Company Liquidity Research Articles

OPTIMIZATION OF INVESTMENT STRATEGY FOR THE ACQUISITION OF MEANS OF MECHANIZATION

The aim of the paper is to identify the optimal investment strategy of acquiring the means of mechanization of an agricultural enterprise. A suitable mean to meet the goal is the application of a multiperiodic optimization model, which is designed in the spreadsheet program Excel (including Solver). Objective function is represented by property maximization at the end of considered period via Net present value. The set of restrictive conditions is represented by the balance of production and financial factors, the balance of cost and production indicators, production and credit restrictions, as well as the conditions of securing the company's liquidity in each time period through positive cumulative cash flow and sufficient financial resources to cover capital investment and working capital. The comparison of NPV values ​​of individual variants of optimization models documents the logical consequences of the gradual optimization of plant and animal production, the time of acquisition of mechanization means without and with the limitation of credit resources and the time of loan repayment. The most suitable solution, with additional restrictive conditions for limited credit resources of up to € 50,000 per year, an interest rate of 6% and a repayment period of up to 7 years, is to procure a Vogel-nootHektor plow in the first year, Horch Pronto seed drills in the second, fertilizer spreaders Rauch in the third, a Fendt combine with a rape cutter and a pea straw crusher in the fourth year and a corn header in the fifth year. The resulting value of NPV represents the amount of € 343,922, while the required amount of credit resources in the first year is € 42,595 with a repayment period of 4 years, in the second year € 31,079 with a repayment of 3 years and in the fourth year € 48,284 with a repayment period of 7 years.

Analysis of Factors Affecting Underpricing Company Stock Prices at the Initial Public Offering (IPO) on the Indonesia Stock Exchange

This research purposes to determine an effect of ROA, ROE, DER, DAR, and CR to underpricing the company's stock price at Initial Public Offering on the IDX. The analysis uses multiple regression with the dependent variable underpricing stock prices at the time of the IPO, while the independent variables are ROA, ROE, DER, DAR and CR. The population in this study were companies that haved underpricing during the 2015-2019 period, while the sample used was 30 companies with the largest underpricing difference. The results showed that the variables ROA, ROE and CR had a significant effect on underpricing, while the variables DER and DAR had no effect on underpricing stock prices at the time of the IPO. This means that to invest more investors consider the return and company liquidity. Debt owned by the company is not a consideration for investors to invest.

ANALYSIS OF TIMELINESS OF FINANCIAL REPORTING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE

This study aims to analyze the factors that affect the timeliness of financial reporting in manufacturing companies in the transportation subsector listed on the Indonesia Stock Exchange for the 2016-2020 period, based on previous research, these factors are profitability, liquidity, solvency, and size. The type of research carried out is a quantitative approach. Hypothesis testing is carried out using binary logistic regression, which is used because there are variables used in the form of dummy (binary). Logistic regression consists of categories 1 and 0. The results show that profitability, liquidity, and company liquidity have no significant effect on the timeliness of financial statement submission. While solvency has a significant effect on the possibility of timeliness of financial statements.

The impact of tax changes on the liquidity of construction companies in the developing market

Studies to date show that taxes have a very high impact on company liquidity (Law & Yuen, 2019; Drogalas, Lazos, Koutoupis, & Pazarskis, 2019). The International Monetary Fund (IMF, 2022) shows the need to release tax procedures and their monitoring in the Republic of Kosovo. Kosovo law is such that it disables the timely liquidity of construction companies which has an impact on the reduction of construction companies’ projects. The main purpose of this paper is to describe the effects of changing the tax laws, namely the law on corporate income tax, personal income, and value-added tax (VAT) on the liquidity of construction companies in Kosovo. For this paper, we employ survey data collected from accountants and financial managers who through the questionnaire have reflected on the need to change the law on personal income, corporate income, and VAT. The models for measuring latent variables are structural equation models 1 and 2 (SEM1 and SEM2) and the ordinary least squares (OLS) models. The empirical results of the SEM1 and first OLS model (OLS1) reveal that the current law on corporate income tax and the law on personal income tax have negative effects on the liquidity of construction companies in the Republic of Kosovo and the empirical results from the SEM2 and second OLS model (OLS2) show that the current law on value-added tax has significant negative effects on the liquidity of construction companies in the Republic of Kosovo.

Fashion companies in Poland. The influence of COVID-19 on liquidity assessment

Abstract This article demonstrates the changes that have occurred in the fashion sector during COVID-19. It outlines the complexity of assessing the liquidity level of retail trade companies. Moreover, it gives an overview of the key information included in the financial statements of fashion companies and highlights key points crucial to determining the liquidity risk of these companies. The article also presents the results of two models; these were estimated using the Arellano–Bover / Blundell–Bond linear dynamic panel-data estimator. Results present the real impact of COVID-19 on the liquidity of Polish fashion and retail trade companies (measured by cash holdings or cash ratio) during the analysed period of time. The analysed data cover the 11 quarters from Q1 2019 to Q3 2021 and were obtained from the quarterly financial statements of the 108 public companies listed on the Warsaw Stock Exchange and NewConnect (Poland). The findings show that the fashion sector has lower liquidity than the broader retail trade sector. However, fashion companies during COVID-19 obtained higher cash ratios than retail trade companies. This article is a research-supported summary of the most important aspects of assessing the liquidity of fashion companies in light of the changes that have occurred in the industry due to the COVID-19 crisis.

Financial Performance and Prediction of Financial Distress in Food and Beverage Companies Listed on the Indonesia Stock Exchange

Bankruptcy risk is a risk that is avoided by all companies because it can have an impact on the liquidation of company. This study examines several factors that are thought to affect financial distress. Financial distress is measured by the Z-Score from Altman, while the factors that are thought to influence are liquidity as measured by the current ratio (CR), profitability as measured by net profit margin (NPM), leverage as measured by debt to total assets (DTA), and company growth is measured by sales growth. The population of this research are companies in the food and beverage sector on the Indonesia Stock Exchange as many as 32 companies with a sample of 27 companies using purposive sampling technique. Test the hypothesis using multiple regression analysis with a significance level of 0.05. The results show that liquidity and profitability have a significant effect on financial distress, while leverage and company growth have no effect on financial distress.

Determinants Of Audit Quality Among Consumer Goods Companies Listed On The Nigerian Stock Exchange

This study examined the determinants of audit quality among Consumer goods companies listed on the Nigerian stock exchange from 2009 to 2018. This study made use of secondary data obtained from fact books, annual reports, and account of selected consumer goods company under study. The relevant data were subjected to statistical analysis Pearson Correlation while the diagnostics test conducted were Multicollinearity, Autocorrelation, Normality, and Heteroscedasticity Test. The study’s findings showed that board size and company liquidity have a substantial positive influence on financial results, while audit fees, firm size, and audit committee meetings have a negative but non-significant impact. The study concluded that, since board size has a substantial positive effect on audit quality, the governmental body should track firms to ensure that the required board size is met as part of strategies to enhance audit quality among Nigeria’s publicly traded consumer goods companies.

ОСОБЛИВОСТІ ВИЗНАЧЕННЯ ФІНАНСОВОЇ СТІЙКОСТІ СТРАХОВИХ КОМПАНІЙ В УМОВАХ РЕФОРМУВАННЯ РИНКУ ФІНАНСОВИХ ПОСЛУГ

The insurance market of Ukraine is the second large in terms of capitalization among non-bank financial markets in Ukraine. The purpose of the study is the development of theoretical and methodological provisions and practical tools for assessing the insurance market financial stability. The financial stability of the insurance market is a dynamic characteristic of its functioning. It involves the ability of the market to reach the main goals of its development and ensure a sufficient risk coverage of economic entities and an effective system of redistribution of insurance risks. The regulator continues liquidation of insurance companies that do not provide any insurance activity. These measures have a positive effect on the financial stability of the insurance market of Ukraine in the long-term perspective. The level of financial stability of the insurance market is a complex con-cept and requires a comprehensive assessment. In the study, the structure of the integral indicator for assessing the financial stability of the insurance market includes such indicators as: the share of the most liquid and safe eligible assets, insurance reserves, the level of insurance payments, the volume of premiums be-longing to nonresident reinsurers. During the analyzed period, the value of the indicator reached its maximum in the III quarter of 2022, which indicates the highest level of financial stability of the insurance market of Ukraine during the analyzed period. In the 1st quarter of 2022, there was a noticeable failure of the financial stability of the insurance market of Ukraine, which relates to the conduct of economic activity in the conditions of the first shock since the beginning of the war in Ukraine. During the analyzed period, there was a tendency to increase the value of the integral indicator of the level of financial stability of the insurance market of Ukraine, which is a positive trend. Thus, the use of an integral indicator of assessing makes it possible to obtain a comprehensive description of the insurance market financial stability at a specific moment in time to identify points of the financial stability improvement.

Pengaruh Likuiditas Terhadap Kinerja Perusahaan Pada Perusahaan-Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2017-2019

Object of this research is manufacturing companies are listed on the Indonesia Stock Exchange (IDX) from 2017 to 2019. The data used is secondary data, in the form of annual financing reports of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2017 to 2019. The data used in this research are secondary data, in the form of annual financial reports of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2017. up to 2019. The purpose of this research is to determine whether the effect of current company liquidity is better in realizing company performance. This research used 194 manufacturing companies listed on the Indonesia Stock Exchange (IDX). The sampling technique was purposive sampling which resulted in a total of 189 companies as the research sample. This analysis uses multiple regression analysis and the significant value of the t-test results of each variable. This research is a quantitative with data processing using Statistical Product and Service Solution (SPSS). The results of this research indicate that the liquidity variable has a significant effect on company performance and company size has an effect as a moderating variable on the relationship between liquidity and company performance.
 
 Keywords: Liquidity, Firm Performance, Firm Size

Analisis Rasio Keuangan Sebagai Penilaian Kinerja Keuangan Perum Bulog Sub Divisi Regional Wilayah IV Maumere

This study aims to provide information about the financial performance of Perum Bulog Regional Sub Division IV Maumere in 2017-2019. The analysis was carried out by comparing the financial ratios of Perum Bulog Regional Sub Division IV Maumere with industry standards based on Kasmir. The financial ratios used are: Current Ratio, Quick Ratio, Debt To Asset Ratio, Debt To Equity Ratio, Net Profit Margin, Return On Investment, Return On Equity, and Total Asset Turnover. This research uses descriptive quantitative research methods. The calculation results show that the company's liquidity ratios in the form of current ratios and quick ratios have good financial performance. The average solvency ratio is below the industry standard and is in the good category, while in 2019 it is in the poor category because it is above the industry standard. Financial performance based on the profitability ratios reviewed using net profit margin is in poor condition, reviewed using return on investment has good financial performance because it is above standard, while in 2019 financial performance is not good because it is below standard, and reviewed using return on equity financial performance is good. Financial performance based on the company's activity ratio is in good condition, while in 2019 the company's condition is not good
 
 Keywords: Financial Ratios, Financial Reports, Financial Performance

Company liquidity as a reflection of receivables and payables management

Company liquidity as a reflection of receivables and payables management

Analisis Faktor Yang Mempengaruhi Likuiditas Pada Perusahaan Asusransi yang Terdaftar di Bursa Efek Indonesia

This study aims to examine the effect of Debt Ratio, Cash Flow Ratio, Capital Turnover Ratio on liquidity in general insurance companies listed on the Indonesia Stock Exchange 2017-2019. In recent years, the financial industry, especially the Indonesian insurance sector, has been faced with a number of problems that have caused insurance companies to experience problems in terms of liquidity and insolvency. Based on purposive sampling, the number of samples used in the study were 14 companies from 42 observation companies. Hypothesis testing using multiple linear regression. The results showed that the Debt Ratio and Capital Turnover Ratio had no effect on the company's liquidity. While the Cash Flow Ratio has an influence on the Liquidity of Insurance Companies listed on the Indonesia Stock Exchange

Faktor Yang Memengaruhi Struktur Modal Perusahaan Barang Konsumsi Tahun 2017-2019

This study was designed to examine the effect of profitability, liquidity, tangibility, non-debt tax shield, growth, firm size and firm age on the capital structure of consumer goods companies in 2017-2019. This study used a purposive sampling method which resulted in a sample of 36 consumer goods companies listed in the Indonesia Stock Exchange in 2017-2019 with a total of 108 data for 3 years. This study used secondary data in the form of corporate financial reports which can be downloaded through the website www.idx.co.id and the official websites of the related companies. The data processing technique is performed using panel data regression assisted by the E-views 10 software application. The results showed that profitability and liquidity had a negative effect on capital structure, while firm size had a positive effect on capital structure. Tangibility, non-debt tax shield, growth and company age had no effect on capital structure. The implication of this research is that investors and managers need to pay attention to the company's profitability, liquidity and firm size because it can affect the condition of the capital structure in the company.

An Analysis of Internet Enterprise Value Evaluation Method Based on ARIMA

With the rapid development of the times, the Internet has been deeply integrated into various fields, and many Internet companies have emerged at the historic moment, and economic activities such as mergers, reorganizations, acquisitions, issuance and listing, equity swaps, mortgages, bankruptcy and liquidation of Internet companies have also increased frequently. This has led to more and more value evaluation activities related to Internet companies, and the business model of Internet companies is different from traditional companies, so traditional corporate value evaluation methods cannot fully meet the special requirements of Internet company value evaluation. Therefore, we need to establish a sound Internet enterprise value evaluation system, and use more scientific and reasonable evaluation methods to ensure the interests of all parties to the transaction. Starting from the operating characteristics of Internet companies, this article analyzes the characteristics and difficulties of Internet corporate value evaluation, clarifies the effectiveness and limitations of the income method in Internet enterprise value evaluation, introduces the ARIMA model to improve the traditional income method and takes NetEase as an example. This method is applied to practice to verify its feasibility. So as to provide a scientific and reliable reference basis for Internet enterprise value evaluation.

Pengaruh Non-Performing Loan (NPL) dan Loan to Deposit Ratio (LDR) terhadap Kinerja Keuangan Perbankan

This study aims to identify whether financial ratios as measured by non-performing loans (NPL) and Loan To Deposit Ratio (LDR) have an effect on financial performance which is proxied by Net Interest Margin (NIM). The results of this study found that the level of bad loans or NPLs had a negative effect on financial performance. This is because the Bank's income does depend on the receipt of loan interest from the Customer. Meanwhile, LDR does not have a positive effect on financial performance with the assumption that a low LDR will cause the company's liquidity to increase and in the end it will also increase the quantity of idle funds which will have a direct impact on financial performance.

Recurrent Neural Network With Gate Recurrent Unit For Stock Price Prediction

Stock price prediction is a solution to reduce the risk of loss from investing in stocks go public. Although stock prices can be analyzed by stock experts, this analysis is analytical bias. Recurrent Neural Network (RNN) is a machine learning algorithm that can predict a time series data, non-linear data and non-stationary. However, RNNs have a vanishing gradient problem when dealing with long memory dependencies. The Gate Recurrent Unit (GRU) has the ability to handle long memory dependency data. In this study, researchers will evaluate the parameters of the RNN-GRU architecture that affect predictions with MAE, RMSE, DA, and MAPE as benchmarks. The architectural parameters tested are the number of units/neurons, hidden layers (Shallow and Stacked) and input data (Chartist and TA). The best number of units/neurons is not the same in all predicted cases. The best architecture of RNN-GRU is Stacked. The best input data is TA. Stock price predictions with RNN-GRU have different performance depending on how far the model predicts and the company's liquidity. The error value in this study (MAE, RMSE, MAPE) constantly increases as the label range increases. In this study, there are six data on stock prices with different companies. Liquid companies have a lower error value than non-liquid companies.

PENGARUH ARUS KAS DAN PERPUTARAN PIUTANG TERHADAP LIKUIDITAS PERUSAHAAN PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2016-2020

Penelitian ini bertujuan untuk mengetahui pengaruh arus kas dan perputaran piutang baik secara parsial maupun secara simultan terhadap likuiditas perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2016-2020. Jenis penelitian ini adalah penelitian kuantitatif. Data yang di gunakan dalam penelitian ini adalah data sekunder. Populasi dalam penelitian ini adalah sebanyak 26 perusahaan makanan dan minuman yang terdaftar Di Bursa Efek Indonesia. Pengambilan sampel menggunakan metode purposive sampling, dan sampel yang di peroleh untuk penelitian ini yaitu sebanyak 13 Perusahaan Makanan dan Minuman yang terdaftar Di Bursa Efek Indonesia periode 2016-2020. Teknik pengumpulan data dalam penelitian ini adalah studi kepustakaan dan Dokumentasi. Teknik analisis data yang di gunakan dalam penelitian ini menggunakan analisis regresi linear berganda, uji asumsi klasik dan Uji Hipotesis. Hasil penelitian ini adalah secara parsial Arus Kas dan Perputaran Piutang berpengaruh terhadap Likuiditas Perusahaan Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia periode 2016-2020. Secara simultan arus kas dan perputaran piutang berpengaruh terhadap likuiditas perusahaan makan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2016-2020.

The impact of the recession on the liquidity and activity ratios of top power transmission company: case of power grid corporation of India Ltd.

The impact of the recession on the liquidity and activity ratios of top power transmission company: case of power grid corporation of India Ltd.

A review of wave energy technology from a research and commercial perspective

Although wave energy prototypes have been proposed for more than 100 years, they have still not reached full commercialisation. The reasons for this are varied, but include the diversity of device operating principles, the variety of onshore/nearshore/offshore deployment possibilities, the diversity of the wave climate at various potential wave energy sites, and the consequent lack of convergence in technology and consensus. This distributed effort has, in turn, lead to a slow rate of progression up the learning curve, with a significant number of wave energy company liquidations and technical setbacks dampening investor confidence. Although a number of reviews on wave energy technology are already in the published literature, such a dynamic environment merits an up-to-date analysis and this review examines the wave energy landscape from a technological, research and commercial perspective.

Antecedents of Dividend Payout Among Listed Non-Financial Companies listed in Nairobi Securities Exchanges, Kenya

: The objective of this study was to establish the antecedents of dividend payout among listed non-financial Companies listed in Nairobi Securities Exchanges, Kenya, with four specific objectives; to establish the effect of profitability, capital expenditure, leverage and liquidity on dividend pay-out of listed non-financial companies in NSE. The study was founded on Modigliani and miller hypothesis, signalling hypothesis, birds in hand fallacy, Agency and clientele policy. Using correlation research design, the study examined the antecedents of dividend pay-out of listed non-financial companies listed in Kenya for the period 2008 to 2019. The result showed a positive and significant relationship between dividend pay-out ratio and profitability, liquidity and leverage. It also shows negative association between dividend pay-out and capital expenditure. It was concluded that capital expenditure significantly influences dividend paid out negatively. Interest payment for long term debt takes priority as a charge on the profit made by the company. An improvement of a company's liquidity would lead to a better compensation to shareholder inform of dividend distributions. Listed companies therefore are expected to pay dividends when the companies are performing well because otherwise shareholders may question the proceeding of the announced profit or results to signaling effect. Listed companies should arrange the financing of capital expenditure so as ensure shareholder remains at an advantage and enable the company to recover its cost on capital and expected returns.