scholarly journals The Influence of Cash Flow Patterns on Random Organizational Development in Nigerian Listed Companies

2020 ◽  
Vol 11 (3) ◽  
pp. 171
Author(s):  
Chizoba Ekwueme ◽  
Rosemary Obiageri Obasi ◽  
Sadiq Rabiu Abdullahi ◽  
Umar Aliyu Mustapha ◽  
Norfadzilah Rashid
Keyword(s):  
Life Cycle ◽  
Cash Flow ◽  
Developmental Stages ◽  
Stock Exchange ◽  
Listed Companies ◽  
Life Cycle Stage ◽  
Flow Patterns ◽  
Annual Reports ◽  
Mature Stage ◽  
Growth Stages

The objective of this study is to examine whether companies’ life cycle stages follow a random or sequential developmental pattern using their cash flow patterns. That is to ascertain the optimum life cycle stage of Nigerian companies. Data were obtained from the sampled firms annual reports and accounts, which comprises 79 listed companies on the Nigerian Stock Exchange (NSE) from 2009 to 2013 financial years. The cash flow patterns of the firms were thematically analysed as a proxy of developmental patterns, and transition rates between developmental stages were determined. The study reveals that Introduction firms at T0 transited quickly to the Mature stage (70% in T1 through T3), whereas Growth firms developed most rapidly into Shakeout firms (38% at T1). The Mature stage was most stable; 57–65% of firms in this stage at T0 remained so. By contrast, 60% of Decline firms remained in this stage at T1 before transiting to the Mature and Growth stages at T3 and then ultimately fading away at T4, leaving only the Introduction (20%) and Decline (20%) stages. Thus, the development of firms from one life cycle stage to another is random and not sequential. The study, therefore, recommends that Nigerian companies experience their optimum life cycle stage at the matured stage and firms should employ the use of cash flow patterns to identify their business life cycle stage as this will enable companies to apply strategies to sustain themselves at a target stage of the life cycle.

scholarly journals RELEVANSI NILAI INFORMASI LABA DAN ARUS KAS TERHADAP HARGA SAHAM

2015 ◽  
Vol 5 (2) ◽  
Author(s):  
Reni Yendrawati ◽  
Ratna Sari Indah Pratiwi
Keyword(s):  
Life Cycle ◽  
Cash Flow ◽  
Value Relevance ◽  
Stock Exchange ◽  
Secondary Data ◽  
Share Price ◽  
Mature Stage ◽  
Net Income ◽  
Purposive Sampling ◽  
Start Up

<p>Penelitian ini bertujuan untuk menguji relevansi nilai laba atau arus kas terhadap hargasaham dalam tahap siklus hidup yang berbeda. Siklus hidup perusahaan terdiri dari  empat tahap: start up, growth, mature dan decline. Penelitian ini menggunakan data sekunder pada perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2010-2012. Sampel yang digunakan dalam penelitian ini adalah 77 perusahaan dari industri manufaktur. Metode yang digunakan dalam pemilihan objek dalam penelitian ini adalah purposive sampling. Model analisis yang digunakan adalah analisis regresi berganda. Hasilnya membuktikan bahwa baik pada tahap growth, mature maupun laba lebih memiliki relevansi nilai dari pada arus kas terhadap harga saham. Penelitian ini tidak dapat menganalisis untuk tahap start-up, karena keterbatasan data sampel.</p><p>The objective of the study was to test the relevance of profit value and cash flow toward the share price in different life cycle stages. The corporate life cycle consists of four stages: start up, growth, mature, and decline stage. This study used secondary data on the companies listed on the Indonesian Stock Exchange in the period of 2010-2012. The samples of this study were 77 companies from manufacture industries. It was a purposive sampling. The data were analyzed by multiple regression analysis using SPSS 17. The results showed that in the mature stage, the analysis accepted the hypothesis that net income are more value relevance than cash flow toward the share price. However, in the growth stage  and decline stage, the analysis rejected the hypothesis. This research did not analyze the start-up stage because of the sample data limitation.</p>

Cash Flow Patterns as a Proxy for Firm Life Cycle

2011 ◽  
Vol 86 (6) ◽  
pp. 1969-1994 ◽  
Author(s):  
Victoria Dickinson
Keyword(s):  
Life Cycle ◽  
Cash Flow ◽  
Control Variable ◽  
Life Cycle Stage ◽  
Flow Patterns ◽  
Data Availability ◽  
Future Research ◽  
Firm Life Cycle ◽  
Differential Behavior ◽  
Asset Turnover

ABSTRACT This study develops a firm life cycle proxy using cash flow patterns. The patterns provide a parsimonious indicator of life cycle stage that is free from distributional assumptions (i.e., uniformity). The proxy identifies differential behavior in the persistence and convergence patterns of profitability. For example, return on net operating assets (RNOA) does not mean-revert (spread of 7 percent after five years between mature and decline firms) when examined by life cycle stage, which has implications for growth rates and forecast horizons. Further, determinants of future profitability such as asset turnover and profit margin are differentially successful in generating increases in profitability conditional on life cycle stage. Finally, investors do not fully incorporate the information contained in cash flow patterns and, as a result, undervalue mature firms. The cash flow proxy is a robust tool that has applications in analysis, forecasting, valuation, and as a control variable for future research. Data Availability: All data are available from public sources identified in the paper.

scholarly journals Climate Change Disclosures in the Annual Reports: Evidence from Bangladesh

2017 ◽  
Vol 9 (2) ◽  
pp. 88
Author(s):  
Pappu Kumar Dey ◽  
Mohammad Nakib ◽  
Probal Dutta
Keyword(s):  
Climate Change ◽  
Water Management ◽  
Global Warming ◽  
Content Analysis ◽  
Energy Saving ◽  
Banking Industry ◽  
Stock Exchange ◽  
Listed Companies ◽  
Cement Industry ◽  
Annual Reports

This study examines the nature and extent of climate change disclosures in the corporate annual reports of the listed companies in Dhaka Stock Exchange, Bangladesh. For this purpose, annual reports related to the year 2014 of the sample 88 listed companies have been scrutinized. In regard to this study, content analysis approach has been conducted considering thirteen different disclosure issues regarding climate change. Our analysis provides the comprehension of below average climate change disclosure practices by the Bangladeshi companies, though 58 percent companies have reported at least one issue on climate change and global warming. ‘Energy saving & efficiency’ and ‘water management & pollution’ are mostly reported issues that are industry specific requirements in some case. From the viewpoint of industry, Banking industry and Cement industry have started to report some issues related to the climate change, where 4 industries out of selected 17 industries have not provided any climate change disclosure. Disseminating climate change disclosure within 10 sentences by most of the reported companies manifests the desideratum of in-depth disclosure practices.

scholarly journals Kidas Model, Cash Flow, and Size Case of Palestine

2021 ◽  
Vol 16 (4) ◽  
pp. 48
Author(s):  
Tamer Bahjat Sabri
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Listed Companies ◽  
Cash Flows ◽  
T Test ◽  
Financial Statement ◽  
S Model

This paper examines the nature of interaction between Kida&rsquo;s model, the cash flows (operating, investing, financing) and the size. It covers the period between 2013 and 2014 based on annual financial statement of Palestinian listed companies in Palestine Stock Exchange. In order to test the hypotheses of the study, the researcher used independent samples T-test. The results show that we accept all null hypotheses, so Kida&rsquo;s model does not distinguish between high and low cash flow (operating, investing, financing) and the size. Other results show that the model is unable sometimes to predict the failure of companies.

Tightening the Life-Cycle Construct: A Taxonomic Study of Growth Stage Configurations in High-Technology Organizations

1994 ◽  
Vol 18 (2) ◽  
pp. 5-29 ◽  
Author(s):  
Steven H. Hanks ◽  
Collin J. Watson ◽  
Erik Jansen ◽  
Gaylen N. Chandler
Keyword(s):  
Cluster Analysis ◽  
Life Cycle ◽  
Growth Stage ◽  
High Technology ◽  
Life Cycle Stage ◽  
Growth Stages ◽  
Taxonomic Study ◽  
Organization Context ◽  
Organization Life Cycle

Over the years much has been written about the organization life cycle, yet there has been remarkably little attention given to the underlying construct of a life-cycle stage. It is proposed in this study that each life-cycle stage consists of a unique configuration of variables related to organization context and structure. Cluster analysis is used to derive a taxonomy of growth stage configurations in a sample of 126 high-technology organizations. The derived configurations suggest a sequence of four growth stages.

APAKAH GOOD CORPORATE GOVERNANCE DAN CORPORATE SOCIAL RESPONSIBILITY BERPENGARUH TERHADAP PROFITABILITAS PERUSAHAAN LQ45?

2019 ◽  
Vol 4 (1) ◽  
pp. 14
Author(s):  
Novia Eka Sariantono ◽  
Luh Putu Mahyuni
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Stock Exchange ◽  
Secondary Data ◽  
Listed Companies ◽  
Annual Reports ◽  
Return On Equity ◽  
Good Corporate Governance ◽  
Corporate Social

Do Good Corporate Governance and Corporate Social Responsibility Influence Profitability of LQ45 Listed Companies. This study aims to examine the influence of good corporate governance and corporate social responsibility on profitability of LQ45 listed companies in Indonesia Stock Exchange. The data analyzed were secondary data in the form of annual reports and sustainability report. The data were analyzed using multiple linear regression. The results of this research indicate: (1) Good corporate governance (GCG) has a significant effect on profitability of LQ45 listed companies; (2) Corporate social responsibility (CSR) does not have a significant effect on profitability of LQ45 listed companies. This research provides empirical evidence that implementation of GCG could influence profitability, while the implementation of CSR does not influence profitability. Keywords: Good corporate governance, corporate social responsibility, independent commissioner board, corporate social responsibility, disclosure index, return on equity

scholarly journals Faktor–faktor yang Mempengaruhi Dividend Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia dan Bursa Malaysia

2020 ◽  
Vol 1 (1) ◽  
pp. 43-55
Author(s):  
Fellicia Hadi Seputro ◽  
Werner Ria Murhadi ◽  
Arif Herlambang
Keyword(s):  
Life Cycle ◽  
Firm Size ◽  
Executive Director ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Life Cycle Stage ◽  
Total Asset ◽  
Executive Directors ◽  
Dividend Payout ◽  
Independent Variables

This study aims to investigate the determinants of firms dividend payout ratio, such as life cycle stage, independent non-executive director, risk, firm size, market-to-book ratio, cash to total asset, and leverage of manufacturing sector companies listed in the Indonesia Stock Exchange and Malaysia Stock Exchange in 2014-2018. This study uses the quantitative approach and multiple linear regression to analyze the data. The object of this research are 295 year observations in Indonesia Stock Exchange and 600 year observations in Malaysia Stock Exchange. The Independent variables used in this study are life cycle stage and independent non-executive directors. While the control variables are risk, firm size, market-to-book ratio, cash to total asset and leverage. The study finds that in manufacturing sector companies listed in the Indonesia Stock Exchange, life cycle stage, independent non-executive director, firm size and market-to-book ratio affect dividend payout ratio positively. On the other hand, leverage affect dividend payout ratio negatively. While risk and cash to total asset has no significant effect on dividend payout ratio. Meanwhile in manufacturing sector companies listed in the Malaysia Stock Exchange, the study finds that life cycle stage, independent non-executive director, firm size, market-to-book ratio and cash to asset affect dividend payout ratio positively. While risk and leverage affect dividend payout ratio negatively.      Keywords: dividend policy, life cycle stage, independent non-executive director

scholarly journals THE EFFECTS OF LIFE CYCLE AND FREE CASH FLOW ON DIVIDEND OF AGRICULTURAL COMPANIES THAT LISTED IN INDONESIA STOCK EXCHANGE

2020 ◽  
Vol 9 (2) ◽  
pp. 121
Author(s):  
Helma Malini ◽  
Venu Fitratama
Keyword(s):  
Life Cycle ◽  
Cash Flow ◽  
Firm Size ◽  
Negative Impact ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Dividend Payout ◽  
Independent Variables ◽  
Investment Opportunity Set

Company decision to give profits to their investors is based on several reasons including internal policy from the company. Therefore, this study discusses the effects of life cycle and free cash flow on dividend of agricultural companies that listed in Indonesia stock exchange. Independent variables; used are free cash flow, life cycle, firm size, leverage, assets growth, and investment opportunity set. The population in this study is Agricultural company listed on Indonesia Stock Exchange (BEI) in the period of 2015 - 2018. The sample collected using purposive sampling methods. Total of 21 companies were determined as samples. The method of analysis in this study is panel data regression with basis on fixed effect model. The result of this study indicate that the independent variables of free cashflow, life cycle, firm size, leverage, and investment opportunity set have positive impact toward dividend payout ratio while assets growth has negative impact on dividend payout ratio. The result of determination coefficient shows that the independent variables give affect 63.69% against dependent variable.Keywords: Free cash flow, Life cycle, Firm size, Leverage, Assets growth, Investment opportunity set, Dividend payout ratio, Dividend policy

scholarly journals The Impact of Corporate Social Responsibility on the Financial Performance of Listed Companies in Thailand

2021 ◽  
Vol 13 (16) ◽  
pp. 8920
Author(s):  
Muttanachai Suttipun ◽  
Pankaewta Lakkanawanit ◽  
Trairong Swatdikun ◽  
Wilawan Dungtripop
Keyword(s):  
Financial Performance ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Descriptive Analysis ◽  
Listed Companies ◽  
Annual Reports ◽  
Corporate Social ◽  
The Impact

This study aims to: (1) investigate the amount of corporate social and environmental responsibility (CSR) spending, awards, and activities of listed companies in the Stock Exchange of Thailand (SET) and in the Market for Alternative Investment (MAI); (2) test the impact of CSR spending, awards, and financial performance activities; and (3) examine the amount of CSR spending, awards, and activities between companies with and without a CSR committee. The sample included all the listed companies in the resource industry from the SET and the MAI. The data were collected from the companies’ annual reports from 2015 to 2019. Descriptive analysis, an independent-sample t-test, a correlation matrix, and an unbalanced panel data analysis were used to analyze the data. The average level of spending per activity was 2.2964 million baht. There were, on average, 2.1741 awards and 11.4178 activities during the studied period. Moreover, there was a significant negative impact of CSR spending, and a positive impact of CSR awards and activities, on corporate financial performance. Finally, there was a significantly different amount of CSR spending, awards, and activities between the companies with and without a CSR committee. The findings of this study demonstrate that legitimacy theory can be used to explain the benefit of CSR to Thai-listed companies, although CSR is still a voluntary corporate responsibility in Thailand.

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