Sales Growth Research Articles

University-to-industry knowledge transfers and firms’ resilience during the great recession: evidence for Spanish firms

ABSTRACT This study examines the relationship between university-to-industry knowledge transfers and firm performance during economic downturns. Using a sample of Spanish manufacturing firms, we evaluate the performance of firms that collaborated with or acquired R&D from universities prior to the Great Recession, focusing on real sales growth relative to their peers. We find that firms that received knowledge transfers from universities outperformed their peers during the ecession, especially in the most affected sectors (as measured by export growth). Notably, the greater resilience associated with these partnerships appears to be limited to small and medium-sized firms. In addition, product differentiation and expansion into new markets appear to be potential mechanisms associated with the greater resilience of firms involved in university knowledge transfers. This is consistent with a shift in their innovation strategy towards exploration during recessions.

The Hidden Dangers: E-Cigarettes, Heated Tobacco, and Their Impact on Oxidative Stress and Atherosclerosis—A Systematic Review and Narrative Synthesis of the Evidence

Electronic cigarettes and heated tobacco products have seen significant growth in sales and usage in recent years. Initially promoted as potentially less harmful alternatives to traditional tobacco, recent scientific evidence has raised serious concerns about the risks they pose, particularly in relation to atherosclerosis. While atherosclerosis has long been associated with conventional tobacco smoking, emerging research suggests that electronic cigarettes and heated tobacco may also contribute to the development of this condition and related cardiovascular complications. In a narrative review, we examined the potential effects of heated tobacco products and electronic cigarettes on oxidative stress and atherosclerosis. Several studies have shown that e-cigarettes and heated tobacco increase oxidative stress through the activation of enzymes such as NADPH oxidase. One of the primary effects of these products is their pro-thrombotic and pro-atherosclerotic impact on endothelial cells and platelets, which promotes inflammatory processes within the arteries. Furthermore, the chemicals found in electronic cigarette liquids may exacerbate inflammation and cause endothelial dysfunction. Furthermore, through a systematic review, we analyzed the effects of chronic exposure to electronic and heated tobacco cigarettes on endothelial function, as assessed by brachial flow-mediated dilation (FMD). Although electronic cigarettes and heated tobacco cigarettes are often perceived as safer alternatives to traditional smoking, they could still present risks to cardiovascular health. It is essential to raise public awareness about the potential dangers associated with these products and implement protective measures, particularly for young people.

Pengaruh Konservatisme Akuntansi, Inventory Intensity dan Sales Growth terhadap Tax Avoidance

The study aims to examine and analyze the effect of accounting conservatisme, inventory intensity and sales growth on tax avoidance in Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange for the period 2018 to 2022. This type of research is quantitative, using secondary data. The analysis methode is panel data regression test using Microsoft Excel and Eviews 12 aplications. The population in this study are all companies Consumer Non-Cyclicals sectors. The data collection technique in this was a purposive samples, from 122 study populations to 35 were used as research samples. The results of the study show Accounting Conservatisme in Consumer Non-Cyclicals from 2018 to 2022. The result show Accounting Conservatisme and inventory intensity has no. effect on Tax Avoidance whereas Sales Growth has an effect on Tax Avoidance.

Visualising the universe: The role of pictures in mediating people's relationship with outer space

The last decade has witnessed an increased interest in outer space among non-expert citizens of London; many astronomical societies have expanded, and telescopes and astronomical magazines have experienced pronounced growth in sales. Anthropology, as a discipline focused on the study of human culture, has recently provided new insights into the cultural dimensions involved in contemporary experiences of the universe. After spending two months among amateur astronomers at two London astronomical societies, I argue that pictures – understood from a material culture perspective – play a key role in shaping people's relationship with the universe. This relationship is currently influenced by new technologies that offer more accessible ways to capture and share pictures of the skies. Simultaneously, new social media apps have opened new digital platforms for sharing outer space pictures, introducing innovative visual ways to engage with it.

Biodiversity risk and firm performance: Evidence from US firms

AbstractBiodiversity loss is considered as a critical global challenge with significant implications for ecosystems, economies, and societies. While the importance of biodiversity conservation is widely acknowledged, the extent to which biodiversity risk impacts firm performance remains an under‐explored area of research. This paper examines how biodiversity risk affects firm performance using a new measure of firm‐level biodiversity risk generated from textual analysis of firms' 10‐K reports. Our multivariate analysis shows that biodiversity risk significantly hinders performance of firms in the United States during the 2001–2021 period. The finding holds well after controlling various confounding factors, using alternative variable measurements, model specifications, and correcting for endogeneity problems in the biodiversity risk‐firm performance nexus. Besides decreasing sales growth and profitability, biodiversity risk increases in the cost of goods sold, as explained by the Cobb–Douglas production function. Interestingly, we find that the effect is stronger for firms in biodiversity‐sensitive industries, weaker for firms with more product innovation, and remains insignificant for firms with top‐tier performance. Our study provides policy and practical implications for businesses to mitigate biodiversity risk in this contemporary era of ecological degradation.

Analisis Likuiditas, Tax Avoidance, Pertumbuhan Penjualan dan Pertumbuhan Laba Terhadap Nilai Perusahaan: Studi Keuangan pada Perusahaan Subsektor Tekstil dan Garmen yang Terdaftar di Bursa Efek Indonesia Tahun 2022

The aim of this research is to find out how the influence of Liquidity, Tax Avoidance, Sales Growth and Profit Growth on Company Value is described. The population in this research is textile and garment sub-sector companies listed on the Indonesia Stock Exchange for the 2022 period. The method used is a quantitative method with an associative descriptive approach. With a total sample of 19 with saturated sampling. Using secondary data collection techniques and descriptive statistical analysis, classic assumption tests with normality test, multicollinearity test, heteroscedasticity test, coefficient of determination, multiple correlation coefficient, multiple linear regression test, partial test (t) and simultaneous test (f). The statistical results of the f test (Simultaneous Test) show that there is a simultaneous and significant influence of the variables Liquidity, Tax Avoidance, Sales Growth, Profit Growth on Company Value. Based on the statistical results of the t test (partial test), liquidity has a negative and significant effect on Company Value. Meanwhile, Tax Avoidance has a positive and insignificant effect on Company Value. Furthermore, Sales Growth has a positive and significant effect on Company Value. And Profit Growth has a negative and insignificant effect on Company Value.

Pengaruh Thin Capitalization, Sales Growth, dan Transfer Pricing Terhadap Tax Avoidance

The research objective is to examine the influence of Thin Capitalization, Sales Growth, and Transfer Pricing on tax avoidance in property and real estate sector companies in 2019-2022. This research applies a quantitative research approach that utilizes secondary data obtained from financial reports and ongoing business reports. The research sample consisted of 89, the sample was selected using a purposive sampling technique, data was collected from 17 sample companies during the 4 year research period. Data analysis uses multiple regression analysis techniques to analyze the relationship between thin capitalization, sales growth, transfer pricing and tax avoidance. The research findings show that these factors have a considerable negative impact on tax avoidance. Therefore, if corporations apply a higher level of responsibility for thin capitalization, sales growth and transfer pricing in tax avoidance practices, this will effectively prevent potential tax avoidance from occurring.

Pengaruh Sustainability Reporting, Dewan Komisaris Independen Terhadap Financial Distress dengan Sales Growth Sebagai Variabel Moderasi

The phenomenon that occurred in this research regarding the growth ratio in chemical sector manufacturing companies in Indonesia in 2019-2022 experienced a decline due to fluctuations which would result in financial difficulties. This research aims to determine the influence of sustainability reports, an independent board of commissioners on financial distress and sales growth as a moderating variable. The data collection technique is downloading annual reports from the official Indonesian Stock Exchange website www.idx.co.id or chemical sector manufacturing company websites, so that there are 25 companies as a population with a sample size of 100 using a purposive sampling method. Data processing with SmartPLS version 4 software uses a partial least squares (PLS) approach. The results of this research show that the variable sustainability report, independent board of commissioners has a significant influence on financial distress. Sales growth can moderate the influence of the sustainability report on financial distress and the influence of the independent board of commissioners on financial distress.

Pengaruh Leverage dan Sales Growth Terhadap Financial Distress dengan Profitabilitas Sebagai Moderasi

The transportation sector in Indonesia is one of the important sectors supporting the national economy. This sector consists of a variety of companies and has great potential for development. This research is based on the problem of decreasing demand due to restrictions on mobility and economic activity due to the pandemic. Causing a decrease in revenue and profits for transportation companies which can increase the risk of financial distress. This research uses financial leverage ratio calculations with DER (Debt Equity Ratio) and Sales growth to determine the effect on financial distress calculated using ICR and the role of profitability with ROA (Return On Assets) as moderation. The method used in this research is descriptive methods with a quantitative approach. Research on the transportation sector listed on the BEI in 2022. The research population was 49 companies with a sample of 41 companies. The financial distress method used is to calculate the ICR ratio (Interest Coverage Ratio) which is symbolized by a dummy. Data analysis uses multiple linear analysis and Moderating Regression Analysis (MRA) with the SPSS 26 application. Based on the research and discussion that has been carried out, the research results can be concluded that leverage has an effect but is not significant on financial distress. Sales growth has an effect but is not significant on financial distress. Profitability is able to moderate the relationship between leverage and financial distress and sales growth with financial distress.

Strategi Pemasaran Melalui Kompetensi Kewirausahaan dalam Mencapai Peningkatan Kinerja UMKM

Beverage MSMEs in Sukabumi City have experienced a decline in sales growth. In addition to the impact of Covid-19 several years ago, this is also caused by the fact that MSME players do not understand the performance of MSMEs, marketing strategies and entrepreneurial competencies to improve MSME performance. This study aims to determine the effect of marketing strategies and entrepreneurial competencies in achieving improved MSME performance and to determine how entrepreneurial competencies mediate marketing strategies on MSME performance. The methods used in this research are descriptive and associative methods through a quantitative approach. The population in this study were beverage MSME players in Sukabumi City who used and were interested in the performance of MSMEs. The sample used in this study amounted to 210 beverage MSMEs in Sukabumi City. The sample was taken based on Hair J theory, that the determination of the sample size was 5 times the number of research instruments. The research data used in this study include primary data and secondary data, namely observation, interviews, questionnaires, literature studies, and documentation. The results of this study are There is a significant influence between marketing strategy variables and entrepreneurial competence on MSME Performance and Entrepreneurial Competence can mediate the relationship between marketing strategies and MSME Performance in beverage business actors in Sukabumi City.

Faktor-Faktor yang Mempengaruhi Penghindaran Pajak pada Perusahaan Energi, Bahan Baku dan Industri yang Terdaftar di Bursa Efek Indonesia

The researcher's objective is to analyze debt, company size, and sales growth on tax avoidance. The population of this study is energy, raw materials, and industrial subsector companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2022. This study uses purposive sampling technique for sampling so that there are 89 companies that meet the data determination requirements. Company data that was sampled as many as 89 is panel data. So the number of samples during 2020-2022 is 3x89 = 267 companies. The result is that the leverage variable has a significant negative effect on tax avoidance, the company size variable has no effect on tax avoidance, and the sales growth variable has a significant negative effect on tax avoidance.

Process improvement under the reference price effect

Cost-reducing process improvement, leading to price reductions and consequently sales growth, is becoming increasingly relevant in today’s uncertain economic environment. However, existing process improvement studies involving sales growth typically assume that consumers only consider the current price of a product when making a purchase. In reality, sales growth also often stems from the reference price effect, where consumers factor in both the current and past prices. By incorporating the reference price effect, we examine the process improvement investment decisions and pricing strategies in a decentralized supply chain. We develop a two-period game-theoretic model, where the supplier invests in process improvement to reduce production costs, and the supplier and the retailer set their prices. This approach differs from existing reference price effect literature, where prices are predetermined exogenously in a decentralized supply chain. We find that the reference price effect stimulates process improvement investment, making both firms more profitable. However, a more prominent reference price effect may significantly decrease supply chain efficiency in the presence of process improvement, resulting in lower profits that move away from what an integrated firm would achieve. When firms set their own prices, the reference price effect intensifies competition for profits and worsens misalignment caused by process improvement. This outcome contrasts with existing studies, which usually argue that the reference price effect increases efficiency. Therefore, managers should consider consumer responses to price changes when making process improvement investment decisions and analyze their impacts on both supply chain profitability and efficiency.

The Rise of AI Pricing: Trends, Driving Forces, and Implications for Firm Performance

We document key stylized facts about the time-series trends and cross-sectional distributions of AI pricing and study its implications for firm performance, both on average and conditional on monetary policy shocks. We use the universe of online job posting data from Lightcast to measure the adoption of AI pricing. We infer that a firm is adopting AI pricing if it posts a job opening that requires AI-related skills and contains the keyword “pricing.” At the aggregate level, the share of AI-pricing jobs in all pricing jobs has increased by more than tenfold since 2010. The increase in AI-pricing jobs has been broad-based, spreading to more industries than other types of AI jobs. At the firm level, larger and more productive firms are more likely to adopt AI pricing. Moreover, firms that adopted AI pricing experienced faster growth in sales, employment, assets, and markups, and their stock returns are also more sensitive to high-frequency monetary policy surprises than non-adopters. We show that these empirical observations can be rationalized by a simple model where a monopolist firm with incomplete information about the demand function invests in AI pricing to acquire information.

Do Tax Incentives Moderate the Impact of Cash Flow and Sales Growth on Accounting Conservatism

This research investigates the relationships between cash flow, sales growth, tax incentives, and accounting conservatism. The study reveals that cash flow significantly influences accounting conservatism, indicating that firms with higher cash flows tend to adopt less conservative accounting practices to seize growth opportunities. Additionally, strong sales growth is associated with reduced accounting conservatism, as companies aim to meet market expectations and present favorable financial results. However, the interaction between cash flow and tax incentives, as well as sales growth and tax incentives, does not significantly affect accounting conservatism. These findings suggest that firms prioritize immediate financial performance over tax strategies when making accounting decisions. The research highlights the need to explore further industry-specific factors, long-term effects, and the practical implementation of tax incentives. By addressing these aspects, future studies can provide deeper insights into how financial reporting practices evolve and inform better corporate governance and stakeholder communication. Overall, this research contributes to understanding the dynamics influencing accounting conservatism in a changing economic landscape

THE EFFECT OF FIRMS CHARACTERISTICS ON FINANCIAL PERFORMANCE OF LISTED INSURANCES FIRMS IN NIGERIA

The study tried to investigate the effect of firms characteristics on financial Performance of listed insurance firms in Nigeria.The study adopted an ex-post facto research design, the population consisted of 18 insurance Companies listed on the Nigeria stock exchange as at 31st December, 2023. A sample size of eight (8) insurance firms was used in the course of the study. The sample size was selected using purposive sampling technique. Based on the findings of the study, it implies that sales growth has no significant effect on the ROA of listed insurance companies in Nigeria this findings is contrary to that of Dalton (2019) which found that board size has effect on ROA. Consequent upon the findings of this study, the following recommendations were made that listed insurance firms should trade cautiously in managing equilibrium between their liabilities and assets.

SMEs’ dependency on large corporations’ technology for sustainability in the United States

Introduction/Background: This study discusses how small and medium-sized firms (SMEs) depend on major corporations for key technology resources that support sustainability initiatives. While SMEs contribute considerably to economic development and innovation, they typically rely on bigger enterprises for access to new technology and market possibilities. This partnership gives SMEs benefits like greater operational efficiency and global market access but also creates obstacles such as budgetary limits and technical reliance. The essay explores techniques for SMEs to effectively exploit new technologies, balancing partnership with larger firms while retaining their autonomy and competitiveness in a quickly shifting business climate focused on sustainability. Materials and Methods: The materials used for this study were sourced from different databases which include scholarly journal articles, reports, and government gazette and policy papers in the areas of business, small and medium scale enterprises, entrepreneurship, management and economics. The inclusive criteria ensured that only those articles that investigated the merits and demerits of SMEs dependence on large corporation were utilised. The review of literature was conducted on 50 documents published between 2009 and 2024. Results: The findings as revealed from the reviewed literature revealed the different merits and demerits of SMEs dependence on large corporation. Case studies of Tesla, Microsoft, Walmart, and Amazon demonstrate the intricate reliance of SMEs on major firms in the United States. Tesla's reliance on SMEs for crucial components like batteries underlines the reciprocal advantages and dangers involved, since SMEs' stability rests on Tesla's performance. Microsoft helps SMEs through initiatives that stimulate innovation and technology adoption, boosting their capabilities. Walmart gives SMEs with access to huge distribution networks, enabling sales growth. Similarly, Amazon's platform gives SMEs tremendous market reach but also brings issues in competitiveness and price. Together, these instances show the potential and challenges SMEs confront in their relationships with bigger enterprises. Discussion: Encouraging supplier growth and enhancing supply chain resilience are vital for establishing a sustainable SME environment. Policymakers may promote SMEs through mentorship programs, financial aid, and tax incentives for partnership with large enterprises. Addressing financial impediments with targeted funding and boosting skills development through collaborations with educational institutions would help SMEs embrace new technology. Additionally, establishing technology-sharing activities and developing a legal framework that supports fair competition are vital. Fostering innovation among SMEs and supporting sustainable practices will eventually boost their competitiveness and contribute to broader economic and environmental goals, benefitting both SMEs and bigger organizations. Conclusion: The reliance of SMEs on big corporations provides noteworthy hurdles and possibilities that require for the adoption of effective government involvement. Through the elimination of financial obstacles, the upgrading of technical skills, the promotion of fair competition, and the encouragement of innovation and sustainability, governments may build a fair climate that enables SMEs to prosper alongside bigger firms. This approach not only allows SMEs access to resources and contemporary technology, but it also stimulates economic variety and creativity, which in turn contributes to continuous development and competitiveness in a dynamic market.

Paradox: Revolutionizing American-Inspired Sportswear in the Chinese Market

Paradox aims to disrupt the rapidly growing Chinese sportswear market, which has reached a size of $47.8 billion, by targeting men aged 15-35 years—a demographic that consumes over 60% of the sportswear in the country. The company leverages American-inspired designs combined with affordable pricing, addressing the gap created by leading brands such as Nike, which often overprice their products, limiting access for the targeted consumers. Paradox’s competitive advantage lies in delivering quality comparable to American labels at lower price points, appealing to emerging middle-income earners eager to embrace an American athletic lifestyle.The founding team, comprised of experienced professionals from the sportswear industry, has streamlined the supply chain and manufacturing processes to maintain efficiency while employing a direct-to-consumer business model. With projected conservative sales growth of 25% per year and a solid marketing strategy focused on influencer partnerships and e-commerce, Paradox is set for significant market entry. The startup seeks $10,000 in funding to launch its first collection and expects to generate profits within the first 18 months. With its unique value proposition, strong management team, and targeted approach to an underserved market, Paradox presents itself as a lucrative investment opportunity poised to revolutionize the sportswear sector in China.

The Moderating Role of Supply Chain Agility on the Relationship Between Strategic Flexibility and Organizational Market Performance in Nigerian Pharmaceutical Industry

The pharmaceutical industry is key to the survival of the human race, but equally becoming increasingly susceptible to global disruptions. In Nigeria, records have shown that the industry is plagued with several problems, inclusive of low employee productivity, poor market share, low innovation performance, poor and marginal sales growth and low profitability, which are likely a result of a lack of strategic flexibility in the face of increasing environment turbulence and intense competition. Despite efforts from researchers, the moderating role of supply chain agility has been largely overlooked in the literature. Therefore, this study examines the moderating role of supply chain agility on the relationship between strategic flexibility (resource flexibility, coordination flexibility, proactive flexibility, reactive flexibility and futurity) and organisational performance. A survey research design was used to collect data from 642 management and senior staff employees of six pharmaceutical companies listed on the Nigerian Exchange Group. A total enumeration method was adopted for the study, with a well-structured adapted questionnaire, having Cronbach’s alpha reliability coefficients ranging from 0.725 to 0.945. Partial Least Squares Structural Equation Modeling (PLS-SEM) was chosen to achieve the research goal. The PLS-SEM analysis revealed that strategic flexibility positively affects organizational performance (β = -0.093, p> 0.050, Q2 = 0.644). However, supply chain agility negatively moderates this effect, indicating that while agility is beneficial independently, it can counteract the positive impact of strategic flexibility when combined. The study recommended that the management of pharmaceutical companies in Nigeria should pay serious attention to strategic flexibility as an organizational capability that can enhance performance in the face of increasing uncertainties in and unpredictability nature of the business environment.

A Financial Analysis and Valuation of Apple Inc.

In 2024, Apple Inc., a globally recognized technology company, faced a series of challenges in China, resulting in a poor share price performance compared to the broader market. Despite strong financial indicators elsewhere, the company's latest quarterly report, released in February, revealed disappointing results in China. While Apple achieved sales growth in all regions except Greater China, where sales fell by nearly 13% from the same period last year. The impact of these events on Apple cannot be ignored. Apple's weaker-than-expected performance in China may suggest that the company's competitiveness in this key market is being challenged. This article provides an in-depth analysis of Apple's financial performance over the past three years, comparing it to its peers to draw conclusions about the risks associated with the company's growth. Through this examination, it aims to shed light on the potential implications of Apple's struggles in the Chinese market for its overall trajectory and competitiveness.

The Future of Food Health-Focused Brands in the Fast-Food Industry Based on the Analysis of Chipotle

Abstract: Healthy and sustainable food eating has become one of the significant trends in customer behavior. Academics and media research have found the significance of embracing new consumption habits, food choices on nutritionally adjusted meals, and increasing consumer health awareness. However, more research is still needed on the development opportunities of the fast-food industry in response to this new consumer behavior. Therefore, this article will use Chipotle as an example to demonstrate the financial opportunities of the fast-food industry's change toward healthy eating. This article uses research on healthy eating development, trends in the fast-food industry, balance sheets, and financial ratios. We have employed the analysis of Chipotle's financial statement and forecast the development of the fast-food restaurant from 2024 to 2028 after it accepts healthy eating. Research has found that customers' attitudes are changing. Consumers now prefer natural, high-quality fast food; introducing healthy products is financially rewarded with higher sales growth. This kind of brand will gain traction and boost profit. Various brands should also launch new products that focus on healthier alternatives.