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REINSURANCE UTILISATION AND DEPENDENCE ON THE FINANCIAL PERFORMANCE OF NON-LIFE INSURERS: EVIDENCE FROM NIGERIA
Get PDFReinsurance is used by primary insurers as a device to cushion the effect of underwriting and solvency risks. However, an overdependence on reinsurance could cause depletion in the income of the primary insurer. The study examined the effect of reinsurance on the financial performance of non-life insurers in Nigeria. Secondary data used for this research were analysed with descriptive statistics, coefficient of determination (R2), and linear regression. Results showed a significant positive relationship between reinsurance utilisation and premium growth rate. Similarly, a significant positive relationship was found between reinsurance dependence and profitability (loss ratio). It was recommended that non-life insurers should embrace more of reinsurance facilities particularly for risks of high loss potentials in order to stabilise premium growth rate. In addition, Insurance firms in Nigeria should harness their claims management activities in order to minimise cost and exposure to underwriting risks
THE IMPACT OF FINANCIAL STATEMENT ANALYSIS ON THE PROFITABILITY ASSESSMENT (APPLIED STUDY OF KIRKUK COMPANY FOR PRODUCING CONSTRUCTIONAL MATERIALS)
Get PDFThe present study entitled “financial statement analysis and assessing the profitability of the Kirkuk’s Company for producing constructional materials”. The main goal of the accounting department in the firms is to prepare the reliable financial statements in order to make their valid balance sheets, income statements and cash flow statement. This paper determines the confirming effects of the financial statement analysis to assess the profitability of the Kirkuk Company. The data in this study is based on the secondary data and it collected from the past and present performance of Kirkuk’s Company for producing constructional materials. To achieve the research goal, four categories of the financial ratios were utilized for testing the study’s hypothesis. This group of ratios was applied to assess the financial situation of the company in the years between “2005 to 2011” by using different techniques of financial statement analysis. The results clearly show that, there are insignificant relationships between profitability with asset regulated and assets utilization. At the same times, there is a weak relationship between profitability and liquidity
INTERNATIONAL ECONOMIC RELATIONS AND THEIR INFLUENCE UPON POWER CENTERS EVOLUTION
Get PDFThe relative advantages of the nations at the top of the international hierarchy are never constant, the reasons being in particular related to the uneven rhythm of development of the various societies. This rhythm is correlated with technological and organizational advances, which offers a great advantage to certain societies in relation to others. In this context, international economic relations, any kind of exchanges between countries, have influenced the rise and fall of the world’s states power. History proves that the great powers have managed to maintain their status as long as they have been in the center of the world trade
INTERNAL CONTROL SYSTEMS AND ITS RELATIONSHIPS WITH THE FINANCIAL PERFORMANCE IN TELECOMMUNICATION COMPANIES “A CASE STUDY OF ASIACELL”
Get PDFThe overall objective of this study was to establish the effects of internal controls on the financial performance of Asiacell as a telecommunication company in Kurdistan Region of Iraq. This was achieved by looking at the effect of control environment, risk assessment, information and communication, control activities and monitoring on the return on asset of the selected company. The study used both primary and secondary techniques to collect the data. In the model, the dependent variable is financial performance while the independent variables are the components of internal controls. After analyzing the audited financial statements and filling the questioners by the employees of the selected company, the findings of the study showed that there is a significant relationship between internal controls and financial performance. The dependent and the independent variables in the study indicated a relationship with control environment, risk assessment. Information and communication and control activities illustrated a positive relationship with the financial performance while monitoring showed a negative relationship with financial performance. The study also found that, Asiacell had invested on effective internal control systems, thus, it had a better financial performance as compared to the related firms that had a weak internal control system. The study further recommends that the governing body, possibly supported by the audit committee, should ensure that the internal control system is periodically monitored and evaluated by the respective managers
A STUDENT DORMITORY AS AN EDUCATIONAL SUPPORTING FACILITY: AN ENTERPRISE BUDGET ANALYSIS
Get PDFThe availability of student dormitories has become a major attraction for universities in Indonesia since many universities have provided this facility. In this study, we examine the potential of a student dormitory development at the Budi Luhur University, especially in terms of finance for student interests and education providers. Primary data were collected from 185 students and were analyzed by employing feasibility test of Net Present Value (NPV), Internal Rate of Return (IRR), Net Benefit Cost Ratio (Net B/C), Profitability Index (PI) and Pay Back Period (PP). Sensitivity analysis was also carried out both in terms of cost and income to anticipate the uncertainty that may occur. The findings indicated that the total investment required in the construction of the student dormitory was Rp 155,857,800 with an average revenue per annum of Rp 58,314,741,732. The results of the investment valuation analysis of net cash flows for 30 years indicated the NPV value of Rp 187,355,802,592, IRR of 21%, Net B/C of 10.57, PI of 2.20, and PBP 6.45 years. This proved that the investment in the student dormitory construction was considered feasible. Finally, from the sensitivity analysis of changes in occupancy rate, rental rates and operational costs, it was concluded that the investment in dormitory construction would be unfeasible when occupancy rates and rents were at the level of 80% down. Further managerial implications were discussed
ISSUES OF EFFICIENCY FOR PUBLIC-PRIVATE PARTNERSHIPS IN THE WATER SECTOR
Get PDFThe water resources are critical for the economic development in a country or region, since the pollution and depletion of the waters are raising concerns for the environmental and economic efficiency of their management. This outlook calls for analysis on economic and financial issues and risks associated with specific investment projects in water supply and sanitation infrastructure WSS. In previous research outcomes we have shown successful models of Public-Private Partnerships (PPP) used to manage and mitigate the risks and improve performance in providing the public services of Water Supply and Sanitation (WSS). The main objective of this paper is to reiterate the PPP as an efficient business model for the water sector, by employing several methodologies: literature review, case studies, performance indicators, analysis and synthesis. Some features and experiences of PPP in the water sector are resumed and analysed, considering recent developments and leading to conclusions and recommendations on their opportunity and efficiency in Romania
THE ROLE OF CORPORATE GOVERNANCE IN ACHIEVING ACCOUNTING INFORMATION QUALITY (FIELD STUDY IN THE MISHRAQ SULFUR STATE CO.)
Get PDFUnder the new worldwide changes that were produced by the economic data and technological revolution, corporate governance considered as one of the modern terms. Its importance increased in the business sector because it plays a role in managing any company, and protecting the shareholders’ rights. There are several thoughts on the importance of corporate governance. Some thought that corporate governance is important in the public sector because it influence the economy. Others thought corporate governance is very important in the privet sector. The importance of the term, corporate governance, increased in all institutions and in all advanced and emerging economies in the last few decades especially after the economic and financial crisis that many countries underwent. These crisis affected the global financial market; such as, the crisis in Southeast Asia in 1997. Moreover, many major international companies especially the American companies collapsed in Fall 2008 because they used complex accounting methods in order to hide their loses and manipulate the rights of people; such as, shareholders, lenders, suppliers, and even the civil society. Hence, the governance became one of the important topics that are applied in both privet and public companies. The reason many shareholders lost their trust in the financial market is that companies’ managers and auditors concealed the financial and accounting statements that are applied in all kind of companies. Mistrust was created in the financial reports, and it increased anytime one of the huge companies stumbled. Therefore, this study shows the overlapping and reciprocal relationship between corporate governance and the accounting information quality. Apparently, the accounting information is affected by the rules and mechanisms of governance, and applying it means increasing the trustworthy of the accounting information that are included in financial statements that were prepared for all interested parts
EVOLUTION OF THE EU ORGANIC FOOD MARKET AFTER 2010
Get PDFThis paper presents the evolution of the organic food market at EU level, as well as its place in the world. Market size was highlighted based on the retail sales of organic food indicator, and the consumer penetration rate of this product category was assessed by retail sales of organic food per capita. Europe is the second largest market in the world for organic food, out of the total, 91% being related to EU member states (in 2015). In the last few years, the analyzed market has seen increases in EU countries, with differences between them, both in terms of dynamics and consumption intensity (old EU members far outstripping the new ones on this indicator). Despite the positive evolution, the analyzed market remains a market with a huge potential for development, still untapped, the penetration of organic food consumption still being at a low level
ROMANIA’S TAX SYSTEM: GOING BACKWARDS OR MOVING FORWARD?
Get PDFHaving a tremendous importance for the modern state, tax system objectives, regulations and collection is a precise barometer for state’s economic development and for its trajectory, as well as for more subtle aspects such as political efficiency and common weal. As we can easily understand it is essential that we know and comprehend the means and the endings of tax system in a dynamical sequence that means always looking at where it came from and , in the same time, where it is going to. It is for these reasons that we proposed a time evolution analyze for the Romanian tax system, highlighting its main components such as: personal income tax, corporate income tax, value added tax, social contributions, excise duty and the changes they have been through in the past years focusing on the current “fiscal revolution” and the alterations produced of Romania’s tax system seen as a part of the European tax system
THE ADVERTISING MARKET OF EUROPEAN UNION COUNTRIES – THE EVOLUTION IN RECENT YEARS
Get PDFThis paper seeks to highlight how the EU advertising market has evolved in recent years, as well as the link between the macroeconomic outcomes of the analyzed countries and the size of this market. According to the analyzed statistical data provided by Eurostat in recent years for which we have data, the advertising market (assessed by the Turnover or gross premiums written indicator) registered an upward trend in the EU, with the old EU members accounting about 90% of the total market, and the new member states just over 10%. The number of market operators also increased, with about 75% of them operating at the level of the old EU members. The size of the advertising markets at the level of the analyzed countries is closely linked to the recorded macroeconomic outcomes, with a direct and strong link between the gross premiums written and the Gross domestic product. The link has been studied both across EU countries and separately for the two categories of old states (EU - 15) and new EU members