A panel-data analysis of the explanatory power of factor premiums on the Johannesburg Stock Exchange (JSE)

2019 ◽  
Vol 48 (2) ◽  
pp. 102-113
Author(s):  
Daniel Page ◽  
Christo Auret
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Explanatory Power ◽  
Johannesburg Stock Exchange

An Examination of Audit Report Lag for Banks: A Panel Data Approach

2000 ◽  
Vol 19 (2) ◽  
pp. 159-174 ◽  
Author(s):  
B. Charlene Henderson ◽  
Steven E. Kaplan
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Panel Data Analysis ◽  
Explanatory Power ◽  
Omitted Variables ◽  
Audit Report ◽  
Cross Sectional ◽  
Cross Sectional Analysis ◽  
The Cross ◽  
Sectional Analysis

This study investigates the determinants of audit report lag (ARL) for a sample of banks. Researchers have been interested in the determinants of ARL, in part, because it impacts the timeliness of public disclosures. However, prior ARL research has relied exclusively on regression analysis of cross-sectional samples of companies from many industries. In addition to focusing exclusively on banks, panel data analysis is introduced and compared with cross-sectional analysis to demonstrate its power in dynamic settings and its potential to improve estimation. Results reveal important differences between cross-sectional analysis and panel data analysis. First, bank size is negatively related to ARL in cross-section but positively related to ARL using panel data analysis. The cross-sectional size estimate is subject to omitted variables bias, and furthermore, cross-sectional analysis fails to capture variation in size over time in relation to ARL. Panel data analysis both accounts for omitted variables and captures the dynamics of the relationship between size and ARL. As well, the panel data model's explanatory power far exceeds that of the cross-sectional model. This is primarily due to the panel model's use of firm-specific intercepts that both capture the role of reporting tradition and eliminate heterogeneity bias. Thus, panel data analysis proves to be a powerful tool in the analysis of ARL.

scholarly journals Corporate Governance Codes and Intellectual Capital: Evaluating the Performance Impacts among Government-Linked Companies in Malaysia and Singapore – A Panel Data Analysis

2021 ◽  
Vol 124 ◽  
pp. 08004
Author(s):  
Yen Wen Chang ◽  
Ng Ching Yat David ◽  
Suet Cheng Low ◽  
Peck Ling Tee
Keyword(s):  
Corporate Governance ◽  
Data Analysis ◽  
Panel Data ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Policy Makers ◽  
Corporate Governance Codes ◽  
The Government ◽  
The Impact

The objective of this study was to examine and compare the effects of corporate governance (CG) and intellectual capital (IC) between Malaysia Government-Linked Companies’ (M-GLCs) and Singapore Government-Linked Companies’ (S-GLCs) firm performance (FP). Panel data analysis was employed to analyse the impact of CG’s variables and IC’s variables on FP. FP was measured by Return on Total Assets (ROA), Tobin’s Q and Earnings Per Share (EPS). Data was gathered from the website of Bursa Malaysia and the Stock Exchange of Singapore from 2005 to 2018. The sample size of this research was 60 GLCs which comprised of 34 M-GLCs and 26 S-GLCs. There were a total 840 firm year observations. Results indicated that CGs of S-GLCs have greater impact on FP when compared to M-GLCs while the findings of the IC of M-GLCs have greater impact on FP compared to S-GLCs. This research was helpful in offering further insights of CG practices and IC efficiency to the Government, Board of Directors, policy makers, shareholders and stakeholders.

scholarly journals Planos de Opções de Compra de Ações e o Valor das Companhias Brasileiras

2012 ◽  
Vol 10 (1) ◽  
pp. 105
Author(s):  
Fernanda Finotti Cordeiro Perobelli ◽  
Bruno De Souza Lopes ◽  
Alexandre Di Miceli da Silveira
Keyword(s):  
Corporate Governance ◽  
Data Analysis ◽  
Panel Data ◽  
Best Practices ◽  
Stock Price ◽  
Stock Options ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Employee Stock Options ◽  
Exercise Price

This work investigates the effects of Employee Stock Options Plans (ESOP) on the value of companies in the Brazilian Stock Exchange (BM&FBOVESPA). An ESOP is a mechanism of variable compensation, generally offered to executives, having the alignment of interests between managers and shareholders as one of its goals. To achieve this purpose, a panel data analysis was used in order to try measuring if the ESOP generated or not value to shareholders. The results show that there is evidence that the ESOP only generates wealth for shareholders when it is well-set, specifically when the exercise price is fixed at-money or out-of-money. An increase in the stock price is also achieved when companies adopt best practices of corporate governance and the ESOP by more than three years.

scholarly journals KONVERGENSI IFRS, KUALITAS AUDIT, DAN MANAJEMEN LABA

2020 ◽  
Vol 27 (1) ◽  
pp. 1
Author(s):  
Fitri Ramadhani ◽  
Theresia Woro Damayanti
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Earnings Management ◽  
Sampling Method ◽  
Management Practices ◽  
Audit Quality ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Manufacturing Companies ◽  
Purposive Sampling

The purpose of this study is to analyzed how the IFRS convergence influence earnings management with audit quality as a moderating variable. The study was conducted on manufacturing companies listed on the Indonesia Stock Exchange in the period 2008-2018 obtained using the purposive sampling method. The results of the study using panel data analysis showed that IFRS convergence negatively and significantly affected earnings management.This shows that the convergence of IFRS has an impact on the decline in earnings management practices. However, this study failed to prove audit quality as a moderating variable.

scholarly journals A model proposal for estimating banks’ future value: Evidence from Turkey

2021 ◽  
Vol 16 (4) ◽  
pp. 169-178
Author(s):  
Burhan Günay ◽  
Ayten Turan Kurtaran ◽  
Sara Faedfar
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Panel Data Analysis ◽  
Explanatory Power ◽  
Performance Criteria ◽  
Past Performance ◽  
Ols Regression ◽  
Significance Level ◽  
The Future ◽  
The Impact

Investors make solid decisions when evaluating their investments based on positive indicators the firm may show in the future, rather than based on its past performance. Accordingly, this study aims to investigate the relationship between performance criteria and the most significant value-based criterion; Economic Value Added (EVA). Further, it evaluates the impact of future EVA values on the bank value. Panel Data Analysis and the OLS Regression model are used to estimate the regression equation. The analysis is performed using data of 10 banks on the BIST Banks Index over the period 2011 to 2020. Furthermore, the EVA criterion was converted into standardized EVA(SEVA) by dividing EVA by total assets. The OLS regression analysis results revealed that the model’s explanatory power for the SEVA variable is 71.92%. The three variables that have positive correlation with SEVA are earnings per share (EPS) and TOBINQ rates at the 1% significance level and the price to sales growth rate with a degree of significance at 10%. Regarding the Panel Data Analysis results, while the explanatory power of the SEVA variable is 72.14%, its association with the EPS and TOBINQ criteria was found to be significant at the 1% significance level. The empirical investigations reveal that the model developed using the future SEVA as a proxy for bank value is found to be promising, and it is accepted that the SEVA variable can be used instead of the bank value.

Female Director and Agency Cost: Does board gender diversity at Indian corporate board reduce agency conflict?

2021 ◽  
Vol 9 (3) ◽  
Author(s):  
Shubhanker Yadav ◽  
Miklesh Prasad Yadav
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Agency Cost ◽  
Fixed Effect ◽  
Principal Agent ◽  
Women Directors ◽  
Effect Model ◽  
Female Director

We examined the presence of women directors in top-level management and their effect on principal-principal conflict (PP) and principal-agent conflict (PA) on the firms listed on Indian stock exchange using a panel model approach. For analysis purpose, this study covers the sample of 75 companies belonging to various industries and listed in Bombay Stock Exchange Index, has been studied over thirteen financial years, i.e. from year 2006 to year 2019. This study uses panel data analysis, i.e. fixed effect model and random effect model. The proportion and presence (dichotomous) of women directors on top level management board is taken as the independent variable. Principal-principal conflict measured by assets utilization ratio (AUR), and principal-agent conflict is been measured by dividend payout ratio (DPR), are taken as dependent variable in this study. The prime results of this study using panel data analysis, i.e. fixed effect (FE) and random effects (RE) estimation models point towards no significant impact of the female director (proportion and presence) on the firm’s agency cost (PP and PA). 

scholarly journals THE EFFECT OF EARNINGS PERSISTENCE AND EARNINGS TRANSPARENCY ON COMPANY PERFORMANCE WITH CORPORATE GOVERNANCE AS MODERATING VARIABLE (Empirical Study in Manufacturing Company that Listed in Indonesia Stock Exchange in 2014-2016)

2019 ◽  
Vol 2 (2) ◽  
pp. 86
Author(s):  
Melinda Malau
Keyword(s):  
Corporate Governance ◽  
Data Analysis ◽  
Panel Data ◽  
Empirical Study ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Financial Statement ◽  
Earnings Persistence ◽  
Company Performance

ABSTRACTEarnings persistence and earnings transparency are an important factors in company performance. The quality of financial statement will differentiate performance between one company to another. The research purposed to analyze the effect of earnings persistence and earnings transparency on the company performance. In addition, the research purposed to analyze corporate governance as a moderating variable can strengthens the effect between earnings persistence and earnings transparency on company performance. This research using sample of 363 firms-year in 2014-2016 and applying panel data analysis. The results show that earnings persistence variable has a positive significant effect on the company performance. Earning transparency also has a positive significant effect on company performance. For corporate governance as a moderation variable strengthens the effect between earnings persistence and earning transparency to the company performance. Size and age also have a positive significant effect on company performance. Keywords: earnings persistence; earnings transparency; company performance; corporate governance.

scholarly journals Determining the Relationship between the Items of the Cash Flow Statement with Abnormal Output in the Companies Enlisted in Stock Exchange Organization

2014 ◽  
Vol 5 (3) ◽  
pp. 850-863
Author(s):  
Hassan Ghodrati ◽  
Fatemeh Haftlang Mohammadjani ◽  
Hossein Jabbari
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Cash Flow ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Cash Flows ◽  
Independent Variables ◽  
The Relationship ◽  
Random Method

The continuity of the operations, growth or decrease in the business activities of any company is in line with the on time and optimized funding of cash liquidity and suitable as well as the proper use of them in investment paths in the direction of creating output and ultimately, to increase the shareholders wealth. The goal of this research is to determine the relationship between cash liquidity and abnormal output of stocks. For this purpose, 130 companies were selected by employing simple random method among the companies were enlisted in Stock Exchange Organization. Different cash liquidities included the operational and non-operational cash flows were taken as the five main independent variables, the divisible profits, financial leverage and the size of the company were defined as other independent variables; and, the abnormal output of stock was considered as dependent variable. After analyzing the pre-hypothesis by using combined multi-variable regression and based on the panel data analysis, five linear relations were assessed. The results of the research showed positive relationship between different cash flows, except tax cash flow and the abnormal output of stock. With respect to the determining coefficients which were obtained, the assessed relationship was considered very weak linear relation. The results of T.Student and Fischer showed that the assessed relationship was not significant in the statistical society level. Analyzing the non-parametric correlation showed similar results.

Sign in / Sign up

Export Citation Format

Share Document