Balance sheet structure of automobile manufacturing companies; studies in financial structure.

Mode of access: Internet.

The financial structure of the foreign affiliates of U.S. direct investors /

Bibliography: p. 89-94.

Wartime changes in the financial structure of agriculture /

"Issued February 1945."

Impact of the war on the financial structure of agriculture /

Cover title.

Women Industrial Cooperatives- An Analysis of Its Structure, Performance and Growth in Kannur District

In the present study made an attempt to analyse the structure, performance and growth of women industrial cooperatives in kannur district, Kerala. The study encompasses all women industrial cooperatives registered at the district industries center, kannur and that currently exist. The women industrial cooperatives are classified into two ie; group with network and another group without network. In Kannur there are 54 units working as women industrial cooperatives. One of the main problems the women cooperatives face is the lack of working capital followed marketing problem. The competition between cooperatives and private traders is very high. The variables examined to analyse the performance of women industrial cooperatives in Kannur showed that there exists inter unit differences in almost all the variables. The financial structure structure shows that the short term liquidity of women cooperatives in Kannur favour more the units which have political networks; but the long term financial coverage is seen to be highly geared in this group, not because of a decline is net worth but due to highly proportionate increase in financial liabilities in the form of borrowings. The encouragement given by the government through financial stake and other incentives has been the major factor in the formation and growth of women cooperatives. As a result both productivity and efficiency improves in the cooperatives. In short the present study helped to capture the impact, role and dynamics of networking in general and socio political network in particular in relation to intra and inter unit differences on the structure, growth and performance of women industrial cooperatives societies in Kannur district

Financial globalization and the emerging economies

Includes bibliography

Transformation of the Financial Sector in Indonesia

Introduction : The source and deployment of finance are central issues in economic development. Since 1966, when the Soeharto Administration was inaugurated, Indonesian economic development has relied on funds in the form of aid from international organizations and foreign countries. After the 1990s, a further abundant inflow of capital sustained a rapid economic development. Foreign funding was the basis of Indonesian economic growth. This paper will describe the mechanism for allocating funds in the Indonesian economy. It will identify the problems this mechanism generated in the Indonesian experience, and it will attempt to explain why there was a collapse of the financial system in the wake of the Asian Currency Crisis of 1997. History of the Indonesian Financial system The year 1966 saw the emergence of commercial banks in Indonesia. It can be said that before 1966 a financial system hardly existed, a fact commonly attributed to economic disruptions like the consecutive runs of fiscal deficit and hyperinflation under the Soekarno Administration. After 1996, with the inauguration of Soeharto, a regulatory system of financial legislation, e.g. central banking law and banking regulation, was introduced and implemented, and the banking sector that is the basis of the current financial system in Indonesia was built up. 　　　The Indonesian financial structure was significantly altered at the first financial reform of 1983. Between 1966 and 1982, the banking sector consisted of Bank Indonesia (the Central Bank) and the state-owned banks. There was also a system for distributing the abundant public revenue derived from the soaring oil price of the 1970s. The public finance distribution function, incorporated in Indonesian financial system, changed after the successive financial reforms of 1983 and 1988, when there was a move away from the monopoly-market style dominated by state-owned banks (which was a system of public finance distribution that operated at the discretion of the government) towards a modern market mechanism. The five phases of development The Indonesian financial system developed in five phases between 1966 and the present time. The first period (1966-72) was its formative period, the second (1973-82) its policy based finance period under soaring oil prices, the third (1983-91) its financial-reform period, the fourth (1992-97) its period of expansion, and the fifth (1998-) its period of financial restructuring. The first section of this paper summarizes the financial policies operative during each of the periods identified above. In the second section changes to the financial sector in response to policies are examined, and an analysis of these changes shows that an important development of the financial sector occurred during the financial reform period. In the third section the focus of analysis shifts from the general financial sector to particular commercial banks’ performances. In the third section changes in commercial banks’ lending and fund-raising behaviour after the 1990s are analysed by comparing several banking groups in terms of their ownership and foundation time. The last section summarizes the foregoing analyses and examines the problems that remain in the Indonesian financial sector, which is still undergoing restructuring.

Net-surplus as a useful tool to analyse financial information in co-op societies

This paper aims to analyse a sample of Galician co-ops to verify whether or not it is possible to deduce different financial behaviours among co-op partners from the amount of net-surplus. To this end, our study adds net-surplus to the variation registered in some account entries so that other residual incomes yielded by the co-op may be considered. The distribution of these revenues shows that partners do not usually choose to fully anticipate residual incomes. This reveals that some firms follow a positive net-surplus strategy, which is actually different from the null net-surplus strategy asserted by the classical financial theory. Furthermore, results show that differences between both strategies are statistically significant. This opens a path to future research on determinants explaining why co-op partners voluntarily renounce to anticipating these residual incomes. Such behaviour only arises when yearly accounts render a positive result, thereby making the accounting net-surplus a useful tool to analyse financial information in co-op societies.

Efectos tamaño y sector sobre la rentabilidad, endeudamiento y coste de la deuda de las empresas familiares riojanas

Ponencia presentada y defendida en las XIV jornadas Hispano Lusas de Gestión Científica celebradas en Azores en febrero de 2004.

Efectos de la privatización en la gestión financiera: un estudio de casos

[ES] La privatización de una empresa conlleva un profundo proceso de reforma, que incluye la introducción de nuevas prácticas de gobierno. La revisión de trabajos teóricos y empíricos realizada nos permite confirmar que no existe un análisis sistemático de los cambios en la gestión que tienen lugar tras la privatización de una empresa pública.

Domus regis: a Casa Real portuguesa no Rio de Janeiro (1808-1821)

Instituição fundamental à monarquia lusitana, a Casa Real portuguesa abrangia, em seu espaço, centenas de criados, homens e mulheres das mais diversas origens. Com a transferência da Corte para o Rio de Janeiro, em 1808, o príncipe regente d. João reestruturou o seu universo doméstico, estabelecendo aqui, e à semelhança de Portugal, todos os departamentos imperativos à correta execução das tarefas cotidianas da sua Casa: cavalariça, cozinha, serviço de copa, câmara, aquisição de gêneros alimentícios, etc. Esta tese tem como objeto a conformação da Casa Real portuguesa no Rio de Janeiro, entre os anos de 1808 e 1821. Serão analisados aqui a estrutura organizacional da Casa Real; os conflitos suscitados entre os recém-emigrados agentes do espaço doméstico régio e os súditos fluminenses; os mecanismos de remuneração peculiares ao universo doméstico joanino; as formas de acesso à Casa Real; e, finalmente, a estrutura financeira da Casa Real portuguesa. Num quadro mais amplo, procurou-se relacionar a Casa do Rei aos outros poderes instituídos na cidade, agora Corte, do Rio de Janeiro, de forma a demonstrar que o espaço doméstico da monarquia era, também, uma instituição relevante na montagem da administração joanina na América e, conseqüentemente, na transformação de um espaço historicamente colonial em centro do império português.

Gestão de resíduos químicos em laboratório universitário. Estudo de caso: Laboratório de Engenharia Sanitária, Faculdade de Engenharia UERJ.

Ao longo da história do homem, as universidades têm exercido um papel fundamental na geração de conhecimentos e tecnologias com o fim maior de melhorar a qualidade de vida de nossa sociedade. Em contrapartida, além de produzir os benefícios oriundos da aplicação dos conhecimentos e tecnologias, as pesquisas científicas produzem também diversos tipos de resíduos potencialmente poluidores e tóxicos os quais não estão sendo descartados e tratados corretamente. A falta de políticas institucionais de gerenciamento de resíduos nas universidades além de proporcionar a poluição dos corpos receptores de seus efluentes, a deterioração das tubulações coletoras de esgoto e, danos a eficiência das estações de tratamento de esgoto, também contribui para a geração de um passivo ambiental nas universidades, os quais são acumulados anualmente à espera de tratamento adequado em precárias condições de armazenamento. Dentro deste cenário, o presente estudo visa caracterizar e avaliar o gerenciamento dos resíduos químicos do Laboratório de Engenharia Sanitária (LES) da Universidade do Estado do Rio de Janeiro (UERJ). Quanto aos meios, foram realizadas pesquisas bibliográficas, eletrônicas e documentais, assim como entrevistas com os principais atores do gerenciamento dos resíduos no laboratório foco deste estudo. O estudo revela que o gerenciamento dos resíduos gerados em tal laboratório é realizado de maneira incipiente. As metodologias utilizadas em todas as etapas do gerenciamento, desde a geração dos resíduos até a destinação final dos mesmos carecem de melhorias para também a melhora da qualidade ambiental das atividades de pesquisa e de ensino do laboratório. Além da inexistência de normas internas para a padronização e controle do processo de gerenciamento, o laboratório também carece de estrutura física e financeira para a adequação do processo. A partir do diagnóstico deste cenário, foi possível o reconhecimento de riscos relacionados às características dos reagentes químicos somados as condicionantes ambientais do laboratório, mais especificamente, às condicionantes presentes no local do armazenamento dos resíduos. Tais riscos possuem a natureza de riscos químicos, físicos, toxicidade e riscos de explosão. Ainda na caracterização deste cenário, foi possível o reconhecimento do não cumprimento de legislações pertinentes ao tema. Conclui-se que, de maneira geral, as universidades carecem de investimentos na temática de gestão ambiental nas políticas institucionais e dia-a-dia das universidades. O laboratório em questão também não foge a esta realidade e, por tal razão, também carece de investimentos financeiros, investimentos em treinamento e investimentos na estruturas físicas para todos estes darem suporte a implantação de um gerenciamento de resíduos eficiente e consistente.

The Growth of US Credit Unions

The growth of US credit unions during the 1990s is investigated empirically, using univariate and multivariate cross sectional and panel estimation techniques. Univariate tests of the law of proportionate effect suggest that in general large credit unions grew faster than their smaller counterparts. On average credit unions with above-average growth in one period tended to experience below-average growth in the next. Smaller credit unions tended to have more variable growth than large ones. While credit unions share a common co-operative philosophy, they differ in terms of age profile, scope for membership growth, charter type and financial structure and performance. In estimations of a multivariate growth model, most of these characteristics are found to have a significant influence on the size-growth relationship. While large state chartered credit unions grew faster than their smaller counterparts, the reverse was true for federally chartered credit unions. In general, if larger credit unions grew faster than smaller ones, they tended to do so for specific reasons: because their charters were less restrictive, because they were more efficient, or because they had a financial structure that was more conducive to growth. Therefore credit union growth was not `random', but highly systematic.

The Diffusion of Risks in Public Private Partnership Contracts

Purpose The UK government argues that the benefits of public private partnership (PPP) in delivering public infrastructure stem from: transferring risks to the private sector within a structure in which financiers put their own capital at risk; and, the performance based payment mechanism, reinforced by the due diligence requirements imposed by the lenders financing the projects (HM Treasury, 2010). Prior studies of risk in PPPs have investigated ‘what’ risks are allocated and to ‘whom’, that is to the public or the private sector. The purpose of this study is to examine ‘how’ and ‘why’ PPP risks are diffused by their financiers. Design/methodology/approach This study focuses on the financial structure of PPPs and on their financiers. Empirical evidence comes from interviews conducted with equity and debt financiers. Findings The findings show that the financial structure of the deals generates risk aversion in both debt and equity financiers and that the need to attract affordable finance leads to risk diffusion through a network of companies using various means that include contractual mitigation through insurance, performance support guarantees, interest rate swaps and inflation hedges. Because of the complexity this process generates, both procurers and suppliers need expensive expert advice. The risk aversion and diffusion and the consequent need for advice add cost to the projects impacting on the government’s economic argument for risk transfer. Limitations and implications The empirical work covers the private finance initiative (PFI) type of PPP arrangements and therefore the risk diffusion mechanisms may not be generalisable to other forms of PPP, especially those that do not involve the use of high leverage or private finance. Moreover, the scope of this research is limited to exploring the diffusion of risk in the private sector. Further research is needed on how risk is diffused in other settings and on the value for money implication of risk diffusion in PPP contracts. Originality/value The expectation inherent in PPP is that the private sector will better manage those risks allocated to it and because private capital is at risk, financiers will perform due diligence with the ultimate outcome that only viable projects will proceed. This paper presents empirical evidence that raises questions about these expectations. Key words: public private partnership, risk management, diffusion, private finance initiative, financiers