RESIDUAL GOVERNMENT OWNERSHIP AND FIRM VALUE IN A TRANSITIONAL ECONOMY

2019 ◽  
pp. 1-14 ◽  
Author(s):  
XUAN VINH VO
Keyword(s):  
Firm Value ◽  
Fixed Effects ◽  
Stock Exchange ◽  
Transitional Economy ◽  
State Ownership ◽  
Government Ownership ◽  
Privatized Firms ◽  
Negative Effect ◽  
High Level ◽  
The Impact

There is a high level of residual government ownership after privatization processes of state-owned firms in many transitional economies. Accordingly, the role of residual government ownership in firms in these economies draws strong attention from researchers resulting in a huge volume of papers in the literature. This naturally motivates us to examine whether state ownership affects the firm value in Vietnam, a successful transitional economy. More specifically, this paper aims to provide further insights into the impact of residual government ownership on the value of privatized firms listed on the Ho Chi Minh City stock exchange covering the period from 2009 to 2014. Using panel data techniques of fixed effects estimator, our empirical results indicate that residual government ownership have a negative effect on value of Vietnamese firms. This finding provides important implications for different stakeholders in transitional countries.

scholarly journals State ownership and efficiency characteristics

2017 ◽  
pp. 5-37 ◽  
Author(s):  
A. Abramov ◽  
A. Radygin ◽  
M. Chernova ◽  
R. Entov
Keyword(s):  
State Ownership ◽  
Government Ownership ◽  
Gross Margin ◽  
Private Companies ◽  
Return On Equity ◽  
Debt Burden ◽  
Lower Productivity ◽  
Negative Effect ◽  
Direct Government ◽  
The Impact

The paper examines the influence of state participation in the ownership structure of companies on their financial efficiency using a sample of 114 largest companies in Russia. As an indirect indicator of efficiency we used a variety of financial indicators: revenue per employee (gross margin), return on equity, profit margin and debt burden. The authors have tried to discriminate the influence of direct and indirect state ownership. Using econometric analysis we conclude that the size of the block of shares owned by the state has negative effect on the performance characteristics, and its increase is associated with an increase in the debt burden of companies. According to our criteria, state-owned enterprises (SOEs) on average perform worse than private companies. The study shows that a change in the profitability of private companies is characterized by a significant dependence on the movement of indirect productivity characteristics. At the same time, for SOEs the similar correlation between return on equity and efficiency characteristics was not revealed. The study shows that the increase of the size of direct government ownership leads to lower productivity and profitability; the impact of indirect state ownership is, seemingly, more complicated.

scholarly journals How CSR Moderates the Impact of Basic Industry and Chemicals Companies' Values in Indonesia

2021 ◽  
pp. 66-79
Author(s):  
Widya Sari ◽  
Leondy Wijaya ◽  
Sherly . ◽  
Sally Sofian
Keyword(s):  
Firm Value ◽  
Audit Committee ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
P Value ◽  
Managerial Ownership ◽  
Basic Industry ◽  
Negative Effect ◽  
The Impact ◽  
Positive Effect

The purpose of this study was to see how the influence of profitability and corporate governance on firm value with or without CSR as a moderating variable. The researchers collected data on companies in the Basic Industry and Chemicals sector listed on the Indonesia Stock Exchange by accessing the website www.idx.co.id.  The population in this study consisted of 80 companies and a sample of 27 companies with a five-year research period. The research method used was quantitative, utilizing data analysis techniques based on the Partial Least Squares (PLS) model and Smart PLS software. The results showed that institutional ownership (p-value 0.064) has no effect on firm value, managerial ownership (p-value 0.462) has no effect on firm value, independent commissioners (p-value 0.836) has no effect on firm value, ROE (p-value 0.119) has no effect on firm value and the audit committee (p-value 0.012) has a positive effect on firm value, institutional ownership with CSR as a moderating variable (p-value 0.756) has no effect on firm value, managerial ownership with CSR as a moderating variable (p -value 0.141) has no effect on firm value, the audit committee with CSR as a moderating variable (p-value 0.084) has no effect on firm value, independent commissioners with CSR as a moderating variable (p-value 0.745) has no effect on firm value, ROE with CSR as a moderating variable (p-value 1.906) has no effect on firm value an, institutional ownership (P-value = 894) has no effect on CSR, managerial ownership (P-value = .361) has no effect on the audit committee CSR (P-value = .984) has no effect on CSR,  Independent Commissioner (P- value = .000) has a negative effect on CSR, ROE (P-value = .001) has a negative effect on CSR, CSR (P-value = .018) has a positive effect on firm value.

scholarly journals THE EFFECT OF INTERNAL FACTORS ON CAPITAL STRUCTURE AND ITS IMPACT ON FIRM VALUE: EMPIRICAL EVIDENCE FROM THE FOOD AND BAVERAGES INDUSTRY LISTED ON INDONESIAN STOCK EXCHANGE 2013-2017

2020 ◽  
Vol 6 (7) ◽  
pp. 173-191
Author(s):  
M.Noor Salim ◽  
Rina Susilowati
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Manufacturing Companies ◽  
Negative Effect ◽  
The Impact ◽  
Positive Effect

This research aims to analyze the effects of profitability (ROA), liquidity (CR), assets growth, and firm size towards capital structure (DER) and the impact on firm value (PBV).This research uses secondary data from yearly financial statement of food and baverages companies listed in Indonesian Stock Exchange for period 2013-2017. The research design uses descriptive quantitative research and causality. Sampling method uses purposive sampling method, with some predetermined criteria, the number of sample is 17 manufacturing companies. The analysis technique used is panel data regression. The research results shows that the profitability (ROA) and firm size partially have negative effect and not significant on capital structure (DER). The liquidity (CR) and assets growth partially have negative effect and significantly on capital structure (DER). Then the capital structure (DER) partially have positive effect but not significantly influences the firm value (PBV). The profitability (ROA) partially have positive effect and significant on firm value (PBV). The liquidity (CR) and assets growth partially have negative and significant effect on firm value (PBV), and firm size partially have negative and not significant effect on firm value (PBV). Simultaneously profitability (ROA), liquidity (CR), assets growth and firm size effect on capital structure (DER). On the other side, simultaneously profitability (ROA), liquidity (CR), assets growth and firm size have effect on firm value (PBV).

scholarly journals KUALITAS AUDIT SEBAGAI PEMODERASI PENGARUH MANAJEMEN LABA TERHADAP NILAI PERUSAHAAN

2020 ◽  
Vol 3 (2) ◽  
pp. 174-190
Author(s):  
I Putu Edi Darmawan
Keyword(s):  
Earnings Management ◽  
Firm Value ◽  
Audit Quality ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Discretionary Accruals ◽  
Real Earnings Management ◽  
Manufacturing Companies ◽  
Negative Effect ◽  
The Impact

This study aims to test and analyze the impact of accrual earnings management and real earnings management on firm value empirically. Also, audit quality's role on the effect of accrual earnings management and total earnings management on firm value. The analytical method used is Moderated Regression Analysis (MRA). This research's population is manufacturing companies listed on the Indonesia Stock Exchange during the period 2013 to 2017. The sampling technique used is purposive sampling. This study found that accrual earnings management, which is proxied by discretionary accruals, positively affects firm value. Real earnings management has a negative effect on firm value. Audit quality cannot weaken the effect of accrual earnings management on firm value. However, audit quality weakens the effect of real earnings management on firm value.

The Effects of Leverage, Investment Decision, Dividend Policy and Profitability, on Firm Value of the Automotive Sector Companies

2021 ◽  
Vol 5 (2) ◽  
pp. 68
Author(s):  
Heri Ispriyahadi ◽  
Grace Aprilia Uli Putri
Keyword(s):  
Firm Value ◽  
Stock Price ◽  
Fixed Effects ◽  
Dividend Policy ◽  
Positive Impact ◽  
Stock Exchange ◽  
Investment Decision ◽  
Sampling Technique ◽  
Automotive Sector ◽  
The Impact

<p>This paper examined the impact of leverage, investment decision, dividend policy and profitability on the firm value of the automotive sector companies from 2010 - 2016. There are 12 firms chosen using a purposive sampling technique implementing specific criteria. Those firms are publicly listed on the Indonesia Stock Exchange. Panel data regression (Pooled OLS, Fixed Effects, and Random Effects) is used in this research. The results have shown that leverage, dividend policy and profitability, have a positive and significant impact on firms' value. A rise in these factors will lead to an increasing stock price, whereas even though has  has a positive impact, but investment decision not a substantial effect on company value.</p>

scholarly journals PENGARUH PROFITABILITAS DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING (STUDI PADA PERUSAHAAN ANEKA INDUSTRI YANG TERDAFTAR DI BEI 2012-2019)

2021 ◽  
Vol 15 (2) ◽  
pp. 15-28
Author(s):  
Fitri Diana Tri Anisa ◽  
Indra Siswanti
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
The Other ◽  
Direct Result ◽  
Company Size ◽  
Significant Positive Effect ◽  
Negative Effect ◽  
The Impact ◽  
Positive Effect

The purpose of the research is to obtain empirical evidence about the impact of profitability, company size , capital structure on firm value. And the other purpose of this research too is to determine the effect of profitability, company size on firm value mediated by capital structure.  The sample in this research is manufacturing company on Miscellaneous industry sector which listed in Indonesia Stock Exchange during the period of 2012 –2019. With using  purposive sampling data this research got  twelve companies as sample research. The source of the data of this research was conducted from annual report and financial report.This research is using quantitative approach with path analysis method and using SmartPLS 3.0 as analyisis tool.The result in this research has two kind of result,for direct result found that profitabilty has significant positive effect on firm value, company size has significant positive effect on firm value, capital structure has significant negative effect to firmvalue. And the result for indirect result are Capital structure is able to mediate profitability on firm value. But on the other hand capital structure is not able to mediate company size on firm value.

scholarly journals Pengaruh Pengungkapan Good Corporate Governance Terhadap Nilai Perusahaan Pada Badan Usaha Milik Negara Yang Terdaftar Di Bursa Efek Indonesia Perioda 2013-2017

2019 ◽  
Vol 7 (2) ◽  
pp. 228
Author(s):  
Stevi Jimry Poluan ◽  
Arya Aditya Wicaksono
Keyword(s):  
Corporate Governance ◽  
Hypothesis Testing ◽  
Firm Value ◽  
Audit Committee ◽  
Sampling Method ◽  
Stock Exchange ◽  
Managerial Ownership ◽  
Good Corporate Governance ◽  
Negative Effect ◽  
The Impact

This study aims to prove the impact of Good Corporate Governance on Firm Value in Badan Usaha Milik Negara that listed in Indonesian Stock Exchange. This study used 4 varibles that represented Good Corporate Governance which is Managerial Ownership, Institusional Ownership, Board of Independent Commissioner, and Audit Committee. Meanwhile Tobin’s Q ratio used to counted Firm Value. Population of this research are all Badan Usaha Milik Negara that listed in Indonesian Stock Exchange on 2013 until 2017. There are 20 firm are listed. The total samples are 16 firms selected by using purposive sampling method. Data anlysis and hypothesis testing using multiple regression. From 4 variable that used in this research only 2 that had an effect on firm value. There were Institusional Ownership and Audit Committee. This research prove that Institusional Ownership has a positive and significant effect on firm value. Audit Committee had a negative and insignificant effect on firm value. Other 2 variable like Managerial Ownership, Board of Independent Commissioner  has not effect on firm value, while Audit Committee has negative effect on firm value.

scholarly journals The Impact of Working Capital Management on Firm Value: Evidence from a Frontier Market

2018 ◽  
Vol 9 (2) ◽  
pp. 399
Author(s):  
A.N. Hingurala Arachchi ◽  
Wasantha Perera ◽  
Ratnam Vijayakumaran
Keyword(s):  
Firm Value ◽  
Fixed Effects ◽  
Stock Exchange ◽  
High Growth ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Cash Conversion Cycle ◽  
Value Effect ◽  
The Impact

Corporate finance literature and finance practitioners have the notion that the efficient working capital management (WCM) affects firm value. This study investigates the value effect of working capital management, using a sample of 44 listed companies on the Colombo Stock Exchange (CSE) over the period 2011-2015. The CSE is currently recognized as a high growth frontier market (FM) in the world.  The efficiency of WCM is measured using the Cash Conversion Cycle (CCC) and its components while firm value is measured by the Tobin Q ratio. The firm size, leverage and sales growth are used as the control variables. Using panel data regression methodology (the pooled OLS and fixed effects regressions), the study finds that CCC is inversely related to Tobin Q, suggesting that managers can create value for their shareholders by efficiently managing investment in working capital of their firms.

Pengaruh Keputusan Investasi, Kebijakan Hutang Dan Kebijakan Dividen Terhadap Nilai Perusahaan

2019 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Ivan Somantri ◽  
Hadi Ahmad Sukardi
Keyword(s):  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Investment Decisions ◽  
Sampling Technique ◽  
Mining Sector ◽  
Dividend Policies ◽  
Negative Effect ◽  
Debt Policy ◽  
Debt Policies

This study aims to determine how to influence simultaneously and partially investment decisions, debt policy and dividend policy on firm value in mining sector companies listed on the Indonesia Stock Exchange for the period 2013-2017. The research method used in this study is descriptive and associative methods. The population in this study were mining sector companies listed on the Indonesia Stock Exchange in the period 2013-2017, which amounted to 43 companies. The sampling technique used in this study is non probability sampling with purposive sampling method, so that the number of samples obtained is 8 companies. While the data analysis used in this study is panel data regression analysis with the fixed effect method. The results of the study show that partially investment decisions and debt policies have a positive effect on firm value. While dividend policy has a negative effect on firm value. In addition, the results of the study simultaneously show that investment decisions, debt policies and dividend policies affect the value of the company. The amount of investment decisions, debt policy and dividend policy in contributing influence to earnings management is 34.14%.

PROFITABILITY, GROWTH OPPORTUNITIES, LEVERAGE, UKURAN PERUSAHAAN, DAN KEBIJAKAN DIVIDEN

2017 ◽  
Vol 2 ◽  
pp. 227-240
Author(s):  
Diyan Lestari
Keyword(s):  
Automotive Industry ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Secondary Data ◽  
Panel Regression ◽  
Positive Signal ◽  
Growth Opportunities ◽  
Return On Equity ◽  
Negative Effect

Dividend policy is one of the most important activities which investors will wait and interpret the action as a positive signal because it indicates the firm performance (a firm which distributes dividend considered has better performance). Dividend policy is a strategical decision since it will impact firm credibility and firm value. This study aims to analyze the effect of profitability, growth opportunities, leverage, and size on dividend policy in the automotive industry which listed in Indonesia Stock Exchange from 2009 to 2016. The automotive industry is one of Indonesian middle-class standard measurement and it will be the biggest automotive ASEAN market in 2019. We use secondary data and use pooling regression (panel regression) to analyze the result of the study. The result shows that profit margin, return on asset, and size has positive and statistically significant on dividend policy, growth opportunities has the negative effect and statistically significant on dividend policy, while return on equity and leverage do not affect the dividend policy. Keywords: Profitability, growth opportunities, leverage, firm size, dividend policy

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