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Financial Results (financial + result)
Selected AbstractsCorporate social responsibility in Malaysia , experts' views and perspectivesCORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, Issue 3 2009Jye Y. Lu Abstract The field of corporate social responsibility (CSR) has grown exponentially in the last decade and is gradually becoming a global trend. Companies are now expected to take explicitly into account all aspects of their performance, i.e., not just their financial results, but also their social and environmental performance. Therefore more organizations are now engaged in serious efforts to define and integrate CSR into all aspects of their businesses. The aim of our study is to understand this trend in Malaysia and specifically to investigate (i) The status of CSR in Malaysia; (ii) Different CSR practices in Malaysia; and (iii) Future diffusion of CSR in Malaysia. To answer these questions, we have conducted interviews with Malaysian leading experts in CSR. Our results suggests that the key issues in the journey toward wider diffusion and acceptance of CSR in Malaysia include current confusion over the meaning of CSR, the prevalent use of CSR as a PR tool, mandatory versus voluntary CSR and the role the National Mirror Committee of ISO/TMB/WG SR in this process. Copyright © 2009 John Wiley & Sons, Ltd and ERP Environment. [source] The effects of alternative reports of human resource development results on managerial supportHUMAN RESOURCE DEVELOPMENT QUARTERLY, Issue 2 2003Brent W. Mattson Managerial responses to human resource development (HRD) results evaluation reports were experimentally investigated as a function of (1) how evaluation information was presented and (2) reported HRD program impact levels. Managers (n = 233) read a business scenario in which they were asked to make a decision about whether to implement a development program. They were then exposed to one of nine experimental treatment conditions (evaluation report type × reported program impact level). The report types included utility analysis, critical outcome technique, and anecdotal evaluation reports. Results were varied at three impact levels (low, average, and high). Findings of the study showed that managers perceived utility analysis and critical outcome technique reports as almost equally useful in decision making; however, the anecdotal evaluation report was found to be significantly less useful than either of the other two report types. There was no effect of the reported program impact level on the perceived usefulness of the evaluation reports for decision making. Furthermore, there was no interaction between report type and impact level on the perceived usefulness of the reports for decision making. These findings show that managers prefer information about the financial results of HRD interventions to anecdotal information, regardless of the reported level of impact. [source] La Chevrotière, Coopérative agro-alimentaire,ACCOUNTING PERSPECTIVES, Issue 2 2007Raymond Morissette ABSTRACT L'histoire de La Chevrotière est celle du développement d'une coopérative agricole en milieu rural québécois. Fondée en 1925, la coopérative La Chevrotière a connu une croissance contrôlée en étant à l'affût d'occasions d'affaires correspondant à son orientation de développement, pour et par le milieu agricole régional. Ses principaux secteurs d'activité étaient ceux de la machinerie agricole et de l'approvisionnement de la ferme. Par la suite, La Chevrotière a étendu ses activités aux secteurs de la production porcine, du fromage et de la transformation du lait (beurre et crème glacée). La coopérative emploie aujourd'hui 738 personnes. Le cas se déroule le 9 janvier 2006, lors d'une réunion du conseil d'administration ayant pour objet l'analyse des résultats financiers de l'exercice terminé le 31 décembre 2005, la révision du plan stratégique triennal et l'approbation du budget de fonctionnement pour le prochain exercice. C'est la première fois en dix ans que la coopérative n'a pas atteint ses objectifs financiers. De plus, les membres du conseil d'administration doivent choisir, parmi trois projets d'investissement majeurs, lequel s'arrime le mieux à leur plan stratégique triennal. Nota: Une version anglaise de ce cas ainsi que les notes d'enseignement en français et en anglais sont également disponibles. Les notes d'enseignement relatives aux cas didactiques ne sont pas publiées dans la revue mais sont mises à la disposition des abonnés qui sont membres à part entière de l'ACPC, dans une zone du site Web de l'ACPC protégée par un mot de passe. Rendez-vous à l'adresse http:www.caaa.caAccountingPerspectivesCAPCasesTeachingNotes pour pouvoir consulter ces notes. The "La Chevrotière" case tells the story of the development of a food co-operative ("Co-op") located in rural Quebec. Founded in 1925, the La Chevrotière Co-operative has enjoyed regular growth by pursuing business opportunities aligned with the Co-op's path of development - for and by means of regional agriculture. Initially, its two main sectors of activities were farm machinery and agricultural supplies. With time, La Chevrotière has extended its activities to include pork production, cheese making, and milk processing (butter and ice cream). Today, the Co-op has a staff of 738. The case unfolds on January 9, 2006, during a board of directors meeting whose purpose is to analyze the financial results of the period ended December 31, 2005; to review the three-year strategic plan; and to approve the operating budget for the next period. This is the first time in 10 years that the Co-op has not attained its financial objectives. Moreover, the members of the board of directors must take a hard look at three major investment projects and choose the one which fits in best with their three-year strategic plan. [source] The Extreme Future Stock Returns Following I/B/E/S Earnings SurprisesJOURNAL OF ACCOUNTING RESEARCH, Issue 5 2006JEFFREY T. DOYLE ABSTRACT We investigate the stock returns subsequent to quarterly earnings surprises, where the benchmark for an earnings surprise is the consensus analyst forecast. By defining the surprise relative to an analyst forecast rather than a time-series model of expected earnings, we document returns subsequent to earnings announcements that are much larger, persist for much longer, and are more heavily concentrated in the long portion of the hedge portfolio than shown in previous studies. We show that our results hold after controlling for risk and previously documented anomalies, and are positive for every quarter between 1988 and 2000. Finally, we explore the financial results and information environment of firms with extreme earnings surprises and find that they tend to be "neglected" stocks with relatively high book-to-market ratios, low analyst coverage, and high analyst forecast dispersion. In the three subsequent years, firms with extreme positive earnings surprises tend to have persistent earnings surprises in the same direction, strong growth in cash flows and earnings, and large increases in analyst coverage, relative to firms with extreme negative earnings surprises. We also show that the returns to the earnings surprise strategy are highest in the quartile of firms where transaction costs are highest and institutional investor interest is lowest, consistent with the idea that market inefficiencies are more prevalent when frictions make it difficult for large, sophisticated investors to exploit the inefficiencies. [source] The Use of Dynamic Financial Analysis to Determine Whether an Optimal Growth Rate Exists for a Property-Liability InsurerJOURNAL OF RISK AND INSURANCE, Issue 4 2004Stephen P. D'Arcy Prior research on the aging phenomenon has demonstrated that new business for property-liability (P-L) insurers generates high loss ratios that gradually decline as a book of business goes through successive renewal cycles. Although the experience on new business is initially unprofitable, the renewal book of business eventually becomes profitable over time. Within this context, insurers need to manage their exposure growth in order to maximize long run profitability. Dynamic financial analysis (DFA), a relatively new tool for P-L insurers, utilizes Monte Carlo simulation to generate the overall financial results for an insurer under a large number of scenarios. This article uses a publicly available DFA model,along with the estimated market value of an insurer, based on 1990,2001 data for stock P-L insurers and underlying financial variables,to determine optimal growth rates of a P-L insurer based on mean,variance analysis, stochastic dominance, and constraints on leverage. [source] PERFORMANCE ANALYSIS FOR A SAMPLE OF MICROFINANCE INSTITUTIONS IN INDIAANNALS OF PUBLIC AND COOPERATIVE ECONOMICS, Issue 2 2008Alain De CROMBRUGGHE ABSTRACT,:,We use regression analysis to study the determinants of self-sustainability of a sample of microfinance institutions in India. These institutions stand out by their ability and willingness to report financial and operational data to Sa Dhan, a know-how sharing organization. We investigate particularly three aspects of sustainability: cost coverage by revenue, repayment of loans and cost-control. Our results suggest that the challenge of covering costs on small and partly unsecured loans can indeed be met, without necessarily increasing the size of the loans or raising the monitoring cost. The analysis suggests other ways to improve the financial results, like a better targeting of the interest rate policy or increasing the number of borrowers per field officer especially in collective delivery models. [source] Notes on a transformation: RBC's journeyBUSINESS STRATEGY REVIEW, Issue 3 2007Elisabetta Bigsby In 2003, analysts disparaged Canada's RBC Financial Group for its acceptable but unremarkable performance. Lately, it has delivered nine quarters of stellar financial results. What changed?Elisabetta Bigsby and Douglas Ready tell how transformation champions can make change the coin of the realm. [source] | ||||||||||