An Abstract: When and How do Chief Marketing Officers Drive Firm Performance? CMO Characteristics, Managerial Marketing Capability, and Firm Value Creation

2019 ◽  
pp. 151-152
Author(s):  
Isabel Deutschmeyer ◽  
Peter Guenther ◽  
Miriam Guenther ◽  
Michael Kleinaltenkamp
Keyword(s):  
Firm Performance ◽  
Value Creation ◽  
Firm Value ◽  
Marketing Capability ◽  
Chief Marketing Officers

Business Value of Enterprise Micro-blogging

2014 ◽  
Vol 22 (3) ◽  
pp. 32-56 ◽  
Author(s):  
Jinghua Huang ◽  
Jing Zhang ◽  
Yangfan Li ◽  
Zhepeng Lv
Keyword(s):  
Information System ◽  
Firm Performance ◽  
Empirical Analysis ◽  
Value Creation ◽  
Business Value ◽  
Operational Performance ◽  
Marketing Capability ◽  
Research Attention ◽  
Resource Based View ◽  
Marketing Tool

The increasing use of micro-blogging as a marketing tool has increased research attention on usage and business value of enterprise micro-blogging. Based on research on information system (IS) usage and resource-based view (RBV) theory, this study develops a model to reveal the mechanism of business value creation of enterprise micro-blogging. The model consists of metrics on micro-blogging usage, micro-blogging operational performance, marketing capability, and firm performance. Questionnaires were distributed to firms that use micro-blogging. This study collects 241 valid responses for empirical analysis. The results suggest that the use of enterprise micro-blogging improves operational performance of enterprise micro-blogging directly and indirectly by increasing marketing capability, while operational performance of enterprise micro-blogging significantly affects firm performance. This study extends the stream of research that combines IS usage and RBV theory.

Corporate value creation, stock price synchronicity and firm value in China: implications for beyond

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ruopiao Zhang ◽  
Teresa Chu ◽  
Carlos Noronha ◽  
Jieqi Guan
Keyword(s):  
Firm Performance ◽  
Value Creation ◽  
Voluntary Disclosure ◽  
Firm Value ◽  
Stock Price ◽  
Emerging Market ◽  
Specific Information ◽  
Corporate Value ◽  
Content Type ◽  
The Relationship

PurposeThis study introduces Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE), as an easy-to-interpret Measurement of Corporate Social Performance (MCSP) to the international research arena. The authors first explore the informativeness role of voluntary disclosure of SCVPS in the stock market. The authors then go one step further to demonstrate the relationship between corporate value creation quantified by SCVPS and firm value.Design/methodology/approachThe study takes a new perspective – a quasi-natural experiment of SCVPS disclosure in 2008 and uses a Propensity Score Matched Difference in Difference model (PSM-DiD) to investigate the impact of SCVPS disclosure policy on stock price synchronization and firm value. Through manually recalculating all the values of SCVPS and its components, this study enables us to further investigate the relationship between corporate value creation for various stakeholders and firm value.FindingsThis study reveals that voluntary disclosure of SCVPS can signal firm-specific information to the market and reduce noise in returns, thus affecting stock price synchronization. The findings further demonstrate that such firm-specific information has value relevance to firm performance. Moreover, the authors demonstrate that corporate value creation for different stakeholders measured by SCVPS can significantly affect firm value. The moderating effects of ownership structures and industry types are also investigated, and an endogeneity test confirms the robustness of the findings.Practical implicationsThis study argues that SCVPS offers an economically viable way for firms, including small-and-medium-sized enterprises, in emerging economies to disclose corporate value creation and provide the public with a direct understanding and appreciation of the values created by corporations for stakeholders.Originality/valueThe result makes contributions to the MCSP literature and explores the informativeness of SCVPS disclosure. Besides, this paper demonstrates that SCVPS offers a good setting to explore the effect of corporate value creation on firm performance in an emerging market.

A STUDY OF STRATEGIC ALLIANCES, MARKETING CAPABILITY, AND FIRM VALUE

2018 ◽  
Vol 2018 ◽  
pp. 311-311
Author(s):  
Woo Li Ko ◽  
◽  
Sang Yong Kim ◽  
Jong-Ho Lee
Keyword(s):  
Strategic Alliances ◽  
Firm Value ◽  
Marketing Capability

The impact of intellectual capital on firm performance: a study of Indian firms listed in COSPI

2018 ◽  
Vol 19 (5) ◽  
pp. 935-964 ◽  
Author(s):  
Neha Smriti ◽  
Niladri Das
Keyword(s):  
Firm Performance ◽  
Intellectual Capital ◽  
Value Creation ◽  
Generalized Method Of Moments ◽  
Value Added ◽  
Secondary Data ◽  
Share Price ◽  
Content Type ◽  
Listed Firms ◽  
The Impact

Purpose The purpose of this paper is to examine the effect of intellectual capital (IC) on financial performance (FP) for Indian companies listed on the Centre for Monitoring Indian Economy Overall Share Price Index (COSPI). Design/methodology/approach Hypotheses were developed according to theories and literature review. Secondary data were collected from Indian companies listed on the COSPI between 2001 and 2016, and the value-added intellectual coefficient (VAIC) of Pulic (2000) was used to measure IC and its components. A dynamic system generalized method of moments (SGMM) estimator was employed to identify the variables that significantly contribute to firm performance. Findings Indian listed firms appear to be performing well and efficiently utilizing their IC. Overall, human capital had a major impact on firm productivity during the study period. Furthermore, the empirical analysis showed that structural capital efficiency and capital employed efficiency were equally important contributors to firm’s sales growth and market value. The growing importance of the contribution of IC to value creation was consistently reflected in the FP of these Indian companies. Practical implications This study has robust theoretical grounds and employs a validated methodology. The present study extends knowledge of IC among academicians and managers and highlights its contribution to value creation. The findings may help stakeholders and policymakers in developing countries properly reallocate intellectual resources. Originality/value This study is the first study to evaluate IC and its relationship with traditional measures of firm performance among Indian listed firms using dynamic SGMM and VAIC models.

scholarly journals Board of directors, performance and firm value in Brazilian listed state-owned enterprises

2020 ◽  
Vol 18 (2) ◽  
pp. 1
Author(s):  
Carolina Coletta ◽  
Roberto Arruda de Souza Lima
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Board Of Directors ◽  
Firm Value ◽  
Board Structure ◽  
Agency Conflicts ◽  
Governance Practices ◽  
The Board Of Directors ◽  
Structure Index ◽  
Corporate Governance Practice

<p>This paper investigates the relationship between the board of directors' structure and firm performance and the value of Brazilian listed state-owned enterprises (SOEs), from 2002 to 2017, totaling 327 observations using an unbalanced panel data with fixed and random effects regressions. The evolution of corporate governance practices adopted by the boards is presented for this period, using a Board Structure Index (BSI). The results indicate a significant positive relation between the board's structure and firm performance, measured by ROE and ROA, and firm value, measured by Tobin's <em>q</em>. These findings are consistent with corporate governance literature, in the sense that the board's role of monitoring management reduces agency conflicts. The results also show an improvement in adopting corporate governance practice on Brazilian SOEs' boards over the last decade.</p>

scholarly journals The decrease in diversification and corporate governance: evidence from Japanese firms

2009 ◽  
Vol 6 (4) ◽  
pp. 28-39
Author(s):  
Hidetaka Aoki
Keyword(s):  
Firm Performance ◽  
Capital Market ◽  
Firm Value ◽  
Boards Of Directors ◽  
Manufacturing Firms ◽  
Business Units ◽  
Unrelated Diversification ◽  
Japanese Firms ◽  
Bubble Economy ◽  
Main Bank

This paper analyzes the effects of firm performance and governance factors on the decrease in diversification of Japanese firms in the 1990s. We focus on the cases of the decrease in diversification, because many previous studies proved that diversification caused firm value discount. Adjusting an excessive unrelated diversification would be an important topic, because the problems of low synergy between business units, inefficiency in management and so on were more serious in this type of diversification. The findings of this study are as follows. In the first half of the 1990s, immediately after the collapse of bubble economy, lower firm performance and main bank relationship encouraged firms to decrease the level of diversification of their businesses. On the other hand, in the latter half of the 1990s when the decrease in diversification itself was activated, higher performing non-manufacturing firms and manufacturing firms with lower profitability but facing higher growth in their main business tried to decrease diversification in order to strengthen the competitiveness in main businesses. Also, this kind of decrease in diversification was supported by the governance characteristics such as insider majority smaller boards of directors and the pressure from capital market.

The effects of corporate disclosure on firm value and firm performance: evidence from Turkey

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hüseyin Temiz
Keyword(s):  
Firm Performance ◽  
Firm Value ◽  
Fixed Effects ◽  
Ordinary Least Squares ◽  
Least Square ◽  
Corporate Disclosure ◽  
Content Type ◽  
Regulatory Bodies ◽  
Transparency And Disclosure ◽  
The Cost

Purpose The purpose of this study is to investigate the effects of firms’ disclosure practices on firm value and firm performance. Design/methodology/approach Firms’ disclosure scores were calculated based on unique hand-collected data by using the S&P transparency and disclosure index (S&P TD index). Ordinary least squares with year/firm fixed effects and two-stage least square methods were used to test the hypothesis. Findings It is observed that firms’ disclosure scores have positive and statistically significant effects on firm value. However, firms’ disclosure scores do not have significant effects on firm performance. This result is mostly observed in sub-categories of the index. Practical implications Results show that disclosed information has an impact on firm value. Therefore, standardization and increasing the reliability of this information are necessary for both information users and firms. It is important to standardize the information published by the firms and to increase their reliability by implementing new regulations by regulatory bodies in Turkey. Social implications Firms bear the costs due to their disclosure practices. However, the benefits derived from this situation may be higher than the cost incurred. Hence, it is suggested that firms that are traded in Turkey consider this in the determination of their disclosure policy. Originality/value This is the first study that investigates the effects of firms’ disclosure scores on both firm value and firm performance by using the S&P TD index in the Turkish context.

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