scholarly journals When All Products Are Digital: Complexity and Intangible Value in the Ecosystem of Digitizing Firms

MIS Quarterly ◽  
2021 ◽  
Vol 45 (3) ◽  
pp. 1025-1058
Author(s):  
Pouya Rahmati ◽  
◽  
Ali Tafti ◽  
J. Christopher Westland ◽  
Cesar Hidalgo ◽  
...  
Keyword(s):  
Control Systems ◽  
Digital Technologies ◽  
Market Value ◽  
Positive Influence ◽  
Panel Regression ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Regression Methods ◽  
To Come ◽  
Do So

During the last four decades, digital technologies have disrupted many industries. Car control systems have gone from mechanical to digital. Telephones have changed from sound boxes to portable computers. But have the firms that digitized their products and services become more valuable than firms that didn’t? Here we introduce the construct of digital proximity, which considers the interdependent activities of firms linked in an economic network. We then explore how the digitization of products and services affects a company’s Tobin’s q—the ratio of market value over assets—a measure of the intangible value of a firm. Our panel regression methods and robustness tests suggest the positive influence of a firm’s digital proximity on its Tobin’s q. This implies that firms able to come closer to the digital sector have increased their intangible value compared to those that have failed to do so. These findings contribute a new way of measuring digitization and its impact on firm performance that is complementary to traditional measures of information technology (IT) intensity.

scholarly journals TRADEMARK ACTIVITY AND THE MARKET PERFORMANCE OF U.S. COMMERCIAL BANKS

2012 ◽  
Vol 13 (5) ◽  
pp. 931-950 ◽  
Author(s):  
Carlos González-Pedraz ◽  
Sergio Mayordomo
Keyword(s):  
Commercial Banks ◽  
Negative Impact ◽  
Abnormal Returns ◽  
Market Value ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Cumulative Abnormal Returns ◽  
And Performance ◽  
Positive Effect

This empirical paper analyzes the effect of trademark activity on the market value and performance of US commercial banks from two perspectives. First, a longterm perspective considers the effect of such activity on banks’ Tobin's q. Second, with a short-term perspective, the authors analyze the effect of trademark activity on banks’ abnormal returns. An older portfolio of trademarks diminishes the ratio of market value to firm assets, but this ratio can be improved in the long term by abandoning old trade-marks. Portfolios of trademarks with wide diversification do not help increase Tobin's q. Furthermore, according to an event study, the creation of a trademark has a positive effect on cumulative abnormal returns compared with no event, whereas a cancellation event has a negative impact.

Alternative Metrics for Assessing Knowledge Assets

2013 ◽  
Vol 12 (04) ◽  
pp. 1350031 ◽  
Author(s):  
G. Scott Erickson ◽  
Helen N. Rothberg
Keyword(s):  
Tobin’S Q ◽  
Relative Level ◽  
Tobin's Q ◽  
Knowledge Assets ◽  
Strategic Approach ◽  
Top Performers ◽  
Relative Standing ◽  
Number Of Firms ◽  
Do So ◽  
Alternative Metrics

This paper analyzes two different approaches to assessing the knowledge assets of multiple firms in a given industry. Typically, in evaluating knowledge management (KM) results by measuring intellectual capital (IC), studies in the field have looked specifically at individual firms or a small cluster of organisations. Measuring a large number of firms has proven more of a challenge even though the discipline has some established metrics to do so, principally those using some variation of Tobin's q. In moving such methodologies forward, we look at two variations on Tobin's q for assessing KM requirements in an industry and the relative level of KM success in member firms. We contrast different industries with apparently different KM circumstances, allowing some deeper insights into the strengths and weaknesses of our two metrics. These results will be of interest to those studying KM and IC as they provide guidance in evaluating performance (as well as the need to invest in order to keep up with industry top performers). For the same reason, the results and methodology will inform practitioners taking a strategic approach to knowledge investment, giving them a way to assess relative standing within and across industries. KM strategies can and should differ, and these metrics provide guidance for such decisions.

scholarly journals Does ESG Disclosure Create Value to Firms? The Malaysian Case

2018 ◽  
pp. 515-521
Keyword(s):  
Social Norms ◽  
Regression Models ◽  
Financial Data ◽  
Panel Regression ◽  
Tobin’S Q ◽  
Publicly Traded ◽  
Tobin's Q ◽  
Publicly Traded Firms ◽  
Governance Disclosure ◽  
Panel Regression Models

We examine whether ESG (Environmental, Social and Governance) disclosure creates value to Malaysian firms. Based on the dataset of 37 Malaysian publicly traded firms, our results obtained from various panel regression models show that the overall ESG disclosure score and its environmental and governance pillars are positively associated with Tobin’s Q. This implies that Malaysian firms which act in accordance to social norms will be rewarded by the market. The outcomes of this research highlight the importance of non-financial data disclosure in Malaysian market.

scholarly journals Perngaruh Kinerja Keuangan Dan Intellectual Capital Terhadap Nilai Perusahaan Yang Terdaftar di BEI

2021 ◽  
Vol 3 (1) ◽  
pp. 89
Author(s):  
Nadya Variaty ◽  
Khairina Natsir
Keyword(s):  
Intellectual Capital ◽  
Firm Value ◽  
Quantitative Data ◽  
Stock Exchange ◽  
Sampling Techniques ◽  
Panel Regression ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Purposive Sampling ◽  
Food And Beverages

The purpose of this study was to determine the effect of profitability, leverage, and intellectual capital on the value of the firm of the consumers goods sectors listed in indonesian stock exchange in the periode of 2014-2018. The proxy used to measure firm value is Tobin’s Q method, profitability is measured by ROA ratio, leverage is measured by DER ratio, and intellectual capital measured by VAHU ratio. The research method used causal research using quantitative data and purposive sampling techniques. The research sampel consisted of 11 companies with 55 observational data. Data analysis was performed using a panel regression model using E-Views 9.0 software. The results showed profitability, leverage, and intellectual capital significantly influence the value on the value of the firm in food and beverages companies in Indonesia stock exchange.Tujuan dari penelitian ini adalah untuk mengetahui pengaruh profitabilitas, leverage, dan intellectual capital terhadap nilai perusahaan pada perusahaan F&B yang terdaftar di Bursa Efek Indonesia pada periode 2014-2018. Proksi yang digunakan untuk mengukur Nilai perusahaan adalah metode Tobin’s Q, profitabilitas diukur dengan ROA, leverage diukur dengan DER, intellectual capital diukur dengan VAHU. Penelitian ini merupakan penelitian kausal dengan data kuantitatif dan metode purposive sampling. Sampel penelitian adalah 11 perusahaan dengan 55 data observasi selama periode 2014- 2018. Data dianalisis dengan model regresi data panel menggunakan perangkat lunak EViews 9.0. Hasil penelitian ini menunjukan profitabilitas, leverage, dan intellectual capital secara parsial memiliki pengaruh yang signifikan terhadap nilai perusahaan pada perusahaan food and beverages yang terdaftar di Bursa Efek Indonesia periode 2014- 2018.

scholarly journals Analisis Pengaruh Penerapan Good Corporate Governance terhadap Kinerja Perusahaan

2012 ◽  
Vol 3 (1) ◽  
pp. 141
Author(s):  
Rio Novianto Rossi ◽  
Rosinta Ria Panggabean
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Positive Influence ◽  
Operational Performance ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Return On Equity ◽  
Good Corporate Governance ◽  
The Relationship ◽  
Ranking Index

This study describes the relationship between corporate governance with corporate performance and learns about the development and implementation of GCG in Indonesia. This study uses regression analysis to determine whether corporate governance has a positive influence. Sampling of Corporate Governance Perception Index (CGPI) for 2006 to 2009 from The Indonesian Institute for Corporate Governance (IICG) was used to measure the influence of corporate governance with Tobin’s Q on the performance of the enterprise market and Return On Equity (ROE) was used to measure the operational performance of the company. This study used a sample of 40 companies surveyed by IICG from 2006 to 2009 and included in the top 10 corporate governance ranking index released by IICG and the companies’ financial reporting are also listed on the BEI (Bursa Efek Indonesia) as well. The sampling method is purposive sampling. The result of this study indicate that there is no significant relationship between corporate governance with Tobin’s Q (market performance) but there is a significant positive relationship between corporate governance with ROE (operational performance).

scholarly journals THE INFLUENCE OF DIVIDEND POLICY, DEBT POLICY, INDEPENDENT COMMISSIONER, AND INSTITUTIONAL OWNERSHIP ON THE FIRM VALUE WITH GROWTH OPPORTUNITIES AS MODERATOR VARIABLES (Study on Non-Financial Companies Listed on IDX in the Period of Years of 2012-2015)

2018 ◽  
Vol 26 (2) ◽  
pp. 146 ◽  
Author(s):  
Lia Setiyawati ◽  
Sugeng Wahyudi ◽  
Wisnu Mawardi
Keyword(s):  
Firm Value ◽  
Stock Exchange ◽  
Control Variable ◽  
Market Value ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Good Growth ◽  
Tobin’S Q ◽  
Manufacturing Companies ◽  
Tobin's Q

Tobin's q is the ratio of market value of equity plus the market value of debt to total assets. This ratio measures the value provided by financial markets for any management and organization as a growing company. Tobin's q also shows how far a company is able to create its value relative to the amount of capital invested. The greater the value of Tobin's q indicates that the company has good growth prospect. This study aimed at examining the influence of Dividend Payout Ratio (DER), Independent Commissioner (KI) and Institutional Ownership (INST) on Tobin's q with Size and Return on Investment (ROI) as control variable and Market to Book Value (MBV) as a moderating variable.The population in this study is all manufacturing companies listed on Indonesia Stock Exchange in the period of 2012-2015. The sampling technique used purposive sampling and obtained 28 companies becoming the research sample. The analysis technique used in this research was multiple regression analysis using SPSS where the data, previously, had been tested using classical assumption tests like normality, multicollinearity, and autocorrelation tests.

scholarly journals PENGARUH CORPORATE GOVERNANCE, LIKUIDITAS DAN KINERJA KEUANGAN TERHADAP NILAI PASAR PERUSAHAAN (Studi Empiris Emiten Yang Mendapat GCG award IICD Tahun 2010-2012)

2018 ◽  
Vol 11 (1) ◽  
pp. 091 ◽  
Author(s):  
Faisal Riza
Keyword(s):  
Corporate Governance ◽  
Secondary Data ◽  
Market Value ◽  
Total Sample ◽  
Listed Companies ◽  
Linear Regression Method ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Return On Equity ◽  
Financial Ratio

This research aims to determine the influence of corporate governance, liquidity and financial performance of the company's market value. The population in this research are listed companies Indonesian stock exchanges that getting GCG award from IICD about 2010 to 2012. Total sample of 50 listed companies with the observations made during the three years, which is from 2010 to 2012 the data sample of 133. The data used are secondary data, which derived of the book Indonesian Capital Market Directory (ICMD) until 2012 for financial ratio analysis and active listed companies listed in IDX that is determined through purposive sampling. Data analysis was performed with the classical assumption and hypothesis testing with multiple linear regression method. The results of this research indicated that the corporate governance index (CGI), current ratio (CR), debt to equity ratio (DER) and return on investment (ROI) have no significant impact on the market value (Tobin's Q) listed companies and otherwise return on equity (ROE ) significantly affects the market value (Tobin's Q).

scholarly journals PENGARUH CORPORATE SOCIAL RESPONSIBILITY TERHADAP KINERJA KEUANGAN

2018 ◽  
Vol 7 (1) ◽  
pp. 39-47
Author(s):  
Riswan Ludfi ◽  
Iqbal Firdaus
Keyword(s):  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Positive Influence ◽  
Tobin’S Q ◽  
Return On Assets ◽  
Tobin's Q ◽  
Financial Reports ◽  
Dependent Variables ◽  
Independent Variable ◽  
Corporate Social

The aims of this research were to know : (1) The influence of CSR variables (employee, environment, community) as independent varables either partially or simultaneously towards Return on Assets (2) The influence of CSR variables(employee, environment, community) as independent varables either partially or simultaneously towards Tobin’s Q. The method of this research is multiple linear regression analysis. The research sample were taken from Corporate’s data on IDX through annual report and financial information from financial reports for manufacturers, developers, and miners (just typically pure trading corporates were not included) in the period 2010 to 2012 with the purposive sampling method. There were 95 of the companies that met the criteria and were accumulated for three years, so total of samples became 285 samples. The result of research showed that all  of CSR variables gave positive significant influence simultaneously towards the dependent variables of ROA and Tobin’s Q. Partially, the variables of employees and community were positively significant influencing the dependent variable of ROA, and only employees as the independent variable had positive influence towards Tobin’s Q

scholarly journals PENGARUH PROFITABILITAS TERHADAP NILAI PERUSAHAAN PERHOTELAN DAN PARIWISATA DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING

2020 ◽  
Vol 14 (1) ◽  
pp. 46-57
Author(s):  
Robiyanto Robiyanto ◽  
Ilma Nafiah ◽  
Harijono Harijono ◽  
Komala Inggarwati
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Panel Regression ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Insignificant Effect ◽  
Company Value ◽  
Research Show ◽  
The Capital Structure

This study aims to examine the effect of profitability on firm value with capital structure as an intervening variable. The population of this study is hotel, restaurant and tourism firms listed on the Indonesia Stock Exchange (IDX), during 2012-2016, with 75 samples selected by using purposive sampling. Analysis of this study using panel regression analysis. This study of the research show that (1) profitability as measured by ROA and ROE has a negative and significant effect on firm value as measured by PBV and profitability as measured by ROA and ROE has a negative and insignificant effect on firm value as measured by Tobin's Q, (2) profitability has a negative and significant effect on the capital structure, (3) the capital structure as measured by DER has a positive and significant effect on firm value as measured by PVB and the capital structure as measured by DER has a positive and insignificant effect on company value as measured by Tobin's Q and (4) capital structure as an intervening variable negatively influences the effect of profitability on firm value.

ESG impact on performance of US S&P 500-listed firms

2020 ◽  
Vol 20 (7) ◽  
pp. 1409-1428 ◽  
Author(s):  
Bahaaeddin Ahmed Alareeni ◽  
Allam Hamdan
Keyword(s):  
Design Methodology ◽  
Panel Regression ◽  
Tobin’S Q ◽  
Corporate Disclosure ◽  
Tobin's Q ◽  
Content Type ◽  
Listed Firms ◽  
Csr Disclosure ◽  
Corporate Social

Purpose This paper aims to investigate whether there are relationships among corporate disclosure of environmental, social and governance (ESG) and firms’ operational (ROA), financial (ROE) and market performance (Tobin’s Q), and if these relationships are positives or negatives or even neutral. Design/methodology/approach The study sample covers US S&P 500-listed companies during the period 2009 to 2018. Panel regression analysis was used to examine the study hypotheses and achieve the study aims. Findings The results showed that ESG disclosure positively affects a firms’ performance measures. However, measuring ESG sub-components separately showed that environmental (EVN) and corporate social responsibility (CSR) disclosure is negatively associated with ROA and ROE. EVN and CSR disclosure is positively related to Tobin’s Q. Further, corporate governance (CG) disclosure is positively related to ROA and Tobin’s Q, and negatively related to ROE. More importantly, ESG, CSR, EVN and CG tend to be higher with firms that have high assets and high financial leverage. Furthermore, the higher level of ESG, EVN, CSR and CG disclosure, the higher the ROA and ROE. Originality/value The study limns a vision of the role of ESG on firm performance. This study tries to determine whether there are relationships among all ESG disclosure and FP, and if they are positive, negative or even neutral.

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