scholarly journals Bank Credit, Trade Credit, and Profit: Evidence from Agricultural Firms in Vietnam

2019 ◽  
Vol 4 (4) ◽  
pp. p183
Author(s):  
Le Khuong Ninh ◽  
Bui Tuan Anh ◽  
Phan Anh Tu
Keyword(s):  
Trade Credit ◽  
Bank Credit ◽  
Optimal Threshold ◽  
Stock Exchanges ◽  
Short Term ◽  
Suitable Amount ◽  
Do So

This paper investigates the relationships between bank credit and trade credit with profit of 130 agricultural firms listed on Vietnam’s stock exchanges in the period of 2008-2014. Using the GMM approach, the paper reveals inverted-U shaped (?) relationships between bank credit and trade credit with profit. Specifically, the optimal threshold of bank credit and trade credit to total assets of the firms are 0.4173 and 0.2425, respectively. The findings mean that if the ratio of bank credit to total assets exceeds the benchmark of 0.4173, firms should consider restructuring debts to get them back to the benchmark. To do so, firms should withdraw from those business fields that are not of profession, in addition to liquiditizing unused assets to repay debts and not using short-term credit to invest in long-term projects. Firms may use of trade credit wisely when other sources of finance are lacking. In concrete, firms can increase trade credit use if the ratio of trade credit to total assets is below 0.2425. Yet, if this ratio goes beyond this benchmark, firms should get its back to this benchmark, e.g., keeping a suitable amount of inventory.

scholarly journals On the Nonlinear Relationship between Bank Financing and Firm Performance: A PSTR Model for Tunisian Companies

2017 ◽  
Vol 7 (2) ◽  
pp. 521
Author(s):  
Abdelaziz Hakimi
Keyword(s):  
Firm Performance ◽  
Bank Lending ◽  
Bank Credit ◽  
Smooth Transition ◽  
Optimal Threshold ◽  
Short Term ◽  
Macroeconomic Factors ◽  
Smooth Transition Regression ◽  
The Impact

Despite that bank lending and firm performance relationship has been strongly explored, to date there are few studies that investigated the threshold of credit that affects firm performance. The aim of this paper is twofold. First, it seeks the optimal threshold of short-term and long-term credits that affects firm performance. Second, it investigates the impact of bank credit of firm performance. To achieve these goals, we used a sample of 36 Tunisian listed companies over the period 2008-2015 and we performed the Panel Smooth Transition Regression (PSTR) as econometric approach. Empirical results indicate that Tunisian firms require more short-term credits than long-term loans based on the optimal threshold. With regard to the impact of bank credit, findings indicate that this effect differs from short-term to long-term credit. We found that firm performance was significantly and positively correlated with short-term credit. However, long-term credit decreases significantly the performance of Tunisian companies. For macroeconomic factors, results show that GDPG increases significantly firm performance; however inflation acts negatively and significantly.

scholarly journals Perception of investing in crypto in India using UTAUT model

2021 ◽  
Vol 9 (10) ◽  
pp. 1396-1400
Author(s):  
Vidhi Shah
Keyword(s):  
Indian Population ◽  
Social Benefits ◽  
Short Term ◽  
Perceived Safety ◽  
Utaut Model ◽  
Performance Expectancy ◽  
Wide Range ◽  
Effort Expectancy ◽  
Do So

Abstract: This research was conducted to gather data and understand the perception what the Indian population holds when it comes to investing in cryptocurrency. To do so, a survey was designed using the UTAUT model and was circulated by the means of google forms. A wide range of parameters were considered to avail the maximum possible accuracy for the data collected. Parameters like, the ease of investing crypto, short term and long term benefits, monetary benefits, social benefits were considered. All of these parameters were supposed to be answered on a scale of 5. After collecting all the data, the results were analyzed and evaluated using which the hypothesis made were proved. Keywords: Cryptocurrency, UTAUT, performance expectancy, effort expectancy, perceived monetary benefits, perceived safety, social influence, adoption intension.

scholarly journals “You Cannot Hide Forever Luke”: Understanding the Strategic Use of Sustainability Disclosure in the Short and Long Term

M n gement ◽  
2020 ◽  
pp. 19-37
Author(s):  
Samuel Touboul ◽  
Asli Kozan
Keyword(s):  
Longitudinal Data ◽  
Financial Performance ◽  
Stock Exchanges ◽  
Legitimacy Theory ◽  
Short Term ◽  
Sustainability Performance ◽  
Sustainability Disclosure ◽  
Short And Long Term ◽  
Detrimental Impact

This study investigates the relationships among firms’ sustainability disclosure, sustainability performance, and financial performance. Based on legitimacy theory and signaling theory, it argues that sustainability disclosure participates in two distinct mechanisms: a conformity mechanism through which disclosure shows conformity to the norms and a revelation mechanism through which disclosure reveals or hides a firm’s achieved degree of sustainability. In an attempt to contrast and reconcile the two mechanisms, the study assesses their impact on financial performance in the short and long term. Hypotheses are tested using longitudinal data (2002–2010), which cover 10,814 observations of firms from major indexes of stock exchanges worldwide. The results show that the conformity mechanism is effective in both the short and long terms, whereas the revelation mechanism is only effective in the short term. As a consequence, firms with poor sustainability performance may hide their detrimental impact and achieve higher financial performance in the short term by limiting their disclosure but not in the long term in which their lack of conformity is punished. In the long term, only conformity to the norms of disclosure leads to higher financial performance, even in the case of poor sustainability results.

Session 23: Maintaining Motivation

2016 ◽  
pp. 139-144
Author(s):  
Evan M. Forman ◽  
Meghan L. Butryn
Keyword(s):  
Weight Loss ◽  
Weight Control ◽  
Hard Work ◽  
Short Term ◽  
Self Monitoring ◽  
Healthy Behaviors ◽  
Weight Control Behaviors ◽  
Motivate Behavior ◽  
Do So

This chapter (Session 23) discusses how to maintain long-term motivation for weight control by focusing on the importance of values to motivate behavior, even if short-term reward of weight control behaviors is decreasing (e.g., weight loss is slowing, self-monitoring is becoming tiresome). Clients are encouraged to view the hard work of weight control as working toward their values and to use the skill of willingness to continue to engage in healthy behaviors, even when it is difficult uncomfortable to do so.

Differential Effects of Worry and Imagery After Exposure to a Stressful Stimulus: A Pilot Study

1995 ◽  
Vol 23 (1) ◽  
pp. 45-56 ◽  
Author(s):  
Gillian Butler ◽  
Adrian Wells ◽  
Hilary Dewick
Keyword(s):  
Pilot Study ◽  
Emotional Processing ◽  
Long Term Effects ◽  
Short Term ◽  
Differential Effects ◽  
Short And Long Term ◽  
Intrusive Cognitions ◽  
Stressful Stimulus ◽  
Do So

Imagery appears to be associated with higher levels of anxiety than does worry. Borkovec has argued that worry could be a way of avoiding distressing imagery and the associated affect. Thus worry could suppress emotional activation, interfere with emotional processing, and contribute to the maintenance of anxiety. This hypothesis suggests that short and long-term effects of worrying after experiencing a distressing stimulus should differ from the effects of engaging in imagery. In the short term, imagery should maintain anxiety while worry should not do so, or should do so less. In the longer term, worry should be a less successful way of reducing anxiety associated with the stimulus than imagery, and should be followed by a greater number of intrusive cognitions (indicating the relative failure of emotional processing). These predictions were tested by asking subjects to worry, engage in imagery or “settle down” after watching a distressing video. The results were broadly consistent with the hypothesis. Other interpretations are also considered.

scholarly journals Substitute or complement? The use of trade credit as a financing source among SMEs

2017 ◽  
Vol 40 (1) ◽  
pp. 10-27 ◽  
Author(s):  
Darush Yazdanfar ◽  
Peter Öhman
Keyword(s):  
Fixed Effects ◽  
Trade Credit ◽  
Generalized Method Of Moments ◽  
Short Term ◽  
Content Type ◽  
System Models ◽  
Accounts Payable ◽  
Short And Long Term ◽  
Retained Earnings

Purpose This study aims to investigate trade credit as a financing source among small- and medium-sized enterprises (SMEs), particularly the influence of short-term debt, long-term debt and profitability on the use of such credit. Design/methodology/approach Ordinary least squares (OLS), fixed-effects and generalized method of moments (GMM) system models were used to analyze a large cross-sectional panel data set of 15,897 Swedish SMEs in five industry sectors for the 2009-2012 period. Findings The study provides empirical evidence that long-term debt and profitability each significantly and negatively influence trade credit (i.e. accounts payable) and that short-term debt positively influences trade credit. Notably, while trade credit seems to complement other short-term debt, it replaces long-term debt. Moreover, firm size in terms of sales is positively related and firm age is negatively related to accounts payable. Industry affiliation is another significant explanatory variable. Practical implications The results provide debt holders, potential investors, policymakers and academic researchers with insights into the relationship between trade credit demand, on the one hand, and external financing (i.e. short- and long-term debt) and internal retained earnings (i.e. profit), on the other. From a manager’s perspective, the findings may be important for decision-making regarding trade credit use. Originality/value When investigating trade credit determinants, the literature has seldom distinguished between short- and long-term debt and considered that they may influence the use of trade credit in different ways. The present study adds to the literature by using OLS, fixed-effects and GMM system models to analyze a large cross-sectoral sample in a high-tax country where both bank loans and trade credit are considered important financing instruments.

scholarly journals Misleading Aggregate Considerations in Sector-Specific Causalities: Long-term Bank Credit Usage in Fishing vs. Agriculture in Turkey

2019 ◽  
pp. 1-14
Author(s):  
Celal Demirkol ◽  
Ali Faruk Acikgoz
Keyword(s):  
Financial Analysis ◽  
Control Variable ◽  
Point Of View ◽  
Policy Implications ◽  
Bank Credit ◽  
Short Term ◽  
Alternative Source ◽  
Agriculture Sector ◽  
Fishing Sector

As an alternative source of financing the assets, bank credits have ever been on the spot of business finance and financial analysis. Those sources of financing have mostly compared with the short-term appearance of either liabilities or liquidity. The relevant finance literature ensures that the long-term appearance of bank credits in the balance sheets of businesses is not only affected by the composition of short-term liabilities but also the liquidity. Nevertheless, bank credit usage, especially in the long-term, may have different characteristics amongst sectors. Some sectors may even deserve a thorough analysis in their challenge of bank credit finance. The fishing sector and the businesses which it contains may have been neglected in terms of revealing the causalities which might have been hidden by considering its aspects as a supplement in the aggregate figures of the agriculture sector in Turkey. Thus, this study aims at the core debt and liability variables along with a liquidity control variable, cash and cash equivalents or cash, to reveal the causality and cointegration aspects on the long-term bank credit potential in the nexus of these two inter-related sectors. We hereby compare the results of the model designed for the study in between fishing and agriculture sectors in Turkey for the time span of available and comparable data which has been represented by the Central Bank of Turkey as a part of nonfinancial or real sector data from 1996 up to 2009. The findings depict that fishing sector, unlikely to agriculture sector in which it is generally added and forced to share the same investment atmosphere of incentives, policy implications, and attitudes of the creditors, does have different features in terms of long-term bank credit usage. Cash and cash equivalents are not significant regressors for the agriculture sector, however, fishing sector has evidence in the long-run that cash and cash equivalents have noteworthy impact in the long-term bank credits. The results of the study will therefore help both the decisions on the creditors’ and fishing sector sides enriching the profound details and sector specific reasoning for which an aggregate point of view where fishing sector is seen as a part of agriculture sector could not reflect the sector’s characteristics on the path to develop the fishing sector and the businesses therein. We also believe that this study will present evidence for any policies and incentives in promoting new investments in the fishing sector of Turkey.

Session 23: Maintaining Motivation

2016 ◽  
pp. 199-204
Author(s):  
Evan M. Forman ◽  
Meghan L. Butryn
Keyword(s):  
Weight Loss ◽  
Weight Control ◽  
Hard Work ◽  
Short Term ◽  
Self Monitoring ◽  
Healthy Behaviors ◽  
Weight Control Behaviors ◽  
Motivate Behavior ◽  
Do So

This chapter (Session 23) discusses how to maintain long-term motivation for weight control by focusing on the importance of values to motivate behavior, even if short-term reward of weight control behaviors is decreasing (e.g., weight loss is slowing, self-monitoring is becoming tiresome). Clients are encouraged to view the hard work of weight control as working toward their values and to use the skill of willingness to continue to engage in healthy behaviors, even when it is difficult uncomfortable to do so.

Quality and Extent of Locum Tenens Coverage in Pediatric Surgical Practices

2015 ◽  
Vol 81 (4) ◽  
pp. 377-380 ◽  
Author(s):  
Tracy L. Nolan ◽  
Jessica J. Kandel ◽  
Don K. Nakayama
Keyword(s):  
Pediatric Surgery ◽  
Surgical Care ◽  
Full Time ◽  
Short Term ◽  
Community Based ◽  
Surgical Workforce ◽  
Strongly Agree ◽  
Do So

The prevalence and quality of locum tenens coverage in pediatric surgery have not been determined. An Internet-based survey of American Pediatric Surgical Association members was conducted: 1) practice description; 2) use and frequency of locum tenens coverage; 4) whether the surgeon provided such coverage; and 5) Likert scale responses (strongly disagree, disagree, neutral, agree, strongly agree) to statements addressing its acceptability and quality (two x five contingency table and χ2 analyses, significance at P < 0.05). Three hundred sixteen of 1163 members (27.2% response rate) responded. One-fourth (24.1%) used a locum tenens regularly. Reasons were long-term inability to recruit a full-time surgeon (35.2%) and short-term vacancies (32.4%). One-fifth (20.4%) did locum tenens work; one-fourth (27.0%) plan to do so in the future. Two-thirds (64.2%) believe that surgical care in a locum tenens situation does not provide the same level of care as a full-time community-based surgeon. Most support locum tenens for short-term coverage (87.3%) and recruitment problems (72.1%), but not long-term vacancies (38.8%; P < 0.001) or permanent coverage (27.0%; P < 0.001). Locum tenens coverage is an established feature of pediatric surgery. Most view it as a stopgap solution to the surgical workforce shortage.

scholarly journals Indebtedness and Liquidity in Agriculture: A Long-term Sectoral Evidence from Turkey

2020 ◽  
pp. 60-73
Author(s):  
Celal Demirkol ◽  
Ali Faruk Acikgoz
Keyword(s):  
Trade Credit ◽  
Time Span ◽  
Short Term ◽  
Current Ratio ◽  
Agriculture Sector ◽  
Total Debt ◽  
Long Run ◽  
Acid Test ◽  
The Impact

Being indebted and the liquidity shortfalls could be the base for recreating debt in the circumstances of unavailable trade credit. Accessing to bank credit or other liabilities is rather a function of liquidity for all types of businesses. Excluding equities, we hereby aim to reveal a sectoral evidence by the help of other liabilities side contributors and liquidity indicators on to what extend a firm regenerates debt in the long-run depending on the general liquidity criteria. Therefore, we try to explore a sector specific long-term evidence on the agriculture sector in Turkey. The real sector statistics feed the study in terms of data. Data curation consists of calculating data series as averages of three years aggregate balance sheet totals in the agriculture sector of Turkey for the time span of 1996 and 2016. The methodology follows a path as testing regressions for the variables, presenting interchangeably significant results, affirming the assumptions of the regressions, tests on unit root and cointegration along with causalities. The findings of the study confirm self-creating reasons of being indebted with the impact of liquidity. The study represents three models which have total debt to total assets ratio, short-term bank credits to short-term liabilities ratio, and long-term bank credits to total assets ratio as dependent variables respectively. We have analyzed the effects of current ratio, acid-test or quick ratio and cash and cash equivalents ratio which are listed as leading liquidity indicators. Cash and cash equivalents and current ratio have been found significant on the liabilities in the early trials of regressive test models. However, except current ratio liquidity indicators all together failed in predicting. The results eventually confirm the importance of eminent liquidity criteria, both current ratio and acid-test ratio are significant on the selected variables of liabilities as an evidence for the agriculture sector of Turkey in the long-run. Nevertheless, acid-test ratio has rather strong and enduring effects. Since cash and cash equivalents have been determined as stationary at a different level, they could therefore have insignificant impact on being indebted for longer periods than time span of the study. Yet the creditors would better not to directly add a liquidity indicator in their decision process of creditability in a sector. Nonetheless, the novelty of the study also ensures that predicting total debt and bank credits of both short and long run might require the same liquidity indicators along with other liability side contributors which do not necessarily or directly consider the shareholders’ equities in a sector specific atmosphere. 

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