scholarly journals Finansal Sürdürülebilir Büyüme Oranı ve Finansal Oranlar: Borsa İstanbul İmalat Sanayi Üzerinde Bir Araştırma - Financial Sustainable Growth Rate and Financial Ratios: A Research on Borsa İstanbul Manufacturing Firms

2018 ◽  
Vol 10 (1) ◽  
pp. 172-197 ◽  
Author(s):  
ARZU ŞAHİN ◽  
BAHADIR ERGÜN
Keyword(s):  
Growth Rate ◽  
Manufacturing Firms ◽  
Sustainable Growth ◽  
Financial Ratios ◽  
Sustainable Growth Rate

scholarly journals Sustainable Growth Rate Model in Indonesia Manufacturing Firms

The Winners ◽  
2020 ◽  
Vol 21 (2) ◽  
Author(s):  
Vina Christina Nugroho
Keyword(s):  
Growth Rate ◽  
Manufacturing Firms ◽  
Sustainable Growth ◽  
Rate Model ◽  
Return On Equity ◽  
Determinant Factors ◽  
Significant Difference ◽  
Sustainable Growth Rate ◽  
Financial Decision

Regarding the importance of Sustainable Growth Rate (SGR) calculation for firms as a basic of financial decision, many previous studies had highlighted the variability of SGR calculation. The research’s first objective focused on two methods of SGR calculation and figured out the determinant factors (internal and external) that affect firm’s SGR. One method focused on different determinants of SGR when industry or firm specific aspects were considered. Whereas, SGR (II) focused on determinant of SGR when firms are reluctant to issue new equity. The second objective was to investigate the determinant factors towards SGR in both models. Sample for the research was public-listed manufacturing firms in Indonesia from 2011 to 2019. The result shows that there is significant difference between the two methods, and not to mention that Return on Equity (ROE) becomes the only factor that affect SGR (in both models). The implication is due to the limited amount of time, so the research can only compare two different method of SGR. 

The effect of intangible assets on sustainable growth and firm value – Evidence on intellectual capital investment in companies listed on Bucharest Stock Exchange

Kybernetes ◽  
2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Catalin Ionita ◽  
Elena Dinu
Keyword(s):  
Growth Rate ◽  
Intellectual Capital ◽  
Firm Value ◽  
Intangible Assets ◽  
Stock Exchange ◽  
Listed Companies ◽  
Sustainable Growth ◽  
Content Type ◽  
Sustainable Growth Rate ◽  
The Impact

PurposeThe present study investigates the connection between company investments in intellectual capital (IC) and how they translate into financial value. The aim is to test the impact of intangible assets on the firm value and its sustainable growth.Design/methodology/approachThe research employs computation models to determine the sustainable growth rate (SGR) and the firm value (FV), and by using the ordinary least squares (OLS) model through a linear regression assesses the relationship between the dependent variables and expenditures on intangibles like R&D, IT programs and patents. A sample of 42 companies has been selected out of the 78 listed at Bucharest Stock Exchange (BSE), based on the appropriateness of the information disclosed in the financial reports for the period 2016–2019.FindingsThe results show that intangibles classified as innovative competences (R&D and Patents) do not have a positive impact on SGR and FV in listed companies from Romania. Moreover, R&D has a negative and significant effect on FV, while IT Programs have a positive and significant impact on FV, but not on the SGR. Variables categorised as economic competencies (Brands, Shares held in associates and jointly controlled entities) and firm structure-specific variables (Leverage, Firm Performance) seem to have a significant effect on SGR and FV. Shares held in associates and jointly controlled entities is the variable that can have the biggest impact when it comes to FV for companies listed at BSE.Research limitations/implicationsDue to non-disclosure of specific information by some companies, or lack of investments in intangibles the sample had to be reduced and does not cover all listed companies.Practical implicationsCompanies listed on the Regulated Market from the Bucharest Stock Exchange should maintain their scale of liabilities at a reasonable level when financing intangible assets in order to ensure corporate long-term and sustainable development. Also, these companies should maintain awareness about the importance of intangible assets and invest more in specific sub-components, in order to sustain competitive advantage. Recognizing the roles of intangibles, managers need to develop strategies to invest in profitable intangibles by reasonably allocating their limited resources, in order to achieve sustainable growth and increase company success.Originality/valueStudies concerning the relation between investments in intangibles and sustainable growth rate and firm value of listed Romanian companies are very scarce. This paper reveals new research, never before undertaken, concerning expenditures on intangibles by Romanian companies and the valuation of such investments on Bucharest Stock Exchange.

scholarly journals Conservative Working Capital Policy: Can it Increase Profitability and Sustainable Growth Rate?

2021 ◽  
Vol 12 (3) ◽  
pp. 5630-5637
Author(s):  
Sunardi Sunardi Et. al.
Keyword(s):  
Growth Rate ◽  
Manufacturing Sector ◽  
Sustainable Growth ◽  
Working Capital ◽  
Financing Policy ◽  
Panel Data Regression ◽  
Data Regression ◽  
Sustainable Growth Rate ◽  
Investment And Financing ◽  
Positive Effect

The objective of this study is to investigate the effect of conservative working capital policy on profitability and examine the effect of conservative working capital policy on sustainable growth mediated by profitability in the manufacturing sector in Indonesia. This study involves 133 manufacturing firms in Indonesia during the 2013-2018 period. Data are analyzed using panel data regression with random effects estimation models. The result of this study showed that conservative working capital policy, both investment and financing policy, has proven to have a positive effect on sustainable growth rate. Besides, this study also proved that profitability has a positive effect on SGR. Furthermore, there was the effect of conservative working capital policies on the level of sustainable growth through profitability. This study not only contributes to expanding knowledge about the relationship between working capital policies, profitability and sustainable growth rates, but also has relevant implications for firm managers to improve firm performance to be able to grow sustainably

The Anatomy of Sustainable Growth Rate of Indian Manufacturing Firms

2018 ◽  
Vol 19 (4) ◽  
pp. 1050-1071 ◽  
Author(s):  
Lalit Arora ◽  
Shailendra Kumar ◽  
Piyush Verma
Keyword(s):  
Growth Rate ◽  
Manufacturing Sector ◽  
Sustainable Growth ◽  
Profit Margin ◽  
Regression Equations ◽  
Industrial Growth ◽  
Return On Equity ◽  
Net Profit ◽  
Sustainable Growth Rate ◽  
Indian Manufacturing Sector

An important parameter to gauge the reasons behind success (failure) of a firm in the form of sustainable growth rate provides useful insights to managers and investors. This research analyzes the variations in calculations and suitability of method of calculating this growth rate using two different formulas. It also intends to examine the extent to which these variations in sustainable growth rate are explained by some of its important determinants. Using panel data regression by decomposing return on equity into net profit margin, asset turnover and financial leverage, results suggest that four key ratios are robust in capturing the variations in sustainable growth rate even after introducing industry-specific factors like industrial growth and inflation in the regression equations. Sustainable growth rate calculated only on the basis of percentage change in book value of equity provides an aggregate view depicting that any changes in sustainable growth rate across industries are random. Further analysis provides evidence that net profit margin drives the sustainable growth of firms in the Indian manufacturing sector.

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