scholarly journals Financial Structure: A Comparative Study between European Listed and Unlisted Companies

2020 ◽  
Vol 15 (11) ◽  
pp. 111
Author(s):  
Carmelo Intrisano ◽  
Anna Paola Micheli ◽  
Anna Maria Calce
Keyword(s):  
Comparative Study ◽  
Statistical Significance ◽  
Financial Structure ◽  
Listed Companies ◽  
Differential Analysis ◽  
Economic Sectors ◽  
Average Value ◽  
Debt Capital ◽  
Equity Ratio ◽  
Healthcare Consumer

This paper aims to ascertain whether differences exist in the composition of the financial sources in listed and unlisted companies. In detail, we conduct a differential analysis of the financial structure, measured as debt to equity ratio (D/E), comparing European listed companies to unlisted peers. Analysis cover the period 2015-2017. The main samples of listed and unlisted companies were grouped in nine sub samples representative of as many economic sectors: Healthcare, Consumer cyclical, Consumer non-cyclical, Energy, Industrials, Basic materials, Technology, Telecommunications and Utilities. We compared the average value of debt to equity ratio for listed and unlisted companies, for different sectors in order to verify if in listed companies the incidence of debt is lower than that for unlisted ones as stated from the majority literature. Then, we calculated the differences between means as “means of D/E for listed companies-means of D/E for unlisted companies” and we used the t-test to observe the statistical significance. Results showed that differences between means were significant at 1% level: so, averages D/E ratio were comparable and they appeared almost always greater for unlisted companies. This confirms that unlisted companies make greater use of debt capital.

ANALISA PERBANDINGAN LAPORAN KEUANGAN DAN RASIO KEUANGAN SEBAGAI ALAT UKUR KINERJA KEUANGAN PADA KOPERASI KARYAWAN SUCOFINDO (KOPERASI SUCOFINDO JAYA) TAHUN 2009 – 2011

2019 ◽  
Vol 9 (2) ◽  
pp. 35
Author(s):  
Sri Marti Pramudena
Keyword(s):  
Financial Performance ◽  
Balance Sheet ◽  
Fiscal Year ◽  
Percentage Increase ◽  
Net Worth ◽  
Average Value ◽  
Financial Position ◽  
Profitability Analysis ◽  
Equity Ratio ◽  
The Cost

This study aims to determine the financial position and financial performance Cooperative Sucofindo Jaya (KOPSUCOFINDO JAYA) from fiscal year 2009-2011 through a comparative analysis / comparisons and ratio analysis. From the research, the authors obtained a picture that results of the financial position and financial performance of KOPSUCOFINDO JAYA as follows: (1) To Horizontal Analysis of the Balance Sheet shows the overall unfavorable developments as the rise of short-term debt experienced a greater percentage increase than the increase in current assets (2) For Horizontal Analysis of the SHU, SHU in 2010 an increase of 125.38% compared to 2009 and in 2011 increased by 282.47% compared to 2009, but this increase was not followed by a reduction in the burden of cost of goods, especially business and this increase was obtained from the contribution percentage increase in other income. (3) For Vertical Analysis of the Balance Sheet shows that in terms of assets, current assets are assets that make up the largest component but also cause considerable investment value embedded in current assets and also showed asset turnover, receivables turnover and working capital is very low under 1 times. (4) For the SHU Vertical analysis shows that income JAYA KOPSUCOFINDO more than 85% absorbed in the Cost of Goods. (5) For liquidity analysis showed that highly liquid KOPSUCOFINDO JAYA obtain an average value above 400%. (6) For solvency analysis shows that the performance is not good / not solvable because the results of the analysis LITA average of above 95%, Total Debt to Equity Ratio in the top 2.000%, and Net Worth Debt Ratio to average below 4%. (7) For activity ratios indicate that the performance is not good for Turnover of Assets value of 1 times. (8) For the rentability analysis KOPSUCOFINDO JAYA show results for ROA of 0.86% (2009), 1.31% (2010), 1.18% (2011), ROE in 2009 is 14.81%, 26.43% in 2010 and 2011 amounted to 31.11%, for the ROI of 0.56% in 2009, in 2010 was 0.96% and by 0.93% in 2011. (9) For the analysis of profitability, for the analysis of GPM in 2009 amounted to 1.49%, in 2010 of 2.31% and 3.92% in 2011. As for the analysis of NPM in 2009 amounted to 0.97%, in 2010 by 1.70% and by 3.10% in 2011. Keywords:  Cooperative Financial Performance, horizontal analysis, vertical analysis, Analysis of Liquidity, Solvency Analysis, Activity Analysis, Profitability Analysis, profitability analysis

Comparative study of episiotomy repair: absorbable synthetic versus chromic catgut suture material

2017 ◽  
Vol 6 (6) ◽  
pp. 2186
Author(s):  
Devika Perumal ◽  
Divya Selvaraju
Keyword(s):  
Comparative Study ◽  
Suture Material ◽  
Statistical Significance ◽  
Wound Dehiscence ◽  
Chromic Catgut ◽  
Control Group ◽  
Absorbable Suture ◽  
Perineal Laceration ◽  
Short Term ◽  
Significant Difference

Background: The choice of suture material for repair of episiotomy or perineal laceration is largely of one’s personal preference. Chromic catgut was widely used in most institutions. It now appears that chromic catgut is associated with more postpartum discomfort and hence chromic catgut has been largely replaced by synthetic absorbable materials like polyglactin and polyglycolic acid.Methods: The study was conducted in Institute of Social Obstetrics and Government Kasturba Gandhi Hospital, Chennai. This is a prospective, comparative study involving two groups. The use of a rapidly absorbing form of synthetic absorbable suture material, in the repair of episiotomy or perineal laceration in 100 patients during the study period February 2012 to July 2012, were simultaneously compared with the traditional natural absorbable suture material.Results: With the use of rapidly absorbing polyglactin 910, there was a significant reduction (p=0.000) in the short-term pain, 19 compared to 80 in the control group. With regard to wound dehiscence and the need for resuturing, there was statistically significant difference in the control group (15%) compared to the study group (0%). There was no statistical significance between the two groups in terms of dyspareunia (12.4% vs 10.7%).Conclusions: Fast-absorbing form of Polyglactin seems to be effective in reducing some of the morbidity associated with perineal repair following childbirth. There was significant reduction in the short-term pain and the need for analgesia. The incidence of wound dehiscence was markedly reduced.

scholarly journals Efeito do Volume de Negócios nas Escolhas de Recomendações de Ações dos Analistas

2018 ◽  
Vol 15 (2) ◽  
pp. 287
Author(s):  
Rafael Moreira Antônio ◽  
Alex Augusto Timm Rathke ◽  
Marcelo Botelho da Costa Moraes ◽  
Marcelo Augusto Ambrozini
Keyword(s):  
Panel Data ◽  
Trading Volume ◽  
Listed Companies ◽  
Net Income ◽  
Trade Volume ◽  
Panel Data Regression ◽  
Data Regression ◽  
Sample Data ◽  
Equity Ratio ◽  
Unbalanced Panel Data

The present study analyses the effect of trade volume on market analysts’ purchase and sell recommendation choices. The research analyses 7,293 consensus recommendations regarding Brazilian listed companies for the period 2008-2014. Sample data includes firms’ fundamentalist characteristics, as total assets, return, net income and dividends, with the objective to identify the factors taken under account by analysts for their recommendation evaluations. Applying unbalanced panel data regression strategy, we find that analysts prefer to recommend shares with higher observed trading volume, and the shares with more favourable evaluations are those with higher observed trading volume, which is agreeing with theoretical expectations. Other significative covariates for recommendations are the earnings before interests and taxes – EBIT, return per share, return of assets – ROA, paid dividends, and the price/equity ratio.

scholarly journals CURRENCY DEPRECIATION AND CORPORATE NET WORTH OF LISTED COMPANIES IN INDONESIA

2008 ◽  
Vol 7 (2) ◽  
Author(s):  
A. Prasetyantoko
Keyword(s):  
Panel Data Analysis ◽  
Balance Sheet ◽  
Listed Companies ◽  
Net Worth ◽  
Currency Depreciation ◽  
Tradable Sector ◽  
Equity Ratio ◽  
One Year ◽  
The Impact ◽  
Domestic Companies

This paper is concerned with the impact of currency depreciation during the period of crisis on the corporate net worth of listed companies in Indonesia. The findings can shed light on the corporate “balance sheet effect” of currency crisis. This paper finds that firms with a higher debt-equity ratio have a lower value in market capitalization growth, sales and asset during crisis and in postperiod of crisis. Meanwhile, firms with majority foreign ownership (F) have higher sales during crisis and in one year after crisis than domestic companies (L). Furthermore, firms in tradable sector (T) have higher sales and less debt-equity ratio during crisis and one year after crisis than those in Non-tradable sector (N). This research uses data from Indonesian Stock Exchange’s (IDX) database and ECFFN covering the period of 1994-2004. This empirical research using panel data analysis includes 238 listed companies with at least 5 consecutive years.

scholarly journals Comparison of the SRmax, SRave, and color map of strain-elastography in differentiating malignant from benign breast lesions

2018 ◽  
Vol 60 (1) ◽  
pp. 28-34
Author(s):  
Jin Hee Moon ◽  
Sung Hye Koh ◽  
Sun-Young Park ◽  
Ji-Young Hwang ◽  
Ji Young Woo
Keyword(s):  
Statistical Significance ◽  
Roc Curves ◽  
Strain Ratio ◽  
Breast Lesions ◽  
Strain Elastography ◽  
Average Value ◽  
Maximum Value ◽  
Significant Difference ◽  
Malignant Breast ◽  
Color Map

Background The maximum value of the strain ratio (SR) is a newly developed measure in strain-elastography. Purpose To prospectively compare the diagnostic performance of three different measures of strain-elastography, the maximum value of the SR (SRmax), the average value of the SR (SRave), and the color map, for differentiating benign and malignant breast lesions. Material and Methods We obtained the SRmax and SRave of 314 lesions from 290 patients with the tissue to nodule SR and color map using a five-degree scoring system. The diagnostic performances of the SRmax, SRave, and color map were compared after obtaining the area under the receiver operating characteristic (ROC) curves (AUCs) of each parameter. Results The AUC of the SRmax (0.7674) was larger than the AUCs of the SRave (0.7138) and color map (0.6324), with statistical significance ( P = 0.0383 for SRmax vs. SRave, P = 0.0000 for SRmax vs. color map). The AUC of the SRave was larger than that of the color map; however, there was no significant difference. The optimal cut-off point of the SRmax that balanced the sensitivity (91.12%) and specificity (50.81%) was 5.16. Conclusion The SRmax is a more reliable diagnostic tool than the SRave and color map for differentiating benign and malignant breast lesions.

An analysis of cost of capital, capital structure and capital budgeting practices: a survey of South African listed companies

2008 ◽  
Vol 16 (2) ◽  
pp. 31-52 ◽  
Author(s):  
C. Correia ◽  
P. Cramer
Keyword(s):  
Capital Structure ◽  
South African ◽  
Cost Of Capital ◽  
Emerging Market ◽  
Capital Budgeting ◽  
Listed Companies ◽  
Sample Survey ◽  
The South ◽  
Equity Ratio ◽  
Finance Theory

This study employs a sample survey to determine and analyse the corporate finance practices of South African listed companies in relation to cost of capital, capital structure and capital budgeting decisions.The results of the survey are mostly in line with financial theory and are generally consistent with a number of other studies. This study finds that companies always or almost always employ DCF methods such as NPV and IRR to evaluate projects. Companies almost always use CAPM to determine the cost of equity and most companies employ either a strict or flexible target debt‐equity ratio. Furthermore, most practices of the South African corporate sector are in line with practices employed by US companies. This reflects the relatively highly developed state of the South African economy which belies its status as an emerging market. However, the survey has also brought to the fore a number of puzzling results which may indicate some gaps in the application of finance theory. There is limited use of relatively new developments such as real options, APV, EVA and Monte Carlo simulation. Furthermore, the low target debt‐equity ratios reflected the exceptionally low use of debt by South African companies.

Comparing Software Bugs in Clone and Non-clone Code: An Empirical Study

2017 ◽  
Vol 27 (09n10) ◽  
pp. 1507-1527
Author(s):  
Judith F. Islam ◽  
Manishankar Mondal ◽  
Chanchal K. Roy ◽  
Kevin A. Schneider
Keyword(s):  
High Risk ◽  
Empirical Study ◽  
Software Development ◽  
Comparative Study ◽  
Software Maintenance ◽  
Statistical Significance ◽  
Ongoing Debate ◽  
Software Bugs ◽  
Bug Fixing

Code cloning is a recurrent operation in everyday software development. Whether it is a good or bad practice is an ongoing debate among researchers and developers for the last few decades. In this paper, we conduct a comparative study on bug-proneness in clone code and non-clone code by analyzing commit logs. According to our inspection of thousands of revisions of seven diverse subject systems, the percentage of changed files due to bug-fix commits is significantly higher in clone code compared with non-clone code. We perform a Mann–Whitney–Wilcoxon (MWW) test to show the statistical significance of our findings. In addition, the possibility of occurrence of severe bugs is higher in clone code than in non-clone code. Bug-fixing changes affecting clone code should be considered more carefully. Finally, our manual investigation shows that clone code containing if-condition and if–else blocks has a high risk of having severing bugs. Changes to such types of clone fragments should be done carefully during software maintenance. According to our findings, clone code appears to be more bug-prone than non-clone code.

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