TOMA DE DECISIONES EN EL CORTO PLAZO BASADOS EN COSTE-VOLUMEN-BENEFICIO

2021 ◽  
Vol 39 (8) ◽  
Author(s):  
José López
Keyword(s):  
Capital Structure ◽  
Short Term ◽  
Sales Revenue ◽  
Financial Uncertainty ◽  
Net Profit ◽  
Toma De Decisiones ◽  
Cost Of Materials ◽  
The Cost ◽  
The Relationship ◽  
Total Sales

Cost-volume-profit relationships are the strategy for short-term decisions. This article analyzes and examines the relationship between changes in activity and changes in total sales revenue, costs, and net profit. Making a profit in times of economic/financial uncertainty is not easy for companies. The cost of materials, labor, equipment, advertising, etc., means that it is exceedingly difficult to stay in business. Questions such as: How much do companies have to produce and sell to break even in times of uncertainty? How do short-term decisions affect the business and capital structure? The answer is the relationship between sales revenue and costs.

scholarly journals The relationship of capital structure decisions with firm performance: A study of the engineering sector of Pakistan

2012 ◽  
Vol 2 (1) ◽  
pp. 245 ◽  
Author(s):  
Abdul Ghafoor Khan
Keyword(s):  
Firm Performance ◽  
Capital Structure ◽  
Negative Relationship ◽  
Engineering Industry ◽  
Tobin’S Q ◽  
Financial Leverage ◽  
Short Term ◽  
Tobin's Q ◽  
Relationship Of ◽  
The Relationship

Purpose: The purpose of this study is to find the relationship of capital structure decision with the performance of the firms in the developing market economies like Pakistan.Methodology: Pooled Ordinary Least Square regression was applied to 36 engineering sector firms in Pakistani market listed on the Karachi Stock Exchange (KSE) during the period 2003-2009.Findings: The results show that financial leverage measured by short term debt to total assets (STDTA) and total debt to total assets (TDTA) has a significantly negative relationship with the firm performance measured by Return on Assets (ROA), Gross Profit Margin (GM) and Tobin’s Q. The relationship between financial leverage and firm performance measured by the return on equity (ROE) is negative but insignificant. Asset size has an insignificant relationship with the firm performance measured by ROA and GM but negative and significant relationship exists with Tobin’s Q. Firms in the engineering sector of Pakistan are largely dependent on short term debt but debts are attached with strong covenants which affect the performance of the firm.Originality/Value: This is first paper to study an individual sector like engineering industry in Pakistan on the mentioned topic.

scholarly journals Statistical Analysis of Causality between Capital Structure and Firm Profitability: Evidence from Bosnia and Herzegovina

2015 ◽  
Vol 1 (1-2) ◽  
pp. 1-11
Author(s):  
Emina Resić ◽  
Jasmina Mangafić ◽  
Tunjo Perić
Keyword(s):  
Capital Structure ◽  
Bosnia And Herzegovina ◽  
Canonical Correlation ◽  
Debt Structure ◽  
Short Term ◽  
The Relationship ◽  
Structure Choice ◽  
Capital Structure Choice ◽  
The Capital Structure

Abstract This research is designed to examine the relationship between the capital structure and profitability of non-financial firms in Bosnia and Herzegovina during the ten years period, from 2003-2012. The goal is to prove the existence of the relationship between the firm’s capital structure choice and its profitability. The analysis is extended by including the debt structure and differentiating between the types of debt such as the long-term and the short-term ones. Canonical correlation and multiple regression analysis are used. The results of the multivariate canonical correlation analysis provide support to a hypothesis that the capital structure and profitability have statistically significant relationships. Furthermore, the findings provide support that firms develop different patterns of profitability depending on the capital structure choice. We found that an increasing proportion of short-term debt and long-term debt in the overall liability of the firm reduces its profitability.

scholarly journals Impact of Capital Structure on Profitability:An empirical analysis of listed firms in India

2018 ◽  
Vol 7 (2) ◽  
pp. 1-6
Author(s):  
Atif Ghayas ◽  
Javaid Akhter
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Short Term ◽  
Return On Equity ◽  
Listed Firms ◽  
Relationship Capital ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect

This study aims to empirically examine and analyze the impact of capital structure decision on the firm’s profitability by using a sample of 35 Indian pharmaceutical companies listed on Bombay Stock Exchange (BSE) during the period of 5 years from 2012 to 2016. Regression Analysis is used to measure the extent and nature of the relationship. Capital structure variables used in the study are ratio of long-term debt to total assets (LDA), ratio of short-term debt to total assets (SDA) and ratio of Total debt to total assets (DA) while profitability has been measure by Return on Equity (ROE). Firms Size (SIZE)and Salesgrowth(GROW) are also used as control variables. Results reveal a positive effect of SDA and DA on ROE, while a weak-to-no effect was found of LDA on ROE.

scholarly journals Empirical Testing Of Different Alternative Proxy Measures For Firm Size

2011 ◽  
Vol 21 (3) ◽  
Author(s):  
Osamah M. Al-Khazali ◽  
Taisier A. Zoubi
Keyword(s):  
Firm Size ◽  
Market Value ◽  
Economic Sector ◽  
Economic Sectors ◽  
Statistical Tools ◽  
Book Value ◽  
Sales Revenue ◽  
The Relationship ◽  
Total Sales ◽  
Over Time

This paper examines the relationship among total sales revenue, total assets, book value of equity, and market value of equity for different economic sectors and timeperiods.  Five statistical tools are used to examine the relationship among the different proxies of size of the firm for the period 1999-2002. Our study shows that the relationships among the four measures of the size of the firm are not the same for the different economic sectors and are not stable over time for each economic sector.  Our results suggest that the use of the four measures interchangeably as a proxy for the firm size may not be appropriate.

PENGARUII CORPORATE GOWRNANCE TERIIADAP STRUKTUR MODAL DAN KINERJA PERUSAHAAI\: STUDI EMPIRIS PADA FAMILY BASINESS GROUP YANG TERDAFTAR DI BURSA EFEK JAKARTA

2007 ◽  
Vol 2 (1) ◽  
pp. 23
Author(s):  
Freddy Iston Hasil Marbudi Pangaribuan
Keyword(s):  
Capital Structure ◽  
Internal Control ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Short Term ◽  
Internal Mechanism ◽  
Big Six ◽  
The Relationship

The aim of this research is to examine the effect of corporate governancet's internal mechanism that ls institutionii o*r"rriip, oi both firm performance and firm capital structure. To the extent, the moderating effect of managerial ownership on the relationship between institutional ownership,-fir* performance and capital structure wilt be examined as well.The sample of this research is drar,vn fro* companies within the big six family,owned business in Indonesia, which are listed at The Jakarta Stock Exchange fro* 1998 until 2005. Using the Moderated Regression Analysis (MRA),. the result shows that both institutional and managerial ownership fail to demonstrate the direct and moderated effect on both performance and capital structure. These findings suggest that the froil of economic, social and political circumstances create the "short term-focused" toward investment return. Moreover, the slow achiqement of collusion, corruption, and nepotism (KI< I) eradication has resulted in sudden-withdrawal of investor's investment. Hence, the internal control mechanism of corporate governance which is long-term focused and associated with KKI{ eradi cation cannot b e su cc es sfully impl em ent ed.Keywords: Institutional ownership, managerial ownership, performance,capital structure

scholarly journals Leverage and the Cost of Capital: Some Tests Using Nepalese Data

2007 ◽  
Vol 3 (1) ◽  
pp. 85-91 ◽  
Author(s):  
Hari Bahadur Khadka
Keyword(s):  
Capital Structure ◽  
Capital Markets ◽  
Cost Of Capital ◽  
Traditional Approach ◽  
Cost Of Equity ◽  
Business Studies ◽  
Interest Charge ◽  
The Cost ◽  
The Relationship ◽  
The Capital Structure

This paper is devoted to test the MM’s propositions about the relationship between leverage and cost of capital in the context of Nepalese capital markets. The main objective of the study is to determine whether the firms' overall cost of capital and cost of equity decline with the increasing use of leverage. The results showed a negative but insignificant beta value of the relationship between leverage and the overall cost of capital. Therefore the leverage may not be regarded as contributing variable to the cost of capital function for Nepalese firms. But finding contradicts with the traditional approach of the capital structure theories. It is further concluded that the cost of capital declines not only with leverage because of the tax deductibility feature of interest charge. The relationship between the cost of equity and leverage is also strongly negative. Besides leverage, the size, and D-P Ratio are other important variables that affect the cost of capital in Nepalese context.Journal of Nepalese Business Studies 2006/III/1 pp. 85-91

scholarly journals The Impact of Different Firm Sizes on Capital Structure Determinants Among Listed Consumer Product Firms In Malaysia

2018 ◽  
Vol 5 (2) ◽  
pp. 1-6
Author(s):  
Hishan S Sanil ◽  
Ahmad Amirul Arsyad bin Noraidi ◽  
Suresh Ramakrishnan
Keyword(s):  
Capital Structure ◽  
Annual Report ◽  
Fixed Effect ◽  
Consumer Product ◽  
Short Term ◽  
Effect Analysis ◽  
Total Debt ◽  
The Impact ◽  
The Relationship

This research is conducted to determine the impact of different firm sizes on the relationship between capital structure determinants and leverage among listed consumer product firms in Malaysia from year 2006 to 2015. All data was taken from annual report of the companies by using DataStream. In 2015, 130 firms were listed in Bursa Malaysia under the consumer product sector. However, only 108 firms were observed as several firms had insufficient data. This study uses the dependent variable of debt ratios i.e. short-term debt, long-term debt and total debt. The independent variables used are firm size, profitability, tangibility, liquidity, growth, non-tax debt shield and business risk. Those results were obtained by applying Pooled OLS and Fixed Effect Analysis. The main finding of this study is that different firm sizes will affect the relationship between capital structure determinants and leverage. The Fixed Effect analysis revealed that all determinants were significant across all types firm sizes. Furthermore, non-tax debt shield had the largest impact to all types of leverage across different firm sizes.

scholarly journals Herramienta de evaluación para la toma de decisiones sostenibles, durante el anteproyecto arquitectónico = Evaluation tool for sustainable decision-making during the architectural design

2017 ◽  
Vol 3 (1) ◽  
pp. 51
Author(s):  
Jorge Orondo ◽  
Luis A. Alonso ◽  
Cesar Bedoya
Keyword(s):  
Decision Making ◽  
Continuous Improvement ◽  
Architectural Design ◽  
Economic Feasibility ◽  
Evaluation Tool ◽  
Validation Process ◽  
Toma De Decisiones ◽  
The Cost ◽  
The Relationship

ResumenDesde hace tiempo, muchos especialistas señalan que la clave para incorporar la sostenibilidad a una propuesta, de manera económicamente viable, es considerar los objetivos y criterios sostenibles desde los primeros pasos del proyecto, porque es cuando la relación entre la efectividad de las estrategias planteadas y el coste de implementarlas es más beneficiosa. El principal objetivo de este trabajo ha sido el desarrollo de una herramienta, denominada Green Improvement Tool v1.7, que simplifica al máximo las cuestiones relativas a la sostenibilidad, dando solución a las necesidades de sus potenciales usuarios y reuniendo al mismo tiempo varias características: claridad en sus términos y objetivos (para evitar confusiones y fallos de implementación), viabilidad técnica y económica en su aplicación, flexibilidad suficiente para adaptarse a situaciones y contextos diversos, capacidad de promover el uso de diferentes tecnologías y, ante todo, estimular el interés de dichos usuarios en un proceso de mejora continua. Los ensayos realizados en casos de estudio reales, durante el proceso de validación, indican que la herramienta permite anticipar desde las fases iniciales, con una fiabilidad media superior al 95%, más del 80% de los resultados al final del proceso.AbstractMany experts have long pointed out that the key to incorporating sustainability into a proposal in an economically viable way is to consider sustainable objectives and criteria from the very first steps of the project because the relationship between the effectiveness of the strategies proposed and The cost of implementing them is more beneficial. The main objective of this work has been the development of a tool, called Green Improvement Tool v1.7, which simplifies as much as possible the questions related to sustainability, giving solution to the needs of its potential users and bringing together several characteristics: Clarity in terms and objectives (to avoid confusion and failure to implement), technical and economic feasibility in its application, sufficient flexibility to adapt to different situations and contexts, ability to promote the use of different technologies and, above all, to stimulate interest of these users in a process of continuous improvement. During the validation process, the tests carried out in real cases indicate that the tool allows more than 80% of the results at the end of the process to be anticipated from the initial phases, with an average reliability of more than 95%. 

The Transactions Demand for Credit Cards

2007 ◽  
Vol 7 (1) ◽  
Author(s):  
Kathleen W. Johnson
Keyword(s):  
Credit Card ◽  
Consumer Credit ◽  
Credit Cards ◽  
Credit Card Debt ◽  
Financial Vulnerability ◽  
Short Term ◽  
Payment Instruments ◽  
The Cost ◽  
The Relationship

Abstract I argue that the measure of credit card debt used by researchers has grown rapidly in part because it captures debt arising from transactions in which a credit card is used because of its advantages over other payment instruments. Increases in debt stemming from such use may not signal greater household financial vulnerability if households are willing and able to repay this short-term debt. However, it may suggest that the cost of using credit cards to pay for purchases has declined relative to other payment instruments. I conclude that had transactions demand remained at its real 1992 levels, rather than growing almost 15 percent per year, measured credit card debt would have grown a bit less than 1 percentage point slower per year between 1992 and 2001. Moreover, I show that removing transactions demand from aggregate consumer credit can alter conclusions about the relationship between credit and consumption.

Fairness judgments and counterfactual thinking: pricing goods versus services

2015 ◽  
Vol 23 (2) ◽  
pp. 174-190 ◽  
Author(s):  
Charles E Naquin ◽  
Terri R. Kurtzberg ◽  
Aparna Krishnan
Keyword(s):  
Procedural Justice ◽  
Design Methodology ◽  
Organizational Processes ◽  
Content Type ◽  
Perceptions Of Fairness ◽  
Fairness Judgments ◽  
Fair Compensation ◽  
Cost Of Materials ◽  
The Cost ◽  
The Relationship

Purpose – This paper aims to propose and empirically document the idea that people’s perceptions of having been treated fairly depend, in part, on whether the explanation provided to them of a product’s pricing is primarily based on the costs of labor (a service) versus materials (goods). Because materials are more fixed and tangible than the effort of labor, it is argued that people will have fewer counterfactual thoughts about how things could have been different with the cost of materials than those associated with labor. This has implications for fairness judgments more generally, as it suggests that people may be uneven in which types of data they attend to when making fairness judgments. Three experiments are presented that empirically test the relationship between the salience of goods versus services in the price paid and the resulting perceptions of fairness. Findings confirm that thoughts of money spent on a service were associated with lesser feelings of fairness than were thoughts of money spent on a good. This research uniquely identifies the mechanism by which some evaluations are considered fairer than others. Implications for organizational processes, such as procedural justice and fair compensation, are discussed. Design/methodology/approach – Three experiments are presented that empirically test the relationship between the salience of goods versus services in the price paid, and the resulting perceptions of fairness. Findings – Findings confirm that thoughts of money spent on a service were associated with lesser feelings of fairness than were thoughts of money spent on a good. Originality/value – This research uniquely identifies the mechanism by which some evaluations are considered fairer than others. Implications for organizational processes, such as procedural justice and fair compensation, are discussed.

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