scholarly journals The impact of ownership structure on corporate performance (business -operating result) of listed companies on Ho Chi Minh Stock Exchange – A comparison the period 2006-2008 vs 2015-2017 – 10 years overview

2020 ◽  
Vol 10 (2) ◽  
Author(s):  
Do Thi Thanh Tram ◽  
Nguyen Thi Minh Hue
Keyword(s):  
Business Performance ◽  
Stock Exchange ◽  
Secondary Data ◽  
Listed Companies ◽  
Legal Person ◽  
Joint Stock Company ◽  
Stock Company ◽  
Equity Structure ◽  
Business Results ◽  
The Impact

This research studies the relationship between equity structure and business performance/ operating results of listed companies on HOSE for three years 2015, 2016, and 2017. This is not only an important aspect of corporate governance but also more important for companies operating in the form of a joint-stock company. The author uses the Enterprise Management System theory and references Xu and Wang's research model applied to Chinese joint-stock companies (1997). The used data is secondary data including indicators showing the company's business results (ROA, ROE, P/B) and equity ratios of shareholders (ownership concentration, ownership components). The research method was performed by regression analysis using SPSS software, in which the dependent variables are indicators of the company's business results, the main independent variables represent the equity structure. After analyzing data, the study has drawn two main results. The first result is that the ownership component of individuals (personal) hurts on the business performance of companies, in contrast to the fraction of equity owned by state and equity owned by legal person/institution (organizational entities) do not have any influence on the linear correlation. The second result is the concentration of ownership has no relation to the business performance of companies. With the above results, this topic can be studied more extensively for all types of other ownership such as domestic shareholders and foreign shareholders; due to both two types increasingly essential for companies and investors in the joint-stock market.

scholarly journals The concept of the public company under Polish corporate law

2019 ◽  
Vol 29 ◽  
pp. 63-76
Author(s):  
Mateusz Grześków
Keyword(s):  
Stock Exchange ◽  
Limited Liability ◽  
Listed Companies ◽  
Technical Aspect ◽  
Corporate Law ◽  
Joint Stock Company ◽  
Stock Company ◽  
Private Company ◽  
The Public ◽  
Public Company

This paper is dedicated to the issue of the notion of the public company in  Polish corporate law. This term, contrary to foreign legal systems, is detached from the fact of whether a given company’s shares are listed on the stock exchange, as it is based solely on the technical aspect of whether shares are issued in dematerialized form. This approach should be deemed inappropriate. First of all, it blurs the distinction between a public company and a private company as it does not at all address in substance the nature of listed companies. Secondly, it introduces into the legal system an obsolete category of public companies which are not equivalent to listed companies. Thirdly, the legislator wrongly adopts the private joint-stock company as the model joint-stock company in the Code of Commercial Companies the “CCC” instead of its variant listed on the stock exchange. Consequently, a company which in practice has more in common with a limited liability company than with a listed company has been adopted as a model of a pure capital company. Due to these reasons it is the author’s proposition to redefine the public and private company within the CCC and the capital markets regulation. This paper describes and positively assesses recent legislative proposals concerning the redefinition of the public company through linking its nature with the fact of its shares’ admission to public trading. Koncepcja spółki publicznej w polskim prawie spółekNiniejszy artykuł został poświęcony analizie ujęcia „spółki publicznej” w polskim prawie handlowym, które w odróżnieniu od systemów prawnych państw obcych oderwane jest od faktu notowania akcji danej spółki na giełdzie papierów wartościowych, gdyż zostało oparte wyłącznie na technicznym aspekcie formy dokumentowej akcji. Ujęcie to należy uznać za błędne z kilku przyczyn. Po pierwsze, prowadzi ono to zatarcia granicy między spółką publiczną a spółką prywatną w ten sposób, że w ogóle nie odnosi się ono merytorycznie do specyfiki funkcjonowania spółek giełdowych. Po drugie, wprowadza do systemu prawnego zbędną kategorię spółek publicznych, która nie jest równoważna z kategorią spółek giełdowych. Po trzecie, ustawodawca błędnie przyjmuje, że modelową spółką akcyjną w kodeksie spółek handlowych jest jej podtyp niepubliczny w miejsce podtypu publicznego, przez co za wzorzec spółki kapitałowej przyjęto spółkę, którą w praktyce obrotu więcej łączy ze spółką z ograniczoną odpowiedzialnością niż ze spółką giełdową. Z tych względów postuluje się przedefiniowanie tych kategorii w obrębie kodeksu spółek handlowych oraz prawa rynku kapitałowego. Artykuł omawia oraz aprobuje wytyczony kierunek reformy prawa rynku kapitałowego, zgodnie z którym ma dojść do zredefiniowania pojęcia spółki publicznej przez powiązanie jej istoty z faktem dopuszczenia jej akcji do obrotu giełdowego.

scholarly journals Evaluation of the Quality of Irrigation Machinery by Monitoring Changes in the Coefficients of Uniformity and Non-Uniformity of Irrigation

Agronomy ◽  
2021 ◽  
Vol 11 (8) ◽  
pp. 1499
Author(s):  
Ján Jobbágy ◽  
Peter Dančanin ◽  
Koloman Krištof ◽  
Juraj Maga ◽  
Vlastimil Slaný
Keyword(s):  
Repeated Measurements ◽  
Joint Stock Company ◽  
Stock Company ◽  
Uniformity Coefficient ◽  
Quality Of Work ◽  
Total Length ◽  
Irrigation Uniformity ◽  
Wide Range ◽  
The Impact

Recently, the development of agricultural technology has been focused on achieving higher reliability and quality of work. The aim of the presented paper was to examine the possibilities of evaluating the quality of work of wide-area irrigation machinery by monitoring the coefficients of uniformity and non-uniformity of irrigation. The object of the research was pivot irrigation machinery equipped with sprinklers with a total length from 230 to 540 m. The commonly applied quality of work parameter for wide-range irrigators is the irrigation uniformity coefficient according to Heermann and Hein CUH. Work quality evaluations were also carried out through other parameters applicable in practice, such as irrigation uniformity coefficients calculated according to Christiansen CU, Wilcox and Swailes Cws, and our introduced parameters, the coefficient ar (derived from the degree of unevenness according to Oehler) and the degree of uniformity γr (derived from the degree of non-uniformity according to Voight). Other applied parameters for determining the quality of work of wide-range irrigation machinery were the coefficients of irrigation uniformity according to Hart and Reynolds CUhr, further according to Criddle CUcr and subsequently according to Beale and Howell CUbr. Next, the parameters of the non-uniformity coefficient according to Oehler a, the coefficient of variation according to Stefanelli Cv, the degree of non-uniformity according to Voigt γ and the degree of non-uniformity according to Hofmeister Ef were evaluated. Field tests were performed during the growing season of cultivated crops (potatoes, corn and sugar beet) in the village of Trakovice (agricultural enterprise SLOV-MART, southwest of the Slovakia) and in the district of Piešťany (Agrobiop, joint stock company). During the research, the inlet operating parameters (speed stage, inlet pressure, irrigation dose), technical parameters (number of sprayers, total length, number of chassis) and weather conditions (wind speed and temperature) were recorded. The obtained results were examined by one-way ANOVA analysis depending on the observed coefficient or input conditions and subsequently verified by Tukey and Duncan tests as needed. Irrigation uniformity values ranged from 67.58% (Cws) to 95.88% (CUbh) depending on the input conditions. Irrigation non-uniformity values ranged from 8.58 (a, Ef) to 32.42% (Cv). The results indicate a statistically significant effect of the site of interest and thus the impact of particular field conditions (p < 0.05). When evaluating the application of different coefficients of irrigation uniformity, the results showed a statistically significant effect only in the first test (p = 0.03, p < 0.05). During further repeated measurements, the quality of work increased due to the performed inspection of all sprayers and the reduction in the influence of the wind.

The effect of intangible assets on sustainable growth and firm value – Evidence on intellectual capital investment in companies listed on Bucharest Stock Exchange

Kybernetes ◽  
2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Catalin Ionita ◽  
Elena Dinu
Keyword(s):  
Growth Rate ◽  
Intellectual Capital ◽  
Firm Value ◽  
Intangible Assets ◽  
Stock Exchange ◽  
Listed Companies ◽  
Sustainable Growth ◽  
Content Type ◽  
Sustainable Growth Rate ◽  
The Impact

PurposeThe present study investigates the connection between company investments in intellectual capital (IC) and how they translate into financial value. The aim is to test the impact of intangible assets on the firm value and its sustainable growth.Design/methodology/approachThe research employs computation models to determine the sustainable growth rate (SGR) and the firm value (FV), and by using the ordinary least squares (OLS) model through a linear regression assesses the relationship between the dependent variables and expenditures on intangibles like R&D, IT programs and patents. A sample of 42 companies has been selected out of the 78 listed at Bucharest Stock Exchange (BSE), based on the appropriateness of the information disclosed in the financial reports for the period 2016–2019.FindingsThe results show that intangibles classified as innovative competences (R&D and Patents) do not have a positive impact on SGR and FV in listed companies from Romania. Moreover, R&D has a negative and significant effect on FV, while IT Programs have a positive and significant impact on FV, but not on the SGR. Variables categorised as economic competencies (Brands, Shares held in associates and jointly controlled entities) and firm structure-specific variables (Leverage, Firm Performance) seem to have a significant effect on SGR and FV. Shares held in associates and jointly controlled entities is the variable that can have the biggest impact when it comes to FV for companies listed at BSE.Research limitations/implicationsDue to non-disclosure of specific information by some companies, or lack of investments in intangibles the sample had to be reduced and does not cover all listed companies.Practical implicationsCompanies listed on the Regulated Market from the Bucharest Stock Exchange should maintain their scale of liabilities at a reasonable level when financing intangible assets in order to ensure corporate long-term and sustainable development. Also, these companies should maintain awareness about the importance of intangible assets and invest more in specific sub-components, in order to sustain competitive advantage. Recognizing the roles of intangibles, managers need to develop strategies to invest in profitable intangibles by reasonably allocating their limited resources, in order to achieve sustainable growth and increase company success.Originality/valueStudies concerning the relation between investments in intangibles and sustainable growth rate and firm value of listed Romanian companies are very scarce. This paper reveals new research, never before undertaken, concerning expenditures on intangibles by Romanian companies and the valuation of such investments on Bucharest Stock Exchange.

تأثير رأس المال الاجنبي المودع في القيمة السوقة للشركة دراسة تطبيقية في عينة من الشركات المدرجة في سوق العراق للأوراق المالية للمدة (2012-2020)

2021 ◽  
Vol 2021 (71) ◽  
pp. 164-182
Author(s):  
م.د لميس محمد مطرود ◽  
أ.م.د سمير عبدالصاحب يارا ◽  
م.د اسيل موسى جاسم
Keyword(s):  
Foreign Capital ◽  
Stock Exchange ◽  
Market Value ◽  
Listed Companies ◽  
Statistical Test ◽  
The Impact

The research aims to measure the impact of the capital deposited for non-Iraqi investors and the investor in the shares of companies listed in the Iraqi Stock Exchange on the market value of those companies, as well as studying the impact of the total foreign capital deposited in the sectors listed in the market on the market value of those sectors, and analyzing the value of the capital deposited and the market value of the sample companies. To achieve the research objective, (15) listed companies were selected for the period (2012-2020). The research relied on four main hypotheses, the most important of which is “there is no significant effect of deposited foreign capital on the market value of companies.” The results of the (F) statistical test revealed the presence of the effect of deposited capital for non-Iraqis on the market value of companies.

scholarly journals Factors Influencing Auditor Independence among Listed Companies in Nigeria: Generalized Method of Moments (GMM) Approach

2017 ◽  
Vol 9 (8) ◽  
pp. 191 ◽  
Author(s):  
Mary Kehinde Salawu
Keyword(s):  
Method Of Moments ◽  
Stock Exchange ◽  
Generalized Method Of Moments ◽  
Secondary Data ◽  
Audit Fees ◽  
Listed Companies ◽  
Positive Influence ◽  
Auditor Independence ◽  
Financial Reports ◽  
Factors Influencing

The study examines the factors influencing auditor independence among listed companies in Nigeria. A sample of 65 firms out of the 194 listed on the Nigerian Stock Exchange (NSE) were purposively selected for analysis, these comprise 14 money deposit banks (financial), 1 mortgage bank and 50 non-financial firms. Secondary data were employed for the study and were sourced from the audited financial reports of sampled companies and fact book of the Nigerian Stock Exchange between the periods of 2006 and 2013. Data were analysed using descriptive statistics and Generalised Method of Moments (GMM). Preliminary tests were carried out such as Sargan test, Arellano-Bond Serial Correlation Test among others. The study revealed that Big4, audit tenure, profitability, leverage and inventory with account receivable had negative significant impact, which can impair auditor independence, while size of the firms and loss had positive influence on auditor independence in Nigeria. Also, the square root of the number of subsidiaries was positively related to auditor independence, but not significant and the total number of subsidiaries had positive influence on auditor independence but not significant. These results implied that the two variables can increase the complexity of the audit and, consequently, a rise in audit fees expect in their presence. This will in turn reduce auditor independence. The study therefore recommended that joint audit be adopted and audited tenure be reviewed. The findings of the study would enable management, regulators, investors and other stock market participants to play their unique and important roles in enhancing auditor independence in Nigeria.

scholarly journals IMPACT OF INFORMATION TECHNOLOGY INVESTMENT TO FINANCIAL PERFORMANCE ON BANKING SECTOR

2018 ◽  
Vol 2 (1) ◽  
pp. 41-46
Author(s):  
Hendra Gunawan ◽  
Serlyna Serlyna
Keyword(s):  
Information Technology ◽  
Financial Performance ◽  
Banking Sector ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sample Population ◽  
Manufacturing Companies ◽  
Financial Investment ◽  
Impact Of Technology ◽  
The Impact

This study examines the impact of technology on the performance of financial investment in banking companies listed in Indonesia Stock Exchange to prove its influence on the development of the banking company's financial performance. The data used in this research is secondary data uses financial statements that have been audited. Data analysis technique used is simple regression analysis. Results showed that between investments in information technology affect the company's financial performance. The results of this study illustrate that the company's financial performance would be if the investment in information technology in the company are used effectively and efficiently. This research is important for companies and organizations, in order to better the use or utilization of information technology in the enterprise. The company is only limited to the banking companies listed in Indonesia Stock Exchange, then further research is recommended to add criteria and indicator others that have not been addressed in this study, in addition to subsequent authors can also extend the sample population to another company with a different field such as manufacturing companies.

scholarly journals The Lagged Effect of Advertising Expenditures on the Financial Measures of Brand Equity in the Egyptian Context

2021 ◽  
Vol 04 (09) ◽  
Author(s):  
Nermin M. Gohar
Keyword(s):  
Brand Equity ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Reports ◽  
Financial Measures ◽  
The Impact ◽  
Corporate Brands ◽  
The Relationship ◽  
Egyptian Stock Exchange

This research intends to fill the gap in the literature by studying the impact of lagged real advertising expenditures on different perspectives of brand equity in the Egyptian context, which are: Firm-based and Market-based brand equity. The research follows the quantitative research-based approach, with the descriptive explanatory method. Secondary data was collected from firms’ financial reports of sixteen sectors for the period 2013 - 2020 to consider the effect of real advertising expenditures on firm-based and market-based brand equity models. Data was collected from 168 listed companies in the Egyptian stock exchange market, after deleting the financial institutions. The unit of analysis was the corporate brands and data collected was panel data analyzed using Eviews program – version 10, using GLS regression. Results showed that market risk significantly moderates the relationship between advertising expenditures and Firm-based and Market-based brand equity.

scholarly journals Quality management and business performance of Serbian companies

2021 ◽  
Vol 69 (6-7) ◽  
pp. 345-356
Author(s):  
Vesna Milovanović ◽  
Stevo Janošević ◽  
Mihailo Paunović
Keyword(s):  
Quality Management ◽  
Business Performance ◽  
Quality Management System ◽  
Iso 9001 ◽  
Company Size ◽  
Total Quality ◽  
Industry Type ◽  
Business Results ◽  
Management Perspective ◽  
The Impact

The impact of quality management (QM) programs on business results has been the subject of numerous studies worldwide. However, given the complexity of the contemporary QM paradigm and its context-dependence, it is difficult to generalise its impact on business performance. This study examines QM from the strategic management perspective by comprehensively analysing the effects of quality management system (QMS) certification to ISO 9001 in terms of improved business performance and the achieved level of total quality management (TQM) in Serbian companies. Control variables of industry type and company size are employed to observe their possible impact on motives for, and effects of, QMS certification to ISO 9001. The results reveal that the certification of Serbian companies' QMS to ISO 9001 positively influences their operational and market performance, with the impact intensity dependent upon company size and industry type. The impact of certification on financial performance was examined but not confirmed. Compared to companies motivated primarily by marketing interests and market pressure, companies that certify their QMS to ISO 9001 to improve the quality of their business show a higher level of TQM implementation and gain greater benefits from certification.

scholarly journals Pengaruh Current Ratio, Perputaran Persediaan, Debt To Asset Ratio, Growth Dan Size Terhadap Profitabilitas Perusahaan Retail Sektor Trade, Investment dan Service Yang Terdaftar di Bursa Efek Indonesia

2021 ◽  
Vol 4 (2) ◽  
pp. 381-390
Author(s):  
Annisa Nauli Sinaga ◽  
Citra William ◽  
Tiffanny Meiluartha ◽  
Alviana Celia Jansen
Keyword(s):  
Quantitative Method ◽  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Ratio Scale ◽  
Current Ratio ◽  
Investment Companies ◽  
Inventory Turnover ◽  
The Impact ◽  
Research Type

The development of companies nowadays have been growing rapidly and causing intense competition in the market.  Trade, service, and investment sector companies are emerging in Indonesia. Thus, this study aims to identify the impact of current ratio, inventory turnover, debt to asset ratio, growth and size  towards firm’s profitability in Trade, Service, and Investment Companies Listed in Indonesia Stock Exchange (IDX) from year 2016-2019. The research type of this study is quantitative method.  The data is classified as quantitative and ratio scale. This study uses secondary data. The population for this study is 154 trade, service, and investment sector companies listed in Indonesia Stock Exchange (IDX) from year 2016-2019. The sample for this study is 65 trade, service, and investment sector companies listed in Indonesia Stock Exchange (IDX) from year 2016-2019 using observational sampling method. The model of this study is multiple linear regression.  The result of this study shows that current ratio, inventory turnover, debt to asset ratio, growth and size partially and simulteneously do not affect firm’s profitability in Trade, Service, and Investment Companies Listed in Indonesia Stock Exchange (IDX) from year 2016-2019. Keywords : Current Ratio, Inventory Turnover, Debt To Asset Ratio, Growth, Size dan Profitability

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