Positive Sales Growth Research Articles

Forming and developing the regional market of cereals under the influence of substitutes

The paper examines the cereal market of the Republic of Crimea, which is characterized by the lack of testing of scientific approaches to assessing the regional market in terms of influence on substitutes’ demand and by pronounced seasonality of sales. The methodology is based on economic and statistical methods using correlation and regression analysis tools. The article determines the state of the Crimean market for goods based on official statistics, explores the dynamics of changes in production volumes of grain crops and their processing into cereals, and assesses the prices for goods of the group under study, presented in the retail trade network as well as the indicators characterizing the regional market of cereal products. The authors identify major Crimean manufacturers whose products are represented in the distribution network, and consider the factors influencing the development of the cereal regional market. Based on the results of the study, the study identifies the groups of substitutes that form the structure of consumer demand, including pasta and fresh vegetables. Drawing on correlation analysis, the authors establish the dependence of sales volumes of cereals on the prices of substitutes. Using regression analysis, the authors present the forecast for further development of the regional cereals market. The novelty of the study lies in determining the degree of dependence of consumer demand when purchasing cereal products on the prices of seasonal substitute goods. Finally, the study shows a direct effect of the demand for cereals on the prices of fresh vegetables, with a positive sales growth trend in the region, where sustainable economic and political situation will affect the prices for socially important food products.

Pengaruh Likuiditas, Profitabilitas, Kebijakan Utang dan Pertumbuhan Penjualan terhadap Penghindaran Pajak

The purpose of this study is to determine the determinants of tax avoidance such as liquidity, profitability, leverage and sales growth. This study utilizes information taken from the financial statements of manufacturing companies listed on the Indonesia Stock Exchange using a purposive sampling test method that meets the research criteria. The research period was taken for 6 years with a total of 330 data from 55 entities in the manufacturing sector. This study utilizes multiple linear analysis methods with secondary data types. The results of the study show that there is a simultaneous influence between liquidity, profitability, debt policy and sales growth on tax avoidance, there is no relationship between liquidity and tax avoidance, there is a negative relationship between profitability and tax avoidance, there is a positive relationship between debt policy and tax avoidance. positive sales growth on tax avoidance.

An impact of minimum wage rising on firm-specific factors: The case of the emerging economy

This study examines how the minimum wage raises in Indonesia affect firm-specific factors such as sales growth, return on assets, return on equity, net profit margin, and gross profit margin. The samples used in this study were 135 companies for 12 years’ financial statements ranging from 2008 to 2019, with 1620 observations. An ordinary least square and multivariate analysis of variance are employed. The MANOVA result shows differences in firms specific factors among industries’ types. Meanwhile, sales growth and wage growth showed no difference in the value of sales growth and wage growth between industry types. The regression results show that 1) minimum wage has a positive effect on wage growth, but the non-significant effect on sales growth; 2) economic growth has a negative but non-significant effect on sales growth and wage growth, and 3) only total assets and wage growth variables have a positive and significant effect on gross profit margin. Bodnár et al. (2018) asserted that the negative effect of an increase in minimum wage could be lowered by cutting in non-labor costs, rising in product prices, and improving productivity; however, this study found that the increase in the minimum wage does not spur employees to be more productive because the number of companies that get positive sales growth decreases in the declining economic conditions (Acar, Bossavie, & Makovec, 2019; Luca & Luca, 2019; Che Ahmat, Kim, & Arendt, 2021; Alexandre, Bação, Cerejeira, Costa, & Portela, 2022) in which it might increase the firms’ exit rate

A Statistical Analysis on Automobile Sales Performance in India

The automobile business is a main drivers of India’s economy and also one of the biggest markets in the world. The automobile business has developed more grounded in deals over all fragments have been record breaking number in the past in both domestic and export markets. The presence of many manufacturers and brands in the country provides many choices to the buyers. This study pursues to examine the sales of the Indian Automobile Industry through statistical methods. The data used in this analysis are from secondary sources. The period of the study spans from 2012–2018. The obtained result shows on positive sales growth in the past five years. The automobile sales performance report will be useful for the current and new participant vehicle fabricating organization in India.

Competitiveness and cost behaviour: evidence from the retail industry

Purpose With a particular emphasis on corporate strategies for innovation, the purpose of this paper is to examine how cost behaviour operates under conditions of strong competition in the retail industry. Design/methodology/approach Retail companies listed on the Indonesian, Singaporean and Malaysian capital markets are studied using the regression analysis method. Findings The findings of this study show the sticky behaviour of changes in the selling, general and administrative (SGA) costs when companies are under competitive pressure. When sales increase, SGA costs will increase; however, when sales decline, SGA costs evidently increase. This is especially true for retail companies which have suffered a decrease in their sales of less than 7 per cent, but experienced positive sales growth in the previous period. The suggestion would seem to be that competition leads to greater aggression and the contemporary real options theory bears this out. Research limitations/implications This study only uses data from retail companies listed on stock exchanges in Singapore, Indonesia and Malaysia. Practical implications The type of industry, the extent of the competition and the corporate strategy employed might influence the extent of cost stickiness. Therefore, the users of financial statements need to understand these factors. Originality/value While previous studies incorporated a variety of industries, this paper focuses on examining cost behaviour amid the competitive pressure from recent phenomena in the retail industry. The study provides empirical evidence for supporting the contemporary real options theory. When an industry experiences competition, investing in an uncertain situation will add value to a company, even if it causes sticky cost behaviour. This result contributes to the literature on cost behaviour and strategy management.

The financial impact of retail store closure announcements

PurposeWhile store closure announcements frequently appear in newspapers, little is known about the financial impact of store closure decisions on the retailer’s market value. The purpose of this paper is to investigate the stock market reaction to the announcements of retail store closure decisions.Design/methodology/approachThe authors collect data from news articles on store closure announcements in the USA during 1995-2016. Using the four-factor model in an event study, the authors compute the abnormal stock returns for the retail firms due to these announcements.FindingsBased on the authors’ analysis for sample and matching control firms, the abnormal stock returns for store closure announcements are found to be positive overall. The authors find evidence that the positive effects of the announcements are stronger, particularly for the firms which have positive sales growth at the time of the announcements. The authors also report that industry competition acts as a negative moderator in the relationship between announcements and financial impacts.Practical implicationsThe authors’ analysis implies the investors’ positive sentiment of store closure announcements as a viable cost-cutting strategy, especially when it is done proactively by better performing retailers. The findings should be useful to the supply chain managers of retail industries in making store closure decisions.Originality/valueThis paper is believed to be the first to address the impact of retail store closure announcements on the stock market. The authors’ approach of categorizing the firms based on their sales growth seems to be the first in the event study literature on corporate restructuring.

A dynamic approach to accounts receivable: the case of Jordanian firms

This paper studies the trade credit policy of firms for a sample of Jordanian listed firms in the period 2000–2014. In addition, this paper tests whether the accounts receivable decisions follow a model of partial adjustment. The generalized methods of moments estimation results suggest that firms have a target accounts receivable level and move toward this target quickly. In addition, we find that short term finance, internal cash flow, positive sales growth, product quality, and profitability are playing an important role in the trade credit policy. The study recommends that firms must pay attention to their relationship with customers because they represent an important investment opportunity. Furthermore, firms should maintain close relationships with banks because it influences their trade credit policy.

Pharma firms report positive sales growth

Several major pharmaceutical companies have reported sales and earnings for the third quarter, and so far, the positive trend seen in the first half of 2016 is continuing. New product launches contributed to sales growth of between 4 and 8% at Eli Lilly & Co., GlaxoSmithKline, Johnson & Johnson, Merck & Co., and Roche. For example, sales of Merck’s PD-1 cancer immunotherapy Keytruda rose 124% as the drug continued to collect approvals for treating various cancers. Meanwhile, Biogen’s sales grew 6% on the strength of its multiple sclerosis products, which will be key to the company after it spins off its hemophilia business as Bioverativ in early 2017. And although Novartis saw limited growth for its new products, they didn’t offset generics competition to its cancer drug Gleevec. Earnings for the group remained mixed. GSK, J&J, and Merck posted double-digit gains, while Lilly and Novartis reported small declines.

Analisis Pengelolaan Persediaan Dan Pertumbuhan Penjualan Terhadap Kesehatan Likuiditas Perusahaan

Inventory is an important element in a company asset. Due to various consideration such as decreasing factor, losses, and market changes of demands, the management has to constantly do a reviews supervisions so that the funds invested to the inventory will not overly spent and so the company's operational run as it should. The vain surplus of inventory will not only weakened the liquidity health ofa company but also could be a loss and otherpotential disadvantages. Management of inventory and product takes important part of company's operational continuity. Thus, wellorganized inventory management system is stmngly advised to ensure the wellness of the company's performance. To measure the company's performance in managing the inventory, the company can use analytic ratio that includes INTO (Inventory Turnover). One of other option is using company liquidity's health analysis to see if the inventory management and sales growth affects the health of company's liquidity. The purpose of this research is to identifi and analyze the ratio of inventory management, sales growth and the health of company's liquidity with the use of INTO ratio and the sales that measured with the current ratio. This research is based on PT. Mayora Indah, Tbk, PT. Indofood Sukses Makmur, Tbk. and PT.Ultrajaya Industry & Trading Company, that market in the Food & Beverages industrialfield. This research which used analytic ratio has proven that inventory management and a positive sales growth do not give any significant influence towards company's liquidity health, because the increasing or the decreasing of inventory management and sales growth are not always followed by the increasing or the decreasing ofthe health of company's liquidity.
 Keyword: Inventory Management, Sales Growt, Liquidity

Special Section on the 2014 SEMI Advanced Semiconductor Manufacturing Conference

The big picture for the semiconductor industry shows slowing but still positive sales growth, a push back of the transition to 450 mm wafers to perhaps the next decade, and potential commercial implementation of EUV for some layers of some sub-10 nm nodes by 2019–2020. <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">1–3</sup> Per Gartner, current revenue growth is driven by smartphones, solid-state drives, and DRAM. <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">1</sup> A new semiconductor sector, wearables (smartwatches, smart glasses, Bluetooth headsets, etc.) is also driving some revenue growth but on a smaller scale. Critical to this revenue growth is the ability to deliver ever more powerful semiconductor technologies at a competitive cost.

Natural resource dependence theory: Impacts of extreme weather events on organizations

Building on the natural resource dependence theory (NRDT), this analysis represents the first comprehensive investigation on how extreme weather events affect financial performance. The Qualitative Comparative Analysis builds on 38 expert interviews taking place predominately at small and medium-sized organizations from various industry sectors in South-East Germany, and relates those results to financial data. The analysis reveals organizational dependence on the number of affecting extreme weather events to the potential of generating positive financial performance. Hence, organizations whose business seriously suffer the impacts of extreme climatic elements cannot generate positive sales growth. By testing the NRDT, this analysis contributes to management science by examining one of the most challenging environmental risks: climate change.

Natural Resource Dependence Theory: Organizational Impacts of Extreme Weather Events

This study aims to consider altered financial performance resulting from impacts of the natural environment, i.e. extreme weather events such as heat waves, cold waves, heavy precipitation, storms, and droughts. Based on the natural resource dependence theory (NRDT), the authors intend to support management science by demonstrating impacts of the natural environment on organizations. We conducted a Qualitative Comparative Analysis (QCA) based on 38 in-depth expert interviews with CEOs from mainly small and medium sized organizations of different industry sectors in one distinct region of Western Europe and related those results to sales growth data. Our analysis reveals organizational dependence on the number of affecting extreme weather events to the possibility of generating positive financial performance. Hence, organizations whose business heavily depends on several climatic elements cannot generate positive sales growth. By testing the NRDT, we contribute to management science considering one of the most challenging environmental risks: climate change. Our analysis represents the first comprehensive investigation on how extreme weather events as part of climate change affect financial performance.

Wealth impact of cross-border US acquisitions of Chinese firms

Do US firms gain value by buying Chinese firms? This study investigates the wealth impact of mergers and acquisitions' announcements on US firms involved in cross-border acquisitions of 204 Chinese firms from 1999 to 2007. The empirical findings show that US firms experienced statistically significant wealth gains on the announcement day, though they are primarily concentrated in transactions involving divested targets. An analysis of wealth gains with respect to industry affiliation indicates that acquisitions in the Chinese manufacturing and services sectors experience the greatest wealth gains. In contrast, acquisitions in the financial sector result in a loss of wealth. Among the factors influencing wealth gains were the undervaluation of the yuan, favourable Chinese economic conditions, positive sales growth rates and financial slack of the acquiring firms.

Mergers and acquisitions and firm growth: Investigating restaurant firms

Merger and acquisition (M&A) has been viewed as an efficient strategy for firm growth because M&As allow firms to quickly achieve their ideal size. However, whether consistent growth can be maintained after an M&A is questionable because post-M&A integration is a difficult process. In order to identify whether M&A is really an effective tool for producing consistent growth in restaurant firms, this study examined post-M&A firm growth in comparison to non-M&A firm growth. Using financial data from 1980 to 2007, this study analyzed the sales growth of restaurant firms up to five years after an M&A. This study found that post-M&A growth patterns varied across firm sizes and time periods (from one to five years after an M&A). This study also revealed that both small and large acquirers experienced positive sales growth in the year following M&A. However, this positive effect completely disappeared during or after the third year post-M&A. M&A firms showed the same growth patterns as non-M&A firms three to five years after an M&A. This study provides useful post-M&A growth information regarding restaurant firms, which can be practically useful for firms considering M&A.

Privatisation, corporate control and employment growth: Evidence from a panel of large Polish firms, 1996–2002

Using data on Polish firms this paper examines the relationship between corporate control structures, sales growth and the determinants of employment change. Privatised and de novo firms are the main drivers of employment growth; in the case of de novo firms, it is foreign ownership which underpins the result. Being privatised has a positive impact on employment but this is concentrated within a range of 3–6 years after privatisation. There are no systematic differences in employment response to negative sales growth across the ownership categories. Employment in state firms is less responsive to positive sales growth. From these results we infer that the behaviour of state firms is affected by both insider rent sharing and binding budget constraints.

Inherited Labour Hoarding, Insiders and Employment Growth. Panel Data Results: Poland, 1996-2002

Using panel data pertaining to large Polish (non-financial) firms this paper examines the determinants of employment change during the period 1996-2002. Paying particular attention to the asymmetry hypothesis we investigate the impact of own wages, outside wages, output growth, regional characteristics and sectoral affiliation on the evolution of employment. In keeping with the 'right to manage' model we find that employment dynamics are not affected negatively by alternative wages. Furthermore, in contrast to the early transition period, we find evidence that employment levels respond to positive sales growth (in all but state firms). The early literature, (e.g. Kollo, 1998) found that labour hoarding lowered employment elasticities in the presence of positive demand shocks. Our findings suggest that inherited labour hoarding may no longer be a factor. We argue that the present pattern of employment adjustment is better explained by the role of insiders. This tentative conclusion is hinged on the contrasting behaviour of state and privatised companies and the similar behaviour of privatised and new private companies. We conclude that lower responsiveness of employment to both positive and negative changes in revenue in state firms is consistent with the proposition that rent sharing by insiders is stronger in the state sector.

While Labour Hoarding May Be Over, Insiders' Control is Not. Determinants of Employment Growth in Polish Large Firms, 1996-2001

This paper examines the determinants of employment changes using a panel of Polish large firms during the period 1996-2001. We investigate the impact of wages, output growth, investment, firm size and sectors upon employment, focusing on the asymmetry hypothesis. We find that investment plays an important role in enhancing employment growth. We also notice that employment dynamics is not affected by alternative wages and therefore appears consistent with the ???right to manage??? model. Furthermore, unlike the early transition period, we can confirm that employment adjusts to positive sales growth, not just to decline as found in studies on earlier periods (K?ll?, 1998). This reflects that labour hoarding can no longer be a factor, which decreased employment elasticity in times of positive demand shocks. Interestingly, large state companies appear to cut employment in response to output growth, when one controls for investment. A result, which may be consistent with the insiders (employee) control model.

The firm’s and its customers’ views on order‐winning criteria

A firm’s ability to win orders on the market depends on its competitiveness. A competitive firm wins orders on the market, which has a positive impact on its sales performance. Order‐winning criteria are those criteria that make a difference to the customer when he decides between qualified offered products. The selling and the buying actors may have the same or different ideas about what constitute these order winners, and they may also differ in their evaluation of the competitive strengths of a firm. Analyses the selling and buying actors’ perceptions of order winners and competitive strengths as the degree of fit between these perceptions. A good fit means that the two actors agree on order‐winning criteria and the firm’s competitive strength on these criteria. It is expected that a good fit relates to a positive sales growth of the selling firm’s product. Analyses different situations of fit and misfit for the ten product families of four small manufacturing Swedish firms, and shows how these situations relate to the sales patterns of the product families. The results reveal that a good fit is related to a stable economic development of sales, while two different situations of misfit may lead to a decline in or an expansion of sales.