List Of Companies Research Articles

The impact of disclosure characteristics of application texts on the Science and Technology Innovation Board listed companies

This paper studies the impact of disclosure characteristics of the application texts on the successful listing of companies on the Science and Technology Innovation Board. The application texts include registration statements, inquiry letters, and response letters. The disclosure length, fog index, and redundancy are the disclosure characteristics of these three types of application texts. In the empirical analysis, we select 273 companies that have applied for listing on the Science and Technology Innovation Board from June 19, 2019, to January 31, 2021, as the research sample. Among them, 214 companies were successfully listed, and 59 companies failed to go public. By extracting the disclosure characteristics of three types of application texts, we established a logistics regression model to study the impact of disclosure characteristics of the application texts on the successful listing of companies on the Science and Technology Innovation Board. The empirical results show that the fog index of both registration statement and response letter has no significant impact on the companies’ successful listing. The disclosure length and redundancy of the registration statement are positively related to the company’s successful listing, while the number of questions of the inquiry letter and the disclosure length and redundancy of the response letter are negatively related.

INTANGIBLE ASSETS IMPACT ON SUSTAINABLE GROWTH RATE OF ENTERPRISES IN THE REPUBLIC OF SERBIA

The digital economy unites a dual typology of resources in enterprises, which can be tangible and intangible. In the language of accounting, it is about tangible and intangible assets. Due to the involvement of digital technologies in companies, intangible assets or intellectual capital became prominent. The sustainable growth of companies in Serbia has great importance for both management and external stakeholders. The presented paper examines the impact of intangible assets, formatted with the VAIC model, on the Sustainable growth rate (SGR) of companies in Serbia. The selected list of companies refers to the most profitable industry sector of the Serbian economy, assessed according to the Serbian Business Registers Agency for 2018. In order to confirm the hypothesis, the synthesis method, the analysis method, and the correlation analysis method were used. There was a significant positive impact of intangible assets on the sustainable growth rate of enterprises and a negative impact of physical assets, which, however, is not statistically significant. Since no research has been recorded in our country that sheds light on the correspondence between intangible assets and SGR, the study has a strong practical significance for this purpose. These results represent at the same time a reference point for our economy and for future entrepreneurs on the way to intensive involvement of intangible assets in companies.

The Effect of Credit Risk and Liquidity Risk on Bank Stability

The purpose of this study is to determine the effect of credit risk and liquidity risk on bank stability. This study used the multiple regression analysis to determine the effect of credit risk and liquidity risk as the independent variables, with BOPO (Biaya Operasional Pendapatan Operasional), GDP (Gross Domestic Bruto), BI Rate as the control variables, on Bank Stability as the dependent variable. Using purposive sampling method to collected data from the list of banking companies in OJK (Otoritas Jasa Keuangan) from 2013 to 2017 consisting of 437 observations. The estimated results show that credit risk has a significant negative effect on bank stability, and liquidity risk has a significant negative effect on bank stability. Whereas in the control variable, GDP does not affect bank stability, BOPO has a significant negative effect on bank stability, and the BI-Rate does not affect bank stability. Keywords: Credit Risk, Liquidity Risk, Bank Stability.

Financial distress as a moderating variable of the influence of audit opinion and public accounting firm size on voluntary auditor switching

Purpose - This study aims to examine the effect of financial distress as a moderator of the effect of audit opinion and public accounting firm (KAP) size on auditor switching in companies listed on the Jakarta Islamic Index (JII) for the 2014-2019 period.Method - This study uses a sample of companies listed on the Jakarta Islamic Index (JII) for the 2014-2019 period. The number of companies sampled in this study were 12 companies. In this study, the researchers used a quantitative type of model and used the Statistical Package for Social Science (SPSS) version 16 for analyzing the data.Result - The results show that audit opinion and public accounting firm size have no effect on auditor switching, financial distress is not able to moderate the effect of audit opinion with auditor switching, and financial distress is not able to moderate the relationship between public accounting firm size and auditor switching.Implication - For stakeholders in motivating management to retain or replace auditors from various factors that are considered including audit opinion, public accounting firm size and financial distress.Originality - The object used in this study is a list of companies registered on JII. There is a 2-year additional period from the previous study, which was 4 years to 6 years. The measuring instrument for the financial distress variable used in this study is the Altman Z-score.

Dual-Class System of Capital Company Formation in the BRICS Countries

Purpose: this paper determinates the current level of penetration of the dual-class system of capital company formation in the BRICS group.Methods: are based on the use of methods of analysis, systematization, generalization. A comparative and synthesis methods have been also used to identify trends and patterns in the introduction of multi-voting shares in the BRICS group.Results: the dual-class system of capital company formation in Russia is practically not studied. The article reveals that in Brazil and Russia, despite the discussion of the possibility of distributing multi-voting shares, the legislation does not imply the possibility of using the dual-class system. This issue has not yet been discussed in South Africa.It has been identified that the main reason for the legislative permission for using multi-voting shares is the need to develop companies in the high-tech sector. Another reason is the massive listing of foreign high-tech companies on American stock exchanges, due to the possibility of using the dual-class system. This predetermined the introduction of amendments to the legislation of India and China, according to which companies in the high-tech sector that have not yet passed an IPO can use differential voting rights.It has been receiving that the Indian market is the only one where shares with differentiated voting rights are placed on the stock exchange. At the moment, three companies that passed the IPO before the amendments to the legislation use differentiated voting rights, but not upwards, but on the contrary – downwards: “four shares – three votes”. This characteristic determines the trading of such stocks at a discount.Conclusions and Relevance: harmonization of opportunities for the use of financial instruments in the BRICS market can strengthen the economic potential of states. Allowing the usage of multi-voting shares improves the business environment for high-tech companies and reduces the need for company founders to look for IPO opportunities in jurisdictions where a dual-class capital formation system is allowed.

Determinants of board diversity policy implementation by companies listed on the Warsaw Stock Exchange

Research background: Diversity management is one of the hot topic issues present in current public discussions. Board diversity requirements are quite new for Polish public companies. The companies listed on the Warsaw Stock Exchange have to publish a statement on the company's compliance with the corporate governance recommendations and principles included in ?Best Practice for GPW Listed Companies 2016?. This regulation is based on the 'comply or explain? principle, thus the company may decide whether to comply with every rule included in the code, but decision on not implementing one or more rules should be explained by the company. Some of the recommended rules regard the board (supervisory and management) diversity policy implementation, where diversity refers to such dimensions as gender, education, age and professional experience.
 Purpose of the article: This study aims to investigate determinants of board diversity policy implementation by domestic companies listed on the WSE. It also documents explanations provided by companies that do not apply board diversity policy.
 Methods: The research sample covers 268 non-financial domestic companies listed on the Warsaw Stock Exchange between 2016 and 30 November 2018. The companies? current reports on company compliance with the corporate governance codes and information issued on companies? websites were analyzed in order to identify those that announced implementation of board diversity policy. This study uses logistic regression analysis to identify the firm-level characteristics that may influence the implementation of board diversity policy.
 Findings & value added: This is the first study analyzing the drivers of board diversity policy implementation by Polish companies listed on the WSE. It shows that large companies, companies with larger management boards and companies with women acting as presidents of the supervisory boards are more likely to take actions seeking to achieve management and supervisory board diversity.

Merit, Karma, and Exchange: Chinese Buddhist Mountain Tourism Company Listings on the Stock Market

Abstract Since Mount Emei, one of the four famous Chinese Buddhist mountains, became associated with a publicly traded stock as a tourism company in 1997, other Chinese Buddhist sites in mainland China have announced plans for their own Initial Public Offerings (IPOs) in China’s stock exchanges. This has elicited sharp criticism by Chinese officials and citizens denouncing these actions as greedy and against the spirit of Buddhism. However, Chinese Buddhist institutions have always extensively engaged in commercial economic activities. Attributing IPO plans’ agency to Buddhists is not straightforward due to the conflict between state actors, who control local tourist development, with others in how to present a public Buddhist image. There are differences in class perceptions of these IPOs. Examining mountain gazetteers, news articles, and public finance records, I argue Buddhist economies of merit, karma, and exchange offer alternative lenses for understanding the epitome of contemporary capitalism: engaging the stock market.

Impact of Corporate Incentives of Finance Managers on Financial Performance of Public Listed Companies in Sri Lanka

In the context of improving financial performance of companies throughout the world, corporate incentives provided to finance managers with respect to enhanced employee performance is of paramount importance. However, this paper is based on the findings of public listed companies in Sri Lanka. Even though theories to satisfy and motivate employees through corporate incentives have been extensively studied, most researchers do have different views on major predictions on financial performance of listed companies. This paper aims to ascertain the adequacy and the level of corporate incentives of finance managers required to enhance financial performance of public listed companies in Sri Lanka. For the purpose of investigation, a quantitative study with the use of deductive method, using stratified random sampling technique consisting a sample of 200 Public Listed Companies out of a population of 306 was used. Both primary data sourced through questionnaires from the representative sample of the population and secondary data available in the annual reports of listed firms within last 5 years were used to conduct multiple correlation and regression analysis.
 The obtained results were relatively according to the literature developed in the study as expounded by Fredrick Herzberg under Two Factor Theory and also by Alderfer under ERG theory. The results indicated corporate incentives have a strong effect on financial performance and a strong relationship between corporate incentives with financial performance of listed firms. Corporate incentives in the context of factors of motivation were more effective than hygiene factors as explained by Herzberg and also by Alderfer which the theoretical framework was based upon in this study.
 This study recommended that public listed companies in the Colombo Stock Exchange should focus on intrinsic corporate incentives (factors of motivation) as emphasized by Herzberg than extrinsic corporate incentives (hygiene factors). This study implied that Human Resource practitioners, theorists, researchers and remuneration policy makers to consider requisite level of corporate incentives to formulate remuneration policies and procedures to mitigate, avoid and prevent discrepancies in incentive anomalies to motivate finance managers to gain successful financial growth.
 Keywords: Anomalies, Deductive Method, Financial Performance, Hygiene Factors, Sample Size

Evaluation of Materials Waste Reuse Methods on Construction Sites in Ibadan Metropolis, Nigeria

The construction industry is affected by the continuous generation of waste and poor waste management. Thus, waste management has become a major concern in the industry, as waste cannot be eliminated due to off-cuts of materials from the irregular shape, change in design during construction cause diverse waste. This study, therefore, assesses material that is prone to waste and identifies methods of reuse on construction sites. A pilot survey on registered building construction firms in which head-offices are located within the Ibadan metropolis was conducted based on the list of top construction companies obtained from the Bureau of Public Procurement in Oyo State, Nigeria. “Five” construction firms confirmed they practice waste management and shared their experience on worksites. A qualitative research approach was used to evaluate the objectives of the study. Content analysis and frequency were used as the basic analytical tool of the study. Results show that repurpose, remanufacture and salvage methods are proactive reuse methods to achieve low waste generated on construction sites. The study concluded that the use of reusable construction materials waste on construction sites will promote quality materials usage and save time taken to purchase new materials.

EFFECT OF MACROECONOMIC FACTORS ON TRADING VOLUMES OF MANUFACTURING AND ALLIED COMPANIES LISTED IN NAIROBI SECURITIES EXCHANGE

Purpose: The purpose of the study was to establish the effect of macroeconomic factors on stocks trading volumes of manufacturing and allied companies listed in Nairobi Securities Exchange. 
 Materials and Methods: The research adopted a quantitative descriptive design that focuses on nine manufacturing and allied companies listed in NSE and make up in the list of 25-share index companies. The nine manufacturing and allied companies were selected through purposive sampling techniques, where samples were selected based specific factors. The data used in the research was collected from Central Bank of Kenya, Nairobi Security Exchange and Kenya Bureau of Statistics. This research employed a panel data analysis using STATA software. Treasury bill rate was dropped from the model due to multicollinearity.
 Results: The analysis found that there was a negative relationship between inflation on trading volume, exchange rate had a negative correlation with stock trading, lending rate had a negative correlation with stock trading volume of manufacturing and allied companies listed in the Nairobi Stock Exchange. 
 Unique contribution to theory, practice and policy: The study recommends the government should initiate policies that will lower the lending rate in Kenya as lower lending rate may translate to higher stock trading volumes. Further studies should research on other factors affecting stock trade volume which may include the value of the stocks and the information size in the market.

Aplikasi Toko Sembako Online Berbasis Web Codeigniter (Study Case Pt Jtrust Olympindo Multifinance)

The outbreak of the covid-19 virus has caused many listing and funding companies to go bankrupt. J-trus group is one of the companies that has experienced the impact of covid 19, so that the company is able to survive, the company is looking for other ways to get additional income, namely by expanding the sale of basic necessities online, here the author provides a solution using a web-based application to realize this the. So the purpose of this paper is to design and build a PHP-based application with the Codeignither framework. The method uses the waterfall and the database uses a MYSQL database. The design includes Use Case Diagrams, Activity Diagrams, class diagrams. Testing the application with the Black Box testing method, functionally has been declared successful. And based on the test results using the System Usability Scale (SUS), a score of 71 has been obtained with a value above the average so that it can be accepted by users

Pengaruh Corporate Governance, Financial Indicators, Dan Ukuran Perusahaan Terhadap Financial Distress

This study aims to determine the effect of corporate governance, financial indicators, and company size on financial distress. Corporate governance in this study uses managerial ownership and institutional ownership indicators. For financial indicators using liquidity, leverage, and profitability. And the last one uses company size. The study took samples of manufacturing companies listed on the Indonesia Stock Exchange (BEI). The sampling method was nonprobability, and the sampling technique used purposive sampling. The data was collected using secondary data in the form of annual financial reports obtained from the official website of the Indonesia Stock Exchange, namely www.idx.co.id. The number of company lists that were processed was as many as 54 companies, and the number of samples that met the criteria for this study were 16 companies so that 80 observational data were obtained. The financial distress criteria in this study are measured using the interest coverage ratio. This study uses multiple linear regression as data analysis. The results of this study indicate that Managerial Ownership, Institutional Ownership, Liquidity, Leverage, Profitability, and Company Size have a significant influence on financial distress conditions. This study failed to prove the effect of managerial ownership, liquidity and profitability on the possibility of financial distres s.

Waves of the IPO market: The history and emergence

Subject. The article considers the phenomenon of clustering in the initial public offering (IPO) market. Objectives. The aim is to perform a critical analysis of literature on the IPO market behavior and determine the optimal moment of company's listing on stock exchange. Methods. The study draws on analytical methods of information gathering and processing, as well as the comparative analysis. Results. The paper summarizes results of works by researchers on the IPO markets clustering, defines criteria for successful listing on stock exchange, unveils a number of factors affecting the market dynamics. It also determines possible ways and indicators to predict the onset of the hot issue market for initial public offerings. Conclusions. Macroeconomic factors and investor sentiment explain the clustering of IPO markets. Given that the waves in this market are of short-term nature, the macroeconomic performance is an inaccurate indicator, when predicting the onset of waves of initial public offerings, as opposed to investor sentiment. Indicators, like the reversal of the stock market from recession to growth, positive market dynamics for three months, and a period of low imputed volatility may serve as indicators of the imminent onset of a wave of initial public offerings. A successful IPO of a company operating in a particular industry may lead to an increase in the number of transactions of similar companies from this industry, provided that the stock market continues to show a positive trend during the period, which is necessary to get ready for an IPO.

Influence of Audit Tenure, Audit Lag, Opinion Shopping, Liquidity, Leverage, and Profitability on Audit Going Concern Opinion (A Study on Manufacturing Companies Listing in Indonesian Stock Exchange 2015-2019)

Users of financial report need information as a basic for them to making decisions. Going concern audit opinion is a form of audit opinion that is given when there is great doubt about the entity's ability to maintain its survival within a reasonable period of time. This study aims to examine the influence of audit tenure, audit lag, opinion shopping, liquidity, leverage, and profitability of giving a going concern audit opinion. The sample on this study were manufacturing companies listed on the Indonesia Stock Exchange in 2015-2019. The reseach using purposive sampling method and processed using logistic regression analysis. The selected sample was 36 companies through predetermined criteria. The results of this study indicate that profitability and opinion shopping has a negative effect, leverage have a positive effect, while audit tenure, audit lag, and liquidity have no effect on going concern audit opinion.

THE EFFECT OF AGENCY COSTS, OWNERSHIP STRUCTURE, SIGNALING, INVESTMENT OPPORTUNITIES, SIZE, FINANCIAL LEVERAGE, AND PROFITABILITY ON DIVIDEND POLICY OF COMPANIES LISTED IN INDONESIAN STOCK EXCHANGE

The purpose of this research is to determine the effect of agency cost, ownership structure, signaling, investment opportunities, size, financial leverage, and profitability on dividend policies on public companies listed on the Indonesian Stock Exchange (IDX) period 2014 - 2019. This research sample uses the entire list of companies listed on the Indonesian Stock Exchange period 2014 - 2019. The data analysis method used is tobit regression. The results of this research analysis suggest that agency cost, ownership, investment opportunities, size, financial leverage, and profitability have a significant effect on dividend policy on companies listed in IDX period 2014 - 2019.

СОВРЕМЕННЫЕ ТЕНДЕНЦИИ РАЗВИТИЯ СКЛАДСКОЙ ЛОГИСТИКИ С УЧЕТОМ ПРИМЕНЕНИЯ ДРОНОВ

This article discusses the trend of using drones in various fields of application, in particular, the use of drones (quadcopters) in warehouse logistics. Today, this area of logistics is actively developing, the article provides a brief analysis of the development of the sphere in Russia and the world. An approximate calculation of the inventory speed using a quadcopter was made and an analysis of the solutions on the market was carried out. The article provides a short list of companies that either sell ready-made systems for inventory, or are working on new solutions in this area. In the article, a brief conclusion of this solution is made and an example of the further development of data in general is given, in particular, an example of the implementation of this system for integration into an existing warehouse system is considered, the main advantages of this solution are highlighted. An example of the technical implementation of a drone for performing tasks is given, as well as an example of such software for performing an autonomous flight operation inside a warehouse. Key words: quadrocopters, drone, inventory, warehouse, logistics.

The cyclical behavior of the IPO market: History and drivers

Subject. The article considers the phenomenon of clustering in the initial public offering (IPO) market. Objectives. The aim is to perform a critical analysis of literature on the IPO market behavior and determine the optimal moment of company's listing on stock exchange. Methods. The study draws on analytical methods of information gathering and processing, as well as the comparative analysis. Results. The paper summarizes results of works by researchers on the IPO markets clustering, defines criteria for successful listing on stock exchange, unveils a number of factors affecting the market dynamics. It also determines possible ways and indicators to predict the onset of the "hot" market for initial public offerings. Conclusions. Macroeconomic factors and investor sentiment explain the clustering of IPO markets. Given that the waves in this market are of short-term nature, the macroeconomic performance is an inaccurate indicator, when predicting the onset of waves of initial public offerings, as opposed to investor sentiment. Indicators, like the reversal of the stock market from recession to growth, positive market dynamics for three months, and a period of low imputed volatility may serve as indicators of the imminent onset of a wave of initial public offerings. A successful IPO of a company operating in a particular industry may lead to an increase in the number of transactions of similar companies from this industry, provided that the stock market continues to show a positive trend during the period, which is necessary to get ready for an IPO.

Value Creation of Real Estate Company Spin-off Property Service Company Listing

Abstract The paper took 12 groups of parent companies and subsidiaries as the samples, in which the property service companies, spun from the real estate companies, have successfully on the capital market. The research showed that the average abnormal return (AAR) of real estate companies’ stocks was positive on the first announcement date of possible spin-off listing, while the cumulative average abnormal return (CAAR) remained positive for 21 days during the (–11, 9) days around the first announcement of possible spin-off and listing. Further, the changes in operating performance of real estate companies and property service companies were analysed after the successful spin-off for 3 consecutive years, compared with the year before the spin-off and listing. The results showed that after the spin-off and listing, real estate companies and property service companies have greatly improved their performance. Therefore, the fact that real estate companies spun off property service companies created positive values for shareholders.

Assessing the factors of employees' intrapreneurial behaviour: an Indian context

PurposeThis paper evaluates the factors that help in enabling the intrapreneurial behaviour amongst the employees according to their importance. This study will evaluate the relationship between these factors and intrapreneurship. It will also provide a significant contribution in understanding what it takes to be among India's best companies.Design/methodology/approachThis study incorporates a quantitative approach where the data has been collected through the “Great Place to Work” Institute's list of top companies in India to work for. The final sample included 109 employees from 50 companies. Correlation and regression analyses are used for data analysis.FindingsThe results indicated that there is a positive and significant effect of the environment and organizational factors on intrapreneurship. Within the individual factors, management support in organizational factors and technological opportunities present in the market (environmental factors) are perceived as the most important factors for intrapreneurial activities. Additionally, “self-renewal activities” are considered as an important intrapreneurial activity for the respondents.Originality/valueThe results of this study are significant because the sample is taken of the companies already known for their workplace culture. This helped in cross-validating the results.

A financial statement fraud model based on synthesized attribute selection and a dataset with missing values and imbalanced classes

Many financial fraud events have occurred over the past few decades. These events have led to massive losses for investors. Hence, government officials have begun to focus on the problem and have issued several decrees (acts) on financial fraud. Many scholars have explored the factors of financial fraud, and although their results performed well, most studies have not generated a set of useful rules to support auditors. Furthermore, data on financial statement fraud usually constitute an imbalanced class problem, and previous work minimally addresses this problem. Therefore, this study, based on the handling of missing values and imbalanced classes, builds a detecting model of financial statement fraud. First, it utilizes listwise and pairwise deletion to remove missing values. Second, it proposes three merged attribute selection methods and applies a nonlinear distance correlation to select important attributes. Third, it applies undersampling and oversampling to address the imbalanced classes. Finally, it uses rule-based classifiers to generate a set of useful rules. In practice, this study employs a list of fraudulent companies to collect data on financial statement fraud. We summarize the results as follows: (1) the pairwise deletion removes fewer records than does listwise removal in handling missing values; (2) the merged attribute selection (Com_I4) has the best performance on the four evaluation criteria; (3) the oversampling can enhance accuracy, and has the lowest type 1 and type 2 errors; (4) the random forest of Com_I4 can build the optimal model of financial statement fraud in the pairwise deletion and random oversampling; and (5) the results show that the ensemble learning (random forest) is a robust model in this study. Finally, these results in this study can be provided to practitioners, investors, and auditing personnel as references.