Optimal Age-Based Portfolios with Stochastic Investment Opportunity Sets

2006 ◽  
Author(s):  
Doriana Ruffino ◽  
Jonathan Treussard
Keyword(s):  
Investment Opportunity ◽  
Opportunity Sets

scholarly journals PERAN PROFITABILITAS DALAM MEMEDIASI PENGARUH FINANCIAL LEVERAGE DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN DI BURSA EFEK INDONESIA

2018 ◽  
pp. 143
Author(s):  
Ni Made Dewi Puspita Sari ◽  
I Gusti Bagus Wiksuana
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Secondary Data ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Financial Leverage ◽  
Opportunity Sets ◽  
Analysis Technique ◽  
Investment Opportunity Set

The purpose of this study was to determine the role of profitability in mediating the effect of financial leverage and investment opportunity set on the dividend policy. The populations in this study were manufacturing companies listed on the Indonesia Stock Exchange. The sampling of the research was done by census and the number of samples were 12 companies. The data of research were secondary data obtained from Indonesia Stock Exchange website and Indonesian Capital Market Directory from 2011 to 2015. Testing of research hypothesis was conducted by using path analysis technique by tool of SPSS application.The results showed that financial leverage has a negative and significant effect on dividend policy. Investment opportunity set has negative and insignificant effect on dividend policy. Financial leverage has a positive and significant impact on profitability. Investment opportunity sets also have a positive and significant impact on profitability. Profitability has a positive and significant effect on dividend policy. Profitability is able to mediate the effect of financial leverage and investment opportunity set on dividend policy.

The Determinants of Performance Plan Adoption

1995 ◽  
Vol 10 (3) ◽  
pp. 655-676 ◽  
Author(s):  
John A. Brozovsky ◽  
Parvez R. Sopariwala
Keyword(s):  
Executive Compensation ◽  
Agency Costs ◽  
Stock Options ◽  
Matched Pair ◽  
Logit Analysis ◽  
Investment Opportunity ◽  
Opportunity Sets ◽  
Long Term Performance ◽  
Term Performance

Executive compensation schemes are expected to reduce agency costs by aligning the interests of stockholders and managers. We attempt to determine the characteristics of companies that adopt long-term performance plans. Using a matched-pair design, we conduct a multivariate logit analysis that is weighted to take into account the choice-based nature of the sample. Our results suggest that performance plans may have been adopted to complement the inadequate compensation derived from stock options. In addition, we find that performance plans are more likely to be adopted by companies who have smaller investment opportunity sets and have older managers who are underinvesting in R&D expenditures.

Measuring multidimensional investment opportunity sets with 10-K text

2021 ◽  
Author(s):  
Sudipta Basu ◽  
Xinjie Ma ◽  
Hoa Briscoe-Tran
Keyword(s):  
Information Technology ◽  
Fixed Effects ◽  
Predictive Power ◽  
Investment Opportunity ◽  
Corporate Policies ◽  
Related Variation ◽  
Opportunity Sets ◽  
Dependent Variables ◽  
Out Of Sample ◽  
Specific Factors

We show that firms' investment opportunity sets (IOS) are multidimensional. Analyzing Form 10-K texts, we identify 445 unique keywords that predict firms' future investments during 1995-2009 and combine them into 43 underlying factors. Industry-specific factors include BioPharma, Banking, Information Technology, Oil & Gas and Retail Stores, while more general factors include Equity Intensity, Debt Intensity, Lease, Going Concern and Acquisition. These factors form our multidimensional measures of IOS. They outperform Tobin's Q and/or industry fixed effects, in predicting future out-of-sample (2010-15) investments and related corporate policies, and even inform incrementally over lagged dependent variables. We trace the factors' improved predictive power to their multidimensional nature, which captures IOS-related variation within and between industries, and stability in IOS that allows 10-K texts to be more informative.

scholarly journals ANALISIS PENERAPAN TQM TERHADAP KINERJA MANAJERIAL PADA RUMAH SAKIT UMUM DI DENPASAR

2019 ◽  
Vol 3 (1) ◽  
Author(s):  
Made Wahyu Adhiputra
Keyword(s):  
Firm Value ◽  
Earnings Quality ◽  
Sampling Technique ◽  
Manufacturing Companies ◽  
Total Quality ◽  
Investment Opportunity ◽  
Opportunity Sets ◽  
Analysis Technique ◽  
Investment Opportunity Set ◽  
Sample Data

ABSTRAKPenelitian ini bertujuan untuk menganalisis hubungan antara penerapan Total Quality Management (TQM) dan kinerja manajerial pada organisasi rumah sakit umum di Kota Denpasar. Populasi dalam penelitian ini adalah seluruh tingkatan manajer baik manajer tingkat atas, menengah, dan bawah pada Rumah Sakit Umum di Denpasar. Alasan peneliti mengambil responden kepada tiap tingkatan manajer, karena pada seluruh tingkatan manajer tersebut menjadi lebih memiliki keterikatan kerjasama yang saling berhubungan untuk lebih meningkatkan, mengarahkan, dan mengembangkan perusahaan sehingga menjadi lebih baik lagi. Apabila TQM dapat diterapkan secara efektif, maka kinerja managerial juga akan meningkat. Sedangkan sistem pengukuran dan sistem penghargaannya adalah variabel moderating yang mempunyai kesatuan antara TQM dan kinerja managerial. Hasil dari penelitian menunjukkan bahwa penerapan TQM terhadap Kinerja Manajerial berpengaruh signifikansi t pada 0.023 < 0.05, mengindikasikan bahwa hipotesis pertama diterima. Kedua, interaksi penerapan TQM dan Sistem Pengukuran Kinerja terhadap Kinerja Manajerial berpengaruh signifikansi t pada 0.037 < 0.05, mengindikasikan bahwa hipotesis kedua diterima. Dan ketiga, interaksi penerapan TQM dan Sistem Penghargaan terhadap Kinerja Manajerial berpengaruh signifikansi t pada 0.042 < 0.05, mengindikasikan bahwa hipotesis ketiga diterima. Kata kunci: investment opportunity set; kualitas laba; nilai perusahaan ABSTRACTThis research is conducted to obtain empirical evidence about the effect of investment opportunity set on firm value with earnings quality as moderation variable. The method used to determine the sample in this study is purposive sampling technique, so that obtained 38 manufacturing companies as a sample. Data analysis technique used in this research is Moderated Regression Analysis (MRA) with the help of SPSS 21 application. The results of this study indicate that investment opportunity set has no effect on firm value. The earnings of quality are able to strengthen the influence of investment opportunity sets on the value of the firm. Keywords: Investment Opportunity Set; Earnings Quality; Firm Value

scholarly journals KEBIJAKAN PENDANAAN DAN DIVIDEN DENGAN PENDEKATAN ISVESTMENT OPPORTUNITY SET

2018 ◽  
Vol 2 (1) ◽  
Author(s):  
Himmatul Ulyah
Keyword(s):  
High Growth ◽  
High Potential ◽  
Funding Policy ◽  
Investment Opportunity ◽  
Dividend Policies ◽  
Opportunity Sets ◽  
Funding Policies ◽  
Investment Opportunity Set ◽  
Significant Difference ◽  
Growth Firms

This study aims to see differences in funding policies and dividend policies between high-potential and high-growth manufacturing firms with Investment Opportunity Sets. The results show that there is a significant difference in funding policy between high-growth and potential firms with low-growth firms using investment opportunity sets. The resulting significant value is 0.014 where the value is lower than 0.05. There is a significant difference in the dividend policy between a highgrowth and high-potential manufacturing company with an investment opportunity set. The resulting significant value is 0.006 where the value is lower than 0.05. 

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