scholarly journals The post-acquisition performance of acquired companies: Evidence from the Republic of Serbia

2016 ◽  
Vol 61 (209) ◽  
pp. 79-104 ◽  
Author(s):  
Sladjana Savovic
Keyword(s):  
Financial Performance ◽  
Cost Reduction ◽  
Company Size ◽  
Small Companies ◽  
Acquisition Performance ◽  
The Republic ◽  
Postacquisition Performance

This paper explores the post-acquisition performance of acquired companies in the Republic of Serbia, and whether company size is a factor of postacquisition performance. The data were collected from 91 managers in 10 acquired companies in Serbia. The acquiring companies came from Germany, Austria, Italy, Switzerland, Belgium, Norway, Greece, and Serbia. The results of the analysis show that 70% of managers believed that there had been improvement in post-acquisition performance. The improvement in performance was achieved for the most part by cost reduction. The results of this study indicate that there are statistically significant differences between large, medium, and small companies. Large companies had the best improvement in financial performance, and medium companies were the best regarding improvement of non-financial performance.

scholarly journals Pengaruh Ukuran Perusahaan dan Corporate Governance Terhadap Konerja Keuangan Dengan Pengungkapan Sustaunability Report Sebagai Variabel Intervening

2019 ◽  
Vol 2 (2) ◽  
pp. 147-169
Author(s):  
Ananda Muliaturrohmah Ikhwani ◽  
Irma Paramita ◽  
Karsam Sunaryo
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Board Of Directors ◽  
Audit Committee ◽  
Company Size ◽  
Small Companies ◽  
Past Performance ◽  
The Board Of Directors ◽  
Sustainability Reports ◽  
Sustainability Report

Financial performance can provide an overview of past performance and future prospects of a company. Many companies carry out business activities related to nature but do not disclose sustainability reports. Companies that have a large company size should disclose more information than small companies, including disclosures about the implementation of Corporate Governance and sustainability reports disclosure. With these disclosures of information, it is expected to increase public trust in the company and improve the company's financial performance. This research aims to obtain evidence that company size and Corporate Governance influence financial performance, and the role of Sustainability Report disclosure as mediating the relationship between these variables in nine state-owned enterprises and the mining sector for five years (2013-2017). The results of this study indicate that (1) company size has effects on financial performance; (2) audit committee has effects on financial performance; (3) the board of directors does not affect financial performance; (4) company size has not affect the disclosure of sustainability report; (5) the audit committee has not affect the disclosure of sustainability report; (6) the board of directors has effect the disclosure of sustainability report; and (7) Sustainability Report disclosure can’t mediate the influence between company size/Corporate Governance on financial performance.

scholarly journals A Decade of Marketing Authorization Applications of Anticancer Drugs in the European Union: An Analysis of Procedural Timelines

2021 ◽  
Author(s):  
Marjolein Garsen ◽  
Maaike Steenhof ◽  
Alex Zwiers
Keyword(s):  
Anticancer Drugs ◽  
Marketing Authorization ◽  
European Medicines Agency ◽  
Company Size ◽  
Scientific Advice ◽  
The European Union ◽  
Small Companies ◽  
Procedure Time ◽  
Total Procedure Time ◽  
Total Procedure

Abstract Background Cancer is a serious global health problem and a major cause of death. The European Medicines Agency (EMA) has established several regulatory initiatives to expedite the development and authorization of drugs to ensure timely access of patients. In this study, we analyzed the procedural timelines of marketing authorization applications for anticancer drugs in the EU, with a specific focus to special regulatory programs, scientific advice and company size. Methods Anticancer drugs that received an opinion from the EMA between January 2010 and December 2019 were included in the study. Public assessment reports were used to obtain publicly available information of the drugs. Results We identified 96 applications for new anticancer drugs. 34 applications were granted access to at least one expedited program offered by the EMA. Total procedure time was reduced from average 370 to 200–215 days when accelerated assessment was granted. Granting of a conditional marketing authorization or an orphan designation, as well as having scientific advice, only mildly affected total procedure time. Average total procedure time of small companies was much longer compared with medium-sized and large companies (483 versus 356 days), which was caused by an increased clock stop time. Conclusion Total procedure time for anticancer is mainly affected by the granting of accelerated assessment, which reduced the total procedure time, and company size, where total procedure time is much longer for small companies. Small companies are advised to have, and especially adhere to scientific advice to reduce procedure time and increase the chance of success.

scholarly journals Analysis of Pre and Post Merger and Acquisition Financial Performance of Banks in Pakistan

2014 ◽  
Vol 6 (4) ◽  
pp. 177-190
Author(s):  
Qamar Abbas ◽  
Rashid Saeed . ◽  
Ehsan-Ul-Hassan . ◽  
Muhammad Shahzad Ijaz .
Keyword(s):  
Financial Performance ◽  
Banking Sector ◽  
Merger And Acquisition ◽  
Business Environment ◽  
Study Data ◽  
Financial Statement ◽  
Acquisition Performance ◽  
Significant Difference ◽  
Insignificant Difference ◽  
The Impact

Merger and Acquisition is a strategy adopted by the organizations globally to meet the needs of dynamic business environment. This strategy also has much importance in Pakistan mostly in banking sector. Therefore, the objective of the study is to assess the impact of M&A on the financial performance of banks in Pakistan. The accounting and financial data of 10 banks were used in this study. Data was taken from the financial statement analysis (FSA) by State Bank of Pakistan from the period of 20062011. For the analysis of pre and post Merger and Acquisition performance 15 financial ratios were used in the study. To compare the results Paired sample t-Test was used to measure the significant difference between pre and post M&A financial performance. The overall results show that there is no significant difference in financial performance. It is concluded that there is insignificant difference between pre and post M&A performance of banks in Pakistan.

scholarly journals The effect of debt policy, company value, company size, investment cash flow on stock returns on mining companies listed on Indonesia Stock Exchange

2019 ◽  
Vol 9 (1) ◽  
pp. 99
Author(s):  
Ardhia Prameswari Regita Cahyani ◽  
Carolyn Lukita Sembiring
Keyword(s):  
Financial Performance ◽  
Stock Returns ◽  
Cash Flow ◽  
Firm Value ◽  
Stock Exchange ◽  
Company Size ◽  
Mining Company ◽  
Mining Companies ◽  
Company Value ◽  
Debt Policy

Investment is a delay in consumption now to be allocated to productive assets which are expected to generate profits in the future, which is called stocks return.  Mining company in Indonesia is an attractive sector to invest in stocks because from a geographical perspective, Indonesia is an archipelago structure that contains mining products. There are risks that will be experienced by investors when investing, namely systematic risk and unsystematic risk. Unsystematic risk can be avoided because related to management decisions. Knowing and analyzing the effect of debt policy, firm value, company size, investment cash flow on stock returns on mining companies listed on the Indonesian Stock Exchange. The statistical method used in this study is multiple regression analysis. The sample in this study is a mining company that has go public and published audited financial statements 2013-2017 with 84 data processed consisting of 28 companies each year. The results of hypothesis testing can be concluded that debt policy and firm value have significant effect on stock returns while firm size and investment cash flow does not have significant effect on stock returns. Investor will be interested in investing in companies with good financial performance rather than bad financial performance.

scholarly journals Apakah Ukuran Perusahaan dan Kinerja Keuangan Mempengaruhi Perusahaan dalam Mengungkapkan Sustainability Report ?

2020 ◽  
Vol 4 (1) ◽  
pp. 1-9
Author(s):  
Dwi Indah Lestari ◽  
Merta Noer Vadila
Keyword(s):  
Financial Performance ◽  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Quantitative Approach ◽  
Company Size ◽  
Return On Assets ◽  
Sustainability Reports ◽  
Sustainability Report ◽  
Descriptive Method

One way to increase corporate awareness and responsibility for the environment can be done through Sustainability reports. The purpose of this study is to analyze the effect of company size and financial performance on the disclosure of Sustainability Reports on non-financial sector companies listed on the Stock Exchange in 2017-2018 both partially and simultaneously. Company size is measured using total assets while financial performance is measured using the ratio of Return on Assets. This study uses secondary data obtained from the Indonesia Stock Exchange (IDX) and uses an associative descriptive method with a quantitative approach. This research uses purposive sampling method. The results of this study indicate that both partially and simultaneously, company size and financial performance do not significantly influence the disclosure of Sustainability Report elements. Keywords : Sustainability Report, Companies’ size, Financial Performance

scholarly journals Size matters – an analysis of business models and the financial performance of Finnish wood-harvesting companies

Silva Fennica ◽  
2020 ◽  
Vol 54 (4) ◽  
Author(s):  
Paula Jylhä ◽  
Pasi Rikkonen ◽  
Katri Hamunen
Keyword(s):  
Financial Performance ◽  
Business Models ◽  
Cost Effective ◽  
Small Companies ◽  
Management Skills ◽  
Economic Success ◽  
Short Term ◽  
Wood Harvesting ◽  
Business Model Canvas ◽  
Size Groups

The size of Finnish wood harvesting enterprises has grown, and entrepreneurs have become responsible for various additional tasks, resulting in networking with other harvesting enterprises of various sizes and suppliers of supporting services, but the profitability of the wood harvesting sector has remained low. In the present study, the financial performance of 83 wood harvesting companies in Eastern and Northern Finland was evaluated, based on public final account data from a five-year period between 2013 and 2017. The factors underlying economic success were identified based on 19 semi-structured entrepreneur interviews. The Business Model Canvas framework was applied in the analyses. In particular, the smallest companies (with an annual turnover of less than 600 000 €) struggled with profitability. They showed increasing indebtedness, suffered from poor power in negotiations, had typically short-term contracts, and faced difficulties in retaining skilled operators. Most of the small companies were subcontractors of larger wood-harvesting companies. The better economic success of larger companies was likely based on their capacity to provide wood harvesting services in large volumes and supply versatile services, power in negotiations, and more cost-effective operations. The future development of wood harvesting seems to be polarised: larger enterprises are likely to continue growing, while the size of smaller enterprises has stabilised. Enhancing business management skills and practices is required in enterprises of all size groups.

scholarly journals Faktor-faktor yang Mempengaruhi Kinerja Keuangan Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019

2021 ◽  
Vol 5 (1) ◽  
pp. 99
Author(s):  
Riris Kharisma ◽  
Kartika Hendra Titisari ◽  
Suhendro Suhendro
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Financial Performance ◽  
Sampling Method ◽  
Secondary Data ◽  
Test Method ◽  
Company Size ◽  
Good Corporate Governance ◽  
Corporate Social

This study aims to determine the effect of good corporate governance, corporate social responsibility, leverage and company size on the financial performance of state-owned companies listed on the IDX. The data in this study use secondary data. The population in the study of all BUMN companies listed on the IDX for the 2015-2019 period. The sample used in this study was 9 samples of BUMN companies listed on the IDX for the 2015-2019 period, with the sampling method using purposive sampling method. The test method in this study uses multiple linear regression test. The results show that good corporate governance, leverage and company size affect the financial performance of BUMN companies listed on the IDX for the 2015-2019 period, on the other hand, corporate social responsibility does not affect the financial performance of BUMN companies listed on the IDX for the 2015-2019 period. had no effect on the financial performance of BUMN companies listed on the IDX for the 2015-2019 period.

scholarly journals How Are Company Size, Financial Performance and Corporate Governance Related to Directors' Remuneration?

2020 ◽  
Vol 11 (6) ◽  
pp. 12
Author(s):  
Norziana Lokman ◽  
Fattiadriati Mohd Tareh
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Financial Reporting ◽  
Pearson Correlation ◽  
Annual Reports ◽  
Company Size ◽  
Company Performance ◽  
Ceo Duality ◽  
The Relationship ◽  
A Company

This study examined the relationship between the company-specific characteristics, namely, company size, company performance, and company leverage and the corporate governance attributes of a company which includes CEO duality and remuneration committee independence as the predictor factors that determine directors’ remuneration. A sample of 260 public listed companies on Bursa Malaysia was selected using stratified random sampling for the financial reporting of 2018. All data concerning the company characteristics and corporate governance attributes were obtained from the annual reports of the companies, which can be accessed from the Bursa Malaysia website. Pearson correlation and multi-regression analysis were used to analyse the data to determine the relationship of the predictor variables with director remuneration. On the one hand, the results of the study showed that directors’ remuneration is positively and significantly related to the size of the company. On the other hand, the financial performance of a company is positively but weakly related to directors remuneration. The remaining predictors have no relationship with directors’ remuneration. The finding suggested that the key determinant factor of directors’ remuneration is company size whereas company performance may have a small impact. Lastly, company compliance with the recommendation of the Malaysian Code on Corporate Governance did not guarantee the effectiveness of the monitoring function of the remuneration committee in ensuring that directors’ remuneration is commensurate with company performance. The result of the study provides additional evidence and support that company size and financial performance are linked to director remuneration. Also the finding of the study reconfirmed prior study that board leadership structure (CEO duality) and remuneration committee independent have no impact on directors’ remuneration.

scholarly journals Liquidity in global real estate securities markets

2016 ◽  
Vol 34 (4) ◽  
pp. 321-346 ◽  
Author(s):  
Nicole Lux ◽  
Alex Moss
Keyword(s):  
Real Estate ◽  
Stock Market ◽  
Market Liquidity ◽  
Company Size ◽  
Small Companies ◽  
Stock Performance ◽  
Content Type ◽  
The Usa ◽  
Market Capitalisation ◽  
The Impact

Purpose – The purpose of this paper is to test the relationship between liquidity in listed real estate markets, company size and geography during different market cycles, specifically pre-crisis (2002-2006) and post-crisis (2010-2014). Further, the study analyses the impact of stock liquidity on stock performance. In a previous study the authors examined the impact of liquidity on the valuation of European real estate shares. The result showed that there is a strong relationship between liquidity, valuation and market capitalisation post the Global Financial Crisis. Design/methodology/approach – The paper studies the linkages between regional market liquidity and company size for 60 listed real estate companies globally and determines the key drivers of company stock market liquidity pre- and post-crisis as well as the impact on stock performance. Analysis of variance is used to test cross-sectional independence in market liquidity combined with the Tukey’s post hoc test. The selected test indicators of liquidity to capture market depth and market tightness are daily stock turnover as percentage of market capitalisation and daily bid-ask spreads. Findings – Findings confirm previous studies that market liquidity factors are correlated globally over time indicating markets interdependence. However, sample groups by company size and geography form independent samples with different sample means, thus specific liquidity levels in each market may be different. First, stock turnover levels have not recovered post-crisis to pre-crisis levels in the majority of markets while spreads have continued moving downward to nearly insignificant levels in line with the rest of the equity market. Second, with regards to stock performance, the European bias previously detected is not apparent in the USA, and there is no evidence of the small cap vs large cap effect of small companies achieving superior returns, although smaller companies have outperformed in Europe and Asia in each of the last three years (2012-2014). Practical implications – The key implication is that although spread levels for smaller companies are higher, implying a slight risk premium when investing in small companies, this did not manifest into consistent superior stock market returns in the periods studied. In a mature market such as the USA or UK, liquidity levels in terms of stock turnover are higher and spreads are lower thus reducing trading costs, making them more attractive for investors. Originality/value – This research brings together previous analysis on stock market liquidity and stock performance on a global market level. It further tests the dependence of market liquidity on two key indicators, namely, geography and company size and analyses market changes with respect to liquidity pre- and post-crisis.

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