This paper documents the performance differences between Wholly-Owned Subsidiaries (WOS) and Joint Ventures (JV) in electrical and electronics industry in Thailand for the period of 2000 to 2004. Unlike other studies, we analyse the performance differences using DuPont analysis. The impact of capital structure on the profitability of WOS and JV is further studied in this paper. We find that WOS have significantly higher sales growth, have more efficient asset management and carry higher debt ratios. On the other hand, JV are more efficient in cost control and thus have better performance in term of ROS. Consistent with managerial overinvestment agency theory, debt ratio is positive and highly significantly related to ROE. In addition, better asset management and higher leverage of WOS l...
The development of Medium and small enterprises (SMEs) in China are feeing many difficulties to overcome its economic contradictions and problems. Financing will bear the brunt. As the SME's own characteristics, which is small and the controllable resources are scarcer, often are growing rapidly, and require large capital investments. The current situation of SME financing is not good. The paper contributes using the basic method of statistical analysis of variance according to the research on financing difficulties of SMEs in relation to their business risks. Firstly the solvency indexes reflect the businesses are illustrated. Secondly, the paper introduces the basic principles of variance analysis and homogeneity of variance test and variance analysis of multiple comparisons. Finally ...
...Common indicators include: current ratio, quick ratio, asset-liability ratio, equity ratio....The indicators of corporate profitability select return on total assets, reflect cash flow t...
... on private insurance does have a rational connection with the objective of preserving the pu...Canada. Statistics Canada. Health Analysis and Measurement Group. Access to Health Care Servi... limiting access to, and the profitability of, the private system in Quebec" (p. 812). I will...
... to the indispensable unit of analysis in the academic field of international relations. ..., it is reasonable to suggest that the ratio of contractors to uniformed American personnel is ... of Defense needs to "better align profitability with performance by linking contract fee structure...
...REGULATORY IMPACT ANALYSIS STATEMENT . (This statement is not part of the Reg... to significantly impact the profitability of the sector. Moreover, it is expected that the m.... Rationale . The Government of Canada is committed to reducin...
This study investigates if and how the use of the retroactive method to account for a mandatory accounting change affects a firm's measurement and recognition choices. We examine if reporting incentives and constraints are associated with the magnitude of transitional goodwill impairment losses reported by Canadian firms implementing Section 3062 on purchased goodwill. Our results indicate firms have an incentive to both overstate and understate transitional goodwill impairment losses. We also show that financially literate and independent audit committees constrain managerial opportunism.
...First, we expect financial ratio target deviation to be associated with larger tran... instance, financial statement and ratio analysis is an important part of the fundamental study requ...In addition, the disclosure of profitability and liquidity ratio targets by credit rating agenc...
... vary according to the project's profitability. A new licence and lease regime for onshore hydroc... whose activities consist in (i) an analysis, research, management, advisory and securities tra... the taxpayer meets the other conditions, a ratio of 75% will now be deemed sufficient. A subcontr...
Through Canadian publicly traded companies, this study assessed how combining firms' continuous valuations by the market (structural model) with the value given in their financial statements (accounting model) could enhance prediction of a company's probability of default. The hybrid model outperformed other models. Specifically, estimated structural probabilities of default (PDs) contributed significantly to predicting default probabilities when they were included alongside accounting and macroeconomic variables in our hybrid model. These results were obtained with two versions of the structural model: the Merton model (Merton, 1973, 1974) and the default barrier model (Brockman & Turtle, 2003). Both models were estimated with the maximum likelihood method.
...Using multivariate discriminant analysis and multiple regressions respectively, these model... accounting variables and financial ratios that separate defaulting and surviving firms. More... come from ratios capturing firms' profitability, level of indebtedness, and liquidity. These model...
This study assesses the characteristics of firms involved in going private transactions using a sample of 80 Australian companies going private during 1990 to 1999 and a matched sample of 80 public firms. The firm specific characteristics examined in the study are; free cash flow, growth, leverage, liquidity, R&D expense, managerial ownership in the firm and takeover threats variable. Surprisingly, higher levels of free cash flow are not associated with likelihood of going private. The univariate and multivariate results indicate that going private firms in Australia are likely to be characterised as having high liquidity, lower growth rates, lower levels of leverage and R&D expense. Takeover threats were found to be significant but not in the hypothesised direction.
... with arguments and theories of economic analysis of cost and benefits of the decision to go private... that the concentration of ownership and ratio of cash flow to net worth were significant variabl... very short history of demonstrated profitability. Further, according to Jensen (1988), low growth f...
... of their price indexes down, making profitability of a remote mine less likely. Most exploration act...We collected 98 answers, an answer ratio of 69 percent, quite satisfying given the reluctan...An analysis shows that, even though some ships are likely to c...
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