Liquidity

Some of the results of previous studies related to agency costs and dividend policy found any contradictory results, so that the study was designed as a development of previous research that aims to determine how the influence of internal and external monitoring of the agency costs, and how the influence of these variables on dividend policy. Object of the study is a company registered in the Indonesia Stock Exchange in 2011. The sampling method was purposive sampling is included in the list of 45 companies that make up the LQ and does not include financial institutions as well as share dividend. Total sample used 38 companies. The method of analysis is the Partial Least Square (PLS). The results showed internal and external monitoring variables significantly influence agency costs. Internal monitoring variables affect the dividend policy while monitoring external variables and agency costs are not significant.

In order to test the moderating role of corporate strategy and industry environment in the effect of liquidity on investment for Portuguese manufacturing firms, we developed a multiple linear regression model for panel data. It is a static model with three types of variables: financial; strategic/environmental; and interactive. The estimated model was validated through the Breusch-Pagan/Cook-Weisberg and Wald Modified tests (heteroscedasticity tests), Lagrange Multiplier (industry random effects test, using the two-digit National Classification of Economic Activities), Hausman robust test (fixed effects model vs. random effects model test) and likelihood-ratio test (joint effect of industry and time test). The statistical processing of the data revealed that a company’s strategy (diversification and innovation) and the industry environment (growth) moderate the effect of liquidity on investment, which can be explained by the effect of these factors on the cost of asymmetric informat...

The study aims to examine the impact of liquidity and solvency management on the financial performance of Jordanian manufacturing companies listed on the Amman Stock Exchange, for a period of 10 years from 2010 to 2019. The size of the company was used as a control variable. The study employs Return on Assets (ROA) and Earnings Per Share (EPS) to measure financial performance. Current ratio (CR) and total debts to total assets were used as proxies for liquidity and solvency management, while logarithm of total assets was used to measure the size. Correlation and multi regression analyses have been applied to analyze the data. The results show a statistically significant impact of independent and control variables (liquidity and solvency management and the size of the company) on financial performance, while the detailed results of the hypotheses indicate that liquidity has an insignificant reverse impact on financial performance. With respect to other variables, there is a significa...

The foreign exchange rate fluctuations do create an
impact on stock returns, which has been
investigated for non-financial listed Pakistani firms. The real
effective exchange rate has been used as the true measure of foreign
exchange exposure. The modelled econometric equation includes;
firm size, firm liquidity, money supply and inflation as predictors
of stock returns. Twenty-five non-financial listed firms have been
evaluated for the study period 2004 to 2013, which signifies the
military regime era proceeded by peoples party rule in Pakistan.
Financial data analysis, including; ADF unit root and Johansen
Co-integration tests, have been applied to evaluate financial data,
which further led to correlation, descriptive stats and panel data
regression analysis. The results have suggested a very weak
relationship between stock returns and foreign exchange exposure.
Therefore, sample non-financial listed firms have not been foreign
exchange exposed; however, firm size, liquidity, money supply and
inflation rates have definitely created an impact on stock returns.

The Indian Paper Industry, 15 th largest in the world, accounts for about 1.6% of the world’s production of paper and paperboard with anestimated turnover of Rs 35,000 crore approximately. It is a priority sector for foreign collaboration and 100% FDI is approved on automatic route by Reserve Bank of India. Currently, there are about 515 paper companies engaged in the manufacture of paper and  paperboards and newsprint in India. The present paper is an assessment of paper industry in India in general and comparative study ofBallarpur Industries Limited (BILT) & JK Paper Ltd in particular.  The analysis has been done with the help of selected financial ratios for a period of 14 years (2000-2013) under four   broad aspects i.e. profitability, liquidity, solvency and management efficiency.  The study found that nonehas satisfactory liquidity position. JK paper is more efficient in respect profitability, solvency and management efficiency then BILT. Key words : Paper Industry, Profitabi...

This research discusses mainly about the effect of the short sell ban on the performance of stocks. The performance is measured through the liquidity, overvalue, and price efficiency of the stocks. This research is conducted after the revocation of the short sell ban after the preceding crisis of 2008. The result of this research is the enactment of short sell will increase the liquidity of stocks. Besides that, it's also found that stocks undergo overvaluing when the ban was still enacted. Lastly, the enactment of short sell will increase the efficiency of stocks.

This inaugural lecture discusses the role of the future in law and finance.Finance is all about the future. The success of a capitalist economy rests upon the ability of finance to sustain potentially infinite growth, based on funding today the output of tomorrow. Finance, however, needs rules. The aim of the law and finance scholarship is precisely to identify the best regulation of finance to support economic growth.Traditionally, law and finance is concerned with investor protection. This would be sufficient if the future was predictable. However, because the future is in fact uncertain, the prices of financial assets are flawed and in the short run they may result in serious mistakes, if not widespread crises. Although these mistakes are corrected in the long run, a lot of harm may occur in the meantime.Drawing on the experience from the global financial crisis, I argue in this lecture that financial law should be concerned not only with investor protection, but also with mitiga...

Risks of payment system of banking institutions of Ukraine are considered in this study. Risk events clearly correlate to the effectiveness of network interaction of banking institutions to adapt information technology of payment systems in the payment portfolio of banks when changing operating environment, so mechanism for minimizing their probability has been developed. Economic elements of the mechanism of minimizing the risks of payment systems are identified, which allow forming the planned level of profitability, risk and liquidity of institutions (organizations) within the relevant principles, methods, levers, cash flows in order to respond and adapt to changes in the environment. A methodical approach to assessing the effectiveness of risk management of payment systems of banking institutions, which is from the standpoint of multivariate structuring and a list of their indicators of the microeconomic level, forms an optimal set of tools to minimize the set of risks. Indicators of payment systems of Ukraine are determined, according to the net level of credit risk, liquidity risk, business risk, investment risk, legal risk, operational risk, systemic risk, technological and information security risk. The impulse index of functioning of payment systems of Ukraine is calculated. A neuro-fuzzy model for assessing the individual credit risk of participants – legal entities (users-borrowers) of card payment scoring of a banking institution is developed. The basic criteria for assessing the individual credit risk of a participant-legal entity (user-borrower) by card payment scoring are determined.

The monetary policy content both in the world and in Russia is changing. The past five years confirm that banking systems are experiencing unprecedented influence of both external and internal macroeconomic factors. Autonomous factors in the banking sector liquidity formation are factors that are not related to the Central Bank operations for its management. However, at present, there are no studies related to the study of the autonomous factors influence on the banking sector liquidity. This article presents a model that fills this gap. We use this model to answer a number of theoretical questions: how is the influence of autonomous factors on the banking sector liquidity carried out and in what stages of development are their manifestations stronger? The calculated model is able to test hypotheses that are informally discussed in political and academic circles. Based on the objectivity of the model, one can estimate the reliability of each of the hypotheses put forward in this study. For calculating the model, time series were used for each day for the period 2013-2016, taken at the site of the Central Bank of Russia. On the basis of the panel regressions device it is shown that among the autonomous factors of liquidity formation the largest impact on the Russian banking sector liquidity is made by the change in balances on the accounts of the enlarged government with the Bank of Russia. The conducted research will allow the Central Bank to forecast the banking sector demand in liquid funds, taking into account the autonomous factors influence.

This chapter highlights similarities and differences of equity and fixed-income markets and provides an overview of the characteristics of European government bond market trading and liquidity. Most existing studies focus on the U.S. market. This chapter presents the institutional details of the MTS market, which is the largest European electronic platform for trading government, quasi-government, asset-backed, and corporate fixed-income securities. It reviews the main features of high-frequency fixed-income data and the methods for measuring market liquidity. Finally, the chapter shows how liquidity differs across European countries, how liquidity varies with the structure of the market, and how liquidity has changed during the recent liquidity and sovereign crises.

This study investigates the liquidity position of AB Bank Ltd. and Southeast Bank Ltd. of Bangladesh’s commercial banking sector for the period of 2011-2015. Financial ratios are employed to measure the profitability, liquidity and credit quality performance of these two bank. The study is mainly focused on the liquidity positions of this two banks. The study found that Southeast banks performance regarding asset and liability based liquidity indicators are in a flat line with significant ups and downs where AB banks performance is more vulnerable. A significant change in trend of short term deposit ratio of Southeast bank is observed in 2014 due to offering low interest rate. The overall liquidity position of southeast bank is satisfactory where in AB bank is lack behind because of their conservative approach of banking.

Working capital management is determined endogenously by firm –specific variables such as size, age, profitability, market share (power), sales growth, operating risk and operating cash flow. On the other hand, it is determined exogenously by macroeconomic factors such as GDP, interest rate and tax rate. The ultimate goal of working capital management is to achieve an optimal level of liquidity and profitability contingent upon availability of cash, inventory and other current assets. Optimal level of working capital maximizes the firm’s value, hence a trade-off between liquidity and profitability. A manager who invests heavily on working capital decreases the firm’s profitability and imposes opportunity cost of funds. In the light of the foregoing, the paper attempts a discourse on the determinants of working capital management. To achieve this onerous task, we identify and analyze opinions, comments, suggestions and conclusions of various researchers and scholars alike in this cri...

The article undertakes an empirical study on investment of Islamic Bank. The aim of the study is to examine and evaluate the performance of investment of Islamic Bank for the time period 2005-2009 in comparison with a conventional Bank. Several financial ratios are applied for this purpose. For the empirical investigation data has been collected from Islami Bank Bangladesh Limited and Mutual Trust Bank Limited. The study found that Islami Bank Bangladesh Limited (IBBL) is relatively less profitable and less risky (more solvent) during 2005-2009 compared to a conventional bank (Mutual Trust Bank Limited), however, it is improving considerably over time indicating convergence with the performance of the conventional banks.

With the unprecedented times of COVID, the Indian economy faces challenges from different sources. India has been facing problems in terms of liquidity due to shut down in the economic activities for more than three months. RBI reacted early with the monetary policy measures to revive liquidity; the Government of India came up with a new initiative— Atmanirbhar Bharat and announced a stimulus package with legal and social reforms. The objective of this study is to decode Atmanirbhar Bharat and discuss it in terms of liquidity, legal, and social aspects in India

The management of liquidity and cash conversion cycle are considered to be very important issues while making the financial decisions and they usually have an effect on the profitability of the firm. The purpose of this paper is to investigate the relationship that cash conversion cycle and liquidity have with profitability in case of a manufacturing company Dabur Nepal Private Limited (DNPL). This is a case study of DNPL. The audited financial statements of DNPL covering a period of 10 years from 2006-2015 were used for data collection. So, this study is based on secondary data. Profitability has been measured in terms of Return on Assets (ROA), Return on Equity (ROE), and Earnings per Share (EPS). The components of cash conversion cycle (CCC) that have been used are Inventory Conversion Period (ICP), Days Sales Outstanding (DSO) and Payable Deferral Period (PDP). Current Ratio (CR) and Quick ratio (QR) have been used as liquidity ratios. The correlation analysis and regression analysis have been used to find the relation that liquidity ratios, CCC and its components have with profitability. All the findings were tested at 0.10 level of significance. The study results confirm that there is statistically significant relationship of CCC and its components with profitability but there is not statistically significant relation of liquidity and profitability in case of DNPL.

While studying the basics of financial management students are often taught that liquidity and profitability both very important for business in terms of Survival and growth don't often go hand in hand with each other. In almost all theories there exist an inverse relationship between liquidity and profitability primarily due to the Limited nature of financial resources. Most often firms have to decide on using the available funds for short term purposes to meet the liquidity needs or to finance the long term necessities of making profit and growing in the long term. The main objective of the study is to analyse what kind of relationship exist between liquidity and profitability with specific concentration on Indian industry. In the study we have considered random companies from the Pharmaceutical sector that are part of the Pharmaceutical sectoral index of the NSE. We have used selective ratios to represent profitability and liquidity and used correlation analysis to identify w...

This paper investigates the impact of bank-specific, industry-specific, and macroeconomic variables on bank profitability before, during, and after the financial crisis of 2008. For this purpose, 73 UK commercial banks are selected on the basis of availability of required information. The empirical data for these banks are collected for the period from 2006 to 2012 from Bankscope and Data-stream databases. The regression and correlation analyses are performed on the data and concluded that bank size, capital ratio, loan, deposits, liquidity, and interest rate have positive impact on ROA and ROE while GDP and inflation rate have negative impact. The findings of this study can help UK banks, government, investors, policymakers, and shareholders for decision making and improving the performance of financial institutions in the future.

Fluidity is about materials in motion – materials active and activated, mobile and mobilised. It addresses processes of change, movement, and agency in a wide range of contexts and on diverse spatial-temporal scales: from local to global, molecular to infrastructural, natural to industrial, instantaneous and short-lived to creeping and geo-historical, from inorganic substances to living organisms.

Fluidity relates to intricate entanglements and far-reaching mixtures of actual materials rather than to a general flux of matter. Moreover, it involves rhetorical tropes, material imaginations, and theoretical challenges. Flows and circulations of materials are rarely smooth, uniform, frictionless, and free; instead, they are often messy, unsteady, viscous, turbulent or erosive, and sometimes disastrous.

This volume contributes to a critical cultural rheology examining the material complexities, epistemic functions, political ramifications, and ecological dimensions of fluidity

Financial crisis originated trough XX Century impulsed different instruments as response to regulate the financial system in order to avoid a future similar scenario. Because of this purpose, governments and economists have designed both different prescriptive instrument,
such as New Deal’ Roosevelt, Breton Woods, and methodologic instruments as CAMEL Methodology. This paper explores main points of view found about evolution, adaptation and application of CAMEL Methodology on diverse financial markets published in different
journals among the 2014-2020 periods. Five objectives have made in order to describe all these areas. First, an historic frame is determinate to recognize the evolve and adaptivity of this economic instrument, as the way about how is applied in different financial markets like
America, Europe, Asia and Middle East. Besides, factors that model its application are analyzed, whereas in the fourth section is explored how one of its six components result anelement with a better value than other. A different chapter is focused to understand how several financial enhancers improve the performance of each CAMEL component and what is the real impact of this method in the valuation of an economic market. The last aim pursued is describe another two methods commonly used by credit rating agencies. Principle conclusions are two. There is not consensus about a unique application of this method, due
to is flexible to each financial market requires where is used. Nevertheless, all explored sources in this paper agree to put on CAMEL as one of the most financial inspection instruments used ever, but the most important, perhaps.

The financial performance of the textile industry in Tamil Nadu had been analyzed with the help of the financial ratios. The financial structure of a company can show its capacity to generate the funds needed to undertake the desired expansion. The financial performance assessment together with other efficiency criteria, will give an idea of the total efficiency and industry performance. The success of the company ultimately depends upon its future growth and development. The company " s future can never be predicted with accuracy without having precise information related to its present financial position and its past earnings. In addition, the present study analyzed the impact of the performance of liquidity, solvency and efficiency on the profitability of the textile industry using CMIE data. The study found the impact of financial ratios, such as return on capital employed and net profit ratio, on the profitability of textile industry in Tamil Nadu, was meticulously studied. From the Generalized Least Square method it was found that absolute liquidity ratio had the highest impact among the financial ratios on the return on net profit ratio as well as creditors " turnover ratio is highest impact on return on capital employed during the study period with statistical significance.It presents a detailed analysis of the determinants of financial performance of textile industry in Tamil Nadu using financial ratios. The financial structure of a company can show its capacity to generate the funds needed to undertake the desired expansion. The financial performance assessment together with other efficiency criteria, will give an idea of the total efficiency and industry performance. The success of the company ultimately depends upon its future growth and development. The company " s future can never be predicted with accuracy without having precise information related to its present financial position and its past earnings. Ratio Analysis is an age-old technique of financial analysis. The financial position of the textile industry in Tamil Nadu is analyzed with the help of the financial facts and ratios such as: liquidity, solvency, efficiency and profitability. In addition, the present study analyzed the impact of the performance of liquidity, solvency and efficiency on the profitability of the textile industry. Liquidity and profitability are the two desired goals of financial management and they are directly affected by the working capital management. With increase in working capital size beyond the adequacy level, liquidity improves and profitability declines, and vice versa. Ratio Analysis: This is an age-old technique of financial analysis. It provides the financial statements in an absolute, historical and static form. It is also designed to show

The main purpose of this study is to determine, forecast and evaluate the best of economic conditions and company's performance in the future. The other purpose of this study is to analyze the financial statement and than give information for financial managers to make through decisions about their business. The financial statement applies tools, analytical techniques and required methods for business analysis. It is a diagnostic tool for evaluating financing activities, investment activities and operational activities as well as an assessment tool for management decisions and other business decisions. The analysis of financial statements, respectively the analysis of the financial reports are used by managers, shareholders, investors and all other interested parties regarding the company's state. Managers use financial reports to see the situation in which the company stands and then provide information to shareholders, to see how reasonable are the investments made in the company. To potential investors, the analysis of the financial statements of the company is very important, because, first they want to know the actual state of the company and then decide whether to invest or not.

Θέματα σχετικά με τον ξένο, την περιπλάνηση- ενσωμάτωση του και τη σχέση του με τις υπάρχουσες δομές μιας κοινωνίας, έχουν απασχολήσει την Κοινωνιολογία για περισσότερο από έναν αιώνα. Η συζήτηση ξεκινά από μία ''παρέκβαση'' (excursus, exkurs). Ο Georg Simmel (1971 [1908]) αναφέρεται σε ένα σύντομο κείμενό του στον ξένο, που είναι στο μεταίχμιο περιπλάνησης- ενσωμάτωσης.

Αυτό το κείμενο ασκεί επιρροή στην κοινωνιολογική σκέψη στις Η.Π.Α., από τη δεκαετία του 1920 μέχρι και τη δεκαετία του 1970 (Park, 1928; Wood, 1934; Schuetz, 1944; Mc Lemore, 1970). Μορφοποιείται μία γνωστική περιοχή με αντικείμενο την ''Κοινωνιολογία του ξένου'' και παράλληλα η συζήτηση συνεχίζεται μέχρι και σήμερα (Bauman, 1998; Skoric, 2013).

Στην παρούσα εργασία θα γίνει αναφορά στο κείμενο του Simmel, στην επιστημονική συζήτηση που τροφοδότησε, στη σχέση των θεωρητικών δεδομένων με το προσφυγικό και τέλος, στην κατάσταση του πρόσφυγα που χαρακτηρίζεται από τους όρους της ρευστότητας, της αποξένωσης και του τραύματος.

Project business management is high risk for all parties involved. For organizations performing projects for paying customers, a very central area of uncertainty is profitability from one or more projects. A second one is liquidity, and on top of that, the customer must be satisfied. Assigning persons as Project Business Managers can help meet these goals for individual projects. For a portfolio of projects, a Project Business Management Office (PBMO) can be beneficial to ensure portfolio-wide profitability.

The main purpose of this study is to examine the impact of liquidity on firm’s profitability. All the listed banks of DSE are selected for this purpose.
Here we have find out the effect of independent variable (Temporary Investment Ratio) and control variable (Firm Size) over the dependent variables (ROA). For this study we have used panel data which includes 30 banks’ 5 year analysis. Trends of the ratios and element were examined. A model have been used to make the regression analysis. Here, secondary data have been used which were collected from the annual reports and calculated for 5 year period (2012-2016).
We have found that there is a significant positive association between the performance of firms’ profitability and the liquidity of the sampled firms in Bangladesh. That means liquidity is relevant to profitability.