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Grzegorz Michalski - One of the best experts on this subject based on the ideXlab platform.
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determinants of accounts receivable level portfolio approach in firm s trade credit policy
Acta Oeconomica Pragensia, 2008Co-Authors: Grzegorz MichalskiAbstract:Trade credit management should contribute to realization of basic financial purpose of an enterprise which is the is maximization of its value. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to maximization of enterprise value. The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences that can result from operating risk that is related to purchasers using payment postponement for goods and/or services. The present article offers a method that uses portfolio management theory to determine the level of accounts receivable in a firm. An increase in the level of accounts Receivables in a firm increases both the net working capital and the costs of holding and managing accounts Receivables.
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portfolio management approach in trade credit decision making
2008Co-Authors: Grzegorz MichalskiAbstract:The basic financial purpose of an enterprise is maximization of its value. Trade credit management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another ait (i.e., maximization of enterprise value). The enterprise value maximization strategy is executed with a focus on risk that is related to purchasers using payment postponement for goods and/or services. The present article offers a method that uses portfolio management theory to determine the level of accounts receivable in a firm. An increase in the level of accounts Receivables in a firm increases both net working capital and the costs of holding and managing accounts Receivables. Both of these decrease the value of the firm, but a liberal policy in accounts receivable coupled with the portfolio management approach could increase the value. Efforts to assign ways to manage these risks were also undertaken; among them, special attention was paid to adapting assumptions from portfolio theory as well as gauging the potential effect on the firm value.
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A Portfolio Management Approach in Accounts Receivable Management
South East European Journal of Economics and Business, 2008Co-Authors: Grzegorz MichalskiAbstract:The basic financial purpose of an enterprise is the maximization of its value. Trade credit management should also contribute to the realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another aim (i.e., maximization of enterprise value). The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences that can result from an operating risk that is related to purchasers using payment postponement for goods and/or services. The present article offers a method that uses portfolio management theory to determine the level of accounts receivable in a firm. An increase in the level of accounts Receivables in a firm increases both net working capital and the costs of holding and managing accounts Receivables. Both of these decrease the value of the firm, but a liberal policy in accounts receivable coupled with the portfolio management approach could increase the value. Efforts to assign ways to manage these risks were also undertaken; among them, special attention was paid to adapting assumptions from portfolio theory as well as gauging the potential effect on the firm value.
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small and medium enterprises accounts receivable management with value of liquidity in view
2007Co-Authors: Grzegorz MichalskiAbstract:The basic financial purpose of an small and medium enterprise is maximization of its value. Accounts receivable management should also contribute to realization of this fundamental aim. The key theme of this paper is accounts receivable management with value of liquidity in view. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another aim (i.e., maximization of enterprise value). The small and medium enterprise value maximization strategy is executed with a focus on risk and uncertainty. An increase in the level of accounts Receivables in a firm increases both net working capital and the costs of holding and managing accounts Receivables. Both of these decrease the value of the firm, but a liberal policy in accounts receivable coupled with the portfolio management approach could increase the value. Efforts to assign ways to manage these risks were also undertaken; among them, special attention was paid to adapting assumptions from value of liquidity theory as well as gauging the potential effect on the firm value.
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operational risk of the purchasers portfolio management approach in accounts receivable management
2007Co-Authors: Grzegorz MichalskiAbstract:The basic financial purpose of an enterprise is maximization of its value. Trade credit management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another aim (i.e., maximization of enterprise value). The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences that can result from operating risk that is related to purchasers using payment postponement for goods and/or services. The present article offers a method that uses portfolio management theory to determine the level of accounts receivable in a firm. An increase in the level of accounts Receivables in a firm increases both net working capital and the costs of holding and managing accounts Receivables. Both of these decrease the value of the firm, but a liberal policy in accounts receivable coupled with the portfolio management approach could increase the value. Efforts to assign ways to manage these risks were also undertaken; among them, special attention was paid to adapting assumptions from portfolio theory as well as gauging the potential effect on the firm value.
Yusuf Yusuf - One of the best experts on this subject based on the ideXlab platform.
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Analisis Piutang Tidak Tertagih Berdasarkan Umur Piutang Pada Pt. Transkom Integrasi Mandiri
'Universitas Pamulang', 2021Co-Authors: Napitupulu, Darwin Prikardo, Yusuf YusufAbstract:The balance sheet has an asset component in which there is an inventory account, therefore the analysis of uncollectible accounts receivable based on the age of the Receivables is an important thing to study. to determine the age of each client or customer, so that it can be predicted that accounts receivable are past due or are over due. The research method used a qualitative approach with descriptive research methods, by analyzing uncollectible accounts receivable based on the age of the accounts at PT. Transkom Integration Mandiri.PT. Transkom Intintegrated Mandiri made a list of accounts receivable based on age by creating groups of accounts receivable based on the period of accounts receivable, this was to facilitate the calculation of outstanding Receivables which would be matched with an allowance for losses on accounts, as an anticipation and accommodating the possibility of uncollectible accounts. By using the accounts receivable age, PT. Transkom Integration Mandiri can find out the position of Receivables for a certain period.Keyword : Inventory, Uncollectible Accounts Receivable, Age of Accounts Receivable ABSTRAKNeraca memiliki komponen aktiva yang didalamnya terdapat akun persediaan, oleh karenanya analisis piutang tidak tertagih berdasarkan umur piutang pada menjadi hal penting untuk diteliti, . untuk mengetahui umur piutang setiap klien atau pelanggan, sehingga dapat diprediksi piutang yang telah jatuh tempo atau melebihi jatuh tempo. Metode penelitian menggunakan pendekatan kualitatif dengan metode penelitian deskriptif, dengan menganalisis piutang tak tertagih berdasarkan umur piutang pada PT. Transkom Integrasi Mandiri. PT. Transkom Integrasi Mandiri membuat daftar piutang berdasarkan umur dengan membuat kelompok piutang berdasarkan periode piutang, hal itu untuk memudahkan perhitungan piutang yang beredar yang akan dicocokkan dengan akun cadangan kerugian piutang, sebagai antisipasi dan mengkomodasikan kemungkinan piutang tidak tertagih. Dengan menggunakan umur piutang, PT. Transkom Integrasi Mandiri dapat mengetahui posisi piutang para periode tertentu.Kata Kunci : Persediaan, Piutang tidak tertagih, Umur Piutan
Ben J Sopranzetti - One of the best experts on this subject based on the ideXlab platform.
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securitizing accounts receivable
Review of Quantitative Finance and Accounting, 2004Co-Authors: Darius Palia, Ben J SopranzettiAbstract:This paper provides an optimal contracting framework to determine the equilibrium structure of Receivables securitization in the presence of moral hazard. An incentive compatible contract is designed where the seller monitors at an efficient level and retains an equity interest in a portion of the receivable to be sold. The seller retains the riskier tranches and sells the safer ones. The equilibrium proportion of the receivable sold will be increasing with the seller's cost of internal funding. Moreover, for sellers with sufficiently high ex-ante probabilities of solvency, the equilibrium proportion of the receivable sold will be decreasing with the seller's probability of solvency.
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selling accounts receivable and the underinvestment problem
The Quarterly Review of Economics and Finance, 1999Co-Authors: Ben J SopranzettiAbstract:Abstract Firms plagued by the Myers underinvestment problem can mitigate the severity of underinvestment by selling their high credit-quality accounts receivable. This paper solves for the break-point level of receivable credit-quality (that is, the level of credit-quality such that the sale of Receivables whose quality is greater than this level will mitigate the magnitude of underinvestment,) and demonstrates that this break-point is an increasing function of the riskiness of the firms’ debt. The predictions of this model have broad implications for the nature of factoring and receivable securitization contracts.
Mai Yuliza - One of the best experts on this subject based on the ideXlab platform.
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Pengaruh Risiko Kredit Terhadap Likuiditas Melalui Perputaran Piutang Pada PT. BPR Swadaya Anak Nagari
'Universitas Warmadewa', 2021Co-Authors: Mia Muchia Desda, Mai YulizaAbstract:Credit is a loan agreement between a bank and another party that requires the borrower to repay the debt after a certain period of time with a certain interest rate. In refunding credit loans, there are often problems; if the creditor is less selective in choosing prospective debtors, bad credit will arise. The high credit risk that the bank will face will result in a high risk of the bank in fulfilling all its obligations. This study aims to determine the magnitude of credit risk on Receivables turnover and its impact on liquidity partially or simultaneously at PT. BPR Swadaya Anak Nagari Simpang Empat. The population used in this study is the balance sheet and income statement of PT. BPR Swadaya Anak Nagari for the 2015-2019 period. The analytical tool used is path analysis using the SPSS application. This study indicates that simultaneously the effect of credit risk and receivable turnover has no significant effect and partially shows that credit risk has a significant effect on liquidity. In contrast, Receivables turnover has a significant effect on liquidity. In addition, simultaneously, credit risk has a significant effect on Receivables turnover and liquidity. Kredit adalah suatu perjanjian pinjam meminjam antara bank dengan pihak lain yang mewajibkan peminjam untuk melunasi utangnya setelah jangka waktu tertentu dengan tingkat bunga tertentu. Dalam pengembalian pinjaman kredit, sering terjadi masalah; jika kreditur kurang selektif dalam memilih calon debitur maka akan timbul kredit macet. Tingginya risiko kredit yang akan dihadapi bank akan mengakibatkan tingginya risiko bank dalam memenuhi segala kewajibannya. Penelitian ini bertujuan untuk mengetahui besarnya risiko kredit terhadap perputaran piutang dan dampaknya terhadap likuiditas secara parsial maupun simultan pada PT. BPR Swadaya Anak Nagari Simpang Empat. Populasi yang digunakan dalam penelitian ini adalah neraca dan laporan laba rugi PT. BPR Swadaya Anak Nagari periode 2015-2019. Alat analisis yang digunakan adalah analisis jalur dengan menggunakan aplikasi SPSS. Penelitian ini menunjukkan bahwa secara simultan pengaruh risiko kredit dan perputaran piutang tidak berpengaruh signifikan dan secara parsial menunjukkan bahwa risiko kredit berpengaruh signifikan terhadap likuiditas. Sebaliknya perputaran piutang berpengaruh signifikan terhadap likuiditas. Selain itu, secara simultan risiko kredit berpengaruh signifikan terhadap perputaran piutang dan likuiditas.
Kulsum Umi - One of the best experts on this subject based on the ideXlab platform.
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PENGARUH PERPUTARAN KAS, PERPUTARAN PIUTANG, DAN PERPUTARAN PERSEDIAAN TERHADAP PROFITABILITAS PADA PT DELTA DJAKARTA TBK PRIODE 2014 – 2018
'Lembaga Penelitian dan Pengabdian Masyarakat Universitas Islam Syekh-Yusuf Tangerang', 2020Co-Authors: Makarim Fuad, . Rosyid, Kulsum UmiAbstract:This study aims to find empirical evidence about factors that influence Cash Turnover, Receivables Turnover, Inventory Turnover on Profitability. The factor tested in this study is ReturnOnAssets.The sample in this study used 1 beverage subsector manufacturing company in the 2014-2018 period. Samples were taken using the Quantitative method. These factors are then tested using descriptive statistical test methods, multiple linear regression, multiple correlation, determination coefficient, t test, f test, SPSS 25.00.The results in this study indicate that based on a partial test the Cash Turnover variable is accepted and not significant to Profitability, and the Receivable Turnover variable is rejected and not significant to profitability, while the Inventory Turnover variable has a significant positive effect on Profitability. Based on the Simultaneous Test variable Cash Turnover, Receivable Turnover, Inventory Turnover have a rejected and significant influence on profitability
