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flow</title> <meta name="description" content="Search results for: cash flow"> <meta name="keywords" content="cash flow"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science Research Excellence" title="Open Science Research Excellence" /> </a> <button class="d-block d-lg-none navbar-toggler ml-auto" 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id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value="cash flow"> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 4928</div> </div> </div> </div> <h1 class="mt-3 mb-3 text-center" style="font-size:1.6rem;">Search results for: cash flow</h1> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4928</span> The Relationship between Investment and Dividend in a Condition of Cash Flow Uncertainly: Evidence from Iran</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Moridi%20Fatemeh">Moridi Fatemeh</a>, <a href="https://publications.waset.org/abstracts/search?q=Dasineh%20Mehdi"> Dasineh Mehdi</a>, <a href="https://publications.waset.org/abstracts/search?q=Jafari%20Narges"> Jafari Narges</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The aim of this study was to investigate the relationship between dividends and investment in a condition of cash flow uncertainty. Previous studies have also found some evidence that there is N-shaped relationship between dividends and investment given different levels of cash uncertainly. Thus, this study examines this relationship over the period 2009-2014 in Tehran Stock Exchange (TSE). Based on our sample and new variables, we found reverse N-shaped relationship in different levels of cash flow uncertainly. This shape was descending in cash flow certainly and uncertainly but it is ascending in medial position. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=dividends" title="dividends">dividends</a>, <a href="https://publications.waset.org/abstracts/search?q=investment" title=" investment"> investment</a>, <a href="https://publications.waset.org/abstracts/search?q=nonlinear%20relationship" title=" nonlinear relationship"> nonlinear relationship</a>, <a href="https://publications.waset.org/abstracts/search?q=uncertainty%20of%20cash%20flow" title=" uncertainty of cash flow"> uncertainty of cash flow</a> </p> <a href="https://publications.waset.org/abstracts/45030/the-relationship-between-investment-and-dividend-in-a-condition-of-cash-flow-uncertainly-evidence-from-iran" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/45030.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">329</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4927</span> Cash Flow Position and Corporate Performance: A Study of Selected Manufacturing Companies in Nigeria</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Uzoma%20Emmanuel%20Igboji">Uzoma Emmanuel Igboji</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The study investigates the effects of cash flow position on corporate performance in the manufacturing sector of Nigeria, using multiple regression techniques. The study involved a survey of five (5) manufacturing companies quoted on the Nigerian Stock Exchange. The data were obtained from the annual reports of the selected companies under study. The result shows that operating and financing cash flow have a significant positive relationship with corporate performance, while investing cash flow position have a significant negative relationship. The researcher recommended that the regulatory authorities should encourage external auditors of these quoted companies to use cash flow ratios in evaluating the performance of a company before expressing an independent opinion on the financial statement. The will give detailed financial information to existing and potential investors to make informed economic decisions. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cash%20flow" title="cash flow">cash flow</a>, <a href="https://publications.waset.org/abstracts/search?q=financing" title=" financing"> financing</a>, <a href="https://publications.waset.org/abstracts/search?q=performance" title=" performance"> performance</a>, <a href="https://publications.waset.org/abstracts/search?q=operating" title=" operating"> operating</a> </p> <a href="https://publications.waset.org/abstracts/50637/cash-flow-position-and-corporate-performance-a-study-of-selected-manufacturing-companies-in-nigeria" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/50637.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">315</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4926</span> Liquidity and Cash Management in Business-A Key to Business Survival and Growth: The Nigerian Case</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ugbor%20Raphael%20Oluchukwu">Ugbor Raphael Oluchukwu</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Focusing on liquidity comes more naturally to a Chief Executive Officer than an Accountant who is trained to practice accrual accounting. When business is just commencing, it is essentially run on a cheque book (cash accounting) and for as long as there is cash in the accounts, the business is solvent. When complexity sets in and the business adopts financial accounting, the effect of liquidity and cash management becomes more pronounced. The management of cash no doubts impacts positively on the survival and growth of firms. What is in doubt is the amount of cash to be held by a firm as enough cash to enable the firm stay “afloat”. The focus of this paper is to determine liquidity and cash management in business, the Nigerian case. The specific objectives of the study are to do a theoretical review of the amount of cash to be held by a firm as enough cash to enable it stay afloat and to do a theoretical analysis to show the effect of cash flow on the survival and growth of firms in Nigeria. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cash" title="cash">cash</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20survival" title=" firm survival"> firm survival</a>, <a href="https://publications.waset.org/abstracts/search?q=growth" title=" growth"> growth</a>, <a href="https://publications.waset.org/abstracts/search?q=liquidity%20management" title=" liquidity management"> liquidity management</a> </p> <a href="https://publications.waset.org/abstracts/18512/liquidity-and-cash-management-in-business-a-key-to-business-survival-and-growth-the-nigerian-case" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/18512.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">585</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4925</span> Does Operating Cash Flow Really Matter in Value Relevance? A Recent Empirical Analysis on the Largest European Companies</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Francesco%20Paolone">Francesco Paolone</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper investigates the role of Operating Cash Flow (OCF) and accruals in firm valuation analyzing financial statement information from the largest European companies and evaluating their relation to firm market value. Using a dataset of 500 largest European companies in 2018, the study investigates the relative value-relevance of equity, net income and operating cash flow (OCF). Findings show that the cash flow measure has the same explanatory power and intensity as equity and earnings to explain the market value. This study contributes to the debate on the value relevance of OCF incremental to book value and earnings. It also extends the literature, showing that OCF has information content (value relevance) superior to earnings and book value in the main European markets (Bepari et al., 2013). Finally, the study provides a support that accounting method choice may confuse investors, who have reduced confidence in accounting earnings and book value; in other words, nowadays European investors rely more on cash flows instead of accruals numbers. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Cash%20Flow%20Statement" title="Cash Flow Statement">Cash Flow Statement</a>, <a href="https://publications.waset.org/abstracts/search?q=Value%20Relevance" title=" Value Relevance"> Value Relevance</a>, <a href="https://publications.waset.org/abstracts/search?q=Accounting" title=" Accounting"> Accounting</a>, <a href="https://publications.waset.org/abstracts/search?q=Financial%20Statement%20Analysis" title=" Financial Statement Analysis"> Financial Statement Analysis</a> </p> <a href="https://publications.waset.org/abstracts/121639/does-operating-cash-flow-really-matter-in-value-relevance-a-recent-empirical-analysis-on-the-largest-european-companies" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/121639.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">132</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4924</span> Cash Flow Optimization on Synthetic CDOs</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Timoth%C3%A9e%20Bligny">Timothée Bligny</a>, <a href="https://publications.waset.org/abstracts/search?q=Cl%C3%A9ment%20Codron"> Clément Codron</a>, <a href="https://publications.waset.org/abstracts/search?q=Antoine%20Estruch"> Antoine Estruch</a>, <a href="https://publications.waset.org/abstracts/search?q=Nicolas%20Girodet"> Nicolas Girodet</a>, <a href="https://publications.waset.org/abstracts/search?q=Cl%C3%A9ment%20Ginet"> Clément Ginet</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Collateralized Debt Obligations are not as widely used nowadays as they were before 2007 Subprime crisis. Nonetheless there remains an enthralling challenge to optimize cash flows associated with synthetic CDOs. A Gaussian-based model is used here in which default correlation and unconditional probabilities of default are highlighted. Then numerous simulations are performed based on this model for different scenarios in order to evaluate the associated cash flows given a specific number of defaults at different periods of time. Cash flows are not solely calculated on a single bought or sold tranche but rather on a combination of bought and sold tranches. With some assumptions, the simplex algorithm gives a way to find the maximum cash flow according to correlation of defaults and maturities. The used Gaussian model is not realistic in crisis situations. Besides present system does not handle buying or selling a portion of a tranche but only the whole tranche. However the work provides the investor with relevant elements on how to know what and when to buy and sell. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=synthetic%20collateralized%20debt%20obligation%20%28CDO%29" title="synthetic collateralized debt obligation (CDO)">synthetic collateralized debt obligation (CDO)</a>, <a href="https://publications.waset.org/abstracts/search?q=credit%20default%20swap%20%28CDS%29" title=" credit default swap (CDS)"> credit default swap (CDS)</a>, <a href="https://publications.waset.org/abstracts/search?q=cash%20flow%20optimization" title=" cash flow optimization"> cash flow optimization</a>, <a href="https://publications.waset.org/abstracts/search?q=probability%20of%20default" title=" probability of default"> probability of default</a>, <a href="https://publications.waset.org/abstracts/search?q=default%20correlation" title=" default correlation"> default correlation</a>, <a href="https://publications.waset.org/abstracts/search?q=strategies" title=" strategies"> strategies</a>, <a href="https://publications.waset.org/abstracts/search?q=simulation" title=" simulation"> simulation</a>, <a href="https://publications.waset.org/abstracts/search?q=simplex" title=" simplex "> simplex </a> </p> <a href="https://publications.waset.org/abstracts/10900/cash-flow-optimization-on-synthetic-cdos" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/10900.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">274</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4923</span> The Impact of Corporate Governance, Ownership Structure, and Cash Holdings on Firm Value with Profitability as Intervening Variable</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Lucy%20Novianti">Lucy Novianti</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The purpose of this study is to determine the effect of corporate governance, ownership structure, and cash holdings on firm value, either direct or indirect through profitability as an intervening variable for non-financial companies listed on the Indonesia Stock Exchange during 2006 to 2014. Samples of 176 firms are chosen based on purposive sampling method. The results of this study conclude that profitability, the size of Audit Committee, audit quality, and cash flow have positive effects on firm value. This study also shows that the meeting frequency of the Board of Directors and free cash flow have negative effects on firm value. In addition, this study finds that the size of the Board of Directors, Independent Commissioner, and ownership structure do not have significant effects on firm value. In this study, the function of profitability as an intervening variable can only be done on the impact of the meeting frequency of the Board of Directors and cash flow on firm value. This study provides a reference for management in decision making concerning the application of corporate governance, cash holdings, and financial performance. Moreover, it can be used as additional information for investors in assessing the feasibility of an investment. Finally, it provides a suggestion for the government regarding the regulation of corporate governance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cash%20holdings" title="cash holdings">cash holdings</a>, <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title=" corporate governance"> corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20value" title=" firm value"> firm value</a>, <a href="https://publications.waset.org/abstracts/search?q=ownership%20structure" title=" ownership structure"> ownership structure</a>, <a href="https://publications.waset.org/abstracts/search?q=profitability" title=" profitability"> profitability</a> </p> <a href="https://publications.waset.org/abstracts/56601/the-impact-of-corporate-governance-ownership-structure-and-cash-holdings-on-firm-value-with-profitability-as-intervening-variable" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/56601.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">262</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4922</span> Family Firms and Investment–Cash Flow Sensitivity: Empirical Evidence from Canada</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Imen%20Latrous">Imen Latrous</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Family firm is the most common form of business organization in the world. Many family businesses rely heavily on their own capital to finance their expansion. This dependence on internal funds for their investment may be deliberate to maintain the family dominant position or involuntary as family firms have limited access to external funds. Our understanding of family firm’s choice to fund their own growth using existing capital is somewhat limited. The aim of this paper is to study whether the presence of a controlling family in the company either mitigates or exacerbates external financing constraints. The impact of family ownership on investment–cash flow sensitivity is ultimately an empirical question. We use a sample of 406 Canadian firms listed in Toronto Stock exchange (TSX) over the period 2005–2014 in order to explore this relationship. We distinguish between three elements in the definition of family firms, specifically ownership, control and management, to explore the issue whether family firms are more efficient organisational form. Our research contributes to the extant literature on family ownership in several ways. First, as our understanding of family firm’s investment cash flow sensitivity is somewhat limited in recession times, we explore the effect of family firms on the relation between investment and cash flow during the recent 2007-2009 financial crisis. We also analyse this relationship difference between family firms and non family firms before and during financial crisis. Finally, our paper addresses the endogeneity problem of family ownership and investment-cash flow sensitivity. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=family%20firms" title="family firms">family firms</a>, <a href="https://publications.waset.org/abstracts/search?q=investment%E2%80%93cash%20flow%20sensitivity" title=" investment–cash flow sensitivity"> investment–cash flow sensitivity</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20crisis" title=" financial crisis"> financial crisis</a>, <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title=" corporate governance"> corporate governance</a> </p> <a href="https://publications.waset.org/abstracts/73218/family-firms-and-investment-cash-flow-sensitivity-empirical-evidence-from-canada" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/73218.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">325</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4921</span> The Effectiveness of Cash Flow Management by SMEs in the Mafikeng Local Municipality of South Africa</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ateba%20Benedict%20Belobo">Ateba Benedict Belobo</a>, <a href="https://publications.waset.org/abstracts/search?q=Faan%20Pelser"> Faan Pelser</a>, <a href="https://publications.waset.org/abstracts/search?q=Ambe%20Marcus"> Ambe Marcus</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Aims: This study arise from repeated complaints from both electronic mails about the underperformance of Mafikeng Small and Medium-Size enterprises after the global financial crisis. The authors were on the view that, this poor performance experienced could be as a result of the negative effects on the cash flow of these businesses due to volatilities in the business environment in general prior to the global crisis. Thus, the paper was mainly aimed at determining the shortcomings experienced by these SMEs with regards to cash flow management. It was also aimed at suggesting possible measures to improve cash flow management of these SMEs in this tough time. Methods: A case study was conducted on 3 beverage suppliers, 27 bottle stores, 3 largest fast consumer goods super markets and 7 automobiles enterprises in the Mafikeng local municipality. A mixed method research design was employed and a purposive sampling was used in selecting SMEs that participated. Views and experiences of participants of the paper were captured through in-depth interviews. Data from the empirical investigation were interpreted using open coding and a simple percentage formula. Results: Findings from the empirical research reflected that majority of Mafikeng SMEs suffer poor operational performance prior to the global financial crisis primarily as a result of poor cash flow management. However, the empirical outcome also indicted other secondary factors contributing to this poor operational performance. Conclusion: Finally, the authorsproposed possible measures that could be used to improve cash flow management and to solve other factors affecting operational performance of SMEs in the Mafikeng local municipality in other to achieve a better business performance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cash%20flow" title="cash flow">cash flow</a>, <a href="https://publications.waset.org/abstracts/search?q=business%20performance" title=" business performance"> business performance</a>, <a href="https://publications.waset.org/abstracts/search?q=global%20financial%20crisis" title=" global financial crisis"> global financial crisis</a>, <a href="https://publications.waset.org/abstracts/search?q=SMEs" title=" SMEs"> SMEs</a> </p> <a href="https://publications.waset.org/abstracts/23084/the-effectiveness-of-cash-flow-management-by-smes-in-the-mafikeng-local-municipality-of-south-africa" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/23084.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">439</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4920</span> Forecasting Free Cash Flow of an Industrial Enterprise Using Fuzzy Set Tools</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Elena%20Tkachenko">Elena Tkachenko</a>, <a href="https://publications.waset.org/abstracts/search?q=Elena%20Rogova"> Elena Rogova</a>, <a href="https://publications.waset.org/abstracts/search?q=Daria%20Koval"> Daria Koval</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The paper examines the ways of cash flows forecasting in the dynamic external environment. The so-called new reality in economy lowers the predictability of the companies’ performance indicators due to the lack of long-term steady trends in external conditions of development and fast changes in the markets. The traditional methods based on the trend analysis lead to a very high error of approximation. The macroeconomic situation for the last 10 years is defined by continuous consequences of financial crisis and arising of another one. In these conditions, the instruments of forecasting on the basis of fuzzy sets show good results. The fuzzy sets based models turn out to lower the error of approximation to acceptable level and to provide the companies with reliable cash flows estimation that helps to reach the financial stability. In the paper, the applicability of the model of cash flows forecasting based on fuzzy logic was analyzed. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cash%20flow" title="cash flow">cash flow</a>, <a href="https://publications.waset.org/abstracts/search?q=industrial%20enterprise" title=" industrial enterprise"> industrial enterprise</a>, <a href="https://publications.waset.org/abstracts/search?q=forecasting" title=" forecasting"> forecasting</a>, <a href="https://publications.waset.org/abstracts/search?q=fuzzy%20sets" title=" fuzzy sets"> fuzzy sets</a> </p> <a href="https://publications.waset.org/abstracts/95525/forecasting-free-cash-flow-of-an-industrial-enterprise-using-fuzzy-set-tools" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/95525.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">208</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4919</span> The Conduct of Laundering Money through Transport of Cash in the Middle East and North Africa Region</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Haytham%20Yassine">Haytham Yassine</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This article mainly aims to detect and understand how money laundering activities are executed by transport of cash, identifying the underlying factors and separating legitimate from illegitimate usage of cash and how it is being used. This research provides academics with additional literature and provides bank supervisors and practitioners with a better understanding of sources and uses of cash in criminal activities and how cash is used in the laundering mechanism. Data are gathered through survey in the Middle East and North Africa region and review of the available research. The results of the analysis will help distinguish the factors affecting preference for cash rather other payment instruments in the region, identify what causes the tendency to launder illegal proceeds through cash transportation and how illegal cash is being laundered and moved. On the other hand, this paper sheds the light on major cash generating criminal activities, its sources and main destinations. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=illegitimate%20activities" title="illegitimate activities">illegitimate activities</a>, <a href="https://publications.waset.org/abstracts/search?q=cash" title=" cash"> cash</a>, <a href="https://publications.waset.org/abstracts/search?q=money%20laundering" title=" money laundering"> money laundering</a>, <a href="https://publications.waset.org/abstracts/search?q=terrorism%20financing" title=" terrorism financing"> terrorism financing</a> </p> <a href="https://publications.waset.org/abstracts/117607/the-conduct-of-laundering-money-through-transport-of-cash-in-the-middle-east-and-north-africa-region" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/117607.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">150</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4918</span> Case Study: Optimization of Contractor’s Financing through Allocation of Subcontractors</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Helen%20S.%20Ghali">Helen S. Ghali</a>, <a href="https://publications.waset.org/abstracts/search?q=Engy%20Serag"> Engy Serag</a>, <a href="https://publications.waset.org/abstracts/search?q=A.%20Samer%20Ezeldin"> A. Samer Ezeldin</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In many countries, the construction industry relies heavily on outsourcing models in executing their projects and expanding their businesses to fit in the diverse market. Such extensive integration of subcontractors is becoming an influential factor in contractor’s cash flow management. Accordingly, subcontractors’ financial terms are important phenomena and pivotal components for the well-being of the contractor’s cash flow. The aim of this research is to study the contractor’s cash flow with respect to the owner and subcontractor’s payment management plans, considering variable advance payment, payment frequency, and lag and retention policies. The model is developed to provide contractors with a decision support tool that can assist in selecting the optimum subcontracting plan to minimize the contractor’s financing limits and optimize the profit values. The model is built using Microsoft Excel VBA coding, and the genetic algorithm is utilized as the optimization tool. Three objective functions are investigated, which are minimizing the highest negative overdraft value, minimizing the net present worth of overdraft, and maximizing the project net profit. The model is validated on a full-scale project which includes both self-performed and subcontracted work packages. The results show potential outputs in optimizing the contractor’s negative cash flow values and, in the meantime, assisting contractors in selecting suitable subcontractors to achieve the objective function. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cash%20flow%20optimization" title="cash flow optimization">cash flow optimization</a>, <a href="https://publications.waset.org/abstracts/search?q=payment%20plan" title=" payment plan"> payment plan</a>, <a href="https://publications.waset.org/abstracts/search?q=procurement%20management" title=" procurement management"> procurement management</a>, <a href="https://publications.waset.org/abstracts/search?q=subcontracting%20plan" title=" subcontracting plan"> subcontracting plan</a> </p> <a href="https://publications.waset.org/abstracts/158282/case-study-optimization-of-contractors-financing-through-allocation-of-subcontractors" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/158282.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">131</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4917</span> Earnings vs Cash Flows: The Valuation Perspective</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Megha%20Agarwal">Megha Agarwal</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The research paper is an effort to compare the earnings based and cash flow based methods of valuation of an enterprise. The theoretically equivalent methods based on either earnings such as Residual Earnings Model (REM), Abnormal Earnings Growth Model (AEGM), Residual Operating Income Method (ReOIM), Abnormal Operating Income Growth Model (AOIGM) and its extensions multipliers such as price/earnings ratio, price/book value ratio; or cash flow based models such as Dividend Valuation Method (DVM) and Free Cash Flow Method (FCFM) all provide different estimates of valuation of the Indian giant corporate Reliance India Limited (RIL). An ex-post analysis of published accounting and financial data for four financial years from 2008-09 to 2011-12 has been conducted. A comparison of these valuation estimates with the actual market capitalization of the company shows that the complex accounting based model AOIGM provides closest forecasts. These different estimates may be derived due to inconsistencies in discount rate, growth rates and the other forecasted variables. Although inputs for earnings based models may be available to the investor and analysts through published statements, precise estimation of free cash flows may be better undertaken by the internal management. The estimation of value from more stable parameters as residual operating income and RNOA could be considered superior to the valuations from more volatile return on equity. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=earnings" title="earnings">earnings</a>, <a href="https://publications.waset.org/abstracts/search?q=cash%20flows" title=" cash flows"> cash flows</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation" title=" valuation"> valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=Residual%20Earnings%20Model%20%28REM%29" title=" Residual Earnings Model (REM)"> Residual Earnings Model (REM)</a> </p> <a href="https://publications.waset.org/abstracts/11464/earnings-vs-cash-flows-the-valuation-perspective" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/11464.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">376</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4916</span> Evaluating the Relationship between Overconfidence of Senior Managers and Abnormal Cash Fluctuations with Respect to Financial Flexibility in Companies Listed in Tehran Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Hadi%20Mousavi">Hadi Mousavi</a>, <a href="https://publications.waset.org/abstracts/search?q=Majid%20Davoudi%20Nasr"> Majid Davoudi Nasr</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Executives can maximize profits by recognizing the factors that affect investment and using them to obtain the optimal level of investment. Inefficient markets have shortcomings that can impact the optimal level of investment, leading to the process of over-investment or under-investment. In the present study, the relationship between the overconfidence of senior managers and abnormal cash fluctuations with respect to financial flexibility in companies listed in the Tehran stock exchange from 2009 to 2013 were evaluated. In this study, the sample consists of 84 companies selected by a systematic elimination method and 420 year-companies in total. In this research, EVIEWS software was used to test the research hypotheses by linear regression and correlation coefficient and after designing and testing the research hypothesis. After designing and testing research hypotheses that have been used to each hypothesis, it was concluded that there was a significant relationship between the overconfidence of senior managers and abnormal cash fluctuations, and this relationship was not significant at any level of financial flexibility. Moreover, the findings of the research showed that there was a significant relationship between senior manager’s overconfidence and positive abnormal cash flow fluctuations in firms, and this relationship is significant only at the level of companies with high financial flexibility. Finally, the results indicate that there is no significant relationship between senior managers 'overconfidence and negative cash flow abnormalities, and the relationship between senior managers' overconfidence and negative cash flow fluctuations at the level of companies with high financial flexibility was confirmed. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=abnormal%20cash%20fluctuations" title="abnormal cash fluctuations">abnormal cash fluctuations</a>, <a href="https://publications.waset.org/abstracts/search?q=overconfidence%20of%20senior%20managers" title=" overconfidence of senior managers"> overconfidence of senior managers</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20flexibility" title=" financial flexibility"> financial flexibility</a>, <a href="https://publications.waset.org/abstracts/search?q=accounting" title=" accounting"> accounting</a> </p> <a href="https://publications.waset.org/abstracts/129607/evaluating-the-relationship-between-overconfidence-of-senior-managers-and-abnormal-cash-fluctuations-with-respect-to-financial-flexibility-in-companies-listed-in-tehran-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/129607.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">131</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4915</span> ATM Location Problem and Cash Management in ATM's</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=M.%20Erol%20Genevois">M. Erol Genevois</a>, <a href="https://publications.waset.org/abstracts/search?q=D.%20Celik"> D. Celik</a>, <a href="https://publications.waset.org/abstracts/search?q=H.%20Z.%20Ulukan"> H. Z. Ulukan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Automated teller machines (ATMs) can be considered among one of the most important service facilities in the banking industry. The investment in ATMs and the impact on the banking industry is growing steadily in every part of the world. The banks take into consideration many factors like safety, convenience, visibility, cost in order to determine the optimum locations of ATMs. Today, ATMs are not only available in bank branches but also at retail locations. Another important factor is the cash management in ATMs. A cash demand model for every ATM is needed in order to have an efficient cash management system. This forecasting model is based on historical cash demand data which is highly related to the ATMs location. So, the location and the cash management problem should be considered together. Although the literature survey on facility location models is quite large, it is surprising that there are only few studies which handle together ATMs location and cash management problem. In order to fulfill the gap, this paper provides a general review on studies, efforts and development in ATMs location and cash management problem. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=ATM%20location%20problem" title="ATM location problem">ATM location problem</a>, <a href="https://publications.waset.org/abstracts/search?q=cash%20management%20problem" title=" cash management problem"> cash management problem</a>, <a href="https://publications.waset.org/abstracts/search?q=ATM%20cash%20replenishment%20problem" title=" ATM cash replenishment problem"> ATM cash replenishment problem</a>, <a href="https://publications.waset.org/abstracts/search?q=literature%20review%20in%20ATMs" title=" literature review in ATMs"> literature review in ATMs</a> </p> <a href="https://publications.waset.org/abstracts/32530/atm-location-problem-and-cash-management-in-atms" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/32530.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">480</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4914</span> Implementation of an Economic – Probabilistic Model to Risk Analysis of ERP Project in Technological Innovation Firms – A Case Study of ICT Industry in Iran </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Reza%20Heidari">Reza Heidari</a>, <a href="https://publications.waset.org/abstracts/search?q=Maryam%20Amiri"> Maryam Amiri</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In a technological world, many countries have a tendency to fortifying their companies and technological infrastructures. Also, one of the most important requirements for developing technology is innovation, and then, all companies are struggling to consider innovation as a basic principle. Since, the expansion of a product need to combine different technologies, therefore, different innovative projects would be run in the firms as a base of technology development. In such an environment, enterprise resource planning (ERP) has special significance in order to develop and strengthen of innovations. In this article, an economic-probabilistic analysis was provided to perform an implementation project of ERP in the technological innovation (TI) based firms. The used model in this article assesses simultaneously both risk and economic analysis in view of the probability of each event that is jointly between economical approach and risk investigation approach. To provide an economic-probabilistic analysis of risk of the project, activities and milestones in the cash flow were extracted. Also, probability of occurrence of each of them was assessed. Since, Resources planning in an innovative firm is the object of this project. Therefore, we extracted various risks that are in relation with innovative project and then they were evaluated in the form of cash flow. This model, by considering risks affecting the project and the probability of each of them and assign them to the project's cash flow categories, presents an adjusted cash flow based on Net Present Value (NPV) and with probabilistic simulation approach. Indeed, this model presented economic analysis of the project based on risks-adjusted. Then, it measures NPV of the project, by concerning that these risks which have the most effect on technological innovation projects, and in the following measures probability associated with the NPV for each category. As a result of application of presented model in the information and communication technology (ICT) industry, provided an appropriate analysis of feasibility of the project from the point of view of cash flow based on risk impact on the project. Obtained results can be given to decision makers until they can practically have a systematically analysis of the possibility of the project with an economic approach and as moderated. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cash%20flow%20categorization" title="cash flow categorization">cash flow categorization</a>, <a href="https://publications.waset.org/abstracts/search?q=economic%20evaluation" title=" economic evaluation"> economic evaluation</a>, <a href="https://publications.waset.org/abstracts/search?q=probabilistic" title=" probabilistic"> probabilistic</a>, <a href="https://publications.waset.org/abstracts/search?q=risk%20assessment" title=" risk assessment"> risk assessment</a>, <a href="https://publications.waset.org/abstracts/search?q=technological%20innovation" title=" technological innovation"> technological innovation</a> </p> <a href="https://publications.waset.org/abstracts/30784/implementation-of-an-economic-probabilistic-model-to-risk-analysis-of-erp-project-in-technological-innovation-firms-a-case-study-of-ict-industry-in-iran" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/30784.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">403</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4913</span> Cash Management and the Impact of Cashless Policy in a Developing Nation: Nigeria as a Case Study</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ossai%20Paulinus%20Edwin">Ossai Paulinus Edwin</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Cash Management is a broad area having to do with the collection, concentration, and disbursement of cash including measuring the level of liquidity and managing the cash balance and short-Term Investments. Cash Management involves the efficient collection and disbursement of cash and cash equivalents. It also includes management of marketable securities because, in modern Terminology, money comprises marketable securities and actual cash in hand or in a bank. This cash management is concerned with management of cash inflow and cash outflow of a business especially as it concerns a developing nation like Nigeria. The paper throws light on the impact of cashless policy in Nigeria as it was introduced by the Central Bank of Nigeria (CBN) in December 2011 and was kick-started in Lagos in January 2012. Survey research was adopted with the questionnaires as data collection instrument. Responses show that cashless policy if adopted generally shall increase employment opportunities, reduce cash related robbery thereby reducing risk of carrying cash; it shall also reduce cash related corruption and attract more foreign investors to the country. It is expected that the introduction of cashless policy in Nigeria is a step in the right direction as it shall bring about modernization of Nigeria payment system, reduction in the cost of banking services, reduction in high security and safety risk and also curb banking related corruptions. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cashless%20economy" title="cashless economy">cashless economy</a>, <a href="https://publications.waset.org/abstracts/search?q=cash%20management" title=" cash management"> cash management</a>, <a href="https://publications.waset.org/abstracts/search?q=cashless%20policy" title=" cashless policy"> cashless policy</a>, <a href="https://publications.waset.org/abstracts/search?q=e-banking" title=" e-banking"> e-banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Nigeria" title=" Nigeria"> Nigeria</a> </p> <a href="https://publications.waset.org/abstracts/13859/cash-management-and-the-impact-of-cashless-policy-in-a-developing-nation-nigeria-as-a-case-study" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/13859.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">539</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4912</span> Internal Capital Market Efficiency Study Based on Improved Cash Flow Sensitivity Coefficient - Take Tomorrow Group as an Example</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Peng%20Lu">Peng Lu</a>, <a href="https://publications.waset.org/abstracts/search?q=Liu%20Ting"> Liu Ting</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Because of the difficulty of financing from the external capital market, the reorganization and merger of private enterprises have formed a family group, seeking the help of the internal capital market to alleviate the capital demand. However, the inefficiency of the internal capital market can damage the effect it should have played, and even hinder the development of enterprises. This paper takes the "Tomorrow Group" as the research object to carry on the case analysis. After using the improved cash flow sensitivity coefficient to measure the efficiency of the internal capital market of Tomorrow Group, the inefficiency phenomenon is found. Then the analysis reveals that the reasons for its inefficiency include that the pyramidal equity structure is conducive to control, the separation of cash flow rights and control rights, the concentration of equity leads to poor balance, the abandonment of real industries and information asymmetry. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=tomorrow%20group" title="tomorrow group">tomorrow group</a>, <a href="https://publications.waset.org/abstracts/search?q=internal%20capital%20market" title=" internal capital market"> internal capital market</a>, <a href="https://publications.waset.org/abstracts/search?q=related-party%20transactions" title=" related-party transactions"> related-party transactions</a>, <a href="https://publications.waset.org/abstracts/search?q=Baotou%20tomorrow%20technology%20Co." title=" Baotou tomorrow technology Co."> Baotou tomorrow technology Co.</a>, <a href="https://publications.waset.org/abstracts/search?q=LTD" title=" LTD"> LTD</a> </p> <a href="https://publications.waset.org/abstracts/116397/internal-capital-market-efficiency-study-based-on-improved-cash-flow-sensitivity-coefficient-take-tomorrow-group-as-an-example" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/116397.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">136</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4911</span> Cash Management in a Cashless Economy of a Developing Nation, Problems and Prospects: Nigeria a Case Study</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ossai%20Paulinus%20Edwin">Ossai Paulinus Edwin</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Cash Management is a broad area having to do with the collection, concentration and disbursement of cash including measuring the level of liquidity and managing the cash balance and Short-Term Investments. Cash Management involves the efficient collection and disbursement of cash and cash equivalents. It also includes management of marketable securities because, in modern Terminology, money comprises marketable securities and actual cash in hand or in a bank. This cash management is concerned with management of cash inflow and cash outflow of a business especially as it concerns a developing nation like Nigeria. The paper throws light on the impact of cashless policy in Nigeria as it was introduced by the Central Bank of Nigeria (CBN) in December 2011 and was kick started in Lagos in January 2012. Survey research was adopted with the questionnaires as data collection instrument. Responses show that cashless policy if adopted generally shall increase employment opportunities, reduce cash related robbery thereby reducing risk of carrying cash; it shall also reduce cash related corruption and attract more foreign investors to the country. It is expected that the introduction of cashless policy in Nigeria is a step in the right direction as it shall bring about modernization of Nigeria payment system, reduction in the cost of banking services, reduction in high security and safety risk and also curb banking related corruptions. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cashless%20economy" title="cashless economy">cashless economy</a>, <a href="https://publications.waset.org/abstracts/search?q=cash%20management" title=" cash management"> cash management</a>, <a href="https://publications.waset.org/abstracts/search?q=cashless%20policy" title=" cashless policy"> cashless policy</a>, <a href="https://publications.waset.org/abstracts/search?q=e-banking" title=" e-banking"> e-banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Nigeria" title=" Nigeria "> Nigeria </a> </p> <a href="https://publications.waset.org/abstracts/29744/cash-management-in-a-cashless-economy-of-a-developing-nation-problems-and-prospects-nigeria-a-case-study" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/29744.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">387</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4910</span> A Mathematical Equation to Calculate Stock Price of Different Growth Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Weiping%20Liu">Weiping Liu</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper presents an equation to calculate stock prices of different growth model. This equation is mathematically derived by using discounted cash flow method. It has the advantages of being very easy to use and very accurate. It can still be used even when the first stage is lengthy. This equation is more generalized because it can be used for all the three popular stock price models. It can be programmed into financial calculator or electronic spreadsheets. In addition, it can be extended to a multistage model. It is more versatile and efficient than the traditional methods. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=stock%20price" title="stock price">stock price</a>, <a href="https://publications.waset.org/abstracts/search?q=multistage%20model" title=" multistage model"> multistage model</a>, <a href="https://publications.waset.org/abstracts/search?q=different%20growth%20model" title=" different growth model"> different growth model</a>, <a href="https://publications.waset.org/abstracts/search?q=discounted%20cash%20flow%20method" title=" discounted cash flow method"> discounted cash flow method</a> </p> <a href="https://publications.waset.org/abstracts/12664/a-mathematical-equation-to-calculate-stock-price-of-different-growth-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/12664.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">406</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4909</span> Internal Financing Constraints and Corporate Investment: Evidence from Indian Manufacturing Firms</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Gaurav%20Gupta">Gaurav Gupta</a>, <a href="https://publications.waset.org/abstracts/search?q=Jitendra%20Mahakud"> Jitendra Mahakud</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study focuses on the significance of internal financing constraints on the determination of corporate fixed investments in the case of Indian manufacturing companies. Financing constraints companies which have less internal fund or retained earnings face more transaction and borrowing costs due to imperfections in the capital market. The period of study is 1999-2000 to 2013-2014 and we consider 618 manufacturing companies for which the continuous data is available throughout the study period. The data is collected from PROWESS data base maintained by Centre for Monitoring Indian Economy Pvt. Ltd. Panel data methods like fixed effect and random effect methods are used for the analysis. The Likelihood Ratio test, Lagrange Multiplier test, and Hausman test results conclude the suitability of the fixed effect model for the estimation. The cash flow and liquidity of the company have been used as the proxies for the internal financial constraints. In accordance with various theories of corporate investments, we consider other firm specific variable like firm age, firm size, profitability, sales and leverage as the control variables in the model. From the econometric analysis, we find internal cash flow and liquidity have the significant and positive impact on the corporate investments. The variables like cost of capital, sales growth and growth opportunities are found to be significantly determining the corporate investments in India, which is consistent with the neoclassical, accelerator and Tobin’s q theory of corporate investment. To check the robustness of results, we divided the sample on the basis of cash flow and liquidity. Firms having cash flow greater than zero are put under one group, and firms with cash flow less than zero are put under another group. Also, the firms are divided on the basis of liquidity following the same approach. We find that the results are robust to both types of companies having positive and negative cash flow and liquidity. The results for other variables are also in the same line as we find for the whole sample. These findings confirm that internal financing constraints play a significant role for determination of corporate investment in India. The findings of this study have the implications for the corporate managers to focus on the projects having higher expected cash inflows to avoid the financing constraints. Apart from that, they should also maintain adequate liquidity to minimize the external financing costs. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cash%20flow" title="cash flow">cash flow</a>, <a href="https://publications.waset.org/abstracts/search?q=corporate%20investment" title=" corporate investment"> corporate investment</a>, <a href="https://publications.waset.org/abstracts/search?q=financing%20constraints" title=" financing constraints"> financing constraints</a>, <a href="https://publications.waset.org/abstracts/search?q=panel%20data%20method" title=" panel data method"> panel data method</a> </p> <a href="https://publications.waset.org/abstracts/54360/internal-financing-constraints-and-corporate-investment-evidence-from-indian-manufacturing-firms" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/54360.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">241</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4908</span> Some Issues of Measurement of Impairment of Non-Financial Assets in the Public Sector</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mariam%20Vardiashvili">Mariam Vardiashvili</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The economic value of the asset impairment process is quite large. Impairment reflects the reduction of future economic benefits or service potentials itemized in the asset. The assets owned by public sector entities bring economic benefits or are used for delivery of the free-of-charge services. Consequently, they are classified as cash-generating and non-cash-generating assets. IPSAS 21 - Impairment of non-cash-generating assets, and IPSAS 26 - Impairment of cash-generating assets, have been designed considering this specificity.  When measuring impairment of assets, it is important to select the relevant methods. For measurement of the impaired Non-Cash-Generating Assets, IPSAS 21 recommends three methods: Depreciated Replacement Cost Approach, Restoration Cost Approach, and  Service Units Approach. Impairment of Value in Use of Cash-Generating Assets (according to IPSAS 26) is measured by discounted value of the money sources to be received in future. Value in use of the cash-generating asserts (as per IPSAS 26) is measured by the discounted value of the money sources to be received in the future. The article provides classification of the assets in the public sector  as non-cash-generating assets and cash-generating assets and, deals also with the factors which should be considered when evaluating  impairment of assets. An essence of impairment of the non-financial assets and the methods of measurement thereof evaluation are formulated according to IPSAS 21 and IPSAS 26. The main emphasis is put on different methods of measurement of the value in use of the impaired Cash-Generating Assets and Non-Cash-Generation Assets and the methods of their selection. The traditional and the expected cash flow approaches for calculation of the discounted value are reviewed. The article also discusses the issues of recognition of impairment loss and its reflection in the financial reporting. The article concludes that despite a functional purpose of the impaired asset, whichever method is used for measuring the asset, presentation of realistic information regarding the value of the assets should be ensured in the financial reporting. In the theoretical development of the issue, the methods of scientific abstraction, analysis and synthesis were used. The research was carried out with a systemic approach. The research process uses international standards of accounting, theoretical researches and publications of Georgian and foreign scientists. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cash-generating%20%20assets" title="cash-generating assets">cash-generating assets</a>, <a href="https://publications.waset.org/abstracts/search?q=non-cash-generating%20%20assets" title=" non-cash-generating assets"> non-cash-generating assets</a>, <a href="https://publications.waset.org/abstracts/search?q=recoverable%20%28usable%20restorative%29%20value" title=" recoverable (usable restorative) value"> recoverable (usable restorative) value</a>, <a href="https://publications.waset.org/abstracts/search?q=value%20of%20use" title=" value of use"> value of use</a> </p> <a href="https://publications.waset.org/abstracts/101640/some-issues-of-measurement-of-impairment-of-non-financial-assets-in-the-public-sector" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/101640.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">143</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4907</span> Ownership Concentration and Payout Policy: Evidence from France</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Asma%20Bentaifa">Asma Bentaifa</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper investigates the effect of ownership concentration and especially the presence of controlling shareholders on the firm’s payout decisions. Using a sample of 870 French companies during 2007 to 2012, we find that the share of dividends in total payout is negatively correlated with the size of cash flow held by controlling shareholder, and positively related to the divergence between voting rights and cash flow rights of largest shareholders. We also document that controlled firms tend to prefer dividends over repurchases to mitigate conflicts between controlling shareholders and minority shareholders related to the presence of control enhancing devices. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=ownership" title="ownership">ownership</a>, <a href="https://publications.waset.org/abstracts/search?q=payout%20policy" title=" payout policy"> payout policy</a>, <a href="https://publications.waset.org/abstracts/search?q=dividend" title=" dividend"> dividend</a>, <a href="https://publications.waset.org/abstracts/search?q=minority%20expropriation" title=" minority expropriation"> minority expropriation</a> </p> <a href="https://publications.waset.org/abstracts/35359/ownership-concentration-and-payout-policy-evidence-from-france" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/35359.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">221</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4906</span> The Misuse of Free Cash and Earnings Management: An Analysis of the Extent to Which Board Tenure Mitigates Earnings Management</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Michael%20McCann">Michael McCann</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Managerial theories propose that, in joint stock companies, executives may be tempted to waste excess free cash on unprofitable projects to keep control of resources. In order to conceal their projects' poor performance, they may seek to engage in earnings management. On the one hand, managers may manipulate earnings upwards in order to post ‘good’ performances and safeguard their position. On the other, since managers pursuit of unrewarding investments are likely to lead to low long-term profitability, managers will use negative accruals to reduce current year’s earnings, smoothing earnings over time in order to conceal the negative effects. Agency models argue that boards of directors are delegated by shareholders to ensure that companies are governed properly. Part of that responsibility is ensuring the reliability of financial information. Analyses of the impact of board characteristics, particularly board independence on the misuse of free cash flow and earnings management finds conflicting evidence. However, existing characterizations of board independence do not account for such directors gaining firm-specific knowledge over time, influencing their monitoring ability. Further, there is little analysis of the influence of the relative experience of independent directors and executives on decisions surrounding the use of free cash. This paper contributes to this literature regarding the heterogeneous characteristics of boards by investigating the influence of independent director tenure on earnings management and the relative tenures of independent directors and Chief Executives. A balanced panel dataset comprising 51 companies across 11 annual periods from 2005 to 2015 is used for the analysis. In each annual period, firms were classified as conducting earnings management if they had discretionary accruals in the bottom quartile (downwards) and top quartile (upwards) of the distributed values for the sample. Logistical regressions were conducted to determine the marginal impact of independent board tenure and a number of control variables on the probability of conducting earnings management. The findings indicate that both absolute and relative measures of board independence and experience do not have a significant impact on the likelihood of earnings management. It is the level of free cash flow which is the major influence on the probability of earnings management. Higher free cash flow increases the probability of earnings management significantly. The research also investigates whether board monitoring of earnings management is contingent on the level of free cash flow. However, the results suggest that board monitoring is not amplified when free cash flow is higher. This suggests that the extent of earnings management in companies is determined by a range of company, industry and situation-specific factors. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title="corporate governance">corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=boards%20of%20directors" title=" boards of directors"> boards of directors</a>, <a href="https://publications.waset.org/abstracts/search?q=agency%20theory" title=" agency theory"> agency theory</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20management" title=" earnings management"> earnings management</a> </p> <a href="https://publications.waset.org/abstracts/69568/the-misuse-of-free-cash-and-earnings-management-an-analysis-of-the-extent-to-which-board-tenure-mitigates-earnings-management" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/69568.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">233</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4905</span> Earnings Management and Firm’s Creditworthiness </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Maria%20A.%20Murtiati">Maria A. Murtiati</a>, <a href="https://publications.waset.org/abstracts/search?q=Ancella%20A.%20Hermawan"> Ancella A. Hermawan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The objective of this study is to examine whether the firm’s eligibility to get a bank loan is influenced by earnings management. The earnings management is distinguished between accruals and real earnings management. Hypothesis testing is carried out with logistic regression model using sample of 285 companies listed at Indonesian Stock Exchange in 2010. The result provides evidence that a greater magnitude in accruals earnings management increases the firm’s probability to be eligible to get bank loan. In contrast, real earnings management through abnormal cash flow and abnormal discretionary expenses decrease firm’s probability to be eligible to get bank loan, while real management through abnormal production cost increases such probability. The result of this study suggests that if the earnings management is assumed to be opportunistic purpose, the accruals based earnings management can distort the banks credit analysis using financial statements. Real earnings management has more impact on the cash flows, and banks are very concerned on the firm’s cash flow ability. Therefore, this study indicates that banks are more able to detect real earnings management, except abnormal production cost in real earning management. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=discretionary%20accruals" title="discretionary accruals">discretionary accruals</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20earning%20management" title=" real earning management"> real earning management</a>, <a href="https://publications.waset.org/abstracts/search?q=bank%20loan" title=" bank loan"> bank loan</a>, <a href="https://publications.waset.org/abstracts/search?q=credit%20worthiness" title=" credit worthiness"> credit worthiness</a> </p> <a href="https://publications.waset.org/abstracts/5629/earnings-management-and-firms-creditworthiness" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/5629.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">346</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4904</span> Investigating the Relationship between Growth, Beta and Liquidity</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Zahra%20Amirhosseini">Zahra Amirhosseini</a>, <a href="https://publications.waset.org/abstracts/search?q=Mahtab%20Nameni"> Mahtab Nameni</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The aim of this study was to investigate the relationship between growth, beta, and Company's cash. We calculate cash as dependent variable and growth opportunity and beta as independent variables. This study was based on an analysis of panel data. Population of the study is the companies which listed in Tehran Stock exchange and a financial data of 215 companies during the period 2010 to 2015 have been selected as the sample through systematic sampling. The results of the first hypothesis showed there is a significant relationship between growth opportunities cash holdings. Also according to the analysis done in the second hypothesis, we determined that there is an inverse relation between company risk and cash holdings. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=growth" title="growth">growth</a>, <a href="https://publications.waset.org/abstracts/search?q=beta" title=" beta"> beta</a>, <a href="https://publications.waset.org/abstracts/search?q=liquidity" title=" liquidity"> liquidity</a>, <a href="https://publications.waset.org/abstracts/search?q=company" title=" company"> company</a> </p> <a href="https://publications.waset.org/abstracts/55618/investigating-the-relationship-between-growth-beta-and-liquidity" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/55618.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">395</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4903</span> E-Payments, COVID-19 Restrictions, and Currency in Circulation: Thailand and Turkey</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Zeliha%20Sayar">Zeliha Sayar</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Central banks all over the world appear to be focusing first and foremost on retail central bank digital currency CBDC), i.e., digital cash/money. This approach is predicated on the belief that the use of cash has decreased, owing primarily to technological advancements and pandemic restrictions, and that a suitable foundation for the transition to a cashless society has been revealed. This study aims to contribute to the debate over whether digital money/CBDC can be a substitute or supplement to physical cash by examining the potential effects on cash demand. For this reason, this paper compares two emerging countries, Turkey, and Thailand, to demystify the impact of e-payment and COVID-19 restrictions on cash demand by employing fully modified ordinary least squares (FMOLS), dynamic ordinary least squares (DOLS), and the canonical cointegrating regression (CCR). The currency in circulation in two emerging countries, Turkey and Thailand, was examined in order to estimate the elasticity of different types of retail payments. The results demonstrate that real internet and mobile, cart, contactless payment, and e-money are long-term determinants of real cash demand in these two developing countries. Furthermore, with the exception of contactless payments in Turkey, there is a positive relationship between the currency in circulation and the various types of retail payments. According to findings, COVID-19 restrictions encourage the demand for cash, resulting in cash hoarding. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=CCR" title="CCR">CCR</a>, <a href="https://publications.waset.org/abstracts/search?q=DOLS" title=" DOLS"> DOLS</a>, <a href="https://publications.waset.org/abstracts/search?q=e-money" title=" e-money"> e-money</a>, <a href="https://publications.waset.org/abstracts/search?q=FMOLS" title=" FMOLS"> FMOLS</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20cash" title=" real cash"> real cash</a> </p> <a href="https://publications.waset.org/abstracts/150227/e-payments-covid-19-restrictions-and-currency-in-circulation-thailand-and-turkey" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/150227.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">105</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4902</span> Corporate Cash Holdings and the Effect of Chaebol Affiliated on the Implied Cost of Equity Capital: Evidence from Korea</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Hongmin%20Chun">Hongmin Chun</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper examines corporate cash holdings and their effect on the cost of equity capital. In addition, this study examines the potentially different effects when the firm belongs to chaebol and non-chaebol groups. Chaebol is a South Korean form of business conglomerate. Chaebol is typically global multinationals and owns numerous international enterprises, controlled by a chairman with power over all the operations. The overall empirical result suggests that higher cash holdings are a risk increasing factor which holds for the chaebol group of firms. This result is valid in a battery of robustness tests and 2SLS regressions. In Korea, higher cash holdings represent a risk premium factor that is closely related to the overinvestment and agency problems between managers and shareholders. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cash%20holdings" title="cash holdings">cash holdings</a>, <a href="https://publications.waset.org/abstracts/search?q=implied%20cost%20of%20equity%20capital" title=" implied cost of equity capital"> implied cost of equity capital</a>, <a href="https://publications.waset.org/abstracts/search?q=chaebol" title=" chaebol"> chaebol</a>, <a href="https://publications.waset.org/abstracts/search?q=agency%20problem" title=" agency problem"> agency problem</a> </p> <a href="https://publications.waset.org/abstracts/79570/corporate-cash-holdings-and-the-effect-of-chaebol-affiliated-on-the-implied-cost-of-equity-capital-evidence-from-korea" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/79570.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">176</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4901</span> The Contribution of Edgeworth, Bootstrap and Monte Carlo Methods in Financial Data</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Edlira%20Donefski">Edlira Donefski</a>, <a href="https://publications.waset.org/abstracts/search?q=Tina%20Donefski"> Tina Donefski</a>, <a href="https://publications.waset.org/abstracts/search?q=Lorenc%20Ekonomi"> Lorenc Ekonomi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Edgeworth Approximation, Bootstrap, and Monte Carlo Simulations have considerable impacts on achieving certain results related to different problems taken into study. In our paper, we have treated a financial case related to the effect that has the components of a cash-flow of one of the most successful businesses in the world, as the financial activity, operational activity, and investment activity to the cash and cash equivalents at the end of the three-months period. To have a better view of this case, we have created a vector autoregression model, and after that, we have generated the impulse responses in the terms of asymptotic analysis (Edgeworth Approximation), Monte Carlo Simulations, and residual bootstrap based on the standard errors of every series created. The generated results consisted of the common tendencies for the three methods applied that consequently verified the advantage of the three methods in the optimization of the model that contains many variants. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=autoregression" title="autoregression">autoregression</a>, <a href="https://publications.waset.org/abstracts/search?q=bootstrap" title=" bootstrap"> bootstrap</a>, <a href="https://publications.waset.org/abstracts/search?q=edgeworth%20expansion" title=" edgeworth expansion"> edgeworth expansion</a>, <a href="https://publications.waset.org/abstracts/search?q=Monte%20Carlo%20method" title=" Monte Carlo method"> Monte Carlo method</a> </p> <a href="https://publications.waset.org/abstracts/135149/the-contribution-of-edgeworth-bootstrap-and-monte-carlo-methods-in-financial-data" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/135149.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">153</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4900</span> The Relationship between Top Management Replacement and Risk, Sale and Cash Volatilities with Respect to Unqualified Audit Opinion</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mehdi%20Dasineh">Mehdi Dasineh</a>, <a href="https://publications.waset.org/abstracts/search?q=Yadollah%20Tariverdi"> Yadollah Tariverdi</a>, <a href="https://publications.waset.org/abstracts/search?q=Marzieh%20H.%20Takhti"> Marzieh H. Takhti</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper investigated the relationship between top management turnover with risk volatility, sale volatility and fluctuations in the company's cash depending on the unqualified audit report in Tehran Stock Exchange (TSE). In this study, we examined 104 firms over the period 2009-2014 which were selected from (TSE). There was 624 observed year-company data in this research. Hypotheses of this research have been evaluated by using regression tests for example F-statistical and Durbin-Watson. Based on our sample we found significant relationship between top management replacement and risk volatility, sale Volatility and cash volatility with tendency unqualified audit opinion. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=top%20management%20replacement" title="top management replacement">top management replacement</a>, <a href="https://publications.waset.org/abstracts/search?q=risk%20volatility" title=" risk volatility"> risk volatility</a>, <a href="https://publications.waset.org/abstracts/search?q=sale%20volatility" title=" sale volatility"> sale volatility</a>, <a href="https://publications.waset.org/abstracts/search?q=cash%20volatility" title=" cash volatility"> cash volatility</a>, <a href="https://publications.waset.org/abstracts/search?q=unqualified%20audit%20opinion" title=" unqualified audit opinion"> unqualified audit opinion</a> </p> <a href="https://publications.waset.org/abstracts/45022/the-relationship-between-top-management-replacement-and-risk-sale-and-cash-volatilities-with-respect-to-unqualified-audit-opinion" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/45022.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">283</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">4899</span> Oil-to-Cash Reform and Inequality Evidence From Iranian Reform 2010</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohammadali%20Mokhtari">Mohammadali Mokhtari</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Developing countries increasingly recognize the need to reduce energy subsidies. Cash transfers are proposed instead of subsidies to mitigate the negative effects of energy subsidy reforms. However, there is little evidence about the redistribution effect of these subsidy-to-cash reforms. We study the redistribution impact of the largest subsidy-to-cash reform in the history of developing countries in Iran in 2010. We find a strong pro-poor impact of the reform using five inequality measures, including the Gini index and the ratio of rich to poor expenditures. Finally, we show this pro-poor impact is on average and discuss other possible mechanisms by which low-income groups objected to these pro-poor reforms in the next round, which took place in November 2019 and led to wide and large protests. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=energy%20economics" title="energy economics">energy economics</a>, <a href="https://publications.waset.org/abstracts/search?q=subsidy%20reform" title=" subsidy reform"> subsidy reform</a>, <a href="https://publications.waset.org/abstracts/search?q=inequality" title=" inequality"> inequality</a>, <a href="https://publications.waset.org/abstracts/search?q=Middle%20East" title=" Middle East"> Middle East</a>, <a href="https://publications.waset.org/abstracts/search?q=Iran" title=" Iran"> Iran</a> </p> <a href="https://publications.waset.org/abstracts/165651/oil-to-cash-reform-and-inequality-evidence-from-iranian-reform-2010" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/165651.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">114</span> </span> </div> </div> <ul class="pagination"> <li class="page-item disabled"><span class="page-link">&lsaquo;</span></li> <li class="page-item active"><span class="page-link">1</span></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=cash%20flow&page=2">2</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=cash%20flow&page=3">3</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=cash%20flow&page=4">4</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=cash%20flow&page=5">5</a></li> <li class="page-item"><a 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