Convex-concave effect of financial flexibility on hospitality performance: quantile regression approach

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Bao-Guang Chang ◽  
Kun-Shan Wu
Keyword(s):  
Quantile Regression ◽  
Hospitality Industry ◽  
Stock Exchange ◽  
Secondary Data ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Financial Flexibility ◽  
Content Type ◽  
Hospitality Firms ◽  
Economic Journal

Purpose The purpose of this paper is to study the influence of financial flexibility (FF) on enterprise performance (EP) within Taiwan’s hospitality industry during the COVID-19 shock and explore whether EP varies with hospitality industry characteristics. Design/methodology/approach Secondary data of 39 Taiwan Stock Exchange-listed hospitality firms were collected from the Taiwan Economic Journal databases. Quantile regression analysis was applied to examine the FF-EP relationship Findings The results evidence that there is a U-shaped (convex) FF-EP relationship for hospitality firms in the 10th, 25th and 50th Tobin’s Q quantiles and in asset-heavy firms. For asset-light firms, FF has an inverted U-shaped (concave) effect on EP in the 90th Tobin’s Q quantile Practical implications The empirical results highlight the need for Taiwan’s hospitality industry as a whole to take rolling adjustment and optimization of FF and concentrate on liquidity risk management after the COVID-19 pandemic and for long-term sustainability. Originality/value To the best of the authors’ knowledge, this study is one of the first to examine the nonlinear FF-EP relationship in the hospitality industry of Taiwan, particularly amid the COVID-19 shock. Moreover, this study extends current literature by revealing the hospitality industry’s FF-EP relationship and highlights the importance of the pandemic crisis context.

scholarly journals Determinants of Capital Structure and Their Effect to Company’s Value: Study in LQ 45 Companies Listed in Indonesia Stock Exchange

2020 ◽  
Vol 9 (3) ◽  
pp. 156
Author(s):  
Andi Kartika ◽  
Sunarto Sunarto ◽  
Faisal Riza Rahman ◽  
Zaky Machmuddah
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Secondary Data ◽  
Least Square ◽  
Future Research ◽  
Tobin’S Q ◽  
Analysis Method ◽  
Tobin's Q ◽  
Dependent Variables ◽  
The Relationship

The aim of the research is to analyse the effect of  profitability, liquidity, and company’s size to company’s value and examines whetherDERis a mediating variable. Secondary data is taken from annual report of the companies. Analysis method used is multiple regression analysis (least square).  The finding of the research showed thatDER mediated  the relationship between CR  andTobin’s Q. However DER is not a mediating variable for the relationship betweenRNOAand TOBINas well as between SIZE  and Tobin’s Q. Mediating test is conducted by Sobel Test. The other finding is that RNOA positively affects to DER. CR negatively affects to DER. SIZE positively affects to DER and then DER negatively affects to Tobin’s Q. Recommendation for future research is to widen the samples, not just  42 companies, to add observed periods to give clearer description in long term.The next research can also use other dependent variables affecting capital structure and company’s value.

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

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.

Institutional antecedents of principle-based corporate governance practices

2014 ◽  
Vol 10 (1) ◽  
pp. 49-82 ◽  
Author(s):  
Krishna Reddy ◽  
Umesh Sharma
Keyword(s):  
Corporate Governance ◽  
Capital Market ◽  
Stock Exchange ◽  
Listed Companies ◽  
Ordinary Least Squares ◽  
Positive Influence ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Content Type ◽  
Governance Practices

Purpose – This study aims to investigate the nature and extent of compliance to the principle-based corporate governance initiatives by the listed companies in the South Pacific Stock Exchange (SPSE) in Fiji. Three important questions are addressed: whether listed companies in Fiji have complied with the principle-based governance practices? Did compliance with principle-based recommendations lead to an improvement in the listed company's financial performance and legitimacy? How the institutional factors have contributed towards corporate governance practices in Fiji? Design/methodology/approach – Panel data for the SPSE companies over the period 2008-2011 are analysed using ordinary least squares (OLS) regression. Tobin's Q and return on assets (ROA) metrics are used as dependent variables. Findings – The findings indicate that listed companies have adopted the Capital Market Development Authority's (CMDA) recommendations by establishing subcommittees for audit and remuneration, having non-executive/independent directors on the board and separate chair and CEO positions in order to gain legitimacy from stakeholders. Results support the view that the CMDA recommendations of board sub-committees (audit and remuneration) have had positive influence on company performance measured by Tobin's Q. The findings of this study give support to the principle-based corporate governance practices adopted in Fiji to gain legitimacy. Originality/value – The study adds to the governance literature by focusing on the principle-based governance practices in a small remote island country, Fiji which has relatively small economy, capital market and company size. Finally, the study adds to institutional theory by showing how companies' corporate governance choices are affected by the severity of agency conflicts and the way corporate governance is regulated.

THE EFFECT OF PROFITABILITY, LIQUIDITY, LEVERAGE, CAPITAL INTENSITY AND FIRM SIZE ON TAX AGGRESSIVENESS WITH MARKET PERFORMANCE AS AN INTERVENING VARIABLE (BANKING COMPANIES LISTED ON INDONESIA STOCK EXCHANGE IN 2014 - 2018)

2020 ◽  
Vol 25 (3) ◽  
pp. 290-303
Author(s):  
Adilah Layung Santini ◽  
Emmy Indrayani
Keyword(s):  
Firm Size ◽  
Stock Exchange ◽  
Market Performance ◽  
Secondary Data ◽  
Capital Intensity ◽  
Financial Statements ◽  
Tobin’S Q ◽  
Current Ratio ◽  
Tobin's Q ◽  
Tax Aggressiveness

This study aims to determine the effect of profitability, liquidity, leverage, capital intensity and firm size on tax aggressiveness with market performance as an intervening variable. The sample used in this study was 43 banks registered on the Indonesia Stock Exchange in 2014 - 2018. This study uses secondary data taken from the banking financial statements, which are processed using amous software. Profitability is proxied with ROA, liquidity with current ratio, leverage with DER, capital intensity with CAP, Size with (Ln total assets), market performance with tobin's q and tax aggressiveness proxied with ETR. The results of this study indicate that profitability, leverage, firm size affect market performance while liquidity and capital intensity do not affect market performance. Profitability, liquidity, leverage, capital intensity and firm size affect tax aggressiveness, tax aggressiveness affect market performance, moderating market performance is not able to strengthen the effect of liquidity and capital intensity on tax aggressiveness and moderating market performance can strengthen the effect of profitability, leverage, firm size towards tax aggressiveness.

Data breaches in hospitality: is the industry different?

2020 ◽  
Vol 11 (3) ◽  
pp. 511-527
Author(s):  
Kholekile Gwebu ◽  
Clayton W. Barrows
Keyword(s):  
Data Security ◽  
Hospitality Industry ◽  
Secondary Data ◽  
Data Breach ◽  
Content Type ◽  
Data Breaches ◽  
Hospitality Firms ◽  
Areas Of Concern ◽  
External Actors ◽  
Security Incidents

Purpose The purpose of this study is to expand on the existing literature by specifically examining data security incidents within the hospitality industry, assessing origins and causes, comparing breaches within the industry with those of other industries and identifying areas of concern. Design/methodology/approach A sample of data breach incidents is drawn from the Verizon VERIS Community Database (VCDB). Statistical comparisons between hospitality and non-hospitality industry firms are conducted following the Verizon A4 threat framework. Findings The results reveal that breaches between hospitality and non-hospitality firms differ significantly in terms of actors, actions, assets and attributes. Specifically, proportions of breaches in the hospitality industry are larger in terms of external actors, hacking and malware, user devices compromised and integrity violations. Additionally, compared to other industries, point-of-sales (POS) system breaches occur at a higher rate in the hospitality industry. The study finds that company size, hacking and malware predict the likelihood of a POS breach. Research limitations/implications The study uses secondary data and does not include the entire universe of data breaches. Originality/value In the quest to reduce data breach incidents, it is imperative to identify and assess the nature of data breach incidents between industries. Doing so permits the development of targeted industry-specific solutions rather than generic ones. This study systematically identifies differences between hospitality and non-hospitality data security incidents and then suggests areas where hospitality companies should focus future attention to mitigate breach incidents.

Corporate governance and corporate performance: financial crisis (2008)

2016 ◽  
Vol 39 (11) ◽  
pp. 1494-1515 ◽  
Author(s):  
Oskar Kowalewski
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Financial Crisis ◽  
Stock Exchange ◽  
Emerging Market ◽  
Positive Association ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Content Type ◽  
The Impact

Purpose This paper aims to investigate the impact of corporate governance, as measured by the Corporate Governance Index, on firm performance and dividend payouts during the financial crisis of 2008. Design/methodology/approach The empirical approach followed in the study involved constructing a comprehensive measure of corporate governance for 298 non-financial companies listed on the Warsaw Stock Exchange in the years 2006-2010. Findings The results show that prior to the crisis, there was a positive association between corporate governance and performance as measured by Tobin’s q. Moreover, the study presents evidence that higher corporate governance leads to an increase in cash dividends. Amid the financial crisis, corporate governance was positively associated with a higher return on assets, yet this was not observed when measured by Tobin’s q. Additionally, during this period, better-governed companies paid dividends less generously than firms with lower corporate governance standards did. Originality/value The study provides new evidence on the impact of corporate governance on firm performance and valuation in an emerging market during the financial crisis. Moreover, the study shows that governance mechanisms operate differently in crisis and non-crisis periods.

Pengaruh Corporate Social Responsibility Terhadap Nilai Dan Kinerja Perusahaan Manufaktur

2011 ◽  
Vol 3 (1) ◽  
pp. 1-13
Author(s):  
Agustin Ekadjaja ◽  
Vony Vony
Keyword(s):  
Corporate Social Responsibility ◽  
Linear Regression ◽  
Confidence Level ◽  
Stock Exchange ◽  
Tobin’S Q ◽  
Manufacturing Companies ◽  
Simple Linear Regression ◽  
Tobin's Q ◽  
And Performance ◽  
Corporate Social

This study aims to determine the effect of CSR Index to the value and performance of manufacturing companies listed on the Indonesia Stock Exchange (BEI), and to find out how much the ability of the variable CSR Index in explaining the variable Tobin’s Q, ROA, and ROE manufacturing companies listed on Indonesia Stock Exchange (BEI). This study uses data sampled during the 75 years from 2007 to 2009. A statistical method used to test the research hypothesis is a simple linear regression model. Therefore, before performing hypothesis testing carried out tests of classical assumptions. The results of this study prove that, CSR Index has a significant effect on Tobin’s Q and ROE with 95% confidence level. However, CSR Index has no significant influence on ROA with 95% confidence level. Key words : CSR Index, Variabel Tobin’s Q, ROA, ROE

The Potential of The Hotel Industry In Pandemic Era Based On Finance Performance Point Of View, Case Study: Indonesia

2021 ◽  
Vol 1 (1) ◽  
pp. 111-123
Author(s):  
Anton Effendi ◽  
◽  
Bambang Hadi Prabowo
Keyword(s):  
Hospitality Industry ◽  
Stock Exchange ◽  
Hotel Industry ◽  
Secondary Data ◽  
Reliable Data ◽  
Point Of View ◽  
Threshold Autoregressive ◽  
Performance Point ◽  
Occupancy Rates

This article aims to investigate and analyze the potential of the hospitality industry by comparing the potential occupancy rates and hotel revenues of foreign and domestic tourists. This investigation uses an investigation of company data obtained from reports from hotel companies throughout Indonesia which are listed on the Indonesia Stock Exchange and secondary data obtained from world banks and other reliable data. This study uses behavioral data analysis using Threshold Autoregressive from 2000 to 2019. It was found that domestic tourists are a new hope that needs to be considered in surviving and restoring the hospitality industry after being exposed to the COVID-19 pandemic which has led hotel companies. temporarily closed operations and part of the hotel went bankrupt. Optimization of domestic tourists allowed the hotel industry to develop rapidly after the Covid-19 pandemic ended.

scholarly journals Effects of Infrastructure Development, Inflation and Economic Growth to Performance Company (ROA, Tobin's Q, PBV): Study on Registered Infrastructure Support Companies in IDX Period 2014-2019

2021 ◽  
Vol 4 (3) ◽  
Author(s):  
Eko Sarjono ◽  
◽  
Kartika Hendra Titisari ◽  
Supawi Pawenang
Keyword(s):  
Economic Growth ◽  
Performance Measurement ◽  
Financial Performance ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Linear Regression Analysis ◽  
Infrastructure Development ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
The Impact

The financial performance can be used as a benchmark of the ability of an organization or company in achieving its goals. Performance measurement is one of the most important factors for an organization or company, performance measurement is a process of measuring the extent to which a company does work to achieve its goals. The research investigated the impact of infrastructure, economic growth and inflation on financial performance of infrastructure support companies listed in Indonesian Stock Exchange Period 2014-2019 which is proxied by ROA (Return on Assets), Tobin’s Q and PBV (Price to Book Value). The population of this research was the infrastructure support companies listed on the Indonesian Stock Exchange period 2014-2019. Research sampling was conducted using The Purposive Sampling Method. The data analysis was camed out using classical assumption test, multiple linear regression analysis, t-test, F-test and determinan (R2) test with SPSS 21. The research finding showed that the model has an effect on the financial performance as proxied by ROA. So the results of the hypothesis test show that: (1) Infrastructure development has a negative and significant effect on ROA. (2) The inflation rate has a positive and significant effect on ROA. (3) Economic growth has no significant effect on ROA. Meanwhile, the model has no effect on financial performance which is proxied in Tobin's Q and PBV.

Indirect financial distress costs in non-financial firms: evidence from an emerging market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Muhammad Farooq ◽  
Shahzadah Fahed Qureshi ◽  
Zahra Masood Bhutta
Keyword(s):  
Financial Distress ◽  
Intangible Assets ◽  
Emerging Market ◽  
Investment Policy ◽  
Tobin’S Q ◽  
Optimal Model ◽  
Tobin's Q ◽  
Content Type ◽  
Tangible Assets ◽  
Financially Distressed

Purpose This study aims to analyse 508 financially distressed firm-year observations for the period 2010–2018 of Pakistan Stock Exchange (PSX) listed firms to examine the magnitude of indirect financial distress costs (IFDC) and to investigate which firm-specific variable is relatively important in explaining these indirect costs. This will not only enrich empirical literature but also helpful in cross-country comparison. Design/methodology/approach Optimal model selection along with panel data analysis technique is used to select the most optimal model to observe the findings. Financial distress is measure through Altman’s Z-score and firm-specific variables cover leverage, level of intangible assets, investment policy, tangible assets, firm’s size, level of liquid assets and Tobin’s Q of sample firms. Findings The findings of this study show that the average size of IFDC for the sample observations is 6.70%. In addition to this, finding further suggest that leverage, the level of intangible assets and changes in investment policy have positive while the size of the firm and Tobin’s Q have a significant negative impact on IFDC. Further, this paper argues that the level of tangible assets and liquid assets are statistically unimportant in observing the IFDC for PSX financially distressed firm-year observations. Practical implications The findings of this study provide more insight to corporate managers and investors about the association between firm-specific financial characteristics and IFDC concerning Pakistani firms. Furthermore, this study contributes to the existing literature by adding new evidence from developing countries such as Pakistan which are helpful for regulatory bodies and policymakers in the formulation of long-term strategies to manage the financial distress costs. Originality/value The study extends the body of existing literature on IFDC regarding Pakistan. The results suggest that policymakers may pay special attention to the quality of a firm’s capital structure strategies while predicting corporate financial distress costs.

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