Structure Decisions Research Articles

Auditor’s response to firm’s environmental violations and engagement in supplemental environmental projects

Purpose In this study, the authors investigate a pressing concern: how auditors react to their clients facing repercussions due to environmental violations. More specifically, this study aims to examine how environmental engagements, which carry potential risks and liabilities, influence auditors’ decision-making and fee structure. Design/methodology/approach This study uses unique, reliable and actual violation data from the United States Environmental Protection Agency (US-EPA) from 2000 to 2015, focusing on clients involved in environmental violations that led to legal prosecution and penalties and those who subsequently engaged in voluntary supplemental environmental projects (SEPs). The authors use the ordinary least squares method to test the authors’ main research question and later use propensity score matching and alternate data source (ASSET4) to check the robustness of the authors’ results. Findings The authors find that firms with environmental violations are more susceptible to auditor resignation. Moreover, the environmental violator firms that maintain their engagement with auditors pay significantly higher audit fees compared to non-environmental violator firms. Furthermore, these environmental violator firms also face extended audit report delays and take longer to appoint a new auditor. Originality/value This study provides an additional consequence of environmental violations, namely, increased chances of auditor resignation and higher audit fees, alongside the penalties imposed by the US-EPA. Moreover, the authors’ findings position environmental violations and participation in SEPs as important factors in auditors’ business risk assessment.

스웨덴 경찰의 부패통제 시스템에 관한 연구

The purpose of this study is to examine the feature and implication of the control system of sweden police. The characteristic of the Swedish police's corruption control system is the balance between internal and external control devices. To summarize, first, A committee-centered decision-making structure prevents centralization of authority. Second, the Special Investigation Department of the National Police Agency maintains its fairness by appointing the head of the Swedish Prime Minister, ensuring independence of work, and exercising special authority to investigate corruption in specific public officials, including police officials. Third, Separate Public Prosecution Office and the National Anti-Corruption Unit are placed directly under the Minister of Justice and have the authority to investigate and prosecute corruption cases of specific public officials, including police officials. In particular, Separate Public Prosecution Office independently exercises the authority to investigate the legitimacy of police use of weapons. Fourth, prevent corruption of public funds by reviewing in advance the appropriateness of police budget use. Fifth, all decision-making processes related to police work and the exercise of police power are disclosed to the public. Sixth. It has a recruitment structure that hires qualified people with the character and ethics of a police officer. In addition, efforts are made to exclude corruption cartels and a culture of silence in police organizations by providing strong identity protection for whistle blowers.

The Influence of Company Size, Profitability, And Sales Growth on Capital Structure

This study investigates the impact of firm size, profitability, and sales growth on capital structure in the context of mining companies listed on the Indonesia Stock Exchange for the period of 2019-2022. The study aims to provide insights into the factors that influence the capital structure decisions of mining companies in Indonesia. The data used in this study is secondary data obtained from the official website of the Indonesia Stock Exchange, namely www.idx.co.id. The sample size for this research is 11 companies, selected using purposive sampling technique. The findings of the study reveal that firm size has a significant effect on capital structure, indicating that larger firms tend to have a higher level of debt in their capital structure. However, the study finds no significant relationship between profitability and sales growth with capital structure. These results suggest that mining companies in Indonesia may prioritize firm size when making capital structure decisions, while profitability and sales growth may not be significant factors in determining their capital structure. The implications of these findings are important for mining companies in Indonesia, as they provide insights into the factors that influence their capital structure decisions. By understanding the impact of firm size on capital structure, companies can make informed decisions about their debt financing and equity financing options. Additionally, the findings suggest that profitability and sales growth may not be significant factors in determining capital structure, which may help companies to focus on other factors when making capital structure decisions.

Иерархическая система ранжирования коммерческих банков

Introduction. The main objective of the study is to develop economic and mathematical tools for constructing a rating barometer of Russian commercial banks according to the level of sustainability in a long term view using a hierarchical decision-making structure. Theoretical analysis. The method of commercial banks’ integral ranking is based on a system of hierarchical analysis. The methodology is based on ranking indicators and dividing them into subgroups. The priority indicator indicates the ranking vector, two levels of data ranking are performed, and subindices are formed. At the last stage, a convolution into an integral index is performed. The mathematical apparatus of a tree-like solution structure is used; the assumption of the method is the choice of priority indicators based on the principle of a commercial bank’s long-term sustainability. Empirical analysis. An algorithm has been compiled for condensing primary financial reporting indicators into an integral indicator. The methodology was tested on data from Russian commercial banks. Results. A mathematical apparatus is presented that makes it possible to assess the long-term financial stability of commercial banks according to their key indicators, an integral rating of banks is constructed for financial stability and investment attractiveness. The hierarchical rating system of commercial banks developed by the authors characterizes the analyzed banks by the size of the bank’s own funds, capital structure and return on equity.

Evidence-based design: a critical success factor for the implementation of Care Management Models

Introduction: health institutions are inserted in an organizational conglomerate and where each of the organizations that make up society are subject to management as a fundamental pillar for their permanence in the system. There is an element that in the evidence of the implementation of care management models has not been raised as a critical success factor and that is essential in the organizational structure. This is evidence-based design (EBD). Therefore, the objective of this article is to explain the relevance of DBE in the implementation of care management models. Development: the design of healthcare facilities is a complex process that not only creates and allocates physical spaces, but also shapes the dynamic flows of patients, staff, visitors, equipment and information. In this context, it is relevant that nurse managers are participants in the prior planning and programming process, so that they are involved in making structural decisions that allow patients' needs to be resolved. Conclusion: with the current unprecedented increase in hospital construction, it is imperative to integrate the institutional management model, the financing model and the care management model and consider the environmental characteristics that influence the well-being of patients, visitors and personnel are identified and incorporated into future hospital designs

Endogenous and Exogenous Factors Affecting Capital Structure: A Theoretical Review

Capital structure refers to the way a company finances its operations through a mix of equity and debt. The choice of capital structure has important implications for the risk and return of a firm, as well as its ability to raise funds and invest in future growth. In this theoretical review, we will examine the endogenous and exogenous factors that affect a firm's capital structure decisions. In conclusion, a firm's capital structure decisions are influenced by a complex set of endogenous and exogenous factors. By understanding these factors, firms can make informed decisions about their capital structure, balancing the trade-offs between risk, return, and growth potential.

Corporate governance and capital structure decision: insights from Oman

Corporate governance and capital structure decision: insights from Oman

An Assessment of Capital Structure Decisions among Listed Deposit Money Banks in Nigeria

This study aimed to assess Capital Structure Decision among listed Deposit Money Banks (DMBs) in Nigeria by assessing the effects of total equity and debts on capital structures of DBMs in Nigeria. The study alsocorrelated asset tangibility to firm size and examined the effect on the capital structure of the Banks. The study used secondary data collected from the annual accounts and reports of the selected ten (10) banks purposively selected for twelve (12) years covering 2011- 2022. The study’s population is made up of twenty-four existing listed deposit money banks on the list on the Nigerian Exchange Group plc based on the availability of data. The study employed explanatory variables of total equity, total debt, asset tangibility, and firm size to capture financial statement components. Data was analyzed using descriptive analysis and panel regression models. Findings revealed that equity, debts, and assets tangibility have positive and significant effects on the capital structure decision of the selected banks, while the firm’ size does not. The study concluded that equity capital, debt capital, and long-term assets are relevant in capital structure decision of listed deposit money banks in Nigeria. It is recommended that management should carefully assess the appropriate mix of equity and debt that maximizes income potentials and continuity of the firm in the context of substantial tangibility of the assets.

MAPPING THE EVOLUTION OF CAPITAL STRUCTURE THEORIES-A BIBLIOMETRIC ANALYSIS USING SCOPUS DATABASE

This study is a comprehensive analysis that offers holistic review of academic literature in context of evolution of capital structure theories over the period of time using Scopus database. It aims to provide new perspectives in the scholarly landscape of capital structure by employing bibliometric analysis. It attempts to assess global research trends in the capital structure theories based on keywords, co-occurrences and co-authorships between the authors and the related countries. Further, this study uncovers emerging concepts and theories related to capital structure decisions. It also identifies the influential researchers of this arena and their contribution in the academic world that has also helped corporates in taking most appropriate decisions pertaining to their choice of finance mix. This study uses Scopus database and analyses 673 publications related to capital structure theories published from 1975 to 2024. KEYWORDS: Capital Structure Theories, Capital Structure Choice, Bibliometric Analysis

Analyzing economic conditions and operating dynamics in global markets: a comprehensive study

This article explores the interconnection between Risk Management, Corporate Governance and the critical challenge of insolvency in organizations. Risk Management emerges as a central pillar in the ability of companies to face uncertainties and crises, with the aim of protecting assets, sustaining operations and ensuring business continuity. Corporate Governance, in turn, lays the foundation for efficient risk management. It defines responsibilities, decision-making structure, and the integrity of the risk management process. However, insolvency remains a complex challenge. Poor risk management and failure to implement governance can lead to catastrophic consequences. In conclusion, Risk Management and Corporate Governance are essential pillars to prevent insolvency and ensure the resilience of organizations. The integrated approach of these elements in a globalized world contributes to informed decision-making, the sustainability of operations and the protection of the interests of all parties involved. By bringing together robust risk management strategies, strong governance, and a commitment to business continuity, organizations are better prepared to meet the dynamic challenges of today's business environment.

Trade-Off vs. Pecking Order Theory: Panel Data Approach

In this study, an attempt has been made to investigate any significant changes in variables influencing the capital structure decisions among selected companies from Nifty-50 Index. The financing behaviour of the companies are explained by using Panel data analysis – fixed and random effects. As per the analysis, it is observed that Business Risk, Growth Rate, Profitability, Size (log assets) and Size (log sales) are the significant variables influencing the capital structure over the study period. Finally, the study concludes that neither the pecking order theory nor the trade-off theory fully explains the determinants of capital structure for the selected companies.

Revenue Management Strategies in Airline Industry: A Literature Review

The airline industry has rapidly evolved, fostering intense competition among companies. This competition drives airlines to formulate strategies for revenue maximization, giving rise to Revenue Management. This literature review spans the past 13 years, examining the development of Airline Revenue Management methods. By analyzing 22 journals with at least Q2 and SINTA 2 indexing, three primary scopes emerge: Quantity Decision, Pricing Decision, and Structural Decision. Airlines predominantly employ dynamic pricing and programming to optimize revenue by adapting to ongoing changes. The development trend in Airline Revenue Management indicates a shift towards faster and more accurate processing through increased integration with simulation and algorithm programming. This paper identifies the three main scopes involved in revenue management strategies and explores the diverse approaches airlines take to optimize income. Notably, dynamic pricing and programming remain prevalent methods, adapting to changing decision variables. The evolving landscape emphasizes integration with advanced technology for efficient processing. The study utilizes numerical and case studies to exemplify the ongoing development of Airline Revenue Management methods within this dynamic industry.

Life cycle cost and life cycle environmental analysis of the different waste-to-renewable natural gas pathways: An effort to identify an optimal pathway under different Multi-criteria decision-based scenarios

Currently, due to the insufficient resources of renewable natural gas, the development of renewable pathways to integrate into the natural gas-industry portfolio can reduce many concerns about the reserves depletion and the environmental crises. In the present article a structure-oriented framework for gas networks is developed to compare and prioritize different investment scenarios for renewable natural gas production projects. In this regard, different pathways to produce renewable natural gas through the waste-to-natural gas process were discussed and compared based on different waste feedstocks. To discuss and compare different pathways, a decision-making structure and framework under life cycle cost analysis (LCCA) and life cycle environmental analysis (LCEA) is employed to choose the appropriate pathway for the waste-to-natural gas process. The optimal pathway is identified through different multi-variable decision-making scenarios (under different geographical conditions, access to different feedstocks, and different interests of stakeholders). From the outcomes, under the neutral and Pro-economic scenarios, the renewable natural gas production pathway driven by landfill gas integrated with the pressure swing adsorption- biogas upgrading unit is the optimal and desirable option. While under an Eco-friendly scenario, the pathway driven by animal manure integrated with the pressure swing adsorption-upgrading unit is an optimal and desirable pathway.

An integrated GBWM-PROMETHEE-CLOUD & MCGP model for green supplier selection and order allocation (GSSOA) in an oil refinery

With the increase of environmental concerns in recent years and the prevalence of such issues, which originate mainly from large industries and manufacturing plants, green supply chain management (GSCM) issues have been given special attention among researchers. GSCM is a group of management applications integrating supply chain management with criteria related to environment and supplier selection with the purpose of reducing environmental pollution caused by processes involved in a company supply chain. In this research the main contributions is to draw a decision-making structure addressing the applicability of the green supplier selection (GSS) and order allocation (OA) problem in an Iranian Oil refinery company. A combination of Cloud-PROMETHEE along with using GBWM was taken into account for GSS as the first phase and MCGP method for OA as the second phase, in order to solve the GSSOA problem. The proposed technique lets the vagueness and uncertainty of experts' judgments be obtained by assisting uncertain linguistic variable derived from the cloud model. Furthermore, the group best-worst method (GBWM) obtains the optimal criteria weights by forming a nonlinear programing model and the prioritizing of nominated suppliers is established using the PROMETHEE method with the possibility to pick a distinct preference function for each criterion and draw a graph of supplier preferences. At last, MCGP method was applied considering with the possibility of multi-choice aspiration levels (MCAL) for each goal. The suggested model illustrated with actual figures in an oil refinery to provide insight to decision-makers of green supplier selection and order allocation. To do so, initially nine criteria have been derived after vast research on literature and experts’ opinions. Then the suppliers was successfully evaluated with considering uncertainties and randomness in a group of decision maker judgments. The order allocation was also completed by minimizing total cost and delays and maximizing purchase using results of supplier ranking in the first phase. Results have shown that the supplier with better ranking in GSS is preferred in allocating orders. A sensitivity analysis then performed and confirmed that the suggested method is highly stable against different changes in the data. The proposed method was also compared with the basic MCGDM cloud model and the method is approved. Finally, managerial implications and conclusions for additional researches are demonstrated.

Corporate Governance Mechanism and Capital Structure Decision: Evidence from Indonesia

Purpose: Decisions related to the capital structure are crucial for companies because the proportion of funding from debt and equity determines the company's value and is directly related to shareholders' welfare. This study aims to examine how corporate governance affects the capital structure.
 Method: Board size, board independence, ownership concentration, audit reputation, management ownership, and institutional ownership are the independent variables considered in this study. In contrast, control variables were defined as firm size, liquidity, profitability, and growth. In order to determine how corporate governance affects capital structure in a sample of 395 non-financial companies listed on the Indonesia Stock Exchange, this study employs multiple linear regression analysis.
 Result: The capital structure is significantly impacted negatively by board size, ownership concentration, firm size, profitability, and growth while positively impacted by independent commissioners, auditor reputation, managerial ownership, and institutional ownership. Liquidity has no impact on the capital structure.

What factors are economically important in the capital structure decision of European firms?

ABSTRACT Several factors previously identified in the finance literature are statistically significant in determining the long-term debt ratio of European firms. However, only age, size, current assets, and tangible assets have a meaningful economic impact. Tangible assets and firm size play a role in tradeoff theory and age is mentioned in pecking order theory, but our results provide only moderate support for these two theories of capital structure.

Les déterminants de la réussite des initiatives exogènes de la diversification des moyens de subsistance des communautés de pêcheurs

The study conducted in Madagascar explores on the diversification of livelihoods in Madagascar was carried out to identify the determining elements of the livelihood strategies of fishing communities and to bring out the relevant points of intervention to move the system towards sustainable livelihood strategies. The study was carried out in two stages: first, investigations were undertaken in three areas (Toliara-Sud, Ambaro Bay and Belo sur Tsiribihina) in order to assess the livelihood strategies of fishing communities following the theoretical framework advocated by Ashley and Carney (1999). Secondly, more in-depth investigations were carried out on four projects aimed at the sustainable livelihoods of fishing communities, to draw lessons from their implementation while taking into account the contexts in which they were carried out. The study of the diversification of livelihoods in fishing communities in Madagascar first made it possible to highlight the vulnerability of coastal communities. We are in the presence of a population that corresponds to the typology of the poor described by Dissou et al. (2000): generalized poverty at the level of the five forms of Capital according to the concept of "capability" mentioned by Sen (1985, Gondard-Delcroix and Rousseau 2004). We are also in the presence of a very vulnerable population due to its strong dependence on natural resources and a very low diversification of its means of subsistence. Also, the population's only recourse is to develop survival strategies to the detriment, as usual, of natural capital. Lessons learned from the implementation of the four projects reviewed highlight the importance of both entry points and the performance of exit plans. The entry points evoke the need for participation, the determinants of which turn out to be, first, the superposition of the immediate, often economic, needs of the population and the “deferred” needs for the sustainability of natural capital. Active and effective participation also happens to be dependent on respect for the power and decision-making structure actually in force at the local community level. The performance of exit plans depends on the degree of completion of the institutionalization of the structures supporting the participation of local communities. During the examination of the targeted projects, one notices in a notorious way, on the one hand, the quasi absence of an approach by typology which constitutes the base of the approach by the sustainable means of subsistence. On the other hand, it was also noted the failure of an appropriate monitoring-evaluation system which would have allowed any effective and efficient capitalization.

Do board characteristics influence Islamic banks’ capital structure decisions? Empirical evidence from a developing country

Do board characteristics influence Islamic banks’ capital structure decisions? Empirical evidence from a developing country

Reimagining gendered community interventions: the case of family planning programs in rural Bangladesh

Family planning programs in Bangladesh have been successfully operating for over half a century, achieving phenomenal reductions in fertility rates. Acknowledging restrictions on women’s freedoms, much of the initial program design was concentrated on giving household supplies for women priority. However, one unfortunate impact of these outreach services is that, by bypassing the opportunity to challenge patriarchal attitudes directly, they inadvertently reinforce the power relationships of the status quo. Hence, we problematise the decision-making structures within Bangladesh’s family planning programs. We argue that the fundamental flaw with Bangladesh’s family planning program is the lack of conscious effort to understand women’s health choices and decision-making as a complex contextual process of relational, structural, and institutional forces. Additionally, avoiding men in these programs often creates new dependencies for women, as this approach does not directly seek to build relational bridges based on equality between genders. As a result, many women still depend on permission from their husbands and family for reproductive health services and face constrained family planning choices and access to care. We recommend that family planning programs adopt a broader vision to create new and more sustainable possibilities in an ever-evolving social relations landscape where gender is constantly negotiated. Such strategies are even more pressing in the post-Covid world, as national systems are exposed to uncertainty and ambiguity.

Determinants of capital structure in Nigeria’s quoted consumer goods firms

Although the factors that influence capital structure have been the subject of numerous prior studies, the topic of what determines the best financing combination to maximize a firm's value is still one of the most contentious in corporate finance. Furthermore, a large number of earlier research paid little attention to emerging countries and instead concentrated mostly on developed markets. To fill the gap, this study examined the factors that influence capital structure decisions in quoted Nigerian consumer goods companies that are publicly traded. The study used secondary data from the annual reports of 15 of the mentioned corporations, spanning ten years from 2011 to 2020. The association between the leverage ratio and the five explanatory variables in the model was investigated using the Panel Least Square regression approach. The study's findings showed that while growth is not statistically significant, firm size, non-debt tax shield, and firm growth all positively and significantly affect leverage. Furthermore, tangibility and profitability are negative and have a large impact on leverage. Based on the study's findings, it can be said that the capital structure of listed consumer products companies in Nigeria is significantly influenced by factors such as size, non-debt tax shield, profitability, and tangibility. The study then suggested that financial managers of listed firms in Nigeria should deploy effective measures to boost these important variables to have an optimum financing mix for their firms.