Can R&D Expenditures Affect Firm Market Value? An Empirical Analysis of a Panel of European Listed Firms

2010 ◽  
Author(s):  
Andi Duqi ◽  
Giuseppe Torluccio
Keyword(s):  
Empirical Analysis ◽  
Market Value ◽  
Listed Firms

Is Voluntary Disclosure Value Relevant? Evidence from Top Listed Firms in India

2021 ◽  
pp. 097226292098629
Author(s):  
Rupjyoti Saha ◽  
Kailash Chandra Kabra
Keyword(s):  
Voluntary Disclosure ◽  
Value Relevance ◽  
Stock Exchange ◽  
Market Value ◽  
Policy Implications ◽  
Positive Contribution ◽  
Listed Firms ◽  
Strategic Disclosure ◽  
Relevant Evidence ◽  
The Relationship

In view of ongoing reforms in India with emphasis on improving transparency of corporate, the present study aims to examine the influence of voluntary disclosure on the market value of India’s top-listed firms. To this end, the study uses a sample of top 100 non-financial and non-utility firms listed at Bombay Stock Exchange based on market capitalization over a 5-year period (2014–2018). To control potential endogeneity in the relationship between voluntary disclosure and firms’ market valuation, fixed effect panel data model and two-stage least squares model of estimation have been employed. The result obtained from the analysis suggests that enhanced level of voluntary disclosure significantly improves the market value of sample firms. The study further undertakes additional analysis by categorizing voluntary disclosure into its sub-components wherein the findings reveal that three components of voluntary disclosure such as corporate and strategic disclosure, forward looking disclosure and corporate governance disclosure make positive contribution towards market value of firms, while the remaining components of voluntary disclosure such as human and intellectual capital disclosure and financial and capital market disclosure do not appear to have any significant influence on the same. Overall, the finding suggests that voluntary disclosure made by sample firms is considered relevant by investors. However, value relevance of different components of voluntary disclosure varies with the nature and extent of information disclosed. The study offers some important policy implications.

scholarly journals Enterprise Value and Intellectual Capital: Study of BSE 500 Firms

2018 ◽  
Vol 7 (2) ◽  
pp. 123 ◽  
Author(s):  
Priti Sharma
Keyword(s):  
Regression Analysis ◽  
Multiple Regression Analysis ◽  
Multiple Regression ◽  
Intellectual Capital ◽  
Pearson Correlation ◽  
Market Value ◽  
Linear Multiple Regression ◽  
Listed Firms ◽  
Customer Capital ◽  
Almost All

The purpose of this paper is to estimate the intellectual capital coefficient of the firms under study and to study the relationship, if any between intellectual capital and intellectual capital and its constituents. In this empirical paper, analytical research design has been used. Pulic’s VAIC (modified) has been used to estimate the intellectual capital of BSE S&P 500 listed firms from 2007-2016. The data has been collected from CMIE and collected data has been analyzed using Pearson correlation and linear multiple regression analysis using CMIE PROWESS. Findings show that almost all firms under study have a good VAIC score means above 4 and the top VAIC scorer firms were mainly from refinery, metal, cement, steel, tobacco. Correlation analysis and Linear multiple regression analysis show that M/B ratio has a significant relationship with VACA, VAHU, Research and Development (Innovation capital) and Advertisement expenses (customer capital). Year-wise results depicts that value of adjusted R2 is increasing, in 2007 it was just .164 and in the year 2016 it is .607 which infers that VAIC’s role is improving in measuring the market value of firms under study. Year wise analysis shows that adjusted R2 is improving, so findings may serve as significant input for the firms to use intellectual capital as the main factor for improving the market value of firms. This paper will definitely contribute to the existing literature.

Abstract: An Empirical Assessment of Lessee Disclosure Policy

1977 ◽  
Vol 12 (4) ◽  
pp. 655-655
Author(s):  
John S. Hughes ◽  
George S. Oldfield
Keyword(s):  
Empirical Analysis ◽  
Balance Sheet ◽  
Market Value ◽  
Common Stock ◽  
Security Prices ◽  
Risk Class ◽  
Disclosure Policy ◽  
Empirical Assessment ◽  
Valuation Model ◽  
The Empirical Analysis

The purpose of this paper is to provide evidence concerning investor reactions to off-balance sheet disclosures of concancellable leases as reflected in security prices. A valuation model is defined based upon the work of Modigliani and Miller which expresses the market value of the firm's common stock as a function of lease indebtedness. Data for the empirical analysis are obtained from Compustat and SEC form 10 K's. Crosssectional regressions are run by risk class on samples of 620 firms reporting rent expense, 432 firms disclosing lease commitments, and 139 firms reporting present values of so-called “financing” leases.

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