Terms Of Financial Efficiency Research Articles

Benchmarking of Irrigation Performance in Karataş and Karaçal Irrigation Associations

This study was carried out to evaluate the system performances of Karataş and Karaçal irrigation associations located in Burdur province. Karataş irrigation association was put into operation in 1982 and Karaçal irrigation association in 2015 with irrigation areas are 5476 and 4975 ha, respectively. The same public personnel were appointed to both irrigation associations as the Head of the Association in 2018, and as of 2019, both irrigation Associations were gathered under the management of Karataş irrigation association. In this study, the performances of Karataş irrigation, which has an old and predominantly open canal system, and Karaçal irrigation systems, which are relatively new and have a pressurized irrigation system, between the years 2015-2019 have been evaluated. In the performance evaluation, a set of indicators under two main headings as water use efficiency, and financial efficiency recommended by the International Technology and Research Program in Irrigation and Drainage (IPTRID) was used. According to the results of the research, when the water use efficiency is examined, especially Annual relative irrigation supply (0.53-0.73 for Karataş; 0.47-0.96 for Karaçal) and irrigation ratio (20-72% for Karataş; 36% for Karaçal) 55) values were not at the desired levels. In terms of Financial Efficiency, cost recovery ratio (119-401% for Karataş; 144-311 for Karaçal) and revenue collection performance (78-442% for Karataş; 10-130 for Karaçal) were found to be high. Although this is a new irrigation, Karaçal irrigation shows that relatively high maintenance costs are incurred. Total operating maintenance and management (MOM) cost per unit area is US$ 9.60-14.98/ha for Karataş and as 1.32-22.92 US$/ha for Karaçal. These values showed that, in general, both irrigations have sufficient financial strength.

Dynamic Black Litterman portfolios with views derived via CNN-BiLSTM predictions

We use daily price and technical indicators' data for the ten MSCI Asia Pacific sector indices for the past 20 years and find that our hybrid multivariate Convolutional Neural Network - Bidirectional Long Short-Term Memory (CNN-BiLSTM) deep learning model gives reasonably better predictions when predicting index closing prices out-of-sample than using either CNN or BiLSTM alone. After utilizing these predictions as investor views inside the Black-Litterman model with time variation in the conditional distribution of returns, we find that the portfolios generated outperform all benchmark model portfolios by a considerable margin in terms of financial efficiency and diversification.

BANKING EFFICIENCY: A COMPARATIVE STUDY BETWEEN ISLAMIC AND CONVENTIONAL BANKS IN GCC COUNTRIES

This research aims at comparing the efficiency of Islamic and conventional banks operating in the GCC countries from 2006 to 2015 for a sample of 51 conventional and 48 Islamic banks using stochastic frontier analysis and the CIR ratio. The results show that Islamic banks are less efficient in terms of cost than conventional banks, and that this result remains valid even during the 2008 crisis period and even after controlling for bank-specific variables. Regarding the determinants of bank efficiency, empirical results show that capital adequacy and size positively affect bank efficiency as measured by the stochastic frontier analysis. Results also indicate that productive assets are negatively related to efficiency as measured by the CIR ratio. This study provides new insights in terms of financial efficiency of the banking system. Findings could help Islamic and conventional banks to increase their efficiency and their performance and improve the service provided to customers.

RATING SYSTEM OF FINANCIAL EFFICIENCY OF INDUSTRIAL ENTERPRISES IN PROVIDING THE SUSTAINABILITY OF THE RUSSIAN ECONOMY

The article shows the necessity and importance of forming a rating of financial performance of companies. The goals and problems of rating companies according to the criterion of financial efficiency are formulated. The indicator (Tobin’s coefficient) used in world practice for rating companies in terms of financial efficiency is presented and an algorithm for its calculation in relation to the peculiarities of Russian financial statements is presented. The financial performance rating is based on the methodology for assessing the company’s value. The main inaccuracies that are present in the calculations of the cost of companies in the Russian scientific and practical literature are noted. In this regard, the algorithms for calculating the key indicators that form the value of the company’s value have been refined. The results of calculating the rating of financial performance for twelve leading Russian companies engaged in industrial production in the field of mechanical engineering according to their financial statements for 2020 are presented. The calculation results are analyzed in comparison with the rating of companies in terms of annual revenues, total assets and return on equity.

Development Supply Chain Management In Terms of Quality Function: An Application in the Manufacturing Industry

In terms of financial efficiency, customer loyalty, and partner earnings, Supply Chain Management (SCM) efficiently benefits the company. The belows are some of the corporate opportunities of supply chain management. It increases sales, helps to reduce capital expenditures in the industry, reduces time by making efficient use of the time between consumer orders and distribution and Improves responsiveness to changes in demand, increasing supply stability. Due to this topic, by combining Quality Function Deploymnet (QFD) applications with a SCM system, this research will provide the researcher with an improved output arrangement. It covers the basics of using QFD in SCM systems as well as several examples of how to use QFD as a continuity reference and a supply chain management approach. This research looks at how and why QFD can be used in a supply chain, as well as some of the potential applications. QFD technique may help with SCM implementations. Customers' importance in a supply chain network cannot be overstated. The integration of "Customers Voice" into the applied structure ensures a high chance of performance and device productivity, while the Fuzzy QFD implementation promotes strategic analysis as a framework for evaluating. Supply chain management is critical from a strategic standpoint and is seen as a competitive advantage. In this study, in the furniture industry, switching from conventional approaches to supply chain management with QFD has a number of benefits. The application's main objective is to expose the process and operation of supply chain management in the furniture industry in this context.

Efficiency and factors influencing it in forest districts in southern Poland: Application of Data Envelopment Analysis

The paper presents the efficiency evaluation of forest districts in Southern Poland carried out using the standard Data Envelopment Analysis (DEA) which is a nonparametric mathematical programming technique. The study aims to evaluate the efficiency and identify the external factors affecting the efficiency of forest districts by using the Tobit econometric model. The study was conducted for 113 forest districts in four Regional Directorates of State Forests (in Katowice, Kraków, Krosno and Wrocław) and covered the period from 2008 to 2012. The results show differences in the use of economic and financial resources by the analysed forest districts. Lowland forest districts were more efficient that highland ones, both in terms of financial efficiency and efficiency of economic resources. In addition, efficiency was significantly influenced by various exogenous factors, depending on the category of forest districts. The analysis showed that financial efficiency of lowland forest districts was significantly influenced by population density, with negative effects on economic performance. In turn, efficiency of economic resources in this group was significantly negatively influenced by the number of forest complexes and population density. In the case of the highland forest districts, their financial efficiency was positively influenced by the number of forest complexes and negatively influenced by the area of nature reserves. However, efficiency of economic resources of the highland forest districts was not affected by any of these factors. The combination of the DEA method with the Tobit econometric model appears to be a valuable and useful tool for identifying factors affecting the efficiency of forest districts.

Menilik kebijakan pengolahan limbah B3 fasilitas pelayanan kesehatan selama pandemi COVID-19 di Provinsi Jawa Barat

Managing hazardous medical waste in COVID-19 era has its own challenges. Acknowledging such challenges, the provincial Government of West Java suggested every health care facility in West Java to collaborate with PT Jasa Medivest or other companies that provide waste management services. Commonly, they use incinerator machines as their main tools to demolish the hazardous medical waste. Although it is a commonly used method to demolish medical waste, there are several issues that need to be marked. Therefore, this study aims to observe and analyze the advantages and disadvantages of the suggestion made by the Provincial Government from the perspective of environmental and economic sustainability. This study also proposes several alternative methods to overcome the problems by reflecting on methods that other countries had successfully conducted. This study uses a normative legal research method, in which secondary data are obtained from library research. The data obtained are analyzed and explained using descriptive methods. The results revealed that in the terms of environmental sustainability, the use of incineration method has the potential to perpetuate air pollution. Meanwhile, in terms of financial efficiency, collaborating with PT Jasa Medivest or other companies that provide waste management services incurs a fairly high cost. Hence, it is necessary to evaluate and consider other waste management options.

Coal analysis based on visible-infrared spectroscopy and a deep neural network

The proximate analysis of coal is the umbrella term for the six indexes that include the moisture, ash, volatile matter, fixed carbon, and sulphur contents and the heating value. Burning of coal creates carbon dioxide, sulphur dioxide and nitrogen dioxide which are main reasons causing air pollution. Therefore, before utilizing coal, it is indispensable to analyse coal. The traditional proximate analysis of coal mainly relies on chemical analysis, which is time-consuming and costly. Hence, a method to construct a coal analysis is introduced in this paper. By using the method to analyse moisture (%), ash (%), volatile matter (%), fixed carbon (%), and sulphur (%) contents and the low heating value (J/g). We first obtained different coal sample from different coal areas in China. Then, measured the spectral data through the spectral analysis instrument and extracted spectral features through a convolutional neural network. Finally, we applied the extreme learning machine algorithm to construct the prediction and analysis model of the spectral feature data. The experimental result shows that the model in the study can predict the components of coal. Compared with the chemical analysis method, this method has unparalleled advantages in terms of financial efficiency, speed and accuracy.

Financial efficiency of structured bonds

The article aims at the statistical analysis of structured bonds in terms of financial efficiency, defined as a mathematical relation of expenditure and profits. Financial efficiency of structured bonds is measured with their rate of return, determined on the basis of the final financial performance of the bond in relation to the assumptions described in the prospectus, considering the investment costs. Inflation was included in the financial efficiency assessment, which implies that investors’ aspirations beyond the 100% of capital protection, adjusted for inflation, indicate reduction or no profit. In case of deflation the situation is reverse. In order to better illustrate the effectiveness of investment in structured bonds, the rate of return of complete structured bonds was compared with inflation indicator. The study was based on structured bonds started yet completed in the period 1.01.2000—31.12.2013 in Poland. Data were obtained from publicly available databases and reports, including Structus.pl and the Polish Financial Supervision Authority and the Warsaw Stock Exchange. In the period analysed, number of started bonds grew on annual average by 47.76%. The investment term ended 100 structured bonds and the annual net profit was chronologically structured within the range 54.0—19.4%.

The Role of Management Efficiency Measuring in Development of Economic Crisis

The paper uses retrospective analysis in order to emphasize that XIX, XX and XXI centuries’ deepest global crisis were due to lack of regulation regarding finance and financial instruments. Meanwhile paper drives to a conclusion that since the said problem was reappearing again in certain time (which is known as Kondratyev's cycle) it can not be the main reason, provoking crisis. Than the idea is expressed that the main reason for crisis is “one-dimensional” management which focuses on maximization of short-term results which are measured only in terms of financial efficiency regardless of consequences. A few cases of Russian enterprise management are analyzed by means of both qualitative and quantitative instruments which helps to prove the justice of expressed hypothesis.

Ownership, Investment Policies and Funding Choices of Italian Water Utilities: An Empirical Analysis

Nowadays, the efficient management of water has become the focus of vast debate, both in the academic literature and in the practical and regulatory field. Due to the growing importance and scarcity of water resources, it has become crucial to better understand how to improve the organizational efficiency of water utilities. By adopting an accounting perspective and using statistical methods, this paper analyzes whether and to what extent investment and financial strategies differ among clusters of water utilities with different ownership structures. The paper focuses on the Italian water industry, a context considered particularly appropriate due to the coexistence of utilities with different ownership structures. The main results of the paper show that ownership affects the level of investment as well as the financial structure and costs of water utilities. The evidence provided by this study should encourage national governments and regulatory authorities to select water utilities with the greatest investment potential measured in terms of financial efficiency and effectiveness.

Minimising Operational Risk in Portfolio Allocation Decisions

Models play an important role in strategic asset allocation (SAA), however by too much trust in the model stability, results are typically not so useful for practitioners. Professionals usually face the challenging problem of choosing a SAA model that matches their goals, bearing the operational risk of wrong choice (the model risk). Looking for helping them, this paper evaluates several methodologies of estimating efficient portfolios, under the perspective of global long-term investor, and also presents an approach (RATE) to incorporate estimation risk into mean-variance portfolio selection, based on the portfolio resampling technique. Our results support the use of the Michaud (1998) resampling methodology followed by the RATE, as they offer better results in terms of financial efficiency, allocation stability and diversification. In our evaluation of the different models we used several international asset classes for a period from June 1998 to July 2006. The findings are very useful for practitioners who can benefit from a fairly simple and robust asset allocation methodology.