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The purpose of the study is to understand A comparative study of ?nancial performance in relation with pro?tability aspect of fertilizer companies in India. The Pro?tability ratios indicate how ef?ciently a business will be able to generate revenues and pro?ts through its operations. Pro?tability ratios are a class of ?nancial metrics that are used to assess a business's ability to generate earnings relative to its revenue, operating costs, balance sheet assets, or shareholders' equity over time, using data from a speci?c point in time. Pro?tability ratios are ?nancial metrics used by analysts and investors to measure and evaluate the ability of a company to generate income (pro?t) relative to revenue, balance sheet assets, operating costs, and shareholders' equity during a speci?c period of time. The period of study would be ten years during 2010-11 to 2019-20.
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This study has been conducted based on data obtained from the official BSE website and other websites, By using Ratio Analysis tool we are able to analyze the financial performance of ONGC ltd, through these tools we are able to find the strengths and weaknesses of ONGC ltd and their financial position in the market. Different Ratios are used and particularly those which are related to the financial statement of ONGC ltd and for this study balance sheet of 2017-2021 was used and the ratios are prepared in such a way so that we can easily compare the performance
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RESUMEN La investigación presentada en este artículo tiene como objetivo evaluar el desempeño financiero del sector elaboración de productos lácteos en Colombia en el período 2014-2019, aplicando como metodología el análisis estático y de tendencias de indicadores contables y de gestión de valor que miden su crecimiento, eficiencia, eficacia, efectividad, valor económico agregado (EVA) y valor de mercado agregado (VMA). Se encuentra que este sector crece en ventas, activos y utilidad neta; y logra rendimientos fluctuantes sobre su patrimonio, siguiendo el comportamiento de la eficacia en el control de erogaciones, aumentada por el uso de un apalancamiento financiero positivo. No obstante, este sector destruye EVA en tres años, con una pérdida residual importante en el 2015, que hace que su VMA resulte negativo. El EVA sigue la dirección del rendimiento después de impuestos del activo neto operacional, que en promedio es inferior al costo de capital. Estos hallazgos pueden complementarse con estudios semejantes para grupos homogéneos en edad, tamaño, organización jurídica y zona geográfica. CLASIFICACIÓN JEL G10, M40, L66
ABSTRACT The objective of the research presented in this article is to evaluate the financial performance of the dairy production sector in Colombia in the 2014-2019 period, applying as a methodology the static and trend analysis of accounting and value management indicators that measure its growth, efficiency, efficacy effectiveness, economic value added (EVA) and market value added (MVA). It is found that this sector grows in sales, assets and net income; and achieves fluctuating returns on its equity, following the behavior of efficiency in the control of expenditures, increased by the use of positive financial leverage. However, this sector destroys EVA in three years, with a significant residual loss in 2015, which makes its MVA negative. The EVA follows the direction of the after-tax return on operating net assets, which on average is less than the cost of capital. These findings can be complemented with similar studies for homogeneous groups in age, size, legal organization and geographical area. JEL CLASSIFICATION GI0, M40, L66
RESUMO A pesquisa apresentada neste artigo visa avaliar o desempenho financeiro do setor de processamento de laticínios na Colômbia no período 2014-2019, aplicando como metodologia a análise estática e de tendências dos indicadores contábeis e de gestão de valor que medem seu crescimento, eficiência, eficácia, efetividade, valor agregado econômico (EVA) e valor agregado de mercado (MVA). Verifica-se que este setor cresce em vendas, ativos e lucro líquido; e atinge retornos flutuantes sobre o patrimônio líquido, seguindo o comportamento de eficiência no controle de despesas, ampliado pelo uso de alavancagem financeira positiva. Entretanto, este setor destrói o EVA em três anos, com uma perda residual significativa em 2015, o que torna seu AMV negativo. O EVA segue a direção do retorno após impostos sobre o ativo operacional líquido, que em média é inferior ao custo de capital.BEstas descobertas podem ser complementadas por estudos semelhantes para grupos homogêneos em idade, tamanho, organização legal e área geográfica. CLASSIFICAÇÃO JEL GI0, M40, L66
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OBJECTIVE： To provi de reference for relevant departments to formulate innovation subsidy policies for pharmaceutical enterprises and enterprises to make their own business strategy decisions. METHODS ：The listed enterprises in China ’s pharmaceutical industry listed before 2012 were selected as the sample enterprises. The annual reports of listed enterprises in pharmaceutical industry and related panel data in CSMAR database during 2012-2019 were colected. Referring to related literatures ， multivariate regression model and threshold model were established to investigate the effects of technology innovation investment ability of sample enterprises ，so as to put forward relevant suggestions. RESULTS & CONCLUSIONS ：A total of 57 sample enterprises were included. The panel data of sample enterprises showed that the technology innovation investment of Chinese pharmaceutical enterprises was basically increasing year by year ，but compared with international standards ，the technology innovation investment of Chinese pharmaceutical enterprises still needed to be improved. The results of multiple regression model showed that the technology innovation investment of pharmaceutical enterprises had no significant impact on their current financial performance and the financial performance of the first and second lags （P＞0.05）. The results of threshold model showed that there was a significant single threshold effect between technology innovation investment and financial performance when enterprise size was taken as the threshold variable （P＜0.05）. When the enterprise size was less than the threshold value of 20.986，the enterprise ’s technology innovation investment had a negative impact on its financial performance （P＜0.05）；when the enterprise size was greater than the threshold value of 20.986，the correlation between the enterprise ’s technology innovation investment and financial performance was not significant （P＜0.05）. It is suggested that China ’s pharmaceutical enterprises should carry out technology innovation activities according to their own strength ，and enterprise managers should formulate different innovation development strategies according to the ac tual situation ，enable enterprises to maintain a reasonable capital structure by broadening financing channels ，identify innovation points according to their own ability ，reduce costs and risks ，and innovate R&D modes，so as to promote the transformation and effective utilization of R&D achievements. Government departments should give full play to the guiding role ，encourage pharmaceutical enterprises to maintain the vitality of R&D and innovation and guide the sustainable innovation and healthy development of the pharmaceutical industry.
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Resumen Este artículo tiene como propósito examinar el desempeño financiero de veintiún empresas del sector real consideradas como las más innovadoras de Colombia al 2016. Para ello se realizó un estudio descriptivo de los indicadores contables de apalancamiento financiero total, rotación de activos operacionales, margen de utilidad neta y rendimiento del patrimonio, además de los indicadores financieros de valor económico agregado y valor de mercado agregado durante el período de 2012 al 2016. Los resultados evidencian que, de las veintiún empresas estudiadas, veinte generan un rendimiento sobre el patrimonio positivo, nueve empresas generan un valor de mercado agregado positivo y solo cuatro generan un valor económico agregado positivo cada año. Igualmente se estudian los efectos que tienen el activo neto operacional, el costo de capital y la utilidad operacional antes de impuestos para la generación de valor económico agregado en la muestra de empresas. Códigos JEL: M41, O30, L60, L80.
Abstract This article is aimed at examining the financial performance of twenty-one real sector companies considered the most innovative of Colombia in 2016. For this purpose, a descriptive study was made of the accounting indicators of leverage, asset turnover ratio, net income margin and return on equity in addition to the financial indicators of economic value added and market value added during the period from 2012 to 2016. The results show that, of the twenty-one companies studied, twenty generate a positive return on equity, nine companies generate a positive market value added and only four companies generate a positive economic value added every year The effects of the net operating assets, the cost of capital and the earnings before interest and taxes for the generation of economic value added are also studied in the sample of companies. JEL Classification: M41, O30, L60, L80.
Resumo Este trabalho tem por objetivo analisar o desempenho financeiro das empresas do setor real vinte considerado o mais inovador da Colômbia a 2016. Um estudo descritivo de indicadores financeiros de alavancagem financeira total, o volume de ativos operacionais, foi realizada margem de lucro líquido e retorno sobre o patrimônio, além dos indicadores financeiros de valor econômico agregado e valor agregado de mercado no período de 2012 a 2016. Os resultados mostram que, das vinte e uma empresas estudadas, vinte geram retorno sobre patrimônio líquido positivo, nove empresas geram um valor agregado de mercado positivo e apenas quatro geram um valor econômico agregado positivo a cada ano. Os efeitos dos ativos operacionais líquidos, custo de capital e resultado operacional antes dos impostos para a geração de valor econômico agregado na amostra de empresas também são estudados. Classificações JEL: M41, O30, L60, L80.
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Introduction: There has been a vigorous change in the healthcare sector with increased patient expectations, technological advancements, and growing competition in the healthcare market. Therefore hospitals have to shift from traditional management approach to more diverse aspects like TQM practices and effective quality management system to augment the performance level. Relationship between TQM practices and performance is multipronged and widely discussed in the literature. Aim: Main purpose of this study was to evaluate the impact of TQM practices on nonfinancial performance elements of performance in different quality management system settings. Methods: This study used an empirical approach to identify and explain the TQM practices and non-financial performance relationship. A cross-sectional survey was conducted in 5 hospitals from different regions with either Joint Commissioned International (JCI) or ISO 9001 based quality management system. Data were collected from 150 hospital managers between October 2018 and February 2019. Descriptive and inferential statistical analysis was conducted using IBM SPSS 20 version. Results: Finding of the study support that TQM practices have a statistically significant and positive relationship with non-financial performance (p<0.05). Result of multiple linear regression analysis shows that TQM practices are a strong predictor of non-financial performance (Beta=0.793, t=15.837, R2=0.629, and p=0.000) and explain 63% variation in the model. TQM practices demonstrate higher overall and individual mean values for JCI accredited hospitals. T-test shows that there is a significant difference (p<0.05) in TQM practices between JCI and ISO-based quality management system. Conclusion: It can be inferred from this study that TQM practices have a leading role in the improvement of the non-financial performance of hospitals. Hospital managers at a different level can achieve improved results with effective implementation of identified TQM practices. TQM practices significantly contribute towards individual dimensions as well as an overall improvement in non-financial performance.
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En este artículo se presenta un diagnóstico financiero de las empresas del sector de autopartes de Colombia, con el fin de conocer cómo ha sido su desempeño financiero durante el período 2008-2014. Para ello se sigue una metodología de análisis de tendencias y comparaciones de indicadores de crecimiento, eficiencia, eficacia, efectividad, valor económico agregado y valor de mercado agregado, con datos suministrados por estudios en Colombia y en Estados Unidos de América. Los resultados muestran que el sector destruye valor económico agregado en todos los años, pese a que crece y genera utilidades contables; esto obedece a que el rendimiento del activo neto operacional no alcanza a compensar el cargo de capital. Los resultados en Colombia difieren de los de este mismo sector en Estados Unidos de América, donde se crea valor de mercado agregado. Esto se debe al menor rendimiento del activo y al mayor costo de capital medio ponderado que se tiene en Colombia. El primero está altamente influenciado por la eficacia de la gestión del control de costos y gastos; y el segundo, por el efecto que tiene el riesgo país y la devaluación sobre el costo del capital propio. Es recomendable ampliar esta investigación para muestras afines en su tamaño, edad, naturaleza jurídica y ubicación geográfica de este mismo sector y de sectores semejantes y complementarios como el de ensamble y la industria automotriz.
This article presents a financial analysis of the companies of the auto parts sector of Colombia in order to know how its financial performance has been during the period 2008 to 2014. For that, a methodology of analyzing trends and comparisons of indicators of growth, efficiency effectiveness, efficacy economic value added and market value added with data supplied by studies in Colombia and the United States. The results show that this sector destroys economic value added in all years, although it grows and generates accounting profits; this is because the performance of operational net asset fails to compensate the capital charge. The results in Colombia differ from those in this same sector in the United States, where market value added is created. This is due to the lower return on assets and the higher weighted average cost of capital present in Colombia. The first is highly influenced by the effectiveness of management control costs and expenses; and the latter by the effect of country risk and devaluation on the cost of equity. It is advisable to extend this research for related samples in size, age, legal status and geographical location of this same industry and similar and complementary sectors, such as the assembly and the automotive industry.
Este artigo apresenta uma análise financeira das empresas do setor de autopeças na Colômbia, a fim de saber o que tem sido o seu desempenho financeiro no período 2008-2014 é apresentado. Isto requer uma metodologia para análise de tendências e comparações de indicadores de crescimento, eficiência, eficácia, valor econômico agregado eo valor de mercado agregado, com os dados fornecidos por estudos na Colômbia e os Estados Unidos da América continua. Os resultados mostram que a indústria destrói valor econômico agregado em cada ano, apesar da crescente e gera lucros contábeis; Isso ocorre porque o desempenho operacional do activo líquido não pode compensar o custo de capital. Os resultados na Colômbia diferem daqueles do mesmo sector nos Estados Unidos da América, em que o valor de mercado total é criado. Isto é devido ao baixo retorno sobre os ativos e maior custo médio ponderado do capital detido na Colômbia. O primeiro é altamente influenciada pela eficácia dos custos e despesas de controlo de gestão; e, segundo, pelo efeito do risco-país e desvalorização sobre o custo de capital próprio. É aconselhável para estender esta pesquisa para amostras relacionadas em tamanho, idade, natureza jurídica e localização do mesmo setor e são semelhantes e complementares como a montagem e automotivo.