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Quality of disclosures in `Management Discussion and Analysis'
- The Indian scenario
-- S.Subramanian
and Vivek Kaul
Disclosures
given in the `Management Discussion and Analysis' (MD&A)
are meant to ensure that there is transparency in company's
financial performance. They enable the investors to evaluate
a company and make informed investment decisions. Sebi has
made it mandatory for the companies to have MD&A report
in their annual reports. This research work intends to analyze
how far this measure has been effective in providing right
information to the investors in the right format. The results
suggest that two-third of the Sensex and Nifty companies miss
at least one important information component, which has the
potential to affect the company's performance in the future.
Nearly one-third of the Nifty and Sensex companies do not
comply with Sebi norms in making disclosures.
© IUP. All Rights Reserved.
Value
creation and the entrepreneurial business
-- Michael
F Spivey and Jeffrey J McMillan
The
need to finance high growth and manage the interests and needs
of investors makes value creation a critical concern for entrepreneurial
businesses. Almost any financial endeavor, such as attracting
new investors or making investment decisions, necessitates
the consideration of the equity value created by the endeavor.
However, value assessment of entrepreneurial businesses is
not straightforward as many are privately-held or traded in
thin secondary markets. The study reveals that relationships
between certain non-market measures of value creation and
small entrepreneurial types of businesses do exist.
©
The Journal of Enterpreneurial Finance and Business Ventures
(www.som.syr.edu/depts/fin/journal). Reprinted with permission.
Corporate
governance, innovation, and
economic performance - A case study on Volkswagen
-- Ulrich
Jürgens
It
is often claimed that the pressure for higher rates of return
exerted by institutional investors in the name of shareholder
value, has led to a fundamental change of company policy among
listed companies. Due to short-term profit orientation and
increased dividend pay-outs to investors, the critiques argue,
long-term development of the innovation potential of these
companies will suffer, and have negative consequences on employment
and growth. Since the 1990s, almost all major German companies
listed on the stock exchange have declared their commitment
to the principles of shareholder value. Hitherto there is
little empirical evidence of the consequences of such an orientation
on company-internal structures and processes. This case study
on Volkswagen AG helps to close this gap.
©
Social Science Research Center, Berlin-WZB (www.skylla.wz.berlin.de).
Reprinted with permission.
The
role of centralized information and collaborative forecasting
in managing demand variability in supply chains
-- Rakesh
Singh and Prashant Mishra
Demand
variability increases as one moves up the supply chain away
from the retail customer. Small changes in consumer demand
can result in large variations in orders placed upstream.
This phenomenon is known as the Bullwhip Effect and has been
observed across most industries resulting in excess inventory;
poor customer service, uncertain production planning and high
costs. The problem of Bullwhip Effect even exists in relatively
stable demand environment industries like pharmaceuticals.
This paper is an attempt to understand business driven variability
in demand.
© IUP. All Rights Reserved.
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