Return On Sales Research Articles

THE INFLUENCE OF LIQUIDITY RATIO, PROFITABILITY RATIO, AND SOLVENCY RATIO ON COMPANY VALUE IN THE PROPERTY AND REAL SECTOR COMPANIES ESTATE IN INDONESIA STOCK EXCHANGE 2016-2017 PERIOD

This study aims to analyze the partial effect of the Current Ratio (CR), Operating Profit Margin (OPM), and Debt to Equity Ratio (DER) on firm value (PBV). Analyzing the simultaneous effect of the Current Ratio (CR), Operating Profit Margin (OPM), and Debt to Equity Ratio (DER) on firm value (PBV) in property, real estate, and building construction companies in the Indonesia Stock Exchange. The population in this study were all property, real estate, and building construction sector companies listed on the IDX from 2016 to 2017. In comparison, the sample of this study was determined by purposive sampling to obtain 19 sample companies. The type of data used is secondary data obtained from www.idx.co.id. This study uses multiple linear regression analysis to see the effect of each independent variable on the dependent variable. Based on the results of multiple regression analysis with a significance level of 5%, the results of this study conclude, simultaneously, Current Ratio (CR), Operating Profit Margin (OPM), and Debt to Equity Ratio (DER) have a significant effect on firm value (PBV). Partially Current Ratio (CR) and the Debt to Equity Ratio (DER) have a significant effect on firm value (PBV). While the variable Operating Profit Margin (OPM) partially has no significant effect on firm value (PBV).

Analisis Perbandingan Profitabilitas Perusahaan Jasa Sebelum dan Selama Pandemi COVID-19

This paper aims to find out how significant the comparison of company profitability is before and during the Covid-19 pandemic.The population in this study were all companies in the hospitality industry, restaurant and tourism sub-sector listed on the Indonesia Stock Exchange (BEI) for the period 2019 - 2020. The sample in this study used the purposive sampling method, namely companies that had complete financial reports for the 3rd quarter of 2019 and Quarter 3 of 2020, the number of samples of this study were 31 companies. The results prove that the Gross Profit Margin (GPM), Net Profit Margin (NPM), Operating Profit Margin (OPM), and Return On Asset (ROA) tested with the test wicoxon have a significant effect on the Covid-19 pandemic on GPM, NPM, OPM and ROA. The Return On Equity (ROE) analyzed using the mann whitney also experienced significant differences before and during the Covid-19 pandemic. That way there is a significant difference in company profitability as measured by GPM, NPM, OPM, ROA, and ROE, the hospitality industry, restaurants and tourism sub-sectors listed on the Indonesia Stock Exchange (IDX) before the Covid-19 pandemic and during the Covid-19 pandemic. It is hoped that this research can help investors and interested parties in responding to the Covid-19 pandemic.

AR-GE HARCAMALARININ FİNANSAL PERFORMANSA YANSIMASI: HAVACILIK SEKTÖRÜ ÖRNEĞİ

The aim of this study is to investigate the affect of R&D spending in the Turkish aviation sector on the financial performance of the sector. Three research models were established in the study covering the 2008-2021 period and analyzing annual sector data. The models use dependent variables; return on assets (ROA), return on equity (ROE) and return on sales (ROS), and independent variable; R&D intensity and control variables; financial leverage ratio, liquidity ratio and sector size. 14-year data of the aviation industry were analyzed with multiple linear regression analysis. As a result of the analysis, the R&D spending in the aviation sector had a statistically significant and positive affect on the financial performance of the sector. On the other hand, financial leverage ratio which were the control variables in the model, had a negative affect on the ROS of the aviation sector, while the liquidity ratio and the size of the sector had a positive affect on the financial performance.

Financial Performance of Life Insurance Companies of Nepal

This study aims to analyze the financial performance of life insurance companies in Nepal and examine the effect of operating efficiency on solvency margin position and operating profit margin of selected life insurance companies have been analyzed. The study revealed that a mixed result in terms of the degree of effect of financial performance on the operating efficiency. There are both significant and insignificant effects of solvency margin and operating profit on operating efficiency of both sample insurance company. There are still major hurdles to overcome in order for Nepal to realize the growth potential of its insurance industry. Research could be conducted on the growth in the written premiums accounted by insures. The design and methods were applied according to the research type which is descriptive analysis. The data was extracted from annual reports and Nepal Beema Sasthan office. The findings were completely based on the data and facts. Secondary data were collected for analysis from 2010/11 to 2020/21 to find the financial performance, descriptive and causal-comparative research designs was employed for analysis secondary data. Different statistical tools like; standard deviation, correlation coefficient, multiple regression analysis, etc. and financial tools like ratio analysis, solvency ratio, earning per share, total assets, return on assets, insurance premium were used to evaluate the secondary data obtained from secondary sources. The findings of the research have shown the overall calculated financial ratios are good enough for better financial performance of selected life insurance companies in Nepal.

COVID-19 AND THE PERFORMANCE OF ISLAMIC BANKS IN INDONESIA

Covid-19 has an impact on the profitability of Islamic Banks in Indonesia. Islamic banks' profitability in Indonesia tends to decline during a covid-19 outbreak. Although declining, the profitability indicators measured by Return on Asset and Net Operating Margin are more stable than Return on Equity. The average Return on Equity declined sharply in the fourth quarter of 2021. This study aims to analyze the determinants of the profitability of Islamic banks, including internal bank factors and macroeconomic indicators during the covid-19 outbreak. This study uses a quantitative approach with the fixed effect method. This study employs panel data from 8 Islamic commercial banks from 2020q1 to 2021q4. The results show that capital adequacy, disbursed financing, and operational efficiency has a negative and significant effect on the profitability of Islamic banks. Financing risk and bank size have no significant effect on the profitability of Islamic banks. Macroeconomic indicators such as economic growth, inflation, interest rates, and exchange rates have no significant effect on the profitability of Islamic banks. During the covid-19 pandemic, to increase profitability, banks need to reduce the capital and financing provided to customers. On the other hand, to increase profitability, Islamic banks need to reduce unnecessary costs so that income is not eroded. Macroeconomic indicators do not influence the performance of Islamic banks. This shows that Islamic commercial banks are more resistant to economic turbulence.

Determinants of cash conversion cycle in MENA countries

PurposeThis study investigates the determinants of the cash conversion cycle (CCC in the Middle East and North Africa (MENA) countries).Design/methodology/approachUsing the data of 395 companies from 10 countries in the MENA region for six years (2013–2018), the authors run dynamic panel regressions. The authors developed several models to examine the determinants of CCC and its components. The models included several control variables: firm, industry and country characteristics.FindingsThe results reveal that firm characteristics (e.g. operating cash flow, sales growth rate, operating profit margin, firm size and tangibility) affect CCC. The model in which CCC is a dependent variable produced more significant results than those which the components of CCC were dependent variables.Practical implicationsThe findings suggest that corporate managers when making their working capital management decisions should pay equal attention to the components of CCC and develop a comprehensive working capital management policy.Originality/valueTo the best of the authors’ knowledge, this is the first study to examine determinants of CCC in the MENA context in both country and industry details.

Comparative outcomes and cost of ambulatory PCNL in select kidney stone patients.

Limited hospital resources and access to care during the COVID-19 pandemic led us to implement a quality-improvement study investigating the feasibility, safety, and costs of same-day discharge after PCNL. The outcomes of 53 consecutive first-look PCNL patients included in a same-day discharge protocol during COVID-19 were compared to 54 first-look PCNL patients admitted for overnight observation. Control group had a similar comorbidity profile. Demographics, operative details, 30day outcomes and readmissions, complications, and cost were compared between the two groups. Same-day discharge and one-day admission post-PCNL patients did not have significantly different baseline characteristics. The study group were more likely to have mini-PCNL (81% vs 50%, p < 0.01). Operative characteristics including median pre-operative stone burden (1.4 vs 1.7cm3, p = 0.47) and post-operative stone burden (0.14 vs 0.18cm3, p = 0.061) were similar between the two groups. Clavien-Dindo complication rates were lower in the study group compared to controls (0 vs 7%, p = 0.045). Readmission rates (2 vs 4%, p = 0.569) and ED visits (4 vs 6%, p = 0.662) were similar between the two groups. Total cost ($6,648.92 vs $9,466.07, p < 0.01) was significantly lower and operating margin ($4,475.96 vs $1,742.16, p < 0.01) was significantly higher for the same-day discharge group. Percutaneous nephrolithotomy may be performed in select patients without an increase in short-term complications, ED visits, or readmissions. Patients undergoing mini-PCNL are particularly amenable to same-day discharge, however, standard PCNL patients should not be excluded from consideration. Avoiding overnight admission decreases total cost and increased hospital operating margin.

PERFORMANCE ANALYSIS OF ROE, ROA, BOPO, FDR AFTER CONVERSION TO NOM BANK NTB SYARIAH

This study aims to analyze the effect of the performance relationship, analyze thecontribution, and find out how long the shock period of each variable is; (1) BOPO, (2) FDR, (3)ROA, and (4) ROE against Net Operating Margin at Bank NTB Syariah. This study uses theTheory of Good Corporate Governance approach, then the data is processed using the VARVECM and ECM methods on the EViews 12 application. There are two analysis results in thisstudy, the first through the VAR-VECM analysis and the second through the ECM, the results ofthe VAR-VECM test in the equation model have not found a balance both in the long and shortterm, but on the other hand there are shocks experienced by the independent variables. NOMthrough the dependent variables BOPO, FDR, ROA, and ROE worth 60.93%, 9.83%, 7.54%, and4.74%. While the response level of the BOPO variable was positively responsive by 0.012992 bythe NOM variable and was stable in period 25, for other variables such as FDR, ROA, and ROEthe response fluctuated and did not experience value stability. In contrast to the results of theECM test where in this test the variables that have a long-term effect are the BOPO, ROA, andROE variables with the probability values of 0.000, 0.0081, and 0.0375 while for the short-termperiod the variables that have an effect are only the BOPO variable with a probability value that isworth 0.0341

An analysis of operating profit margin: a valuable tool for New Zealand dairy farmers

Operating profit margin (OPM) is a well-supported and easily interpretable parameter from the DuPont framework for understanding firm performance. It has not been widely applied in the dairy industry, despite its role in driving profitability, resilience and debt serviceability in low subsidy export-oriented farming systems. We analyse the drivers of OPM in depth for the first time on New Zealand dairy farms. We utilise a 10-year panel dataset developed by applying simulation methods to sample and population data, giving a representative picture of the industry. We group farms into quartiles of their long-run OPM performance and perform non-parametric Games-Howell testing to investigate differences between the groups. We then estimate individual and time fixed effects panel regression models for the entire sample and each quartile separately to examine the factors driving changes in OPM over time. We add to the limited literature on the factors driving changes in OPM over time.

Analysis of financial performance determinants: evidence from Slovak agricultural companies

Purpose. The purpose of the present study is to examine the determinants of the financial performance of the Slovak agricultural companies.&#x0D; Methodology / approach. Bibliometric analysis was applied to analyze the literature, the results of the review were visualized using VOSviewer software. Panel data regression analysis, which was carried out using the GRETL software, was chosen to be the main research method for analyzing the influence of determinants on financial performance measures. 527 Slovak agricultural companies’ activity over the period 2015–2019 was chosen as the object of the study. The analysis is carried out based on the publicly available financial information (financial statements, management reports, official company websites) and information available in the “FinStat” database. Regression analysis was performed according to four developed models based on the use of four different dependent variables (Return on Assets (ROA), Net Profit Margin (NPM), Return on Equity (ROE), Return on Sales (ROS)) and 10 independent variables same for all the models (Leverage, Long-Term Debt to Assets, Short-Term Debt to Assets, Debt to Equity, Capital intensity, Tangibility of Assets, Current Ratio, Size, Dummy variable for type of ownership, Dummy variable for legal form). Fixed Effects Method was chosen as an estimate panel data parameter on the base of F-statistics test, Breusch-Pagan test, and Hausman test use.&#x0D; Results. The obtained results confirm the hypothesis about the existence of a distinctive impact of financial performance determinants due to the availability of the specific environment and features typical for the Slovak agricultural sector. None of the independent variables applied has a significant effect simultaneously on Models 1–4. We observed a negative significant impact at the 1 % level of l_Size on ROA and ROE of the Slovak agricultural companies. CapInt also has a negative significant impact on NPM and ROE. DtoE is found to have a positive impact on ROE. The complete lack of influence of AsTang in determining financial performance was revealed. The used dummy variables (DVTO, DVLF) were excluded from the composition of Models 1–4 during the regression analysis due to the availability of exact collinearity.&#x0D; Originality / scientific novelty. The uniqueness of the present study is that we identify the impact of the financial performance determinants specifically for the Slovak agricultural companies considering the specifics of the Slovak agricultural market in the context of the current problems in the sector of the economy being investigated.&#x0D; Practical value / implications. The obtained results can be used to improve the management decisions of the Slovak agricultural companies, to critically evaluate the state policy in the agricultural sector in the Slovak Republic, as well as clarify the recommendations given by various institutions to improve this sector of the economy.

The Impact of Sustainability Performance on Financial Performance: Does Firm Size Matter? Evidence from Turkey and South Korea

This study investigated the effect of sustainability performance on financial performance in developed and developing countries. It also aimed to determine the moderator effect of firm size. The factor for sustainability performance was listed in the BIST Sustainability Index for Turkey and the Dow Jones Sustainability Korea Index for South Korea. ROE, ROA, ROS, and MV/BV were used as financial performance factors. Companies included in the KOSPI 100 index for South Korea and the BIST 100 index for Turkey were examined. Panel regression analysis and Generalized Method of Moments (GMM) analysis were performed to determine the effect of the past value of financial performance factors on their current value. The results show that the impact of sustainability performance on financial performance differs between South Korea and Turkey. In addition, the moderator variable has a significant effect only on ROA (return on assets) for Turkey and on ROE (return on equity) and ROS (return on sales) for South Korea. The results of the GMM analysis show that the past ROA and ROE values affect the current values statistically and positively for South Korea. For Turkey, the past ROE, ROS, and MV/BV (Market Value/Book Value) positively affect the current values. In addition to theoretical implications, implications for policy-makers and practitioners are also presented. Finally, this study provides significant insights for decision-makers and policy-makers to improve sustainability and corporate responsibility in financial and other similar settings.

Investigation of algorithms for suppressing xenon oscillations in a VVER-1200 reactor

This paper presents the results of numerical studies of various algorithms for suppression of xenon offset and power distribution oscillations in the core of a VVER-1200 reactor. The purpose of the research is to select an algorithm that minimizes the amount of liquid radioactive wastes during water exchange in the primary circuit of a nuclear power plant. For this, several algorithms for xenon oscillations suppression were considered. The first algorithm considered was an algorithm for suppression of xenon oscillations, which uses regulation due to AWP only, without utilization of any additional regulation. The second algorithm considered was an algorithm based on the use both AWP and boron regulation. In this algorithm suppression of xenon oscillations was carried out with the help of accelerated initiation of the work of the AWP by changing the boric acid concentration with constant second circuit pressure of the NPP and by utilization of the second control rods group. Last algorithm considered was algorithm based on the use of temperature control for accelerated initiation of the work of the AWP. In this algorithm, xenon oscillations suppression was carried out by changing coolant temperature at the reactor inlet caused by pressure change in the secondary circuit in the normal operation margins, and by involving the second group of control rods. It was shown that the best way to suppress xenon offset and power distribution oscillations in terms of minimization of radioactive liquid wastes amount is the algorithm with accelerated initiation of the AWP due to temperature regulation, with elimination of temperature regulation after minimizing of current axial offset value deviation from the nominal one.

Financial Health and Self-Sustainability of a Small European Football League: The Realities of Top-Flight Croatian Football

This study aims to evaluate the financial health of Croatian top division clubs, locate their primary source of funding, and assess their capacity for self-sustainability. To conclude the current financial condition and long-term (un)sustainability of Croatian club football, selected financial categories and ratios for HNL clubs from 2018 to 2021 were compared with UEFA benchmarks. The horizontal financial analysis results were presented in aggregate league- and individual club-level form and compared to other leagues, averages, and UEFA recommendations. The research revealed significant operating losses covered by net transfer income, unacceptable high wage-to-revenue ratios, and inferior operating margins. Financial stability should not be upheld only as a means to an end for UEFA licensing but for the long-term viability of every football club and the community in which it is embedded. A focus on long-term internal, organic development (i.e., investing in academies, infrastructure, technology, and human capital, as well as actively supporting young players in the first eleven) can yield an edge against more prosperous competition. Without it, top Croatian clubs will eventually realize that the stream of talented players will thin out and, with it, the golden vein that keeps them financially alive.

Efficacy and influencing factors of surgery combined with neoadjuvant chemoradiotherapy in the treatment of children with non-orbital head and neck rhabdomyosarcoma

Objective: To evaluate the efficacy and influencing factors of surgery combined with neoadjuvant chemoradiotherapy in the treatment of children with non-orbital head and neck rhabdomyosarcoma (HNRMS). Methods: Information from 45 children diagnosed as non-orbital HNRMS and subjected to surgery combined with neoadjuvant chemoradiotherapy in Beijing Children's Hospital affiliated to Capital Medical University from August 2017 to July 2021 was analyzed. The patients included 25 males and 20 females, aged from 1 to 17 years old. The primary tumor site, pathological subtype, clinical stage, risk group, therapeutic regimen, resection range and outcome of all cases were also collected. The survival curves were made using the Kaplan-Meier method and the potential prognostic factors were investigated by Cox regression analysis. Results: Fifteen (33.3%) of 45 children achieved negative surgical margin under complete tumor resection. The postoperative pathological results showed that there were 20 cases of embryonic subtype, 19 cases of alveolar subtype and 6 cases of spindle sclerosis subtype. The postoperative follow-up time ranged from 4 to 71 months, with a median of 26 months. During the follow-up period, 13 children died, among whom brain metastasis was the most common cause of death, accounting for 7/13. The 3-year overall survival rate was 67.6%. Multivariate analysis showed that non-embryonic subtype (HR=6.26, 95%CI: 1.52-25.87, P=0.011) and failure to reach R0 resection (HR=9.37, 95%CI: 1.18-74.34, P=0.034) were independent risk factors affecting overall survival rate. Conclusion: Surgery combined with neoadjuvant chemoradiotherapy can offer a good efficacy for children with non-orbital HNRMS. Non-embryonic subtype and resection without negative operative microscopic margins are independent risk factors for poor prognosis, and brain metastasis is the main cause of death in these children.

Low clock skew superconductor adiabatic quantum-flux-parametron logic circuits based on grid-distributed blocks

Adiabatic quantum-flux-parametron (AQFP) is a promising superconductor logic family exhibiting extremely low switching energy. Traditional excitation of AQFP circuits depends on a pair of ac sources (i.e., four-phase clocking), whose currents are propagated throughout the chip to excite and clock each gate sequentially. This scheme, however, produces a considerably large clock skew due to the long propagation of the current pair and will heavily limit the scalability of an AQFP circuit. In this work, a global clocking scheme for low skew AQFP circuits is proposed based on microwave H-tree excitation networks and grid-distributed blocks. The H-tree network starts with a single transmission line (TL) but is exponentially split to several levels of TLs by using passive splitters, creating multiple leaves at the final level. A large-scale AQFP circuit can thus be distributed into several local blocks and clocked synchronously by the split currents from these leaves. Therefore, the accumulation of clock skew is limited to a small value only within each local block. For validation, a test circuit comprising four blocks with data interconnections between each other, and a 1-to-4 H-tree excitation network is demonstrated, where we obtain correct operation and wide excitation margins at gigahertz frequencies. The proposed clocking scheme is advantageous for the realization of very large-scale adiabatic superconductor logic circuits in the future.

A Two-Tier Superstructure Model for Optimization of Microalgae-Based Biorefinery

Microalgae have attracted great research interest as a feedstock for producing a wide range of end-products. However, recent studies show that the tight processing integration technology for microalgae-based biorefinery makes production less economical and even has a negative impact on sustainability. In this study, a new two-tier superstructure optimization design methodology is proposed to locate the optimal processing pathway. This model is developed based on the decomposition strategy and the relationship-based investigation, coupling an outer-tier structure with an inner-tier structure, wherein the outlet flows of the middle stages is relaxed and then an appropriate level of redundancy for designing the processing is provided. Two scenarios are developed to compare the most promising biorefinery configurations under two different design option favors. By solving the mixed integer nonlinear programming model with the objective functions of maximizing the yield of the desired products and maximizing the gross operating margin, the optimization results obtained show the ability of this framework to provide the promising configurations and cost-effectiveness of microalgae-based biorefinery. Compared with Scenario 1, the optimized solutions in Scenario 2 feature a gross operating margin increase up to 27.09% and an increase in product yield up to 25.00%. The proposed method improves the original huge computing scale and ensures economics without simplifying the processing pathways.

TÜRK ENERJİ SEKTÖRÜNDE ÇALIŞMA SERMAYESİ VE FİNANSAL PERFORMANS ARASINDAKİ ETKİLEŞİM: SWARA, AHP VE TOPSIS YÖNTEMLERİYLE KARŞILAŞTIRMALI BİR ARAŞTIRMA

Türk enerji sektörünün gelişimi, Türkiye’de cari açık sorunun yönetilmesi ve enerjide dışa bağımlılığın kontrol altına alınabilmesi açısından büyük önem taşımaktadır. Sektörde özellikle 2000’li yıllardan itibaren yürütülen politikalarla teşvikler artırılmış ve özel sektörün önündeki engeller kaldırılmaya çalışılmıştır. Bununla beraber, enerji alanında gerçekleştirilecek olan faaliyetler ve yatırımların maliyetlerinin yüksekliği, sektörel ve ekonomik belirsizliklerin yüksek oluşu, karar verirken çok yönlü düşünmeyi zorunlu kılmaktadır. Çok kriterli karar verme yöntemleri bu noktada önemli bir destek unsurudur.&#x0D; Bu çalışmanın amacı, Türk enerji sektörünün finansal performansını çok boyutlu olarak ortaya koyabilmektir. Çalışmada, BIST enerji sektöründe faaliyet gösteren işletmelerde finansal performans ile çalışma sermayesi düzeyi arasındaki etkileşim, AHP, SWARA ve TOPSIS yöntemleriyle karşılaştırmalı olarak değerlendirilmiştir. 2014-2020 dönemi için yıllık mali tablolarına düzenli olarak erişilebilen 8 şirkete ait, cari oran, nakit oran, ticari alacak tahsilat süresi, ticari borç ödeme süresi, kaldıraç oranı, kısa vadeli yabancı kaynak–aktif oranı, aktif kârlılığı, mali rantabilite ve iş rantabilitesi göstergeleri, uzman görüşleri de dikkate alınarak analiz edilmiştir.&#x0D; Bulgular; şirketlerin sıralamasının seçilen yönteme göre değişkenlik gösterebildiğini ortaya koymaktadır.

Reference class selection in similarity‐based forecasting of corporate sales growth

AbstractThis paper proposes a general method to handle forecasts exposed to behavioral bias by finding appropriate outside views, in our case corporate sales forecasts of analysts. The idea is to find reference classes, that is, peer groups, for each analyzed company separately that share similarities to the firm of interest with respect to a specific predictor. The classes are regarded to be optimal if the forecasted sales distributions match the actual distributions as closely as possible. The forecast quality is measured by applying goodness‐of‐fit tests on the estimated probability integral transformations and by comparing the predicted quantiles. The method is out‐of‐sample backtested on a data set consisting of 21,808 US firms over the time period 1950–2019, which is also descriptively analyzed. It appears that, in particular, the past operating margins are good predictors for the distribution of future sales. A case study compares the outside view of our distributional forecasts with actual analysts' forecasts and emphasizes the relevance of our approach in practice.

Estimation and sensitivity analysis of operational intervention levels for the early phase of radiological emergencies involving radioactive releases

Radiological emergencies involving any likely atmospheric release of radioactive material in the public domain are quite a challenge to respond to and manage. Such conditions require a quick and confident response. One such response involves using pre-planned operational intervention levels (OILs) to trigger certain protective actions or groups of actions. OILs are typically derived for nuclear emergencies, whose values cannot always be directly used in a radiological incident. Therefore, in this study, OILs were derived for the early phase of a radiological emergency involving ground- and skin-deposition exposure scenarios. The methodology is an adaptation of an internationally recommended method for nuclear emergencies, with modifications to suit radiological incidents. The derived OILs for the radiological emergency were compared against the internationally recommended values to attest their adaptability. Nominal range sensitivity analysis was performed over 14 factors used in the methodology, which provided broad insights into their influence. Moreover, exhaustive sampling of the extreme values of these factors helped to derive operational margins for the OILs to cover all possible scenario variations. Based on this analysis, generic OILs for the early phase of a radiological emergency are proposed, such that the projected doses are well below the respective generic criteria, ensuring justification on radiological grounds.

JOURNEY TO NON-FINANCIAL REPORTING AND EVALUATION OF THE IMPACT OF COMPANY PERFORMANCE ON NON-FINANCIAL REPORTING: A RESEARCH ON BIST 50 COMPANIES

Paydaşlarıyla etkileşimi iyi olan işletmelerin, hedeflerine ve amaçlarına çok daha hızlı ulaşması mümkündür. Bu etkileşimin sağlanabilmesi için işletmeler tarafından hazırlanan raporlar büyük bir öneme sahiptir. Finansal konularla ilgili olarak işletmeler düzenli dönemlerde finansal tablolar hazırlamakta ve bu tabloları bilgi kullanıcılarına sunmaktadır. Ancak günümüzde, işletmelerin etkileşim içerisinde bulunduğu tarafların sosyal sorumluluk bilincinde bir artış yaşanmıştır. Bunun bir sonucu olarak sadece finansal bilgilerini açıklayan işletmelerin raporları yetersiz görülmeye başlanmış ve işletmeler finansal raporların yanı sıra finansal olmayan raporlarda hazırlamaya başlamışlardır. Bu noktada, finansal olmayan bilgilerle finansal performans arasında bir ilişki olup olmadığını incelemek büyük bir merak konusu haline gelmiştir. Bu merakı bir nebze de olsa giderebilmek için bu çalışmada, 2014-2019 yılları arasında (6 yıllık dönem) BIST 50’de listelenen şirketlerin finansal yönden güçlü olmalarıyla, finansal olmayan raporlama arasında bir ilişki olup olmadığı araştırılmıştır. Bu amaçla yapılan Panel Regresyon Analizi sonucunda, finansal olmayan raporlamayı büyük ölçüde “Esas Faaliyet Kar Marjı”, “Borç/Özkaynak Oranı”, “Kısa Vadeli Borç/Toplam Borç”, “Aktif devir Hızı” ve “İşletme Büyüklüğü” değişkenlerinin olumlu etkilediği tespit edilmiştir. Ayrıca, finansal olmayan raporlamayı “Cari Oran”, “Net Kar Marjı”, “Aktif Büyüme” ve “Alacak Devir Hızı”nın olumsuz etkilediği sonucuna ulaşılmıştır.