FINANCIAL PERFORMANCE INDICATORS OF TUNISIAN COMPANIES: DECISION TREE ANALYSIS
Keywords:
financial performance, diversification, innovation, emotional intelligence, decision treeAbstract
The article at hand is an attempt to identify the various indicators that are more likely to explain the financial performance of Tunisian companies. In this respective, the emphasis is put on diversification, innovation, intrapersonal and interpersonal skills. Indeed, they are the appropriate strategies that can designate emotional intelligence, the level of indebtedness, the firm age and size as the proper variables that support the target variable. The "decision tree", as a new data analysis method, is utilized to analyze our work. The results involve the construction of a crucial model which is used to achieve a sound financial performance.
Downloads
References
Adjaoud, F., Zeghal, D., Andaleeb, S. (2007). The Effect of Board’s Quality on Performance: a study of Canadian firms. Journal compilation Volume 15 Number 4 July.
Amihud Y., Lev B.(1981). Risk Reduction as Managerial Motive for Conglomerate Mergers, Bell Journal of Economics, vol. 12, p. 605-617
Andres, P., Azofra, V et Lopez, F. (2005). Corporate boards in OECD countries: size, composition, functioning and effectiveness. Blackwell Publishing Ltd. Volume 13 Number 2 March.
Barker, V. L., Mueller, G. C. (2002). CEO characteristic and firm R&D spending. Management Science 48 (1): 782-801.
Bauer, R., Frijns, B., Otten, R. et Tourani-Rad, A. (2008). The impact of corporate governance on corporate performance: evidence from japan . Pacific-Basin Finance Journal 16 (2008) 236– 251
Ben Cheikh, S., Zarai, M, A. (2008). Importance des facteurs organisationnels sur le pouvoir managérial et la performance de la firme. Colloque international fiscalité droit gestion, 8, 9 et 10 Mai 2008.
Ben Kraiem, R. (2008). The influence of institutional investors on opportunistic earnings management, International Journal of Accounting Auditing and Performance Evaluation, Vol. 5, No. 1, pp. 89-106.
Berger P.G. et Ofek E. (1995). Diversification’s Effect on Firm, journal of financial economics, volume 37,Issue 1, January 1995, Pages 39-65
Bergeron H(2000). les indicateurs de performance en context PME, quel modèle appliquer ? 21 éme congrés de l’Association Française de comptabilité Angers
Bessire D. (1999). définir la performance, comptabilité,contrôle ,audit,vol ,pp 127-150
Bodnar, G.M., Tang, C., Weintrop, J., (1999). Both sides of corporate diversification: The value impacts of geographic and industrial diversification. Working Paper, Johns Hopkins University
Booth, L., Aivazian, V., Demirguc-Kunt, A. and Maksimovic V. (2001). Capital Structure in Developing Countries, Journal of Finance, Vol. 56, pp. 87-130.
Börjesson, S., Löfsten, H., (2012). Capabilities for innovation in small firms – a studyof 131 high-tech firms and their relation to performance. International Journal of Business Innovation and Research 6 (2), 149–176.
Bouquin (2004 a), le contrôle de gestion, PUF, 6 éme edition
Bouquin .H (2004) : la notion de performance journée d’étude I A E de tours, 15 /1/ 2004
Bourguignon A. (1997). sous les pavés, la plage … ou les multiples fonctions du vocabulaire comptable : exemple la performance , comptabilité contrôle, audit, vol1, pp 89-101
Boyatzis R.E., et Goleman D. (1999) : Emotionnel Competence Inventory , Boston : HayGroup
Brown, L., Caylor M. (2004): Corporate governance and firm performance. Working paper.
Bujadi, M. L. and Richardson, A. J. (1997): A Citation Trail Review of the Uses of Firme Size in, Accounting Research , Journal of Accounting literature, Vol. 16, pp. 1-27.
Campa, J.M., Kedia, S., (2002). Explaining the diversification discount . Journal of Finance vol 57, p1731–1762
Chang, SJ and Hong, J. (2000). Economic performance of group-affiliated companies in Korea; intergroup resource sharing and internal business transaction. Academy of Management Journal, 43, pp. 429 – 448
Chen, H. L., Hsu, W. T., et Huang, Y. S. (2008). Top management team characteristics, R&D investment and capital structure in the IT industry. Small Business Economics Available at http://www.springerlink.com/index/k062471w88846740.pdf.
Colombo, M.G., Laursen, K., Magnusson, M., Rossi-Lamastra, C., (2012). Introduction: Small business and networked innovation: organizational and managerial chal-lenges. Journal of Small Business Management 50 (2), 181–190.
Cherniss, C. et Goleman, D, (2001). The emotionally intelligent workplace, Jossey Bass,
Corbel J, C (2003) :management de projet : fondamentaux, méthodes, outils, éditions d’organisations.
Demaria, S., & Dufour, D. (2007). Les choix d’options comptables lors de la transition aux normes AS/IFRS : quel rôle pour la prudence ? Comptabilité-Contrôle- Audit, n° 195, pp. 195-218
Demsetz H (1975). Two Systems of Belief About Monopoly in H.Goldschmid et al (EDS),Industrial Concentration: The New Learing, Little Brown ,p 164-84
Doukas J.et Kedia S, (2002). Explaining the diversification discount ,Journal of finance vol 57,p1731-1762
Dufour, D. and Molay, E. (2010). La Structure Financière des PME Françaises: Une Analyse Sectorielle sur Données de Panel, Manuscrit auteur, publié dans Crises et nouvelles problématique de la valeur, Nice, hal-00479529, version 1.
Durnev, A., Kim, E. H. (2003). To steal or not to steal: Firm attributes, Legal environnement, and valuation. Current Draft: September 22, 2003.
George J.M. (2000). Emotions and Leadership: The role of emotional intelligence ,Human Relations, vol. 53. N°8, p. 1027-1055.
Goleman D. (2001). Emotional intelligence , Issues in paradigm building. Dans C. Cherniss ET D. Goleman (dir.), the Emotionally Intelligence Workplace. San Francisco: Jossey-Bass.
Gourlay, A. & Seaton, J. (2004). The determinants of diversification in UK quoted companies. Applied Economics, vol 36, p 2059-2071.
Hergli, M., Bellalah,M., Abdennadher, N. (2007). Gouvernance d'entreprise et valeurs de marché en Tunisie. 4th International Finance conference. 15-17 Mars 2007, Hammamat, Tunis.
Hovakimian, A., Hovakimian, G., et Tehranian, H. (2004) : Determinants of target capital structure: The case of dual debt and equity issues. Journal of Financial Economics, Vol. 71, pp. 517-540.
Jarboui, A., et Olivero, B. (2008).Le couple Risque/ Horizon temporel des investissements est il gouverné par les institutionnels et les actionnaires dominants ? , Banque et Marchés, n° 93, Mars Avril, pp. 20-34
Jensen M. (1986): Agency costs of free cash flow, corporate finance and takeovers, American Economic Review, Vol 76, n°2, pp. 323-329.
Jordan, P.J., Ashkanasy, N.M. et Härtel, C.E.J.,(2002): Emotional intelligence as a moderator of emotional and behavioral reactions to job insecurity , Academy of Management Review, Vol. 27, 2002, pp. 361-372
Jung and Yu (2012): Managerial ownership, diversification, and firm performance: Evidence from an emerging market, International Business Review vol 21, p 518–534.
Kochhar, R., David, P. (1996). Institutional investors and firm innovation: A test of competing hypotheses. Strategic Management Journal 17 (1): 73-84.
Koh, P.S. (2003). on the association between institutional ownership and aggressive corporate earnings management in Australia. The British Accounting Review, Vol. 35, pp. 105-128.
Lang LHP and Stulz RM (1994), Tobin's Q, corporate diversification, and firm performance. Journal of Political Economy vol 102(6), p 1248-1280
Lee, J., Hall, EH, & Rutherford, MW (2003). A Comparative Study of US and Korean Firms: Changes in Diversification and Performance. International Journal Commerce and Management, 13 (1)
Lee, P. G., O’Neil, H. M. (2003). Ownership structures and R&D investments of U.S and Japanese firms: agency and stewardship perspectives. Academy of Management Journal 46 (2): 212-225.
Lewellen (1971). Apure financial rational for the conglomerate merger ,Journal of Finance vol 26 pp 521-537
Lin .Ch, Chang Ch (2014). the effect of technological diversification on organizational performance: An empirical study of S&P 500 manufacturing firms, Technol. Forecast. Soc.
Lorino P. 2003méthodes et pratiques de la performance ; éditions d’organisations
Mayer J. D., Caruso D., et Salovey P. (2000). Models of Emotional Intelligence , in: R. J. Sternberg (Ed) Handbook of Intelligence, Cambridge, England: Cambridge University Press.
Mayer J.D., et Salovey P. (1997). What is emotional intelligence? , Dans P. Salovey ET D.J. Sluyter (dir.), Emotional Development and Emotional Intelligence: Educational Implications: 3- 31. New York: Basic Books.
Mayer J.D., Salovey P., Caruso D. et Sitarenios G. (2003). Measuring emotional intelligence with the MSCEIT V2.0, Emotion, 3, 97-105.
Mintzberg.H, 1998, Le management : Voyage au centre des organisations, Edition d’ Organisation, P46.
Morgan J., Sonquist J.A(1963) Problems in the Analysis of Survey Data, and a Proposal, Journal of the American Statistical Association, 58:415-435, 1963.
Myers, S.C. (2001) Capital structure. Journal of Economic Perspectives, Vol. 15, pp. 81-102
Nachum, L.(2004). Geographic and industrial diversification of developing country firms. Journal of Management Studies, vol 41(2), p 0022-2380
Nickell S., Nicolitsas D., Dryden N. (1997), What makes firms perform well ?, European Economic Review, Vol 41, n°3-5, pp. 783-796.
Parida, V., Westerberg, M., Frishammar, J., (2012). Inbound open innovation activi-ties in high-tech SMEs: the impact on innovation performance . Journal of Small Business Management 50 (2), 283–309.
Rumelt.R (1974)Strategy, Structure and Economic Performance. Boston: Harvard Busines School Division of Research.
Sahut J.M., & Gharbi O. (2008) Investisseurs institutionnels et valeur de la firme, papier de travail, Université de Poitiers et Université Paul Cézanne hal-00645361, pp. 1-28.
Schroll, A., Mild, A., (2011). Open innovation modes and the role of internal R&D. An empirical study on open innovation adoption in Europe. European Journal of Innovation Management 14 (4), 475–495.
Schutte M. J., Ree M. J., et Carretta T. R. (2004), Emotional intelligence. Not much more than g and personality , Personality and Individual Differences, 37, 1059–1068.
Symeonidis G, (1996) innovation, firm size and market structure: Schumpeterian hypotheses and some new themeswww.google.com p 1-6, 10-15 Value , Journal of Financial Economics, vol. 37, p. 69-65.
Stephany E et Ngobo P.V(2001). Les différences de performance financière entre les entreprises : résultats du marché français , Finance Contrôle Stratégie Volume 4, n°, pp 89 – 121.
Ullmann, A. A. (1985). Data in Search of a Theory: A Critical Examination of the Relationships among Social Performance, Social Disclosure, and Economic Performance of U.S. Firms. Academy of Management Review, vol 10(3), pp 54 -57.
Van de Vrande, V., de Jong, J.P.J., Vanhaverbeke, W., de Rochemont, M., (2009). Open Innovation in SME’s: trends, motives and management challenges. Technovation29, 423–437.
Venkatraman N. et Ramanujam V. (1986). Measurement of Business Performance in Strategy Research: A Comparison of Approaches . Academy of management Review ,vol 11 ,N’4 pp 801-814
Zeidner M., Matthews, G., et Roberts, R.D. (2004). Emotional Intelligence in the Workplace: A Critical Review , Applied Psychology An International Review, 53, 371-399. Montreal.
