Investment, Tobin's Q, and Cash Flow Across Time and Frequencies

2019 ◽  
Vol 82 (2) ◽  
pp. 331-346 ◽  
Author(s):  
Fabio Verona
Keyword(s):  
Cash Flow ◽  
Tobin’S Q ◽  
Tobin's Q

scholarly journals The Roles of Expected Profitability, Tobin's Q and Cash Flow in Econometric Models of Company Investment

2004 ◽  
Author(s):  
Stephen R. Bond ◽  
Alexander Klemm ◽  
Rain Newton-Smith ◽  
Murtaza Syed ◽  
Gertjan W. Vlieghe
Keyword(s):  
Cash Flow ◽  
Econometric Models ◽  
Tobin’S Q ◽  
Tobin's Q

Self-tender offers: The effects of free cash flow, cash flow signalling, and the measurement of Tobin's q

1995 ◽  
Vol 19 (6) ◽  
pp. 1005-1023 ◽  
Author(s):  
Steven B. Perfect ◽  
David R. Peterson ◽  
Pamela P. Peterson
Keyword(s):  
Cash Flow ◽  
Free Cash Flow ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Tender Offers

scholarly journals Analisis Faktor Pengendali Konflik Keagenan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi

2018 ◽  
Vol 22 (2) ◽  
pp. 139
Author(s):  
Rita Amelinda
Keyword(s):  
Cash Flow ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Listed Company ◽  
Free Cash Flow ◽  
The Other ◽  
Tobin’S Q ◽  
Flow Ratio ◽  
Tobin's Q ◽  
Independent Variables

The purpose of this research is to measure the influence between agency conflict’s factors to the value of the firm with dividend policy as the moderating variable. Some of variables which are used in this research such as Free Cash Flow Ratio, Leverage, Return on Asset, GCG’s Implementation (CGPI), Dividend Policy, danValue of The Firm (Tobin’s Q). This research sample consisted of 126 observations which are the listed company in Indonesia Stock Exchange (IDX) during 2008-2014 period and they also are the company with the best GCG index. The results showed thatFree Cash Flow Ratio, Leverage, Return on Asset, GCG’s Implementation (CGPI), Dividend Policy have significant effect simultaneously on Value of The Firm (Tobin’s Q). While in partial, only GCG’s Implementation (CGPI) which doesn’t has significant effect onValue of The Firm (Tobin’s Q). On the other hand, dividend policy significantly moderated the influence of the other 4 independent variables to the value of the firm.

Marginal q , Tobin's q , Cash Flow, and Investment

2004 ◽  
Vol 70 (3) ◽  
pp. 512-531
Author(s):  
Klaus Gugler ◽  
Dennis C. Mueller ◽  
B. Burcin Yurtoglu
Keyword(s):  
Cash Flow ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Marginal Q

Investment, Valuation, and Growth Options

2012 ◽  
Vol 02 (01) ◽  
pp. 1250001 ◽  
Author(s):  
Andrew B. Abel ◽  
Janice C. Eberly
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Empirical Literature ◽  
Growth Options ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Current Technology ◽  
Investment Valuation ◽  
Positive Coefficients

We develop a model in which the opportunity for a firm to upgrade its technology to the frontier (at a cost) leads to growth options in the firm's value; that is, a firm's value is the sum of value generated by its current technology plus the value of the option to upgrade. Variation in the technological frontier leads to variation in firm value that is unrelated to current cash flow and investment, though variation in firm value anticipates future upgrades and investment. We simulate this model and show that, consistent with the empirical literature, in situations in which growth options are important, regressions of investment on Tobin's Q and cash flow yield small positive coefficients on Q and larger coefficients on cash flow. We also show that growth options increase the volatility of firm value relative to the volatility of cash flow.

Investment and Cash Flow Sensitivity under Investment Opportunities: Evidence from Pakistani Manufacturing Firms

2017 ◽  
Vol 1 (1) ◽  
pp. 13
Author(s):  
Muhammad Kashif Khurshid ◽  
Imtiaz Zahid ◽  
Akmal Khan
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Control Variable ◽  
Manufacturing Firms ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Investment Opportunities ◽  
Cash Flow Sensitivity ◽  
Relationship Of ◽  
The Relationship

This paper examines the relationship between cash flow and investment under high and low investment opportunities of 167 Pakistani non-financial manufacturing firms listed in the Pakistan Stock Exchange during the period 2004-2013. Tobin’s Q is employed to capture the investment opportunities and sales are taken as control variable. A panel regression model is used to investigate the relationship of cash flow, Tobin’s Q and sales on investment. In case of high investment opportunities firms, the relationship of investment and cash flow is positive and significant while under low investment opportunities firms, this relationship is also positive but insignificant. These results indicate that the high opportunities firms rely mostly on internally generated cash flow whereas the low investment opportunities firms prefer to distribute its earnings as a dividend.

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