scholarly journals PENGARUH UKURAN DEWAN, KEPEMILIKAN SAHAM OLEH DIREKTUR, DAN JENDER TERHADAP KINERJA KEUANGAN PERBANKAN

2017 ◽  
Vol 20 (3) ◽  
Author(s):  
Umi Mardiyati ◽  
Yunika Murdayanti
Keyword(s):  
Random Effects ◽  
Fixed Effects ◽  
Tobin’S Q ◽  
Tobin's Q

Tujuan penelitian ini adalah untuk mengetahui apakah mekanisme tata kelola perusahaan, khususnya ukuran dewan direktur, kepemilikan saham oleh direktur, dan jender, berpengaruh terhadap kinerja keuangan perbankan di Indonesia. Pada penelitian ini, kami menggunakan sampel 16 bank (45 observasi) yang terdaftar di bursa efek Indonesia antara tahun 2011 dan 2014. Metode analisis yang digunakan ialah regresi fixed effects dan random effects. Dikontrol oleh variabel ukuran perusahaan, hutang, dan pertumbuhan perusahaan, hasil penelitian menunjukkan bahwa kepemilikan saham direktur berpengaruh signifikan kepada ROA dan Tobin’s Q. Sedangkan jumlah dewan direktur dan keberadaan wanita dalam dewan direktur tidak berpengaruh.

scholarly journals Does Board Size Really Matter? Evidence from Australia

2008 ◽  
Vol 10 (3) ◽  
pp. 331 ◽  
Author(s):  
Lukas Y. Setia-Atmaja
Keyword(s):  
Panel Data ◽  
Agency Theory ◽  
Random Effects ◽  
Inverse Relationship ◽  
Positive Relationship ◽  
Resource Dependence ◽  
Tobin’S Q ◽  
Board Size ◽  
Tobin's Q ◽  
The Impact

This study examines the impact of board size of Australian firms on Tobin’s Q. Agency theory suggests that there is an inverse relationship between board size and Tobin’s Q (Yermack 1996; Eisenberg et al. 1998). The resource dependence argument, however, hypothesizes that larger boards can lead to higher performance as the CEO’s need for advice is a function of the complexity of the organization (Pfeffer 1972; Klein 1998). Analyzing a panel data of 1,530 firm-year observations using random effects technique, this study finds a positive relationship between board size and Tobin’s Q. The random effects regression results also reveal that the positive relationship between board size and Tobin’s Q is driven by firm size as this positive relationship is only found in larger firm sample but not in the smaller firm sample. The overall results support the resource dependence argument.

Non-linear relationship of board size and board independence with firm performance – evidence from India

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Srikanth Potharla ◽  
Balachandram Amirishetty
Keyword(s):  
Financial Performance ◽  
Linear Relationship ◽  
Fixed Effects ◽  
Board Independence ◽  
Tobin’S Q ◽  
Board Size ◽  
Tobin's Q ◽  
Content Type ◽  
Non Linear ◽  
Relationship Of

Purpose This study aims to examine the significance of the non-linear relationship of board size and board independence on the financial performance of listed non-financial firms in India. Design/methodology/approach The study draws the sample of the listed non-financial firm in the Indian market from the year 2011–2018 and applied panel least squares regression with and without industry fixed effects on the model with quadratic equation. Quantile regression is also used to test the robustness of the results. The financial performance is measured through one accounting measure (i.e. return on assets [ROA]) and one market-based measure (i.e. Tobin’s Q). The empirical model also controls firm-specific variables which are expected to have an impact on financial performance. Findings The study found that the relationship of board size and board independence with the financial performance of a firm is in a non-linear inverted U-shape. The results are qualitatively similar for both ROA and Tobin’s Q after controlling industry fixed effects. Originality/value This is the first study in India which tests the non-linear relationship of board size and board independence with the financial performance of the firm. The study contributes to the limited literature on the implications of board characteristics on the performance of the firms in India.

scholarly journals THE EFFECTS OF OWNERSHIP CONCENTRATION ON PERFORMANCE OF PAKISTANI LISTED COMPANIES

2016 ◽  
Vol 4 ◽  
pp. 214-222
Author(s):  
Nouman Afgan ◽  
Klaus Gugler ◽  
Robert Kunst
Keyword(s):  
Fixed Effects ◽  
Voting Rights ◽  
Listed Companies ◽  
Ownership Concentration ◽  
Tobin’S Q ◽  
Reverse Causality ◽  
Minority Shareholders ◽  
Investment Performance ◽  
Tobin's Q ◽  
Institutional Shareholders

This paper analyzes the effects of ownership concentration on investment performance in a large sample of Pakistani publicly-listed companies from 1997 to 2007. Special attention is directed to statistical methods from the field of panel-data econometrics, which are able to deal with endogeneity problems and with structural reverse causality. The preferred estimator that is based on firm fixed effects insinuates that the voting rights of ultimate shareholders affect Tobin’s q unambiguously negatively, whereas the squared voting rights affect it unambiguously positively. This implies a U-curved relationship between Tobin’s q and voting rights concentration with a turning point at 45%. More than 75% of the companies fall in the upward sloping part of the curve. While positive incentive effects are at work in Pakistan, financial market development is retarded by the reluctance of minority shareholders facing dominant shareholders to hold small stakes in listed companies. Consistently, institutional shareholders do not yet provide a positive monitoring role in Pakistan.

Predicting Equity Returns Using Tobin's q and Price-Earnings Ratios

CFA Digest ◽  
2004 ◽  
Vol 34 (2) ◽  
pp. 48-49
Author(s):  
Edgar J. Sullivan
Keyword(s):  
Equity Returns ◽  
Tobin’S Q ◽  
Tobin's Q

Pengukuran Kinerja Perusahaan Menggunakan Pendekatan Objektif dan Subjektif

2020 ◽  
Author(s):  
Raymond Lim
Keyword(s):  
Firm Value ◽  
Likert Scale ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Value Growth

Mengukur kinerja perusahaan berdasarkan pendekatan objektif dan subjektif. Pengukuran secara objektif dilakukan dengan menggunakan ROA, Tobin's Q, TFP, dan firm value growth. Di sisi lain, pengukuran subjektif dilakukan dengan mengunakan likert scale.

Pengaruh Corporate Social Responsibility Terhadap Nilai Dan Kinerja Perusahaan Manufaktur

2011 ◽  
Vol 3 (1) ◽  
pp. 1-13
Author(s):  
Agustin Ekadjaja ◽  
Vony Vony
Keyword(s):  
Corporate Social Responsibility ◽  
Linear Regression ◽  
Confidence Level ◽  
Stock Exchange ◽  
Tobin’S Q ◽  
Manufacturing Companies ◽  
Simple Linear Regression ◽  
Tobin's Q ◽  
And Performance ◽  
Corporate Social

This study aims to determine the effect of CSR Index to the value and performance of manufacturing companies listed on the Indonesia Stock Exchange (BEI), and to find out how much the ability of the variable CSR Index in explaining the variable Tobin’s Q, ROA, and ROE manufacturing companies listed on Indonesia Stock Exchange (BEI). This study uses data sampled during the 75 years from 2007 to 2009. A statistical method used to test the research hypothesis is a simple linear regression model. Therefore, before performing hypothesis testing carried out tests of classical assumptions. The results of this study prove that, CSR Index has a significant effect on Tobin’s Q and ROE with 95% confidence level. However, CSR Index has no significant influence on ROA with 95% confidence level. Key words : CSR Index, Variabel Tobin’s Q, ROA, ROE

Tobin's $q$ Ratio and Industrial Organization

1981 ◽  
Vol 54 (1) ◽  
pp. 1 ◽  
Author(s):  
Eric B. Lindenberg ◽  
Stephen A. Ross
Keyword(s):  
Industrial Organization ◽  
Tobin’S Q ◽  
Tobin's Q

Mobility Barriers and Tobin's $q$

1987 ◽  
Vol 60 (4) ◽  
pp. 519 ◽  
Author(s):  
Steven Lustgarten ◽  
Stavros Thomadakis
Keyword(s):  
Tobin’S Q ◽  
Tobin's Q ◽  
Mobility Barriers

scholarly journals A random effects population dynamics model based on proportions-at-age and removal data for estimating total mortality

2012 ◽  
Vol 69 (11) ◽  
pp. 1881-1893 ◽  
Author(s):  
Verena M. Trenkel ◽  
Mark V. Bravington ◽  
Pascal Lorance
Keyword(s):  
Population Dynamics ◽  
Random Effects ◽  
Fixed Effects ◽  
Random Effect ◽  
Total Mortality ◽  
Estimation Bias ◽  
Effective Sample Size ◽  
Dynamics Model ◽  
Population Dynamics Model ◽  
Study Parameter

Catch curves are widely used to estimate total mortality for exploited marine populations. The usual population dynamics model assumes constant recruitment across years and constant total mortality. We extend this to include annual recruitment and annual total mortality. Recruitment is treated as an uncorrelated random effect, while total mortality is modelled by a random walk. Data requirements are minimal as only proportions-at-age and total catches are needed. We obtain the effective sample size for aggregated proportion-at-age data based on fitting Dirichlet-multinomial distributions to the raw sampling data. Parameter estimation is carried out by approximate likelihood. We use simulations to study parameter estimability and estimation bias of four model versions, including models treating mortality as fixed effects and misspecified models. All model versions were, in general, estimable, though for certain parameter values or replicate runs they were not. Relative estimation bias of final year total mortalities and depletion rates were lower for the proposed random effects model compared with the fixed effects version for total mortality. The model is demonstrated for the case of blue ling (Molva dypterygia) to the west of the British Isles for the period 1988 to 2011.

Sign in / Sign up

Export Citation Format

Share Document