Intellectual Capital Disclosures and Corporate Governance in Gaining the Firms’ Non-Discretionary Profits and Market Value in ASEAN-5

This study aims to find the effect of Intellectual Capital Disclosure (ICD) and Corporate Governance (CG) on firm performance in ASEAN countries. Firm performance is divided into accounting-based performance and market-based performance. The accounting-based performance consists of Non-Discretionary Net Income (NDNI) and Cash Flow Operations (CFO), while market-based performance consists of Tobin’s Q and Market-to-Book Ratio (MBR). The measurement of ICD components uses a scoring system. The sample of this research is 112 firms in the industrial technology listed in the stock exchange of ASEAN-5 between 2011 and 2018. This study finds that NDNI increases when firms increase RCD quality. No ICD components are capable of affecting CFO. On the other hand, SCD is a variable that decreases NDNI value. BGEN is found to reduce NDNI and CFO values. RCD is also the only ICD component that can increase market-based performance, especially MBR. HCD consistently lowers the values of MBR and Tobin’s Q. BSIZE holds a significant role in raising Tobin’s Q score, and BGEN lowers MBR instead. BIND has no part in the market-based performance, but it significantly lowers NDNI value. This study adds another view to ICD’s benefits from two firm performance perspectives, accounting-based performance and market-based performance, especially in ASEAN-5.

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FINANCIAL HEALTH AND FIRM PERFORMANCE: EVIDENCE FROM INDONESIA’S LISTED STATE-OWNED ENTERPRISES

Jurnal Muara Ilmu Ekonomi dan Bisnis ◽

10.24912/jmieb.v5i2.11828 ◽

2021 ◽

Vol 5 (2) ◽

pp. 275

Author(s):

Reynaldi Hermansjah ◽

Sugiarto Sugiarto ◽

Gracia Shinta S. Ugut ◽

Edison Hulu

Keyword(s):

Firm Performance ◽

Performance Measures ◽

Stock Exchange ◽

Market Value ◽

Tobin’S Q ◽

Financial Health ◽

Tobin's Q ◽

Health Score ◽

Real World Application ◽

The Relationship

KEP-100 / MBU / 2002 yang diterbitkan oleh kantor Kementerian Badan Usaha Milik Negara (BUMN) pada bulan Juni 2002 (yang selanjutnya akan dituliskan sebagai “KEP-100 / MBU / 2002”) disusun untuk mengevaluasi kesehatan keuangan BUMN. Tujuan penelitian ini ada dua, pertama untuk menganalisis skor kesehatan keuangan BUMN yang terdaftar di Bursa Efek Indonesia, dan kedua untuk mengevaluasi hubungan antara skor kesehatan keuangan dan kinerja perusahaan dari semua BUMN yang terdaftar. Hasil penelitian menunjukkan bahwa skor kesehatan keuangan BUMN memiliki hubungan yang signifikan dengan kinerja perusahaan yang diukur dengan skor Tobin's Q masing-masing BUMN. Dari hasil tersebut dapat disimpulkan bahwa SK KEP-100 / MBU / 2002 yang dikeluarkan oleh Kementerian Badan Usaha Milik Negara (BUMN) dapat digunakan untuk mengukur skor kesehatan keuangan perusahaan, dan skor kesehatan keuangan dari BUMN yang terdaftar di Indonesia memiliki pengaruh yang signifikan dan berdampak positif terhadap kinerja perusahaan yang diukur dengan log dari Tobin's Q.Pada aplikasinya, penggunaan perhitungan tingkat kesehatan keuangan BUMN berdasarkan KEP-100 / MBU / 2002 diharapkan akan dapat membantu BUMN untuk memprediksikan nilai market di pasaran menggunakan nilai tingkat kesehatan keuangan tersebut. “KEP-100/MBU/2002” of the Indonesia Ministry of State-Owned Enterprises (SOEs) (which later on will be reffered as “KEP-100/MBU/2002” ) are constructed to evaluate the financial health of SOEs. This study purposes is two-folds, firstly to analyze the financial health score of listed SOEs in Indonesian Stock Exchange, and secondly to evaluate the relationship between the financial health score and firm performance of all listed SOEs. The results show that SOE’s financial health score has a significant relationship with firm performance, measures by each SOEs’ Tobin’s Q score. From the results we can conclude that “ KEP-100/MBU/2002” is applicable to measure firm’s financial health score, and financial healh score of Indonesia’s listed SOEs have a notable impact to firm performance measured by the log of Tobin’s Q. In the real world application, the use of state-owned enterprise financial health score calculations based on KEP-100 / MBU / 2002 is expected to be able to assist SOEs in predicting market value in the market using this financial health score value.

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An Empirical Investigation on Corporate Governance: Evidence from Pakistan

Global Economics Review ◽

10.31703/ger.2020(v-iii).14 ◽

2020 ◽

Vol V (III) ◽

pp. 154-161

Author(s):

Ghulam Nabi ◽

Faheem Ghaznafar ◽

Tahira Asif

Keyword(s):

Corporate Governance ◽

Firm Performance ◽

Board Of Directors ◽

Ownership Structure ◽

Empirical Investigation ◽

Stock Exchange ◽

Annual Reports ◽

Tobin’S Q ◽

Tobin's Q ◽

The Board Of Directors

This study aims to examine the association between firm performance and ownership structure. We collect the data from the annual reports of 60 random firms, which are listed in the Karachi stock exchange (KSE 100 Index), for a period of 5 years from 2007-2011. Firm performance is measured by using market and accounting based proxies, Tobin's Q, ROA, and ROE, respectively, while ownership structure is measured as a percentage of shares held by the Board of Directors. The findings reveal that ownership structure has a negative and significant association with firm performance (accounting-based proxy).

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Corporate governance and corporate performance: financial crisis (2008)

Management Research Review ◽

10.1108/mrr-12-2014-0287 ◽

2016 ◽

Vol 39 (11) ◽

pp. 1494-1515 ◽

Cited By ~ 5

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.

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PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA KEUANGAN PERUSAHAAN DAN PENILAIAN PASAR DENGANCORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI

Jurnal Akuntansi Trisakti ◽

10.25105/jat.v2i2.4896 ◽

2015 ◽

Vol 2 (2) ◽

pp. 87

Author(s):

Citra Chairunissa ◽

Raden Rosiyana Dewi

Keyword(s):

Corporate Governance ◽

Financial Performance ◽

Intellectual Capital ◽

Sampling Method ◽

Stock Exchange ◽

Market Value ◽

Coefficient Of Determination ◽

Normality Test ◽

Negative Effect ◽

Positive Effect

The objective of the emperical study is to examine and to analyze 1) The Influence of Intellectual Capital to Financial Performance, 2 ) The Influence of Intellectual Capital to Market Value, 3) The Influence of Intellectual Capital to Financial Performance with Corporate Governance as an Moderating 4) The Influence of Intellectual Capital to Market Value with Corporate Governance as an Moderating Variable. The sample of this emperical study is the company financing company that listed in the Indonesia Stock Exchange (IDX) 2010-2012. This research uses purposive sampling method. Data analysis techniques include 1) Descriptive statistics, 2) Normality Test, 3) Classical Test Assumptions : Multicollinearity and Heteroskidastity , 4) Regression Testing : Coefficient of Determination Test , F Test , danUji T. The results of this empirical study are 1) Intellectual Capital significant positive effect on the company 's financial performance , 2) Intellectual Capital significant negative effect on market valuation , 3) Intellectual Capital no significant effect on the financial performance of companies with moderated Corporate Governance, 4) Intellectual Capital had no significant effect assessment of the performance market with moderated Corporate Governance

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Pengaruh Manajemen Laba Akrual dengan Pendekatan Revenue Discretionary Model terhadap Kinerja Perusahaan

TRIKONOMIKA ◽

10.23969/trikonomika.v13i1.489 ◽

2014 ◽

Vol 13 (1) ◽

pp. 108

Author(s):

Sepriahangga Wahyu Windharta ◽

Nurmala Ahmar

Keyword(s):

Firm Performance ◽

Earnings Management ◽

Stock Exchange ◽

Financial Statements ◽

Research Approach ◽

Tobin’S Q ◽

Manufacturing Companies ◽

Tobin's Q ◽

Revenue Model ◽

Revenue Models

Accrual earnings management is a form of manipulation of financial statements on the accrual components to increase its profit in order to look good in the investors perception. This research approach discretionary revenue published by Stubben in 2010 with two different formulas are conditional revenue models and revenue models to measure the accrual earnings management to be proxies to the performance of the company. The purpose of this study was to analyze the effect of accrual earnings management by discretionary revenue approach on firm performance in manufacturing companies listed on the Stock Exchange. The Results of analysis for this study were 1) Accrual earnings management is measured using a Revenue Model does not affect the Return On Asset. 2) Accrual earnings management is measured using a Revenue Model does not affect the Tobin’s q. 3) Accrual earnings management is measured using a Conditional Revenue Models effect on the Return On Asset. 4) Accrual earnings management is measured using a Conditional Revenue Models has no effect on Tobin’s q.

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Perngaruh Kinerja Keuangan Dan Intellectual Capital Terhadap Nilai Perusahaan Yang Terdaftar di BEI

Jurnal Manajerial Dan Kewirausahaan ◽

10.24912/jmk.v3i1.11291 ◽

2021 ◽

Vol 3 (1) ◽

pp. 89

Author(s):

Nadya Variaty ◽

Khairina Natsir

Keyword(s):

Intellectual Capital ◽

Firm Value ◽

Quantitative Data ◽

Stock Exchange ◽

Sampling Techniques ◽

Panel Regression ◽

Tobin’S Q ◽

Tobin's Q ◽

Purposive Sampling ◽

Food And Beverages

The purpose of this study was to determine the effect of profitability, leverage, and intellectual capital on the value of the firm of the consumers goods sectors listed in indonesian stock exchange in the periode of 2014-2018. The proxy used to measure firm value is Tobin’s Q method, profitability is measured by ROA ratio, leverage is measured by DER ratio, and intellectual capital measured by VAHU ratio. The research method used causal research using quantitative data and purposive sampling techniques. The research sampel consisted of 11 companies with 55 observational data. Data analysis was performed using a panel regression model using E-Views 9.0 software. The results showed profitability, leverage, and intellectual capital significantly influence the value on the value of the firm in food and beverages companies in Indonesia stock exchange.Tujuan dari penelitian ini adalah untuk mengetahui pengaruh profitabilitas, leverage, dan intellectual capital terhadap nilai perusahaan pada perusahaan F&B yang terdaftar di Bursa Efek Indonesia pada periode 2014-2018. Proksi yang digunakan untuk mengukur Nilai perusahaan adalah metode Tobin’s Q, profitabilitas diukur dengan ROA, leverage diukur dengan DER, intellectual capital diukur dengan VAHU. Penelitian ini merupakan penelitian kausal dengan data kuantitatif dan metode purposive sampling. Sampel penelitian adalah 11 perusahaan dengan 55 data observasi selama periode 2014- 2018. Data dianalisis dengan model regresi data panel menggunakan perangkat lunak EViews 9.0. Hasil penelitian ini menunjukan profitabilitas, leverage, dan intellectual capital secara parsial memiliki pengaruh yang signifikan terhadap nilai perusahaan pada perusahaan food and beverages yang terdaftar di Bursa Efek Indonesia periode 2014- 2018.

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Karakteristik CEO Dan Kinerja Perusahaan Non-Keuangan Yang Teraftar Di Bursa Efek Indonesia

Jurnal Manajemen dan Bisnis Indonesia ◽

10.31843/jmbi.v5i3.169 ◽

2018 ◽

Vol 5 (3) ◽

pp. 299-314

Author(s):

I Made Sudana ◽

Elka Dwiputri

Keyword(s):

Firm Performance ◽

Stock Exchange ◽

Tobin’S Q ◽

Tobin's Q ◽

Purposive Sampling ◽

Ceo Tenure ◽

Analysis Technique ◽

Financial Firm ◽

Ceo Characteristics

The purpose from this research is to test the effect from CEO characteristics towards firm performance. CEO characteristics was proxied with founder CEO, ownership, tenure, and education. Firm performance was proxied with Tobin’s Q. The sample from this research are every non-financial firm that have been listed in Indonesian Stock Exchange from 2010 – 2015 period. The method from this research is purposive sampling with analysis technique model multiple linier regression. The result from this research showed that founder CEO, CEO ownership, CEO tenure have a positive significant effect towards firm’s performance or Tobin’s Q. Keywords : CEO Characteristics, Firm Performance

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Corporate governance and financial performance of listed companies: A case of an emerging market

Corporate Governance and Sustainability Review ◽

10.22495/cgsrv5i3p1 ◽

2021 ◽

Vol 5 (3) ◽

pp. 8-17

Author(s):

Emmanuel Selase Asamoah ◽

Albert Puni

Keyword(s):

Corporate Governance ◽

Financial Performance ◽

Performance Indicator ◽

Stock Exchange ◽

Emerging Market ◽

Target Population ◽

Governance Structure ◽

Tobin’S Q ◽

Tobin's Q ◽

A Performance

Corporate financial performance (CFP) is a key benefit that comes with the adoption and implementation of a good corporate governance structure in organizations. The objective of this paper is to analyze the effect of the six (6) broad corporate governance structures (board composition, board committees, separation of CEO/chairman, size of board, number of board meetings held, and shareholder concentration) on CFP measured by ROA, ROE, EPS, and Tobin’s Q among Ghanaian companies. The target population for the study was the companies that were listed on the Ghana Stock Exchange (GSE) for the period 2015–2020 and purposive sampling methods were deployed in the sample selection. The study found that using ROA as a performance indicator, corporate governance variables affected CFP by 18.95% whilst it influenced ROE by 29.71%. Additionally, corporate governance mechanisms impacted EPS by 52.53% when it was used as a performance indicator and 18.01% when Tobin’s Q was the performance index. The paper concludes that companies that implement the corporate governance guidelines on best practices stand a better chance of enhancing CFP especially with performance targets that integrate shareholder value maximization.

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The Interaction Effect of Financial Leverage on the Relationship Between Board Attributes and Firm Performance; Evidence of Non-financial Listed Companies of Pakistan

Journal of Accounting and Finance in Emerging Economies ◽

10.26710/jafee.v5i1.681 ◽

2019 ◽

Vol 5 (1) ◽

pp. 115-122

Author(s):

Sajjad Nawaz Khan ◽

Muhammad Noman Yaseen ◽

Fakhra Mustafa ◽

Sidra Abbasi

Keyword(s):

Corporate Governance ◽

Firm Performance ◽

Interaction Effect ◽

Tobin’S Q ◽

Outside Directors ◽

Board Size ◽

Tobin's Q ◽

Corporate Scandals ◽

Financial Firms ◽

Sarbanes Oxley

The eminence of corporate governance (CG) was grasped after the major blunders incorporate strategies and distinct corporate scandals around the world during the global financial crises. Advanced countries have passed numerous laws such as “Say on Pay” or the Sarbanes-Oxley Act to shield the shareholder’s wealth. However, evolving countries are still flourishing to gain recognition in corporate governance (CG) effectiveness. The intention of the study is to probe the link between the CG (board size, outside directors) and firm performance (Tobin’s Q). Leverage has been used as an interaction term in the current study. The data had been collected from 130 non-financial firms from the year 2012 to 2015 and Multiple Regression Techniques will be used as the instruments for data analysis. The results indicate that the board size and Tobin’s Q have a significant association and outside directors’ insignificant association with Tobin’s Q. The interaction effect of leverage found a significant connotation between board size, outside directors, and Tobin’s Q.

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Pengaruh Corporate Governance terhadap Kinerja Pasar Emiten yang terdaftar di Indeks Saham Syariah Indonesia

Business and Finance Journal ◽

10.33086/bfj.v5i2.1792 ◽

2020 ◽

Vol 5 (2) ◽

pp. 145-154

Author(s):

Rizkary Roslianti

Keyword(s):

Corporate Governance ◽

Regression Analysis ◽

Market Performance ◽

Secondary Data ◽

Institutional Ownership ◽

The Other ◽

Managerial Ownership ◽

Tobin’S Q ◽

Tobin's Q ◽

Significance Level

Corporate governance is one of the important aspects for the company. The application of proper corporate governance will affect the company’s value and amrket performance. This study aims to analyze the effect of corporate governance that represented by institutional ownership, independent commissioner and managerial ownership toward market performance that represented by Tobin’s Q. This study used a quantitative approach using secondary data (annual finance report)companies listed on Indeks Saham Syariah Indonesia years 2016- 2018. This study used a significance level of 5%. Based on the regression analysis results, it indicates that institutional ownership and managerial ownership do not have significant effect on Tobin’s Q. On the other hand, indpendent commissioner has significant effect to the Tobin’s Q. Simultaneously, institutional ownership, independent commissioner and managerial ownership have significant effect to Tobin’s Q.

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