scholarly journals ĮMONIŲ INTELEKTINIO KAPITALO IR VEIKLOS RODIKLIŲ RYŠIO ANALIZĖ

2016 ◽  
Vol 10 (1) ◽  
pp. 138-150
Author(s):  
Agnė Ramanauskaitė ◽  
Laura Rūtytė
Keyword(s):  
Nasdaq Omx

Informacijos, susijusios su intelektiniu kapitalu atskleidimas nėra privalomas ir reglamentuotas, tačiau siekiant konkurencinio pranašumo, vis daugiau įmonių atskleidžia tokio pobūdžio informaciją. Viena dar nepakankamai išanalizuotų problemų yra informacijos apie intelektinį kapitalą atskleidimo ryšys su įmonės veiklos rodikliais. Todėl siekiant užpildyti tokio tipo tyrimo spragą Lietuvoje, šio straipsnio objektas yra informacijos apie įmonės intelektinį kapitalą atskleidimas, o tikslas – išanalizavus ir susisteminus atliktus tyrimus, ištirti informacijos apie intelektinį kapitalą atskleidimo ryšį su įmonės veiklos rodikliais. Analizuojant teorinius intelektinio kapitalo sampratos ir reikšmės įmonei aspektus, darbe naudojamas bendramokslinis tyrimo metodas – lyginamoji mokslinės literatūros analizė, nagrinėjamų duomenų sintezė, abstrahavimas ir klasifikavimas. Atliekant empirinį tyrimą naudojami turinio analizės bei kiekybiniai tyrimo metodai – koreliacinė - regresinė analizė ir aprašomoji statistika, kurie įgalina nustatyti ryšius tarp informacijos apie intelektinį kapitalą atskleidimo lygio ir įmonės veiklos rodiklių ir, juos apibendrinus bei susisteminus, sudaryti intelektinio kapitalo atskleidimo modelį. Atliktus 14 NASDAQ OMX Baltijos vertybinių popierių biržoje listinguojamų įmonių 2011–2015 metų finansinių ataskaitų turinio analizę, nustatyta, jog bendras informacijos apie intelektinį kapitalą atskleidimo lygis nebuvo nuoseklus: Lietuvoje neprivalomos informacijos atskleidimo lygis kasmet augo, o Estijoje ir Latvijoje mažėjo. Atlikus koreliacinę – regresinę analizę, nustatyta, jog didžiausia priklausomybė egzistuoja tarp informacijos apie intelektinį kapitalą atskleidimo lygio ir įmonės dydžio, įmonės nuosavybės koncentracijos lygio bei audito įmonės pasirinkimo. Pastebėta neigiama koreliacija tarp informacijos apie intelektinį kapitalą atskleidimo ir informacijos asimetrijos lygio bei įmonių finansinio sverto rodiklio.

Writing write-downs: the rhetoric of goodwill impairment

2017 ◽  
Vol 14 (1) ◽  
pp. 81-102
Author(s):  
Niklas Sandell ◽  
Peter Svensson
Keyword(s):  
Financial Reporting ◽  
Design Methodology ◽  
Annual Reports ◽  
Close Reading ◽  
Content Type ◽  
Goodwill Impairment ◽  
Financial Communication ◽  
Rhetorical Practice ◽  
Nasdaq Omx ◽  
Practical Implications

Purpose The aim of this paper is to study the rhetoric of goodwill impairment, more specifically rhetoric, as it is constructed in the form of accounts (i.e. statements that explain unanticipated or untoward behavior). The authors argue that goodwill impairment is not only a technical matter but also a rhetorical practice by means of which external scrutiny is responded to. Design/methodology/approach The data corpus consists of explanations provided by corporations regarding impairment of goodwill. Data were collected from annual reports from companies quoted on NASDAQ OMX Stockholm, Sweden. The impairment explanations were analyzed according to a taxonomy of account types. The explanations were subjected to close reading to discern the potential rhetorical functions of the different accounts. Findings Seven account types are identified and discussed, namely, excuse, justification, refocusing, concession, mystification, silence and wordification. Research limitations/implications There is a need for further research that explores the process of authorship (i.e. writing, editing, negotiating and revising) through which the texts of financial communication are produced. Practical implications The findings have implications for the future formulations of standards regarding qualitative explanations in financial reporting in general and explanations of goodwill impairment in particular. Originality/value The paper contributes to the knowledge about the use of natural language and rhetoric in financial communication.

scholarly journals SIZE PRECEDENCE AND SHARE VOLUME: THE CASE OF THE PSX EXCHANGE

2020 ◽  
pp. 2050004
Author(s):  
STEPHEN N. JURICH
Keyword(s):  
Natural Experiment ◽  
Market Model ◽  
Market Returns ◽  
Substantial Evidence ◽  
Market Participants ◽  
Time Regime ◽  
Systemic Factors ◽  
Precedence Rule ◽  
Nasdaq Omx ◽  
Significant Factors

Most equity exchanges operate with a price-time priority market structure. Using a natural experiment, this study examines the ability of an exchange to attract share volume when size is the secondary precedence rule. In 2010, the NASDAQ OMX Group, Inc. and the Philadelphia Exchange launched the PSX equity exchange with a price-size pro-rata allocation market model. When operating under a pro-rata allocation algorithm, PSX is able to attract more volume than during a price-time regime. Systemic factors are imperative, as there is substantial evidence that the PSX attracts volume in times of heightened market volatility, but PSX volume decreases when market returns are positive. Competition is increasingly important in a fragmented market. There is evidence that order routing fees and the prevalence of off-exchange trading are significant factors in the ability of the PSX to capture market share. The results are of interest to market participants, regulators, and exchange officials.

scholarly journals APPLICABILITY OF CONTRARIAN INVESTMENT STRATEGIES IN SMALL CAPITALIZATION MARKETS: EVIDENCE FROM NASDAQ OMX VILNIUS

Ekonomika ◽  
2011 ◽  
Vol 90 (1) ◽  
pp. 101-114 ◽  
Author(s):  
Arvydas Paškevičius ◽  
Rūta Mickevičiūtė
Keyword(s):  
Economic Crisis ◽  
Rapid Growth ◽  
Investment Strategy ◽  
Investment Strategies ◽  
Contrarian Strategy ◽  
Holding Period ◽  
Market Index ◽  
The Subject ◽  
Nasdaq Omx

This study reviews previous research on the contrarian investment strategy as first analyzed by De Bondt and Thaler (1985), and aims at deepening and complementing the existing research on the subject. The paper analyses the results of applying the strategy to NASDAQ OMX Vilnius stocks over the period 2003–2010, dividing the testing into two groups: prior to the economic crisis and the crisis periods, based on the movement of the OMXV index. The method uses holding period returns in evaluating the standard contrarian investment strategy. The paper explains the methodology in detail and presents the findings which show no considerable holding period returns from the strategy in NASDAQ OMX Vilnius during the decline period; however, contrarian strategy seems to be a better option than a standard market index based portfolio during the periods of rapid growth when stocks are overrated.

scholarly journals Research on Impact of Listed Companies Sustainable Development on Company’s Value

2017 ◽  
Author(s):  
Indre Lapinskaite ◽  
Algita Miecinskiene ◽  
Ausra Michejeva
Keyword(s):  
Sustainable Development ◽  
Stock Exchange ◽  
Listed Companies ◽  
International Markets ◽  
Operating Efficiency ◽  
Un Global Compact ◽  
Company Value ◽  
Organization Analysis ◽  
Nasdaq Omx

In the paper, based on theoretical sources and empirical research data analysis, was studied sustainable development and its impact on the value created of listed companies. It is likely that the companies involved in sustainable development will increase the company's value by improving operating efficiency, competing in both Lithuanian and international markets and contributing to improving people’s quality of life. Main purpose of this paper is to evaluate what impact sustainable development has to the value of listed companies. Thesis theoretical part analyses listed companies’ sustainable development impact for enterprises value theoretic aspects, investigates sustainable development and value-creating relations. According to analysis results, hypotheses were raised. Methodological paper part analyses EVA, company value and EBITDA ratio, market capitalization and ROE rate theoretical aspects. The practical part of this paper evaluates sustainable development companies which are in listed NASDAQ OMX BALTIC stock exchange and joined UN Global Compact organization. Analysis covers what impact sustainable development has to the value of listed companies in 2011-2015 period. The results are interpreted, summarized and conclusions with recommendations are presented.

scholarly journals THE IMPACT OF THE EURO ADOPTION ON NASDAQ OM X BALTIC STOCK EXCHANGE. ANALYSIS BY STRUCTURAL BREAK TESTS

Ekonomika ◽  
2011 ◽  
Vol 90 (3) ◽  
pp. 73-92
Author(s):  
Eglė Jakučionytė
Keyword(s):  
Stock Exchange ◽  
Structural Break ◽  
Stock Exchanges ◽  
Data Set ◽  
Euro Adoption ◽  
Trend Breaks ◽  
Structural Break Tests ◽  
The Baltic ◽  
The Impact ◽  
Nasdaq Omx

Although the euro adoption in Estonia in 2011 and changing the trading and clearing currency at the NASDAQ OMX Vilnius for euro on 22 November 2010 were foreseen as a possibility to attract more foreign investors, last year the Baltic stock exchange underwent some extreme fluctuations, both positive and negative.In this paper, shown are statistically significant euro adoption-caused trend breaks underlying the data set of NASDAQ OMX stock exchanges in Tallinn and Vilnius. Also, the possible factors that may have been driving them are discussed. The assessment is carried out using three different structural break tests.

scholarly journals DO POOR AND GOOD PERFORMING COMPANIES REPORT DIFFERENTLY? THE READABILITY AND IMPRESSION MANAGEMENT IN CORPORATE NARRATIVE DOCUMENTS: EVIDENCE FROM NORTHERN EUROPE

2020 ◽  
Vol 21 (2) ◽  
pp. 835-849
Author(s):  
Oleh Pasko ◽  
Stanislaw Minta ◽  
Serhii Rudenko ◽  
Mykola Hordiyenko
Keyword(s):  
Financial Performance ◽  
Impression Management ◽  
Northern Europe ◽  
Management Research ◽  
Specific Research ◽  
Research Questions ◽  
Textual Features ◽  
Nasdaq Omx

The purpose of this paper is to assess the effect of financial performance on textual features of the CEO’s statement. Specifically, given the incentives of poorly performed companies engage in impression management, the study investigates whether companies’ reporting strategy hinges on its financial performance. The research questions are tested through analysis of a variety of textual features in the CEO’s statement of 30 good and 30 poor performed companies listed on NASDAQ OMX Stockholm. We apply a range of textual characteristics drawn mostly from prior studies in given realm to the specific research of impression management in the CEO’s report. Overall our findings do not corroborate impression management claim, as six out of seven our results run counter to assertions made by impression management research. We found although evidence that poorly performed companies more focused on future compared with good performed companies. Finally, we conclude by discussing our results and outlining some avenues for further research.

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