Penyebaran Kepemilikan, Likuiditas, dan Nilai Perusahaan: Bukti Dari Indonesia

Penelitian ini bertujuan untuk menyelidiki hubungan antara penyebaran kepemilikan, likuiditas, dan nilai perusahaan menggunakan sampel dari 225 Perusahaan pada kondisi pasar di Bursa Efek Indonesia (“BEI”) sejak 2014 hingga 2019. Penelitian ini menguji penyebaran kepemilikan yang diukur dengan free float, likuiditas sebagai diukur dengan Amihud Illiquidity, nilai perusahaan yang diukur dengan Tobin's Q, dan total aset, rasio laba operasi terhadap harga, rasio leverage keuangan, laba operasi terhadap aset, relative bid-ask spread, turnover, depth, tingkat pengembalian saham, dan tingkat pengembalian aset sebagai variabel kontrol. Penelitian ini menggunakan data panel, yang merupakan kombinasi data cross-section dan time-series dari datastream Thomson Reuters. Penelitian ini menunjukkan bahwa free float berhubungan negatif dengan likuiditas saham dan nilai perusahaan sedangkan likuiditas saham berhubungan positif dengan nilai perusahaan. Temuan kami tidak hanya konsisten dengan beberapa penelitian sebelumnya dalam kaitannya dengan penyebaran kepemilikan yang memiliki hubungan negatif antara Tobin's Q dan penyebaran kepemilikan yang berdampak negatif terhadap likuiditas saham, tetapi juga dapat berfungsi sebagai pengingat bagi investor bahwa saham yang likuid mungkin tidak memberikan pengembalian yang positif

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ESG and Financial Performance

Advances in Business Strategy and Competitive Advantage - Handbook of Research on Managerial Thinking in Global Business Economics ◽

10.4018/978-1-5225-7180-3.ch029 ◽

2019 ◽

pp. 520-536 ◽

Cited By ~ 1

Author(s):

Aslı Aybars ◽

Levent Ataünal ◽

Ali Osman Gürbüz

Keyword(s):

Least Squares ◽

Positive Impact ◽

Empirical Relationship ◽

Simultaneous Equation ◽

Growth Potential ◽

Tobin’S Q ◽

Tobin's Q ◽

Social Governance ◽

Thomson Reuters ◽

And Performance

Non-financial information such as environmental, social, governance (ESG) issues is becoming as much important as financial data. This study investigated the empirical relationship between Thomson Reuters Environmental Social Governance (ESG) Combined Score and performance of S&P 500 firms with eleven years of data from between 2006 and 2016. The study confirmed unidirectional positive and significant relation between ESG Combined Score and ROA, suggesting that improvements in ESG score have positive impact on operating performance of the firm. Although simultaneous equation estimations by means of instrumental variables (IV) employing two-stage least squares (2SLS) and three-stage least squares (3SLS) confirmed the significant positive relation between ESG Combined Score and operational profitability (ROA); contrarily, Tobin's Q seemed to affect ESG score rather than the ESG score inducing Tobin's Q. Higher Tobin's Q seems to lead to a lower ESG score. In other words, firms with higher growth potential as denoted by a higher Tobin's Q, are found to be less sensitive to ESG issues.

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Why Does Equity Capital Flow out of High Tobin’s $\boldsymbol{q}$ Industries?

Review of Financial Studies ◽

10.1093/rfs/hhaa086 ◽

2020 ◽

Author(s):

Dong Wook Lee ◽

Hyun-Han Shin ◽

René M Stulz

Keyword(s):

Cross Section ◽

Capital Markets ◽

Capital Flows ◽

Equity Capital ◽

Capital Expenditures ◽

Stock Repurchases ◽

Tobin’S Q ◽

Tobin's Q ◽

High Q ◽

Investment Opportunities

Abstract High Tobin’s $q$ industries receive more funding from capital markets than low Tobin’s $q$ industries from 1971 to 1996. Since then, the opposite is true. The key to understanding this shift is that large firms, for which $q$ is more a proxy for rents than investment opportunities, have become more important within industries. For these firms, repurchases but not capital expenditures increase in the cross-section with $q$, so that $q$ explains the variation of repurchases more than of capital expenditures. Consequently, equity capital flows out of high $q$ industries because for these industries stock repurchases are high and issuances are low.

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Does ESG performance have an impact on financial performance? Evidence from Germany

Journal of Global Responsibility ◽

10.1108/jgr-11-2016-0029 ◽

2017 ◽

Vol 8 (2) ◽

pp. 169-178 ◽

Cited By ~ 31

Author(s):

Patrick Velte

Keyword(s):

Financial Performance ◽

Positive Impact ◽

Stakeholder Management ◽

Social Performance ◽

Sample Selection ◽

Tobin’S Q ◽

Tobin's Q ◽

Content Type ◽

Thomson Reuters ◽

Corporate Social

Purpose The purpose of this paper is to concentrate on environmental, social and governance performance (ESGP) in total and divided in each component and evaluate their impact on financial performance (FINP). Design/methodology/approach The study covers a sample selection of companies listed on the German Prime Standard (DAX30, TecDAX, MDAX) for the business years 2010-2014 (412 firm-year observations). A correlation and regression analysis was carried out to evaluate possible links between ESGP as determined by the Asset4 database of Thomson Reuters and accounting and market-based measures of FINP (Return on Assets [ROA] and Tobin’s Q). Findings ESGP has a positive impact on ROA but no impact on Tobin’s Q. Furthermore, by analyzing the three different components of ESGP, governance performance has the strongest impact on FINP in comparison to environmental and social performance. Originality/value The analysis makes a key contribution to the empirical corporate social responsibility (CSR) research as the author breaks down ESGP into their three components and include both accounting-based and market-based FINP measures for the German setting for the first time. Not only companies but also regulators and researchers are affected by the notion that CSR and FINP are close together and should be lead to a successful stakeholder management.

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Ownership Structure and Firm Value in China's Privatized Firms: 1991–2001

Journal of Financial and Quantitative Analysis ◽

10.1017/s0022109000001757 ◽

2005 ◽

Vol 40 (1) ◽

pp. 87-108 ◽

Cited By ~ 311

Author(s):

Zuobao Wei ◽

Feixue Xie ◽

Shaorong Zhang

Keyword(s):

Time Series ◽

Ownership Structure ◽

Firm Value ◽

Foreign Ownership ◽

Tobin’S Q ◽

Tobin's Q ◽

Privatized Firms

AbstractThis paper investigates the relation between ownership structure and firm value across a sample of 5,284 firm years of China's partially privatized former state–owned enterprises (SOE) from 1991–2001. We find that state and institutional shares are significantly negatively related to Tobin's Q, and that significant convex relations exist between Q and state shares, as well as between Q and institutional shares. We also find that foreign ownership is significantly positively related to Tobin's Q. We test for potential endogeneity of ownership, and find that Q and state/foreign ownership are not jointly determined. We also test for time-series, industry, and geo-economic location effects, and find our results to be robust.

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Influence of ESGC Indicators on Financial Performance of Listed Pharmaceutical Companies

International Journal of Environmental Research and Public Health ◽

10.3390/ijerph18094556 ◽

2021 ◽

Vol 18 (9) ◽

pp. 4556

Author(s):

Alberto A. López-Toro ◽

Eva María Sánchez-Teba ◽

María Dolores Benítez-Márquez ◽

Mercedes Rodríguez-Fernández

Keyword(s):

Financial Performance ◽

Structural Equation ◽

Positive Relationship ◽

Equation Modeling ◽

Pharmaceutical Companies ◽

Tobin’S Q ◽

Tobin's Q ◽

Return On Equity ◽

Thomson Reuters ◽

The Impact

The pharmaceutical industry, concerned about the impact of its activity, has integrated responsible principles and practices with a view to improving its sustainable and financial performance. This study analyzes the relationship between environmental, social, governance, and controversy indicators and financial performance, measured through return on equity (ROA), return on assets (ROE), and Tobin’s Q, which are applied to the listed companies in the Nasdaq US Smart Pharmaceuticals Index. This index is composed of 30 international companies with a presence at the global level. All the data have been extracted from the Thomson Reuters database. The analysis was performed using structural equation modeling implemented with partial least squares. The results confirm the positive relationship between the construct composed of environmental, social, and governance (ESG) indicators and the aforementioned financial ratios. Additionally, a positive relationship of the controversy indicator with Tobin’s Q is supported. This suggests that the pharmaceutical multinationals focus their investments in sustainability on ESG and pay attention to controversies to boost the visibility of the company and thus increase its value. These conclusions confirm that investing in ESG is a profitable strategy. It is also relevant for managers as it increases the profits and the market value of multinational pharmaceutical companies.

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

CFA Digest ◽

10.2469/dig.v34.n2.1422 ◽

2004 ◽

Vol 34 (2) ◽

pp. 48-49

Author(s):

Edgar J. Sullivan

Keyword(s):

Equity Returns ◽

Tobin’S Q ◽

Tobin's Q

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Pengukuran Kinerja Perusahaan Menggunakan Pendekatan Objektif dan Subjektif

10.31219/osf.io/zufgw ◽

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.

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Pengaruh Corporate Social Responsibility Terhadap Nilai Dan Kinerja Perusahaan Manufaktur

Jurnal ULTIMA Accounting ◽

10.31937/akuntansi.v3i1.39 ◽

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

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