scholarly journals Determinantes de adesão ao Índice de Sustentabilidade Empresarial da BM&FBOVESPA e sua relação com o valor da empresa

2013 ◽  
Vol 11 (2) ◽  
pp. 181
Author(s):  
Lélis Pedro Andrade ◽  
Aureliano Angel Bressan ◽  
Robert Aldo Iquiapaza ◽  
Bruno César de Melo Moreira
Keyword(s):  
Regression Analysis ◽  
Panel Data ◽  
Firm Value ◽  
Positive Relationship ◽  
Corporate Sustainability ◽  
Negative Relationship ◽  
Market Value ◽  
Annual Data ◽  
Panel Data Models ◽  
Sustainability Index

The aim of this study was to identify the variables that influence the firms inclusion in the BM&FBOVESPA Corporate Sustainability Index (CSI), and if such membership is correlated with the firm market value in the Brazilian market. We collected annual data of firms for the period 2006 to 2011. The methodology included the use of methods such as regression analysis type logit and panel data models. The results showed that companies that have joined the ISE have characteristics distinct from those who did not opt for membership. Firms with larger size, higher profitability and sectors considered high environmental impact are more likely to be classified in the ISE. When examined whether inclusion in the CSI has relation with the metric firm value, the results did not reject the hypothesis of positive relationship, even during the financial crisis of 2008, however, found evidence of a negative relationship in the post-crisis period.

scholarly journals An Investigation of the Relationship between Sukuk and the Performance of banks of Pakistan

2019 ◽  
Vol 19 (1) ◽  
pp. 53-66
Author(s):  
Sitara Bibi ◽  
Fatima Mazhar
Keyword(s):  
Regression Analysis ◽  
Data Analysis ◽  
Panel Data ◽  
Positive Relationship ◽  
Panel Data Analysis ◽  
Negative Relationship ◽  
Adverse Impact ◽  
Significant Positive Relationship ◽  
Two Stages ◽  
The Relationship

Using panel data analysis, this study investigates the relationship among Islamic bonds (Sukuk) and the performance of IB’s of Pakistan for the period of 2008-2017. The study has used two stages approach. At the first stage, the profitability and liquidity of banks have been measured by calculating financial ratios. These ratios were than further used in regression analysis to examine whether a relationship exists between Sukuk and the bank’s profitability and liquidity. Our study found a significant positive relationship among Sukuk and the liquidity of IB’s. While, the results show significant but negative relationship between Sukuk and profitability of IB’s. Based on the findings of the study, we concluded that Sukuk has an important role in enhancing the liquidity of IB’s but it has adverse impact on the profitability of IB’s of Pakistan. Thus, the emergence of Sukuk market may pose threats to the profitability of the IB’s of Pakistan.

scholarly journals An investigation of the relationship between sukuk and the performance of banks of Pakistan

2019 ◽  
Vol 19 (1) ◽  
pp. 53-66
Author(s):  
Sitara Bibi ◽  
Fatima Mazhar
Keyword(s):  
Regression Analysis ◽  
Data Analysis ◽  
Panel Data ◽  
Positive Relationship ◽  
Panel Data Analysis ◽  
Negative Relationship ◽  
Adverse Impact ◽  
Significant Positive Relationship ◽  
Two Stages ◽  
The Relationship

Using panel data analysis, this study investigates the relationship among Islamic bonds (Sukuk) and the performance of IB’s of Pakistan for the period of 2008-2017. The study has used two stages approach. At the first stage, the profitability and liquidity of banks have been measured by calculating financial ratios. These ratios were than further used in regression analysis to examine whether a relationship exists between Sukuk and the bank’s profitability and liquidity. Our study found a significant positive relationship among Sukuk and the liquidity of IB’s. While, the results show significant but negative relationship between Sukuk and profitability of IB’s. Based on the findings of the study, we concluded that Sukuk has an important role in enhancing the liquidity of IB’s but it has adverse impact on the profitability of IB’s of Pakistan. Thus, the emergence of Sukuk market may pose threats to the profitability of the IB’s of Pakistan.

scholarly journals Foreign Exchange Exposure and Hedging of Turkish Companies: Panel Data Evidence

2016 ◽  
Vol 9 (6) ◽  
pp. 44
Author(s):  
Mahmut Erdogan
Keyword(s):  
Panel Data ◽  
Foreign Exchange ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Empirical Support ◽  
Turnover Ratio ◽  
Time Horizons ◽  
Short Run ◽  
Asset Turnover ◽  
Foreign Exchange Exposure

<p>This study investigates the foreign exchange exposure and determinants of risk for different time horizons of Turkish companies from 1997 to 2011. In order to analyze the effect of the 2001 crisis, the study is split into two sub-periods: pre-crisis, and post-crisis. The empirical findings of the study suggest a negative relationship between exposure and asset turnover ratio, and profit margin, while there was a positive relationship between exposure and leverage. The study also provides empirical support for the fact that the companies with a higher export rate are exposed to higher risk. Finally, large companies are subject to less risk in the short run.</p>

scholarly journals The Effect of Nepotism on Organizational Silence, Alienation and Commitment: A Study on Hotel Employees in Turkey

2015 ◽  
Vol 7 (4) ◽  
pp. 82 ◽  
Author(s):  
Elbeyi Pelit ◽  
Füsun İstanbullu Dinçer ◽  
İbrahim Kılıç
Keyword(s):  
Factor Analysis ◽  
Regression Analysis ◽  
Standard Deviation ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Group Factor ◽  
Correlation And Regression Analysis ◽  
Hotel Employees ◽  
Organizational Silence ◽  
Study Results

<p>The aim of this study is to determine the effect of nepotism on organizational silence, alienation and commitment. As a data collecting method a questionnaire which contains nepotism, organizational silence, alienation and commitment scales was used. It was applied on 662 employees working in 30 five star hotels in Turkey. Since nepotism covers the practices in establishments in which family-relative relations are concentrated, the hotels included in the sampling group have been selected from establishments whose proprietors are a part of a family/family group. Factor analysis, Cronbach’s Alpha, mean, standard deviation, correlation and regression analysis were used to analyze the acquired data. The study results revealed that nepotism has a positive relationship with organizational silence and alienation and a negative relationship with organizational commitment. </p>

scholarly journals Impairment Charges and Market Value of Insurance Firms in Nigeria

2019 ◽  
Vol 14 (4) ◽  
pp. 171
Author(s):  
Gospel J. Chukwu ◽  
Godpower W. Obah
Keyword(s):  
Firm Value ◽  
Insurance Industry ◽  
Economic Value ◽  
Negative Relationship ◽  
Market Value ◽  
Financial Assets ◽  
Sample Period ◽  
Share Prices ◽  
Significant Negative Relationship ◽  
Insurance Firms

The purpose of this study is to examine whether impairment of financial assets affects the behaviour of equity investors in the insurance industry in Nigeria. Using a sample of 102 firm-year observations drawn from 17 insurance firms, and another sample of insurance firms whose shares traded at more than par value, the study investigated whether share prices are associated with insurance receivables and with other financial assets. Findings show that share prices are not significantly associated with insurance receivables, or with other financial assets. This is possibly because the shares of many insurance firms in Nigeria traded mostly at par value within the sample period-2012 to 2017. Empirical results further reveal that for the sample of firms whose shares traded at more than par value, there is a significant negative relationship between impairment charges of financial assets and market value, suggesting that investors negatively view impairment charges and regard them as evidence of decline in the economic value of organisational assets. Even with the sample of firms whose shares traded at more than par value, there is an insignificant relationship between insurance receivables and market value, suggesting that investors do not regard the impairment of trade receivables as sufficiently reliable to include them in their assessment of firm value. Regulators of the insurance industry must therefore emphasise confidence-boosting strategies such as the merger of weak insurance firms. This will create larger firms with greater capacity and better performance, as well as improve investors&rsquo; perception of the insurance industry in Nigeria.

scholarly journals Shareholders and Firm Value for Manufacturing Companies Listed in Indonesia Stock Exchange

2020 ◽  
Vol 23 (1) ◽  
Author(s):  
Muhammad Rifky Santoso ◽  
Iskandar Muda
Keyword(s):  
Regression Analysis ◽  
Panel Data ◽  
Firm Value ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Share Ownership ◽  
Manufacturing Company ◽  
Institutional Shareholders ◽  
Majority Shareholder

Domestic institutional shareholders and foreign shareholders differently influence firm value. Using panel data from the manufacturing company listed in the Indonesia Stock Exchange (IDX), from 2014 to 2017, and regression analysis, these types of shareholders have a positive and significant impact on the firm value with an inverted U-shaped. The influence of domestic institutional share-holders to the firm value is more significant than that of the foreign shareholder indicated by the coefficient value from the regression results. The best combination of shareholders to obtain the optimum firm value are the domestic institutional shareholder no more than 35.26 percent and the foreign shareholder no more than 47.61 percent. The greater share ownership will increase shareholder intervention and benefit the majority shareholder. Effective monitoring improvements are needed so that the majority of shareholder intervention can be reduced.

Consequences of corporate sustainability reporting: evidence from an emerging market

2020 ◽  
Vol 62 (3) ◽  
pp. 243-265
Author(s):  
RMNC Swarnapali
Keyword(s):  
Financial Reporting ◽  
Firm Value ◽  
Stock Exchange ◽  
Emerging Market ◽  
Earnings Quality ◽  
Corporate Sustainability ◽  
Market Value ◽  
Sustainability Reporting ◽  
Content Type ◽  
Sustainability Disclosure

Purpose The purpose of this paper is to discover whether corporate sustainability disclosure has a potential impact on the market value and earnings quality of firms in an emerging market. Design/methodology/approach The data were collected from 220 companies listed in the Colombo Stock Exchange (CSE) in Sri Lanka during the period 2012-2016. Firm value proxies by Tobin’s Q, while earnings quality proxies by discretionary accruals (DAC). The study is premised on value-enhancing theory for firm value and transparent financial reporting perspective for earnings quality. Regression analyses are executed on the panel data to achieve the study objectives. Findings The results reveal a positive relationship between sustainability reporting (SR) and firm market value, accepting the value-enhancing theory while rejecting the value-destroying theory. This finding suggests that investors pay a premium in the financial markets for firms that perform in an environmentally and socially responsible manner, compared to firms that do not perform in a similar manner. In the same vein, the results reveal that sustainability disclosure and DAC are negatively and significantly associated, resulting in high-quality earnings. The result is consistent with the transparent financial reporting hypothesis, which is also in line with the managers’ integrity motivation. Originality/value This is the first study investigating the consequences of SR that is specific to the Sri Lankan context. Owing to the sparse studies on consequences of SR, this study contributes significantly to the extant literature by broadening the geographical coverage to include a developing country setting.

scholarly journals ANALISA VARIABEL-VARIABEL YANG MEMPENGARUHI PROFITABILITY NET MARGIN

2018 ◽  
Vol 11 (1) ◽  
Author(s):  
Dra. Rr. Sri Diniarti, S.E.
Keyword(s):  
Regression Analysis ◽  
Correlation Analysis ◽  
Multiple Regression Analysis ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Field Research ◽  
The Other ◽  
Coefficient Of Determination ◽  
Net Margin ◽  
The Relationship

This research is an explanatory research, because it explaining about the relationship among the hypnotized variables. This research aims to knowing about the relationship and the influence between the accounts, location to the other bank, and loans to the net margin in Bank Jatim Madiun. The results are between accounts to net margin has positive relationship, between location to another bank to net margin has negative relationship, and between loans to net margin has positive relationship. Together, the variables have strong enough relationship to net margin, it showing by coefficient of determination value is 0,956, it means that the value close to 1. So, 4,4% of Profitability Net Margin influenced by the others variables.The method of research was by using field research that including observation, interview and library research.The analyzing data method was by using Multiple Regression Analysis, Correlation Analysis, and Coefficient of Determination Analysis.

scholarly journals Working Capital Management and the Profitability of Non- Financial Firms Listed on the Zimbabwe Stock Exchange (ZSE)

2014 ◽  
Vol 9 (1) ◽  
Author(s):  
Walter Gachira ◽  
Washington Chiwanzwa ◽  
Dingilizwe Jacob Nkomo ◽  
Runesu Chikore
Keyword(s):  
Firm Value ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Financial Firms ◽  
Cash Conversion Cycle ◽  
The Impact

Working capital is essential for the day-to-day operations of a firm. The study examines the impact of working capital management on the profitability of non-financial firms listed on the Zimbabwe Stock Exchange (ZSE). Using panel data methodology, the direction and extent of the impact of working capital management on profitability is scrutinised. The regression analysis is based on a panel sample of 39 non-financial firms listed on the ZSE from 2009 to 2013, the period under which the Zimbabwean economy has been operating under the multicurrency system. It was found that there is a positive relationship between debtors’ days and firm’s profitability, a negative relationship between creditors’ days and profitability and a positive relationship between firm’s cash conversion cycle and its profitability. There is some negative relationship between current ratio and profitability, while inventory turnover days and profitability are positively related. Debt to asset ratio as a control variable has a significant negative relationship with firm value and profitability. The results of the study show that for the companies included in the sample, there are mixed effects of the components of working capital on firm performance. Managers can thus create value for shareholders by taking note of the existence of such relationships and take measures that enhance firm profitability.

scholarly journals The Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries

2021 ◽  
Vol 13 (22) ◽  
pp. 12671
Author(s):  
Hyunchul Lee ◽  
Kyungtag Lee ◽  
Jong Ha Lee
Keyword(s):  
Panel Data ◽  
Stock Returns ◽  
Firm Value ◽  
Panel Study ◽  
Market Value ◽  
Nonlinear Effects ◽  
Positive Effects ◽  
Specific Effects ◽  
Panel Regressions ◽  
Sustainable Value

This study explores the various effects of technology trade on the sustainable market value of firms in 36 OECD member countries using panel data estimations. To proxy technology trade activities, our study uses the technology export and import growths of intellectual property rights (IPRs). We suggest that technology imports, proxied by IPR imports, increase the market value of firms in our sample countries. The net technology imports (exports) are also positively (negatively) associated with the sustainable value of the firms. We use panel data regression to analyze the specific effects of the trade (i.e., imports and exports) of technology assets, proxied by IPRs, on the market value of firms proxied by country benchmark composite stock returns in 36 OECD member countries. For robustness, our study uses an instrumental variable estimation to check for the possible effects of endogeneity biases for the baseline results. System dynamic panel regressions further examine the effect of the dependent variable’s persistence. We find evidence of nonlinear effects for IPR exports and net IPR trade on the sustainable market value of firms. The positive effect of technology imports on the market value of firms is stronger at the lower and middle levels of the distribution of the firm value of stock returns, and this suggest heterogenous effects of technology trade across the quantiles. Overall, the empirical findings from our panel study suggest that the positive effects of technology trade for the market value of firms are due to the effect of its imports rather than exports.

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