scholarly journals Analysis of competitiveness and economic profit of the confectionary sector in Kazakhstan and its comparison with Czech Republic data

2021 ◽  
pp. 1-30
Author(s):  
Petr Hájek ◽  
Eva Kaňková ◽  
Gulnar Zhunissova
Keyword(s):  
Czech Republic ◽  
Financial Performance ◽  
Food Industry ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Z Score ◽  
The Czech Republic ◽  
Economic Profit ◽  
Communist Countries

Measuring competitiveness in post-communist countries in Central Asia is challenging. Many well-known metrics fail to warn bankruptcy risks sufficiently early or at all. This study uses metrics of the Altman z-score, Taffler z-score, IN99, IN01, IN05, and creditworthiness models to assess bankruptcy likelihood and financial performance of local and foreign confectionery companies operating in Kazakhstan during 2007-2018. These companies are Roshen, KDV Yaskino, Konti, Rakhat, and Bayan Sulu. The IN bankruptcy and creditworthiness models are considered in this study because they are found to be more appropriate for post-communist countries. Compared to the well known Altman or Taffler z-score models, they better suit the events and corporate situations peculiar to these countries. The benchmarking INFA system, involving a pyramidal approach developed for Czech companies, provides the economic-value-added (EVA) and component indicators to analyze competitiveness. This study also compares the performance of Kazakhstan companies with Nestlé Czechia and the Czech food industry. The objective is to analyze company competitiveness, bankruptcy probability, and ability to create value. Results show the effectiveness of INFA in analyzing competitiveness and the applicability of IN models to companies from Kazakhstan, Russia, Ukraine, and the Czech Republic.

scholarly journals Credit Absorption Capacity of Businesses in the Construction Sector of the Czech Republic—Analysis Based on the Difference in Values of EVA Entity and EVA Equity

2020 ◽  
Vol 12 (21) ◽  
pp. 9078
Author(s):  
Jakub Horak ◽  
Petr Suler ◽  
Jaroslav Kollmann ◽  
Jan Marecek
Keyword(s):  
Czech Republic ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Absorption Capacity ◽  
Economic Value Added ◽  
Investment Climate ◽  
Construction Sector ◽  
The Czech Republic ◽  
The Difference

The contribution deals with the economic value added and its influence on credit absorption capacity. The aim was to determine the significance of the difference between the economic value added (EVA) entity and EVA equity indicators on credit absorption by the construction sector in the Czech Republic. The data came from the Albertina database of Bisnode Czech Republic for the period 2012–2018; small and medium-sized enterprises, in particular, were selected. The most important factor for calculating the amount of credit absorption depends on the EVA entity indicator and the weighted average cost of capital. The calculations produced negative values for credit absorption, which reflects an unattractive investment climate for business owners and their creditors. In other words, loans sought by enterprises in the Czech construction sector do not lead to a greater degree of realization of their goals, i.e., an increase in value for shareholders.

KOMPARASI KINERJA KEUANGAN MELALUI PENDEKATAN ECONOMIC VALUE ADDED (EVA) PADA PERUSAHAAN TRANSPORTASI DI JAKARTA

2018 ◽  
Vol 3 ◽  
pp. 223-232
Author(s):  
Dwi Urip Wardoyo
Keyword(s):  
Financial Performance ◽  
Service Industry ◽  
Economic Value ◽  
Value Added ◽  
Added Value ◽  
Economic Value Added ◽  
Test Analysis ◽  
Transportation Service ◽  
Income Statement

This study aims to compare financial performance through profitability generated by two market participants in the witness transportation service industry in Jakarta, namely PT. BB compared to PT. ETU, this assessment is measured not limited to the profit generated but more than that by measuring financial added value through the concept of Eonomic Value Added produced by the two companies. The population in this study were all taxi transportation service companies in Jakarta. The sampling method selected two taxi companies that have the largest market share in DKI Jakarta, namely BB Taxi and ETU Taxi. The test analysis used in this study is ratio analysis through profit calculation and economic added value from the annual income statement. This study shows that there are (a) determination of the ratio of profit levels, (b) Determination of the comparison of economic value added of the two companies. Keywords :  Financial performance, Economic Value Added (EVA)

scholarly journals Altman Model Verification Using a Multi-Criteria Approach for Slovakian Agricultural Enterprises

2021 ◽  
Vol 24 (1) ◽  
pp. 146-164
Author(s):  
Roman Vavrek ◽  
Petra Gundová ◽  
Ivana Kravčáková Vozárová ◽  
Rastislav Kotulič
Keyword(s):  
Slovak Republic ◽  
Economic Value ◽  
Value Added ◽  
Model Verification ◽  
Economic Value Added ◽  
Z Score ◽  
Natural Conditions ◽  
Agricultural Enterprises ◽  
Overall Reliability ◽  
Altman Model

The Altman model is still one of the most widely used predictive models in the 21st century, and it aims to highlight the differences between bankrupt and healthy enterprises. This model has been modified several times; its most well-known forms are from 1968, 1983 and 1995. However, the use of the Altman Z-score for Slovak enterprises is more than questionable. The unsuitability of the model for the conditions of Slovak companies has been confirmed by several empirical surveys. The objective of this study was to verify the validation of these three variants of the Altman model, depending on how an unprosperous company is identified, using a sample of 996 agricultural enterprises operating in the Slovak Republic. Four indicators were selected for the identification of an unprosperous enterprise – economic results, total liquidity, equity, and economic value added – and they were monitored over the last year or, as the case may be, over the last three years from 2014 to 2016. Using the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) and Coefficient of variation (CV) methods as an objective method for weight determination, a combination of the Altman model from 1968 and the negative total liquidity in the last reference year was determined to be the best. One of our main findings is that the way in which an unprosperous enterprise is identified is a significant factor affecting the overall reliability of the Altman model. The Altman model from 1968 and 1983 confirmed the differences resulting from the natural conditions in which the enterprises operate. The economic results and economic value added (EVA) proved to be inappropriate as indicators for defining an unprosperous enterprise in the conditions of the Slovak Republic.

scholarly journals ANALISIS ECONOMIC VALUE ADDED (EVA) DAN MARKET VALUE ADDED (MVA) SEBAGAI ALAT UKUR KINERJA KEUANGAN PT GARUDA INDONESIA TBK TAHUN 2017 -2019

2020 ◽  
Vol 2 (1) ◽  
pp. 31-45
Author(s):  
Ferry Irawan ◽  
Nico Yudha Manurung
Keyword(s):  
Financial Performance ◽  
Stock Price ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
The State ◽  
Economic Value Added ◽  
Public Company ◽  
Market Value Added

PT Garuda Indonesia Tbk was one of the state-owned corporation that have go public on Bursa Efek Indonesia (BEI). As a public company, PT Garuda Indonesia should create a good financial performance to attract financier (investor or creditor). The purpose of this study were to measure the financial performance by Economic Value Added (EVA) and Market Value Added (MVA). The result of this study is the company get a negative EVA in 2017 until 2019 which mean the company was not able to create value added for financier. In 2017 and 2018, MVA get a negative value which mean the company was not able to create value added for investor. In 2019, MVA get a positive value because the company’s stock price increased 73% from previous year.PT Garuda Indonesia Tbk merupakan salah satu Badan Usaha Milik Negara (BUMN) yang telah go public di Bursa Efek Indonesia (BEI). Sebagai perusahaan terbuka, PT Garuda Indonesia Tbk harus menciptakan kinerja keuangan yang baik untuk menarik pemodal (investor atau kreditur). Tujuan dari penelitian ini adalah untuk mengukur kinerja keuangan dengan Economic Value Added (EVA) dan Market Value Added (MVA). Hasil penelitian ini adalah perusahaan memperoleh nilai EVA yang negatif pada 2017-2019 yang berarti perusahaan tidak berhasil menciptakan nilai tambah bagi para pemodal. Pada 2017 dan 2018, MVA memperoleh nilai yang negatif yang berarti perusahaan gagal menciptakan nilai tambah pagi para investor. Pada 2019, MVA memperoleh nilai yang positif karena harga saham perusahaan yang meningkat sebesar 73% dari tahun sebelumnya.

scholarly journals Sensitivity analysis of Economic Value Added as a dominant indicator of concept of economic profit

2021 ◽  
Vol 129 ◽  
pp. 03014
Author(s):  
Dusan Karpac ◽  
Viera Bartosova
Keyword(s):  
Sensitivity Analysis ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Financial Status ◽  
Economic Profit ◽  
Methods Of Synthesis ◽  
The Difference ◽  
Individual Variables ◽  
The Impact

Research background: The modern goal of enterprises, value creation, is achieved through the concept of economic profit. Profit, as part of profit or loss, is one of the most important flows, pointing to how efficiently corporate capital is used in an entity (Coatney & Poliak, 2020). The article deals with the difference between accounting and economic profit, the selected form of economic profit - the EVA indicator. The economic value added (EVA) indicator is one of the best-known modern indicators of a company's performance (Siekelova et al., 2019). It shows whether the given entity increases its value or only earns for its economic survival. The benefit of this indicator is the valuation of equity and taking into account the risk. It is difficult to express the economic profit itself, therefore the article also addresses the issue of its calculation (Shah et al., 2016). The company needs to know its financial status and the direction it is heading, so we decided to calculate a selected form of economic profit. Purpose of the article: The company needs to know its financial status and the direction it is heading, so we decided to calculate a selected form of economic profit. When expressing the value of the economic value added indicator, it is also important to know the items and components of the calculation that have the strongest meaning and effect on the possible amount of the indicator. Given this, we decided to use a sensitivity analysis, which points to the effect of individual variables that participate in the construction of the EVA calculation. Methods: In this work, the methods of induction, deduction, and comparison were used to obtain a true picture of the subject issue. Methods of synthesis and analysis of the researched issues were also used. Findings & Value added: In the paper there is pointed out the intensity of the impact of individual variables that entered into the calculation of the economic value added indicator as a dominant indicator of concept of economic profit.

scholarly journals Analyzing Islamic Micro Finance Performance with Economic Value Added (EVA): Learning from Baitul Wat Tamwil (BMT) Usaha Gabungan Terpadu Sidogiri Indonesia

2014 ◽  
Vol 2 (2) ◽  
pp. 29
Author(s):  
Titik Inayati ◽  
Bambang Subroto ◽  
Achmad Fachan ◽  
Atim Djazuli
Keyword(s):  
Financial Performance ◽  
Average Cost ◽  
Cost Of Capital ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Economic Value Added ◽  
The Real ◽  
Operating Profit

Analyzing Islamic Micro Finance Performance with Economic Value Added (EVA). EVA analysis is used for deciding the regulations of investment of BMT. Monetary report is analyzed with  EVA, Net Operating Profit After Tax (NOPAT), Weighted Average Cost of Capital (WACC), and Invested Capital. The result of performance using EVA shows that BMT can create value. NOPAT underwent a significant increase compare with the capital fund. The profit that is created is higher than accounting profit which shows that BMT has a very good performance. The capital which is consists of debt and equity has been used efficiently and effectively so that it can increase the profit. The BMT officer should pay attention to the financial performance in order to decide the regulation and investment that will be done. Investment and activity which is done by BMT should be resulted more value so that it can give the real profit for the development of BMT.

scholarly journals ANALISIS PERBANDINGAN ANTARA RASIO KEUANGAN DAN METODE ECONOMIC VALUE ADDED SEBAGAI PENGUKUR KINERJA KEUANGAN PERUSAHAAN (STUDI KASUS PADA PERUSAHAAN ROKOK YANG TERDAFTAR DI BEI PERIODE TAHUN 2012 -2014

2016 ◽  
Vol 1 (01) ◽  
Author(s):  
Any Arisanti ◽  
IBK Bayangkara
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Secondary Data ◽  
Financial Ratios ◽  
Economic Value Added ◽  
New Approach ◽  
Financial Situation ◽  
The Past

This study aimed to describe and compare the company's financial performance as measured by the method of Economic Value Added (EVA) is a new approach which assesses the company's financial performance by taking into account the expectations of donors, particularly shareholders and creditors. Financial Ratios and analysis to assess the company's financial situation in the past, present and future. The research object is a cigarette company listed on the Stock Exchange in the period 2012 - 2014, that are PT. Gudang Garam Tbk, PT. HM Sampoerna Tbk, PT. Bentoel Internasional Investama Tbk, and PT. Wismilak Inti Makmur, Tbk. This type of research is comparative descriptive, while the data used is secondary data obtained from the Indonesia Stock Exchange. The Results of financial ratios calculation fluctuated every company each year. In the EVA calculation are the average of 2012 - 2014, PT. HM Sampoerna Tbk has the highest EVA value, then PT. Gudang Garam Tbk, hereinafter PT. Bentoel Internasional Investama Tbk and last PT. Wismilak Inti Makmur, Tbk. EVA is always positive (EVA> 0) in 2012-2014 means that the management company is able to create economic value for shareholders, and of course the company's financial performance is also good.Keywords: financial performance, financial ratios, EVA

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