Scientific research and technological innovation are driving modern economies;however,a new form of property rights is required to compensate knowledge workers for their contributions.In 1994,the Science and Technolog...Scientific research and technological innovation are driving modern economies;however,a new form of property rights is required to compensate knowledge workers for their contributions.In 1994,the Science and Technology Bureau of Shenzhen,China implemented a policy to encourage scientists and engineers to develop innovative technologies that would provide them a share of the profits earned from their innovations.This created a new“shared property rights”system.China’s shared property model is so new that the conditions under which it can improve enterprise profits remain unclear.To answer this question,we obtained data from the China Stock Market and Accounting Research database for 904 Chinese enterprises that had implemented shared property rights for the first time between 2009 and 2021 and used a propensity score matching method and econometric models to evaluate their performance.The results indicated that shared property incentives improved corporate financial performance and that benefits increased gradually over time.The new approach showed a stronger positive effect than restricted stock options during the study period.The strength of the incentive was greater for core technical staff than for senior executives,suggesting that scientists,engineers,and computer programmers should be the targets of a shared property rights incentive program.To take full advantage of the new shared property rights institution,enterprise managers should set the implementation period at a reasonable length(5 to 10 years,based on our study results).Enterprises can also test two or more simultaneous approaches that account for the specific needs of each category of workers,based on a careful examination of their current situation and expected or desired future situations.展开更多
This research addresses a vital aspect of corporate sustainability by exploring the impact of ESG disclosures on the performance of petrochemical companies listed on the Saudi Stock Exchange.Focusing on the period fro...This research addresses a vital aspect of corporate sustainability by exploring the impact of ESG disclosures on the performance of petrochemical companies listed on the Saudi Stock Exchange.Focusing on the period from 2020 to 2022,it provides critical insights into how ESG practices contribute to achieving organizational sustainability goals while enhancing financial performance.The study evaluates the relationship between ESG disclosures and key financial efficiency measures,including ROA,ROE,ROS,and ROI.A quantitative analysis was conducted on 153 observations using panel regression and descriptive statistics,incorporating control variables such as firm size,financial leverage,and audit quality to isolate the specific impact of ESG disclosure.The findings reveal a positive relationship between ESG reporting and financial performance,emphasizing the dual role of ESG practices in driving financial success and fostering sustainable development.The study highlights the importance of unified,standardized ESG reporting guidelines to enhance the validity and usability of ESG practices.It also underscores the need to educate investors about the financial implications of ESG,as informed investors are more likely to champion sustainable business strategies.Additionally,the research advocates for targeted workshops aimed at financial report developers to improve the quality and effectiveness of ESG reporting.It provides a valuable contribution to the evolving discourse on sustainable finance.It offers practical recommendations for policymakers,organizations,and investors,thereby fostering the integration of ESG principles into corporate strategies.展开更多
As a key sector in advancing China’s“carbon neutrality”goal,the machinery manufacturing industry has achieved remarkable development in recent years.Against this backdrop,the scientific and objective evaluation of ...As a key sector in advancing China’s“carbon neutrality”goal,the machinery manufacturing industry has achieved remarkable development in recent years.Against this backdrop,the scientific and objective evaluation of the financial performance of machinery manufacturing enterprises has become a pressing issue in financial research.This topic is not only crucial for optimizing enterprise management and improving operational efficiency but also essential for enhancing overall industry performance and promoting sustainable development.This paper first introduces the concept of financial performance,followed by an analysis of related financial performance evaluation theories.It then focuses on the application of the entropy method in evaluating the financial performance of machinery manufacturing enterprises,detailing its analytical steps.Finally,a financial performance evaluation index system is constructed based on four dimensions:profitability,solvency,operational efficiency,and growth potential.展开更多
The continuous growth in per capita national disposable income has propelled the global cosmetics industry to significant growth over the past decade.Taking Proya Cosmetics Co.,Ltd.as an example,this paper adopts a st...The continuous growth in per capita national disposable income has propelled the global cosmetics industry to significant growth over the past decade.Taking Proya Cosmetics Co.,Ltd.as an example,this paper adopts a stakeholder perspective.By selecting financial indicators from Proya’s annual reports from 2017 to 2022,standardizing the data using SPSS software,and applying factor analysis,a series of financial performance evaluation models for Proya were constructed.A total of 15 listed companies in the same industry and Proya’s financial indicators over the past six years were selected for horizontal and vertical comparative analysis and evaluation.The analysis reveals that creditors,employees,and the government are the primary stakeholders influencing Proya’s financial performance.Based on these findings,corresponding strategies are proposed:safeguarding creditor interests from multiple angles;prioritizing value creation to enhance employee satisfaction;and strengthening social responsibility awareness while actively cooperating with government initiatives.展开更多
Innovation scholars highlight the economic benefits to firms,while research findings on the relationship between innovation output and economic returns remain mixed.In this study,we develop the profiting from innovati...Innovation scholars highlight the economic benefits to firms,while research findings on the relationship between innovation output and economic returns remain mixed.In this study,we develop the profiting from innovation(PFI)framework and address the crucial role of financial constraints in the relationship between innovation output and financial performance.We argue that the liability of newness differentiates firms’financial performance during the commercialization of innovation,leading to a U-shaped relationship between firms’innovation output and financial performance.We further document the moderating impact of individual financial constraints(IFC)and market-based financial constraints(MFC)on this curvilinear relationship.Empirical tests based on the 142,972 firm-year observations of the multi-source dataset of Chinese manufacturing firms from 1999–2009 support our hypotheses.The additional analysis shows that non-state-owned enterprises and small and medium enterprises benefit more from the synergistic effect of reductions of IFC and MFC than state-owned enterprises and large firms.Our study enriches the literature of the PFI framework by uncovering the mechanism between innovation output and economic returns where financial constraints play an essential role.To the best of our knowledge,we are among the first to investigate the processes and mechanisms between innovation output and financial performance,generating novel insights for business practitioners and policymakers.展开更多
This article investigates the impact of CEO attributes on corporate reputation,financial performance,and corporate sustainable growth in India.Using static panel data methodology for a sample of NSE listed leading 138...This article investigates the impact of CEO attributes on corporate reputation,financial performance,and corporate sustainable growth in India.Using static panel data methodology for a sample of NSE listed leading 138 non-financial companies over the time-frame 2011 to 2018,we find that CEO remuneration and tenure maintains significant positive associations with corporate reputation,while duality and CEO busyness are found to be associated with corporate reputation negatively.The results also show that female CEOs and CEO remuneration are associated with corporate financial performance positively,whereas CEO busyness,as expected,holds a significant negative relationship with corporate financial performance.Moreover,the results demonstrate that CEO age is associated with corporate sustainable growth negatively,while tenure appears to have a significant and positive association with corporate sustainable growth.The results are robust to various tests and suggest that in the Indian context,demographic and job-specific attributes of CEOs exert significant influence on corpo-rate reputation,financial performance,and corporate sustainable growth.The empirical findings would provide a basis for the shareholders and companies to identify areas of consideration when appointing CEOs and determining their roles and responsibilities.展开更多
This survey investigated the relationship between executive compensation and the financial performance of companies. It is hypothesized that a company can utilize its pay system to direct executives＇ efforts toward i...This survey investigated the relationship between executive compensation and the financial performance of companies. It is hypothesized that a company can utilize its pay system to direct executives＇ efforts toward its strategic business objectives, thus contributing to higher levels of corporate financial performance. The survey data consisted of a secondary and non-probabilistic sample of 44 Brazilian industrial companies. In order to operationalize the independent remuneration variable, the authors used average monthly salary, average variable salary, and three indices that were created for this survey： benefits, career, and development. These indices measure the access to benefits, mechanisms for stimulating and supporting careers, and mechanisms to encourage education and professional development that companies offer to their directors, vice presidents, and chief executive officers （CEOs）, who are referred to in this paper by the term ＂executive＂. The remuneration data are from fiscal year 2006. In order to operationalize the financial performance variable, two accounting indicators were used： sales growth and return on equity （ROE） for fiscal years 2006 and 2007. The size of the companies was used as a control variable. The results of a multiple regression analysis do not support the hypothesis that there is a positive and significant relationship between executive compensation and corporate financial performance.展开更多
Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of ...Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.展开更多
This study was conducted to determine the value added by Income-Generating Activities （IGAs） on the financial performance of public secondary schools, in terms of assets, liability portfolio, and net worth. Secondar...This study was conducted to determine the value added by Income-Generating Activities （IGAs） on the financial performance of public secondary schools, in terms of assets, liability portfolio, and net worth. Secondary school managers have the gigantic task of balancing meager resources between subsistence and development needs as well as good performance in national examinations. However, macro-economic shocks such as inflation, fuel shortage, and crop failure, among others, often militate against the success of public schools. School-based IGAs enable public schools to cope with external economic shocks, without necessarily passing down budgetary adjustments to parents. However, the country lacks a clear policy guideline to facilitate the initiation, management, accounting, reviewing, and financial reporting of IGA projects. Besides, there is no documented information regarding the value added by IGA initiatives to the financial performance of public secondary schools. The study found that IGA and non-IGA schools were significantly different in terms of category, student population, age, annual income, and number of paid workers. Schools having IGAs were 1.9 times more likely to own as many assets as schools not having IGAs. Besides, IGA schools were about 2.2 times less likely to have their liability in excess of the median threshold. Regarding net worth, the study found that schools having IGAs were about 2.1 times more likely to be operating above the median threshold; suggesting that schools having IGAs were wealthier than non-IGA schools. Based on the findings, this study concludes that IGA projects were beneficial to schools by improving the ability of schools to accumulate assets and manage their liabilities. The study recommends the need to： formulate an appropriate policy framework to guide and standardize IGA activities; initiate suitable training programs for school IGA managers; as well as engage business development managers to advice schools on IGA matters.展开更多
The objective of this study is to investigate the existence of a relationship between executive remuneration and financial performance in 28 Brazilian companies from the industrial sector. These companies have been se...The objective of this study is to investigate the existence of a relationship between executive remuneration and financial performance in 28 Brazilian companies from the industrial sector. These companies have been selected among those companies elected as ＂The Best Companies to Work for in Brazil＂. In order to operationalize the remuneration variable, the authors use the monthly salary, the variable salary and three indexes--of benefits, career and professional development--which have been created especially for this survey. To measure financial performance, the authors use three accounting measures： sales growth, return on equity （ROE） and return on sales （ROS）. The results point the existence of a relationship between executive remuneration and financial performance.展开更多
Municipalities are autonomous economic and administrative entities, with common actions and responsibilities. Additionally, all Municipalities are quite different considering specific characteristics, such as geograph...Municipalities are autonomous economic and administrative entities, with common actions and responsibilities. Additionally, all Municipalities are quite different considering specific characteristics, such as geographic, demographic, and economic. The aim of this research is to separate the entire sample of Municipalities in Greece into categories, based on the effectiveness of financial management and financial performance into effective and ineffective ones. This investigation is substantial because it is very interesting in-depth observation of current situation of the financial management capabilities of Municipalities, and additionally because it is crucial to extract the differences in specific characteristics between economical efficient and inefficient Municipalities. For the separation of the sample into groups, cluster analysis was preferred. For this reason, three variables were used： the lending capacity of the municipality, flexibility in making non-investment costs, and flexibility in investment spending. These three variables were considered to be the key dimensions of effectiveness in financial management and therefore their use, representatively describes the effectiveness or not of Greek Municipalities. In this study, it investigated the existence of differences between the characteristics of these two categories. The features are ＂how Municipalities are working with specialist consultants＂ and ＂how Municipalities are using modem technologies＂. The main objective is to investigate the influence of these two characteristics in the efficiency of managing financial resources.展开更多
The emergence of Islamic Financial Institutions （IFls） is expected to provide enormous benefits for the Muslims community in Indonesia such as the availability of IFIs based on Sharia law and the implementation of I...The emergence of Islamic Financial Institutions （IFls） is expected to provide enormous benefits for the Muslims community in Indonesia such as the availability of IFIs based on Sharia law and the implementation of Islamic value in the community. Like Corporate Social Responsibility （CSR） practices in all business organizations, the IFI＇s CSR becomes one of the important factors in improving organizational performance. The implementation of CSR in IFIs is unique as it is based on Sharia law. Zakat and Qardh are the uniqueness of IFI＇s CSR practices. There are many studies which have investigated the relationship of Zakat and Qardh on organizational performance in Arabic and Muslim countries. As Muslim countries, Islamic laws including providing Zakat and Qardh are practices of every business organization. Indonesia is not a Muslim country, Zakat and Qardh are only required for IFIs as part of CSR practices. This study aims to analyze the influence of CSR practices on the financial performances of IFIs in Indonesia using gender as a control variable. The samples of this research were taken from the annual reports of nine Islamic banks for the period of 2010-2014. Regression method was used to analyze and test hypotheses. The results of this research indicate that the relationship between CSR practices and financial performance is significant, the value of R is 0.737, and R square is 0.543. This means that the implementation of CSR practices （Zakat and Qardh） improves organizational financial performances of IFIs in Indonesia. This study also has a limitation as it only focuses on Zakat and Qardh; thus in the future, it is necessary to advance the variable of CSR practices on the real social and environmental practices such as environmental improvement, increasing the quality of human resources, involving in any jobs or reducing unemployment and any other activities.展开更多
Corporations should have strong capital to sustain their operations. Investors should feel safe and be able to have access to accurate information about firms to invest their capital in those firms. These two factors ...Corporations should have strong capital to sustain their operations. Investors should feel safe and be able to have access to accurate information about firms to invest their capital in those firms. These two factors are vital issues for the sustainability of corporations in the 21st century business. With the proper establishment of corporate governance practices, investors will be protected and feel safe and then a trust will develop, capital inflow will be facilitated and ultimately corporations with stronger financial foundations will emerge. A questionnaire was applied in this study to investigate the relationships between the corporate governance and perceived financial performance of the top 100 manufacturing firms operating in the Kayseri Organized Industrial Region. The results revealed that the number of employees had significant effects on the corporate governance and perceived financial performance scores of the firms and institutionalization level also affected perceived financial performance. The other independent variables （sectoral distribution, finn age, and export/revenue ratio） did not have any significant effects on corporate governance and perceived financial performance scores of the firms.展开更多
This study aims to obtain empirical evidence about the effect on the activity of earnings management practices of Corporate Social Responsibility （CSR）, and further examine the impact of these relationships （earnin...This study aims to obtain empirical evidence about the effect on the activity of earnings management practices of Corporate Social Responsibility （CSR）, and further examine the impact of these relationships （earnings management and CSR） effect on the financial performance of companies in the future. Samples used in this study were 27 companies listed in Indonesia Stock Exchange during the years 2006-2008. Data collected by puposive sampling method and statistical method used is ordinary least square regression. The study provides empirical evidence that companies that engage in the practice of earnings management have no influence on CSR activities. In addition, the second hypothesis, based CSR explained that the activities associated with earnings management practices negatively affect the company＇s financial performance in the future.展开更多
The study examines factors that determine the financial performance of commercial banks in Ethiopia by using time series data over the period 2004-2019 on the sample of seven banks using secondary data.Moreover,the au...The study examines factors that determine the financial performance of commercial banks in Ethiopia by using time series data over the period 2004-2019 on the sample of seven banks using secondary data.Moreover,the autoregressive distributed lag model was used.Under this study,both internal and external factors were included as the determinants of bank performance which was measured by loan-to-deposit ratio.The internal factors used in this study include capital adequacy ratio,non-performing loan and loan growth while the external factors are real GDP growth and inflation.Based on the results,specific variables except non-performing loan capital adequacy and loan growth affect banks performance significantly in the long run.In the short run,in addition to those two variables,non-performing loan also affects bank performance.Real GDP growth has negative significant effect on the banks performance in both long and short run.Inflation has insignificant effects on bank performances in both long and short run.展开更多
The study examines the moderating effects of financial performance on the relationship between financial leverage （FL） and shareholders return （SR）. Panel data of pharmaceutical companies listed in the National St...The study examines the moderating effects of financial performance on the relationship between financial leverage （FL） and shareholders return （SR）. Panel data of pharmaceutical companies listed in the National Stock Exchange （NSE） were used for 13 years for the period from 2002-03 to 2014-15. Findings indicated that FL is significantly related with SR. However, financial performance has an insignificant relationship with SR and did not moderate the relationship between FL and SR.展开更多
基金supported by the National R&D Program China(No.2021xjkk0405).
文摘Scientific research and technological innovation are driving modern economies;however,a new form of property rights is required to compensate knowledge workers for their contributions.In 1994,the Science and Technology Bureau of Shenzhen,China implemented a policy to encourage scientists and engineers to develop innovative technologies that would provide them a share of the profits earned from their innovations.This created a new“shared property rights”system.China’s shared property model is so new that the conditions under which it can improve enterprise profits remain unclear.To answer this question,we obtained data from the China Stock Market and Accounting Research database for 904 Chinese enterprises that had implemented shared property rights for the first time between 2009 and 2021 and used a propensity score matching method and econometric models to evaluate their performance.The results indicated that shared property incentives improved corporate financial performance and that benefits increased gradually over time.The new approach showed a stronger positive effect than restricted stock options during the study period.The strength of the incentive was greater for core technical staff than for senior executives,suggesting that scientists,engineers,and computer programmers should be the targets of a shared property rights incentive program.To take full advantage of the new shared property rights institution,enterprise managers should set the implementation period at a reasonable length(5 to 10 years,based on our study results).Enterprises can also test two or more simultaneous approaches that account for the specific needs of each category of workers,based on a careful examination of their current situation and expected or desired future situations.
文摘This research addresses a vital aspect of corporate sustainability by exploring the impact of ESG disclosures on the performance of petrochemical companies listed on the Saudi Stock Exchange.Focusing on the period from 2020 to 2022,it provides critical insights into how ESG practices contribute to achieving organizational sustainability goals while enhancing financial performance.The study evaluates the relationship between ESG disclosures and key financial efficiency measures,including ROA,ROE,ROS,and ROI.A quantitative analysis was conducted on 153 observations using panel regression and descriptive statistics,incorporating control variables such as firm size,financial leverage,and audit quality to isolate the specific impact of ESG disclosure.The findings reveal a positive relationship between ESG reporting and financial performance,emphasizing the dual role of ESG practices in driving financial success and fostering sustainable development.The study highlights the importance of unified,standardized ESG reporting guidelines to enhance the validity and usability of ESG practices.It also underscores the need to educate investors about the financial implications of ESG,as informed investors are more likely to champion sustainable business strategies.Additionally,the research advocates for targeted workshops aimed at financial report developers to improve the quality and effectiveness of ESG reporting.It provides a valuable contribution to the evolving discourse on sustainable finance.It offers practical recommendations for policymakers,organizations,and investors,thereby fostering the integration of ESG principles into corporate strategies.
文摘As a key sector in advancing China’s“carbon neutrality”goal,the machinery manufacturing industry has achieved remarkable development in recent years.Against this backdrop,the scientific and objective evaluation of the financial performance of machinery manufacturing enterprises has become a pressing issue in financial research.This topic is not only crucial for optimizing enterprise management and improving operational efficiency but also essential for enhancing overall industry performance and promoting sustainable development.This paper first introduces the concept of financial performance,followed by an analysis of related financial performance evaluation theories.It then focuses on the application of the entropy method in evaluating the financial performance of machinery manufacturing enterprises,detailing its analytical steps.Finally,a financial performance evaluation index system is constructed based on four dimensions:profitability,solvency,operational efficiency,and growth potential.
文摘The continuous growth in per capita national disposable income has propelled the global cosmetics industry to significant growth over the past decade.Taking Proya Cosmetics Co.,Ltd.as an example,this paper adopts a stakeholder perspective.By selecting financial indicators from Proya’s annual reports from 2017 to 2022,standardizing the data using SPSS software,and applying factor analysis,a series of financial performance evaluation models for Proya were constructed.A total of 15 listed companies in the same industry and Proya’s financial indicators over the past six years were selected for horizontal and vertical comparative analysis and evaluation.The analysis reveals that creditors,employees,and the government are the primary stakeholders influencing Proya’s financial performance.Based on these findings,corresponding strategies are proposed:safeguarding creditor interests from multiple angles;prioritizing value creation to enhance employee satisfaction;and strengthening social responsibility awareness while actively cooperating with government initiatives.
基金supported by the National Natural Science Foundation of China(Nos.72104027,71772142,U1404703)National Social Science Foundation of China(No.18AGL005)+2 种基金National Postdoctoral Science Foundation of China(No.2021M690388)Social Science Innovation Team of Henan Province(No.2022CXTD03)Key Research Project of Beijing Institute of Technology(No.2021CX13003).
文摘Innovation scholars highlight the economic benefits to firms,while research findings on the relationship between innovation output and economic returns remain mixed.In this study,we develop the profiting from innovation(PFI)framework and address the crucial role of financial constraints in the relationship between innovation output and financial performance.We argue that the liability of newness differentiates firms’financial performance during the commercialization of innovation,leading to a U-shaped relationship between firms’innovation output and financial performance.We further document the moderating impact of individual financial constraints(IFC)and market-based financial constraints(MFC)on this curvilinear relationship.Empirical tests based on the 142,972 firm-year observations of the multi-source dataset of Chinese manufacturing firms from 1999–2009 support our hypotheses.The additional analysis shows that non-state-owned enterprises and small and medium enterprises benefit more from the synergistic effect of reductions of IFC and MFC than state-owned enterprises and large firms.Our study enriches the literature of the PFI framework by uncovering the mechanism between innovation output and economic returns where financial constraints play an essential role.To the best of our knowledge,we are among the first to investigate the processes and mechanisms between innovation output and financial performance,generating novel insights for business practitioners and policymakers.
文摘This article investigates the impact of CEO attributes on corporate reputation,financial performance,and corporate sustainable growth in India.Using static panel data methodology for a sample of NSE listed leading 138 non-financial companies over the time-frame 2011 to 2018,we find that CEO remuneration and tenure maintains significant positive associations with corporate reputation,while duality and CEO busyness are found to be associated with corporate reputation negatively.The results also show that female CEOs and CEO remuneration are associated with corporate financial performance positively,whereas CEO busyness,as expected,holds a significant negative relationship with corporate financial performance.Moreover,the results demonstrate that CEO age is associated with corporate sustainable growth negatively,while tenure appears to have a significant and positive association with corporate sustainable growth.The results are robust to various tests and suggest that in the Indian context,demographic and job-specific attributes of CEOs exert significant influence on corpo-rate reputation,financial performance,and corporate sustainable growth.The empirical findings would provide a basis for the shareholders and companies to identify areas of consideration when appointing CEOs and determining their roles and responsibilities.
文摘This survey investigated the relationship between executive compensation and the financial performance of companies. It is hypothesized that a company can utilize its pay system to direct executives＇ efforts toward its strategic business objectives, thus contributing to higher levels of corporate financial performance. The survey data consisted of a secondary and non-probabilistic sample of 44 Brazilian industrial companies. In order to operationalize the independent remuneration variable, the authors used average monthly salary, average variable salary, and three indices that were created for this survey： benefits, career, and development. These indices measure the access to benefits, mechanisms for stimulating and supporting careers, and mechanisms to encourage education and professional development that companies offer to their directors, vice presidents, and chief executive officers （CEOs）, who are referred to in this paper by the term ＂executive＂. The remuneration data are from fiscal year 2006. In order to operationalize the financial performance variable, two accounting indicators were used： sales growth and return on equity （ROE） for fiscal years 2006 and 2007. The size of the companies was used as a control variable. The results of a multiple regression analysis do not support the hypothesis that there is a positive and significant relationship between executive compensation and corporate financial performance.
文摘Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.
文摘This study was conducted to determine the value added by Income-Generating Activities （IGAs） on the financial performance of public secondary schools, in terms of assets, liability portfolio, and net worth. Secondary school managers have the gigantic task of balancing meager resources between subsistence and development needs as well as good performance in national examinations. However, macro-economic shocks such as inflation, fuel shortage, and crop failure, among others, often militate against the success of public schools. School-based IGAs enable public schools to cope with external economic shocks, without necessarily passing down budgetary adjustments to parents. However, the country lacks a clear policy guideline to facilitate the initiation, management, accounting, reviewing, and financial reporting of IGA projects. Besides, there is no documented information regarding the value added by IGA initiatives to the financial performance of public secondary schools. The study found that IGA and non-IGA schools were significantly different in terms of category, student population, age, annual income, and number of paid workers. Schools having IGAs were 1.9 times more likely to own as many assets as schools not having IGAs. Besides, IGA schools were about 2.2 times less likely to have their liability in excess of the median threshold. Regarding net worth, the study found that schools having IGAs were about 2.1 times more likely to be operating above the median threshold; suggesting that schools having IGAs were wealthier than non-IGA schools. Based on the findings, this study concludes that IGA projects were beneficial to schools by improving the ability of schools to accumulate assets and manage their liabilities. The study recommends the need to： formulate an appropriate policy framework to guide and standardize IGA activities; initiate suitable training programs for school IGA managers; as well as engage business development managers to advice schools on IGA matters.
文摘The objective of this study is to investigate the existence of a relationship between executive remuneration and financial performance in 28 Brazilian companies from the industrial sector. These companies have been selected among those companies elected as ＂The Best Companies to Work for in Brazil＂. In order to operationalize the remuneration variable, the authors use the monthly salary, the variable salary and three indexes--of benefits, career and professional development--which have been created especially for this survey. To measure financial performance, the authors use three accounting measures： sales growth, return on equity （ROE） and return on sales （ROS）. The results point the existence of a relationship between executive remuneration and financial performance.
文摘Municipalities are autonomous economic and administrative entities, with common actions and responsibilities. Additionally, all Municipalities are quite different considering specific characteristics, such as geographic, demographic, and economic. The aim of this research is to separate the entire sample of Municipalities in Greece into categories, based on the effectiveness of financial management and financial performance into effective and ineffective ones. This investigation is substantial because it is very interesting in-depth observation of current situation of the financial management capabilities of Municipalities, and additionally because it is crucial to extract the differences in specific characteristics between economical efficient and inefficient Municipalities. For the separation of the sample into groups, cluster analysis was preferred. For this reason, three variables were used： the lending capacity of the municipality, flexibility in making non-investment costs, and flexibility in investment spending. These three variables were considered to be the key dimensions of effectiveness in financial management and therefore their use, representatively describes the effectiveness or not of Greek Municipalities. In this study, it investigated the existence of differences between the characteristics of these two categories. The features are ＂how Municipalities are working with specialist consultants＂ and ＂how Municipalities are using modem technologies＂. The main objective is to investigate the influence of these two characteristics in the efficiency of managing financial resources.
文摘The emergence of Islamic Financial Institutions （IFls） is expected to provide enormous benefits for the Muslims community in Indonesia such as the availability of IFIs based on Sharia law and the implementation of Islamic value in the community. Like Corporate Social Responsibility （CSR） practices in all business organizations, the IFI＇s CSR becomes one of the important factors in improving organizational performance. The implementation of CSR in IFIs is unique as it is based on Sharia law. Zakat and Qardh are the uniqueness of IFI＇s CSR practices. There are many studies which have investigated the relationship of Zakat and Qardh on organizational performance in Arabic and Muslim countries. As Muslim countries, Islamic laws including providing Zakat and Qardh are practices of every business organization. Indonesia is not a Muslim country, Zakat and Qardh are only required for IFIs as part of CSR practices. This study aims to analyze the influence of CSR practices on the financial performances of IFIs in Indonesia using gender as a control variable. The samples of this research were taken from the annual reports of nine Islamic banks for the period of 2010-2014. Regression method was used to analyze and test hypotheses. The results of this research indicate that the relationship between CSR practices and financial performance is significant, the value of R is 0.737, and R square is 0.543. This means that the implementation of CSR practices （Zakat and Qardh） improves organizational financial performances of IFIs in Indonesia. This study also has a limitation as it only focuses on Zakat and Qardh; thus in the future, it is necessary to advance the variable of CSR practices on the real social and environmental practices such as environmental improvement, increasing the quality of human resources, involving in any jobs or reducing unemployment and any other activities.
文摘Corporations should have strong capital to sustain their operations. Investors should feel safe and be able to have access to accurate information about firms to invest their capital in those firms. These two factors are vital issues for the sustainability of corporations in the 21st century business. With the proper establishment of corporate governance practices, investors will be protected and feel safe and then a trust will develop, capital inflow will be facilitated and ultimately corporations with stronger financial foundations will emerge. A questionnaire was applied in this study to investigate the relationships between the corporate governance and perceived financial performance of the top 100 manufacturing firms operating in the Kayseri Organized Industrial Region. The results revealed that the number of employees had significant effects on the corporate governance and perceived financial performance scores of the firms and institutionalization level also affected perceived financial performance. The other independent variables （sectoral distribution, finn age, and export/revenue ratio） did not have any significant effects on corporate governance and perceived financial performance scores of the firms.
文摘This study aims to obtain empirical evidence about the effect on the activity of earnings management practices of Corporate Social Responsibility （CSR）, and further examine the impact of these relationships （earnings management and CSR） effect on the financial performance of companies in the future. Samples used in this study were 27 companies listed in Indonesia Stock Exchange during the years 2006-2008. Data collected by puposive sampling method and statistical method used is ordinary least square regression. The study provides empirical evidence that companies that engage in the practice of earnings management have no influence on CSR activities. In addition, the second hypothesis, based CSR explained that the activities associated with earnings management practices negatively affect the company＇s financial performance in the future.
文摘The study examines factors that determine the financial performance of commercial banks in Ethiopia by using time series data over the period 2004-2019 on the sample of seven banks using secondary data.Moreover,the autoregressive distributed lag model was used.Under this study,both internal and external factors were included as the determinants of bank performance which was measured by loan-to-deposit ratio.The internal factors used in this study include capital adequacy ratio,non-performing loan and loan growth while the external factors are real GDP growth and inflation.Based on the results,specific variables except non-performing loan capital adequacy and loan growth affect banks performance significantly in the long run.In the short run,in addition to those two variables,non-performing loan also affects bank performance.Real GDP growth has negative significant effect on the banks performance in both long and short run.Inflation has insignificant effects on bank performances in both long and short run.
文摘The study examines the moderating effects of financial performance on the relationship between financial leverage （FL） and shareholders return （SR）. Panel data of pharmaceutical companies listed in the National Stock Exchange （NSE） were used for 13 years for the period from 2002-03 to 2014-15. Findings indicated that FL is significantly related with SR. However, financial performance has an insignificant relationship with SR and did not moderate the relationship between FL and SR.
