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PACCC6000 Financial Accounting

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PACCC6000 Financial Accounting

0 Download21 Pages / 5,095 Words

Course Code: PACCC6000
University: The University Of Newcastle

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Question:

Given the financial statements and the additional information, analyse and discuss the financial performance and position of Accent Group Limited. You should refer to the notes to the financial statements and the Director’s Report for further details and clarifications of changes in the financial statements. (You may find the Full Year Results CEO & CFO Presentation useful for this assignment).
Your analysis should be supported by profitability, liquidity, gearing and other appropriate ratios from Chapter 18 of the prescribed textbook.
Perform horizontal and vertical analyses of the Statements of Financial Position (Balance Sheets) and Statements of Profit or Loss (Income Statements) for the company read all parts of the Annual Reports
A marking rubric is included in this assessment for your information. The marking rubric details what is required in the report under each section. Note that this assessment will be discussed further in class
Administrative Details
This assignment must be typewritten and double-spaced. A copy should always be kept by the student. Attach an Assignment Cover Sheet to your submission.
The marking rubric below provides information about the presentation of report. Wherever possible, tabulate your comparative data and show them in an appendix but cross-reference them in your report.
The policies on late submission of assignments and plagiarism are provided in the Course Outline. Extensions with valid reasons will only be considered if the application is made 48 hours prior to submission.

Answer:

Introduction
The financial analysis report has been prepared on one of the listed companies on Australian Stock Exchange “Accent Group Limited”. The company was formerly known as RCG Corporation Limited and is the leader in retail and distribution business of performance and lifestyle footwear in Australia and New Zealand. It has over 420 stores and has been operating under 10 retail banners and 10 international brands. Some of the top most and leading brands include The Athlete’s Foot, Hype DC, Platypus Shoes, Podium Sports, Skechers, Merrell, CAT, Vans, Dr. Martens, Saucony, Timberland, Sperry Top-Sider, Palladium, and Stance. It is also in apparel and accessories business as well. The company was founded in 1981 and changed its name in November 2017 (Belton, 2017). The company has been a growing company in the past few years, further information about which is given below.
Discussion and Analysis
Horizontal Analysis
The horizontal analysis of the financial statements of the company over the past 3 years has been shown below:

Accent Group Limited

Consolidated statement of profit or loss

Particulars

2018

2017

% Change

2016

% Change

 $m

 $m

%

 $m

%

 

 

 

 

 

 

Revenue

    706,181

    636,153

11.0%

    442,723

43.7%

Other income/(expenses)

               2

            (51)

-103.9%

           191

-126.7%

Expenses

 

 

 

 

 

Finished goods used

   (292,100)

   (320,332)

-8.8%

   (209,608)

52.8%

Changes in inventories of finished goods

     (13,390)

      33,408

-140.1%

        7,210

363.4%

Employee benefits expense

   (145,508)

   (129,671)

12.2%

     (82,021)

58.1%

Depreciation and amortisation expense

     (24,133)

     (21,665)

11.4%

     (14,299)

51.5%

Impairment of brand name

 –

       (9,714)

 

 –

 

Write off-of assets

            (65)

 –

 

 

 

Rental expense on operating leases

     (81,644)

     (70,904)

15.1%

     (40,428)

75.4%

Advertising and promotion expenses

     (24,425)

     (20,697)

18.0%

     (13,954)

48.3%

Travel and telecommunication expenses

       (5,962)

       (4,447)

34.1%

       (3,839)

15.8%

Warehousing and freight expenses

     (22,107)

     (19,938)

10.9%

     (16,639)

19.8%

Acquisition-related costs

 

 

 

          (700)

 

Other expenses

     (28,350)

     (26,663)

6.3%

     (22,001)

21.2%

Finance costs

       (4,581)

       (4,055)

13.0%

       (3,753)

8.0%

Profit before Income tax expense

      60,918

      41,424

47.1%

      42,882

-3.4%

Income tax expense

     (16,918)

     (12,072)

40.1%

     (12,699)

-4.9%

Profit after Income tax expense for the year

      44,000

      29,352

49.9%

      30,183

-2.8%

Other comprehensive income

 

 

 

 

 

Items that may be reclassified subsequently to profit or loss

 

 

 

 

 

Net change in the fair value of cash flow hedges taken to equity, net of tax

        7,434

        1,431

419.5%

       (6,937)

-120.6%

Foreign currency translation

          (440)

             43

-1123.3%

           345

-87.5%

Other comprehensive income for the year, net of tax

        6,994

        1,474

374.5%

       (6,592)

-122.4%

Total comprehensive income for the year

      50,994

      30,826

65.4%

      23,591

30.7%

 

 

 

 

 

 

Profit for the year is attributable to:

 

 

 

 

 

Non-controlling interest

             43

           195

-77.9%

           259

-24.7%

Owners of Accent Group Limited

      43,957

      29,157

50.8%

      29,924

-2.6%

 

      44,000

      29,352

49.9%

      30,183

-2.8%

 

 

 

 

 

 

Total comprehensive income for the year is attributable to:

 

 

 

 

 

Non-controlling interest

             43

           195

-77.9%

           259

-24.7%

Owners of Accent Group Limited

      50,951

      30,631

66.3%

      23,332

31.3%

 

      50,994

      30,826

65.4%

      23,591

30.7%

 

 

 

 

 

 

 

 Cents

 Cents

 

 Cents

 

Basic earnings per share

               8

               6

48.6%

               6

-14.1%

Diluted earnings per share

               8

               5

49.4%

               6

-14.5%

Earnings per share

 Cents

 Cents

 

 Cents

 

 

 

 

 

 

 

Basic earnings per share

              (8)

              (3)

189.3%

              (7)

-62.2%

Diluted earnings per share

              (8)

              (3)

189.3%

              (7)

-62.2%

 

 

 

 

 

 

 

Accent Group Limited

Consolidated statement of Financial Position

Particulars

2018

2017

% Change

2016

% Change

 $m

 $m

%

 $m

%

 

 

 

 

 

 

Assets

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

     38,772

     46,279

-16.2%

     44,573

3.8%

Trade and other receivables

     18,370

     19,856

-7.5%

     25,472

-22.0%

Inventories

     98,556

   111,946

-12.0%

     78,534

42.5%

Derivative financial instruments

       4,614

 

 

 

 

Other

       1,367

       3,259

-58.1%

       2,730

19.4%

 

 

 

 

 

 

Total current assets

   161,679

   181,340

-10.8%

   151,309

19.8%

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

Receivables

          341

          705

-51.6%

          869

-18.9%

Derivative financial instruments

          676

 

 

 

 

Property, plant and equipment

     74,664

     74,800

-0.2%

     42,620

75.5%

Intangibles

   345,051

   347,758

-0.8%

   245,875

41.4%

Deferred tax

     22,310

     18,501

20.6%

     10,652

73.7%

 

 

 

 

 

 

Total non-current assets

   443,042

   441,764

0.3%

   300,016

47.2%

 

 

 

 

 

 

Total assets

   604,721

   623,104

-3.0%

   451,325

38.1%

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

     80,965

     88,849

-8.9%

     58,986

50.6%

Borrowings

     22,625

     15,097

49.9%

     10,013

50.8%

Derivative financial instruments

          251

       5,054

-95.0%

       6,608

-23.5%

Income tax

     10,497

       7,990

31.4%

       5,236

52.6%

Employee benefits

       6,107

       4,893

24.8%

       3,203

52.8%

Deferred lease incentives

       7,174

       4,949

45.0%

       3,160

56.6%

 

 

 

 

 

 

Total current liabilities

   127,619

   126,832

0.6%

     87,206

45.4%

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Borrowings

     51,000

     88,625

-42.5%

     40,000

121.6%

Derivative financial instruments

          184

          710

-74.1%

       1,968

-63.9%

Deferred tax

     15,447

     13,685

12.9%

       7,314

87.1%

Employee benefits

            64

          613

-89.6%

          332

84.6%

Deferred lease incentives

     18,494

     21,987

-15.9%

       8,218

167.5%

 

 

 

 

 

 

Total non-current liabilities

     85,189

   125,620

-32.2%

     57,832

117.2%

 

 

 

 

 

 

Total liabilities

   212,808

   252,452

-15.7%

   145,038

74.1%

 

 

 

 

 

 

Net assets

   391,913

   370,652

5.7%

   306,287

21.0%

Equity

 

 

 

 

 

Issued capital

   386,973

   385,310

0.4%

   319,319

20.7%

Reserves

     12,151

       3,208

278.8%

       1,390

130.8%

Accumulated losses

      (8,184)

    (19,603)

-58.3%

    (16,282)

20.4%

 

 

 

 

 

 

Equity attributable to the owners

   390,940

   368,915

6.0%

   304,427

21.2%

Non-controlling interest

          973

       1,737

-44.0%

       1,860

-6.6%

 

 

 

 

 

 

Total Equity

   391,913

   370,652

5.7%

   306,287

21.0%

 

 

 

 

 

 

From the above horizontal analysis, we can see that there has been a substantial increase in sales of 43.7% and 11% in both the year 2017 and 2018 respectively (Alexander, 2016). On the other hand, the Cost of goods sold has decreased in 2018 and increased more than sales in 2017. Most of the other expenses like those of employee benefit expenses, depreciation and amortization expenses, rental expenses, advertising and promotional expenses, travel and telecommunication expenses, warehousing and freight expenses has all increased in both the years 2018 and 2017 (Bromwich & Scapens, 2016). The profitability on the other hand, decreased by 3% in 2017 and increased sharply by 50% in 2018, because of which there was improvement in earnings per share as well.
Vertical Analysis
The vertical analysis of the financial statements has been given below:

Accent Group Limited

Consolidated statement of profit or loss

Particulars

2018

% Change

2017

% Change

2016

% Change

 $m

%

 $m

%

 $m

%

 

 

 

 

 

 

 

Revenue

    706,181

100.0%

    636,153

100.0%

    442,723

100.0%

Other income/(expenses)

               2

0.0%

            (51)

0.0%

           191

0.0%

Expenses

 

 

 

 

 

 

Finished goods used

   (292,100)

-41.4%

   (320,332)

-50.4%

   (209,608)

-47.3%

Changes in inventories of finished goods

     (13,390)

-1.9%

      33,408

5.3%

        7,210

1.6%

Employee benefits expense

   (145,508)

-20.6%

   (129,671)

-20.4%

     (82,021)

-18.5%

Depreciation and amortisation expense

     (24,133)

-3.4%

     (21,665)

-3.4%

     (14,299)

-3.2%

Impairment of brand name

 –

 

       (9,714)

-1.5%

 –

 

Write off-of assets

            (65)

0.0%

 –

 

 

0.0%

Rental expense on operating leases

     (81,644)

-11.6%

     (70,904)

-11.1%

     (40,428)

-9.1%

Advertising and promotion expenses

     (24,425)

-3.5%

     (20,697)

-3.3%

     (13,954)

-3.2%

Travel and telecommunication expenses

       (5,962)

-0.8%

       (4,447)

-0.7%

       (3,839)

-0.9%

Warehousing and freight expenses

     (22,107)

-3.1%

     (19,938)

-3.1%

     (16,639)

-3.8%

Acquisition-related costs

 

0.0%

 

0.0%

          (700)

-0.2%

Other expenses

     (28,350)

-4.0%

     (26,663)

-4.2%

     (22,001)

-5.0%

Finance costs

       (4,581)

-0.6%

       (4,055)

-0.6%

       (3,753)

-0.8%

Profit before Income tax expense

      60,918

8.6%

      41,424

6.5%

      42,882

9.7%

Income tax expense

     (16,918)

-2.4%

     (12,072)

-1.9%

     (12,699)

-2.9%

Profit after Income tax expense for the year

      44,000

6.2%

      29,352

4.6%

      30,183

6.8%

Other comprehensive income

 

0.0%

 

0.0%

 

0.0%

Items that may be reclassified subsequently to profit or loss

 

0.0%

 

0.0%

 

0.0%

Net change in the fair value of cash flow hedges taken to equity, net of tax

        7,434

1.1%

        1,431

0.2%

       (6,937)

-1.6%

Foreign currency translation

          (440)

-0.1%

             43

0.0%

           345

0.1%

Other comprehensive income for the year, net of tax

        6,994

1.0%

        1,474

0.2%

       (6,592)

-1.5%

Total comprehensive income for the year

      50,994

7.2%

      30,826

4.8%

      23,591

5.3%

 

 

 

 

 

 

 

Profit for the year is attributable to:

 

 

 

 

 

 

Non-controlling interest

             43

0.0%

           195

0.0%

           259

0.1%

Owners of Accent Group Limited

      43,957

6.2%

      29,157

4.6%

      29,924

6.8%

 

      44,000

6.2%

      29,352

4.6%

      30,183

6.8%

 

 

 

 

 

 

 

Total comprehensive income for the year is attributable to:

 

 

 

 

 

 

Non-controlling interest

             43

0.0%

           195

0.0%

           259

0.1%

Owners of Accent Group Limited

      50,951

7.2%

      30,631

4.8%

      23,332

5.3%

 

      50,994

7.2%

      30,826

4.8%

      23,591

5.3%

 

 

 

 

 

 

 

 

 Cents

 

 Cents

 

 Cents

 

Basic earnings per share

               8

 

               6

 

               6

 

Diluted earnings per share

               8

 

               5

 

               6

 

Earnings per share

 Cents

 

 Cents

 

 Cents

 

 

 

 

 

 

 

 

Basic earnings per share

              (8)

 

              (3)

 

              (7)

 

Diluted earnings per share

              (8)

 

              (3)

 

              (7)

 

 

 

 

 

 

 

 

 

Accent Group Limited

Consolidated statement of Financial Position

Particulars

2018

% Change

2017

% Change

2016

% Change

 $m

%

 $m

%

 $m

%

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

     38,772

6.4%

     46,279

7.4%

     44,573

9.9%

Trade and other receivables

     18,370

3.0%

     19,856

3.2%

     25,472

5.6%

Inventories

     98,556

16.3%

   111,946

18.0%

     78,534

17.4%

Derivative financial instruments

       4,614

0.8%

 

0.0%

 

0.0%

Other

       1,367

0.2%

       3,259

0.5%

       2,730

0.6%

 

 

 

 

 

 

 

Total current assets

   161,679

26.7%

   181,340

29.1%

   151,309

33.5%

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Receivables

          341

0.1%

          705

0.1%

          869

0.2%

Derivative financial instruments

          676

0.1%

 

0.0%

 

0.0%

Property, plant and equipment

     74,664

12.3%

     74,800

12.0%

     42,620

9.4%

Intangibles

   345,051

57.1%

   347,758

55.8%

   245,875

54.5%

Deferred tax

     22,310

3.7%

     18,501

3.0%

     10,652

2.4%

 

 

 

 

 

 

 

Total non-current assets

   443,042

73.3%

   441,764

70.9%

   300,016

66.5%

 

 

 

 

 

 

 

Total assets

   604,721

100.0%

   623,104

100.0%

   451,325

100.0%

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade and other payables

     80,965

13.4%

     88,849

14.3%

     58,986

13.1%

Borrowings

     22,625

3.7%

     15,097

2.4%

     10,013

2.2%

Derivative financial instruments

          251

0.0%

       5,054

0.8%

       6,608

1.5%

Income tax

     10,497

1.7%

       7,990

1.3%

       5,236

1.2%

Employee benefits

       6,107

1.0%

       4,893

0.8%

       3,203

0.7%

Deferred lease incentives

       7,174

1.2%

       4,949

0.8%

       3,160

0.7%

 

 

 

 

 

 

 

Total current liabilities

   127,619

21.1%

   126,832

20.4%

     87,206

19.3%

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

Borrowings

     51,000

8.4%

     88,625

14.2%

     40,000

8.9%

Derivative financial instruments

          184

0.0%

          710

0.1%

       1,968

0.4%

Deferred tax

     15,447

2.6%

     13,685

2.2%

       7,314

1.6%

Employee benefits

            64

0.0%

          613

0.1%

          332

0.1%

Deferred lease incentives

     18,494

3.1%

     21,987

3.5%

       8,218

1.8%

 

 

 

 

 

 

 

Total non-current liabilities

     85,189

14.1%

   125,620

20.2%

     57,832

12.8%

 

 

 

 

 

 

 

Total liabilities

   212,808

35.2%

   252,452

40.5%

   145,038

32.1%

 

 

 

 

 

 

 

Net assets

   391,913

64.8%

   370,652

59.5%

   306,287

67.9%

Equity

 

 

 

 

 

 

Issued capital

   386,973

64.0%

   385,310

61.8%

   319,319

70.8%

Reserves

     12,151

2.0%

       3,208

0.5%

       1,390

0.3%

Accumulated losses

      (8,184)

-1.4%

    (19,603)

-3.1%

    (16,282)

-3.6%

 

 

 

 

 

 

 

Equity attributable to the owners

   390,940

64.6%

   368,915

59.2%

   304,427

67.5%

Non-controlling interest

          973

0.2%

       1,737

0.3%

       1,860

0.4%

 

 

 

 

 

 

 

Total Equity

   391,913

64.8%

   370,652

59.5%

   306,287

67.9%

 

 

 

 

 

 

 

From the above vertical analysis, we can see that the finished goods used as a proportion of the sales has come down considerably from 50% to 41% in 20118, indicating efficiency in production operations (Chron, 2017). The employee benefit expenses, depreciation and amortization expenses, rental expenses on operating leases, travel and communication expenses, advertisement and publicity expenses and warehousing and freight expenses has all been constant over the years when compared as a proportion of sales. The profit however decreased in 2017 and then increased in 2018 (Johnson, 2017).
Financial Ratio Analysis
The ratio analysis of the company for the last 3 years has been shown below:

Accent Group Limited

Ratio Analysis

Type of Ratio

Particulars

Formula

2018

2017

2016

 %

 %

 %

Profitability Ratio

Rate of return on net sales

Profit after tax / Sales

6.23%

4.61%

6.82%

Rate of return on total assets

Profit after tax / Total Assets

7.28%

4.71%

6.69%

Asset turnover

Sales/Total Assets

1.17

1.02

0.98

Rate of return on equity

Net income/total owners’ equity

11.23%

7.92%

9.85%

Earnings per share

Earnings for eq. sh./No. of eq. sh.

8.23

5.54

5.54

 

 

 

 

 

 

Liquidity Ratio

Working capital

Working Capital/ Current Liabilities

0.27

0.43

0.74

Current ratio

Current Assets/ Current Liabilities

1.27

1.43

1.74

Acid-test ratio

Quick Assets/ Current Liabilities

0.49

0.55

0.83

Inventory turnover

COGS/Inventory

3.10

2.56

2.58

Days in inventory

365/Inventory Turnover

117.75

142.41

141.63

Gross profit percentage

Gross Profit/Net Sales

56.74%

54.90%

54.28%

Accounts receivable turnover

Sales/Accounts Receivable

37.74

30.94

16.81

Days’ sales in receivables

365/Receivable turnover

9.67

11.80

21.72

 

 

 

 

 

 

Gearing Ratio

Debt ratio

Total Debts / Total Assets

11.49%

17.75%

10.68%

Debt to equity ratio

Total Debts / Total Equity

17.73%

29.84%

15.74%

Times interest earned ratio

EBIT/Interest

14.30

11.22

12.43

 

 

 

 

 

 

From the above ratio analysis, we can see that amongst the profitability ratios, the return on sales decreased considerably in 2017 and then again increased in 2018 due to sharp increase in profits (Dumay & Baard, 2017). Similarly the return on the total assets decreased to as low as 4.71% in 2017 from 6.69% in 2016 but the same increased to 7.28% in 2018 due to more of profits and less of assets indicating better utilisation of the assets which is also evident from the increase in the assets turnover ratio from 0.98 to 1.17 times in 2018. The return for equity shareholders has increased from 9.85% to 11.23%, which is evident of the fact that the company is meeting the shareholder’s expectations and is growing in terms of returns. The same is vindicated by the considerable rise in the earning per share to 8.23 from 5.54 for the previous 2 years (Werner, 2017).
Amongst the liquidity ratios, all the three ratios, the working capital ratio, the current ratio and the quick ratio has declined over the years due to increase in current liabilities (especially borrowings and trade payables) and decrease in the current assets (especially inventory, cash and trade receivables). All this indicates that the company is not having sufficient current and liquid assets to pay off the short term debts. The inventory turnover ratio as well as the receivable turnover ratio has increased which indicates the goods= internal control being enjoyed by the company. Both the receivables days and the inventory days has dropped considerably in the past 3 years, which is good for cash conversion cycle (Heminway, 2017)e. The Gross Profit ratio has remained more or less constant (Linden & Freeman, 2017).
Amongst the Gearing ratio which is the measure of how the company has planned the capital structure, the debt ratio as well as the debt equity ratio both increased considerably in 2017 as compared to 2016 and then again declined in 2018 (Dichev, 2017). This was due to more of debt raising in 2017 and consequently high repayment in 2018. The equity has increased in all the 3 years. The times interest earned ratio has increased over the years indicating the interest payment ability of the company has increased due to decreasing debt proportion and thus interest (Jefferson, 2017).
Conclusion
From the extensive financial analysis of the company which has been done above, it can be seen that the company has been growing over the years not only in terms of profitability but in other aspects as well. From the horizontal and vertical analysis of the profit and loss account and the balance sheet, it is well indicated that the company has grown and improved both in terms of topliner as well as bottom-line. Furthermore, it has been able to bring down the costs considerably. The other aspect about it is the return on assets and the return on equity, which are one of the major aspects to check on the consistency and growth of the company, has all improved over the years (Goldmann, 2016). The substantial decrease in both the receivable and the inventory days indicate that internal controls have been strong and the cash cycle of the company has taken a major boost. Furthermore, since the company has minimal debt as of now, it enjoys the cushion to using leveraging in the future and to use the low cost debt to increase the profitability. In terms of balance sheet, the company has focused on increasing the equity balance through the issue of shares (done in 2017). The company made a major loan repayment in 2018 and the balance of current assets has been more or less constant as compared to the last year. The current assets rose sharply in 2017 and then again declined in 2018 (Raiborn, Butler, & Martin, 2016). The annual report and the Directors report also hints on the growth plans of the company in future and to expand the reach to the customer. The company focuses on delivering the quality and value to the customer and thereby maintaining sustainability therein. Thus, as an investor, it would be a viable company to invest in (Farmer, 2018).
References
Alexander, F. (2016). The Changing Face of Accountability. The Journal of Higher Education, 71(4), 411-431.
Belton, P. (2017). Competitive Strategy: Creating and Sustaining Superior Performance. London: Macat International ltd.
Bromwich, M., & Scapens, R. (2016). Management Accounting Research: 25 years on. Management Accounting Research, 31(1), 1-9.
Chron. (2017). five-common-features-internal-control-system-business. Retrieved december 07, 2017, from https://smallbusiness.chron.com/five-common-features-internal-control-system-business-430.html
Dichev, I. (2017). On the conceptual foundations of financial reporting. Accounting and Business Research, 47(6), 617-632. doi:https://doi.org/10.1080/00014788.2017.1299620
Dumay, J., & Baard, V. (2017). An introduction to interventionist research in accounting. The Routledge Companion to Qualitative Accounting Research Methods, 265. Retrieved from https://books.google.co.in/books?hl=en&lr=&id=PzQlDwAAQBAJ&oi=fnd&pg=PA265&dq=Dumay,+J.,+%26+Baard,+V.+(2017).+An+introduction+to+interventionist+research+in+accounting.+The+Routledge+Companion+to+Qualitative+Accounting+Research+Methods,+265.&ots=ta1isTHB
Farmer, Y. (2018). Ethical Decision Making and Reputation Management in Public Relations. Journal of Media Ethics, 33(1), 1-12.
Goldmann, K. (2016). Financial Liquidity and Profitability Management in Practice of Polish Business. Financial Environment and Business Development, 4(3), 103-112.
Heminway, J. (2017). Shareholder Wealth Maximization as a Function of Statutes, Decisional Law, and Organic Documents. SSRN, 1-35.
Jefferson, M. (2017). Energy, Complexity and Wealth Maximization, R. Ayres. Springer, Switzerland . Technological Forecasting and Social Change, 353-354.
Johnson, R. (2017). The Best Strategies for Investing. In the News, 21-31.
Linden, B., & Freeman, R. (2017). Profit and Other Values: Thick Evaluation in Decision Making. Business Ethics Quarterly, 27(3), 353-379. Retrieved from https://doi.org/10.1017/beq.2017.1
Raiborn, C., Butler, J., & Martin, K. (2016). The internal audit function: A prerequisite for Good Governance. Journal of Corporate Accounting and Finance, 28(2), 10-21.
Werner, M. (2017). Financial process mining – Accounting data structure dependent control flow inference. International Journal of Accounting Information Systems, 25(1), 57-80.

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