Operating Performance Of Companies Research Articles

Avaliação do Nível de Maturidade da Indústria 4.0: O Caso de uma Empresa Estratégica de Defesa

Objetivo: Avaliar o nível de maturidade de uma Empresa Estratégica de Defesa (EED) sob a ótica dos conceitos da Indústria 4.0.Método: A pesquisa classifica-se em bibliográfica, qualitativa e descritiva, e utiliza-se do questionário desenvolvido pela Fundação IMPULS, empresa de consultoria alemã, traduzido e adaptado para este estudo, no caso da Indústria de Material Bélico do Brasil (IMBEL).Originalidade/Relevância: Um dos gaps no estudo da Indústria 4.0 no Brasil é a ausência de evidências empíricas sobre os impactos que as tecnologias decorrentes desse novo paradigma podem contribuir para o desempenho operacional das empresas. Diante dessa nova tendência, faz-se necessário analisar seus impactos nas empresas, de forma empírica, ao relacionar os construtos teóricos desenvolvidos e a realidade das empresas.Resultados: Os resultados revelam que a empresa analisada apresenta um nível de maturidade intermediário, categorizada como aprendiz em um modelo de maturidade da Indústria 4.0.Contribuições metodológicas: A pesquisa contribui com o desenvolvimento empírico de um modelo e fornece um instrumento de análise da maturidade da Indústria 4.0 que poderá ser utilizado em empresas de diferentes setores.Contribuições para a gestão: O questionário elaborado neste estudo (Apêndice), pode ser utilizado por outras Empresas Estratégicas de Defesa, além de outras empresas de manufatura de diferentes setores, para que possam avaliar o nível de maturidade da Indústria 4.0, com a finalidade de identificar as estratégias e o status de implementação desse novo modelo.

The Effects of Top Management Commitment on Operational Performance Through the Use of Information Technology and Supply Chain Management Practices

The company's performance must be continuously improved to be able to face the increasingly fierce global competition. The improvement of the company's performance can be made by implementing supply chain practices. The implementation of supply chain practice is a policy set by the company's top management by making the system integrated. Integration of all functions, internally and externally, is done by using integrated information technology. This study takes data from companies in East Java, engaged in machinery that has a workforce of more than 100 people categorized as medium and large companies. Respondents were set on employees with a minimum of 2 yr of working experience and a middle manager position. There were 55 respondents in this study, with data analysis using partial least square (PLS) to test the research hypothesis. The result of the data processing found that the commitment of top management affects the supply chain practices and the use of information technology. This is because the management has shown its commitment by providing the necessary human resources. The top management commitment directly influences the company's operational performance. The use of information technology directly affects supply chain practices and the company's operational performance. Supply chain practices affect the company's operational performance. This is because the company has carried out the process of information sharing with the company's suppliers to control and facilitate the procurement of quality raw materials.

Earning Informativeness is Moderating Investment Opportunity, Return on Asset, and Leverage on Prudence Measurement

This study aims to analyze whether earning informativeness can moderate the effect investment opportunity, return on asset, and leverage on the prudence measurement. The method used in this study is a panel regression analysis. The sample used in the study was 500 observations using data from manufacturing companies for the period 2014-2018. The results of the first model show that investment opportunity has a significant positive effect on prudence. Return on asset has a significant positive effect on prudence. Leverage has a significant positive effect on prudence. The results of the second model show earning informativeness strengthens the effect of investment opportunity on prudence. Earning informativeness strengthens the effect of return on asset on prudence. Earning informativeness strengthens the effect of leverage on prudence. The implication of this study that funding decisions made inaccurately will cause fixed costs and subsequently result in a low profitability of a company. High profit quality accurately reflects the company's operational performance.

Operating performance and earnings management in Egypt

This research contributes to the literature addressing the phenomenon of earnings management in global markets. The research setting is Egypt, and due to data limitations in this setting, this research examines earnings management based on firm operating performance. In particular, the question of whether ineffectively performing firms engage more in earnings management strategies compared to their effectively performing counterparts is investigated. Sign change ratio analysis, correlation analysis, and regression analysis were employed to determine the extent to which the strength of the relationship between earnings and cash flows differs between ineffectively and effectively performing firms. The results show that considered against effectively performing firms, ineffectively performing firms in the emerging market of Egypt are associated with a greater level of earnings management. Overall, this finding suggests that for listed Egyptian firms, company operating performance is a significant incentive of earnings management. Furthermore, this finding encourages the argument in favour of Egyptian corporate governance reform.

Operating performance and earnings management in Egypt

This research contributes to the literature addressing the phenomenon of earnings management in global markets. The research setting is Egypt, and due to data limitations in this setting, this research examines earnings management based on firm operating performance. In particular, the question of whether ineffectively performing firms engage more in earnings management strategies compared to their effectively performing counterparts is investigated. Sign change ratio analysis, correlation analysis, and regression analysis were employed to determine the extent to which the strength of the relationship between earnings and cash flows differs between ineffectively and effectively performing firms. The results show that considered against effectively performing firms, ineffectively performing firms in the emerging market of Egypt are associated with a greater level of earnings management. Overall, this finding suggests that for listed Egyptian firms, company operating performance is a significant incentive of earnings management. Furthermore, this finding encourages the argument in favour of Egyptian corporate governance reform.

ANALYSIS OF CAPITAL STRUCTURE AND WORKING CAPITAL IN PHARMACEUTICAL RETAIL COMPANIES

In the retail business, there is a term retail is number. PT Kimia Farma Pharmacy roomates the biggest retail pharmacy chain in Indonesia established additional number of pharmacies stores (drugstore) as a competitive strategy since 2013. The funding source for investment in the addition of store pharmacies comes from internal cash and short-term bank loans ( debt), the resulting in a funding mismatch. Management of the capital structure do not good cause disruption of the operational activities in the short term and the composition of the capital structure inefficient. The company's operational performance was disrupted as indicated resources by the decline in financial activities starting ratios implemented a strategy in 2013 and the decline in operational cash flow starting in 2016, even negative in 2017. The calculation of the working capital requirement 2012-2017 show that the yearly available working capital is sufficient to finance working capital requirements within that particular period. The available working capital in 2017 could fulfill the requirement of working capital for 2018 sales targets. The liquidity was disrupted due to the Decrease in cash operation the caused by funding mismatches. The optimal capital structure simulation is a composition of 40% debt and 60% equity in 2017, the event in balance sheet composition of 69% debt and 31% equity. The liquidity was disrupted due to the Decrease in cash operation the caused by funding mismatches. The optimal capital structure simulation is a composition of 40% debt and 60% equity in 2017, the event in balance sheet composition of 69% debt and 31% equity. The liquidity was disrupted due to the Decrease in cash operation the caused by funding mismatches. The optimal capital structure simulation is a composition of 40% debt and 60% equity in 2017, the event in balance sheet composition of 69% debt and 31% equity.

Analysis of Factors Affecting Islamic Insurance Profitability (Case Study Of Sinar Mas Islamic Insurance Period 2011-2017)

Profitability is one benchmark to show a company operational performance. Various factors influence the amount of profitability. This research aims to analyze the influence of the amount of premium income, total investment, claims expense and operational costs on the profitability gained during the period 2011-2017. This paper conducts multiple linear analysis, namely OLS (Ordinary Least Square) with secondary data in the form of time-series data. The results of the t-test indicate that the claims expense variable has a negative and significant effect. Meanwhile, the operational cost variable has a positive and significant impact. On the contrary, the premium variable and the amount of investment both have a positive but not significant effect. Moreover, the results of the F test show that the variables of premium, investment, claims expense and operating costs have a considerable impact on the profitability of Sinar Mas Islamic Insurance.

Conceptual Model in Improving Internal Performance of a Company

The purpose of this research to analyze the effect of Internal Supply Chain that influences the Company Operational Performance at PT. AST Indonesia Semarang. Quantitative method was use in this study and the instrument were using Structural Equation Model (SEM). The study involved 100 employees as the questionnaire respondents from 600 employee population that related with internal supply chain such as purchasing, production, incoming quality control, and material preparation. Simple random sampling was use at the quantitative research with proportional quantity of respondent that have taken in every department depend on total employee in each department. By using the result of data analysis, the research conclusion will be the basis for making policy suggestions on implications for the company as well as managerial implications although variables or indicators may find a bad or insignificant influence on the performance of PT. AST Indonesia. This study is expected to provide suggestions for improvements to strengthen the variables or indicators that will be important points that must be monitored and controlled by PT. AST Indonesia to achieve good performance.

Strategic orientation, CSR and operational performance: Mediation and moderation effects in the Polish food-manufacturing industry

The aim of the study is to investigate relationships between strategic orientation (SO), involvement in corporate social responsibility (CSR) and operational performance (OP). It tests the proposition that SO is not linked with OP directly but through CSR serving as the mediator. In addition, SO is hypothesized to moderate the association between CSR and OP. The research involves a representative cross-sectional survey of 400 managers of SMEs operating in the Polish food manufacturing industry. Statistical methods include confirmatory factor analysis with AMOS 24 and multiple linear regression using SPSS 24.The study reveals a complete mediation effect by CSR of the links from three aspects of SO to OP. Specifically, aggressiveness, proactiveness and defensiveness are positively associated with CSR, while analysis, future orientation and risk propensity show no relationship. Also, aggressiveness moderates the link from CSR to OP, so that firms with higher aggressiveness display a stronger connection between CSR and OP.The outcomes suggest that part of the positive effects of CSR may come from more general strategic stances and attitudes. Moreover, it seems that certain aspects of strategic orientation might be more effective when implemented in an organizational environment with strong CSR values. In particular, strategies based on aggressiveness and proactiveness appear to be more effective when complemented by heightened social sensitivity.This research validates the role of CSR as a viable managerial approach contributing to greater operational performance of companies. This could help build a stronger case to promote socially responsible business practices not only through its beneficial social impacts but also due to its effects on firms’ performance. To the author’s knowledge, this is the first research focused on associations between SO, CSR and OP, using a large, representative sample of SMEs.

Efeitos da utilização dos princípios da construção enxuta no desempenho operacional das empresas da construção civil: uma pesquisa considerando a percepção de profissionais do Rio Grande do Sul

A construção enxuta ou Lean Construction, auxilia no gerenciamento dos processos das empresas da construção civil, buscando a redução das atividades que não agregam valor e da variabilidade do processo. Além disso, pode proporcionar o aumento da flexibilidade do produto e promover o uso da melhoria contínua dos processos. No entanto, apesar dos benefícios relatados, existem escassez de pesquisas que avaliem os efeitos proporcionados pela utilização da construção enxuta. Buscando contribuir neste sentido, este trabalho tem como objetivo analisar a percepção dos profissionais de engenharia e construção civil quanto aos benefícios proporcionados pela aplicação dos princípios da construção enxuta como uma filosofia que auxilia as empresas da construção civil a melhorar o seu desempenho operacional. Foi realizada uma pesquisa tipo survey com engenheiros e gestores que atuam na construção civil no Sul do Brasil. Para análise de dados foi utilizado a regressão linear. Dentre os principais resultados foi possível identificar os princípios prevalentes para aumento do desempenho operacional das empresas que utilizam a construção enxuta. Conforme observado, o uso de produtos pré-moldados ou a utilização de kits foi apontado como o mais relevante, seguido pela flexibilização das saídas, do controle das inconformidades nos serviços na empresa, do incentivo ao funcionário em apresentar novas ideias, o controle do tempo de ciclo e por fim a utilização do benchmarking. A identificação das variáveis prevalentes sobre a melhoria do desempenho operacional pode guiar os gestores em decisões futuras.

Effect of Key User Empowerment, Purchasing Strategy, Process Integration,Production System to Operational Performance

This study examines the influence of key user empowerment on the operational performance through the mediating role of process integration, purchasing strategy and production system. The questionnaires were distributed to 120 manufacturing companies domiciled in East Java Region. Of the 120, 70 questionnaires are valid for further analysis. Data analysis used Partial Least Square (PLS) version 3.0. The finding are as follows: Key user empowerment affects the process integration. Key user empowerment influence the purchasing strategy. Process integration affects the purchasing. Process integration also influence the production system. Purchasing strategy provide support in the company's production system. Process Integration affects the company's operational performance. Purchasing strategy does not affect the operational performance. Purchasing strategy has an impact on company performance through a production system. The production system provides an increasein company performance. In summary, the key user empowerment has a direct and indirect impact on operational performance through process integration, purchasing strategy, and the production system. This study enriches the current research in supply chain management and provide an insight for the manager in improving the operational performance.

The Effects of Adoption of 3D Printing Technology on the Operational Performance of the Companies of Cross Border Entrepreneurs

This article examines the effects of the adoption of 3D printing technology (3DPT) applications on the operational performance of entrepreneurs' companies in terms of time, cost, quality, competitiveness, and management processes. For this purpose, a study model based on the relevant previous studies was proposed. The data for this research was collected by means of a self-administered questionnaire given to 161 respondents. The target respondents were those employed in entrepreneurial companies in Jordan, and the data was analysed using multiple regression techniques. The findings indicate that the extent of 3DPT being adopted by entrepreneurial companies in Jordan should be considered moderate at this stage. Further, all integrated operational performance indicators (time, cost, quality, competitiveness, and management processes) were significantly influenced by the adoption of 3DPT; the most important performance indicators were found to be time, cost, and quality due to the business environment context found in Jordan.

Бережливое производство в России в теории и на практике

Lean technologies are an instrument to increase company operational performance significantly. They have received worldwide adoption some time ago, and are becoming more and more popular among Russian companies. The purpose of the article is to reveal how comprehensive the lean conceptions adoption potential is realizing on Russian ground, what are possibilities of effective use them under volatile environment, and how thoroughly the issue is reflected in business and scientific literature.

A mediação da capabilidade de entrega na relação entre compartilhamento de informações e desempenho operacional nas cadeias de suprimentos do setor de bens de capital

Este estudo teve por objetivo verificar a influência da capabilidade de entrega na relação entre o compartilhamento de informações e o desempenho operacional das empresas do setor de bens de capital. Para este fim, a pesquisa foi dividida em duas etapas. Na primeira etapa foram realizadas entrevistas espontâneas com dez representantes, entre diretores, gerentes e coordenadores, de empresas do setor de bens de capital. Na segunda etapa foi realizada uma pesquisa descritiva com 68 empresas utilizando-se um instrumento de coleta de dados, construído a partir do referencial teórico e da entrevista espontânea. Nesta fase, utilizou-se a estatística descritiva, a análise fatorial e a modelagem de equações estruturais. Os resultados mostraram que existiu uma relação positiva e não significante entre o compartilhamento de informações e o desempenho operacional, positiva e significante entre o compartilhamento de informações e as capabilidades operacionais e entre as capabilidades operacionais e o desempenho operacional. Os resultados apontaram que a capabilidade de entrega, nas empresas pesquisadas, atua como mediadora da relação entre o compartilhamento de informações e o desempenho operacional. Por fim, sugere-se o prosseguimento desta pesquisa com a ampliação da amostra, a replicação em outros setores e a inclusão de outras práticas colaborativas.

IPO or SBO?: The Increasing Importance of Operational Performance for Private Equity Exits Following the Global Financial Crisis of 2007–08

The authors report the findings of their recent study of the role of portfolio company operating performance in determining the choice of exit options by private equity firms between initial public offerings (IPOs) and secondary buyouts (SBOs), and how that role may have changed since the Global Financial Crisis of 2007–2008. Virtually all studies of PE exits in all countries have found that portfolio companies that exit through IPOs tend to be larger and have higher operating returns than companies that exit through SBOs or sales to other companies. After examining the exits of PE portfolio companies based in Denmark and Sweden during the period 2003–2013, the authors report that, although general market conditions continue to be a major factor, operating performance and size have become even more important requirements for IPO exits since the crisis. And thus PE firms that fail to make operating improvements in their portfolio companies are likely to find their exit options limited.

Value for Money? Private Equity in the UK Restaurant Industry, 2006-14

A widely held view of private equity says that the buyout ownership model offers a way to run companies better than more traditional models. If true, this has high value in both private and social terms. One might therefore expect to see fee structures that are designed to reward private equity firms for running companies better. This piece of empirical research shows that in at least one recent example that was not the case. The article uses something close to a controlled experiment that arose by chance in the UK restaurant industry between 2006 and 2014. Three similar restaurant groups co-existed in the UK during those years. Two of them were buyouts while the third was a long-established quoted company. A detailed financial analysis shows that neither buyout performed better in operational terms than the quoted company. In itself, this shows that neither private equity governance nor the so-called “discipline of debt” always ensures that private equity-owned companies perform better. The article goes on to look at how much investors would have paid for the returns they received under different ownership models. One of the buyouts delivered operating performance that was almost identical to the quoted company’s. It also delivered lower gross returns to its investors. Yet private equity fee structures likely saw investors in this buyout paying more to their private equity managers than they would have paid in the quoted investment, despite receiving lower returns. The article shows that private equity fee structures can pay high rewards even when operating performance and investor returns are average, or worse. It breaks new ground by looking at the relationship between gross investor returns, portfolio company operating performance and fees.

Pontos de transição: a escalada rumo à maturidade de Sistemas de Gestão da Qualidade

Resumo Com o grande número de empresas certificadas na norma ISO 9001, cresce a demanda por métodos de mensuração e evolução da Maturidade dos Sistemas de Gestão da Qualidade (SGQs). O presente trabalho teve por objetivo identificar quais são os construtos e os principais pontos de transição na Maturidade de SGQs por meio de uma investigação empírica utilizando análise fatorial e análise de cluster. A coleta de dados foi realizada a partir de pesquisa tipo survey com a participação de 179 empresas de diversos portes, segmentos e estados brasileiros que demonstram que, além daqueles construtos identificados na literatura, identificou-se a presença de um novo, a “Agilidade e Integração por Meio da Tecnologia da Informação”. Os construtos, bem como os pontos de transição identificados por análise de cluster podem ser úteis para gestores e pesquisadores interessados na temática de gestão e maturidade de processos, ainda que estes sistemas sejam tão difundidos na indústria. Especificamente, para profissionais, consultores e gerentes, este estudo pode ser útil, de modo a orientar seus esforços por melhores resultados de desempenho nas operações em suas empresas.

Wyniki operacyjne polskich przedsiębiorstw zmieniających rynek notowań akcji

The aim of this paper is to examine the operating performance of firms that switch from NewConnect to the main market of the Warsaw Stock Exchange. The hypothesis states that the post-listing operating performance of companies which change the trade venue of their stocks, tends to worsen, although growth in sales improves. Quarterly financial reports of 28 companies were gathered to compute some variables: growth in sales, operating return on assets, operating return on sales, total asset turnover. The variables were calculated before and after moving trading location. The results of non-parametric Wilcoxon test do not confirm the hypothesis. Despite this, it is possible to observe the negative changes in operating performance and improvement of growth in sales after listing changes.

Research on the Impact of Ownership Structure to Operation Performance of the Chinese Listed Port Companies

The ownership structure which has a huge impact on company operation performance is the foundation of corporate governance structure choice. At present, the number of China's listed port companies is the largest in the world; however, they have a very complex ownership structure. This study discusses the impact of ownership structure on the operation performance of the Chinese ports. This empirical research applies factor analysis to evaluate the operation performance of listed port companies, and then adopts linear regression analysis based on the evaluation results to explore the impact of ownership structure to operation performance. Finally, it proposes recommendations for optimizing the ownership structure of listed port companies, in order to promote a better and faster development of China's port industry. The empirical results show that for most of the listed port companies, the largest shareholder is in the absolute controlling position, and the gap between the largest shareholder and the second largest shareholder is very large, which means the ownership concentration is relatively high. Meanwhile, the top five shareholders equity ratio squared is in negative correlation with operation performance.

Internal Audit of Quality in 5s Environment: Perception on Critical Factors, Effectiveness and Impact on Organizational Performance

Quality Environment (5S) Practice is a concept which has been widely adopted by organizations as one way to achieve Total Quality Management (TQM) and business excellence. 5S refers to 5 principles to maintain quality which emanate from Japanese word Seiri (sorting), Seiton (straightening), Seiso (shining), Seiketsu (standardize) and Shitsuke (sustain). 5s concept aims to create a conducive, clean and tidy workplace which in turn can improve work quality and performance. Internal audit of 5S Quality (IAQ) has been introduced to ensure the organization can assess its strength and areas for improvement. This study attempt to measure the organizational factors that influence the effectiveness of internal audit of 5S Quality such as number of resources, auditor competencies and audit report, as well as looking at how these factors give impact towards company operational performance. The questionnaire were administered to head of audit and internal auditor in Malaysian private companies. Our hypotheses on the impact of organizational factors (resources adequacy, staff competency and report quality) to the effectiveness of internal audit of 5S quality are all positive. In addition, the results also show significant perception by internal auditors that an effective internal audit of 5S quality can help influencing company operational performance.