Tangible Assets Research Articles

A comprehensive evaluation of a company performance using sustainability balanced scorecard based on picture fuzzy AHP

The Balanced Scorecard (BSC) is a performance management tool that analyzes the relationship between tangible and intangible assets. Its ability to render business strategy visible has earned it the distinction of being a strategic management model. Sustainability has become an important part of daily and business life today. With the increasing importance given by stakeholders to environmental and social issues, companies find it necessary to evaluate sustainability activities in their performance evaluations. In order to meet this need, the Sustainability Balanced Scorecard (SBSC) emerged with the addition of a sustainability perspective or parameters to BSC. The number of academic studies pertaining to the application of BSC, which numerous companies and subjects to research have utilized, is inadequate. Due to its hierarchical structure and the necessity to evaluate numerous criteria, BSC is suitable for using multi-criteria decision-making (MCDM) methods. In this paper, an integrated approach consisting of SBSC, the Picture Fuzzy Analytic Hierarchy Process (PF-AHP), and the Objective Matrix (OMAX) method is proposed for the performance measurement of companies. The PF-AHP method has been reorganized for ease of application in determining the perspectives, strategic objectives, and Key Performance Indicators (KPIs) weights within SBSC. Additionally, the OMAX method has been employed for calculating the performance scores. This proposed approach was implemented in a factory operating in the glass industry. The SBSC created for the company includes five perspectives, 16 strategic objectives, and 34 KPIs. PF-AHP method was used to determine the weights of perspectives, strategic objectives, and KPIs to be used in the performance score calculation with OMAX. The weight of financial perspective is 0.267, the weight of the customer perspective is 0.247, the weight of the internal process perspective is 0.191, the weight of the learning and development perspective is 0.161, and the weight of the sustainability perspective is 0.134. The evaluations made by the decision-makers indicate that the company's performance measurement still adheres to the traditional framework. The performance score of the company is 6.14 out of 10.

THEORY OF UNIVERSAL SPIRITUAL VALUES

The ideas of value are directly related to education, since the content of education is the implementation of social programs operating in the system of values. Spiritual values are a factor determining the regulation of human behavior. Value is the importance and usefulness of a particular object or phenomenon. It determines how important an object is to a person. Universal values are things that are considered equally revered and dear to a person as a whole. National values are types of universal values that manifest a certain national identity. Axiology is the doctrine of values. A special field of philosophical science that studies the nature, system and structure of values. Genesis is a concept reflecting the birth and further development of a certain subject, phenomenon. Genesis dictates a certain stage of the development process. Value is something that is important, meaningful or useful for a person or society. Most people know what material values are. But not everyone understands correctly what spiritual values are. This is a more complex concept, which is also interpreted in different ways. Today we will analyze what spiritual values are, how they differ from material values, what they are and what meaning they have. Spiritual values are ideals and beliefs that govern a person's life, serve as a guide for him and help him make the right decisions. They are established for themselves by both society and man. Unlike tangible assets, they have no real value. However, their value for a person can be relatively high. The system of spiritual values is individual for each person and is the most important component of his personality.

Signals that sharing economy service providers should send out: The case of codementor

A sharing economy is an economy that enables individuals to share their assets with or provide services to those in need through online platforms. Information asymmetry prevents consumers from effectively choosing the best service provider for their needs. Therefore, service providers should offer high-quality signals to address this problem. Unlike other studies, which have focused on platforms for sharing tangible assets (e.g., houses), in this study, we focused on platforms for sharing intangible assets (e.g., knowledge). Specifically, we adopted signaling theory to develop a research model for determining the internal and external signals that service providers should provide on their platforms to attract customers. Public data were collected from the Codementor platform by using Python web scraping. After rigorous data processing, the data obtained from 612 service providers were analyzed to identify key signals. Four crucial internal signals were identified: availability of follower information, availability of reviews, free trial, and service cost. In addition, two crucial external signals were identified: number of projects accomplished and endorsements from other websites related to mentor performance. Overall, our findings expand the application of signaling theory to intangible asset transactions and enable service providers to identify the essential signals that they should provide on their sharing economy platforms to increase the number of consumers interested in their services.

Firm Structural Attributes and Capital Structure Adjustments among Listed Manufacturing Firms in Nigeria using Static and Dynamic Approaches

The study examined the effect of firm structural attributes on capital structure adjustments of Nigerian listed manufacturing companies. Out of the 56 listed firms 35 listed manufacturing firms were selected using the purposive sampling approach. Dynamic and static estimation techniques were applied. The results from both static and dynamic panel data revealed that assets tangibility had a positive and significant effect on capital structure adjustments with (t= 4.463; t = 2.965; p <0.05). Non-debt tax shields (t= -2.831; t= -4.478; p <0.05) had negative but significant effect on capital structure adjustments. Furthermore, static result showed that firm size (t= -5.617; p <0.05) had negative but significant while dynamic results revealed firm size (t=6.956; P<0.05) had a positive and significant effect on capital structure adjustments. This study concluded that structural attributes serve as firm-level determinants to understanding of factors influencing the capital structure and speed of adjustments of listed companies in Nigeria. It was recommended that management of firms need to expand in size and investing in tangible assets to enhance their profit level, this will enable them to enjoy large profit levels with a large reduction in debt ratio.

The Resource-Based View and the Implications of Organisational Orientation in Professional Football Clubs: An Exploratory Study

The COVID-19 crisis represented a major challenge in various social and economic sectors, and the sport context was no exception. Professional clubs had to deal with an intense organisational and operational environment, which is essential to apply their tangible and intangible assets to obtain a sustainable competitive advantage. This study aims to examine the role of entrepreneurial orientation, market orientation and learning orientation in the performance of professional football clubs. In light of the lens of the resource-based view and adopted a qualitative approach, we conducted semi-structured interviews during the pandemic period with stakeholders from five football clubs participating in professional competitions. The results show that entrepreneurial orientation, market orientation, and learning orientation influence sports clubs’ performance. This study is relevant for sports organisations as it identifies a set of assets that, when strategically managed, can increase organisational performance and generate and enhance their competitive advantage and sustainability. It shows a relation between organisational orientations, the resources implemented in clubs and their performance. Competition stimulated sports organisations to adapt, renew, reconfigure and re-create their resources and capabilities in tune with the environment. Furthermore, professional sports clubs try to follow strategies that improve their sports performance, adapting entrepreneurial orientation to developing new services, products and activities, accepting risks and being proactive. This study is relevant for sports organizations in general, as it identifies a set of assets that, when strategically managed, can increase organizational performance as well as generate and improve a competitive advantage.

EXPLORING INVESTOR'S DECISIONS IN ESTIMATING THE EFFECT OF EARNING PERSISTENCE, FINANCIAL LEVERAGE, FOREIGN OWNERSHIP ON COMPANY REPUTATION AND VALUE IN NIGERIA

This study evaluates the effect of exploring investors decisions in estimating the effect of earning persistence, financial leverage, foreign ownership on company reputation and value We used multiple regression models on secondary data obtained from the annual and accounts of sampled consumer firms listed in Nigeria Stock Exchange spanning for ten (10) year from 2012-2021. The findings revealed that earnings before interest and tax (EBIT) and market capitalization (MCAP) are positively correlated though not significant at P- value. On the other hand, it can be deduced that the sensitivity of market capitalization to the control variable asset tangibility (at) is statistically positive and insignificant at P-value = 0.502 also but that has a positive and significant effect on financial leverage. It was documented that there exist perfect relationships between asset tangibility, financial leverage and natural logarithm of total assets connoting presence of colinearity. It is easily adjusted using colinearity diagnostics given the non-existence of both lagged values and dummy variables. The implication of the finding revealed that earnings before interest and tax (EBIT) and market capitalization (MCAP) are positive and can be used in predicting the movement of predictors variables regarding regressand; financial leverage, earnings before interest and tax and foreign ownership of consumer firms in Nigeria. The study hereby recommends that: consumer firms should not rely on debt financing but as well lay hand on the other means of increasing its working capital, thus; internal finance, general reserve etc. Above all, there will be collaborate between the firm and foreign partnership to improve financial performance, they should also focus on increasing wealth of the firm ensuring that the firms investors have their return on investment as when due.. Finally, firm management should adjust its administrative expense in order to increase profit for the year to encourage prospective investors. KEY WORDS: Return on investment, earnings and growth, foreign investors and profitability

The effect of asset tangibility on hospital financial performance in South Korea

ABSTRACT Many hospitals risk closure owing to rising costs, declining revenue, and reduced profits. Given the importance of identifying factors that impact hospital profitability, our study examines the relationship between tangible assets and the financial performance of hospitals in South Korea. We also investigate the moderation effects of hospital location. Our analysis is based on hospital accounting data provided by public institutions in South Korea and includes medical facilities, machine facilities, structures, buildings, and vehicle assets as tangible assets, which affect three types of return on assets. The results indicate that medical facilities and building assets have a significant positive impact on medical profits but a negative effect on income before reserve funds for essential business and net income, which can be offset by increased vehicle and transportation equipment assets. Operating vehicles and transportation are particularly beneficial for hospitals in Seoul metropolitan areas. This study is meaningful because it uses reliable, externally audited data from an advanced South Korean medical market. Our findings may provide valuable insights for policymakers and hospital management seeking to improve hospital profitability and identify institutions requiring financial assistance not only in South Korea but also in other countries that have advanced medical markets.

Enhancing Company Value Through Profitability Mediation (A Study on Manufacturing Companies Listed on The Indonesia Stock Exchange During The Period of 2018-2021)

The research is based on the fact that there is a significant fluctuation in the performance of companies listed on the Indonesia Stock Exchange, leading to the emergence of a phenomenon known as the 'gap' phenomenon. The gap phenomenon is characterized by the inconsistency in the influence of variables such as ROE, capital expenditure, and tangible assets on profitability and their impact on company value. The objective of this study is to analyze the influence of the variables ROE, capital expenditure, and tangible assets on profitability and their impact on company value in the manufacturing industry listed on the IDX during the period from 2018 to 2021. The population in this study consists of all manufacturing companies listed on the Indonesia Stock Exchange during the period from 2018 to 2021. The research analysis method used in this study is Smart PLS.

Non-GAAP Earnings and Definite-Lived Intangible Asset Allocations in Mergers and Acquisitions

ABSTRACT We test whether firms that exclude the effects of amortization from non-GAAP earnings allocate more of an acquisition’s purchase price to definite-lived intangible assets (DLIA). This strategy can yield two potential benefits: it can (1) increase non-GAAP earnings by shifting depreciation of tangible assets, which is often included in non-GAAP earnings, to amortization of DLIA, which non-GAAP earnings exclude, and (2) decrease the likelihood of future impairments by shifting allocations from goodwill to DLIA. Consistent with expectations, we find that non-GAAP-reporting firms that exclude amortization from non-GAAP earnings allocate more of the purchase price to DLIA. We also find that these firms allocate less of the purchase price to depreciable assets and goodwill. Finally, we document earnings surprise and valuation benefits related to these allocation choices. Overall, our results provide new evidence about non-GAAP reporting and purchase price allocations and suggest that non-GAAP reporting can influence management’s GAAP accounting choices. Data Availability: All data are publicly available from sources described in the paper. JEL Classifications: M40; M41; M45.

Determinants of the Capital Structure of the Oil and Gas Industry in Malaysia: The Moderating Role of Earnings Volatility

This paper examines the relationship between firm-specific factors and the capital structure of the oil and gas (O&G) industry in Malaysia.. In addition, this paper adds to the literature by investigating the moderating effect of earnings volatility on the relationship between firm-specific factors and capital structure. Random effect models with cluster-robust standard errors were used to analyze this relationship. Using the secondary data from 30 O&G firms listed on the main market of Bursa Malaysia collected between 2010 and 2019 (10 years), the results show that profitability, asset tangibility, liquidity, and firm size significantly impact the capital structure of the O&G industry in Malaysia. However, growth opportunities, non-debt tax shields, and firm age had no significant impact. In addition to this, earnings volatility significantly moderated the relationship between asset tangibility and leverage. In short, when earnings volatility acts as a moderating variable, the relationship between asset tangibility, which is otherwise positive without moderation, turns negative. This study is useful for policymakers in the O&G industry in Malaysia and will help their managers to decide on capital structure for sustainable growth.

Assessing Quality of Life and Walkability for Urban Regeneration: The Piave Neighbourhood in Mestre-Venice

Urban regeneration works on the tangible and intangible assets of a city or part of a city. The research aimed at formulating an assessment methodology that allows for the simultaneous consideration of the tangible and intangible aspects that constitute the qualities of a part of a city. The theoretical frame of reference identifies conceptual frameworks to guide the assessment. Quality of life (QOL) and walkability (W) are chosen as the intangible and tangible dimensions, respectively. The methodology designed had to take summary variables into account for tangible elements. Similarly, walkability was summarised in complex variables carried over to observable and measurable variables. Finally, the QOL and W variables are considered in their dialectical and dynamic relationship. The statistical tools used to assess quality of life and walkability were different. The assessment of QOL and walkability was carried out using the tool of confirmatory factor analysis (CFA), which can estimate latent variables from observed variables. The interaction between the variables was investigated using structural equation modelling (SEM). The sample surveyed to investigate the quality of the Piave neighbourhood, in the mainland part of the city of Venice, consists of 169 people. The results of the models highlight the relevance of the method used, given the satisfactory statistical indexes obtained. The results are also relevant from an empirical point of view. The study highlights the fact that the significant quality of the space that ensures high levels of accessibility is far from being matched by the quality of social relations, deemed problematic by the majority of those interviewed.

How to use real options in project evaluation

An option is a financial instrument that gives the opportunity, but not the obligation, to sell or buy a given financial asset, under predetermined conditions. When used for real (tangible) assets, then we are talking about a real option. The present paper will examine the advantages and disadvantages of using real options in the evaluation of investment projects. The analysis will be presented as a com- parison with traditional discounted cash flow methods. Net present valu (NPV) and other discounted cash flow methods are based on the presumption that expectations for the period of the investment project cannot be changed in the future. So once made, the investment decision remains unchanged. In contrast, real options enable these expectations to be viewed as time varying. This allows managers to be more flexible in their investment decisions

Tackling societal challenges as opportunities: a case study of a Swiss foundation's value-creating function

PurposeIn today's risk society, foundations are essential for sustaining democracies. However, the proof of a value-creating function of foundations is rarely assessed. Therefore, this study uses sensemaking theory and the communication value framework to explore to what extent a foundation achieved its overall mission in tackling societal challenges as opportunities.Design/methodology/approachThis study employs a case study approach of a Swiss foundation. Through 20 semi-structured interviews with key stakeholders, insights about the value-creating function of the foundation were gained, showing how strategic communication activities contributed to the foundation's overall mission in various spheres of action.FindingsThe stakeholders overall identified a value-creating function of the foundation. The feedback obtained from the interviews could be structured along the lines of the communication value framework, with minor adjustments, showing that the foundation brought about value through its strategic communication regarding tangible assets (e.g. publicity), intangible assets (e.g. unique reputation), room for maneuver (e.g. renowned network) and opportunities for development (e.g. new formats). However, on each level, value-limiting factors have also been identified (e.g. limited publicity).Originality/valueThis study is the first to employ sensemaking theory to assess a foundation's value-creating function in achieving its overall mission by interviewing direct stakeholders. It is also one of the few studies in the field that analyzes strategic communication of foundations. Thus, this study adds methodological, theoretical and practical knowledge to foundation communication, value-creation and strategic communication management.

The determinants of green finance and effect on the banking sector

Abstract This study examines the prerequisites and challenges faced by local and foreign commercial banks in Türkiye in supporting green business initiatives. This study uses backward logistic regression analysis to identify variables affecting green financing practices using annual data from Turkish deposit banks from 2012 to 2021. This study addresses the growing interest in understanding the role of commercial banks in promoting green finance and contributes to the existing literature by revealing the current efforts of Turkish commercial banks in this area. The main findings show that factors influencing green financing practices are derivative financial assets, loans, tangible assets, equity capital, company size, female representation on boards, presence of audit committees and company experience. The study highlights the relationship between these factors and green financing methods adopted by depository banks. It is worth noting that the assets of these banks were built within the framework of green financing and practices such as green buildings, green loans and green bonds were introduced. In addition, the size and experience of custodian banks help influence their green financing practices. The findings provide a framework for policy makers, practitioners and academics who wish to gain a deeper understanding of the dynamics of Turkish financial institutions and green finance.

The Moderating Effect of Tangibility of assets on The Relationship Between the Mandatory IFRS Adoption and Credit Relevance of Accounting Information: An Empirical Study on non-financial listed companies in The Egyptian Stock Exchange

The Moderating Effect of Tangibility of assets on The Relationship Between the Mandatory IFRS Adoption and Credit Relevance of Accounting Information: An Empirical Study on non-financial listed companies in The Egyptian Stock Exchange

MEDIA LIBRARIES: CATALYSTS FOR CULTURAL HERITAGE PRESERVATION AND DISSEMINATION

Cultural heritage, the rich tapestry of a societys history, traditions, and identity, has evolved and adapted to the changing needs of society. It is instrumental in fostering a sense of identity and belonging, connecting people to their roots, and preserving the collective memory of communities. However, cultural heritage faces formidable challenges, including physical decay, loss, and the imperative need for wide-reaching dissemination. In this research article, we explore the multifaceted role of media libraries as catalysts for cultural heritage preservation and dissemination. These digital repositories serve as custodians of tangible and intangible cultural assets, preserving them through digitization and providing a global stage for their accessibility. Media libraries play pivotal functions in digitization and preservation, accessibility, metadata and cataloging, cross-cultural exchange, and education and research. While they offer numerous advantages, they also encounter challenges, including copyright issues, data security, cultural sensitivity, accessibility, resource constraints, and technological obsolescence. Case studies from renowned institutions, including the British Library, UNESCOs World Heritage Center, the American Folklife Center, and the Smithsonian Institution, serve as exemplars of best practices in cultural heritage preservation and dissemination. As we navigate the digital age, media libraries stand as transformative agents in preserving and sharing cultural heritage, promising to enrich contemporary identities and safeguard the legacy of the past for future generations.

Dynamics of intellectual capital and financial performance in ASEAN banks

PurposeThe purpose of this study is to examine the dynamic relationship between intellectual capital (IC) and its components on financial performance of banks within the selected eight countries of Association of Southeast Asian Nations (ASEAN).Design/methodology/approachThe study utilizes the balanced panel data of 37 publicly listed banks from eight leading ASEAN economies for the period of 2017–2021. In this sense, the authors applied the Ante Pulic's typology, i.e. value-added intellectual coefficient (VAIC™) to evaluate the efficiency of intangible and tangible assets. While, investigating the dynamic nature of relationship, the authors employed the generalized system method of moments because of its power to account for the problem of endogeneity and heteroscedasticity.FindingsThe results of the study demonstrate that banks in ASEAN countries shed a varied degree of a spotlight on VAIC™ and its components to create value. The findings revealed that structural capital efficiency is significantly associated with earning per share (EPS), return on assets (ROA) and return on equity (ROE), compared to human capital efficiency (HCE) and capital employed efficiency of ASEAN banks. These results endorse the importance of resource- and knowledge-based views of organizations to leverage the financial performance of banks. However, contrary to theoretical expectations, this study found no positive relationship between HCE with ROA and ROE. Whereas, the relationship of VAIC™ is positive and significant with EPS and ROE but it remains statistically very marginal.Research limitations/implicationsThere are some inherent limitations in this study that could be opportunities for future research. The current study uses the VAIC™ typology, but future researchers can use the modified value-added intellectual coefficient (MVAIC) or triangulation approach to enhance the validity and reliability of the study. Additionally, future research can investigate the similarities and differences among countries in terms of their cultural backgrounds and regulatory frameworks regarding the disclosure of intangibles. Furthermore, future research can increase the length and sample size of the study to enhance its generalizability.Practical implicationsThe robust empirical findings extend the academic debate on IC by unveiling the dynamic nature of relationship between IC and financial performance in context of ASEAN banking sector. The findings provide plausible recommendations for policy makers (managers, regulators and stakeholders) to understand how to increase the IC efficiently, especially human capital as a source to evaluate the firms’ ability in determining value-added and financial performance. Further, findings of this study also suggest that how can policy makers get the benefit by investing more on structural capital as a valuable strategic source to guarantee the optimal performance returns.Originality/valuePrior studies on IC have been country- and firm-specific, utilizing cross-sectional research designs. However, this research contributes to the limited literature by investigating the dynamic nature of the relationship between IC and financial performance of banks in the context of ASEAN countries using micro-panel data.

Willingness to pay for urban solid waste integral system in Semi-urban populations.

In Yucatan, the transition from rural to semi-urban communities has occurred mainly in the municipality seats; this transition comes with the problems of waste management. The municipalities oversee the Integral Urban SolidWaste Management (IUSWM); but in recent years, the public-private partnership for waste management has proved to be an effective strategy. There are few studies on the IUSWM in rural or semi-urban areas and the users’ willingness to pay, information that would help public policymakers to design adequate plans and programs for its management. Therefore, the purpose of this study is to determine the socioeconomic factors associated with the willingness to pay for the IUSWM of users in semi-urban municipalities of Yucatan. A total of 1,144 interviews were conducted in 6 semi-urban localities in Yucatan, and the data were analyzed using descriptive and inferential statistics with a Tobit regression econometric model. 69.75% of the surveyed users declared that they were willing to pay an average of 17.65 Mexican pesos (0.85 U.S. dollars) for the integral urban solid waste management. The willingness to pay decreases when the Mayan language predominates among the member of the household, and when they have fewer tangible assets and rooms. There are cultural and social factors rooted in solid waste collection, this integrated system may be accompanied by other types of economic incentives to modify consumers’ behavior towards something more beneficial for the environment, such as the homes’ income.

Agency conflicts, corporate governance, and capital structure decisions of Indian companies: evidence from new governance laws

PurposeThis study investigates the effects of elements of corporate governance along with firm specific variables on the financial leverage of listed Indian firms in the context of agency conflicts and new governance laws.Design/methodology/approachA series of panel ordinary least squares as well as fixed/random effects regression models of book and market value of financial leverage on variables of corporate governance (board size, board composition, board meeting, board attendance and board gender) along with a set of control variables (asset tangibility, firm size, growth, liquidity and profitability) were estimated by employing 113 listed Indian firms during 2010–2021. Dynamic panel generalized method of moments models were also estimated to check the robustness of empirical results. Further, the full sample of firms was divided into small and large board sized companies using the median approach to investigate differences between small and large board characteristics on financial leverage.FindingsThe evidence predominantly suggested that the governance variables have significant impact on leverage ratios of selected firms. Governance variables such as board size, composition, attendance and gender are significantly found to be reducing the financial leverage of firms indicating that in general these attributes in a way, through monitoring managers, put pressure on them to pursue lower financial leverage. Board meeting is found to be positive and significantly related with financial leverage suggesting that the frequency of meetings signals its monitoring ability that may influence lenders' risk assessment lowering borrowing cost. The results on small and large board sized companies indicate that firms with small boards relatively issue more debt compared to firms with large boards suggesting that small boards adopt high debt policy.Practical implicationsThe main policy implication of the study is that elements of internal corporate governance is a significant governance tool that has the potential to reduce agency conflict between the managers and agents through monitoring and decision making that has tangible effects on critical corporate decisions such as capital structure choices.Originality/valueThis paper contributes to the existing literature by bringing new evidence relating to agency conflicts and capital structure decisions in an emerging market like India post adoption of new regulations related to corporate governance specified in Clause 49 of Securities and Exchange Board of India and Companies Act, 2013 as there is significant dearth of such empirical work.

How Does Intellectual Property Protection Empower Technological Innovation in Enterprises - Take China as an Example

With the advancement of technology, fields such as artificial skills, biotechnology, and renewable energy are undergoing rapid iterations. Correspondingly, converting these technologies into tangible assets underscores the critical role of intellectual property protection. This paper takes the current status of intellectual property protection laws in China as an example to analyze the potential benefits of an improved intellectual property protection system for innovative enterprises and the market economy and the limitations of the current Chinese intellectual property protection laws. Enhancing the intellectual property protection system can empower enterprises with creative logic by improving the market economy, shaping new modes of thinking, and refining mechanisms for benefit distribution. Simultaneously, in the face of limitations in intellectual property protection laws, improvements can be achieved by strengthening law enforcement, advancing judicial reform, refining system design, enhancing international cooperation, and raising legal awareness. This article aims to assist scholars and relevant practitioners in understanding the current status of Chinas intellectual property protection laws, thereby facilitating the development of innovative enterprises in China.