scholarly journals The Valuation Effects of Capital Structure and Earnings Quality on Firms in the Hotel Industry

2020 ◽  
Author(s):  
Ying Chen
Keyword(s):  
Capital Structure ◽  
Earnings Quality ◽  
Hotel Industry ◽  
Valuation Effects

The valuation effects of hotel mergers

2021 ◽  
pp. 135481662110504
Author(s):  
Seongsu David Kim
Keyword(s):  
Panel Data Analysis ◽  
Hotel Industry ◽  
Abnormal Returns ◽  
Lodging Industry ◽  
Causal Inferences ◽  
Valuation Effects ◽  
Cumulative Abnormal Returns ◽  
Announcement Date ◽  
Total Debt ◽  
Jel Classifications

This study aims to evaluate the merger effect of hotel mergers between 1981 and 2019 and assess which theoretical framework mergers in the lodging industry would conform. Previously, no work has been done about the nature of hotel mergers using the combined return, while this lack of thoroughness in assessing the motivation of those mergers has triggered different interpretations. The design of this study follows the traditional framework of an event study by assessing various types of cumulative abnormal returns around the announcement date. The key finding of this study suggests that the nature of hotel mergers strongly supports the synergy hypothesis. In order to explore the causal inferences of this result by bidder and target, an additional analysis was conducted by regressing the cumulative abnormal returns on accounting measures as well as merger- and hotel industry–specific variables. This panel data analysis showed that in a merger where both the bidder and target are affected, the amount of total debt, being engaged in the casino business, and whether the merger was involving a stock swap sent out positive signals to the market, whereby longer duration and higher deal value lifted the undervalued target. JEL Classifications: G34 (Mergers; Restructuring; Corporate Governance)

scholarly journals STRUKTUR MODAL, GOOD CORPORATE GOVERNANCE DAN KUALITAS LABA

2016 ◽  
Vol 2 (2) ◽  
pp. 184-198
Author(s):  
Nadirsyah Nadirsyah ◽  
Fadlan Nur Muharram
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Stock Exchange ◽  
Earnings Quality ◽  
Institutional Ownership ◽  
Capital Adequacy ◽  
Audit Committees ◽  
Managerial Ownership ◽  
Good Corporate Governance ◽  
Capital Adequacy Ratio

AbstractThe objective of the study was to examine the effect of capital structure and good corporate governance (GCG) on the earnings quality. The GCG variable are proxied by audit committees, independent commissioners, managerial ownership, and institutional ownership. The earnings quality measured by using Capital Adequacy Ratio (CAR) indicator with Earning Response Coeficient (ERC). The data was collected from the financial statements of the manufacture companies that listed at Indonesia Stock Exchange in the period between 2009 and 2013. By using purposive sampling and balanced panel data, there are 22 companies were selected as the sample. Multiple linier regression model is used to test the hypothesis The results of this study are capital structure, independent commissioners, audit committees, managerial ownership, and institutional ownership affected on the earnings quality simultaneously. Capital structure partially affected on the earnings quality. The audit committees, independent commissioners, managerial ownership, and institutional ownership affected on the earnings quality partially have an effect on the earnings quality. Keywords: capital structure, good corporate governance, earnings quality, ERC

scholarly journals Pengaruh Struktur Modal, Likuiditas, Profitabilitas dan Umur Perusahaan terhadap Kualitas Laba:

2022 ◽  
Vol 4 (3) ◽  
pp. 663-682
Author(s):  
Khoirunnisa Nur Hasanah ◽  
Teguh Erawati
Keyword(s):  
Capital Structure ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Earnings Quality ◽  
Secondary Data ◽  
Financial Statements ◽  
Financial Statement ◽  
Firm Age ◽  
Information Need

This study aims to prove the effect of capital structure, liquidity, profitability and firm age on earnings quality. The type of research used is quantitative research and secondary data. The sample of this research is mining companies listed on the Indonesia Stock Exchange (IDX) in 2017-2020 using purposive sampling. This study shows that capital structure has no significant effect on earnings quality, liquidity has no significant effect on earnings quality, profitability has no significant effect on earnings quality and firm age has no significant effect on earnings quality. The implications of this research are related to earnings quality. Investors and other users of financial statement information, need to consider the liquidity factor because this factor has a significant impact on the quality of earnings in the company. This shows that users of financial statements, especially investors, need to consider the liquidity factor when making investment decisions in affiliated companies. Keywords: Capital Structure, Liquidity, Profitability, Company Age, Earnings Quality

scholarly journals AUDIT COMMITTEE, CAPITAL STRUCTURE AND LIQUIDITY: INTERACTION AND IMPACT ON EARNINGS QUALITY

2021 ◽  
Vol 8 (1) ◽  
pp. 137
Author(s):  
Agoestina Mappadang
Keyword(s):  
Data Analysis ◽  
Capital Structure ◽  
Audit Committee ◽  
Sampling Method ◽  
Stock Exchange ◽  
Earnings Quality ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Research Population

<p>The purpose of this research is to determine the effect of capital structure and liquidity on earnings quality with the audit committee as a moderating variable. <br />The research population was manufacturing companies listed on the Indonesia Stock Exchange (BEI) for the period 2017-2019 totaling of 144 companies. The sampling method used was purposive sampling and obtained 40 companies as a sample. The data analysis used was mulpiple regression and run under SPSS rogram. <br />The result shows that capital structure, liquidity, and committee audit silmutaneusly affect earnings quality. Partially, capital structure has negative significance effect on earnings quality, and liquidity has no significant effect on earnings quality. Meanwhile committee audit able to strengthen the effect of capital structure on earnings quality, and committee audit do not able to strengthen the effect of liquidity on earnings quality.</p>

scholarly journals Faktor-faktor yang mempengaruhi kualitas laba pada perusahaan manufaktur

2018 ◽  
Vol 19 (1) ◽  
pp. 47-55 ◽  
Author(s):  
NATASHA SOLY ◽  
NOVIA WIJAYA
Keyword(s):  
Capital Structure ◽  
Board Of Directors ◽  
Firm Size ◽  
Stock Exchange ◽  
Listed Company ◽  
Earnings Quality ◽  
Managerial Ownership ◽  
Board Size ◽  
Dividend Payment

The purpose of the study is to get empirical evidence about factors that affect earnings quality of manufacturing listed company. Eight selected variables are board of directors, board size, managerial ownership, firm size, capital structure, liquidity, dividend payment, and profitability. Multiple regression method was applied on samples of 35 manufacturing listed companies that have been listed in Indonesia Stock Exchange (BEI) from period 2012 until 2015. Samples were selected based on purposive sampling method. The results showed that dividend payment and profitability had influence on earnings quality. Meanwhile, board of directors, board size, managerial ownership, firm size, capital structure, and liquidity had no effect on earnings quality.  

scholarly journals ANALYSIS OF PROFIT GROWTH, PROFITABILITY, CAPITAL STRUCTURE, LIQUIDITY AND COMPANY SIZE OF PROFIT QUALITY

2020 ◽  
Vol 3 (1) ◽  
pp. 12
Author(s):  
Mohamad Zulman Hakim ◽  
Yuyun Naelufar
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Earnings Quality ◽  
Secondary Data ◽  
Sampling Technique ◽  
Company Size ◽  
Time Period ◽  
Panel Data Regression ◽  
Data Regression ◽  
Independent Variable

The purpose of this study is to examine the effect of earnings growth, profitability, capital structure, liquidity and company size on earnings quality in companies of Basic and Chemical Industries Listed on the Indonesia Stock Exchange (IDX). The time period of the study is 5 years, namely the 2014-2018 period.The population in this study includes all basic and chemical industry companies listed on the Indonesia Stock Exchange. The sampling technique uses purposive sampling technique. The type of data used is secondary data obtained from the Indonesia Stock Exchange website. The analytical method used is panel data regression analysis.The results of the study simultaneously showed that the independent variable affected earnings quality. While partially, company size, profitability, liquidity and company size variables have no effect on earnings quality, but capital structure variables that are proxy by leverage have a positive effect on earnings quality.

scholarly journals Determinants of Financing Decisions of SMEs: Evidence from Hotel Industry

2021 ◽  
Vol 16 (3) ◽  
pp. 117
Author(s):  
Andreas Mueller ◽  
Luca Sensini
Keyword(s):  
Capital Structure ◽  
Fixed Effects ◽  
Hotel Industry ◽  
Fixed Effects Model ◽  
Short Term ◽  
Pecking Order ◽  
Fem Model ◽  
Financing Decisions ◽  
Reference Framework

This paper intends to analyze the determinants of hotel SMEs&#39; capital structure, using the theoretical reference framework and the main indicators suggested by the Trade-off and the Pecking Order theories. The financial information was collected from the AIDA database and concerned a sample of 145 Italian hotel SMEs. To evaluate the capital structure, we used a set of dependent (Total Debt, Long Term Debt and Short-Term Debt) and independent (Profitability, Assets Tangibility, Growth, Size and Age) variables consolidated in the literature. After testing the least-squares model (POLS) and the fixed effects model (FEM), we chose to use the FEM model for our analysis, as it had a greater explanatory capacity. The results showed that the variables considered have a different weight in explaining hotel companies&#39; capital structure. In particular, profitability, assets tangibility and size were the most significant variables, while the growth and age showed less relevance.

Determinants of Capital Structure in Polish Hotel Companies

2016 ◽  
Vol 38 (0) ◽  
pp. 113-126
Author(s):  
Grzegorz Gołembski ◽  
Marta Bera
Keyword(s):  
Capital Structure ◽  
World Literature ◽  
Linear Regression Analysis ◽  
Hotel Industry ◽  
Equity Capital ◽  
Independent Variables ◽  
Total Capital ◽  
Equity Ratio ◽  
Hotel Sector ◽  
The Capital Structure

Purpose. The identification of factors which have decisive impact on capital structure in the Polish hotel sector. Our aim is to answer the question of whetherthe choice of decision making variables influenced by the location of facilities. Method. We used multiple linear regression analysis to investigate capital structure determinants in hotels. The variables for our model were selected with the use of the forward selection method. In this method, the independent (explanatory) variables are chosen from a group of candidates (starting with the highest R2 variable) and added to the model successively in such a way as to obtain the highest R2 determination coefficient at each step of the selection, and stop the selection process when none of the remaining candidate variables are significant when added to the model. Each constructed econometric model was tested at a significance level of α=0.05 by performing the t-Student and F Fisher-Snedecor tests. The sample selected for our study contains 35 Polish hotels (17 located in large cities and 18 in tourist regions). Findings. The following relations between dependent and independent variables were revealed: the debt ratio (debt versus total capital) of hotels located in tourist regions depends on firm size, and particularly on the ratio of fixed tangible assets to total assets. The equity ratio (equity versus total capital) of hotels located in tourist regions is determined by the return on assets (ROA). The question of how quickly the benefits from the investment project will return the initial capital invested has a fundamental bearing on planning further investments. None of the independent variables have a significant effect on the level of debt capital in hotels located in cities. On the other hand, similarly to hotels located in tourist region, the equity ratio in the capital structure of city hotels depends on ROA, and likewise, the information about the payback period of the capital invested in projects is important. Research and conclusion limitations. Given that models constructed in the course of the study are characterized by a weak correlation to the existing situation, the analysis does not permit more detailed conclusions. Further studies on hotel capital structures and their determinants are needed to explore circumstances other than the location of facilities alone, such as the degree of hotel centralization or the size of hotel chains. Practical implications. The capital structure constructed as a division into equity capital and long-term liabilities dictates the weighted average cost of capital. The target capital structure should set the relation between risk and the rate of return at a level allowing the maximization of company value. Despite this fast growth of the hotel sector in Poland, there are no studies on factors influencing capital structures in hotel companies. This means that we have little knowledge about the variables considered by managers who make decisions regarding the choice of funding sources to build up assets. Originality. There have been no records of studies of those determinants with respect to the hotel industry. World literature contains infrequent examples of such research, however, the reported studies investigating different explaining variables and attempting to construct a statistically significant model have not been successful. Type of paper. The article presents the results of empirical research against the background of world studies on capital structure determinants in the hotel industry.

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