Moderasi Ukuran Perusahaan pada Profitabilias, Leverage dan Rasio Aktivitas terhadap Kebijakan Dividen

Dividend policy is the company's policy in determining how much profit will be paid as dividends to investors. Dividend policy is the most important determination for a company because it is not only a source of investment profit, but also shows the company's performance. In making dividend payment policies the company considers financial ratios that can have an influence on dividend payment policies. The purpose of this study is to examine the role of company size to moderate the effect of profitability ratios, leverage ratios and activity ratios on dividend policy. This study makes the service sector companies listed on the Indonesia Stock Exchange in 2014-2018 as a research population of 289 companies with the research sample taken using purposive sampling technique as many as 69 companies. This research method uses descriptive quantitative method. Data analysis was processed using Partial Least Squares (PLS) analysis with Warp-Pls 6.0 software. The results of this study indicate that the profitability ratios and activity ratios affect the dividend policy positively and significantly, while the leverage ratio affects the dividend policy negatively and significantly. Firm size strengthens the effect of profitability ratios on dividend policy but does not moderate the effect of leverage ratios and activity ratios on dividend policy

Fashion supply chain transparency: do as I say not as I do

PurposeFashion brands are under heavy criticism for often exhibiting poor working conditions and producing environmental damage. Pressure comes from initiatives such as Fashion Transparency Index (FTI) by Fashion Revolution to assess fashion brands' transparency based on information publicly disclosed. But an understanding of how such movements reflect in a Global South country characterised by institutional voids is still absent.Design/methodology/approachWhile the FTI ranks individual brands, in this study the authors have analysed 305 documents extracted from the websites of 20 Brazilian fashion brands to unpack practices and re-bundle them according to three archetypes – opaque, translucent and transparent – that display a maturity curve.FindingsThe authors show that advancement is heterogeneous, and we complement previous research exposing the limits of an NGO in driving transparency by investigating a context embedded in institutional voids. The authors show that most fashion brands restrict transparency to tier-1 suppliers. Moreover, although fashion brands increasingly demand disclosure from their suppliers, they do not clarify their own purchasing practices such as cancellation and payment policies. On the positive note, the authors show that maturity for transparent brands can include the actionability concept by engaging with consumer via surveys and educative content.Originality/valueThe authors contribute to theory by offering a maturity curve of fashion supply chain transparency. The authors contribute to practice by offering the three archetypes – opaque, translucent and transparent. This study unveils heterogeneity and asymmetry between the levels of transparency that buying firms demand from their suppliers against what they provide about their own practices.

Analysing the effects of healthcare payment policies in conjunction with tax-benefit policies: A microsimulation study with real-world healthcare data

In Europe, many people experience financial hardship due to healthcare payments despite (near-)universal healthcare systems. In Finland, as well as in many other countries, austerity has further widened the gaps in coverage through increases in patient payments. However, the distributional analyses of austerity have concentrated on the effects of tax benefit policies alone. We present a method for examining how health payment policies and tax-benefit policies affect household incomes in conjunction, to evaluate the total effect of implemented and planned policies. We linked the national tax-benefit microsimulation model, SISU, and its nationally representative 15% sample of households in Finland in 2017 (n=826,001) with administrative real-world healthcare data (Finnish Institute for Health and Welfare Care Register for Health Care, HILMO; and Social Insurance Institution of Finland, Kela, National Health Insurance reimbursement registers). As a case example, we analysed the effects on relative poverty risk and poverty gap during two government terms. We found that between 2011 and 2015, tax-benefit policies contributed to decreasing relative poverty, and health payment changes had no measurable effects. In 2015–2019, the poverty risk rate and average gap increased due to tax-benefit policies, and health payment changes strengthened the effects by 10% to 20%. Health payments, and their increases, mainly deteriorated the position of older adults; nevertheless, their poverty risk mostly remained below the population average. Social assistance had an important buffering effect among under 65-year-old population. Health payment increases thus exacerbated the effects of austerity on the oldest age-groups, who, based on tax-benefit analyses alone, were relatively well protected.

State Medicaid Authorities’ Policy Communications With Providers on Individualized Pediatric Dental Care

Objectives Medicaid’s Early and Periodic Screening, Diagnostic and Treatment (EPSDT) pediatric benefit is designed to meet children’s medically necessary needs for care. A 2018 Centers for Medicare & Medicaid Services (CMS) Bulletin advised Medicaid programs to ensure that their dental payment policies and periodicity schedules include language that highlights that medically necessary care should be provided even if that care exceeds typical service frequency or intensity. We assessed the extent to which Medicaid agencies’ administrative documents reflect EPSDT’s flexibility requirement. Methods From August 2018 through July 2019, we retrieved dental provider manuals, periodicity schedules, and fee schedules in all 50 states and the District of Columbia; analyzed these administrative documents for consistency with the CMS advisory; and determined whether instructions were provided on how to bill for services that exceed customary frequencies or intensities. Results Dental-specific periodicity schedules were not evident in 11 states. Eighteen states did not include flexibility language, for example, as advocated by the American Academy of Pediatric Dentistry. Flexibility language was not evident in 24 dental provider manuals or in 47 fee schedules. Only 8 states provided billing instructions within fee schedules for more frequent or intensive services. Conclusion Updating Medicaid agency administrative documents—including dental provider manuals and periodicity and fee schedules—holds promise to promote individualized dental care as ensured by EPSDT.

Corporate financial management and managers’ (ir)rationality

The aim of this paper is to analyze how managers who are characterized by optimism and excessive self-confidence, as forms of bias and irrationality, manage corporate finances. The assumption of the perfect rationality of an average man, from which the proponents of traditionalist economic views proceeded, proved to be unfounded in practice and was rejected by modern economics. Limited rationality and the absence of rationality in making economic decisions by the average person are accepted as real phenomena. The thesis that managers are more rational than average people is also called into question. Irrationality can occur in various forms. This paper deals with two forms of irrationality: optimism and excessive self-confidence, and factors that affect their level. It is considered how the optimism and excessive self-confidence of managers affect the profiling of investment, financing and dividend payment policies. Furthermore, factors that control actions of biased managers are presented. The results of the analysis of the relevant literature demonstrate that biased managers mainly rely on internal and short-term external sources of financing, invest significantly more and with greater risks than average managers, and generally pursue a residual dividend policy.

Performance estimation of photovoltaic energy production

This article deals with the production of energy through photovoltaic (PV) panels. The efficiency and quantity of energy produced by a PV panel depend on both deterministic factors, mainly related to the technical characteristics of the panels, and stochastic factors, essentially the amount of incident solar radiation and some climatic variables that modify the efficiency of solar panels such as temperature and wind speed. The main objective of this work is to estimate the energy production of a PV system with fixed technical characteristics through the modeling of the stochastic factors listed above. Besides, we estimate the economic profitability of the plant, net of taxation or subsidiary payment policies, considered taking into account the hourly spot price curve of electricity and its correlation with solar radiation, via vector autoregressive models. Our investigation ends with a Monte Carlo simulation of the models introduced. We also propose the pricing of some quanto options that allow hedging both the price risk and the volumetric risk.

Findings and lessons learnt from early termination of a pragmatic comparative effectiveness trial of video consultations in home-based palliative care

BackgroundHealth systems need evidence about how best to deliver home-based palliative care (HBPC) to meet the growing needs of seriously ill patients. We hypothesised that a tech-supported model that aimed to promote timely inter-professional team coordination using video consultation with a remote physician while a nurse is in the patient’s home would be non-inferior compared with a standard model that includes routine home visits by nurses and physicians.MethodsWe conducted a pragmatic, cluster randomised non-inferiority trial across 14 sites (HomePal Study). Registered nurses (n=111) were randomised to the two models so that approximately half of the patients with any serious illness admitted to HBPC and their caregivers were enrolled in each study arm. Process measures (video and home visits and satisfaction) were tracked. The primary outcomes for patients and caregivers were symptom burden and caregiving preparedness at 1–2 months.ResultsThe study was stopped early after 12 months of enrolment (patients=3533; caregivers=463) due to a combination of low video visit uptake (31%), limited substitution of video for home visits, and the health system’s decision to expand telehealth use in response to changes in telehealth payment policies, the latter of which was incompatible with the randomised design. Implementation barriers included persistent workforce shortages and inadequate systems that contributed to scheduling and coordination challenges and unreliable technology and connectivity.ConclusionsWe encountered multiple challenges to feasibility, relevance and value of conducting large, multiyear pragmatic randomised trials with seriously ill patients in the real-world settings where care delivery, regulatory and payment policies are constantly shifting.