Leverage Value Research Articles

Understanding Digital Innovation from a Layered Architectural Perspective

Digitization of analogue everyday artifacts, i.e. when physical products are equipped with digital capabilities, has a profound impact on today’s society. Some examples of these digital innovations aimed at consumer markets are the “connected” car, the digitized television set, and in the near future, digitized IKEA furniture. Digital innovation provides endless opportunities for providing value adding products and services. However, in digital innovation there is a need to find new ways of organizing network activities, i.e. activities such as e.g. production and translation of knowledge and enrollment of actors. These activities need to embrace and build on the networked aspects and the complexity inherent to digital innovation. This requires network activities that can overcome challenges with the ambiguous and messy characteristics of digital innovation. In this thesis, I propose that the theoretical perspective of network orchestration can enlighten fruitful ways to address challenges that are encountered when organizing network activities in digital innovation. Inspired by practical challenges with digital innovation, as well as contemporary calls for research within IS, this thesis investigates: How can network activities be orchestrated in digital innovation? Two cases of digital innovation aimed at consumer markets are studied. The first case concerns the digitization of the newspaper. The second case regards the digitization of door locks. Literature about digital innovation is used to understand the context of the studied phenomenon. Furthermore, theories about network orchestration as well as activities in innovation are used as a theoretical framework to help answer the research question. The thesis is based on an interpretative perspective where a multi-method approach has been applied to address the research question. The contribution is divided into two different parts. The first part presents four categories of empirically derived network activities that address socio-technical challenges with organizing digital innovation. The second part is a proposed model detailing orchestration of network activities in digital innovation. The model is based around the four suggested categories of network activities: (1) Supporting flexible innovation networks, (2) Production and translation of layered architectural knowledge, (3) Addressing heterogeneous user communities, and (4) Harnessing generativity to leverage value. The categories of network activities can be viewed as building blocks for the orchestration process. By emphasizing both a proactive and a reactive way of orchestrating digital innovation, the model proposes a means for organizations to address the ambiguity and complexity of digital innovation.

Effect of Leverage, Profitability and Company Size on Tax Aggressiveness. (Empirical Study: Subsector Manufacturing Companies Food, Beverage, Cosmetics and Household Purposes Manufacturing Listed on the Indonesia Stock Exchange for 2014-2017)

The aim of this research to obtain empirical evidence about the leverage, profitability and size of firm to tax aggressiveness. Population of this research is the audited financial statements in manufacturing company food and beverage sub-sector and cosmetic sub-sector and household goods listed in Indonesia Stock Exchange in 2014-2017. Determination of the sample was done by using purposive sampling with the number of samples of 11 companies over a period of 4 years of consecutive observations so that the total sample of 44. This research data using SPSS version 21 with descriptive statistical test, classical assumption test, multiple linear regression analysis, hypothesis test The results of the research that has been processed shows that the significant value of leverage that is proxied using DER is 0.275, the significant value of profitability proxyed using ROA is 0.001, and the significant value of firm size proxied using LN is 0,000. And from the results of research show that leverage does not have a significant effect on tax aggressiveness, while profitability and firm size have an effect on the aggressiveness of tax

Analysis of the Influence of Restaurant Taxes, Advertising Taxes and Regional Lovies on the Original Income of South

The aim of this research to obtain empirical evidence about the leverage, profitability and size of firm to tax aggressiveness. Population of this research is the audited financial statements in manufacturing company food and beverage sub-sector and cosmetic sub-sector and household goods listed in Indonesia Stock Exchange in 2014-2017. Determination of the sample was done by using purposive sampling with the number of samples of 11 companies over a period of 4 years of consecutive observations so that the total sample of 44. This research data using SPSS version 21 with descriptive statistical test, classical assumption test, multiple linear regression analysis, hypothesis test The results of the research that has been processed shows that the significant value of leverage that is proxied using DER is 0.275, the significant value of profitability proxyed using ROA is 0.001, and the significant value of firm size proxied using LN is 0,000. And from the results of research show that leverage does not have a significant effect on tax aggressiveness, while profitability and firm size have an effect on the aggressiveness of tax

Financial inclusion accelerated: How real-time payments are bringing millions into the economic fold

When real-time payments were first launched, the potential impact on the financial industry was not very clear. Today, banks have developed new business models and innovation to leverage value for their customers. Real-time payments have also significantly impacted financial inclusion, giving the underbanked access to a variety of new products and services all enabled by real-time payments.

Pengaruh Kepemilikan Saham dan Leverage Terhadap Agresivitas Pajak Perusahaan

Many taxpayer in Indonesia did tax aggresiveness, especially corporate taxpayer of 80%. This is proven survey reported by IMF investigator in 2016, that Indonesia ranks 11th out of 30th countries on tax aggressiveness carried out by the company. Tax aggressiveness is an action to minimize tax burden by conducting tax planning which could be legal or illegal. Tax aggressiveness can measured with Effective Tax Rate (ETR). This research aimed to examine the effect of share ownership and leverage toward corporate tax aggressiveness. This population in this study is the listed manufacturing companies in Indonesian Stock Exchange in 2015 until 2017. The sample was determained by the nonprobability sampling method purposive sampling technique, so 33 maufacturing companies have been selected as research sample. Type of data used was secondary data obtained from www.idx.co.id. The method of analysis used is multiple regression analysis by using SPSS version 15.0. The result of research show that institutional ownership and public ownership have negative significant effect toward corporate tax aggressiveness. Managerial ownership and leverage have no effect toward corporate tax aggressiveness. Adjusted R Square value of institutional ownership, managerial ownership, public ownership, and leverage toward tax aggressiveness is 7,4%.

Editorial on Special Issue: “Global Trade Wars: A Case of Sino–US Trade War”

In the 21st century, trade has been recognized as the most significant vehicle for accelerating the pace of growth and development for a country, irrespective of developed or developing in particular, and global economy, in general. Accordingly, trade disputes and wars that have come out as the biggest issues for the global trading system are a matter of great concern. This is because the very purpose of creating World Trade Organization (WTO) is being defeated, that is “promotion of multilateral trading system”. Trade disputes and wars that are being combined with the “build up in leverage and higher asset unit values” may have emerged out as a deterrent to world trade and the same in turn may affect the existing global trading system to a greater extent. It has become sin-quo-non to have minimum possible trade wars among the major trading economies across the world. In the past decade, we have already seen that two contributory factors, namely leverage and asset prices, which were responsible for the 2008 crisis. The same situation has started coming up. Hence, the global leaders must pay attention on both the issues on war footing. Otherwise, the situation may become worse and out of control. It is an undisputed fact that world growth has been strong and sound during the last few years. However, on the one hand, the matter of concern for global players is how long it will remain strong and sound; on the other side, the persisting elevated asset price could be justified on the basis of strong and sound economic growth in general, world trade in particular, across the world.

The Importance of Occupational Self-Efficacy Moderation on the Organizational Cynicism Forms and Employee Task and Contextual Performance Relationships

The Importance of Occupational Self-Efficacy Moderation on the Organizational Cynicism Forms and Employee Task and Contextual Performance Relationships

Prediction of oil-water relative permeability in sandstone and carbonate reservoir rocks using the CSA-LSSVM algorithm

Relative permeability of multiphase flow through porous media plays a vital role in the petroleum industry, especially in enhanced oil recovery (EOR) processes. In this study, models were developed based on a combination of Least-Square Support Vector Machine and Couple Simulated Annealing (CSA-LSSVM) algorithm to predict oil-water relative permeability in sandstone and carbonate porous media. Comparing the model to thousands of experimental data resulted in overall squared correlation coefficients (R2) of 0.9866 and 0.9965, and minimum squared errors (MSEs) of 0.0014 and 0.000143 for Kro and Krw, respectively. In addition, Model predictions were found to agree excellently with experimental data. The results of CSA-LSSVM model were compared with some of the well-known mathematical equations including the Purcell, Burdine, Brooks and Corey, Corey, and some empirical correlations for predicting the oil-water relative permeability in a heterogeneous carbonate core sample. The models developed in this study outperform the mathematical equations and empirical correlations yielding an overall squared correlation coefficients of 0.9987 and 0.9994, and minimum squared errors of 0.0003 and 0.0049 for Kro and Krw, respectively. Finally, leverage value was introduced to analyze the whole dataset from which 19 points were diagnosed as possible outlier experimental data.

Origin based classification of crude oils by infrared spectrometry and chemometrics

Crude oil samples from different Iranian petrol resources in both, raw and mixture forms have been characterized by attenuated total reflectance mid infrared spectroscopy. Obtained spectra were classified by chemometric techniques to propose a method for geological based classification of crude oil samples. Totally 251 samples from 7 petrol fields and 3 mixtures were analyzed. Mean centering and principal component analysis (PCA) supported – leverage value based outlier detection were used as preprocessing approaches. PCA, cluster analysis and soft independent modeling of class analogy (SIMCA) were utilized to classify the spectra. Obtained results confirmed that SIMCA is a robust chemometric technique for origin classification of crude oil samples based on their IR spectra, while the mixture samples were also classified satisfactory in some cases. Root mean square error, method precision and regression coefficient for the prediction of origin of an independent validation set of 111 samples were 1.41%, 96.7% and 0.957 respectively.

A data-driven model for predicting the effect of temperature on oil-water relative permeability

Several empirical models have been proposed by scholars to capture the temperature’s impact on relative permeability for a specific rock/fluid system, often using very limited dataset of measured relative permeability values, which makes these models inapplicable to a wider range of rock-fluid characteristics. The current study presents a new data-driven model to predict the two-phase oil/water relative permeability over a wide range of temperature in unconsolidated sand and sandstone formations. We found that the carbonate rock systems have different characteristics and the reported high temperature relative permeability data for them is limited, which prevented us from including them alongside the sand systems. For developing the model, the Least Square Support Vector Machine (LSSVM) in the form of a supervised learning approach was implemented, in which the coupled simulated annealing optimization technique was employed for calculation of LSSVM hyper-parameters. To gather a comprehensive dataset for constructing the model, 626 experimental oil relative permeability and 547 experimental water relative permeability data points were obtained from the open literature. To identify the doubtful data points (the outliers) the method of Leverage Value Statistics was applied. The temperature (ranging from 21 to 200 °C), water saturation, oil viscosity (ranging from 0.42 to 1190 cP), water viscosity (ranging from 0.136 to 1.1 cP), and the absolute permeability (ranging from 152 to 95,000 mD) were used as the independent variables in the model. The statistical analysis of the obtained LSSVM for prediction of relative permeability demonstrated that the coefficient of determination, root mean square error, and average absolute error were 0.9987, 0.0111, and 5.36% for oil relative permeability and 0.9991, 0.0056, and 8.40% for water relative permeability. The comparison of statistical parameters of this model with other reported relative permeability models showed that this model is more reliable for estimating the oil and water relative permeability including its dependence on temperature and therefore it can be used for reservoir simulation studies, when experimentally measured data are not available.

Determinan Biaya Modal: Studi Pada Perusahaan Non-Keuangan

The cost of equity capital represents the number of expenses that must incur or must be paid to obtain capital either from debt, stock preference, ordinary shares, or retained earnings to finance corporate investment. This study aimed to examine the effect of voluntary disclosure, leverage and the market value of equity on the cost of equity capital. Samples in this research were 314 companies in the non-financial sector and were selected using purposive sampling method. The measurement used for the independent variables are voluntary disclosure, leverage, and market value of equity and dependent variable used cost of equity. Measures for control variable in this research is firm size. The results showed that only voluntary disclosure variables that significantly affect the value of equity capital, while the other two variables are not significant. DOI: 10.15408/ess.v8i2.7597

PENGARUH PERTUMBUHAN PENJUALAN, UKURAN PERUSAHAAN, DAN LEVERAGE TERHADAP PROFITABILITAS PADA PERUSAHAAN FOOD AND BEVERAGE BEI

Profit or corporate profits needed for the life of the company to gain profit. The purpose of this study is to determine the effect of sales growth, leverage, and company size on profitability. This research was conducted at Food and Beverage Company in Indonesia Stock Exchange period 2012-2016. Number of population as many as 16 companies, sample in this research as many as 11 companies with purposive sampling method. Data collection is done through secondary data. Analytical techniques conducted in this study using multiple linear regression method using independent variables of sales growth, leverage, and company size. Based on the results of the analysis found that the variable of sales growth, leverage, and company size simultaneously have a significant effect on profitability. This shows the increasing value of sales growth and size of the company and the declining value of leverage then profitability will increase. Partial sales growth has a significant positive effect on profitability. Partial leverage has a significant negative effect on profitability. The size of the company partially positively insignificant to profitability.

Constructing a multinationals' inclusive sourcing indicator for impacting farmer business models: application in cocoa cases.

Cocoa multinationals have committed themselves to source and use close to 100 percent sustainable certified cocoa beans, aiming to improve farmers' livelihoods. As their current sourcing strategy is aimed mainly at environmental sustainability, they need a different one. This study seeks to amend this by providing an inclusive sourcing indicator, representing the integral costs of certified cocoa beans, to leverage values to impact farmers business model in high value-adding supply chains. Because this indicator is explorative indicator the applicability has been explored in four cases in Ghana and the Ivory Coast from the literature. This study's findings call for a review of conventional sourcing models and certification schemes to anticipate the mainstreaming of sustainable sourcing and the improvement of farmers' livelihoods.

PENGARUH LEVERAGE DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SUB SEKTOR KIMIA YANG TERDAFTAR DI BURSA EFEK INDONESIA

The purpose of this research is to know the description of leverage, profitability and firm’s value and to determine influence of leverage and profitability to the firm’s value at Firm in Chemical Sub-Sector listed on the Indonesia Stock Exchange. The research design used in this research is library research. The analysis data technique used in this research are assumption classic test, qualitative and quantitative descriptive analysisThe result shown Ŷ = -0,055 + 1,502X1 + 6,689X2., Correlation coefficient of r = 0,463 and Rvalue of 0,214. The simultaneous test results Fcount>Ftable (5,051 > 3,25) or significant level obtained 0,011 < 0,05 means leverage and profitability have significant effect on the firm’s value at Firm in Chemical Sub-Sector listed on the Indonesian Stock Exchange. The t-test results show leverge has tcount>ttable (2,162 > 2,02619) or significance level 0,037 < 0,05, means leverage has significant effect on firm’s value at Firm in Chemical Sub-Sector listed on the Indonesian Stock Exchange. The t-test results that profitability to tcount>ttable (3,134 > 2,026) or significance level 0,003 < 0,05, means profitability has significant effect on firm’s value at Firm in Chemical Sub-Sector listed on the Indonesian Stock Exchange.The result of this research suggests management companies should still optimize the use of corporate funds and increase sales. And for the next researchers should use or add to other research variables. Keywords: Leverage, Profitability, and Firm Value

Pengaruh intellectual capital disclosure, kinerja keuangan, dan kepemilikan manajerial terhadap nilai perusahaan

The achievement of a value of the firm may effect positive impact, both internal and external's company (Debby, Mukhtaruddin, Yuniarti, Saputra, & Abukosim, 2014).This study aims to examine the effect of intellectual capital, financial performance, and managerial ownership on the firm value. The samples of this study are 30 companies listed in Indonesia Stock Exchange selected by using purposive sampling method. Data analysis method used is Multiple regression models. The result this study tested that intellectual capital disclosure have t statistics the biggest than t table (4,137 ≥ 1,652), leverage has t statistic the smallest than t table (-0,621 ≤ - 1,652), profitability has t statistic the biggest than t table (2,348 ≤ 1,652) and managerial ownership has t statistic the biggest than t table (2,157 ≥ 1,652). Base on hypothesis tested that the Intellectual Capital Disclosure, Profitability, and Managerial Ownership variable has Positive a significant effect on the Firm Value, whereas Leverage Variable significant no effect on the Firm Value Keywords:Intellectual capital disclosure, leverage, profitability, manajerial ownership and firm value

Introduction of IFRS 16 and its expected impact on the financial position of companies listed on the Warsaw Stock Exchange

The purpose of this paper is to answer the question about the expected changes in average EBITDA, financial leverage and total assets value that will take place after the introduction of IFRS 16, and wheth- er these changes will be the same for all companies - and if not, to what extent they will be different. The research was based on the sample of 172 companies listed on the Warsaw Stock Exchange, however, only in the case of 23% of them, the consolidated financial statements contained all the relevant infor- mation necessary to carry out the calculations. The calculations were based on 80 consolidated financial statements published for the years 2015-2016 prepared by 40 companies whose shares, at the time of conducting the research, were listed on the Warsaw Stock Exchange. The analysis used a division into companies from the following nine WIG indices: construction, chemistry, energy, IT, media, motoriza- tion, real estate, fuels and food. The research allowed a determination of the expected changes in EBITDA, financial leverage and total assets value, and presented differences in these changes between companies from the above indices.

Chinese write-down bonds and bank capital structure

In this paper, we use a structural model to investigate a bank capital structure that contains deposits, straight bonds, Write-Down (WD) bonds and equity. We first explicitly give the default boundaries and the values of a deposit, straight bond, WD bond, equity and bank asset, and then use a numerical example to demonstrate the relations among leverage, deposits, WD bonds and bank value. Our results show that value-maximizing banks select the ratio of deposit, straight bond and WD debt so that endogenous default is consistent with exogenous bank closure. The bank increases its leverage by swapping both deposits and straight bonds for WD bonds. And the issuance of WD bonds not only reduces the expected bankruptcy loss and credit spread of straight bonds, but also improves the bank value. This indicates that WD bonds do help to stabilize banks. We also study the role of deposit insurance and the Chinese Financial Stability Bureau (FSB), and give a closed-form expression for the fair insurance premium. Lastly, to check the robustness of our results, we do the sensitivity analysis and investigate the effect of three sets of exogenous parameters on bank capital structure: WD parameters, bank business features, closure rules and insurance subsidy, and obtain some practically significant implications.

DO FOREIGN OWNERSHIP, FINANCIAL LEVERAGE, INFLATION AND FIRM SIZE INFLUENCE TO FIRM VALUE ? EVIDENCE IN INDONESIA STOCK EXCHANGE

The aim of this study is to get empirical proof the influence of foreign ownership, financial leverage, Inflation, firm size and firm value of firms listed in Indonesia Stock Exchange (IDX). This study provides results on consumer, trade, service and investment, and miscellaous industry in IDX. This study uses fixed effect methode.This study uses E-Views to analysis the data. F test shows that high financial leverage, foreign ownership, inflation, firm size and sales growth is positively related to firm value. T test shows that high financial leverage is positively related to firm value. Moreover, High Foreign ownership is positively related to firm value. High inflation is positively related to firm value. High firm size is positively related to firm value. This study uses sales growth as control variable. The result shows that high sales growth is negatively related to firm value. This study expected that it can deliver information as references for stockholder, firm management, and goverment in making decision in foreign investment, Inflation and financial leverage.Keywords : Financial Leverage, Foreign Ownership, Inflation, Firm Value

The Effect of Pyramidal Ownership Structure to the Financing Policies and Firm Value in Indonesia: Cronyman as Moderating Variable

The research to examine the effects of ownership structures on financing policies and firm valuation. The populations are all listed companies in Indonesia Stock Exchange for period of 2013 and 2015. The sample selection technique used purposive sampling and resulting in a final sample of 72 listed firms. Empirical tests are conducted using multiple regressions and two stages least squares regression to test the simultaneous relationship between ownership structure, financing policies and firm value. The estimated results provide support for the hypotheses proposed that the separation of cash flow rights and control rights have led the use of excess leverage among pyramidal companies to preserve ultimate owner’s control. However, we failed to find a significant relationship between firm’s leverage and firm’s value. The conclusion is the simultaneounity relation between ownership structure, leverage and firm value appear that only the ownership structure significantly related with leverage and firm value. Also firm value and leverage ownership impact the ownership structure. Meanwhile, leverage does not appear to have a significant relation with the firm value, or the other way around.

Нетрадиционный подход расчета эффективности аграрной продукции

The purpose of the study is to substantiate some features of planning and analysis of the efficiency of crop production based on the coefficient of advance of the threshold of profitability, as well as the development of practical recommendations for their direct use by specialists of agricultural enterprises (a case study from Moldova). It is emphasized that the indicators of the efficiency of products in agriculture, such as profit per one hectare of crop land or one centner of production, can be calculated precisely without requiring data for crop yield and total production volume of cultivated crops. It is established that the indicators of economic efficiency of produced and realized production depend on the degree of removal (deviation) of the actual yield from the break-even point (profitability threshold). An indicator named as the break-even excess coefficient is used for evaluating the given degree of deviation. An inter-relationship between the value of the break-even excess and the indicators of profit per one hectare of land and one centner of production is determined. The given interrelationship is presented in formulas, in a table and on a graph. Based on the example of a specific agricultural enterprise the calculations of given inter-relationships for leading crop types are performed. In order to identify whether the given inter-relation is specific for the conditions of agricultural production in a particular enterprise, the calculations of analogous indicators are made for two neighboring enterprises likewise. Besides, the inter-relationship between the financial safety margin and operational leverage on the one hand and the coefficient of exceeding the break-even level on the other hand is presented. Our research will allow the professionals at agricultural enterprises to determine the degree of revenues per one unit of area or unit of production as well the values of financial safety margin and operational leverage across of all product nomenclature based on the values of coefficient of exceeding the break-even level.