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Review of Financial Performance analysis of Corporate Organizations

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DOI: 10.5958/2321-5763.2018.00078.1

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 Asian Journal of Management. 9(1): January- March, 2018

ISSN 0976-495X (Print) Available online at

2321-5763 (Online) www.anvpublication.org
DOI: 10.5958/2321-5763.2018.00078.1

Vol. 09| Issue-01|

January- March 2018 Asian Journal of Management
Home page www.ajmjournal.com

REVIEW ARTICLE

Review of Financial Performance analysis of Corporate Organizations

Bismark Maka1*, Dr. N. Suresh2

1
Ph.D. Scholar, M.S. Ramaiah University of Applied Sciences, Bangalore-560 054
2
Ph.D. Supervisor, Faculty of Management and Commerce, M.S. Ramaiah University of Applied Sciences,
Bangalore-560 054
*Corresponding Author E-mail bdmakaus@yahoo.com

ABSTRACT:
The work expatiated on the concept of financial performance and its analysis. It also captured relevant
stakeholders for financial performance information. The review sought to encapsulate the existing state of
knowledge on financial performance evaluations from previously published works. It also highlighted gaps in the
reviewed literatures. Two dimensions of existing literature were explored; namely financial performance of
companies, regardless of the location or industry, as well as those specific to companies in Ghana and
particularly to the telecommunications sector. Of all the existing works reviewed, 54 percent captured literature
in the first category described above and the remaining 46 percent was on the second category. It was revealed
after the review, that three different methodologies or approaches were adopted in evaluating financial
performance of firms. The first approach employed the use of financial ratios either overtime within firm, or
between different firms for comparative analysis. Another strand of the surveyed works examined the impacts of
selected indicators like capital structure and operational practices like Just-In-Time (JIT) systems on financial
performance. A third approach employed metrics from internal key performance indicators to examine a firm’s
financial performance. It was ascertained that majority of existing literatures in the field and on the topic
deployed the first two approaches.

KEYWORDS: Financial Performance, Key Performance Indicators, Metrics, Telecommunication, Operational

Practices.

1. INTRODUCTION: It’s an essential feature in finance risk management. It’s

Financial Performance, often used by shareholders
and/or investors to proxy company performance, in the
general sense, signifies the extent to which firms
financial goals are being met or have been achieved.
Thus, it’s employed to quantify the results of a
company’s operations, policies and processes in
financial or economic terms.
Received on 21.10.2017 Modified on 07.12.2017
Accepted on 06.01.2018 ©A&V Publications All right reserved
Asian Journal of Management. 2018; 9(1):500-506.
DOI: 10.5958/2321-5763.2018.00078.1
employed to gauge a firm's total financial healthiness
within a specified time period. The financial
performance of any firm gives an indication of how
efficiently management deploys or utilizes the
resources of the business to deliver results and meet
budgetary expectations. It also establishes the liquidity
and solvency positions of firms at any given time. The
financial position/ health is often assessed with the use
of Financial Analysis, which comprises the examination
of financial statements and reports. Notwithstanding the
limitation of financial statements not disclosing
exhaustive information associated with the financial

500
 Asian Journal of Management. 9(1): January- March, 2018
processes of a firm, they give ample information on the
profitability and financial soundness of a firm.
Businesses and key stakeholders to whom the financial
performance of the firm is relevant include
management, employees, and shareholders, individual
and institutional investors, creditors, competitors and
Governments (for tax purposes). Hence there is need or
justification for a robust review of the status of existing
literature on the topic and to identify lapses in the status
quo. This will establish the basis for a thorough
investigation of the financial performance of a telecom
company in Ghana, which is the specific topic of
research. Ghana’s telecom industry comprises of four
key players with the dominant player, MTN controlling
over 50% of the market share. It is the highest corporate
tax payer in Ghana. In 2016, MTN, according to its
financial statement, paid 1.1 billion Ghana Cedis,
approximately 2.6 million dollars in taxes and fees to
the government.
2. LITERATURE REVIEW:
Existing literature on financial performance across
industries as well as those outside Ghana were
reviewed. The reviewed works involved studies that;
i) employed ratio and other statistical analysis on the
financial statements of firms to determine the financial
performance
ii) examined the relationship between perceived
relevant factors such as Corporate Social Responsibility
(CSR), Capital Structure and financial performance.
Others also evaluated the impact of particular
operational practices like JIT, TQM, services
outsourcing and ISO certification on financial
performance
iii) generated models for financial performance
examination based on derived metrics from firms
selected key performance indicators.
2.1 Literature Review on financial performance of
firms:
Mikailu et al1 employed pooled ordinary least square
regression to examine how corporate governance
mechanisms relate to their financial performance. The
parameters used in measuring firm performance were
RoE, RoA, Price- Earnings ratio and Tobin’s Q. The
study advocated for concentrated instead of the
ownership of diffused equity. It also made a case for a
ten membership board and contended for a separate
CEO position from board chair. Notwithstanding a lack
of evidence to the effect that boards with a greater
proportion of external directors excel more than
otherwise, the study found that expatriate CEO
managed firms tend to attain higher measures of
performance than those managed by indigenous CEOs.
Some gaps identified in the study are that the sampling
criterion was not representative and a more robust
501
statistical method of analysis could have been used
instead of the standard OLS regression with its
attendant weaknesses.
Tehrani et al2 developed a model that evaluates a
companies’ performance using the technique of data
envelopment analysis. Performance assessment indexes
were generated from financial statements as well as
ratios from articles and books. Due to the huge number
of variables, data envelopment analysis was used to
analyze the collected data in the study. Parameters used
to measure performance included Liquidity, Activity,
Leverage, Economic Added Value, and Profitability
ratios. The result of the analysis disclosed that nine out
of the thirty-six companies were efficient; implying that
the remainder twenty-seven companies were inefficient.
Some gaps identified in the study are that it focused on
evaluating the selected companies for internal
efficiency without some form of ranking. It also
excluded qualitative indexes in developing the proposed
model.
Sumninder and Samiya3 analyzed how size, solvency,
liquidity, equity capital, and leverage impacted on the
profitability of some life insurance companies. The
research employed multiple linear regression analysis to
quantity the extent to which the specified indicators
influenced the profitability of the firms over a 5 year
period. The sample for this study included 18 Indian
life insurers (including 1 public and 17 private). The
results of the study revealed that size and liquidity of
life insurers positively influenced the firms’
profitability whilst the reverse holds for equity capital.
Insurance leverage and solvency showed no
interrelatedness with profitability. A significant gap in
the work is to do with the restricted number of variables
deployed as indicators of the profitability of insurance
companies.
Bhunia et al4 researched into the financial performance
of some public sector pharmaceutical and drug
enterprises in India. The research was aimed at
assessing both short and long term solvency,
profitability and liquidity trends, efficiency of financial
processes and to examine determinants of liquidity and
profitability behaviors. To evaluate how the chosen
ratios jointly influence the financial position and
profitability of the firms, the multiple regression
technique was used. The research sampled two public
enterprises from the pharmaceutical and drug sector
that were listed on Bombay Stock Exchange. The
performance indicators deployed included solvency,
profitability, efficiency, financial stability, operating
efficiency and liquidity ratios. It found that both
companies had strong liquidity positions. Financial
stability of the two companies also demonstrated an
increasingly declining trend. A notable gap in the study
 Asian Journal of Management. 9(1): January- March, 2018
was the complete reliance on published financial data.
Thus, it’s prone to all the weaknesses inherent in the
summarized published financial statements.
Sangmi and Nazir5 appraised the financial performance
of two key banks in India after a reform in the banking
sector. The work was centered on a 5 year secondary
data obtained from annual reports of the individual
banks. The CAMEL model was used for the analysis.
The authors established that relative to asset quality,
liquidity, capital adequacy and management capability,
the banks’ performance were sound and satisfactory.
Nonetheless, one of the banks, JKB’s productivity
ratios such as earnings and expenditure per employee
were relatively better than the other bank, PNB. The
limited number of banks used in the study comes out
noticeably as a key limitation; since the performance of
the two may not adequately proxy the overall impact of
the reforms on Indian banks.
Duarte et al6 studied the interrelatedness between
particular operational practices (TQM, JIT, services
outsourcing and ISO certification) and the firm’s
profitability and growth as financial indicators. This
work sourced secondary data from PAEP database.
Data from 3,589 companies in the industrial sector were
sampled for the study. The multiple regression
technique was employed in the analysis. The study did
not find any positive relationship between financial
performance and operational practices. A negative
association between outsourcing and both profitability
and growth was revealed. The study also found a weak
negative association between ISO certification and
growth. A key shortfall of the work is to do with the use
of information contained in a database designed for a
different purpose.
Assumptah and Martin7 analyzed how Capital Structure
affect financial performance of Banks listed in Nairobi
Securities Exchange; and explicitly establish how
leverage risk, debt equity, debt, interest rate and their
blends affect the operations of listed banks in the
Nairobi Stock Exchange (NSE). Evaluation metrics
employed comprised leverage risk, debt equity ratio,
Gross Profit Margin, Debt, interest rates, ROE, ROA
and Net Profit Margin (NPM). The study used
descriptive research design. Regression and correlation
analysis were applied to primary quantitative data. The
study established that capital structure influenced the
financial performance of 56.4% of the listed banks on
NSE. Due to the limited sample size employed in the
regression analysis, the resultant model is exposed to
grave technical interpretation errors.
Rouf8 studied the relationship between Profitability and
Corporate Governances Disclosure levels of companies
listed in Bangladesh. Data of 94 listed non-financial
502
companies, was sourced from the library of Dhaka
stock exchange. Multiple ordinary least squares
regression was used. The study established a high
positive correlation between profitability and the level
of corporate governance disclosure. Major limitation is
the use of exclusively non-financial companies,
affecting the generalization of the results. Second, the
author’s generated disclosure index which was
employed in the study is sensitive and can upset the
results if the items of information were not properly
selected.
Kumbirai and Webb9 examined the performance of
commercial banks in South from 2005 to 2009. Credit
quality, liquidity and Profitability ratios were the
metrics deployed in the analysis. The paper relied on
descriptive financial ratio analysis to analyze, measure
and describe the performance of the banks. The
sampling frame included all the banks operational in the
country between 2005 and 2009. Top five commercial
banks by the value of total assets as at end of the 2009
commercial year were sampled. The study determined
that total bank performance improved significantly in
the first two years of the study. A substantial variation
in trend was observed at the inception of the global
financial crisis in 2007, hitting peak levels during 2008-
2009. This occasioned decreasing profitability, liquidity
and declining credit quality in the South African
Banking sector. A notable gap in the study is the use of
only three financial ratios which did not permit a
comprehensive analysis of the banks financial
performance.
Mwangi and Murigu10 conducted a study to examine
the factors that influence the profitability of Kenya’s
general insurance firms. Parameters deployed were
Return on Assets, Retention ratio, Liquidity, Equity
Capital, Size, Management Competence index and
ownership. The study adopted a descriptive research
design and deployed multiple regression analysis as
well. All the twenty three general insurance companies
in Kenya were sampled. The research employed a four
year secondary data spanning 2009 to 2012. The results
showed that higher equity capital, management
capability and leverage facilitated improved financial
performance of the general insurance companies in
Kenya. Foreign ownership and size nonetheless,
exhibited an inverse relationship with firms’ return on
assets. As a limitation, the research did not consider the
structural changes in the Kenyan economy that may
affect the financial performance of the general
insurance companies’ overtime. Besides, the changes in
financial performance may vary over time and a linear
model can have a strong limitation in capturing the
actual relationship among the variables of interest.
 Asian Journal of Management. 9(1): January- March, 2018
Adesina et al11 evaluated how the capital structure of
quoted Nigerian banks relates with their financial
performances. Parameters used were profit before tax,
equity and debt. The survey research design was
employed and data analysis was undertaken by
deploying the Ordinary Least Square (OLS) regression
to capture the kind of the associations between the
banks’ financial performances and the corresponding
capital structure. To filter out the banks in the top tier
with relatively high capital structure, stratified sampling
was adopted for the study. This resulted in the selection
of the ten most capitalized banks. The annual reports of
the sampled banks were scrutinized and data on pretax
profits, debt and equity for 2005 to 2012 period were
extracted. The research established a significant
positive impact of equity and debt on financial
performance of the banks. The gap in the work is the
exclusive reliance on OLS in a two variable regression
analysis, which may expose the model to technical
flaws. The potential threat to the model is its failure to
capture the feedback effect of the variables of interest.
Davidson et al12 aimed at establishing the nature of
interrelatedness that exits between financial
performance and the culture of an organization.
Financial ratios were generated from firms’ income
statements for performance analysis. The organizational
culture was measured by Denison Organizational
Culture Survey method. The survey administration
covered a sample of 327 respondents. Correlations
coefficients greater than 0.5 level between some
subscales (customer focus, team orientation, vision,
core values and agreements) and some financial ratios
were attained. However, most of the correlations failed
the statistical significance test and as a result, the
finding were considered as uncertain. Of the four
profitability ratios, the cultural trait consistency
displayed significant correlation with two. A use of one
organization, with the respective departments acting as
units of comparison constitute a limitation to the
generalization of the findings. Again the methodology
assumed, rather unrealistically, that each department
would have a unique cultural character that may differ
to some extent from each other.
Mahbuba and Farzana13 surveyed how CSR relates to
profitability of Dutch Bangla Bank Ltd (DBBL). The
study employed OLS regression run from SPSS to
evaluate the effect of CSR on profitability. Hypothesis
testing was employed to validate the claim of CSR
expenditure having a direct relationship with profit
(after tax). Data for the work was gleaned from the
annual reports of the bank for the 2002 to 2011 time
period. The research found that 90.7% of the variations
in profits of the bank was accountable to the benefits
emanating from corporate social responsibility. The use
of only one profitability measure, profit after tax, in the
503
research constitute a limitation. The study could have
evaluated the relationship between the dependent
variable, CSR and other profitability ratios for a wider
scope of the analysis and hence conclusions.
2.2 Summary of Literature review on Specific Field
of Research:
The reviews above focused on the financial
performance of firms in general except the telecom
industry. The scope of the works is restricted to
basically, the use of financial statements and other non-
financial reports to examine the financial health of
firms. Others sought to establish the interrelatedness or
otherwise of some factors (capital structure, market
capitalization etc.) or operational practices and financial
performance. They mostly employ financial ratios and
statistical analysis tools as techniques for the
investigations. All the studies were conducted in
geographies outside Ghana. The next review explored
works on the financial analysis of companies in Ghana
and the telecom sector.
2.3 Literature Review of financial performance of
firms in Ghana as well as the telecoms sector:
This section deals with survey, review and analysis of
literature pertaining to the specific topic of research
identified, thus, financial performance of firms in the
telecom and financial sectors of Ghana.
Sebe-Yeboah and Mensah14 analyzed ADB’s financial
performance with the deployment of varied analytical
tools. The study delivered an on-going capability to
appraise bank’s financial performance. Secondary data,
from audited financial statements together with relevant
information from other important sources were used. Of
the forty-Seven (47) audited financial statements since
the banks, data spanning 2006 to 2012 were gathered
from audited financial statements for the analysis.
Vertical and horizontal analysis, Du Pont financial ratio
analysis as well as descriptive statistics were employed
in analyzing the available financial information. The
study found that ADB’s attitude towards the financing
of agriculture was shrinking. The liquidity position of
the banks indicated a descending trend and fell further
down in 2010. Model limitations were identified due to
the availability of more robust alternatives for the
evaluations done. Thus DEA and CAMELS rating
could have been employed for more reliable outcomes.
The study also excluded inputs from the customers’
perspective; since customer experience and satisfaction
could impact profitability in the long-term.
Anlesinya et al15 investigated a possible correlation of
corporate social responsibility and financial
performance of MTN Ghana Limited. Their work also
ascertained the extent of variability in the financial
performance that was explained by identified
 Asian Journal of Management. 9(1): January- March, 2018
constituents of CSR namely, environmental,
community, consumers/customers and employees’
responsibility. Questionnaire administration was
employed to collect the required data. Data collected
was analysed with the aid of Statistical Product and
Services Solutions (SPSS) version 16.0. Of the
estimated forty (40) management staff of MTN Ghana
Limited, thirty-five (35) participants were selected from
the target population. Standard multiple and
hierarchical regression tools were the analytical
methods employed for the work. The work revealed a
positive relation between MTN’s financial performance
and corporate social responsibility. It was also found
that, only CSR towards community accounted for the
highest variance in corporate financial performance. A
major limitation is the scope of using only MTN
whereas there are other major players in the
telecommunication sector. Also, the point of view of
customers should have been sought via primary
sources.
Danquah16 assessed the effect of Emotional Intelligence
(EI) on Relationship Marketing (RM), financial
performance, service quality and customer satisfaction
while assessing the mediation of RM, customer
satisfaction and service quality in the EI and financial
performance relationship. This study adopted a
descriptive/quantitative research technique. It also
combined primary (questionnaires) with secondary
(annual reports) data for the study. Data analysis was
done using SPSS. Respondents, 220 employees and
customers for each bank, were contacted from 20 out of
the 28 banks. The study established a positive
relationship between emotional intelligence and
relationship marketing, service quality, customer
satisfaction and financial performance. Emotional
intelligence came out as a strong predictor of service
quality, customer satisfaction, relationship marketing
and financial performance. Relationship marketing
plays the key mediation role in the relationship between
EI and financial. Two gaps were identified. First,
Customer loyalty could have been included and used to
assess its relationship with emotional intelligence.
Additionally, the study focused on only commercial
banks. Expanding the scope to include other service
sectors such as telecommunication, insurance, health
and hospitality would provide a stronger basis for
generalizing this study’s results.
Gyamfi et al17, investigated the performance differences
between foreign and local banks in Ghana. The study
deployed ratio analysis to examine how the 25 selected
local and foreign banks performed; with the use of time
series data from 2005-2010. Parameters employed were
Asset Quality, ROA, Management Efficiency, ROE,
Capital Adequacy, Bank size, Earning Performance and
Liquidity. The study found that on both ROA and ROE,
504
local Ghanaian banks performed better than foreign
banks. The foreign banks on the other hand, showed
greater capital adequacy ratio and more quality assets
(loans) than their local counterparts. The study also
found local banks more efficiently managed than
foreign ones; while the foreign banks are more liquid
and have more earnings power relative to the local
banks in Ghana. However, performance was not
measured against a standard threshold such as industry
averages which could have provided a more
comprehensive report on their performance.
Sarpong Jnr et al18 assessed how efficient operating
banks in Ghana were. The research employed financial
ratios analysis methodology to evaluate the efficiency
of listed banks on the Ghana Stock Exchange. Data was
extracted from financial statements and annual reports
of the banks for the period 2005 to 2011 for the study.
Parameters employed to measure financial performance
in the study were banks’ efficiency in improving asset
quality, profit efficiency, liquidity, cost efficiency,
financial leverage as well as exposure to the risk of
foreign currency exchange rate. The outcome of the
research revealed that sufficient capitalization was
maintained by all the banks. However, asset
deterioration was severe and rates among the highest in
sub-Saharan Africa. The outcomes also depicted a
deteriorating trend in their cost and profit efficiencies
over the years. In terms of liquidity, all the banks held
adequate levels and their exposure to foreign currency
exchange rate risk was low. The use of only ratio
analysis is perceived as a limitation since additional and
more robust performance measurement tools such as
CAMEL and DEA, could have been deployed.
Kwaning et al19 explored the dynamics of restructuring
the Agricultural Development Bank (ADB), a dominant
Ghanaian bank. Parameters used for measuring
financial performance were Return on Asset (ROA),
Return on Equity (ROE) and Capital Adequacy Ratio
(CAR). Both primary and secondary data collection
methods were used. The study found that what
motivates ADB’s restructuring hinges on changes in the
commercial environment, the bank’s governance
system, its defective strategic control and performance.
Respondents are too few and their geographical
locations are not representative. The period used for the
study is not enough to capture the real impact of the
restructuring exercise. And again using only
profitability rations to ascertain the banks financial
performance is inadequate.
Donkor and Tweneboa-Kodua20 looked at the
efficiency, liquidity and profitability of Asante Akyem
rural bank (AARB) from 2007 to 2011. Return on
assets, Gross and Net profit margins were the
parameters used in the study. Data was drawn from
 Asian Journal of Management. 9(1): January- March, 2018
both primary and secondary sources. Interview of key
officials of the bank provided reasons for the identified
trends. Financial ratios were calculated to determine the
efficiency, profitability, and liquidity of the bank. With
the exception of the year 2010, the bank achieved
growth in its profitability for the rest of the years. The
study also found that the banks liquidity is weak and
management is inefficient. The use of one rural bank in
the study is insufficient to proxy the profitability of
rural banks in Ghana for the period. Again, the use of
only profitability ratios is not sufficient due to the
availability of more rigorous and robust tools for
evaluating financial performance of banks.
Acheampong21 examined how the entry of foreign
banks in Ghana between 1975 and 2008 impacted on
the financial performance of two Ghanaian banks,
Merchant Bank Limited and Commercial Bank. The
model used in the study was bank’s profitability and the
indicators employed included liquidity, capital
adequacy and an entry dummy variable. The outcomes
suggested that domestic banks’ return on assets
increased due to the entry of foreign banks. The results
also confirmed that the entry of foreign banks
significantly improved the profitability margins of
domestic banks. Additionally, of all the independent
variables employed in the study, liquidity showed a
comparatively superior multiplier effect on the return
on assets of the domestic banks during the reference
period. The use of only three quantitative variables
constituted a limitation since other variables such as
market risk and debt ratio could have augmented or
improved the coefficient of determination (R-squared).
Vadiraj and Narahari22 attempted to design a model for
predicting average revenue per user (ARPU) trends.
This was to serve as a guide to telecommunication
service providers for the formulation of strategies to
improve their ARPUs. The outcome of the study,
through regression analysis, revealed that subscriber
base, new users added periodically and number of
operators are the key determinants of how much a user
spends on the average. A clear weakness in the study is
the limited and non-inclusion of predictor variables
such as customer experience and network quality,
which are relevant in determining telecoms revenues.
Rahul and Xue23 examined the extent to which some
selected factors contribute to the revenues of Telecom
companies in India and China. The work used time
series data spanning 2000 to 2010 period on technology
innovation, government regulation and policies as well
as number of subscribers. A causality test (granger),
found no causality running from number of subscribers
to the revenue. Nonetheless, the study found a causality
running from technological innovation to the revenue of
the telecommunication sectors in both countries.
505
Shmelev24 studied the relation between key KPIs in a
Russian telecom company. The objective was to
unearth the relation between strategic KPIs (Revenue
and Margin) and local KPIs (Operational Efficiency).
Additionally, the study sought to resolve the problem of
nonlinear relation among some KPIs. The final result of
the study was the development of a model for the
calculation of the telecom company's Revenue and
Margin indicators.
From the foregoing, it’s apparent that a considerable
amount of existing literature that explored financial
performance in the telecoms as well as the financial
sectors in Ghana adopted what I shall call the output
approach; thus predicating their performance analysis
on outputs of financial plans and systems as reflected in
financial statements of firms. The other strand of
research on the topic essentially assessed and evaluated
the relationships, if any, that existed between financial
performance and selected indicators and/or operational
practices. From the foregoing, it is clear that there is
limited literature that explored telecommunications
firms’ financial performance from the internal KPIs
perspective.
3. CONCLUSION:
A paradigm shift to financial performance analysis,
which explores the nature and extent of impact of the
internal key performance indicators on the overall
financial performance of firms, will complement
financial performance analysis literature both in
industry and academia. This approach will serve as
empirical inputs into business planning and budgeting
processes as well as prioritization and investment
decision making. Because performance of the internal
KPIs are trackable and measurable, their extent of
contribution to overall performance can be easily
determined. Hence non achievement of financial goals
can be traced to specific indicators, causes diagnosed
and remedial measures implemented to arrest financial
under performance. This will lead to efficiency and
effectiveness yielding improved financial performance,
which ultimately will be reflected in the overall
financial statements.
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