Budget Revenue Forecasts, Errors and Impact on the Indebtedness of the Municipalities of Maranhão

This study aimed to identify the factors that lead to the indebtedness of the municipalities of Maranhão. The study covers the years 2014-2016. Economic methods with panel data and socioeconomic variables were used: municipal GDP per capita, FIRJAN tax management index (IFGF), and level of education of the public manager. In the results, it was possible to observe that the budget revenue forecast error positively affects the 1% level of debt significance in the year, which means implications for one unit of Real (BRL) of budget revenue, incorrectly predicted in the LOAs of the municipalities Maranhão, leads to an increase between BRL 0.49 and BRL 0.62, in the debt of the relevant financial year. As variables such as GDP per capita, the IFGF and the dummies and the level of education were not statistically significant to explain the increase in debt, allowing to deduce the forecast error (planning) of budget revenue by itself, it is an important determinant that contributes, with high statistical significance, which impacts on the increase of the indebtedness of the municipalities of Maranhão.

The Influence of Earnings Quality for Restatements and Auditor’s Qualified Opinion

The objective of the present study was to raise the cases of restatements and to evaluate whether these events were associated with the low earnings quality and with the provision of advice with a qualified opinion by audit firms. The results obtained with the analysis indicate that the low earnings quality increases the chances of republishing the financial statements. Additionally, the results indicate that there is no evidence that lower earnings quality increases the chances of issuing a qualified audit report or disapproval of the financial statements by the independent auditors. These results point to a divergence regarding the understanding of earnings quality by the auditors and by the regulatory agency.

Company Dividend Policy Models: Neutral Approach

The article treats a concept of the formalized modeling of the dividend policy scores and company marketing performance scores derived (stock market position) within neutral dividend policy implementation approach conditions as an instrument of the scores analysis and forecasting. The methodology of the research consists of the Dividend Irrelevance theory, Dividend Policy Significance theory and sustainable company development concept. It has been stated that a formalized approach of the dividend policy implementation presumes a construction of the basic relevant scores models characterizing the company dividend policy and its marketing performance as Dividend Payout, Dividend Cover, expected Share Price, Dividend Yield, Price / Earnings Ratio (common stock price/earnings ratio). The formalized models of the scores mentioned are applicable for a forecast-analytical scores evaluation and their variances as well by estimating an impact of the models defining factors exercised by the appropriate factoring analysis method within the neutral dividend policy implementation approach conditions. The conclusion is drawn, that the formalized models of the dividend policy scores and company marketing performance scores derived, having been developed, are an effective instrument for their forecasting and analysis so that proactive decisions to manage the company dividend policy implementation within neutral approach conditions are ensured.

Analysis of Financial Performances of Hospital Services Subsector By ELECTRE Method

Measuring and evaluating financial performance in healthcare enterprises is important for decision-makers to evaluate the past and comment on the future. In this study, Turkey hospital services of the sub-sectors of evaluate the financial performance are aimed. For this purpose, the Republic of Turkey's financial performance with ELECTRE method that the Central Bank released was that the industry's financial performance between the data with the help of hospital services sub-sectors of the 2008-2016 years are taken from the balance sheet of the multi-criteria decision-making methods were measured. As a result, Turkey hospital services sub-sectors of the 9-years financial performance is evaluated, starting from the years of exchange between hospital services sub-sectors will contribute to the users about the results we have tried to be included.

Analysis Good Governance of Corruption Eradication toward Penta Helix Model in Indonesia

Transparency International released an annual report on the corruption perception index in 2018. The survey results of 180 countries showed a bad score because more than two-thirds scored less than 50. The highest score is 100, which means very clean or free of corruption, and the lowest is zero which means it is very corrupt. Indonesia must learn from New Zealand and Australia who have succeeded in helping improve the corruption perception index in their country, even though Indonesia's corruption perception index experienced an upward trend in 2014-2018. In an effort to analyze Good Governance in eradicating corruption in Indonesia, the researchers applied the Penta Helix Model, better known as the ABCGM concept, namely Academicians, Business, Community, Government, and Media to reduce the level of corruption in Indonesia. This research method is qualitative to investigate, find, describe, and explain the quality or features of social influences that cannot be explained, measured or described through a quantitative approach. The Penta Helix model is considered to have a positive influence in eradicating corruption.

The New Approach for Risk Regulation in Banks

The purpose of this report is to present the necessity of proceeding to new reforms in bank regulation and to increase the stability and risk sensitivity of the capital base under applying the Standardised Credit Risk Assessment Approach (SCRA) in banks. The dynamics in the bank regulation and supervision of credit risk assessment approaches are explored. In the paper, a thorough theoretical-methodological and historical-logical analysis was made of the evolution of the development and chronology of the global regulatory frameworks for banks - Basel 1, Basel 2 and Basel 3. The contemporary projections and challenges for the banks' management under the new regulatory and institutional changes are presented. The SCRA is a positive asset in bank capital regulation in contemporary banking. The revisions to the regulatory framework – Basel 3 by is a long continuous process influenced by numerous economic, social and political factors. The preparation of the Bulgarian banking system for a new reform of financial regulation is analyzed. The need for adoption of a new risk-based approach for capital assessment and the importance of transparency in bank financial reporting is proved.

A New Approach for Complementing the Earned Value Method for Project Progress Monitoring and Controlling

The earned value management method is commonly used for monitoring and assessing project budget and schedule performance. Although widely used, this method does not consider the time value of money. This paper suggests the inclusion of inflation as a factor affecting project performance and gives a methodology to do so using the net present value. This is done by adjusting the present value and actual cost of the work packages. The result is more realistic progress measurements and performance indicators.

Models of Analysis of the Social Security System’s Financial Balance

The financial balance of each country's social security system is a concern for countries, professional groups, and individuals. If the first social security systems were based on the principle of social solidarity and objectively the financial resources collected from the active generations were sufficient to cover the risks of the social security branches, nowadays the supporters of this principle are fewer. An objective problem is also the achievement of the system maturity state that occurs after 60-70 years after the scheme’s development that is almost after a period equal to a generation’s age. For the projection of social security models, demographic, economic, fiscal and legislative variables are typically used. In this article, the researcher approached the social security models. Since between social security and demography there is a biunique relationship, the researcher presented econometric and OLG models.

Testing Technical Trading Rules: Evidence from SAARC Countries

Technical analysis is widely accepted tool in professional place which is frequently used for investment decisions. Technical analysis beliefs that there exist patterns and trends and by capturing trends and patterns one can bless with above average profits. We test two technical strategies: Moving averages and Trading Range to question, either these techniques can yield profitable returns with the help of historical data. Representative daily indices of Four countries namely Pakistan, India, Srilanka, Bangladesh ranging from 1997 to 2011 have been examined. In case of Moving Average Rule, both simple and exponential averages have been examined to test eleven different short term and long term rules with and without band condition. Our results delivered that buy signals generate consistent above average returns for the all sub periods and sell signals generate lower returns than the normal returns. Intriguing observation is that Exponential average generates higher returns than the Simple Average. The results of Trading Range Break strategy are parallel with Moving average Method. However, Trading Range Strategy found not to give higher average higher return when compared with Moving Averages Rules and degree of volatility in returns is higher when compared with moving Average rule. In attempt to conclude, there exist patterns and trends that yield above average and below average returns which justify the validity of technical analysis.