scholarly journals Dividend Decision and Economic Value Added of Quoted Nigeria Manufacturing Firms

2019 ◽  
Vol 5 (2) ◽  
pp. 45-59
Author(s):  
Agilebu Ogechi Michael
Keyword(s):  
Random Effect ◽  
Economic Value ◽  
Value Added ◽  
Manufacturing Firms ◽  
Fixed Effect ◽  
Predictor Variables ◽  
Economic Value Added ◽  
Dividend Yield ◽  
Retention Ratio ◽  
Dividend Payout

This study examined the effect dividend decision and economic value added of quoted manufacturing firms in Nigeria. The objective is to examine if dividend decision have any effect on economic valued added of the Nigeria firms. Cross sectional data was sourced from financial statement of 15 quoted manufacturing firms. Economic valued added was proxy for dependent variables while dividend yield, dividend payout ratio, retention ratio and dividend per share were proxy for predictor variables. After cross examination of the validity of the pooled effect, fixed effect and the random effect, the study accepts the fixed effect model.  Findings revealed that75 percent variation from the fixed effect results on economic value added of the manufacturing firms. Beta coefficient of the predictor variables  found that dividend yield have negative effect on economic value added  while dividend per share, dividend payout ratio and retention ratio has positive and significant effect  on economic value added  of the quoted manufacturing firms.  It’s therefore recommend that constant dividend decision should be maintained among the quoted manufacturing firms and retention forms should be properly invested and the investment environment should be well managed to increase economic value added through the dividend decision channel.

scholarly journals PENGARUH KEBIJAKAN DIVIDEN SEBAGAI VARIABEL PEMODERASI DARI HUBUNGAN KINERJA KEUANGAN DAN KINERJA PASAR TERHADAP NILAI PERUSAHAANPADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA(2011 - 2015)

2016 ◽  
Vol 3 (2) ◽  
pp. 195
Author(s):  
Vedy Vedy ◽  
Susi Dwimulyani ◽  
Bayu Dewangkoro
Keyword(s):  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Economic Value Added ◽  
Dividend Yield ◽  
Dividend Payout ◽  
Market Value Added

<p class="Default"><em>The purpose of this research is to investigate and analyze the effect of financial and market performance </em><em>(net profit margin, debt to equity ratio, current ratio, price earning ratio, economic value added, and market value added) to firm value in manufacturing companies listed on the Stock Exchange Indonesia, as well as to indentify and analyze whether the dividend policy (dividend payout ratio and dividend yield) as a moderating variable affect correlation variable of net profit margin, return on equity, debt to equity ratio, current ratio, price earning ratio, economic value added, dan market value added to firm value. Population of this research amount to 143 companies which were manufacturing company listed on the Indonesia Stock Exchange the year 2011-2015. Sample selected by using method of purposive sampling amount to 26 companies. Data was processed using the method of data panel regression statistical test by using Eviews version 8.0 software. </em></p><em>The result of this research shows that (1)</em><em> profitability ratio and dividend payout ratio affect negatively to firm value. Leverage, liquidity ratio, market ratio,economic value added, market value added and dividend yield affect positively to firm value. (2) Dividend policy which measured with dividend payout ratio is able to moderate the effect of profitability ratio, leverage ratio, liquidity ratio and market ratio to firm value. Dividend policy which measured with dividend payout ratio is not able to moderate the effect ofeconomic value added and market value added to firm value. (3) Dividend policy which measured with dividend yield is able to moderate the effect of profitability ratio, market ratio, economic value added and market value added to firm value. Dividend policy which measured with dividend yield is not able to moderate the effect of leverage ratio and liquidity ratio to firm value</em>

scholarly journals Corporate Governance Mechanisms and Value Creation: An Empirical Evidence

2019 ◽  
pp. 1-14 ◽  
Author(s):  
Musa Usman Kabir ◽  
Norhani Binti Aripin ◽  
Redhwan Ahmed Ali Al-Dhamari
Keyword(s):  
Corporate Governance ◽  
Firm Value ◽  
Economic Value ◽  
Value Added ◽  
Manufacturing Firms ◽  
Board Independence ◽  
Managerial Ownership ◽  
Economic Value Added ◽  
Governance Mechanisms ◽  
Corporate Governance Mechanisms

The study examines the perceived effects of corporate governance mechanisms on the value of manufacturing firms in Nigeria by adopting economic value added as the measure of firm value. Corporate governance mechanisms such as concentrated ownership, managerial ownership, the board size, board independence, and foreign ownership as they influence corporate valuation were empirically investigated. 89 listed manufacturing firms in Nigeria were selected for 5 years (2012-2016) for the analysis. The study utilized different tests such as OLS panel data regression and multiple regression model to establish the relationship with panel corrected standard error (PCSE). The study is guided by resource enrichment theory and agency theory. The finding of the study shows that ownership concentration, the board size, and board independence positively impacted on firm value as measured by economic value added. However, managerial ownership and foreign ownership reported negative and insignificant impacts on the value of Nigerian manufacturing firms.

scholarly journals Política de dividendos e criação de valor: um estudo no mercado brasileiro

2018 ◽  
Vol 11 (1) ◽  
pp. 77-97
Author(s):  
José Erasmo Silva ◽  
Levi Morgan Morgan ◽  
Maria José de Camargo Machado Machado ◽  
Maria Imaculada de Lima Montebelo Montebelo
Keyword(s):  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Dividend Yield

Objetivo: O objetivo do estudo foi testar a relação entre a política de dividendos, representada pelos indicadores payout, dividend yield e dividendos a pagar, e a criação ou destruição de valor para o acionista, representada, nesse caso, pelo indicador Economic Value Added (EVA). Metodologia: Trata-se de uma pesquisa teórico-empírica, na qual se buscou por meio de coleta de informações, cálculo de variáveis e testes econométricos atingir o objetivo proposto. A amostra compôs-se de 223 empresas de capital aberto listadas na BM&FBovespa. Levantou-se dados dessas empresas no período de 1º/1/1998 a 31/12/2016, os quais foram analisados por meio do software Stata utilizando dados em painel. Resultados: No geral, os resultados mostraram que as empresas que retêm maior parcela do lucro criam mais valor para os acionistas, pois minimizam o custo em relação à busca de outras fontes externas de financiamento. Mostraram ainda que a maior parte das empresas analisadas não foram eficientes na criação de valor no período analisado, revalidando assim as hipóteses discutidas em trabalhos anteriores. Contribuições do Estudo: O trabalho é relevante, pois relaciona uma das decisões mais importantes no contexto empresarial, que é a distribuição dos dividendos, com uma das mais difundidas métricas de verificação de criação de valor, o EVA. Além disso, contribui para o aprofundamento de estudos a respeito de política de dividendos e o EVA, que, mesmo separadamente, configuram um importante tema para as finanças corporativas. Por fim, o estudo permitiu verificar a criação ou destruição de valor durante um longo período de tempo: de 1998 a 2016.

scholarly journals Effect of Sustainability Reporting on Economic Value Added of Manufacturing Firms Listed on Nigeria Stock Exchange

2020 ◽  
pp. 15-33
Author(s):  
Okoye, Emmanuel Ikechukwu ◽  
Ndum, Ngozi Blessing
Keyword(s):  
Environmental Sustainability ◽  
Stock Exchange ◽  
Pearson Correlation ◽  
Economic Value ◽  
Value Added ◽  
Sustainability Reporting ◽  
Manufacturing Firms ◽  
Least Square ◽  
Economic Value Added ◽  
Ex Post

This study assessed the Effect of Sustainability Reporting on Economic Value Added of Manufacturing Firms Listed on Nigeria Stock Exchange. Twenty one (21) listed manufacturing firms constituted the sample size of this study between 2008 and 2019. Ex-Post facto research design and content analysis were adopted while secondary data were extracted from the annual reports and accounts of the sampled firms and were analysed using E-Views 10 statistical software. The study employed descriptive statistics and inferential statistics using Pearson correlation, Panel Least Square (PLS) regression analysis, granger causality test and Hausman test. Findings from the empirical analysis showed that Economic Sustainability Reporting, Social Sustainability Reporting, Environmental Sustainability Reporting and Sustainability Governance Reporting exerted a significant positive effect on Economic Value Added, of listed manufacturing firms in Nigeria at 5% level of significance respectively. It was recommended inter alia that corporate entities in Nigeria should invest in sustainability activities in all its ramifications in order to boost the image/reputation of the firms thereby increasing their returns.

scholarly journals Pengaruh Kandungan Informasi Arus Kas, Dividend Payout Ratio Dan Economic Valued Added Terhadap Volume Perdagangan Saham Dengan Size Dan Growth Sebagai Variabel Kontrol

2020 ◽  
Vol 15 (2) ◽  
pp. 59-75
Author(s):  
Pascalina Sesa
Keyword(s):  
Cash Flow ◽  
Trading Volume ◽  
Economic Value ◽  
Value Added ◽  
Company Size ◽  
Economic Value Added ◽  
Stock Trading ◽  
Dividend Payout ◽  
Flow Information ◽  
Company Growth

  Abstract This research aims to test the influence of information content on the company's cash flow statement, dividend payout ratio, economic value added,and use the proxiesof the sizeof the company ( size ) and the growth of the company (growth)as a control variable. The sample selection criteria in this study use purposive sampling. This research uses an analysis tool in the form of SPSS 21.0 which is used to test the research hypothesis in the form of quantitative data. The results of this study suggest that: Investment cash flow information has a significant effect on stock trading volume. Meanwhile, information on operating cash flow,fund cashflow, dividend payout ratio, and economic value added has no significant effect on the trading volume of the company'sshares with Size and Growth as variable controls have no effect on the volume of stock trading. The resultsof this research should increase knowledge for investors in using financial information for investment decision making by assessing the company's performance more accurately. Keywords: Cash flow information; dividend payments; and economic value added; company size and company growth. Abstrak Penelitian ini bertujuan untuk menguji pengaruh dari kandungan informasi pada laporan arus kas perusahaan, dividend payout ratio, economic value added, dan menggunakan proksi ukuran perusahaan (size) dan pertumbuhan perusahaan (growth) sebagai variabel kontrol. Informasi sangat dibutuhkan oleh investor dalam membuat keputusan investasi saat ini. Salah satu informasi yang penting bagi investor dalam membuat keputusan investasi yaitu kinerja perusahaan. Kinerja perusahaan go public, salah satunya dapat berupa volume perdagangan saham. Volume perdagangan saham, dan harga saham adalah alat yang digunakan untuk penilaian individual para investor dalam membuat keputusan untuk membeli atau menjual saham. Kriteria pemilihan sampel dalam peneltian ini menggunakan teknik purposive sampling. Penelitian ini menggunakan alat analisis berupa SPSS 21.0 yang digunakan untuk menguji hipotesis penelitian. Hasil penelitian ini menjukkan bahwa: Informasi arus kas investasi berpengaruh signifikan terhadap volume perdagangan saham. Hal tersebut memberikan sinyal positif kepada para investor tentang jaminannya di masa yang akan datang. Selain itu, hasil arus kas investasi yang berpengaruh signifikan terhadap volume perdagangan saham menunjukkan bahwa para investor memperhatikan hasil dari investasi jangka panjang maupun pendek serta penjualan aktiva tetap yang dilakukan perusahaan. Sedangkan, Informasi arus kas operasi, arus kas pendanaan, dividend payout ratio, dan economic value added tidak berpengaruh signifikan terhadap volume perdagangan saham perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) dengan Size dan Growth sebagai variabel kontrol tidak berpengaruh terhadap volume perdagangan saham. Hal ini menunjukkan bahwa SIZE dan GROWTH tidak mengakui adanya keterikatan dengan AKO, AKI, AKP, DPR, dan EVA terhadap volume perdagangan saham. Hasil penelitian ini diharapkan mampu menambah pengetahuan bagi para investor dalam menggunakan informasi keuangan guna pengambilan keputusan untuk melakukan investasi di pasar modal. Dan diharapkan dapat menilai kinerja perusahaan yang berkaitan dengan keputusan investasi dalam lebih menggali informasi yang lebih akurat. Kata Kunci: Informasi arus kas operasi, arus kas investasi, arus kas pendanaan, pembayaran deviden, dan nilai tambah ekonomi, ukuran perusahaan dan pertumbuhan perusahaan

scholarly journals The Ability of Traditional and Modern Performance Indicators in Interpreting the Phenomenon of Earnings Management: Evidence Manufacturing Firms in Amman Stock Exchange

2016 ◽  
Vol 8 (1) ◽  
pp. 77 ◽  
Author(s):  
Mohammad A Momani
Keyword(s):  
Earnings Management ◽  
Performance Indicators ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Manufacturing Firms ◽  
Tobin’S Q ◽  
Economic Value Added ◽  
Tobin's Q ◽  
Amman Stock Exchange

<p>The study objects for investigating the ability of traditional and modern performance indicators in interpreting earnings management phenomena of listed manufacturing firms in the Amman Stock Exchange (ASE), using adjusted Jones method for measuring earnings management. The study takes into considerations three traditional indicators, including; Return on Assets (ROA), Return on Sales (ROS), and Operating Cash Flow, while the Market Value Added (MVA), Tobin's-Q, and Economic Value Added (EVA) are used as modern indicators for financial performance. A sample consisted of 29 firms had been selected, and data covering the period 2006-2013 had been collected from these firms, where 232 observations were used in the analysis. The study found that the earnings management of listed manufacturing firms at (ASE) still practice the phenomenon of earnings management, at low level based on the measures followed by the study, and that there is a significant linear relationship between performance indicators (traditional and modern) and earnings management. The results indicate that there is a significant as well inverse relationship between (ROA) and earnings management. Also, the study found that modern performance indicators are able to interpret earnings management, where the results indicate that there is a significant as well as inverse relationship between (EVA), and (Tobin's-q) and earnings management. One important finding showed that (EVE) is effective and followed by (Tobin's-q) indicator in interpreting the earnings management phenomena. However, the study did not show a significant relationship between CFO, LEV Ratio, ROS, and MVA with earnings management. Based on these results, the study made many recommendations to the interested parties and the most important one is that companies must disclose the economic value added in the financial statements to enable investors and related parties to be aware of the amount of value-added that lead to increase the wealth of shareholders, and to help managers to consider all costs of capital. In addition, these indicators can be used with other indicators such as (ROA, ROE) to evaluate firm’s performance.</p>

scholarly journals KAJIAN KINERJA KEUANGAN BPR – ETAP DI JAWA BARAT DENGAN PENDEKATAN ECONOMIC VALUE ADDED

2020 ◽  
Vol 13 (1) ◽  
pp. 51-61
Author(s):  
Edy Sukarno
Keyword(s):  
Financial Performance ◽  
Financial Services ◽  
Panel Data Analysis ◽  
Random Effect ◽  
Economic Value ◽  
Value Added ◽  
Financial Ratios ◽  
Economic Value Added ◽  
Business Size ◽  
Independent Variable

This research aims to try to apply an alternative of EVA (Economic Value Added) method as a measurement of financial performance in the Conventional Rural Banks (BPR) industry. The motive of examining other alternatives because until now BPR financial performance measurement is still using a normative approach - Regulation of the Financial Services Authority (POJK) in the form of financial ratios. However, phenomenal happening reference numerals are not rigid. Some benchmark financial performance ratios such as ROA and Operational Expenses to Revenues (BOPO) applied during this magnitude resembles a commercial bank, whereas both business size is different. BPRs assume this spirit is still rough guide and constantly still in the process of looking for the best practice’s formulation. Empirically, this study calculating Economic Value Added (EVA) and using purposive sampling at 30 BPR in West Java for period 2013-2015 with the following criteria: (1) The total combined assets under $ 10 billion, (2) has information of financial ratios in 2013 -2015, (3) the results of the processing of statistical data meets the assumptions of classical test. In a panel data analysis here used 3 regression model, the model of common effect, fixed effect and random effect. Results of this research by F-test showed that all independent variables partially made a significant influence on the dependent variable EVA and by t-test showed that the independent variable EAT showed positive and significant effect on the variable EVA, but independent variable DER, CAR and DPK showed no significant effect on variable EVA. Prospects for implementing EVA method will lightened administratively in the measurement of BPR’s financial performance and potentially stimulate management tasks to focus on core banking activities.

scholarly journals The effects of information content of cash flow statement, dividend payout ratio, economic value added and corporate social responsibility on stock trading volume

2021 ◽  
Vol 3 (1) ◽  
pp. 53-74
Author(s):  
Dwi Luvira Oktavianingsih ◽  
Otniel Safkaur ◽  
Pascalina V. S. Sesa
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Cash Flow ◽  
Trading Volume ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Stock Trading ◽  
Dividend Payout ◽  
Corporate Social

Purpose - This study aims to empirically test and analyze the influence of information content of cash flow statements, Dividend Payout Ratio (DPR), Economic Value Added (EVA) Corporate Social Responsibility (CSR) on the trading volume of empirical study stocks in manufacturing companies listed on the Indonesia Stock Exchange from 2014 to 2018.  Method - The number of samples used in this study was 169 taken from financial report on idx. The analytical techniques used were multiple regressions in order to obtain a comprehensive picture of the relationship between variable and each other. This research used a quantitative approach with its research population of companies included in the manufacturing sector listed on the Indonesia Stock Exchange in 2014- 2018..Result - Based on the results of this study, investment cash flow and Dividend Payout Ratio (DPR) significantly influenced the trading volume of stocks. Meanwhile, operating cash flow, funding cash flow, Economic Value Added (EVA) and Corporate Social Responsibility (CSR) had no significant effect on stock trading volume.Implication - This research is suggested to improve development of trading volume in investor decision making for investment and for companys’ performance assessment.Originality - This research is the study that used content of cash flow resporting information, dividend payout ratio, economic value added, corporate social responsibility on stock trading volume.

Pengaruh Pengungkapan Corporate Social Responsibility (CSR) Pada Nilai Perusahaan

2011 ◽  
Vol 3 (2) ◽  
pp. 1-19
Author(s):  
Chermian Eforis ◽  
Rosita Suryaningsih
Keyword(s):  
Corporate Social Responsibility ◽  
Annual Report ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Economic Value Added ◽  
Market Value Added ◽  
Csr Disclosure ◽  
Corporate Social ◽  
Simple Regression

This study aims to determine the influence of the level of CSR disclosure in annual report to corporate values that proxies with Economic Value Added (EVA) and Market Value Added (MVA).   The objects of this study are companies that were included in Kompas 100 Edition of the second review in 2010.The chosen model of this research is simple regression which can be defined as a model that used the normal probability plot  for data normality test, DurbinWatson test for autocorrelation, graph plots to test heteroscedasticity, and saw the value of tolerance and VIF for multicollinearity test. Hypothesis is analyzed using simple regression method  The results showed that the level of CSR disclosure contained in the annual report has a significant influence on the EVA. The same results were also found on the MVA, where the level of CSR disclosure contained in the annual report has a significant influence on the MVA. Key words: Corporate Social Responsibility, Economic Value Added, Market Value Added

KOMPARASI KINERJA KEUANGAN MELALUI PENDEKATAN ECONOMIC VALUE ADDED (EVA) PADA PERUSAHAAN TRANSPORTASI DI JAKARTA

2018 ◽  
Vol 3 ◽  
pp. 223-232
Author(s):  
Dwi Urip Wardoyo
Keyword(s):  
Financial Performance ◽  
Service Industry ◽  
Economic Value ◽  
Value Added ◽  
Added Value ◽  
Economic Value Added ◽  
Test Analysis ◽  
Transportation Service ◽  
Income Statement

This study aims to compare financial performance through profitability generated by two market participants in the witness transportation service industry in Jakarta, namely PT. BB compared to PT. ETU, this assessment is measured not limited to the profit generated but more than that by measuring financial added value through the concept of Eonomic Value Added produced by the two companies. The population in this study were all taxi transportation service companies in Jakarta. The sampling method selected two taxi companies that have the largest market share in DKI Jakarta, namely BB Taxi and ETU Taxi. The test analysis used in this study is ratio analysis through profit calculation and economic added value from the annual income statement. This study shows that there are (a) determination of the ratio of profit levels, (b) Determination of the comparison of economic value added of the two companies. Keywords :  Financial performance, Economic Value Added (EVA)

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