Kinerja Keuangan Berbasis Penciptaan Nilai, Faktor Makroekonomi Dan Pengaruhnya Terhadap Return Saham Sektor Pertanian

Stock return is the main indicator of performance for investors in assessing the effectiveness of the invested capital. The volatility of stock price index of the agricultural sector during 2005 - 2011 has resulted in an annualized return was the second-lowest sector after mining sector. The use of value creation-based performance analysis (EVA, MVA, and Q-Tobin) can help companies create corporate value highly associated with stock returns. In addition, external factors may also affect stock returns. The purposes of this study are: (1) to analyze the financial performance of companies in the agricultural sector by using EVA, MVA, and Q-Tobin, (2) to analyze the influence of EVA, MVA, Q-Tobin and macroeconomic factors (inflation and exchange rates) on stock returns agricultural sector, and (3) to develop managerial implications of the results of analyzes performed. Data was collected from eight companies agricultural sector, which listed in Indonesia Stock Exchange before 2005. Descriptive analysis is used to analyze EVA, MVA, and Q-Tobin for each company and data panel is used to find out influence of EVA, MVA, Q-Tobin, and macroeconomic factors on stock returns. The study showed that most companies gained a negative EVA. Tthe MVA analysis showed that most companies gained more positive MVA. The Q-Tobin result shows that most companies gained value q<1. Based on REM analysis, only found MVARET and Q-TobinRET have significant effect on stock returns. EVARET, inflation, an exchange rate, and dummy crisis have insignificant effect on stock returns

Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan (Studi Pada Perusahaan Otomotif Dan Komponennya Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2010-2013)

This study determine the effect of capital structure and profitability on firm value . This research uses explanations explanatory research with quantitative approach . This study uses secondary data from company financial statements and the determination of sample sample using purposive sampling technique . Data analysis using the classical assumption test and multiple linear regression . Indicator capital structure research are Debt Equity Ratio ( DER ) , Long Debt Equity Ratio ( LDER ) , and Debt Asset Ratio ( DAR ) . Profitability indicators are Return On Equity ( ROE ) , Return On Investment ( ROI ) , and the Earning Per Share ( EPS ) . Indicator Value Company is Tobin 's Q. The population was auto and components companies listed in Indonesia Stock Exchange 2010-2013 period . The results of the study explained that there is a significant effect of the independent variables simultaneously DER , LDER, DAR , ROE , ROI , and EPS on the dependent variable Tobin 's Q. There is a significant effect partially independent variables DER , LDER , DAR , and ROE against Tobin 's Q. Variables dominant influence Tobin 's Q is the independent variable LDER

Pengaruh Corporate Social Responsibility Terhadap Kinerja Keuangan

Tujuan dari penelitian ini adalah untuk mengetahui, Pengaruh variabel CSR (karyawan, lingkungan, masyarakat) sebagai varables independen baik secara parsial maupun secara simultanterhadap Return on Asset, Pengaruh variabel CSR (karyawan, lingkungan, masyarakat) sebagaivarables independen baik secara parsial atau secara simultan terhadap Q. Tobin metode penelitian iniadalah analisis regresi linier berganda. Sampel penelitian diambil dari data Perusahaan ini di BEImelalui laporan tahunan dan informasi keuangan dari laporan keuangan bagi produsen, pengembang,dan penambang (hanya korporat perdagangan biasanya murni tidak dimasukkan) dalam periode 20102012denganmetodepurposive sampling. Ada 95 Perusahaan yang memenuhi kriteria dan akumulasiselama tiga tahun, sehingga total sampel menjadi 285 sampel.Hasil penelitian menunjukkan bahwa semua variabel CSR memberikan pengaruh yang signifikanpositif secara simultan terhadap variabel dependen ROA dan Tobin Q. Secara parsial, variabelkaryawan dan masyarakat yang positif signifikan mempengaruhi variabel dependen ROA, dan hanyakaryawan sebagai variabel independen memiliki pengaruh positif terhadap Tobin

Endogenous fluctutations: a financial transmission Mechanism

We propose to study the dynamic impact of adjustment costs in capital on the two sectors model with positive sector specific externalities. We proove that such costs are able to lead to endogenous fluctuations by financial transmission mechanism. Indeed, since adjustments costs are linked to the marginal Q of Tobin, the firm's investment decision depends on the gap between the true value of the assets of this firm and their market value. The marginal Q of Tobin is an indicator of this market value and when adjustment costs are sufficiently high they can interplay with sector-specific externalities to provide endogenous fluctuations. We can prove fluctuations and cycle arise for new configurations of capital intensity across sectors. Classically, in this model, these fluctuations take place with sufficiently high level of sector-specific externalities but only with capital intensity reversal across sector. When adjustment costs are considered, reversal is no longer necessary condition to endogenous fluctuations to arise. Moreover, we show that there exists a link between financial volatility, mesured by variations of the marginal Q of Tobin, and fluctuations

Pengaruh Struktur Modal Dan Profltabllltas Terhadap Nllal Perusahaan (Studi Pada Perusahaan Tekstil Dan Garmen Yang Terdaftar Di Bursa Efek Lndonesia Periode 2011 - 2014)

Every company should maximize efforts to produce competitiv products. Funding the production obtained from internal or external of the company.Company obtained from the profits or gains, from outside the company of a loan or debt from creditors and the sale of shares the company to obtain investment from prospective investors. The purpose of this study is to know of capital structure and profitability of the firm value. This research is an explanatory research with quantitative approach. Total population in this study are 18 companies. This study usingpurposive sampling technique and 14 companies. The analytical method i multiple linear analysis. These results indicate that the DR (Debt Ratio) , DER (Debt to Equity Ratio) and retum on equity (ROE) jointly affected to firm value (Tobin\u27s q). Butpartially debt racio (DR) positive effect on firm value (Tobin\u27s q), DER (Debt to Equity Rctio) and retums to equity ratio (ROE) has no effect on firm value (Tobin\u27s q). Keywords : Capital Structure, Profitability, Firm Value, Debt Ratio, Debt to Equity Ratio, Return on Equit

Uncertainty and Tobin´s q in a monopolistic competition framework.

This paper combines the adjustment cost hypothesis of Tobin's q models with Malinvaud's proposition that demand uncertainty matters in explaining investment. Demand uncertainty allows for ex-post excess capacity and leads firms to look at the expeeted excess capacity in deciding about investment. Marginal q is shown to be smaller than average q, the difference being explained by the degree of capacity utilization (DUC).Tobin's q; Investment; Monopolistic Competition; Quantity Rationing Model;

Tobin\u27s Q dan Altman Z-score sebagai Indikator Pengukuran Kinerja Perusahaan

A variety of approaches in the measurement of company performance has been widelyused in scientific research. This shows a variety of thoughts on the company\u27s performancedescribes the condition of the company during the operation. Company performance is importantto measure its value, because to know the ability of managers in carrying out its duties inaccordance with mandated by the owners. This paper tries to explain again about Tobin\u27s q andthe Altman Z-score as indicators of company performance. An approach that can represent agreater meaning than a profile of company, so far the Tobin\u27s q and the Altman Z-score is still themain choice for researchers as an indicator of business performance measurement

Innovation and market value: a quantile regression analysis

We construct a new database by matching firm-level Compustat data to NBER patent data, for four 2-digit complex technology sectors. Whilst conventional regression estimators show that the stock market does recognise efforts at innovation, quantile regression analysis adds a new dimension to the literature, suggesting that the influence of innovation on market value varies dramatically across the market value distribution. For firms with a low value of Tobin's q, the stock market will barely recognize their attempts to innovate. For firms with the highest values of Tobin''s q, however, their market value is particularly sensitive to innovative activity.Innovation

Q DE TOBIN Y GOBIERNO CORPORATIVO DE LAS EMPRESAS LISTADAS EN BOLSA

El trabajo evalúa el estado de las prácticas de gobierno corporativo en las empresas que negocian acciones ordinarias en la Bolsa de Colombia. Esta tarea se lleva a cabo mediante la construcción de un Índice de Gobierno Corporativo construido con información pública. Por otra parte se mide el impacto que las buenas prácticas de gobierno corporativo tienen sobre la relación del valor de mercado al valor en libros de las empresas ("q" de Tobin)."q" de Tobin, Gobierno Corporativo, Bolsa de Valores, Regulación Financiera. Classification JEL: G30; G38; L20.