See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/379993047

Financial Statement: A tools to evaluate Business Performance

Article in Business Management and Economics Engineering · November 2023

CITATIONS READS
5 6,455

1 author:

Rajesh Deb Barman

Bodoland University
34 PUBLICATIONS 93 CITATIONS

SEE PROFILE

All content following this page was uploaded by Rajesh Deb Barman on 22 April 2024.

The user has requested enhancement of the downloaded file.

 Business, Management and Economics Engineering
ISSN: 2669-2481 / eISSN: 2669-249X
2023 Volume 21 Issue 02

FINANCIAL STATEMENTS: A TOOLS TO EVALUATE BUSINESS

PERFORMANCE

Dr. Rajesh Deb Barman

Assistant Professor, Department of Commerce, Bodoland University, Kokrajhar, India
https://orcid.org/0000-0003-0957-4302
Abstract
Introduction: The study's main objective is to assess a company's performance by looking at
its financial statements. Financial statements provide information on profitability, stability, and
liquidity.
Literature Review: Financial statements involve “cash flow statements, balance sheets, and
income statements”. It is possible to pinpoint areas for improvement in cash management,
revenue development, and spending control by analysing trends in these statements.
Methodology: The research has selected the “primary quantitative research method” through
the survey process. The analysis of the data has been performed through SPSS software. The
distribution of respondents by age, gender, and level of education is displayed by demographic
data. Significant relationships between variables can be found through correlation analysis.
Findings: The results show how crucial financial statements are for evaluating a company's
performance. They give stakeholders a thorough understanding of a company's financial
situation, enabling them to make wise decisions.
Discussion: The study emphasises how important financial statements are for assessing a
business's success, assisting in data-driven decision-making, and promoting long-term
expansion.
Conclusion: The study emphasises how crucial it is to use caution when guaranteeing the
accuracy of financial data to preserve confidence and dependability in financial statement
analysis.
Keywords: Financial statements, Business performance, financial analysis, Performance
indicators, Data manipulation

Introduction
Financial statements are the performance indicators of a company that also helps to
measure financial performance. The income statement shows the earnings for a given period
as well as the company's expenses and profit or loss. This aids in evaluating the profitability
and operational effectiveness of the company. A organisation’s “assets, liabilities, and
shareholders' equity” are shown in a balance sheet, which gives an overview of the business's
financial situation and liquidity (Mosteanu & Faccia, 2020). Therefore, the cash flow statement
also aids in determining the capacity of the business to manage working capital, create cash,
and pay its debts.
It is possible to identify areas that may require improvement, such as expense control,
revenue development, or cash management, by analysing trends in these statements over time.
As illustrated by Ichsan et al. (2021), the analysis of financial statements is an essential
instrument for assessing the past and present performance of a company, facilitating decision-
Copyright © 2023 The Author(s). Published by Vilnius Gediminas Technical University 819
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.
org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and
source are credited.
820 FINANCIAL STATEMENTS: A TOOLS TO EVALUATE BUSINESS PERFORMANCE

making, and serving as a foundation for projecting its future financial stability. A firm's long-
term viability and growth can be ensured by stakeholders making well-informed decisions
about lending, investment, and strategic planning based on an evaluation of the financial
statements of the organization. However, the possibility of data manipulation or
misrepresentation is a problem when examining financial accounts since it might mislead
stakeholders and skew the evaluation of a company's performance. As illustrated by Devi et al.
(2020), inaccurate performance evaluations brought about by manipulated financial data
influence investment choices. Therefore, independent audits, regulatory supervision, and more
openness through standardized reporting can all aid in ensuring the dependability and
correctness of financial statements to address this problem.

Figure 1: Business performance of Air India Limited from the year of 2016 to 2022
(Source: Statista, 2023)
Figure 1 illustrates the financial performance of Air India Limited from the year of 2016
to 2022. The “balance sheet, income statement, and statement of cash flows” are examples of
financial statements that are crucial instruments for assessing overall financial performance
(Ratmono, Darsono & Cahyonowati, 2020). Quantifiable measurements known as financial
performance indicators are used to evaluate the success and well-being of a corporation.
Aim
The study's goal is to illustrate how financial statements can be used to evaluate a
company's success.
Research Objectives
RO1: To comprehend how financial statements affect the functioning of businesses
RO2: To analyse past financial data to spot performance patterns that allow for the forecasting
of future financial results
RQ3: To determine the components of financial statements that improves stability
 Dr. Rajesh Deb Barman
Business, Management and Economics Engineering, 2023 Volume 21 Issue 2, ISSN: 2669-2481 / eISSN: 2669-249X 821

RO4: To ascertain financial ratios and measures to appraise profitability and liquidity to
appraise the financial well-being of the enterprise
Research Questions
RQ1: How do financial statements evaluate the performance of a company?
RQ2: How can performance trends that allow for the prediction of future financial outcomes
are found using historical financial data?
RQ3: What aspects of the financial statements have impacted the stability of the financial
system?
RQ4: How do financial ratios and metrics for assessing profitability relate to liquidity for
evaluating the financial health of the company?
Hypothesis
H(1): There is a correlation between Return on Equity and business performance.
H(2): There is a relationship between liquidity and the business performance of an
organization.
H(3): There is a general relation between net margin and organizational business performance.
H(4): There is a relationship between cash flow and the business performance of an
organization.

Literature Review
Role of financial statements in measuring business performance
Financial statements offer a thorough and organised summary of a company's financial
operations, which makes them essential tools for evaluating performance. As suggested by
Gartenberg, Prat & Serafeim (2019), financial statements such as the “cash flow statement,
income statement, and balance sheet” are essential instruments for evaluating the strength,
effectiveness, and general performance of an organization. An important source of information
about a company's profitability is the income statement. It shows the income received and the
costs incurred over a given time frame, eventually indicating whether the company is profitable
or losing money. Contrastingly, as argued by Kliestik et al. (2020), stakeholders also evaluate
the company's capacity to turn a profit from its main business, measure its cost control, and
spot long-term trends in profitability by examining financial statements. Therefore, a steadily
rising profit is an indication of a successful company, but falling or negative earnings point to
problems that need to be addressed, including better cost management, pricing, or operational
efficiency.

821 | P a g e
822 FINANCIAL STATEMENTS: A TOOLS TO EVALUATE BUSINESS PERFORMANCE

Figure 2: Financial statements in assessing business performance

(Source: Influenced by Tien et al. 2020)
An instantaneous view of a company's financial situation is provided by the balance
sheet. As illustrated by Tien et al. (2020), a balanced sheet displays the assets, liabilities, and
equity held by shareholders of a corporation. This data is essential for evaluating the company's
solvency and financial stability. Sufficient assets and controlled debt on a robust balance sheet
demonstrate sound financial standing and the capacity to fulfil both immediate and long-term
commitments. Conversely, a high debt-to-equity ratio or insufficient liquidity may indicate
financial risk and could make it more difficult for the business to grow or weather downturns
in the economy.
Financial statements are essential tools for evaluating the success of businesses. As
described by Alabdullah & Ahmed (2020), financial statements help stakeholders assess a
company's profitability, financial stability, and liquidity by offering an organized, numerical
depiction of its financial activities. Businesses, investors, and creditors all make well-informed
decisions, evaluate risk, and establish creditworthiness by examining these statements.
Therefore, financial statements are a crucial instrument in the continual evaluation of a
company's performance and potential for sustainable long-term growth.
Identification of the factors of financial statements in enhancing financial stability
Improving financial stability is a top priority, and financial statements are essential to
reaching this goal for organizations. As mentioned by Le, Chuc & Taghizadeh-Hesary (2019),
a company's financial stability is greatly impacted by a number of the elements listed in
financial statements. Additionally, an essential document that lists a company's earnings and
outlays is the income statement. In contrast to that, as contradicted by Shad et al. (2019), strong
profitability and steady sales growth are signs of sound financial standing. Companies are
better able to pay debt, cover operating expenses, and reinvest in their operations when their
revenues are rising and their profit margins are strong. Therefore, to evaluate a company's long-
term financial stability, trends in revenue and profitability need to be identified, which is done
by analysing the income statement.
 Dr. Rajesh Deb Barman
Business, Management and Economics Engineering, 2023 Volume 21 Issue 2, ISSN: 2669-2481 / eISSN: 2669-249X 823

Balance sheet Cash flows

Income
Equity
statements

Figure 3: Factors of financial statements

(Source: Influenced by Shad et al. 2019)
The balance sheet offers information on the working capital and liquidity of a business.
Short-term financial stability depends on having enough liquidity, which is indicated by a
strong current ratio (Kliestik et al. 2020). Good working capital management guarantees that a
business can pay its bills on time every day. A business that has enough cash and liquid assets
is better able to handle unforeseen financial difficulties without having to take on more debt or
sell assets at a loss. On the contrary, as argued by Ozili (2021), the company's debt levels are
also shown on the balance sheet. Because high-interest rates can make cash flow difficult,
having too much debt might undermine financial stability. Therefore, a better financial
situation is indicated by a reduced debt-to-equity ratio and a comfortable interest coverage
ratio. Effective debt management and the ability to pay off debt are prerequisites for businesses
to stay solvent even in recessionary times.
Improving financial stability requires addressing the elements included in financial
statements, such as revenue growth and profitability, liquidity and working capital
management, debt levels and debt servicing capacity (Alsayegh, Abdul Rahman & Homayoun,
2020). These variables not only show a company's present financial situation but also provide
information on how resilient it is to future downturns and maintain long-term stability.
Therefore, businesses looking to improve their financial stability and make plans for long-term
growth regularly evaluate these variables through financial statement analysis.

Methodology
The researchers in this study adopt the primary quantitative approach for data
collecting, which focuses on obtaining numerical information to create a solid and impartial
basis for the investigation. This study is a good fit for the primary quantitative technique since
it seeks to reduce subjectivity and bias in the data collection. Here, positivism is the research
approach used, emphasising the gathering of current, trustworthy data. As suggested by Flick
(2020), positivism philosophy is helpful for quantitative research to prove the hypothesis.

823 | P a g e
824 FINANCIAL STATEMENTS: A TOOLS TO EVALUATE BUSINESS PERFORMANCE

Additionally, with this method, the researchers collected data on the study in real-time, which
is very useful when it comes to financial statements that are used to evaluate business
performance.
The research has been performed by following a descriptive research design. As
illustrated by Kothari (2017), descriptive research design is useful to explain a whole
population. The study also followed a deductive research approach to filter the data. A sample
of 55 participants has been selected for the survey. The researchers developed a questionnaire
with ten survey questions to gather data. These questions, which include three questions about
demographics and seven questions about specific subjects, make it possible to get information
from a wide range of respondents. In addition to being valuable, the data gathered using the
primary quantitative approach also meets the study needs by being dependable, standardizable,
and generalizable (Kumar, 2018). Therefore, it helps to guarantee that the data collected is
correct and useful for deriving insights into financial statements' impacts in assessing financial
performance, maintaining authenticity is essential.
Several statistical tests have been used in the study to gather and examine data. As per
the view of Mazhar et al. (2021), the statistical analysis is performed using the “Statistical
Package for the Social Sciences (SPSS) software”, which helps the researchers interpret the
data they have gathered. Numerous statistical tests, such as tests relevant to variables and
demographics, were employed in this research. Therefore, a comprehensive analysis of the data
was made possible by these tests, which include descriptive statistics, linear analysis, ANOVA
testing, coefficient tests, and correlation tests.
Hypothesis testing is important to this study to better understand how financial
statements can assess business performance. As illustrated by Saunders & Bezzina (2015), to
inform data-driven conclusions and scientific discoveries, hypothesis testing is essential to
research since it impartially assesses the significance of links or effects. The researchers also
determined the usefulness and relevance of these financial statements in the context of business
performance measurement by formulating hypotheses and putting them to the test with real-
time data. Moreover, the research study employs a rigorous technique for data collecting and
analysis, integrating statistical tests, hypothesis testing, and quantitative data collection to
investigate the financial statements aspects in the context of financial performance evaluation
of organizations.

Findings and analysis

Demographic analysis
Gender
 Dr. Rajesh Deb Barman
Business, Management and Economics Engineering, 2023 Volume 21 Issue 2, ISSN: 2669-2481 / eISSN: 2669-249X 825

Table 1: Gender of the respondents

(Source: SPSS)
Gender-specific demographic data are shown in Table 1, wherein 24 female and 28
male individuals were involved in the data collection process. Furthermore, nine responders
declined to reveal their gender. This data sheds light on how the statistical analysis's
participants were distributed.

Figure 4: Gender
(Source: SPSS)
The gender-specific response rates are shown in Figure 4. The data collection revealed
that 50.9% of men and 43.6% of women took part, with men having the greatest response rate.
With 5.5% of responses, the "preferred not to say" group had the lowest response rate. The data
reveals that respondents who choose not to identify their gender were less likely to participate
and that male respondents predominate.
Age

825 | P a g e
826 FINANCIAL STATEMENTS: A TOOLS TO EVALUATE BUSINESS PERFORMANCE

Table 2: Age of the respondents

(Source: SPSS)
A breakdown of respondent frequencies by age group is given in Table 2. “23
responders are between the ages of 22 and 25, and 20 participants are between the ages of 26
and 30”. In addition, 7 participants are between the ages of 21 and 35, and 5 respondents are
more than 35 years old. This information provides insight into how respondents are distributed
throughout various age groups.

Figure 5: Age
(Source: SPSS)
Age-group-specific response rates are shown in Figure 5. The group aged 22 to 25
exhibits the highest response rate of 41.8%, indicating that they are the most responsive
participants. The next group, aged 26 to 30, had a response rate of 36.4. A significant 12.7%
of respondents are between the ages of 31 and 35, while participants between the ages of more
than 35 years have a response rate of 9.1%. This data demonstrates how different age groups
have varying degrees of engagement.
 Dr. Rajesh Deb Barman
Business, Management and Economics Engineering, 2023 Volume 21 Issue 2, ISSN: 2669-2481 / eISSN: 2669-249X 827

Education

Table 3: Educational background of the respondents

(Source: SPSS)
Table 3 illustrates the educational background of the participants. 33 graduates, 15 post-
graduates, and 7 PhD students have participated in the survey.

Figure 6: Educational background

(Source: SPSS)
Figure 6 illustrates the educational background in which 60% of the respondents are
graduates, 27.3% are post-graduates, and 12.7% are PhD students.
Statistical analysis
Descriptive tests

827 | P a g e
828 FINANCIAL STATEMENTS: A TOOLS TO EVALUATE BUSINESS PERFORMANCE

Table 4: Descriptive analysis of the variables

(Source: SPSS)
Descriptive data for four distinct variables are shown in Table 4. 1.42 is the mean value,
0.634 is the standard error, and 0.786 is the standard deviation for the first variable. As
suggested by Denis (2018), insights into central patterns, variability, and distributions are
provided by descriptive statistics, which can help with data analysis and decision-making by
summarizing and simplifying complex data. The mean, standard deviation, and standard error
of the second variable are 1.44, 0.634, and 0.977, respectively. “The mean of the third variable
is 1.53, and its standard deviation is 1.034, with a standard error of 0.634”. The standard
deviation is 0.879 and the mean value is 1.47 for the fourth variable. These statistical measures
provide information about each variable's central tendency (mean), data dispersion (standard
deviation), and accuracy of the mean estimate (standard error). Therefore, with this knowledge,
researchers can better grasp the distribution and traits of various variables, facilitating data
analysis.
Regression analysis
Hypothesis 1

Table 5: Regression for Hypothesis 1

(Source: SPSS)
The outcomes of a linear regression analysis are shown in Table 5. The correlation
between the variables is represented by the R-value, which is 0.208. “The percentage of
 Dr. Rajesh Deb Barman
Business, Management and Economics Engineering, 2023 Volume 21 Issue 2, ISSN: 2669-2481 / eISSN: 2669-249X 829

variance in the dependent variable that is explained by the independent variable is shown by
the R square value (0.043)”. A significant link between the variables is indicated by the
ANOVA table's F value of 2.398, which is less than 0.05 and has a significance value of 0.001.
In the linear regression model, these statistics aid in determining the “significance and strength
of the link between the independent and dependent variables”.

Hypothesis 2

Table 6: Regression test

(Source: SPSS)
The findings of a linear regression analysis for the variables in question are presented
in Table 6. As illustrated by Shrestha (2020), regression analysis examines the connections
between variables to forecast results and establish causality. They provide future projections,
model validation, and decision-making across a range of domains. A moderate correlation is
shown by the R-value of 0.075, and the R-square value of 0.006. “There is a significant
association between the variables in the ANOVA table, as indicated by the significance value
of 0.001, which is less than 0.05”. The coefficient table shows a beta value of “0.071 and a t
value of 0.550”, confirming the considerable correlation between financial statements that can
assess the financial performance of a business.

Hypothesis 3

829 | P a g e
830 FINANCIAL STATEMENTS: A TOOLS TO EVALUATE BUSINESS PERFORMANCE

Table 7: Regression for Hypothesis 3

(Source: SPSS)
The results of a linear regression analysis are shown in Table 7. “While the R square
value of 0.001 indicates that variance in the dependent variable is explained by the independent
variable, the R-value of 0.033 indicates a moderate correlation”. The number of respondents is
taken into consideration by the adjusted R square value (-0.018). A significant link between
the variables is indicated by the F value in the ANOVA table, which is 0.059, and the
significance value, which is less than 0.05, which is 0.009. The substantial link between “the
dependent and independent variables” is confirmed by the coefficient table, which shows a beta
value of -.030 and a t value of -.242. These figures shed light on the linear regression model's
capacity for prediction.
Hypothesis 4

Table 8: Regression for Hypothesis 4

(Source: SPSS)
Table 8 represents the regression test for hypothesis 4, the R-value for the fourth
variable is 0.007, and the R-Square value is 0.000.
 Dr. Rajesh Deb Barman
Business, Management and Economics Engineering, 2023 Volume 21 Issue 2, ISSN: 2669-2481 / eISSN: 2669-249X 831

Correlation analysis

Table 9: Correlation test analysis

(Source: SPSS)
Table 9 displays the results of a correlation study for the variables. As viewed by
Makowski et al. (2020), in research and data analysis, correlation tests evaluate “the strength
and direction of the relationship between variables”, which helps uncover relationships,
recognise patterns, and direct decision-making. There is a significant association between the
first, second, third, and fourth variables, as shown by their significance values of 0.001, which
is less than 0.05. With a significance value of 0.005, the fourth variable likewise exhibits a
significant association with the dependent variable. Strong correlations between the variables
are suggested by these data, corroborating the idea that they are related and have an impact on
one another. The degree and direction of these correlations can be determined with the use of
correlation analysis, which offers insightful information for additional data interpretation and
decision-making.

Discussion
Examining financial statements is an essential part of assessing the performance of a
company. As suggested by Roychowdhury, Shroff & Verdi (2019), a financial statement helps
stakeholders make decisions by providing insights into various financial parameters.
Additionally, analysing the profitability of a company is one of the main methods used to
evaluate its performance using financial statements. As illustrated by Thottoli (2023), the
income statement shows the company's potential to turn a profit by giving a quick overview of
its revenues and costs. Therefore, growing earnings over time indicate a sound, profitable
company, while diminishing profits may indicate other problems that need to be looked at
further, such as pricing, demand in the market, or cost control.
Financial statements also aid in evaluating the liquidity and financial status of an
organization. As per the view of Cho, Chung & Young (2019), the balance sheet shows the
assets, liabilities, and shareholders' equity of the business, providing insight into its entire

831 | P a g e
832 FINANCIAL STATEMENTS: A TOOLS TO EVALUATE BUSINESS PERFORMANCE

financial situation. Stability in finances is demonstrated by a robust balance sheet with plenty
of assets and reasonable debt. On the other hand, a high debt-to-equity ratio or insufficient
liquidity may be signs of financial risk. They may make it more difficult for a company to
weather downturns in the economy or take advantage of expansion possibilities.
A fundamental component of analysing financial statements comprehends the cash flow
of a business. The cash inflow and outflow from financing, investing, and operating operations
are shown on the cash flow statement (Putra, 2019). A company's ability to generate cash from
its primary business activities is shown by positive cash flows from operations. This is essential
for funding growth and fulfilling immediate responsibilities. Negative operating cash flows
could be a sign of deeper problems in the company, such as low sales or inefficient operations.
Ratios are an effective tool for analysing financial statements (Tsalis et al. 2020). They offer a
means of evaluating a company's performance on historical data or industry standards.
Common ratios that provide useful information about a company's financial structure, short-
term liquidity, and profitability are the debt-to-equity ratio, current ratio, and return on equity.
Therefore, a high debt-to-equity ratio could be a sign of financial risk, and a sliding return on
equity might be a sign of declining profitability and call for additional research.
Moreover, trend analysis is critical to evaluating the success of a firm. As demonstrated
by Safari Gerayli (2020), finding patterns and trends in financial statements across several
periods is made possible by this comparison. For instance, sustained revenue growth over
several years points to a successful company, but gradually dropping profit margins could be a
sign of cost-cutting measures or competitive challenges. Moreover, recognizing these trends
helps stakeholders anticipate potential issues or opportunities and make proactive decisions.
One of the core components of evaluating the operation of a corporation is financial statement
analysis (Gomez & Bernet, 2019). However, when paired with ratio and trend analysis, these
statements' insightful data on profitability, financial health, cash flow, and other areas provide
a complete picture of the company's financial situation. Therefore, understanding the
information offered by these financial reports can help stakeholders identify development
potential, reduce risks, and make well-informed decisions.

Conclusion
From the above study, it has been concluded that analysing financial accounts is a
crucial part of assessing the performance of a company. These financial statements provide a
thorough diagram of the profitability, cash flow, and overall situation of a company's finances.
Stakeholders can obtain deeper insights and make wise decisions about lending, investments,
and strategic planning by utilising ratios and trend analysis. On the other hand, it is critical to
be mindful of any possible problems relating to data falsification or manipulation. Ensuring the
truth of financial statements and addressing these risks require independent audits, regulatory
monitoring, and transparency. Therefore, the capacity to evaluate a company's performance
using financial records is essential for seeing possibilities, flaws, and strengths. It also
facilitates efficient decision-making and helps the organization succeed in the long run.
 Dr. Rajesh Deb Barman
Business, Management and Economics Engineering, 2023 Volume 21 Issue 2, ISSN: 2669-2481 / eISSN: 2669-249X 833

References
1. Alabdullah, T. T. Y., & Ahmed, E. R. (2020). Audit committee impact on corporate
profitability in Oman companies: an auditing and management accounting perspective.
Riset Akuntansi dan Keuangan Indonesia, 5(2), 121-128.
https://journals.ums.ac.id/index.php/reaksi/article/download/11836/6079
2. Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate economic,
environmental, and social sustainability performance transformation through ESG
disclosure. Sustainability, 12(9), 3910. https://www.mdpi.com/2071-
1050/12/9/3910/pdf
3. Barman, R. D., Hanfy, F. B., Rajendran, R., Masood, G., Dias, B., & Maroor, J. P.
(2022). A critical review of determinants of financial innovation in global
perspective. Materials Today: Proceedings, 51, 88-94.
4. Chandrasekeran, I., Dharmaraj, A., Juyal, A., Shravan, M., Barman, R. D., & Lourens,
M. (2023, May). Cryptocurrency and Data Privacy in Human Resource Management.
In 2023 3rd International Conference on Advance Computing and Innovative
Technologies in Engineering (ICACITE) (pp. 126-130). IEEE.
5. Chaudhary, V., Abidi, N. A., Barman, R. D., Bansal, R., Bania, S. S., & Gupta, N.
(2022). Impact of social entrepreneurship on different industries, work systems, and
organizations. Materials Today: Proceedings, 51, 832-836.
6. Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the Relationship between CSR
and Financial Performance. Sustainability, 11(2), 343. https://www.mdpi.com/2071-
1050/11/2/343/pdf
7. Denis, D. J. (2018). SPSS data analysis for univariate, bivariate, and multivariate
statistics. John Wiley & Sons.
https://books.google.com/books?hl=en&lr=&id=MjVmDwAAQBAJ&oi=fnd&pg=P
A1&dq=spss+in+statistical+data+analysis&ots=qptdYHoh2r&sig=ADONkW1XyaC
aAZoCtaPu6xbLAwI
8. Flick, U. (2020). Introducing research methodology: thinking your way through your
research project. Sage.
https://books.google.com/books?hl=en&lr=&id=I2TRDwAAQBAJ&oi=fnd&pg=PP1
&dq=research+methodology+flick+2020&ots=AQouSulHyN&sig=4VIrYPJdyLzZqu
h8zC0YWF69ihs
9. Gartenberg, C., Prat, A., & Serafeim, G. (2019). Corporate purpose and financial
performance. Organization Science, 30(1), 1-18.
https://dash.harvard.edu/bitstream/handle/1/30903237/17-
023.pdf?sequence=1&isAllowed=y
10. Gomez, L. E., & Bernet, P. (2019). Diversity improves performance and outcomes.
Journal of the National Medical Association, 111(4), 383-392.
https://www.ucdenver.edu/docs/librariesprovider68/default-document-library/jmna-
articles-bonuscontent-2.pdf
11. Ichsan, R., Suparmin, S., Yusuf, M., Ismal, R., & Sitompul, S. (2021). Determinant of
Sharia Bank's Financial Performance during the Covid-19 Pandemic. Budapest
International Research and Critics Institute-Journal (BIRCI-Journal), 4(1), 298-309.
https://pdfs.semanticscholar.org/f022/fdbbbd29795e57846eae6d1545a92a2052b4.pdf

833 | P a g e
834 FINANCIAL STATEMENTS: A TOOLS TO EVALUATE BUSINESS PERFORMANCE

12. Kliestik, T., Valaskova, K., Lazaroiu, G., Kovacova, M., & Vrbka, J. (2020).
Remaining financially healthy and competitive: The role of financial predictors.
Journal of Competitiveness, (1).
https://pdfs.semanticscholar.org/5400/0fcd811eb1a5259be85f9ce9d03d9c24a15c.pdf
13. Kliestik, T., Valaskova, K., Lazaroiu, G., Kovacova, M., & Vrbka, J. (2020).
Remaining financially healthy and competitive: The role of financial predictors.
Journal of Competitiveness, (1).
https://pdfs.semanticscholar.org/5400/0fcd811eb1a5259be85f9ce9d03d9c24a15c.pdf
14. Kothari, C., (2017). research methodology methods and techniques by CR Kothari.
Published by New Age International (P) Ltd., Publishers, 91.
https://pdfcookie.com/documents/research-methodology-methods-and-techniques-by-
cr-kothari-7rv3wzk460ld
15. Kumar, R. (2018). Research methodology: A step-by-step guide for beginners. Sage.
https://books.google.com/books?hl=en&lr=&id=J2J7DwAAQBAJ&oi=fnd&pg=PP1
&dq=research+methodology+kumar+2018&ots=cvrgIxNIln&sig=7ao4wZitAZGDE6
Uce4wkPn5qERQ
16. Le, T. H., Chuc, A. T., & Taghizadeh-Hesary, F. (2019). Financial inclusion and its
impact on financial efficiency and sustainability: Empirical evidence from Asia. Borsa
Istanbul Review, 19(4), 310-322.
https://www.sciencedirect.com/science/article/pii/S2214845019301267
17. Makowski, D., Ben-Shachar, M. S., Patil, I., & Lüdecke, D. (2020). Methods and
algorithms for correlation analysis in R. Journal of Open Source Software, 5(51), 2306.
https://joss.theoj.org/papers/10.21105/joss.02306.pdf
18. Mazhar, S. A., Anjum, R., Anwar, A. I., & Khan, A. A. (2021). Methods of data
collection: A fundamental tool of research. Journal of Integrated Community Health
(ISSN 2319-9113), 10(1), 6-10. DOI: https://doi.org/10.24321/2319.9113.202101
19. Merlita, L., Wooton, I., Ilham, R. N., & Sinta, I. (2022). ANALYSIS COMMON SIZE
FOR ASSESSING FINANCES AT PT. AIR ASIA INDONESIA TBK. Journal of
Accounting Research, Utility Finance and Digital Assets, 1(2), 148-153.
http://jaruda.org/index.php/go/article/download/26/19
20. Mosteanu, N. R., & Faccia, A. (2020). Digital systems and new challenges of financial
management–FinTech, XBRL, blockchain and cryptocurrencies. Quality–Access to
Success, 21(174), 159-166.
https://pureportal.coventry.ac.uk/files/30597575/Binder3_1_.pdf
21. Ozili, P. K. (2021, October). Financial inclusion research around the world: A review.
In Forum for social economics (Vol. 50, No. 4, pp. 457-479). Routledge.
https://mpra.ub.uni-muenchen.de/101809/1/mpra_paper_101809.pdf
22. Putra, Y. M. (2019). Analysis of factors affecting the interests of SMEs using
accounting applications. Journal of Economics and Business, 2(3).
https://pdfs.semanticscholar.org/fd42/11d7bce7141044f5e3f6dd7ba64f07139405.pdf
23. Ratmono, D., Darsono, D., & Cahyonowati, N. (2020). Financial statement fraud
detection with beneish M-score and dechow F-score model: an empirical analysis of
fraud pentagon theory in Indonesia. International Journal of Financial Research, 11(6),
View publication stats

Dr. Rajesh Deb Barman

Business, Management and Economics Engineering, 2023 Volume 21 Issue 2, ISSN: 2669-2481 / eISSN: 2669-249X 835

154.
https://pdfs.semanticscholar.org/9ac6/ba7dd0d0b26907f2004beb328ca587d33945.pdf
24. Roychowdhury, S., Shroff, N., & Verdi, R. S. (2019). The effects of financial reporting
and disclosure on corporate investment: A review. Journal of Accounting and
Economics, 68(2-3), 101246.
https://dspace.mit.edu/bitstream/handle/1721.1/136455/SSRN-
id3429337.pdf?sequence=2&isAllowed=n
25. Safari Gerayli, M. (2020). Managerial ability and corporate information environment
quality. Financial Accounting Knowledge, 6(4), 157-177.
https://jfak.journals.ikiu.ac.ir/article_1953_en.html?lang=fa
26. Saunders, M. N., & Bezzina, F. (2015). Reflections on conceptions of research
methodology among management academics. European management journal, 33(5),
297-304.https://doi.org/10.1016/j.emj.2015.06.002
27. Shad, M. K., Lai, F. W., Fatt, C. L., Klemeš, J. J., & Bokhari, A. (2019). Integrating
sustainability reporting into enterprise risk management and its relationship with
business performance: A conceptual framework. Journal of Cleaner production, 208,
415-425.
http://scholars.utp.edu.my/id/eprint/22288/2/JOCP_2018_ISI_%20Q1_IF_5.65_Paper
%20Online.pdf
28. Statista, (2023). Financial Performance of Air India. Retrieved on 1st November 2023
from: https://www.statista.com/statistics/587955/financial-performance-air-india/
29. Thottoli, M. M. (2023). The interrelationship of marketing, accounting and auditing
with corporate social responsibility. PSU Research Review, 7(2), 117-136.
https://www.emerald.com/insight/content/doi/10.1108/PRR-12-2020-0045/full/html

835 | P a g e