scholarly journals Study of Effect of Separation of Cash Flow and Control Rights on Growth of Small and Medium-Sized Board of Listed Companies—Based on the Tobin’s Q Value

2016 ◽  
Vol 05 (03) ◽  
pp. 494-498
Author(s):  
佳 李
Keyword(s):  
Cash Flow ◽  
Listed Companies ◽  
Tobin’S Q ◽  
Q Value ◽  
Control Rights ◽  
Tobin's Q ◽  
And Control

scholarly journals Corporate governance and performance: Evidence from Chinese private listed companies based on cash flow rights and control rights

2012 ◽  
Vol 9 (2) ◽  
pp. 85-93 ◽  
Author(s):  
Hu Dan Semba ◽  
Haiyan Zheng
Keyword(s):  
Firm Performance ◽  
Cash Flow ◽  
Listed Companies ◽  
Negative Influence ◽  
Independent Directors ◽  
Control Rights ◽  
Ownership Structures ◽  
And Performance ◽  
Cash Flow Rights ◽  
And Control

This paper investigates the relationship between control rights, cash flow rights, and firm performance across a sample of 276 China’s private listed companies (CPC) from 2003 to 2008. This paper finds that the performance of firms with pyramid ownership structures (POS) is lower than that of firms with direct controlling ownership structures (DOS). The separation of control rights and cash flow rights, which is the main characteristic of POS, is negatively related to the firm performance. Furthermore, in order to reduce the negative influence of control rights, this paper proposes the following countermeasures: cash flow rights should be increased because it has a positive effect on the firm performance; the supervisory powers of shareholders meeting (SM) should be strengthened because it helps improve firm performance and overrule invalid decisions taken by independent directors in China. This is proved by the findings that show a positive correlation between the attendance rate at shareholders’ meetings and firm performance; moreover, there is no positive relationship between independent directors and firm performance.

scholarly journals Determinants of Accounting and Market-based Performance Measures – Case of Croatian Non-financial Listed Companies

2021 ◽  
Vol 92 ◽  
pp. 02049
Author(s):  
Tomislava Pavic Kramaric ◽  
Marko Miletic ◽  
Damir Piplica
Keyword(s):  
Performance Measures ◽  
Firm Value ◽  
Positive Impact ◽  
Stock Exchange ◽  
Value Added ◽  
Listed Companies ◽  
Performance Measure ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Measure Of Performance

Research background: Profitability and the factors that determine it have always intrigued the scholars. Despite the large number of studies dealing with this topic at the international level, this paper sheds a new light on the issue since it deals with the listed companies in an emerging economy confronting two performance measures. Purpose of the article: The aim of this paper is to provide evidence on the performance of Croatian non-financial firms listed on the Zagreb Stock Exchange (ZSE). Methods: The analysis encompassed firms that operated in the 2015 – 2019 period. For this purpose, the authors confronted two performance measures, i.e. accounting-based performance measure represented with return on assets (ROA) whereas Tobin’s Q stands for the market-based measure of performance or firm value. Independent variables that served as potential determinants of listed companies’ performance include inventories management, productivity, liquidity measured with both current and quick ratio, and size calculated on the basis of total assets, and sales. Findings & Value added: After employing static panel analysis, the results reveal statistically significant influence of size variable based on assets in both models though it takes negative sign in the model where performance is measured with Tobin’s Q, whereas its positive impact on performance is recorded in ROA model. Furthermore, size based on total sales also positively affects performance when measured with ROA.

scholarly journals The Relationship between Extent of Internationalization and Firm Performance (Taiwan 1992–2017)

2021 ◽  
Vol 2021 ◽  
pp. 1-20
Author(s):  
Shih-Yung Wei ◽  
Li-Wei Lin
Keyword(s):  
Firm Performance ◽  
Operating Performance ◽  
Board Structure ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Moderating Variables ◽  
Average Operating ◽  
And Performance ◽  
And Control ◽  
The Impact

The purpose of this study was to discuss the impact of the extent of internationalization on firm performance measured for firms with a high Tobin’s Q (firms with good operating performance), a median Tobin’s Q (firms with average operating performance), and a low Tobin’s Q (firms with poor operating performance). In addition to discussion on the impact of internationalization on firm performance, this study also discussed the impact of corporate proprietary assets (using assets, R&D, marketing, and management-related variables as moderating variables) and control variables (scale of company, debt-asset ratio, firm age, board structure, and proportion of pledged shares by directors) on firm performance. The research results showed that there is an S-shaped relationship between extent of internationalization and firm performance. However, further discussion found that there is an S-shaped relationship between extent of internationalization and performance for firms with a high Tobin’s Q but a slight decline in the middle of the S-shaped curve, as well as a general linear negative correlation between extent of internationalization and performance for firms with a median Tobin’s Q and an inverted U-shaped correlation between extent of internationalization and performance for firms with a low Tobin’s Q.

scholarly journals Analisis EVA, MVA, dan Tobin’s Q Terhadap Harga Saham Emiten di BEI Periode 2012-2016

JEMAP ◽  
2019 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Stevi Jimry Poluan ◽  
Rony Joyo Negoro Octavianus ◽  
Edwin Aditya Prabowo
Keyword(s):  
Linear Regression ◽  
Multiple Linear Regression ◽  
Stock Prices ◽  
Sampling Method ◽  
Listed Companies ◽  
Quantitative Approach ◽  
Share Price ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Purposive Sampling

This study aims to analyze the effect of EVA, MVA, and Tobin’s Q on share price of listed companies in IDX. The type of research used on this study is assosiative research with quantitative approach. Sampling method used is purposive sampling. Multiple Linear Regression used to analyze the data. The results showed that EVA had no effect to companies’ stock prices and MVA had positive and significant effect to companies’ stock prices, and Tobin’s q had positive and significant effect to companies’ stock prices.

CEO Duality and Firm Performance

2020 ◽  
pp. 227-246
Author(s):  
Sandra Alves
Keyword(s):  
Firm Performance ◽  
Negative Relationship ◽  
Least Square ◽  
Tobin’S Q ◽  
Monitoring And Control ◽  
Tobin's Q ◽  
Ceo Duality ◽  
Ordinary Least Square ◽  
Leadership Structure ◽  
And Control

Two divergent theories emerge from the literature on CEO duality. The agency theory advocates that a dual CEO negatively affects corporate performance, because it compromises the monitoring and control of the CEO, whilst the stewardship theory suggests the contrary effect due to the unity of command it presents. For a sample of 26 non-financial listed Portuguese firms from 2002 to 2016, this study draws on agency and stewardship theories to evaluate the relationship between CEO duality and firm performance, proxied by Tobin's Q. Using ordinary least square (OLS) and two stage least squares (2SLS) techniques to control potential problems simultaneity between CEO duality and firm performance, the author finds a negative relationship between CEO duality and Tobin's Q. This suggests that investors perceive no value in having a concentration of power with a dual leadership structure. Therefore, this study recommends that the positions of chairman and CEO should be separated for listed Portuguese firms.

Dual-Class Shares and Audit Pricing: Evidence from the Canadian Markets

2008 ◽  
Vol 27 (2) ◽  
pp. 199-216 ◽  
Author(s):  
Samer Khalil ◽  
Michel L. Magnan ◽  
Jeffrey R. Cohen
Keyword(s):  
Cash Flow ◽  
Positive Association ◽  
Audit Fees ◽  
Control Rights ◽  
Audit Pricing ◽  
Audit Risk ◽  
Dual Class Shares ◽  
Cash Flow Rights ◽  
Dual Class ◽  
And Control

SUMMARY: This paper investigates whether audit fees vary with the wedge between cash flow rights and control rights arising from the presence of dual-class share structures. Dual-class shares exist in firms having two or more classes of shares with disproportionate voting rights. They affect audit fees through their effect on the supply for audit services. External auditors conduct wider (narrower) scope audits depending on whether dual-class shares increase (decrease) audit risk and/or auditor business risk. Wider (narrower) scope audits are more (less) costly for the auditors and for their clients. This paper documents a positive association between audit fees and the wedge between cash flow rights and control rights in a sample of Canadian firms during 2004. It extends current research by investigating whether dominant shareholdings affect audit pricing, and by examining audit pricing in Canada over a time period that witnessed significant changes in corporate governance.

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
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