scholarly journals CANONICAL VARIATE ANALYSIS APPLIED TO DETERMINE FACTORS INFLUENCING THE FINANCIAL SITUATION OF FEED ENTERPRISES

2020 ◽  
Vol XXII (2) ◽  
pp. 21-31
Author(s):  
Dorota Czerwińska-Kayzer ◽  
Joanna Florek ◽  
Dariusz Kayzer
Keyword(s):  
Financial Performance ◽  
Economic Activity ◽  
Animal Feed ◽  
Canonical Variate ◽  
Economic Downturn ◽  
Financial Situation ◽  
Managerial Efficiency ◽  
Cash Conversion Cycle ◽  
Financial Characteristics ◽  
Economic Upturn

The purpose of this study was to present the factors that determine the financial situation of feed enterprises under different economic conditions. In the pursuit of its main objective, this paper also identifies enterprises which share similar financial characteristics. The goals defined above were sought with the use of canonical analysis. The variables used in the analysis were calculated based on the financial performance figures of feed enterprises carrying out economic activity in 2008-2013 on a continuous basis and delivering complete financial statements throughout that period. Their financial standing was assessed with indicators that allow to describe corporate operations in all areas of economic activity, i.e. liquidity, financial support, managerial efficiency and financial efficiency. This research found that while the group of feed enterprises is relatively homogeneous in terms of financial standing, it includes outliers exhibiting clearly different characteristics of the cash conversion cycle. The conclusion from this study is that operators who stand apart in terms of their different financial situation are engaged in animal production in addition to their core business (which is animal feed production). This suggests they follow a multi-modal activity pattern. The study also confirmed that during the economic downturn (in 2009), the operators surveyed saw their financial performance deteriorate. Conversely, they recorded an improvement in the years of economic upturn (2012). Another conclusion is that liquidity ratios exhibited greater variation.

scholarly journals Corporate Governance, Financial Characteristics, Macroeconomic Factors and Financial Performance of Agricultural Firms Listed at the Nairobi Securities Exchange, Kenya

2021 ◽  
Vol 17 (19) ◽  
pp. 71
Author(s):  
Moses Odhiambo Aluoch
Keyword(s):  
Corporate Governance ◽  
Panel Data ◽  
Financial Performance ◽  
Governance Structure ◽  
Moderating Effect ◽  
National Bureau ◽  
Macroeconomic Factors ◽  
Cash Conversion Cycle ◽  
Financial Characteristics ◽  
The Relationship

This study sought to examine the relationships between corporate governance, financial characteristics, macroeconomic factors and financial performance of agricultural firms listed at the Nairobi Securities Exchange, Kenya. The specific objectives were to establish the effect of corporate governance on financial performance; to determine the intervening effect of financial characteristics on corporate governance and financial performance; to establish the moderating effect of macroeconomic factors on corporate governance and financial performance of listed agricultural firms; and to establish the joint effect of corporate governance, financial characteristics, macroeconomic factors and financial performance of listed agricultural firms in Kenya. This study is anchored on agency theory, transaction cost theory; political theory and cash conversion cycle theory. The study used census approach and a target population of seven agricultural firms listed at the Nairobi Securities Exchange between 2002 and 2016 was incorporated. The study used panel data. Corporate governance, financial characteristics and financial performance data was extracted from annual reports of the individuals firms while macroeconomic factors data was extracted from Central Bank of Kenya and Kenya National Bureau of Statistics economic reports. The study employed longitudinal descriptive research design. Descriptive and panel data regression analysis were conducted. Corporate governance had significant effect on financial performance of listed agricultural firms in Kenya; the intervening effect of financial characteristics on the relationship between corporate governance and financial performance was not determined; the moderating effect of macroeconomic factors on the relationship between corporate governance and financial performance was confirmed; and the joint relationship between corporate governance, financial characteristics and macroeconomic factors on financial performance was established. The study recommended a review of corporate governance principles and directors to comply with corporate governance structure and practices to enhance financial performance of firms.

TRADITIONAL OUTBUILDINGS OF THE MORDOVIANS

2019 ◽  
Vol 15 (2) ◽  
pp. 154-165 ◽  
Author(s):  
Elena N. Mokshina ◽  
Mihail I. Svyatkin
Keyword(s):  
Ethnic Group ◽  
Economic Activity ◽  
Building Materials ◽  
Animal Feed ◽  
Economic Activities ◽  
Important Place ◽  
Main Building ◽  
Genetic Problem ◽  
Materials Used ◽  
Functional Purpose

Introduction. The article deals with the main traditional outbuildings of the Mordvinians, reported on their functional purpose in economic activity. The forms and types of outbuildings, as well as the main building materials used by Mordvinians are described in details. Their significance in the religious and ceremonial life of the ethnic group is shown. Materials and Methods. The research is based on traditional methods of ethnographic science, such as field observation, survey and interviews, and a comprehensive approach. Among the methods of historical science comparative-historical, historical-genetic, problem-chronological, structural-system were used. Among the general scientific methods of research logical, descriptive, narrative, generalization, classification and systematization were involved. To achieve the results of the study, the materials collected by the authors in the course of field surveys conducted in the Mordovian villages were mainly used. Results and Discussion. Traditional outbuildings were of great importance in the economic activity of the Mordovian ethnic group. According to their functional purpose, they can be divided into the following groups: for livestock and poultry (stable, chicken coop, stable, kalda), sanitary and hygienic (bath), warehouse buildings for storage of food, utensils, firewood, animal feed (barn, cellar, woodshed, hayloft), for processing of grain (sheep, riga, mill). Depending on the welfare and financial capacity of the family, the number of outbuildings was different. As a rule, the wealthier families had more outbuildings than the less wealthier ones. The main building material for the construction of these buildings was wood. Conclusion. Thus, the traditional outbuildings of the Mordvinians occupied an important place in its economic activities. At the same time, each of them had its own purpose and performed certain functions. Some buildings, such as a bath and a barn, had not only economic purpose, but also were the venue for a number of prayers and ceremonies. It is now ordinarily they have banya (bath-house), outdoor courtyard with standing in different places sheds, barn and cellar.

Factors of Influence on the Financial Performance of Agricultural Enterprises

2020 ◽  
pp. 220-227
Author(s):  
Mariia Petrova ◽  
Keyword(s):  
Financial Performance ◽  
Economic Activity ◽  
Complex Problem ◽  
Economic Stability ◽  
Agricultural Enterprises ◽  
Technical Innovations ◽  
Factors Of Influence ◽  
Definition Of ◽  
High Level ◽  
The Cost

The article is devoted to the analysis of factors of influence on the increase in financial performance of agricultural enterprises. The approaches of scientists to determine the essence of the concept of profit are analyzed, their own definition of the concept is formed. The system of proof that the company's task is to make a profit, which is the main stimulus of economic activity is provided. Profit ensures the economic stability of the company, guarantees its financial independence. In order to improve financial results, the company is interested in looking for untapped opportunities and reserves, more efficient ways of using resources, producing products for which there is demand, applying organizational and technical innovations that ensure the efficiency of production, etc. Therefore, the study of factors that affect the level of profitability of the company is a very topical topic that requires further research. It has been established that profit is the main financial result and an incentive for the economic activity of enterprises, the main source of its functioning and development. In today's environment, improving financial results is a complex problem. For their continued growth, the company is interested in updating methods of mobilizing hidden opportunities and reserves, preserving existing and attracting additional resources, upgrading production facilities, focusing on the production of goods of constant and high demand, introducing organizational and technical innovations, and constantly improving the efficiency of production. The need for continuous creative analysis of factors that affect the size of the profit is emphasized. Ways to ensure the growth of financial results of agricultural enterprises by reducing the cost of production, adjusting the prices of products, increasing the technological level of production, changing the structure and volume of products, increasing soil fertility, the level of productivity, the most rational use of labor, material and financial potential are explored. All this, combined with the effect, is able to provide the company with a high level of profitability of operation, increase its level of competitiveness, increase the demand for products, develop export potential, attract new investors, update the fixed capital, improve the fertility of the soil, eventually improve the environment.

scholarly journals A Semantics of the Financial Crisis in Spain

10.29007/w61x ◽  
2018 ◽  
Author(s):  
Keith Stuart ◽  
Ana Botella ◽  
Lucia Gadea-Boronat
Keyword(s):  
Financial Crisis ◽  
Social Services ◽  
Economic Downturn ◽  
Housing Bubble ◽  
Linguistic Features ◽  
Financial Situation ◽  
Linguistic Resources ◽  
Rhetorical Devices ◽  
Growing Body ◽  
Evaluative Meaning

This article presents research carried out on a corpus of newspaper articles about the financial crisis in Spain (Corpus de la Crisis Financiera - CCF). The genesis and compilation of the CCF coincided with a growing body of publications about the financial situation in Spain, a severe economic downturn involving a banking crisis, a burst housing bubble, a dramatic increase in unemployment, and cuts in social services. In this paper, we are going to focus on the semantics and rhetorical functions in the different texts that make up the corpus. Our main objective is to explore the realizations of evaluative meaning in our corpus, either overtly expressed by the journalist or implicitly transmitted in texts by means of rhetorical devices such as metaphors.We will provide examples from our corpus to show how the recurrence and coexistence of such linguistic features play a cohesive role providing texts consistency and texture. These linguistic resources persuade individual readers and even shape collective opinions and ideologies.

scholarly journals ANALISIS PERBANDINGAN ANTARA RASIO KEUANGAN DAN METODE ECONOMIC VALUE ADDED SEBAGAI PENGUKUR KINERJA KEUANGAN PERUSAHAAN (STUDI KASUS PADA PERUSAHAAN ROKOK YANG TERDAFTAR DI BEI PERIODE TAHUN 2012 -2014

2016 ◽  
Vol 1 (01) ◽  
Author(s):  
Any Arisanti ◽  
IBK Bayangkara
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Secondary Data ◽  
Financial Ratios ◽  
Economic Value Added ◽  
New Approach ◽  
Financial Situation ◽  
The Past

This study aimed to describe and compare the company's financial performance as measured by the method of Economic Value Added (EVA) is a new approach which assesses the company's financial performance by taking into account the expectations of donors, particularly shareholders and creditors. Financial Ratios and analysis to assess the company's financial situation in the past, present and future. The research object is a cigarette company listed on the Stock Exchange in the period 2012 - 2014, that are PT. Gudang Garam Tbk, PT. HM Sampoerna Tbk, PT. Bentoel Internasional Investama Tbk, and PT. Wismilak Inti Makmur, Tbk. This type of research is comparative descriptive, while the data used is secondary data obtained from the Indonesia Stock Exchange. The Results of financial ratios calculation fluctuated every company each year. In the EVA calculation are the average of 2012 - 2014, PT. HM Sampoerna Tbk has the highest EVA value, then PT. Gudang Garam Tbk, hereinafter PT. Bentoel Internasional Investama Tbk and last PT. Wismilak Inti Makmur, Tbk. EVA is always positive (EVA> 0) in 2012-2014 means that the management company is able to create economic value for shareholders, and of course the company's financial performance is also good.Keywords: financial performance, financial ratios, EVA

scholarly journals Effect of Working Capital Management Decisions on Financial Performance

2021 ◽  
Vol 10 (4) ◽  
pp. 127-140
Author(s):  
Charles Kiprotich Yegon ◽  
Willy Muturi ◽  
Oluoch Oluoch
Keyword(s):  
Financial Performance ◽  
Financial Management ◽  
Warning Signal ◽  
Financial Statements ◽  
Recent Past ◽  
Management Decisions ◽  
Return On Assets ◽  
Financing Policy ◽  
Cash Conversion Cycle ◽  
Conversion Period

Collapse of companies in Kenya has been on the rise in the recent past. Far reaching endeavors to resuscitate these liquidating and ailing firms have generally been attributed on their corporate financial management decisions.  Multinationals and KTDA managed tea firms in Kenya have been performing poorly in the recent past where audited financial statements and reports revealed a warning signal on its financial performance. Specific objectives of the study were to determine the effect of the accounts receivables period, accounts payables period, inventory conversion period, cash conversion cycle, financing policy, investing policy and moderating effect of ownership structure on financial performance. The study illustrated that accounts receivables collection period is negatively related to return on assets (? = -0.1299, p=0.0160),  accounts payables payment period is negatively related to return on assets (? = -0.0843, p = 0.0070), inventory conversion period is negatively related to return on assets (?= -0.0623, p=0.0180), cash conversion cycle is negatively related to return on assets (? = -0.1107, p = 0.0030), financing policy is positively related to return on assets (? = 0.1589, p = 0.0000), investing policy is positively related to return on assets (? = 0.0291, p = 0.0000).

scholarly journals Analyzing the cash conversion cycle relationship with the financial performance of chemical firms: Evidence from Amman Stock Exchange

Accounting ◽  
2021 ◽  
Vol 7 (6) ◽  
pp. 1339-1346
Author(s):  
Mohammed Ibrahim Sultan Obeidat ◽  
Tareq Mohammad Almomani ◽  
Mohammad Abdullah Almomani
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Percent Level ◽  
Study Data ◽  
Return On Equity ◽  
Cash Conversion Cycle ◽  
Earnings Per Share ◽  
Amman Stock Exchange ◽  
Mean And Variance ◽  
Single Regression

The main purpose of the study is to investigate whether the cash conversion cycle has an impact on the financial performance of listed chemical firms in Amman Stock Exchange. To achieve the objectives of the study, data covering the period 2010-2019 of 5 among a total of 6 listed chemical firms were collected and used in analysis and hypotheses testing. The excluded firm was eliminated because its information was incomplete along the study period. Return on equity and earnings per share were used as indicators for financial performance in a separate form. The study involved two hypotheses, and both hypotheses were tested under the 95 percent level of confidence. Descriptive statistics including the mean and variance, in addition to correlation, were used in data analysis. Using both of the multiple and single regression models, the study showed that the cash conversion cycle had a significant impact on the financial performance of firms. Moreover, both of the controls were found significantly affecting the financial performance.

scholarly journals RELATIONSHIP BETWEEN CASH FLOW MANAGEMENT AND FINANCIAL PERFORMANCE OF COMPANIES LISTED ON THE TEHRAN STOCK EXCHANGE

2019 ◽  
Vol 1 (17) ◽  
pp. 27
Author(s):  
Majid Ramazani ◽  
Mahdi Salehi ◽  
Mahmoud Laridashtbayaz
Keyword(s):  
Financial Performance ◽  
Cash Flow ◽  
Stock Exchange ◽  
Return On Assets ◽  
Flow Management ◽  
Cash Flow Management ◽  
Firm Financial Performance ◽  
Cash Conversion Cycle ◽  
Multivariable Regression ◽  
The Relationship

Purpose–Cash is one of the most important assets to business firms. To evaluate a business firm, the competencies of a firm in creating and increasing the cash are of great importance for investors, creditors, and other beneficiaries. So, the main objective of the current study is to evaluate the relationship between cash flow management and firm financial performance in Iran. Design/methodology/approach – In the present study, using the data of 155 companies listed on the Tehran Stock Exchange during 2009-2016, panel data, and multivariable regression, we tried to analyze the relationship cash flow management and financial performance.  Findings –The results obtained indicated that there is a relationship between the decrease (increase) of cash conversion cycle and operational cash conversion cycle and the improvement (debilitation) of financial performance. Moreover, the pending period for collection of sales revenue, cash conversion cycle, and operational cash conversion cycle is the Granger Cause of return on assets. Originality/value – Since a few studies have been conducted on cash flow management in Iran, the current study has covered the topic in Iran..

scholarly journals Effect of Accounts Receivable Management on Financial Performance of Chartered Public Universities in Kenya

2021 ◽  
Vol 3 (1) ◽  
pp. 73-83
Author(s):  
George Okoth Owuor ◽  
Nickson Agusioma ◽  
Fredrick Wafula
Keyword(s):  
Financial Performance ◽  
Financial Management ◽  
Public Universities ◽  
Target Population ◽  
Substantial Effect ◽  
Annual Reports ◽  
Survey Method ◽  
Accounts Receivable ◽  
Cash Conversion Cycle ◽  
Specific Objective

Accounts receivable refer to the payments expected by an organization in the foreseeable future. Accounts receivable management plays an integral part in the financial performance of higher learning institutions. With several public universities experiencing no or delayed payments from the respective receivable accounts, such institutions have been characterized with financial constraints, struggling to meet their immediate obligations. From reduced government capitation, lack of the module two students (Self-Sponsored), and students' non-compliance on fee payment policy, public universities in Kenya continue to experience poor financial performance due to inefficiency of their accounts receivable management. This study sought to examine the effect of accounts receivable management on the financial performance of chartered public universities in Kenya. The general and specific objective was to determine the effect of accounts receivable management on the financial performance of chartered public universities in Kenya. The study used the Cash Conversion Cycle (CCC) theory. Descriptive and inferential research designs were applied to analyze data. The target population was all the 31 chartered public universities in Kenya, and as such, the census survey method was adopted to collect data. Secondary panel data was extracted from the respective institutions’ audited annual reports for 2017, 2018, and 2019. The SPSS Version 25 was applied to analyze descriptive and inferential statistics. The study found that accounts receivable management had an indirect and significant effect on the financial performance of chartered public universities in Kenya (p= 0.000, β= -0.875). The study concluded that accounts receivable management has a substantial effect on the financial performance of chartered public universities in Kenya. The study recommended that in line with the IFRS 5 and IAS 1, respective university managements should develop optimal debts management frameworks to guide their financial management operations to realize sustainable financial performance both in the short and long runs.

scholarly journals The Integrated Measuring of Working Capital Management Efficiency on Financial Performance in Indonesia Stock Exchange

2015 ◽  
Vol 7 (3) ◽  
pp. 26-33
Author(s):  
Petrus Emanuel De ◽  
Rina Indiastuti . ◽  
Erie Febrian .
Keyword(s):  
Financial Crisis ◽  
Financial Performance ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Chief Financial Officers ◽  
Working Capital ◽  
Data Set ◽  
Crisis Period ◽  
Cash Conversion Cycle ◽  
The Global Financial Crisis

The purpose of this study is to determine the differences effect of working capital efficiency on financial performance during periods of crisis. The measurement is made during the crisis compared to the entire period of observation by using cash conversion cycle (CCC) and working capital policy (both investment policy and financing policy) on the profitability (by return on assets) and market value (by Tobin’s Q). Using all annual financial data of 104 manufacturing firms listed in Indonesia Stock Exchange (IDX) over the period 2005-2013. These periods include the global financial crisis. The panel data set was developed for nine years, which produced 936 firms-years observations. This study uses multivariate regression models with hierarchical regression analysis approach. This approach uses the global financial crisis period as a dummy variable. The results showed that there were differences in the effect of the cash conversion cycle (and its components) and working capital policy on profitability during the crisis period compared to the whole period. In contrast, no differences effect the cash conversion cycle (and its components) and working capital policy on the value of the company in the crisis period compared to the whole period. The manufacturing industries do not apply the efficiency in the management of working capital. The global financial crisis tends the companies to change their working capital policy more efficiently. The researcher can extend this study by doing a qualitative research how to chief financial officers invest and finance day-by-day operation.

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