Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America

We revisit the predictive ability of dividend changes for firms’ future earnings and extend the literature by examining the effect of management forecasting ability. Although prior studies have examined the relationship between dividend changes and future earnings, the empirical evidence is mixed. The belief that dividend changes have implications for future earnings depends on the assumption that managers can accurately assess future earnings prospects. In this regard, we posit that the predictive ability of dividends can vary with managers’ forecasting ability. Analyzing a large sample of Japanese dividend-paying firms, we find that dividend changes, particularly dividend increases, are positively associated with increases in future earnings. Consistent with our hypothesis, this positive association is more pronounced for firms with high-forecasting ability managers. Our findings support the signaling theory of dividend changes and indicate that management forecasting ability has a moderating effect on the linkage between firms’ dividend changes and future earnings.

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The Effect of Financial Conditions, Growth, and Debt to Equity Ratio on Company Sustainability with Corporate Governance as a Moderating Variable

International Journal of Contemporary Accounting ◽

10.25105/ijca.v1i2.6131 ◽

2020 ◽

Vol 1 (2) ◽

pp. 147

Author(s):

Verawati Verawati

Keyword(s):

Corporate Governance ◽

Empirical Evidence ◽

Stock Exchange ◽

Moderating Effect ◽

Financial Condition ◽

Financial Conditions ◽

Result Show ◽

Equity Ratio ◽

The Relationship ◽

Positive Effect

The purpose of this study is to get an empirical evidence whether financial condition, growth, and debt to equity ratio have a significant effect on company sustainability. Sample consists of companies that listed on Indonesian Stock Exchange since 2014 to 2017 and participating in the CGPI survey conducted by Indonesian Institute for Corporate Governance. Using multiple regression and moderated regression, the empirical results show that financial condition and debt to equity ratio has a significant positive effect on company sustainability, meanwhile growth does not have a significant effect in company sustainability. This study also try to get an empirical evidence whether corporate governance has a moderating effect to the relationship between financial condition and company sustainability, debt to equity ratio and company sustainability, growth and company sustainability. The result show that corporate governance does not have a moderating effect to the relationship between financial condition and company sustainability, debt to equity ratio and company sustainability, growth and company sustainability. Further study can use ASEAN CG Scorecard to obtain corporate governance scores and make a comparisons between industries.

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Las relaciones entre equidad y crecimiento y la nueva agenda para América latina

AMÉRICA LATINA HOY ◽

10.14201/alh.1358 ◽

2008 ◽

Vol 48 ◽

Author(s):

Miguel Carrera Troyano ◽

José Ignacio Antón

Keyword(s):

Economic Theory ◽

Latin America ◽

Empirical Evidence ◽

Washington Consensus ◽

Kuznets Curve ◽

Economic Policies ◽

America Latina ◽

Development Agendas ◽

The Relationship

RESUMEN: El objetivo de este trabajo es analizar los cambios ocurridos en la teoría económica acerca de las relaciones entre equidad y crecimiento y su influencia sobre las nuevas agendas propuestas para el desarrollo de América Latina. Para ello se parte de la elipsis de las cuestiones distributivas en las recomendaciones de política económica formuladas en las décadas de 1980 y 1990, comenzando por el Consenso de Washington. A continuación se presentan las propuestas teóricas (y los ejercicios empíricos realizados a partir de ellas) que analizan el nexo entre crecimiento y desigualdad y que ponen en cuestión la existencia de una «curva de Kuznets». También se exponen los distintos postulados sobre el efecto que la desigualdad tiene sobre el crecimiento económico y se abordan los cambios en la teoría del crecimiento y los resultados de los ejercicios empíricos que han llevado a la consolidación de una relación negativa entre desigualdad y crecimiento. Finalmente se analiza el impacto de estos cambios sobre las propuestas de política económica que se han realizado en los últimos años para renovar la agenda latinoamericana.ABSTRACT: The aim of this paper is to analyse the changes in economic theory regarding the relationship between equity and growth and their influence on the development agendas proposed for Latin America. We departed from the ellipsis of distributional issues in the advised economic policies formulated in the 80s and 90s, beginning with the Washington Consensus. Then, the theoretical proposals (and the corresponding empirical evidence) that analyse the nexus between growth and equity and that question the existence of the «Kuznets Curve» are presented.

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The Moderating Effect of Non-audit Services Fee on Aggressive Tax Planning: Empirical Evidence From Malaysian Listed Companies

International Journal of Financial Research ◽

10.5430/ijfr.v12n3p240 ◽

2021 ◽

Vol 12 (3) ◽

pp. 240

Author(s):

Rosmaria Jaffar ◽

Chek Derashid ◽

Roshaiza Taha

Keyword(s):

Developing Countries ◽

Empirical Evidence ◽

Financial Distress ◽

Capital Intensity ◽

Listed Companies ◽

Tax Planning ◽

Moderating Effect ◽

Financial Accounting ◽

The Relationship ◽

Non Audit Services

The purpose of this study is to examine the moderating effect of non-audit services fees on the relationship between size, profitability, leverage, capital intensity, inventory intensity, financial distress and ethnicity with aggressive tax planning. This study uses a sample from companies listed on the Malaysian (Access, Certainty, Efficiency (ACE) Market from 2014 to 2018, comprising of 105 firm year-observations. The finding shows that the non-audit services fee moderate the relationship between size, profitability, leverage, inventory intensity, financial distress and ethnicity with aggressive tax planning except for capital intensity. It is hoped that the finding can assist readers in understanding the nature of companies listed on the ACE Market, particularly their behaviour towards tax planning. This study contributes to knowledge in the areas of financial accounting and taxation specifically on aggressive tax planning, by introducing the moderating variable of non-audit services fee. The uniqueness of the use of companies listed on the Malaysian ACE market will provide new avenue on the discussion on an aggressive tax planning issue, which usually more focus on big firms. The framework used in the present study could serve as a basis for research in other developing countries or regions.

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Government spending, the exchange rate and growth: empirical evidence for Latin America

Brazilian Journal of Political Economy ◽

10.1590/0101-31572021-3030 ◽

2021 ◽

Vol 41 (4) ◽

pp. 637-656

Author(s):

MORITZ CRUZ ◽

JOSUE ZAVALETA

Keyword(s):

Latin America ◽

Exchange Rate ◽

Empirical Evidence ◽

Government Spending ◽

Negative Effects ◽

Government Investment ◽

Tradable Sector ◽

The Exchange Rate ◽

Using Data ◽

The Relationship

ABSTRACT Using data of selected economies of Latin America for the period 1990-2017, this paper aims to provide empirical evidence regarding the effect of disaggregate government spending in the exchange rate. Our results indicate that government investment depreciates the exchange rate whereas government consumption, on the other hand, appreciates it. Both effects are, however, rather small. Our findings support recent literature showing that the relationship among government spending and the exchange rate is ambiguous, challenging the general accepted idea that government spending inevitably appreciates the exchange rate, having thus negative effects on the tradable sector and on growth. Overall, our results allow us to suggest that growth can be stimulated particularly via government investment without detrimental effects on the exchange rate.

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Disability and poverty: two related conditions. A review of the literature

Revista de la Facultad de Medicina ◽

10.15446/revfacmed.v63n3sup.50132 ◽

2015 ◽

Vol 63 (3Sup) ◽

pp. 113-123 ◽

Cited By ~ 5

Author(s):

Monica Pinilla-Roncancio

Keyword(s):

Latin America ◽

Key Words ◽

Empirical Evidence ◽

Social Exclusion ◽

Review Of The Literature ◽

Palabras Clave ◽

Bidirectional Relationship ◽

The World ◽

America Latina ◽

The Relationship

SummaryThe relationship between disability and poverty has been recognised in the literature since the 1990s. Empirical evidence supporting the existence of this relationship has increased in the last decade; however, there is still a lack of knowledge of how these two conditions interact and what the causal mechanisms that participate in the creation of this relationship are. This article aims to explore how the concepts of disability and poverty are related and it analyses the bidirectional relationship between these two conditions, how it is mediated by social exclusion and what empirical evidence supports this relationship around the world and in Latin America (LA).Key words: People with disabilities; Poverty; Latin America (MeSH). Resumen La relación entre discapacidad y pobreza ha sido reconocida en la literatura desde la década de los noventa. La evidencia empírica que soporta la existencia de esta relación ha crecido en la última década, sin embargo, todavía no se ha determinado cuáles son los mecanismos que facilitan y participan en la creación de la correspondencia entre discapacidad y pobreza.El propósito de este artículo es explorar cómo los conceptos de discapacidad y pobreza se relacionan; igualmente analizar la bidireccionalidad de la relación entre estas dos condiciones, cómo esta mediada por la existencia de procesos de exclusión social y qué evidencia empírica existe en países en vía de desarrollo en Latinoamérica.Palabras clave: Personas con discapacidad; Pobreza; América Latina (DeSC).

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