Ownership and Identities of the Largest Shareholders and Dividend Policy: Evidence From Vietnam

This study investigates the relationship between the level of shareholdings and identities of the largest shareholders, and cash dividend policy. The study is conducted with a sample of 180 firms listed on Vietnam stock exchange markets from 2009 to 2013. The fixed effect model is employed to analyze the balanced panel data. The results show that the higher the level of holdings by the largest shareholders, the lower the dividend payout. Moreover, companies with the State and Foreign investors as the largest shareholders have higher dividend payout ratio than companies with local investors and managers as the largest shareholders. The study also finds that companies tend to pay higher dividends when profits decrease or growth opportunities increase. &nbsp

Ownership and Identities of the Largest Shareholders and Dividend Policy: Evidence From Vietnam

This study investigates the relationship between the level of shareholdings and identities of the largest shareholders, and cash dividend policy. The study is conducted with a sample of 180 firms listed on Vietnam stock exchange markets from 2009 to 2013. The fixed effect model is employed to analyze the balanced panel data. The results show that the higher the level of holdings by the largest shareholders, the lower the dividend payout. Moreover, companies with the State and Foreign investors as the largest shareholders have higher dividend payout ratio than companies with local investors and managers as the largest shareholders. The study also finds that companies tend to pay higher dividends when profits decrease or growth opportunities increase. &nbsp

Profitability Assessment of a Company

Import 02/11/2016Tato bakalářská práce provádí finanční analýzu společnosti BRATŘI HORÁKOVÉ s.r.o. za období 2010 - 2014. Finanční analýza je významným nástrojem finančního řízení a rozhodování a rozborem účetních výkazů vyhodnotí postavení společnosti na trhu, její úspěšnost, předpoví budoucí finanční vývoj firmy, rizika s ním spojená a stanoví doporučení pro management firmy, aby bylo dosaženo požadovaných výsledků. Teoretická část práce vysvětluje jednotlivé pojmy, zvolené metody a výpočty použité v praktické části. V praktické části je představena společnost a je provedena horizontální, vertikální a poměrová analýza. Zvláštní důraz je kladen na ukazatele rentability a především na ukazatele rentability aktiv, který je analyzován pomocí pyramidového rozkladu za použití logaritmické metody. Všechny výsledky jsou porovnávány s průměrnými hodnotami celého odvětví. V závěru jsou sepsána vyhodnocení a doporučení pro další vývoj firmy.This bachelor work carries out a financial analysis of the company BRATŘI HORÁKOVÉ s.r.o. in the period 2010 - 2014. The financial analysis is an important tool of financial management and decision-making and by the analysis of accounting statements evaluates the company´s position on the market, its success, predicts future financial development of the company, risks associated with it and provides recommendations for the management of the company to achieve desired results. The theoretical part explains terms, chosen methods and calculations used in the practical part. The practical part presents the company and deals with horizontal, vertical and ratio analysis. Particular emphasis is placed on indicators of profitability and especially on indicators of assets profitability, which is analyzed by using the pyramid analysis using the logarithmic method. All results are compared with the average values of the entire industry. The conclusion contains evaluations and recommendations for further development of the company.154 - Katedra financívelmi dobř

‘You Know Them All’ - Trust, Cooperation, and Cultural Volunteering in Rural Areas in Germany

(1) Background: Rural areas are characterised by a higher number of volunteers compared to urban centres in Germany. In this context, cultural and arts education is one of the largest voluntary sectors. However, an increasing decline in (cultural) volunteering can be observed. To counteract the decrease, it is important to strengthen regional cooperation and social networks, which are based on trust. The connection between trust, volunteering, and social networks has already been examined, but we still do not fully understand the emergence of trust in the link of cultural education cooperation and networks in rural areas. (2) Methods: A total of 34 semi-structured interviews in combination with egocentric network maps were conducted in four rural regions. The interview data were audio-recorded, transcribed, and analysed using qualitative content analysis. (3) Results: Four dimensions of trust-building were identified: 1. presence and spatial proximity, 2. multiplexity, 3. third party, and 4. community spirit

The Power of Places in Building Cultural and Arts Education Networks and Cooperation in Rural Areas

Volunteering plays a central role in cultural and arts education in rural areas in Germany. However, a decrease in the number of volunteers in structurally weak regions can be observed in recent years. This poses existential challenges for cultural and arts education. The promotion of social networks and regional cooperation, as well as a sense of place, can counteract this decline. This article aims to explore how sense of place influence cooperation and thus social networks between actors of different institutions in the context of cultural and arts education in rural areas. A total of 34 interviews and egocentric network maps were conducted with different local actors (e.g., volunteers in the theatre association, mayors, etc.) in four municipalities. The data were analysed using qualitative content analysis. Our results show that, through active participation in cultural events and associations, new cooperation is created and maintained, which also expands the social network. This active participation can be positively influenced by the existing attachment to the region and cultural places

Impacts of climate change and adaptation strategy selection under constrained conditions in Ben Tre province, Vietnam

It can not be denied that climate change is now an overriding environmental issue challenging humanity. Scientific research has proven that Vietnam’s 10 most vulnerable provinces are among the top 25% most susceptible regions in South East Asia. Eight of those ten provinces including Ben Tre province belong to the Mekong delta. Thus, in this study we aimed at an investigation on the impacts of climatic events, specifically sea level rise, salt water intrusion, typhoon, and erosion, on three coastal communes in Ben Tre, and adaptations to mitigate impacts. Three focus group discussions (FGDs) were carried out to assist in the identification of impacts of climatic events and vulnerable sectors. Results from the FGDs were the hazard mapping, the vulnerability matrix and the historical timeline of climatic hazards. The FGDs was followed by face to face survey of 300 households. Information on the impacts of climate risks, adaptations, awareness and preparedness of climate change was solicited. Cost-effectiveness analysis (CEA) was performed to evaluate two projects: a sea dike and an irrigating system. Findings showed that sea level rise is the most disturbing incident that threatens the future of the province in that it jeopardizes agriculture and aquaculture, the main stay of the local economy as well as it forces households’ relocation. Follow-up is salt water intrusion which immensely hinders agriculture and aquaculture as well as troubles households’ everyday routines. Total loss from the most recent salt water intrusion mounted to USD 77,151. Devastating typhoon Durian, despite its ephemeral presence, resulted in USD 154,155 loss. Compared to these incidents which relate to climate changes, erosion appears to be least serious. Total loss from the most recent erosion climbed to USD 28,492. In order to cope with climatic risks, households primarily undertook simple precautionary actions that reflect financial and technical limitations at the household level. An assessment of households’ awareness and preparedness of climate change revealed that 98% of respondents have no or a little knowledge of climate change; 65% of respondents have not made any adaptive preparations to handle climate change events. Analysis of two preventive measures to protect communities from ravages of climate change using CEA ratios indicated that the irrigating system is more cost effective than the sea dike. The result justified the implementation of the irrigating system ahead of the sea dike even though that the two projects are unaffordable at a time.EEPSEA and WorldFish Cente

Expectations of Cross-Sector Collaboration in Cultural and Arts Education

The promotion of dialogues between youth and older adults in the field of cultural education remains one of the most important educational policy tasks in Germany. After all, intergenerational, cultural projects can make an important contribution to reducing ageism, promoting personal development, and dealing with social challenges. Close collaboration between actors from different sectors (school, cultural associations, administration, etc.) is needed to secure such programmes. However, this presupposes that the expectations that the involved actors have regarding the collaboration are transparently examined, discussed and adjusted within the collaborative network in advance. Therefore, the aim is to identify initial indications of different expectations of collaboration between actors from various sectors. In order to answer the research question, 24 semi-structured interviews were conducted in combination with ego-centred network maps in six German municipalities with actors from different fields (schools, administration, cultural associations, etc.). The data were then interpreted using qualitative content analysis. Our results show that actors participate with expectations ranging from different degrees of closeness and distance to the other involved actors. These results allow the first systematisation of individual expectations of actors at the beginning of a collaboration

Performance implications of exploratory and exploitative innovation: the role of management control systems

Drawing on prominent theories of innovation, this study investigates the inter-relationships between the use of management control systems (MCS), exploratory innovation, exploitative innovation, and firm performance in Vietnam, an emerging market. The research hypotheses were empirically tested using a partial least squares-structural equation model. Data were collected by survey questionnaires from a sample of 238 top-level and middle-level managers in Vietnamese firms. The results confirm that the diagnostic use of MCS has a significant positive effect on exploitative innovation and the interactive use of MCS has a significant positive effect on both exploratory innovation and exploitative innovation. The results also reveal that exploitative innovation and exploratory innovation partially mediate the relationship between the interactive use of MCS and firm performance. Understanding these relationships can assist Vietnamese firms to invest appropriately in MCS that is able to promote innovation actions, thereby achieving outstanding performance

Developing Rural Tourism with the Participation of Related Parties in Bac Kan Province

Tourism development policy will pay attention to stakeholders, especially the people, who play an important role. However, in reality, when people participate in rural tourism development, they are not equipped with basic knowledge and skills in managing and serving tourists. Because the benefits between stakeholders are still not clear, the participation of people in rural tourism development is currently only passive. Active participation need to be directed from the Government and local authorities because the concept that rural tourism development is not only about creating economic benefits but also associated with conservation and preservation, together with keeping and promoting cultural - historical values in rural areas