Evaluation of Wartsila’s Corporate Strategy
Value Framework Element: strategy and objectives
The strategy and the objectives that has been adopted by the corporate entity of Wartsila has been that the firm has initiated the production of the sufficient and accurate and up-to-date information that has led to the development of the business operations of Wartsila and has also further developed the markets, strategies and other financial positions. This also has been carried out in order to ensure the fact that the capital markets comprise of the required information in regards to Wartsila for the purpose of determining the fair value of the shares of the Company (Post and Byron 2015). In order to achieve this particular objective it has been found out that the corporate entity results in the publishing of the two annual interim reports, a half yearly financial report, a bulletin of the accounting statements, an annual report and releases in regards to the stock exchange.
Reporting Critique
The characteristics of the report that control the elements of the framework
- Clear stating of the strategic objectives and goals
- The targets that have been short term, long term and medium term in nature
Accessibility and extensiveness
The particular strategy that has been developed by the corporate entity refers to the fact that the management of the firm aims at enabling the societies to become self-sustainable in nature for the purpose of providing them with smart technology. The corporate entity of Wartsila offers the smart solutions to the energy and the marine markets. The management of the firm emphasizes on the optimization of the performance in regards to installation of the performance all through the life cycle by the utilization of the analytical data and artificial intelligence for the purpose of supporting the business decisions of the customers (Revelli and Viviani 2015). With the production and the supply chain management of the firm becoming flexible the corporate entity of Wartsila continuously investigates the new ways for the purpose of maintaining the efficiency of the costs and the quality of the products. The investments in the research and development of the firm focus on the aspect of digitalization for the purpose of creating a stronger foundation in order to secure and strengthen the leadership position.
Comprehensiveness
The aspect of comprehensiveness that has been included in the strategic report of the corporate organization refers to the fact that the strategy of the corporate firm has been comprehensive in nature and easy to understand. This means that the strategy that has been included in the annual report of the corporate entity has been objective in nature and very easy to decipher by the users of the accounting statements (Karna et al. 2016).
Characteristics of the Strategic Report
The corporate organization of MAN has also included the aspect of strategy in the annual report of the corporate firm. This means that the corporate entity has mentioned in the annual report in regards to the strategy of the corporate organization that the MAN Group shall continue to grow in the long term. The key success factors that have been utilized by the management of the corporate firm of MAN Group reflects the two major factors of optimum focus on the customers of the firm and leadership in regards to the implemented technology in the firm. Another strategy that has been formed by the management of MAN Group reflects the fact that the corporate entity has been in a constant effort to improve the quality of the environment in which it operates for the purpose of making the world of transportation more environment friendly and efficient in nature (Rani et al. 2015).
Conclusion
The conclusion that has been derived refers to the fact that the strategic report that has been included by the corporate entities of MAN Group and Wartsila has been comprehensive in nature. However, it should be noted here that the strategic report of the corporate organization of the MAN Group should be more detailed in nature. This means the essential elements of the strategy of the corporate entity should have been included in the strategic report.
Reporting Critique:
The characteristics of the report that control the element of the Business model framework:
- The business model that has been included in the business report of the corporate organization has been proper and has resulted in the creation of optimum business value in relation to the interrelatedness of the performance elements.
The business model of the corporate entity that has been included in the annual report of the corporate organization refers to the fact that the business model can be accessed with much ease from the contents of the annual report (Edwards 2014).
The business model that has been defined in the annual report of the corporate organization refers to the fact that the business of the corporate entity of Wartsila has been growing since a few financial years. This means that the extent of clarity up to which the business model has been created has been high (O’Neill et al. 2016). This means that the business entity has defined its business model in a clarified way that will help the stakeholders and the third party investors of the corporate entity to exactly understand the nature of the business firm.Moreover, the activities that have been carried out by it in the present times along with the business activities that might be carried out in the future has also been included in the business model of the corporate organization.
Evaluation of Wartsila’s Corporate Governance
Conclusion
The conclusion that can be arrived at is that the business model of the corporate organization of Wartsila has resulted in the providence of trust among the shareholders of the company as thy are aware of the fact as to how the business entity operates or carries out the goal of sustainable growth.
The corporate governance structure that has been included in the annual report of the firm refers to the fact that the corporate governance statement has been prepared in accordance to the guidelines that has been provided by the Articles of Association, the Finnish Limited Liability Companies Act, the rules and regulations that have been applied under the Nasdaq Helsinki Limited. Moreover, it has also been mentioned in the annual report of the corporate organization that the corporate governance statement has been further prepared on the basis of the Global Reporting Initiatives G4 Sustainability Reporting Guidelines and also complies with the Finnish Corporate Governance Code 2015 that has been issued by the Finnish Securities Market Association (Amit and Villalonga 2014)
The characteristics of the report that controls the element of the governance framework:
- The report has been clear and concise in nature
- The explanation in regards to the different committees have been included in the corporate governance statement of the firma
- The particulars of the aspect of corporate governance that has been included in the particular statement are accounting statements follows:
- The Board of Directors
- The regulations and the policies of the company
- The structure of the plan and its implementation
The corporate governance statement that has been included in the annual report of the business entity can be easily accessed and used. This means that the firm’s governance reporting has been included in the financial report of the corporate organization can be easily accessed with the help of the table of contents. Moreover, the corporate governance statement results in the demonstration of the accountability and transparency in regards to the details of the report (Lee et al.2016).
The transparency that has been reflected by the report refers to the fact that the different reports that have been included in the financial report of the corporate organization have been proper and in accordance to the different codes of conduct (Qiu et al. 2016). This means that the remuneration report, audit committee report and the nomination committee report have been prepared in accordance to the best practice codes, the number of the board meetings that have been conducted, the key issues that have been undertaken and the details of the external advisors (Okay and Kose 2015).
Conclusion
The conclusion that can be derived from the quality of the corporate governance statements refers to the fact that the corporate governance statement has been prepared in accordance to the provided standards.
Report Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘Risk Management’ Framework element:
Characteristics of the Governance Framework
The purpose of ascertaining the quality of the risk management element of the entity the details of how the risk is being managed and measured is analyzed.
Extensiveness and Accessibility:
The company objectively recognizes the fact that the risk management will ensure that the internal control of the entity is established in such a way that is aligned with the goals and objectives of the entity. The company has identified and defined entity level, process level activities and in addition to that has also implemented the information system controls (Kajola et al. 2015).
In case of MAN a separate division has been set up by the company and the same is headed by the GRC/ Chief Compliance officer. The company recognizes the risk that is involved in the exploitation of the opportunities that are present in the market (Brammer et al. 2015).
Comprehensiveness:
In case of Wartsila the comprehensiveness of the risk management is not focused enough o cater to the needs of the management in respect of the utilization of same in the decision making process. In case of MAN the risk management is much focused and the responsibility of the same is very effective (Maurya et al. 2015).
Conclusion and strength:
Wartsila strength in the field of risk management is compromised due to the fact that the company has not established a proper department for the recognition of the same.
In case of MAN the strength of the risk management process is very well managed by skillful and resourceful personal. Due to this the strength and the utility of the function is enhanced.
Reporting Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘Remuneration’ Framework element:
For the purpose of ascertainment of the efficiency and effectiveness of the report that has been reported by the entity in respect of the remuneration that is being paid to the employees of the entities the value, justification and the impact on the business is judged (Charlo et al. 2015).
Extensiveness and Accessibility:
As per the disclosure made in the annual report of Wartsila, the company ensures that equal wage is being given for the same job and same performance. The difference in the remuneration of the employees occur because of the effort required for the job, the difference in the competence of the employee, the experience of the employee and the performance that is being recorded by the employee (Mellat-Parast et al. 2015). No distinction is being made on the basis of the gender of the employee. The casual employees of the company are offered the same benefits as of the permanent employees. In addition to that the individual salaries are being reviewed once in a year.
Evaluation of Risk Management and Remuneration at Wartsila
In case of MAN the remuneration of the employees especially the senior executive are being made on the basis of several factors like that of the personal performance of the executive and the economic condition of the company (Vintila and Nenu 2015).
Comprehensiveness:
In the case of Wartsila the comprehensiveness with respect to the disclosures that are being made by the company regarding the principles and the policies that are followed for the salary of the employee is very good (Endrikat et al. 2014).
In case of MAN the comprehensive of the information that is being given out in this respect is very brief and inadequate.
Conclusion and strength:
In case of Wartsila the reporting and the criteria used for the purpose of determining the remuneration of employee is very justified and has a very positive impact on overall business. On the other hand according to the policy of MAN the recognition criteria of the company in respect of the remuneration are not very justified because the same should not be liked with the economic condition of the company (Chang and Tsai 2016).
Reporting Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘Financial Assets’ Framework element:
For rhea purpose of ascertaining the reporting quality and adequacy and appropriateness of the entity in this respect PWC analyses the value of the financial assets that have been recorded by the entity, the disclosure regarding the legal ownership of the asset and the financial health of the company (Sila, 2018).
Extensiveness and Accessibility:
The financial assets of the Wartsila are being properly categorized into several segments. These segments include financial assets measured at cost, financial assets that are being measured at their fair value through the statement of income and the financial assets valued at their fair value through other comprehensive income statement. For the purpose of classification of the financial assets the cash flow characteristics of the same are being considered and the business model that is being utilized for the purpose of managing and accounting them at the settlement date is considered (Churet and Eccles 2014).
In case of MAN it has classified the financial assets in the segments like available for sale financial assets, financial assets measured at fair value using profit and loss, loans and receivables and financial liabilities that are being measured at amortized costs.
Comprehensiveness:
In case of Wartsila the comprehensiveness of the same is not good the reason for this being that the same has not disclosed any information pertaining to the legal ownership of the assets.
In case of the MAN too no disclosures have been made in respect of the legal ownership of the assets of the compny.
Conclusion and strength:
In terms of the disclosures that are being made by Wartsila in respect of the same cannot be said to be bad but some other relevant data are needed to be disclosed in respect of the financial assets of the company like the disclosure regarding the legal ownership of the assets.
In case of MAN too the company needs to disclose more information in respect of the legal ownership of the assets.
Reporting Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘Physical Assets’ Framework element
For the purpose of ascertaining the adequacy of the disclosures made in respect of the physical assets of the company PWC ensures that the disclosure of the book value, current and the future values and the effectiveness and the efficiency of the assets are being reported duly by the company (Galbreath 2018).
Extensiveness and Accessibility:
In case of the Wartsila the property, plant and equipment of the company are measured at fair value less accumulated depreciation and impairment losses. The company makes sure that the costs of the assets include the costs that were directly incurred for the purpose of making the asset ready for its intended use. The grants that are being received by the company are deducted from the costs of the assets by the company. The assets that are acquired from the subsidiaries of the entity are recorded at the acquisition date. For the purpose of depreciation the company estimates the useful life like buildings have 10-40 years, machinery and equipment have 5-20 years and other tangible assets of the company amounted to 3-10 years.
In case of MAN to the assets are being recorded at cost less depreciation and any impairment loss. The grants received by the company are deducted from the costs of the assets.
Comprehensiveness:
In terms of comprehensiveness Wartsila the disclosures that are being given by the company are adequate as all the relevant information relating to the assets of the company has been disclosed by the company.
In case of MAN the company has also ensured that all the relevant disclosure in its respect is being made by the company. Hence the comprehensiveness of the report is very good (Galbreath 2018).
Conclusion
The strength of the reporting that is being done by the company in respect of the property, plant and equipment or the physical assets of the company is very strong both in the case of Wartsila and MAN.
Reporting Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘Customers’ Framework element:
For the purpose of ensuring that the reporting in respect of the customers PWC ensures that die consideration is being given to the number of customers and the breadth of the customer base, the revenue earned by the customer and the loyalty of the customer and the relationship exercised with the key customer of the entity is being given by the entity (Singal and Gerde 2015).
Extensiveness and Accessibility:
For the purpose of the responding to the needs of the customers Wartsila ensures that communication in the form of feedback is received from the customers at both operative and management level. The company encourages the maintenance of the relationship with the customers of the company is being maintained by keeping the promise by the company.
In the case of MAN the company has given reference to IFRS 15 for the purpose of determining the revenue recognition process of the entity.
Comprehensiveness:
In the case of the Wartsila the company has ensured that it gives enough details regarding the number of customers and the level of satisfaction that is enjoyed by them. Hence the comprehensiveness of the information that is being disclosed by the company is every efficient and adequate.
In case of MAN the company has not given adequate disclosure in respect of the number of customers and the relation that is being shared with the customers. Hence the comprehensiveness of the report is not very good.
Conclusion and strength:
Wartsila has ensured that adequate information is available in respect of the details of the customers. Hence the strength of the information revealed by the entity in this respect is very good.
MAN has not provided adequate details hence the strength of the information is not good.
Reporting Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘People and Culture’ Framework element:
for the [purpose of ascertaining the quality of report presented by the company in this respect, PWC analyses the degree of staff competency, motivation and engagement in the staff, opportunity for advancement and the way in which the employee think, beave communicate and co-operate.
Extensiveness and Accessibility:
Wartsila has disclosed in it’s an annual report that the key focus of the company is to ensure that within the organization there is a culture of leadership and the level of performance that is registered by theemployeee is very high. The employee culture is beingpromoted by the company via open communication, integrity and innovation (Simo Kengne 2016).
In the case of MAN the company has also promoted the concept of leadership and team work. The company has focused on the point of making available the opportunities for the employees in respect of the growth opportunities in the future.
Comprehensiveness:
The comprehensiveness of the report in case of Wartsila is good. The reason being the details FO the approaches that are being taken up by the company in this respect has been clearly given out.
In case of MAN the company comprehensiveness of the report presented is also very good. The reason being that the company has ensured that the details are issued in detail regarding the policy of the company.
Conclusion and strength:
The strength of the disclosures and the report that has been made by the company in case of Wartsila is very strong. In case of MAN there is still scope of improvement regarding the presentation of the data.
Reporting Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘Brands and Intellectual Assets’ Framework element:
For the purpose of determining the quality of reporting in this respect PWC ensures that requisite information regarding the reputation and brand recognition value, building and brand protection and utilization of intangibles is being disclosed.
Extensiveness and Accessibility:
In case of Wartsila the intangible assets of the entity are being recorded if the costto the assets could be determined reliably in respect of the assets. In addition to that there is a probability that the economic benefit arising out of the assets will accrue in the favor of the entity. Some of the company’s intangible assets include patents, license, software, customer relations and intellectual property. The period for which the amortization is being done is clearly stated out in the annual report of the entity. It is seen that the entity amortizes the software over a period of 3-7 years, development expense 5-10 years and other intangible asset 5-20 years (Hawaldar et al. 2016).
In case of MAN it is clearly mentioned by the company that the assets that are purchased are recorded at cost. The assets which are acquired by way of business combinationare recognized by the company at their fair value on the acquisition date.
Comprehensiveness:
In case of Wartsila the company has ensured that comprehensive information is being reported to the shareholders of the company and in pursuance of that it ensured that all the relevant information regarding the recognition and amortization of the intangible assets is disclosed objectively and in details.
In case of MAN the disclosure requirement of the company has to be improved. The reason being that the disclosure given out by the company is not adequate for the purpose of meeting the requirements of the entity.
Conclusion and strength:
The strength of the reporting of Wartsila is very strong due to the detailed disclosures that are being given out by the company in respect of the intangibles of the entity. Whereas the disclosure that are being given out by MAN is not adequate enough to meet the disclosure requirement of the entity.
Reporting Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘Processes and supply chain’ Framework element:
For the adequacy of the supply chain the internal processes and the supply chain attributes are objectively analyzed by PWC.
Extensiveness and Accessibility:
Wartsila has objectively realized the importance of the establishing a good relationship with the suppliers of the company. The company has established supplier selection procedures. This depends on the requirements of the company and the development of the supplier relationship.
In case of MAN no such disclosure has been made by the company regarding the supply chain management system of the entity (Gabrielsson et al. 2016).
Comprehensiveness:
In the case of Wartsila it is seen that detailed description in respect of this matter is given. Hence the comprehensiveness of the information provided by the company is good.
In case of MAN no such disclosure has been given to the public regarding the relationship that is shared by the company with its suppliers.
Conclusion
It is seen that in the case of Wartsila the company’s disclosure given out in respect of the supply chain is adequate and appropriate. This has increased the strength of the disclosure made by it.
In case of MAN the company has not given the requisite disclosure and due to this the strength of the disclosure of the company is not strong enough.
Reporting Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘Operational Performance’ Framework element:
The various aspects monitored by PWC include the quality of the products and services; the customer services the sales performance etc.
Extensiveness and Accessibility:
In case of Wartsila the company has given detailed information regarding the various financial and non-financial performance that has been recorded by the company.
In case of MAN the company has ensured that adequate information regarding the operational performance is disclosed in the financial statement.
Comprehensiveness:
The comprehensiveness of report presented by both the companies is good.
Conclusion and strength:
The report that has been prepared and presented by the entity in respect of the operational performance of the entity is very strong and effective.
Reporting Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘Economic Performance’ Framework element:
for the purpose of determining the adequacy of the information given out in this respect PWC ensures that the requisite information in the profit and loss account has been given out by the company or not. The key and significant information regarding the economic performance and the position of the company isbeing recorded in the financial statements of the entity and the same consistsFO the balance sheet the profit and loss account, the statement of changes of equity, other comprehensive income statement and the notes to accounts of the company.
Extensiveness and Accessibility:
In the case of Wartsila, the company has ensure that the recording of all the material transactions that are being conducted by the entity are duly recorded in the financial statements that are being prepared by the entity. The company has prepared all the income statement, other comprehensive income statement and the balance sheet.
In case of MAN too it is seen that the company has prepared all the financial statements that are required to be prepared by the entity.
Comprehensiveness:
The comprehensiveness of the statements prepared by Wartsila is quite good. In the case of MAN to the comprehensiveness is quite impressive.
Conclusion
The strength of the reporting that is done by Wartsila is very good. The reason being that the details regarding the elements of the financial statements of the company are given very elaborately.
Reporting Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘Environmental’ Framework element:
For the determination of the quality of the reporting PWC evaluates the outcomes and the impact of the actions of the entity on the environment.
Extensiveness and Accessibility:
It has been stated out that the impact of the company’s action on the environment is one of the key concerns of the company. In this respect the company has given out adequate disclosure in the sustainability report that has been prepared by it.
In case of MAN too the disclosure given out by the company in this respect is adequate.
Comprehensiveness:
In the case of Wartsila the comprehensiveness of the information is very good.
In case of the Man too the comprehensiveness of the report presented by the company is very good (Gabrielsson et al. 2016).
Conclusion and strength:
The strength of the disclosure that has been given out by Wartsila is very strong. In the case of MAN the strength of the information is strong too.
Reporting Extract:
Reporting Critique:
Reporting Characteristics that drives PWC’s ‘Segmental’ Framework element:
For the ascertainment of the quality of the information reported by the entity the performance recorded by the entity on geographical basis, business unit basis or product area basis and the focus laid out on value creation and measurement.
Extensiveness and Accessibility:
It is seen in the case of Wartsila the company has company proper segment reporting has been done based on the business unit and the geographical location.
In case of MAN too appropriate reporting has been done in respect of the various segments based upon the geographic and business unit’s basis.
Comprehensiveness:
In the case of the Wartsila the comprehensiveness of the information is good. In the case of MAN too the information stated out in the annual report is very comprehensive.
Conclusion
The strength of the information stated out in the annual report is good in case of Wartsila. In case of MAN too the strength of the report is very good.
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