scholarly journals The Impact of BNDES’s Financial Resources on the Market Value of B3-Listed Companies

2021 ◽  
Vol 24 (1) ◽  
pp. 20
Author(s):  
João José Ferreira Simões ◽  
Vitor Gonçalves De Souza ◽  
Rafael Cortezão De Mello ◽  
Antônio Artur De Souza ◽  
Bruno Pérez Ferreira
Keyword(s):  
Financial Support ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Market Value ◽  
Financing Policy ◽  
Full Sample ◽  
Financial Scandals ◽  
One Step ◽  
The One ◽  
The Impact

Objective: Analyze whether Brazilian Development Bank (BNDES) financial support have increased Brazilian companies market value using a sample comprising 272 observations from 40 companies listed at B3 Stock Exchange, in 2003–2018.Method: Panel data analysis using the One-step system GMM and a non-parametric Kruskal-Wallis H test followed by a Dunn test.Relevance: The relevance of the current study is in its analysis of a possible association between BNDES-granted financing and changes in Brazilian companies’ market value.Results: We did not observe that the financial support from BNDES could be associated with an increase in the market value of the companies. It was not possible to establish a causal relationship with respect to the financial support of BNDES and an impact on the corporate market value when we analyzed our full sample. However, we observe the existence of difference in the averages of the corporate market value when we analyzed in groups of companies. This result is not in line with recent financial scandals in Brazil involving companies that had obtained BNDES funding.Theoretical Contributions: Our findings may assist in the elaboration of an efficient policy to finance Brazilian companies, as the analysis of BNDES performance is fundamental to determining whether the applicability of Brazilian financing policy has reached the proposed results.

scholarly journals The impact of capital structure on the market value of energy sector companies on the example of companies from Poland

2019 ◽  
Vol 108 ◽  
pp. 01007
Author(s):  
Robert Ranosz
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Market Value ◽  
Energy Sector ◽  
Investment Risk ◽  
Return On Assets ◽  
Return On Equity ◽  
Warsaw Stock Exchange ◽  
The One ◽  
The Impact

The focus of this article is to analyse the impact of capital structure on the value of energy sector companies listed on the Warsaw Stock Exchange. The proposed study will cover the last four years, i.e. 2014-2017, in quarterly terms. In addition to the mentioned capital structure parameter, the analysis also covers such indicators as return on equity (ROE) and return on assets (ROA). The study will use multiple regression based on the deltas of the respective parameters describing their changes quarter-to-quarter. The author of this publication assumes that capital structure may have an impact on the value of energy sector companies. The assumption is based on the market phenomenon whereby capital structure seems to reflect to a certain extent the risk incurred by investors: on the one hand, the higher the share of borrowed capital in financing an enterprise’s operations, the higher the risk; on the other hand, the higher the proportion of equity in the financing of corporate operations, the lower the chance for dividends to be paid to investors in the respective companies. Investigating the mentioned phenomenon will make it possible, to a certain extent, to answer the question of whether Polish investors are more willing to accept investment risk in exchange for a higher return on investment or whether they would rather limit investment risk and yield lower profit from the capital invested in a given enterprise.

تأثير رأس المال الاجنبي المودع في القيمة السوقة للشركة دراسة تطبيقية في عينة من الشركات المدرجة في سوق العراق للأوراق المالية للمدة (2012-2020)

2021 ◽  
Vol 2021 (71) ◽  
pp. 164-182
Author(s):  
م.د لميس محمد مطرود ◽  
أ.م.د سمير عبدالصاحب يارا ◽  
م.د اسيل موسى جاسم
Keyword(s):  
Foreign Capital ◽  
Stock Exchange ◽  
Market Value ◽  
Listed Companies ◽  
Statistical Test ◽  
The Impact

The research aims to measure the impact of the capital deposited for non-Iraqi investors and the investor in the shares of companies listed in the Iraqi Stock Exchange on the market value of those companies, as well as studying the impact of the total foreign capital deposited in the sectors listed in the market on the market value of those sectors, and analyzing the value of the capital deposited and the market value of the sample companies. To achieve the research objective, (15) listed companies were selected for the period (2012-2020). The research relied on four main hypotheses, the most important of which is “there is no significant effect of deposited foreign capital on the market value of companies.” The results of the (F) statistical test revealed the presence of the effect of deposited capital for non-Iraqis on the market value of companies.

Towards a more ethical market: the impact of ESG rating on corporate financial performance

2019 ◽  
Vol 15 (1) ◽  
pp. 11-27 ◽  
Author(s):  
Giovanni Landi ◽  
Mauro Sciarelli
Keyword(s):  
Data Analysis ◽  
Corporate Social Performance ◽  
Stock Exchange ◽  
Social Performance ◽  
Panel Data Analysis ◽  
Abnormal Returns ◽  
Socially Responsible ◽  
Content Type ◽  
Corporate Social ◽  
The Impact

Purpose This paper fits in a research field dealing with the impact of Corporate Ethics Assessment on Financial Performance. The authors argue how environmental, social and governance (ESG) paradigm, meant to measure corporate social performance by rating issuance, can impact on abnormal returns of Italian firms listed on Financial Times Stock Exchange Milano Indice di Borsa (FTSE MIB) Index, developing a panel data analysis which runs from 2007 to 2015. Design/methodology/approach This study aims at exploring whether socially responsible investors outperform an excess market return on Italian Stock Exchange because of their investment behavior, testing statistically the relationship between the yearly ESG assessment issued by Standard Ethics Agency on FTSE MIB’s companies and their abnormal returns. To verify the impact of an ESG Rating on a company’s abnormal return, the authors developed a panel data analysis through a Fixed Effects Model. They measured abnormal returns via Fama–French approach, running a yearly Jensen’s Performance Index for each company under investigation. Findings The empirical results denote in Italy both a growing interest to corporate social responsibility (CSR) and sustainability by managers over the past decade, as well as an improving quality in ESG assessments because of a reliable corporate disclosure. Thus, despite investors have been applying ESG criteria in their stock – picking operations, the authors found a not positive and statistically significant impact in terms of market premium, when they have been undertaking a socially responsible investment (SRI). Practical implications The findings described above show that ethics is not yet a reliable fundraising tool for Italian-listed companies, despite SRIs having a positive growth rate over past decade. Investors seem to be not pricing CSR on Stock Exchange Market; therefore, listed companies cannot be rewarded with a premium price because of their highly stakeholder oriented behavior. Originality/value This paper explores, for the first time in Italy, when market extra-returns (if any) are related to corporate social performance and how managers leverage ethics to build capital added value.

scholarly journals Is Transportation Infrastructure Important to the One Belt One Road (OBOR) Initiative? Empirical Evidence from the Selected Asian Countries

2018 ◽  
Vol 10 (11) ◽  
pp. 4131 ◽  
Author(s):  
Kwang-Jing Yii ◽  
Kai-Ying Bee ◽  
Wei-Yong Cheam ◽  
Yee-Lee Chong ◽  
Ching-Mei Lee
Keyword(s):  
Central Asia ◽  
Panel Data Analysis ◽  
Fixed Effect Model ◽  
Transportation Infrastructure ◽  
Annual Data ◽  
Kyrgyz Republic ◽  
Asian Countries ◽  
One Belt One Road ◽  
The One ◽  
The Impact

The One Belt One Road (OBOR) initiative is implemented to improve the linkage between China and its neighboring countries in terms of economic ties, connectivity, partnership, and security cooperation. The crucial challenge encountered in OBOR initiative is the different gauge standards from different countries in the development of railway along the Silk Road. Another issue arose from the regulation of education sector in the aspect of quality, cost, and efficiency. To the best of our knowledge, there is still lack of study on the transportation infrastructure and education towards the GDP in the selected Asian countries, especially for Central Asia. Therefore, this study aims to examine the impact of OBOR initiative and its importance towards economic growth by further investigating the determinants such as transportation infrastructure, education, labor, trade, and inflation rate. This study employs panel data analysis using the annual data from the period of 2000–2015. The selected Asian countries are divided into three regions, namely Central Asia (Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, Uzbekistan), ASEAN (Thailand, Indonesia, Vietnam, Malaysia), and East Asia (China, Mongolia). Besides, we use fixed effect model (FEM) to obtain the results based on the support of Hausman test and Poolability F-test. The findings reveal that transportation infrastructure possess a positive effect on GDP. Surprisingly, education is negatively related to GDP. With this, policy makers are suggested to encourage OBOR countries to expand and upgrade their system in terms of transportation infrastructure, human capital, culture, and education. In future studies, the advanced model is recommended to investigate the pre- and post-efficiency of OBOR initiative.

scholarly journals Corporate Governance Codes and Intellectual Capital: Evaluating the Performance Impacts among Government-Linked Companies in Malaysia and Singapore – A Panel Data Analysis

2021 ◽  
Vol 124 ◽  
pp. 08004
Author(s):  
Yen Wen Chang ◽  
Ng Ching Yat David ◽  
Suet Cheng Low ◽  
Peck Ling Tee
Keyword(s):  
Corporate Governance ◽  
Data Analysis ◽  
Panel Data ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Policy Makers ◽  
Corporate Governance Codes ◽  
The Government ◽  
The Impact

The objective of this study was to examine and compare the effects of corporate governance (CG) and intellectual capital (IC) between Malaysia Government-Linked Companies’ (M-GLCs) and Singapore Government-Linked Companies’ (S-GLCs) firm performance (FP). Panel data analysis was employed to analyse the impact of CG’s variables and IC’s variables on FP. FP was measured by Return on Total Assets (ROA), Tobin’s Q and Earnings Per Share (EPS). Data was gathered from the website of Bursa Malaysia and the Stock Exchange of Singapore from 2005 to 2018. The sample size of this research was 60 GLCs which comprised of 34 M-GLCs and 26 S-GLCs. There were a total 840 firm year observations. Results indicated that CGs of S-GLCs have greater impact on FP when compared to M-GLCs while the findings of the IC of M-GLCs have greater impact on FP compared to S-GLCs. This research was helpful in offering further insights of CG practices and IC efficiency to the Government, Board of Directors, policy makers, shareholders and stakeholders.

scholarly journals Performance Analysis and Optimization of CRNs Based on Fixed Feedback Probability Mechanism with Two Classes of Secondary Users

2019 ◽  
Vol 2019 ◽  
pp. 1-10 ◽  
Author(s):  
Yuan Zhao ◽  
Hongyi Li ◽  
Jiemin Liu
Keyword(s):  
Performance Indicators ◽  
Three Dimensional ◽  
Secondary Users ◽  
Lower Priority ◽  
Fixed Parameter ◽  
One Step ◽  
The One ◽  
The Impact ◽  
Retransmission Control ◽  
Transfer Probability

In this paper, we conduct a research based on the classified secondary users (SUs). SUs are divided into two categories: higher-priority SU1 and lower-priority SU2, and two types of users generate two types of packets, respectively. Due to the lowest spectrum usage rights of SU2 packets, the SU2 packets’ transmission is easily interrupted by other packets with higher rights. With the purpose of controlling the SU2 packets’ retransmission behavior, we introduce two system parameters, namely, feedback threshold T and feedback probability q. When the amount of SU2 packets in the buffer reaches the feedback threshold T, the interrupted SU2 packets either enter the buffer with probability q for retransmission or leave the channel by probability 1−q, where q is a fixed parameter. We construct a three-dimensional Markov model based on the presented retransmission control mechanism and derive some important performance indicators of SU2 packets based on the one-step transfer probability matrix and steady-state distribution. Then, we analyze the impact of some key parameters on the performance indicators through numerical experiments. Finally, we establish a cost function and use particle swarm optimization algorithm to optimize the feedback threshold and feedback probability.

scholarly journals Stress Transfer Mechanism of Flange in Split Hopkinson Tension Bar

2020 ◽  
Vol 10 (21) ◽  
pp. 7601
Author(s):  
Hyunho Shin ◽  
Sanghoon Kim ◽  
Jong-Bong Kim
Keyword(s):  
Stress Transfer ◽  
Transfer Mechanism ◽  
Explicit Finite Element ◽  
Impact Theory ◽  
Quantitative Basis ◽  
Split Hopkinson ◽  
One Step ◽  
The One ◽  
The Impact ◽  
Split Hopkinson Tension Bar

To reveal the stress transfer mechanism of the flange in a split Hopkinson tension bar, explicit finite element analyses of the impact of the hollow striker on the flange were performed across a range of flange lengths. The tensile stress profiles monitored at the strain gauge position of the incident bar are interpreted on a qualitative basis using three types of stress waves: bar (B) waves, flange (F) waves, and a series of reverberation (Rn) waves. When the flange length (Lf) is long (i.e., Lf > Ls, where Ls is the striker length), the B wave and first reverberation wave (R1) are fully separated in the time axis. When the flange length is intermediate (~Db < Lf < Ls, where Db is the bar diameter), the B and F waves are partially superposed; the F wave is delayed, then followed by a series of Rn waves after the superposition period. When the flange length is short (Lf < ~Db), the B and F waves are practically fully superposed and form a pseudo-one-step pulse, indicating the necessity of a short flange length to achieve a neat tensile pulse. The magnitudes and periods of the monitored pulses are consistent with the analysis results using the one-dimensional impact theory, including a recently formulated equation for impact-induced stress when the areas of the striker and bar are different, equations for the reflection/transmission ratios of a stress wave, and an equation for pulse duration time. This observation verifies the flange length-dependent stress transfer mechanism on a quantitative basis.

Measuring the intellectual capital of Italian listed companies

2017 ◽  
Vol 18 (4) ◽  
pp. 710-732 ◽  
Author(s):  
William Forte ◽  
Jon Tucker ◽  
Gaetano Matonti ◽  
Giuseppe Nicolò
Keyword(s):  
Intellectual Capital ◽  
Firm Growth ◽  
Stock Exchange ◽  
Market Value ◽  
Investment Strategy ◽  
Sources Of Information ◽  
Content Type ◽  
Italian Context ◽  
The Impact ◽  
The Relationship

Purpose The purpose of this paper is to investigate the relationship between intellectual capital (IC), measured in terms of the market to book (MTB) ratio, and potential key determinants of IC value such as intangible assets (IA) and a range of other factors. Design/methodology/approach The study is conducted for a sample of 140 Italian corporations over the period 2009-2013. Applying a holistic market-based approach, the relationship between IC value and selected determinants from the extant literature is tested. Five hypotheses are tested using a pooled OLS regression model, while controlling for time. ROE is employed as a useful firm profitability indicator from the perspective of an equity investor. Moreover, four robustness tests are undertaken. Findings The results show that IA, profitability, leverage, industry type, auditor type, and family ownership positively affect IC value, whereas SIZE and AGE negatively affect IC value. Moreover, the findings of the robustness tests suggest that all firms, and not just knowledge-intensive business service industry firms, manage knowledge. Research limitations/implications The validity of the findings is limited to the Italian context, as the study focuses on a sample of companies listed on the Milan Stock Exchange, all of which prepare their individual financial statements according to IFRS. Further limitations are related to the use of market value in the short term, as it is influenced by market volatility. The study may allow academic researchers to investigate the impact of other non-accounting sources of information on market value within a multidisciplinary perspective. Practical implications This paper also has implications for managers and practitioners. The findings suggest that managers should not take for granted that firm growth (an increase in SIZE) alone will lead to an increase in IC value, in the absence of a consistent IC-oriented investment strategy. Managers should also avoid smoothing their IC investment as the company grows, in order to maintain a stable MTB ratio. Further, standard setters should seek to explore better means of disclosing non-accounting information relating to IC value. Originality/value This paper contributes to the IC literature as it is the first study which applies the market capitalization approach to analyze IC value determinants in the Italian context, within the framework of IFRS. The findings reveal some interesting relationships between the MTB ratio and recognized intangible investments, which are found to be insignificant in previous studies, confirming that, through the holistic effect, the MTB ratio may be a good proxy for IC.

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