scholarly journals Corporate financing strategies employed by Zimbabwean listed firms in the multiple currency era

2015 ◽  
Vol 5 (3) ◽  
pp. 161-166
Author(s):  
Farai Kwenda
Keyword(s):  
Stock Exchange ◽  
Secondary Data ◽  
Economic Crises ◽  
Corporate Financing ◽  
Balance Sheets ◽  
Listed Firms ◽  
Rights Issues

The aim of this study is to review the corporate financing strategies employed by Zimbabwean listed firms since the adoption of the multiple currency system which set the country on a recovery path after the decade-long political, social and economic crises. The adoption of the multiple currency system necessitated recapitalization and retooling because most firms’ balance sheets were wiped away during the hyperinflation era. The study is based on secondary data of 80 firms listed on the Zimbabwe Stock Exchange. The study found that rights issues and high retention ratios were the main strategies used by firms to recapitalize their operations. The recapitalization efforts have been by liquidity challenges that have characterised the multiple currency era

scholarly journals Tax Planning Trends on Indonesia Stock Exchange Listed Firms

2020 ◽  
Vol 55 (4) ◽  
Author(s):  
Titiek Puji Astuti ◽  
Rahmawati Rahmawati ◽  
Bandi Bandi ◽  
Ari Kuncara Widagdo
Keyword(s):  
Government Policy ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Total Sample ◽  
Tax Planning ◽  
Effective Tax Rate ◽  
Tax Rate ◽  
Listed Firms

This paper aims to discover the trend of firms practicing tax planning in Indonesia. This descriptive paper aims to understand the trend of Indonesia Stock Exchange listed firms practice of tax planning. The paper uses secondary data from financial statements. The measurement of tax planning uses the formula (25%-ETR (effective tax rate))*PBT (profit before tax). The sample is Indonesia Stock Exchange listed firms from 2011-2016, with tax as 25%. The sample excludes firms in some industries: financial, agriculture, construction, and mining. The total sample used in this paper is 212 firms. The results of this paper generally indicate the decrement of the tax planning rate, which means the existing government policy to decrease tax planning among the firms located in Indonesia.

Corporate Tax Avoidance Practices: An Empirical Evidence from Nigerian Firms

2019 ◽  
Vol 64 (3) ◽  
pp. 39-53
Author(s):  
Tajudeen Adejare Adegbite ◽  
Mustapha Bojuwon
Keyword(s):  
Intangible Assets ◽  
Stock Exchange ◽  
Transfer Pricing ◽  
Panel Data Analysis ◽  
Tax Avoidance ◽  
Secondary Data ◽  
Corporate Tax ◽  
Listed Firms ◽  
Analysis Technique ◽  
Primary Driver

Abstract This study examined the existence of corporate tax avoidance practices among the public listed firms in Nigeria. Secondary data were obtained from annual published reports from selected Nigerian firms listed in Nigeria stock exchange from 2006 to 2017. Panel Data analysis technique was used to analyse the effect of independent variables (Thin capitalization, Leverage, Firms Size, Transfer Pricing, and Intangible Assets) on dependent variable (Corporate Tax Avoidance). The result showed that thin capitalisation, firm size, profitability, leverages, intangible assets, and transfer pricing are significantly related with corporate tax avoidance. Thin capitalisation, profitability and transfer pricing are the primary driver of corporate tax avoidance. It is concluded that there are several corporate tax avoidance practices employed by Nigerian firms to aggressively reduce their corporate tax liabilities in Nigeria.

DIVIDEND POLICY AND MARKET PRICE OF SELECTED LISTED FIRMS IN NIGERIA

2020 ◽  
pp. 44-48
Author(s):  
Dr. Abolade Francis AKINTOLA ◽  
Dr. Samuel Adebayo OLAOYE
Keyword(s):  
Stock Prices ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Market Price ◽  
Secondary Data ◽  
Financial Statements ◽  
Least Square ◽  
Listed Firms ◽  
Ordinary Least Square ◽  
A Company

Dividend policy plays a major role in maximization of shareholders wealth. The objective of this paper is to investigate how dividend policy of a company affects market price per share. Secondary data was obtained from the Nigerian Stock Exchange and annual financial statements of selected companies. The study employed ordinary least square (OLS) regression technique using e-view software to establish the relationships between the variables dividend policy and stock prices of the selected companies. The findings aligned with the Lintner’s (1956) findings that decrease in or non-payment of dividend could convey wrong signals to investors. KEYWORDS: Dividend policy, Nigerian Stock Exchange, firms, financing decision

scholarly journals Corporate disclosure in a voluntary reporting environment: NYSE-listed firms in 1900

2020 ◽  
Vol 9 (1) ◽  
Author(s):  
Michelle Namkoong ◽  
Eric Hilt
Keyword(s):  
New York ◽  
Financial Reporting ◽  
Stock Exchange ◽  
The United States ◽  
Service Firms ◽  
Firm Characteristics ◽  
Balance Sheets ◽  
Preferred Stock ◽  
Listed Firms ◽  
Reporting Environment

This paper examines the financial reporting done by firms listed on the New York Stock Exchange in 1900 and the firm characteristics that determined what and how much firms would disclose. At this time, there were no federal disclosure mandates or stringent requirements imposed by the Exchange. Therefore, the reporting done by firms was largely voluntary and resulted in significant variation across companies and industries. I look at all 191 firms that listed stocks on the NYSE in this year and use data from Moody’s Manual of Industrial and Miscellaneous Securities and Poor’s Manual of the Railroads of the United States to determine the amount of financial disclosure. I find that more capital-intensive firms were more likely to report income statements and balance sheets and provided more volume of information. In addition, food, mining, and miscellaneous service firms disclosed the least. In addition, all else equal, the age of a company and offering preferred stock did not significantly increase its likelihood of reporting financial statements. Overall, the results indicate that even absent regulation, firms would voluntarily provide information but at varying degrees based on how much the company relies on outside investors and whether its industry is competitive. They also suggest that managers considered potential or explicit investor demand for financial information and responded to this demand.

scholarly journals Ownership on Islamic Economic Perspective and Director Ownership on Sharia Companies with Moderation Roles of Independent Commissioners

IKONOMIKA ◽  
2020 ◽  
Vol 5 (1) ◽  
pp. 17-42
Author(s):  
Muhammad Noval (UIN Antasari Banjarmasin, Indonesia) ◽  
Rani Raharjanti (Politeknik Negeri Semarang, Indonesia) ◽  
Musab A. M. Ali (Management and Science University, Malaysia)
Keyword(s):  
Firm Performance ◽  
Quantitative Methods ◽  
Performance Indicator ◽  
Stock Exchange ◽  
Secondary Data ◽  
Stock Index ◽  
Economic Perspective ◽  
Individual Parameter ◽  
Listed Firms ◽  
Islamic Economic

This research aims to examine the ownership on Islamic economic and the ownership stock effect on firm performance and the moderating influence of independent commissioner on the connection between ownership stock and firm performance. Indicator of ownership stock studied was the ownership stock of the president director in the company. The firm performance studied by the calculation of Price per Earning Ratio. Then, the intended independent commissioners are the percentage of independent commissioners who are on the company's board of commissioners.This research uses qualitaitive method based on Islamic economic literature and quantitative methods basedon secondary data. Secondary data in this research are the financial report from firms that take the floor on Indonesia Stock Exchange (IDX). This investigation uses a population that is listed firms on Indonesian Sharia Stock Index (ISSI). Subsequently, the sample is filtered using purposive sampling techniques with the criteria of listed firms on Indonesia Stock Exchange and has the data needed in this investigation. As a result, the samples obtained were 296 companies. This research uses regression analysis with individual parameter significant test (t-test).Hypothesis testing results indicate that Sharia company ownershipis in accordance with Islamic economic perspective studies, and ownership stock with the indicator of ownership of the president director has an impact on firm performance with Price per Earning Ratio’s indicator, and independent commissioners based on the proportion of independent commissioners on the board of commissioners moderate the correlation between ownership stock and firm performance. Keywords: Ownership Stock, Firm Performance, and Independent Commissioners.

scholarly journals Trend of dividends disappearing and reappearing in Pakistani listed firms

2019 ◽  
Vol 15 (1) ◽  
pp. 112-122
Author(s):  
Abdul Hameed ◽  
Keyword(s):  
Stock Exchange ◽  
Secondary Data ◽  
Positive Association ◽  
Tax Rates ◽  
Dividend Payment ◽  
Return On Equity ◽  
Listed Firms ◽  
Investment Pattern ◽  
Regression Techniques ◽  
Propensity To Pay

The objective of this study was to explore the main factors of dividend policy determinants. For this purpose, a sample of 150 listed firms in PSX taken into account for the period of 2008-2018. A secondary data taken from SBP publication, Stock exchange collected for this study and variables used size, debt ratio, profitability, size, investment, Firm’s Maturity, Market Capitalization, Return on Equity (ROE), Growth in Sales and leverage was utilized using Panel regression techniques. Data of dividend shows most of the period dividend amount and dividend firms increased during the period of research 2008-18. The trend also shows that dividend pattern increase as base year data to end period study during both democratic governments. Study findings also show that three different aspects of the dividend payment propensity during 2008-2018. Results show that payment of dividend is declined mostly in the small and newly firms because they have less income generated from profit, younger firms, and firms as compared with highly investment pattern of firm, high debts, higher risk in their business and high tax rates on dividend. The Study also finds a significant and positive association with propensity to pay dividend of catering theory and support the catering theory.

scholarly journals Corporate Governance Disclosure and Ownership Concentration in Non-Financial Listed Firms in Kuwait Stock Exchange (KSE)

2020 ◽  
Vol 13 (1) ◽  
pp. 1
Author(s):  
Mejbel Al-Saidi
Keyword(s):  
Corporate Governance ◽  
Stock Exchange ◽  
Secondary Data ◽  
Least Square ◽  
Ownership Concentration ◽  
Listed Firms ◽  
Financial Firms ◽  
Kuwait Stock Exchange ◽  
Ordinary Least Square Regression ◽  
Governance Disclosure

This paper demonstrates the effect of ownership concentration among large shareholders on corporate governance disclosure (CGD) in Kuwait. Secondary data were collected from 82 non-financial firms listed on the Kuwait Stock Exchange in 2018. The study used an ordinary least square regression. The 35-item CGD index served as the dependent variable while the independent variables comprised four variables of ownership and four control variables. Ownership concentration by institutions and government negatively affected the CGD index; ownership concentration by blockholders or families (individuals) had no significant impact on the CGD index.

scholarly journals An evaluation of the links between quality of reporting and efficiency of investment in companies listed at Tehran Stock Exchange

2016 ◽  
Vol 14 (3) ◽  
pp. 341-347 ◽  
Author(s):  
Keyvan Hayati ◽  
Parastoo Sedaghat
Keyword(s):  
Financial Reporting ◽  
Coming Out ◽  
Stock Exchange ◽  
Secondary Data ◽  
Jel Classification ◽  
Investment Efficiency ◽  
Quality Of Reporting ◽  
Balance Sheets ◽  
Statistical Sample

This paper aims to evaluate the relationship between the quality of reporting and efficiency of investment in companies registered at Tehran Stock Exchange Market during 2010-2014 (Iranian calendar) period. The population consists of manufacturing firms registered at Tehran Stock Exchange and the statistical sample includes 126 companies. To explore the assumptions of the research, secondary data, as well as audited balance sheets have been used to collect the data. The data have been analyzed using descriptive and inferential methods at two levels and via Panel Yapold tests. Reliability for variables has been verified using Luin, Leen and Chu methods for data related to the study. The results coming out of the study have been obtained by financial and monetary data of the companies registered at Tehran Stock Exchange during the years between 2010 and 2014 and have been analyzed. It was illustrated that not only companies that used higher qualities of reporting had better investments, but also the higher quality of reporting itself made the investments more efficient. Moreover, the results showed that there is negative and significant relation between too much investment and quality of financial reporting and between too little investment and the quality of reporting. Keywords: quality of reporting, investment efficiency, Tehran Stock Exchange. JEL Classification: M41, M42, G32

scholarly journals INSTITUTIONAL SHAREHOLDING A MODERATOR TO AUDIT COMMITTEE CHARACTERISTICS AND EARNINGS MANAGEMENT OF LISTED CONGLOMERATE FIRMS IN NIGERIA

2018 ◽  
Vol 4 (10) ◽  
pp. 98 ◽  
Author(s):  
Abbas Umar ◽  
Shehu Usman Hassan
Keyword(s):  
Earnings Management ◽  
Audit Committee ◽  
Best Practice ◽  
Stock Exchange ◽  
Secondary Data ◽  
Annual Reports ◽  
Listed Firms ◽  
Clear Cut ◽  
Financial Expertise ◽  
The Impact

The relevance of audit committee characteristics in constraining managerial opportunistic tendencies has been explored by various researchers; the confrontational view in terms of the direction of their relationship has paint a vague picture which begs the introduction of other monitoring mechanism that may give a clear cut picture on direction of this relationship. This study uses two-stage least squares model and examines the impact of audit committee characteristics, institutional shareholding on discretionary accruals of listed conglomerate firms in Nigeria. Secondary data were extracted from the annual reports of 6 most active listed firms on the Nigerian Stock Exchange for the period 2006 to 2015. After running the OLS regression, a robustness test was conducted for validity of statistical inferences. A multiple regression was employed using HACC Model. The study documents that audit committee characteristic and institutional shareholding has significant impact on earnings management of the firms, specifically, audit committee size, audit committee financial expertise and institutional shareholding are inversely related with earnings management, while audit committee independence is positively and significantly related with earnings management, but there is no such impact of audit committee meetings. Furthermore, institutional shareholding and audit committee size are inversely related with earnings management; audit committee independence and institutional shareholding are positively, strongly and significantly constraining earnings management, while audit committee financial expertise with committees’ meetings and institutional shareholding reveals no impact on earnings management. In line with the findings, the study recommended  that regulatory bodies like CAMA, SEC, and NSE should ensure that listed conglomerate firms in Nigeria strictly adhere with code of best practice so that the interest of various stakeholder’s would be fully protected.

scholarly journals DETERMINANTS AFFECTING THE CAPITAL STRUCTURE DECISION OF A FIRM (A CASE STUDY OF TEXTILE SECTOR IN PAKISTAN)

2021 ◽  
Vol 3 (3) ◽  
pp. 118-133
Author(s):  
SADDAM HUSSAIN ◽  
Chunjiao Yu ◽  
Xiao Ling
Keyword(s):  
Capital Structure ◽  
Firm Growth ◽  
Stock Exchange ◽  
Secondary Data ◽  
Balance Sheets ◽  
Return On Equity ◽  
Leverage Ratio ◽  
Equity Ratio ◽  
Specific Factors ◽  
Textile Sector

In this paper, we have examined the influence of specific factors based on a capital structure sample of five Pakistani textile sector (Leveraged) companies. The secondary data came from an analysis of the balance sheets of five companies listed on the Karachi Stock Exchange between 2004 and 2014.Regression and correlation analysis on the panel data shows that profitability is negatively correlated with leverage ratio, while tangibility is positively correlated with leverage ratio, but not significantly. Firm size and firm growth are also positively and significantly correlated with leverage. Return on equity is also negatively correlated with leverage. Our findings also show that large textile firms, compared with small ones, finance long-term through debt. Keywords: Capital Structure, Return on equity, Profitability, Tangibility, Leverage, Debt to equity ratio, Pakistan.

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