scholarly journals VALUE DRIVERS TERHADAP NILAI PEMEGANG SAHAM PERUSAHAAN YANG HEDGING DI DERIVATIF VALUTA ASING

2013 ◽  
Vol 1 (1) ◽  
pp. 88
Author(s):  
Fika Fitriasari
Keyword(s):  
Capital Investment ◽  
Foreign Currency ◽  
Shareholder Value ◽  
Capital Cost ◽  
Value Drivers ◽  
Hedging Strategy ◽  
Fixed Asset ◽  
Sale Growth ◽  
Fixed Asset Investment

Fakultas Ekonomi Universitas Muhammadiyah MalangE-mail: [email protected] aim of this research are to understanding and analyzing the effect of value drivers variables(sale growth, operation profit, fixed asset investment, work capital investment, and capital cost) onshareholder value in the company with hedging strategy in foreign currency derivative. Result ofresearch indicates that: value drivers actually are expected to increase the shareholder value incompany with hedging strategy in foreign currency derivative; value drivers actually may increasethe shareholder value in company with hedging strategy in foreign currency derivative, capital costcannot improve shareholder value in company with hedging strategy in foreign currency derivative;and sale growth is the strongest factor to increase shareholder value in company with hedging strategyin foreign currency derivative.Key words: value drivers, shareholder value, hedging, foreign currency derivative

scholarly journals Drivers Creating Shareholder Value In South African Manufacturing Firms

2012 ◽  
Vol 28 (5) ◽  
pp. 1035 ◽  
Author(s):  
John H. Hall
Keyword(s):  
South Africa ◽  
Regression Analysis ◽  
South African ◽  
Value Creation ◽  
Capital Investment ◽  
Shareholder Value ◽  
Manufacturing Firms ◽  
Value Drivers ◽  
Value Based Management ◽  
The Cost

The objective of this study was to determine shareholder value drivers for South African manufacturing firms listed on the Johannesburg Securities Exchange (JSE) from 2006 to 2010. In order to optimise shareholder value creation, management must be able to recognise value drivers that it can control. A multiple regression analysis was used to identify the value drivers of manufacturing firms in South Africa. The value drivers found to be significant in explaining shareholder value are the cost of goods to sales percentage, the degree of manufacturing leverage, and the capital investment in plant and equipment. Value-based management incorporating these value drivers can guide manufacturing managers toward optimal shareholder value creation.

Influencing Factors and Decoupling Analysis of Carbon Emissions in China's Manufacturing Industry

2021 ◽  
Author(s):  
baoling jin ◽  
ying Han
Keyword(s):  
Carbon Emissions ◽  
Manufacturing Industry ◽  
Energy Intensity ◽  
Value Added ◽  
Carbon Intensity ◽  
Energy Structure ◽  
Investment Efficiency ◽  
Fixed Asset ◽  
Carbon Productivity ◽  
Fixed Asset Investment

Abstract The manufacturing industry directly reflects national productivity, and it is also an industry with serious carbon emissions, which has attracted wide attention. This study decomposes the influential factors on carbon emissions in China’s manufacturing industry from 1995 to 2018 into industry value added (IVA), energy consumption (E), fixed asset investment (FAI), carbon productivity (CP), energy structure (EC), energy intensity (EI), investment carbon intensity (ICI) and investment efficiency (IE) by Generalized Divisia Index Model (GDIM). The decoupling analysis is carried out to investigate the decoupling states of the manufacturing industry under the pressure of "low carbon" and "economy.” Considering the technological heterogeneity, we study the influential factors and decoupling status of the light industry and the heavy industry. The results show that: (1) Carbon emissions of the manufacturing industry present an upward trend, and the heavy industry is the main contributor. (2) Fixed asset investment (FAI), industry value added (IVA) are the driving forces of carbon emissions. Investment carbon intensity (ICI), carbon productivity (CP), investment efficiency (IE), and energy intensity (EI) have inhibitory effects. The impact of the energy consumption (E) and energy structure (EC) are fluctuating. (3) The decoupling state of the manufacturing industry has improved. Fixed asset investment (FAI), industry value added (IVA) hinder the decoupling; carbon productivity (CP), investment carbon intensity (ICI), investment efficiency (IE), and energy intensity (EI) promote the decoupling.

scholarly journals PENGARUH KINERJA KEUANGAN TERHADAP INVESTASI AKTIVA TETAP PT. SEPATU BATA, Tbk DI BURSA EFEK INDONESIA

2018 ◽  
Author(s):  
STIM Sukma
Keyword(s):  
Financial Performance ◽  
Hypothesis Test ◽  
Data Use ◽  
Coefficient Of Determination ◽  
Return On Assets ◽  
Fixed Asset ◽  
Processing Data ◽  
Regression Test ◽  
Simple Regression ◽  
Fixed Asset Investment

The purpose of this research is to determine impact of the financial performance of fixed asset investment. The data analyzedby simple regression test with hypothesis test, using test the coefficient of determination (R2), partial test (t test), while processing data use SPSS. The results showed that the coefficient of determination (R2) variable Return On Assets (ROA) able to explain the variations that occur in fixed asset investment, but it is partially noeffect and significant fixed asset investment.

scholarly journals CASH FLOW, DEBT ISSUANCE, EQUITY ISSUANCE, AND FIXED ASSET INVESTMENT ON MANUFACTURE COMPANY 2010-2014CASH FLOW, DEBT ISSUANCE, EQUITY ISSUANCE, AND FIXED ASSET INVESTMENT ON MANUFACTURE COMPANY 2010-2014

2020 ◽  
Vol 4 (1) ◽  
pp. 11-21
Author(s):  
Ritma Palupi
Keyword(s):  
Cash Flow ◽  
Equity Issuance ◽  
Pecking Order ◽  
Fixed Asset ◽  
Financing Decision ◽  
Manufacturing Company ◽  
Debt Issuance ◽  
Manufacture Company ◽  
Internal Fund ◽  
Fixed Asset Investment

Matters about financing decision based on pecking order theory’s hierarchy are currently appealing. This research strives to discover how corporate’s fixed asset investment reacts to cash flow, debt issuance, and equity issuance. Researcher uses 75 samples of manufacturing company in Indonesia during 2010-2014 period with 199 firm-year observation. Multiple linear regression’s result indicates that cash flow and debt issuance have influence towards corporate’s fixed asset investment, but the equity issuance have no influence towards corporate’s fixed asset investment. Also regression coefficient exhibits that manufacturing company in Indonesia follows pecking order theory’s hierarchy.  Cash flow’s influence towards fixed asset investment is more significant than debt issuance’s, and debt issuance’s influence is stronger than equity issuance. This points out that corporate’s fixed asset investment is more sensitive towards cash flow (internal fund) compared to debt issuance (external fund), and so is debt issuance is more sensitive compared to equity issuance. With all that in mind, it is concluded that manufacturing company in Indonesia follows pecking order theory in terms of financing decision, which uses internal fund at first then started to use external fund if deemed necessary. 

scholarly journals Investment Of Fixed Equipment Assets On Improving Profitability (case study cv.Parahyangan Express BranchKarawang)

2020 ◽  
Vol 17 (1) ◽  
pp. 30-42
Author(s):  
Sri Suartini ◽  
Dian Hakip Nurdiansyah ◽  
Sheli Rosdayanti
Keyword(s):  
Primary Data ◽  
Test Results ◽  
Fixed Asset ◽  
Financial Report ◽  
Verification Method ◽  
Average Value ◽  
Fixed Assets ◽  
Data Source ◽  
Fixed Asset Investment

The purpose of this study to determine how much influence of fixed asset investment vehicles against profitability CV. Parahyangan Express Karawang Branch. This research uses a descriptive verification method with a primary data source that is a financial report CV. Parahyangan Express Karawang Branch period 2007 to 2016. The result of this research is r average investment value CV. Parahyangan Express in the period 2007 until 2016 tends to decrease, the average value of profitability CV. Parahyang n Express in the period 2007 to 2016 tends to decline. Based on test results t comparison t arithmetic with t table showing 2.840> 2.093 t count more than t table. vehicle fixed asset investment has a significant effect on profitability in a CV. Parahyangan Express. The percentage of influence of fixed asset investment of 30% means 30 % development of profitability CV. Parahyangan Express is influenced by in-kind fixed assets while 70 % is influenced by other factors not examined in this study.

Probability of loss reversal in Australia

2016 ◽  
Vol 42 (4) ◽  
pp. 560-582 ◽  
Author(s):  
Hai Wu
Keyword(s):  
Stock Returns ◽  
Mineral Exploration ◽  
Positive Association ◽  
Firm Valuation ◽  
Fixed Asset ◽  
Abnormal Stock Returns ◽  
Future Loss ◽  
High Level ◽  
Loss Firms ◽  
Fixed Asset Investment

Investors in loss firms assess the likelihood of these firms reverting to profit (i.e. loss reversal). This research examines the factors useful for predicting future loss reversal in the Australian market. Specifically, it focuses on loss firms’ investment activities, in addition to factors examined in previous US literature. The results show that when the level of investment in specialised assets, such as mineral exploration and research and development, is high relative to fixed-asset investment, future loss reversals are less likely to occur. In contrast, a high level of fixed-asset investment increases the likelihood of future loss reversal. These results hold implications for loss-firm valuation. Further analysis documents a positive association between the ex-ante probability of loss reversal and future abnormal stock returns for loss firms with a weak information environment. Investors in these loss firms could benefit from the findings of this study.

scholarly journals Value creation measures: an industry-based study

2018 ◽  
Vol 67 (2) ◽  
pp. 426-444
Author(s):  
John Henry Hall
Keyword(s):  
Stock Returns ◽  
Value Creation ◽  
Stock Exchange ◽  
Shareholder Value ◽  
Value Added ◽  
Value Drivers ◽  
Content Type ◽  
Johannesburg Stock Exchange ◽  
Return On Capital ◽  
Market Value Added

Purpose The purpose of this paper is to identify the shareholder value creation measure best suited to express shareholder value creation for a particular industry. Design/methodology/approach The analysis was performed on 192 companies listed on the Johannesburg Stock Exchange, classified into nine different samples or industries. Five shareholder value creation measures were examined, namely market value added (MVA), a market-adjusted stock return, the market-to-book ratio, Tobin’s Q ratio, and the return on capital employed divided by the cost of equity. Findings An analysis of the nine categories of firms led to the identification of different measures that are suited to express value creation. Stock returns did not provide an appropriate value measure. Instead, depending on the specific industry, Tobin’s Q ratio, MVA, and the market-to-book ratio should be used to measure and express value creation. Practical implications For management, the value drivers identified for each industry present a clear indication of industry-specific variables upon which they can focus in operating activities to most efficiently increase shareholder value. Originality/value Unlike previous studies that use only one or two different shareholder value creation measures as dependent variables, this study uses five different value creation measures. Another contribution of this study is the compilation of a unique set of value drivers that explain shareholder value creation separately for each of the nine different categories of firms.

scholarly journals Foreign Currency Derivative Use and Shareholder Value

2017 ◽  
pp. 459-497
Author(s):  
Yacine Belghitar ◽  
Ephraim Clark ◽  
Salma Mefteh-Wali
Keyword(s):  
Foreign Currency ◽  
Shareholder Value

Applying CHP to the Ventilation Air of Buildings

2003 ◽  
Author(s):  
Matthew Cowie ◽  
Xiaohong Liao ◽  
Reinhard Radermacher
Keyword(s):  
Capital Investment ◽  
Waste Heat ◽  
Peak Load ◽  
Industrial Sector ◽  
Capital Cost ◽  
Energy Requirements ◽  
Small Scale ◽  
Commercial Building ◽  
Diverse Range ◽  
Chp System

There is a strong industry focus on packaged CHP systems for small scale applications where the design time for unique installations cannot be justified. Distributed generators such as microturbines, reciprocating engines and fuel cells can all now be purchased as CHP products. The development of these products will bring the energy, environmental and economic savings realized in larger applications to the smaller consumers. CHP systems traditionally operate most effectively and give the shortest payback when operated continuously at full output in a baseloading application. This is in conflict with a typical commercial building whose energy requirements vary extensively over daily, weekly and seasonal time periods. Just as CHP is not expected to supply the entire energy requirements of the industrial sector, so CHP should be looked at as merely part of the energy mix for the commercial sector as the capital cost of CHP equipment is typically higher compared to its alternatives and there are technical complications to supply a heating or cooling to power ratio away from design values. An economic CHP system must therefore have a capacity much lower than the peak load of the building to ensure high utilization of the system so that the larger capital investment can be recovered through energy cost savings as quickly as possible. In the absence of a year round continuous demand for either hot or chilled water a commercial CHP system must offer a diverse range of outputs so that the waste heat from the generator can be utilized as mush as possible particularly since the generator component is likely to dominate the capital cost of the installation. This paper proposes that the outdoor, or ventilation air stream into a building provides an excellent capacity match for CHP equipment packaged as a CHP Dedicated Outdoor Air System (CHPDOAS). Ventilation air has the largest temperature and humidity difference with indoor air of any stream of air in the building and so reduces the heat and mass transfer surface areas in the equipment. Also since the ventilation air is only a fraction of the total air flow rate that is being conditioned the CHP system can overcool the air in the summer or overheat the air in the winter and the effect is simply the reduce the cooling or heating workload of the conventional equipment since the ventilation air is then mixed with the bulk of the air remaining in the building before being conditioned. This means that the CHP system can run its generator for longer hours and at higher loads than would have been possible if the outlet conditions were set at space neutral or space supply conditions.

Sign in / Sign up

Export Citation Format

Share Document