Unfavorable Financial Situation Research Articles

Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan terhadap Manajemen Laba pada Industri Manufaktur Rokok Terdaftar di Bursa Efek Indonesia


 
 Earnings Management is an intentional intervention by management in the profit determination process. The purpose of this study is to determine the effect of profitability, leverage and Firm size on earnings management. The population of this study consists of five manufacturing companies listed on the Indonesia Stock Exchange (IDX) between 2017-2021. Using sampel jenuh technique. The analysis tool is multiple linear regression, where previously the classical assumption test was carried out. Based on the test, it shows that Profitability has a positive and significant effect on Earnings Management, meaning that the higher the profits obtained by the company, the higher the Profit Management practices carried out by the managers. Leverage has no significant effect on Earnings Management, meaning that the greater the leverage a company has, the less likely the company is to practice earnings management, this is because a higher leverage ratio indicates an unfavorable financial situation for the company, making creditor supervision more stringent and financial risk higher. firm size has no significant effect on Earnings Management, meaning that the company is under strict supervision from the government, analysts and investors who run the company, causing managers to not dare to practice Earnings Management.
 Keywords: Profitability, Leverage and Company Size

Anxiety and depressive symptoms in pregnant women during the COVID-19 pandemic in the Czech Republic-Broader sociodemographic causes, connections and implications.

Our study (part of multicentric "MindCOVID") investigates risk factors for anxiety and depression among pregnant women during the COVID-19 pandemic in the Czech Republic. The study used a prospective cross-sectional design. Data was collected using an online self-administered questionnaire. Standardized scales, general anxiety disorder (GAD)-7 and patient health questionnaire (PHQ)-9 were administered online. Multivariate regression analysis was employed to evaluate the relationship between sociodemographic, medical and psychological variables. The Czech sample included 1830 pregnant women. An increase of depressive and anxiety symptoms measured by PHQ-9 and GAD-7 in pregnant women during the COVID-19 pandemic was associated with unfavorable financial situation, low social and family support, psychological and medical problems before and during pregnancy and infertility treatment. Fear of being infected and adverse effect of COVID-19, feeling of burden related to restrictions during delivery and organization of delivery and feeling of burden related to finances were associated with worse anxiety and depressive symptoms. Social and emotional support and lack of financial worries are protective factors against mood disorders in pregnant women in relation to COVID-19 pandemic. In addition, adequate information about organization of delivery and additional support from healthcare professionals during the delivery are needed. Our findings can be used for preventive interventions, given that repeated pandemics in the future are anticipated.

Grounds for invalidating marriage contracts: legal positions of the supreme court and risks in martial law

The article provides a comparative analysis of the grounds for declaring marriage contracts invalid, taking into account the legal positions of the Supreme Court before martial law and taking into account modern risks. It is noted that in the doctrine of private law in general and family law in particular, the approach to recognizing a marriage contract as a transaction with a complex legal nature, which is regulated both by the norms of the Family Code of Ukraine, and subsidiarily by the provisions of the Central Committee of Ukraine, is already established. In order to find out the requirements for the validity of the marriage contract, the grounds for declaring it invalid, the provisions of the legislation, the legal positions of the Supreme Courtcontained in the resolutions issued during the consideration of family cases both before the war and during martial law were analyzed. The requirements for the content of the marriage contract were studied.
 It has been determined which legal norms determine the grounds for the invalidity of a marriage contract and which requirements the parties must comply with when concluding a marriage contract. The following grounds for invalidating a marriage contract are distinguished: violation of the notarial form of the contract; improper subject composition; reduction of the scope of children’s rights established by the SC of Ukraine; the inclusion of conditions that put one of the spouses in an extremely unfavorable financial situation or the conclusion of a marriage contract under the influence of a grave circumstance; concluding a marriage contract under the influence of error, deception or violence; violation of the law by the marriage contract. It was revealed that a fairly significant number of cases are considered by the Supreme Court regarding the recognition of the marriage contract as invalid due to the inclusion of conditions that put one of the spouses in an extremely unfavorable financial situation.
 It is substantiated that the rulings of the Supreme Court issued during the war in Ukraine confirm the consistency and stability of judicial practice regarding the analysis of the content of marriage contracts both in the conditions of the pre-war period and during martial law. Martial law is not a reason for the parties to deviate from the legal requirements regarding the content of the marriage contract. It is proposed to amend Article 103 of the Criminal Code of Ukraine and to present it in a new version.

The Career-building effect of volunteering in higher education

Nowadays the motives for volunteering are changing among higher education students, andbesides traditional altruistic motives, career-building motives also appear (the acquisitionof work experience and professional knowledge, professional development, networking,the presentation of voluntary work in the resume). In this paper, we use data from a surveyconducted in five Central and Eastern European countries (N=2,199) to examine through linearregression analysis the factors affecting the strength of career-building motives and to analysethrough a logistic regression model the determinants of whether or not volunteering is related to the field of study. Our hypotheses are formulated based on the literature. Our results showthat career-building motives are more pronounced among women and students who have aclose relationship with external friends outside the university, study outside Hungary, and studysomething other than engineering, computer science or science. Voluntary work is more likely tobe related to the field of study among teacher education students, students with an unfavourablefinancial situation, those who study in Romania, and those who have a close relationship withfaculty.

Theorising English as a Linguistic Capability: A Look at the Experiences of Economically Disadvantaged Higher Education Students in Colombia

ABSTRACT The current study used the capability approach (CA) to explore the English learning experiences of 10 economically vulnerable higher education (HE) students in Colombia in order to better conceptualise English from a capability perspective. In doing so, this paper builds on the empirical and theoretical work of capability scholars which has looked at the role of English in educational settings. It highlights the importance of viewing linguistic capabilities as inchoative since viewing them as fully formed can obscure injustices. These injustices can include poor quality English language education (ELE), an unfavourable financial situation, and a lack of opportunities for exposure to and practice of English. This last-mentioned injustice foregrounds another important dimension of linguistic capabilities: their inter-subjective, relational nature. To aid in this conceptualisation, the paper also draws on Phillipson’s [1992. Linguistic Imperialism. Oxford: Oxford University Press] theory of linguistic imperialism to better illustrate how English is implicated in asymmetrical power relations which give rise to oppression and domination. However, this paper also shows how some injustices can be navigated by educationally resilient individuals. The findings of this thesis are therefore of interest not only to language policy experts and other language education stakeholders in developing contexts, but also to capability scholars.

Volunteering Among Higher Education Students as Part of Individual Career Management

In this study, we examine the motives behind higher education students’ volunteering and its determinants based on a survey (N=2,199) conducted in five Central and Eastern European countries. Based on the literature, we hypothesize that, besides traditional volunteering, which has the objective of helping others, it is also common to pursue career-focused volunteering, which is aimed at networking and the acquisition of work experience and professional knowledge. Cluster analysis results reveal the presence of traditional as well as career-focused volunteers, who also find it important to help others. Logistic regression results suggest that career-building motivations are more frequent among students who are in an unfavorable financial situation, display intensive individual religiosity and have close social relationships. Further regression results show that the country, the field of study and the relationship with faculty all influence whether volunteer work is related to the field of study.

Extremely unfavorable material situation as a ground for recognition of a marriage agreement invalid

The article is devoted to the issue of the evaluation category of Ukrainian legislation - “extremely unfavorable financial situation”, enshrined in the fourth part of Article 93 of the Family Code of Ukraine, as a basis for declaring a marriage contract invalid in court. The positions of domestic and foreign scholars on the criteria for classifying the position of one of the parties to a marriage contract to an extremely unfavorable financial position are considered. The attempts of legislators to enshrine in the Family Code of Ukraine specific features of extremely unfavorable financial situation under the marriage contract and provided a legal assessment.The practice of the Civil Court of Cassation of the Supreme Court in cases of recognizing a marriage contract as fully or partially invalid due to the extremely unfavorable financial situation of one of the spouses, in particular: 1) in connection with the transfer of all property to one of the spouses (acquired before marriage to another spouse, acquired in marriage, after divorce); 2) in connection with the personal contributions of one of the spouses to the property jointly owned by the spouses or the personal private property of the other spouse (recognition of the per-sonal property of one of the spouses as invested in the construction of a joint house; payment for an apartment by one of the spouses and his relatives, most of which belongs to the other spouse).Based on scientific doctrine, legislative initiatives and case law, it is generalized that there are three main criteria for recognizing an extremely disadvantageous financial situation: an imbalance in the division of marital property; encroachment on the income of one of the spouses to the other spouse; burdensome maintenance of relatives of one of the spouses to the other spouse.It is concluded that it is inexpedient to specify the grounds for recognizing the extraordinary disadvantage of one of the parties to the marriage contract at the level of law. Instead, it is proposed to improve the general provisions on the rights and obligations of spouses, listed in the Family Code of Ukraine, as those that are decisive for the court’s assessment of the position of the parties to the marriage contract.

Proces finansjalizacji a problemy finansowe przedsiębiorstw w krajach Grupy Wyszehradzkiej

Financialization is currently an issue frequently discussed in the literature on the subject. This process, often perceived as an expansion of the financial sphere that penetrates various aspects of the economy, also has an increasing impact on the functioning of non-financial enterprises, which, on the surface, may appear to be entities that might not expect to be affected by this process. The article deals with the issue of financialization and its impact on the running of economic activities for enterprises operating in the economy. The literature frequently expresses the view that the increasing level of processes related to financialization has a negative impact on the conduct of business activity by enterprises, which in extreme cases results in their bankruptcy. Therefore, this research attempts to determine how the advancement of financial processes, or financialization, in an economic entity affects its financial situation (results). To achieve this objective, the following research hypothesis was formulated: A high level of financialization increases the probability of problems related to bankruptcy processes. To verify the research hypothesis and the purpose, a survey was conducted on all companies with financial data in the Orbis database from countries in the Visegrad Group. Furthermore, financial data for the years 2009–2018 was analyzed. The research tools used for this purpose are referred to (assumed) in the literature as measures of assessing the level of financialization. The results obtained through the study do not give a clear answer confirming the hypothesis set out at the beginning of the article. One important conclusion that can be drawn from the research is that the Visegrad Group countries are not characterized by a very high level of financialization, and it can be presumed that there are few noticeable negative symptoms of financialization. Moreover, there is a correlation between the increase in indicators considered characteristic of financialization and the unfavorable financial situation of non-financial enterprises.

Влияние уровня и качества занятости в поколенных группах на распределение трудоспособного населения по душевым денежным доходам

The paper presents the results of a study on the level and quality of employment in the generational groups of the working-age population (youth, middle age and old age) and its impact on its distribution, considering the correspondence of the per capita income of their households to social standards. The research is based on the authors’ developments in the field of tools for identifying and assessing precarious employment and income inequality. The empirical basis of the study is the data of the Russia Longitudinal Monitoring Survey (2019). The paper reveals the level of employment and its quality in terms of the prevalence of indicators of precarious employment. The authors distribute generational groups by per capita income in households, considering the availability of employment and indicators of precarious employment. The results of the analysis offer the representation of the working-age population in the strata characterized by an unfavorable financial situation due to the peculiarities of their employment and other sources of income. The conclusions of the study aim at limiting the scale of precarious employment in generational groups, at increasing the income from employment and the per capita income of their households. The prospects for future research are related to the intergenerational comparative characteristics of the standard of living of generational groups in Russia, considering a wider range of criteria for the quality of employment, as well as the distribution of the households’ assets (income, savings, property, etc.) and subjective assessment of the results of labor activity at different stages of the economic cycle.

The effect of corporate bankruptcy reorganization on consumer behaviour

The objective of this study is to compare the effects of a company's perceived levels of trust, reputation, risk perception, and quality, on consumers’ purchasing intention in two contexts. The first context posits a company in stable financial condition, while the second a company in bankruptcy reorganization. After proposing the theoretical model, we conducted research using two questionnaires, which resulted in 187 respondents for the stable company situation, and 189 who responded to questions about companies undergoing corporate bankruptcy reorganization. The results support our assumptions that the state of a company's financial situation has an effect on the relationship of trust on perceived quality, and reputation on purchase intention. These results lead to the conclusion that an unfavourable financial situation does not generally harm consumer perceptions of the supplier company but may cause changes in perceptions of their trust and reputation.

Anti-elite politics and emotional reactions to socio-economic problems: Experimental evidence on "pocketbook anger" from France, Germany, and the United States.

Many observers have noticed the importance of anger in contemporary politics, particularly with reference to populism. This article addresses the question under which conditions people become angry about a specific aspect of their lives: their personal financial situation. Specifically, it asks if populist anti-elite rhetoric has a causal influence on anger and if this influence differs across socio-economic groups. The theoretical expectation is that anti-elite rhetoric allows people to externalize responsibility for an unfavorable financial situation and thereby to turn negative self-conscious emotions into anger. The argument is tested with original survey data from France, Germany, and the United States. The empirical analysis yields three main insights. First, negative emotional reactions to respondents' personal finances (and anger in particular) are surprisingly widespread in all three countries. Second, there is a pronounced socio-economic gradient in the distribution of anger and other negative emotions. Third, and most importantly, randomly exposing participants to populist anti-elite rhetoric causes considerably higher expressed anger about one's financial situation in France and Germany, but less so in the United States. This suggests a causal role of anti-elite rhetoric in stirring "pocketbook anger." This is true in particular in the middle classes. The notion that populist rhetoric reduces negative self-conscious emotions, such as shame, is not supported by the data.

Emigracioni potencijal mladih u Srbiji

Emigracioni potencijal mladih u Srbiji

The Economic Stress Model in Emerging Adulthood: The Role of Social Relationships and Financial Capability

Families mobilize psychosocial resources to attune negative consequences of economic hardship, but research is lacking among youth. We propose an Economic Stress Model in Emerging Adulthood ( ESM-EA) conceptualizing age-salient social relationships and financial capability as mediators between economic hardship and well-being. The ESM-EA was tested in a three-wave prospective study following the 2008 economic recession, as part of the Finnish Educational Transitions studies. The sample consisted of 551 emerging adults (55.5% female) who participated at ages 23, 25, and 28. Economic pressures and financial capability mediated the effect of economic hardship on well-being, whereas social relationships did not. Individuals with an unfavorable financial situation at age 25 were more likely to show lower life satisfaction and higher depressive symptoms at 28 when they reported a higher level of economic pressures and a lower level of financial capability. Findings emphasize emerging adults’ age-salient financial adjustments and management in enhancing well-being.

F50CREATING AN INTERNATIONAL CONSORTIUM TO INVESTIGATE GENETIC FINDINGS IN SEVERE DEPRESSION AND RESPONSE TO ECT (GENECT-IC)

The most frequent mood disorder to appear after childbirth is baby blues syndrome.The assessment of mood disorder intensification in women, one week after childbirth, as well as determining whether or not there is a connection between chosen sociodemographic variables and occurrence of postpartum blues.285 women took part in the study. The study was conducted, on average, on the third day after childbirth. The research was conducted with the use of a diagnostic survey, and the main research tool was the Edinburgh Postnatal Depression Scale which was used to assess the occurrence of the risk of mood disorders after childbirth. A score of 12 or more on a 30-point scale was an indicator of mood disorders.23.2% of women obtained a score of 12 or more points on the Edinburgh Postnatal Depression Scale. The average level of mood disorders was significantly higher in single women. A correlation between an unfavourable financial situation and the occurrence of postpartum blues in women was found. No significant difference was found in the occurrence of mood disorders in respect of age, education, professional activity, and place of residence.In first week after childbirth, every fourth woman was at risk for the occurrence of postpartum blues. Single women and those in an unfavourable financial situation experienced postpartum blues more frequently.

Anti-Elite Politics and Emotional Reactions to Socio-Economic Problems. Experimental Evidence on 'Pocketbook Anger' from France, Germany, and the United States

Many observers have noticed the importance of anger in contemporary politics, particularly with reference to populism. This article addresses the question under which conditions people become angry about a specific aspect of their lives: their personal financial situation. Specifically, it asks if populist anti-elite rhetoric has a causal influence on anger and if this influence differs across socio-economic groups. The theoretical expectation is that populist rhetoric allows people to externalize responsibility for an unfavorable financial situation and thereby to turn negative self-conscious emotions into anger. The argument is tested with original survey data from France, Germany, and the United States. The empirical analysis yields three main insights. First, negative emotional reactions to respondents' personal finances (and anger in particular) are surprisingly widespread in all three countries. Second, there is a pronounced socio-economic gradient in anger and other negative emotions. Third, and most importantly, randomly exposing participants to (mildly) populist anti-elite rhetoric causes considerably higher expressed anger about one's financial situation in France and Germany, but less so in the United States. This suggests a causal role of populist rhetoric in stirring 'pocketbook anger'. This is true in particular in the middle classes. The notion that populist rhetoric reduces negative self-conscious emotions, such as shame, is not supported by the data.

CENTRALISATION OF VALUE ADDED TAX SETTLEMENTS IN THE LOCAL GOVERNMENT UNITS

Centralisation of tax on goods and services settlement was a fundamental change and a huge challenge for the local governments. Ultimately, form 1 January 2017, units and budget institutions lost their subjectivity in VAT. After years of problems in deciding taxpayer of this tax in local governments, it was decided that borough, district or voivodeship will send consolidated VAT declaration. VAT centralization on the level of local government was not only a fiscal problem, but implementation of joint settlements system was also a organisational and financial challenge. Due to specifics of activity of each unit typical solutions could not be used but, to effectively and correctly lead the process, the procedures for each organisation had to be adjusted. Due to the necessity of fast implementation of the changes, local government units repeatedly used tax counsellors. Training, software and implementation of joint settlement system were a very expensive task. It can be unambiguously stated that the biggest beneficiaries of changes in the VAT in the area of its centralisation were mainly training companies and other firms, which realised tax counselling services.Outer subjects helped many local governments to recover VAT on investment completed in previous years, which associated with costs and bigger risk. By analysing the number of changes in VAT it can be said that the only stable and reliable feature of this taxi is changeability of its regulations. Centralisation of settlements also caused a very unfavourable financial situation for the boroughs, in terms of water – sewage actions. Basing the possibility of VAT deduction on pre rate increased the costs of this task for about 20%. VAT on small, borough governments that, until now, was not a important cost, started to flow into the country budget in higher amounts. The position of Control Offices in the area of subject and actions taxed by this tax has significantly changed after VAT centralisation. Subsidies on realisation of environment protection programmes, realised directly in citizens of a given local government have also been taxed. The changes, which are a direct consequence of the EU Court of Justice verdict on VAT taxation subject, caused a significant increase of expenses connected with joint settlement. The use of pre factor caused a back transfer of VAT from local government units to the country budget. Additional amount of enactments and procedures in the local governments caused a significant increase in the number of additional documents and reports. A revolutionary verdict complicated VAT settlements (which has been perceived as the most complicated one in practical use anyway) in a substantial way.

Quantitative Assessment of Primorsky Krai Fishery Cluster Competitiveness Factors on the Basis of the Porter Model Transformation

The goals of Russian Federation state program "The development of fishery complex" # 314 approved by RF Government Decree on April 15, 2014 # 314, include the transition to an innovative type of industrial production the provision of global competitiveness for goods and services produced by the Russian fishery complex. However, a number of problems that exist in the fishing industry of Russian Federation hinder the achievement of the set tasks: the deterioration of the basic production assets, the shortage of efficient cooling capacities for storage, a high level of raw and shadow exports, an unfavorable financial situation for industrial organizations, and an imperfect regulatory and legislative base. These circumstances necessitate the resumption of integration processes, the search for new interaction forms and methods in the fishing industry. The aim of the study, the results of which are reflected in the article, is a quantitative assessment of the factors which contribute to and impede the development of the fishing industry cluster in Primorsky Krai on the basis of the technique application previously developed by the authors. The theoretical basis of the study is the model of M. Porter’s national competitive advantages "rhombus", the critical analysis of which allowed the authors to propose the division of production factors into basic resource and infrastructural ones, which is especially important for the Russian business environment. This transformation served as the basis for the developed methodology, which includes an integral indicator of clustering factor development. The analysis of each of its components on the developed scale allows to identify the degree of cluster initiative implementation, as well as to determine the most effective support measures based on the competitive advantages of the fishing cluster. The determination of the competitive advantages of clusters is carried out by the method of focus group conduct among the experts, and their quantitative assessment is carried out using the questionnaire method, which gives the assessment of the implementation and importance. The developed methodology can be used to develop normative and strategic programs for the creation and the functioning of industrial clusters, the development of which corresponds to the implementation of import substitution processes and the transition of Russia to an innovative type of development.

Bankruptcy prediction in Visegrad group countries using multiple discriminant analysis

Research background: The problem of bankruptcy prediction models has been a current issue for decades, especially in the era of strong competition in markets and a constantly growing number of crises. If a company wants to prosper and compete successfully in a market environment, it should carry out a regular financial analysis of its activities, evaluate successes and failures, and use the results to make strategic decisions about the future development of the business.
 Purpose of the article: The main aim of the paper is to develop a model to reveal the un-healthy development of the enterprises in V4 countries, which is done by the multiple discriminant analysis.
 Methods: To conduct the research, we use the Amadeus database providing necessary financial and statistical data of almost 450,000 enterprises, covering the year 2015 and 2016, operating in the countries of the Visegrad group. Realizing the multiple discriminant analysis, the most significant predictor and the best discriminants of the corporate prosperity are identified, as well as the prediction models for both individual V4 countries and complex Visegrad model.
 Findings & Value added: The results of the research reveal that the prediction models use the combination of same financial ratios to predict the future financial development of a company. However, the most significant predictors are current assets to current liabilities ratio, net income to total assets ratio, ratio of non-current liabilities and current liabilities to total assets, cash and cash equivalents to total assets ratio and return of equity. All developed models have more than 80 % classification ability, which indicates that models are formed in accordance with the economic and financial situation of the V4 countries. The research results are important for companies themselves, but also for their business partners, suppliers and creditors to eliminate financial and other corporate risks related to the un-healthy or unfavorable financial situation of the company.

Financial Risk Measurement and Prediction Modelling for Sustainable Development of Business Entities Using Regression Analysis

The issue of the debt, bankruptcy or non-bankruptcy of a company is presented in this article as one of the ways of conceiving risk management. We use the Amadeus database to obtain the financial and accounting data of Slovak enterprises from 2015 and 2016 to calculate the most important financial ratios that may affect the financial health of the company. The main aim of the article is to reveal financial risks of Slovak entities and to form a prediction model, which is done by the identification of significant predictors having an impact on the health of Slovak companies and their future prosperity. Realizing the multiple regression analysis, we identified the significant predictors in conditions of the specific economic environment to estimate the corporate prosperity and profitability. The results gained in the research are extra important for companies themselves, but also for their business partners, suppliers and creditors to eliminate financial and other corporate risks related to the unhealthy or unfavorable financial situation of the company.

Ujemny kapitał własny w przedsiębiorstwie a kontynuacja działalności

The paper analyzes the financial situation of enterprises, which had negative equity in the period 2012–2015 in the context of their continued activity. Profitability and debt ratios and repayment periods indicated a very unfavorable financial situation. According to the legal provisions, these companies should be bankrupt (liquidated) but they still function, unfortunately, increasing the shortage of equity by systematic debt, which puts creditors in a very difficult situation.