Consecutive Financial Years Research Articles

ZAKAT DISCLOSURE INDEX BY ISLAMIC BANKS AND DEVELOPMENT FINANCIAL INSTITUTIONS IN MALAYSIA

Paying zakat and disclosing it transparently to stakeholders is one of the ways to demonstrate the Islamic ethical value and accountability of Islamic finance institutions (IFIs). Nevertheless, comprehensive zakat information disclosure practices by Islamic banks (IBs) and Development Financial Institutions (DFIs) have received less attention. Therefore, this study was conducted to develop a comprehensive Zakat Disclosure Index (ZDI) for IBs and DFIs and measure the ZDI level of these institutions. Content analysis was performed through financial statements, annual reports, annual integrated reports and annual sustainability reports for four consecutive financial years from 2016 to 2019. The entire population of 16 IBs and 6 DFIs was selected. The ZDI was developed with two categories based on the liability of paying zakat. The scoring was divided into three groups: (i) mandatory financial information versus voluntary financial information versus mandatory non-financial information versus voluntary non-financial information; (ii) mandatory versus voluntary; and (iii) financial versus non-financial. The result showed that the overall disclosure level was at 60 percent, where mandatory disclosure was at 43 percent and voluntary disclosure was at 17 percent, while for financial and non-financial information, the scores were not much different at 25 percent to 33 percent. The study’s implication lies in establishing astandardised zakat index, enhancing comparability among reporting entities. Furthermore, the study holds importance for regulators as it aids in assessing the sufficiency of existing regulations and guidelines. It can guide regulatory actions to uphold the principles of maqasid shariah in reporting practices.

Secondary analysis of child hospital admission data for dental caries in London, UK: what the data tells us about oral health inequalities

ObjectivesDental caries is the most common reason for hospital admissions for children aged 6–10 years in England. The prevalence in the experience of hospital admission is not uniform across all...

ANALYSIS OF THE IMPACT OF FINANCIAL BALANCE INDICATORS ON THE STOCK MARKET PERFORMANCE OF COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

"This paper deals with the topic of the impact brought by the factors that contribute to the determination of financial balance indicators on the profitability of Romanian companies listed on the Bucharest Stock Exchange during several consecutive financial years. The subject under research was the subject of several studies that make up the specialized literature. The purpose of the research is to analyse the existence and intensity of the link between the financial balance indicators, determined semi-annually, and the economic performance of the companies, expressed through the profitability indicators. The research method used in the elaboration of the present study is that of multiple regression analysis of the data, applied using the SPSS statistical program."

Financial analysis of revision hip surgery at a tertiary referral centre as classified using the British Hip Society Revision Hip Complexity Classification.

The burden of revision total hip arthroplasty (rTHA) continues to grow. The surgery is complex and associated with significant costs. Regional rTHA networks have been proposed to improve outcomes and to reduce re-revisions, and therefore costs. The aim of this study was to accurately quantify the cost and reimbursement for a rTHA service, and to assess the financial impact of case complexity at a tertiary referral centre within the NHS. A retrospective analysis of all revision hip procedures was performed at this centre over two consecutive financial years (2018 to 2020). Cases were classified according to the Revision Hip Complexity Classification (RHCC) and whether they were infected or non-infected. Patients with an American Society of Anesthesiologists (ASA) grade ≥ III or BMI ≥ 40 kg/m2 are considered "high risk" by the RHCC. Costs were calculated using the Patient Level Information and Costing System (PLICS), and remuneration based on Healthcare Resource Groups (HRG) data. The primary outcome was the financial difference between tariff and cost per patient episode. In all, 199 revision episodes were identified in 168 patients: 25 (13%) least complex revisions (H1); 110 (55%) complex revisions (H2); and 64 (32%) most complex revisions (H3). Of the 199, 76 cases (38%) were due to infection, and 78 patients (39%) were "high risk". Median length of stay increased significantly with case complexity from four days to six to eight days (p = 0.006) and for revisions performed for infection (9 days vs 5 days; p < 0.001). Cost per episode increased significantly between complexity groups (p < 0.001) and for infected revisions (p < 0.001). All groups demonstrated a mean deficit but this significantly increased with revision complexity (£97, £1,050, and £2,887 per case; p = 0.006) and for infected failure (£2,629 vs £635; p = 0.032). The total deficit to the NHS Trust over two years was £512,202. Current NHS reimbursement for rTHA is inadequate and should be more closely aligned to complexity. An increase in the most complex rTHAs at major revision centres will likely place a greater financial burden on these units.

Financial and Sports Results of Public Sector Enterprises Operating Professional Sports Clubs

This article analyses the extent of state ownership and examines whether there are differences in business and sports activity results between state-owned and private entities running football clubs in the Polish Ekstraklasa. The study examined a panel of 100 entities (N) comprising 26 enterprises running football clubs whose male teams participated in Ekstraklasa games during five seasons: 2016/2017, 2017/2018, 2018/2019, 2019/2020 and 2020/2021. The study covered five consecutive financial years ending in 2017, 2018, 2019, 2020 and 2021. The statistical and financial analysis method was applied. The financial and sports results of state owned and private enterprises in the period of 2017-2021 were compared based on selected ratios. The mean and median values of the variables taken for analyses (financial and sports ratios) were calculated. A non parametric Kruskal-Wallis test was applied to assess the differences between the ratios for the groups of enterprises under study. The analysis revealed that state-owned companies and local government units are major shareholders in Polish professional football clubs. Examination of the financial results of public and private enterprises that run such clubs revealed statistically significant differences between most of them. Among the three groups of enterprises, those run by local government enterprises achieved the worst financial results measured by profitability, financial liquidity, debt, team cost and equity. The best financial situation was observed in the state-owned enterprises. Although no statistically significant difference was found in the sports achievements between the groups of clubs, the privately owned enterprises had better results (the median and the mean values) than the other enterprises concerning the number of points and a higher place at the end of the season.

Severe impact on family planning programme due to COVID-19 pandemic in urban population

Background: Contraception and sexual health are a fundamental human right and an integral part of women’s health services. Postpartum period is the unique opportunity for counseling and availing contraception. COVID-19 pandemic hindered routine and special services like postpartum clinics has negative impact on family planning services. Aims and Objectives: The objective of study was to compare the change in contraceptive services due to COVID-19 in two consecutive financial years (2019–2020 and 2020–2021) at Nil Ratan Sircar Medical College and Hospital, Kolkata, West Bengal, India. Materials and Methods: An institution-based, retrospective, and cohort study was carried out in Nil Ratan Sircar Medical College and Hospital among the users of contraceptive services at the department of family planning for the financial year 2019–2020 and 2020–2021. During the period, 226,700 beneficiaries attended department of family planning for the financial year 2019–2020 and 98,584 beneficiaries attended department of family planning for the financial year 2020–2021. Template was generated in MS excel sheet and analysis was done on SPSS software. Results: During the year 2019–2020, 94.73% availed combined oral contraceptives while in the year 2020–2021, 93.97% availed combined oral contraceptives. Lap ligation was decreased by 96.42%, post-abortion ligation was decreased by 85%, Interval IUCD was decreased by 79.62% and PAIUCD was decreased by 76%. During the year 2019–2020, OCP was used by the maximum beneficiaries, that is, 219,654 while in the year 2020–2021 OCP was used by 97,353 beneficiaries. Conclusion: During COVID-19 pandemic, family planning services suffer a huge setback as it is does not came under emergency services. With the ongoing COVID-19 crisis and continuous need for contraception, there is a need to refocus and motivate eligible couples for long-acting reversible contraceptive methods with significantly lower failure rates.

The Financial Diagnostics Based on Static and Dynamic Indicators at the Level of Cash &amp; Carry Type of Entity

The management activity is characterized by complexity, dynamism and volatility. An extremely important coordinate in taking the best decisions for the company is the relevant management of the financial-accounting information. In this respect, the financial diagnostics is used, so as to identify the strengths, for perpetuating them, and the weaknesses, so as to find solutions for their improvement. The article hereby aims to perform a financial diagnosis over a period composed of seven consecutive financial years, 2015-2021 respectively, at the level of a company with seniority and experience on the Romanian market, Metro Cash & Carry România.

A Multi-Criteria Based Stock Selection Framework in Emerging Market

The present study aims to compare the stock performances of the Fast Moving Consumer Goods (FMCG) and Consumer Durables (CD) firms at the Bombay Stock Exchange (BSE), India. It is evident from the extant literature that investment in the stock market depends on two broad objectives such as maximization of return while minimization of risk. Besides, investment decisions are also influenced by the behavioral nature of the investors. To this end, the current work considers the earning prospect (average market return, return on net worth, earning per share, and yield), market-centric risk (beta), market perception (price to book value, shares traded), momentum (turnover) and benchmarked performance (alpha) to set the criteria for comparison. The study period considers seven consecutive financial years to discern the performance. For the comparative analysis, a combined multi-criteria decision-making (MCDM) framework of Logarithmic Percentage Change-driven Objective Weighting (LOPCOW) (used to determine criteria weights) and Evaluation Based on Distance from Average Solution (EDAS) (for ranking) methods has been utilized. Borda Count Method (BC), Copeland Method, and Simple Additive Weighting (SAW) have been used to aggregate the year-wise rankings. The calculated weights show consistency to the modern portfolio theory as average return, beta, and return on net worth obtain higher weightage than others. It is observed that there are variations in the year-wise comparative ranking, while on aggregation, FMCG firms dominate the top positions. The analysis reveals that Avanti Feeds Ltd., Hindustan Unilever Ltd., Procter &amp; Gamble Hygiene &amp; Health Care Ltd., Britannia Industries Ltd., and Nestle India Ltd. are the top five performers, while Godfrey Phillips India Ltd., E I D-Parry (India) Ltd., United Breweries Ltd., Rajesh Exports Ltd., and Radico Khaitan Ltd. hold the bottom five positions during the same period. The results also indicate that, more or less, the firms having higher market capitalizations have performed well. The results obtained using the EDAS method and other popular MCDM models, such as multi-attributive border approximation area comparison (MABAC) and the Complex Proportional Assessment (COPRAS), show a significant correlation. Further, the outcome of the sensitivity analysis confirms the stability of the performance-based ranking results.

A multi-criteria based analytic framework for exploring the impact of Covid-19 on firm performance in emerging market

The recent pandemic has been the greatest catastrophic event in the last century that has left its irrevocable effect on the socio-economic and cultural environment. The current work presents a combined multi-criteria decision making (MCDM) framework of logarithmic percentage-change driven objective weighting (LOPCOW) and evaluation is based on distance from average solution (EDAS) method to enfold the early impact of COVID-19 on firm performance from fast moving consumer goods and consumer durables sectors in emerging market. Five aspects such as stock performance, dividend payout capability, sales and operational performance, financial stability and economic sustainability are considered for comparing 30 firms over seven consecutive financial years (FY 2013–14 to FY 2020–21). For aggregation of year wise rankings popular methods like Borda count and Copeland methods have been applied. A comparison of results of the LOPCOW-EDAS model with other MCDM methods has been made. It is noticed that the firms which held the overall top positions prior to COVID-19 suffer more afterward than the bottom performers. However, there has not been any major effect of COVID-19 on firms’ financial health and long-term growth prospect. The result shows significant reliability and stability as revealed by the comparative ranking and sensitivity analysis. The proposed framework shall enable the organizations for detailed performance analysis. Some of the policy and managerial implications are also discussed.

Structural Analysis of the Utilization-Resources, Rotation of the Current Structure and Cost-Effectiveness of a Listed Company

The method of the companies’ financial diagnosis rates is aimed at a system of indicators of simple or percentage ratio type, based on factors arising either from a level of financial position/balance sheet, or from a level of financial performance/profit and loss account. The utilisations-resources structural analysis assumes a system of ratios of the type of share of various structures of use or resources in the patrimonial total. The management/rotation emphasizes a system of ratios measuring the dynamics of current patrimonial structures, stocks, trade receivables or trading exploitation debts, respectively. The cost-effectiveness is founded on a system of ratios revealing the capacity of various patrimonial structures or result structures to generate net profit. In order to develop this study, we have selected a company listed on the Bucharest Stock Exchange, due to the transparency of the information, but also to the diversity of patrimonial and result structures, namely Turism Felix SA from Băile Felix. The time horizon referred to is three consecutive financial years: 2018 and 2019, under normal conditions, and 2020, marked by a special evolution due to the COVID-19 pandemic. Therefore, we will determine and analyse the rate indicators at the static level, for each financial year, but also dynamically, by using the absolute deviations (differences) with chain base and the relative deviations (indexes) with chain base. The originality is supported by the selection of a company in hospitality industry, very sensitive to the context generated by the pandemic.

Financial analysis of revision knee surgery at a tertiary referral centre as classified according to the Revision Knee Complexity Classification (RKCC)

BackgroundRevision total knee arthroplasty (rTKA) can be complex, with greater costs to the treating hospital than primary TKA. A rTKA regional network has been proposed in England. The aim of this work was to accurately quantify current costs and reimbursement for the rTKA service and to assess whether costs are proportional to case complexity at a tertiary referral centre within the National Health Service (NHS). MethodsA review of all rTKA performed at our institution over two consecutive financial years (2017–2019) was performed. Cases were classified according to the Revision Knee Complexity Classification (RKCC) and by mode of failure; “infected” and “non-infected”. Financial data was acquired through Patient-Level Information and Costing System (PLICS). The primary outcome was the financial difference between tariff and cost per episode. Comparisons between groups were analysed using analysis of variance and two-tailed unpaired t-test as appropriate. Results159 patients underwent 188 rTKA procedures. Length of stay and cost significantly increased between complexity groups (p < 0.0001) and for infected revisions (p < 0.0001). All groups sustained a mean deficit but this significantly increased with revision complexity (from £1,903 to £5,269 per case) and for infected revisions. The total deficit to the Trust for the two-year rTKA service was £667,091. ConclusionsThe current level of NHS reimbursement are inadequate for centres that offer rTKA and should be more closely aligned to case complexity. An increase in the most complex rTKA at major revision centres will undoubtedly place an even greater strain on the finances of these units.

The Differences of Audit Quality on the Regulation of Audit Tenure and Auditor Rotation in Indonesia

This study examines the differences in audit quality on the regulation of audit tenure and auditor rotation in Indonesia. In Indonesia, there have been several audit-related scandals that occurred after the implementation of regulations on the audit tenure limitation and auditor rotation. The last regulation that applies to date is the Peraturan Pemerintah Republik Indonesia No. 20/2015 about Public Accountant Practices Chapter V regarding the Limitation of Audit Services in Article 11 that the provision of audit services on a historical financial statement on an entity by a Public Accountant is limited to a maximum of five consecutive financial years. These analyses use discretionary accruals as audit-quality proxies. In this study, the output of audit quality is measured, namely the earnings quality. This research was conducted on all non-financial companies listed on the Indonesia Stock Exchange start from 2012 to 2017, using the purposive sampling method obtained 554 research samples. Hypothesis analyses in this study use different test analysis. Specifically, there is a significant difference in the audit quality in the first year of the tenure and the last year of the tenure. We also find significant differences in audit quality before and after auditor rotation.

COVID 19-Induced Lockdown 2.0 and Looming Crisis across Sectors of Economy: Evidence from the Indian States

Due to the coronavirus-induced lockdown, most economic activities have come to a standstill. It assumes that lockdown with social distancing measures may lower the spread of infected cases, as it will be over-optimistic to expect the complete burnout of the virus. The present study attempts to access the loss of the country’s economy in the wake of the coronavirus-induced 50-day lockdown (40-day lockdown + 10-day preoperative period). The data on Net State Value Added (NSVA) at base price 2011-2012 by economic activity was collected from the Reserve Bank of India for five consecutive financial years. This study assumes 10-day for restoring back to the production capacity, although each sector has its own dynamics and different cycles. The autoregressive process was used for forecasting the growth rate of Gross Value Added. The study found that across Indian states, the amount of loss was most extensive in the state of Maharashtra, as against Tamil Nadu and Karnataka. Besides the manufacturing sector, the enormous burden of loss was reflected in the real estate sector, followed by ownership of dwellings and professional services. The highest per capita loss of the NSVA was found in the state of Goa, as against Delhi. The study argued that all the affected sectors likely to register negative growth in the subsequent two quarters.

Technical Efficiency and Productivity of Public District Hospitals in Kwazulu-Natal Province, South Africa

Background: District hospitals (DHs) constitute a significant proportion of public hospitals and consume a more substantial percentage of the government’s total hospital budget. With the level of resources disbursed to DHs, it is essential to ensure efficient allocation and utilization. Hence, this study set out to assess the technical efficiency and productivity of public DHs in KwaZulu- Natal province, South Africa.Methods: Data envelopment analysis (DEA) and Malmquist total factor productivity (MTFP) were used to assess technical efficiency, identify adjustments required to make inefficient facilities more efficient, and determine overall productivity growth. Input data such as medical personnel and output information such as outpatient visits were retrieved from the databases of the district health information system (DHIS), and personnel salary systems (PERSAL) for three consecutive financial years (2014/15, 2015/16 and 2016/17). A total of 38 district hospitals were included in the study.Results: The proportion of technically efficient facilities according to constant return to scale (CRS) were 12 (31.6%), 16 (42.1%) and 14 (36.8%) in 2014/15, 2015/16 and 2016/17 respectively while according to the variable return to scale (VRS) technically efficient facilities were 22 (57.9%), 19 (50.0) and 21 (55.2%) respectively for the three consecutive years. On average, the total productivity of DHs increased by 4.8 percent over the three years, which is attributed majorly to technical growth of 6.9 percent.Conclusion: This study showed that a significant proportion of the district hospitals were technically inefficiency. Also, steps that could enable more efficient use of healthcare resources to yield optimal health service delivery were recommended.Significance for public healthThe public health sector in South Africa is responsible for catering for the preventative and curative health care needs of more than 80% of the population. Since 1994, Government expenditure on has significantly increased for all levels of healthcare including public hospitals. District hospitals play a central role in supporting Primary health care (PHC) and at same time serves as a gateway to more specialist care offered at provincial and tertiary healthcare facilities. Assessing the efficiency of health facilities on a continual basis is critical in optimising scarce resource utilisation and minimising wastage. Such an assessment will allow policy and decision makers in health sector to make better allocative decisions towards more effective, and efficient use of health resources. Hence, this study is important as it was undertaken to assess the efficient utilization of resources at district hospitals which play a pivotal and central role in supporting primary health care service delivery.

INTERNAL BUSINESS PROCESS PERSPECTIVE OF BALANCED SCORECARD: DRIVER TO OUTSHINE IN FRONT OF CUSTOMERS AND SHAREHOLDERS (AN EMPIRICAL STUDY ON INTER-BANK AND INTER-SECTOR COMPARISON OF PUBLIC AND PRIVATE SECTOR BANKS IN INDIA)

This research paper exhibits the relevance of an imperative perspective of Bank’s Balanced Scorecard i.e. Internal Business Process Perspective. It aims to evaluate, ascertain and compare the significant difference in the performance of Public and Private Sector Banks in India. The sample size includes 10 Public Sector Banks and 10 Private Sector Banks. 10 consecutive Financial Years from 2007-08 to 2016-17 have been taken as study period. Data have been collected through secondary sources and analysed through non-parametric tests using IBM SPSS 22 after creating a performance score scale for each measure selected under this perspective on the basis of performance. The study revealed a significant difference among public sector banks and among private sector banks when an inter-bank comparison has been drawn and no significant difference has been found between public sector banks and private sector banks when an inter-sector comparison has been drawn. To improve the performance of banks on internal business perspective, banks should try to improve their operational efficiency through improved speed, timely, prompt, convenient, accurate and cost efficient services, achieve proficiency in operational capabilities through improved productivity of employees and try to achieve operational excellence through cost efficiency, cross sell efficiency, CRM capacity, improve distributional channel capacity. This will leads to improvement in customer experiences with the banks thus leads to profitability.

General practitioner-type patients in emergency departments in metro North Brisbane, Queensland: A multisite study.

To estimate the proportion of ED patients in urban Queensland who are potentially suitable for general practitioner (GP) care. A retrospective analysis was conducted using ED Information System data from Metro North Hospital and Health Service in Brisbane, Australia for three consecutive financial years (2014-2015 to 2016-2017). The hospitals included two Principal Referral and two Public Acute hospitals. GP-type patients were calculated using the Australian Institute of Health and Welfare (AIHW), Australasian College for Emergency Medicine (ACEM) and the validated Sprivulis methods. Of the 822 841 ED presentations, 219 567 (27%) were potentially GP-type patients by AIHW, 49 307 (6%) by ACEM and 61 836 (8%) by Sprivulis methods. The higher proportion of GP-type presentations were during 08.00 to 17.00 hours by AIHW and ACEM methods. Of the lower-acuity triage categories of 4 (286 154 presentations) and 5 (5658 presentations), AIHW estimated that 62% and 80% of the patients were GP-type patients, as compared to 9% and 22% by ACEM, and 9% and 0.3% by Sprivulis method. The mean costs of adult GP-type patients is $345 by the AIHW and $406 by the ACEM method, lower than non-GP type patients ($706 and $622, respectively). There is considerable variation in what is considered GP-type ED presentations based on the three methods employed and this variation may have fuelled the debate surrounding what is 'avoidable' ED utilisation. Regardless, the study findings provide an interesting addition to defining and addressing appropriate utilisation of ED services.

Portfolio Selection using DEA-COPRAS at Risk – Return Interface Based on NSE (India)

Portfolio formation holds paramount importance in the process of the investment decision making since, a single door investment (SDI) option is much riskier than a multiple door investment (MDI) option. Among available financial instruments, the stock market (SM) has allured investors because of its liquidity and growth opportunities. However, the effectiveness of the investment decision is largely reflected in the selection of the constituent elements of the portfolio by an investor while trading off risk and return. In this paper, after an initial level selection of for formulating a possible portfolio by using Perceptual Map (PM), we have applied DEA to calculate the efficiency of the stocks at the risk-return interface based on the market performance. In order to ascertain that the stock selection is logical and worthwhile, we further probe the fundamental performances over a time period of five consecutive financial years using the method of Multi-Criteria Decision Analysis (MCDA) framework based on the Complex Proportional Assessment (COPRAS) method, where, the criteria weights are calculated by using the entropy method. A consistency is visible in the yearly fundamental performances and a significant pattern with regard to the portfolio selection.

Gender in climate change, agriculture, and natural resource policies: insights from East Africa

Gender mainstreaming was acknowledged as an indispensable strategy for achieving gender equality at the 1995 Beijing Platform for Action. Since then, governments have made substantial efforts in developing gender-responsive policies and implementation strategies. The advent of climate change and its effects, which have continued to impact rural livelihoods and especially food security, demands that gender mainstreaming efforts are accelerated. Effective gender mainstreaming requires that gender is sufficiently integrated in policies, development plans, and implementation strategies, supported by budgetary allocations. This study analyzes the extent of gender integration in agricultural and natural resource policies in Uganda and Tanzania, and how gender is budgeted for in implementation plans at district and lower governance levels. A total of 155 policy documents, development plans, and annual action plans from national, district, and sub-county/ward levels were reviewed. In addition, district and sub-county budgets for four consecutive financial years from 2012/2013 to 2015/2016 were analyzed for gender allocations. Results show that whereas there is increasing gender responsiveness in both countries, (i) gender issues are still interpreted as “women issues,” (ii) there is disharmony in gender mainstreaming across governance levels, (iii) budgeting for gender is not yet fully embraced by governments, (iii) allocations to gender at sub-national level remain inconsistently low with sharp differences between estimated and actual budgets, and (iv) gender activities do not address any structural inequalities. We propose approaches that increase capacity to develop and execute gender-responsive policies, implementation plans, and budgets.

A two-stage study of grey system theory and DEA model in strategic alliance: an application in Vietnamese textile and garment industry

Textile and garment industry in Vietnam has developed dramatically recently thanks to free trade agreements and increased living standards of citizens. Nevertheless, there are still significant challenges such as lack of modern technology and remarkable competition from foreign companies. Strategic alliance is recommended for textile and garment firms to solve their current problems. With the help of grey forecasting model and DEA model, the efficiency of enterprises in Vietnam textile and garment industry is calculated, providing a base to figure out suitable alliance in the future. Sixteen companies in this field are selected and the data is collected from financial reports for consecutive financial years (2014-2018). Among those firms, Thanh Cong Textile and Garment Investment Trading Joint Stock are chosen to be the target decision-making unit (DMU). After processing grey and DEA model, Viet Tien Garment Corporation is suggested to be the best alliance for Thanh Cong JSC, due to the highest efficiency increase for both firms after cooperation. Although this research is only about textile and garment field, it can also be applied successfully to other manufacturing industries.

A two-stage study of grey system theory and DEA model in strategic alliance: an application in Vietnamese textile and garment industry

Textile and garment industry in Vietnam has developed dramatically recently thanks to free trade agreements and increased living standards of citizens. Nevertheless, there are still significant challenges such as lack of modern technology and remarkable competition from foreign companies. Strategic alliance is recommended for textile and garment firms to solve their current problems. With the help of grey forecasting model and DEA model, the efficiency of enterprises in Vietnam textile and garment industry is calculated, providing a base to figure out suitable alliance in the future. Sixteen companies in this field are selected and the data is collected from financial reports for consecutive financial years (2014-2018). Among those firms, Thanh Cong Textile and Garment Investment Trading Joint Stock are chosen to be the target decision-making unit (DMU). After processing grey and DEA model, Viet Tien Garment Corporation is suggested to be the best alliance for Thanh Cong JSC, due to the highest efficiency increase for both firms after cooperation. Although this research is only about textile and garment field, it can also be applied successfully to other manufacturing industries.