scholarly journals Effect of 2008 Global Economic Crisis on Turkey’s Manufacturing Sector’s Performance: An Application on the Borsa Istanbul Campanies

2014 ◽  
Author(s):  
S. Serdar Karaca ◽  
Derya Ağcadağ ◽  
Müge Sağlam ◽  
Eray Baysa
Keyword(s):  
Manufacturing Sector ◽  
Working Capital ◽  
Short Term ◽  
Test Analysis ◽  
2008 Financial Crisis ◽  
Leverage Ratio ◽  
Accounts Receivable ◽  
Total Debt ◽  
Before And After ◽  
Smirnov Test

In this study we analyzed the effect of 2008 financial crisis on firm performance. With this aim we used manufacturing sector in Turkey. In our study we used 119 firms traded on Borsa Istanbul and quarterly data belong to 2004-2012 period. In this study we examined the period before and after 2008 crisis. We applied one sample kolmagorov-smirnov test to know whether the data has normal distribution. Also we used T-Test Analysis to compare average of the data. At the result of analysis financial ratios that accounts receivable turnover, liquidity, net working capital, short term debt / Total Debt, Financial Leverage Ratio, founded different in before and after year 2008, according to year 2008.

scholarly journals Incidencia del capital de trabajo en la rentabilidad de la industria de alimentos Tsáchila “El Gustador”

ECA Sinergia ◽  
2020 ◽  
Vol 11 (3) ◽  
pp. 50
Author(s):  
María Enélida Vera Saca ◽  
Evelyn Dayana Cedeño Holguín ◽  
Ximena Leticia García Zambrano
Keyword(s):  
Data Collection ◽  
Food Industry ◽  
Working Capital ◽  
Short Term ◽  
Accounts Receivable ◽  
Palabras Clave ◽  
The Future ◽  
Mixed Approach ◽  
The Impact

  La presente investigación tiene como objetivo analizar el capital de trabajo y el impacto en la rentabilidad de la industria de alimentos Tsáchila “El Gustador”. La metodología utilizada tuvo un enfoque mixto y es de carácter no experimental, descriptivo y explicativo, por lo que se implementaron técnicas como la encuesta, entrevista y observación para la recolección de datos, los mismos que después de haber sido analizados e interpretados mostraron que existen deficiencias respecto a la administración de las cuentas del activo y pasivo a corto plazo, situación que afecta directamente a la liquidez de la industria y la determinación de inversión en el capital de trabajo; identificando que este hecho tiene su origen por una deficiente gestión del inventario y de las cuentas por cobrar pudiendo afectar en un futuro a las ventas de la empresa y por ende a su rentabilidad.   Palabras clave: productividad; liquidez; activo corriente; pasivo corriente.   ABSTRACT The objective of this research is to analyze the working capital and the impact on the profitability of the Tsáchila “El Gustador” food industry. The methodology used had a mixed approach and is non-experimental, descriptive and explanatory, so techniques such as survey, interview and observation were implemented for data collection, which after being analyzed and interpreted showed that there are deficiencies regarding the administration of the short-term asset and liability accounts, a situation that directly affects the liquidity of the industry and the determination of investment in working capital; identifying that this fact originates from poor inventory and accounts receivable management, which may affect the company’s sales in the future and therefore its profitability.   Keywords: productivity; liquidity; current active; current liabilities.

Short-Term Funding and Financing Alternatives

2019 ◽  
pp. 167-184
Author(s):  
Benjamin Aguilar ◽  
Ajit Jain ◽  
Kevin Neaves
Keyword(s):  
Capital Markets ◽  
Working Capital ◽  
Short Term ◽  
Expected Return ◽  
Accounts Receivable ◽  
Purchase Order ◽  
Commercial Paper ◽  
Potential Risks ◽  
Repurchase Agreements ◽  
Revolving Credit

This chapter discusses the different types of short-term funding and financing alternatives that are available in the commercial money and capital markets. First, it covers commercial paper market activity, issue maturity, and quality. Second, the chapter addresses common uses and terms for commercial and standby letters of credit as well as common issuing requirements and covenants, and discusses the parties, processes, and risks involved. Third, it covers bilateral and trilateral repurchase agreements. Fourth, the chapter discusses asset-based loans, including accounts receivable factoring and purchase order financing. Finally, it covers revolving credit facilities and their associated costs. In sum, short-term funding is important for borrowers seeking additional liquidity to finance working capital or other short-term investments. For each type of short-term funding alternative, the chapter discusses the expected return and potential risks that the borrower and lender should evaluate before entering the financial transaction.

scholarly journals Why do firms invest in accounts receivable? An empirical investigation of the Malaysian manufacturing sector

2018 ◽  
Vol 8 (2) ◽  
pp. 166-184 ◽  
Author(s):  
Salima Yassia Paul ◽  
Cherif Guermat ◽  
Susela Devi
Keyword(s):  
Trade Credit ◽  
Manufacturing Sector ◽  
Manufacturing Firms ◽  
Sales Growth ◽  
Short Term ◽  
Policy Makers ◽  
Content Type ◽  
Accounts Receivable ◽  
Developed Economies ◽  
Gross Margins

Purpose The purpose of this paper is to investigate the factors that influence Malaysian manufacturing sector investment in accounts receivable (AR), an asset seen by many as one of the riskiest in any company’s balance sheet. Design/methodology/approach The authors test several theories, related to AR, using a cross-section of 262 listed manufacturing firms over a period of five years (2007-2011). Both fixed and random effect approaches are adopted to deal with potential heterogeneity across firms. Findings The results show that investment in AR in Malaysia are influenced by firm size, short-term finance, sales growth and collateral. Profit, liquidity and gross margins have no role in affecting the decision of trade credit granting to customers. The results are inconsistent with previous studies. Size and short-term finance have a negative, rather than positive, impact. Liquidity and gross margins have no, rather than positive, effect. While profit and sales growth are predicted to feature a U-shaped relationship with investment in AR, the former is insignificant while the latter is strictly increasing. The only factor found to be consistent with prior studies is collateral. Research limitations/implications The results have two principal implications. First, policy makers should not take a holistic view of the trade credit market. Given that policy makers aim to improve liquidity and trade, they should design policies that are not only country specific but also sector specific. As is clear from our results, what holds for other countries or sectors may not necessarily be true for the Malaysian manufacturing sector. This has important implications for policy makers in emerging economies. Practical implications Investment in AR, in the Malaysian manufacturing sector, is impacted by many of the factors implied by either theory or empirical evidence. However, the main finding in this paper is that the Malaysian manufacturing sector is rather different. First, while liquidity and gross margin have been found to have a positive and significant effect on AR helping hand theory in prior studies, the results show that these two factors play no role in influencing the level of AR in the Malaysian manufacturing sector. Social implications Unlike the experience in developed economies, firms in our sample that have access to short-term finance are less likely to grant trade credit. This suggests that the helping hand theory does not hold as far as the Malaysian manufacturing firms are concerned: firm that have better access to short-term finance in Malaysia do not use trade credit to pass on the benefit to their customers by granting them trade credit. Originality/value It is unclear why firms invest in AR given the high risks of uncollectability as well as tedious, time-consuming and costly legal process for debt recovery compared to firms from more developed economies. This paper examines the reasons business-to-business lending, through AR, is widespread in Malaysia and investigates the factors that affect this decision despite the risk involved. To our knowledge, this is the first study to date that looks at the factors that influence AR level in the Malaysian manufacturing sector.

scholarly journals THE IMPLICATIONS OF DEBT FINANCING ON WORKING CAPITAL MANAGEMENT EFFICIENCY: EVIDENCE FROM MENA EMERGING MARKETS

2020 ◽  
Vol 8 ◽  
pp. 62-67
Author(s):  
Luay Alrahamneh ◽  
Ei Yet Chu ◽  
Meenchee Hong
Keyword(s):  
Agency Theory ◽  
Listed Companies ◽  
Debt Financing ◽  
Capital Management ◽  
Working Capital ◽  
Short Term ◽  
Mena Region ◽  
Working Capital Management ◽  
Total Debt

This proposed study aims to examine how debt financing affects the working capital management (WCM) efficiency of firms in eight selected MENA countries over the period 2016-2020. This study discusses different theories of debt financing which include the trade-off theory, the pecking order theory, the market timing theory, and the agency theory (i.e., the agency theory of debt, equity, and free cash flow). Particularly, the study addresses how short-term debt, long-term debt, and total debt influence WCM efficiency. We hypothesize that there are positive relationships between the short-term debt (measured by the current ratio), the long-term debt (measured by the long-term debt to total assets ratio), and the total debt (measured by the total debt to total assets ratio) toward WCM (measured by cash conversion cycle). Firm’s specific characteristics such as the firm type, the firm size, firm’s sales growth, and tangibility were used as control variables for WCM. To achieve the study objectives, a sample of 718 non-financial listed companies on stock exchanges in countries of Bahrain, Egypt, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, and UAE will be used over the period 2016-2020. Secondary quantitative data will be collected from the annual financial statements of firms. The multiple regression model will be used to test the study hypotheses. This proposed paper originally contributes to the extant literature in several ways. First, there were limited studies of WCM in the MENA context and the current study provided a new insight that has not been investigated before in the MENA region. Thus, it bridges the gap in the literature. However, the majority of extant WCM literature emphasized the relationship between efficient WCM and firms profitability. Moreover, this paper contributes to developing efficient WCM practices and strategies that improve the financial performance of listed companies in the MENA region

scholarly journals ANALYSIS OF DEBT SHORT TERM AND RECEIVABLE TURNOVER ON THE PROFITABILITY OF MANUFACTURING COMPANIES

2020 ◽  
Vol 1 (2) ◽  
pp. 175-182
Author(s):  
Dian Efriyenty
Keyword(s):  
Asset Returns ◽  
T Test ◽  
Manufacturing Companies ◽  
Short Term ◽  
Test Analysis ◽  
Accounts Receivable ◽  
Survey Results

ABSTRACTBased on the survey results for the last 3 years, data on food companies and the minimum turnover of accounts receivable and debt has increased and this has an impact on taking profits in the form of assets. These things can have an impact on the investment invested in shareholders. The purpose of this study is to assess the effect of short-term debt and accounts receivable turnover on asset returns. The samples in this study were 8 companies in the 2015-2019 period. The results of t-test analysis partially show that short-term debt does not have a significant effect on profitability, receivables turnover has a significant effect on profitability. Keywords: short-term debt, accounts receivable turnover, profitability

TO STUDY THE EFFECT OF BMV ON P WAVE DISPERSION AND SHORT TERM PROGNOSTIC IMPACT OF P WAVE DISPERSION IN PREDICTION OF CLINICAL OUTCOME AFTER PERCUTANEOUS BALLOON MITRAL VALVULOPLASTY IN PATIENTS WITH MITRAL STENOSIS AND SINUS RHYTHM

2020 ◽  
Vol 4 (9) ◽  
Author(s):  
Ashish Kumar Agarwal ◽  
Daulat Singh Meena ◽  
Vijay Pathak ◽  
Anoop Jain ◽  
Rakesh Kumar Ola
Keyword(s):  
Clinical Outcome ◽  
Right Ventricular ◽  
Wave Dispersion ◽  
Tissue Doppler ◽  
P Wave ◽  
Short Term ◽  
P Wave Dispersion ◽  
Mitral Valvuloplasty ◽  
Percutaneous Balloon ◽  
Before And After

Background: The aim of the present study was to study the effect of percutaneous balloon mitral  valvuloplasty (PBMV) on P wave dispersion and to test the correlation between P-maximum and  P-dispersion to right ventricular function and pulmonary artery pressure before and after PMBV. Also to study the impact of P-maximum and P-wave dispersion on the short term clinical outcome after successful PBMV in patients with mitral stenosis (MS) and sinus rhythm. Methods: 75 patients undergoing PMBV were enrolled in this study. We evaluated P-maximum, P-minimum and P-wave dispersion before and one month and one year after PBMV . We studied the changes in pulmonary arterial pressure (PAP), left atrial (LA) dimension, mitral diastolic gradient, and mitral valve area, in addition to the changes in right ventricular function utilizing tissue Doppler assessment both before and after PMBV, in addition the role of the P-wave dispersion in prediction of late cardiac events. Results: There were significant decrease in mean diastolic gradient, PAP, and LA size and significant improvement in right ventricular tissue Doppler indices after PMBV. Accompany these hemodynamic changes after PMBV. P-maximum and P-wave dispersion were found to be decreased (P < 0.001). Conclusion: Successful PBMV was associated with a decrease in Pmax and PWD. These simple electrocardiographic indices may predict the success of the procedure immediately after PBMV.  The P-maximum and P-wave dispersion changes were correlated with significant impairment of right dysfunction and the degree of pulmonary artery pressure. Keywords: PBMV.PAP,LA

PENGARUH PERPUTARAN PIUTANG DAN SOLVABILITAS TERHADAP KONDISI FINANCIAL DISTRESS PERUSAHAAN MANUFAKTUR SEKTOR GARMEN DAN TEKSTIL DI BURSA EFEK INDONESIA

2018 ◽  
Vol 19 (2) ◽  
pp. 87
Author(s):  
Siska Wulandari
Keyword(s):  
Financial Distress ◽  
Free Market ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Multiple Linear Regression Analysis ◽  
Working Capital ◽  
Leverage Ratio ◽  
Ratio Effect ◽  
Waste Bank ◽  
Solvency Ratio

Manufacture Sub Sector Garment And Textile have financial distress condition. Increas of sales is one of choice for company can be competitive in free market. But increase of sales will be followed by the many possibilities of uncollected receivable or the low receivable turnover which can effect forced the company to further provide working capital. One way is to get working capital from a third part or what we call debt.This research aims to determine the effect of receivable turnover and the solvency ratio toward the financial distressThe problems of the research were: 1) is the receivable turnover effect toward financial distress condition on Garmen and textile company Listed on IDX on 2011-2015? 2) is the leverage ratio effect toward financial distress condition on Garmen and textile company Listed on IDX on 2011-2015 ? 3) Are the receivable turnover and solvency ratio effect toward financial distress condition on Garmen and textile company Listed on IDX on 2011-2015?The sample of this research is 11 Manufacture company of sub sector Garmen And Textile were taken by using purposive sampling techniques. This research data used secondary data that getting from literature review. Data were tested using multiple linear regression analysis to determine the effect between one variable with another variables, and the data was then processed using SPSS 22.0 for windows.Result of the research showed that partially, receivables turnover hadn’t a significant effect toward  the financial distress. Partially, solvency ratio (Debt to Asset) had a significant influence toward financial distress Simultaneously, receivable turnover and solvency ratio had a significant effect toward financial distress. Kata kunci:Waste Bank, Waste Bank Management, Waste Bank Basic Concepts, Economic Improvement of the Family

Financial Management of Tires Retail and Restaurant Business in Greater Jakarta

2019 ◽  
Vol 2 (4) ◽  
pp. 267-275
Author(s):  
Sung Suk Kim ◽  
Jacob Donald Tan ◽  
Rita Juliana ◽  
John Tampil Purba
Keyword(s):  
Financial Management ◽  
Management Practices ◽  
Working Capital ◽  
Structured Interviews ◽  
Short Term ◽  
Direct Observations ◽  
Medium Enterprises ◽  
Cash Reserves ◽  
Retained Earnings ◽  
Computerized System

This study aims to explore the financial management practices ofsmall-and-medium-enterprises (SMEs) in the Greater Jakarta (Jabodetabek). We investigate into 3 SME cases by conducting the semi-structured interviews with the owner-managers and using direct observations to know the practices of financial management of SMEs. Through the research, we have found six propositions related to the practice of short-term financial management. They apply bootstraps to ensure availability of working capital. They set aside cash reserves from retained earnings and minimize loans from financial institutions. They have the computerized system to track receivables facilitating working capital needs. They keep theirinventory control efficient to manage working capital. They screen customers using transactional records and reputations to minimize the risk of bad debts.

Impact of Michigan’s new opioid prescribing laws on spine surgery patients: analysis of the Michigan Spine Surgery Improvement Collaborative

2020 ◽  
pp. 1-6
Author(s):  
Paul Park ◽  
Victor Chang ◽  
Hsueh-Han Yeh ◽  
Jason M. Schwalb ◽  
David R. Nerenz ◽  
...  
Keyword(s):  
Spine Surgery ◽  
Spinal Surgery ◽  
Readmission Rate ◽  
Rating Scale ◽  
Short Term ◽  
Readmission Rates ◽  
Opioid Prescribing ◽  
Number Of Patients ◽  
Before And After ◽  
The Impact

OBJECTIVEIn 2017, Michigan passed new legislation designed to reduce opioid abuse. This study evaluated the impact of these new restrictive laws on preoperative narcotic use, short-term outcomes, and readmission rates after spinal surgery.METHODSPatient data from 1 year before and 1 year after initiation of the new opioid laws (beginning July 1, 2018) were queried from the Michigan Spine Surgery Improvement Collaborative database. Before and after implementation of the major elements of the new laws, 12,325 and 11,988 patients, respectively, were treated.RESULTSPatients before and after passage of the opioid laws had generally similar demographic and surgical characteristics. Notably, after passage of the opioid laws, the number of patients taking daily narcotics preoperatively decreased from 3783 (48.7%) to 2698 (39.7%; p < 0.0001). Three months postoperatively, there were no differences in minimum clinically important difference (56.0% vs 58.0%, p = 0.1068), numeric rating scale (NRS) score of back pain (3.5 vs 3.4, p = 0.1156), NRS score of leg pain (2.7 vs 2.7, p = 0.3595), satisfaction (84.4% vs 84.7%, p = 0.6852), or 90-day readmission rate (5.8% vs 6.2%, p = 0.3202) between groups. Although there was no difference in readmission rates, pain as a reason for readmission was marginally more common (0.86% vs 1.22%, p = 0.0323).CONCLUSIONSThere was a meaningful decrease in preoperative narcotic use, but notably there was no apparent negative impact on postoperative recovery, patient satisfaction, or short-term outcomes after spinal surgery despite more restrictive opioid prescribing. Although the readmission rate did not significantly increase, pain as a reason for readmission was marginally more frequently observed.

ANALISIS KINERJA KEUANGAN PERUSAHAAN PROPERTI YANG TERDAFTAR DI BEI SEBELUM DAN SESUDAH KEBIJAKAN LOAN TO VALUE

2019 ◽  
Vol 4 (1) ◽  
pp. 79-90
Author(s):  
Ghaniy Ridha Prima ◽  
Hermanto Siregar ◽  
Ferry Syarifuddin
Keyword(s):  
Real Estate ◽  
Financial Performance ◽  
Stock Exchange ◽  
Sample Selection ◽  
Test Analysis ◽  
Asset Return ◽  
Return On Equity ◽  
Analysis Technique ◽  
Significant Difference ◽  
Before And After

The purpose of this study is to provide empirical evidence of the effects of the Loan to Value (LTV) policy on the financial performance of property and real estate companies listed on the Indonesia Stock Exchange (IDX). The sample selection uses a purposive sampling method of 42 property and real estate companies that meet the criteria. The research period is divided into 2 namely before the Loan to Value policy (2013-2014) and after the Loan to Value policy (2016-2017) with the Paired Sample t Test analysis technique. The test results show if the current ratio, Return on Asset, Return on Equity and Debt to Asset have significant differences between before and after the LTV policy is applied. While the fast ratio, cash ratio, net profit margin and Debt to Equity did not show a significant difference. Keywords: Financial Performance, Loan to Value, Property and Real Estate, Profitability Ratio, Liquidity Ratio, Solvability Ratio.

Sign in / Sign up

Export Citation Format

Share Document