Technology versus Design Innovation's Effects on Sales and Tobin's Q: The Moderating Role of Branding Strategy

2013 ◽  
Vol 30 (3) ◽  
pp. 448-464 ◽  
Author(s):  
Gaia Rubera ◽  
Cornelia Droge
Keyword(s):  
Tobin’S Q ◽  
Branding Strategy ◽  
Tobin's Q ◽  
Moderating Role

scholarly journals Earnings Management, Related Party Transactions and Corporate Performance: The Moderating Role of Internal Control

Risks ◽  
2021 ◽  
Vol 9 (8) ◽  
pp. 146
Author(s):  
Grzegorz Zimon ◽  
Andrea Appolloni ◽  
Hossein Tarighi ◽  
Seyedmohammadali Shahmohammadi ◽  
Ebrahim Daneshpou
Keyword(s):  
Earnings Management ◽  
Internal Control ◽  
Corporate Performance ◽  
Tobin’S Q ◽  
Corporate Value ◽  
Tobin's Q ◽  
Related Party Transactions ◽  
Q Index ◽  
Moderating Role

The primary purpose of this study is to investigate the impacts of earnings management (EM) and related party transactions (RPTs) on corporate financial performance in an emerging market, Iran. This paper also aims to examine the moderating role of internal control weakness (ICW) in the relationship between them. The study sample includes 108 Iranian manufacturing companies listed on the Tehran Stock Exchange (TSE) between 2013 and 2018, and panel data with random effects are used to test the hypotheses. When an accounting-based measure called ROA is defined as a proxy for corporate performance, the results show that there is a negative association between real earnings management (REM) and corporate financial situation, while accrual-based earnings management (AEM) and firm value are correlated positively. However, when Tobin’s Q index is defined as a proxy for corporate performance, we do not find any significant association between them. Consistent with the tunneling hypothesis or agency theory, our findings confirm RPTs damage corporate value (ROA and Tobin’s Q) because managers probably consider it a mechanism to exploit enterprise resources owing to existing conflictual interests. Moreover, purchase-related party transactions lead to lower ROA, whereas sale-related party transactions and Tobin’s Q are correlated negatively. Moreover, weak internal control has a positive moderating influence on the linkage between AEM and Tobin’s Q index. Finally, we provide robust evidence that there is a positive association between sale growth and institutional owners with ROA and Tobin’s Q, although financial leverage and mergers and acquisitions (M&A) have a destructive effect on corporate value.

Keiretsu Affiliation and Equity Values in Japan

2004 ◽  
Vol 07 (04) ◽  
pp. 525-545 ◽  
Author(s):  
Edward B. Douthett ◽  
Kooyul Jung ◽  
YoungKyu Park
Keyword(s):  
Firm Value ◽  
Tobin’S Q ◽  
Ceteris Paribus ◽  
Active Monitoring ◽  
Tobin's Q ◽  
Equity Values ◽  
Equity Value ◽  
Post Market ◽  
Empirical Tests

This study examines the association between keiretsu affiliation and corporate equity value in Japan. We hypothesize that, ceteris paribus, keiretsu firm value, measured as Tobin's Q, is higher than non-keiretsu firm value, reflecting the improved or active monitoring role of the keiretsu arrangement. The empirical tests are supportive after controlling for other financial and ownership variables. The results also show that keiretsu firm value is positively related to the strength of the keiretsu. This is additional evidence that the monitoring provided by the keiretsu relationship does indeed increase corporate equity value, and that the source of the increase in value is not merely a result of cross-shareholding, but inherent to the keiretsu arrangement. However, the effect of keiretsu membership and influence on market equity values has apparently diminished since 1990 (the post-market crash period in Japan).

ESG impact on performance of US S&P 500-listed firms

2020 ◽  
Vol 20 (7) ◽  
pp. 1409-1428 ◽  
Author(s):  
Bahaaeddin Ahmed Alareeni ◽  
Allam Hamdan
Keyword(s):  
Design Methodology ◽  
Panel Regression ◽  
Tobin’S Q ◽  
Corporate Disclosure ◽  
Tobin's Q ◽  
Content Type ◽  
Listed Firms ◽  
Csr Disclosure ◽  
Corporate Social

Purpose This paper aims to investigate whether there are relationships among corporate disclosure of environmental, social and governance (ESG) and firms’ operational (ROA), financial (ROE) and market performance (Tobin’s Q), and if these relationships are positives or negatives or even neutral. Design/methodology/approach The study sample covers US S&P 500-listed companies during the period 2009 to 2018. Panel regression analysis was used to examine the study hypotheses and achieve the study aims. Findings The results showed that ESG disclosure positively affects a firms’ performance measures. However, measuring ESG sub-components separately showed that environmental (EVN) and corporate social responsibility (CSR) disclosure is negatively associated with ROA and ROE. EVN and CSR disclosure is positively related to Tobin’s Q. Further, corporate governance (CG) disclosure is positively related to ROA and Tobin’s Q, and negatively related to ROE. More importantly, ESG, CSR, EVN and CG tend to be higher with firms that have high assets and high financial leverage. Furthermore, the higher level of ESG, EVN, CSR and CG disclosure, the higher the ROA and ROE. Originality/value The study limns a vision of the role of ESG on firm performance. This study tries to determine whether there are relationships among all ESG disclosure and FP, and if they are positive, negative or even neutral.

scholarly journals Role of Bank Characteristics in Determining the Effect of Non-financial Information Disclosure on Bank’s Value on Tobin’s Q Scale: An Applied Study on the Jordanian Commercial Banks

2019 ◽  
Vol 10 (4) ◽  
pp. 46
Author(s):  
Hasan M. AL-Shatnawi ◽  
Firas A.N Al-Dalabih
Keyword(s):  
Regression Analysis ◽  
Commercial Banks ◽  
Information Disclosure ◽  
Linear Regression Analysis ◽  
Financial Information ◽  
Research Approach ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Positive Effects

This study aimed at determining the role of bank characteristics in determining the effect of non-financial information disclosure on values of Jordanian commercial banks on Tobin’s q scale. To achieve this goal, the study adopted the analytical descriptive research approach and analyzed the financial reports of the 13 Jordanian commercial banks listed on Amman Stock Exchange Market (ASEM) during the period 2014-2017. To test the hypotheses and achieve the study goal, the data were analyzed using simple linear regression analysis and hierarchical interaction regression analysis. Regression analysis revealed that all the studied commercial banks disclose the non-financial information according to the instructions of institutional governance of the banks. In addition, the analysis showed that there is a positive effect of non-financial disclosure on the values of banks on Tobin’s q scale. Moreover, the results uncovered that the interaction effects of non-financial information disclosure and each of the size, growth, and profitability of the bank foster the positive effects of the individual variables on the values of the banks on Tobin’s q scale. Meanwhile, the study found that the interaction effect of non-financial information disclosure and financial leverage does not affect the values of the banks on Tobin’s q scale.

Testing the Strain Theory of Suicide – The Moderating Role of Social Support

Crisis ◽  
2020 ◽  
Vol 41 (2) ◽  
pp. 82-88 ◽  
Author(s):  
Bob Lew ◽  
Ksenia Chistopolskaya ◽  
Yanzheng Liu ◽  
Mansor Abu Talib ◽  
Olga Mitina ◽  
...  
Keyword(s):  
Social Support ◽  
Suicidal Behavior ◽  
Online Survey ◽  
Perceived Social Support ◽  
Strain Theory ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Psychological Strains ◽  
Moderating Role

Abstract. Background: According to the strain theory of suicide, strains, resulting from conflicting and competing pressures in an individual's life, are hypothesized to precede suicide. But social support is an important factor that can mitigate strains and lessen their input in suicidal behavior. Aims: This study was designed to assess the moderating role of social support in the relation between strain and suicidality. Methods: A sample of 1,051 employees were recruited in Beijing, the capital of China, through an online survey. Moderation analysis was performed using SPSS PROCESS Macro. Social support was measured with the Multidimensional Scale of Perceived Social Support, and strains were assessed with the Psychological Strains Scale. Results: Psychological strains are a good predictor of suicidality, and social support, a basic need for each human being, moderates and decreases the effects of psychological strains on suicidality. Limitations: The cross-sectional survey limited the extent to which conclusions about causal relationships can be drawn. Furthermore, the results may not be generalized to the whole of China because of its diversity. Conclusion: Social support has a tendency to mitigate the effects of psychological strains on suicidality.

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