Journal articles: 'And Firm Value'

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M. Hull, Robert. "Credit ratings and firm value." Investment Management and Financial Innovations 17, no. 2 (2020): 157–68. http://dx.doi.org/10.21511/imfi.17(2).2020.13.

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A topic of relevance to financial managers is the relation between a credit rating and firm value (VL). The general aim of this paper is to elucidate this relation with a specific objective of helping C corp managers choose an optimal target rating (OTR). To achieve these goals, we use the Capital Structure Model (CSM) to compute a series of firm value (VL) outcomes matched to credit ratings. The maximum VL (max VL), among all VL outcomes, identifies OTR. This identification begins with the matching of credit spreads and ratings by Damodaran (2019) for three firm categories: small, large, and financial service (FS). Given these spreads, we can compute costs of borrowing with these costs needed to compute VL and other numerical outcomes. Besides costs of borrowing, our numerical outcomes are based on other key inputs including US $1,000,000 in before-tax cash flows, C corp tax rates, and a sustainable growth rate. Major findings that guide managers include the following. First, Moody’s A3 is the most common OTR. Second, growth firms generally require higher ranked OTRs. Third, compared to small and large firms, FS firms attain greater max VL values, higher optimal debt-to-firm value ratios (ODVs), and generally lower ranked OTRs. Fourth, relative to small firms, large firms gain less from growth even though they attain greater max VL outcomes. Fifth, only for FS firms can we find outcomes where operational cash flows are better spent on interest payments than retained internally for growth.

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Nur, Rohkayati Juli Ningsih, and Tri Cahyono Yuli. "Effect of Firm Size, Profitability, and Firm Growth on Firm Value." International Journal of Business Management and Technology 7, no. 1 (2023): 177–84. https://doi.org/10.5281/zenodo.7688256.

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This study aims to determine the effect of Firm Size, Profitability, and Firm Growth on Firm Value. This research is a type of quantitative research, the sampling technique uses a purposive sampling method for property and real estate companies listed on the IDX in 2019-2021. The samples that met the criteria were 14 companies with a total of 42 data during 3 years of research. This study used multiple linear regression analysis with SPSS software assistance version 25. The results of this study show that firm size and profitability had a significant effect on firm value, meanwhile firm growth has no significant effect.

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Syamsudin, Syamsudin, Erna Setiany, and Sajidah Sajidah. "Gender diversity and firm value: a study on boards of public manufacturing firms in Indonesia." Problems and Perspectives in Management 15, no. 3 (2017): 276–84. http://dx.doi.org/10.21511/ppm.15(3-1).2017.11.

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This study aims to analyze the effect of gender diversity in both the Board of Commissioners and Board of Directors, as well as the effect of education background of the President Commissioner on the firm value. Gender diversity is measured from the proportion of women in Board of Commissioners and Board of Directors, while the education background is measured by the education background of the President Commissioner. In this research, the firm value is measured by Tobins Q. The sample used in this study consist of 70 manufacturing companies listed in Indonesian Stock Exchange in the year 2012. This study employs multiple linear regression to draw the research results. The analysis results show that gender diversity in both the Board of Commissioners and Board of Directors significantly affects firm value. On the contrary, the education background of the President Commissioner does not affect firm value. This result support the argument that diversity of boards will, through various ways, affect firm financial value in the long and short term.

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Lee, Bo-Mi, and Wonsun Paek. "Tax Avoidance, Firm Value, and Comparability." Korean Accounting Review 44, no. 4 (2019): 41–73. http://dx.doi.org/10.24056/kar.2019.06.001.

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Jaafar, Hartini, and Hazianti Abdul Halim. "Refining the Firm Life Cycle Classification Method: A Firm Value Perspective." Journal of Economics, Business and Management 4, no. 2 (2016): 112–19. http://dx.doi.org/10.7763/joebm.2016.v4.376.

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Nurhayati, Ida, Bambang Sudiyatno, Elen Puspitasari, and Robertus Basiya. "Moderating effect of firm performance on firm value: Evidence from Indonesia." Problems and Perspectives in Management 19, no. 3 (2021): 85–94. http://dx.doi.org/10.21511/ppm.19(3).2021.08.

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The practice of accounting conservatism, determination of capital structure, and firm performance are important elements in influencing firm value, either directly or through moderation. Firm performance as a reflection of company`s policy plays an important role as a variable that can moderate this influence. Thus, this study aims to examine the role of firm performance in influencing firm value, particularly in moderating the effect of accounting conservatism and capital structure. To test this role, managerial ownership and institutional ownership are viewed as control variables. A total of 43 manufacturing companies from the Indonesia Stock Exchange (IDX) were sampled from 153 manufacturing companies listed from 2017 to 2019 to achieve this target. The data collection approach in this study was purposive sampling, and the data analysis method was multiple regression. The results showed a statistically significant positive effect between accounting conservatism and firm value, while the capital structure had no statistically significant effect. Firm performance acts as a moderating variable of accounting conservatism and capital structure in influencing firm value. The results of this study also confirm that managerial ownership and institutional ownership do not function as control variables in controlling the effect of accounting conservatism and capital structure on firm value. Whereas managerial and institutional ownership is expected to encourage managers to carry out policies that are oriented towards increasing the firm value. AcknowledgmentThis paper is an independent study that is not funded by any institution. We would like to thank all those who have provided immaterial support for the implementation of this study.

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PETERS, Dr EMEKA, OBIORA, Dr OKEKE, FRANKLINE C.S.A, Dr DURUZOR, IFEOMA GLORIA, and Dr ADAMA A. LINUS. "HUMAN CAPITAL EFFICIENCY AND FIRM VALUE USING PANEL REGRESSION." International Journal Of Multidisciplinary Research And Studies 05, no. 06 (2022): 34–58. http://dx.doi.org/10.33826/ijmras/v05i06.4.

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This study evaluated human capital efficiency and firm value of quoted Non-financial firms in Nigeria. Its core objective is to evaluate the effect human capital efficiency has on firm values. The study employed secondary data and panel regression models which were subjected to descriptive Statistics, Correlation Matrix, and Hausman test for interpretations. Data was collected from (76) quoted Non-financial firms from the year (2011-2020). The study was anchored in Resource-based theory. Findings hold that there is a negative influence of capital employed efficiency as it has positive but not significant influence, firm size (FISZ) has negative and significant influence and firm age (FIRA) has positive and non-significant influence on firm value of non-financial firms in Nigeria. Concluding, only human capital employed efficiency and firm age influenced firm value positively and thus the study recommends that the human capital component of intellectual capital should be trained and educated regularly to build capacity. Firms’ specific growth and sustainability policy should be strongly placed using corporate governance code and other enhanced internal innovative processes to ensure that their existence is not affected by age.

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Diah, Yulina Purwantiningsih, and Nursiam. "The effect of Leverage, Profitability, and Firm Size on Firm Value." International Journal of Business Management and Technology 6, no. 5 (2023): 156164. https://doi.org/10.5281/zenodo.7680809.

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This study was conducted to determine the effect of leverage, profitability and firm size on firm value at Garment & Textile Companies in 2017-2021. This study uses secondary data obtained through IDX and the website of each company. Sampling was done by using purposive sampling method. The population in this study were 18 companies and there were 12 Garment & Textile companies that met the criteria, so that the research sample data amounted to 60. The data analysis technique in this study used multiple linear regression analysis, classical assumption test, and hypothesis testing. The results of this study provide information that the leverage variable has an effect on firm value, the profitability variable has no effect on firm value, and the firm size variable affects firm value.

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Lee, Yeji, and Kiho Choi. "Tax Avoidance and Firm Value: International Evidence." Korean Accounting Review 47, no. 3 (2022): 33–74. http://dx.doi.org/10.24056/kar.2022.06.002.

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Dat Dang, Tien, and Thi Van Trang Do. "Does capital structure affect firm value in Vietnam?" Investment Management and Financial Innovations 18, no. 1 (2021): 33–41. http://dx.doi.org/10.21511/imfi.18(1).2021.03.

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This study aims to examine whether the capital structure and several factors have significant influences on firm value in Vietnam. To achieve this objective, 435 non-financial listed companies have been selected from 2012 to 2019 on Vietnamese stock exchanges. Four groups of firms continue to be chosen from the total to investigate the differences in the outcomes among industries. The results altogether using the GMM method show that the impact of capital structure and other control variables on firm value is significant, yet different across industries: capital structure has a significant positive impact on firm value in the food and beverage industry, but has a significant negative effect on the value of the firm in wholesale trade and construction, as well as real estate industry, while has an insignificant influence on enterprise value considering all industries. Apart from the firm size, the impact of other control factors on firm value also indicates mixed results.

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Kurniawan, Rhenaldi Natanael, and Merry Susanti. "FACTORS THAT AFFECT FIRM VALUE IN MANUFACTURING FIRMS." International Journal of Application on Economics and Business 1, no. 2 (2023): 871–79. http://dx.doi.org/10.24912/v1i2.871-879.

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This research aims to obtain empirical evidence from the effect of profitability, leverage, liquidity, firm size, and activity ratio on firm value. Totals of 198 observational data originated from 66 manufacturing companies listed on Indonesia Stock Exchange (IDX) throughout 2018-2020. The sampling technique used in this research is purposive sampling. The hypothesis testing method in this research uses the multiple linear regression model. The multiple linear regression model estimation that suits this research is Fixed Effect Model (FEM). The statistical tool used for data processing in this research is EViews 12. This research uses Tobin's Q as a parameter to measure firm value. Based on the outcome of the processed data, profitability, leverage, and firm size all have significant effects on firm value, while liquidity and activity ratio both have insignificant effect on firm value.

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Kurniawan, Rhenaldi Natanael, and Merry Susanti. "FACTORS THAT AFFECT FIRM VALUE IN MANUFACTURING FIRMS." International Journal of Application on Economics and Business 1, no. 2 (2023): 871–79. http://dx.doi.org/10.24912/ijaeb.v1i2.871-879.

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This research aims to obtain empirical evidence from the effect of profitability, leverage, liquidity, firm size, and activity ratio on firm value. Totals of 198 observational data originated from 66 manufacturing companies listed on Indonesia Stock Exchange (IDX) throughout 2018-2020. The sampling technique used in this research is purposive sampling. The hypothesis testing method in this research uses the multiple linear regression model. The multiple linear regression model estimation that suits this research is Fixed Effect Model (FEM). The statistical tool used for data processing in this research is EViews 12. This research uses Tobin's Q as a parameter to measure firm value. Based on the outcome of the processed data, profitability, leverage, and firm size all have significant effects on firm value, while liquidity and activity ratio both have insignificant effect on firm value.

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Amelia, Hilda Risky Jenny Eden, and Yuniningsih Yuniningsih. "The role of profitability in moderating the effect of leverage, liquidity, and firm size on firm value." World Journal of Advanced Research and Reviews 23, no. 2 (2024): 1044–50. https://doi.org/10.5281/zenodo.14850244.

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This study aims to analyze the effect of leverage, liquidity, and firm size on firm value with profitability as a moderating variable in transportation and logistics sector companies listed on the Indonesia Stock Exchange (IDX). The population in this study were 37 transportation and logistics sector companies listed on the IDX for the period 2020-2023. The sampling technique used certain criteria (purposive sampling), 22 companies were obtained as research samples. The data analysis method used is multiple regression analysis and Moderated Regression Analysis (MRA). The results of this study indicate that partially leverage and liquidity have a significant positive effect on firm value, while firm size has a significant negative effect on firm value. In this study, profitability is unable to moderate the effect of leverage and liquidity on firm value, but profitability is able to moderate the effect of firm size on firm value.

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곽종민. "Relevancy between Technology Value and Firm Value of KOSPI IPO Firm." Tax Accounting Research ll, no. 48 (2016): 57–75. http://dx.doi.org/10.35349/tar.2016..48.003.

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Pradipta, Arya, and Yulius Kurnia Susanto. "Firm Value, Firm Size and Income Smoothing." Journal of Finance and Banking Review Vol. 4 (1) Jan-Mar 2019 4, no. 1 (2019): 01–07. http://dx.doi.org/10.35609/jfbr.2019.4.1(1).

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Objective - Income smoothing is a form of earnings manipulation to show that the company's performance is good. Income smoothing can be detrimental to investors, because investors do not know the real financial position and fluctuations of the company. Management of the company engage in income smoothing because investors tend to focus only on the amount of profit reported without regard to the process of generating profits. The purpose of this research is to obtain empirical evidence about the effect of firm value and size on income smoothing. Methodology/Technique - The sample of the research includes manufacturing companies listed on the Indonesian Stock Exchange from 2014-2016. The samples were determined using a purposive sampling method and there are 51 companies that meet the criteria used. This research uses a logistic regression method for data analysis. Findings - The results of the research show that the effect of firm value on income smoothing is positive and significant. Meanwhile, the effect of firm size on income smoothing is negative and significant. Companies that create value in the eyes of investors will try to retain their investors by engaging in income smoothing. Income smoothing will convince investors to invest in the company. Meanwhile, large companies that are convinced that investors will continue to invest do not typically engage in income smoothing. Novelty – This study proves that, in the context of agency theory, the principal's desires are not often aligned with the wishes of management which can give rise to agency costs, one of which occurs as a result of income smoothing. Further, firm size can minimize opportunist income smoothing actions. Type of Paper - Empirical. Keywords: Income Smoothing; Firm Value; Firm Size; Agency Theory. JEL Classification: G32, M41, M49. DOI: https://doi.org/10.35609/jfbr.2019.4.1(1)

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Mustapha Abu, Martins. "The interplay of corporate tax planning and corporate governance on firm value: Evidence from listed NGX consumer goods firms." Investment Management and Financial Innovations 19, no. 2 (2022): 130–42. http://dx.doi.org/10.21511/imfi.19(2).2022.11.

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The study investigates the interactive impact of tax planning and CG on firm value of the listed Nigerian consumer goods firms by examining whether this relationship is further strengthened or weakened in the presence of strong corporate governance. From the population of the entire 21 consumer goods firms of the Nigerian Exchange (NGX), 19 firms with complete data were selected as a sample. Data were collected from the annual reports of these firms and both descriptive and inferential analyses were employed to estimate the relationship between the variables. Tax planning was measured using the effective tax rate and book-tax difference, firm value using Tobin’s q, while corporate governance was measured using board independence. The fixed effect panel regression was used to estimate the relationship. The study revealed a positive relationship between tax planning (for both proxies) and firm value although the relationship is statistically insignificant (p = 0.0981 and 0.387). Also, there is limited evidence to support the assertion that the interactive effect of tax planning and firm value is significantly moderated by corporate governance (p = 0.818). The combined implication is that evidence on the moderating effect of corporate governance on tax planning and firm value is limited and should be interpreted with caution suggesting that more empirical research should be carried out in this area. In addition, shareholders should demand more disclosure of tax-related matters as this will help prevent information asymmetry, improve monitoring, and increase the value effectiveness of tax planning.

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Fawzi Shubita, Mohammad, Abdalwali Lutfi, Mohammed W.A. Saleh, et al. "Relationship between advertising and firm value: Evidence from Jordan." Innovative Marketing 21, no. 1 (2025): 314–25. https://doi.org/10.21511/im.21(1).2025.25.

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The impact of advertising and sales promotion on firm value and sales performance within the Jordanian manufacturing sector was examined, recognizing the significant role of advertising in enhancing competitive market outcomes. The study aimed to investigate the effect of advertising and sales promotion on firm value within the manufacturing Jordanian firms that holds a benefit for deciphering several challenges and opportunities that firms face within an emerging market context. Data from 64 Jordanian manufacturing firms listed on Amman Stock Exchange between 2014 and 2022 were analyzed. Regression analysis was applied across two models: one focused on the relationship between advertising expenditures and firm value, while the other assessed sales performance. Firm size and return on equity served as control variables across both models.The results revealed that advertising and sales promotion expenses had a significant and positive effect on both firm value and sales performance. Specifically, advertising’s impact on firm value was characterized by a coefficient of 0.107 and a t-value of 3.640, while its effect on sales performance yielded a coefficient of 0.321 and a t-value of 9.372, both with p-values of 0.00, highlighting a strong statistical significance. Additionally, firm size demonstrated a robust positive effect on both outcomes, underscoring its role as a critical control factor. Return on equity, however, did not yield a significant effect. These findings underscore the importance of advertising as a driver of firm growth and market position, particularly in larger firms. Investment in advertising appears to foster sustainable value and performance enhancements, offering firms in competitive sectors a strategic path for growth. AcknowledgmentThis research was funded through the annual funding track by the Deanship of Scientific Research, from the vice presidency for graduate studies and scientific research, King Faisal University, Saudi Arabia [Grant no. KFU250963].

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I., Wayan Widnyana. "Empowering Financial Architecture, Dividend and Value of Firm." Journal of Advanced Research in Dynamical and Control Systems 12, no. 01-Special Issue (2020): 538–43. http://dx.doi.org/10.5373/jardcs/v12sp1/20201101.

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Harmono, Harmono. "Relationship between Intellectual Capital, Firm Performance and Leverage with Firm Values: Empirical Evident from Indonesia." Journal of Economics, Finance and Management Studies 06, no. 10 (2023): 4765–74. https://doi.org/10.5281/zenodo.8413930.

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The aim of this study is to investigate the relationship between the Value Added Intellectual Capital (VAIC) components, Firm Performance and leverage on Firm Value. The validity of Firm Value measurements will be tested using Tobin's Q, Price Earnings per Share (PER), and Price to Book Value (PBV) with Assets as a control variable. The research design is explanatory research through hypothesis formulation, using panel regression. The research population is 122 manufacturing industries are listed on the Indonesian capital market, with a sample N valid of 277, observation period 2018-2020. Based on the robustness test, the model fits when the firm value uses Tobins'Q and PBV. Research findings show that Capital Employee Efficiency (CEE) and Return on Equity (ROE) positively influence Tobin'sQ. On the other hand, Firm Performance (ROA) positively influences firm value (PBV), Net Profit Margin (NPM) and leverage (DAR) negatively influence PBV. The inconsistency in research results on the influence of IC, Firm Performance, and Leverage on firm value is more caused by different measurement models. Therefore, in interpreting the relationship patterns of IC, Firm Performance and Leverage on Firm Value, must carefully based on the measurement characteristics and underlying concepts. IC, Firm Performance and Leverage substantially influence firm value, supporting previous research.

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Dr., EMEKA OBIORA PETERS, OKEKE FRANKLINE C.S.A Dr., DURUZOR IFEOMA GLORIA Dr., and ADAMA. A. LINUS Dr. "HUMAN CAPITAL EFFICIENCY AND FIRM VALUE USING PANEL REGRESSION." International Journal Of Multidisciplinary Research And Studies 05, no. 06 (2022): 34–58. https://doi.org/10.33826/ijmras/v05i06.4.

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This study evaluated human capital efficiency and firm value of quoted Non-financial firms in Nigeria. Its core objective is to evaluate the effect human capital efficiency has on firm values. The study employed secondary data and panel regression models which were subjected to descriptive Statistics, Correlation Matrix, and Hausman test for interpretations. Data was collected from (76) quoted Non-financial firms from the year (2011-2020).  The study was anchored in Resource-based theory. Findings hold that there is a negative influence of capital employed efficiency as it has positive but not significant influence, firm size (FISZ) has negative and significant influence and firm age (FIRA) has positive and non-significant influence on firm value of non-financial firms in Nigeria. Concluding, only human capital employed efficiency and firm age influenced firm value positively and thus the study recommends that the human capital component of intellectual capital should be trained and educated regularly to build capacity. Firms’ specific growth and sustainability policy should be strongly placed using corporate governance code and other enhanced internal innovative processes to ensure that their existence is not affected by age.

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Atiqa, Malik, and Ismiyanti Fitri. "Internal Factors Affecting Firm Value (Case Study of Manufacturing Companies in Indonesia)." International Journal of Current Science Research and Review 07, no. 04 (2024): 2245–57. https://doi.org/10.5281/zenodo.11076484.

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Abstract : Despite the pivotal role of the manufacturing sector in the Indonesian economy and its continuous growth, there exists a dearth of comprehensive research on the determinants of firm value within this sector. The lack of understanding regarding how financial factors such as leverage, liquidity, profitability, and firm size impact firm value among manufacturing companies listed on the IDX hinders effective decision-making for investors, creditors, stakeholders, and company management. This study aims to Investigate the effects of firm size, profitability, liquidity, and leverage on firm value is the main purpose of this study, which focuses on manufacturing companies listed on the Indonesia Stock Exchange (IDX). The population comprises manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2022. Using purposive sampling technique and going through the sampling criteria, a final sample of 82 companies was used in this research. The data analysis method used in this study was a regression analysis using SPSS software. The study revealed that higher debt levels (Leverage) and excessive cash reserves (Liquidity) were linked to decreased firm value. Additionally, the finding also shows that as companies became more profitable, their overall value tended to decrease. On a positive note, larger firms (Firm Size) exhibited higher company value. The findings have implications for investors, creditors, and stakeholders navigating the Indonesian manufacturing sector, providing nuanced insights into financial determinants of firm value. These findings emphasize the importance of a balanced financial strategy for companies and highlight the advantages of size in the economic landscape.

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Rosalinda, Dian Permatasar, and Sasongko Noer. "The Effect of Profitability, Firm Size, CSR Disclosure, Leverage, On Firm Value." International Journal of Business Management and Technology 6, no. 6 (2023): 85–95. https://doi.org/10.5281/zenodo.7686992.

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: The study aims to determine the effect of profitability, firm size, disclosure of csr, and leverage on corporate value. This research is a quantitative research ussing multiple linear regresion analysis with the help of SPSS software. The population in this study manufacturing companies listed on the Indonesia Stock Exchange (BEI) 2018-2020. Selection of sample research using purposive sampling and known the number of samples used as many as 204 manufacturing companies listed on the Indonesia Stock Exchange in 2018-2020. The ressults showed that: (1) profitability variables affect to firm value; (2) firm size variables affect to firm value; (3) CSR disclosure variables have no effect on company value; and (4) leverage variables have no effect on company value

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Kim Nam Gon and Park Young-Seog. "Firm value and Operating performance of IPO firms." Productivity Review 25, no. 1 (2011): 177–95. http://dx.doi.org/10.15843/kpapr.25.1.201103.177.

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Ahmad, Ayoib Che, and Nosakhare Peter Osazuwa. "Eco-efficiency and firm value of Malaysian firms." International Journal of Managerial and Financial Accounting 7, no. 3/4 (2015): 235. http://dx.doi.org/10.1504/ijmfa.2015.074902.

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Sari, Silvia, and Lusiana Lusiana. "The Influence of Fundamental Factors, Economic Value Added, Market Value Added on Stock Returns: Firm Value as a Mediating Variable." UPI YPTK Journal of Business and Economics 9, no. 2 (2024): 26–33. http://dx.doi.org/10.35134/jbe.v9i2.263.

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This study aims to determine the effect of fundamental factors, economic value added, market value added on stock returns and firm value as a mediating variable in manufacturing companies listed on the Indonesia Stock Exchange in 2019-2023. The population of this study is manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period, and there are as many as 335 companies. The sample in this study was determined using a purposive sampling technique with a total of 44 companies. The analytical method used is multiple linear regression analysis with the help of the SPSS program. The results of this study are Fundamental Factors, EVA, and MVA have a significant effect on Stock Return. Fundamental factors partially have a significant effect on firm value. EVA partially has no significant effect on firm value. MVA partially has no significant impact on firm value. Firm value partially has a significant effect on firm value. Fundamental factors partially have a significant effect on Stock Return through Firm value as a Mediating variable. EVA partially has no significant impact on stock return through firm value as a mediated variable. MVA partially has a significant effect on stock return through firm value as a mediated variable.

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Srinivasan, Shuba, and Dominique M. Hanssens. "Marketing and Firm Value." Foundations and Trends® in Marketing 17, no. 2 (2022): 57–138. http://dx.doi.org/10.1561/1700000068.

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Zeume, Stefan. "Bribes and Firm Value." Review of Financial Studies 30, no. 5 (2017): 1457–89. http://dx.doi.org/10.1093/rfs/hhw108.

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Mitton, Todd, and Thomas O’Connor. "Investability and Firm Value." European Financial Management 18, no. 5 (2010): 731–61. http://dx.doi.org/10.1111/j.1468-036x.2010.00573.x.

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Quintiliani, Andrea. "ESG and Firm Value." Accounting and Finance Research 11, no. 4 (2022): 37. http://dx.doi.org/10.5430/afr.v11n4p37.

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This study aims to investigate the correlations between ESG score and firm value. The paper verifies the hypothesis that there is a positive correlation between ESG score and firm performance, as indicated by levered free cash flow, ROE, current ratio, and quick ratio; also, the study aimed to investigate the relationship between ESG score and firm value improvement, as indicated by stock price of firm. The study applied linear regression to a panel data using Bloomberg ESG disclosure scores from a sample of 115 companies listed in Europe. The time under study was from 2016 to 2020. Findings suggest a positive and significant relationship between the variables. Research findings will help firms’ stakeholders to improve their awareness of the impact of ESG disclosure on the performance of the firm. The findings, which support the positive relationship between ESG and firm performance, can be used to supporting or even completing other studies with similar or same concept, after necessary adjustments have been made. Data used for this study need to be subjected to more statistical tests in order to establish a more robust validity and reliability. It is necessary to acquire further strengthened data and assume a variety of conditional situations. It is expected that subsequent studies can use larger samples and diversified by sector, a broader geographic base, and a multi-faceted analysis.

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Confidence, Joel Ihenyen, and Roseline Igoniderigha. "Liquidity and Firm Value." Journal of Accounting and Financial Management 9, no. 5 (2023): 120–35. http://dx.doi.org/10.56201/jafm.v9.no5.2023.pg120.135.

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Between 2015 and 2021, the research project examined the effect of liquidity on firm value across a few Nigerian consumer goods industries. business value served as the independent variable with dimensions of liquidity ratio, acid test ratio, and stock multiplier ratio, whilst business value served as the explanatory variable and was proxied by market share price. The goal was to determine if the explanatory and dependent variables have a meaningful connection. The study's methodology was ex-post-facto research design. Twenty-six consumer products businesses listed on the Nigerian Exchange Group make up the population, and five of those companies were chosen as the study's sample. The investigation used a secondary source to gather data. The audited financial statements of the chosen companies between 2015 and 2021 were used to collect data for both the dependent and independent variables. The statistical method for multiple regression was used to examine the given data. The results of the investigation's studies have unmistakably demonstrated that in Nigerian consumer goods businesses, there is a weak link between stock multiplier ratio and market share price and a strong relationship between firm liquidity ratio, acid test ratio, and market share price. Therefore, the study draws the following conclusions: consumer goods companies should maintain a reasonable level of liquidity in order to encourage demand and supply in the stock market; the acid level of the companies should be frequently checked by stakeholders to detect any potential problems; and stock multiplier ratio has immaterial influence on firm market share price in the studied organizations in the country. Because doing so helps investors understand the company's worth. In other words, the P/E ratio depicts market expectations as well as the price that must be paid per unit of either current or future profits, depending on the situation.

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Rizkhyana, Bella, Shelly F. Kartasari, and Shelfi Malinda. "Determinants of Firm Value." IJEBD (International Journal of Entrepreneurship and Business Development) 5, no. 2 (2022): 332–38. http://dx.doi.org/10.29138/ijebd.v5i2.1776.

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Purpose: The purpose of this study was to examine the effect of gender diversity, intellectual capital, and corporate social responsibility on firm value using the perspective of Signalling Theory and Stakeholder Theory. Design/methodology/approach: This study uses secondary data from annual financial report. The research sample consisted of 88 observations collected on companies that entered LQ45 between 2017 and 2020. To conduct a test of the study's hypothesis using the Ordinary Least Squares (OLS) method. Eviews 20 were used to thes this research hypothesis. Findings: The results of this study indicate that gender diversity and corporate social responsibility have a significant effect on firm value, but intellectual capital has no effect on firm value. Research limitations/implications: The firm value will never cease to evolve to ensure the company's sustainability. Firm value serves as a standard for stakeholders when it comes to offering an overall assessment of the company. The more successful a business is in optimizing performance and paying attention to its internal and external environment, the higher the value. However, over the 2017-2020 period, the company's worth as assessed by PBV is likely to change. The increase and decrease in the firm's value are directly tied to the stock price; a high share price indicates a high firm value, and vice versa. Given these limits, it is proposed that future researchers study additional companies using a larger sample size and a longer time frame, as well as make observations using alternative proxies and include conditions on the firm's value before and during the COVID-19 period.

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Djody, Taris Pratama, and Akhmadi. "Profitability and Capital Structure on Firm Value with Currency Exchange Rate as Moderation." International Journal of Social Science and Human Research 07, no. 07 (2024): 4581–90. https://doi.org/10.5281/zenodo.12663410.

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This research aims to analyze the influence of profitability and capital structure on firm value with the exchange rate as a moderating variable in construction companies listed on the Indonesia Stock Exchange in 2014 - 2023. The research sample consists of 6 construction companies. The data analysis method used in this research is panel data regression analysis and regression analysis with moderation. The research results show that all variables pass the classical assumption test and are suitable for use as research data. The t test statistic on firm value shows that profitability has a positive and significant effect on firm value, while capital structure does not have a significant effect on firm value. The exchange rate as a moderating variable has a significant effect on firm value, but the exchange rate is unable to moderate profitability and capital structure on firm value.

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Anisa, Yusuf, Ratnawati Tri, and Ayu Sri Brahmayanti Ida. "The Effect of Leverage, Liquidity and Firm Size on Firm Value with Earning Management as Mediator and Good Corporate Governance as Moderator of Real Estate, Property and Building Construction in The Indonesia Stock Exchange." Journal of Economics, Finance and Management Studies 06, no. 01 (2023): 146–58. https://doi.org/10.5281/zenodo.7524495.

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The purpose of this study is to determine of the effect of leverage, liquidity and firm size on firm value with earning management as intervening variable and good corporate governance as moderating variable in the property, real estate and building construction sectors that are listed in the Indonesia Stock Exchange from 2018 to 2021. The quantitative research method is Causal Explanatory with the unit of analysis as many as 57 property, real estate and building construction companies during research period so that a total of 228 samples were processed using SmartPLS 3.0. The results showed that 6 hypotheses were rejected, meaning that there was non-significant effect partially leverage, liquidity and firm size on firm value. Earning management does not mediate the influence of leverage, liquidity and firm size on firm value. Meanwhile, GCG is proven to moderate the influence of leverage and firm size on firm value, while one hypothesis, namely H8, is rejected. This means that GCG does not moderate the influence of liquidity on firm value. This research only done in the property, real estate and building construction on the Indonesia Stock Exchange from 2018 to 2021.

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Saeed Jagirani, Tahir, Lim Chee Chee, and Zunarni Binti Kosim. "Board characteristics and firm value: The moderating role of capital adequacy." Investment Management and Financial Innovations 20, no. 2 (2023): 205–14. http://dx.doi.org/10.21511/imfi.20(2).2023.18.

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The global financial crisis increased corporate world uncertainties. Therefore, to meet these challenges, firms take a more proactive approach to tackling various corporate governance and firm value initiatives and policies. This study aims to explore the moderating effect of capital adequacy on the relationship between board characteristics and the firm value of listed banks in Pakistan. To obtain a more robust empirical model and results, this study incorporates moderator and control variables. This study is based on half-yearly secondary data of 560 sample observations from 2009 to 2021. Multiple regression and panel data estimation techniques were employed for the analysis. The study used firm value as a dependent variable, proxied by Tobin’s Q, along with five independent variables, one moderating variable, and two control variables. The results of this study indicate that a higher capital adequacy ratio (CAR) increases firm value and has a moderating effect on board characteristics and firm value. Low proportions of women and independent directors on board affect firm value. The presence of risk management and audit committees in listed Pakistani banks, on the other hand, increases firm value. The banks in Pakistan have no problem with CEO duality. The study also found that bank size has a positive relationship with firm value, while bank age has a negative relationship with firm value.

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Alfarisyi, Naupal, Yossi Diantimala, Rizal Yahya, and Muhammad Saleh. "Biological Assets and Firm Value: Do Fair Value Measurement and Disclosure Matter?" Jurnal Dinamika Akuntansi dan Bisnis 9, no. 2 (2022): 205–22. http://dx.doi.org/10.24815/jdab.v9i2.24694.

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This study aims to investigate whether value of biological assets measured by fair value and disclosure of biological assets has influence on firm value. The samples are agricultural companies listed on the Indonesia Stock Exchange between 2018 and 2020 with 51 firm-year observations. Using multivariate analysis, this study found that value of biological assets measured by their fair value has a significantly positive effect on firm value, while the disclosure level of biological assets does have impact on firm value. The control variables, namely profitability, leverage, and growth, significantly affect firm value. This study provides a new perspective and empirical evidence in the research topic because this research focuses on the impact of the application of Indonesian statement of financial standard No. 69 regulating fair value of assets and disclosure of biological assets on firm value.

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Razali, Mohd Waliuddin Mohd, Tan Sia Kai, Nordiana Ahmad Nordin, Kartinah Ayupp, and Dyg Haszelinna Abg Ali. "Driving firm value: Strategic marketing insights Malaysian listed firms." Journal of Asian Scientific Research 14, no. 4 (2024): 570–85. http://dx.doi.org/10.55493/5003.v14i4.5165.

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This study uses data from 29 sample firms in Bursa Malaysia from 2017 to 2022. Marketing can increase their firm value by helping the firms increase sales volume and market share and enhance their profitability. Therefore, the main objective of this study is to examine the impact of marketing strategies on the firm value. All marketing strategy expense data was collected from the annual report, while the remaining variables, such as firm value, size, profitability, growth, and debt structure, were also collected from the Eikon database. The result shows that marketing strategies negatively affected the firm’s value. Implementing excessive marketing strategies has the potential to raise concerns among investors over the long-term sustainability of firms, which could ultimately lead to a decline in firm value. This is especially true when marketing initiatives prioritize immediate profits at the expense of long-term growth and resilience. It is recommended that future studies employ a comprehensive analysis to better assess the effectiveness of firms' marketing efforts. In this scenario, it is recommended that future researchers broaden their analysis to encompass other dimensions of marketing strategies rather than solely concentrating on marketing expenditure proxy in order to assess the efficacy of a firm's marketing strategy in relation to firm value.

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Warsiki, Luh Ketut Kumari Chandra, and Sofia Prima Dewi. "THE DETERMINANTS OF FIRM VALUE." International Journal of Application on Economics and Business 1, no. 3 (2023): 1133–45. http://dx.doi.org/10.24912/ijaeb.v1i3.1133-1145.

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This research aims to obtain empirical evidence about the impact of leverage, profitability, firm size, and dividend policy toward the firm value of non-cyclical firms which is listed on the Indonesia Stock Exchange from period of 2018-2020. Using purposive sampling method, the sample in this study were 21 non-cyclical companies. The multiple linear regression model is used in this research and processing data with E-views 12 SV. In this research, firm value as dependent variable measures with a Price to Book Value. The result concludes that dividend policy and profitability impact positively toward firm value, firm size has no impact toward firm value with negative direction, and leverage has no impact toward firm value with positive direction.

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Didacus, Migunga Otieno, and Tibbs Charles Prof. "EFFECT OF EFFECTIVE TAX RATE ON FIRM VALUE OF COMMERCIAL BANKS IN NAIROBI SECURITY EXCHANGE'S LISTED BANKS IN KENYA." International Journal of Social Science and Humanities Research 12, no. 3 (2024): 381–87. https://doi.org/10.5281/zenodo.13827919.

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Abstract: Taxes are fundamental to the progress of a nation. Therefore, it is essential for organizations to strategize their tax obligations to effectively manage their current profits while avoiding penalties associated with tax evasion. Therefore, this study sought to investigate the effect of effective tax rate on firm value of commercial banks in Nairobi Security Exchange’s listed banks in Kenya. The research employed a mixed methodology that incorporated both explanatory and correlational research approaches. The target population for this investigation comprised 11 banks that are listed on the NSE. As a census study, it encompassed all 11 banks listed on the NSE. The analysis utilized panel regression, which integrated both time series and cross-sectional data. The information for all variables under study was sourced from the financial statements and annual reports of the commercial banks listed, covering the period from 2014 to 2022 on the NSE. The data were organized and presented in tables and figures. Throughout the data analysis, various diagnostic tests were conducted, including pre- and post-estimation tests. These tests encompassed stationarity tests, normality tests, multicollinearity tests, and heteroskedasticity tests for both fixed and random effect models. 1. The regression analysis indicates that the effective tax rate (ETR) has a statistically significant positive impact on firm value (Coefficient = 850.593, p < 0.05). The results of this study offer significant insights into the determinants of firm value within the banking industry, highlighting important considerations for tax planning and financial management strategies. The findings indicate that banks ought to prioritize the optimization of their tax planning approaches and capital structure to improve their overall firm value. Keywords: Tax Rate, Firm Value. Title: EFFECT OF EFFECTIVE TAX RATE ON FIRM VALUE OF COMMERCIAL BANKS IN NAIROBI SECURITY EXCHANGE’S LISTED BANKS IN KENYA Author: Didacus Migunga Otieno, Prof. Tibbs Charles International Journal of Social Science and Humanities Research  ISSN 2348-3156 (Print), ISSN 2348-3164 (online) Vol. 12, Issue 3, July 2024 - September 2024 Page No: 381-387 Research Publish Journals Website: www.researchpublish.com Published Date: 23-September-2024 DOI: https://doi.org/10.5281/zenodo.13827919 Paper Download Link (Source) https://www.researchpublish.com/papers/effect-of-effective-tax-rate-on-firm-value-of-commercial-banks-in-nairobi-security-exchanges-listed-banks-in-kenya

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Swaminathan, Vanitha, and Christine Moorman. "Marketing Alliances, Firm Networks, and Firm Value Creation." Journal of Marketing 73, no. 5 (2009): 52–69. http://dx.doi.org/10.1509/jmkg.73.5.52.

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Wang, Anbang. "Causality Between Firm-Level Governance and Firm Value." BCP Business & Management 35 (December 31, 2022): 632–40. http://dx.doi.org/10.54691/bcpbm.v35i.3362.

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This paper investigates empirically whether there is a causal relation between firm-level governance and firm value. The firm-level governance quality is quantified by using anti-takeover provisions, which are classified boards, fair price, and poison pill. The firm value is measured by Tobin’s Q and return on assets in the part of Robustness Check. The data was found in platform WRDS, with database vendors of Compustat and Institutional shareholder services (ISS), ranged from 1998 to 2006, after data matching and data cleaning, with 1645 left. The regression results indicate that there is causality between firm-level governance and firm value, specifically that poor governance significantly contributes to the reduction of firm value. The robustness check has certified that the results in the regression analysis are credible. Further research will be desirable for firm data from countries such as China. In addition, the range of observation years of the data is expected to expand as data vendors have increased authority to access to the data.

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Lan Le, Phuong. "How microeconomic factors influence Vietnam’s listed manufacturing firm value." Investment Management and Financial Innovations 20, no. 2 (2023): 267–85. http://dx.doi.org/10.21511/imfi.20(2).2023.23.

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It is meaningful to identify and quantify the impact of business microeconomic factors on firm value, not only for enterprises, but also for the industry, which contributes to the economic growth of the whole country. This paper aims to find evidence of how microeconomic factors relate to the value of manufacturing firms, helping businesses behave and adjust towards the goal of value maximization. This study applies three commonly used estimators with panel data, namely OLS, FEM and REM, using data obtained from FiinPro (a data providing company) and Vietstock on 691 companies listed on Vietnam’s two stock exchanges from 2008 to 2015; This was a sensitive period of world financial crisis, and Vietnamese manufacturing firms had a really hard time to overcome the difficulty in a global economy downturn. This paper found that (1) firm size, growth opportunities and financial leverage negatively affect firm value; (2) there is no evidence that operating cash flow, cash liquidity and intellectual capital affect firm value; (3) the estimation results confirm the non-linear relationship (order 3) between the directors’ share ownership ratio and corporate value; (4) state ownership and foreign ownership ratios have a negative effect on Vietnamese listed manufacturing firms during the period, but (5) there is no optimal number of BOD members. The findings help to measure the extent of the positive and negative impact of various factors, making it easier to find solutions to improve business value by promoting positive factors and preventing negative factors.

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Susanto Salim, Joshua Bennett Susanto,. "Pengaruh Environmental Performance, Earning Persistence, Dan Economic Value Added Terhadap Firm Value." Jurnal Paradigma Akuntansi 3, no. 3 (2021): 993. http://dx.doi.org/10.24912/jpa.v3i3.14881.

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This research aims to determine the relationship of environmental performance, earning persistence, and economic value added to firm value. The objective is to analyze the direction and influence between environmental performance, earning persistence, and economic value added to firm value. This study uses a manufacturing company listed on IDX during 2017-2019 as a population. Sample is selected by purposive sampling technique. Out of 177 manufacturing companies, there are 31 manufacturing companies that have passed the research criteria. The results of this study indicate that environmental performance has a significant positive effect on firm value, earning persistence has a significant positive effect on firm value, and economic value added has not a significant negative effect on firm value on the manufacturing company.

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Nur, Muhammad, Payamta Payamta, Setiawan Doddy, and Anni Aryani Y. "CEO Celebrity on Firm Value." Journal of Economics, Finance And Management Studies 08, no. 02 (2025): 1212–16. https://doi.org/10.5281/zenodo.14908853.

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The celebrity status accorded to CEOs by leading business media describes executives who successfully lead high-performing firms (Hayward et al., 2004; Wade et al., 2006). This status includes high public attention and positive emotional responses from stakeholders, and is reinforced by the media (Rindova et al., 2006). Celebrity CEOs are considered an intangible asset that provides benefits such as good corporate prospects, investor confidence, attraction of quality employees, and improved stock market performance (Fanelli & Grasselli, 2006; Fombrun, 1996). Although this status provides personal benefits to the CEO, such as higher compensation and good job prospects, failure to maintain outstanding performance may result in a rapid loss of these benefits. Celebrity CEOs tend to manage stakeholder impressions to maintain their status and future benefits. Firm value plays a crucial role in determining the company's stock price as well as the level of investor satisfaction. Noerirawan (2012) defines firm value as the condition achieved by the company as a result of its business performance and strategy, which not only shows the company's performance but also its future prospects.

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y, y., f. f, and f. f. "Effects of Cash Holding and Intangible Assets on Firm Value." Global Convergence Research Academy 2, no. 2 (2023): 102–10. http://dx.doi.org/10.57199/jgcr.2023.2.2.102.

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We examine the effects of cash holding and intangible assets on firm value. Using the listed companies in the KOSPI and KOSDAQ markets, we find the following results. First, cash holding and intangible assets are positively related to firm value measured by Tobin’s Q(TQ) for the KOSPI market. Second, intangible assets are positively related to TQ for the KOSDAQ market. But cash holding is not related to TQ for the KOSDAQ market. Third, cash holding is positively related to economic value added (EVA) for the KOSPI market, while intangible assets are negatively related to EVA for the KOSPI market. Four, cashing holding is positively related to EVA for the KOSDAQ market but intangible assets are negatively related to EVA for the KOSDAQ market. In summary, these results imply that first, cash holding increases firm value up to the breakpoint, after which the cash holding reduces firm value.

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Kurniasih, Augustina, Muhamad Rustam, Heliantono, and Endri Endri. "Cost of capital and firm value: Evidence from Indonesia." Investment Management and Financial Innovations 19, no. 4 (2022): 14–22. http://dx.doi.org/10.21511/imfi.19(4).2022.02.

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Cost and capital structure are needed to evaluate the feasibility of the investments made by a company. This study aims to estimate and analyze the effect of the component of cost of capital (COC) and capital structure (CS) on firm value. Pulp &amp;amp; Paper companies listed on the Indonesia Stock Exchange (IDX) became the research sample for the 2013–2020 period. The research method applied is a moderation regression analysis approach. The empirical findings of the study prove that firm value is not influenced by the cost of debt (COD), while the cost of equity (COE) has a negative effect, and COC is positive. COC is a combination of the use of debt and equity, modeling by adding a CS variable as a moderating variable; this leads to the conclusion that COD and COE have a negative effect on firm value, whereas COC and CS have a positive effect. The finding of the role of CS as a moderating variable reveals that CS is a quasi-moderator variable and plays a role in increasing.

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Anam, Hairul, and W. Kusumawati. "Factors Affecting Company Value in Agricultural." INTERNATIONAL JOURNAL OF TRENDS IN ACCOUNTING RESEARCH 3, no. 1 (2022): 053–62. http://dx.doi.org/10.54951/ijtar.v3i1.275.

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The Influence of Profitability, Company Size, Dividend Policy, Inflation, and Interest Rates on Firm Value in Plantation Subsector Agricultural Companies Listed on the Indonesia Stock Exchange for the 2015-2019 Period.This study aims to examine the effect of Profitability, Company Size, Dividend Policy, Inflation, and Interest Rates on Firm Value. The samples of this research were 6 plantation subsector agricultural companies which were listed on the stock exchangeIndonesiaselected using purposive sampling method during the 2015-2019 study. The analytical method used in this research is multiple linear regression. Based on the test results, it is concluded that profitability affects firm value, firm size affects firm value, dividend policy affects firm value, inflation affects firm value, and interest rates affect firm value.

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Santiani, Nenden Puspa. "PENGARUH INTELLECTUAL CAPITAL DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN." JURNAL AKUNTANSI 13, no. 2 (2019): 69–78. http://dx.doi.org/10.37058/jak.v13i2.844.

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The aims of this research are to know: (1) The relationship between Intellectual Capital and Capital Structure, (2) The influence Intellectual Capital by partially to Firm Value, (3) The influence Capital Structure by partially to Fimr Value, (4) The Influence of Intellectual Capital and Capital Structure by simultaneously to Firm Value. This research object cover The Intellectual Capital, Capital Structure, and Firm Value on the financial statements of LQ45 Company listed in Indonesia Stock Exchange in 2016. Data anlysis in this survey are used path analysis. The results shows that: The relationship between Intellectual Capital and Capital Structure is not significant. Partially, Intellectual Capital have a positive and significant effect to Firm Value. Partially, Capital structure is not significant to Firm Value. In simultaneously, Intellectual Capital and Capital Structure have a influence significant to Firm Value.

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Catherine, Yovani, and Saleh Mustaruddin. "The Role of Managerial Ownership as an Intervening Variable in the Relationship between Capital Structure, Asset Size and Profitability on Firm Value in Technology Companies of Indonesia." Journal of Economics, Finance and Management Studies 06, no. 09 (2023): 4517–626. https://doi.org/10.5281/zenodo.8388579.

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This study aims to examine the effect of Capital Structure, Firm Size, and Profitability on Firm Value with Managerial Ownership as intervening variables. The population in this study embraces 45 companies belonging to the technology, heavy construction, and civil engineering companies respectively for the period of 2015-2021. All data used is panel data retrieved from Indonesia Stock Exchange (IDX) website. Using the purposive sampling method, the final sample becomes 15 companies or 105 year-firm. Employing the path analysis, this study found that capital structure and profitability had a significant positive effect on managerial ownership, while firm size had a positive and insignificant effect on managerial ownership. Capital structure and profitability have a significant positive effect on firm value, while managerial ownership has a positive effect on firm value but is insignificant. In addition, firm size has a negative and significant effect on firm value. Finally, managerial ownership cannot mediate the relationship between independent variables of capital structure, firm size, and profitability on firm value.

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Lorne, Frank T., and Petra Dilling. "Creating Values for Sustainability: Stakeholders Engagement, Incentive Alignment, and Value Currency." Economics Research International 2012 (January 11, 2012): 1–9. http://dx.doi.org/10.1155/2012/142910.

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A shareholder theory of firm and a stakeholder theory of firm may differ in their respective evaluation method of firm performance. Both theories however recognize the importance of value creation as the economic role of firms as institutions. The New Institutional Economics (NIE) emphasizes incentives alignment, while also viewing stakeholder engagements as methods to expand the boundaries of firms. The difference in performance evaluation between the two approaches can be reduced if stakeholders, while formulating incentive alignment, also evaluate the mechanisms of establishing a common currency value. The concomitant development of stakeholder engagement, incentive alignment, and value currency creation is argued to be an evolutionary process with the efficiency implications of the two theories tending to converge.

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Byun, Hae-Young. "Impact of ESG Factors on Firm Value in Korea." Korea International Trade Research Institute 14, no. 5 (2018): 135–60. http://dx.doi.org/10.16980/jitc.14.5.201810.135.

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Journal articles on the topic 'And Firm Value'

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