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Article
Publication date: 19 January 2023

Wael Mostafa

Recent studies on the securities market's differential pricing of earnings components indicate that cash flows from operations are valued more highly than extreme total…

Abstract

Purpose

Recent studies on the securities market's differential pricing of earnings components indicate that cash flows from operations are valued more highly than extreme total accruals. However, no previous study has examined whether cash flows from operations have a higher valuation than moderate total accruals. Therefore, this study examines the securities market's differential pricing of cash flows from operations and both moderate and extreme total accruals.

Design/methodology/approach

The study's sample is divided into two sub-samples: a moderate total accruals sub-sample; and an extreme total accruals sub-sample. To evaluate whether cash flows have a higher valuation when compared to total accruals, for the entire sample and for each of the two sub-samples, the study examines the statistical significance of the difference between slope coefficients of cash flows and total accruals for regression of returns on both unexpected cash flows from operations and unexpected total accruals.

Findings

Consistent with prior research, results from the entire sample show a differential higher valuation of cash flows when compared to total accruals. Another finding, consistent with recent studies, is that cash flows from operations have a higher valuation when compared to extreme total accruals. However, there is no higher differential valuation of cash flows over moderate total accruals. These findings support the decomposition of earnings into the components of cash flows from operations and total accruals only when total accruals are extreme (rather than moderate).

Practical implications

A possible explanation for these results is that since accruals predict cash flows, total accruals – when moderate (i.e. not extreme) – are priced similarly to cash flows. These results reveal that when total accruals are moderate, earnings are a better proxy for the underlying cash flows (over the entire future horizon, not just the current period) than is cash flows. However, since total accruals are unlikely to persist in a permanent way over the years, these results indicate that the decomposition of earnings into the components of cash flows from operations and total accruals is consistent with the information set used to value equity securities. Therefore, separate disclosure of cash flows is value relevant. In addition, users of financial statements certainly need the cash flows information as an ex-post validation of the prior earnings.

Originality/value

This study's contribution stems from its determination of the preferred level of disaggregation of earnings components (i.e. operating cash flows and total accruals). This is expected to help investors in their attempt to enhance the outcome of their informed investment and credit decisions.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

Open Access
Article
Publication date: 26 January 2023

S.M. Amin Hosseini, Leila Mohammadi, Keivan Amirbagheri and Albert de la Fuente

The main objective of this study is to consider how to benefit efficiently from the significant potential of humanitarian operations by individuals. For this purpose, this…

Abstract

Purpose

The main objective of this study is to consider how to benefit efficiently from the significant potential of humanitarian operations by individuals. For this purpose, this study aims to assess failure factors in humanitarian supply chain operations after the Kermanshah earthquake considering the role of all parties, focusing on individuals who did not wish to work with formal organisations on the whole. In the aftermath of the Kermanshah earthquake, which occurred on 12 November 2017, improvised groups of Iranian civilians from all over the country played an important role in humanitarian supply chain operations as individuals. Although most of these groups sincerely intended to help the affected society, victims could not benefit properly from these significant potential humanitarian actions. On the contrary, these potential actions caused some issues during humanitarian operations, such as blocking roads, inappropriate last-mile distribution, wasting resources and so on.

Design/methodology/approach

This research study considers mixed methods, including an on-site survey, semi-structured interviewing and a questionnaire designed for statistical analyses. The analysis included 140 responses to the questionnaire, semi-structured interviews with 32 affected families, interviews with 5 emergency managers from the Housing Foundation of the Islamic Republic of Iran and on-site survey reports.

Findings

This study presents a framework for humanitarian supply chain management to deal with future disasters in the same area or areas with similar characteristics to the case study. In general, the results of this study demonstrate that the nature of humanitarian supply chain operations makes it impossible to consider that these operations are free of challenges. However, several influential factors, such as training humanitarian actors and integrated management, might considerably increase the efficiency of humanitarian operations by individuals.

Originality/value

This study highlights the influential factors of inappropriate humanitarian operations by individuals, derived from an analysis of the Kermanshah case and literature review. The authors suggest a framework to benefit from the significant potential of individuals with wide-ranging experiences and proficiency, for future cases similar to the case study.

Details

Journal of Humanitarian Logistics and Supply Chain Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2042-6747

Keywords

Article
Publication date: 31 January 2023

Talib Hussain and Shahid Hussain

The global COVID-19 pandemic has rapidly overwhelmed our societies, shocked the global economy and disturbed normal business operations. While such impacts of COVID-19 are…

Abstract

Purpose

The global COVID-19 pandemic has rapidly overwhelmed our societies, shocked the global economy and disturbed normal business operations. While such impacts of COVID-19 are becoming clearer, the effects of the disease on business operations are more common. This study mainly focuses on identifying the factors that affect the smooth operation of businesses during a pandemic situation.

Design/methodology/approach

Analytical hierarchy process (AHP) method was used to rate the result index. A total of 40 professionals and experts of different businesses were listed on stock exchanges, and asked to rank the key variables with relative indices and weighting methods.

Findings

The results of the AHP successfully assigned weighting scores to all key important factors during the COVID-19 pandemic situation that businesses should focus on, with economic factors receiving the highest score of 60%. Likewise, the other factors that impact values for business operations are reported as social (22%), legal (12.2%), technological (5.16%) and political (0.57%). The results of this study also match with the current policies adopted by different government and nongovernment agencies like the guidelines of the World Health Organization and some most recent research results.

Originality/value

In the hectic and growing environment under COVID-19 pandemic, more contributions are not enough, and it is helpful for the whole business industry and society by stipulating more views. This study aims to overview the global impacts and challenges of COVID-19 pandemic on business operations.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 10 January 2023

Dilupa Nakandala, Richard Yang, Henry Lau and Samanthi Weerabahu

There is a well-documented trend among businesses for applying continuously improving, technologically-supported processes. This trend, in part, responds to evolving and…

Abstract

Purpose

There is a well-documented trend among businesses for applying continuously improving, technologically-supported processes. This trend, in part, responds to evolving and challenging business environments and competitive pressures. It also increasingly mandates the need for businesses to invest in improving their digital capabilities and is driven by the expectation that such investments will better equip them for uncertain times. The COVID-19 pandemic presented disruptions to the supply chain, logistics, operations, market demand and labour supply, with industry reports providing evidence that businesses with digital capabilities were better able to respond to such disruptions promptly and appropriately. The study aims to investigate the effects of Industry 4.0 (I4.0) technologies on business operations and supply chain resilience.

Design/methodology/approach

The authors surveyed 117 Australian manufacturing firms using an online survey and analysed the data by using the partial least square structural equation modelling method.

Findings

The authors found I4.0 capabilities directly and positively impact supply chain resilience and that incremental innovation acts as a complementary mediator for the I4.0 technologies’ relationship with supply chain resilience. I4.0 technology capability needs to first transfer to incremental innovation for operations resilience. The authors also found that incremental innovation and operations resilience are serial mediators in the relationship between I4.0 technologies and supply chain resilience.

Originality/value

This research linked the three research areas of I4.0 implementations, innovation capabilities and resilience. To the best of the authors’ knowledge, there has not been a previous study that investigated all three constructs together. Also, this study considered operations resilience and supply chain resilience as two distinct constructs and found I4.0 technologies had differential effects on them. The findings, thus, provide a novel contribution to the resilience, organizational capability and innovation literature. The investigations make clear to business practitioners how investments in technology and innovation capabilities translate into the resilience that is required in periods of disruption to business certainty.

Details

Supply Chain Management: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1359-8546

Keywords

Book part
Publication date: 1 November 2007

Irina Farquhar and Alan Sorkin

This study proposes targeted modernization of the Department of Defense (DoD's) Joint Forces Ammunition Logistics information system by implementing the optimized…

Abstract

This study proposes targeted modernization of the Department of Defense (DoD's) Joint Forces Ammunition Logistics information system by implementing the optimized innovative information technology open architecture design and integrating Radio Frequency Identification Device data technologies and real-time optimization and control mechanisms as the critical technology components of the solution. The innovative information technology, which pursues the focused logistics, will be deployed in 36 months at the estimated cost of $568 million in constant dollars. We estimate that the Systems, Applications, Products (SAP)-based enterprise integration solution that the Army currently pursues will cost another $1.5 billion through the year 2014; however, it is unlikely to deliver the intended technical capabilities.

Details

The Value of Innovation: Impact on Health, Life Quality, Safety, and Regulatory Research
Type: Book
ISBN: 978-1-84950-551-2

Abstract

Details

Operations Research for Libraries and Information Agencies: Techniques for the Evaluation of Management Decision Alternatives
Type: Book
ISBN: 978-0-12424-520-4

Book part
Publication date: 26 January 2023

Mozhdeh Mokhber and Erfan Sharifzadeh

MAPNA Operation and Maintenance Company was established in 2003 to provide long-term services in the energy sector in Iran. This company delivered comprehensive solutions…

Abstract

MAPNA Operation and Maintenance Company was established in 2003 to provide long-term services in the energy sector in Iran. This company delivered comprehensive solutions including operation and maintenance, overhaul and repair, commissioning, performance test and training in the fields of power and oil and gas. By 2021, the company had provided long-term operation and maintenance services in more than thirty power plants in Iran and had implemented more than 200 projects worth more than 300 million USD. MAPNA Operation and Maintenance Company believed that a sustainable and responsible management could be achieved through integrated management of the economic, social and environmental impacts of the business. This approach became more apparent when the company provided services countrywide, and they interacted with a wide range of stakeholders. In this context, efforts were made to create common values for both the organization and society. Some of the company’s long-term projects were in less developed areas of the country. One of the social issues in those regions was creating jobs for jobless people and preparing them to work in order to have a better life. The company policy in providing manpower for such projects was to employ indigenous manpower, training them and creating sustainable jobs for them. After hiring local workforce, the company provided professional and general training programs to improve their skills and knowledge. Also, the company was committed to prepare a healthy and safe work environment for employees to learn and comply with ethical and social norms and develop a sustainable environmental attitude by increasing the efficiency of using natural resources and controlling environmental pollution. Work-life balance programs were implemented to ensure a productive presence in the workplace and to maintain a healthy and meaningful family relationship for employees. This case aims to elaborate more on the challenges of the sustainable activities of the long-term projects that MAPNA Operation and Maintenance planned and implemented in terms of its corporate social responsibility and social entrepreneurship specifically in less developed areas.

Article
Publication date: 15 September 2022

Armagan Altinisik, Utku Yildirim and Y. Ilker Topcu

The tightening operations are one of the most critical operations in automotive assembly lines because of its direct impact on customer safety. This study aims to evaluate…

Abstract

Purpose

The tightening operations are one of the most critical operations in automotive assembly lines because of its direct impact on customer safety. This study aims to evaluate the major complexity drivers for manual tightening operations, correlate with real tightening failure data and propose mitigations to improve the complexity.

Design/methodology/approach

In the first stage, the complexity drivers for manual tightening operations were identified. Then, the relative importance of the risk attributes was defined by using pairwise comparisons questionnaire. Further, failure mode effect analysis–analytic hierarchy process (FMEA–AHP) and AHP ratings methods were applied to 20 manual tightening operations in automotive assembly lines. Finally, the similarities between the revealed results and the real failure rates of a Turkish automotive factory were examined and a sensitivity analysis was conducted.

Findings

The correlation between the proposed methods and manual tightening failure data was calculated as 83%–86%. On the other hand, the correlation between FMEA–AHP and AHP ratings was found as 92%. Poor ergonomics, operator competency and training, operator concentration-loose attention fatigue, manual mouthing before the tightening operation, frequent task changes, critical tightening sequence, positioning of the part and/or directional assembly were found relatively critical for the selected 20 tightening operations.

Originality/value

This is a unique study for the evaluation of the attributes for manual tightening complexity in automotive assembly lines. The output of this study can be used to improve manual tightening failures in manual assembly lines and to create low complexity assembly lines in new model launches.

Details

Assembly Automation, vol. 42 no. 5
Type: Research Article
ISSN: 0144-5154

Keywords

Book part
Publication date: 29 November 2012

Tiina Ritvala and Asta Salmi

This chapter explores socio-political networks and cross-sectoral co-operation in the context of solving environmental problems in an emerging economy: Russia. The aim is…

Abstract

This chapter explores socio-political networks and cross-sectoral co-operation in the context of solving environmental problems in an emerging economy: Russia. The aim is to shed light on key success factors of cross-border co-operation involving public, business and third-sector actors. The case study on protecting the Baltic Sea analyses a Western–Russian partnership between a Finnish non-governmental organisation and a Russian water utility and its embeddedness in business and socio-political networks. We conclude that key factors of success in this case were the successful timing of the NGO's initiative, the historic platform of Finnish-Russian co-operation in the area of clean water, and the gradual building of the actors’ social networks and legitimacy. The chapter contributes to the embryonic area of CSR studies in the emerging market context and extends the legitimation, trust-building and commitment model (Hadjikhani, Lee, & Ghauri, 2008) to the context of CSR in contemporary Russia.

Details

Business, Society and Politics
Type: Book
ISBN: 978-1-78052-990-5

Keywords

Book part
Publication date: 1 January 2014

Vitor Braga

The aim of this chapter is to investigate the different business co-operation mechanisms within two different Portuguese industries, with particular regards to the nature…

Abstract

Purpose

The aim of this chapter is to investigate the different business co-operation mechanisms within two different Portuguese industries, with particular regards to the nature of the industry and to the places in which these industries are embedded.

Methodology/approach

This chapter uses qualitative data to explore the mechanisms associated to forms of business co-operation in enterprising places.

Findings

Manufacturing industries require a particular location of activities and, in many cases, these firms cluster in local productive systems. In such cases, co-operation mechanisms assume particular forms. Production is a critical business activity in traditional manufacturing industries, while its relative importance is smaller for other industries.

Research limitations/implications

The findings obtained in this research do not allow generality of the results. However, it provides an in-depth explanation of the mechanisms of business co-operation taking place in enterprising places and elsewhere.

Originality/value of the chapter

This chapter compares two contrasting Portuguese industries, allowing to suggest that some of the business co-operation mechanisms are particular of certain business contexts. It contrasts a manufacturing, traditional and geographically concentrated industry (furniture) with a service-based, modern and geographically dispersed industry (events organisation). In addition, it allows to gain insights on the evolution of business co-operation as it uses data collected from two different generations of entrepreneurs within the furniture industry.

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