scholarly journals Estudio de los estados financieros en industrias agroalimentarias. / Financial statement analysis on the agrifood industry.

2020 ◽  
pp. 35-50
Author(s):  
Núria Arimany Serrat ◽  
Alejandra Aramayo García ◽  
Cara De Uribe Gil ◽  
Anna Sabata Aliberch
Keyword(s):  
Food Industry ◽  
Financial Analysis ◽  
Cash Flows ◽  
Financial Economic ◽  
Economic Indicators ◽  
Financial Statement ◽  
Financial Statement Analysis ◽  
Short And Long Term

Este trabajo realiza un diagnóstico de la salud económica financiera de las empresas cárnicas catalanas en el período 2007-2011 por ser un sector estratégico dentro de la agroalimentación, considerada primer clúster agroalimentario de Europa según el observatorio de clústers Stockholm School of Economics. El estudio posiciona estas industrias dentro del sector agroalimentario español y presenta los principales indicadores económicos financieros de las empresas objeto de estudio mediante un análisis a corto y largo plazo, de los resultados, de los cambios patrimoniales y de sus flujos de efectivo. ABSTRACT:  This paper provides an economic and financial analysis of the Catalonian meat companies in the period 2007-2011, as a strategic agrofood sector and considered the first cluster in Europe by the Observatory of Stockholm School of Economics. The study ranks these companies within the Spanish food industry and it presents the main financial economic indicators of the companies under study by examining, short and long term, the results, changes in equity and its cash flows.

Where Did All the Dollars Go? The Effect of Cash Flows on Capital and Asset Structure

2011 ◽  
Vol 46 (5) ◽  
pp. 1259-1294 ◽  
Author(s):  
Sudipto Dasgupta ◽  
Thomas H. Noe ◽  
Zhen Wang
Keyword(s):  
Cash Flow ◽  
Economic Effect ◽  
Balance Sheet ◽  
Cash Flows ◽  
Long Run ◽  
Goods Market ◽  
Short Run ◽  
Debt Market ◽  
Short And Long Term

AbstractThis paper documents the short- and long-term balance sheet effect of cash flows. We show that cash savings in the short run and debt reduction in both the short and the long run account for a substantial fraction of cash flow use. Although, in the long run, investment exhibits substantial sensitivity to cash flows, investment does not absorb the entire cash flow shock. In fact, the tighter the financial constraints, the smaller the fraction of cash flow absorbed by investment and the more by leverage reduction. Firms stage their response to increases in cash flow, delaying investment while building up cash stocks and reducing leverage. These results suggest that much of the short-run economic effect of cash flow shocks to the corporate sector may be channeled into the corporate debt market rather than the capital goods market, especially when financing constraints tighten.

Assessment of Financial Performance of Agricultural Cooperative Unions: The Case of West Harerghe Zone, Oromia Region, Ethiopia

2020 ◽  
Vol 8 (9) ◽  
pp. 86-104
Author(s):  
Buta Debela Bonsa ◽  
Kerima Rahmeto Ebrahim
Keyword(s):  
Financial Performance ◽  
Financial Analysis ◽  
Balance Sheet ◽  
Free Cash Flow ◽  
Financial Statement ◽  
Financial Statement Analysis ◽  
Agricultural Cooperative ◽  
Secondary Sources ◽  
Current Asset ◽  
Asset Turnover

Financial statement analysis involves comparing cooperative union performance and evaluating trends in the unions’ financial position over time. Managers use financial statement analysis to identify situations demanding attention; potential lenders use financial analysis to determine whether the union is creditworthy; and stockholders use financial analysis to help predict future earnings, dividends, and free cash flow.  This study is conducted on Assessment of Financial performance of Agricultural Cooperative unions: the Case of West Harerghe zone, Oromia region, Ethiopia. The general objective of this study was to evaluate financial performance of agricultural cooperative union. For this study, the researchers used both primary and secondary sources of data taken from purposively selected two cooperative unions (i.e. Burka Galeti and Chercher Oda bultum) since they do have audited financial statements out of five unions found in western Haraghe. The study also used FGD and interview with fiancé managers and employees of the union for further explanation. Based on the financial statement analysis the researchers found that the agricultural cooperatives are efficient and effective in asset utilization, activity and debt equity management ratios. However, the financial statement analysis showed that the current asset ratio is below the industry standard   that cannot cover its short term liabilities form its current asset section of the balance sheet. Moreover, the profitability ratio of the unions revealed that the agricultural cooperative unions are efficient to make profit but the margin of profit is below 25% that cannot make the union successful to cover all the incidental costs that are borne within short and long-term periods. The OLS model revealed that quick, fixed asset turnover, total asset turnover, inventory turnover and gross profit margin ratios are significantly and positively affecting ROA. As a result, the researchers recommend that the agricultural cooperative unions are expected to improve its effective and efficient management of the day to day activities of the union. Furthermore, the unions are expected to higher managers who have the caliber to manage each and every activities of the union and who are visionary to bring success for the unions.

scholarly journals Topics In Finance Part II - Financial Analysis

2010 ◽  
Vol 3 (3) ◽  
pp. 81-88
Author(s):  
Judy Laux
Keyword(s):  
Financial Management ◽  
Financial Analysis ◽  
Financial Statement ◽  
Managerial Behavior ◽  
Financial Statement Analysis ◽  
Stock Valuation

The second article in a series designed to supplement the introductory financial management course, this essay addresses financial statement analysis, including its impact on stock valuation, disclosure, and managerial behavior.

scholarly journals Formation of the Mechanism for Financial Planning at the Enterprise in Conditions of Volatility and Instability of the External Environment

2021 ◽  
Vol 9 (524) ◽  
pp. 207-215
Author(s):  
D. I. Dema ◽  
◽  
L. V. Sus ◽  
Y. Y. Sus ◽  
◽  
...  
Keyword(s):  
Financial Planning ◽  
Financial Management ◽  
Financial Stability ◽  
External Environment ◽  
Cash Flows ◽  
Financial Economic ◽  
Point Of View ◽  
Existing Problems ◽  
Advantages And Disadvantages

The research is aimed at theoretical and practical aspects of financial planning of enterprises in conditions of volatility and instability of the external environment. Based on the generalization of approaches to the essence and the meaning of financial planning, its semantic characteristics are determined in terms of methodology in both broad and narrow context. The process of evolution of financial planning is considered from the point of view of formation of systems of financial economic activity management of enterprises, three stages of its genesis with specification of advantages and disadvantages are distinguished. The principles, types and methods of planning are systematized. The stages of financial planning at enterprises are distinguished and their role in balancing financial stability in the process of formation, accumulation, distribution and use of financial resources is determined. Based on the stages of financial planning, three main subsystems of activity planning (strategic forecasting, ongoing financial planning and operational planning of financial activities) are described. On the basis of the analysis of existing problems in financial management in case of instability and recurrence of crisis phenomena, a mechanism for organizing financial planning at enterprises is proposed. The need to improve the effective generation of cash flows in the long term is distinguished, taking into account strategic and long-term financial plans based on the scenario financial planning method.

The Use Of Altman Equation For Bankruptcy Prediction In An Industrial Firm (Case Study)

2011 ◽  
Vol 7 (7) ◽  
Author(s):  
Khalid Al- Rawi ◽  
Raj Kiani ◽  
Rishma R Vedd
Keyword(s):  
Durable Goods ◽  
Financial Analysis ◽  
Bankruptcy Prediction ◽  
Financial Statement ◽  
Z Score ◽  
Financial Statement Analysis ◽  
Future Performance ◽  
Score Analysis ◽  
Study Results ◽  
The Given

Financial analysis provides the basis for understanding and evaluating the results of business operations and explaining how well a business is doing. In addition, the financial statement analysis can help creditors, investors, and managers answer the following questions: Can the company pay the interest and principal on its debt? Does the company reply too much on non-owner financing? Does the company earn an acceptable return on invested capital? Is the gross profit margin growing or shrinking? Does the company effectively use non-owner financing? Are costs under control? Is the companys market growing or shrinking? Do observed changes reflect opportunities or threats? Is the allocation of investment across different assets too high or too low? Furthermore, financial statement analysis reduces our reliance on hunches, guesses, and intuition. Above all, it reduces risk and/or uncertainty in decision making. Therefore, to reduce risk, uncertainty, and avoid bankruptcy one must appreciate the usefulness of financial statement analysis by using some tools and techniques to evaluate and project the future performance of the firm within a given industry.The researchers used the Altman z-score analysis to predict a firms insolvency. The study results for the period 2002-2004 indicated the weaknesses of Jordan Establishment for Marketing Durable goods. The z-score from the analysis (for the given period) was less than 1.81 (z-score <1.81).Evidence suggests that the firm has increased its debt and will be facing bankruptcy in the near future. In liquidity ratios, the percentage of the working capital is less than 1, indicating an increase in liabilities over assets. Leverage ratios increased from 41.7% to 56.7%, while inventory turnover decreased by 1.2 times through the given period. Net profit to total sales reduced from (1.3) to (1.8) for the same period. Also, the assets return percentage declined from (-9.29%) to (-10.3%), while the stock book value declined from (0.95) JD to (0.67) JD through the given period. The main features provide a gloomy picture and indicate inefficiencies within the firm.

scholarly journals FENOMENA EARNINGS MANAGEMENT SEBAGAI SEBUAH KECURANGAN

2012 ◽  
Vol 1 (2) ◽  
Author(s):  
Yona Octiani Lestari
Keyword(s):  
Earnings Management ◽  
Capital Market ◽  
Financial Analysis ◽  
Accounting Information ◽  
The Other ◽  
Financial Statement ◽  
Ethical Behaviour ◽  
Net Profit ◽  
Two Sides

<p>This paper describes management earnings that is the way using by manager to influence systematic profit number and intend by chosening policy of accounting and accountancy procedure. Phenomenon of Earnings management like two sides currency. On one side (good), management earnings is ' legitimate' product, while on the other side (bad), earnings management is considered to be product from an ' immoral' and ' unethical’ action  There is  three motivations in  earnings  management,  that is capital market motivation that is accounting information by  financial analysis and investor  assisting  price of stocks, contract motivation relates to long-term debt, that is manager boosting up net profit to lessen possibility of natural company of default technical (Healy : 1985) and motivation of regulation happened because government obliges financial statement in the form of accountancy number finally also generates the problem of earnings management conducted by managemen, because from manager exploits weakness of accountancy using estimation of accrual and election of accountancy method. Earnings management represent an action of immoral. Although earnings management is made to Standard Accountancy, but it is meaningless of earnings management represent smart action to legitamate  of fraud.</p><p>Keyword: Earnings Management, Manager Motivations , Ethical Behaviour <br /><br /></p>

scholarly journals The Impact of Financial Constraints on the Convertible Bond Announcement Returns

Economies ◽  
2019 ◽  
Vol 7 (2) ◽  
pp. 32 ◽  
Author(s):  
Chong-Chuo Chang ◽  
Tai-Yung Kam ◽  
Chih-Chung Chien ◽  
Wan Su
Keyword(s):  
Financial Constraints ◽  
Positive Impact ◽  
Cash Flows ◽  
Convertible Bonds ◽  
Convertible Bond ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Term Performance ◽  
The Impact

As of now, very few research studies have examined the effects of financial constraints on the short- and long-term performances of companies after their announcement of convertible bonds. Due to asymmetric information, previous studies consider issuance of convertible bonds as negative news. As a result, the short- and long-term performances of companies generally decline after their convertible bond announcement. This study argues that when companies have investment plans, they are expected to have higher future cash flows. They will become increasingly more valuable regardless of the fact that they raise funds through the issue of convertible bonds (due to financial constraints), positively affecting the performance of companies. The results indicate that financial constraints have no effect on short-term performance, but did have a significantly positive impact on the long-term performance of companies after their issuance of convertible bonds.

scholarly journals STRATEGIC MANAGEMENT OF COMPETITIVENESS OF INDUSTRIAL COMPANIES IN UNSTABLE MARKET CONDITIONS

2020 ◽  
Vol 30 (1) ◽  
pp. 41-50
Author(s):  
T.V. Pogodina ◽  
N.L. Udaltsova
Keyword(s):  
Corporate Strategy ◽  
Economic Indicators ◽  
Strategic Marketing ◽  
Industrial Complex ◽  
Financial Leverage ◽  
Industrial Companies ◽  
Short And Long Term ◽  
Strategic Controlling ◽  
Industrial Company

The purpose of the article is to develop strategic directions in the management system of an industrial company in the conditions of uncertainty and instability of the market economy. The authors investigate the genesis of the theory of competitiveness, identify the signs of competitiveness of industrial companies in the short and long term. It is determined that financial and economic indicators, including profitability, financial stability, and financial leverage, play a significant role in the short- and long-term periods. The effect of financial leverage is calculated as a generalizing indicator of financial and economic indicators of competitiveness in Russian industries for 2015-2017, which has a predominantly negative value, which negatively affects the performance of companies. The main reason for this trend in Russia is the high level of financial dependence of companies, low return on assets and high interest rates on loans. Three strategic directions in the management of an industrial company in a volatile economy have been identified and analyzed: development of a corporate strategy of formation and improvement of competitiveness of companies based on innovation, implementation of strategic marketing and a concept of strategic controlling in the management of an industrial company. The priority strategies for ensuring the competitiveness of industrial companies (horizontal diversification, innovation or integrated growth) are identified; strategic marketing tools are proposed to stimulate technological processes in the industrial complex in an unstable economy; the directions of strategic controlling as a practical implementation of deviation management are identified. An approach to evaluate the effectiveness of a corporate strategy based on the size of a gap between the strategic plan and the real capabilities of an industrial company is proposed.

scholarly journals Innovación en el proceso de enseñanza-aprendizaje por competencias de la asignatura Análisis de Estados Financieros / Innovation in the teaching-learning process by competencies of the subject Financial Statement Analysis

2015 ◽  
Vol 11 (22) ◽  
pp. 33-44
Author(s):  
Gisela, León, ◽  
Rossanna Crespo
Keyword(s):  
Action Research ◽  
Learning Process ◽  
Financial Analysis ◽  
Financial Statement ◽  
Educational Model ◽  
Financial Statement Analysis ◽  
Construction Of Knowledge ◽  
Comprehensive Education ◽  
The Subject ◽  
Teaching Learning

ResumenLa innovación en el proceso de desarrollo curricular por competencias de la asignatura Análisis de Estados Financieros fue desarrollada en el contexto de la Especialidad en Pedagogía. Con esta perspectiva, hemos elaborado un programa de la asignatura basado en los lineamientos del Modelo Educativo de la PUCMM (2011) y los lineamientos internacionales sobre el Análisis Financiero en función del perfil de egreso de los gestores financieros. Los resultados obtenidos muestran que enfocar la enseñanza por competencias se apoya en una formación integral del estudiante más allá de los contenidos disciplinares, pues promueven la construcción de conocimientos a través de una participación activa en su proceso de enseñanza aprendizaje.AbstractInnovation in the process of curriculum development competencies of the course Financial Statement Analysis was developed in the context of the Specialty in pedagogy. With this in mind, we have developed a course syllabus based on the guidelines of the educational model of the PUCMM (2011) and international guidelines on Financial Analysis by graduate profile of financial managers. The results show that teaching competency focus is supported by a student comprehensive education, beyond the disciplinary content, because they promote the construction of knowledge through active participation in the teaching-learning process. Action-research was used in the investigation. 

scholarly journals From marketing to crisis management: how key messages changed during corona pandemic in Saudi food industry

2021 ◽  
Vol 5 (2) ◽  
pp. 179-190
Author(s):  
Faisal Abdulhadi Almutairi
Keyword(s):  
Food Industry ◽  
Online Survey ◽  
Business Processes ◽  
Scientific Discussion ◽  
Business Goals ◽  
Before And After ◽  
Marketing Activities ◽  
Short And Long Term ◽  
The Impact

The paper summarizes the arguments and counterarguments within the scientific discussion on the impact of the COVID-19 pandemic on marketing. The main purpose of the research is to analyze how COVID-19 has affected the critical messaging strategies in the Saudi food industry. Systematization of scientific background on the investigated issue indicated that pandemics and epidemics significantly impact business processes, including marketing activities. The motivation behind this study is derived from several observations on how companies have adapted their business goals to contribute to tackling the impact of COVID-19. With changes in consumers' behavior, companies had to readjust their strategies to address the anticipated short- and long-term changes in market dynamics. The research aims to reveal trends in marketing communication in the pre-COVID-19 and post-COVID-19 eras. Therefore, the process of investigation of the topic in the paper is carried out using quantitative approaches. The article specifically focuses on the objectives such as 1) establishing how Shawarmer SA, Maestro Pizza, and Hungerstation interacted with their customer before and after the onset of the COVID-19 pandemic; 2) uncovering changes in social media messaging strategies used by Shawarmer SA, Maestro Pizza, and Hungerstation. Specifically, online survey on three major companies in Saudi Arabia, Shawarmer SA, Maestro Pizza, and Hungerstation. The paper presents the results of an empirical analysis of data from each of the above company's Twitter pages, which showed that the COVID-19 pandemic has significantly changed how companies interact with their customers. Therefore, the author sought to identify the appropriate strategies adopted by the three major players in the Saudi food industry, Maestro Pizza, Hunger Station, and Shawarmer, to interact with customers. The research empirically confirmed and theoretically proved that messaging is a crucial aspect of marketing. The results of the study can be helpful in the development of customer-oriented marketing strategies.

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