Business Finance: Costing, Variance Analysis & Investment Appraisal

This document presents a comprehensive solution to a business finance case study, divided into two main parts. The first part focuses on cost calculation, including contribution per unit, breakeven point analysis, margin of safety, and profit calculation using marginal and absorption costing methods. It also covers the importance of standard costing and variance analysis, providing calculations and comments on material and labor variances, along with a budget preparation for controlling operations. The second part delves into investment appraisal techniques, such as payback period, net present value, and internal rate of return, offering advice on project suitability. Additionally, it includes a risk assessment of Omega Limited using accounting ratios, identifies non-finance performance indicators, and discusses the impact of pricing policy on business performance. This solved assignment is available on Desklib, a platform offering study tools and resources for students.

BUSINESS FINANCE

Contents:
INTRODUCTION...........................................................................................................................3
Case Study 1:...................................................................................................................................3
Part A...............................................................................................................................................3
1.Calculation of contribution per unit:...................................................................................3
2.Calculation of breakeven point in units and breakeven sales:.............................................3
3.Calculation of margin of safety:..........................................................................................4
4.Calculation of number of units sold:...................................................................................5
5.Preparation of memo suggesting the finance manager the importance of contribution:.....5
6.Calculation of profit using marginal and absorption costing and reconciliation between
them:.......................................................................................................................................6
Part B...............................................................................................................................................8
1.Importance of Standard Costing and Variance Analysis:....................................................8
2.Calculation of material and labour variance along with comment on them:.......................8
3.Preparation of budget for controlling the operations:........................................................10
CONCLUTION..............................................................................................................................11
REFERENCES..............................................................................................................................12
Case Study 2:.................................................................................................................................14
INTRODUCTION.........................................................................................................................14
Part A.............................................................................................................................................14
1.Payback period:.................................................................................................................14
2.Net present value:..............................................................................................................15
3.Internal rate of return:........................................................................................................16
4.Advice regarding suitability of the project:.......................................................................18
Part B.............................................................................................................................................18
1.Risk assessment of Omega limited using accounting ratios:.............................................18
2.Identification and explanation on non-finance performance indicators:...........................20
3.Impact of pricing policy on the performance of the business:..........................................20
CONCLUSION..............................................................................................................................22
REFERENCES..............................................................................................................................23

INTRODUCTION
Business finance simply means managing the finance of the organisation in an effective
manner so the funds of the business can’t be misused. It is important for the company to hire
smart personnel in the finance department having sufficient knowledge of funds and their
treatment so that effective utilisation can be carried out. This report consists of two different case
study relating to cost calculation and investment appraisal techniques to judge the viability of the
project. (Al Dahdah, 2022).
Case Study 1:
Part A
1.Calculation of contribution per unit:
It can also be defined as profit on the sales of one unit and after subtracting all variable
expenses the amount is come is called as contribution. This detail is helpful to identify the
minimum possible price at which to sell the good.
Contribution per unit = sales per unit – variable cost per unit
= £120 – £50
= £70 per unit
Now, it can show that the sales per unit is £120 and variable expense is £50 per unit and the
contribution of the Lobelia Ltd company is £70 per unit.
2.Calculation of breakeven point in units and breakeven sales:
This is the most important concept to measure that weights the expenses of a new
company, goods and service against the unit of the selling price to identify the point at which it
will break even. Basically, it is the stage of sales where a total of fixed cost and variable cost is
equals to total sales revenue. On the other it can also say that the break- even point is a stage
where the business neither create a profit nor a loss. In simple words break- even point is an
amount of revenue that cover whole fixed and variable expenses. If company having a lower
sale, then it will show the low performance in break-even point. But if the revenue of the
company is high then break-even point, then it creates profit but after considering all expenses
(Álvarez‐Herránz, Lagos, and Balsalobre‐Lorente, 2018).
Simplification of Break- even point:

Break-even point is a calculation of sustenance and the lesser the quantity of break-even, the
good it is for the business.
Here is formula to calculate break-even point and Break-even sales:
Break-even point
= Fixed cost / (sales per unit – variable cost per unit)
Break-even point
= £700000 / (£120 - £50)
= £700000 / £70
= £10000 units
It clearly shows that the above formula shows the calculation of break-even point in this fixed
per unit cost is divide by the contribution per unit and the value of fixed cost is given £700000
and Contribution per unit is calculated in above point is £70.
Break- even sales in %
= Fixed cost / Contribution margin
Break- even sales
= £700000 / £2800000 *100
= 25 %
From the above calculation it clearly shows that the break-even sales is 25 % and if it calculate in
units then its show the same unit of breakeven point that is £70.
3.Calculation of margin of safety:
In this concept of margin of safety, it shows the difference between the both current sales
level and the break-even sales. It shows the stage of safety that the business appreciates before
occurring losses means decline below the break-even stage (Benton, 2022).
Clarification of Margin of safety:
It calculates the risk of the company and if margin of safety is higher than its good for the
business.
Here is formula to calculate margin of safety:
Margin of safety (MOS)
= Budgeted sales – Break-even point / budgeted sales * 100
= £40000 units - £10000 units / £40000 units *100
= £30000 units / £40000 units *100

= 75%
The above calculation show margin of safety is 75% and the budgeted sales of the company is
already given £40000 but the break-even point is calculated in above point that is £10000.
4.Calculation of number of units sold:
This concept is asked to calculate how much unit sold is needed to gain £700000 in a year
that means they want required sales unit. Here is one formula to calculate the desired profit of the
firm:
Required sales units
= fixed cost + target profit / Contribution margin per unit
= £700000 + £700000 / £70 units
= £1400000 / £70 units
= £20000 units
In the above formulation of required sales unit, it states that company need to sold £20000 units
want to earn a profit of £700000.
5.Preparation of memo suggesting the finance manager the importance of contribution:
Importance of contribution
It assists the company to know the contribution of different company lines and or
different goods and services. It also helps to know the strength and weakness of the company or
the product also. It used to measure the profit into the business after selling the goods and
services (Busch, Domeij, and Madera, 2022).
Suggestion how contribution margin helps to take business decisions:
contribution margin is a strong decision making and budgeting tools that management
accounting objective and superior utilize to take decision making procedure. Here are some uses
of contribution margin for the business decision making: Fixed minimum sale price its best
technique to target selling price it will cover both fixed and variable expenses, It permit to draw a
profit volume chart to know the position of the business that the company will be in a profitable
situation or not because of the chart it easy to understand the profit position (Clifton, 2018).
How contribution affects margin of safety
In the above formula of break-even point show that the fixed cost / contribution margin means if
contribution margin is high or less then it affects the value of break-even point and because of

that margin of safety got affected because in the formula of MOS break-even is less into the
budgeted sales of the company (Clunan, 2022).
6.Calculation of profit using marginal and absorption costing and reconciliation between them:
Particulars Budgeted Profit (£) Actual Profit (£)
Sales 110000 96800
Variable cost:
Direct material
Direct labour
Variable overhead
35000
45000
15000
33600
43200
14400
Marginal cost
Less: Closing Inventory
Add: Fixed overhead
95000
_
9000
91200
(7600)
9000
Cost of sales 104000 92600
Gross profit (sales – cost of sales)
Less: Administration, selling and distribution cost
6000
_
4200
_
Net profit 6000 4200
Working of closing stock:
 The budgeted sales and production of the company is same £5000 units and it's done the
complete sale of £5000 unit so, there is no closing stock remain but the absorption rate of
the company is:
Absorption rate = marginal cost / budgeted production
= £95000 / £5000
= £19 per unit
 The Actual production of the company is 4800 units and actual sale is 4400 units so, the
closing stock of the company is £400 units and the absorption rate of the business is:
Absorption rate = marginal cost / budgeted production
= 91200 / 4800

= 19 per unit
So, the actual closing inventory of the company is (400 * 19 = 7600).
Calculation of Absorption costing
Particulars Budgeted Profit (£) Actual Profit (£)
Sales 110000 96800
Variable cost:
Direct material
Direct labour
Total Variable overhead
35000
45000
24000
33600
43200
23400
Absorption cost
Less: Closing Inventory
104000
_
100200
(8350)
Cost of sales 104000 91850
Gross profit (sales – cost of sales)
Less: Administration, selling and distribution cost
6000
_
4950
_
Net profit 6000 4950
Working of closing stock and Total variable overhead:
 The budgeted sales and production of the company is same £5000 units and it's done the
complete sale of £5000 unit so, there is no closing stock remain but the absorption rate of
the company is:
Absorption rate = Absorption cost / budgeted production
= £104000 / £5000
= £20.8per unit
 The Actual production of the company is £4800 units and actual sale is £4400 units so,
the closing stock of the company is £400 units and the absorption rate of the business is:
Absorption rate = Absorption cost / budgeted production
= £100200 / £4800
= £20.875 per unit
So, the actual closing stock of the company is (£400 * £20.875 = £8350).

 The total variable overhead = Variable overhead + fixed overhead
= £14400 + £9000
= £23400
Part B
1.Importance of Standard Costing and Variance Analysis:
Standards or Standard costs are established to evaluate performance of a responsibility
centre. Apart from performance evaluation and cost control, standard costs are also used to value
inventory where actual figures are not reliably available and to determine selling prices
particularly while preparing quotations. Standard costing system is widely accepted as it serves
different needs of an organisation. The standard costing is preferred for the following reasons:
 Prediction of future cost for decision making: Standard costs are set after taking all
present conditions and future possibilities into consideration. Hence, standard cost is
future cost for the purpose of cost estimation and profitability from a proposed project/
order/ activity (Gosselin, Godbout, and St-Cerny, 2020).
 Provide target to be achieved: Standard costs are the target cost which should not be
crossed by the responsibility centres. Performance of a responsibility centre is
continuously monitored and measured against the set standards. Any variance from the
standard is noted and reported for appropriate action.
 Used in budgeting and performance evaluation: Standard costs are used to set budgets
and based on these budgets managerial performance is evaluated. This is of two benefits,
one managers of a responsibility centre will not compromise with the quality to fulfil the
budgeted quantity and second, variances can be traced with the responsible department or
person (Hirigoyen and Basly, 2018).
 Interim profit measurement and inventory valuation: Actual profit can only be known
after the closure of the accounts. But an organisation may need to prepare profitability
statement for interim periods for managerial reporting and decision making. To arrive at
profit figure, standard costs are deducted from the revenue.
2.Calculation of material and labour variance along with comment on them:
 Material price variance:

It measures variance arises in the material cost due to difference in actual material
purchase price from standard material price (Jordan Vaca, Gamboa Salinas, and Mejia
Bayas, 2018). The formula for calculating the same is as under: -
= Actual Quantity * (Standard Price – Actual Price)
= (5 * 10000) * (4 -6)
= 100000 Adverse
This shows that the expenditure has been made in excess as compare to the budgets
which needs to be monitor and it should be under control to control the price of the final
products.
 Material usage variance:
It measures variance in material cost due to usage/ consumption of materials. The
formula for calculating the same will be as under: -
= Standard Price * (Standard Quantity – Actual Quantity)
= 4 * {(10000*4 – 5*10000)}
= 4 * (40000 – 50000)
= 40000 Adverse
This shows that excess raw material has been used in making the final products as
compare to the budgeted figures which must be controlled to reduce the cost of inputs the
entity is using.
 Labour rate variance:
Labour rate variance arises due to difference in actual rate paid from standard rate. It is
very similar to material price variance (Lozano, Querikiol, and Bellotindos, 2019). The
formula for calculating the labour rate variance will be as under: -
= Actual Time * (Standard Rate - Actual Rate)
= (10000 * 3) * (27 – 30)
= 90000 Adverse
This shows that the price given to the labour is more as compare to standard, which
increase the cost of the company by 90000 Pound.
 Labour efficiency variance:

Labour efficiency variance arises due to deviation in the working hours from the standard
working hour (Manuel and Herron, 2020). The formula for determining the efficiency
variance will be given below:
= Standard rate * (Standard time – Actual time)
= 27 * (3 -3)
= Nil
This shows that the actual time and expected time required to produce one unit will be
same that concludes that labour has been working with full efficiency.
 Fixed overhead efficiency variance:
This is the difference between fixed overhead absorbed and standard fixed overhead
(Manyike, 2021). The formula of calculating the above variance will be mentioned
below:
= (Recovered overhead – Standard overhead)
= (15000- 20000)
= 5000 Adverse
This shows that overhead is being incurred extra which needs to be avoided by the
organisation as it affects their business and productivity too.
3.Preparation of budget for controlling the operations:
The budget Statement for the Apparel Plc has been provided as under: (Figures in Pound)
Particular Budget
Direct Material (4 * 4 * 10000) 160000
Add: Direct Labour (3 * 9 * 10000) 270000
Prime Cost 430000
Add: Variable Overhead (2 * 3 * 10000) 60000
Add: Fixed budget Cost 20000
Total Budgeted Cost of Apparel Plc 510000

CONCLUTION
In the above two different case scenarios have been given which consist of different companies.
The case study 1consist of two companies that is Lobelia ltd, for which margin of safety,
contribution per unit etc has been calculated and for Apparel plc, the material and labour
variances has been calculated using the cost data to analyse the deviation and interpreting the
same.

REFERENCES
Books and Journals
Al Dahdah, M., 2022. Between philanthropy and big business: the rise of mHealth in the global
health market. Development and Change. 53(2). pp.376-395.
Álvarez‐Herránz, A., Lagos, M.G. and Balsalobre‐Lorente, D., 2018 The moderating effect of
the public finances on transport infrastructures in Spain. Journal of Public Affairs,
p.e2735.
Benton, J.E., 2022. Intra-state governments in the United States: powers and authority, elections,
finances, and intergovernmental dynamics. In A Modern Guide to Local and Regional
Politics. Edward Elgar Publishing.
Busch, C., Domeij, D., and Madera, R., 2022. Skewed idiosyncratic income risk over the
business cycle: Sources and insurance. American Economic Journal:
Macroeconomics. 14(2). pp.207-42.
Clifton, J., 2018. Refinery 29 Money Diaries: Everything You've Ever Wanted To Know About
Your Finances... And Everyone Else's.
Clunan, A.L., 2022. 15. US and International Responses to Terrorist Financing. In Terrorism
financing and state responses (pp. 260-281). Stanford University Press.
Gosselin, J.S., Godbout, L., and St-Cerny, S., 2020. Finances of the Nation: The Economic
Response of Governments in Canada to COVID-19 in the First Three Months of the
Crisis. Canadian Tax Journal/Revue fiscale Canadienne. 68(3). pp.863-890.
Hirigoyen, G. and Basly, S., 2018. The 2008 financial and economic crisis and the family
business sale intention: A study of a French SMEs sample. Journal of Small Business
and Enterprise Development.
Jordan Vaca, J.E., Gamboa Salinas, J.M. and Mejia Bayas, C.V., 2018. Management skills in
managing finances for Small and Medium Business. REVISTA PUBLICANDO. 5(14).
pp.214-223.
Lozano, L., Querikiol, E.M., and Bellotindos, L.M., 2019. Techno-economic analysis of a cost-
effective power generation system for off-grid island communities: A case study of
Gilutongan Island, Cordova, Cebu, Philippines. Renewable Energy. 140. pp.905-911.
Manuel, T. and Herron, T.L., 2020. An ethical perspective of business CSR and the COVID-19
pandemic. Society and Business Review.

Manyike, J., 2021. How Covid-19 has Impacted your Finances. Personal Finance
Magazine. 2021(487). pp.14-15.

Case Study 2:
INTRODUCTION
The material and labour variances have been calculated to analyse the variance in those areas and
how to improve them. At the end of the statement risk assessment being carried out relating to
omega ltd by calculating the accounting ratios and interpretation has been made accordingly on
the basis of performance
Part A
1.Payback period:
This technique estimates the time required by the project to recover, through cash inflows,
the firms initial outlay. Beginning with the project with the shortest pay out period, different
projects are arranged in order of time required to recapture their respective estimated initial
outlays. The payback period for each investment proposal is compared with the maximum period
acceptable to management and proposals are then ranked and selected in order of those having
minimum pay out period. Pay back period shows the amount of time the projects which is under
consideration will take to recover the amount which is invested in the project (Miles, Belousova,
and Chichkanov, 2019). From the point of payback, those projects must be selected by the
organisation whose payback period is lower or shorter, as this shows the strength and
profitability of the project.
The following is the cash flows of Jessica Ltd for six consecutive years for which payback period
has been calculated below: - (Figures in Pound)
Years Cash Flows Cumulative Cash Flows
0 -550000 - 550000
1 150000 - 400000
2 180000 - 220000
3 140000 - 80000
4 110000 + 30000
5 150000 + 180000

6 100000 + 280000
The payback period will be
= 3 years + (80000 / 110000)
= 3.73 Years
It simply shows that the amount of investment made by the Jessica limited will be recovered in
3.73 years if they made the investment in such project.
2.Net present value:
This concept is useful as a decision criterion because it reveals the fact that the value of
money is constantly declining as a sum received today is more in value than the sum at the end
of a year. Besides, if the amount is invested today, it will fetch a return on investment and
accumulate to Re. 1 (1+i) at the end of ‘n’ period. Hence an amount received at the end of ‘n’
period is worth 1/(1+i) n now (Passas, 2022). Investment decisions require comparison of present
value with the cost of assets, and if the present value exceeds the cost, the investment is rendered
acceptable. In order to make the judgement regarding the project investment, those projects
should be selected whose net present value arrived to be positive.
The net present value for the given project will be calculated as under for Jessica Ltd: (Figures in
pounds).
Years Cash Flows Discount factor @ 12
%
Present Value of
Cash inflows
1 150000 .893 133950
2 180000 .797 143460
3 140000 .712 99680
4 110000 .636 69960
5 150000 .567 85050
6 100000 .507 50700
Total Present value
of cash inflows
582800
Less: Cash Outflow 550000

Net Present Value 32800
The Net present value of the projects arrived will be £ 32800, Since the NPV of the project has
been positive. Therefore, the recommendation has been made to the Jessica Ltd that project is
financially viable hence they can make the investment in the above project.
3.Internal rate of return:
It is a widely used criterion for investment decisions and takes interest factor into account.
It is known as marginal efficiency of capital or rate of return over cost. It stipulates rate of
discount which will equate the present value of the net benefits with the cost of the project. The
capital structure of a corporate unit contains two important parameters viz., the owners’ capital
known as equity and the debt which represents interest of debenture holders in the assets of the
company The factors responsible for inclusion of debt in the capital structure of a company are
tax-savings, easier to sell, lower cost of floatation and services, lower cost of capital, the
advantage of leverage, no dilution of equity and probable loss of control, logical to consolidate
and fund short-term indebtedness by a bond issue, advantageous in the inflationary trends of
rising interest rates and improvement in financial ratios (Rogers, 2018).
The IRR for the given projects has been calculated by using trial and error method, under which
two rates will be considered for discounting and NPV has been calculated by using such rates.
Then interpolation technique has been implemented to arrive at IRR. The two rates assumed as
10 % and 20 % for discounting purpose and calculation has been carried out below:
Discounting @ 10 %
Years Cash Flows Discount factor @ 10
%
Present Value of
Cash inflows
1 150000 .909 136350
2 180000 .826 148680
3 140000 .751 105140
4 110000 .683 75130
5 150000 .621 93150
6 100000 .564 56400

Total Present value
of cash inflows
614850
Less: Cash Outflow 550000
Net Present Value 64850
Discounting @ 20 %
Years Cash Flows Discount factor @ 20
%
Present Value of
Cash inflows
1 150000 .833 124950
2 180000 .694 124920
3 140000 .579 81060
4 110000 .482 53020
5 150000 .402 60300
6 100000 .335 33500
Total Present value
of cash inflows
477750
Less: Cash Outflow 550000
Net Present Value (72250)
Using the interpolation techniques, the internal rate of return will be:
= Lower rate + Lower rate NPV / (Lower rate NPV – Higher rate NPV) * Difference in rates
= 10 + 64840 / (64840 + 72250) * (20-10)
= 10 + 64840 / 137090 * 10
= 10 + 4.73
= 14.73 %
Therefore, the IRR arrived above shows that at 14.73 % the present value of cash inflows will be
equal to cash outflows or we can also say that the investment made by the Jessica Ltd in the
projects generate the return of 14.73 %.

4.Advice regarding suitability of the project:
On the basis of the above methods application, it is advisable to Jessica Ltd to make the
investment in such projects as from the above investment appraisal methods application the
results so arrived are positive, therefore investment is advisable to them.
Part B
1.Risk assessment of Omega limited using accounting ratios:
Report on Omega limited by calculating the following ratios:
 Current Ratio:
This ratio reflects the liquidity position of the organisation that whether they are able to
meet their liability on due time or not (Rosa and Sylla, 2018). The formula for calculation
the current ratio will be:
= Current Assets / Current Liability
= 111000 / 49000
= 2.27 Times
 Acid Test Ratio:
This ratio indicates the actual cash position of the business that how much liquid assets
they hold that will be convertible in cash immediately if funds are needed for urgent
basis. The formula for calculating the same will be:
= (Current Assets – Stock) / Current Liability
= (111000 – 60000) / 49000
= 1.04 Times
 Debt Equity Ratio:
The debt equity ratio shows the risk that the business is takin in terms of their capital
structure (Rossi, Festa, and Giacobbe, 2019). The formula for calculating the same will
be:
= Debt / Equity
= 400000 / 352000
= 1.14 Times
 Interest Coverage Ratio:

This ratio indicates the coverage or security the business to the interest-bearing holders
who invest their funds in the entity. The higher such ratio the more security will be
assured to debtholders regarding their interest payments. The formula for calculating the
same will be:
= Earnings before interest and tax / Interest expense
= (300000 – 60000 – 25000) / 4000
= 215000 / 4000
= 53.75 Times
 Stock Turnover Ratio:
This ratio shows in how must time the entity sells their product and services and replace
their inventory into the fixed duration (Schultz, 2022). The Formula for calculating the
same will be:
= Cost of Goods Sold / Average Inventory
= 500000 / 60000
= 8.33 Times
 Debtors Turnover Ratio:
This ratio shows the efficiency of the company to collect the funds from its debtors
against the goods and services they have sold to them. The formula for calculating the
same will be:
= Credit Sales / Accounts Receivables
= 800000 / 30000
= 27 Days Approx.
 Creditors Turnover Ratio:
This ratio reflects that in how many days the organisation has making the payment for the
goods purchase to their creditors. The formula for calculating the same will be:
= Credit Purchases / Accounts Payable
= (500000 – 60000) / 20000
= 22 Days
 Net Profit Ratio:
This ratio shows that how much profit has been generated by the organisation as the
percentage of revenue. The formula for calculating the net profit ratio will be:

= Net Profit / Revenue * 100
= 189900 / 800000 * 100
= 23.74 %
2.Identification and explanation on non-finance performance indicators:
The non-financial performance indicators are the following:
 The satisfaction the customer regarding the products and services they are offering to
them (Watson and McGowan, 2018).
 The delivery of products should be made on time by Omega ltd so that customer need not
to wait for the product delivery.
 The quality of product and services must be good that retains and attracts new customer.
 The reputation and bran value of the Omega ltd that makes their positioning different in
the market.
 Regularly develop the new product in the market according to changing needs.
 Regularly train employees and staff so that their productivity and efficiency will improve
that contributes to the business.
 New customer development so that business of Omega can be expanded area and product
wise.
3.Impact of pricing policy on the performance of the business:
The price of the product plays the vital role in the success and failure of the business
completely. It is important for the business to decide the price according to the market
conditions, their existing competitors, the need and requirement of the customers, market share
and reputation of the organisation and so on. The pricing policy that can be adopted by the
business could be of following types:
 Cost Based Pricing Policy
 Value Based Pricing Policy
 Demand Based Pricing Policy
 Competition Based Pricing Policy
Setting up the pricing policy means determining that whether the consumer of the company can
easily afford such prices or not and such condition must be made by the entity before producing
their products and services (Migai, 2018).

CONCLUSION
In another case study, the Jessica Ltd data has been given relating to their proposed
investment in the particular project for which investment appraisal techniques has been applied
to analyse the financial viability of the projects using the IRR method, NPV method etc. At the
end Omega Ltd financial are being given on the basis of which accounting ratios are being
calculated in the above statement and from the results so arrived conclusion has been made
towards their performance.

REFERENCES
Books and Journals
Migai, C., 2018, February. UK Criminal Finances Act 2017: The Interplay between the New
Corporate Offence for the Failure to Prevent the Criminal Facilitation of Tax Evasion
and Legal Professional Privilege. In 2nd High-Level Conference on High Net-Worth
Individuals: The Challenge They Pose for Tax Administrations, FIUs and Law
Enforcement Agencies.
Miles, I.D., Belousova, V. and Chichkanov, N., 2019. Knowledge intensive business services:
innovation and occupations. foresight.
Passas, N., 2022. 2. Terrorism Financing Mechanisms and Policy Dilemmas. In Terrorism
Financing and State Responses (pp. 21-38). Stanford University Press.
Rogers, D., 2018. Not-so-sudden death: How Carillion disguised its ailing finances just
enough. Construction Research and Innovation. 9(2). pp.44-47.
Rosa, J.M. and Sylla, D., 2018. A comparison of the performance of majority female-owned and
majority male-owned small and medium-sized enterprises. International Journal of
Entrepreneurship and Small Business. 35(3). pp.282-302.
Rossi, M., Festa, G., and Giacobbe, R., 2019. To invest or to harvest? Corporate venture capital
ambidexterity for exploiting/exploring innovation in technological business. Business
Process Management Journal.
Schultz, A., 2022. Guns and Kidneys: How Transplant Tourism Finances Global
Conflict. Available at SSRN 4045584.
Watson, K. and McGowan, P., 2018. Emergent perspectives toward the business plan among
nascent entrepreneur start-up competition participants. Journal of Small Business and
Enterprise Development.