scholarly journals Research on Impact of Listed Companies Sustainable Development on Company’s Value

2017 ◽  
Author(s):  
Indre Lapinskaite ◽  
Algita Miecinskiene ◽  
Ausra Michejeva
Keyword(s):  
Sustainable Development ◽  
Stock Exchange ◽  
Listed Companies ◽  
International Markets ◽  
Operating Efficiency ◽  
Un Global Compact ◽  
Company Value ◽  
Organization Analysis ◽  
Nasdaq Omx

In the paper, based on theoretical sources and empirical research data analysis, was studied sustainable development and its impact on the value created of listed companies. It is likely that the companies involved in sustainable development will increase the company's value by improving operating efficiency, competing in both Lithuanian and international markets and contributing to improving people’s quality of life. Main purpose of this paper is to evaluate what impact sustainable development has to the value of listed companies. Thesis theoretical part analyses listed companies’ sustainable development impact for enterprises value theoretic aspects, investigates sustainable development and value-creating relations. According to analysis results, hypotheses were raised. Methodological paper part analyses EVA, company value and EBITDA ratio, market capitalization and ROE rate theoretical aspects. The practical part of this paper evaluates sustainable development companies which are in listed NASDAQ OMX BALTIC stock exchange and joined UN Global Compact organization. Analysis covers what impact sustainable development has to the value of listed companies in 2011-2015 period. The results are interpreted, summarized and conclusions with recommendations are presented.

scholarly journals Pyramidal Ownership and Company Value: Evidence from Polish Listed Companies

2021 ◽  
Vol 15 (4) ◽  
pp. 479-498
Author(s):  
Maria Aluchna ◽  
Tomasz Kuszewski
Keyword(s):  
Firm Value ◽  
Stock Exchange ◽  
Listed Companies ◽  
Ownership Concentration ◽  
Company Value ◽  
Warsaw Stock Exchange ◽  
Pyramidal Ownership ◽  
Dual Class Shares ◽  
Dual Class ◽  
Majority Shareholder

This paper examines the effects of pyramidal ownership. Using the sample of 162 non-financial companies listed on the Warsaw Stock Exchange during the period 2010-2014, we verify the relation between the adoption of a pyramidal structure and company value. Specifically, we show that the link between pyramidal ownership and company value is more complex than previously thought addressing the aspect of ownership concentration and dual class shares. Our results indicate that the use of pyramids is associated with a higher value measured by Tobin’s Q, supporting the efficient monitoring hypothesis. Contrary to our expectations the combination of pyramidal ownership and dual class shares is correlated with lower Q. Finally, while the adoption of a pyramid by a majority shareholder does not impact firm value, the combination of a pyramid, ownership concentration and dual class shares is associated with higher Q. This finding suggests that the blockholder ownership outweighs the possible cost of excessive disproportionate ownership and that pyramids and dual class shares have different effects on company value.

scholarly journals The Board Faultlines and Corporate Disclosure Quality: Based on Big Data Samples and Economic Model

2021 ◽  
Vol 251 ◽  
pp. 01043
Author(s):  
Qian Xing
Keyword(s):  
Big Data ◽  
Economic Model ◽  
Information Disclosure ◽  
Stock Exchange ◽  
Listed Companies ◽  
Corporate Disclosure ◽  
Disclosure Quality ◽  
Research Findings ◽  
The Impact

This article uses the selected data listed companies in Shenzhen Stock Exchange from 2008 to 2018 as big data samples to empirically study the impact of the board faultlines on corporate disclosure quality. Through statistical analysis and economic model, it transforms qualitative questions into quantitative questions. The results of the study show that the existence of the board faultlines will reduce the quality of information disclosure of listed companies. After a series of robustness tests, the above research findings are still robust.

scholarly journals The role of the Vietnam securities market as a capital mobilization channel

2015 ◽  
Vol 18 (3) ◽  
pp. 105-120
Author(s):  
Truc Thi Thanh To ◽  
Hien Thi Diem Nguyen
Keyword(s):  
Stock Exchange ◽  
Listed Companies ◽  
Secondary Market ◽  
Securities Market ◽  
Bond Markets ◽  
Market Participants

This paper attempts to evaluate the role of Vietnam securities market as a capital mobilization channel for the economy through the activities on the primary market in the period between 2005 and 2013, focusing on Hanoi Stock Exchange. A summary of the establishment, development and operations of the secondary market in the period from 2005 to 2013 with information of size, liquidity of both stock and bond markets is also included. Through the analysis the efficiency of capital mobilization on the primary market, we find that the securities market is yet to become an efficient capital mobilization channel for companies. Therefore, in order for the securities market to develop safely and become an efficient capital mobilization channel, authorities need to have promoting policies, enhance the quality of market participants as well as the governance and operations of listed companies.

scholarly journals Assessing Financial Reporting Quality of Listed Companies in Developing Countries: Evidence from Ghana

2019 ◽  
Vol 11 (9) ◽  
pp. 29
Author(s):  
Joseph Mbawuni
Keyword(s):  
Financial Reporting ◽  
Stock Exchange ◽  
Reporting Quality ◽  
Listed Companies ◽  
Sub Saharan Africa ◽  
Financial Reporting Quality ◽  
Financial Reports ◽  
Financial Reporting Standards ◽  
Sub Saharan

The adoption of International Financial Reporting Standards (IFRS) in Ghana is expected to improve the quality of financial reporting among companies in Ghana. This paper assesses the extent to which financial reports of companies listed on the Ghana Stock Exchange (GSE) meet financial reporting quality (FRQ) dimensions of IFRS. It was a descriptive study that employed two experienced professional chartered accountants who practice as independent auditors to use FRQ criteria to assess financial reports of 20 purposively selected companies listed on GSE for 2012 and 2013. Given the high inter-rater reliability (r = .96, 95% C.I., p < .0001), the findings indicate that, overall, FRQ of the listed companies meet FRQ standards by 56.48%. Generally, the financial reports were 60.95% faithfully represented, 51.01% relevant, 50.10% understandable, 40.09% comparable and 19.75% timely audited (or 80.25% untimely). Fundamental FRQ characteristics were more prevalent than enhancing FRQ. Poorly rated FRQ areas were in the use of historical cost as measurement basis, no use of graphs and tables to clarify information, no inclusion of comprehensive glossary, ratios and index, no information on adjustment in past accounting figures for future decisions, and no comparison of current and previous accounting periods and with those of other firms. The study concludes that FRQ of the listed companies is moderate but needs considerable improvement. Implications to theory, practitioners, policy makers and industry regulators are discussed. This study fills the dearth of empirical research in FRQ in IFRS-compliance companies in Sub-Saharan Africa in general and Ghana in particular.

scholarly journals Accounting Education towards Sustainable Labour Markets in Sri Lanka

2021 ◽  
pp. 35-48
Author(s):  
K. A. J. O. Perera ◽  
U. L. N. L. Perera ◽  
N. H. G. Guruge ◽  
S. Subashini ◽  
W. D. N. Madhavika ◽  
...  
Keyword(s):  
Labor Market ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Listed Companies ◽  
Accounting Education ◽  
Primary Data ◽  
Sri Lankan ◽  
Software Application ◽  
Convenience Sampling

The quality of Accounting Education determines the quality of Professionals in the field of Accounting. During last few decades with the effect of globalization, many technological advancements occurred in every industry. It directly affects the job profile of sustainable labor market of Accounting field where work becomes challenging and complex to achieve. Babike [1] proved that as Accounting Academics have become more important in the re-contextualization of the new global. The purpose of this article is to identify which qualifications are preferred by the employers out of Professional Accounting Qualification and Academic Accounting Qualification in Sri Lankan sustainable labor market. The present study adopted interpretation in philosophy and the inductive approach.  The data collection was based on primary data and was collected through online interview method. Researchers selected convenience sampling method since more than 80% of listed companies in Colombo Stock Exchange are in Western Province. Based on the convenience sampling technique researchers have selected ten listed companies and interview ten Finance Managers in respective companies. Thematic Analysis technique was used to analyze the data by using the NVivo software application. The findings of the present study suggest that many employers prefer Professional Accounting Qualifications rather than Academic Accounting Qualifications. The main reason for the choice is candidates with Professional Accounting Qualifications are more capable in handling tasks and the assigned job role due to the training offered through Professional Accounting Qualification when compared to Academic Accounting Qualifications. As an implication the respected authorities in Sri Lankan educational sector can implement Accounting trainings component for Academic Accounting Education. This may also be useful to future researchers to identify the perceptions of the employers. 

scholarly journals Pengaruh struktur modal, etnis dewan komisaris dan kebijakan dividen dengan profitabilitas sebagai variabel kontrol terhadap nilai perusahaan

2018 ◽  
Vol 7 (2) ◽  
Author(s):  
Anita Ade Rahma ◽  
Desberatus Bawamenewi
Keyword(s):  
Capital Structure ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Secondary Data ◽  
Optimal Level ◽  
Annual Data ◽  
Manufacturing Companies ◽  
Company Value ◽  
The Capital Structure

This study aims to determine the effect of capital structure, ethnic board of commissioners and dividend policy on Company Value in manufacturing companies listed on the Indonesia Stock Exchange. By taking secondary data that has been published in the 2015-2017 period. Population of 164 in manufacturing companies listed on the Indonesia Stock Exchange 2015-2017 and 112 samples of companies using purposive sampling with a total of 336 company annual data observations. The results of this study concluded that the Capital Structure and Ethnicity of the Board of Commissioners had no effect and were not significant to the Company's Value. Dividend Policy has a positive and significant effect on Company Value. Profitability has no effect and is not significant on Company Value. This means that with the capital structure, ethnic board of commissioners and dividend policy will encourage a more optimal level of supervision of the quality of the company. The company's objectives are achieved if the company's performance is able to optimize the company's value. Especially by better managing the dividend policy because it is considered capable of increasing the value of the company which has a direct impact on the company's sustainability in the future.Keywords: Institutional ownership; tax planning; foreign board of commissioners; leverage;  the company value.

scholarly journals Using of the Circularity Indicators in the Financial Communication of Listed Companies in the Construction Industry

2021 ◽  
Vol 04 (06) ◽  
Author(s):  
EZZIADI Abdelali ◽  
Keyword(s):  
Circular Economy ◽  
Stock Exchange ◽  
Listed Companies ◽  
Public Works ◽  
Annual Reports ◽  
Construction Companies ◽  
Financial Communication ◽  
Alternative Materials ◽  
Communication Practices

Purpose: The Building and Public Works sector is experiencing remarkable growth due to the increase in infrastructure needs. Because it is one of the most waste-generating sectors. This growth will explode in the coming years, especially with a linear economy model. Thus, the transition to a circular economic model is necessary and financial communication practices must be aligned with it. Under this objective, this paper seeks to explore the financial communication practices of listed companies in terms of circular economy. Design/Methodology/Approach: The annual reports of seven (7) Moroccan construction companies listed on the Casablanca Stock Exchange were analyzed and discussed in the light of theoretically approved circularity indicators. Findings: The content disseminated by the listed construction companies through their annual reports in relation to the circular economy is often limited to the description of broader actions. Some listed companies communicate numerical indicators particularly in relation to energy and water consumption, recycling and recovery of waste, substitution of natural resources by alternative materials. Practical implications: This paper is a benchmarking tool for listed and unlisted companies in the construction sector, with the aim of improving the quality of the indicators disseminated and increasing the environmental performance of companies.

The effective factors of financial information quality in listed companies on Tehran Stock Exchange

2014 ◽  
Vol 1 (1) ◽  
pp. 201
Author(s):  
Somayeh Zare Rafiee ◽  
Samaneh Zare Rafiee ◽  
Farzaneh Heidarpoor
Keyword(s):  
Financial Reporting ◽  
Capital Market ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Reporting Quality ◽  
Listed Companies ◽  
Financial Reporting Quality ◽  
Screening Methods ◽  
Growth Opportunities

The aim of this study was to investigate the effects of growth opportunities and dividend policy on the quality of financial reporting in Iran's capital market. The period in the study is 6-year (from 2006 till 2011) and the population is all listed companies in Tehran Stock Exchange. The sample was also obtained by screening methods, includes 84 companies. The results of the test research hypotheses using panel data suggest that in capital market of listed companies the quality of financial reporting in Iran had a direct relationship with the dividend policy. It means that increasing in dividend policy lead to increases in amount of financial reporting quality effect. Also obtained results indicate that growth opportunities have a direct impact on the quality of financial reporting. So that firms with higher growth opportunities will increase effectiveness and financial reporting quality.

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