scholarly journals Política de dividendos e criação de valor: um estudo no mercado brasileiro

2018 ◽  
Vol 11 (1) ◽  
pp. 77-97
Author(s):  
José Erasmo Silva ◽  
Levi Morgan Morgan ◽  
Maria José de Camargo Machado Machado ◽  
Maria Imaculada de Lima Montebelo Montebelo
Keyword(s):  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Dividend Yield

Objetivo: O objetivo do estudo foi testar a relação entre a política de dividendos, representada pelos indicadores payout, dividend yield e dividendos a pagar, e a criação ou destruição de valor para o acionista, representada, nesse caso, pelo indicador Economic Value Added (EVA). Metodologia: Trata-se de uma pesquisa teórico-empírica, na qual se buscou por meio de coleta de informações, cálculo de variáveis e testes econométricos atingir o objetivo proposto. A amostra compôs-se de 223 empresas de capital aberto listadas na BM&FBovespa. Levantou-se dados dessas empresas no período de 1º/1/1998 a 31/12/2016, os quais foram analisados por meio do software Stata utilizando dados em painel. Resultados: No geral, os resultados mostraram que as empresas que retêm maior parcela do lucro criam mais valor para os acionistas, pois minimizam o custo em relação à busca de outras fontes externas de financiamento. Mostraram ainda que a maior parte das empresas analisadas não foram eficientes na criação de valor no período analisado, revalidando assim as hipóteses discutidas em trabalhos anteriores. Contribuições do Estudo: O trabalho é relevante, pois relaciona uma das decisões mais importantes no contexto empresarial, que é a distribuição dos dividendos, com uma das mais difundidas métricas de verificação de criação de valor, o EVA. Além disso, contribui para o aprofundamento de estudos a respeito de política de dividendos e o EVA, que, mesmo separadamente, configuram um importante tema para as finanças corporativas. Por fim, o estudo permitiu verificar a criação ou destruição de valor durante um longo período de tempo: de 1998 a 2016.

scholarly journals Dividend Decision and Economic Value Added of Quoted Nigeria Manufacturing Firms

2019 ◽  
Vol 5 (2) ◽  
pp. 45-59
Author(s):  
Agilebu Ogechi Michael
Keyword(s):  
Random Effect ◽  
Economic Value ◽  
Value Added ◽  
Manufacturing Firms ◽  
Fixed Effect ◽  
Predictor Variables ◽  
Economic Value Added ◽  
Dividend Yield ◽  
Retention Ratio ◽  
Dividend Payout

This study examined the effect dividend decision and economic value added of quoted manufacturing firms in Nigeria. The objective is to examine if dividend decision have any effect on economic valued added of the Nigeria firms. Cross sectional data was sourced from financial statement of 15 quoted manufacturing firms. Economic valued added was proxy for dependent variables while dividend yield, dividend payout ratio, retention ratio and dividend per share were proxy for predictor variables. After cross examination of the validity of the pooled effect, fixed effect and the random effect, the study accepts the fixed effect model.  Findings revealed that75 percent variation from the fixed effect results on economic value added of the manufacturing firms. Beta coefficient of the predictor variables  found that dividend yield have negative effect on economic value added  while dividend per share, dividend payout ratio and retention ratio has positive and significant effect  on economic value added  of the quoted manufacturing firms.  It’s therefore recommend that constant dividend decision should be maintained among the quoted manufacturing firms and retention forms should be properly invested and the investment environment should be well managed to increase economic value added through the dividend decision channel.

scholarly journals PENGARUH KEBIJAKAN DIVIDEN SEBAGAI VARIABEL PEMODERASI DARI HUBUNGAN KINERJA KEUANGAN DAN KINERJA PASAR TERHADAP NILAI PERUSAHAANPADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA(2011 - 2015)

2016 ◽  
Vol 3 (2) ◽  
pp. 195
Author(s):  
Vedy Vedy ◽  
Susi Dwimulyani ◽  
Bayu Dewangkoro
Keyword(s):  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Economic Value Added ◽  
Dividend Yield ◽  
Dividend Payout ◽  
Market Value Added

<p class="Default"><em>The purpose of this research is to investigate and analyze the effect of financial and market performance </em><em>(net profit margin, debt to equity ratio, current ratio, price earning ratio, economic value added, and market value added) to firm value in manufacturing companies listed on the Stock Exchange Indonesia, as well as to indentify and analyze whether the dividend policy (dividend payout ratio and dividend yield) as a moderating variable affect correlation variable of net profit margin, return on equity, debt to equity ratio, current ratio, price earning ratio, economic value added, dan market value added to firm value. Population of this research amount to 143 companies which were manufacturing company listed on the Indonesia Stock Exchange the year 2011-2015. Sample selected by using method of purposive sampling amount to 26 companies. Data was processed using the method of data panel regression statistical test by using Eviews version 8.0 software. </em></p><em>The result of this research shows that (1)</em><em> profitability ratio and dividend payout ratio affect negatively to firm value. Leverage, liquidity ratio, market ratio,economic value added, market value added and dividend yield affect positively to firm value. (2) Dividend policy which measured with dividend payout ratio is able to moderate the effect of profitability ratio, leverage ratio, liquidity ratio and market ratio to firm value. Dividend policy which measured with dividend payout ratio is not able to moderate the effect ofeconomic value added and market value added to firm value. (3) Dividend policy which measured with dividend yield is able to moderate the effect of profitability ratio, market ratio, economic value added and market value added to firm value. Dividend policy which measured with dividend yield is not able to moderate the effect of leverage ratio and liquidity ratio to firm value</em>

Pengaruh Pengungkapan Corporate Social Responsibility (CSR) Pada Nilai Perusahaan

2011 ◽  
Vol 3 (2) ◽  
pp. 1-19
Author(s):  
Chermian Eforis ◽  
Rosita Suryaningsih
Keyword(s):  
Corporate Social Responsibility ◽  
Annual Report ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Economic Value Added ◽  
Market Value Added ◽  
Csr Disclosure ◽  
Corporate Social ◽  
Simple Regression

This study aims to determine the influence of the level of CSR disclosure in annual report to corporate values that proxies with Economic Value Added (EVA) and Market Value Added (MVA).   The objects of this study are companies that were included in Kompas 100 Edition of the second review in 2010.The chosen model of this research is simple regression which can be defined as a model that used the normal probability plot  for data normality test, DurbinWatson test for autocorrelation, graph plots to test heteroscedasticity, and saw the value of tolerance and VIF for multicollinearity test. Hypothesis is analyzed using simple regression method  The results showed that the level of CSR disclosure contained in the annual report has a significant influence on the EVA. The same results were also found on the MVA, where the level of CSR disclosure contained in the annual report has a significant influence on the MVA. Key words: Corporate Social Responsibility, Economic Value Added, Market Value Added

KOMPARASI KINERJA KEUANGAN MELALUI PENDEKATAN ECONOMIC VALUE ADDED (EVA) PADA PERUSAHAAN TRANSPORTASI DI JAKARTA

2018 ◽  
Vol 3 ◽  
pp. 223-232
Author(s):  
Dwi Urip Wardoyo
Keyword(s):  
Financial Performance ◽  
Service Industry ◽  
Economic Value ◽  
Value Added ◽  
Added Value ◽  
Economic Value Added ◽  
Test Analysis ◽  
Transportation Service ◽  
Income Statement

This study aims to compare financial performance through profitability generated by two market participants in the witness transportation service industry in Jakarta, namely PT. BB compared to PT. ETU, this assessment is measured not limited to the profit generated but more than that by measuring financial added value through the concept of Eonomic Value Added produced by the two companies. The population in this study were all taxi transportation service companies in Jakarta. The sampling method selected two taxi companies that have the largest market share in DKI Jakarta, namely BB Taxi and ETU Taxi. The test analysis used in this study is ratio analysis through profit calculation and economic added value from the annual income statement. This study shows that there are (a) determination of the ratio of profit levels, (b) Determination of the comparison of economic value added of the two companies. Keywords :  Financial performance, Economic Value Added (EVA)

LA FUSIÓN CARULLA-VIVERO, ¿CREÓ VALOR?

2014 ◽  
Vol 5 (10) ◽  
pp. 93
Author(s):  
Andrés Villegas Cortés ◽  
Luz Ángela Rojas La Rota
Keyword(s):  
Average Cost ◽  
Cost Of Capital ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Economic Value Added ◽  
Estudio De Caso

El presente trabajo busca determinar si la fusión de las empresas Carulla-Vivero ocurrida en el año 2000 generó valor. Para esto, se estudia el conceptode valor, posteriormente se explica el estudio de caso como metodología deinvestigación para concluir con la exposición del caso mismo de la fusión, ysu resultado. Una vez realizado el análisis de las dos empresas, se hace unacomparación y una valoración por dos metodologías ampliamente aceptadas:los métodos Economic Value Added (EVA) - Weighted Average Cost of Capital(WACC) y Flujo de Caja Histórico, con lo cual se explora en su interior la fusióny se explican los resultados obtenidos en ella. Finalmente, se hace una seriede observaciones, conclusiones y recomendaciones sobre la fusión, asícomo de la metodología del estudio de caso, para el abordaje de temas de laadministración.

scholarly journals The Social Balance Sheet as Part of the Annual Report in Financial Institutions. A Case Study: Banco Bilbao Vizcaya Argentaria (BBVA)

2021 ◽  
Vol 13 (6) ◽  
pp. 3075
Author(s):  
Miguel Ángel Martín Valmayor ◽  
Beatriz Duarte Monedero ◽  
Luis A. Gil-Alana
Keyword(s):  
Annual Report ◽  
Economic Value ◽  
Balance Sheet ◽  
Value Added ◽  
Social Value ◽  
Economic Value Added ◽  
The Social ◽  
Social Balance ◽  
Corporate Social

In this paper, we examine the concept of the social balance sheet (SBS) and its evolution in corporate social reports that large companies have to issue today in their yearly statements. The SBS allows companies to evaluate their compliance with corporate social responsibility during a specific period and quantify its level of accomplishment. From a methodological perspective, this research analyzed the information that should be contained in the SBS report comparing economic value added (EVA) with other social value added statements (SVA), analyzing also in detail the case of Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) bank as one of the pioneers in offering social reports. Along with this study, their metrics following EVA were recalculated and a more academic SVA statement was proposed for this specific case.

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