Financial Health Research Articles

The Impact of Israel's 1995 National Health Insurance Law and Health Reforms on Nursing: A Historical Overview.

This article examines the trends and trajectories of the nursing profession and healthcare practices in Israel from a historical perspective, following the enactment of the 1995 National Insurance Health (NHI) Law, which entitled every Israeli resident to healthcare services. Since then, Israel's health funds have become more competitive and services to patients have improved. Nurses in Israel have taken on new roles in the healthcare system, including working with professional colleagues to develop efficient teamwork that serves patients' needs. Nursing in Israel has also become increasingly academized, with all nursing training taking place in universities or academic colleges as of 2024. These changes mirror global trends in nursing and demand new thinking about the role of nurses, including how nursing can best serve patients and the wider healthcare system.

Does Provider Autonomy Work Well in Tanzania? Perspectives of Primary Care Facilities on Budget Execution under Direct Facility Financing and Factors Affecting Provider Autonomy in Singida Region

ABSTRACT Primary care facilities’ autonomy and the factors that influence it are understudied. Direct facility financing (DFF) is gaining popularity in low- and middle-income countries as a modality to finance primary care facilities. Tanzania has introduced DFF with the objectives of streamlining resource allocation, fostering fiscal decentralization, and granting autonomy to health facilities for enhanced service readiness and responsiveness. This study aims to contribute evidence on primary care facilities’ autonomy to execute DFF funds and the factors influencing this autonomy. Qualitative interviews and group discussions were conducted with health workers, managers, and community representatives from two councils to understand their perceptions of the autonomy of primary care facilities under DFF and remaining bottlenecks to effective budget execution. Data were analyzed using thematic content analysis to explore factors that influence facility autonomy to execute DFF funds. Primary care facilities are well informed on financial management and have adequate autonomy to execute DFF funds. However, several factors constrain their autonomy, including delays in funds disbursement, complex procurement and approval processes, rigid spending caps, restrictions on reallocations, and weaknesses in financial management capacity. DFF is a promising modality for health financing that supports health system goals. However, various challenges continue to hinder the autonomy of frontline service providers to fully execute DFF funds. To improve DFF budget execution, policy makers in Tanzania and elsewhere should consider reforms to better align public financial management and health financing.

The joint effect of earnings management and efficiency of cash management on firms’ financial well-being: evidence from Egypt

Purpose This study aims to investigate the association between earnings management and the efficiency of cash management as well as the extent to which this relationship affects a firm’s financial well-being (FWB). Design/methodology/approach Using fixed-effects models and quarterly financial statements of 178 nonfinancial firms, this study analyzes 3,376 firm-quarter observations listed on the Egyptian stock market from 2005 to 2019. Findings The empirical findings suggest that optimal cash holdings and cash holding excess increase with lower real earnings management (REM) of operating activities or higher accrual earnings management (AEM). This relationship positively impacts firms’ FWB but is negatively influenced by REM. Research limitations/implications This study’s findings have two key implications for standards regulators and decision-makers. First, the study reveals the link between opportunistic earnings management and cash management, emphasizing the need for stricter oversight in corporate governance to prevent risky long-term decisions. Furthermore, these findings suggest that regulators, specifically in emerging markets, should proactively develop policies to limit earnings management. Second, this study demonstrates how accounting discretion affects both earnings management and short-term working capital management, underscoring the potential erosion of stakeholders’ confidence when financial statements are misleading. Originality/value This study examines the impact of sales manipulation and overproduction on cash holdings. To the best of the author’s knowledge, this is also the first study to explore how managerial discretion over both earnings and excess cash holdings influences a firm’s FWB. This study provides new empirical evidence of the joint effects of managerial opportunism in earnings and cash management on a firm’s financial health.

Functioning of the Energy Sector Under Crisis Conditions—A Polish Perspective

In the context of the coronavirus pandemic and the armed conflict between Russia and Ukraine, energy security is essential to economic challenges nowadays. The basis for the proper operating of the energy sector is to ensure a stable supply of energy to end users and to secure finances of energy companies, so that they can operate sustainably in times of uncertainty. In our studies, we have addressed this issue with the main objective of assessing the state of energy security from the perspective of the stability of the financial situation of energy sector companies in the context of the global energy crisis and a sustainable energy future. Financial indicators and a canonical variable analysis were used to examine the financial situation of companies in the energy sector and to describe links between selected groups of energy companies. Such companies operating during political and economic instability did not record worse financial results than in the year 2018. It was found that in case-studied firms, total debt decreased and moreover, liquidity and return on assets improved. Companies have focused on securing their financial health and ensuring the stability of their energy supplies and the issue of the environmental impact of energy production has unfortunately become a secondary concern. Nevertheless, in the event of further crises, it is reasonable to assume that a focus on maintaining liquidity and generating profits for energy companies will be more important to companies than environmental challenges and the fight against climate change.

Pengaruh Rasio Likuiditas dan Rasio Solvabilitas terhadap Kinerja Keuangan Perusahaan Manufaktur (Sektor Makanan dan Minuman) yang Terdaftar di BEI pada Tahun 2022-2023

This study examines the impact of liquidity and solvency ratios on the financial performance of manufacturing companies in the food and beverage sector listed on the Indonesia Stock Exchange (IDX) for the 2022-2023 period. Amid global economic challenges, maintaining financial stability is crucial for the sustainability of business operations. The research employs secondary data from the financial statements of selected companies using a quantitative approach. The results indicate that, simultaneously, the Current Ratio (CR) and Debt-to-Equity Ratio (DER) significantly affect the Return on Assets (ROA). Higher liquidity ratios tend to improve financial performance, while solvency ratios play a vital role in determining a company's financial health. This study emphasizes the importance of financial statements as a tool for evaluating company performance and supporting strategic decision-making.

MANAJEMEN STRATEGI PENGELOLAAN TINGKAT KECUKUPAN MODAL, RESIKO KREDIT DAN LIKUIDITAS TERHADAP PROFITABILITAS LEMBAGA PERKREDITAN DESA (LPD) DI KABUPATEN TABANAN

The Village Credit Institution (LPD) plays a crucial role in building the economy in Bali, particularly in Desa Pakraman. The LPD functions as a non-bank financial institution that manages the financial potential of the village and provides loans to the community. This research aims to analyze the impact of capital adequacy, credit risk, and liquidity on the profitability of LPD in Tabanan Regency. The methodology used includes both quantitative and qualitative approaches, with data collection through financial reports of the LPD and multiple linear regression analysis. The research findings indicate that capital adequacy and liquidity have a positive effect on profitability, while credit risk has a negative impact. These findings are expected to provide insights into the profitability performance of LPD and serve as considerations for improving the financial health of institutions in Desa Pakraman, especially in Tabanan Regency.

Financial Ratio Analysis: A Case Study of Chaturbhujeshwar Janta Multiple Campus Nepal

This study conducted a financial ratio analysis to analyze the financial health condition and operational performance of CJMC, a QAA-certified community campus in Harion, Sarlahi, Nepal. The study was based on secondary data, and data were accumulated from the audit report of fiscal years 2075/076 to 2079/080. The primary financial ratios examined are the administrative expense ratio, government reliance ratio, personal expense ratio, current ratio, and net margin ratio. The results indicate a decline in the administrative expense ratios, indicating the effectiveness of cost control. However, the government reliance ratio fluctuates substantially, posing a threat to financial stability due to the campus’s dependency on changeable government financing. The personal expense ratio is quite volatile, peaking at 90.89 percent in 2077/078 and indicating that labor expenditures have significantly exceeded the university budget. The current ratio has continuously fallen, dropping below 1.0 in recent years which indicates liquidity issues. The net margin ratio shows financial volatility, with significant deficits in 2076/077 and 2077/078, followed by a rebound in 2078/079 and 2079/080. The research concluded that the campus has worked to improve its financial position. Otherwise, it may continue to face issues such as declining enrollment and unstable regular revenue and should be dependent on local government assistance. Diversifying revenue streams, enhancing cash flow management, and optimizing personnel costs are all strategic recommendations for long-term financial sustainability.

Enhancing Corporate Philanthropy Through Board Competency and Financial Health: Accelerating Progress Towards Sustainable

Objective: This study aims to examine the effect of board competency and financial health on corporate philanthropic activities in achieving SDGs. Theoretical Framework: The stakeholder theory stands out as providing a solid basis for understanding the context of philanthropic activities aimed at promoting Good Health and Well-Being (SDG 3), Quality Education (SDG4), Reduced Inequalities (SDG 10), and Climate Action (SDG13). Method: The population consists of 1,023 listed firms from 2018 – 2023. After excluding insufficient data on donation, the final sample consists of 391 firm-year observations. Results and Discussion: We found that board competency plays a significant role in the investment in philanthropic activities. Besides that, firms with higher profitability increase their investment in donations, and there is a tendency for firms to mask their solvency through donation activities to attract future investors. Research Implications: This research's practical and theoretical implications are discussed, providing insights into how the results can be applied or influence practices in philanthropy. Our study provides valuable insights for firms and stakeholders on the stability of the firms, which is crucial to determining the total philanthropic investment among firms. Originality/Value: This study is unique in that it examines the firm’s financial health concerning philanthropic charity donations.

A Study on Financial Risk Early Warning in Pharmaceutical Companies: The Case of Ruikang Pharmaceutical

This paper analyzes the financial data of Ruikang Pharmaceutical from 2021 to 2023 through the Z-score model. This calculation method makes the multivariate linear discriminant analysis method proposed by the American scholar Edward Eltman. This approach evaluates the financial health of a firm by combining multiple financial indicators in a weighted manner to arrive at a composite indicator, Z-score. Systematically analyze the operation status and bankruptcy of the enterprise, so as to evaluate the potential risks that the company may face in financial aspects, and warn the possible problems in advance, so as to help the enterprise take corresponding measures to avoid risks, improve the competitiveness and sustainable development of the enterprise, and ensure the financial health and stable development of the company. It can improve the ability of pharmaceutical companies to provide high-level and high-quality services, provide reasonable fund management programs for enterprises themselves, and meet the market demand. Through the calculation and analysis results, it can be seen that there are certain financial risks in Ruikang Pharmaceutical, and Ruikang Pharmaceutical has been on the edge of bankruptcy for three years. Finally, this paper puts forward the corresponding solutions and countermeasures to improve the vitality of the company and make it develop for the better.

DropStop

It is a student-centric initiative aimed at addressing the alarming issue of school dropouts. The platform focuses on identifying students at risk of discontinuing their education due to financial constraints, family issues, health challenges, or lack of access to quality learning resources. It provides a comprehensive support system, including financial aid, mentorship programs, remote learning opportunities, and mental health counseling. By leveraging data-driven insights and community involvement. It aspires to bridge the gap between students and educational resources, empowering them to resume and continue their studies seamlessly. This project envisions a world where every student, regardless of their circumstances, has the opportunity to fulfill their academic potential.

Investment Research on Individual Stocks in Large Research Industry Enterprises

As technology continues to develop, the influence of the technology industry on the market cannot be ignored. This study aims to explore the trends and fluctuations of key representative technology stocks, specifically focusing on Advanced Micro Devices (AMD), Oracle Corporation (ORCL), and Qualcomm Incorporated (QCOM). By meticulously analyzing the publicly available balance sheets and income statements of these companies, we will extract pertinent financial indices and conduct a comprehensive financial analysis. The analysis will include key financial metrics such as revenue growth, profit margins, return on equity (ROE), and debt-to-equity ratios, among others. These metrics will be used to evaluate the financial health and performance trends of each company over a specified period. Additionally, we will compare these metrics across the three companies to provide insights into their relative market positions and competitive advantages. The objective of this analysis is to furnish investors with a reliable and data-driven market analysis that can inform their investment decisions. By understanding the financial underpinnings of these technology giants, investors can better assess the potential risks and returns associated with investing in these stocks. This study aims to bridge the gap between financial theory and practical investment strategies, offering a valuable resource for both individual and institutional investors interested in the technology sector.

Carbon meets credit: enhancing corporate ratings using principal component analysis and Gaussian mixture models

This study integrates environmental factors, such as carbon emissions and climate-related risks, with traditional financial metrics to enhance corporate credit rating predictions for approximately 2,000 publicly listed Chinese firms. Utilizing Principal Component Analysis (PCA) for dimensionality reduction and Gaussian Mixture Models (GMM) for probabilistic clustering, the approach effectively addresses multicollinearity and captures nuanced financial-environmental relationships. The PCA-GMM framework not only improves predictive accuracy over traditional methods but also maintains high interpretability, making it suitable for complex risk profiles. Empirical results demonstrate that firms with lower carbon emissions and robust financial health receive higher credit ratings, providing valuable insights for investors and policymakers. This model supports sustainable economic growth in alignment with China’s dual carbon goals by highlighting the critical interplay between financial performance and environmental responsibility.

Analyzing Investment Strategies and Risk Management for US Tech Stocks

As the significance of tech stocks in the global market continues to rise, understanding their investment strategies and risk management becomes crucial. This paper explores investment strategies and risk management methods for US tech stocks, providing theoretical support and practical guidance for investors. We analyze three representative tech stocks: Powell Industries (POWL), NVIDIA (NVDA), and Vertiv Holdings Co (VRT), comparing their market performance and risk characteristics using various financial metrics. Our findings highlight that momentum investment strategies, particularly for high-growth stocks like NVIDIA, can yield substantial short-term returns, though they carry reversal risks. The study highlights the importance of individual stock selection and market sentiment on portfolio returns, as most market gains are driven by a small number of outperforming stocks. Effective risk management is critical, with a focus on idiosyncratic and liquidity risks, and hedge funds play an important role in dynamically adjusting strategies to maximize returns and control risks. Our study concludes that investors should balance growth potential with risk management, using a diversified portfolio and financial health indicators to effectively cope with the high volatility of technology stocks.

CREDIT RISK MANAGEMENT IN COMMERCIAL BANKS

The banking sector plays a vital role in the stability and growth of the economy by providing a secure environment for investors and customers, this security could be ensured by using one of the tools – CAMEL approach (this approach is well documented in various financial literature, regulatory guideline and academic paper), a robust frame work used by regulatory authorities to assess the performance and the stability of the institutions. By vigorously evaluating these CAMEL approach helps banks maintain sound practices, mitigate risk and foster trust among the stakeholders. This mainly focuses on five components – (1) Capital adequacy (2) Asset quality (3) management quality (4) earnings and (5) Liquidity. Provides a comprehensive and effective framework to ensure sound credit risk management. Implementing these insights can help commercial banks to achieve better financial health and resilience against economic shocks. KEYWORDS – Risk management, Financial health, Earnings and liquidity, Capital, CAMEL approach, Assets.

ANÁLISE DAS DEMONSTRAÇÕES FINANCEIRAS DAS EMPRESAS DE SANEAMENTO LISTADAS NA B3: UMA AVALIAÇÃO DOS ANOS 2019 A 2023

The present work aimed to evaluate the economic-financial situation of four large basic sanitation states in Brazil (CASAN, SABESP, COPASA and SANEPAR) concentrated in B3, using data from their balance sheets and projections of results from 2019 to 2023. It used a mixed methodology combining quantitative and qualitative analyses, investigating the impact of the new legal framework for sanitation (Federal Law 14,026/2020) and the COVID-19 pandemic on the financial performance of these companies. The analysis included the vertical and horizontal assessment of financial projections, as well as the calculation and interpretation of liquidity, debt, activity and profitability indicators. The results indicate that we will face significant challenges during the period, especially due to the pandemic and the implementation of the new legal framework. However, companies increased resilience and adaptability, with some improvements in their profitability and liquidity indicators. The analysis of financial projections is crucial for understanding the financial health and operational efficiency of sanitation companies, allowing the identification of strengths and weaknesses, opportunities for improvement and potential threats.

Leveraging Transactional Data for Analytics: Building Economic Indicators from Wire Transfers, Credit Card, and ACH Transactions

Traditional financial metrics for startup companies are often scarce due to the limited availability of public financial data. This paper proposes a novel approach to building leading economic indicators for startups by leveraging transactional data from wire transfers, credit card transactions, and Automated Clearing House (ACH) payments. These data sources provide rich, granular insights into the financial activities of startups, offering a proxy for their operational health and growth trajectories. The methodology involves clustering transactional data based on sender and receiver information to identify spending patterns. Outgoing transactions are categorized into key expenditure categories such as payroll, marketing, legal, computing, and operational costs. By analyzing the distribution and frequency of these expenses, this framework provides a comprehensive view of a startup's resource allocation and financial priorities. In addition, incoming transactions from various channels are used as a proxy for sales or revenue, enabling the development of dynamic indicators of financial performance. This approach bridges the gap in financial visibility for startups, providing timely and actionable insights into their economic activities. These leading indicators can serve as early warning signals of financial distress or as predictors of growth, offering immense value to investors, analysts, and policymakers. The study highlights the potential of transactional data analytics in enhancing transparency and decision-making in the startup ecosystem, paving the way for more robust analytical frameworks in a traditionally opaque domain. Index Terms: Transactional Data Analysis, Wire Transfers, Credit Card Transactions, ACH Payments, Startup Financial Health, Spending Patterns, Revenue Proxy, Data Clustering, Expense Categorization, Payroll Analysis, Marketing Expenses, Legal Costs, Computing and Operational Costs, Startup Growth Metrics, Financial Visibility, Early Warning Signals, Startup Ecosystem Analytics

CADRES' SENSE OF “HANDARBENI” IN MAINTAINING THE SUSTAINABILITY OF ACTIVITY GROUPS (PHENOMENOLOGICAL STUDY OF BKL CEMARA CADRES)

Among the challenges of Elderly Family Development (BKL) group activities is the issue of sustainability. Many groups are formed due to competition factors and stop activities afterwards. BKL Cemara Pondokrejo, Kapanewon Tempel Sleman Regency is able to maintain the sustainability of activities through the local wisdom of “handarbeni” or a sense of belonging. The purpose of this study was to obtain an in-depth description of cadres in building a sense of handarbeni so as to find ways to sustain the BKL group. This study used a qualitative approach with a descriptive phenomenological design. Through in-depth interviews, the data were analyzed using the Colaizzi technique to see the meaning of the role of cadres in managing BKL groups that underlie sustainability. The results of this study found that on the Back Stage, cadres experienced dynamics in maintaining group sustainability. The challenge of maintaining a sense of handarbeni is overcome from interpreting the role of cadres as a noble task to providing additional appreciation of financial benefits, recreation and periodic free health checks for administrators. In the Front Stage role, in their limitations, cadres try to appear cheerful, patient and polite in serving the elderly.

Driving green innovation: assessing the impact of environmental tax policies and green finance on heavily polluting industries

Purpose The purpose of this paper assess the impact of the green finance pilot reform on corporate green innovation, leveraging the establishment of the China green finance pilot reform in 2018 as a quasi-natural experiment. Design/methodology/approach This study investigates the effects of environmental policies on green innovation, utilising a substantial data set from Chinese A-share listed firms over the 2015–2019 period. Employing both double and triple difference models, it focuses on how tax reforms influence green patent filings among these firms. Findings The study confirms that environmental tax policies and green finance initiatives significantly boost green patent filings in pollution-intensive industries. Findings from the regression analysis show robust positive effects from these policies, supporting the idea that stringent environmental regulations can spur innovation by offsetting regulatory costs. Financial health indicators like asset logs and return on assets positively correlated with innovation, emphasising the importance of financial stability. In addition, increased RandD spending is linked to enhanced green innovation, highlighting that financial investment in research is crucial for overcoming innovation barriers. These insights are crucial for shaping policies that integrate sustainability into corporate practices. Originality/value This research contributes to the literature by highlighting traditional views on the economic burden of environmental taxes and demonstrating their role as significant drivers of innovation. It deepens insights into strategically optimising fiscal tools to promote environmentally sustainable economic activities. In addition, it offers a practical framework for policymakers to improve ecological outcomes through effective fiscal strategies.

Using Machine Learning CART Decision Trees for Predicting the Causes of Delays in Projects from the Construction Industry

Construction projects are complex endeavours, with potential obstacles that can cause delays which can have particularly profound implications potentially impacting on company’s financial health, business continuity and reputation. It is becoming increasingly recognised that delays are context-specific and multifaceted, requiring more industry-oriented perceptions. This work proposes the exploratory use of Machine Learning based on Classification and Regression Trees (CART) Decision Trees (DT) to assess the predictive analysis of these approaches, considering surveys (primary data) collected from 100 specialists with different backgrounds and experiences in the construction industry. Survey responses are discussed, followed by the CART DTs, which are used as predictor for clarifying underneath relationship among different variables in a project environment. The major issue presented is related to Project Design, with “The firm is not allowed to apply for an extension of contract period”, with two possible predictors, firstly, as the main factor it is found “Mistakes, inconsistencies, and ambiguities in specification and drawing”, while other aspect highlights “Poor site supervision and management by the contractor”. The results indicate that the correct use of Artificial Intelligence techniques with relevant data are potential tools to support the analysis of scenarios and avoidance of project delays in Project Management.

Strategic Insights into Bank Performance: CAMELS Analysis of Indian Banks

The banking sector is a cornerstone of the global economy, driving economic growth, financial sta-bility, and efficient resource allocation. Assessing the financial health and operational effectiveness of banks is crucial for maintaining the stability of the broader financial system. The CAMEL model, a well-established analytical framework, provides a comprehensive approach to evaluating key aspects of bank-ing performance, including Capital Adequacy, Asset Quality, Management Efficiency, Earnings Quality, and Liquidity. This model highlights areas for improvement and ensures a thorough assessment of a bank’s financial soundness. Extensive research has confirmed the model's applicability across various global contexts, including India, Nepal, Pakistan, Saudi Arabia, and Sri Lanka, consistently identifying asset quality, capital adequacy, and earnings as essential drivers of profitability. The model also reveals that private banks generally outperform public banks in most parameters. Moreover, the CAMEL model has proven to be a valuable tool in promoting financial inclusion, particularly through the analysis of Small Finance Banks, and its adaptability to emerging markets further underscores its relevance. Despite its broad applicability, gaps exist in the literature, particularly regarding the model’s adaptation to diverse regulatory environments and market dynamics. Addressing these gaps will enable more customized strategies for financial analysis and risk management, enhancing the resilience of the global banking system. This study aims to contribute to this discourse by exploring the nuanced use of the CAMEL model in assessing the financial performance of banks in varied contexts. The findings aim to offer ac-tionable insights for improving financial performance, managing risks, and fostering sustainable growth in the banking industry.