Current Issue : October - December Volume : 2012 Issue Number : 4 Articles : 7 Articles
At present cement sector is an emerging market. The most important reason of this is the increase infrastructure investments. Also performance of finance system, and increase in investments will a?ect the cement demand.Cement companies have wide impact on capital and credit markets of a country. statistical society is all 28 cement companies which accepted in Tehran Exchange Exchange.This study presents comparison of financial performance for the period 2006ââ?¬â??2009 by using financial ratios and measures of cement companies working in Iran.Financial ratios are divided into three main categories and measures including two indicators.This work concludes that the performance of cement companies on the basis of profitablity ratio is different than on the basis of liquidity ratio, leverage financial....
In a rapidly changing world, companies are facing unprecedented turmoil in global market, severe competition, rapid technological change and rising stock market volatility have increased to burden on managers to deliver superior performance and value for their shareholders. An increasing number of companies around the world are radically restructuring their assets, operations and business relationship with shareholders, creditors, and financial stakeholders. Corporate restructuring has facilitated thousands of organizations to reestablish their business and respond more quickly to new opportunities and expected challenges. In this situation the merger, acquisition and takeover has become the most potential strategy for the growth of the corporate world. The merger, acquisition and takeover is playing a very major role. The different companies adopt M&A is playing a very major role .The different companies adopt M&A for different for different reasons ,the chief reasons are cost efficiency, revenue enhancement, tax gain, market share, market reputation, and to felt the presence in the new market. .This paper is conducted to know the growth of merger and acquisition in the present arena how it is playing an important strategy in the corporate world. The paper starts with the benefits and strategies of merger and acquisitions and it also compares what is the scope of the two concepts in the previous and the present situations and the changing phase of Indian business\nFrom the study it has been found .In the last that few years� companies are pursuing a rapid growth strategy by expanding in the global market through M&A. Merger and acquisition is playing a major in corporate sector .There are many reasons for adopting merger and acquisition are summarized here. The chief reasons for M&A are growth of business, market reputation, marker share, lowering expenditure cost, decreasing market competition and enhancing product output. And the concept pf merger and acquisition has got tremendous change what it was previous compare to the present situation\nIn the corporate world M&A are proved to be a popular strategy to attain growth and diversification, to enjoy operational strategy synergy and to conquer new market and at the time of recession it provides opportunities to reinvigorate .This paper revealed benefits ,reasons and comparison with the previous and te present world...
An entrepreneur may grow its business either by internal expansion or by external expansion. In the case of internal\nexpansion, a firm grows gradually overtime in the normal course of the business, there acquisition of new assets replacement of\nthe technology, obsolete equipments. But in the external expansion acquires a running business and grows overnight through\ncorporate combination these combination are in the form of merger and acquisition and take over and have now become\nimportant feature of corporate restructuring, they have been playing an important role in the external organization. Since from\n1980s, it has become a growing trend for companies, large, and small, domestic and foreign, to form a strategic alliance with\nparticular industries. There are many specific goals that companies may be looking to achieve by doing this, but the main\nunderlying reason is to guarantee the long term sustained achievement of fast profitable growth for their business. They have to\nkeep up with a rapidly increasing diversified global market and increased competition. Nowadays with the struggle of\ncompetitive advantage becoming stronger and stronger, it is almost essential to form alliance. Diversified and expanding\ncompanies techniques such as merger and acquisition are very popular methods for forming there alliances. Basically stated\nmerger is joining of forces and acquisition is a purchase of a company whether it is welcome or hostile Sector wise, large volume\nof merger and acquisition in India have acquired in finance Telecommunication, FMCG, construction, materials, automobile and\nmetals. In the banking sector, important mergers and acquisition in India in recent years include IDBI and its own subsidiary\nIDBI Bank, another important merger was between Centurion Bank and bank of Punjab in telecommunication Vodafone, took\nover Hutchison essar in India in fmcg shaw Wallace and company was acquired by united breweries owned by Vijay Malaya.\nThis paper purely deals with the concept of merger and acquisition and there strategic decision taken for maximization of\ncompany�s growth by merging and acquisition by enhancing its production and marketing operation and it also give a glance to\nthe contribution, development benefits of merger and acquisition which has made huge contribution to the world of corporate\nsector....
Empirical studies indicate that fund managers with lower experience in comparison to managers with\r\nhigher experience, yield significantly higher return. In this research in order to study professional\r\nexperience of managers and also risk and return of their investment, we dealt with studying impact of\r\nrisk taking, overconfidence and herding behavior (as important behavior on investment decision) of\r\nfund managers in Tehran Stock Exchange. In order to gather data, questionnaires were used, and in\r\norder to analyze them single variable regression model and ordered probit and tobit regression were\r\nused. Results of research indicated that there is an inverse relationship between experience and risk\r\ntaking of managers and there is a direct relationship between experience and herding. Also,\r\nrelationship between experience and overconfidence defers based on the type, but it can be said that\r\nthere is an inverse relationship between experience and overconfidence. Managers with lower\r\nexperience had higher overconfidence and lower herd behavior, higher risk taking and get higher\r\nreturn. Totally, it can be said that there is an inverse relationship between professional experience and\r\nreturn of fund managers in Tehran Stock Exchange....
In this paper, we aim at conducting an analysis of the supervision and regulation arrangements at the\r\nlevel of EU27 countries. We assess the involvement of central bank in the maintenance of financial\r\nstability as well as an analysis of the financial supervision unification index and the central bank as\r\nfinancial authority index calculated at the level of the year 2011 (August), according to Masciandaroââ?¬â?¢s\r\n(2004) methodology. We will also analyse these indices dynamically and comparatively for the year\r\n2004 ââ?¬â?? the year of the first wave of adherence to the European Union (EU), respectively 2008 ââ?¬â?? the first\r\nyear when the present crisis was felt in the whole Europe. We observed that at the level of the European\r\nUnion, there is heterogeneity regarding the types of financial supervision national systems. The\r\ndegrees of concentration of supervisory and regulating power as well as the central bank degree of\r\ninvolvement differ from one country to another. There are four possible patterns in the interaction\r\nbetween the indexes. The two most frequent models are polarized: 11 countries with a high\r\nconcentration of powers with low central bank involvement and 10 countries with a low concentration\r\nof powers with high central bank involvement. From the point of view of the dynamics of these\r\nindicators, we may notice in whole an increase in the degree of concentration as well as in the degree\r\nof involvement of the central bank in the financial supervision and regulation during the period of 2004\r\nto 2008. During the period of 2004 to 2008, a significant increase of these indicators was registered for\r\nthe new members, while for the old member states, this had relatively reduced changes, the averages\r\nfor the two groups of countries becoming fairly equal, as a result of caching up process. During the\r\nperiod of 2008 to 2011, the evolution has registered a higher increase in the value of the two indicators\r\nfor the old member countries, phenomenon which may be explained by the implications of the\r\ninternational financial crisis broken out in August 2007. We propose a change in the present EU-level\r\nfinancial supervisory regime as a combination of the sectoral model with the objectives-centred model,\r\nsuch as the following: the micro-stability (prudential regulation) could be maintained at the level of the\r\npresent European supervisory authorities (ESAs), but the transparency in the market of intermediaries\r\nand customer protection, and respectively, the safeguarding and promotion of competition in the\r\nfinancial intermediation sector should be tackled by two other distinctive integrated agencies...
This study investigates the relationship between earnings quality (accrual quality, earnings persistence,\r\nearnings predictability) and corporate governance dimensions (strength and adequacy) at listed\r\ncompanies in Tehran Stock Exchange. Under the premise that firms that have good performance in the\r\npast have less residual agency problem, we use return on equity (ROE) as a measure of the adequacy\r\nof corporate governance in place. We use constructed G-Index from corporate governance mechanisms\r\nas a measure of the strength of corporate governance. We find that earnings quality-accrual quality,\r\nearnings persistence, earnings predictability is higher for firms that have good performance in the past\r\nregardless of whether the corporate governance levels were strong or weak. We also find that\r\nreporting/earnings quality is higher for such firms after controlling for the strength of corporate\r\ngovernance. Further, we find that firms with weak-governance may not necessarily low earnings quality\r\nrelative to firms with strong governance. We also find that as long as firms have adequate corporate\r\ngovernance, there is no different between weak-governance firms and strong-governance firms.\r\nOverall, the results support the conclusion of adequacy rather than the strength of corporate\r\ngovernance, which is associated with earnings quality....
Workplace spirituality has been receiving increased attention from the behavioral scientists in the\r\nrecent literature. Especially the relationship between spirituality and leadership effectiveness at\r\nworkplace has been the major research focus. However, most of such studies have been focusing on\r\nthe work environment in developed countries like USA. On the other hand, the workplace spirituality in\r\ndeveloping countries like Pakistan has not been investigated to the extent that it can be of some\r\npractical significance. Therefore, the present study is designed to gather empirical evidence from the\r\nbanking sector of Pakistan to investigate the impact of spiritual need for leadership among followers in\r\nrelation with spiritual leadership behaviors on followers� work outcomes like performance,\r\norganizational commitment and job satisfaction. This study reveals certain practical implications for\r\nthis growing service sector management....
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