Stock Return or Sales Growth? Multiple Performance Feedback and Strategic Investments Under Securities Analysts’ Earnings Pressure

2018 ◽  
Vol 55 (8) ◽  
pp. 1356-1385 ◽  
Author(s):  
Yu Zhang ◽  
Yan Gong
Keyword(s):  
Performance Feedback ◽  
Stock Return ◽  
Sales Growth ◽  
Strategic Investments ◽  
Securities Analysts

scholarly journals Analisis Faktor – Faktor Yang Mempengaruhi Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

2019 ◽  
Vol 4 (2) ◽  
pp. 245-259
Author(s):  
Masyitah Fujianugrah MM
Keyword(s):  
Analytical Method ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Return ◽  
Stock Exchange ◽  
Linear Analysis ◽  
Sales Growth ◽  
Manufacturing Companies ◽  
Cash Dividend ◽  
Return On Equity

ABSTRACT The object of this research is all manufacturing companies listed in Indonesia Stock Exchange 2010-2014, as many as 150 companies. Samples were selected using purposive sampling. The number of samples in this study were as many as 16 companies. The collection of data by accessing internet sites to the Indonesia Stock Exchange. The analytical method used is multiple linear analysis. The results of this study show that: Simultaneously, the factors that consists of a variable Dividend, Profitability, Sales Growth, Stock Return simultaneously significant effect on stock prices. Partially, Profitability and Sales Growth variables significantly influence stock prices while variable Cash Dividend and Stock Return no significant effect on stock prices   Keywords        :Cash Dividend, profitability (ROA), Sales Growth, Return on Equity, Stock Price  

scholarly journals Abnormal Return and the Charactersitics of Merger and Acquisition in Indonesia

2017 ◽  
Vol 20 (1) ◽  
pp. 31
Author(s):  
Luh Putu Gina Gisella ◽  
Dony Abdul Chalid
Keyword(s):  
Firm Value ◽  
Abnormal Return ◽  
Stock Return ◽  
Abnormal Returns ◽  
Merger And Acquisition ◽  
Sales Growth ◽  
Payment Method ◽  
Cash Payment ◽  
Public Company ◽  
Net Profit

Indonesia also have  experienced the practice of Merger and Acquisition (M & A) transaction, like other parts of the world. This study  aims to see if there are abnormal returns for the acquirer companies in M&A transactions that occurred in Indonesia, and also to test if there are some characteristics related to M&A that affects the abnormal returns. This study uses 143 M & A transaction data public company in Indonesia in 2005 until 2014. Event-study analysis was also conducted to find acquirer abnormal stock return around the announcement of M & A. In addition,  OLS regression was also conducted to find whether the cash payment method in the M & A negatively affects the abnormal return. The  condition of companies (Net Profit Margin, Sales Growth, firm value) also affect the abnormal return. This shows that the method of payment and acquire companies’ conditions have effects on the perception of investors towards M & A transactions that occured.

scholarly journals Pengaruh Debt To Equity Ratio, Sales Growth, Total Asset Turnover, Return On Equity Terhadap Return Saham Perusahaan Consumer Goods

2015 ◽  
Vol 7 (2) ◽  
pp. 83-106
Author(s):  
Pinuji Kukuh Herwinanto ◽  
Tuti Andjarsari
Keyword(s):  
Linear Regression ◽  
Consumer Goods ◽  
Stock Return ◽  
Total Population ◽  
Total Asset ◽  
Sales Growth ◽  
Return On Equity ◽  
Independent Variables ◽  
Asset Turnover ◽  
Equity Ratio

The purpose of this research is to test empirically the effect of Debt to Equity Ratio, Sales Growth, Total Asset Turnover, Return on Equity to Stock Return in Consumer Goods Companies listed in BEI on 2010-2112. The formulation of the problem is hypothesized mainly on the basis of references and empirical study. The hypothesis are then examined by using the Multiple Linear Regression. T test and F test is used to test the influence significances of independent variables partially and simultaneously to stock return. The total population of this study is 36 companies. After doing the purposive sampling, there are 22 companies which is representative as the sample research. The finding of the research shows that Debt to Equiy Ratio, Sales Growth, Total Asset Turnover, and Return On Equity impact significantly to stock return, while the result of partial test shows that Sales Growth and Return On Equity  impact positively and significant. Debt to Equity Ratio impacts positively and unsignificant and Total Asset Turnover impact negatively unsignificant to stock return.

scholarly journals Managerial Ability and Extreme Investment Behavior

2019 ◽  
Vol 8 (4) ◽  
pp. 57
Author(s):  
Hsin-yi Hsieh ◽  
Xuerong Huang
Keyword(s):  
Abnormal Returns ◽  
Investment Behavior ◽  
Sales Growth ◽  
Managerial Ability ◽  
Product Markets ◽  
Strategic Investment ◽  
Strategic Investments ◽  
Industry Membership ◽  
Investment Hypothesis

This paper examines whether, why, and how managerial ability is associated with firms’ investment behavior. Specifically, we focus on the effect of managerial ability on extreme investment behavior. We define expansionary (contractionary) investments as investing significantly more (less) than what is expected based on the firm’s sales growth and industry membership. The baseline results reveal that more able managers are less likely to make contractionary investments, while they are more likely to make expansionary investments. We further propose and test the strategic investment hypothesis, which predicts that more able managers time the product markets and invest aggressively to ensure firms’ future competitiveness. The evidence is supportive of this hypothesis: More able managers are more (less) likely to make expansionary (contractionary) investments when the industry (1) becomes more competitive, and (2) is at the onset of R&D growth. Moreover, expansionary investments by more able managers are indeed their strategic investments, which lead to superior future abnormal returns.   

scholarly journals How aspiration and expectation shortfalls drive strategic investments

2021 ◽  
Vol 19 (1) ◽  
pp. 470-476
Author(s):  
Jan Mammen
Keyword(s):  
Regression Model ◽  
Performance Feedback ◽  
Risk Taking ◽  
Fixed Effects ◽  
Interactive Effect ◽  
Strategic Investments ◽  
Managerial Risk ◽  
Managerial Power ◽  
Fixed Effects Regression ◽  
Two Sides

Performance feedback is an important concept to explain managerial risk taking. This paper aims to distinguish between two forms of performance feedback: A performance shortfall can be positively or negatively associated with risk inclination. The first effect arises for a shortfall from aspirations, while the second effect occurs if there is a shortfall from expectations. The hypotheses are tested on a sample of S&P 1500 firms over a period of 19 years (1992–2010) using a fixed effects regression model. The empirical results suggest that missing aspirations increases the likelihood of risk taking in the form of higher strategic investments. Missing expectations in contrast diminishes managerial power and discretion to engage in risk taking and thus lowers strategic investments. The results further support the idea that both effects reinforce each other, suggesting that shortfalls from expectations and aspirations have an interactive effect. By distinguishing between these two sides of performance feedback, this study provides an improved understanding on managerial risk taking. Additionally, this paper highlights how motivation and power interact when analyzing managerial risk taking.

I Like Myself, I Really Do (at Least Right Now)

2020 ◽  
Vol 36 (1) ◽  
pp. 196-206 ◽  
Author(s):  
Almut Rudolph ◽  
Michela Schröder-Abé ◽  
Astrid Schütz
Keyword(s):  
Construct Validity ◽  
Performance Feedback ◽  
Repeated Measures ◽  
Temporal Stability ◽  
Social Feedback ◽  
Student Sample ◽  
Empirically Supported ◽  
Good Internal Consistency ◽  
And Performance ◽  
Induced Changes

Abstract. In five studies, we evaluated the psychometric properties of a revised German version of the State Self-Esteem Scale (SSES; Heatherton & Polivy, 1991 ). In Study 1, the results of a confirmatory factor analysis on the original scale revealed poor model fit and poor construct validity in a student sample that resembled those in the literature; thus, a revised 15-item version was developed (i.e., the SSES-R) and thoroughly validated. Study 2 showed a valid three-factor structure (Performance, Social, and Appearance) and good internal consistency of the SSES-R. Correlations between subscales of trait and state SE empirically supported the scale’s construct validity. Temporal stability and intrapersonal sensitivity of the scale to naturally occurring events were investigated in Study 3. Intrapersonal sensitivity of the scale to experimentally induced changes in state SE was uncovered in Study 4 via social feedback (acceptance vs. rejection) and performance feedback (positive vs. negative). In Study 5, the scale’s interpersonal sensitivity was confirmed by comparing depressed and healthy individuals. Finally, the usefulness of the SSES-R was demonstrated by assessing SE instability as calculated from repeated measures of state SE.

The Influence of Cognitive and Affective Reactions to Feedback on Subsequent Goals

2010 ◽  
Vol 15 (2) ◽  
pp. 121-131 ◽  
Author(s):  
Remus Ilies ◽  
Timothy A. Judge ◽  
David T. Wagner
Keyword(s):  
Performance Feedback ◽  
Business School ◽  
Structural Equation ◽  
Emotional Reactions ◽  
Equation Model ◽  
Proposed Model ◽  
And Performance ◽  
Dispositional Measure ◽  
The Relationship ◽  
Reactions To Feedback

This paper focuses on explaining how individuals set goals on multiple performance episodes, in the context of performance feedback comparing their performance on each episode with their respective goal. The proposed model was tested through a longitudinal study of 493 university students’ actual goals and performance on business school exams. Results of a structural equation model supported the proposed conceptual model in which self-efficacy and emotional reactions to feedback mediate the relationship between feedback and subsequent goals. In addition, as expected, participants’ standing on a dispositional measure of behavioral inhibition influenced the strength of their emotional reactions to negative feedback.

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