financial management article review pdf

DOI: 10.33545/26175754.2019.v2.i2a.34
Corpus ID: 259628115

A review on the importance of financial management in today’s economic growth

Published in International journal of… 1 July 2019
Economics, Business

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Financial management, the managerial decision-making process, whatever it takes: the realities of managerial decision making, competitive strategy: techniques for analyzing industries and competitors, doing research in business & management: an essential guide to planning your project, competitive advantage: creating and sustaining superior performance, blue ocean strategy: from theory to practice, essential challenges of strategic management, research methods for the behavioral sciences, research methods for business students, related papers.

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Trends and risks in mergers and acquisitions: a review.

1. Introduction

2. conceptual background, 2.1. the m&a process, 2.1.1. acquisition planning and targeting, 2.1.2. deal structuring and closing, 2.1.3. post-merger performance and control, 3. methodology, 3.1. database and searching strategy, 3.2. data refining and analysis, 4. findings, 4.1. keyword co-occurrence analysis, 4.2. geopolitical risks, 4.3. information asymmetry risks, 4.4. investor protection and litigation risks, 4.5. performance and reputational risks, 4.6. aggregate analysis of key areas, 5. conclusions and future directions, author contributions, data availability statement, conflicts of interest.

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M&A Phase	Associated Risks	Mitigation Strategies
Acquisition Planning and Targeting	Operating risk: Managing a company outside the core business ( ) Financial risk: Maintaining credit ratings ( ) Overpayment risk: Exceeding the economic value of the target ( )	Selecting targets similar to previous acquisitions ( ) Increasing analyst coverage ( ) Using representations and warranties ( )
Deal Structuring and Closing	Overvaluation risk ( ) Identification of post-merger risk factors ( ) Information asymmetry ( )	Extending due diligence duration for higher deal prices ( ) Integrating technological advances for better accuracy ( ; ) Implementing stringent cybersecurity measures ( )
Post-Merger Performance and Control	Litigation risk: Disputes over performance measures ( ) Market reaction risk: Over/undervaluation of synergies ( )	Tighter performance controls ( ) Reducing information asymmetry through cross-listing ( ; )

Clusters	Key Terms	Main Theme
Cluster 1— (18 items)	corporate governance; performance; market; agency costs; ownership; debt; institutional investors; acquiring firms; free cash flow; capital structure; takeover; leverage; default risk; management; cross-section; equity; corporate social responsibility; reputation	Performance and Reputational risks
Cluster 2— (16 items)	mergers and acquisitions; information; valuation; information asymmetry; price; payment; choice; stock; takeovers; gains; specification; liquidity; uncertainty; exchange; selection; competition	Information Asymmetry risks
Cluster 3— (15 items)	investment; governance; firm performance; risk-taking; cost; ceo overconfidence; quality; earnings management; compensation; disclosure; costs; investor protection; directors; national culture	Investor Protection
Cluster 4— (9 items)	risk; returns; diversification; economic policy uncertainty; policy uncertainty; cross-border mergers and acquisitions; political risk; size; markets	Geopolitical risks

Geopolitical Risk
Definition	Geopolitical risks are threats from political instability and conflicts that affect government policies, investor confidence, and firm behaviors.	( ; ; )
Sources of risk	Weak regulation Political tensionsh Policy polarization	( ; )
Risk Effects	Valuation uncertainty Reduced M&A activity Information asymmetry Cross-border impact Higher equity costs Lower M&A competition	( ; ; ; ; ; ; )
Mitigation strategies	Geographical diversification through outbound M&As Cautionary financial policies and enhanced transparency Improved corporate governance and institutional investor involvement Enhanced ESG scores and focus on CSR initiatives	( ; ; ; ; ; ; ; )

Sources of Asymmetry	Definition
Infrastructural Organizations	Differences in information access due to the hierarchical distribution of employees, including directors, managers, and lower-level staff.
Dealership Chains	Potential for miscommunication and information discrepancies within dealership chains.
Agency Issues	Variations in information among agents, leading to systematic information asymmetry and adverse selection.
Electronic and Automated Trading	The use of electronic and automated trading tools can create imbalances in information availability and market fragmentation.
Political Factors	Uncertainty and decisions by political entities, such as central banks, can create information asymmetry premiums.
Temporal Heterogeneity	Variations in information asymmetry over time, influenced by intraday patterns and differing trading hours of various market participants.

Information Asymmetry Risks
Definition	Risks arise from disparities in information between stock market investors and firm managers, affecting transaction outcomes and integration	( ; ; )
Sources of risk	Hierarchical structures Dealership chains Agency issues Electronic and automated trading Political fact Temporal heterogeneity	( ; ; )
Risk Effects	Weakening alignment between market reactions and post-acquisition performance Increased likelihood of M&A engagement Higher excess returns Misvaluation of firms Risk aversion and cautionary management	( ; ; ; )
Mitigation strategies	Robust corporate governance Comprehensive risk management plans Implement digital finance technologies (e.g., blockchain) Focus on disclosure-regulated markets Engage in CSR reporting	( ; ; ; ; )

Litigation Risks
Definition	Litigation risks refer to the potential for legal challenges a firm may face, including disputes arising from shareholder lawsuits, regulatory non-compliance, or contractual disagreements.	( ; )
Sources of risk	Shareholder lawsuits Regulatory non-compliance Inadequate disclosures Earnings management in earnouts Political instability	( ; ; )
Risk Effects	Reduction in M&A volume Cautious and selective deal-making Downward adjustments in firm valuations Increased operational costs and reputational damage Risk aversion in managerial decision-making	( ; ; )
Mitigation strategies	Accumulating substantial cash reserves Incorporating indemnity clauses Litigation risk insurance Enhancing enterprise risk management frameworks Engaging in CSR activities Strengthening corporate governance structures	( ; ; ; )

Reputational Risks
Definition	Reputational risks are the potential negative impacts a company may face due to damage to its corporate reputation, which reflects stakeholders’ perceptions of its ethics, credibility, and adherence to corporate social responsibility and ESG criteria.	( ; )
Sources of risk	Environmental and social incidents CSR and governance issues Lack of disclosure and transparency	( ; ; ; ; )
Risk Effects	Reduced investment attractiveness Financial losses for acquirers Adverse investor reactions Preference for cash payments over stock Reduced corporate value	( ; ; ; ; )
Mitigation strategies	Enhancing disclosure Leveraging dual holders Develop ESG strategies Improving financial reporting quality Pairing with targets with similar reputation CSR-focused culture	( ; ; ; ; ; )

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García-Nieto, M.; Bueno-Rodríguez, V.; Ramón-Jerónimo, J.M.; Flórez-López, R. Trends and Risks in Mergers and Acquisitions: A Review. Risks 2024 , 12 , 143. https://doi.org/10.3390/risks12090143

García-Nieto M, Bueno-Rodríguez V, Ramón-Jerónimo JM, Flórez-López R. Trends and Risks in Mergers and Acquisitions: A Review. Risks . 2024; 12(9):143. https://doi.org/10.3390/risks12090143

García-Nieto, Manuel, Vicente Bueno-Rodríguez, Juan Manuel Ramón-Jerónimo, and Raquel Flórez-López. 2024. "Trends and Risks in Mergers and Acquisitions: A Review" Risks 12, no. 9: 143. https://doi.org/10.3390/risks12090143

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A Review Paper on Financial Management and Financial Manager

2017, https://www.ijrrjournal.com/IJRR_Vol.4_Issue.5_May2017/Abstract_IJRR007.html

Without fund, organizational strength is not possible. Fund management in every business is very important function in a present commercial environment. Active and proficient fund management covers application and utilization of fund. Fund to be utilized in such a way to generate more revenues for the business. Sometimes, idol fund may create vilest condition of the business. Potential sources to be scrutinized for rise of fund. It is qualitative and prudent function of financial managers to take decision regarding how, when, what, how much fund to be utilized. Distribution of fund requires expertise, experience and qualification of financial professional, fund should be distributed in such a manner to meet financial obligation timely and accurately. It should be distributed as liquid based fund and capital based fund. Liquid based fund allocated to short term resources for meeting out of short term liabilities like meeting out of day to day expenses, payment of suppliers, tax payment to government authority and capital based fund allocated to long term resources for meeting out of long term obligation like repayment of debentures, equity share holders, long term loans etc.

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Ex-ante evaluation of a cross-sectorial business model for risk management in new product development: the case of Haitian farming

Research article
Published: 09 September 2024

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Rival Valcin ORCID: orcid.org/0000-0003-1423-4097 1 ,
Tomohiro Uchiyama 2 ,
Rika Terano 2 ,
Katsumori Hatanaka 2 ,
Yasuo Ohe 2 &
Nina Shimoguchi 2

With the rise of climate change, institutions are compelled to adopt new strategies to increase resilience toward natural disasters. For institutions providing insurance products to farmers, the probability of ruin becomes higher. How will agricultural institutions in regions with high occurrences of catastrophic risks survive? Since risks cannot be effectively managed exclusively in one sector, we have developed and evaluated a multisectoral business model in Haitian farming. To this end, in the summer of 2023, we interviewed 22 leaders of Haitian financial institutions. The research followed a framework outlining the different stages of new product development. This business analysis phase, which corresponds to stage four, is focused on evaluating the ex-ante business model. We used an interactive design approach for concept selection based on expert opinion. We prioritized intuitive assessment by experts to discover the most suitable implementation of the developed strategy. The study suggests that Minimum Extendable Compensation is the most suitable approach to risk management for the sectors involved, particularly regarding the principle of risk sharing and risk transfer. This new product is proposed to foster farmer resilience to natural disasters. In addition, partnership agreements promoting partial demonetization of transactions with the farmers are preferable to prevent liquidity limitation and possible moral hazards. Consequently, the derived approach can be applied to other small and medium economies, where the conventional agrarian insurance system presents itself as a massive burden for governments.

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Acknowledgements

We want to express our sincere gratitude for the anonymous reviewers' comments, which helped us improve the quality of the work. The patience, thoroughness, and supportive attitude expressed through the revision are more than inspiring. Our profound acknowledgments go to the Haitian Finance Institutions for their enthusiastic cooperation in the focus groups.

This research was supported by the “Tokyo Nodai Research Institute (TNRI) (grant number: 46407382H)” and the Bank of the Republic of Haiti (BRH).

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Valcin, R., Uchiyama, T., Terano, R. et al. Ex-ante evaluation of a cross-sectorial business model for risk management in new product development: the case of Haitian farming. Rev Agric Food Environ Stud (2024). https://doi.org/10.1007/s41130-024-00220-1

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(PDF) A Review of Corporate Financial Performance Literature: A Mini
A Review of Corporate Financial Performance Literature