Public Limited Companies Research Articles

Internal Audit Effectiveness and Audit Committee Characteristics: Empirical Evidence from Pakistan

Internal audit function (IAF) is a critical component of corporate governance mechanisms, and researchers have argued that internal audit effectiveness (IAE) is of utmost importance to serve the purpose. The study attempts to contribute to a better understanding on the role of audit committee (AC) characteristics (i.e. AC size, AC meeting frequency, AC expertise and AC independence) as a driver of IAE in public limited companies listed in Pakistan stock exchange (PSX). Two sets of questionnaires were distributed in 400 listed companies, whereas 162 completed sets in all respects with a response rate of 41% were received back. The collected data was analyzed using PLS-SEM. The results of the study indicated a positive influence of AC size and AC meeting frequency on the IAE of the listed companies. At the same time, the responses failed to establish any significant relationship between AC independence and AC expertise on the IAE.

How Malaysian Airlines Recovered? An Exploration.

The aim about this study is to explore the causes of airline recovery in Malaysia. Airline industry is one of the most competitive and strongest industries in the world. The speed of air traveling and the fall of real prices have made the air traveling increased in market share of passenger transport. Furthermore, the fatalities and the long term safety record of air traveling are way better than any other modes of transportation. One of the most controversial airlines in Asia, Malaysian Airline System (MAS), has been praised and criticized in equal measures. Malaysia Airlines' humble origins began in the golden age of travel in 1937. By the end of 1947, once known as Malayan Airways had engaged in an expansion exercise to cater to the growing needs of a growing nation. Within three months, the company broke the borders of domestic service to offer flights to neighborhood countries. A year after the Independence of Malaya in 1957, Malayan Airways took the next step in becoming part of the new corporate scene in Malaysia and was launched as a public limited company. The advancement continues to the acquisition of an 82-seater Briston Britania in 1960 made mass transport by air a reality. This led to the first international non-stop service for MAL, which operated directly between Kuala Lumpur and Hong Kong. How to Cite this Article Pubmed Style Yajid MSA, Indang , Khatibi A. Malaysian Airlines Recovered? An SRP. 2020; 11(1): 843-851. doi:10.5530/srp.2020.1.107 Web Style Yajid MSA, Indang , Khatibi A. Malaysian Airlines Recovered? An http://www.sysrevpharm.org/?mno=128551 [Access: March 29, 2021]. doi:10.5530/srp.2020.1.107 AMA (American Medical Association) Style Yajid MSA, Indang , Khatibi A. Malaysian Airlines Recovered? An SRP. 2020; 11(1): 843-851. doi:10.5530/srp.2020.1.107 Vancouver/ICMJE Style Yajid MSA, Indang , Khatibi A. Malaysian Airlines Recovered? An SRP. (2020), [cited March 29, 2021]; 11(1): 843-851. doi:10.5530/srp.2020.1.107 Harvard Style Yajid, M. S. A., Indang, . & Khatibi, . A. (2020) Malaysian Airlines Recovered? An SRP, 11 (1), 843-851. doi:10.5530/srp.2020.1.107 Turabian Style Yajid, Mohd Shukri Ab, Indang, and Ali Khatibi. 2020. Malaysian Airlines Recovered? An Systematic Reviews in Pharmacy, 11 (1), 843-851. doi:10.5530/srp.2020.1.107 Chicago Style Yajid, Mohd Shukri Ab, Indang, and Ali Khatibi. How Malaysian Airlines Recovered? An Exploration.. Systematic Reviews in Pharmacy 11 (2020), 843-851. doi:10.5530/srp.2020.1.107 MLA (The Modern Language Association) Style Yajid, Mohd Shukri Ab, Indang, and Ali Khatibi. How Malaysian Airlines Recovered? An Exploration.. Systematic Reviews in Pharmacy 11.1 (2020), 843-851. Print. doi:10.5530/srp.2020.1.107 APA (American Psychological Association) Style Yajid, M. S. A., Indang, . & Khatibi, . A. (2020) Malaysian Airlines Recovered? An Systematic Reviews in Pharmacy, 11 (1), 843-851. doi:10.5530/srp.2020.1.107

THE EFFECT OF DIGITAL PAYMENT SYSTEM ON FINANCIAL PERFORMANCE OF APDCL: A CASE STUDY

The main purpose of the study is to analyze the effect of digital payment in the financial performance of a State Owned Public Limited Company more precisely Assam Power Distribution Company Limited (APDCL). The research paper contains statistical analysis of the performance of Assam Power Distribution Company Limited after the implementation of digital payment system. The research paper is based on data available on the website of Assam Power Distribution Company Limited. Data has been collected from the audited final accounts uploaded by the company in their website. The paper will be beneficial to the company as well as to other public limited entities for future as it is mostly based on secondary data and analytical in nature. The very success of the new technology introduced by an organization depends upon the improvement in its financial performance. The effect of digital payment in APDCL case is quite positive and encouraging one. The customers of APDCL are using digital modes of payment effectively. The collection of revenue from all kind of customers is encouraged by the digital payment system. In near future also, digital payment system boosts the financial condition of the company. Five years future trend is predicted with the help of time series analysis which will benefit the company to compare the outcome with forecast. It will also help other public limited companies dealing with digital payment system and collection of revenue in such a way that it can relate the research with their entity and respond accordingly.

Creative Accounting Practice Among Public Limited Companies in Nigeria: Prevalence, Motives and Techniques

The study was to determine the prevalence of creative accounting practice, motive, and techniques employed among Public Limited Companies in Nigeria. The data obtained from professional accountants in public practice was analyzed using descriptive statistical techniques. All the respondents admitted to having encountered the practice among their clients in the course of their work as auditors. Officials’ gains and quest to gain stock market advantage was found to be the most popular motives for creative accounting practices among public limited companies in Nigeria. Fraudulent stock valuation and depreciation policies are the techniques mostly applied by the companies for the manipulations. Majority, seventy-two percent (72%) of participants admitted that creative accounting is either “totally legal” or “legal” if perpetrators simply exploit the loopholes in the standards, without being fraudulent and is rife among quoted companies in Nigeria and thus need to strengthen institutions regulating accounting.

Impact of European law on Polish company law

Since Poland’s accession to the European Union, European law has become part of the legal system in force in Poland. Treaties and regulations are directly applicable, whereas directives and recommendations require implementation into Polish law. Polish courts are obliged to apply and interpret European company law and to interpret Polish company law in such a way that it complies with European law. If in doubt as to the interpretation of European company law, the courts may — and in some cases must — refer a question to the Court of Justice of the European Union for a preliminary ruling. The judgment of the Court is binding on the courts of all Member States. Polish companies may conduct business activity in another Member State and foreign companies may conduct business activity in Poland. Companies of the Member States may conduct their business activities by establishing companies under the provisions of European law, e. g., Societas Europaea. Societas Europaea (SE) is a European public limited company whose capital is divided into shares. The European company is a cross-border company that can operate in the EU countries alongside national public limited companies. The autonomous status of an SE in relation to domestic public limited-liability companies is determined by two circumstances: first, the SE’s personal statute (lex societatis), legal capacity and other elements of the SE’s legal status are determined by the regulation either directly or by indicating the ways to fill in the gaps in the regulation; second, the content of the regulation, which contains specific rules for the creation and operation of the SE, distinguishes it from national public limited-liability companies. European law also influences the legal situation of Russian citizens and companies who are partners (shareholders) of a company registered in a Member State.

Practices of Creative Disobedience: A Key to Economic Success in Socialism? : A Case Study of a Hungarian Agricultural Cooperative

In this article, I examine the fate during the decades of socialism in Hungary of the agricultural company Árpád-Agrár Ltd. of Szentes, which which has flourished up to the present day. Its predecessor, the Árpád Mezőgazdasági Termelőszövetkezet (Agricultural Producer Cooperative), was established in 1960, during the last wave of collectivization. Most members were gardeners who specialized in a Bulgarian type of horticulture. One of the central questions in my inquiry is how individual gardeners’ best practices were preserved and further developed within the structure of a socialist cooperative. I also consider how the Árpád Cooperative used the economic reforms of 1968 to expand its market-share. In my analysis of the successful transfer of knowledge and processes of adaptation, I devote particular attention to the human factor, taking into consideration both the changing relationship between the leadership and the membership of the cooperative and the formation of a class of managers who had had experiences in the West and had a more open-minded mentality. These factors offer a possible explanation as to why this agricultural community chose the organizational form of a cooperative at the time of the change of the political regime and was transformed into a public limited liability company only a decade later.

PERTANGGUNGJAWABAN INDIVIDU ATAS GANTI RUGI DISGORGEMENT YANG MELIBATKAN EMITEN

The Financial Services Authority (OJK) launched a discourse by issuing an RPOJK regarding the Disgorgement and Disgorgement Fund. The parties that can be subject to disgorgement are the perpetrators of the violations themselves, including the Issuer as a public limited liability company. However, if the Issuer commits a violation, it is reasonable for the order to be addressed to the in persona (private individual), considering the Issuer is an artificial person who has no will and cannot have a will without the party carrying out behind the scenes. Directors, Commissioners and major shareholders (controllers) are parties who are allowed to commit violations and at the same time enjoy illegal profits from the violation. However, affiliated parties may commit violations involving the Issuer, so if there is an illegal profit, those who enjoy the benefit should be obliged to compensate the disgorgement. The issuer as a public limited liability company has also received administrative sanctions by both the OJK and the stock exchange. It is very unfair for the Issuer to be responsible for paying disgorgement compensation.

Total Quality Management Practices on Customer Satisfaction at Safaricom Public Limited Company, Kenya

The research aimed at establishing the influence of total quality management practices on customer satisfaction of Safaricom Public Limited Company (Public Limited Company). The study was guided by the following specific objectives; to establish the influence of process management on customer satisfaction of Safaricom Public Limited Company, to establish the influence of strategic quality planning on customer satisfaction of Safaricom Public Limited Company and to explore the influence of customer focus on customer satisfaction of Safaricom Public Limited Company. The research employed a descriptive study design. The research focused on 70 respondents within the customer experience department. A census was used in this study since the population was small. Primary data was collected by use of structured questionnaires. The questionnaires were self-administered. The reliability and validity of the instrument was then be determined. The quantitative data gathered in the actual study was analyzed utilizing descriptive statistics and multiple linear regressions with the help of Statistical Package for Social Sciences (SPSS) version 21. The results were presented in form of tables, frequencies, and percentages. Results show that that Safaricom Public Limited Company had put in place various measures that encouraged process management, the Safaricom Public Limited Company allocates budget to quality management and control, employees attend quality management workshops to become acquainted with the latest strategy. Customer complaints at the company were addressed within stipulated timelines, the company ensures quality communication with its customers, customer satisfaction was always accorded the priority. This study concludes that process management, and quality planning and customer focus had a positive significant effect on customer satisfaction of Safaricom public limited company. Safaricom Public Limited Company should continue aligning business processes to fit organizational strategic goals. This can be actualized through implementation of process and metrics that align with Safaricom Public Limited Company strategic goals, as well as educating all managers. Safaricom should remain committed towards discovering customer needs. It must also embrace customer positioning measures, and try to fill the customer need gap through quality planning. Safaricom Public Limited Company should make the efforts to follow-up on all customers, use clear language while communicating with its customers, appreciate negative critiques from customers, anticipate hidden customer needs and embrace pre-emptive acknowledgement.

Digital Opportunities for – and Legal Impediments to – Participation in a General Meeting of Shareholders

In conditions of a globalising economy, the practice of holding a meeting by electronic means of communication to arrange a company’s day-to-day economic activities is increasingly widespread. Physical participation in a general meeting may be impeded by various natural circumstances, such as the risk of spread of diseases or weather conditions adverse to travel. The same impediments and inconveniences can affect public limited companies, whose shareholders often are in different countries, such that physically attending a general meeting may prove to be excessively burdensome. Therefore, the question of holding general meetings in digital form has become one of the more prominent issues in company law. The article examines whether and to what extent Estonia and other countries (Germany first and foremost, as a country with a legal system similar to Estonia’s, but also the Netherlands and the United Kingdom) regulate holding of public limited companies’ general meetings by electronic means. The article also addresses the main legal problems connected with participation in a general meeting held in digital form.

Perceived Impact of Corporate Entrepreneurship on Operational Performance: Evidence from Municipal Organizations

Corporate Entrepreneurship (CE) is the form of entrepreneurship which has been experienced by firms for almost the past five decades, but there is a lack of empirical studies on this contemporary concept relating to Pakistan. A few studies have been conducted on CE in private sector organizations however it pertains to a unique significance in the public sector domain which has its own importance in economy and growth. Previous research has also indicated a dearth of CE studies relating to public limited companies in eastern countries. Therefore, the major purpose of this study is to check the impact of Corporate Entrepreneurship in municipal organizations of Karachi, Pakistan. Besides, this study has also incorporated a moderating variable, Organizational Culture, in an attempt to devise a robust model relationship. Nevertheless, due to the limitations of data collection from government employees, especially from municipal corporations, the study has adopted the quota sampling technique and a sample of one hundred respondents was selected. The data was analyzed through SMART-PLS software and results highlighted that the changing organizational dynamics require Corporate Entrepreneurship to be adopted by municipal organizations and it has transpired as a dominant element for the growth and performance of firms.

The French «Société Par Actions Simplifiée - SAS», All Purpose Vehicle!

The Société à Responsabilité Limitée or the limited liability company (SARL) and the Société Anonyme or the public limited company (SA) were perceived as relatively rigid or inadequate company types. Besides the reform of these traditional types of company forms, in 1994, a new company type was created as a flexible vehicle for businesses: the Société par Actions Simplifiée – the SAS (simplified joint stock company). Further changes in 1999 and 2008 made businesses even more adaptable. In 2019, more than 65% of newly created legal entities were established as a SAS; SARL around 30%, and SA less than 2%. SAS has a single member variant, the SASU (U for unipersonnel – one person). The French experience showed that the simplified joint stock company responded to a real economic and organisational need. The new company form based on limited liability has become widely accepted and useful. The simplified joint stock company was introduced by Poland as a new company form in 2019. Other states may also consider the French experience based on the comparative advantages of this peculiar business organisation.

CSR Practices in the Maldives: A Post-Baseline Study

A baseline study on CSR was conducted in the Maldives in 2010 to understand the level of CSR engagement among the business community and non-corporate stakeholders of CSR promotion in the Maldives and develop recommendations for a CSR policy framework for the Maldives. The study revealed that CSR was understood in the Maldives in its surface level only. Philanthropic activities were the main CSR consideration and were not widely practiced. Only large public limited companies and the resorts maintain some mainstream CSR practices. This report highlights the progress made in CSR in the decade that followed the baseline study. The report was written based on the analysis of a three recent sustainability reports of the Maldivian resorts. A remarkable progress on ethical dimension and a minimal progress on philanthropic dimension were evident.

Board‐level employee representative independence: Myth or reality? Theoretical analysis and empirical research—the case for Slovenia

AbstractThis article examines board‐level employee representative independence with regard to said representatives’ dual role as employee representatives and supervisory body members. In the context of corporate governance, board member independence has been of increasing interest, though this has mostly been related to shareholder representatives. We address board‐level employee representative independence focused on Slovenia, a central‐eastern European country with a developed system of employee participation. We conducted qualitative research at twelve public limited companies in Slovenia to gain in‐depth understanding, with a CEO or board member, board‐level employee representative and works councillor not at board‐level being interviewed in situ following the same semi‐structured format. Results indicate legal and practical concern regarding board‐level employee representative independence, calling for further research and regulation.

Board characteristics and foreign equity ownership: evidence from Bangladesh

PurposeThe purpose of this study is to examine the effect of board characteristics on foreign equity ownership (FEO) in the listed public limited companies of Bangladesh.Design/methodology/approachThe study collected data from 418 annual reports of listed companies of Bangladesh for the years 2015, 2016 and 2017 to examine the effect of board characteristics on FEO. Ordinary Least Squares (OLS) and Two-Stage Least Squares (2SLS) regression methods are used to test the hypotheses of the study.FindingsThe results show that board size has significant negative influence on FEO. Other board characteristics variables such as board independence and female directorship appear to have an insignificant influence on FEO. However, several firm characteristics variables such as return on assets, market-to-book ratio, firm size and firm age have a significant positive relationship with FEO. While presenting the regression results separately for manufacturing and non-manufacturing firms, the findings reveal a number of differences in the results between the two sectors.Research limitations/implicationsThe major limitation of the study is that it concentrates only on three years annual report data in analyzing the hypothesized relationships.Practical implicationsPolicy makers, regulators and top management can get meaningful insights with respect to optimal board structure and firm characteristics to attract foreign investors as the results revealed significant effects of several board and firm characteristics variables on FEO.Originality/valueThe present study includes the presence of female directors on the board to represent board characteristics. No other study has examined the relationship between FEO and female directors.

Factors affecting the survival of maritime goods transport firms in Spain

This paper aims to examine some challenges related to economic aspects of Spanish maritime goods transport firms. Concretely, it is focused on assessing the factors that determine Spanish shipping firms' survival.Non-parametric and semi-parametric techniques are the basis of the empirical analysis conducted. The obtained results allow us to establish business profiles with higher survival. This paper finds that better survival prospects are presented for firms whose main type of transport is the liquid bulk, roll-on/roll-off good and container segments. Second, the legal requirements for their constitution confer greater advantages to public limited companies in comparison with other corporate forms. Finally, we find that financial strength and negotiation power with their suppliers have significant influences in this regard.

Sustainability Reporting and Firm Performance: The Demonstration of Pakistani Firms

The nexus between sustainability and firm performance is an area of debate among researchers and academicians. The objective of this study is to examine the level and extent of sustainable financial reporting for non-financial firms in Pakistan and to assess the level of the impact of sustainable financial reporting on firm performance in Pakistan. This study is a novel research work as the sustainability practices are not mandatory in many Pakistani firms. Rather kinds of mix sustainability reporting practices are being practiced. The dilemma still exists whether sustainability practices affect the performance of Pakistani firms positively or not. We collect data from the sustainability reports as well as annual reports of 50 non-financial public limited companies listed in Pakistan Stock Exchange for the period 2013 to 2017. We calculate sustainability reporting index using content analysis procedure based on 42 indicators. The index is based on three subindices, namely, environmental, health and safety, and social indicators. We apply two regression models with a view to ascertain the individual effect of each indicator of the sustainability as well as the composite effect of sustainability reporting index on firm performance. The results confirm positive effects of all three individual indicators as well as the composite form of sustainability reporting index on firm performance. The findings of the study clearly outline the economic relevance for introducing the corporate sustainability reporting practices in corporate strategy.

Covid Learnings from The Cost Behaviour of Indian Industry

The article ventures to perceive the trend of revenue & cost behaviour of Indian Industry on the basis of the consolidated financial results of non-government non-financial public limited companies for the years from 2009-10 to 2018-19. Thereafter, an attempt is made to project the indicative performance of the Indian Industry at various levels of feasible capacity. The article infers that the Break Even Point of the Indian Industry lies at 70.00% of the existing feasible capacity, and at a value of production of Rs. 42.00 lakh crores. Impliedly, this construes to be the point of survival for the Indian Industry. The article moves on to suggest element wise action points considered vital in maintaining the tempo of survival during COVID trance and due revival thereafter. The suggestions, if taken forward in letter and spirit, are bound to facilitate achievement of significant productivity improvements and ample cost reductions beyond the simple perceptions.

Przekształcenia spółek kapitałowych a ustawa o kształtowaniu ustroju rolnego

The Act of 11 April 2003 on shaping the agricultural system introduced a number of restrictions on trading in agricultural property. As of 30 April 2016, the regulations of the Act also apply to companies undergoing a division, change of status or a merger. In this article a change of status of a company which owns agricultural real estate was analysed. For practical reasons, the most common situation of this kind is the conversion of a limited liability company into a public limited company. The analysis of this has revealed that the construction of legal regulations regulating this issue is highly imprecise. However, the biggest problem seems to be the fact that statutory objectives provided for in the Act have not been achieved. In the case of a conversion of a limited liability company into a public limited company, the shareholders of the limited liability company become shareholders of the public limited company, so from the substantive law point of view, the same entity continues to exist. Solutions of this kind do not make any legal sense and certainly do not achieve any of the objectives set out in the Act analysed.

The Base of Prosperity in Developing Economies: A Case of Business Enterprises in Nepal

Purpose: This article aims to explain the status of BEs and to discuss their role in Nepal for a prosperous nation.
 Methods and materials: The study adopts the explanatory methods using both (i.e., primary and secondary) source and secondary data. For this purpose, the study entertained the process of collecting, arranging, organising and interpreting the collected data with appropriate forms.
 Findings and conclusion: The study found different types and forms of BEs in Nepal with different legal statuses but very small in number. The forms of BEs showed that sole proprietorship and P.Ltd. dominated business culture. Foreign companies and public limited companies which issue shares and debentures found in nominal number. The conclusion of the study shows that the governments of Nepal from the very beginning have not been working in a planned way to established the BEs in the appropriate required forms, types, natures and manner. Considering the requirement of the nation on the BEs, the government of Nepal should immediately take a good step for further development of the BEs.
 Originality/value: In this subject and context it is the first attempt although it deals with the BEs with different aspects and explains the role of BEs for the prosperity of the nation very clearly and substantially. However, it requires further study to be completed in all aspects.

Comparison of Enterprises Extracting Building Materials in the Czech Republic

The article deals with the comparison of mining companies extracting building materials in the Czech Republic. First, the legal form of all companies operating in the selected raw material segment is analysed. Subsequently, the actual comparison of the enterprises is carried out, which includes the most important enterprises of the different raw material groups (brick raw material, dimension stone, building stone, gravel, and sand). Selected companies are compared in the period 2011-2018 using six indicators: ROA, inventory turnover, total debt, immediate liquidity, DHM productivity, net working capital turnover time. The weighted sum method is used for self-evaluation. Indicator weights are determined using the Fuller triangle. The comparison shows that the following companies are the best in the raw material groups: (i) Heluz s.r.o. (Ltd.) (brick clays), (ii) Granit Lipnice s.r.o. (Ltd.) (dimension stone), (iii) EUROVIA Kamenolomy, a.s. (Plc.) (building stone), (iv) Ceskomoravský stěrk, a.s. (Plc.) (gravel and sand). When comparing the companies in the whole building material segment, EUROVIA Kamenolomy, a.s. (Plc.) is the best company, followed by Kamenolomy CR, s. r. o. (Ltd.) and KAMEN Zbraslav (Plc.). The analysis also found that 54.24% of mining companies in the Czech Republic use the legal form of s.r.o. (Ltd.) and 26.69% are public or private limited companies – a.s. (Plc.). It was also found that the mining company with the highest production volume was not in first place in the group based on the comparisons made. Keywords: Building materials; Comparison; Mining company; Ratio indicators. DOI 10.35180/gse-2020-0034