This study aims to determine the comparison of the financial performance of liquidity, solvency, activity and profitability before and after being designated as an initial public offering. This ...research is classified as quantitative research. The object in this research is PT. Bukalapak Tbk. The type of data used in this research is secondary data. The analytical method used is comparative analysis. To test the hypothesis using the paired sample t-test and the Wilcoxon test. The results of this study conclude (1) There is no significant difference in financial performance in terms of liquidity indicators before and after being designated as an initial public offering. (2) There is no significant difference in financial performance seen from the solvency indicators before and after being determined as an initial public offering. (3) There is no significant difference in financial performance seen from the activity indicators before and after being determined as an initial public offering. (4) There is a significant difference in financial performance seen from the profitability indicators before and after being determined as an initial public offering.
Solvency II Directive 2009/138/EC requires an insurance and reinsurance undertakings assessment of a Solvency Capital Requirement by means of the so-called “Standard Formula” or by means of partial ...or full internal models. Focusing on the first approach, the bottom-up aggregation formula proposed by the regulator allows for a capital reduction due to the diversification effect, according to the typical subadditivity property of risk measures. However, once the overall capital has been assessed no specific allocation formula is provided or required in order to evaluate the contribution of each risk source on the overall Solvency Capital Requirement. The aim of this paper is twofold. First, we provide a closed formula for capital allocation fully compliant with the Solvency II Capital Requirement assessed by means of the Standard Formula. The solution enables a top-down approach to assess the allocated Solvency Capital Requirement among the risks considered in the Solvency II multilevel aggregation scheme; we demonstrate that the allocation formula adopted is consistent with the Euler allocation principle. Second, a solution is found as a result of an optimum capital allocation problem based on a Return On Risk Adjusted Capital measure; we establish the equivalence between the Return On Risk Adjusted Capital optimization, when the risk adjusted capital is calculated according to the Standard Formula, and the Markowitz mean-variance optimization.
Метою cmammi е поглиблення та розвиток наукових засад локалвацы глобальных механвмЮ залучення кредитных та тестицйних ресурсю у конmекcmi змцнення фiнaнcовоi' спроможност': територ'юльних громад ...Украши у повоенний перюд. У cmammi визначено сутнсть i значення фiнaнcовоi' спроможност': територ'юльних громад у зaбезпеченнi шслявоенноi в':дбудови Украши; розкрито кращу практику локалвацп глобальних механвмЮ для залучення кредитних та твестицшних ресурс'ю на рiвень територ'юльних громад/мунiципaлimеmiв; обГрунтовано напрями змщнення фiнaнcовоi спроможност': територ'юльних громад Украши у перюд шслявоенно'!' вдбудови за рахунок поеднання глобальних i локальних мехашзмю залучення кредитних та нвестищйних ресурсю. Зд'шснено структурний аналз видаткЮ мюцевих бюджетЮ за економчною клacифiкaцiею зметою виявлення тенденщй змiни динам'ши каптальних видаткЮ за перюд 2014-2021 роки. Наголошено, що в сучаснихумовах необхдно шукати альтернативы! джерела надходжень для зд'шснення в'!дпов'!дних видатшв мюцевих бюджетю, оск'шьки кардинально змнилися mi обсяги та напрями витрачання. На основi анал'ву зарубжного досв!ду фшансування каптальних видаткю бюджетю орган'ю мсцевого самоврядування доведено, що в умовах глобального зростання державного боргу в уах крашах свту найб'шьш привабливими, з позицИзалучення ресурсю для зд'шснення каптальних видаткЮ, виглядають iнвеcmицшнi нструменти. Визначено основы! мaкроекономiчнi та зaконодaвчi ризики, що загрожують iнвеcmицшному клшату Украши, крм вiйcьковоi агреси з боку рф. Доведено можливicmь залучення нвестицш через систему мжнародних фiнaнcових оргaнiзaцiй та банкю розвитку як на локальному, так i регональному р'юнях, на фiнaнcувaння вдновлення iнфрacmрукmури територальних громад Украши. ОбГрунтовано пропозицП щодо синергетичного поеднання глобальних i локальних пдходЮ до фiнaнcувaння пслявоенного вдновлення територальнихгромад. Узв'язку в прогнозованою деф^итнстю мюцевих бюджетЮ у пicлявоеннi роки громадам необхiдно почати застосовувати механвми використання нових фiнaнcових нструментЮ мжнародного ринку - соцальних, клшатичних, зелених облвацш, iмпaкm-бондiв i гбридних фiнaнcових iнcmруменmiв. Доведено, що ключовою ланкою програми фнансового вдновлення мае стати новостворений шсля закнчення вiйни Укра'шський банк вдбудови та розвитку (УБВРj. Перспективою подальших дослджень у цьому напрямi е виявлення оптимальноi структури капталу локальних iнcmиmуmiв розвитку та аналз проритетних напрямкю ювестищй у cферi фiнaнcово-кредиmноi' пдтримки пюлявоенно'!' вдбудови територальних громад УкраЫ.
The increasing instability within the global oil sector poses a challenge for contemporary companies to devise and implement effective financial stability strategies. The aim of this study is to ...analyse the financial stability strategies employed by oil companies, explore alternative approaches amidst the global volatility of the oil market, and develop a methodological framework for evaluating financial strategies, utilising an alternative options matrix. The author's methodological approach is proposed: a matrix of the company's alternative financial strategies is created. In this study, data from the top 10 largest oil companies in the world for the years 2015–2019 were utilised. Exxon Mobil and CNPC exhibit the lowest level of financial stability. A sustainable growth strategy is necessary for Aramco, Rosneft, and ADNOK. Kazmunaigas should adopt a strategy focused on ensuring financial stability in the event of adverse external conditions. For Exxon Mobil, maintaining financial stability is a relevant strategy. CNPC should consider implementing a financial stabilisation strategy contingent upon favourable market dynamics. The practical significance of the research results lies in providing specific conclusions and recommendations regarding optimal financial stability strategies for oil companies and stakeholders amidst global market volatility conditions. The analysis of the alternative financial strategies matrix may serve as a foundation for managerial decision-making aimed at ensuring company resilience in fluctuating economic environments and enhancing their competitiveness.
•The study focuses on diagnosing and correlating key financial stability ratios.•The author's methodological approach is proposed.•The data from 11 of the world's largest oil companies are used in the study.•Exxon Mobil and CNPC exhibit the lowest level of financial stability.•A sustainable growth strategy is necessary for Aramco, Rosneft, and ADNOK.
We examine the information content of disclosures of solvency and earnings information of European insurance companies under the Solvency I and Solvency II regulatory regimes. Using an event‐study ...research design, we investigate a sample of 571 announcements of 46 insurance firms during the 2012–2018 period. We find that under the Solvency I directive, investors find unexpected earnings to be informative but not the unexpected solvency ratio. However, under the Solvency II directive, both unexpected earnings and the unexpected solvency ratio are relevant to investors. Based on a decomposition of explained variance, we find that under the Solvency II directive, investors' attention has partly shifted away from earnings information toward solvency information. Our results indicate that the disclosed solvency ratios contain value relevant information under the risk‐based Solvency II framework and that the requirements under this framework shift investor attention toward solvency information and away from earnings of European insurance companies.
•We investigate the relationship between ERM adoption and solvency.•A sample of publicly listed insurers in the European Union is considered.•Our results show that ERM adoption is negatively related ...to insurance firm solvency.•Insurance solvency is also related to firm-specific factors and market demand.
We investigate the relationship between Enterprise Risk Management (ERM) adoption and solvency for publicly listed insurers in the European Union. Our results, which control for endogeneity problem, show that ERM-adoption insurers experience a decrease in their solvency level, which may trigger their financial vulnerability in the case of unexpected shocks. Firm-specific characteristics such as leverage, ROA, combined-ratio and business type are also found to significantly increase the EU insurers’ solvency, whereas the impact of firm size and age is insignificant. Moreover, insurers that have adopted the ERM share the common characteristics of higher performance, higher leverage, bigger size, and more diversified businesses. Finally, the demand of the market is an important factor of ERM adoption and insurance solvency.
We conduct a cross-country empirical analysis of fiscal solvency based on dynamic stochastic general equilibrium conditions. The results show evidence of fiscal solvency, in the form of a robust ...positive conditional response of the primary balance to changes in public debt, in panels for emerging and industrial economies and in a combined panel. Emerging economies show a stronger response and hence converge to lower mean debt–output ratios, as observed in the data. The results are weaker for countries with debt ratios exceeding panel means and medians. Hence, we can separate countries where fiscal solvency holds from those where it remains in doubt.
Equivalence and Insurance van den Hurk, Arthur
European business organization law review,
03/2024, Volume:
25, Issue:
1
Journal Article
Peer reviewed
Open access
The concept of equivalence is present in various forms in the Solvency II framework, the EU prudential regulatory framework for insurance and reinsurance. While equivalence in Solvency II does not ...grant, or should not be equated to, market access for market participants that make use of the equivalence instruments within Solvency II, equivalence plays an important role in insurance, in particular in the solvency capital calculation at group level, in group supervision and for the recognition of reinsurance under Solvency II. The conclusion can be drawn that equivalence is an essential building block of the current framework. The application of equivalence in the framework and in practice is discussed in this contribution, and while the application might be complex, it is indispensable. At the same time, other mechanisms, either within the Solvency II framework or more broadly at international level, influence the current state and might affect the evolution of equivalence going forward. While, inherently, there is a political component to equivalence as well, the instruments remain firmly based in (detailed) Solvency II rules and are applied accordingly in practice.
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