BUS5IAF Introduction to Accounting and Finance for IskraCorp Pty Ltd

Analyze separately data with some innacuracies from my excel files and then from solution files (Do NOT analyze mistakes, analyze data) Very important suggestions provided for such a business.

Answer:

Introduction:

The assignment deal with the company, which is IskraCorp Pty Ltd, sells smart toys which is a medium sized business enterprise. The financial performance of the chosen company is advised and further interpretation is done accordingly. The retail business of the firm is analyzed and recommendations are made accordingly in order to bring certain changes to improve the efficiency of the firm (Kaplan and Atkinson 2015). Analysis of key financial ratios is performed in order to conduct an operation on the financial performance of the company. The financial strength of the company identified through the conducted analysis of the chosen company, which is IskraCorp Pty Ltd. In order to outperform the competitors the company needs to brush up the current financial performance of the company and improve it accordingly in order to outperform its competitors.

Advices on detailed analysis on Financial Report from ASS2 Part -2

Analysis of IskraCorp Pty Ltd on ASS2 Part – 1 A2

IskraCorp Ltd
Balance sheet as at 31.12.2017

ASSETS	($000)	($000)	LIABILITIES	($000)	($000)

Current Assets			Current Liabilities

Inventory	192
Total Current Assets		192	Total Current Liabilities		0

Non-current Assets			Non-current Liabilities

Land & Buildings	500		Bank Loans	568

Furniture, Fixtures & Fittings	100		Mortgage Loans	415

Plant & Equipment	250
Total Non-current Assets		850	Total Non-current Liabilities		983

			TOTAL LIABILITIES		983

			SHAREHOLDERS' EQUITY

			Ordinary Shares	180
			TOTAL SHAREHOLDERS' EQUITY		180

TOTAL ASSETS		1,042	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		1,163

Profit & Loss Statement
for the year ending 31 December 2018
	($000)	($000)

INCOME
Sales	1,838
Total Income		1,838
less Cost of Sales		-937
GROSS PROFIT		901
less OPERATING EXPENSES
Wages	-142
Rent	-129
Motor Vehicle Running Exp	-41
Insurance	-42
Printing & Stationery	-19
Heating & Lighting	-22
Telephone, Postage & Internet	-11
Total Depreciation	-35
Total Operating Expenditure		-463
EARNINGS BEFORE INTEREST AND TAX (EBIT)		438
Interest		-13
Tax		-85
NET PROFIT		340
Dividends declared		204
Transfer to Retained Earnings		136

Statement of Cash Flows
for the year ending 31 December 2018

	($000)	($000)

CASH FLOWS FROM OPERATING ACTIVITIES

Cash received from Customers	1,728
Cash paid to Suppliers	-825
Cash Expenses	-369
Interest Paid	-59
Tax Paid	-85
Pre-paid Expenses	-37

Total Cash Flows from Operating Activities		355
CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of Land & Buildings	-630
Purchases of Plant & Equipment	-220
Purchases of Motor Vehicles	-100
Mortgage Loan Repayments	46
Total Cash Flows from Investing Activities		-904
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of Corporate Bonds	630
Proceeds from issue of Shares	266
Proceeds from Bank Overdraft	31
Dividends Paid	-204
Total Cash Flows from Financing Activities		723
NET CHANGE IN CASH		174
+ Opening Cash		-121
= Closing Cash		53

Analysis of IskraCorp Pty Ltd on ASS2 Part – 2 B2

Statement of Cash Flows
for the year ending 31 December 2018 ($000)

CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers (Sales - A/R)	1,728
Cash paid to suppliers (Purchases - A/P)	(825)
Cash expenses (Operating expenses - Depn)	(369)
Interest paid	(59)
Pre-paid expenses	(37)
Net cash provided by operating activities		438

CASH FLOWS FROM INVESTING ACTIVITIES
Land and Buildings	(630)
Motor Vehicles	(100)
Plant and Equipment	(220)
Net cash used in investing activities		(950)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from Bank Overdraft	31	31
Mortgage loan repaymenets	(46)
Proceeds from issue of corporate bonds	630
Proceeds from issue of shares	266
Net cash provided by financing activities		881
Net increase in cash		369
+ Opening Cash		121
= Closing Cash		490

Interpretation based on the above computed cash flow statement:

Cash flow from the operating activities means the inflow and the outflow of cash, which means that the payment made to the creditors, and cash received from the debtors is the inflow of cash from the operating activity. IskraCorp Pty Ltd is able to generate positive cash flow from the cash from the operating activity which is satisfactory for the business. Cash flow from investing activity means that the inflow and outflow of cash from the capital investment of goods like purchase and sale of fixed assets. There is negative cash flow from the investing activity as there is purchase of land and building, motor vehicles, plant and equipment of IskraCorp Pty Ltd. Cash flow from the financing activity means the issue and redemption of the shares and debentures of the company which is the inflow and outflow of cash in the business. IskraCorp Pty Ltd has a positive cash flow from the financing activity as there is more issue than the payment of liabilities. Thus it is a satisfactory performance of IskraCorp Pty Ltd as it has positive cash flow from the financing activity.

FINANCIAL STATEMENTS - SOLUTION
IskraCorp Ltd
Balance Sheet as at 31 December 2017 ($000)
ASSETS			LIABILITIES
Current Assets			Current Liabilities		0
Cash	121
Inventory	192		Non-current Liabilities
Total Current Assets		313	Bank Loans	568
			Mortgage Loans	415
Non-current Assets			Total Non-current Liabilities		983
Land and Buildings	500
Plant and Equipment	250		TOTAL LIABILITIES		983
Furniture, Fixtures and Fittings	100
Total Non-current Assets		850	SHAREHOLDERS' EQUITY
			Ordinary Shares	180
			Total Shareholders' Equity		180
TOTAL ASSETS		1,163	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		1,163

Profit and Loss Statement
for the year ending 31 December 2018 ($000)
Sales		1,838
Cost of Sales		(966)
Gross Profit		872
Wages	(142)
Rent	(92)
Motor Vehicle Running Expenses	(41)
Insurance	(42)
Printing and Stationery	(19)
Heating and Lighting	(22)
Telephone, postage and Internet	(11)
Depreciation	(40)
Total Operating Expenses		(409)
EBIT		463
Interest		(59)
Profit Before Tax		404
Tax (20%)		(81)
Net Profit		323

Interpretation based on balance sheet and profit and loss statement:

The company’s balance sheet and profit and loss statement of the company is strong. In order to compete with the competitors of the company it is needed to further improve the performance. The company needs to increase the revenue by decreasing the cost. The limitation of such revenue will increase the tax burden. Company has to take initiative to reduce such cost burden.

Analysis of IskraCorp Pty Ltd on ASS2 Part – 2 B3

IskraCorp Ltd
Balance Sheets as at 31 December ($000)

	2018	2019	2020	2021		2018	2019	2020	2021
ASSETS					LIABILITIES
Current Assets					Current Liabilities
Cash	490	435	491	576	Accounts Payable	112	124	137	152
Accounts Receivable	110	94	80	73	Bank Overdraft	31	30	29	28
Inventory	163	160	157	152	Income Tax Payable	81	44	49	54
Pre-paid Expenses	37	33	27	22	Total Current Liabilities	418	305	324	345
Total Current Assets	800	722	755	823
					Non-current Liabilities
Non-current Assets					Bank Loans	568	568	568	568
Land and Buildings	1,130	1,130	1,130	1,130	Mortgage Loans	369	332	299	269
Motor Vehicles	100	100	100	100	Corporate Bonds	630	630	630	630
less Depreciation	(5)	(15)	(25)	(35)
Plant and Equipment	470	522	621	708	Total Non-current Liabilities	1,567	1,530	1,497	1,467
less Depreciation	(25)	(72)	(124)	(186)
Furniture, Fixtures and Fittings	100	111	123	136	TOTAL LIABILITIES	1,985	1,835	1,821	1,812
less Depreciation	(10)	(20)	(31)	(43)
Total Non-current Assets	1,760	1,756	1,794	1,810	SHAREHOLDERS' EQUITY
					Ordinary Shares	324	321	318	308
					Preference Shares	122	122	122	122
					Retained Earnings	129	200	288	391
					Total Shareholders' Equity	575	643	728	821
TOTAL ASSETS	2,560	2,478	2,549	2,633	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,560	2,478	2,549	2,633

Profit and Loss Statements
for the years ending 31 December ($000)
	2019	2020	2021
Sales	2,022	2,083	2,104
Cost of Sales	(940)	(1,050)	(1,178)
Gross Profit	1,082	1,033	926
Wages	(461)	(367)	(241)
Rent	(98)	(104)	(99)
Motor Vehicle Running Expenses	(44)	(47)	(45)
Insurance	(45)	(48)	(46)
Printing and Stationery	(20)	(21)	(20)
Heating and Lighting	(24)	(25)	(24)
Telephone, postage and Internet	(43)	(46)	(44)
Depreciation	(67)	(73)	(84)
Total Operating Expenses	(802)	(731)	(603)
Operating Profit/EBIT	280	302	323
Interest	(58)	(56)	(55)
Profit Before Tax	222	246	268
Tax (20%)	(44)	(49)	(54)
Net Profit	178	197	214

Ordinary Dividends Paid	75	77	79
Preference Dividends Paid	32	32	32
Dividends Paid	107	109	111

Statements of Cash Flows
for the years ending 31 December ($000)
	2019	2020	2021
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers	2,038	2,097	2,111
Cash paid to suppliers	(925)	(1,034)	(1,158)
Cash expenses	(735)	(658)	(519)
Interest paid	(58)	(56)	(55)
Tax paid	(81)	(44)	(49)
Pre-paid expenses	4	6	5
Net cash provided by operating activities	243	311	335
CASH FLOWS FROM INVESTING ACTIVITIES
Plant and Equipment	(52)	(99)	(87)
Furniture, Fixtures and Fittings	(11)	(12)	(13)
Net cash provided by investing activities	(63)	(111)	(100)
CASH FLOWS FROM FINANCING ACTIVITIES
Bank Overdraft	(1)	(1)	(1)
Mortgage loan repayments	(37)	(33)	(30)
Buyback of shares	(3)	(3)	(10)
Dividends paid	(194)	(107)	(109)
Net cash provided by financing activities	(235)	(144)	(150)
Net increase in cash	(55)	56	85
+ Opening Cash	490	435	491
= Closing Cash	435	491	576

Analysis of IskraCorp Pty Ltd on ASS2 Part – 2 B4

WEIGHTED AVERAGE COST OF CAPITAL - SOLUTION
SOURCE OF CAPITAL			COST	VALUE ($000)	WEIGHT
Bank Loans
	Before-tax cost of bank loans		11.90%
	Market value of bank loans ($000)			$568	16.7%

Mortgage Loans
	Before-tax cost of mortgage loans		8.20%
	Market value of mortgage loans ($000)			$269	7.9%

Corporate Bonds
	Credit spread	208
	Credit spread as a percentage	2.08%
	Risk-free rate to be used to calculate cost of corporate bonds	1.87%
	Before-tax cost of corporate bonds		3.95%

	Face value of all bonds ($000)	$630
	Coupon rate	6.4%
	Number of coupon payments per year	4
	Total number of coupon payments	12
	Total value of coupon payments per year ($000)	$40.32
	Value of each coupon payment ($000)	$10.08
	Yield per coupon payment	0.9875%
	Value of corporate bonds ($000)			$673	19.8%

Ordinary Shares
	Risk-free rate to be used to calculate cost of ordinary shares	3.47%
	Beta	1.5
	Market risk premium	6.09%
	Cost of ordinary shares		12.61%

	Number of ordinary shares (thousands)	703
	Ordinary share price	$2.41
	Market value of ordinary shares ($000)			$1,694	49.7%

Preference Shares
	Preference dividend per share	$0.14
	Preference share price	$1.66
	Cost of preference shares		8.43%

	Number of preference shares (thousands)	122
	Market value of preference shares ($000)			$203	6.0%

				$3,407	100.0%

Tax Rate		20%

Weighted Average Cost of Capital					9.5%

Interpretation of the above computed WACC:

The weighted average cost of capital of IskraCorp Pty Ltd is that 9.5% which means that the cost of capital of the firm. This is that the expected return the company. The company need to maintain the minimum return. The WACC formed by the capital structure of the company with weights of the company is multiplied by the related cost of the allocated capital. This is how the WACC of a company is formed.

Analysis of IskraCorp Pty Ltd on ASS2 Part – 2 B5

PROJECT EVALUATION - SOLUTION

Weighted Average Cost of Capital:		Year		1	2	3	4
	9.5%	Opening Book Value		280	140	70	35
		less Depreciation		-140	-70	-35	-35
Tax Rate:	20.0%	Closing Book Value		140	70	35	0

Cash Flow			0	1	2	3	4	5
Revenue				135	128.25	121.838	115.746
less Wages				-41	-41	-41	-41
less Maintenance				-9	-13	-17	-21
less Opportunity Cost (Rent)				-15	-15	-15	-15

less Depreciation				-140	-70	-35	-35

Incremental EBIT				(70)	(10.75)	13.84	3.75
less Tax				14.0	2.2	-2.8	-0.7


Incremental Earnings				-56.0	-8.6	11.1	3.0

plus Depreciation				140	70	35	35
Initial Outlay			-280
Net Working Capital			-17					17
Salvage Value								34
less Tax on Profit on Sale of Asset								-6.8

Incremental Free Cash Flows			-297.0	84.0	61.4	46.1	38.0	44.2
PV of Incremental FCFs			-297.0	76.7	51.2	35.1	26.4	28.1
NPV			-79.5

Analysis of IskraCorp Pty Ltd on ASS2 Part – 2 B6

PART 6 (A) - SOLUTION
INVENTORY BUDGET - SOLUTION
increase	decrease	thousands	2023
60%	30%	10%	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Sales			52800	52800	52800	73920	73920	73920	73920	73920	73920	52800	52800	52800
Cost of Goods Sold			31680	31680	31680	44352	44352	44352	44352	44352	44352	31680	31680	31680
1
Opening Inventory			260	260	260	286	286	286	286	286	286	260	260	260
- Cost of Goods Sold			-31680	-31680	-31680	-44352	-44352	-44352	-44352	-44352	-44352	-31680	-31680	-31680
+ Purchases			31680	31680	31706	44352	44352	44352	44352	44352	44326	31680	31680	31680
Closing Inventory			260	260	286	286	286	286	286	286	260	260	260	260
CASH BUDGET - SOLUTION


			2022
			Oct	Nov	Dec
Sales			52800	52800	52800
Purchases				31680	31680

20	1	$000	2023
10%	30%	60%	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Sales			52800	52800	52800	73920	73920	73920	73920	73920	73920	52800	52800	52800
Purchases			31680	31680	31706	44352	44352	44352	44352	44352	44326	31680	31680	31680
430	180	120
Cash Received From Customers:
sales from 3 months ago			5280	5280	5280	5280	5280	5280	7392	7392	7392	7392	7392	7392
sales from 2 months ago			15840	15840	15840	15840	15840	22176	22176	22176	22176	22176	22176	15840
sales from last month			31680	31680	31680	31680	44352	44352	44352	44352	44352	44352	31680	31680
Total Cash Received From Customers			52800	52800	52800	52800	65472	71808	73920	73920	73920	73920	61248	54912
FALSE
Payments To Suppliers:
purchases from 2 months ago			15840	15840	15840	15840	15853	22176	22176	22176	22176	22176	22163	15840
purchases from last month			15840	15840	15840	15853	22176	22176	22176	22176	22176	22163	15840	15840
Total Payments to Suppliers			31680	31680	31680	31693	38029	44352	44352	44352	44352	44339	38003	31680

Cash Received From Customers			52800	52800	52800	52800	65472	71808	73920	73920	73920	73920	61248	54912
- Payments to Suppliers			-31680	-31680	-31680	-31693	-38029	-44352	-44352	-44352	-44352	-44339	-38003	-31680
- Wages			-300	-300	-300	-348	-348	-348	-348	-348	-348	-300	-300	-300
- Operating Expenses			-430	-430	-430	-430	-430	-430	-430	-430	-430	-430	-430	-430
Total Cash Paid			-32410	-32410	-32410	-32471	-38807	-45130	-45130	-45130	-45130	-45069	-38733	-32410
Net Change in Cash			20390	20390	20390	20329	26665	26678	28790	28790	28790	28851	22515	22502

Opening Cash			90	20480	40870	61260	81589	108254	134932	163722	192512	221302	250153	272668
Net Change in Cash			20390	20390	20390	20329	26665	26678	28790	28790	28790	28851	22515	22502
Closing Cash			20480	40870	61260	81589	108254	134932	163722	192512	221302	250153	272668	295170
ACCOUNTS RECEIVABLE BUDGET - SOLUTION

			2023
			Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Opening Accounts Receivable			79200	79200	79200	79200	100320	108768	110880	110880	110880	110880	89760	81312
+ Credit Sales			52800	52800	52800	73920	73920	73920	73920	73920	73920	52800	52800	52800
- Payments Received			-52800	-52800	-52800	-52800	-65472	-71808	-73920	-73920	-73920	-73920	-61248	-54912
= Closing Accounts Receivable			79200	79200	79200	100320	108768	110880	110880	110880	110880	89760	81312	79200
ACCOUNTS PAYABLE BUDGET - SOLUTION

			2023
			Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Opening Accounts Payable			47520	47520	47520	47546	60205	66528	66528	66528	66528	66502	53843	47520
+ Credit Purchases			31680	31680	31706	44352	44352	44352	44352	44352	44326	31680	31680	31680
- Payments Made			-31680	-31680	-31680	-31693	-38029	-44352	-44352	-44352	-44352	-44339	-38003	-31680
= Closing Accounts Payable			47520	47520	47546	60205	66528	66528	66528	66528	66502	53843	47520	47520

Interpretation of the above computed tables:

The inventory management of the company is satisfactory and the account receivables and the account payables of the company is also satisfactory. Thus in order to compete with the other competitors of the company, it is needed to further revise the statement and implement new strategy.

PART 6 (B) - SOLUTION
BREAK-EVEN ANALYSIS

Variable component of the wages cost?	ΔWages /ΔUnits = ($300 - $348) / (2640 - 3696) = $	0.05	per unit
Fixed component of the wages cost?	Total Wages - Variable Wages = $348,000 - 3696,000 x $0.05 = $	180,000
Total value of all fixed costs?	Operating Costs + Fixed Wages = $430,000 + $180,000 = $	610,000
Variable cost of raw materials?	60% of the Selling Price = 60% x $20 = $	12.00	per unit
Total value of all variable costS?	Variable Wages per unit + Raw Materials per unit = $0.05 + $12 = $	12.05	per unit
Break-even point?	Fixed Costs / (Selling Price - Variable Costs per unit) = $610,000 / ($20 - $12.05) =	76,686	units

Analysis of IskraCorp Pty Ltd on ASS2 Part 3

Profitability Ratios:

Years	2019	2020	2021
Profitability Ratios
Return on Equity	28%	27.20%	26%
Return on Capital Employed	12.90%	13.60%	14.10%
Operating Profit Margin	13.80%	14.50%	15.40%
Gross Profit Margin	53.50%	49.60%	44.00%

Interpretation of the above computed profitability financial ratios:

Return on equity measures the profitable growth of the company, which means that the IskraCorp Pty Ltd is efficient in converting the equity of the company into return. The standard ratio of Return on equity is 14% and bellow that indicates that the company is not effective in converting its assets into profitable return.

Return on Capital Employed measures the how effectively company is efficient in utilizing capital employed in the business by employing the debts and the other liabilities as well. The standard ratio of return on capital employed is 10% and more than this means that company is efficient in utilizing its capital fully and effectively. IskraCorp Pty Ltd has been effective in return on capital employed as year after year the return on capital employed of the company is increasing which indicated a good economic growth.

Operating Profit margin of a company indicates that the after considering all the variable expenses and the other operating expenses of the company how much profit the company is generating out of it. The standard operating profit margin of a company is 11% and above that indicates company is effective in generating profit by considering all the operating cost. IskraCorp Pty Ltd has been effective in operating profit as the operating profit of the company is high each and every year which means that the after considering all the operating cost the company is generation profit. The operating profit of the company is increasing each and every year (Tayeh, Al-Jarrah and Tarhini 2015).

Gross profit margin measures the financial health of a company which means that higher the gross profit margin the better is the profit of the company from the sales generated by the company. The standard gross profit margin of a company is 35-40% and in case of IskraCorp Pty Ltd, the gross profit of the company is decreasing year after year. But the performance of the company in terms of the gross profit margin is satisfactory as it meet the given standard.

Efficiency Ratio:

Years	2019	2020	2021
Efficiency Ratios	2019	2020	2021
Current Ratio	2.37	2.33	2.39
Acid Test Ratio	1.73	1.76	1.88

Interpretation of the above computed efficiency ratio:

Current ratio of the company measures the company’s ability to pay off the short term debts and the current liabilities of the business. The investors of the company looks for the good current ratio of the company which is 2:1. IskraCorp Pty Ltd current ratio is good which will automatically drag the investor’s attentions. Thus the financial performance of the company is efficient.

Acid test ratio or quick ratio is a liquidity ratio measures that the company has short term assets to meet up its immediate liabilities. The standard acid test ratio of the company is 1:1. Thus it can be said that IskraCorp Pty Ltd is effective in meeting up its immediate liabilities as the acid test ratio of IskraCorp Pty Ltd is satisfactory. The acid test ratio of IskraCorp Pty Ltd is increasing gradually year after year which is a good sign.

Analysis on the future expectation ASS2 Part - 5

According to the analysis of the project from part 5 as the NPV which is Net Present Value is negative which is -79.5. Thus before accepting to invest in any big project it is important to identify the NPV of the project. NPV or Net Present Value means that the inflow and outflow of cash during a stipulated period of time. Negative NPV of a company means that cost of the company exceeds the revenue of the company in the project. As NPV is -79.5, so the company will not have positive flow of cash in the business. For this purpose, the project will not be accepted as NPV of the project is negative.

Advices of IskraCorp Pty Ltd ASS2 Part – 6

Advices on part 1 of Part - 6:

From the inventory budget solution it is analyzed that opening inventory purchase is added and the cost of goods sold is deducted. From that the closing inventory is obtained. From the solution of cash, budget total cash received from customers is more than payment made to supplier. The net cash is shown in the cash budget solution. From the accounts receivable budget solution the net receivables is increasing month after month. From the accounts payable budget, the closing accounts payable is increasing month after months.

Advices on part 2 of Part – 6:

From the break even analysis, it can be analyzed that the company needs to concentrate on variable cost of raw material. The company cannot change the fixed cost as fixed cost remains fixed. The cost on wages must be considered while calculating BEP of the company.

Limitations of IskraCorp Pty Ltd

The limitations of the business of IskraCorp Pty Ltd are that the company needs to improve the condition of the business in order to compete with the competitors of the related business. In order to survive in such a competitive business the company must taken certain initiatives to improve the overall productivity of the business (Balazs et al 2016). Satisfactory performance is not enough when it comes to competition with the other companies. Thus it is an important matter which is needed to be taken care of by the management of the company in order to improve the efficiency of the business (Yermack, D., 2017).

Conclusion

Thus, it can be concluded that according to the conducted detailed analysis performed on the chosen company, which is, IskraCorp Pty Ltd the overall financial position of the business is satisfactory. In order to compete with the competitors of the same business it is needed to concentrate on the efficiency ratios of the company. According to the conducted analysis, IskraCorp Pty Ltd needs to improve the efficiency of the business in order to compete with the competitors of the related business (Flammer 2015). The cash flow of the firm is good because the company has been able to bring positive inflow of cash in the business and thus it will bring further efficiency so that the company can work on some of the new projects (Qiu, Shaukat and Tharyan 2016). As per the profitability ratios the company has been able to generate efficient revenue for the business by considering the cost associated with the business. Generating revenue is an important role for each and every company and thus by considering the required cost it is important to convert the revenue into more productive.

References

Flammer, C., 2015. Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science, 61(11), pp.2549-2568.

Qiu, Y., Shaukat, A. and Tharyan, R., 2016. Environmental and social disclosures: Link with corporate financial performance. The British Accounting Review, 48(1), pp.102-116.

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