Analysis of Financial Statements

This article estimates and analyzes the technical efficiencies and input allocation decisions of lending associations and their own banks under the U.S. Farm Credit System (FCS) during the period 2005-2011. The sample time period allows for the analysis of the operating decisions of FCS lending units under pre-and post-economic recession conditions. Results indicate that even while FCS lending units were plagued with higher funding costs during the recession, their input allocation decisions revealed fund sourcing strategies that leaned towards using more of the cheaper inputs. Moreover, smaller lending associations were found to have maintained relatively higher levels of technical efficiency.

Je tiens à remercier M. Thollon-Pommerol et M. Quaglia pour leur soutien tout au long de l'élaboration de cette note. Ils m'ont aidé notamment à mieux maîtriser la source SUSE. Il convient également de remercier M. Benedetti pour l'apport de son expertise technique dans tous les domaines de la comptabilité et de l'analyse financière traités par cet ouvrage. Il m'a permis entre autres de mieux appréhender certains jeux complexes d'écriture comptable. Je remercie enfin plus généralement toutes les personnes ayant contribué de près ou de loin à rendre ce travail possible.

This study analyzes the financial performance of Nepalese commercial banks during the pre- and post-COVID-19 periods. Key bank-specific factors examined include liquidity risk, operating cost, bank size, and capital adequacy ratio while financial performance is measured using ROA and EPS. Data were collected from five commercial banks for the fiscal years 2016 to 2023, primarily from their published annual reports. Microsoft Excel was utilized for data analysis and interpretation. The study employed various statistical tools, including descriptive statistics, correlation analysis, and regression analysis, to evaluate the results and draw the meaningful conclusions.
The findings reveal a decline in both ROA and EPS from the pre- to post-COVID period, with ROA decreasing from an average of Rs. 1.88 per investment rupee to Rs. 1.17, and EPS falling from Rs. 31.28 to Rs. 22.25. In contrast, post-pandemic data indicated an upward trend in liquidity risk and operating costs, reflecting increased financial pressures.
Correlation analysis showed that prior to the pandemic, ROA and EPS were significantly correlated at the 1% level, but no significant relationships were found with the independent variables. Post-pandemic, this correlation remained significant at the 5% level, with ROA and EPS showing a negative correlation with liquidity risk, suggesting increased financial vulnerability. Notably, EPS exhibited a significant positive correlation with bank size, indicating that larger banks tended to have higher EPS.
Regression results highlighted that while pre-COVID analysis indicated insignificant relationships between ROA, EPS, and the independent variables, post-COVID analysis revealed that only liquidity risk had a significant negative impact on ROA and EPS. Overall, these findings marked a decline in the financial performance metrics of Nepalese commercial banks due to the COVID-19 pandemic, particularly emphasizing the adverse effects of increased liquidity risk on profitability. This study points to the necessity for strategic adjustments in banking operations to enhance resilience against future crisis.
Keywords: Return on Asset, Earning Per Share, Capital Adequacy Ratio, Liquidity Risk, Operating Cost, Bank Size.

The aim of this article is to define the model describing the dynamics of bankruptcy and foundation of new enterprises. In the first part we try to answer what bankruptcy in law, economic and social sense is. It results from the overview of literature that bankruptcy is as natural as growth, and both of these contradictions are complementary. Moreover, an important inference is the need for improving the bankruptcy mechanism, because the more efficient it is, the healthier market surrounds us. On the basis of bankruptcy new firms emerge. We derived a procedure in order to forecast the number of new firms. The conclusion is that dynamic mathematical models may be a useful tool of prediction of a number of new firms founded.

In the context of globalization, where traditional borders of trade have been increasingly cast aside, the accounting information users are met with difficulties in reaching their individual interests in relation to a given economic entity, as a result of the use of more than one financial reporting system. The development of the International Financial Reporting Standards and its various degrees of adoption seeks to create a unique common language for economic activities, which would be unanimously recognized by users regardless of their multi cultural background. The present paper shows that this effort is far from being complete as the transition from traditional reporting standards to IFRS has a number of consequences on the form of the accounting information, and thus on the way it is perceived by the each individual user.

This study is an effort to explore Stress among university students. The sample consisted of 50 BED (Bachelor of Education) students and 50 MBA (Master of Business Administration) students from Aligarh Muslim University Centre Murshidabad West Bengal, total 100 students. Normative survey method was used for the study. The study used convenient sampling method. The entitled title is "Stress among University students". Stress is a universal phenomenon that affects each and every one of us. It plays a crucial role in our lives, as without it, we would lack the motivation and drive to achieve anything. However, when stress becomes overwhelming, it can have detrimental effects on our wellbeing. The key lies in finding the right balance of stress that pushes us out of our comfort zone and propels us forward. This delicate equilibrium is disrupted when the emotional and physical toll of negative experiences surpasses our body's capacity to cope with them. Excessive pressure and demands placed upon us can trigger adverse reactions, both mentally and physically. Our body's response to change necessitates adjustments on a physical, mental, and emotional level. In addition, other factors may also affect our stress levels. In the end, stress results from a person's perception that the demands made on them are greater than their personal and social resources.

PT. Waskita Karya (Persero) Tbk, mengerjakan proyek pembanguanan transmisi 500 kV Sumatera paket 2, Peranap – Perawang di Provinsi Riau. Yang akan direncanakan di 3 (tiga) Kabupaten dengan panjang 160 Kilometer, dan terdiri dari 377 tower. Namun dalam tahap pekerjaannya di temui kendala dilapangan yaitu seperti tanah yang berawa, berair, lembah, bukit dan pegunungan. Sehingga dilakukan perubahan desain dari pondasi dangkal ke pondasi bore pile dibeberapa titik lokasi pekerjaan. Penelitian ini bertujuan untuk menganalisa perubahan penggunaan model pondasi dangkal konvensional dengan system bore pile apakah lebih efisien jika ditinjau dari segi biaya. Dengan berpedoman pada SNI tahun 2016, untuk perhitungan RAB pondasi bore pile dengan luas bangunan 23.04 m² dibutuhkan dana sebesar Rp. 273.233.682,00. Bila ditambah profit PPn 10 %, biaya yang dibutuhkan menjadi Rp. 300.580.000,00. Setelah disusun time schedule dari perhitungan RAB dan bobot, waktu pelaksanaan pembuatan pondasi Bore pi...

Calismanin temel amaci; faaliyetleri arasinda konaklama isletmeciligi de bulunan bir sirketin mali tablolarini, finansal analiz tekniklerini kullanarak analiz etmektir. Bu amacla sirketin 2011-2016 yillari itibariyle genel mali tablolarindan yararlanilarak trend analizi, karsilastirmali tablolar analizi, dikey analizi ve oran analizi yapilmistir. Isletmenin finansal tablolari uzerinden yapilan analiz sonuclari incelendiginde ozetle; d onen varlik oraninin duran varlik oranindan yuksek oldugu, ozkaynak kaleminde yillar itibariyle buyume oldugu, satis gelirleri ve maliyetin ayni yonde oldugu, d onen varliklar icinde en buyuk payi nakit ve nakit benzerlerinin aldigi, cari oranin normal seviyeden biraz dusuk oldugu, asit-test oraninin iyi durumda oldugu ve nakit oraninin yuksek oldugu gorulmektedir.

The survival of Banks is vested with the maintenance of sufficient capital and it serves as buffer in the event of liquidity crunch. This study analysed the bank specific factors which had an impact on the determination of Capital Adequacy Ratio (CAR). The impact of ROA(Return on Assets), ROE (Return on Equity), LAT (Loan to Asset ratio), LLR (Loan Loss Reserves), NPL (Non-Performing Loans), DAR (Deposit Asset Ratio), EAR (Equity Asset Ratio) and Ownership concentration with a level of more than 10%, 25% and 50% was analysed by using Fixed Effect Method and the validity was tested by Hausman test. The results proved that Random Effect Model is better suited in this case. The data of 14 Pakistani Commercial Banks which were included in the KSE (Karachi Stock Exchange) 100 Index was gathered for the period 20082014. The results revealed that the LAT and ownership concentration of more 50% had a significant but a negative impact on the CAR. The EAR, DAR, LLR had a significant and posit...

Penilaian kinerja keuangan perusahaan sangat penting dilakukan untuk mengetahui kondisi keuangan perusahaan sehingga dapat diketahui tingkat keberhasilan perusahaan  selama periode tertentu dan sebagai bahan evaluasi bagi pihak manajemen. Data yang digunakan dalam penelitian ini yaitu laporan keuangan perusahaan sub sektor rokok yang terdaftar di Bursa Efek Indonesia periode tahun 2016-2020. Teknik analisis data dalam penelitian ini yaitu melakukan analisis rasio keuangan yang meliputi: rasio likuiditas, rasio solvabilitas, rasio profitabilitas, dan rasio aktivitas. Hasil penelitian menunjukkan  bahwa untuk rasio likuiditas PT. Hanjaya Mandala Sampoerna Tbk. dan PT. Wismilak Inti Makmur Tbk. menunjukkan kinerja keuangan dalam kondisi baik, pada rasio solvabilitas PT. Gudang Garam Tbk, PT. Hanjaya Mandala Sampoerna Tbk. dan PT. Wismilak Inti Makmur Tbk. menunjukkan kinerja keuangan dalam kondisi baik, sedangkan pada rasio profitabilitas dan rasio aktivitas kinerja keuangan perusahaan...

Smoking limitation implemented by government by issuing government regulation causes dilemma for cigarette companiesthemselves. Cigarette companiesare labor intensive companies which can reduce unemployment in Indonesia. However, this thing raises negative impact for the smokers themselves than passive smokers. This research aims to find out bankruptcy potential of cigarette companies listed in Bursa Efek Indonesia by using Altman Z-Score analysis because of regulation made by government. Research design used in this research is explanatory. In this research, the processed data is secondary data in form of published financial report. Research result shows that financial performance of PT. BENTOEL INTERNASIONAL INVESTAMA Tbk. in year period of 2013 was in the area of bankruptcy threatened because it suffers loss. While in 2014 – 2015, it was in the area of prone to bankruptcy. It shows that regulation issued by government did not have any influence in cigarette companies’ performance...

This article examines cooperative development strategies and resource mobilization to analyze Nepal’s cooperative development. Analytic approaches were used to explore the design and regulations of the coop in new developments, and resource mobilization was investigated using simple statistical tools. The study’s primary purpose is to evaluate collaboration strategy and principles during development plan periods and investigate cooperative resource mobilization. Secondary data and descriptive statistics are used to analyze tables, pie charts, and line graphs. A simple regression model considers employment and debt investment as two variables. Regression analysis reveals that debt investment positively impacts employment during the study period. Every additional unit of debt investment results in a 1.12 percent increase in employment. The results imply that debt investment and employment significantlyimpact during the study period.

Infrastructure development that continues to be carried out by the Government to support national development is the reason investors can allocate capital in the construction and building sevices sector. In deciding to invest, it is necessary to conduct a stock analysis using a basic approach that can reduce losses and increase profits. Investors do not only rely on existing phenomena but need to do analysis. This research aims to let investors know how to apply the best technique in forecasting stock prices for the next five years. The fundamental analysis used is the Discounted Cash Flow (DCF) method with a Free Cash Flow to Firm (FCFF) approach. The purposive sampling method was used in this study to select 5 companies that fit the criteria in accordance with this study that have NRCA (PT. Nusa Raya Cipta Tbk.), PBSA (PT. Paramita Bangun J Sarana Tbk.), WEGE (PT. Wijaya Karya Bangunan Gedung Tbk.), WIKA (PT. Wijaya Karya (Persero) Tbk.), and WSKT (PT. Waskita Karya (Persero) Tbk.). However, WSKT did not carry out further calculations due to suspension in 2023. With the assessment of stock price valuation, the result obtained in this study, namely NRCA and WEGE in the undervalued category. The best investment decision an investor can choose is to buy it. Produced shares in the overvalued category, namely PBSA and. Making an investment decision to sell these shares as the best step in investing.

The Women's Super League (WSL) is the first semi-professional women's football league in England and the Football Association (FA) is central to reproducing its values and practices. This study employed observation at WSL matches and interviews with personnel involved in the League to identify how the FA conceptualised the WSL as a product in its first three years. The study found that the elite club game's existing audience was alienated by the FA's articulation of a heteronormative family target audience of young girls and their fathers. An overriding concern also appeared to be providing a commercialised matchday experience that goes beyond the game itself, situating the match at the periphery of broader entertainment. We argue that in positioning the WSL as a niche and new entertainment product, thereby eradicating the pre-WSL history of the elite club game, the FA has constructed women's football as inherently distinct from, and inferior to, men's football, negating any perceived threat to the wider gender order within the sport.

Manchester United FC (MUFC), in collaboration with their disabled supporters' organization MUDSA (Manchester United Disabled Supporters Association), has demonstrated a long-term organizational commitment and contribution to disability issues and promoting accessibility. The purpose of this 'case study' is to make theoretical sense of the origin, implementation and evaluation of an innovative and unconventional facility and service, the Ability Suite and analyze its effects on enhancing the customer

Calismanin temel amaci; faaliyetleri arasinda konaklama isletmeciligi de bulunan bir sirketin mali tablolarini, finansal analiz tekniklerini kullanarak analiz etmektir. Bu amacla sirketin 2011-2016 yillari itibariyle genel mali tablolarindan yararlanilarak trend analizi, karsilastirmali tablolar analizi, dikey analizi ve oran analizi yapilmistir. Isletmenin finansal tablolari uzerinden yapilan analiz sonuclari incelendiginde ozetle; d onen varlik oraninin duran varlik oranindan yuksek oldugu, ozkaynak kaleminde yillar itibariyle buyume oldugu, satis gelirleri ve maliyetin ayni yonde oldugu, d onen varliklar icinde en buyuk payi nakit ve nakit benzerlerinin aldigi, cari oranin normal seviyeden biraz dusuk oldugu, asit-test oraninin iyi durumda oldugu ve nakit oraninin yuksek oldugu gorulmektedir.

This study aims to investigate the relationships between credit default risk, leverage risk, liquidity risk, and investment risk and their connection to the governance system of Nepalese cooperative societies. The research hypothesis tries to explore that these financial risks are not significantly associated with the governance system of cooperatives. The findings reveal a significant connection between the governance system of cooperatives and credit default risk, leverage risk, and investment risk. However, liquidity risk does not demonstrate a substantial link with the governance system, suggesting the influence of additional factors. These results underscore the pivotal role of effective governance in mitigating financial risks within cooperative societies. Interestingly, the lack of a significant connection between liquidity risk and the governance system implies that other factors are at play in influencing liquidity risk. These insights provide valuable guidance for policymakers and cooperative management, facilitating the enhancement of governance and risk management strategies, and ultimately contributing to the sustainability of cooperative societies in Nepal. The evaluation involves a comprehensive analysis of financial risks and the governance system in Nepalese cooperative societies, utilizing data from a sample of 126 cooperative societies in Kathmandu.

Limited research interest in studying working capital management process, is found in the literature. However, working capital management has been the most crucial determinant factor for any industry’s survival, liquidity, solvency and profitability. Therefore, to tackle efficiently liquidity and profitability trade –off, all industries are compelled to improvise their working capital management strategies. Continuation of working capital management process at optimal level, expedites firm's value creation and also facilitates to design framework in smoothening financial constraints so as to make effective usages of firm’s resources. The paper argues that automotive industry occupies a significant proportion of global economy. Therefore, an effort has been made to undertake an in-depth study on the industry. The study besides identifying the industry leader, explores diverse techniques to advance comparative study on the industry efficiency level in managing working capital proc...

En este trabajo se presenta el análisis e interpretación de estados financieros de tres empresas de la industria del acero de tipo externo: Siderar-Ternium, Tenaris y CAP. Para el desarrollo del análisis se consideraron la información contenida en sus estados financieros publicados en la página web de la Comisión Nacional de Valores y las páginas web de cada una de las empresas correspondientes. El ejercicio que se considera para el análisis es 2018.

Due to a poor capital standard some depository institutions (DIs) failed recently. Therefore,stakeholders such as regulators, managers, researchers, etc. are concerned to fix a precise level of long-term sources of fund in their capital structure. DIs are highly levered firm because major portion of their capital structure consists of debt collected from deposits. Thus, capital adequacy ratio is a significant measure to evaluate efficiency and stability which affects the likelihood of insolvency for those institutions. Nepalese banks are applying Basel framework in order to maintaining a precise level capital standard. But, Nepalese cooperatives such as saving and credit cooperatives, multipurpose cooperatives, etc. are not regulated by the central bank, and thus, are not subjected to follow the Basel. In this regard, we evaluated the determinants of the capital adequacy ratio of Nepalese cooperative societies through descriptive, correlation, and regression analysis using an unbalance panel data of 126 cooperatives from 2009 to 2013. The core determinants of capital adequacy ratio for the Nepalese cooperatives are credit to deposit ratio, net interest margin and types of cooperative in positive direction, whereas assets utilization ratio, size and return on equity in negative direction. Though, the big sized cooperatives have poor strategic capital, the resulted mean and standard deviation suggest cooperatives' capital adequacy ratio is higher but inconsistent than commercial banks.

The people are achieving equal aims and goals have forming Cooperatives Society. It has made access to capital market for the people of poor, middle class, and illiterate in rural area whereas this became one of the wonderful business models in urban area. Risk management always has been included, but different stakeholders most critical of all risks faced by depository institutions. Though regulatory prerequisite imposed to Cooperative has not standard as imposed to banks by central bank, and the number of risks has been observed in this sector. Along with the horizontal and vertical growth of Cooperatives, it diluted the ethical practices, and resulted issues, such as adverse selection problem, lack of transparency and poor governance system. The study has analysis of risk management and efficiency of work and using in both quantitative and qualitative methods. A strong and prompt regulation should be imposed to eliminate such unfair practices. Credit risk management of Cooperative does not seem to be satisfactory so, concern authorities should select an appropriate credit risk management systems and management should give emphasis for credit risk management. Risk variables are significantly associated with financial performance, efficiency, and organizational factors. Credit Vulnerability Ratio of long-term solvency risk and credit default risk are 55% and 10% respectively and indicate the level of sensitiveness or danger of those variables during the day-today operation of Cooperatives to manage risk. A huge discrepancy on sizes of activities between the Cooperatives, unanimous regulatory direction for policy reform may not be effective for this sector.

Due to a poor capital standard some depository institutions (DIs) failed recently. Therefore,stakeholders such as regulators, managers, researchers, etc. are concerned to fix a precise level of long-term sources of fund in their capital structure. DIs are highly levered firm because major portion of their capital structure consists of debt collected from deposits. Thus, capital adequacy ratio is a significant measure to evaluate efficiency and stability which affects the likelihood of insolvency for those institutions. Nepalese banks are applying Basel framework in order to maintaining a precise level capital standard. But, Nepalese cooperatives such as saving and credit cooperatives, multipurpose cooperatives, etc. are not regulated by the central bank, and thus, are not subjected to follow the Basel. In this regard, we evaluated the determinants of the capital adequacy ratio of Nepalese cooperative societies through descriptive, correlation, and regression analysis using an unbalance panel data of 126 cooperatives from 2009 to 2013. The core determinants of capital adequacy ratio for the Nepalese cooperatives are credit to deposit ratio, net interest margin and types of cooperative in positive direction, whereas assets utilization ratio, size and return on equity in negative direction. Though, the big sized cooperatives have poor strategic capital, the resulted mean and standard deviation suggest cooperatives' capital adequacy ratio is higher but inconsistent than commercial banks.

In the beginning we have discussed the role of internal control in implementing European financed projects by the European Social Fund, type POSDRU and PODCA. The paper continues by emphasizing the main requirements presented in ISRS 4400 entitled "Missions based on agreed-upon procedures regarding financial data" for the auditing of ESF financed programs. Later on, we have focused on some defining criteria incorporated in CAFR guides and resolutions for POSDRU type European projects according to the European Directives standards. Furthermore we have analyzed some requirements mentioned in the Beneficiary Manual elaborated by AMPOSDRU and AMPODCA in relation to the audit for POSDRU and PODCA type projects. In the end, we have presented the conclusions and suggestions we have come along as a result of our research.

The aim of the paper is to diagnose the impact of the capital structure of companies listed on the Warsaw Stock Exchange on their profitability. The ratios used in the profitability measurement are Return on Sales (ROS), Return on Assets (ROA) and Return on Equity (ROE). The capital structure is characterised by the total debt ratio (DR) and long-term debt ratio (LDR). The method of the empirical study is panel analysis of data from financial statements of 372 companies listed in Warsaw in the years 1998-2016. As control variables, the size of the company and the rate of its growth were assumed. The results of the study indicate that the impact of the total debt share in the capital structure on profitability is negative. On the other hand, the dependence between profitability and long-term debt is positive. In addition, it has been found out that a greater size of a company results in higher profitability. A similar relationship is observed for the company growth rate. The limitations of the research are: a time-limited and number-limited research sample and lack of consideration in the study of external conditions (e.g. the general economic situation, the industry, internationalisation etc.).

Case studies have been utilized frequently throughout business curricula. In the domain of accounting, however, cases have not been as proliferated. The aim of the paper is demonstrate the use of secondary case studies in the didactics of an undergraduate introductory accounting course. Authentic stories from professional journals and daily newspapers have been used for students to critically examine real-life accounting applications. Based on subsequent longitudinal student survey undertaken in two consecutive academic years, secondary case studies have been found effective in delivering real-life accounting applications, enabling greater understanding of accounting phenomena, and enhancing didactic approach in and above the accounting domain.

This study offers a thorough assessment of transparency and financial risks in Nepalese cooperative societies, relying on rigorous correlation hypotheses. It reveals a robust association between credit default risk, leverage risk, and liquidity risk with cooperative transparency, validated through null hypothesis rejections. This highlights the critical role of transparency in mitigating financial risks. Conversely, investment risk shows limited correlation with cooperative transparency. Furthermore, an investigation into financial practices unveils a concerning trend in Nepalese cooperative societies, where dividends exceed actual earnings, raising transparency and member deposit concerns. These findings underscore the pressing necessity to enhance transparency in the cooperative sector, a crucial element for maintaining financial integrity and member trust. The research draws insights from 126 cooperative societies located in Kathmandu, providing a comprehensive evaluation of transparency within Nepalese cooperative societies.

This study discusses the influence of a series of bank-specific factors such as CAR (Capital Adequacy Ratio), OEOI (Operations Expences to Operations Income), NPL (Non Performing Loan), and FBI (Fee-based Income) on ROA as a profitability proxy. Also studied whether commercial banks probability affected by the concentration (Structure Conduct Performance, SCP) or efficiency (Efficiency Hypothesis, HE). Share of Third Party Funds (STPF) is variable proxy of SCP, while the OEOI proxy of HE. By using panel data procedures of the 111 commercial banks during 2005 to 2011, this research concludes that CAR and FBI have significant effect with positive sign on ROA, while OEIO and NPL significant with negative sign. STPF does not significantly affect on ROA so SCP theory as a proxy for the concentration is rejected, on the other hand, this research accepts the HE theory that focuses on the efficiency.

The objective of any business is to make profit, not necessarily maximum profit or super-normal profit but a certain level of profit is necessary if the business is to continue. The business therefore has to be effectively managed in order to achieve this objective. The fundamental cause of failure and ultimate collapse of many businesses be it in the agricultural or non-agricultural sector is traceable to mismanagement. The unique nature and magnitude of farm businesses and thus the disastrous consequences of mismanagement, poses additional challenge to their managers. The main objective of the study was to identify and discussed the causes, manifestations and consequences of mismanagement and suggest means by which it can be mitigated among commercial farms. Data from three (3) commercial farms selected from four northern states of Nigeria were collected, analyzed and discussed as case studies to illustrate the issue in a pragmatic manner.

The study examines the impact of financial ratios, operational efficiency and nonperforming loan on the profitability of Nepalese commercial banks. Return on assets and Return on equity are selected as the dependent variables. The selected independent variables are leverage, liquidity ratio, net interest margin, capital adequacy ratio, nonperforming loan and operating efficiency. The study is based on secondary data of 20 commercial banks with 120 observations for the period from 2015/16 to 2020/21. The data were collected from bank supervision report published by Nepal Rastra Bank (NRB) and annual reports of the selected commercial banks.. The correlation coefficients and regression models are estimated to test the significance and importance of financial ratios, operational efficiency and non-performing loan on the profitability of Nepalese commercial banks. The study showed that leverage and operating efficiency has a negative impact on return on assets. It indicates that increase in leverage and operating efficiency leads to decrease in return on assets. Similarly, liquidity ratio, net interest margin, capital adequacy ratio and non-performing loan has a positive impact on return on assets. It indicates that higher the liquidity ratio, net interest margin, capital adequacy ratio and non-performing loan, higher would be the return on assets. Likewise, leverage, liquidity ratio and net interest margin has positive impact on return on equity. It indicates that increase in leverage, liquidity ratio and net interest margin leads to increase in return on equity. Furthermore, capital adequacy ratio, non-performing loan and operating efficiency has a negative impact on return on equity. It indicates that increase in capital adequacy ratio, non-performing loan and operating efficiency leads to decrease in return on equity.

The study examines the impact of financial ratios, operational efficiency and nonperforming loan on the profitability of Nepalese commercial banks. Return on assets and Return on equity are selected as the dependent variables. The selected independent variables are leverage, liquidity ratio, net interest margin, capital adequacy ratio, nonperforming loan and operating efficiency. The study is based on secondary data of 20 commercial banks with 120 observations for the period from 2015/16 to 2020/21. The data were collected from bank supervision report published by Nepal Rastra Bank (NRB) and annual reports of the selected commercial banks.. The correlation coefficients and regression models are estimated to test the significance and importance of financial ratios, operational efficiency and non-performing loan on the profitability of Nepalese commercial banks. The study showed that leverage and operating efficiency has a negative impact on return on assets. It indicates that increase in leverage and operating efficiency leads to decrease in return on assets. Similarly, liquidity ratio, net interest margin, capital adequacy ratio and non-performing loan has a positive impact on return on assets. It indicates that higher the liquidity ratio, net interest margin, capital adequacy ratio and non-performing loan, higher would be the return on assets. Likewise, leverage, liquidity ratio and net interest margin has positive impact on return on equity. It indicates that increase in leverage, liquidity ratio and net interest margin leads to increase in return on equity. Furthermore, capital adequacy ratio, non-performing loan and operating efficiency has a negative impact on return on equity. It indicates that increase in capital adequacy ratio, non-performing loan and operating efficiency leads to decrease in return on equity.

En este trabajo se presenta el análisis e interpretación de estados financieros de tres empresas de la industria del acero de tipo externo: Siderar-Ternium, Tenaris y CAP. Para el desarrollo del análisis se consideraron la información contenida en sus estados financieros publicados en la página web de la Comisión Nacional de Valores y las páginas web de cada una de las empresas correspondientes. El ejercicio que se considera para el análisis es 2018.

Penelitian ini bertujuan untuk menjelaskan tentang penentuan struktur modal yang optimal dalam rangka pelaksanaan Proyek Strategis Nasional (PSN) PT Wijaya Karya Tbk. (WIKA) selama tahun 2016-2019. Tinjauan terhadap rasio solvabilitas WIKA periode 2016-2019, yaitu DER, DTCR, dan TIE WIKA masih berada di batas aman berdasarkan kebijakan manajemen dan rata-rata perusahaan sebanding, yaitu BUMN Konstruksi. Meskipun begitu, debt ratio WIKA rata-rata melebihi 50% dari aktiva dan rata-rata perusahaan sebanding. Terkati dengan struktur modal optimal, hasil penelitian menunjukkan bahwa kondisi optimal didapat pada saat nilai perusahaan tertinggi yaitu pada tahun 2019, dengan WACC sebesar 7.23% dan nilai perusahaan Rp41,243,342,895,00. Meskipun bukan biaya modal rata-rata tertimbang terendah, tetapi faktor-faktor seperti peningkatan penerimaan bersih serta laba usaha terus mengalami peningkatan.

The interrelation between the fluctuations of stock prices of football clubs and the social media activity of their fans is of major economic interest. The results in this research provide measurable support for the suggestion that financial market activities and the number of tweets are linked in the case of big football clubs. The novelty of the research is to show which daily ratio of tweet counts and their mood can predict the stock market. Based on these findings, sport managers could use social media strategically to build better relationships with consumers and stakeholders.

This study seeks to examine the relationship between the capital structure and the profitability of commercial Banks in Nepal. In this connection, 18 Nepalese commercial banks were selected as study samples and their financial data were gathered from NRB BI Statistics and Bank Supervision Report for the period of 2010-2019. Return on Equity was used as indicator of profitability while short term debt, long term debt, deposits and total debt to assets ratio were used as a proxy of capital structure along with the control variables of bank size and assets growth. Results showed that more than 40 percent bank profitability measured by return on equity is predicted by the explanatory-capital structure variables. It is also revealed that return on equity is insignificantly positively related with long term debt and deposits whereas it is insignificant negative with short term debt and total debt. In all regression models, profitability is significantly positively related with banks size indicating that larger the size of the bank, higher is the return for shareholders.

Proposal ini membahas program "Responsibility Sharing and Standardization Fee Yang Wajar Untuk Keberlangsungan Audit Yang Bermutu" yang bertujuan untuk mencari solusi terhadap masalah kegagalan audit, yang disebabkan oleh kelalaian dan atau pelanggaran yang seringkali dilakukan oleh auditor. Kejadian ini kerap terulang, terus terulang, dan terjadi di hampir seluruh belahan dunia. Yang membuat lebih prihatin, sebagian dari kegagalan audit ini bukan disebabkan oleh kurangnya pengalaman Auditor dalam melakukan auditnya atau kelalaian Auditor dalam melaksanakan program dan prosedur audit, sehingga masalah pada laporan keuangan tidak terdeteksi. Tetapi Auditor bahkan memiliki peran besar dalam merekayasa laporan keuangan dan laporan audit klien, sebagaimana terjadi dalam kasus Enron. Reformasi akuntansi yang merujuk pada nilai-nilai moral akuntan sebagai pihak yang paling bertanggung jawab atas laporan pertanggung jawaban.

This case study presents an analysis of how Arsenal Football Club, a leading football club in England, manages different stakeholders in the context of the Emirates Stadium. The objectives of this case study are threefold. First, it identifies different stakeholders of the Emirates Stadium and, using the Mendelow power/interest matrix, considers the different levels of stakeholder power and interest. The second aim of this case study is to illustrate various stakeholder management strategies that Arsenal Football Club has implemented in relation to four stakeholder groupsthe London Borough of Islington; local community residents; supporters; and disabled supporters. The third objective is to present a number of best practice recommendations in relation to stakeholder management and sport facility management. While best practice in sport facility management has tended to focus on internal-facing benchmarking this case highlights the importance of successful stakeholder management to achieving success in facility operation. However it notes that the tendency to focus on the qualitative aspects of stadium management through stakeholder consultation cannot be measured by traditional quantitative benchmarks.

The objective of any business is to make profit, not necessarily maximum profit or super-normal profit but a certain level of profit is necessary if the business is to continue. The business therefore has to be effectively managed in order to achieve this objective. The fundamental cause of failure and ultimate collapse of many businesses be it in the agricultural or non-agricultural sector is traceable to mismanagement. The unique nature and magnitude of farm businesses and thus the disastrous consequences of mismanagement, poses additional challenge to their managers. The main objective of the study was to identify and discussed the causes, manifestations and consequences of mismanagement and suggest means by which it can be mitigated among commercial farms. Data from three (3) commercial farms selected from four northern states of Nigeria were collected, analyzed and discussed as case studies to illustrate the issue in a pragmatic manner.

In the context of globalization, where traditional borders of trade have been increasingly cast aside, the accounting information users are met with difficulties in reaching their individual interests in relation to a given economic entity, as a result of the use of more than one financial reporting system. The development of the International Financial Reporting Standards and its various degrees of adoption seeks to create a unique common language for economic activities, which would be unanimously recognized by users regardless of their multi cultural background. The present paper shows that this effort is far from being complete as the transition from traditional reporting standards to IFRS has a number of consequences on the form of the accounting information, and thus on the way it is perceived by the each individual user.

Penelitian ini bertujuan untuk mengetahui hasil penilaian pada perusahaan tembakau yang terdaftar di Bursa Efek Indonesia (BEI) dan untuk mengetahui indikator rasio keuangan yang mempengaruhi kebangkrutan dengan menggunakan metode z-score. Populasi penelitian ini adalah semua perusahaan tembakau yang terdaftar di Burs Efek Indonesia. Unit analisis penelitian ini adalah laporan keuangan perusahaan, terutama neraca dan laporan pendapatan semua rokok. Sampel akhir yang dipilih adalah tiga perusahaan yang terdiri dari PT Gudang Garam Tbk, PT Handjaya Mandala Sampoerna Tbk dan PT Bentoel Internasional Investama Tbk. Hasil penelitian yang dilakukan pada 3 (tiga) perusahaan tembakau menunjukkan bahwa ada dua perusahaan yang menghasilkan nilai z-score di atas 2,99 yang dikategorikan sehat, sedangkan satu perusahaan menghasilkan z-score antara 1,81 - 2,99 yang dikategorikan sebagai daerah abu-abu dan menghasilkan skor-z di bawah 1,81 yang dalam kategori berpotensi bangkrut.

The need for a metric, which measures the profit being generated by the firm?s expenditures on marketing activities, has been recognized for many years. Investors and executives are no longer satisfied with traditional marketing metrics, such as customer satisfaction, retention and sales revenues, as measures of marketing performance. More marketers and marketing departments are being held accountable for the profitability of marketing activities. Teaching students about the nature of marketing profit is particularly difficult because the mathematics used to define marketing profit and its rate of return on marketing expense, ROMI, are complicated. The mathematics are more complicated than necessary because conventional definitions make explicit reference to the sales response function that drives the revenues. In this paper the authors advocate using a new and simpler definition of marketing profit that does not make explicit reference to revenue. The proposed definition presents t...