scholarly journals PSYCHOLOGICAL FACTORS IN SHAPING INVESTOR EXPECTATION ON CAPITAL MARKETS

2015 ◽  
Vol 1 (310) ◽  
Author(s):  
Magdalena Mikołajek-Gocejna
Keyword(s):  
Capital Markets ◽  
Stock Prices ◽  
Psychological Factors ◽  
Key Factors ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Psychological Determinants ◽  
Value Based Management ◽  
Investor Expectations

Investor expectations about the course of future economic processes are one of the key factors influencing their decisions. It seems that expectations play a particular role because they constitute unobservable variables that can account for observable economic phenomena. Getting to know the process of how investor expectations are formed is a crucial element of description, interpretation and forecasting changes in the value of assets on financial markets, and especially changes in stock prices on capital markets which affect the value of publicly traded companies. The aim of this paper is to present the psychological factors shaping investor expectations and influencing the market value of companies, factors determining both the motivational and cognitive inclinations of investors. The main questions that arise from the background of the analysis conducted in this paper are: 1. whether awareness of the psychological determinants of investment decisions enables companies to consciously create long-term investor expectations, inspiring, in a sense, a more fundamental response from the capital market, 2. whether there is the potential to include investor expectations in the value-‑based management process and to make the transition from value-based management to expectations-based management.

scholarly journals O nível de concentração de capital influencia a estrutura de capital das empresas brasileiras?

2019 ◽  
Vol 12 (4) ◽  
pp. 785
Author(s):  
Samuel De Paiva Naves Mamede ◽  
Wilson Toshiro Nakamura ◽  
José Renato De Paula Souza Jardim ◽  
Graciela Dias Coelho Jones ◽  
Elaine Aparecida Maruyama Vieira Nakamura
Keyword(s):  
Capital Structure ◽  
Concentration Level ◽  
Panel Data Analysis ◽  
Annual Data ◽  
Positive Relation ◽  
Publicly Traded ◽  
Future Studies ◽  
Publicly Traded Companies ◽  
The Capital Structure

The purpose of the present research is to identify whether the capital structure of the Brazilian listed companies is influenced by the capital concentration level. The sample comprises 104 Brazilian publicly traded companies listed on the BM&FBOVESPA, totaling 1,258 observations for annual data in the period from January 1st, 2008 to December 31st, 2014. By using panel data analysis and taking into account the control variables identified as relevant in the literature, the main results show that (i) capital concentration has a positive relation with market indebtedness and with long-term net debt to market equity; (ii) the variables size, volatility, profitability and tangibility, highlighted in the theoretical archetype, evidence a significant influence on long-term debt to market equity and book equity, and (iii) there are no findings and/or inferences that net debt to EBITDA may bring implications for shareholders´ capital concentration. For future studies, suggestions are: i) to increase observations of Brazilian privately held companies; ii) to compare the results obtained with the capital structure of other countries, and iii) to highlight and relate other variables in the literature which are not addressed by the present research.

Possible key factors for Brazilian publicly traded companies to adopt a sponsorship strategy

2019 ◽  
Vol 12 (4) ◽  
pp. 429-446
Author(s):  
Jessica Nunes de Alcântara ◽  
Gideon Carvalho de Benedicto ◽  
Sabrina Soares da Silva
Keyword(s):  
Design Methodology ◽  
Secondary Data ◽  
Industry Concentration ◽  
Key Factors ◽  
Publicly Traded ◽  
Socially Responsible ◽  
Sport Sponsorship ◽  
Resource Based View ◽  
Content Type ◽  
Publicly Traded Companies

Purpose The purpose of this paper is to identify organizational and industrial characteristics of publicly traded Brazilian firms with sport and cultural sponsorships. Design/methodology/approach Secondary data, as organization variables and industry level variables, were sourced from Economatica®. The data were analyzed using logistic regression. Findings Both size and asset profitability were associated with a sponsorship strategy. Both industry concentration and company size are positively related to both cultural and sport sponsorship strategies. Research limitations/implications The findings in this paper provide support to resource-based view and SPC theories. The notable limitation of the study is the reliance on non-standardized social reporting. Originality/value This paper fulfills an identified need to study the importance for sponsorship to companies’ performance. The adoption of sponsorship strategies has been growing in Brazil and becoming more and more important for sponsor companies’ performance and in developing these industries, sport and creative. Through culture and sports, companies try to add value to their brands, delivering a socially responsible image to the audience.

scholarly journals Relevance Of Devidend Policy As The Mediation On The Relationship Between Financial Performance and Debt On Share Prices

2021 ◽  
Vol 7 (1) ◽  
pp. 180-192
Author(s):  
Irma Tyasari ◽  
Supami Wahyu Setiyowati
Keyword(s):  
Financial Performance ◽  
Stock Prices ◽  
Dividend Policy ◽  
Share Price ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Share Prices ◽  
Correlational Research ◽  
Analysis Technique ◽  
The Relationship

The investors place great importance on the share price of publicly traded companies since it may reflect the company’s value. The research objective is to examine the relationship between financial performance and debt at share prices through dividend policy. The method of the research used is quantitative and correlational research. The data analysis technique is the use of smart PLS. The results of the study explain that financial performance has a positive effect on stock prices in the mediation of dividend policy. Debt negatively affects share price mediated by dividend policy. The implication of the study is that companies should consider the benefits as well as risks of borrowing funds from third parties. Investors and potential investors before investing their money in stocks must pay attention to financial performance, corporate debt and dividend policy so that they do not experience losses in their investment.

scholarly journals Is it Possible to Predict Earnings per Share?

2021 ◽  
Vol 115 ◽  
pp. 02002
Author(s):  
Miroslav Kmeťko ◽  
Eduard Hyránek
Keyword(s):  
Stock Prices ◽  
Negative Mood ◽  
Market Price ◽  
Share Price ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Earnings Per Share ◽  
Market Situation ◽  
The Subject ◽  
Positive Results

The publication of quarterly results of publicly traded companies can have a significant impact on the valuation of their shares. This is mainly concerned with the valuation of the shares, whether it is correct, and at the same time as a prediction of the overall annual financial results. It In most of the analysed companies, we found that most of the year-on-year changes were negative. It is also not possible to draw a clear conclusion about the linear relationship between the percentage change pf surprises and the change in the market price of shares. It should also be noted that the share price in the monitored days may be affected by the current market situation. What this means in practice is that, despite the positive results and the negative mood, stock prices can end up in negative values. However, this situation was not the subject of our research. Therefore, we used a correlation coefficient for this dependence, which represent the mutual movement.

Examination of cybercrime and its effects on corporate stock value

2019 ◽  
Vol 17 (1) ◽  
pp. 42-60 ◽  
Author(s):  
Katherine Taken Smith ◽  
Amie Jones ◽  
Leigh Johnson ◽  
Lawrence Murphy Smith
Keyword(s):  
Cyber Security ◽  
Stock Prices ◽  
Stock Price ◽  
Preventive Measures ◽  
Market Price ◽  
Publicly Traded ◽  
Content Type ◽  
Publicly Traded Companies ◽  
Original Manuscript ◽  
The Impact

Purpose Cybercrime is a prevalent and serious threat to publicly traded companies. Defending company information systems from cybercrime is one of the most important aspects of technology management. Cybercrime often not only results in stolen assets and lost business but also damages a company’s reputation, which in turn may affect the company’s stock market value. This is a serious concern to company managers, financial analysts, investors and creditors. This paper aims to examine the impact of cybercrime on stock prices of a sample of publicly traded companies. Design/methodology/approach Financial data were gathered on companies that were reported in news stories as victims of cybercrime. The market price of the company’s stock was recorded for several days before the news report and several days after. The percentage change in the stock price was compared to the change in the Dow Jones Industrial average to determine whether the stock price increased or decreased along with the rest of the market. Findings Stock prices were negatively affected in all time periods examined, significantly so in one period. Practical implications This paper describes cases concerning cybercrime, thereby bringing attention to the value of cybersecurity in protecting computers, identity and transactions. Cyber security is necessary to avoid becoming a victim of cybercrime. Specific security improvements and preventive measures are provided within the paper. Preventive measures are generally less costly than repairs after a cybercrime. Originality/value This is an original manuscript that adds to the literature regarding cybercrime and preventive measures.

scholarly journals PENGARUH BEBERAPA RASIO KEUANGAN TERHADAP HARGA SAHAM, STUDY EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

2017 ◽  
pp. 89-108
Author(s):  
Abdonsius Sitanggang
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Publicly Traded ◽  
Dividend Payout ◽  
Return On Equity ◽  
Book Value ◽  
Publicly Traded Companies ◽  
Equity Ratio

This study wants to analyze the influence of fundamental factors on stock prices listed manufacturing in Indonesia Stock Exchange with the observation period Z004 to 2006. Fundamental analysis is used to assess the feasibility of investing in the stock because it can generate the variables that determine stock prices in the fitture. Valuation concept stocks with fitndamental analysis will yield information about whether a particular stock worth buying or not feasible, based on the opportunity to generate returns. To perform this analysis, it would require the company's financial data and other data related to the concept of stock valuation. One source of information that can be used is the company's financial statements. Pniecahan study focused on the issue of corporate fundamental factors jointly influence the stock price companies manufacturing in Indonesia Stock Exchange and what factors aflect the price of the most dominant share of manufacturing companies in Indonesia Stock Exchange. The study aimed to determine the influence of fundamental factors together (simultaneously) on stock prices of manufacturing companies in Indonesia Stock Exchange and to determine the factors that most influence the predominantly manufacturing company‘s stock price in the Indonesia Stock Exchange. The results showed that the six independent variables are return on equity (ROE), debt to equity ratio (DER), net book value (NVB), dividend payout ratio (DPR), dividend growth (GTH) and the expected rate of return (KS5) significantly influence the company's stock price is publicly traded on the Indonesia Stock Exchange with a coeflicient value of R-squared = 0.828758 and Adjusted R-squared = 0.821720 with 0.0000 significance. These results indicate that all six variables are taken into consideration appropriate to analyze the stock prices of publicly traded companies in Indonesia Stock Exchange. The most dominant factor affiecting the stock price of publicly traded companies in Indonesia Stock Exchange is the net book value (NBV) with kefisien value of 0.647716. The analysis of this study indicate that the parties - stakeholders should consider the variable return on equity (ROE), debt to equity ratio (DER), net book value (NVB), dividend payout ratio (DPR), dividend growth (GTH) and the expected benefits (KS5) in making decisions.

scholarly journals Construction contract revenue recording comparison

2008 ◽  
Vol 56 (3) ◽  
pp. 241-250
Author(s):  
Hana Bohušová
Keyword(s):  
Czech Republic ◽  
Accounting Standards ◽  
Financial Statements ◽  
Accounting System ◽  
International Accounting Standards ◽  
Publicly Traded ◽  
The Czech Republic ◽  
Publicly Traded Companies ◽  
Construction Contracts

Publicly traded companies prepare their consolidated accounts in conformity with the international accounting standards (IAS/IFRS) in accordance with the Regulation No. 1606/2002. This is obliged for all publicly traded joint-stock companies in the Czech Republic. Other companies prepare financial statements in accordance with national accounting standards. There are Accounting Act No. 563/1991 of Coll. and Regulation No. 500/2002 of Coll., Czech Accounting Standards in the Czech Republic. Both systems are based on different principles so there are many differences. The Czech Accounting System (CAS) is based on the rules while IAS/IFRS are based on principles (Kovanicová, 2005). These differences are mainly caused by the different philosophy. CAS prefers the fiscal policy to the economic substance while IAS/IFRS prefere the economic substance. One of the most significant dif­fe­ren­ces is in the field of revenue recording. There are two standards concerning the revenues recording (IAS 18 − Revenue, IAS 11 – Construction Contracts) in IAS/IFRS. CAS 019 – Expenses and Revenue are dealing with the revenue recording in the Czech Republic. The paper is aimed at the comparison of the methodical approaches for revenue recording used by IAS/IFRS and by CAS. The most important differences are caused by the different approach to the long term contracts (construction contracts, software development contracts) revenues recording.

scholarly journals Gender Diversity in Boardrooms and on Supervisory Boards and its Relation to Stock Prices

2020 ◽  
Vol 67 (2) ◽  
pp. 177-192
Author(s):  
Marie Ligocká
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Labour Force ◽  
Gender Diversity ◽  
Participation Rate ◽  
Publicly Traded ◽  
Labour Force Participation Rate ◽  
Publicly Traded Companies ◽  
Representation Of Women ◽  
Supervisory Boards

Despite the fact that the labour force participation rate of women declined in the company bodies of publicly traded companies in 2017, there has been a growing representation of women in these positions in Europe. The representation of women is important due to the use of available human resources, the improvement in the quality of human capital and the positive effect on economic development. Gender imbalance in the management and supervisory bodies of publicly traded companies can be associated with lower management effectiveness, a decision-making quality that can influence the business situation of companies, which could be related to stock price development. Thus, this paper is focuses on examining the relationship between gender diversity in boardrooms and on supervisory boards and the stock prices of selected European publicly traded companies. The results show that there are dissimilar relations between stock prices and gender variables among the sectors and countries analysed.

scholarly journals Influência da estrutura de capital no desempenho econômico de empresas familiares e não familiares brasileiras

2021 ◽  
Vol 14 (1) ◽  
pp. 162-181
Author(s):  
Edgar Pamplona ◽  
Tarcísio Pedro da Silva ◽  
Wilson Toshiro Nakamura
Keyword(s):  
Order Theory ◽  
Family Businesses ◽  
Debt Ratio ◽  
Publicly Traded ◽  
Short Term ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Accounting Data ◽  
Publicly Traded Companies

Purpose – This research aims to verify the influence of the capital structure on the economic performance of the Brazilian family and non-family businesses.Design/methodology/approach – The research is characterized as descriptive, documentary, and quantitative, being the accounting data under analysis extracted from the Economatica® database. The sample is composed of 117 publicly traded companies listed in B3, being 68 family and 49 non-family with an analysis period from 2011 to 2015. To reach the objective, statistical techniques were used, with emphasis on multiple linear regression models.Findings – The results point out that the Short-term Debt Ratio (SDR) and Long-term Debt Ratio (LDR) negatively influence the performance of family businesses, while SDR and LDR have a negative and positive relationship, respectively, with the performance of the non-family business. Originality/value – In short, such results demonstrate that family businesses must follow the pecking-order theory prerogatives to maximize their performance, while managers of non-family organizations need to observe the assumptions of both theories – trade-off and pecking-order – according to the type of indebtedness (short or long term).

scholarly journals Board Composition, Corporate Performance, and the Cadbury Committee Recommendation

2007 ◽  
Vol 42 (3) ◽  
pp. 535-564 ◽  
Author(s):  
Jay Dahya ◽  
John J. McConnell
Keyword(s):  
Stock Prices ◽  
Corporate Performance ◽  
Peer Group ◽  
Operating Performance ◽  
Board Composition ◽  
Outside Directors ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
The World

AbstractDuring the 1990s and beyond, countries around the world witnessed calls and/or mandates for more outside directors on publicly traded companies' boards even though extant studies find no significant correlation between outside directors and corporate performance. We examine the connection between changes in board composition and corporate performance in the U.K. over the interval 1989–1996, a period that surrounds publication of the Cadbury Report, which calls for at least three outside directors for publicly traded corporations. We find that companies that add directors to conform with this standard exhibit a significant improvement in operating performance both in absolute terms and relative to various peer group benchmarks. We also find a statistically significant increase in stock prices around announcements that outside directors were added in conformance with this recommendation. We do not endorse mandated board structures, but the evidence appears to be that such a mandate is associated with an improvement in performance in U.K. companies.

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