Financial Management Strategies Research Articles

The survival of school financing management in COVID-19 pandemic

This study aimed to explore the survival of school financing management during the COVID-19 pandemic, to assure the quality of teaching and learning continuously. This study used a qualitative design, and data collection is carried out by observing resource persons and in-depth interviews, analysis or analysis of documentation and a combination of the three as triangulation method. The collected data were analyzed using an interactive model. The results showed that financial management strategies in managing school finances effectively and efficiently, through transparency, accountability and responsibility, are considered to have contributed to the prospects, quality, progress and sustainability of education in the midst of the COVID-19 pandemic. This is based on the fact that many quality and good schools eventually experience setbacks due to the lack of transparency, accountability and responsibility in the management of education funds. Openness in schools can promote accountability and fight corruption in education, if it is implemented effectively and any malpractice is dealt with clear consequences. The implication is the strategies of education financing management in terms of transparency, accountability and accountability need to be carry out consistently to ensure the improvement of school quality runs in a sustainable manner.

The Management of Strategic Change in the Municipal Public Library

The Management of Strategic Change in the Municipal Public Library

The Management of Strategic Change in the Municipal Public Library

The Management of Strategic Change in the Municipal Public Library

PENDAMPINGAN PENGELOLAAN KEUANGAN DAN PENYUSUNAN LAPORAN KEUANGAN BERBASIS ANDROID PADA UMKM KELURAHAN MANGUNHARJO KECAMATAN TEMBALANG KOTA SEMARANG

Despite its large contribution to the economy, MSMEs players face various problems, including access to capital, poor financial management and the absence of an adequate medium and long term financial management strategy.
 This community service is carried out with the general objective of empowering Micro, Small and Medium Enterprises to be able to survive and develop with their own uniqueness. The specific objectives of this activity are for the target MSMEs to have adequate financial management and for the target MSMEs to be able to prepare simple financial reports.
 The existence of a pandemic has made mentoring activities carried out online with a zoom platform. Financial management assistance is provided by providing some knowledge / skills related to financial management, especially during times of crisis. The accounting system used uses a mobile application platform in collaboration with the Indonesian Institute of Accountants which is available for free at the appstore, namely Si Apik.
 Activities of assistance in financial management and preparation of android-based financial reports for MSMEs are very beneficial. Assistance activities are very useful and practical for MSME entrepreneurs. Assistance needs to be carried out continuously to instill a good accounting and financial mindset in the management of MSME business finances.

Research on Financial Management Strategies of Colleges and Universities from the New Accounting System of Colleges and Universities Based on Computer Technology

On December 30, 2013, the Ministry of Finance promulgated the newly revised “Accounting System for Higher Education”, which was officially implemented on January 1, 2014. The new system has been supplemented and improved from many aspects, which not only promotes the improvement of capital utilization rate, but also promotes the stable and sustainable development of education in higher education institutions. This paper analyzes the main changes of the new accounting system based on computer technology, and proposes several recommended measures, which is more conducive to the financial management of colleges and universities.

Investigating the Socio-Psychological Effects of Household Debt Burden: Evidence from Ekiti State, Nigeria

High indebtedness is one of the main earnest issues that has befallen households in Nigeria. This has been a great concern to numerous researchers, policymakers, and the government at large. Thence, calls for concern and initiative that should be taken to surmount this challenge. This current study tries to empirically address the gap in the literature of social and behavioral factors which predicts the propelling indices that trigger indebtedness. The findings suggest that socio-psychological factors are key reasons that cause indebtedness. The results revealed that the majority of the households experienced a debt-servicing burden related to stress and stigma via bankruptcy. Also, the study unveils that depression and social norms impact positively on household debt burden. Hence, pointing out that, self-control is crucial to avoid being over-indebted due to the statistical significance of the coefficient of subjective norms. Furthermore, it was discovered from the study that, age group does not significantly impact on debt servicing burden of majority of the households in the study area. Based on the above findings, the study concludes that socio-psychological factors are key reasons that cause indebtedness. Consequently, the study recommends that households should improve their financial planning and management strategies. Furthermore, financial institutions should build a stronger model of credit offerings. Besides, they should also evaluate the household’s level of income and materialism before approving loan applications due to the direct link it has with indebtedness, because, over-indebted households are prone to suffer from psychological defects.

Surviving and growing in the post-Covid world: the case of Indian hotels

PurposeAs the world tries to come to terms with the exact economic and human cost of the Covid-19 pandemic, businesses are trying to discern and act on the implications of the “new normal” in order to survive and grow. Amongst all the industries impacted by the Covid-19 pandemic, travel and tourism has been the hardest hit. Operators across the value chain are trying to innovate and improvise in order to mitigate the impact of the pandemic on cash flows and working capital. The primary purpose of this paper then is to take a closer look at the measures adopted by the Indian hotel industry to restore revenues, conserve resources and attain greater operational and cost efficiencies in the midst of the Covid-19 crisis. The article also brings to the fore the growth-enhancing measures adopted by the industry in anticipation of a “new normal” in the post-Covid world.Design/methodology/approachThis study is based on primary data collected via a survey, followed by a series of interviews with a select group of senior finance managers from a wide spectrum of hotels based in India.FindingsOur findings suggest that Indian hotels have adopted several measures to enhance cash flows/revenues, reduce operating costs and cash outflows and conserve resources in order to tide themselves over during the crisis. Prominent cash flow–enhancing measures include price drops on special offers and reductions on list prices. Cost-cutting measures include economizing on energy consumption, reductions in labour costs and the postponement of maintenance expenses and discretionary spending. Resource conservation measures that have been adopted focus on postponement of capital expenditure and an increasing shift to localizing supply chains. Growth-enhancing measures adopted by the industry in anticipation of the long-term “new normal” include restructuring of the workforce and measures aimed at attracting domestic tourists and increasing product diversity.Originality/valueThis study attempts to understand the short-term and long-term financial management strategies adopted by Indian hotels in the face of unprecedented disruption caused by the Covid-19 pandemic. To the best of our knowledge, this paper is the first of its kind in the Indian context.

Financial manager professionalism and use of interfund transfers: Evidence from Georgia counties

AbstractPublic managers strategically use resources to smooth out cash receipts and disbursements. As a cash flow management tool, managers can use interfund transfers, which are flows of assets without equivalent return flows and without repayment. This study asserts that managerial professionalism, in the form of a full‐time finance director, drives the likelihood of interfund transfers. Using 2010–2017 data from Georgia counties, hurdle model results indicate that full‐time finance directors are more likely to use interfund transfers and increase their level. This finding demonstrates the role of financial management expertise in increasing the strategic options available to manage cash flows.Applications for Practice Local governments with a full‐time finance director use more interfund transfers as one working capital management strategy to manage cash flows. Results from this study provide a justification for local governments to hire a full‐time finance director to improve the array of financial management strategies accessed. Local governments that increase tax base diversity have reduced engagement for General fund interfund transfers in, while higher levels of reported cash generate larger amounts of transfer activity.

Financial Control Practices and Accountability in the Public Sector in Nigeria

The Nigerian government has for a long time recognized problems relating to mismanagement of public funds evidenced by lack of transparency, poor accountability, corruption, financial leakages and budgeting processes, financial excesses, poor cash management and resource allocation. This is coupled with the fact that there is a near total absence of the notion and ethics of accountability in the conduct of public activities in the country. This study investigates the effects of financial control practices on accountability in Nigeria public sector. This is due to dearth of literature in this area of study. The cross-sectional survey research design was employed, the data were primarily sourced by means of a questionnaire (research instrument) and empirically analyzed. The target population of this study was the staff (2,125) of public/civil servants working in the Accounts and Finance departments of Lagos and Ogun States government Secretariats, Taro Yaman was adopted to arrive at 337 sample size. Data were analyzed using the SPSS 20.0 version software, inferences were made at 5% significant level. The study showed that financial control has a significant influence on accountability of public sector (Adj. R2= 0.468, F(4, 349) = 77.692, P< 0.05). Based on this finding, the concluded that there is significant effect of financial control practices on accountability in the public sector. The study also established that financial control has a significant influence on responsibility of public sector (Adj. R2= 0.141, F(4, 349) = 15.296, P< 0.05). Therefore the study concluded that there is significant effect of financial control practices on responsibility of public sector accountability. The study therefore, concludes that there is a positive significant effect between financial control practices and accountability in public sector. Based on the findings of this study the study recommends that: The existing physical control assets should be strengthened in order to ensure effective financial control and improve on accountability thereafter due to the insignificant effect of physical control of assets has on accountability in public sector. Effective and efficient application of financial control methods and management strategies to accountability in the public sectors will compel each employee to be more serious, focused and loyal in the discharge of their responsibilities.

Investigating the Quality of Life on Farmer Family: Roles of Gender Relations, Economic Pressure, Financial Management, and Livelihood Strategies

Indonesia as the largest tropical agricultural countries support natural conditions make Indonesia a country rich in agricultural products. The objective of this research was to analyze the influence of economic pressures, financial management, gender relations, and livelihood strategies toward the farmer families quality of life. This research used a quantitative study design. The research took place in West Java. Sixty respondents were chosen from the farmer's wife that selected by using a simple random sampling. Data were collected directly using a structured questionnaire. Partial Least Square analyzed data. The results show that farmers' family economic pressure significantly affects livelihood strategy and quality of life, gender relations significantly affect livelihood strategy and financial management, and financial management significantly affects the quality of life. As suggestions, farmers families should further improve their livelihood strategies and financial management by understanding the importance of limited use of family resources. The implications for government are providing programs to improve quality of life, by forming cooperatives involving the role of farmers' wives.

Комплексний аналіз грошових потоків державного підприємства «Антонов»

Abstract. Introduction. The analysis of the enterprise’s cash flow statement is invaluable for external users (owners, investors, lenders, partners) as a reason to substantiate the investment and financial decisions, evidence of the business partnerships reliability, and for most of the management when evaluating the level of efficiency, of its economic feasibility confirmation or refutation of the chosen financial management strategy and tactics. Purpose. The purpose of the article is to develop and test a method of comprehensive analysis of cash according to the financial statements of the state enterprise "Antonov" for the period 2018-2019, to perform an economic interpretation of the results of the analysis, based on the received calculations. Results. The dialectical method of cognition, a comprehensive systematic approach to the object of study, general scientific methods, special (horizontal, vertical and coefficient) analysis procedures, abstract and logical method for theoretical generalizations and drawing conclusions have been applied in the article. The method of comprehensive analysis of cash flows according to financial statements has been developed and tested. An economic interpretation of the analysis results has been proposed. Conclusions. A method of complex analysis of cash flows has been developed and proposed as a result of scientific research. The obtained results are important for the formation of strategy and tactics of financial management of the enterprise. The results of such an analysis are also a crucial argument in substantiating owners, investors, creditors, partners and other outsiders in the analysis of investment and financial decisions about the company and its prospects.

The Effectiveness of Financial Management Strategies in Public Primary Schools in the South Africa

This paper reports a sequential mixed methods study on the effectiveness of financial management strategies in achieving organisational success and stability in public primary schools in Dwarsloop Circuit, Mpumalanga Province, South Africa. The study involved six schools and a sample of 78 participants, comprising 72 School Governing Body (SGB) members and six primary school managers. The study shows that the South African Schools Act, 1996 and the Public Finance Management Act, 1999, are key legislation used to govern and administer the finances of public schools in South Africa. It was ascertained that SGB members with a background in teaching, had a better understanding of the South African Schools Act, compared to SGB members who were parents without teaching experience. The research further shows that most schools in the Dwarsloop Circuit do not use strict internal controls nor is there clear and consistent segregation of duties as key aspects of financial management. It is recommended that all SGB members undergo mandatory training required to execute their duties effectively. The Department of Education in conjunction with the relevant agencies, should ensure an annual financial audit is conducted of all schools in the Dwarsloop Circuit of Mpumalanga Province.

Effectiveness of School Heads’ Financial Management Skills in Provision of Quality Education in Secondary School

The main objective of this study was to evaluate the effectiveness of school heads’ financial management skills in the provision of quality education in secondary schools. This study explored secondary data by reviewing documents and literature materials from online publications and libraries to attain the intended purpose of the study. The study found out that financial management skills such as mobilizing school funds, monitoring, evaluation of budget, and auditing skills were essential for school financial management. The study also found that most of the school heads possess insufficient skills in financial management as school managers. Other financial management challenges were a shortage of school funds, poor monitoring, evaluation, and auditing of school finances. The study suggests strategies such as capacity building among the school heads. Also, decentralization of financial decision making, relevant school mission, and vision, enhance effective monitoring, evaluation, and auditing of financial report as strategies for improving school heads’ financial management skills. The study recommended the necessity of having school heads who are skilled in school-based financial management strategies. The study requested responsible departments or ministries concerns with education to make financial management skills be one of the pre-condition for hiring or promoting a teacher to the top post of school administration.

Determinants of farm profitability in the EU regions. Does farm size matter?

Farms in the European Union come in a wide variety of sizes and the effect of farm size on profitability (return on assets – ROA) has not been sufficiently investigated. The principal goal of this paper, therefore, is to study the determinants of farm profitability using the panels of the Farm Accountancy Data Network (FADN) on farms of different economic size between 2007 and 2018. We use a profitability function based on ratios that show the production and financial management strategies used by the farms. We also analyse the impact of subsidies under the Common Agricultural Policy (CAP). To deal with endogeneity, we run dynamic panel models using the system generalised method of moments (sys-GMM) estimators. We highlight the important role of the high level of equity turnover. An increase in production relative to the farm's equity plays a crucial role in the growth of profitability for all groups of farms, but it is especially important for smaller entities. In addition, farm managers should control the level of debt since the debt-to-asset ratio is a highly significant negative determinant of farm profitability in most of the groups. The increase in subsidy rate generally translates into higher ROA, but this variable has a negative impact across the largest holdings.

Risk perceptions and risk management strategies among poultry farmers in south-west Nigeria

The poultry industry contributes significantly to the development of Nigeria’s economy. Unfortunately, poultry farmers like other farmers are faced with a variety of income fluctuations arising from risks associated with the enterprise. Hence, this study investigated risk perceptions and risk management strategies among poultry farmers. Respondents were selected using multi-stage sampling techniques. The techniques resulted to selection of 263 commercial poultry farmers who provided us with relevant information with the aid of pre-tested questionnaire. The information gathered was analysed using descriptive statistics, factor analysis and linear regression models. Results showed that production risk, financial risk and human risk were perceived by farmers as most important in poultry business. Farmers have adopted disease prevention and financial management strategies to mitigate the effects of various risks. The analysis further showed that years of experience in poultry business, value of poultry and production risk are important determinants of disease prevention and financial management strategies adopted by the respondents. Factors that determine only disease prevention strategy are years of schooling, household size and human risk, while respondents’ sex and financial risk are the determinants of financial strategy. Policies on risk management in poultry should be targeted at farmers’ socio-economic characteristics and risk perceptions so as to enhance the growth potentials of poultry farmers and prevent collapse of the poultry industry.

БІЗНЕС-АНАЛІТИКА В УПРАВЛІННІ ФІНАНСОВИМИ РИЗИКАМИ

The article examines the definition of the category "risk" in the works by domestic scientists. Financial risk management in the company management system is considered. Its basic principles and postulates are established. Risk management is defined as the process of identifying, analysing, and making or reducing uncertainty in making investment decisions. Approaches to the formation of modern strategies and tactics of risk management are generalized. The sequence of stages, which most fully reflects the essence of the risk management process, is presented. The main stages of financial risk management are characterized and their functional significance is determined. It is established that the main direction for improving the management system is the deve-lopment and implementation of active management based on systemic and situational approaches. To choose the optimal tactics for managing financial risks, it is advisable to classify them into industry and quality. The strategies for financial risk management of modern business are generalized in two categories: passive and active response. The use of integrated approaches and new business concepts for efficient financial risk management is substantiated. The main means of reducing financial risk are identified, namely insurance and sale of financial instruments (forward contracts, futures contracts, swaps and options). The main elements of using business analytics tools are considered and analysed. It is noted that most business analytics tools are used to improve risk management; therefore, risk management tools benefit from business analytics approaches. The use of artificial intelligence models, such as neural networks and the method of reference vectors, agent-oriented theory, cognitive computation, is characterized. The proposed approach is aimed at combining several expert solutions, achieving the highest return on investment and reducing losses by working with difficult situations in a dynamic market environment. It is proved that researching business analytics tools in the field of risk management is useful for both practitioners and academic researchers.

Оцінювання рівня фінансового потенціалу підприємств

The article is aimed at deepening the theoretical and methodological foundations for assessing the level of financial potential of enterprises. The article considers and summarizes approaches to determining the essence of the concept of «financial potential», indicators used in assessing financial potential, and the stages by which the assessment takes place. It is defined that the purpose of assessing the level of financial potential is to determine the type of financial sustainability of the enterprise and its solvency for further construction of a strategy for managing financial potential. The methodology of estimation of the level of financial potential of the enterprise is proposed, which includes three stages: 1. Collection of information characterizing the financial activities of the enterprise. 2. Selection and calculation of the main indicators characterizing the financial sustainability of the enterprise. At this stage, it is necessary to determine the type of financial sustainability of the enterprise. 3. Determination of the level of financial potential of the enterprise on the basis of the type of financial sustainability. An assessment of the level of financial potential of a particular enterprise is carried out and it is found that in 2018 and 2020 it had absolute financial sustainability and a high level of financial potential, and in 2019 – normal financial sustainability and an average level of financial potential. The necessity of forming a financial potential management strategy, which should include the following components: diagnostics and forecasting of the financial potential of the enterprise; strategic and tactical planning; selection of effective financial instruments; financial risks management; tax planning; organizational and legal registration and further control of financial flows, is substantiated

Impact of Covid-19 on SMEs Globally

Research background: The ongoing Covid-19 pandemic has created irreversible damage to the world economy. Businesses ranging from local shops to multinational companies are suffering extensively due to the lockdowns in place. Amon this the unorganized sector is the worst hit as majority of the stakeholders have no alternative income. This makes a study in SMEs much more necessary as this sector is extremely volatile and even the slightest fluctuations in the economy causes huge losses for them. Purpose of the article: This study is aimed at analyzing the degree of impact of the ongoing Covid-19 pandemic on SMEs globally. Methods: This research, by design, is descriptive and exploratory and its objective is to determine, based on the appreciation that managers or those responsible for the financial management of SMEs have, how it impacts to their finances the health crisis caused by COVID-19 for the development and investment of their business. Findings & Value added: The results obtained in the research show that the health crisis caused by the COVID-19 has been a challenge for SMEs because it has generated a strong crisis, but they have shown cautious in the measures to face it, and financial management strategies aimed at avoiding indebtedness. In conclusion, the management of SMEs is aware that to face the new modality it is necessary to carry out administrative and financial management based on foreseeable strategies, considering the changes aimed at the development and investment of their businesses.

Cyclical and seasonal patterns of India’s GDP growth rate through the eyes of Hamilton and Hodrick Prescott Filter models

The paper endeavours to analyse the cyclical fluctuation, seasonal movement and trends of Indian GDP growth rate by applying both Hodrick-Prescott filter and Hamilton filter models taking St.Louisfred quarterly data from 2011Q4 to 2019Q4.The paper concludes that the seasonal adjustment and actual GDP growth rate of India have been merged with each other and they are identical in both the models. But the cyclical trend in H.P.Filter showed one upward humped but Hamilton filter showed cyclical fluctuations with two peaks and troughs and the seasonal variations are v shaped and highly volatile. Hamilton seasonal variations have been verified by applying residual test of correlogram which explained that autocorrelation and partial autocorrelation functions moved around both the sides significantly. Hamilton regression filter model is extended to forecasting ARIMA (1,0,0) model for 2030 which confirmed stationarity and stability. Even, the final trend cycle of GDP growth rate of India converges towards stationary process for 2025. Countercyclical fiscal and monetary policy including financial management strategies have been incorporated.

ОСНОВНІ АСПЕКТИ ФІНАНСОВОГО ПЛАНУВАННЯ В СИСТЕМІ ФІНАНСОВОЇ БЕЗПЕКИ ПІДПРИЄМСТВА

В статті відмічено, що в сучасних економічних умовах успішний розвиток підприємств залежить від постійного вдосконалення системи фінансового планування їх діяльності. Запропоновано в процесі фінансового планування на підприємстві застосовувати комплексний підхід щодо оцінки його фінансової безпеки. Доведено, що при проведенні комплексної оцінки фінансової безпеки підприємства необхідно включати інформаційну базу дослідження, формування системи показників для оцінювання рівня фінансової безпеки, аналіз фінансового стану підприємства, оцінку фінансових ризиків. Досліджено зовнішні чинники, що впливають на рівень фінансової безпеки підприємства, відображають економічну ситуацію в державі і за кордоном. Досліджено внутрішні чинники впливу, що відображають фінансовий стан підприємства, та рівень фінансових ризиків підприємства.