Profitability Index Research Articles

Are Controversies an Opportunity to Achieve Profitability? The Healthcare Sector Observation

Starting with climate changes, followed by the pandemic period and conflicts between states, companies have been encouraged to align their strategies to ensure business continuity. In addition to these tumultuous periods, sustainability reporting has often remained a relatively voluntary practice in many states. During the pandemic, newspapers highlighted numerous instances of corruption in the healthcare sector, highlighting concerns about how well companies were addressing community needs. This study aims to analyse the impact of controversies on the profitability of the healthcare sector companies and assess the opportunities that arise from reporting them. To investigate this, a sample of 1323 listed healthcare companies was used, and a quantitative analysis was conducted through statistical and econometric methods. Data were gathered from the Refinitiv Eikon Database covering the period 2020-2022 and included sustainability indicators such as ESG Controversies and ESG scores. ROA (Return on Assets) was used as the key profitability indicator. The study’s findings reveal that there are no significant opportunities aligned tied to controversies in the healthcare sector during crisis periods. Contrary, controversies negatively impacted the profitability of listed healthcare companies during crisis periods. The novelty of the study is reflected in the analysis of the ESG controversies indicator associated with the profitability of the healthcare sector during crisis periods.

Common Carp (Cyprinus carpio) Fish Aquaculture Revitalization, Multiplication and Sustainability in Nigeria

Thirty three mature broodfish of Common Carp were harvested from Panyam Fish Farm, Plateau State (PFFPS), and from Federal University of Agriculture Makurdi Research Fish Farm (FUAMRFF). These farms are situated in two different agro-ecological zones of Nigeria (with a fading history of Carp fish culture). The broodfish were fed for 90 days, in preparation for on-farm breeding activities with the aim of determining water quality, hatching parameters (through un-induced natural spawning, induced natural spawning and induced breeding by stripping in indoor concrete ponds); thirdly, to determine percentage survival of the bred Carp fish progenies cultured for 56 days (in ponds sampled in PFFPS and FUAMRFF). Fourthly, to evaluate growth and potential economic returns from the two areas, and finally to further evaluate fish farmers perception of Carp fish culture in selected fish farms across other agro-ecological zones in Nigeria. After breeding activities, progenies were cultured and fed to satiation. The water quality parameters in the ponds and in water holding tanks was monitored daily. At the end of the research period, PFFPS showed better Carp fish hatching tendency, highest (94%) in Induced Natural spawning), with better environmental condition and water physico-chemical parameters for Carp fish culture with mean Dissolved Oxygen content level (8.35 Mg/l), and pH (7.54). Furthermore, PFFPS has capacity to accommodate the mass production of Carp fish. Economically, PFFPS had a higher gross margin (402,250), and Profit index (5.0). Also, result from fish farmers perception on carp fish culture showed that 62% of farmers have no idea of Carp fish management, 66% have no idea of Carp fish selling price, 66% are aware of PFFPS and 100% expressed that more awareness should be created on aquaculture diversification (with interest in Carp fish aquaclture), as this will meet consumer demand and rescue this species from its current track of going extinct in Nigeria, if given urgent attention).

Effects of insect meals on fish digestibility, blood parameters, and economic performance: a meta-analysis

Abstract This review examines the use of insect meal (IM) as a substitute for fishmeal (FM) in fish feeds within the past decade. While global interest in this alternative is growing, research on its effects on fish digestibility, blood parameters, and economic performance has been limited. Meta-analysis on the apparent digestibility coefficient revealed a negative effect summary on dry matter (−0.92) and crude lipid (−0.51), although the difference between the two groups was relatively minor. However, a positive effect summary was reported in the apparent digestibility of crude protein (0.12), suggesting a potential advantage in the utilization of protein by fish fed with IM-containing diets. Whereas meta-analysis on fish blood parameters demonstrates varying effects summary, necessitating further research. Analysis of economic performance revealed an overall better economic performance in the IM diet with an effect summary of −0.08 for feed cost and 0.00 for the economic profit index. Overall use of IM in aquafeed shows promise in improving feed quality and fish performance, potentially becoming a sustainable alternative to traditional FM. Recommendations include exploring IM’s impact on fish blood parameters through more investigations. Shifting focus from traditional measures to markers directly linked with fish health and immune response can provide more precise insights. Moreover, exploring various components of IM, such as lipids and functional elements like chitin, through simplified breakdown methods, can significantly enhance our comprehension of their nutritional value. Analyzing how each part influences fish health could pave the way for a sustainable and efficient alternative to FM in aquaculture.

Production Cost and Profitability Indicators in Sour Cherry Farms in Türkiye: Afyonkarahisar and Konya Provinces

Production Cost and Profitability Indicators in Sour Cherry Farms in Türkiye: Afyonkarahisar and Konya Provinces

Microbial Fertilizing Products Impact on Productivity and Profitability of Organic Strawberry Cultivars

Poland is a major producer of various fruits, including strawberries. As growing consumer awareness of food quality, health, and wellbeing is increasing, farmers are receiving a new market opportunity for organic products of good quality. The integration of microbial solutions into agricultural practices can foster the transition of agricultural farms towards more resilient and sustainable production of quality food. The objective of this study was to assess the influence of novel microbial biopreparations (microbial fertilizing products) containing Bacillus sp., humic acids, and other organic compounds on the economic viability of three strawberry cultivars (‘Honeoye’, ‘Vibrant’, and ‘Rumba’) under organic farming conditions. This study was conducted in 2021 as a field experiment. Irrigated and non-irrigated strawberries were treated with five microbial fertilizing products (K2–K6). The single plot area was 16 m2, with a total of 144 plots. The adopted planting density of strawberries was 30,052 per hectare. K3 treatment was found to be the most universal microbial treatment in terms of positive impact on yields, with significant yield increase on both the non-irrigated (yield increase of 3.76 t·ha−1) and irrigated experiments (yield increase of 5.78 t·ha−1). The K4 treatment on the non-irrigated strawberries resulted in a yield increase of 4.96 t·ha−1, which at the same time had no effect on the yield of the irrigated experiment. On average, application of the K2–K6 combinations on the non-irrigated strawberries resulted in a yield increase from 13.4% (K2) to 33.5% (K4). The irrigated strawberries showed a yield increase from 3.9% (K4—non-significant yield increase) to as much as 36.1% (K3). The highest direct surplus for the non-irrigated strawberries was recorded for the K4 treatment (38,603 PLN·ha−1) and for K3 for the irrigated experiment (42,945 PLN·ha−1). The direct surplus for ‘Rumba’ and ‘Vibrant’ was higher than for ‘Honeoye’ on both the irrigated (22% and 53%, respectively) and non-irrigated (19% and 18%, respectively) experiments. The average profitability index for all tested non-irrigated and irrigated varieties improved when treated with microbial fertilizer products, with profitability indexes of 143.3–168.8% on the non-irrigated plantation and 129.2–169.7% on the irrigated plantation. The tested microbial fertilizing products proved to be valuable products to improve the productivity and economic effectiveness of organic strawberry production. At the same time, their use needs to be adapted to local plantation conditions.

FINANCIAL FEASIBILITY OF FOOD PROCESSING INDUSTRY: LESSONS FROM TOFU INDUSTRY IN TRUNAN VILLAGE, MAGELANG

This study aims to examine the financial analysis of the Food Processing Industry in Tofu Center of Trunan Village in an effort to maintain the calculation of operational costs, profit and loss, and investment in minimizing investment losses. In particular, this study aims to calculate the Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period (PP), and Profitability Index (PI) in the Processed Food Industry in the Tofu Center of Trunan Village. The urgency of this research is to maintain the sustainability of the tofu industry in Trunan Village, which is one of the leading MSME centers in Magelang City and in an effort to maintain food security. Based on the results of the analysis it was found that financially the MSME management in the Tofu Center Food Processing Industry in Trunan Village did not fulfill the feasibility aspect. Net Present Value (Rp 2,147,030,794), Internal Rate of Return shows 2%, Payback Period 2 Years 8 months, and Profitability Index 4.10. Keywords: Feasibility Study, NPV, IRR, PP, PI

IT-services: Green Means Competitive?

Introduction. The current stage of economic development is characterised by significant digitalisation and a noticeable shift of corporate strategies in favour of sustainable development. The first of these trends makes IT companies interesting for analysis, since in the era of digitalisation their impact on the global economy is significant and undeniable. The second trend is largely related to the exhaustion of tangible competitive factors and the shift of focus towards intangible competitive factors, in particular, towards catering to the specific needs of consumers, i.e. in the consideration of social and environmental factors throughout value chains. In line with modern trends, meeting these needs is achieved by implementing ESG-principles, including by IT companies, which is where the two major modern trends - digitalisation and corporate sustainability intertwine. In this context, the aim of the research is to analyse the relationship between IT companies’ financial performance and their ESG position.Materials and methods. The study is based on the analysis of correlation between the data of companies' financial statements and their valuations within the framework of S&P ESG-rating. Results of the research. According to the results of the analysis on the basis of the presented data sample, no significant correlation between revenue and profit indicators (on the one hand) and ESG[1]assessments of S&P rating (on the other hand) was revealed.Discussion and conclusion. The results obtained for companies in the IT-services industry generally correspond to the results of similar calculations by the authors for a number of other industries. Of course, they reflect the situation in a particular industry, with specific indicators (profit, revenue), taking into account such limitations of the study as the methodology of the selected ESG-rating and the volume of data sampling. Nevertheless, within the framework of the study we can say that there is no significant correlation between the financial performance of IT services companies and the implementation of ESG principles by these ccompanies.

Evaluating the Financial Performance of Bharti Airtel: An Analysis of WACC, NPV, IRR, Profitability Index, and Payback Period

This research paper aims to conduct a comprehensive financial performance evaluation of Bharti Airtel Limited by analyzing key financial metrics including Weighted Average Cost of Capital (WACC), Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), and Payback Period. The project's financial infeasibility is highlighted by a negative Net Present Value (NPV) and a poor profitability index, indicating that the anticipated returns are insufficient to justify the initial investment. Further analysis shows the Internal Rate of Return (IRR) falling below the cost of capital, reinforcing the project's unviability. Additionally, both standard and discounted payback periods exceed ten years, demonstrating an extended timeframe for cost recovery. These findings collectively suggest that Bharti Airtel should explore alternative investment opportunities better aligned with its financial objectives.

Liquidity and Profitability in the Colombian Oil and Natural Gas Extraction Sector: Analysis 2011 – 2021

The dynamics brought about by the adoption of the International Financial Reporting Standards have a direct impact on the various Colombian economic sectors; highlighting the Oil and Natural Gas Extraction sector as one of the most important in terms of wealth generation and exports of the nation. For this reason, the present study was directed in order to analyze the indicators of Liquidity and Profitability in the Colombian oil sector between 2011 and 2021. For the development of the study, a quantitative investigation is proposed with a documentary base where it is carried out an analysis of secondary sources from the Superintendence of Companies from which financial data of the Oil and Natural Gas Extraction sector in Colombia is taken, on which a descriptive processing is carried out and subsequently a correlational analysis between the liquidity and profitability indicators. The results show a level of correlation between the liquidity indicators, referring to the Current Ratio and Acid Test, and those of Profitability, Return on Total Assets, and Return on Equity. It is concluded that the correlation between these variables would be explained by the rates and sales volumes of said sector; which constantly carries out transactions of high sums of money accompanied by multiple policies and methods to ensure the transaction and thus not unbalance the receipt of income by the industry.

ANALISIS KELAYAKAN HARGA JUAL DALAM PERSAINGAN PASAR PRODUK SYNTHETIC THICKENER

This study aims to analyze the feasibility of the selling price of synthetic thickener products in tight market competition based on financial aspects of Net Present Value (NPV), Benefit Cost Ratio (BCR), and Profitability Index (PI) with three price levels from the price range requested by customers. The research was conducted using a qualitative research method with five stages, namely 1) defining the problem, 2) identifying each alternative, 3) analyzing the feasibility of the selling price with a three-level price scenario, 4) conducting a comparative analysis and 5) recommending the decision given. The results of the research with the NPV, PI and BCR methods are not feasible for price as well as level 1 and feasible for selling prices 2 and 3.

Techno-economic analysis of biocrude, biogas, and fertilizer production from microalgae Coelastrella striolata cultivated in agroindustrial wastewater

Coelastrella microalgae have gained attention due to their robustness, high lipid content, effective bioremediation agent, and ability to thrive in diverse environmental conditions. The objective of this study was to evaluate the economic feasibility of an integrated biorefinery of the unique original Coelastrella striolata var. multistriata strain 047 applied in agro-industrial wastewater, flue gases, and excess energy on a 1.2 ha open raceway pond (ORP). This study consists of three scenarios: (1) biocrude only (BO); (2) biocrude and biogas (BB); and (3) biocrude, biogas, and fertilizer (BBF). The findings indicated that the BB and BBF scenarios enhanced the financial feasibility and potential profitability of investment. This is reflected in the economic feasibility indicators for the BB scenario over a project lifetime of 20 years, which include a net present value (NPV) of $4,757,082, an internal rate of return (IRR) of 25.6%, a profitability index (PI) of 2.77, and a payback period of 3.75 years. Similarly, in the BBF scenario, financial viability is demonstrated with an NPV of $4,714,418, an IRR of 25.2%, a PI of 2.73, and a payback period of 3.79 years. Operational expenditures were identified as the most sensitive aspect of this study, particularly in the hydrothermal liquefaction (HTL) process for biocrude production. The utilization of effluent and excess energy from palm oil mill (POM) reduced the operational costs for energy and nutrients by up to 69% compared to the baseline, where palm oil mill effluent (POME) and excess energy were not utilized. Additionally, to achieve optimal results in the BO scenario, increasing the concentration of Coelastrella striolata var. multistriata strain 047 in POME proved to be the most effective approach for increasing biocrude oil production, reducing costs, and increasing economic sustainability.

Profitability Indicators: Critical Analysis and Applicability in Modern Conditions

Constant variability of the external environment is one of the key features affecting the business activity of domestic organizations and generates the need for constant updating of managers’ professional skills. The issues of assessment efficiency of commercial companies are always relevant not only for owners, but also for managers, employees and other stakeholders. In the conditions of economic instability, the interest to the indicators of organizations’ efficiency increases and, accordingly, their clarification and adjustment is required. and adjustment. The purpose of the study is to summarize the profitability indicators depending on the goal-setting of the participants of commercial organizations and to establish the possibility of using these indicators to assess the effectiveness of the company’s activities. Many years of experience of the authors of this article in the field of business valuation allowed to systematize the techniques of calculation of the main profitability indicators, to present an updated system of their grouping, as well as to classify the factors affecting them. Also, theoretical approaches to the calculation of invested capital were generalized in the course of the work. The research applied the methods of analysis, comparison, synthesis, classification, collection and generalization, logic, graphical and tabular display of information. Theoretical significance of the obtained results consists in the development of the methodology of value-oriented management in order to actualize and adapt the algorithms for calculating profitability indicators to domestic conditions, taking into account the interests of the participants of the organization. The practical significance of the work consists in the development of methods for assessing the performance indicators of the company, which can be used in the corporate governance of commercial structures, as well as in making management decisions by stakeholders.

Relationship between return on invested capital and market value of oil and gas companies

Subject. The article addresses approaches and methods to calculate the rate of return (profitability) on invested capital of oil and gas companies based on financial statements, taking into account the stock market conditions. Objectives. The study aims at reconciliation (elimination of gaps) of market value indicators and financial indicators of oil and gas companies, using the economic value added model. Methods. We apply methods of forecasting, financial and factor analysis, and statistical methods on the basis of financial statements figures of the studied companies. Results. We analyzed the dynamics of profitability indicators and cost of invested capital for oil and gas companies in comparison with their market capitalization for 2015–2022, identified key factors influencing changes in ROIC, offered an adjusted approach to calculating the indicator, including the initial cost of invested capital. We tested the methodology and provided explanation of its practical significance, using the case of historical financial data and market capitalization of ExxonMobil. Conclusions. The study enabled to confirm the hypothesis that it is necessary to calculate the cost of fixed assets by the amount of total actual investments, net of accumulated revaluations to calculate the return on invested capital. In the numerator of the formula for this indicator, it is advisable to use profit before interest expenses, depreciation, income tax, and exploration, less investments to maintain current assets, and in the denominator – invested capital net of cash, current and non-current non-debt liabilities.

Perencanaan Pembangkit Listrik Tenaga Surya (PLTS) Sistem Hybrid Pada Jaringan Kelistrikan Di Rumah Sakit Umum Yarsi Pontianak

Electrical energy is very important in everyday life to support the activities of various sectors. Fossil fuels as an energy source are a top priority, therefore renewable energy is an alternative to replace the limitations of fossil fuels which is the main priority in efforts to generate electrical energy in Indonesia. The high intensity of sunlight in Indonesia, especially in Pontianak City, is very suitable for building a Solar Power Plant (PLTS). The aim of this research is to find out how much potential PLTS has using applications PVsyst 7.3by utilizing the roof of the hospital building. This research uses three methods for economic analysis and analyzing the feasibility of PLTS. The method used isNet Present Value (NPV), Profitability Index (PI), and Discounted Payback Period (DPP). The results of research carried out using Software PVsyst 7.3 It was found that the PLTS system was installed on the roof of YARSI Pontianak General Hospital with a slope angle of 4O namely 115 kWp with the type of solar panel used being the Jinko Solar Tiger Neo N-type 72HL4-BDV 580Wp 198 units, 3 inverters of the SUN2000-30/36/40KTL-M3 type with a capacity of 40 kW, and batteries with type Sunlight RES OPzS with a capacity of 3060 Ah. Based on the results of calculations that have been carried out, the initial investment required is IDR. 1,578,472,422. Analysis of the economic feasibility of PLTS using 3 methods has been carried out to obtain an NPV value of Rp. 797.610.941,86, PI value of 1.505, and DPP value of 14 years. The three methods used in this research show that PLTS is feasible.

Analisis Kelayakan Investasi Smart Homestay Bu Ai Di Situs Wisata Gunung Padang

The research aims to assess the investment feasibility of Bu Ai's smart homestay. Bu Ai's smart homestay investment feasibility assessment is one of the Matching Fund Grant programs. The subject of this research is Bu Ai's Smart Homestay Business located in Kp.Gunung Padang, Karyamukti Kec.Campaka Kab.Cianjur West Java. This research was conducted for 5 months starting from August-December. The data used in this study are primary data. The methods used in this research are Payback Period, Net Present Value, Profitability Index and Internal Rate of Return. The results found that the feasibility assessment using PP, NPV, PI, & IRR is not feasible. However, at this time the investment is still accepted due to other factors including the location of the homestay which is located in the Gunung Padang site tourism area which has the potential to continue to increase.

Multi-objective optimal sizing and techno-economic analysis of on- and off-grid hybrid renewable energy systems for EV charging stations

Integrating electric vehicle charging stations (EVCSs) with renewable energy systems requires the consideration of several factors during the planning stage, including environmental impact, economic viability, grid reliability, and self-sufficiency. Therefore, this study conducts a multi-objective optimal sizing of on- and off-grid hybrid renewable energy systems for EVCSs. The sizing problem is solved using the Non-dominated Sorting Genetic Algorithm (NSGA-II). Subsequently, the best suitable solutions from the obtained non-dominated solutions are selected using the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) method, prioritizing the objective functions based on diverse interests of different stakeholders (large and small private investors and governmental entities). Finally, a techno-economic analysis is made considering payback period, profitability index (PI), and internal rate of return (IRR). The results show that on-grid systems show high economic viability with payback periods between 1.98 and 7.72 years, an average PI of 5.07 and an average IRR of 23.97%. Although off-grid systems present lower economic viability with payback periods between 8.77 and 22.42 years, an average PI of 1.68 and an average IRR of 4.91%, in certain cases they reach investable levels with payback periods below 10 years, PI above 2, and IRR above the interest rate.

The impact of social network and resource endowment of smallholders on sustainable apple production

PurposeSmallholders are essential in ensuring food security; however, smallholder-dominated food production often involves high resource-environmental costs. This study analyzed the factors that differentiate horticultural practices, willingness to adopt technology and social networks between optimized practices (OPT) and farmer practices (FP) to provide localized and systematic solutions for the sustainable apple production.Design/methodology/approachTo explore the approach of smallholder-dominated sustainable apple production, 257 apple producers in the Bohai Bay region, a major apple planting area in China, were investigated. Life cycle assessment (LCA), emergy analysis and social network analysis methods were used for evaluation.FindingsThe results showed that the net economic profit and emergy sustainability index (ESI) in OPT was 15.8 × 104 RMB·ha-1 and 1.2, respectively, which were 126.9 and 128.0% higher than FP. In contrast, greenhouse gas (GHG) emissions under OPT was 29.3% lower than those under FP. OPT has a higher percentage of adoption of scientific fertilizer application and water-saving irrigation technologies compared to FP. OPT has strong learning abilities, more social resources (such as technical training and sharing technical experience with others) and connections with stakeholders in the apple supply chain. Optimizing smallholders' social capital, willingness to adopt technology, behavioral willingness and technological awareness can promote sustainable apple production.Originality/valueConsidering the horticultural practices employed by smallholders in conjunction with their social networks, these factors contributed to the transition of smallholder-led apple production toward sustainability. The findings provided viable options and a theoretical basis for smallholder-dominated crop production to move toward sustainability, with significant implications for policymakers.

COMPARING vaccine manufacturing technologies recombinant DNA vs in vitro transcribed (IVT) mRNA

Vaccine manufacturing fosters the prevention, control, and eradication of infectious diseases. Recombinant DNA and in vitro (IVT) mRNA vaccine manufacturing technologies were enforced to combat the recent pandemic. Despite the impact of these technologies, there exists no scientific announcement that compares them. Digital Shadows are employed in this study to simulate each technology, investigating root cause deviations, technical merits, and liabilities, evaluating cost scenarios. Under this lens we provide an unbiased, advanced comparative technoeconomic study, one that determines which of these manufacturing platforms are suited for the two types of vaccines considered (monoclonal antibodies or antigens). We find recombinant DNA technology to exhibit higher Profitability Index due to lower capital and starting material requirements, pertaining to lower Minimum Selling Price per Dose values, delivering products of established quality. However, the potency of the mRNA, the streamlined and scalable synthetic processes involved and the raw material availability, facilitate faster market penetration and product flexibility, constituting these vaccines preferable whenever short product development cycles become a necessity.

Analisis dan Perancangan Usaha Pembukaan Cabang Baru pada Konveksi XYZ di Kota Bandung

Konveksi specific industry or agency. The problem with convection piling up and not making convection operational activities efficient. The aim of this study is to consider market aspects, technical aspects and financial aspects. By carrying out this feasibility analysis, convection can find out what needs to be prepared and know what risks will occur in order to avoid or minimize existing risks in the longer term. This financial aspect approach uses calculations of the Internal Rate of Return (IRR), Net Present Value (NPV), Payback Period (PBP), and Profitability Index (PI). The benefit of the proposed design results is that it can estimate the size of market demand for the opening of a new branch of XYZ Convection in Bandung City, namely 8,513 pcs in 2025, it can design the technical and operational aspects of opening a new branch of XYZ Convection in Bandung City by determining an investment of IDR 153,738,772, it can measure the financial feasibility of opening a new branch of Konveksi sensitivity of four variables, including sensitivity to decreasing demand levels, decreasing product selling prices, decreasing, increasing raw material costs, and increasing direct labor and indirect labor costs. Can identify the risks of opening a new branch of Konveksi XYZ in Bandung City with a percentage of 4.9%, and for entrepreneurs, it can be used as a consideration in making decisions in the business of opening a new branch of Konveksi. Based on the results of a feasibility study carried out taking into account market aspects, technical aspects and financial aspects, opening a new branch at XYZ Convection in Bandung City is feasible.

Pengaruh Struktur Kepemilikan, Leverage dan Return On Asset (ROA) Terhadap Kebijakan Dividen pada Perusahaan Manufaktur Yang Terdaftar Dibursa Efek Indonesia Tahun 2021-2023

This research aims to analyze the influence of liquidity, ownership structure, leverage, and Return On Assets (ROA) on dividend policy in companies on the Indonesia Stock Exchange (BEI) for the 2021-2023 period. Dividend policy is an important decision for a company in determining the allocation of profits that will be distributed to shareholders and those that will be retained for investment purposes. Liquidity reflects a company's ability to meet short-term obligations, while ownership structure highlights the role of shareholders and managers in decision making. Leverage, which indicates the use of debt in financing, and ROA, as an indicator of profitability, are also considered important factors influencing dividend policy. This research differs from previous research with the addition of leverage variables as well as differences in population, sample and research period. It is hoped that the results of this research will provide a more comprehensive understanding of the factors that influence dividend policy and its implications for company value.