Search results for "Cash"

Quasi-markets Targets and the Evaluation of Nursing-home Funding in the Valencian Region

2016

EnglishSpanish long term care is in danger, therefore we propose a change in the nursing home funding system. We use as an example the extremely complex nursing home financing system of Valencian Region. In this region, there are many funding mechanisms: two types of public subsidies, two different accessibility plans, a voucher scheme and a cash benefit approach related to residential service. We evaluate these methods through the quasi-market theory. We find that these approaches have negative impact on equity, efficiency and freedom of choice and we propose a new, homogeneous financing method for all nursing homes through voucher. EnglishLong term care, nursing homes, quasi-markets, vouc…

Cogeneration plant in a pasta factory: Energy saving and environmental benefit

2007

Abstract Italy produces approximately 4,520,000 tons of pasta annually, which is about 67% of its total productive potential. As factories need electric and thermal energy simultaneously, combined heat and power (CHP) systems are the most suitable. This paper describes a feasibility study of a CHP plant in a pasta factory in Italy while analyzing energy saving and environmental benefits. Commercially available CHP systems suitable for the power range of energy demand in pasta production use reciprocating engines or gas turbines. This study demonstrates how their use can reduce both energy costs and CO2 equivalent greenhouse gas emission in the environment. An economic analysis was performed…

CEO Compensation and Risk-Taking: Evidence from Listed European Hotel Firms

2020

This paper examines the relationship between CEO compensation policies and financial performance in the European hotel sector. We analyze CEO cash-, equity- and total-compensation relationships with two accounting-based and two market-based financial performance proxies, including a bi-dimensional proxy formed by stock market return and risk. This bi-dimensional market-based financial performance proxy enables us to take a deep dive into the relationship between CEO compensation policies and firm risk-taking. We then analyze the nature of this relationship by decomposing market-based risk into systematic and idiosyncratic risk, using five alternative asset-pricing factorial models. Our resu…

On thermoeconomics of energy systems at variable load conditions: integrated optimization of plant design and operation

2007

Abstract Thermoeconomics has been assuming a growing role among the disciplines oriented to the analysis of energy systems, its different methodologies allowing solution of problems in the fields of cost accounting, plant design optimisation and diagnostic of malfunctions. However, the thermoeconomic methodologies as such are particularly appropriate to analyse large industrial systems at steady or quasi-steady operation, but they can be hardly applied to small to medium scale units operating in unsteady conditions to cover a variable energy demand. In this paper, the fundamentals of thermoeconomics for systems operated at variable load are discussed, examining the cost formation process an…

From material flows to cash flows — an extension to traditional material flow modelling

2000

COMPLEX ANALYSIS OF COMPANY BANKRUPTCY FORECASTING: THEORETICAL INSIGHT

2018

In modern conditions for dynamic and competitive businesses, more and more companies face financial problems and eventually go bankrupt. A noteworthy trend: not only new companies that have not yet managed to establish themselves in the market go bankrupt but also large companies operating for years and maintaining good traditions. Bankruptcies of companies cause many problems not only for the companies themselves but also for the state and many members of society. Thus, it is crucial to evaluate the financial state of a company and its activity results as accurately and early as possible when forecasting the possibility of a bankruptcy. The paper recommends a complex analysis methodology f…

Capital Structure and Sensitivity in SME Definition: A Panel Data Investigation

2003

We provide an empirical examination of the pecking order theory on capital structure in the field of Small and Medium Enterprises (SMEs). We mainly investigate if the results are sensitive to different definitions commonly used for these types of companies. Our evidence offers strong support for the growth opportunities and cash flow hypotheses. Firms that have many growth opportunities and small cash flows clearly show more debt in their capital structure. Moreover, results do not change when different SME definitions or sample sizes are used.

Corporate Investment, Debt and Liquidity Choices in the Light of Financial Constraints and Hedging Needs

2015

We examine firms' simultaneous choice of investment, debt financing and liquidity in a large sample of US corporates between 1980 and 2014. We partition the sample according to the firms' financial constraints and their needs to hedge against future shortfalls in operating income. In contrast to earlier work, our joint estimation approach shows that cash flows affect the corporate decisions of unconstrained firms more strongly than those of constrained firms. Investment-cash flow sensitivities are particularly intense for unconstrained firms with high hedging needs. Investment opportunities (as proxied by Q), however, play a larger role for constrained firms with the effects being strongest…

Financial constraints and cash–cash flow sensitivity

2014

This article explores the cash–cash flow relationship by comparing financially constrained and financially unconstrained companies. Unlike previous research, we test the sensitivity of cash to cash flow by considering unlisted firms as constrained and listed firms as unconstrained. Our empirical evidence is based on findings from Spanish firms and is consistent with the core rationale that unlisted firms face more difficulties than their listed counterparts when looking for funding from external markets. As a result, unlisted firms tend to hoard significant amounts of cash out of the generated cash flow, while listed firms do not. Our findings are robust to a number of additional empirical …

Financial constraints and R&D and exporting strategies for Spanish manufacturing firms

2014

We investigate the role of internal and external financial constraints in the firms� joint decision to export and invest in R&D. We use objective measures at the firm level such as cash flow and financial costs. We further analyze both if firms� size and the onset of the current economic crisis have had an impact. We estimate our model with Spanish manufacturing firms for the period 1990�2011, and obtain that both internal and external financial constraints are relevant.