Financial Health (financial + health)

Distribution by Scientific Domains


Selected Abstracts


Relationships among levels of government support, marketing activities, and financial health of nonprofit performing arts organizations

INTERNATIONAL JOURNAL OF NONPROFIT & VOLUNTARY SECTOR MARKETING, Issue 2 2007
Theresa A. Kirchner
This exploratory study researches and analyzes the empirical effects of financial levels of government support and marketing practices on the financial health of nonprofit performing arts organizations. Declining government subsidies and increasing competition from non-traditional sources have presented these organizations with unique opportunities and challenges that call for a market-centered, as well as an art-centered approach. Financial health is critical for the long-term success of a nonprofit performing arts organization. Few empirical studies have examined the interrelationships between these key variables. This study analyzes a sample of 63 American professional symphony orchestras employing 20 years of data. The correlations among financial levels of government support and marketing activities were positive and significant, the correlations among levels of government support and financial health were negative and significant, and the correlations between levels of marketing activity and financial health were negative and varied in significance. Causal analyses were less conclusive, but significant causal relationships were found for large symphony orchestras, indicating that segmentation research may be warranted. Implications and opportunities for future research are presented which have potential application for government agencies, academic researchers, and arts organization managers, boards of directors, and donors. Copyright © 2006 John Wiley & Sons, Ltd. [source]


Predictors of Chain Acquisition among Independent Dialysis Facilities

HEALTH SERVICES RESEARCH, Issue 2 2010
Alyssa S. Pozniak
Objective. To determine the predictors of chain acquisition among independent dialysis providers. Data Sources. Retrospective facility-level data combined from CMS Cost Reports, Medical Evidence Forms, Annual Facility Surveys, and claims for 1996,2003. Study Design. Independent dialysis facilities' probability of acquisition by a dialysis chain (overall and by chain size) was estimated using a discrete time hazard rate model, controlling for financial and clinical performance, practice patterns, market factors, and other facility characteristics. Data Collection. The sample includes all U.S. freestanding dialysis facilities that report not being chain affiliated for at least 1 year between 1997 and 2003. Principal Findings. Above-average costs and better quality outcomes are significant determinants of dialysis chain acquisition. Facilities in larger markets were more likely to be acquired by a chain. Furthermore, small dialysis chains have different acquisition strategies than large chains. Conclusions. Dialysis chains appear to employ a mix of turn-around and cream-skimming strategies. Poor financial health is a predictor of chain acquisition as in other health care sectors, but the increased likelihood of chain acquisition among higher quality facilities is unique to the dialysis industry. Significant differences among predictors of acquisition by small and large chains reinforce the importance of using a richer classification for chain status. [source]


Auditor Opinion Shopping and the Audit Committee: An Analysis of Suspicious Auditor Switches

INTERNATIONAL JOURNAL OF AUDITING, Issue 1 2001
Deborah Archambeault
This study examines whether audit committee effectiveness characteristics are related to suspicious auditor switching. Using the agency and audit committee literature, we hypothesize that audit committee existence, the proportion of independent directors, member experience in accounting, auditing, and finance, number of committee meetings, and number of committee members should be inversely related to suspicious auditor switching. A sample of 60 matched U.S. firms was evaluated along the hypothesized dimensions after controlling for company size, industry, stock exchange, financial health, and management stock ownership. Collectively, univariate and logistic regression results provide support for our predictions. The findings indicate that suspicious switchers: (1) are less likely to have an audit committee, (2) have a smaller percentage of independent directors on the audit committee, (3) have fewer members with experience in accounting, auditing, or finance, (4) hold fewer audit committee meetings, and (5) have smaller audit committees than nonsuspicious switching companies. Exploratory analyses also reveal that audit committees for companies with suspicious switches had younger members, and fewer members with no stock ownership in the company served. [source]


Relationships among levels of government support, marketing activities, and financial health of nonprofit performing arts organizations

INTERNATIONAL JOURNAL OF NONPROFIT & VOLUNTARY SECTOR MARKETING, Issue 2 2007
Theresa A. Kirchner
This exploratory study researches and analyzes the empirical effects of financial levels of government support and marketing practices on the financial health of nonprofit performing arts organizations. Declining government subsidies and increasing competition from non-traditional sources have presented these organizations with unique opportunities and challenges that call for a market-centered, as well as an art-centered approach. Financial health is critical for the long-term success of a nonprofit performing arts organization. Few empirical studies have examined the interrelationships between these key variables. This study analyzes a sample of 63 American professional symphony orchestras employing 20 years of data. The correlations among financial levels of government support and marketing activities were positive and significant, the correlations among levels of government support and financial health were negative and significant, and the correlations between levels of marketing activity and financial health were negative and varied in significance. Causal analyses were less conclusive, but significant causal relationships were found for large symphony orchestras, indicating that segmentation research may be warranted. Implications and opportunities for future research are presented which have potential application for government agencies, academic researchers, and arts organization managers, boards of directors, and donors. Copyright © 2006 John Wiley & Sons, Ltd. [source]


CEO compensation and the seasoned equity offering decision

MANAGERIAL AND DECISION ECONOMICS, Issue 5 2006
Joseph F. Brazel
Empirical research on seasoned equity offerings indicates that the decision to make an SEO typically engenders a decline in firm value, as investors interpret this decision as a signal of poor financial health or that the stock is overpriced. Here, we add to the literature by analyzing the short-term market reaction to SEO announcements and the chief executive officer's link to firm performance (i.e. the proportion of CEO equity-based compensation). Results support the hypothesis that investors are more likely to view the announcement of an SEO as a last resort source of capital when the proportion of CEO equity-based compensation is high. In such cases of high equity-based compensation, our findings indicate that the SEO announcement provides an incremental signal of financial distress above that provided by financial statements. We also find this relationship (last resort signal) to be stronger when large information asymmetries exist between management and investors. Thus, managers should consider the ramifications of executive compensation structure when considering whether to make an SEO. Copyright © 2006 John Wiley & Sons, Ltd. [source]


Nonprofit competition in the grants marketplace

NONPROFIT MANAGEMENT & LEADERSHIP, Issue 1 2010
Exploring the relationship between nonprofit financial ratios, grant amount
In this study, we test the impact of nonprofit financial health and financial efficiency ratios on the grant amount awarded by foundations using the Georgia grants marketplace as a case. Using hierarchical linear modeling analysis, we can understand the effects of these ratios both within and across foundation grant portfolios. We found statistically significant evidence that grantees with higher debt ratios and higher fundraising ratios receive lower grant amounts. We did not find statistically significant impacts for administrative ratios, revenue diversification, and surplus margin. [source]


Audit for Accountability in China: An Incomplete Mission

AUSTRALIAN JOURNAL OF PUBLIC ADMINISTRATION, Issue 2009
Ting Gong
This article argues against the conventional wisdom that accountability is the raison d'Ítre of auditing activities. Audit, admittedly, is a part of the accountability architecture as it contributes to the financial health of a government and the effective management of public money. This does not mean, however, that audit necessarily generates accountability. China's experience with establishing a power audit regime shows that without enabling goals, impartial structural arrangements, and effective procedures, auditing for accountability only remains an incomplete mission. [source]


Are Female Executives Over-represented in Precarious Leadership Positions?

BRITISH JOURNAL OF MANAGEMENT, Issue 1 2009
Susan M. Adams
We use a sample of CEO appointments at US corporations over the years 1992,2004 to test the ,glass cliff' hypothesis, which posits that females are appointed to leadership positions at firms that are in a precarious financial condition. Our analysis utilizes three measures of stock-price-based financial performance and two distinct control samples of appointments of males to the CEO position. We find that corporate performance preceding CEO appointments tends to favor females, implying that females (males) are appointed to the CEO position largely at times when the firm is in relatively better (worse) financial health. Disaggregating the data by appointments in up versus down markets, at high-risk versus low-risk firms, and by calendar time yield similar conclusions. There appears to be no glass cliff facing female CEOs at US firms. Our findings suggest a need for additional research to identify where and for what types of positions this phenomenon is prevalent. [source]