Determinants of Accounting and Market-based Performance Measures – Case of Croatian Non-financial Listed Companies

Research background: Profitability and the factors that determine it have always intrigued the scholars. Despite the large number of studies dealing with this topic at the international level, this paper sheds a new light on the issue since it deals with the listed companies in an emerging economy confronting two performance measures. Purpose of the article: The aim of this paper is to provide evidence on the performance of Croatian non-financial firms listed on the Zagreb Stock Exchange (ZSE). Methods: The analysis encompassed firms that operated in the 2015 – 2019 period. For this purpose, the authors confronted two performance measures, i.e. accounting-based performance measure represented with return on assets (ROA) whereas Tobin’s Q stands for the market-based measure of performance or firm value. Independent variables that served as potential determinants of listed companies’ performance include inventories management, productivity, liquidity measured with both current and quick ratio, and size calculated on the basis of total assets, and sales. Findings & Value added: After employing static panel analysis, the results reveal statistically significant influence of size variable based on assets in both models though it takes negative sign in the model where performance is measured with Tobin’s Q, whereas its positive impact on performance is recorded in ROA model. Furthermore, size based on total sales also positively affects performance when measured with ROA.

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DAMPAK INTELLECTUAL CAPITAL TERHADAP NILAI PASAR PERUSAHAAN DENGAN RETURN ON ASSET SEBAGAI VARIABEL INTERVENING

Jurnal Akuntansi Bisnis ◽

10.30813/jab.v11i1.1085 ◽

2018 ◽

Vol 11 (1) ◽

Author(s):

Dennis Sutandar ◽

Prima Apriwenni

Keyword(s):

Significant Influence ◽

Intellectual Capital ◽

Firm Value ◽

Stock Exchange ◽

Value Added ◽

Intangible Asset ◽

Observation Data ◽

Tobin’S Q ◽

Return On Assets ◽

Tobin's Q

Nowadays, intellectual capital become a very valuable asset on business. Intellectual Capital is an intangible asset that can create value added and competitive advatage for the company. The value added and competitive advatage will increase investors trust that can cause the raising value of the firm. Intellectual capital was measured by Vallue Added Intellectual Capital that consist of human capital, structural capital, and customer capital. The increasing profit was measured by return on asset (ROA). ROA indicates the company abilities to generate earnings (profitability). The firm value was measured by Tobin’s Q. The population in this research using a manufacturing company, especially infrastructure, utility, and transportation listed in Indonesia Stock Exchange during the period 2013-2015. Based on purposive sampling method, 19 samples were obtained, so there are 57 of observation data. The analysis techniques use are multiple linear regresion and path analysis. The result of this research showed that: (1) Intellectual capital has a positive and significant influence toward return on assets. (2) Intellectual capital has a positive and significant influence toward firm value. (3) Return on assets has a positive and significant influance on firm value. (4) Intellectual capital has a positive and significant influence toward firm value through return on assets. Keyword : Intellectual Capital, Return on Asset, Firm Value, Tobin’s Q

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Analisis Pengaruh Profitabilitas, Ukuran Perusahaan, Keputusan Investasi, dan Kebijakan Utang Terhadap Nilai Perusahaan

Jurnal Inspirasi Bisnis dan Manajemen ◽

10.33603/jibm.v3i1.2079 ◽

2019 ◽

Vol 3 (1) ◽

pp. 77

Author(s):

Lasmanita Rajagukguk ◽

Valencia Ariesta ◽

Yunus Pakpahan

Keyword(s):

Firm Size ◽

Firm Value ◽

Stock Exchange ◽

Investment Decisions ◽

Secondary Data ◽

Tobin’S Q ◽

Manufacturing Companies ◽

Process Data ◽

Tobin's Q ◽

Debt Policy

Abstract: This study aims to analyze the effect of profitability, firm size, investment decisions, and debt policy on firm value. The research method used is quantitative research. In this study, company value is measured using Tobin's Q. The data in this study are secondary data in the form of annual financial statements of audited manufacturing companies and published as listed on the Indonesia Stock Exchange for the period of 2012 to 2016. The statistical method used is analysis of multiple linear regression using the SPSS version 22.00 program to process data. The study found that profitability, company size, and debt policy significantly influence the value of the company, while investment decisions do not affect the value of the company. Keywords: firm value, profitability, firm size, debt policy, investment decisions. Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, ukuran perusahaan, keputusan investasi, dan kebijakan utang terhadap nilai perusahaan.Metode penelitian yang digunakan adalah penelitian kuantitatif. Dalam penelitian ini, nilai perusahaan diukur dengan menggunakan Tobin’s Q. Data dalam penelitian ini adalah data sekunder berupa laporan keuangan tahunan perusahaan manufaktur yang telah diaudit dan dipublikasikan yang tercatat di Bursa Efek Indonesia periode tahun 2012 sampai dengan tahun 2016. Metode statistik yang digunakan adalah analisis regresi linear berganda dengan menggunakan program SPSS versi 22.00 untuk mengolah data. Penelitian menemukan bahwa profitabilitas, ukuran perusahaan, dan kebijakan utang berpengaruh signifikan terhadap nilai perusahaan, sedangkan keputusan investasi tidak berpengaruh terhadap nilai perusahaan. Kata kunci: Nilai perusahaan, profitabilitas, ukuran perusahaan, kebijakan utang, keputusan investasi.

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Perngaruh Kinerja Keuangan Dan Intellectual Capital Terhadap Nilai Perusahaan Yang Terdaftar di BEI

Jurnal Manajerial Dan Kewirausahaan ◽

10.24912/jmk.v3i1.11291 ◽

2021 ◽

Vol 3 (1) ◽

pp. 89

Author(s):

Nadya Variaty ◽

Khairina Natsir

Keyword(s):

Intellectual Capital ◽

Firm Value ◽

Quantitative Data ◽

Stock Exchange ◽

Sampling Techniques ◽

Panel Regression ◽

Tobin’S Q ◽

Tobin's Q ◽

Purposive Sampling ◽

Food And Beverages

The purpose of this study was to determine the effect of profitability, leverage, and intellectual capital on the value of the firm of the consumers goods sectors listed in indonesian stock exchange in the periode of 2014-2018. The proxy used to measure firm value is Tobin’s Q method, profitability is measured by ROA ratio, leverage is measured by DER ratio, and intellectual capital measured by VAHU ratio. The research method used causal research using quantitative data and purposive sampling techniques. The research sampel consisted of 11 companies with 55 observational data. Data analysis was performed using a panel regression model using E-Views 9.0 software. The results showed profitability, leverage, and intellectual capital significantly influence the value on the value of the firm in food and beverages companies in Indonesia stock exchange.Tujuan dari penelitian ini adalah untuk mengetahui pengaruh profitabilitas, leverage, dan intellectual capital terhadap nilai perusahaan pada perusahaan F&B yang terdaftar di Bursa Efek Indonesia pada periode 2014-2018. Proksi yang digunakan untuk mengukur Nilai perusahaan adalah metode Tobin’s Q, profitabilitas diukur dengan ROA, leverage diukur dengan DER, intellectual capital diukur dengan VAHU. Penelitian ini merupakan penelitian kausal dengan data kuantitatif dan metode purposive sampling. Sampel penelitian adalah 11 perusahaan dengan 55 data observasi selama periode 2014- 2018. Data dianalisis dengan model regresi data panel menggunakan perangkat lunak EViews 9.0. Hasil penelitian ini menunjukan profitabilitas, leverage, dan intellectual capital secara parsial memiliki pengaruh yang signifikan terhadap nilai perusahaan pada perusahaan food and beverages yang terdaftar di Bursa Efek Indonesia periode 2014- 2018.

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Pengaruh Kebijakan Dividen, Kebijakan Utang, Profitabilitas, Kepemilikan Manajerial, dan Komite Audit terhadap Nilai Perusahaan

JURNAL ONLINE INSAN AKUNTAN ◽

10.51211/joia.v5i1.1317 ◽

2020 ◽

Vol 5 (1) ◽

pp. 41

Author(s):

Siti Siti ◽

Ahalik Ahalik

Keyword(s):

Firm Value ◽

Audit Committee ◽

Dividend Policy ◽

Stock Exchange ◽

Managerial Ownership ◽

Tobin’S Q ◽

Manufacturing Companies ◽

Tobin's Q ◽

Purposive Sampling ◽

Debt Policy

Abstrak:Penelitian ini dilakukan dengan tujuan untuk mengetahui pengaruh kebijakan dividen, kebijakan utang, profitabilitas, kepemilikan manajerial, dan komite audit terhadap nilai perusahaan. Teknik pemilihan sampel penelitian ini menggunakan purposive sampling. Sampel dalam penelitian ini adalah sebanyak 75 perusahaan manufaktur yang terdaftar di BEI periode 2013-2017. Data penelitian ini menggunakan data dari laporan keuangan dari setiap perusahaan sampel. Analisis data penelitian ini menggunakan analisis regresi berganda dengan pemakaian SPSS 24. Nilai perusahaan dalam penelitian ini diukur dengan rasio Tobin’s Q. Hasil penelitian ini menunjukkan kebijakan dividen, kebijakan utang, profitabilitas, kepemilikan manajerial dan komite audit secara bersama-sama berpengaruh terhadap nilai perusahaan. Variabel kebijakan dividen (DPR), kebijakan utang (DER), kepemilikan manajerial (KM) dan komite audit (KA) tidak berpengaruh terhadap nilai perusahaan, sedangkan profitabilitas (ROE) berpengaruh positif signifikan terhadap nilai perusahaan. Kata Kunci:kebijakan dividen, kebijakan utang, nilai perusahaan, profitabilitas. Abstract:This research was conducted with the aim to determine the effect of dividend policy, debt policy, profitability, managerial ownership, and audit committee on firm value. The technique of selecting this research sample using purposive sampling. The sample in this study were 75 manufacturing companies listed on the Stock Exchange in the period 2013-2017. This research data uses data from financial statements from each sample company. The data analysis of this study uses multiple regression analysis with the use of SPSS 24. The company value in this study is measured by Tobin’s Q ratio. The results of this study indicate dividend policy, debt policy, profitability, managerial ownership and audit committee jointly influence the firm value. The variable dividend policy (DPR), debt policy (DER), managerial ownership (KM) and audit committee (KA) did not affect the value of the company, while profitability (ROE) had a significant positive effect on firm value. Keywords:dividend policy, debt policy, firm value, profitability

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Impact of board structure on firm performance: evidence from an emerging economy

Journal of Asia Business Studies ◽

10.1108/jabs-06-2015-0067 ◽

2017 ◽

Vol 11 (2) ◽

pp. 210-228 ◽

Cited By ~ 8

Author(s):

Qaiser Rafique Yasser ◽

Abdullah Al Mamun ◽

Marcus Rodrigs

Keyword(s):

Firm Performance ◽

Firm Value ◽

Stock Exchange ◽

Economic Value ◽

Value Added ◽

Listed Companies ◽

Board Structure ◽

Content Type ◽

Firm Financial Performance ◽

The Relationship

Purpose The aim of this paper is to examine the association between board demographics and firm financial performance of Karachi Stock Exchange companies and describe the attributes of these firms and their boards. The connection between board structure and firm performance has attracted much attention, especially in emerging economies, yet yielded many inconsistent empirical results. Design/methodology/approach This study examines the relationship between board structure and the performance of Pakistani public listed companies by using a sample of Karachi Stock Exchange 100 (KSE-100) indexed companies. This study exploits the corporate performance by accounting-based measures (return on assets), market-based measures (Tobin’s Q), and economic profit (economic value added). Findings The outcome of the study shows the positive relationship between the board size, minority representation in board, and family director’s in-board and firm performance. The authors also find that, instead of adding value, independent directors in Pakistan are negatively associated with firm value. Research limitations/implications The study is based on KSE-100 indexed companies from 2009 to 2013; however, a large sample and multiple years’ data are required. Practical implications The paper provides empirical evidence that board independence is not necessary for public-listed companies in Pakistan and would be of interest to regulatory bodies, business practitioners, and academic researchers. Originality/value The paper contributes to the literature on corporate governance and firm performance by introducing a framework for identifying and analyzing moderating variables that affect the relationship between board structure and firm performance.

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THE INFLUENCE OF DIVIDEND POLICY, DEBT POLICY, INDEPENDENT COMMISSIONER, AND INSTITUTIONAL OWNERSHIP ON THE FIRM VALUE WITH GROWTH OPPORTUNITIES AS MODERATOR VARIABLES (Study on Non-Financial Companies Listed on IDX in the Period of Years of 2012-2015)

JURNAL BISNIS STRATEGI ◽

10.14710/jbs.26.2.146-162 ◽

2018 ◽

Vol 26 (2) ◽

pp. 146 ◽

Cited By ~ 1

Author(s):

Lia Setiyawati ◽

Sugeng Wahyudi ◽

Wisnu Mawardi

Keyword(s):

Firm Value ◽

Stock Exchange ◽

Control Variable ◽

Market Value ◽

Sampling Technique ◽

Institutional Ownership ◽

Good Growth ◽

Tobin’S Q ◽

Manufacturing Companies ◽

Tobin's Q

Tobin's q is the ratio of market value of equity plus the market value of debt to total assets. This ratio measures the value provided by financial markets for any management and organization as a growing company. Tobin's q also shows how far a company is able to create its value relative to the amount of capital invested. The greater the value of Tobin's q indicates that the company has good growth prospect. This study aimed at examining the influence of Dividend Payout Ratio (DER), Independent Commissioner (KI) and Institutional Ownership (INST) on Tobin's q with Size and Return on Investment (ROI) as control variable and Market to Book Value (MBV) as a moderating variable.The population in this study is all manufacturing companies listed on Indonesia Stock Exchange in the period of 2012-2015. The sampling technique used purposive sampling and obtained 28 companies becoming the research sample. The analysis technique used in this research was multiple regression analysis using SPSS where the data, previously, had been tested using classical assumption tests like normality, multicollinearity, and autocorrelation tests.

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PENGARUH PENERAPAN GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN IMPLEMENTASI CSR SEBAGAI VARIABEL PEMODERASI

IQTISHODUNA ◽

10.18860/iq.v10i1.3579 ◽

2016 ◽

Vol 10 (1) ◽

pp. 1-7

Author(s):

Misbahul Munir ◽

Eka Sevia Suryandari ◽

Anik Mahmudah

Keyword(s):

Corporate Governance ◽

Firm Value ◽

Audit Committee ◽

Stock Exchange ◽

Analytical Models ◽

Tobin’S Q ◽

Tobin's Q ◽

Good Corporate Governance ◽

Normality Test ◽

Corporate Social

Corporate Governance is a system that regulates and controls the company that is expected toprovide and enhance the company’s value to its shareholders. This study aims to determine the effect of theimplementation of good corporate governance (GCG) to the value of state-owned banks companies listings inIndonesia stock exchange (IDX) with the implementation of corporate social responsibility (CSR) as a moderatingvariable. This research is a quantitative, analytical models using classical assumption test consists of a testheterokedastisitas, non-autocorrelation test and normality test, followed by analysis using regression analysismoderation. The results showed that, application of good corporate governance is proxied by ManagerialOwnership (X1), Proportion of Independent Commissioner (X2), Audit Committee (X3), Independence of theAudit Committee (X4), Frequency of Audit Committee Meetings (X5) and the frequency of Board Meeting(X5) simultaneously significant effect on firm value (Tobin’s Q). With the results of R Square of 61.1% meansthat the variable Tobin’s Q (Y) in the six variables explained by the moderating variable of Corporate SocialResponsibility (Z). While the remaining 38.9% is explained by other variables or independent variables outsidethe regression equation.

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Pengaruh Corporate Governance Terhadap Kinerja Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2014 - 2017 (Studi pada Perusahaan yang Memperoleh CGPI Tahun 2014 – 2017)

EKONOMIS Journal of Economics and Business ◽

10.33087/ekonomis.v3i1.51 ◽

2019 ◽

Vol 3 (1) ◽

pp. 10

Author(s):

Eva Setiarini Damanik ◽

Yulia Istia Ningsih

Keyword(s):

Corporate Governance ◽

Sampling Method ◽

Positive Impact ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Tobin’S Q ◽

Tobin's Q ◽

Return On Equity ◽

Good Corporate Governance ◽

Independent Variable

The objectives of this study is to find out the influence of good corporate governance (GCG) towards the corporate performance. Independent variable in this research is good corporate governance. This variable is measured with an instrument developed by IICG in the form of corporate governance perception index (CGPI). CGPI contains the score of the survey’s result related to the application of corporate governance by the Companies throughout Indonesia. Meanwhile the dependent Variable of this research is the Performance of the Company on their finances measured with “return on equity and Tobin’s Q. The Sample of this study is company which is registered in Indonesian Stock Exchange and joined CGPI Programs in 2014, 2015, 2016 and 2017 taken by using purposive sampling method. This study used simple linear regression analysis method. The result of this study : (1) Corporate governance has a positive impact on ROE (2) Corporate governance has not an impact on Tobin’s Q

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Intellectual capital and Tobin’s Q as measures of bank performance

Accounting ◽

10.5267/j.ac.2021.4.029 ◽

2021 ◽

Vol 7 (7) ◽

pp. 1695-1700

Author(s):

Esra A. Al Nsour ◽

Ahmad A. Al Dahiyat ◽

Sulaiman Weshah

Keyword(s):

Human Capital ◽

Financial Performance ◽

Intellectual Capital ◽

Value Creation ◽

Stock Exchange ◽

Value Added ◽

Tobin’S Q ◽

Tobin's Q ◽

Amman Stock Exchange ◽

Capital Efficiency

This paper aims at examining the effect of the Value Added by Intellectual Capital (VAIC) in terms of its three components: capital employed efficiency, human capital efficiency, and structure capital efficiency on the financial performance of commercial banks listed on the Amman Stock Exchange for the period 2010–2018.Value Added of Intellectual Capital (VAIC) model was used to measure the intellectual capital while Tobin’s Q ratio was used as an indicator of bank financial performance. The study has used parametric techniques like multiple linear regression and correlation coefficient, and other statistical methods to investigate its hypothesis. It was found that only human capital efficiency and capital employed efficiency had impacts on the banks’ financial performance. These results emphasize the importance of using the VAIC model to evaluate the financial performance of these banks, as well as encourage banks to make further investments in intellectual capital’s components, and concentrate on human resources to build up their knowledge, skills and capabilities, because of their greatest role in value creation.

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PENGARUH PROFITABILITAS TERHADAP NILAI PERUSAHAAN PERHOTELAN DAN PARIWISATA DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING

Jurnal Ilmiah Bisnis dan Ekonomi Asia ◽

10.32812/jibeka.v14i1.153 ◽

2020 ◽

Vol 14 (1) ◽

pp. 46-57

Author(s):

Robiyanto Robiyanto ◽

Ilma Nafiah ◽

Harijono Harijono ◽

Komala Inggarwati

Keyword(s):

Capital Structure ◽

Firm Value ◽

Stock Exchange ◽

Panel Regression ◽

Tobin’S Q ◽

Tobin's Q ◽

Insignificant Effect ◽

Company Value ◽

Research Show ◽

The Capital Structure

This study aims to examine the effect of profitability on firm value with capital structure as an intervening variable. The population of this study is hotel, restaurant and tourism firms listed on the Indonesia Stock Exchange (IDX), during 2012-2016, with 75 samples selected by using purposive sampling. Analysis of this study using panel regression analysis. This study of the research show that (1) profitability as measured by ROA and ROE has a negative and significant effect on firm value as measured by PBV and profitability as measured by ROA and ROE has a negative and insignificant effect on firm value as measured by Tobin's Q, (2) profitability has a negative and significant effect on the capital structure, (3) the capital structure as measured by DER has a positive and significant effect on firm value as measured by PVB and the capital structure as measured by DER has a positive and insignificant effect on company value as measured by Tobin's Q and (4) capital structure as an intervening variable negatively influences the effect of profitability on firm value.

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