scholarly journals Evaluating Business Performance and Efficiency in the Medical Tourism: A Multi-criteria Approach

2021 ◽  
Vol 12 (22) ◽  
pp. 198-221
Author(s):  
Veronika Čabinová ◽  
Peter Gallo ◽  
Petra Pártlová ◽  
Jan Dobrovic ◽  
Milan Stoch
Keyword(s):  
Business Performance ◽  
Medical Tourism ◽  
Rating Scale ◽  
Economic Value ◽  
Value Added ◽  
Three Dimensions ◽  
Financial Situation ◽  
Multi Criteria Evaluation ◽  
Management Concepts ◽  
Tourism Enterprises

Measuring the performance and efficiency of the tourism enterprises is essential regarding the current pandemic situation. In such a context, improving their financial situation and competitive position also depend on the use of innovative multi-criteria evaluation models. The paper's main objective is to propose the newly designed Performance & Efficiency model (P&E model) for Slovak spa enterprises. Its structure consists of three dimensions – P&E_I, P&E_II, P&E_III. The application of Confirmatory Factor Analysis validates 34 key performance ratios reflecting the financial situation of enterprises within the P&E_I. In case of P&E_II, the development of value-added dynamics is measured by using the Economic Value Added Momentum. Using the Data Envelopment Analysis, the level of enterprise efficiency is quantified (P&E_III). The partial results of the dimensions are transformed using min-max normalization to the overall score ranging from 0 to 3. Based on the results, a rating scale of all enterprises is carried out, and both their partial and overall positions are assessed through benchmarking. During the research (2013 – 2018), the best results are achieved for SE03 (Spa Bojnice, Inc.), SE21 (Specialised Spa Institute Marína, s.e.), and SE18 (Spa Horný Smokovec, Ltd.). The worst-rated spa enterprises include SE14 (Natural Iodine Spa Číž, Inc.), SE09 (Spa Sliač, Inc.), and SE19 (Pieniny Resort, Ltd.). The proposed P&E model is easily applicable to other tourism enterprises. The research as carried out enables deepening of knowledge concerning the multi-criteria evaluation and management concepts and helps enterprises overcome current unfavorable situations.

scholarly journals Performance Management for Growth: A Framework Based on EVA

2021 ◽  
Vol 14 (3) ◽  
pp. 102
Author(s):  
Mihaela Brindusa Tudose ◽  
Valentina Diana Rusu ◽  
Silvia Avasilcai
Keyword(s):  
Statistical Analysis ◽  
Performance Management ◽  
Performance Appraisal ◽  
Business Performance ◽  
Reference Model ◽  
Corporate Sustainability ◽  
Economic Value ◽  
Value Added ◽  
Research Perspectives

Some of the constructs in the field of performance management are intuitive or not empirically validated. This study provides a data-driven framework for measuring and improving the performance through synchronized strategies. The ultimate goal was to provide support for increasing business performance. Empirical research materializes in an exploratory case study and a statistical analysis with econometric models. The case study revealed that a company can improve its performance, even in periods of growth, being characterized by consistent investments. The statistical analysis, performed on a restricted sample of companies, confirmed the results that were provided by the case study. The measurement of performance was made by capitalizing on financial and non-financial data precisely to intensify the interest for corporate sustainability. The obtained results, contrary to previous research that showed that economic value added (EVA) is negatively influenced by the increase in invested capital, open up new research perspectives to find out whether, at the industry level, performance appraisal that is based on EVA stimulates the development of a business’s economic capital. The research has a double utility: scientific (by providing an overview of the state of the art in the field of performance management) and practical (by providing a reference model for measuring and monitoring performance).

Measuring value creation: VAIC and EVA

2014 ◽  
Vol 18 (1) ◽  
pp. 8-21 ◽  
Author(s):  
Gianpaolo Iazzolino ◽  
Domenico Laise ◽  
Giuseppe Migliano
Keyword(s):  
Balanced Scorecard ◽  
Economic Value ◽  
Value Added ◽  
Financial Indicators ◽  
Economic Sectors ◽  
Accounting Systems ◽  
Content Type ◽  
Evaluation Systems ◽  
Multi Criteria Evaluation ◽  
Capital Efficiency

Purpose – This study proposes a comparison between Value Added Intellectual Coefficient (VAIC) and one of the most important performance evaluation methods, the Economic Value Added (EVA), starting from a re-interpretation of the VAIC. Design/methodology/approach – The empirical data were gathered from AMADEUS Bureau van Dijk and consist of 2,596 companies operating in Northern Italy, from six different economic sectors, observed for the year 2011. A correlation analysis was carried out in order to highlight whether there is a relationship between the two concepts of VAIC and EVA. Findings – Results show that EVA and VAIC have no significant relationships; as a matter of fact, EVA is based on financial theory, whereas VAIC is focalised on the assessment of Intellectual Capital Efficiency (ICE). Practical implications – Managers could be misled due to the fact that they often make decisions by taking into account only financial indicators such as EBIT, EVA, etc. Although methods like EVA have improved modern accounting systems, they do not take into account information linked to ICE. Therefore, these two perspectives can be useful in a context in which firms' performances are measured through multi-criteria methodologies (i.e. Balanced scorecard). Originality/value – The proposal describes the differences between VAIC and EVA considering these two concepts as not contrasting. In fact, in order to better measure firms' performances, it could be useful to consider VAIC and EVA as an integrated vision in order to develop multi-criteria evaluation systems, rather than consider them separately.

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

scholarly journals ANALISIS KINERJA KOPERASI DAN DAN DAMPAKNYA TERHADAP KESEJAHTERAAN ANGGOTA (Studi Pada Koperasi Usaha Manunggal Desa Seresam Kecamatan Seberida Kabupaten Indragiri Hulu)

2019 ◽  
Vol 8 (2) ◽  
pp. 244-256
Author(s):  
Aris Triyono ◽  
Suwaji Suwaji ◽  
Marwan Indra Saputra
Keyword(s):  
Business Performance ◽  
Family Income ◽  
Positive Impact ◽  
Descriptive Analysis ◽  
Economic Value ◽  
Value Added ◽  
Secondary Data ◽  
Added Value ◽  
Primary Data ◽  
Access To Credit

Cooperatives are not only expected to be able to produce residual business results in each period, investment activities carried out by cooperatives must be effective in producing positive added value, therefore cooperatives need to be managed as well as possible so that they can grow into a strong and independent organization, with the best performance and ability raise the welfare of its members. This research is in Kopsa. Manunggal Enterprises, Seresam Village, Seberida District, Indragiri Hulu Regency, Riau Province. The purpose of this research is to find out and analyze Cooperative Performance and Its Impact on Members' Welfare. This study used a quantitative descriptive approach, the data the authors use are primary and secondary data, primary data obtained through questionnaires distributed to research respondents to measure Cooperative Performance and Members' Welfare Levels, and secondary data obtained directly from Kopsa. Manunggal Enterprises in the form of financial statement documents. The analytical tool used to measure / assess financial performance with the viewpoint of Economic Value Added (EVA. Cooperative Performance is measured based on 6 (six) indicators of Cooperative Performance, namely: Business Entity Activities, Business Performance, Members' Cohesiveness and Participation, Orientation to Member Services, Services to the Community and contribution to Regional Development Welfare level is measured based on aspects of family income, expenditure on consumption, employment status, health conditions and the ability to access other basic needs.The results of descriptive analysis show Kopsa. Manunggal Enterprises including Cooperatives that are performing well, households Farmers who are members of Kopsa, Manunggal Enterprises are included in the welfare category and the regression analysis conducted shows that the regression coefficient is positive, meaning that there is a positive impact between Cooperative Performance and Welfare. The better the Cooperative Performance will have a positive impact on increasing yes the welfare of members, this can happen because of the monoculture community farming patterns where the main source of income of the village community, especially Kopsa members. Manunggal Business is a commodity of oil palm plantations managed by cooperatives, so the cooperative performance variable becomes very influential in influencing the ease of service, distribution of member income, access to credit and other ease of convenience.

scholarly journals Business performance assessment of small and medium-sized enterprises: Evidence from the Czech Republic

2021 ◽  
Vol 19 (3) ◽  
pp. 430-439
Author(s):  
Vojtech Stehel ◽  
Jakub Horak ◽  
Tomas Krulicky
Keyword(s):  
Performance Assessment ◽  
Business Performance ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
The Czech Republic ◽  
Economic Result ◽  
Risk Free Rate ◽  
The Given ◽  
Free Rate

Business performance assessment is one of the basic tasks of management. Business performance can be assessed using a number of methods. The basic ones include financial analysis, Balanced Scorecard or Economic Value Added (EVA). The paper is focused on SME business performance assessment based on Economic Value Added, calculated using the INFA build-up model. According to this method, companies were divided into four categories. The first category included companies with a positive EVA value. The second category included companies with negative EVA, but with the economic result above the risk-free rate. The third category included companies with a positive economic result above the risk-free rate. The fourth category included companies with a negative economic result. The model did not include companies with negative equity. The input represented 15 predictors based on their financial statements. The data were normalized and all extreme values, likely caused by a data rewriting error, were removed. Company performance is visualized by comparing Principal Component Analysis and Kohonen neural networks. Compared to similar research, the methods are compared using the data that analyzes the performance of companies. Both methods made it possible to visualize the given task. With regard to the purpose of facilitating the interpretation of the results, for the given case, the use of PC seems to be more appropriate. AcknowledgmentThis study has been supported by the Technology Agency of the Czech Republic under project No TL01000349.

scholarly journals INTEGRATING ABC AND EVA TO EVALUATE INVESTMENT DECISIONS

2017 ◽  
Vol 20 (1) ◽  
pp. 87-95
Author(s):  
N. Chiadamrong
Keyword(s):  
Business Performance ◽  
Economic Value ◽  
Investment Decisions ◽  
Value Added ◽  
Considerable Change ◽  
Cost Data ◽  
Activity Based Costing ◽  
Significant Information ◽  
Corporate Strategies ◽  
Traditional Costing

 The significance of investment is transparent in the world of competitive business. Traditional costing systems in which their emphasizes are for short term savings rather than long term benefits have shown some lacking in providing accurate and reliable cost data for the investment decisions. Activity-based Costing (ABC), which is developed to satisfy some of the weaknesses of the traditional costing systems, can provide valuable insights into the operating processes and come up with more accurate cost data. In this paper, ABC is used to provide significant information for investment decisions. Although, the ABC method provides accurate operating product costs, it does not identify which products are economic valued added creators and so contribute to companies’ wealth. This drawback can be overcome by applying Economic Value Added (EVA). The adoption of ABC and EVA can represent a considerable change in the managerial thinking and to corporate strategies and business performance.  

scholarly journals Nexus between intellectual capital and business performance: evidence from India

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Faizi Weqar ◽  
Zubair Ahmad Sofi ◽  
S.M. Imamul Haque
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Business Performance ◽  
Stock Exchange ◽  
Value Added ◽  
Three Dimensions ◽  
Content Type ◽  
Firm Financial Performance ◽  
Study Results ◽  
Capital Efficiency

PurposeThe prime intention of this study is to examine the influence of intellectual capital (IC) on the financial performance of Indian companies listed on Standard and Poor Bombay Stock Exchange Sensitive Index (BSE SENSEX).Design/methodology/approachThe study employs the data of 30 most significant and most prominent companies of India listed on BSE SENSEX for 10 years from 2009–2010 to 2018–2019. Value Added Intellectual Coefficient (VAICTM) methodology developed by Pulic (2000) was employed for measuring the efficiency of the IC.FindingsThe efficiency of IC is substantially and positively associated with the financial performance of the Indian companies as measured by return on assets (ROA), market-to-book (MB) ratio and return on equity (ROE). Amongst the three dimensions of VAIC, capital employed efficiency (CEE) was the most vital element in contributing to the firm financial performance, followed by human capital efficiency (HCE). Structural capital efficiency (SCE) only helps in enhancing the ROA of Indian firms.Research limitations/implicationsThe study results are only restricted to the 30 companies of India listed on S&P BSE SENSEX Index. Thus generalization of the result needs especial caution.Originality/valueThe study fills the void in the current literature of IC and business performance and extends the understanding of their relationship by providing empirical evidence.

scholarly journals Investors Perception Towards Investment With Reference To Modern And Other Traditional Tools

2016 ◽  
Author(s):  
Bhavesh Kumar Rathod ◽  
V Asha ◽  
J Gajendra Naidu
Keyword(s):  
Business Performance ◽  
Economic Value ◽  
Investment Decisions ◽  
Value Added ◽  
Economic Value Added ◽  
Traditional Methods ◽  
Economic Profit ◽  
Modern Methods ◽  
A Company

There are many modern and traditional methods in valuing the performance of the company among them EVA, CVA are modern methods where as EPS, ROI, ROE etc. are some of the traditional methods. modern and traditional methods are not only used to check the performance of a company but it also used in investment decisions by the investors. Stern Stewart, managing partner of M/s Stern Stewart & Co. introduced a modified concept of economic profit in 1990 in the name of Economic Value Added (EVA) as measure of business performance and CVA is only a cash consideration in EVA. In this paper an attempt is made to study which method is used by the investors while taking the investment decisions i.e. traditional methods are modern methods. 100 respondents (Investors) are questioned and collected their views, we are assuming that there is no impact of traditional or modern methods while taking investment decisions by the investors.

scholarly journals Reengineering of production processes and its impact on the financial situation and business performance of the company

2019 ◽  
Vol 11 (3) ◽  
pp. 106-116
Author(s):  
Andrea Sujová ◽  
Ľubica Simanová ◽  
Katarína Marcineková
Keyword(s):  
Financial Performance ◽  
Business Performance ◽  
Positive Impact ◽  
Value Added ◽  
The Body ◽  
Process Reengineering ◽  
Financial Flows ◽  
Financial Situation ◽  
Production Processes ◽  
The Impact

Abstract The current competitive environment is only favourable to those companies that can cope with changes and use them to their advantage. The innovation of business processes is required to improve financial performance. Scientific works have not yet offered an effective solution to the monitoring of the impact made by process reengineering on corporate financial results. This work presents the case of a business process reengineering in a particular company to improve its performance. The results of implemented reengineering are analysed from the point of view of the impact made on the financial situation of the company. The paper aims to demonstrate the implementation of reengineering and evaluate its impact on the financial standing of a company and its performance. The practical application of reengineering was made according to Hammer and Champy methodology, which is based on the analysis of production processes in the company, the implementation of selected reengineered production processes and the evaluation of the reengineering impact on the corporate financial situation and performance. During the evaluation, the selected indicators of financial performance, activity indicators, the indebtedness indicator, business performance indicators as a cash flow to measure financial flows and the economic value-added (indicator EVA) were calculated and analysed. Subsequent to financial analyses and based on the selected indicators, the authors concluded that the implemented reengineering of the production process increased the performance and value of the company, which had a positive impact on the company’s financial situation. The funds spent on the proper implementation of the reengineering steps were effectively used, and the reengineering process was also timed. This contribution to the body of theoretic knowledge links the implementation of reengineering and the part of the financial analysis, which is related to the preparation, implementation and reengineering results.

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