Profitability Performance Research Articles

Design and Implementation of Extremum-Seeking Control Based on MPPT for Dual-Axis Solar Tracker

The increase in the production efficiency of photovoltaic technology depends on its alignment in relation to the solar position. Solar tracking systems perform the tracking action by implementing control algorithms that help the reduction of tracking errors. However, conventional algorithms can reduce the life of actuators and mechanisms due to control action, significantly reducing operation times and profitability. In this article, an unconventional control scheme is developed to address the mentioned challenges, presenting the design and implementation of an extremum-seeking control to perform maximum power point tracking for a two-axis solar tracker instrumented with a solar module. The proposed controller is governed by the dynamics of a classic proportional-integral scheme and assisted by sensorless feedback. Also, it has an anti-wind-up-type configuration for the integral component and counts with a variable amplitude for the dither signal. The proposal is validated experimentally by comparison between a fixed system and a two-axis system in azimuth-elevation configuration. In addition, two performance indices are defined and analyzed, system energy production and tracking error. The results show that the proposal allows producing up to 27.75% more than a fixed system, considering the tracker energy consumption due to the tracking action and a pointing accuracy with ±1.8° deviation. Finally, an analysis and discussion are provided based on the results, concluding that the proposed algorithm is a viable alternative to increase the performance of tracked photovoltaic systems.

ASSESSMENT OF THE INFLUENCE OF STAKEHOLDERS IN THE DEVELOPMENT OF LITHUANIAN AIRPORTS

Air transport is the only way to reach Lithuania from abroad in the short and medium term. Despite a well-developed road network in the country, connections to other European capitals are long and inconvenient. 2014 July. Vilnius, Kaunas and Palanga airports were merged into one state-owned company, Lithuanian Airports (LTOU). Since then, the efficiency and overall profitability of LTOU operations have increased significantly. However, maintaining the airport’s current infrastructure is costly and needs upgrading and further investment. The company has repeatedly asked itself whether it can get more benefits by building one new Lithuanian airport or focusing on developing the existing three airports net. Stakeholders’ views and recommendations should be heard to make timely and appropriate decisions without a new airport’s technical and financial feasibility. An in-depth interview and secondary data analysis were selected for the empirical study. Thirteen employees of SE Lithuanian Airports and three of the Ministry of Transport and Communications of the Republic of Lithuania participated in the research. The following was used to analyse secondary data: SE Lithuanian Airport strategic plan, the material of strategic sessions, and a survey of the country’s population on the need for a new airport. The study found that stakeholders positively assess the long-term development projects of SE Lithuanian Airports, fully understanding the importance of airports and their contribution to the welfare of the state. Stakeholders can significantly impact results, so airport managers must consider whether they effectively involve stakeholders and, if not, how they can improve or encourage stakeholder involvement.

Elasticity of environmental, social, sustainable and management stocks: an analysis of market breakdown, technology and growth while COVID-19 pandemic

ABSTRACT The COVID-19 pandemic and subsequent eradication precipitated a rare and unexpected stock market crash. Consequently, the crisis presents a unique chance to evaluate Environmental, Social, Sustainable, and Management (ESSM) policy choices. The contribution of this study is to demonstrate the application of the investment horizon of ESSM concerns and investment decisions, technology and growth and shows the significance of the long-term perspective in ESSM investment decision making. During the period of January 2020 to December 2021, stocks with higher ESSM ratings had significantly greater returns, less return arbitrariness, and bigger operational profit margins. ESSM ventures with more advertising expenditures had higher stock returns, but investors with a greater predisposition for ESSM saw less return arbitrariness during market crises. This study emphasizes the importance of investor and consumer loyalty to the elasticity of ESSM stocks.

Governing the Ungovernable? Conceptualising embeddedness in Ghana's gold mining sector

The term “artisanal” refers to primitive, non-industrial, or pre-industrial handicrafts. Because they contribute less revenue to state agencies, produce lower mineral export volumes, apply less sophisticated technologies, frequently violate mining certification and licensing arrangements and/or evade state oversight, artisanal and small-scale mining (ASM) activities are typically viewed less favourably by host governments than large-scale mining. Despite commitments to render ASM governable, formalisation practices overlook specific dynamics in the sub-sector: notably, the increasing uptake of advanced technologies, its multi-actor nature, and its untold capacity to create employment opportunities and provide adequate raw materials for the domestic jewellery industry. Moreover, unsanctioned mining activities persist despite formalisation efforts. Based on an extensive qualitative study and institutional-level interviews, this article highlights the inevitable complementarities between large-scale mining and ASM. It reveals collaborations between diverse formal and informal actors and institutions that enable and constrain responsible mining in Ghana. It also shows how ASM, and large-scale mining interdependencies maintain each mining scale's operational efficiency and profitability, contributing to this blurring. To grasp the governance challenges in Ghana's gold mining sector, we introduce the “mining-scale embeddedness” framework, focusing on institutional, operational, and actor levels of embeddedness to elucidate dilemmas surrounding gold mining governance.

Distribution network voltage control considering virtual power plants cooperative optimization with transactive energy

The integration of massive distributed energy resources (DERs) brings new challenges for the distribution networks (DNs) operation control. To control DERs effectively, virtual power plants (VPPs) are introduced into DNs. Conventionally, the control strategy of VPPs is formulated as an optimization model without considering voltage control and transactive energy (TE) in DNs. In this article, multiple VPPs cooperative optimization with TE is studied and cast as a nonlinear programming model. It aims to optimize the voltage control of DNs and the operation profits of VPPs. To dynamically capture the optimal operation state of VPPs in DNs, the distribution locational marginal pricing and DN partition are incorporated into the model. In general, this type of model is computationally challenging and mainly solved by approximate algorithms with low efficiency. Recently, multi-agent deep reinforcement learning (MADRL) is emerging as a scalable and promising data-driven approach. We propose an augmented MADRL solution to this problem. In the training stage, one soft actor-critic learning agent augmented by parameter sharing strategy is employed to simultaneously capture the state-action patterns of multiple VPPs. The prioritized experience replay technique is applied to improve learning efficiency and speed. Numerical test results demonstrate the superiority of the proposed method over benchmark methods.

A proposal for a composite indicator based on ratios (CIBOR) to compare the evolution of Spanish financial institutions

This paper introduces a new Financial Stress Indicator (FSI) named Composite Indicator Based on Ratios (CIBOR). This paper discusses the importance of monitoring the quality of loans and capital, operational performance, profitability, and liquidity of financial institutions to prevent systemic risks in the financial system. To address this, CIBOR is proposed as a means to indirectly capture the instability of a financial entity by identifying potential tensions and their underlying causes. Specifically, we compare the results for 25 financial entities operating in the Spanish banking market, analysing the evolution since 2018 to 2022. CIBOR permits a straight interpretation of the variations between periods and a dynamic analysis that not only measures the variation between the ratios over time, but also identifies the sources of such variations: variations derived from changes in sub-indicators, changes stemming from the oscillation of the baseline, and the impact of the selection of weights in the construction of the composite indicator.

PENGARUH STRUKTUR MODAL TERHADAP PROFITABILITAS BANK PADA DUAL BANKING SYSTEM DI INDONESIA

The dual banking system in Indonesia still faces the problem of inadequate capitalization with a high level of leverage. This study aims to analyze the effect of capital structure on bank’s profitability in Dual Banking System in Indonesia. The data analysis method used is panel data regression and difference test on 8 conventional banks and 8 Islamic banks. Panel data regression is intended to identify the influence of capital structure proxied through DER and CAR ratios on profitability (ROA) with control variables of bank size and asset’s growth. The secondary data used is annual report data for the period 2013-2022 sourced from OJK. The estimation results on conventional banking show that the DER and growth variable has a significant positive impact on profitability, while CAR and bank size have no significant influence on profitability. Then, in Islamic banking, DER has a significant negative influence on profitability performance, while CAR and growth have no significant influence on Islamic bank’s profitability performance. Meanwhile, bank size is proven to affect the Islamic bank’s profitability performance. Through a t-test, there is a significant difference in profitability performance and capital structure between the two banking systems in Indonesia.

Pengaruh Perencanaan Pajak, Sales Growth, dan Ukuran Perusahaan Terhadap Manajemen Laba

The income statement in the financial report is one of the important indicator for shareholders and creditors to obtain information on profit and financial performance of a company and make investment decisions in a company. Profit reflects that the company has achieved good financial performance. Managers will carry out earnings management practices to influence several parties who have different interests in a company with the aim of ensuring that the financial reports presented are in line with the expected profit targets. This research aims to prove whether tax planning, sales growth, and firm size influence earnings management. The theories underlying this research are Agency Theory, Positive Accounting Theory, and Signalling Theory. This study processed 147 samples of consumer non-cyclical sector registered on Indonesia Stock Exchange in 2020-2022. In concluding this research, sales growth and firm size to state that both have a positive influence on earnings management, and that there is insufficient evidence that tax planning has a positive influence on earnings management.

A Financial Analysis and Valuation on Nike, Inc.

As there are a great number of companies in the market, evaluation of a specific company is vital of importance nowadays. Therefore, this report will give a comprehensive financial analysis of Nike from four aspects: liquidity performance, solvency performance, profitability performance and investment performance. Initially, this analysis will give a brief introduction about Nike’s strategy, operations and some basic information. After that, liquidity performance indicates that Nike did a great job especially in the use of inventory and the discount capacity. Meanwhile, Nike also low financial risks and strong profitability compared with other four companies in the same industry in the solvency performance. Furthermore, Nike has an excellent cost control ability but still some improperly allocated of resources in some areas in the profitability performance. Not only this, Nike has the highest investment value among the four competitors in the same industry in the investment performance. As a whole, it could be seen from the financial analysis that Nike has quite strong competitiveness in this industry.

Spin-Off Appropriateness Assessment: Propriety Test of Sharia Business Unit Spin-Off to Increase Return on Assets

The obligation to transform a sharia business unit into a sharia commercial bank through a spin-off from its parent bank, a conventional commercial bank, must be balanced with a strategy to increase the return on assets (ROA) of Islamic Business Entities (BUS). A higher ROA ratio correlates with increased profitability. The regulatory provision mandating spin-offs, however, tends to weaken the BUS, making it difficult to compete in the national Islamic banking industry. This is because the spin-off obligation for the UUS can actually diminish its profitability performance. As Watchell has noted, while spin-offs can create differentiation from investment targets in each business, they can also lead subsidiary companies to become more focused in determining their corporate strategy and operations. This focus, however, often results in new operational strategies that increase the subsidiary's operational burden and potentially reduce profitability. Empirically, several sharia commercial banks in Indonesia have experienced a decline in the profitability of their sharia business units after spinning off into independent sharia commercial banks. This research employs normative or doctrinal juridical methods, utilizing both a statute approach and a conceptual approach. As an innovative contribution, the author proposes the Spin-Off Appropriateness Assessment as a model for evaluating the implementation of spin-offs in sharia business units. This assessment aims to increase the ROA ratio and create an investment climate that is environmentally sound. It comprises three main components: fixed capital, non-performing loan identification, and capital sources mapping.

Technoeconomic analysis: the potential and opportunities of transforming Saudi Arabian scrap tires into synthetic fuel via vacuum pyrolysis

Environmental hazards linked with scrap tires have been a great concern for the Saudi government. The Kingdom of Saudi Arabia has a Vision 2030 project with an aim to produce 50% of its energy through renewable energy resources. The tire market in the country reached 22.2 million units in 2022 and is expected to increase up to 24.9 million in 2028 with a growth rate of 2.11%. This study used a vacuum pyrolyzer for transforming scrap tires into tire-derived oil (TDO), along with other products such as synthesis gas (syngas) and carbon black. It provides a feasible way of transforming scrap tires into synthetic fuel via vacuum pyrolysis (a thermochemical approach). Vacuum pyrolysis of scrap tires at temperature 350–400oC yields 45%–55% derived oil, 10%–15% steel wires, 30%–35% carbon black, and 10%–15% non-condensable gases. The heating value of the obtained tire-derived oil is 32–37 MJ/kg, which is somehow less than that of diesel, which has an energy value of 44–46 MJ/kg. Such products are expected to be obtained after the successful adaptation of advanced techniques such as thermochemical approaches and can successfully be used as an alternative to fossil fuels. Based on the scrap tire produced in the country, if Saudi Arabia can process 22.2 million units of tires (trucks and passenger cars) annually through vacuum pyrolysis, it can earn approximately $47.40 million annually (or $2.14 per tire) through tire pyrolysis. Utilization of carbon black (recovered from scrap tire pyrolysis) in manufacturing tires can save approximately 2.5 tons of CO2 production compared to per ton production of new (virgin) carbon black. This study suggested pyrolysis to be a viable recycling and waste tire management technique, and it can be an independent profitable operation in Saudi Arabia and helps in meeting the Saudi Vision 2030.

FAKTOR-FAKTOR YANG MEMPENGARUHI INCOME SMOOTHING

Operating profit margin and financial leverage have increased and fluctuated but income smoothing has not completely increased, and vice versa. The practice of profit equalization phenomenon emerged to reduce fluctuations in reported profits. Another case that occurred at the Kimia Farma company, carried out profit equalization actions, allegedly marking up net profit in the 2019 financial report, in the financial report it was able to obtain a profit of IDR 132 billion. However, the reported profit is different from the actual profit of IDR 132 billion. However, the reported profit was IDR 99 billion. In another case at Indofarma Tbk, goods were found to be of higher value than they should be. As well as having an impact on profits. The aim of this research is to analyze operating profit margin and financial leverage which have an impact on income smoothing. The population in this study is the number of food and beverage companies registered on the IDX. The sampling technique used criteria so that there were 14 samples in this study. Data analysis using regression analysis. The results obtained were up to 8 companies that experienced fluctuating data from operating profit margin and financial leverage as well as income smoothing. The research results state that financial leverage has no significant effect on income smoothing, while operating profit margin has an effect on income smoothing.

Tropical Shrimp Biofloc Aquaculture within Greenhouses in the Mediterranean: Preconditions, Perspectives, and a Prototype Description

Biofloc technology (BFT) offers an innovative eco-friendly approach that is particularly applicable in shrimp farming. Penaeus vannamei is the most important seafood species in terms of global economic value. Nevertheless, its increasing global demand highlights the necessity for sustainable production of P. vannamei shrimps outside their native range, assuring the avoidance of genetic pollution risk. Towards this direction, the present study focuses on the feasibility of tropical shrimp species aquaculture in indoor systems evaluating BFT application in temperate zones. The achievability of P. vannamei cultivation inside greenhouses in temperate latitudes is thoroughly examined and a representative experimental biofloc setup for P. vannamei within a greenhouse in Northern Greece is demonstrated. Nevertheless, there are two major limitations, related to economy and ecology, namely the energy demand for high seawater temperature and the fact that most reared shrimps are non-indigenous species setting risk for genetic pollution, respectively. To overcome the former, energy-saving measures such as tank and greenhouse insulation in combination with a microclimate chamber construction were implemented to optimize water temperature at minimal cost. Concerning the latter, there is clear evidence that P. vannamei populations cannot be established in the Mediterranean, setting aside any environmental risk. Overall, based on the developed and tested pilot prototype, employment of optimal management practices, innovative manufacturing and clean energy alternatives, and the utilization of ecosystem services could reduce the environmental impact and maximize the profitability of biofloc operations. These actions could probably permit sustainable and economically viable farming of P. vannamei employing BFT within greenhouses in the Mediterranean.

The Effect of Credit Quality, Operating Costs, Operating Income and Profitability on the Capital of People's Economic Banks in Indonesia as of Quarter 2021 – 2022

The purpose of this study is to find out the effects of Non Performing Loan (NPL), Operational costs versus operational income (BOPO) and Profitability ( ROA) against Capital (CAR) People Economy Bank either partially or simultaneously.Research methods using descriptive qualitative, the object of research is a nationally conventional bpr.First quarter of 2021 to fourth quarter of 2022 data obtained from the financial services authority statistics report.The conclusions drawn from this study are npl, bopo and roa both partially and simultaneously have no influence on roa on bpr in indonesia period of 2021-2022.

Pengaruh Modal Kerja, Biaya Operasioanal, Biaya Promosi, Dan Penjualan Terhadap Laba Bersih

This study seeks to examine the impact of various factors, including working capital, operating expenses, promotional expenses, and sales, on the net profit of pharmaceutical companies on the Indonesia Stock Exchange from 2015 to 2022. Using secondary data taken from the financial statements of pharmaceutical companies listed on the Indonesia Stock Exchange, this study utilized multiple regression analysis facilitated by statistical software. The findings indicated that working capital, operating expenses, and promotional expenses exerted a significant positive influence on net profit, while sales showed no significant influence on net profit. However, collectively, all the variables examined in this study contributed to 93.3% of the variance in net profit, highlighting their important role in determining the net profit of pharmaceutical companies. These results underscore the importance of effectively managing working capital, operating expenses, and promotional expenses to improve the financial performance of pharmaceutical companies. From a practical standpoint, this study underscores the importance for pharmaceutical management to develop strategies that focus on optimizing working capital, operational efficiency, and promotional expenses to improve net profit and overall financial performance. Therefore, this study enriches the understanding of the factors that influence the financial performance of pharmaceutical companies in the Indonesian capital market.

Economic aspects of honey bee queen breeding: insights from a European study

In 2017, the European Commission initiated the EurBeST study to explore the possibilities of using selective breeding of honey bees to increase Varroa resistance traits. One of the specific aims of the study was to assess the process of honey bee queen breeding through an economic analysis. The methodology for calculating the costs of queen production (queen rearing and mating), colony evaluation and expenses for estimating breeding values is based on the Cost of Production (CoP). Cost data were collected via tailor-made questionnaires and interviews performed in five European countries (France, Germany, Greece, Italy, and Poland). The sample population consisted of 20 queen producers and 20 performance testers who participated in the study. The results showed that the average costs for queen production amounted to 22.58 € per queen, ranging from 8.22 € in Poland to 37.30 € in France. The difference between the selling price and the production cost was on average 3.08 € per queen, ranging from 15.86 € in Germany to −12.30 € in France. On average, the colony evaluation costs were 193.40 € per colony. The average cost for breeding value estimation per queen was 8.09 €. Thus, the average total cost per selected queen was 224 €. The selective breeding of honey bees is an efficient way to increase productivity, reduce colony losses, improve bee health and enable profitable operations, but it is expensive, is usually promoted, practiced and implemented by scientists and researchers, and in most cases is financed by external sources.

일본 손해보험산업의 재무성과 분석에 관한 연구

Purpose: This study examines financial performance of the Japanese non-life insurance industry comparing USA and Korean non-life insurance industry by using the A.M. Best’s rating technique. We also aim to contribute to an improved understanding of the relationship between growth, efficiency, profitability, safety, and liquidity in Japanese non-life insurance industry. Research design, data, and methodology: We conduct factor analysis to measure the validity of key variable factors of property-liability insurers in Japan, USA, and Korean for the 2010 to 2019 time period. After factor analysis, we also calculate total score of each non-life insurance industry and compare total scores without weighting value by using principal component analysis. Also, we analyze the relationship among these variables and the interdependence between profitability and safety by using a multiple linear regression analysis. Implications: Three findings are highlighted as follow: First, the correlation coefficient in the Japan general insurance industry represents the linear relationship between variables. It can be seen that profitability has a positive relationship with growth of the premium, asset size of the Japanese non-life insurance industry, and liquidity and it has a negative relationship with safety and efficiency. The highest correlation among the variables occurs between profitability and safety because less profitable insurers are more willings to take risks. Second, there is strong relationship between profitability and safety, which is signifiant at 0.01 level in the Japan general insurance industry. We conclude that insurers with a higher solvency ratio should show a better profitability than other peers. Finally, Japan non-life insurance has good level of efficiency, safety, and liquidity, the growth and profit performance shows the margin(below) of average level, it should improve profitability and growth areas in order to take comparative advantages in a competitive global general insurance industry.

Impact of Digital Marketing And Intellectual Capital On Business Performance (Case Study Of SMEs In Depok City, West Java)

This study explores the impact of digital marketing and intellectual capital on the business performance of SMEs in Depok City. Using a quantitative approach, this research analyzes data obtained from 100 respondents through online questionnaires. The results of multiple linear regression analysis indicate that both digital marketing and intellectual capital have a significant influence on business performance. Digital marketing, measured through variables such as interactivity, site design, cost/transaction, and incentive programs, has been proven to increase customer engagement and online transaction volumes. On the other hand, intellectual capital, consisting of human capital, structural capital, and relational capital, plays a crucial role in enhancing the operational efficiency and profitability of companies. Business performance measurements in this study include profitability, operational efficiency, and customer satisfaction. The coefficient of determination (R²) value of 77.2% indicates that the digital marketing and intellectual capital variables together explain most of the variability in business performance. These findings are consistent with previous studies showing that the use of digital technology in marketing and the management of intellectual capital can enhance a company's competitiveness and overall performance. Thus, this research makes a significant contribution to the literature on digital marketing and intellectual capital management, offering practical insights for business practitioners to improve their marketing strategies and intangible asset management.

Welfare loss of pricing schemes in commuting train and interregional train operations

As metropolitan areas expand, commuter rail increasingly extends outward, creating unintended competition with interregional rail. Competition between commuter train service and interregional train service engenders an inefficient allocation of rail services, thereby inducing welfare losses. Hence, the imperative arises to stratify train classes clearly via rail fare adjustments. However, the public nature of rail services acts as a price ceiling, making it challenging to implement rail service fare increases, thus necessitating a solution capable of distinguishing between train classes with minimal fare adjustments. This study employs a Stated Preference (SP) survey targeting rail users traversing the Seoul-Suwon and Seoul-Cheonan segments of the Gyeongbu Line in Korea to elucidate remedies for enhancing the inefficiency prevalent in the rail pricing schemes. Distinct preference clusters for each rail service and the value of time and seat reservation service for rail users were preliminarily discerned by leveraging the SP survey. The proposed solution advocates for an increase in interregional rail service fares of $0.52 for the Seoul-Suwon section and $3.14 for the Seoul-Cheonan section, along with a restriction in seat reservation services, to achieve differentiation between train classes. Implementation of this solution is anticipated to recalibrate the mode share within the rail services, fostering efficiency in service allocation and bolstering the profitability of rail operators, thereby mitigating welfare losses. This study contributes to rail pricing and efficiency of railway operations through SP analysis of rail transportation.

Maximizing profitability through cloud-enabled Reinforcement Learning for UAV coverage in real-time e-business applications

Real-time e-business applications are vital for operational efficiency, but connectivity challenges persist, particularly in remote or crowded areas. Drone Base Station (DBS) architecture, proposed for Beyond fifth Generation (B5G) and Sixth Generation (6G) multi-cell networks, offers on-demand hotspot coverage, addressing connectivity gaps in remote or crowded environments. DBSs provide a promising solution to meet the demanding requirements of high data rates, real-time responsiveness, low latency, and extended network coverage, particularly for real-time e-business applications. A critical challenge in this context involves efficiently allocating the needed number of DBSs to the different hotspot service areas, referred to as cells, to optimize the operator’s total profit under unpredictable user demands, varying area-specific service costs, and price dependence real-time e-service. The objective is to achieve the highest total revenue while minimizing the cost (cost savings) throughout the multi-cell system. This challenge is formulated as a profit-maximization discount return problem, integrating the coverage constraint, the variable cell-dependent operational cost, the e-service-based price and the uncertain demands of users across cells. Traditional optimization methods fail due to environmental uncertainty, which leads to the need to reformulate the problem as a Markov Decision Problem (MDP). We introduce a cloud-based Reinforcement Learning (RL) algorithm for DBS dispatch to address the MDP formulation. This algorithm dynamically adjusts to uncertain per-cell user distributions, considering variable operating costs and service-dependent prices across cells. Through extensive evaluation, the RL-based dispatch approach is compared with reference drone dispatch algorithms, demonstrating superior performance in maximizing operator profit through cost savings by optimizing DBS dispatch decisions based on learned user behaviors, variable operational costs, and e-service types.