The Effect of Advertising Expense on Firm Value according to Firm Life Cycle

This paper investigates how a firm’s life cycle affects corporate CSR disclosure. Using data from Japanese firms from 2006 to 2015, the firm life cycle is classified according to Dickinson (2011). The results show differences in disclosure levels depending on the firm life cycle. In the maturity stage, the amount of disclosure is significantly larger while, in the growth stage, the amount of disclosure is smaller. Additionally, there are differences in disclosure levels depending on the type of CSR information. Environment-related information has a significant influence in Japan. On the other hand, there were no significant differences in terms of governance and society. In Japan, stewardship codes have been introduced and reference those of the United Kingdom. For CSR-related information, disclosure should occur in accordance with laws and regulations, and information other than disclosure based on laws and regulations should also be addressed subjectively. The situation of firms has not been considered thus far. In the future, an appropriate disclosure strategy that considers firms’ growth stage would be employed to improve firm value.

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The Relationship Among Innovation, Firm Life-Cycle Extension and Firm Value

korean management review ◽

10.17287/kmr.2020.49.3.599 ◽

2020 ◽

Vol 49 (3) ◽

pp. 599-625

Author(s):

Jayoun Won ◽

Sang-Lyul Ryu

Keyword(s):

Life Cycle ◽

Firm Value ◽

Firm Life Cycle ◽

The Relationship

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ENGARUH BIAYA KEAGENAN, TAHAP DAUR HIDUP PERUSAHAAN, KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN UTANG SEBAGAI VARIABEL PEMODERASI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

Jurnal REKSA Rekayasa Keuangan Syariah dan Audit ◽

10.12928/j.reksa.v3i2.33 ◽

2018 ◽

Vol 3 (2) ◽

pp. 172

Author(s):

Muhammad Yasfi ◽

Kurniawan Ali Fachrudin

Keyword(s):

Life Cycle ◽

Firm Value ◽

Stock Exchange ◽

Agency Cost ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Best Interest ◽

Firm Life Cycle ◽

Life Cycle Stages ◽

Debt Policy

One of the company's main objective was to enhance firm value through increased prosperity of the owners or shareholders. The separation of ownership from management in corporation creates agency problem. Managers who run companies and usually do not have stock ownership may not act in the shareholder’s best interest because they maximize their own wealth.The objective of this research was to examine whether there was an effect of agency cost (dispersion of ownership and managerial ownership), firm life cycle stages, and dividend policy on firm value with debt policy as moderating variable. The population of the study is the manufacturing companies that registered in Indonesian Stock Exchange in the period of 2002–2012. Samples of 88 observations are selected using purposive sampling method. The analysis method of this research was simple regression and Moderated Regression Analysis (MRA).The result showed that dispersion of ownership and firm life cycle stages can influence firm value. The result also showed that debt policy can moderating dispersion of ownership influence firm value.

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