDP in 2012. By using stakeholder theory and Kitamura’s paper as a corner stone, a model using OLS regression and log functional form for production function, showing the relationship between some external factors and internal factors including corporate governance is built. From the result of the research, it has been found out that internal factors (corporate governance) significantly affect the firm’s performance, whereas external factors (market share) do not really show any influence. In term of production function, this manufacturing sector still benefits from an increase of capital but not that of labor.

scholarly journals Intellectual Capital and Firm Performance across Pakistani Industries

2021 ◽  
Vol 11 (4) ◽  
pp. 56
Author(s):  
Muhammad Ahmad ◽  
Rohani Mohd Rus
Keyword(s):  
Firm Performance ◽  
Intellectual Capital ◽  
Value Added ◽  
Service Industries ◽  
Financial Firms ◽  
Generalized Methods Of Moments ◽  
Capital Efficiency ◽  
And Performance ◽  
Methods Of Moments ◽  
The Relationship

This study sheds light on the differences in intellectual capital (IC) efficiencies across non-financial sectors in Pakistan and determines the relationship between IC and firm performance. The study used sample of 155 non-financial firms from the manufacturing and service industries of Pakistan for the period 2009-2018. This study contributes to IC research by applying modified value-added intellectual capital (MVAIC) model with relationship to firm performance (return on assets and Tobin’s Q) of Pakistani non-financial firms which was overlooked by the previous researchers. In addition, to deal with endogeneity, the dynamic panel generalized methods of moments regression is applied to test the relationship between IC and performance. Findings provide evidence that different sectors in non-financial industries manage IC components differently. IC increases both market-based performance and accounting-based performance of Pakistani firms. Among all IC components, human capital efficiency is an important determinant of firm performance. The implication can provide help managers and investors to understand the IC to increase the firm performance.

scholarly journals Financial capital, constraints, partners, and performance: An empirical analysis of Indonesia SMEs

2021 ◽  
Vol 18 (2) ◽  
pp. 210
Author(s):  
I Wayan Widnyana ◽  
I Made Dauh Wijana ◽  
Almuntasir Almuntasir
Keyword(s):  
Financial Performance ◽  
Financial Constraints ◽  
Small And Medium Enterprises ◽  
Value Added ◽  
Financial Capital ◽  
Moderation Effect ◽  
And Performance ◽  
Medium Enterprises ◽  
The Relationship

Indonesia's small and medium enterprises (SMEs) are considered the backbone of the national economy. However, the fact that SMEs still contribute less to the national gross domestic product (GDP) in terms of value-added, need to be addressed. While previous studies mainly focused on financial (access) constraints as one of the major constraints faced by small enterprises which affect their growth and performances, this study aims to extend the relationship between capital and financial performance of Indonesia SMEs with the moderating effect of financial constraints and partners. This study is different from others as it uses a bigger panel dataset which is about 4.36 million SMEs in Indonesia and is the first to explore the role of financial partners comprehensively. Moreover, the panel regression model with geographic analysis unit uses as a data analysis method. The results of the study show that financial capital has a positive and significant effect on the financial performance of SMEs. Furthermore, while the moderation role of financial partners on the relationship between financial capital and financial performance of Indonesia SMEs was failed to prove, the negative moderation effect of financial constraints was able to prove in this study.

scholarly journals The Influence of Economic Value Added and Return on Assets on Created Shareholders Value: A Comparative Study in Jordanian Public Industrial Firms

2017 ◽  
Vol 9 (4) ◽  
pp. 63 ◽  
Author(s):  
Sliman S. Alsoboa
Keyword(s):  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Return On Assets ◽  
Industrial Firms ◽  
Value Added Model ◽  
Market Value Added ◽  
And Performance ◽  
The Relationship ◽  
Financial Measure

This study has two main objectives. The first one is to address the relationship between Economic Value Added (EVA) and Created Shareholders Value (CSV) in Jordanian public industrial firms (JPIF), comparing to the Return on Assets (ROA) over the period 2011-2015. The second objective is to address the possible superiority of EVA to ROA by explaining the changes in CSV for JPIF. In this study, CSV is measured using two models; Fernandez model and market value added model. Multiple and simple regressions were used in the study. These analyses have shown, generally, that the superiority of EVA in predicting and evaluating the CSV could be put into a conclusive and positive light compared to ROA. However, the results suggested that one financial measure cannot be enough to measure neither CSV nor firms’ performance. Therefore, this study highly recommends that JPIF use a combination of different measure in assessing and evaluating their value and performance, especially modern indicators.

scholarly journals In search of optimal psychoactivation: stimulants as cognitive performance enhancers

2019 ◽  
Vol 70 (3) ◽  
pp. 150-159 ◽  
Author(s):  
Emil Bartosz Rozenek ◽  
Monika Górska ◽  
Karolina Wilczyńska ◽  
Napoleon Waszkiewicz
Keyword(s):  
Beneficial Effect ◽  
Cognitive Enhancement ◽  
Optimal Level ◽  
Behavioural Effects ◽  
Neurochemical Profile ◽  
Performance Enhancers ◽  
The Difference ◽  
And Performance ◽  
The Relationship ◽  
Dose Dependent

AbstractAn increasing number of people, students in particular, seek substances that improve their cognitive functioning. The most popular group of pharmacological cognitive enhancers (PCEs) are stimulants. Available studies suggest a small beneficial effect of methylphenidate and amphetamine on memory, executive functions, and processing speed. However small, this effect can make the difference between success and failure. In recent years, research has focused on the additional beneficial effect on the emotional state, increased motivation, and placebo-induced cognitive enhancement. This paper briefly reviews the latest and most important research on the relationship between popular stimulants and cognitive enhancement. One cannot understand this relationship without understanding the Yerkes-Dodson law, which explains the relationship between the degree of arousal and performance. It suggests that the effect of stimulants is a dose-dependent continuum. This law has repeatedly been confirmed by studies in which an optimal level of psychoactivation for cognitive enhancement was obtained with low stimulant doses, whereas exceeding the effective dose resulted in cognitive deficits, psychomotor agitation, and addiction. A separate section has been devoted to modafinil, an increasingly popular stimulant that differs from the rest in neurochemical profile and behavioural effects.

Gender-Related Personality Attributes and Reaction to Success/Failure: An Examination of Mediating Variables

1986 ◽  
Vol 10 (3) ◽  
pp. 221-233 ◽  
Author(s):  
Renate Welch ◽  
Meg Gerrard ◽  
Aletha Huston
Keyword(s):  
Task Performance ◽  
Performance Expectations ◽  
Internal Factors ◽  
Subsequent Performance ◽  
Perceived Ability ◽  
And Performance ◽  
Group Success ◽  
Relationship Of ◽  
The Relationship ◽  
Related Personality

The effects of success and failure on task performance, and attributions about performance, were compared for high and low instrumental college women. For the high instrumental group, success facilitated task performance, whereas failure had no debilitating effect; for the low instrumental group, success had no effect on subsequent performance, whereas failure interfered with it. High instrumental women attributed their success primarily to internal factors and their failures to external tactors (the “egotistical” attribution profile), whereas low instrumentar women revealed the opposite profile. The gender-appropriateness of the task had little effect on performance or attribution. Four potential mediators of these differences were investigated: self-esteem, perceived ability, expectancy of success, and attainment value. High-instrumental women's higher perceived ability and performance expectations accounted for their superior task performance, but none of the four mediators accounted for the relationship of instrumentality to attributions.

scholarly journals PENGARUH KOMPETENSI TERHADAP KINERJA KARYAWAN PADA PT. BANK DANAMON INDONESIA, TBK CABANG SIMPANG PASAR BAWAH

2019 ◽  
Vol 10 (3) ◽  
pp. 339-349
Author(s):  
Nana Dianita
Keyword(s):  
Performance Analysis ◽  
Linear Regression ◽  
Regression Method ◽  
Linear Regression Method ◽  
Linear Regression Equation ◽  
Simple Linear Regression ◽  
Independent Variables ◽  
Close Relationship ◽  
And Performance ◽  
The Relationship

The purpose of this study was to determine the effect of competence on the performance of employees at PT. Bank Danamon Indonesia, Tbk Cabang Simpang Pasar Bawah. The sample in this study were all employees at PT. Bank Danamon Indonesia, Tbk Cabang Simpang Pasar Bawah totaling 34 people. While the variables studied in this research is the competence and performance. Analysis of data using simple linear regression method using validity, reliability, R2 and t test. The tests are conducted to determine the relationship between the independent variables (independent variables) and dependent variable (dependent variable). Based on research results the effect of competence on the performance of employees with correlation value R = 0,656 which indicates a close relationship between the effect of competence on the performance of employees at PT. Bank Danamon Indonesia, Tbk Cabang Simpang Pasar Bawah. While the R-square at 0,430 which can competence has contributed of 43% to the performance of employees at . Bank Danamon Indonesia, Tbk Cabang Simpang Pasar Bawah. Partially acquired competence variable positive and significant effect on the performance employees at . Bank Danamon Indonesia, Tbk Cabang Simpang Pasar Bawah with simple linear regression equation as follows: Y = 18,342 + 0,627X significantly smaller 0,000 than alpha 0,05. The conclusion of this study that partial hypothesis between variables competence on performance employees is proven and can be accepted as true

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