Vouchers as a Result of Corona Virus and the Risks for Tour Operators and Consumers

The coronavirus is a phenomenon in the last months. The impact on the economy, especially on tourism is devastating. The national governments put into practice several supportive measures to avert the collapse. A specific tool was introduced for tour operators – the issue of vouchers instead of money refund. The aim of this paper is to identify and analyse risks of this measure offered by the Czech government. The identification is based on a combination of sources and methods. The methodologies used are open-question questionnaire and in-depth interviews. From the preliminary results, it is anticipated that the real risks connected with the vouchers are insurance validity, vouchers´ validity and tour operators´ future cash flow.

PENGARUH EARNING DAN CASH FLOW OPERATION TERHADAP ARUS KAS MASA DEPAN

This study is an empirical study that aims to analyze the effect of earning and cash flow operation on future cash flow. The type of data used in this study is secondary data from each companies financial statements in consumer goods sector that listed on Indonesia Stock Exchange in 2014-2018. The number of samples in this study were 27 companies that selected by purposive sampling method. The independent variable used are earning and cash flow operation in 2014-2017, while dependent variable is future cash flow in 2015-2018. The analysis model used in this research is multi linear regression analysis using Eviews 11. 11. The result show that the earning variable has negative and significant effect on future cash flow. The cash flow operation variable has positive and significant effect on future cash flow. Thus, earning and cash flow operation simultaneously have positive and significant effect on future cash flow.

The Influence of Future Cash Flow Predictions on Profits in Companies Listed on the Indonesia Stock Exchange

This research was conducted to determine the effect of future cash flow predictions on profits (gross profit, operating profit, and net income) in food and beverage companies listed on the Indonesia Stock Exchange. The method used in this research used purposive sampling with a population of food and beverage companies listed on the Indonesia Stock Exchange for the period 2016-2018. The samples in this research were 19 companies. The results obtained indicate that the operating profit variable has a partial effect on future cash flows, while the net income variable and the gross profit variable do not partially affect future cash flows. Simultaneously, gross profit, operating profit and net income have an effect on future cash flows.

Does a Pro-Environmental Firm Attract Future Cash Flow? With an Impact of Sustainable Advertisement on Firms’ Financial Performance

This study investigates the future existence of firms that are engaged in environment-oriented activities. Recently, strategic activities for firms’ sustainable growth has been critical for the environment. We use regression analysis to examine the relationship using firms listed in the Korea Stock Exchange market from 2014 to 2018. We use five aspects of environment-oriented activities: organization, management, strategy, performance, and shareholders, provided by the Korea Corporate Governance Service. The empirical results indicate that the firms participating in environment-oriented activities are likely to predict future cash flow, implying firms’ sustainability. We also claim that firms engaged in environment-oriented activities are likely to advertise their pro-environmental engagements, resulting in firms’ sustainable existence in the future. These findings are robust when we use the aggregate value as an alternative measurement. Our finding provides useful information for corporate practice. Active involvement in environmental activities can be used as a strategy that leads to superior performance. These efforts will contribute to enhancing the public image and improving green competitiveness. From the perspective of regulators, the non-financial information assessment supports the government’s eco-friendly policy that emphasizes environment-oriented activities. The results indicate that transparent information for external investors seeking to invest in firms are engaged in environment-oriented activities.

Imprecise and Informative: Lessons from Market Reactions to Imprecise Disclosure

Imprecise language in corporate disclosures can convey valuable information on ?firms'fundamentals during uncertain times. To evaluate this idea, we develop a novel measure of linguistic imprecision based on sentences marked with the \weasel tag" on Wikipedia. For a 10-week window following the 10-K disclosure, we ?nd that the use of imprecise language in 10-Ks predicts 1) positive and non-reverting abnormal returns, 2) improvements to stock liquidity, 3) greater intensities of insider and informed buying, and 4) higher news sentiment. These fi?ndings are the strongest when the fi?rm disclosures are more forward looking, and for fi?rms with greater idiosyncratic volatility. Taken together, our fi?ndings imply that the imprecise language in 10-Ks contains new information on positive but yet immature prospects of future cash flow.

Does Human Resource Investment for Internal Control System Enhance Future Cash Flow Predictability?

Generating positive long-term cash flow is vital for a firm’s sustainability. In this paper, we consider the earnings in the forecasting of future cash flow from a human resource investment of an internal control system. Using the firms listed in the Korea Stock Exchange market from 2014 to 2018, we find that the current earnings are the components of cash flow forecasting, and this relationship is genuine in a firm equipped with sufficient internal control personnel and their experiences. These findings indicate that earnings are reliable when forecasting future cash flow for a firm with a well-operated foundation.

Financial and nonfinancial factors affecting future cashflow and their impacts on financial distress

This study aimed to determine financial and non-financial factors influencing future cash flow and their impacts on company's financial distress. This study uses earnings, cash flow from operations, accrual components, working capital (financial), inflation (nonfinancial) as independent variables that are thought to have an effect on future cash flow. In addition, this research also suspects that there is an impact of this influence on company financial distress. The sample used in this study was 30 food and beverage manufacturing companies listed on the Indonesia Stock Exchange from 2013 to 2015. Hypothesis testing, in this research, used Structural Equation Model (SEM) method with AMOS 24 statistic. The result showed that earnings, accrual component, and working capital had a significant positive effect on future cash flow. Furthermore, cash flow from operation had significant negative effect on future cash flow, but inflation did not affect company's future cash flow. These results indicate that financial variables have a significant effect, both positive and negative, on the company's future cash flow. Meanwhile, non-financial variables have no significant effect. Other test resulted that future cash flow had a significant negative effect on financial distress. Based on the results of this study, it can be seen that stakeholders, especially investors, really pay attention to the company's financial performance compared to non-finance. This is due to the significant influence of financial variables on the company's future cash flow and it can have an impact on financial distress. Therefore, future research is expected to explore other financial factors that affect the company's future cash flow, for example, the company's financial risk.

The Impact of Advertising and R&D on Bankruptcy Survival: A Double-Edged Sword

Advertising and research and development (R&D) benefit firms by increasing sales and shareholder value. However, when a firm is in bankruptcy, the cumulative effects of its past advertising and R&D can be a double-edged sword. On the one hand, they increase the firm’s expected future cash flow, which increases the likelihood that the bankruptcy court will decide the firm can survive. On the other hand, they increase the liquidation value of the firm’s assets, which decreases the likelihood that the bankruptcy court will decide that the firm can survive. The author argues that the ability of advertising and R&D to either increase or decrease bankruptcy survival is contingent on the influence that the firm’s suppliers have, relative to other creditors, on the bankruptcy court’s decision. Advertising and R&D increase (decrease) bankruptcy survival when suppliers have a high (low) level of influence. Empirical analyses, conducted on 1,504 bankruptcies, show that advertising (R&D) increases bankruptcy survival when at least 35%−38% (18%−21%) of the bankrupt firm’s debt has been borrowed from suppliers, whereas it decreases bankruptcy survival below this point. Out-of-sample machine learning validation shows that the ability to predict whether a bankrupt customer will survive is substantially improved by considering the firm’s advertising and R&D.