An analysis of factors affecting the profits of new firms in Spain: Evidence from the food industry

Using the logistic model, this article investigates the influence of financial factors on gaining profits for new firms in the Spanish food industry. Specifically, the firms founded separately during the crisis period and during the postcrisis period are observed for their first three years. The findings suggest that indebtedness (for both periods), previous profitability (for the postcrisis period) and accounts payable (for the crisis period) were most frequently statistically significant in the logistic model. Hence, for new firms, controlling debt burden, accumulating internally generated funds and using payables to establish business relationships can help to gain profits. Firm size and asset rotation were significant in the first year (especially during the postcrisis period), with a positive relationship to profits. Given that the food industry is highly competitive, enlarging firm size to reach efficiencies of scale and using a low-price strategy with high asset rotation to obtain market share are effective marketing strategies for new firms. This article contributes to the empirical studies about the financial effects on new firms' profits in the food industry; it can also help potential entrepreneurs make better decisions about starting new businesses and help to manage new firms better in different macroeconomic environments.

hukum gadai dalam islam dalm perspektif jaminan

In this article, we will discuss the law of pawning in Islam in the perspective of collateral, in Islam we already know that the law of pawning is permissible, and one of the most striking elements of pawning is pawned goods, but not infrequently many people misunderstand that pawned goods and goods collateral is the same thing, even considers pawning activities to be equated with accounts payable activities that have collateral, even though the two transactions are different.

Liquidity Measurement Problems in Mining Companies

The ability to manage liquidity is important in any economic conditions. It assumes unique importance during a downturn and depends on management having reliable information on the company’s liquidity level. Static liquidity ratios do not provide such reliableinformation. Their high values result from high inventory levels of extracted raw materials and is not tantamount to excess liquidity.Additional information is offered by the cash cycle and its constituents – Days Inventory Outstanding, Accounts Receivable Days andAccounts Payable Days. Long cash cycles signal a shorter deferral of settlement of suppliers’ bills and a lower liquidity level. To maintain liquidity, companies must maintain higher cash balances in their accounts. Short cycles, on the other hand, may result from latepayment of invoices, which is reflected in long Accounts Payable Days. Some coal companies have very long Accounts Payable Daysand negative cash conversion cycles. This means that some of their non-current assets are financed out of current liabilities.

ОБЛІКОВО-АНАЛІТИЧНИЙ ІНСТРУМЕНТАРІЙ УПРАВЛІННЯ ОБОРОТНИМ КАПІТАЛОМ ПІДПРИЄМСТВ В УМОВАХ ГЛОБАЛЬНИХ ВИКЛИКІВ

Global challenges cause many social and economic transformations in the economic entities activities, especially related to current assets, including disruptions in the inventories supply, increasing receivables due to breach of payment discipline of counterparties due to reduced sales of their own products during quarantine measures, reduced consumer solvency, devaluation of fiat money, etc., which makes it impossible to repay the debt on time, and the growth of receivables leads to the inability to repay their own accounts payable. The aim of the research is improvement the methodology and organization of accounting, analysis and audit of enterprise current assets in the face of global challenges. The subject of the research is the process of current assets formation and usage of PJSC "FED". The methods of the research: observation, comparison, analysis, generalization and formalization, rationing, forecasting. The hypothesis of the research: improving the process of accounting, analysis and internal audit of current assets will increase the efficiency of their formation and usage. The statement of basic materials. For increasing the efficiency of the process of current assets formation and usage in the context of global challenges, a conceptual approach to their accounting and analysis has been developed. The forecasting of current assets value of PJSC "FED" for the next two years was carried out with the help of trend analysis, as a result of which it was determined that the value of current assets will increase. For optimization the inventories formation and usage, the ABC-analysis has been implemented, which makes possible to accurately calculate the required volumes of purchases by different product groups; to exclude from the nomenclature illiquid positions, which makes possible to release cash frozen in these goods, reduce warehousing costs, increase inventory turnover; ensure sales growth. To improve the system of accounting for receivables at PJSC "FED" it is proposed to open six sub-accounts to account 38 "Provision for doubtful debts", as well as to improve analytical accounting by introducing groups of debtors in terms of non-repayment of receivables. Differentiation of ways to increase the efficiency of current assets formation and usage depending on the stage of the operating cycle is proposed. Also it is proposed to conduct current assets internal audit, which will verify the security of current assets, compliance with the rules and requirements of their accounting, documentation, reliability of information. The originality and practical significance of the research: originality lies in the development of methodological principles of production enterprise current assets accounting and analysis, identifying the lack of sources of own working capital. The conclusions and proposals obtained as a research results can be used in the practice of the production enterprise of PJSC "FED" to improve the efficiency of current assets accounting, analysis and audit. Conclusions. The proposed measures will help to improve the efficiency of current assets formation and usage, in particular, to reduce accounts receivable and improve the inventories formation quality

Managing accounts receivable and accounts payable

Предприятие обязано контролировать дебиторскую и кредиторскую задолженность, следить за сроками погашения, не позволять необоснованного роста суммы дебиторской задолженности, особое внимание уделять по истребованию просроченной задолженности, вести активную работу с контрагентами. Крайне внимательно относиться к расчетам с кредиторами, вовремя погашать им долги, в противном случае предприятие будут иметь штрафные санкции по расчетам с контрагентами – все это объясняет актуальность этой проблемы. Для повышения эффективности использования дебиторской и кредиторской задолженности нами разработаны мероприятия по управлению дебиторской задолженностью. A company must control accounts receivable and accounts payable, be sure to monitor repayment rates, not allow unreasonable growth of debtors and the amount of their debts, take timely measures to recover overdue debts, and actively work with debtors. It is also necessary to be extremely attentive to settlements with creditors, repay their debts on time, otherwise the company may lose the trust of its suppliers, banks and other creditors, will have penalties for settlements with counterparties – all this explains the relevance of this issue. To improve the efficiency of the use of accounts receivable and accounts receivable, we developed measures on managing accounts receivable.

ARISAN EMAS PERSFEKTIF FIQH MUAMALAH (Studi di Jorong Koto Gadang Nagari Simawang Kecamatan Rambatan Kabupaten Tanah Datar)

This study examines the implementation of the gold gathering in Jorong Koto Gadang Nagari Simawang, Rambat District, Tanah Datar Regency in the Perspective of Fiqh Muamalah. The problem in this research is how to implement the Arisan Emas in Jorong Koto Gadang Nagari Simawang, Rambat District, Tanah Datar Regency. What are the contracts used in the implementation of this Arisan and how is the view of muamalah fiqh on the implementation of the Gold Arisan in Jorong Koto Gadang Nagari Simawang, Rambat District, Tanah Datar Regency.The research method that I use in this research is field research. While the nature of the research is qualitative descriptive, qualitative descriptive research is describing the phenomena that occur in the field as they are according to reality. As the main data source, namely people involved in the implementation of the gold gathering in Simawang Village, and as a source of data obtained include primary and secondary data, primary data sources consisting of the head of the gold arisan and 9 participants of the gold gathering while secondary data sources were obtained through a number of books, journals, articles and other reading sources to strengthen primary data. Data collection was carried out using interview and observation techniques.Based on the results of the research that the authors have done, it can be concluded that the implementation of Asrisanemas in Jorong Koto Gadang Nagari Simawang, Rambat District, Tanah Datar Regency is to use the ijarah contract and accounts payable agreement, the payment system is through the membership fees of the gold arisan, fixing the gold price according to the current gold price and giving for the chairman of the Arisan only voluntarily. In the view of fiqh muamalah, the implementation of the gold gathering that took place in Jorong Koto Gadang Nagari Simawang, Rambat Subdistrict, Tanah Datar Regency, Arisan like this is unacceptable because there is no certainty and is detrimental to one of the parties with a shortage and overpayment which is commonly referred to as usury and giving money. To the head of the arisan is a voluntary fee, the voluntary money given to the head of the arisan is considered a wage because the provisions of the muamalah for each job in muamalah are required to have a wage.

SMEs’ financial risks in supply chain trade with large companies: The case of Italian automotive component industry

Becoming a supplier of large companies is traditionally considered to be positive for small and medium enterprises’ (SMEs) competitiveness. Small businesses can take several advantages by joining supply chain trade with large companies such as scale efficiency and productivity as well as technological and managerial abilities, product and process innovation, market positioning, and reputation. However, not everything is convenient per se. The subcontracting by large companies might provide some financial criticalities that need to be faced and properly managed by SMEs to exploit supply chain benefits without affecting financial stability and losing competitiveness. In this direction, the literature on supply chain finance has recently focused on financial issues related to working capital optimization in terms of accounts payable, receivable, and inventories. Adopting this perspective, the study contributes to a better understanding of SMEs’ financial constraints in supply chains driven by large companies by investigating a sample of small Italian firms, which operate in the metal casting industry and by comparing firms joining and not joining the automotive supply chain.

Developing a methodology for assessing the risk of hostile takeover of a motor transport enterprise and measures to prevent it

Problem. Mergers and acquisitions are traditional processes of redistribution of property rights in a market economy. Mergers are often used by companies to gain control over larger market segments and increase performance efficiency. The acquisition process is not always desirable for the target company and is often used to establish control over its assets. Thus, the problems of assessing the risk of hostile takeover of the enterprise and its prevention are extremely relevant at the current stage, especially in the transport sector of Ukraine. Goal. The goal of the work is to develop the methodology for assessing the risk of hostile takeover of a motor transport enterprise and suggest methods for preventing its occurrence. Methodology. During the study, the following research methods have been used: analysis and synthesis, logical analysis. Information resources of the study are electronic information resources and periodic publications. Results. The risk of hostile takeover of an enterprise is the probability that the enterprise will become the takeover target through the legal actions and methods taken by the acquirer, but the acquisition procedure itself is against the wishes of the target’s board. The list of factors that determine the attractiveness of the potential acquisition target includes: the attractiveness of the enterprise in terms of its financial results and performance, the enterprise is not public, it occupies a considerable market segment, the enterprise operates as a joint-stock company, it is attractive in terms of further resale of its assets, the prospects of the industry in which the enterprise operates. According to the results of the studies assessing the risk level of hostile takeover of the group of motor transport enterprises, it has been revealed that 45% of enterprises are in the medium risk group. The following list of measures aimed at defending motor transport enterprises against hostile takeovers has been developed: the formation of optimal share capital structure; share consolidation when the majority shareholder holds the controlling interest; carrying out a sound dividend policy, the continuous monitoring of amounts and maturity dates of accounts payable, preventing the risk of arousing the counterparties’ interest in the resale of debt obligations of the enterprise to others. Originality. The methodology for assessing the risk of hostile takeover of a motor transport enterprise and reasonable measures to prevent its occurrence have been proposed. Practical value. The proposed recommendations can be used by the owners and management of motor transport enterprises to build an effective system for preventing potential hostile takeovers.

Value Added from the Perspective of Econophysics

The production, or value added, approach to GDP involves calculating an industry or sector’s output and subtracting its intermediate consumption (the goods and services used to produce the output) to derive its value added. The value added at the macro level depends on business efficiency. It reflects an increase in value that a business creates by undertaking the production process. We assumed that the market creates thousands of vibrating energies, coming from other enterprises, with different frequencies. The purpose of this article is to verify whether the econophysics approach could be successfully used to assess a business from the perspective of the interaction between economic forces. Thus, we propose that the term ‘value added’ be understood as a certain amount of accumulated energy of enterprises that comes from the interaction of basic economic forces and economic vibrating forces of accounting. Using regression models, we show the influence of basic forces, like debt and the stock market, and vibrating ones (i.e., accounts payable, accounts receivable, inventory) on the economic value added by testing US, European, and emerging markets. We confirmed the relevance and appropriateness of the econophysics approach to estimating the economic value added.

The phenomenon of bubu tradition in the cycle of time: Portrait of reciprocity in rural Madura

Bubu is a form of reciprocity that occurs in Madura generally and Langkap Village particularly. Generally, the exchange is made by the community as a form of “donations” to the celebration host. The host hopes for a return in the future. The reciprocal incident that occurred in Madura was not just a hope but more of an “obligation” to pay the “donation” or bubu that had been given on the previous occasion. This study seeks to describe the form and meaning of the bubu as well as to explain the changes that occur in the bubu phenomenon which used to be only in the form of voluntary donations into various forms of bubu with their meanings. The research design used was an ethnographic study with a moderate method where the researcher was occasionally directly involved in the tradition. The results of this study reveal several forms of bubu that occur in Langkap Village with different ways and meanings with the same motivation. The bubu given is a transaction of accounts payable and investment with the hope of a return in the future. More than that, there are social sanctions that will await if the bubu that have been given are not returned with the same value.