scholarly journals Determinants of Share Value Creation among Listed Companies in the Frankfurt Stock Exchange, Germany: Literature and Theoretical Examination

2021 ◽  
Vol 5 (3) ◽  
pp. 1-10
Author(s):  
Clop. R. Grass
Keyword(s):  
Value Creation ◽  
Stock Exchange ◽  
Listed Companies ◽  
Theoretical Examination ◽  
Share Value

scholarly journals Case Study Regarding Financial Performance in Terms of Cash Flow Return on Investment (CFROI) for Companies Listed and Traded on the Bucharest Stock Exchange, During 2006-2013

2015 ◽  
Vol 20 (1) ◽  
pp. 97-103
Author(s):  
Nicolae Balteş ◽  
Diana Elena Vasiu
Keyword(s):  
Financial Performance ◽  
Cash Flow ◽  
Value Creation ◽  
Return On Investment ◽  
Stock Exchange ◽  
Listed Companies ◽  
Rate Of Return ◽  
Internal Rate Of Return ◽  
Modern Analytical

Abstract The specialized literature suggests the modern analytical indicators of the listed companies’ potential, in their construction starting from the concept of value creation. One of this indicators is Cash Flow Return on Investment (CFROI-Rli), considered as the best measuring indicator of value creation. It represents an internal rate of return on investment, expressing in percentage the ratio between the gross cash flow for the period, after deducting amortization and total gross investments of the same period. This paper presents a case study regarding financial performance in terms of cash flow return on investment (CFROI), of Companies listed and traded on the Bucharest Stock Exchange, during 2006-2013.

Audit Committee Effectiveness Among Malaysian Listed Companies

2020 ◽  
Author(s):  
Shamsul Nahar Abdullah ◽  
Ku Nor Izah Ku Ismail
Keyword(s):  
Corporate Governance ◽  
Audit Committee ◽  
Stock Exchange ◽  
Listed Companies ◽  
The Other ◽  
Interactive Effects ◽  
Committee Chairman ◽  
Kuala Lumpur ◽  
Political Costs ◽  
Leadership Structure

This study investigates further the previous paper by Shamsul Nahar and Al-Murisi (1997) by examining the interactive effects of the variables in that paper and introducing other variables associated with corporate governance and political costs. The present study postulated that percentage of external directors on audit committee interacted with the presence of an accountant on audit committee and with the number of years an audit committee in existence, respectively, to influence audit committee effectiveness. The study also posited that the interaction of the presence of an accountant on audit committee and the number of years an audit committee in existence positively and significantly influenced audit committee effectiveness. Addition. ally, the roles of leadership structure, audit committee chairman, and a firm's size on audit committee effectiveness were also investigated. Using a multiple regression from a sample consisting the Kuala Lumpur Stock Exchange listed companies, results showed that only a firm's size significantly influenced audit committee effectiveness in the predicted direction. Other variables, on the other hand, did not show any significant influence on audit committee effectiveness.  

scholarly journals Impact of Demerger on Shareholders’ Wealth

2009 ◽  
Vol 1 (1) ◽  
Author(s):  
Ranjit SINGH ◽  
Amalesh BHOWAL ◽  
Varun BAWARI
Keyword(s):  
Value Creation ◽  
Stock Exchange ◽  
Specific Character ◽  
Average Price ◽  
Share Prices ◽  
The Subject ◽  
Time Specific ◽  
Almost All ◽  
Total Wealth

Purpose – The purpose of this paper is to investigate the change in the level of the wealth of the shareholders’ before the demerger and after the demerger.Design/methodology/approach – In the present study the data relating to share prices has been taken from the official website of Bombay Stock Exchange. Here the average of the six months price of the demerged company before demerger and average six months price or the average price upto 31st of July, 2007 has been collected of demerged and resultant company after demerger. Findings – It is found that after demerger there is increase in the total wealth of the shareholders in almost all the cases.Research limitations/implications – Given the nature of this study, generalizations cannot be made as the study is conducted in a bullish market. The time specific character of the subject matter is an opportunity for future longitudinal research.Practical implications – Presently de-mergers are creating enormous wealth for shareholders. It is because of the negative synergy. Due to the demerger this negative synergy is removed and the value is unlocked. However, Investors should differentiate between genuine attempts at value creation and de-mergers undertaken to create hype around the stocks. Stay away from dubious companies that want to manipulate prices. Investors should focus on the quality of management and corporate governance record of the companyOriginality/value – The study is the first of its kind and hence original in nature.Article Type: Research paperKeyword(s): Demerger, Demerged Company, Resultant Company, Negative Synergy, Shareholders Wealth.

The effect of intangible assets on sustainable growth and firm value – Evidence on intellectual capital investment in companies listed on Bucharest Stock Exchange

Kybernetes ◽  
2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Catalin Ionita ◽  
Elena Dinu
Keyword(s):  
Growth Rate ◽  
Intellectual Capital ◽  
Firm Value ◽  
Intangible Assets ◽  
Stock Exchange ◽  
Listed Companies ◽  
Sustainable Growth ◽  
Content Type ◽  
Sustainable Growth Rate ◽  
The Impact

PurposeThe present study investigates the connection between company investments in intellectual capital (IC) and how they translate into financial value. The aim is to test the impact of intangible assets on the firm value and its sustainable growth.Design/methodology/approachThe research employs computation models to determine the sustainable growth rate (SGR) and the firm value (FV), and by using the ordinary least squares (OLS) model through a linear regression assesses the relationship between the dependent variables and expenditures on intangibles like R&D, IT programs and patents. A sample of 42 companies has been selected out of the 78 listed at Bucharest Stock Exchange (BSE), based on the appropriateness of the information disclosed in the financial reports for the period 2016–2019.FindingsThe results show that intangibles classified as innovative competences (R&D and Patents) do not have a positive impact on SGR and FV in listed companies from Romania. Moreover, R&D has a negative and significant effect on FV, while IT Programs have a positive and significant impact on FV, but not on the SGR. Variables categorised as economic competencies (Brands, Shares held in associates and jointly controlled entities) and firm structure-specific variables (Leverage, Firm Performance) seem to have a significant effect on SGR and FV. Shares held in associates and jointly controlled entities is the variable that can have the biggest impact when it comes to FV for companies listed at BSE.Research limitations/implicationsDue to non-disclosure of specific information by some companies, or lack of investments in intangibles the sample had to be reduced and does not cover all listed companies.Practical implicationsCompanies listed on the Regulated Market from the Bucharest Stock Exchange should maintain their scale of liabilities at a reasonable level when financing intangible assets in order to ensure corporate long-term and sustainable development. Also, these companies should maintain awareness about the importance of intangible assets and invest more in specific sub-components, in order to sustain competitive advantage. Recognizing the roles of intangibles, managers need to develop strategies to invest in profitable intangibles by reasonably allocating their limited resources, in order to achieve sustainable growth and increase company success.Originality/valueStudies concerning the relation between investments in intangibles and sustainable growth rate and firm value of listed Romanian companies are very scarce. This paper reveals new research, never before undertaken, concerning expenditures on intangibles by Romanian companies and the valuation of such investments on Bucharest Stock Exchange.

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