Economic Value Added

The information age has changed many of the "classical" business activities by altering the core values and management principles. Human resources management has also changed and has adapted to the new challenges of the 21 st-century information age. The hunt for knowledge and for the determined business value is driven by more complex and far-reaching human resources activities. Companies must change their "classic" view on human resources to prevail and to be successful in the new complex and speed century. Human resources have changed its old working principles to fit the requirements of constant data, information, and knowledge "hunting" and morphed to a proactive and dynamic business value driver. The main objective of the paper is to show and document that human resources management is 21 st-century business value and knowledge driver that business organizations must use in their quest for the ultimate competitive advantage.

This paper develops some results regarding the economic value added and real options. We use Merton's (1987) model of capital market equilibrium with incomplete information to introduce information costs in the pricing of real assets. This model allows a new definition of the cost of capital in the presence of information uncertainty. Using the methodology in Bellalah (2001, 2002) for the pricing of real options, we extend the standard models to account for shadow costs of incomplete information. JEL Classification: G12, G20, G31 Keywords: EVA; Real options; Information costs I. INTRODUCTION Over the last two decades, a body of academic research takes the methodology used in financial option pricing and applies it to real options in what is well known as real options theory. This approach recognizes the importance of flexibility in business activities. Today, options are worth more than ever because of the new realities of the actual economy: information intensity, instantaneous...

Dodatkowe zobowiązanie podatkowe w podatku od towarów i usług nie może być kwalifikowane jako kara w rozumieniu przepisów prawa karnego. Jest ono publicznoprawnym zobowiązaniem podatkowym. Dodatkowemu zobowiązaniu podatkowemu przyświecają inne funkcje i cele niż np. grzywnom i karom pieniężnym.

The valuation of a company is difficult, even for companies which evolve ill a well-known, mature industry. The problem is far more complex, when the firm is a new born start-up company, where the traditional methods based on future tree cash flows are difficult to apply, given the difficulties of estimating the future cash flows. In addition, with the start up companies, we are confronted with a total lack of appropriate benchmarks. This is true for the internet companies where there is no universally acceptable method in financial theory. The problem is the valuation of uncertainty associated with the level of economic actiiAty. Several approaches are used, including the concept of EVA (Economic Value Added) or Economic Profit, where certain modifications could be made in the evaluation of EVA. We propose in this paper the approach based on real options which are particularly suitable for valuation of uncertainty. The paper takes the case of a real internet company to illustrate the approach, and highlights the difficulties .which are encountered. The paper is divided in six sections; the second section after the initial introduction discusses the traditional methods of valuation of companies. The methods discussed include: approaches based on benchmarking, the present value of Economic Value Added (EVA), and the discounted value of the future free cash Flows. The limits of these methods have also been discussed. The second chapter describes briefly the theory of Real options, and how it can be used to value companies. The stress is on the problems related to valuing uncertainty. The key issue in the valuing of internet or new economy companies is the uncertainty of the future cash flows that these companies are likely to generate, as the economic and technological environment in which these firms operate are subject to rapid changes which are difficult to predict. The third section highlights the issues related to the identification of the embedded real options in the firm's business plan. We underline the importance for the analyst to understand the sector in which the firm operates and also the likely changes that could take place in the technological options of the firm. In the lburth section the real options approach is used to value two internet companies. The different parameters that need to be estimated for using the real options method are indicated. We also discussed how we identify the embedded options. In the last section we discuss the difficulties that are likely to be encountered and also the linfits from a theoretical point of view of the real options method.

Research on Activity-Based Costing and its applications has mainly been focused on organisations in developed countries. Little has been learnt as to whether ABC techniques can be implemented successfully in organisations in developing countries. With the adoption of an innovation action research approach, we have successfully developed an ABC system jointly with a large Chinese manufacturing company, Xu Ji Electric Co. Ltd. (Xu Ji), for the period 2001-2005. The research provides a unique opportunity to examine some key success factors pertinent to ABC implementation within a Chinese organisational and cultural setting. The findings indicate that top management support, which has been identified as an important success factor in ABC literature, is evidently the predominant success factor in this organisation. In addition, Xu Ji's corporate culture of ''top-down'' instigation of the adoption of a series of management innovations (e.g., Economic-Value Added s , Balanced Scorecards and Six Sigma) and its hierarchical command and communication structure, coupled with active involvement of a high proportion of dedicated professionals, can be seen as another success factor in achieving a relatively high level of diffusion of this accounting concept within the organisation. This study also reveals a different insight of internal resistance to change, which is contrary to the evidence presented in the existing ABC literature.

Accordingly with the financial theory which has suggested that every company's final purpose is to maximize the wealth of its shareholders, two of the most popular value based measures are the Economic Value Added (EVA) and the Market Value Added ( ...

Many financial institutions assess portfolio decisions using RAROC, the ratio of expected return to risk (or 'economic') capital. We use asset pricing theory to determine the appropriate hurdle rate, finding that this varies with the skewness of asset returns. We quantify this discrepancy under a range of assumptions showing that the RAROC hurdle rate differs substantially, being higher by a factor of five or more for equity which has a right skew compared to debt which has a pronounced left skew, and also between different qualities of debt exposure. We discuss implications for both financial institution risk management and supervision.

This paper proposes a framework for analysing the operation of management control systems structured around five central issues. These issues relate to objectives, strategies and plans for their attainment, target-setting, incentive and reward structures and information feedback loops. Their central focus is on the management of organizational performance. Because the framework has been inductively developed, its application is 'tested' against three major systems of organizational control, namely budgeting, economic value added and the balanced scorecard. In each case, neglected areas of development are exposed and fruitful topics for research identified. It is believed that the framework can usefully be developed further by its use in analysing other instances of management control systems practice, and that casebased, longitudinal studies provide the best route to this end.

The increasing emphasis on supply chain management is creating a greater focus on the supply management link in the supply chain. This focus will become even more intense as firms continue to adopt e-procurement strategies to leverage the competitive advantages of the Internet. Supply managers need to understand the impact of technology and gain competency in making a business case for e-procurement. The implications are profound for the industrial marketer. D

La sfera economica legata al mondo del calcio tocca punti salienti dell'imprenditorialità al punto da trasformare una semplice passione sportiva in un vero e proprio business con differenti stakeholders.
L'esempio della Juventus F. C. nel calcio italiano mostra come determinate scelte di investimento influiscano sui risultati di bilancio e sulle performance tecnico-sportive.

This paper discusses the sensitivity analysis of valuation equations used in investment decisions. Since financial decision are commonly supported via a point value of some criterion of economic relevance (net present value, economic value added, internal rate of return, etc.), we focus on local sensitivity analysis. In particular, we present the differential importance measure (DIM) and discuss its relation to elasticity and other local sensitivity analysis techniques in the context of discounted cash flow valuation models. We present general results of the net present value and internal rate of return sensitivity on changes in the cash flows. Specific results are obtained for a valuation model of projects under severe survival risk used in the industry sector of power generation.

This article introduces a theory of stock valuation based on cash-flow analysis to price stocks, where the cash receipts and the cash payments of the firm is projected for each time period for ever where a continuous adjustment of the variables affecting the discounted present value of the cash-flow stream will show its effect on the value of the company's stock. Not only does this starting point bypass certain measurement problems, but it also direct attention to the relevant variables in a manner that other approaches may not. The financial manager is now required to generate a cash-flow net not only to satisfy the explicit cost but also the implicit cost of the providers of funds in order to create value. And to determine the optimal cash balance that minimizes the opportunity cost and maximizes shareholders' wealth.

After considering the economic state of the oil industry, particularly its structure and competition, Part One of this Case Study looks at BP Amoco's competitive planning in the last ten years within a framework of shareholder value developed by Thakor, DeGraff and Quinn, the `strategic value propositions quadrant'.BP Amoco's strategy fits this model well in most important respects: focus on efficiency/control and market awareness and less attention to individual capability and technical innovation. Always focusing on shareholder value in this period, the company rebalanced from an emphasis on costs reduction in the early 90s towards growth and market awareness at the end of the decade. The role of acquisitions is explored in 1998–2000.

I would like to creat an open-source R package that makes working with Eurostat and OECD symmetric input-output tables very easy. The aim is to make various comparisons, for example in backward linkages or employment multipliers accross regions easy to compute. My 0.2 version works with 7 types of Eurostat input-output tables from 2010. I will soon add Hungarian, Croatian and OECD standard types. At the moment the bulk data can be organized into tidy SIOTs and some multipliers (value added, tax, employment, if data permits) and coefficients can be calculated.

I would like to release the code soon on CRAN and publish the documentation in the Journal of Statistical Software. I am looking for cooperation to use the software or test ie, i.e. to make comparable input-output economics research.  I am mainly interested in creative and cultural industries, but the software works with any industry.  It would be particularly interesting to re-run already published cases and complement them with international comparison.

Please get in touch on [www.linkedin.com/in/antaldaniel/](https://www.linkedin.com/in/antaldaniel/) or in email.

In this paper, the author investigated the influence of management decisions like capital structure, dividend
policies, remunerations, credit policy decisions and investment decisions on shareholder wealth maximization.
The main objective of this paper is to increase awareness and relationship between management and
shareholders of the companies. To achieve the objective, portfolio theory, capital asset pricing model and
modern financial theory providing evidence on the linkage between management decisions to shareholder’s
value. Shareholders are only concerned about the value of shares of the company and the amount of return in
the form of dividend paid. Thus in order to meet the demands of the shareholders of the company, managers
needs to increase their abilities and skills to overcome the organizational goals. Thus the main goal of this
paper is to discuss on the role of management decisions towards increasing shareholder’s wealth and meet
organizational goals.

This paper is a summarized compendium of all the methods and theories on company valuation using discounted cash flows. It illustrates ten methods: free cash flow; equity cash flow; capital cash flow; APV (adjusted present value); business's risk-adjusted free cash flow and equity cash flow; risk-free rate-adjusted free cash flow and equity cash flow; economic profit; and EVA. All ten methods always give the same value. This result is logical, as all the methods analyze the same reality under the same hypotheses; they differ only in the cash flows taken as the starting point for the valuation.

Resumen -El siguiente artículo científico fue elaborado con una cuidadosa y minuciosa recopilación de información para poder brindarle al lector una experiencia del análisis financiero, del pasado y del presente; de la década de una de las empresas más importantes en el Perú. Graña & Montero tiene una historia tajante en el mercado de la construcción y obras públicas en nuestro país, es más que emocionante poder estudiarlo al detalle desde el ámbito financiero con todo lo que nos brinda sus estados por medio de plataformas oficiales como las que tenemos en la internet. Se consideró para esta oportunidad analizar los ratios y el EVA -Economic Value Added (Valor Económico Agregado traducido al español), a través de estas herramientas representativas de las finanzas y la contabilidad se realiza un análisis completo y un adecuado diagnóstico.

Purpose: This paper demonstrate why big is better for shared value creation, we provide Ayala group model to create shared value using professional approach, in addition to that we aims to provide a theoretical and practical contributions that ground understanding the concept of creating shared value. Design/methodology/approach: The authors analyze a single case study of AYALA international group. The objective is to show why a big corporation is better in creating shared value. Findings: We found that the big corporation is better for shared value creation, big corporations characterizes is critical factors; Process innovation, advanced technology, Economies of scale power of big size and strong marketing. Ayala group used all of these factors and followed a set of programs in 11 subsidiaries, yield to a shared value creation for the Group and society. Research limitations/implications: This single case study provides model to create shared value in big corporation; however, more research is needed to find critical factors to create shared value in medium and Small corporation. Practical implications: The paper has practical implications that relate to the design of shared value model. We provide practical model and ideas that could be applied by big corporations to reach shared value creation. Originality/value: A unique view of shared value creation in big corporation.

This paper proposes a framework for analysing the operation of management control systems structured around five central issues. These issues relate to objectives, strategies and plans for their attainment, target-setting, incentive and reward structures and information feedback loops. Their central focus is on the management of organizational performance. Because the framework has been inductively developed, its application is 'tested' against three major systems of organizational control, namely budgeting, economic value added and the balanced scorecard. In each case, neglected areas of development are exposed and fruitful topics for research identified. It is believed that the framework can usefully be developed further by its use in analysing other instances of management control systems practice, and that casebased, longitudinal studies provide the best route to this end.

This study evaluates the relevance of cash flow activities to profitability of manufacturing firms in Nigeria. Whereas the specific objectives were to: Examine the relationship between net cash flow from operating activities and profit for the year of manufacturing firms in Nigeria and Ascertain the relationship between net cash flow from investing activities and profit for the year of manufacturing firms in Nigeria. An ex-post facto was adopted for the study. The adoption of the ex-post facto research design was informed by the fact that the work relied on historical data. The researcher made use of secondary data. The data is Panel data ranging from (2008-2017), there were extracted from the annual reports and accounts of the selected listed manufacturing firms on Nigeria Stock Exchange. E-views 9.0 Software was used to analyzed the data. The result revealed that, net cash flow from operating activities have positive and significant relationship with profit for the year of manufacturing firms in Nigeria between 2008 and 2017. The sign of the correlation coefficient of 0.784528 is positive, and the probability of 0.0000 < 0.05. we conclude that net cash flow from operating activities positively and significantly relate with profit for the year of manufacturing firms. While net cash flow from investing activities has a significant and negative correlation with profit for the year of firms in the manufacturing sector in Nigeria. This implies that increase in net cash flow from investing activities would influence a decrease in profit for the year. The sign of the correlation coefficient of-0.542910 is positive, and the probability of 0.0000 < 0.05. we conclude that net cash flow from investing activities negatively and significantly relate with profit for the year of manufacturing firms. we recommended that Managers of manufacturing firms in Nigeria should engage optimally, all activities that will generate more net cash inflow from operating activities and thoroughly evaluate investment activities to ensure optimal return so as to increase profit for the year of manufacturing firms in Nigeria.

The increasing emphasis on supply chain management is creating a greater focus on the supply management link in the supply chain. This focus will become even more intense as firms continue to adopt e-procurement strategies to leverage the competitive advantages of the Internet. Supply managers need to understand the impact of technology and gain competency in making a business case for e-procurement. The implications are profound for the industrial marketer. D

In times of uncertainty and crisis the performance measurement instruments should be reanalyzed. Thus, alongside the classic indicators of performance, in business financial analysis can be used modern indicators which offer a greater flexibility and efficiency. ...

Berisikan materi tentang :
1. Return On Invesment  adalah rasio yang menunjukkan hasil dari jumlah aktiva yang digunakan dalam perusahaan atau suatu ukuran tentang efisiensi manajemen. Rasio ini menunjukkan hasil dari seluruh aktiva yang dikendalikan dengan mengabaikan sumber pendanaan, rasio ini biasanya diukur dengan persentase.
2. Economic Value Added (EVA) adalah ukuran dari laba ekonomi perusahaan, yang merupakan keuntungan yang diperoleh perusahaan dikurangi biaya pembiayaan modal perusahaan. Laba akuntansi juga dikenal sebagai laba bersih dan merupakan pendapatan perusahaan dikurangi semua biaya eksplisitnya.

To create value for shareholder is demand of today's scenario. It is focused in most of the Indian industries. For measuring shareholder value economic value-based models is adopted. It helps to align managerial decisionmaking with the firm preferences. Economic Value-Added is a technique to measure wealth created for share holders. EVA is the surplus generated by an entity after meeting an equitable charge towards providers of capital. It is the post-tax return on capital employed (adjusted for the tax-shield on debt) less than the capital employed. Companies which earn higher returns than cost of capital are creating shareholder's value. This technique to measure performance of a company is far better than that of PAT, EPS, ROA. The present paper examines the value creation strategy of Infosys by analyzing whether the EVA better represents the market value of company in comparison to conventional performance measures. In this regards, EVA and the conventional measures of corporate performance such as PAT, EPS, ROA and Operating profit are analyzed.

Valuation is a method used to determine the correct market value of an asset, the most common methods used are: valuation through discounted cash flow, relative valuation through similar companies comparison and real options valuation.
The aim of this study is to estimate the value of an asset from the perspective of  Free Cash Flow For The Firm (FCFF) of  EZTEC company listed on Brasil, Bolsa, Balcão (B3) since 2007 under the ticket EZTC3, one of the largest real estate companies in Brazil. Based on the analysis of the macro economy,  real estate market,  business environment, and last 5 years’s financial statements, will be drawn cash flow projections, which discounted according to the Weighted Average Cost of Capital (WACC), will provide the valuation or fair price of the asset.
Comparing with the current asset value will drive the conclusion and determinate the asset’s fair value, capital structure’s analysis and economic value added.
Keywords : EZTC3, valuation , FCFF,WACC, EVA.

In the 21 st century, investors, creditors, analysts and other stakeholders are now requiring much more insight about company " s performance, strategic direction and exposure to risk. This paper explains the concept of Economic Value Added (EVA) that is gaining popularity in India. We also examine whether EVA is a superior performance measure, both for corporate disclosure and for internal governance. Of late, companies in India have started focusing on shareholders wealth creation by adopting value-based models for measuring shareholder value that helps to align managerial decision-making with the firm preferences. In recent years, the EVA framework is gradually replacing the " traditional " measures of financial performance on account of its robustness and its immunity from " creative " accounting. Even though some leading Indian companies have already joined the band wagon of their American counterparts in adapting the EVA-based corporate performance systems, many other are hesitating as there is no strong evidence that the EVA system works in India. Till now, EVA disclosures are " not mandatory for the Indian companies. " Also, we examine the value-creation strategies of selected Indian companies by analyzing whether EVA better represents the market-value of these companies in comparison to conventional performance measures. In this regards, EVA and the conventional measures of corporate performance, such as, RONW, ROCE and EPS are analyzed. Moreover, ANOVA, trend analysis and regression analysis are used for analyzing the data. The study indicates that " there is no strong evidence to support Stern Stewart " s claim that EVA is superior to the traditional performance measures in its association with MVA. " As part of this study, we have also extensively surveyed the EVA disclosures in the Annual Reports made by the same sample group of 500 corporations from India. During 2010-11, just 17 Indian companies, from a sample of 500, were providing EVA disclosures in their annual reports.

Değer zinciri, bir malın üretimiyle başlar, nihai ürünün tüketimiyle sona erer. Çalışmanın amacı, tarımsal değer zincirini açıklayarak, tarımsal değer zincirinde değer yaratan faaliyetleri ortaya koymaktır. Araştırmada literatür taraması yaklaşımından yararlanılmıştır. Tarımsal değer zincirinin yedi aşaması söz konusu olup, bunlar sırasıyla girdi tedariki, üretim, üretici örgütleri, tüccarlar, işleyiciler, toptancılar ve perakendeciler şeklindedir. Değer zincirinde ürün kalitesinin yükseltilmesi, üründe farklılaşma sağlanması ya da sistemin etkinliğinin artırılması yoluyla rakiplere karşı avantaj sağlanması hedeflenmektedir. Tarımsal ürünlerin üretim maliyetlerine, kullanılan girdi miktarından teknoloji transferine kadar birçok unsur etki etmekte iken, organik tarım ve iyi tarım uygulamaları gibi yaklaşımlarla üründe farklılaşma sağlanarak değer yaratılabilmektedir. Tarım sektöründe büyük işletmeler değer zincirini bir bütün olarak ele alabilmelerine rağmen, süreçten erken çıkmak zorunda kalan küçük ve orta ölçekli işletmelerin süreçte kalabildikleri sürece değer yaratan faaliyetlere odaklanmaları gerekmektedir. Değer zinciri analizi yaklaşımıyla tarım sektöründeki bazı temel sorunların çözümüne katkı sağlanması mümkün olabilecektir.

This study investigates the importance of economic value added for the shareholders wealth maximization. Economic value added (EVA) is a value based performance measurement tool that inclines the agency conflict issues between managers and shareholders. Using a sample of 28 construction public listed companies in main board of Bursa Malaysia and using panel data with fixed effects during the period of 2003 to 2012, the findings of the study revealed that there is a positive and significant relationship between EVA and shareholder’s wealth maximization. The more the managers produce EVA, the more shareholders’ wealth maximization will be created. The finding shows significant support for EVA, but EVA was not reported by the companies and is not been used by investors for their investment decisions. Thus it is recommended for the managers to focus more attention to the criteria of EVA in evaluating shareholder’s value.

Kinerja keuangan perusahaan yang optimal merupakan tujuan perusahaan yang dapat dicapai melalui pelaksanaan fungsi manajemen keuangan, dimana satu keputusan keuangan yang diambil akan mempengaruhi keputusan keuangan yang lainnya dan berdampak pada nilai perusahaan. Penelitian ini bertujuan untuk menguji dan menganalisa pengaruh keputusan investasi, keputusan pendanaan, dan kebijakan dividen yang masing-masing diproksi dengan Price Earning Ratio (PER), Debt to Equity Ratio (DER), dan Dividend Payout Ratio (DPR) terhadap kinerja keuangan yang diukur dengan Economic Value Added (EVA). Sampel dalam penelitian ini adalah 88 observasi dari 26 perusahaan sektor property, real estate, and building construction yang terdaftar di Bursa Efek Indonesia (BEI) periode 2008-2012 yang diperoleh  dengan metode purposive sampling. Metode analisis yang digunakan adalah uji regresi linier berganda. Nilai Adjusted R2 model penelitian ini adalah sebesar 10,9 %. Hasil analisis menunjukkan bahwa keputusan pendanaan berpengaruh positif dan signifikan terhadap kinerja keuangan. Namun, keputusan investasi dan kebijakan dividen menunjukkan hasil tidak signifikan.

ANALYSIS OF ECONOMIC VALUE ADDED PERFORMANCE IN MINING SECTOR PUBLIC COMPANIES LISTED ON THE IDX
PERIOD 2014-2018

This study aims to determine the financial performance using the Economic Value Added (EVA) method in Mining Sector Public Companies listed on the IDX in the 2014-2018 period. This research is an evaluation research using EVA method. The population in this study are all mining companies listed on the IDX in the 2014-2018 period. Sampling uses a purposive sampling technique by selecting the Crude Oil and Natural Gas Subsector as a sampling. Data analysis techniques using EVA. Calculation of EVA value of a company is preceded by determining Invested Capital (IC), Return On Invested Capital (ROIC), and Weighted Average Cost of Capital (WACC) from the data that has been collected. The results showed that: two companies had positive EVA values from 2014 to 2018 and the other company had positive and negative EVA values in certain years. Positive EVA value means the existence of added economic value of the company, whereas negative EVA value indicates that the company's performance is not yet good.

Keywords: Financial Performance, Mining Sector, Invested Capital (IC), Return On Invested Capital (ROIC), and Weighted Average Cost of Capital (WACC) Economic Value Added (EVA)

ABSTRAK Salam Digital Image merupakan salah satu perusahaan yang bergerak dibidang jasa Fotografi dan Videografi. Saat ini, Sistem Penjualan jasa masih menggunakan cara yang manual, cara ini dinilai kurang efisien dan efektif sehingga membutuhkan waktu dan tenaga yang cukup banyak dalam penerimaan jasa, rentannya kesalahan dalam pencatatan pemesanan dan laporan, dan untuk menambah nilai ekonomis yang diciptakan perusahaan dari kegiatan atau strategi penjualannya, diperlukan suatu pemecahan masalah yang akurat. Economic Value Added (EVA) merupakan salah satu indikator tentang adanya penambahan nilai dari suatu investasi setiap tahun pada suatu perusahaan. Metodologi pengumpulan data yang digunakan dalam penelitian ini berdasarkan studi lapangan, yaitu wawancara, observasi serta studi pustaka. Untuk metode analisis sistem yaitu dengan mempelajari teori atas sistem yang ada, menganalisis dan mengevaluasi penerapan sistem informasi pada proses bisnis perusahaan. Pembahasan dalam penulisan ini yaitu pembangunan aplikasi berbasis Yii Framework sebagai aplikasi pendukung kinerja bisnis perusahaan terutama dalam persaingan dengan perusahaan lain, serta penerapan metode EVA pada aplikasi digunakan dalam mengatasi masalah dalam menilai kinerja keuangan perusahaan dalam proses bisnisnya. ABSTRACT Salam Digital Image is a company engaged in the service Photography and Videography. Currently, System Sales of services are still using manual way, this way is considered less efficient and effective so it takes time and effort that is pretty much in reception services, vulnerability to errors in recording the booking and reports, and to add economic value created by firms of activity or sales strategy requires an accurate problem solving. Economic Value Added (EVA) is one indicator of the additional value of an investment in a company every year. Data collection methodology used in this study based on field studies, ie interviews, observations, and literature. For the method of system analysis is to study the theory of the existing system, analyze and evaluate the application of information systems in business processes. The discussion in this paper is the development of Yii Framework based applications as the applications supporting the company's business performance, especially in competition with other companies, and the EVA method implementation in applications used in resolving the problem in assessing the financial performance of companies in the business process. .

This paper examines the relation between earnings management and corporate governance in China by introducing a tunneling perspective. We document systematic differences in earnings management across the universe of China's listed companies during 1999-2005, and empirically demonstrate that firms with higher corporate governance levels have lower levels of earnings management. We study two Chinaspecific situations, in which the listed firms have strong incentives to manage earnings in order to meet certain return on equity (ROE) thresholds, and earnings management has been shown to be the most conspicuous. We identify tunneling evidence for each. Our empirical findings, although not being able to completely exclude other explanations, strongly suggest that agency conflicts between controlling shareholders and minority investors account for a significant portion of earnings management in China's listed firms.

This study aims to provide shared value as a new business model for Algerian economic companies to create economic value that improve the competitiveness of companies while simultaneously create value for societies. Based on descriptive analytical method we described concept of shared value and the process of integration into Algerian companies. We also proposed a variety of proposed programs in 10 key sectors; the food and beverage sector, agriculture sector, retail sector, construction sector, electric power sector, extractive sector, pharmaceutical industry sector, health sector, financial services sector and insurance industry. We found that these proposed programs are useful to solve social problems and meet the needs of community and this what brings profit is for the company and lead to the creation of shared value. In addition to that, we provide some recommendations that benefit the subject of the study.

Dalam setiap aktivitas bisnis suatu perusahaan harus menunjukkan kinerja yang baik terutama kinerja keuangan, berdasarkan konsep keuangan sangat diperlukan alat untuk mengukur hasil usaha dan perkembangan perusahaan dari waktu ke waktu, hal ini dimaksudkan untuk mengetahui sudah sejauh mana perusahaan mencapai tujuannya.  demikian pula halnya dengan laporan keuangan yang merupakan hasil proses akuntansi dan dapat digunakan sebagai alat untuk berkomunikasi antara data keuangan atau aktivitas suatu perusahaan dengan pihak-pihak ekstern yang berkepentingan dengan perusahaan. Sehingga laporan keuangan memegang peranan yang luas dan mempunyai suatu posisi yang sangat mempengaruhi dalam pengambilan keputusan.

The objective of this study is to examine Finance Performance. Financial performance is done to evaluate economic value added, profitability, growth and financial risks of the companies that we chose according to example in this research. Financial analysis helps investors in step of decisions that they should invest in a particular company or not. The main objective of this study is to show the companies’ financial positions. We will evaluate the companies with analyzing their financial tables to show what did they do and what type of risk that they chose to increase their financial performance.

This research assesses the importance of financial access on value added in three economic sectors in 25 countries in Sub-Saharan Africa using data for the period 1980-2014. The empirical evidence is based on the Generalised Method of Moments. Financial access is measured with private domestic credit, while the three outcome variables are: value added in the agricultural, manufacturing, and service sectors, respectively. Enhancing financial access does not significantly improve value added in the agricultural and manufacturing sectors, while enhancing financial access improves value added in the service sector.An extended analysis shows that in order for the positive net incidence of enhancing credit access on value added to the service sector to be maintained, complementary policies are required when domestic credit to the private sector is between 77.50% and 98.50% of GDP. Policy implications are discussed.

Here we estimate the values of ecosystems and the industries they support in the marine and coastal waters of the Northern Territory. The marine waters of the Northern Territory extend from the high water mark out
to 3 nautical miles (approximately 5.5km) and include the 88,400 ha Limmen Bight Marine Park and the 229,000 ha Garig Gunak Barlu (formerly Cobourg) Marine Park. Also relevant are many terrestrial protected
areas which contain coastal ecosystems, including the Charles Darwin and Kakadu National Parks, the Dhimurru Indigenous Protected Area which takes in land and sea country, and the Yanyuwa, Anindilyakwa,
Laynhapuy, Djelk, south-east Arnhem Land, Marthakal and Marri-Jabin Indigenous Protected Areas which have coastal boundaries.
Protecting ecosystem health is essential Ecosystems provide a range of services that are of fundamental importance to human health and wellbeing.
Ecosystem services are a bridge between healthy and functioning ecosystems and the social and economic benefit we subsequently derive. Marine and coastal ecosystem services of clear economic benefit
include recreational fishing catches and fisher activities, tourism, climate regulation via carbon stores, storm protection, and breeding grounds for marine life. There are other ecosystem services more difficult to value,
and which are generally overlooked, but which are very important to society and the economy, such as Indigenous connection to country and sea, and aesthetic and educational values. The supply of ecosystem
services will be severely compromised in ecosystems that are unhealthy and have lost their functional integrity, resulting in lost value and reduced benefit to society. It is essential therefore to protect ecosystem
health and integrity to maintain the supply of ecosystem services.
Marine and coastal waters in the Northern Territory support over 6,000 jobs and directly contribute 4% to the economy
• Recreational fishing is estimated to have direct economic value of $21.3m annually, with total contribution to the Northern Territory economy worth about $76m annually.
• Marine and coastal tourism is estimated to have a direct economic value of $156m annually, with a total contribution to the Northern Territory economy worth about $691m annually.
• The value of mangroves, seagrasses and tidal saltmarshes for the NT coastal waters is estimated at $65m/yr.
• The annual sequestration of blue carbon in the Northern Territory marine and coastal waters is worth $39m to $468m annually; while the total stock of carbon is valued in the order of $23.9 billion to $198.5 billion, with the large bulk of this being the stock of carbon in mangroves.
• Although in many regards they are priceless, Indigenous cultural values are worth about $52.5m to $412m annually.
Overall, we estimate that the Northern Territory marine and coastal ecosystems contribute about $1billion per year to the Territory economy (Table ES1). The Gross State Product (i.e. Territory-level GDP) in 2015-16 is
$23.6 billion1, meaning the marine and coastal ecosystems contribute around 4% to the Territory economy.
These ecosystems also support about 6,300 jobs. But only some of the ecosystem services provided by the Northern Territory’s marine and coastal ecosystems are bought and sold in the market. The value of ecosystem services can thus be thought more broadly in terms of the contribution that they make to economic welfare (wellbeing) – we estimate these values at between $875m and $$1.9b per annum. The large range is explained by the different assumptions used to estimate the values.

Africa and India each have a big island off their south-eastern tips – Madagascar and
Sri Lanka respectively. These two islands share many commonalities: their populations
today are 22 and 24 million respectively 1 ; each has multi-ethnic population; each was a
colony of a Western power (from 1882/1897 and 1815); and each became independent
post-WWII (in 1960 and 1948); each has extremely high, unique bio-diversity, similarly
threatened by deforestation; each holds a strategic maritime location, yet prone to natural
hazards (albeit, arguably, Sri Lanka’s is more so, in both cases 2 ); each had adopted socialist
economic policies at some point of the 1970s and then radically liberalised their
economies; and each has experienced multiple serious political and constitutional crises
over the past 50 years.
Most importantly for this discussion, both islands had an equally miserable state of
economic affairs in the 1960s and the early 1970s, throughout which their GDP per capita
indicators, seen on the title page, make it seem as if their economies had been glued
together. They were each a poor, agrarian, commodity-exporting economy. But then,
from the late 1970s onwards, Sri Lanka entered and has remained on an amazing
economic growth path that has allowed it to increase its GDP per capita from 273$ in
1980 to 3’820$ in 2014 3 , while Madagascar’s GDP per capita between 1980 and 2014
decreased from 462$ to 449$ 4 . Sri Lanka has become a middle-income, industrialised,
service-based economy with the highest Human Development Index (HDI) in South
Asia 5 and even has its own space satellite 6 . Madagascar has around 90% of its population
living in poverty 7 and remains among the most backward economies in the world.