scholarly journals R&D Expenditures And Investors Perception For An Input On Innovation Creation And Firm Growth: Empirical Evidence From Athens Stock Exchange

2012 ◽  
Vol 29 (1) ◽  
pp. 125 ◽  
Author(s):  
Panayiotis Tahinakis ◽  
Michalis Samarinas
Keyword(s):  
Future Development ◽  
Stock Price ◽  
Firm Growth ◽  
Stock Exchange ◽  
Negative Relation ◽  
Public Firms ◽  
Financial Condition ◽  
Growth Prospect ◽  
Athens Stock Exchange ◽  
Future Growth

The question that the present study attempts to examine, concerns whether investors value the potential of Greek enterprises to produce innovation, in a way that it could lead them to higher productivity, profitability and future growth. An answer to such a question, seems to bear significance for a country that tries to understand the reasons for an underachieving economy, struggling for growth, both macro and microeconomic. If the answer is positive, this means that investors are affected in their decision for buying or selling a stock by the growth prospect that innovation, expressed with R&D spending, creates for an enterprise. R&D expenditures are used in this study, since they represent the enterprises input for the creation of innovation (Acs & Audretsch, 1988) and therefore, the effort for future development and firm growth. The approach employed, follows the same rationale as Green et al, (1996) and Stark and Thomas (1998) do. The R&D data that we have utilized, are collected from all the Athens Stock Exchange, (henceforth ASE), public firms for the period 2005-2010 that spend on R&D. The results, unlike previous research, depict a strong negative relation between R&D expenditures and stock price. In other words, investors in this Eurozone country do not consider R&D expenditures to be creators of innovation that will result in future growth, but they seem to be affected negatively in their assessment of the firms financial condition by R&D spending.

scholarly journals Return on Equity as the Leading Indicator of Dividend Payout Ratio of Jakarta Islamic Index Stocks Listed on the Indonesia Stock Exchange

2020 ◽  
Vol 1 (3) ◽  
pp. 319-330
Author(s):  
Endi Trimawan Budianto ◽  
Eka Bertuah Eka Bertuah
Keyword(s):  
Stock Price ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Cash Dividend ◽  
Dividend Payout ◽  
Return On Equity ◽  
Company Stock ◽  
Financial Condition ◽  
Main Indicator ◽  
Retained Earnings

Dividend policy is a critical and imperative decision because it involves the shareholders interest’s and has a significant impact to company's sustainability. Sartono (2010) states that dividend policy is a decision whether the profits obtained by the company will be distributed to shareholders as dividend or will be held in the form of retained earnings for future investment.Brigham and Gapenski (2006) state that investor’s main purpose when investing their fund is to gain income or return either as dividend yield or as capital gain. On the other side, the company who will share the dividend will be faced with various consideration: the urge to retain some profit for a more promising re-investment, the company funding, company liquidity, shareholder’s characteristic, specific target related to dividend payment ratio, and other factors related to dividend policy.Based on the definition mentioned above, it can be concluded that dividend policy is influenced by two conflicting interests; the shareholders interest with their dividend and the company interest to do re-investment by retaining the profit. Therefore, dividends paid will depend on each company’s considerations.In general, the shareholders wish to have a relatively stable dividend share to minimize the uncertainty of expected investment result and to increase the shareholder’s trust toward the company so that the stock value will rise. The company dividend policy can be reflected by the Dividend Payout Ratio (DPR), which is the profit percentage shared in the form of cash dividend. It means that the size of the DPR, either big or small, will affect the shareholder’s decision and to the contrary it will also affect the company financial condition. Improper decisions will potentially envisage company facing funding difficulties in the future.According to Brigham and Gapenski (2006), the optimum dividend policy is the dividend policy which creating balance between the current dividend and its growth in the future so the company stock price can be maximized.Lintner (1956) argue that the company ability to gain profit is the main indicator of the company ability to pay dividend. So, the profitability is the most determining factor toward dividend. But some other research mention that the companies tend to choose new investment instead of paying high dividend if their condition are great, well-developed and have high profitability.The rapid growth of Islamic Finance become the first-rate consideration of choosing Jakarta Islamic Index stocks as the object research in which this research aimed to improve investor’s understanding related to dividend policy of sharia stocks member of Jakarta Islamic Index.

scholarly journals ANALISIS PENGARUH MODERASI KUALITAS AUDIT PADA HUBUNGAN HARGA PASAR SAHAM DAN GOODWILL DI INDONESIA

2018 ◽  
Vol 2 (1) ◽  
pp. 194
Author(s):  
Almatius Setya Marsudi
Keyword(s):  
Regression Analysis ◽  
Content Analysis ◽  
Stock Price ◽  
Audit Quality ◽  
Intangible Assets ◽  
Stock Exchange ◽  
Book Value ◽  
Negative Relation ◽  
Value Model

The study on intangible assets, goodwill in particular, becomes an interesting topic to reinvestigate since question about the relevance value is often discussed recently. This research aims to test the relevance value of goodwill information and see the effect of moderation variable of audit quality on the relevance value of goodwill. The research was conducted on the companies listed in Indonesia Stock Exchange with regression analysis. The value model of stock exchange as the function from Book Value and Earning was used and the content analysis was conducted when assessing the goodwill of company.With 71 non-financial companies in Indonesia as the samples, this research shows the result that the goodwill has a significant negative relation on stock price.  It was also proven that the audit quality improves the relevance value of goodwill. This improvement makes the role of auditor important in assessing the accurate goodwill value.

scholarly journals Political elections, abnormal returns and stock price volatility: the case of Greece

2016 ◽  
Vol 13 (1) ◽  
pp. 161-169 ◽  
Author(s):  
Athanasios Koulakiotis ◽  
Harry Papapanagos ◽  
Nicholas Papasyriopoulos
Keyword(s):  
Stock Price ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Price Volatility ◽  
Investment Strategies ◽  
Study Methodology ◽  
Athens Stock Exchange ◽  
The Impact ◽  
Of Greece ◽  
Event Study Methodology

The impact of the Greek political elections on the return and volatility of the Athens Stock Exchange (ASE) is investigated using both the standard event study methodology and various univariate GARCH models. The empirical results reveal positive pre- and post-election abnormal returns, but negative on the day of the election. Strong evidence is also found that suggests that the election outcome significantly affects the ASE return; however, the evidence is rather limited for the ASE volatility. The empirical findings raise doubts about the efficiency of the Greek stock market and might have important implications for investors with respect to decisions regarding entering and/or exiting the market or investment strategies around time periods where political elections are going to take place

scholarly journals Political Risk and Stock Returns in Indonesia

2017 ◽  
Vol 2 (3) ◽  
pp. 08-13
Author(s):  
Paulina Yuritha Amtiran ◽  
Rina Indiastuti
Keyword(s):  
Stock Returns ◽  
Stock Price ◽  
Cost Of Capital ◽  
Stock Exchange ◽  
Political Risk ◽  
Secondary Data ◽  
Jel Classification ◽  
Least Square ◽  
Financial Condition ◽  
Political Risks

Objective - The research aims to find the relationship between the political risk with stock returns. Methodology/Technique - Using the purposive sampling, secondary data on 30 companies listed in Indonesia Stock Exchange (BEI) of the year 2007-2015. Analysis technique used is weighted least square regression Findings - The results of study Political risks significantly positively associated with stock returns. These results imply a change from the shock of political risk will affect cost of capital of the company increased, causing the company's stock price will go up which in the end impact on improving the company's stock returns obtained. Novelty - The study implies Shock due to the change of political risk has a direct impact on the company's financial condition primarily of the cost of capital companies because it involves policy and investment decisions are made in Indonesia. Type of Paper - Empirical Keywords: BEI; Market Capitalization; Market Returns; Political Risk; Stock Returns. JEL Classification: G30, G32.

PENGARUH FREKUENSI PERDAGANGAN PADA SEKTOR PROPERTY DAN REAL ESTATE TERHADAP HARGA SAHAM

2019 ◽  
Vol 7 (02) ◽  
pp. 51
Author(s):  
Adri Wihananto
Keyword(s):  
Real Estate ◽  
Stock Price ◽  
Stock Exchange ◽  
Stock Trading ◽  
Trading Frequency ◽  
Important Thing ◽  
Know How ◽  
Stock Value ◽  
Measuring Frequency ◽  
Case Based

Trading frequency can be said as the implementation from trader of commerce. This case based on positive or negative trader reaction given by trader information.  Stock trading in BEI always fluctuate with price of volume value and frequency particularly. Frequency itself shows the company  involved or not. In trading frequency, if the indicator frequency it self shown the higher point, it means better. In spite of the most important thing is how the fluctuation or value conversion itself. On the frequencies we also could see which stocks is interested by the investor. When trading frequency high, it  may be create sense of interest from investors.The aim of this research, in order to know how far the effect of trading frequency (X) with stock value (Y) using cover stock value. The information used is begin 2008 with sample from twelve property and real estate companies. According to the research can be conclude from twelve companies in Indonesia Stock Exchange in 2008, 75 % of trading frequency samples doesn’t have signification degree between trading frequency and stock value. This case can be explained count on smaller than t tableEvaluation of this research is the trading measuring frequency at property sector and real estate not influence to stock priceKeywords : Trading Frequency, Stock Price 

PENGARUH IT SPENDING TERHADAP KINERJA PERUSAHAAN PADA PERUSAHAAN TELEKOMUNIKASI YANG TERDAFTAR DI BURSA EFEK SELURUH ASIA TENGGARA PADA TAHUN 2009-2011

MODUS ◽  
2016 ◽  
Vol 26 (2) ◽  
pp. 93
Author(s):  
Irene Adrayani
Keyword(s):  
Stock Price ◽  
Sampling Method ◽  
Capital Expenditure ◽  
Stock Exchange ◽  
Market Price ◽  
Market Value ◽  
Company Performance ◽  
Corporate Value ◽  
Accounting Information System ◽  
Company Value

This study aims to get empirical evidence about the infuence of IT spending on corporate value by testing the efect of IT spending on corporate value by using Tobin’s Q. Te higher the stock price, the higher the company value as well as investors’ assessment. The market price of the company’s stocks refects investors’ assessment of the overall equity held. Of the stock price refects investor can provide an assessment of a company. Tobin’s Q is the ratio of the market value of the company’s assets as measured by the market value of the outstanding stocks and debt (enterprise value) to the replacement cost of the assets of the company. The sampling method is based on purposive sampling method with the purpose to obtain a sample that meets the criteria. Tis study used a sample taken from a telecommunications company listed on the Stock Exchange throughout Southeast Asia during the period of 2009-2011. The hypothesis in this study was tested using simple regression. Based on data analysis, the result that the variable IT spending does not afect the company value.Keywords: accounting information system, Tobin’s Q, IT spending, capital expenditure, company performance

Pengaruh Intellectual Capital, Profitabilitas, Dan Leverage Terhadap Nilai Perusahaan Pada Perusahaan Sektor Properti, Real Estate, Dan Konstruksi Bangunan Yang Terdaftar Di Bursa Efek Indonesia

2018 ◽  
Vol 9 (2) ◽  
pp. 1-14
Author(s):  
Haryani Chandra ◽  
Hamfri Djajadikerta
Keyword(s):  
Real Estate ◽  
Intellectual Capital ◽  
Firm Value ◽  
Stock Price ◽  
Stock Exchange ◽  
Value Added ◽  
Simple Random Sampling ◽  
Positive Influence ◽  
Public Companies ◽  
Equity Ratio

Go public companies have main purpose to increase firm value consistently. Increased firm value can reflect the increase in the prosperity of shareholders. The purpose of this research is to determine whether intellectual capital, profitability, and leverage have an influence on firm value. This research is expected to help companies to determine the focus on managing the factors those have an influence towards firm value and help investors and potential investors to make investment decisions. This research is conducted on firms listed in property, real estate, and building construction sector in Indonesia Stock Exchange during 2010 until 2015. Samples are selected by simple random sampling method. The research method used is the regression analysis. Intellectual capital is measured by value added intellectual coefficient (VAIC), profitability is measured by return on assets (ROA), leverage is measured by debt- to-equity ratio (DER), and firm value is measured by the year-end closing stock price. The results showed that intellectual capital, profitability, and leverage have partially a significant positive influence on firm value. In addition, intellectual capital, profitability, and leverage have significant influence simultaneously on firm value. Keywords: firm value, intellectual capital, leverage, profitability

Pengaruh Reputasi Underwriter, Umur Perusahaan, dan Persentase Penawaran Saham 53 kepada Publik terhadap Underpricing

2016 ◽  
Vol 8 (1) ◽  
pp. 53-74
Author(s):  
Maria Jeanne ◽  
Chermian Eforis
Keyword(s):  
Initial Public Offering ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Secondary Market ◽  
Financial Statement ◽  
Data Set ◽  
Multiple Regression Method ◽  
Underwriter Reputation ◽  
Public Offering

The objective of this research is to obtain empirical evidence about the effect of underwriter reputation, company age, and the percentage of share’s offering to public toward underpricing. Underpricing is a phenomenon in which the current stock price initial public offering (IPO) was lower than the closing price of shares in the secondary market during the first day. Sample in this research was selected by using purposive sampling method and the secondary data used in this research was analyzed by using multiple regression method. The samples in this research were 72 companies conducting initial public offering (IPO) at the Indonesian Stock Exchange in the period January 2010 - December 2014; perform initial offering of shares; suffered underpricing; has a complete data set forth in the company's prospectus, IDX monthly statistics, financial statement and stock price site (e-bursa); and use Rupiah currency. Results of this research were (1) underwriter reputation significantly effect on underpricing; (2) company age do not effect on underpricing; and (3) the percentage of share’s offering to public do not effect on undepricing. Keywords: company age, the percentage of share’s offering to public, underpricing, underwriter reputation.

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