scholarly journals Sustainable Growth of Nonfinancial Firms: An Empirical Examination of Emerging Economies

2021 ◽  
Vol 3 (2) ◽  
pp. 331-354
Author(s):  
Muhammad Mubeen ◽  
Mansoor Ahmed ◽  
Athar Iqbal ◽  
Kashif Arif
Keyword(s):  
Sustainable Growth ◽  
Equity Issue ◽  
Empirical Examination ◽  
Factors Affecting ◽  
Equity Issues ◽  
Sustainable Growth Rate ◽  
Specific Factors ◽  
The Mean ◽  
Using Data ◽  
Nonfinancial Firms

The classic model of sustainable growth presented by Higgins is extensively used in accounting and finance research. This research empirically examines this model which was suggested to be underestimated in the existing literature. The investigation was performed using data from 2000 to 2015 for seven emerging countries. To find out the mean difference in growth between secondary equity issuing firms and non-issuing firms, we used an independent sample t-test. To identify the factors affecting differences in sustainable growth and realized growth,  regression analysis was performed and a panel of seven countries for sixteen years data was used to estimate the panel regression. The study found the Higgins’ model to be underestimated. One of the main factors of underestimation of the model was found to be the secondary equity issue. This factor was observed to be significant in the case of five countries i.e. Pakistan, India, Korea, Indonesia and Brazil while the same was found insignificant in Turkey and China. Also during the examination, firm-specific factors that are important for the underestimation of the SGR (Sustainable Growth Rate) model were detected which include leverage and size, whereas dividend policy and profitability gave mixed results. Our study suggests that firms with secondary equity issues are more likely to have sustainable growth than firms not having secondary equity issues.

Genetic parameters and phenotypic trends in the mean and variability of number of stillborn piglets and changes in their relationships with litter size and gestation length

2013 ◽  
Vol 53 (5) ◽  
pp. 395 ◽  
Author(s):  
Craig R. G. Lewis ◽  
Susanne Hermesch
Keyword(s):  
Genetic Parameters ◽  
Gestation Length ◽  
Genetic Associations ◽  
Large White ◽  
Factors Affecting ◽  
Breed Differences ◽  
Trends Over Time ◽  
The Mean ◽  
Using Data ◽  
Over Time

This study examined changes in genetic and phenotypic factors affecting stillborn piglets (SB). Over 15 years, 76 851 litter records were available from Large White (LW), Landrace (LR) and Duroc (DU) sows to investigate SB. The analyses focussed on trends over time in SB and the changes in the number of SB per litter, in factors associated with SB and in genetic parameters for SB. Breed differences were identified with DU producing more SB than the white breeds (mean of 1.46 ± 0.02 vs 1.11 ± 0.01 and 1.07 ± 0.01). However, maximum differences between levels of each factor were 0.73 and 0.65 SB for parity and herd, respectively. Over the 15 years studied, SB had increased by 0.2 piglets accompanied by an increase in the total numbers of piglets born per litter (TB) of ~0.5 piglets. This increase in SB was driven by higher occurrence of more than two SB within a single litter. The effect of TB on SB changed over time with solutions of 0.127 ± 0.002 and 0.150 ± 0.002 SB/TB in 1996 and 2010, respectively. Heritability estimates for SB ranged from 0.06 ± 0.01 to 0.09 ± 0.01 for alternative models and time periods. The unfavourable genetic correlation between SB and TB of 0.46 ± 0.03 based on all data available was slightly lower using only data from the first 5 years (0.38 ± 0.07) versus using data from the last 5 years (0.46 ± 0.06). However, this increase in phenotypic and genetic associations between SB and TB over time may be larger in populations that have observed a larger increase in TB.

scholarly journals Corporate Sustainable Growth Rate: The Potential Impact of COVID-19 on Malaysian Companies

2020 ◽  
pp. 25-38
Author(s):  
Fauzias Mat Nor ◽  
Nur Ainna Ramli ◽  
Ainulashikin Marzuki ◽  
Norfhadzilahwati Rahim
Keyword(s):  
Growth Rate ◽  
Financial Distress ◽  
Retention Rate ◽  
Sustainable Growth ◽  
Estimation Model ◽  
Return On Equity ◽  
Factors Affecting ◽  
Business Context ◽  
Sustainable Growth Rate ◽  
Potential Impact

The COVID-19 pandemic and the economic slowdown have negatively impacted various industries and will cause losses, defaults in debt obligations, and significantly increase the risk of insolvency. An excessive level of debt could lead to unsustainable growth, financial distress, and insolvency. Sustainable growth rate (SGR) may have a significant impact on corporate financial distress. Sustainable growth in a business context is the maximum limit for a company to increase its revenue without depleting its financial resources. Sustainable growth rate depends on the earnings retention rate (R) and the return on equity (SGR = R × ROE). The purpose of this research is to investigate the factors affecting the SGR by segregating the positive and negative profitability of Shariah-compliant companies in Malaysia. Using STATA software, we conducted a static estimation model to analyse data from 181 Shariah-compliant companies in Malaysia collected from 2007 to 2016. The research based on ROE analysis by segregating positive and negative ROE as the potential impact of COVID-19 in Malaysia. For companies of positive ROE, the decrease in the dividend payout and the company’s efficiency, and an increase in profitability will increase the sustainable growth rate. The company with negative ROE shows that the decrease in leverage and an increase in the company’s profitability and the company’s efficiency will result in the increased company’s sustainable growth rate. This research can be a guide for companies to the potential or experimental impact of the COVID-19 pandemic either for the company that gains profit or faces the financial losses. This paper also provides an understanding of the corporate sustainable growth rate facing negative and positive profitability in Malaysia.

Factors affecting profitability of pharmaceutical company: an Indonesian evidence

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Harianto Lim ◽  
Rofikoh Rokhim
Keyword(s):  
Growth Rate ◽  
Pharmaceutical Company ◽  
Universal Health Coverage ◽  
Sustainable Growth ◽  
Pharmaceutical Companies ◽  
Health Coverage ◽  
Content Type ◽  
Factors Affecting ◽  
Sustainable Growth Rate ◽  
Universal Health

PurposeThe purpose of this paper is to examine the factors affecting profitability of pharmaceutical company in Indonesia. While research and development has been the main discussed issues in pharmaceutical sector development, scant attention has been paid to profitability factors determined by financial ratio specifically. The industry itself faces significant disruption with the implementation of universal health coverage in Indonesia. This study investigates the factors affecting profitability in an Indonesian pharmaceutical company after the national health insurance policy implementation.Design/methodology/approachThis research is based on five independent variables (IVs) with six measurements that were empirically examined for their relationship with profitability. These variables are firm size (as measured by total sales), company efficiency (assets turnover), liquidity (current ratio), market power (the Lerner index) and a firm's growth (as measured by sales growth and sustainable growth rate). Data of ten pharmaceutical companies listed on the Indonesia Stock Exchange covering the period of 2014–2018 were extracted from companies' annual reports. Pooled ordinary least squares regression and fixed effects were used to analyze the data.FindingsThe findings show strong and positive relationships between liquidity and sustainable growth rate with profitability as measured by return on equity (ROE), return on assets (ROA) and earning per share (EPS), except EPS for liquidity. Further, both firm size and market power show positive significant relationships with ROA but negative significant relationships with EPS. Sales growth and company efficiency (as measured by assets turnover ratio) have no significant relationship with profitability.Research limitations/implicationsDue to data availability, the data include only listed pharmaceutical companies in the Indonesia Stock Exchange.Practical implicationsThese results benefit internal users (such as managers, shareholders and employees). They can realize the determinants of enhancing the profitability of their company after the implementation of universal health coverage from the Indonesian government (JKN – Jaminan Kesehatan Nasional) since 2014. On the other side, other external users (such as investors, creditors, newly established pharmaceutical companies and tax authorities) also may get advantages of these results. It is clear that a significant impact happened upon this new policy implementation, and how an Indonesian pharmaceutical company will be profitable in the future. The relevance of company's business strategy (product and customer portfolio, competitor intelligence, etc.) with the profitability factors from this study can be further scrutinized as further consideration for both internal and external users.Originality/valueThis study differs from previous studies in many ways; first, it focuses on pharmaceutical companies in Indonesia. Previous studies have concentrated on different countries and companies in other sectors, such as services, banking and financial institutions or on industrial organizations. Second, this study analyzes the data from pharmaceutical companies' annual reports since 2014. There was a significant event of universal health coverage (national health insurance) implementation from the Indonesian government. Third, the study used ROE, ROA and EPS as indicators of profitability. Last but not least, the results of the study provide empirical evidence that firms with significant market power, good liquidity and well-managed sustainable growth rate improve operating income and ultimately enhance profitability.

scholarly journals The Context Specific Factors Affecting Women Empowerment and Empowerment’s Implications for Resource Allocation, Awareness and Fertility: An Econometric Analysis

2016 ◽  
Vol 66 ◽  
pp. 38-44
Author(s):  
Mohammad Mokammel Karim Toufique
Keyword(s):  
Health Care ◽  
Married Women ◽  
Female Education ◽  
Women Empowerment ◽  
Factors Affecting ◽  
Expenditure Patterns ◽  
Specific Factors ◽  
Income Generating Activities ◽  
Using Data ◽  
Context Specific

Using data from a survey of Bangladeshi households, this paper constructs an index of women empowerment and explores both the determinants of empowerment of married women and the impacts that empowerment has on various aspects of a woman’s life. The findings reveal that female education, her involvement in income generating activities (both formal and informal) and the structure of the household (unit or extended) are important determinants. As regards the impacts of empowerment on the female’s life, the paper finds that empowerment affects her food intake and expenditure patterns in quantitative and qualitative terms – it positively impacts women’s nutritional status and health care and confers positive impacts on taking family planning measures. Also empowered women’s behavior is less discriminating when it comes to serving food among family members.

scholarly journals Trends in incidence rate, health care use, and costs due to rib fractures in the Netherlands

2021 ◽  
Author(s):  
Jonne T. H. Prins ◽  
Mathieu M. E. Wijffels ◽  
Sophie M. Wooldrik ◽  
Martien J. M. Panneman ◽  
Michael H. J. Verhofstad ◽  
...  
Keyword(s):  
Health Care ◽  
Incidence Rate ◽  
Health Care Costs ◽  
Indirect Costs ◽  
Rib Fractures ◽  
Work Absence ◽  
Lost Productivity ◽  
The Mean ◽  
Using Data ◽  
Care Costs

Abstract Purpose This study aimed to examine population-based trends in the incidence rate, health care consumption, and work absence with associated costs in patients with rib fractures. Methods A retrospective nationwide epidemiologic study was performed with data from patients with one or more rib fractures presented or admitted to a hospital in the Netherlands between January 1, 2015 and December 31, 2018 and have been registered in the Dutch Injury Surveillance System (DISS) or the Hospital Discharge Registry (HDR). Incidence rates were calculated using data from Statistics Netherlands. The associated direct health care costs, costs for lost productivity, and years lived with disability (YLD) were calculated using data from a questionnaire. Results In the 4-year study period, a total of 32,124 patients were registered of which 19,885 (61.9%) required hospitalization with a mean duration of 7.7 days. The incidence rate for the total cohort was 47.1 per 100,000 person years and increased with age. The mean associated direct health care costs were €6785 per patient and showed a sharp increase after the age of 75 years. The mean duration of work absence was 44.2 days with associated mean indirect costs for lost productivity of €22,886 per patient. The mean YLD was 0.35 years and decreased with age. Conclusion Rib fractures are common and associated with lengthy HLOS and work absenteeism as well as high direct and indirect costs which appear to be similar between patients with one or multiple rib fractures and mostly affected by admitted patients and age.

scholarly journals Measuring the Efficiency of Football Clubs Using Data Envelopment Analysis: Empirical Evidence From Spanish Professional Football

SAGE Open ◽  
2021 ◽  
Vol 11 (1) ◽  
pp. 215824402198925
Author(s):  
Isidoro Guzmán-Raja ◽  
Manuela Guzmán-Raja
Keyword(s):  
Data Envelopment Analysis ◽  
High Efficiency ◽  
Sport Performance ◽  
Data Envelopment ◽  
Professional Football ◽  
Efficiency Measure ◽  
Factors Affecting ◽  
Football Clubs ◽  
Main Factors ◽  
Using Data

Professional football clubs have a special characteristic not shared by other types of companies: their sport performance (on the field) is important, in addition to their financial performance (off the field). The aim of this paper is to calculate an efficiency measure using a model that combines performance (sport and economic) based on data envelopment analysis (DEA). The main factors affecting teams’ efficiency levels are investigated using cluster analysis. For a sample of Spanish football clubs, the findings indicate that clubs achieved a relatively high efficiency level for the period studied, and that the oldest teams with the most assets had the highest efficiency scores. These results could help club managers to improve the performance of their teams.

scholarly journals Association between Dyslipidemia and Mercury Exposure in Adults

2021 ◽  
Vol 18 (2) ◽  
pp. 775
Author(s):  
Purum Kang ◽  
Hye Young Shin ◽  
Ka Young Kim
Keyword(s):  
Behavioral Interventions ◽  
Dietary Habits ◽  
Subjective Health ◽  
Targeted Prevention ◽  
Adult Males ◽  
Subjective Health Status ◽  
Factors Affecting ◽  
Health And Nutrition ◽  
Metal Levels ◽  
Using Data

Background—Dyslipidemia is one of the prominent risk factors for cardiovascular disease, which is the leading cause of death worldwide. Dyslipidemia has various causes, including metabolic capacity, genetic problems, physical inactivity, and dietary habits. This study aimed to determine the association between dyslipidemia and exposure to heavy metals in adults. Methods—Using data from the seventh Korean National Health and Nutrition Examination Survey (2016–2017), 5345 participants aged ≥20 years who were tested for heavy metal levels were analyzed in this study. Multiple logistic regression was conducted to assess the factors affecting the prevalence of dyslipidemia. Results—The risks of dyslipidemia among all and male participants with mercury (Hg) levels of ≥2.75 μg/L (corresponding to the Korean average level) were 1.273 and 1.699 times higher than in those with levels of <2.75 μg/L, respectively. The factors that significantly affected the dyslipidemia risk were age, household income, body mass index, and subjective health status in both males and females. Conclusions—In adult males, exposure to Hg at higher-than-average levels was positively associated with dyslipidemia. These results provide a basis for targeted prevention strategies for dyslipidemia using lifestyle guidelines for reducing Hg exposure and healthy behavioral interventions.

scholarly journals Financing Growth through Remittances and Foreign Direct Investment: Evidences from Balkan Countries

2021 ◽  
Vol 14 (3) ◽  
pp. 117
Author(s):  
Esmeralda Jushi ◽  
Eglantina Hysa ◽  
Arjona Cela ◽  
Mirela Panait ◽  
Marian Catalin Voica
Keyword(s):  
Developing Economies ◽  
Central Banks ◽  
Sustainable Growth ◽  
Time Interval ◽  
Foreign Direct Investments ◽  
Factors Affecting ◽  
Balkan Countries ◽  
To Come ◽  
Sustainable Economic Growth ◽  
The Impact

The ultimate goal of central banks, worldwide, is to promote the foundations for sustainable economic growth. In the case of developing economies, in particular, such objective requires time, huge efforts, attention, and plenty of resources in order to be accomplished to the fullest degree. This paper thoroughly investigates key factors affecting Balkan countries’ economic development (as measured by gross domestic product (GDP) growth), focusing especially on the impact of remittances. The analysis was done over an 18-year time interval (2000–2017) and builds on 144 observations. The data figures were retrieved from the World Bank database while two dummies were created to test the impact of the last financial crisis (2008–2012). Econometric tools were employed to carry out a broad analysis on the interdependencies that exist and, in particular, to determine the role of remittance income on growth. The vector auto regressive model was estimated using EViews software, and was used to come up with relevant insights. Empirical findings suggest the following: population growth, remittances, and labor force participation are insignificant factors for sustainable growth. On the other hand, previous levels of GDP, trade, and foreign direct investments (FDIs) appear to be relevant for the predictor. This research provides up-to-date conclusions, which can be considered during the decision-making process of central banks, as well as by government policymakers.

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