Financial Management: Effective Decision Making and Stakeholder Value

This report delves into financial management principles, exploring effective decision-making approaches, stakeholder management, and the value of management accounting in cost control and maximizing shareholder value. It examines techniques for fraud detection and prevention, alongside a ratio analysis of J Sainsbury Plc from 2018 to 2020, assessing data for operational and strategic decisions. The report further discusses investment appraisal techniques, financial decision-making's impact on long-term sustainability, and provides recommendations for improving financial sustainability. It highlights the importance of management accounting practices in making informed business decisions and managing stakeholder conflicts.

Financial
Management
TABLE OF CONTENTS

INTRODUCTION...........................................................................................................................3
Scenario A........................................................................................................................................3
Range of approaches, factors and techniques of effective decision making................................3
Stakeholder management and conflicting objective.....................................................................4
Value of management accounting cost control and maximizing the shareholder’s value...........5
Techniques of fraud detection and prevention.............................................................................6
Reflection.....................................................................................................................................7
Scenario B........................................................................................................................................8
Ratio analysis of J Sainsbury Plc for the year 2018, 2019 and 2020...........................................8
Data obtained useful in operational and strategic decisions making.........................................14
Investment appraisal techniques that will help in maximizing the return on investment..........15
Techniques useful in informed decision making........................................................................15
Analyzing financial decision making supports long-term sustainability...................................16
Recommendation how management can improve financial sustainability................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Financial management is essential part of every business organization organization or it
can be considered as a function of management with the main role is to effectively manage the
financial resources with respect to the procurement, allocation and application of it. This report
provides an insight about the value of management accounting techniques and approaches which
can be beneficial for the organization in terms of cost control and the increasing the shareholder
value. It also covers the ratio analysis of Sainsbury with the aim of evaluating its performance
and effectiveness of financial decision making in achieving long term sustainability.
Scenario A
Range of approaches, factors and techniques of effective decision making
For the business to be successful the most essential thing for the business is the proper
and effective decision making (Kadoić, Divjak and Ređep, 2019). This is essential because of the
reason that if the decision will not be taken in proper manner then the working of the company
will not be good. For taking effective decision there are different approaches, techniques and
factors affecting it which are as follows-
Approaches to decision making- the major approaches which can assist company in
managing the decision in effective manner are as follows-
Autocratic approach- under this approach the top management of the company only has
the power to take the decision. This is due to the fact that the role of top management is to work
for the betterment of the company and for this they will take more effective decision.
Democratic approach- under this type of approach the top management and the decision
making team also takes the suggestion and reviews of the other employees as well (Snow, 2018).
This is majorly because of the reason that the when the top management takes the ideas of the
subordinates then this will have much better decision making. This is majorly because of the
reason that the subordinates are the one which actually works and they know what is good for the
working and what is not.
Techniques of decision making- the techniques are the one which includes the methods
through which effective decision can be taken. These techniques are as follows-

Brainstorming- this is the most common and important technique for taking the decision
(Cristofaro, 2017). Under this technique all the people involved in the decision making process
sits together and then they discuss over the issue for which the decision need to be taken.
Simulation- this is another major important tool or technique of decision making as
under this method the people try to create the same situation for which the decision is to be taken
(Sandhu and Sood, 2017). This role play helps the company in managing all the activities which
will take place and will assist the management in analyzing the situation in advance and then
take decision for managing that situation.
Factors affecting decision making- in addition to all these approaches and techniques
there are also some of the factors which affects the decision making process of the company.
These factors are as follows-
Working environment- this is a major factor which may affect the decision making
process of the company (Khan, Akhtar and Merali, 2018). This is majorly because of the reason
that when the working environment of the company is not coordinated then the company is not
able to take the effective decision. The major reason underlying this fact is that if there will not
be proper coordination then the proper information will not be available and decision will not be
made in effective manner.
Perception of employees- this is another major factor which affects the working of the
company and the process of effective decision making. This is certainly due to the fact that every
person has their own perception and way of thinking (Shahzad and et.al, 2018). Thus, it is very
essential for the people who takes the decision to make sure that all the people who are
responsible for the decision are same or similar in the way of thinking so that identical decision
can be taken.
Stakeholder management and conflicting objective
Stakeholder management is the process or series of steps through which the company
plan and manages to build good relation with the stakeholders. The stakeholders are the people
who are interested in the working and operations of the company. These stakeholders can be
either internal or external to the company and it is the responsibility of the company to manage
their needs and requirements. Every stakeholder has different types of need and interest and for

managing this it is essential for the company to first understand the requirement of the
stakeholders.
There are different stakeholders like consumer, employees, suppliers, owners,
shareholders, government, creditors and many other type of stakeholder. All the different
stakeholder has different types of need and requirement and interest within the company. For
instance, the consumers are interested that company provides for good quality products at
reasonable price. On the other hand, government thinks that the company earns good amount of
profits so that they can charge high taxes over the income earned by the company (van Niekerk
and Getz, 2019).
There are always the conflicts among the objectives of the various stakeholders as the
need and interest and requirement of all the stakeholder is different. Thus, there is many a times
conflict between the objectives of the company and the stakeholders. For instance, the major
objective of the shareholder is to cut the cost and focus on the bulk production of the goods and
services wherein some compromise with the quality is done. But on the other side another
stakeholder that is consumer is the one whose major objective is good quality product and that to
with a reasonable price. Thus, in this case both the stakeholders are having conflicting objective
as one states that the cost must be reduced event at the cost of quality and other states that quality
need to be superior (Oppong, Chan and Dansoh, 2017).
On the flip side the government which is another external stakeholder states that the profit of the
company must be high so that they can charge high taxes from the company. But in against of
this the shareholders want that they pay less taxes as this will reduce the amount of dividend for
the shareholder and the profits of the company as well. Hence, in the end it can be said that the
management of the stakeholder and their need and requirement is very essential for the success
of the company. This is majorly because of the reason that if the stakeholder will not be happy
and satisfied then the company will not be able to get success. Thus, it is very necessary and
crucial for the company to manage the working and efficiency of the company.
For example, the major interest of the employees within the company and its working is related
to getting high bonus and extra payment. But in against of this the owner of the company aims at
reducing the cost of the company by deducting the extra payment of the employees.

Value of management accounting cost control and maximizing the shareholder’s value
There are different types of management accounting techniques which add significant
value to the organization. But in terms of cost control and increasing the shareholder’s value,
there are mainly two main techniques or standards which are internal and external standards
(Pradhan, Swain and Dash, 2018). A detailed description is given below.
External standards are used for comparing the performance of the organization with its
competitors within the industry. This comparison is manly in respect to the cost and cost related
ratios which helps in determining the areas of improvement in the organization.
Internal standards, in contract to the above, is used in infra firm evaluation of the cost
which includes material, labor, processing cost and so forth (Garcia Osma and et.al, 2020). There
are two types of internal standards which are used for budgetary control and standard costing are
stated below.
Budgetary control
This technique is derived from the concept of budget. It is mainly the budgeted plan
which is formulated for the specific period and is used as the planning and controlling tool for
effective management of the organizational activities (Ameen and et.al, 2018). It provides pre-
determined objectives along with the basis which is used in measuring the performance in
respect to the objectives set. It assists in integrating the business activities all together and also
provides a standard based on which the actual outcome is compared to the budgeted ones. Also
helps in avoiding unnecessary expenses which leads to reduction in cost and consequently leads
to increase in shareholders’ value.
Standard costing
It is mostly used for the purpose of cost control. It establishes the standards and targets
which are required to be achieved under the given set of working conditions. It helps in
evaluation the cost and benefit associated with each of the product and services of the
organization (Paul, 2020). It is the yardstick with which efficiency is measured and controlled. It
assists in optimum utilization of resources which leads to cost management and reduction as
well. The variance analysis and reporting will also help in taking corrective actions.

Techniques of fraud detection and prevention
There are various techniques and approaches that can be used by the organization with
the objective of preventing and detecting the fraud at the right time. Few of the important steps
that can be taken by the organization are given below.
Identifying the potential frauds
The company should work on identifying the major areas where there is a major chances
of detecting fraud. The complete list should be prepared based on the priorities (Fadilah and et.al,
2019). After which the type of risk and exposure is identified. The company should also aim at
areas and risks that has an influence over the shareholder’s value.
Implement continuous auditing and monitoring system
Exercising control over the transactions and introducing the continuous auditing in order
to test and validate the effectiveness of the data (White, 2018). Regular audit can be done by
setting up the scripts which runs across all the data which are large in volume as it helps in
identifying the anomalies that might occur over a period. This will help in improving the
efficiency, consistency and the quality of fraud detection processes.
Communicating the monitoring activity in the organization
The most important technique is communicating the systems and the activities introduced
in the organization to its employees (Simeon, 2018). If everyone in the organization is aware of
the fraud detection systems putted in place will help in reducing the chances of the occurrence of
fraud. This will stop the person from carrying out any activity which will breach the control
system and get identified. This is the great preventive measure that can be taken by the
organization. For example, if an employee is thinking to conduct something wrong but after
communicating about the monitoring system, he /she will not be doing it.
Reflection
After evaluating the above questions, I can say that the management accounting practices
has an immense importance in an organization. The techniques and approaches associated with it
helps in taking better and improved business decisions which is very crucial for the effective
business decision making processes. The conflicts which arises because of the existence of the

different interest groups in the organization which has a huge impact over the decision making
process. The businesses are required to consider the welfare of the each and every person having
interest in the organization. The proper evaluation of each aspect is carried out which helps in
taking informed decisions which results into meeting the goals and objectives of every
stakeholder in the organization. The implementation of various management accounting
techniques such as budgetary standards and standard costing provides assistance to the
organization in respect to meeting the set targets and objectives. This will result into effective
management of the business operations and the processes which helps the business organization
in identifying the areas where actions can be taken in order to reduce the unnecessary cost. The
reduction in cost will lead to increase in the profitability of the organization and will
consequently lead to increase in the shareholder’s value. Also, various steps can be taken by the
organization in order to prevent and detect fraud on time.
These steps will help the business entity in working in an ethical manner which will
result into ethical decision making. All these together will work on ensuring that the company
achieves its goal of long term sustainability. Thus, management accounting along with its
various approaches and techniques is very useful for a business organization in taking crucial
business decisions.
Scenario B
Ratio analysis of J Sainsbury Plc for the year 2018, 2019 and 2020
The ratio analysis refers to the analytical tool which is used by the organization for
gaining insight about the financial position of the business in respect to its profitability,
efficiency, liquidity and solvency.
J Sainsbury PLC
Particulars Formulas 2020 2019 2018
Liquidity ratio
Current assets 7582 7550 7866
Current liabilities 12047 11849 10302
Inventory 1732 1929 1810

Current ratio
Current Asset/ Current
liabilities 0.63 0.64 0.76
Quick ratio
Quick Assets/ Current
liabilities 0.49 0.47 0.59
Profitability ratio
Capital employed 16119 16431 11744
Operating profit 1057 606 547
Shareholders’ Equity 7525 7534 6902
Net profit after tax 129 168 291
Sales 28993 29007 28459
Return on capital employed
Operating profit/capital
employed 6.6% 3.7% 4.7%
Return on equity
Net income/
Shareholder's equity 1.7% 2.2% 4.2%
Net profit margin Net profit/ sales 0.4% 0.6% 1.0%
Efficiency ratio
Net sales 28993 29007 28459
Total assets 28166 28280 22046
Inventory 1732 1929 1810
Cost of sales 26799 26807 26593
Accounts receivables 4672 4268 4104
Asset turnover ratio Net sales/total assets 1.03 1.03 1.29
Inventory turnover ratio Cost of sales/inventory 15.47 13.90 14.69
Accounts receivable turnover
ratio
Net sales/accounts
receivables 6.21 6.80 6.93
Solvency ratio
Total debt 20641 20746 15144

Total Equity 7525 7534 6902
Debt equity ratio Total debt/ total equity 2.74 2.75 2.19
Analysis and interpretation
Liquidity ratio
Current ratio: This ratio is used to measure the ability of the company to make payment
for its current obligation against its current assets (Lessambo, 2018). In the below depicted
graph, it can be seen that current ratio of Sainsbury is not in line ideal ratio such as 2:1. Further,
it is declining over the years from 0.76 to 0.63 significantly. It shows that liquidity position of
Sainsbury was not sound in concerned financial period. So, company should focus on
maintaining enough current assets which can be used for meeting obligations.
Quick ratio: This ratio is more conservative than current ratio as it excludes inventory
and prepaid expenses (Quesada-Pineda, 2019). The quick ratio of Sainsbury is very less and it is
preferable to have higher ratio. In the year 2020, it has increased a little which might be because
of less inventory in that year. Quick ratio of the firm exhibits that it has sufficient liquid assets
that can easily be converted into cash for meeting current obligations.

Profitability ratio
Return on capital employed: ROCE is the profitability measuring tool which is used to
determine the percentage return on the capital employed by the company (Lubyanaya and et.al,
2016). In case of Sainsbury, it has shown an increasing trend. In the 2018, it was 4.7% which is
then reduced to 3.7% and then increased to 6.56% which is huge jump in a year. This means
company is effectively utilizing it capital employed.
Return on equity: The below graph presents about the percentage return on the
shareholders fund. It indicates how return the company is earning with respect to the funds

provided by the investors (Hasanaj and Kuqi, 2019). From the data given below, the return on
equity has reduced from 4.2% in 2018 to 2.2% in 2019 and then further declined to 1.71% in
2020. The main reason for this drop is decrease in the profits. This is a big concern for the
organization, thus, it is required to implement action for increasing its net profits and reducing
cost for increasing the return.
Net profit margin: Under this, the profitability is measured taking sales for the year as a
base (Król, 2018). The net profit margin has reduced from 1% in 2018 to 0.6% in 2019 and then
further declined to 0.44% in 2020. This is because of declining profits of the company, thus,
effective steps are required to be taken such as reducing the operating expenses of the company
which will lead to increase in profits.

Efficiency ratio
Asset turnover ratio: It is the efficiency ratio which measures the efficiency of the
company in utilizing its assets in generating higher sales or revenue (Silitonga, Ramadhani and
Nugroho, 2019). The asset turnover ratio of Sainsbury has dropped drastically as in the year
2018 it was 1.29 time which then reduced to 1.03 times in both 2019 and 2020. This indicates
company is not effective in optimum utilizing its assets. Thus, the company should look in the
facts that is limiting its productivity.
Inventory turnover ratio: The inventory turnover ratio refers to the how many times the
company has sold and replaced it inventory in a specific period (Andjelic and Vesic, 2017). It is
favorable to have higher ratio which indicates the efficiency of the company to sold out its
inventory. In Sainsbury, in the year 2018, the ratio was 14.69 times which then reduced to 13.90
times in 2019 and then again it rose to 15.47 times which is good. This indicates company is
efficient in selling out its goods quickly.

Account receivable turnover ratio: This ratio indicates the efficiency of the company in
respect to collecting the due amount from its debtors. It indicates how efficiently company
manages its credit (Rizqi, 2017). The accounts receivable ratio of Sainsbury has reduced over the
past three years. In 2018, it was 6.93 times which directly dropped to 6.21 in the year 2020. This
shows that company is performing well in collecting dues from its customers. The company
should look at its collection team for finding the cause for it.
Solvency ratio

Debt Equity ratio: This ratio is used to evaluate the financial leverage in the company
organization. It is the basically the proportion of debt and equity in the capital structure of the of
the company (Kahn and Baum, 2020). The debt equity ratio of the company is high as it has
increased from 2.19 times in the year 2018 to 2.74% in 2020 which shows that the company has
taken more debt in the current year. Sainsbury needs to reduce its debt proportion in the capital
structure in order to avoid the situation of insolvency or bankruptcy.
Data obtained useful in operational and strategic decisions making
From the data obtained above, it can be said that these information is very crucial for
effective management of the organization. Analyzing the financial ratios of the company will
help the organizations like Sainsbury in effectively managing its business functioning. It gathers
various information pertaining to its assets, liabilities and the expenses and the revenue so that
effective steps can be taken to manage its properly. It helps in identifying the key areas where
more focus is required to be put on (Fathima, 2020). This data, helps in effectively evaluating the
financial performance of the business which results into better and improved strategic business
decisions. These decisions lead to increase in the effective and efficient management of the
business management so that proper strategies and plans can be formulated with the objective of
achieving the desired goals and objectives. Thus, the data obtained from the financial
information of the company is used for meaningful decision making process which provides
assistance to the organization in the meeting with the required changes and desired
organizational outcomes.
Investment appraisal techniques that will help in maximizing the return on investment
Payback period: This technique is used to determine how much time it will take to
recover the amount invested in the project initially. It can be calculated easily and is also very
easy to understand. It also assists the management by providing some indication in the form of
risk by the bifurcating the long term projects from the short term (Häcker and Ernst, 2017). The
major limitation of it is that it does not account for time factor in determining the future cash
inflow and also ignores the financial performance after the break-even point. It does not consider
any external factors such as inflation, maintenance and other cost. Thus, the rate of return
derived from it is high because of the ignorance of the risk factors.

Net present value: It is used for determining the net present value of the project. It takes
into consideration inflation and the time value of money (Kashyap, 2019). The present value is
determined using the discounting rate which is also determined by the organization. Thus, under
this process adjustment is made in the cash inflow and also the consideration of inflation leads to
reduction in the amount of cash inflow which results into lower return on investment which is
nearly appropriate and accurate.
Internal rate of return: It is the rate at the NPV of the project is equivalent to zero. It is
considered to avoid the project if its IRR is less than the cost of capital or the desired return. It is
the widely used method but is not easily understandable and also cannot be easily computable
(Magni, 2020). Any error in the deviation may cause misleading results as it assumes that the
cash incurred will be reinvested at the IRR rate. It does not take into consideration any external
factors like inflation, economic slowdown and so forth but considers time vale of money. Thus,
this technique is also useful in determining and maximizing the return on investment.
Techniques useful in informed decision making
For taking effective financial decisions some of the techniques are utilized which are
stated below.
Cash flow statement: This statement is used by the organizations with the purpose to
determine the amount of cash it has received from the various sources. Mostly it assists in
knowing the cash flow from the operating activities of the business (Arsenijević and Đukić,
2017). It helps in determining the change in the working capital of the company and the sources
from which maximum amount is being received and application of the funds.
Trial balance: The trial balance statement shows the closing balance of all the ledger
accounts. It ensures that the debit and credit side are balanced and if not one or two entries have
been omitted (Kimmel, Weygandt and Kieso, 2018). It is very useful in preparing the financial
statements of the company. It mainly helps in identification and rectification of any errors.
Break-even point: The break-even point analysis is used in determining the point after
which business starts earning profits (Nagarajan and Visagamoorthi, 2018). It is useful for the
organizations which are looking for business expansion or starting a new business.

Analyzing financial decision making supports long-term sustainability
The decisions that are taken by the organization for the purpose of dealing with the
business operations. It helps in taking actions as and when required which help in managing the
situation well at time through effective decision making process (Blašková and et.al, 2018). The
decision taken are for both long term and short term and short term decisions are mainly focused
on the long term prosperity and success of the organization. These decisions are crucial for
smooth functioning of the business operations and activities which results into achievement of
the desired objectives.
Recommendation how management can improve financial sustainability
 Timely reviewing the current and future financial requirements of the business and
addressing anticipated growth.
 The management should effectively analyze the growth and the work for ensuring better
performance and profitability of the organization.
 Proper and appropriate reporting and planning capabilities will help in gathering more
relevant and valuable information which can be used in taking sound decisions.
CONCLUSION
It can be summarized from the above that financial management is very important for
effectively managing the financial resources of the organization. The wide range of approaches
and techniques can be used which helps in better and informed decision making. Managing the
conflicts that may arise because of the existence of different interest groups in the organization.
The various techniques can be implemented by the organization in order to prevent and detect
any fraud which lead ethical decision making. The ratio analysis of the Sainsbury is carried out
which was used in analyzing the financial performance and position of the company in respect to
liquidity, profitability, efficiency and solvency. The investment appraisal technique which can be
used in maximizing the return on investment. The effectiveness and the usefulness of decision
making process helps in accomplishing the long term objectives of the organization along with
sustainability.

REFERENCES
Books and Journals
Ameen, A. M. and et.al, 2018. The Impact of Management Accounting and How It Can Be
Implemented into the Organizational Culture. Dutch Journal of Finance and
Management. 2(1). p.02.
Andjelic, S. and Vesic, T., 2017. The importance of financial analysis for business decision
making. In Book of proceedings from Sixth International Scientific Conference
Employment, Education and Entrepreneurship (pp. 9-25).
Arsenijević, A. and Đukić, T., 2017. Creative cash flow reporting. Facta Universitatis, Series:
Economics and Organization. pp.163-173.
Fadilah, S. and et.al, 2019. Forensic accounting: fraud detection skills for external
auditors. Polish Journal of Management Studies. 20.
Fathima, N. S., 2020. FINANCIAL POSITION EVALUATION USING RATIO
ANALYSIS. IJRAR-International Journal of Research and Analytical Reviews
(IJRAR). 7(2). pp.397-404.
Häcker, J. and Ernst, D., 2017. Investment Appraisal. In Financial Modeling (pp. 343-384).
Palgrave Macmillan, London.
Hasanaj, P. and Kuqi, B., 2019. Analysis of Financial Statements. Humanities and Social Science
Research. 2(2), pp.p17-p17.
Kadoić, N., Divjak, B. and Ređep, N.B., 2019. Integrating the DEMATEL with the analytic
network process for effective decision-making. Central European Journal of Operations
Research. 27(3). pp.653-678.
Kahn, M. J. and Baum, N., 2020. Basic Accounting and Interpretation of Financial Statements.
In The Business Basics of Building and Managing a Healthcare Practice (pp. 13-18).
Springer, Cham.
Kashyap, R., 2019. Fighting Uncertainty with Uncertainty: Time Value of Knowledge and the
Net Present Value (NPV) of Knowledge Machines. arXiv preprint arXiv:1908.03233.
Khan, M.N., Akhtar, P. and Merali, Y., 2018. Strategies and effective decision-making against
terrorism affecting supply chain risk management and security. Industrial Management
& Data Systems.
Kimmel, P. D., Weygandt, J. J. and Kieso, D. E., 2018. Accounting: Tools for business decision
making. John Wiley & Sons.
Lessambo, F. I., 2018. Financial Ratios Analysis. In Financial Statements (pp. 207-247).
Palgrave Macmillan, Cham.
Magni, C. A., 2020. Internal Rate of Return. In Investment Decisions and the Logic of
Valuation (pp. 487-554). Springer, Cham.
Nagarajan, K. and Visagamoorthi, D., 2018. Use of Break-even analysis in financial appraisal of
projects. Indian Journal of Public Health Research & Development. 9(11). pp.2098-
2105.
Oppong, G.D., Chan, A.P. and Dansoh, A., 2017. A review of stakeholder management
performance attributes in construction projects. International Journal of Project
Management. 35(6). pp.1037-1051.

Pradhan, D., Swain, P. K. and Dash, M., 2018. Effect of management accounting techniques on
supply chain and firm performance: An empirical study. International Journal of
Mechanical Engineering and Technology. 9(5). pp.1049-1057.
Quesada-Pineda, H. J., 2019. Analysis of Financial Statements Using Ratios.
Sandhu, R. and Sood, S.K., 2017. A stochastic game net‐based model for effective decision‐
making in smart environments. Concurrency and Computation: Practice and
Experience. 29(20). p.e3843.
Simeon, E. D. S. E. I., 2018. Auditing and fraud control in corporate
organisations. Auditing. 9(8).
van Niekerk, M. and Getz, D., 2019. Generic Stakeholder Management Strategies.
Blašková, M. and et.al, 2018. Responsible Decision making for Sustainable
Motivation. Sustainability. 10(10). p.3393.
Cristofaro, M., 2017. Reducing biases of decision-making processes in complex
organizations. Management Research Review.
Garcia Osma, B. and et.al, 2020. Management Accounting and Control Systems and Earnings
Management: Effects on Future Firm Performance. Available at SSRN 3449178.
Król, M., 2018. Profitability as a criterion for the financial assessment of an enterprise. World
Scientific News. 104. pp.264-277.
Lubyanaya, A. V. and et.al, 2016. Evaluation of the Effect of Non-Current Fixed Assets on
Profitability and Asset Management Efficiency. International Journal of Environmental
and Science Education. 11(15). pp.7745-7753.
Paul, D. D., 2020. STANDARD COSTING AND ABC: A COEXISTENCE. Strategic
Finance. 101(11). pp.32-39.
Rizqi, M. N., 2017. Analysis of Working Capital Turnover Impact Toward Profitability and
Accounting Implication at PT. Multi Strada Arah Sarana Tbk. The Accounting Journal
of Binaniaga. 2(02). pp.39-50.
Shahzad, I. A. and et.al, 2018. Decision-making participation eulogizes probability of behavioral
output; job satisfaction, and employee performance (evidence from professionals having
low and high levels of perceived organizational support). World Journal of
Entrepreneurship, Management and Sustainable Development.
Silitonga, W. P., Ramadhani, R. A. and Nugroho, R., 2019. THE EFFECT OF ECONOMICS
VALUE-ADDED, MARKET VALUE-ADDED, TOTAL ASSET RATIO, AND
PRICE EARNINGS RATIO ON STOCK RETURN. Jurnal Akuntansi Trisakti. 5(2).
pp.239-252.
Snow, R., 2018, January. Limits to Democracy: Constraints on Systems Approaches to
Organizational Change. In Proceedings of the 50th Annual Meeting of the ISSS-2006,
Sonoma, CA, USA.
White, A., 2018. Internal Fraud: Prevention and Detection Methods Including Machine
Learning (Doctoral dissertation, Utica College).