ERN: Other Microeconomics: Intertemporal Firm Choice & Growth最新文献_第3页

The Impact of Cash Conversion Cycle on Profitability of the Firms with Respect to S&P BSE SENSEX India 现金转换周期对标准普尔BSE SENSEX印度公司盈利能力的影响

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2020-07-09 DOI: 10.2139/ssrn.3704300

Nagendra Marisetty, Pardhasaradhi Madasu

{"title":"The Impact of Cash Conversion Cycle on Profitability of the Firms with Respect to S&P BSE SENSEX India","authors":"Nagendra Marisetty, Pardhasaradhi Madasu","doi":"10.2139/ssrn.3704300","DOIUrl":"https://doi.org/10.2139/ssrn.3704300","url":null,"abstract":"Cash Conversion Cycle (CCC) is a crucial tool that influences the firms’ short-term requirements. CCC affects the liquidity requirements of every company, every nature of the business, and every size of the business. In this setting, the present research explores the different aspects of CCC and its influence on profitability related to non-financial companies of the S&P BSE (Bombay Stock Exchange) SENSEX Index in India during 2006-2020. Investigating the factors that affect the CCC and statistically significant impact on firms' profitability across the nature of the business and size of the business is the main focus of this research. The results of this research that significant negative relation observed between CCC and profitability of the firm in more classifications (Teruel & Solano 2007, Garcia 2011, and Nobance et al. 2011) and shorter length of cash conversion cycle increase the profitability of the firm (Manyo 2013 and Ajanthan & Kumara 2017). It is also concluded that this research that results would differ in different nature of the business (Padachi 2006) and different size of the business.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129597627","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Brokered Startup Financing 经纪创业融资

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2020-07-01 DOI: 10.2139/ssrn.3511164

Emmanuel Yimfor

引用次数: 0

The Role of Assets In Place: Loss of Market Exclusivity and Investment 就地资产的作用:市场独占性和投资的丧失

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2020-07-01 DOI: 10.2139/ssrn.3666611

Matthew J. Higgins, Mathias Kronlund, Ji Min Park, Joshua Pollet

{"title":"The Role of Assets In Place: Loss of Market Exclusivity and Investment","authors":"Matthew J. Higgins, Mathias Kronlund, Ji Min Park, Joshua Pollet","doi":"10.2139/ssrn.3666611","DOIUrl":"https://doi.org/10.2139/ssrn.3666611","url":null,"abstract":"We utilize a novel identification strategy to analyze the impact of assets in place on firms' decisions for future projects. We exploit the context in the pharmaceutical industry, where the loss of market exclusivity for a branded drug can be used to separate the impact of cash flows generated by a firm's current assets in place from the characteristics of its future investment opportunities. We first show that around the exclusivity losses in our sample of large drugs, the affected firms' profitability drops significantly. The timing of this profitability decrease was predetermined many years ago, and therefore, arguably independent of current investment opportunities. Nevertheless, we find that R&D spending drops by approximately 25% over two years following the loss of exclusivity of these pre-existing drugs. We also find that stock repurchases and cash balances decline significantly. Our findings do not support the predictions of traditional capital budgeting, but are more consistent with the pecking order theory. These results further point to a lack of long-term lifecycle management that could mitigate the effect of predictable negative shocks to cash flows.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133056642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The Impact of Dividend Policy on Investors’ Preferences on Nigeria’s Capital Market 股利政策对尼日利亚资本市场投资者偏好的影响

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2020-06-28 DOI: 10.2139/ssrn.3637446

Morrison Jostus Turakpe

{"title":"The Impact of Dividend Policy on Investors’ Preferences on Nigeria’s Capital Market","authors":"Morrison Jostus Turakpe","doi":"10.2139/ssrn.3637446","DOIUrl":"https://doi.org/10.2139/ssrn.3637446","url":null,"abstract":"In the world of investment, making a good decision could be equated to making good profit, and this has led to the issue around dividend policy which has attracted the attentions of investors and researchers over the years. This study investigated the impact of dividend policy on investors’ preferences on Nigeria's capital market. Specifically, the study investigated the relationship between dividend per share, dividend yield, earnings per share and share price as measures for dividend policy, with equity ratio as a measure for investors preferences. Using quasi experimental design, secondary data were sourced from NSE closure of register and the financial reports of 12 firms listed on the Nigerian Stock Exchange for the period 2009-2019. Four hypotheses on the relationship between dividend per share, dividend yield, earnings per share and share price with equity ratio, were tested using the OLS regression analysis. The study found that all the independent variables except share price are negatively and insignificantly related to equity ratio. Nevertheless, the independent variables have combined positive and significant relationship with equity ratio. Therefore, it is concluded that dividend policy impacts on investor’s preferences but not without some other external effects. It is therefore recommended that firms should pay attention to their dividend policy especially share price; give detailed information on their dividend policy through their annual report; and investors should look beyond share price to observe other dividend policy variables that may give them information on the future of the stock of interest.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130394587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Loan syndication under Basel II: How do firm credit ratings affect the cost of credit? 巴塞尔协议II下的银团贷款:企业信用评级如何影响信贷成本?

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2020-06-25 DOI: 10.2139/ssrn.3693122

I. Hasan, Suk-Joong Kim, Panagiotis N. Politsidis, Eliza Wu

引用次数: 4

The Dark Side of Reporting Credibility: Evidence from Intangible Investments 报告可信度的阴暗面:来自无形投资的证据

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2020-06-01 DOI: 10.2139/ssrn.3650784

Heng Geng, Cheng Zhang, Frank S. Zhou

引用次数: 1

Multi-class Models for Assessing the Financial Condition of Manufacturing Enterprises 制造企业财务状况评价的多类别模型

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2020-06-01 DOI: 10.5709/ce.1897-9254.401

S. Tomczak

{"title":"Multi-class Models for Assessing the Financial Condition of Manufacturing Enterprises","authors":"S. Tomczak","doi":"10.5709/ce.1897-9254.401","DOIUrl":"https://doi.org/10.5709/ce.1897-9254.401","url":null,"abstract":"Since 2007, the operating conditions of companies have changed significantly and can be described as more unpredictable. Insolvency of one company may, by the domino effect, have negative impacts on other operators. In extreme cases, these impacts can lead to their bankruptcy. Therefore, it is important to constantly monitor both the financial condition of a company and the financial condition of its business partners. In order to evaluate the financial standing of a company different types of methods can be employed. The aim of the paper was to build two models that specify more than two states of financial standing of manufacturing businesses. The use of the models enables recognition of the deteriorating financial condition of manufacturing companies a few years before insolvency is declared. The traditional discriminant model and Bayesian model were constructed. Cluster analysis was used to select classes of financial standing of the analyzed companies. The models were tested on two sets of samples. A small sample consisted of 224 (112 + 112) companies and a large sample consisted of more than 10,600 companies. The results showed that the traditional discriminant model performs better than the Bayesian model for classifying companies.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120939699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

The Ownership Concentration - Innovation Nexus: Evidence from SMEs around The World 股权集中度-创新关系:来自全球中小企业的证据

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2020-05-20 DOI: 10.2139/ssrn.3606319

Duc Nguyen Nguyen, Quynha Tran, Q. Truong

引用次数: 9

Owner Exposure Through Firm Disclosure 通过公司信息披露的所有者曝光

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2020-04-27 DOI: 10.2139/ssrn.3565224

Maximilian A. Müller, Caspar David Peter, F. Urzúa I.

引用次数: 1

The Effect of Political Uncertainty on Financial Flexibility and Firm Value 政治不确定性对财务灵活性和企业价值的影响

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2020-04-26 DOI: 10.2139/ssrn.3585726

R. Gregory

引用次数: 0