Economic Spread and Market Value: The Case of Listed Companies in Greece

2007 ◽  
Vol 8 (1) ◽  
pp. 43-58
Author(s):  
Panayiotis Artikis
Keyword(s):  
Positive Relationship ◽  
Cost Of Capital ◽  
Stock Exchange ◽  
Weighted Average ◽  
Market Value ◽  
Significant Positive Relationship ◽  
Independent Variable ◽  
The Difference ◽  
Athens Stock Exchange ◽  
The Relationship

The present article aims to evaluate the relationship between economic spread and market value for all firms, except financials, listed in the Athens Stock Exchange over the period 2000~2004. Specifically, this relationship was examined both on a whole market and on an industry basis. The sample firms were classified into six industries, namely consumer cyclical, basic materials, consumer non-cyclical, industrial, technology, and communications. In doing so a regression analysis was performed having economic spread as the independent variable and the ratio of market value over the invested capital as the dependent variable. Economic spread is defined as the difference between the return on invested capital and the weighted average cost of capital and indicates the net return a firm achieves for the capital it uses in its operations. Market value of a firm is defined as the sum of the market value of equity plus the market value of debt. The results for the whole market showed that there is a statistically significant positive relationship between economic spread and market value in 66.67% of the cases. On the industry basis the results showed a positive relationship between the two variables in all sectors except the technology one.

scholarly journals The Relationship between Creative Capabilities and Cultural Intelligence: Field Study of Amman’s Five-Star Hotels

2015 ◽  
Vol 10 (12) ◽  
pp. 103 ◽  
Author(s):  
Ayad F. Altememi ◽  
Imad A. Hassouneh ◽  
Shaker Jarallah Alkshali
Keyword(s):  
Field Study ◽  
Cultural Intelligence ◽  
Positive Relationship ◽  
Three Dimensions ◽  
Simple Random Sample ◽  
Significant Positive Relationship ◽  
Independent Variable ◽  
And Behavior ◽  
The Relationship ◽  
The City

This study aims to identify the relationship between the creative capabilities of workers in 5-star hotels in the city of Amman and their cultural intelligence. In its measurement of the creative capabilities as an independent variable, the study adopted a scale consisting of three dimensions, namely: fluency, flexibility and originality. Whereas it relied in measuring the cultural intelligence as a dependent variable, on a scale consisting of three dimensions, namely: knowledge (cognition), motivation and behavior. The study was conducted on a sample of (258) workers currently working in these hotels. The required particulars for this study were collected through a specially prepared questionnaire for this purpose after having reviewed multi previous studies. The sample was distributed according to the simple random sample mechanism. The study revealed that there is a significant positive relationship between the dimensions of creative capabilities of workers in such hotels and their cultural intelligence. The study also included a set of recommendations and mechanisms that can be applied by the managements of these hotels to tackle some aspects of the dimensions constituting the cultural intelligence of workers.

scholarly journals العلاقة بين التحفظ والتحوط المحاسبي دراسة تطبيقية في عينة من المصارف العراقية

2022 ◽  
Vol 17 (55, 1) ◽  
pp. 18-36
Author(s):  
مصطفى بدر عماش ◽  
علي حسين
Keyword(s):  
Banking Sector ◽  
Stock Exchange ◽  
Market Value ◽  
Accounting Conservatism ◽  
Financial Instruments ◽  
Independent Variable ◽  
High Level ◽  
Value Model ◽  
The Relationship

The research aims to test the relationship between accounting conservatism and hedging in the Iraqi banking sector. The research dealt with a sample of (12) banks listed in the Iraqi Stock Exchange from 2009-2019, with (132) views, and the(unconditional) accounting conservatism was identified. As an independent variable andaccounting hedging as a dependent variable, the (unconditional) accountingconservatism was measured through the market value model to the book, while the accounting hedging was measured as a dummy dust, and the results indicated a statistically significant correlation between accounting conservatism and accounting hedging.  orientation of the study sample towards proactive accounting conservatism according to its unconditional scale leads to a reduction in the adoption of accounting hedging tools in managing the risks of financial instruments. The reason for this may be due to the presence of a high level of accounting conservatism that makes the bank safe sort of a lot of dangers. Which contributes to reducing reliance on accounting hedging tools.However, this relationship turns out to be negative, that is, the increasing

scholarly journals ANALISIS PENGARUH FRAUD TRIANGLE DALAM MENDETEKSI KECURANGAN LAPORAN KEUANGAN

2019 ◽  
Vol 1 (1) ◽  
pp. 87
Author(s):  
Mardianto Mardianto ◽  
Carissa Tiono
Keyword(s):  
Positive Relationship ◽  
Stock Exchange ◽  
Liquidity Risk ◽  
The Other ◽  
Financial Statement ◽  
Managerial Ownership ◽  
Fraud Triangle ◽  
Control Variables ◽  
Significant Positive Relationship ◽  
The Relationship

<p><em>This study analyzed the effect of the elements from fraud triangle, which included pressure (LEV, ROA, ACHANGE), opportunity (BDOUT), and rationalization (AUDCHANGE) in detecting fraudulent financial statement. Control variables that will be included in this study are firm’s age, firm’s size, liquidity risk, and managerial ownership. The sample that will be used in this study is non-financial companies that are listed in Indonesia Stock Exchange in the periode of 2011-2016. From the result, this study showed that change of assets (ACHANGE) and change of auditors (AUDCHANGE) has a significant positive relationship with the fraudulent financial statement, while the other variables such as leverage (LEV), return on asset (ROA) and ineffective monitoring (BDOUT) has no significant in the relationship with the fraudulent financial statement.</em></p><p>Penelitian ini meneliti pengaruh dari elemen <em>fraud triangle</em>, yaitu tekanan (LEV, ROA, ACHANGE), kesempatan (BDOUT), dan rasionalisasi (AUDCHANGE) dalam mendeteksi kecurangan laporan keuangan. Variabel kontrol yang digunakan dalam penelitian ini adalah umur perusahaan, ukuran perusahaan, <em>liquidity risk, </em>dan kepemilikan manajerial. Sampel yang digunakan dalam penelitian adalah perusahaan non-keuangan yang terdaftar pada Bursa Efek Indonesia (BEI) selama periode 2011-2016. Dari hasil penelitian tersebut ditemukan variabel perubahan aset (ACHANGE) dan pergantian auditor (AUDCHANGE) memiliki pengaruh signifikan positif terhadap kecurangan laporan keuangan, sedangkan variabel lainnya yaitu <em>leverage </em>(LEV), <em>return on asset </em>(ROA) dan <em>ineffective monitoring </em>(BDOUT) memiliki pengaruh yang tidak signifikan terhadap kecurangan laporan keuangan</p>

scholarly journals Analyze Return on Equity and Weighted Average Cost of Capital Linkages to Firm Value

2021 ◽  
Vol 5 (1) ◽  
pp. 1-6
Author(s):  
Deuis Kartinah ◽  
Dicky Jhoansyah ◽  
Faizal Mulia Z
Keyword(s):  
Average Cost ◽  
Firm Value ◽  
Stock Price ◽  
Cost Of Capital ◽  
Stock Exchange ◽  
Weighted Average ◽  
Secondary Data ◽  
Financial Statements ◽  
Return On Equity ◽  
Independent Variable

The company's stock price which always experiences a decline is the background of this research. This study aims to determine the effect of return on equity (ROE) and Weighted Average Cost of Capital (WACC) on firm value in the textile and garment sector which is listed on the Indonesia Stock Exchange. This study using secondary data from is Financial statements of textile and garment companies from 2013 to 2018 obtained through the website Indonesia Stock Exchange. The analytical method used is multiple linear regression and data analysis using IBM Statistics 26. Based on the result of the analysis it can be concluded that return on equity and weighted average cost of capital has a significant effect on firm value with R2 equal to 0,329, which means the contribution of the independent variable to firm value by Price book value (PBV) in textile and garment companies is equal to 32,9 % and the remainder equal to 68,1 % can be explained by other variables outside this study, and based on the value of F with the values 6.606 shows that the simultaneous correlations of independent variables namely ROE and WACC with the dependant variable firm value.

scholarly journals Green Economic Efficiency Evaluation Based on the GMM Model

2021 ◽  
Vol 2021 ◽  
pp. 1-8
Author(s):  
Haohui Wang ◽  
Gang Peng
Keyword(s):  
Economic Growth ◽  
Economic Efficiency ◽  
Positive Relationship ◽  
Efficiency Evaluation ◽  
Significant Positive Relationship ◽  
Economic Growth Model ◽  
Green Development ◽  
The Difference ◽  
High Level ◽  
The Relationship

This paper uses a panel data sample of 30 resource-based cities (hereinafter referred to as R-B cities) in China from 2009 to 2019, constructs the green economic efficiency level (hereinafter referred to as GEE) using the super-SBM model, incorporates the GEE value into the endogenous economic growth model, combines the difference equation and the level equation, and estimates the relationship between the green efficiency level and economic growth using the systematic GMM method. The study came to the following major conclusions: First, green development in Chinese resource-based cities is moderately high, and green economic efficiency varies by region, with a relatively low level of GEE in the central region and a relatively high level of GEE in the eastern and western regions. Second, on both static and dynamic dimensions, Chinese resource-based cities can be classified into seven types based on their level of green development. Third, the GEE of Chinese resource-based cities has a significant positive relationship with economic growth, with the effect of green economic efficiency on economic growth being stronger in the central and northeastern regions.

scholarly journals The Impact of Debt Capacity on Firm’s Growth: (A Case Study of Selected Firms from Pharmaceutical Industry in Pakistan)

2021 ◽  
Vol 2 (1) ◽  
pp. 15-23
Author(s):  
IHTESHAM KHAN ◽  
SYED WAQAR AHMAD SHAH ◽  
ASAD KHAN
Keyword(s):  
Pharmaceutical Industry ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Secondary Data ◽  
Significant Positive Relationship ◽  
Negative Effect ◽  
Debt Capacity ◽  
The Impact ◽  
The Relationship

The ultimate goal of all activities within organizations is to achieve higher growth and finding new sources for mounting firm capital. This study aims to investigate debt capacity as the source of firm capital and its impact on firm’s growth. The objectives of this research to shows the relationship between market to book ratio and debt to asset ratio. Multiple liner regression is used between Growth and book leverage. By selected pharmaceutical sector that has been listed at Karachi stock exchange in Pakistan. In this research 8 companies are selected that are listed at Karachi Stock Exchange during the period of 2005-2014. In this paper secondary data is used. The result reveals a significant positive relationship between the debt to asset ratio and market to book ratio and debt to asset ratio. It displays that there is no negative effect of debt capacity on firm’s growth.

The impact of leverage on the cost of capital and market value

2020 ◽  
Vol 43 (9) ◽  
pp. 1081-1096 ◽  
Author(s):  
Enrico Battisti ◽  
Luigi Bollani ◽  
Nicola Miglietta ◽  
Antonio Salvi
Keyword(s):  
Cost Of Capital ◽  
Stock Exchange ◽  
Weighted Average ◽  
Principal Component ◽  
Market Value ◽  
Listed Companies ◽  
Content Type ◽  
Operating Profit ◽  
The Cost ◽  
The Impact

Purpose This paper aims to investigate the impact of leverage on the cost of capital and market value in the Indonesia Stock Exchange (IDX), where there are Sharīʿah and non-Sharīʿah compliant firms. Design/methodology/approach This study uses a mixed methods sequential exploratory design and is based on an empirical analysis undertaken with a sample of firms listed on the IDX. In particular, a qualitative analysis was conducted to identify the Sharīʿah-compliant firms and the qualitative study was designed to compare some financial elements in Sharīʿah and non-Sharīʿah compliant listed companies. The correlations among the main elements observed are considered and a principal component analysis describes the framework. Findings First, the results of the analysis show that for the Sharīʿah-compliant companies, identified as those that apply Islamic principles, the lower level of leverage that it is typical of these type of firms implies a higher cost of capital [cost of equity and weighted average cost of capital (WACC)] than non-Sharīʿah ones. Secondly, for the Sharīʿah-compliant companies, the lower level of leverage entails a higher market value measured by the multiples method (price/earning and enterprise value/operating profit) than for non-Sharīʿah ones. Originality/value This paper sheds new light on how leverage can affect the cost of capital and market value in the case of Sharīʿah and non-Sharīʿah compliant listed companies in the IDX. In particular, this research highlights the fact that Sharīʿah-compliant firms, despite having a higher WACC, create more market value compared to non-Sharīʿah compliant ones.

scholarly journals Strategic Outsourcing and Corporate Performance in Nigerian Banking Industry

2021 ◽  
Vol 9 (2) ◽  
pp. p68
Author(s):  
Ugbomhe O. Ugbomhe ◽  
Ojo Olu ◽  
Ebomah Ernest Monday
Keyword(s):  
Commercial Banks ◽  
Positive Relationship ◽  
Corporate Performance ◽  
Stock Exchange ◽  
Primary Data ◽  
Significant Positive Relationship ◽  
Strategic Outsourcing ◽  
Significant Performance ◽  
The Relationship ◽  
Nigerian Banking

This study examined strategic outsourcing and corporate performance of commercial banks in Nigeria. The decision to outsource is driven by the perception of management on how organization can achieve corporate effectiveness and efficiency with outsourcing strategy. This study specifically focused on two objectives; to investigate the relationship between strategic outsourcing and corporate performance and to ascertain the correlation between recruitment outsourcing and corporate performance. The study used a total number of twenty two (22) commercial banks listed in the Nigerian Stock Exchange (NSE) as at 31st January 2021 in its study. Primary data were collected from the population of the study with the aid of structured questionnaire and data were analyzed through descriptive statistics and the two hypotheses formulated were tested by Pearson Product Moment Correlation (PPMC) with the use of Statistical Package for Social Science (SPSS). The results of the study revealed a significant positive relationship between strategic outsourcing and corporate performance and a significant positive relationship between recruitment outsourcing and corporate performance. The study concluded that strategic outsourcing and recruitment outsourcing have positive relationship with corporate performance. The study, therefore, recommends that corporate organizations that want to achieve significant performance in their operations should outsource some of their activities that are outside its core competence.

scholarly journals HUBUNGAN ANTARA PENGUNGKAPAN, INFORMASI ASIMETRI DAN BIAYA MODAL

2019 ◽  
Vol 2 (1) ◽  
pp. 9
Author(s):  
Muhammad Nuryatno ◽  
Nazmel Nazir ◽  
Maya Rahmayanti
Keyword(s):  
Random Sampling ◽  
Positive Relationship ◽  
Cost Of Capital ◽  
Stock Exchange ◽  
Analysis Method ◽  
Asymmetry Information ◽  
Result Show ◽  
Kolmogorov Smirnov ◽  
The Relationship ◽  
Simple Regression

<table class="NormalTable"><tbody><tr><td width="550"><span class="fontstyle0">This study intends to investigate the relationship between disclosure, asymmetry<br />information and cost of capital. The samples of this study cover about 40 manufacturer companies listed at the Jakarta Stock Exchange in 2004 that selected using purposive random sampling. The analysis method used to test is simple regression, Kolmogorov-Smirnov and P-Plot. The study result were as follows, first hypothesis show there is no relationship between disclosure and asymmetry information. Second hypothesis result show that there is a positive relationship between asymmetry information and cost of capital. Third hypothesis, there is a relationship between disclosure and cost of capital.</span></td></tr></tbody></table>

scholarly journals HUBUNGAN ANTARA SELF EFFICACY (KEYAKINAN KEMAMPUAN DIRI) DENGAN KELULUSAN RETAKER UKMPPD DI UNIVERSITAS MALAHAYATI

2019 ◽  
Vol 13 (1) ◽  
pp. 29-36
Author(s):  
Supriyati Supriyati ◽  
Octa Reni Setiawati ◽  
Vira Sandayanti
Keyword(s):  
Medical Student ◽  
Self Efficacy ◽  
Positive Relationship ◽  
Medical Profession ◽  
Educational Institutions ◽  
Analysis Method ◽  
Professional Competency ◽  
Significant Positive Relationship ◽  
Independent Variable ◽  
The Relationship

SELF-EFFICACY IN A PROFESSIONAL COMPETENCY TEST AMONG MEDICAL STUDENTSBackground: To have competence as a doctor, the medical student have to pass examination a Professional Competency Test to obtain doctoral diplomas from educational institutions and competency certificates from institutions that authorized. The data obtained based on passing student examination a Professional Competency Test at Malahayati University showed an average number of 48.75%. Many factors can influence the success of student learning in students, one of which is the efficacy of self efficacy. Individuals who have high self efficacy will direct someone to better achievement in various fields.Purpose: This study aims to examine the relationship between self efficacy with passing number student examination a Professional Competency Test at Malahayati University.Methods: The variable in this study is self-efficacy as an independent variable and passing number student examination a Professional Competency Test as a dependent variable. The research sample in this study were medical profession students who passed examination a Professional Competency Tes. The method of collecting data was using the scale self efficacy and a Professional Competency Tes document. Data analysis method uses product moment.Results: The value are r 0.673 with p = 0,000 where (p <0.01) means that there is a very significant positive relationship between self efficacy and passed student examination a Professional Competency Test at Malahayati University, Bandar Lampung.Keywords: Self Efficacy, student, examination, Professional Competency TestPendahuluan: Mahasiswa dikatakan memiliki kompetensi sebagai seorang dokter jika telah menuntaskan Uji Kompetensi Mahasiswa Program Profesi Dokter (UKMPPD) untuk memperoleh ijazah dokter dari institusi pendidikan dan sertifikat kompetensi dari institusi yang berwenang. Data yang diperoleh berdasarkan tingkat ketidaklulusan UKMPPD mahasiswa program profesi dokter Universitas Malahayati menunjukkan angka rata-rata sebesar 48,75%. Banyak faktor yang dapat mempengaruhi keberhasilan belajar mahasiswa pada mahasiswa, salah satunya adalah self efficacy.Self efficacy. Individu yang memiliki self efficacy yang tinggi akan mengarahkan seseorang pada prestasi yang lebih baik dalam berbagai bidang.Tujuan: Penelitian ini bertujuan untuk meneliti hubungan antara self efficacy (keyakinan akan kemampuan diri) dengan kelulusan retaker UKMPPD di Universitas Malahayati.Metode: Variabel dalam penelitian ini adalah self efficacy sebagai variabel bebas dan kelulusan retaker UKMPPD. Sampel penelitian dalam penelitian ini adalah mahasiswa profesi dokter yang menjadi retaker pertama pada ujian UKMPPD.Metode Pengumpulan data dengan menggunakan skala self efficacy dan dokumen kelulusan UKMPPD. Metode analisis data menggunakan product moment. Hasil: Nilai r sebesar 0,673 dengan P = 0,000 dimana ( p < 0,01 ) artinya ada hubungan positif yang sangat signifikan antara self efficacy dengan kelulusan retaker UKMPPD Universitas Malahayati Bandar Lampung.

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