corporate value
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Author(s):  
Randy Chaidir ◽  
Rosidi Rosidi ◽  
Wuryan Andayani

This study aims to determine the effect of debt policy and profitability on firm value moderated by corporate governance. This study uses secondary data on manufacturing companies listed on the Indonesia Stock Exchange for a five-year period from 2016 to 2020. The sample selection used the purposive sampling method in order to obtain a total of 195 samples that met the specified criteria. This research was tested using Moderated Regression Analysis. The results of this study provide evidence that debt and profitability policies have a positive effect on firm value.  Corporate is unable to influence the policy of debt to the value of the company, meaning that corporate governance cannot parse the information asymmetry caused by the policy of debt to corporate value and corporate governance strengthen the influence of profitability on firm value, which means that with the increasing corporate governance can strengthen the effect of profitability on firm value.


Cepalo ◽  
2021 ◽  
Vol 5 (2) ◽  
pp. 93-106
Author(s):  
Helma Malini

This paper investigates the sustainability perspective of Islamic banks' financial decisions, performance, and corporate value where Corporate Social Responsibility (CSR) and green finance are moderation variables. The analysis method used multivariate statistical methods, structural equation modelling with the WarpPLS software program and testing panel data regression models using the E-Views software program. The datasets used involves 34 Islamic banks in Indonesia. This study found a significant relationship between CSR and green finance implementation to financial decisions, financial performance, and corporate value of Islamic banks in Indonesia. However, the relationship is heterogeneous or dissimilar across different quantiles. This means that CSR and green finance implementation only achieve short-term profit, not long-term sustainability. The study also reveals that corporate social responsibility contributes the most to Islamic banks' investment decisions and market value. Thus, policies focusing on integrated CSR in Islamic banking are required to improve sustainability opportunities.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ruopiao Zhang ◽  
Teresa Chu ◽  
Carlos Noronha ◽  
Jieqi Guan

PurposeThis study introduces Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE), as an easy-to-interpret Measurement of Corporate Social Performance (MCSP) to the international research arena. The authors first explore the informativeness role of voluntary disclosure of SCVPS in the stock market. The authors then go one step further to demonstrate the relationship between corporate value creation quantified by SCVPS and firm value.Design/methodology/approachThe study takes a new perspective – a quasi-natural experiment of SCVPS disclosure in 2008 and uses a Propensity Score Matched Difference in Difference model (PSM-DiD) to investigate the impact of SCVPS disclosure policy on stock price synchronization and firm value. Through manually recalculating all the values of SCVPS and its components, this study enables us to further investigate the relationship between corporate value creation for various stakeholders and firm value.FindingsThis study reveals that voluntary disclosure of SCVPS can signal firm-specific information to the market and reduce noise in returns, thus affecting stock price synchronization. The findings further demonstrate that such firm-specific information has value relevance to firm performance. Moreover, the authors demonstrate that corporate value creation for different stakeholders measured by SCVPS can significantly affect firm value. The moderating effects of ownership structures and industry types are also investigated, and an endogeneity test confirms the robustness of the findings.Practical implicationsThis study argues that SCVPS offers an economically viable way for firms, including small-and-medium-sized enterprises, in emerging economies to disclose corporate value creation and provide the public with a direct understanding and appreciation of the values created by corporations for stakeholders.Originality/valueThe result makes contributions to the MCSP literature and explores the informativeness of SCVPS disclosure. Besides, this paper demonstrates that SCVPS offers a good setting to explore the effect of corporate value creation on firm performance in an emerging market.


2021 ◽  
Vol 13 (22) ◽  
pp. 12665
Author(s):  
Hyung-Jong Na ◽  
Hyeon Kang ◽  
Hyang-Eun Lee

This paper investigates how tax benefits for companies affect future firm value and current corporate performance. In addition, this paper also examines the relationship between tax benefits and future firm value for each major industry. The findings of this paper are as follows. First, tax benefits granted to companies improve current corporate performance. The effect of tax benefits that reduce corporate tax costs increases net income, which directly increases current corporate performance, such as ROA (returns on assets) and ROE (returns on equity). Second, tax benefits granted to firms reduce future firm value. Industries that receive tax benefits may have inherent taxation, which can lead to fiercer competition and ultimately lower pre-tax profit margins due to the entry of new companies or the increase in production facilities. In addition, tax benefits that cause temporary differences among the types of tax benefits for a company through deferred tax payments may be factors that hinder future improvements in corporate value. These causes result in the fact that tax benefits for a company can negatively affect its value in the long term. This paper has the following contributions. First, the findings of this paper imply that there is a limit to the positive impact of tax benefits on firms on improving corporate value in the long run. Second, through empirical analysis, this study provides objective information that the impact of tax incentives on corporate value may differ by industry.


2021 ◽  
Vol 2066 (1) ◽  
pp. 012006
Author(s):  
Ling Chen

Abstract With the rapid development of the times, the Internet has been deeply integrated into various fields, and many Internet companies have emerged at the historic moment, and economic activities such as mergers, reorganizations, acquisitions, issuance and listing, equity swaps, mortgages, bankruptcy and liquidation of Internet companies have also increased frequently. This has led to more and more value evaluation activities related to Internet companies, and the business model of Internet companies is different from traditional companies, so traditional corporate value evaluation methods cannot fully meet the special requirements of Internet company value evaluation. Therefore, we need to establish a sound Internet enterprise value evaluation system, and use more scientific and reasonable evaluation methods to ensure the interests of all parties to the transaction. Starting from the operating characteristics of Internet companies, this article analyzes the characteristics and difficulties of Internet corporate value evaluation, clarifies the effectiveness and limitations of the income method in Internet enterprise value evaluation, introduces the ARIMA model to improve the traditional income method and takes NetEase as an example. This method is applied to practice to verify its feasibility. So as to provide a scientific and reliable reference basis for Internet enterprise value evaluation.


2021 ◽  
Vol 3 (2) ◽  
pp. 119-134
Author(s):  
Erwin Munandar ◽  
Hamdan Fathoni

The value of the company becomes very important for the company or the holders of stock. Each party has its view on the value of the company, the similarity is to want the value of the company to be in a high position. Managerial ownership is the manager's shareholding where the manager is not only involved in managing the company but also involved in the impact of management decisions. Institutional ownership is the shareholding of another company that has a function as a management supervisor. This examination utilizes unmistakable techniques and quantitative methodologies utilizing optional information upheld by writing and documentation considers. The results showed partially both variables had no significant influence on the value of the company. Similarly, simultaneously it has no significant influence on the value of the company.Keywords: Managerial Ownership, Institutional Ownership, Corporate Value.


2021 ◽  
pp. 1-25
Author(s):  
Junsheng Zhang ◽  
Zheng Huo ◽  
Yamin Zeng ◽  
Xiaojian Tang ◽  
Oliver M. Rui

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