51,141 research outputs found

    Blockholder dispersion and firm value

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    This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test for the direction of the effect, we use a large dataset of U.S. firms that combines blockholder information, shareholder rights information, debt ratings, accounting information, and financial markets information. We find that a large fraction of aggregated block ownership negatively affects Tobin’s Q. The negative impact is larger if blockowners are more dispersed, suggesting that a concentrated ownership structure is to be preferred on average. Results are robust to controlling for blockholder type as well as proxies for shareholder rights. Our empirical findings are also confirmed if we study the impact of ownership dispersion on firm debt ratings rather than Tobin’s Q. JEL Classification: G3, G3

    Investability and Firm Value

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    We study how investability, or openness to foreign equity investors, affects firm value in a sample of over 1,400 firms from 26 emerging markets. We find that, on average, investability is associated with a 9% valuation premium (as measured by Tobin's q). However, in firm-fixed effects regressions this valuation premium disappears, suggesting that investability does not have a causal effect on firm value. Analysis of the components of Tobin's q shows that firms that become investable experience significant increases in both market values and physical investment. These effects are strongest for firms that face country-level or firm-level financial constraints prior to becoming investableFinancial liberalization; Investability; Foreign investors; Tobin's q

    PENGARUH CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE TERHADAP NILAI PERUSAHAAN DENGAN KEPEMILIKAN MANAJEMEN SEBAGAI VARIABEL MODERATING(Studi Empiris Pada Perusahaan High Profile Berbasis Sumber Daya Alam Yang Terdaftar Di BEI)

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    This reseach has title the influence of Corporate Social Responsibility disclosure to firm value with management ownership as the moderating variable. The reseach purpose to know the influence of Corporate Social Responsibility disclosure to firm value and to know management ownership would be get strong relations Corporate Sosial Responsibility disclosure with firm value. Hipotesis of this reseach though Corporate Social Responsibility disclosure can be influence to firm value and management ownership would be get strong relations between Corporate Social Responsibility disclosure with firm value. Sample of this reseach is the high profile company with natural resources of Bursa Efek Indonesia (BEI) listing in 2008. There are 34 company of 68 population fulfilling criterian by using purposive sampling methode. The methode analysis of this research used multiple regression analysis. The result of study show that nothing influence of Corporate Social Responsibility disclosure to firm value. And management ownership wouldn’t be get strong relations between Corporate Socioal Responsibility disclosure with firm value

    PENGARUH GOOD CORPORATE GOVERNANCE DAN LEVERAGE TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL MEDIASI PADA PERUSAHAAN SUB SEKTOR MAKANAN DAN MINUMAN DI BURSA EFEK INDONESIA

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    This study was conducted with the aim of evaluating the effect of Good Corporate Governance on firm value, with financial performance as a mediating variable. The sample in this study amounted to 120 which were obtained from 24 food and beverage sub-sector companies listed on the Indonesian stock exchange for five years (2018-2022). Data analysis is carried out using quantitative data in the form of numbers and then processed and processed using the SPSS application. The results showed that good corporate governance has a positive and significant effect on firm value, leverage has a positive and significant effect on firm value. In addition, financial performance can also mediate the relationship between good corporate governance and firm value, as well as leverage and firm value

    The Sarbanes-Oxley Act, Security Analyst Monitoring Activity, and Firm Value

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    In this study we examine the complementary monitoring activity that takes place via the Sarbanes-Oxley Act (SOX) and its effect on security analyst monitoring activity and firm value of large and small public firms. Our findings indicate that security analyst monitoring activity has decreased post-SOX while firm value has increased post-SOX for both large and small firms. We also find that the increase in firm value is more pronounced for the group of small firms. Given these results, we surmise that the complementary monitoring activity provided by SOX is effective enough to have a positive impact on firm value

    Stakeholder capitalism, corporate governance and firm value

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    We consider the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers as well as shareholders compared to shareholder-oriented firms. Societies with stakeholder-oriented firms have higher prices, lower output, and can have greater firm value than shareholder-oriented societies. In some circumstances, firms may voluntarily choose to be stakeholder-oriented because this increases their value. Consumers that prefer to buy from stakeholder firms can also enforce a stakeholder society. With globalization entry by stakeholder firms is relatively more attractive than entry by shareholder firms for all societies. JEL Classification: D02, D21, G34, L13, L2

    Firm Value

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    Bahan kajian penulis dalam pembuatan laporan Skripsi ini yaitu mengenai Sistem Informasi Lowongan Kerja Berbasis Web dan SMS Gateway di Universitas Muria Kudus. Dalam kenyataanya sistem yang telah berjalan ternyata mempunyai kendala. Kendala – kendala yang ditemukan yakni dalam proses penyampaian informasi masih menggunakan media hardcopy yang berupa surat pemberitahuan yang mana dapat menimbulkan masalah dalam hal penyampain tersebut kepada para pencari kerja. Sistem ini dirancang dengan menggunakan pemodelan UML. Sedangkan bahasa pemrograman yang digunakan adalah PHP, Software GAMMU dan database MySQL. Sistem ini dirancang dan dibangun untuk mempermudah penyampaian informasi lowongan kerja melalui Website serta pesan singkat berupa SMS yang dikirimkan kepada mahasiswa. Sistem ini diharapkan mampu menjadi sarana komunikasi antara mahasiswa dan perusahaan – perusahaan yang terkait melalui Website dan SMS sehingga dapat dilakukan di mana saja dan kapan saja saat dibutuhkan

    Firm Value

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    The chapter explains the meaning of firms from the perspective of economic researchers in the past to the views of current dates. Traditional model of a firm’s value is linked firmly with shareholders’ value. This traditional view is used in finance and in business for many years. To enhance a firms’ value, we need to maximize shareholders’ value. According to this view, any activities in firms can increase the value of firms if it increases the value of the Shareholders. However, traditional concept of shareholders’ value as the explanation to firms’ value is challenged by a group of researchers. This group believes that value of firms should not be based on just shareholders but should include all groups of stakeholders. After giving some ideas on the meaning of firm, the corporate sustainability value of firm in terms of economics and finance is explained

    The effect of audit quality on firm value : a case in Indonesian manufacturing firm

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    Purpose: This study aims to examine the effect of audit quality on firm value in manufacturing companies listed on the Indonesian Stock Exchange in 2013 to 2017. Design/methodology/approach: Population in this study are all manufacturing companies listed on the Indonesian Stock Exchange. Sampling was carried out using a purposive sampling method. Research data were tested using multiple regression analysis. Findings: The results from this study show that audit quality has a positive effect on firm value in manufacturing companies on the Indonesian Stock Exchange. Practical Implications: The Indonesian capital market gives a positive appreciation to companies that have higher quality audits. Higher audit quality is expected to reduce agency costs, reduce information asymmetry and increase firm value. Companies are advised to use higher quality auditors in order to increase firm value in the Indonesian capital market. Originality/value: Audit quality which is proxied by Big 4 and non-big 4 auditors has been proven to have a positive influence on firm value in manufacturing companies on the Indonesia Stock Exchange.peer-reviewe

    Managerial Ownership Dynamics and Firm Value

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    From 1988 to 2003, the average change in managerial ownership is significantly negative every year for American firms. The probability of large decreases in ownership is strongly increasing in contemporaneous and past stock returns but the probability of large increases in ownership through managerial purchases of shares is not. The relation between changes in Tobin's q and past and contemporaneous changes in ownership depends critically on controlling for past stock returns. When controlling for past stock returns, past large decreases in managerial ownership are unrelated to current changes in Tobin's q but there is some evidence that past large increases in managerial ownership are positively related to current changes in Tobin's q. Because managers sell shares when a firm's stock is performing well, large contemporaneous decreases in managerial ownership are associated with increases in Tobin's q. We argue that our evidence is mostly inconsistent with existing theories and propose a managerial discretion theory of ownership consistent with our evidence.
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