Search

Outsourcing is an important strategic decision of high-tech firms. However, while the research has extensively studied the implications of outsourcing to high-tech clients, its impact on high-tech vendors remains underexplored. This study empirically estimates the impact of government outsourcing contracts on high-tech vendors. Employing the earnings-return analyses framework, we find that, for high-tech vendors engaged in government outsourcing contracts, the stock market places a higher value on each unit of unexpected earnings compared to other firms. Additionally, this impact becomes stronger for contracts with longer terms, for contracts outsourced by the U.S. government or by countries with better political and economical stability. We obtain causal evidence through difference-in-differences (DID) analyses of high-tech firms' initiations of government contracts. Mechanism analyses uncover two primary drivers behind this impact: increased persistence of future earnings and improved alignment between accrual earnings and cash flows. Overall, our research indicates that when valuing high-tech firms, the stock market incorporates information from supply-chain networks, especially that related to government customers. Our results underscore the importance of obtaining government outsourcing contracts for high-tech firms' managers. Becoming a vendor to the government helps a high-tech firm reduce the uncertainty faced by its outside investors, who in turn value the high-tech firm's earnings to a greater extent. [ABSTRACT FROM AUTHOR]

This paper investigates the value of corporate cash holdings during the recent COVID-19 pandemic. Based on a sample of 147,512 firm-quarter observations of 51 countries, I find that the value of cash holdings strongly increased at the start of the pandemic in 2021, but diminished again in the later part of the pandemic. Using country-level measures of the impact of the pandemic, I further document that the value of cash is higher for firms that are located in countries with higher infection rates of COVID-19. Finally, I find that the positive effect of COVID-19 on the value of cash holdings is stronger in weak corporate governance countries with high infection rates in the first year of the pandemic, which is consistent with the argument that the likelihood of cash abuse is reduced in countries with weak corporate governance where COVID-19 hits hard. [ABSTRACT FROM AUTHOR]

In this study, we examine how managers in firms that have practiced tax avoidance strategically use sustainability activities together with their tax avoidance practices. More specifically, we investigate the moderating impact of ESG on the association between tax avoidance and firm value. Using a sample of French‐listed companies during the years 2012–2021, we hypothesized and found that ESG rating negatively and significantly moderates the relationship between corporate tax avoidance and firm market valuation. Overall, our results suggest that investors reward firms for good ESG performance, perceiving such companies as more valuable. However, when these firms engage in higher tax liabilities, the positive effect of ESG on firm value is slightly reduced. This nuanced insight highlights the importance of considering how tax strategies interact with ESG initiatives in shaping overall firm value. This study, thus, provides theoretical and practical consequences that will encourage businesses and politicians to promote sustainable development. Our findings remain robust to an array of tests, including a number of different tax avoidance measures and potential endogeneity problems. [ABSTRACT FROM AUTHOR]

The relationship between ESG and firm value has been a relevant subject of study in recent years. We conducted a hybrid literature review to understand the literature's findings on this relationship and its implications in terms of cost of capital. First, a keyword co‐occurrence analysis on a 122 ABS ranked journals articles selection from Scopus database was adopted to identify and investigate the main research fields of the current literature. Then a content analysis through the bibliographic coupling of the most globally cited contributions was made, defining a final sample of 50 articles obtained through a minimum threshold of at least 15 total global citations (TGCs). We found that studies on the cost of debt configuration are more aimed at determining the implications on firm value, while most contributions on the cost of equity focus on the assessment of the risk–return profile for the investor or the construction of an ESG portfolio. Furthermore, we found that most of the literature has a consensus view on the lack of transparency behind the ESG ratings and their construction methodology, stating that disagreement on ESG ratings not only limits the results of empirical analysis, but can also negatively affect firm value due to a higher level of uncertainty. [ABSTRACT FROM AUTHOR]

Corporate Sustainability Performance (CSP) reporting is becoming increasingly important to investors who seek to identify and invest in companies that are managing their Environmental, Social and Governance (ESG) risks effectively. The European Union's Non‐Financial Reporting Directive (NFRD), which was implemented in 2017, mandates that certain large companies must disclose their sustainability performance. This study examines the impact of the EU NFRD on the firm value of listed European firms using a difference‐in‐differences regression model. We find that the mandatory disclosure of corporate sustainability performance does not significantly affect firm value at an aggregate level. However, the results suggest minor inter‐industry differences, which can be attributed to varying sustainability performance metrics across industries. These findings contribute not only to the nascent literature on mandatory sustainability disclosures but also to the deliberations of policymakers and regulators across the world who are devising and implementing mandatory corporate sustainability performance disclosure regulations. [ABSTRACT FROM AUTHOR]

This research investigates the role of tax avoidance in the relationship between corporate governance, firm value, and corporate social responsibility. The research design is explanatory research, through hypothesis testing. 175 manufacturing companies were observed from 2017 to 2021, with a sample size of 875. A panel regression and leverage acted as a control variable using SPSS software, after conducting models and robustness tests. The findings show the influence of tax avoidance on institutional ownership and economic corporate social responsibility (CSR). Tax avoidance partially mediates the relationship between institutional ownership and firm value, and fully mediates between economic CSR and firm value. The implication for academics and practitioners is that enabling corporate governance requires institutional owners to supervise the determination of company managerial policies. Additionally, the economic CSR program can reduce tax avoidance and is responded to positively by investors. The limitations of the research are that for the constant value to be significant, additional variables should be added to the model. Further research could include adding company performance, gender, and intellectual capital variables. [ABSTRACT FROM AUTHOR]

Implementing corporate social responsibility (CSR) and enterprise risk management (ERM) is becoming more important, since it is an indication of a long-term sustainable business. Investigating the effects of ERM, CSR, cost of capital (CoC), and company size on the value of manufacturing sector enterprises in Indonesia is the aim of this study. 56 manufacturing companies that are listed on the Indonesia Stock Exchange and that provide annual reports and detailed financial statements for the fiscal years 2016 through 2019 make up the study’s sample. Firm value is proxied by the Tobins’q (TQ) value. CoC is determined using WACC, CSR is evaluated using each company’s disclosure index, and the firm’s size is indicated by LnTotal Assets. The data in Eviews 12 was analyzed using panel data regression. The study results show that CSR and ERM are essential to raising a company’s worth. The company value increases with the degree of ERM and CSR adoption. The study also found a significant negative correlation between company size and worth. However, this study is unable to show how capital expenses affect the value of a company. [ABSTRACT FROM AUTHOR]

This study analyzes and determines the impact of financial performance, audit quality, corporate social responsibility (CSR) on firm value through cost of capital as mediation. This type of quantitative research uses an explanatory approach and causality of as many as 565 samples for 5 years in the ASEAN banking industry. The results of this study show that financial performance, audit quality, and CSR affect the company value . Banks with good financial performance, quality audits, and good CSR distribution will be able to improve the company’s image. For this reason, banking companies must improve financial performance, audit quality, and properly carry out responsibilities. Cost of capital becomes a mediating variable that strengthens the relationship of financial performance, audit quality, and CSR to company value. For banks when their financial performance is good, checks are carried out with good audit quality, channeling social responsibility well will be a trigger for increasing company value and will indirectly reduce capital costs that must be incurred by the company. [ABSTRACT FROM AUTHOR]

This research analyzes the influence of environmental social governance, research and development, intellectual capital, and leverage on firm value. Three control variables are included: size, age, and type of company. Secondary data in the form of ESG risk scores and annual reports of 22 companies listed on IDX ESG leaders for the 2018-2022 period with a total of 110 observations is used. The data analysis employs is multiple linear regression. The research results reveals that research and development influences company value, meaning that the level of R&D can impact the value and sustainability of the company. Intellectual capital influences company value, showing that increased productivity due to creativity, expertise that comes from knowledge, and the support of good systems and relationships can improve the company. Meanwhile, environmental social governance does not affect firm value because markets in developing countries are at a stage of economic growth and development that pays more attention to the scale and speed of economic growth and financial indicators than environmental, social, and governance responsibilities. Leverage does not effect firm value because changes in leverage tend not to affect stock prices in the market. [ABSTRACT FROM AUTHOR]

The company was founded with a goal, one of which is to improve the welfare of its shareholders. By increasing the company's share price, the company's value in the eyes of investors will also increase. The value of a company can be seen from the Tobin'Q ratio. Companies registered in LQ 45 have quite high company value. The aim of this research is to analyze the influence of profitability and GCG on company value through CSR as an intervening variable. This research is a type of associative research with a quantitative approach. The object of this research is the LQ 45 company listed on the IDX for the 2018-2022 period. Sampling in this study used a purposive sampling method and 20 companies were found that met the sample criteria. This research uses secondary data in the form of Sustainability reports and company annual reports. This research uses the path analysis method using SPSS as an analysis tool. The results of this research show that: (1) Profitability has a positive and significant influence on company value. (2) GCG has a positive and insignificant influence on company value. (3) CSR has a significant positive influence on company value. (4) Profitability has a positive and significant influence on company value throught CSR. (5) GCG has negative and insignificant influence on company value throught CSR. [ABSTRACT FROM AUTHOR]

This study aims to examine the effect of tax risk and leverage on firm value, with corporate governance acting as a moderating variable. The research focuses on manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period of 2017 to 2021. By using a purposive sampling method, the study selects companies based on specific criteria, including those that have consistently published audited financial statements in Rupiah. The independent variables in this study are tax risk and leverage, while corporate governance serves as the moderating variable. The dependent variable, firm value, is measured using Tobin’s Q, a widely accepted indicator. The analysis is conducted through panel data regression, with the Fixed Effect Model used to estimate the relationships among the variables. The results reveal that tax risk positively affects firm value, suggesting that effective tax management can enhance firm value by stabilizing cash flow and reducing tax penalties. However, leverage has a negative effect on firm value, as high debt levels increase financial risk, which may deter investors. Corporate governance significantly moderates the relationships, enhancing the positive effect of tax risk and reducing the negative impact of leverage on firm value. These findings underscore the importance of sound corporate governance practices in maintaining firm value by managing financial and tax-related risks. The study provides valuable insights for policymakers and corporate management on improving governance structures to optimize firm value. [ABSTRACT FROM AUTHOR]

This study examines the influence of financial distress, earnings management, and profitability on firm value, with good corporate governance (institutional ownership) as a moderating variable. Focusing on infrastructure sector companies listed on the Indonesia Stock Exchange from 2019 to 2023, this research employs Tobin's Q to measure firm value, the Altman Z-Score for financial distress, the modified Jones model for earnings management, and Return on Assets (ROA) for profitability. The findings reveal that profitability positively and significantly affects firm value, while financial distress and earnings management show no significant impact. Additionally, institutional ownership does not moderate the effects of financial distress and earnings management on firm value, though it successfully moderates the relationship between profitability and firm value. These results underscore the importance of profitability and good corporate governance in enhancing firm value, with implications for investor decision-making and corporate strategy in Indonesia’s infrastructure sector. [ABSTRACT FROM AUTHOR]

This study aims to examine and test the influence of profitability and capital structure on firm value, with company size as a moderating variable in technology companies listed on the Indonesia Stock Exchange (IDX) for the period 2019-2022. This quantitative research employs convenience sampling with a sample size of 32 companies. The data used in this study is secondary data, comprising 94 financial statements. The analysis was conducted using moderated regression analysis with the assistance of eViews version 13. The results indicate that profitability does not affect firm value, whereas capital structure does influence firm value. Additionally, company size weakens the effect of profitability and capital structure on firm value. [ABSTRACT FROM AUTHOR]

The purpose of this study is to test whether the accrual-based variable or the cash-based variable is more effective in determining firm value by using accrual and cash-based variables. For this purpose, data obtained from the financialstatements of 36 manufacturing firms operating in Borsa Istanbul (BIST) between 2010 and 2020 are used. Generalized Method of Moments (GMM) Dynamic Panel method was applied in the study. As a result of the analysis, it is found that net profit quality, sales quality and cash return on fixed assets have a positive and significant effect on firm value. However, cash debt coverage and working capital cash return have a negative and significant effect on firm value. However, operating cash flow (operating), operating cash flow (financing), cash interest coverage and equity cash flow ratios have no significant effect on firm value. In addition, according to the results of the analysis of the relationship between accrual-based financial ratios and firm value, asset turnover, inventory turnover, earnings per share and asset growth ratios were found to have a significant effect on firm value. In addition, asset turnover and inventory turnover ratios have the largest effect on firm value, respectively. When the relationship between accrual-based and cash-based ratios used in this study and firm value is compared, it is seen that cash-based ratios are more effective in explaining firm value. In addition, it has been determined that the use of accrual and cash-based ratios together in determining firm value is more successful than using them individually. [ABSTRACT FROM AUTHOR]

The primary objective of this study is to investigate how various stock portfolio strategies affect the volatility of returns among companies listed on the Tehran Stock Exchange (TSE). A systematic elimination method selected 185 companies from 2011 to 2022. The return volatility of these companies, along with the stability of fluctuations, was analyzed across 16 sorted portfolios based on three characteristics: size, book-to-market (B/M) ratio, and financial leverage. Additionally, considering the leveraged structure of companies' balance sheets, the extent of the leverage effect was examined in relation to the impact of positive and negative news on return fluctuations. The hybrid model ARMA(p, q)-GJR-GARCH(1, 1)-M was utilized to investigate this. The findings indicate that the volatility of returns and the stability of fluctuations within sorted portfolios vary across different groups. Furthermore, the influence of positive news on stock return volatility appears to be more pronounced in two specific portfolios: one consisting of large companies with a high B/M ratio and the other comprised of large companies with a low B/M ratio, compared to the impact of negative news. This disparity may be attributed to the dissemination of positive news within the market, wherein larger companies with low B/M ratios, due to their higher growth potential, and larger companies with high B/M ratios, due to their substantial capital and stable financial performance, have a greater impact on market expectations, thereby enhancing investor confidence. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Professional Business Review (JPBReview) is the property of Open Access Publications LLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Environmental, social, and governance (ESG) factors are crucial in evaluating a company's value. High ESG scores reflect ethical practices, social responsibility, and effective governance. This paper examines the impact of ESG criteria on firm value within the airline industry, focusing on their influence on operational efficiency, risk reduction, and financial performance. Using panel data analysis, the study evaluates ESG scores from 32 airline companies over the period of 2018–2023, with an explanatory power of 36.5%. The research explores how integrating environmental, social, and governance factors into strategic management can foster sustainable competitive advantage. It focuses on utilizing internal resources, meeting the needs of various interested parties, and balancing financial, social, and environmental performance. The findings indicate that while ESG practices enhance firm value through improved efficiency and risk management, they do not always lead to higher short-term firm value. Moreover, the study underscores the significance of governance in the airline industry, where robust governance structures can mitigate risks but may also increase costs. This research contributes to the literature by providing empirical evidence of the link between ESG performance and firm value in the airline industry, emphasizing the importance of integrating ESG principles into strategic management for long-term sustainability and financial success. [ABSTRACT FROM AUTHOR]

We investigate the increasingly common practice of chief executive officers (CEOs) taking public stances on social and political issues (CEO activism). We find that CEO activism stems from a CEO's personal ideology and its alignment with investor, employee, and customer ideologies. We show that CEO activism results in positive market reactions. Furthermore, firms with CEO activism realize increased shareholdings from investors with a greater liberal leaning, who rebalance their portfolios toward these firms. Our results suggest that investors' socio-political preferences are an important channel through which CEO activism affects equity demand and stock prices. Notably, CEOs are less likely to be fired when their activist stances generate positive market responses. This paper was accepted by Victoria Ivashina, finance. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.4971. [ABSTRACT FROM AUTHOR]

This paper examines the association between environmental, social, and governance (ESG) performance and firm value. Using a sample of 1,072 Korean listed firms from 2011 through 2019, we show that ESG performance is positively associated with firm value. This positive association almost disappears, however, for firms that fall into the below-median ROA group. Moreover, the value implications of ESG performance decrease monotonically as a firm's financial performance worsens from the highest to the lowest ROA quartile, resulting in a negative value effect of ESG performance for firms that fall into the lowest ROA quartile. Lastly, this association is more pronounced among firms that suffer from severe information asymmetry. The results suggest overall that investor valuations of ESG performance depend on financial performance. [ABSTRACT FROM AUTHOR]

This research is based on the importance of companies knowing the factors that can affect the value of the firm in accordance with the development of the times so that the company can continue to survive in success in the long term. This study combines factors related to the company's non-financial performance, including sustainability performance such as ESG performance and the use of independent assurance in sustainability reports as well as other non-financial performance such as the quality of external audits, related party transactions, and political connections to determine the influence of these factors on the firm's value. The method used in this study is a panel data regression analysis method using e-views 9 with a sample of companies in the energy and basic materials sectors listed on the Indonesia Stock Exchange (IDX) in 2021-2023. The results of this study show that the quality of external audits, related party transactions, political connections, environmental performance (ESG_Environment), social performance to employees (ESG_Social Employees) and the use of independent assurance in sustainability reports have no effect on firm value while, social performance to the community (ESG_Social Community) and governance performance (ESG_Governance) have a positive effect on firm value. [ABSTRACT FROM AUTHOR]

This study aims to examine the effect of liability ratings on firm value in state-owned companies listed on the Indonesia Stock Exchange (IDX) during the 2018-2022 period. This study used a sample of 20 purposively selected companies. The data analysis method used is multiple linear regression analysis with a descriptive approach. The results showed that the rating of liabilities has a positive and significant effect on firm value. This means that the better the company's liability rating, the higher the company's value in the market. The conclusion of this study indicates that the rating of liabilities is an important factor that must be considered by state-owned companies to increase the value of the company in the eyes of investors and other stakeholders. The implication of this study is that companies need to manage liabilities better and ensure higher liability ratings to increase investor confidence and competitiveness in the market. This research also contributes to the financial literature, especially in understanding the role of liability ratings in determining firm value. [ABSTRACT FROM AUTHOR]

This study aims to test and analyze the effect of investment opportunity set, capital structure, dividend policy, and profitability on firm value. Another objective to be achieved is the effect of capital structure and dividend policy on firm value mediated by profitability. Our research uses path analysis to determine and analyze the influence of exogenous variables on endogenous variables. The objects in this study are companies incorporated in LQ45 for the period 2012 - 2021. The results of the study found that the price earning ratio, capital structure with indicators of debt to asset ratio and debt to equity ratio, dividend payout ratio, and return on assets all have a positive and significant direction of influence on price to book value. Debt to equity ratio has a significant positive direction of influence on return on assets, while debt to asset ratio has the opposite direction, namely negative and significant to return on assets. What is different from the results of this test is that the dividend payout ratio, although the direction of influence is positive on return on assets, is not significant. Return on assets is not able to mediate the effect of debt asset ratio, debt to equity ratio, and dividend payout ratio in its effect on price to book value. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Management & Business Equilibrium / Jurnal Manajemen & Bisnis Equilibrium is the property of Fakultas Ekonomi dan Bisnis, Universitas Ngurah Rai and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

A growing body of research has tested the protective effect of pre-COVID-19 CSR reputation or during-COVID-19 CSR action for hospitality and tourism firms but has obtained inconclusive results. These inconclusive results may have been because of the decoupling of during-COVID-19 CSR action from pre-COVID-19 CSR reputation. From the perspective of institutional theory, we use a sample of Chinese hospitality and tourism listed firms during the COVID-19 pandemic and a cluster-adjusted panel data regression with robust standard errors to reveal that the decoupling of a firm's during-COVID-19 CSR action from its pre-COVID-19 CSR reputation negatively impacts firm value, and the negative impact is amplified for firms under stronger stakeholder scrutiny. Our findings could contribute to institutional theory by proving that decoupling is under close stakeholder scrutiny during crises and by identifying a specific type of CSR decoupling, and could offer practical implications for firms to protect their firm values during crises. [ABSTRACT FROM AUTHOR]

This paper aims to analyze the trends of research conducted on companies using social media. Social media is one of the online platforms for sharing or exchanging individual thoughts, experiences, and opinions, and with the development of the IT environment, the use of social media has also grown rapidly. In recent years, research in the field of business administration or economics on the use of social media is also showing a significant increase. Contents posted on social media directly or indirectly affect corporate performance or corporate value. This study summarized the results of empirical research on this. This study proposes a technology-based convergence study on the economic effect of social media, and looks forward to expanding research in this field. [ABSTRACT FROM AUTHOR]

While previous studies mainly focus on the valuation of greenhouse gas (GHG) emissions and climate risk exposure, climate opportunity exposure is less frequently visited in the current literature. We use an international sample from 23 countries that have participated in the CDP. By categorizing climate risks/opportunities into physical, regulatory and other, the study suggests that investors have an asymmetrical valuation for different categories of risks and opportunities. Specifically, investors value climate regulatory risk and other (market‐based) climate risks negatively, but not similarly for recognized climate opportunities. Finally, our findings confirm industry matters for investors' valuation decisions by altering their perceptions of the significance of climate risks and opportunities. [ABSTRACT FROM AUTHOR]

We investigate whether firms engaging in corporate social responsibility (CSR) can preserve firm value during normal and unprecedented exogenous adverse events. Our evidence shows, in regular times, a negative relation between CSR engagement and firm value, but under adverse economic conditions, CSR protects firm value by decreasing firm risks. We also find that firms with high managerial attributes engage in greater CSR activities that benefit shareholders in both normal and aberrant financial times. Despite the controversy surrounding CSR, our evidence points out that CSR can be viewed as a set of intangible assets that can improve firm value across good and bad economic states when firms are run by high‐attribute managers. [ABSTRACT FROM AUTHOR]

Purpose: With the goal of helping consumers bounce back from the financial challenges they faced as a result of the COVID-19 pandemic, many firms developed and announced consumer-targeted resiliency programs (e.g. Walgreens waived delivery fees, Associated Bank allowed deferred mortgage payments). However, there is a paucity of research examining the unique features of these programs, and whether firms' investors (the first external stakeholder group to provide them with feedback regarding their strategies) were receptive to these programs during a period of time in which firms themselves were suffering financially. Drawing on resilience theory and stakeholder theory, the present research incorporates an event study of consumer-targeted resiliency program announcements to understand their financial implications for firms, and to learn whether firms witnessed different financial effects as a result of firm- and program-specific factors. Design/methodology/approach: This study referred to business news publications and newswire services to collect a comprehensive list of consumer-targeted resiliency programs announced by publicly traded U.S. firms during the pandemic. The resulting dataset consisted of 145 announcements made during the period of February–June 2020. An event study was conducted in order to precisely measure the main effect of consumer-targeted resiliency programs on firm value, as manifested through abnormal stock returns. Finally, a moderation analysis (regression) was conducted to uncover whether firm characteristics or specific features of firms' consumer-targeted resiliency programs lead certain firms to witness stronger financial effects than others. Findings: The main effect of consumer-targeted resiliency programs on firm value was found to be positive – a 1.9% increase on average. The moderation analysis finds that non-financial firms were rewarded more positively than financial firms (e.g. banks and credit card companies). In addition, financial aid (i.e. allowing customers to defer their payments to a firm for its products/services, versus a reduction in the price of a product/service or offering it for free or giving cash back to customers) and temporal characteristics (i.e. an offer being framed as limited-time, vs being indefinite or for the foreseeable future) are not found to have a moderating effect. Originality/value: This theory-driven empirical study uncovers practical implications for managers of firms interested in whether investing in corporate social responsibility during times of crisis is a wise allocation of resources. Any form of financial aid for consumers, regardless of temporal limitations, is received positively by investors. [ABSTRACT FROM AUTHOR]

The amount that investors are willing to pay in monetary terms is known as the firm value. A corporation's environment-based approach can increasingly firm value. This article's goal to ascertain how green intellectual capital affects firm value with supervisory efficiency by the board of commissioners. This research using quantitative approach with secondary. utilizing moderated regression analysis. Purposive sampling was used to sample 104 companies in the consuming sector's manufacturing companies. The study's conclusions show that green human capital significantly increases firm value. There is no discernible impact of green relational capital or green structural capital on firm value. The effectiveness of the board of commissioners strengthens the relationship between green human capital and relational capital on firm value. Supervision from the board of commissioners can increase the trust of many parties related to environmentally based investments. The effectiveness of the board of commissioners does not moderate the relationship between green structural capital and firm value. [ABSTRACT FROM AUTHOR]

The aim of this research is to analyze the effect of Enterprise Risk Management (ERM) implementation on Operational Performance and Firm Value in the Agricultural Industry sector during the 2016-2022 period. The information about ERM is taken from the annual reports, management reports and annual corporate governance reports disseminated over seven years (2016-2022). The data on firm performance have been obtained through financial report and the Eikon Refinitiv database of LSEG. Through a quantitative approach and panel data with linear regression, this study found that ERM contributes significantly to improved operational performance and firm value (measured through, Return on Assets and Tobin's Q). These results show that the effective implementation of ERM can be an important strategy for improving the competitiveness and resilience of agricultural enterprises to the risks faced. [ABSTRACT FROM AUTHOR]

This paper demonstrates whether the impact of agency costs on firm value depends on the level of managerial power using the fraction of capital held by the manager, as well as their level of voting rights. Focusing on a sample of 120 non-financial French firms incorporated in the CAC All-Tradable Index for the period 2008–2022, the first empirical analysis provides strong evidence that agency costs of equity, as measured in terms of operating expenses, administrative expenses and the agency cost of free cash flow, exert a negative impact on the firm's market value. In a second empirical analysis, we split our sample into three sub-samples with the aim of capturing the effect of managerial power. The findings lead us to believe that the association between the agency cost measurement and the firm's market value depend on the level of managerial power. This paper challenges prior studies by strengthening our understanding of managerial behavior (incentive, neutral, and entrenchment) in relation to shareholder wealth. Furthermore, it contributes to the recent literature by enabling a better knowledge of the disparity related to studies conducted in other countries with different governance models. [ABSTRACT FROM AUTHOR]

This paper examines the implications of chief marketing officers (CMOs) when firms experience crisis situations. In the context of product recalls, we analyze CMO impacts from the perspectives of two critical stakeholders—consumers and investors. For consumers, we find that firms with a CMO manage recalls for better consumer protection by issuing recalls earlier and having fewer consumer harm incidents than firms without a CMO. For investors, we find that firm financial value drops significantly more for firms with a CMO than those without a CMO when recall happens. These findings generate a more holistic picture of CMOs in the growing literature on the roles and impacts of marketing leadership. They boost the message that CMOs matter and show the nuanced impacts when firms face crisis. [ABSTRACT FROM AUTHOR]

This study investigated the influence of adoption of modern manufacturing technologies on firm value of listed manufacturing companies in Nigeria. Specifically, the study determines the factors that influence the level of adoption of modern manufacturing technologies, effects of modern manufacturing technologies on firm value, and the effects of firm-specific variables (firm growth, firm size, and firm age) on firm value of the listed manufacturing companies in Nigeria. The study adopted a mixed method involving survey research design and ex-post facto design. A survey was administered to a sample of thirty-nine (39) quoted manufacturing companies on the Nigeria Exchange Group, where 390 respondents were purposefully selected. Secondary data were extracted from the audited financial statements of the manufacturing companies listed on the Nigeria Exchange Group for a period of eight years (2014-2021). We analyzed the data using descriptive and inferential statistics, employing random effect regression analysis. The results show that very few manufacturing companies have fully adopted the modern manufacturing technologies in Nigeria. We also found a significant relationship between firm value and growth. Lastly, our results show evidence of a better performance for the firms that adopted new manufacturing technology. The study concludes that adoption of modern manufacturing technologies has significant influence on the firm value of the listed manufacturing companies in Nigeria. [ABSTRACT FROM AUTHOR]

This study examines the effect of intellectual capital and corporate reputation on firm value by mediating financial performance. Non-physical capital of the firm, such as intellectual capital and corporate reputation, that is considered good, becomes a positive signal for stakeholders so that it can affect the firm's high value through good financial performance. The research was conducted using a quantitative approach. The research analysis unit comprises food and beverage sector companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2022. The research sample of 23 companies was selected using the purposive sampling method, so the total research observations were 92 observations for four years. Data collection was carried out using documentation techniques, including data analysis using panel data regression analysis. The Sobel test was conducted to determine whether mediation occurred or not. The analytical tool used is Eviews 12 Enterprise software. The study's results provide evidence that intellectual capital and corporate reputation can indirectly affect firm value through the mediation of financial performance. The form of mediation that arises is full mediation. [ABSTRACT FROM AUTHOR]

The aim of this research is to examine the effects of firm size, leverage, and free cash flow on earnings management and firm value. The population for this study consists of all companies listed on the LQ45 index at the Indonesia Stock Exchange from 2018 to 2022. The sample was selected using purposive sampling, resulting in 22 companies. This study employs a quantitative approach, utilizing IBM SPSS 23 for data analysis, with hypothesis testing conducted through Structural Equation Modelling (SEM). The results indicate that the proportion of firm size has a negative and insignificant effect on earnings management and firm value. Conversely, leverage growth and free cash flow have a positive and significant impact on both earnings management and firm value. [ABSTRACT FROM AUTHOR]

We examine whether corporate human capital management responses to the COVID-19 pandemic (COVIDHCM) have implications for firm value. We exploit newly mandated SEC human capital disclosures in 10-K filings to measure COVIDHCM investments. To validate our measure, we first show that our COVIDHCM measure is positively associated with how favorably employees view the firm's pandemic response. We then examine the association between COVIDHCM investment and firm value. We find favorable COVIDHCM investment valuation effects appear only as financial flexibility increases. Financial flexibility pertains to the firm's cash balance at the onset of the pandemic and captures resources that can facilitate investment during the pandemic. We also find that as financial flexibility increases, COVIDHCM investment is positively associated with overall employee satisfaction and employee productivity. Overall, the results suggest firm actions to protect employees' welfare were value enhancing during the global pandemic, but only for firms with sufficient financial flexibility. Data Availability: Data are available from the public sources cited in the text. [ABSTRACT FROM AUTHOR]

As climate change increasingly challenges business models, the disclosure of firm environmental performance casts growing attention by corporate stakeholders. This creates wider opportunities and incentives for greenwash behaviors. We propose a novel set of measures to capture greenwashing and we investigate the association between greenwashing and corporate governance features that traditionally mitigate agency problems. We show that board characteristics are variously associated with the apparent degree of corporate greenwashing. Firms with more independent directors tend to greenwash more, the presence of female board directors seems to have a positive impact on the degree of greenwashing, while the effect of board size on greenwashing remains ambiguous. Importantly, we find that greenwashing reduces firm value. [ABSTRACT FROM AUTHOR]

Purpose – The study aims to investigate the influence of corporate governance practices on enhancing firm value in manufacturing industries in Bangladesh. Design/methodology/approach – The study sample consists of 131 companies from 10 manufacturing industries listed in Dhaka stock exchange (DSE). Using the multiple regression method, the study analyzed 1,193 firm-year observations from 2012 to 2021. Findings – The outcome reveals that managerial ownership, foreign ownership, ownership concentration, board size, board independence, board diligence and auditor quality have a significant positive influence on firm value. In contrast, audit committee size has no significant influence on firm value. Originality/value – The practical implications of the current study demonstrated that good corporate governance creates value and must be invigorated for the interest of all stakeholders. Policymakers should formulate specific guidelines regarding firms' ownership structure and audit quality issues.

This study aims to analyze the effect of profit quality and Islamic corporate social responsibility (ICSR) on firm value moderated by Islamic corporate governance (ICG). This study uses a quantitative approach. The population used is all Islamic Commercial Banks (ICB) registered with the Financial Services Authority (FSA) in 2018-2023. The sampling technique used purposive sampling and obtained 11 ICB samples. The data source used is secondary data in the form of documentation of each BUS's financial statements. This study uses multiple linear regression analysis techniques. The results of this study indicate that profit quality negatively affects firm value. ICSR positively affects firm value. ICG is unable to moderate the relationship between profit quality and firm value. ICG is unable to moderate the relationship between ICSR and firm value. This study can complement existing theories and be a reference for future research. This study can also be a reference for ICB in increasing ICB value, especially regarding profit quality and ICSR.

This study aims to examine the effect of carbon emissions disclosure on firm value in Indonesia using statistical analysis methods. This research uses panel data which consists of a combination of time series and cross section. A total of 1,830 data from 366 Indonesian companies were collected from annual reports and sustainability reports for an observation period from 2018 to 2022 as a sample of the research. Firm value is measured using Tobin’s Q. The results showed that the disclosure of carbon emissions had an effect on firm value. It was also figured out that a control variable, leverage, affected firm value. These results indicate that information about carbon emissions promotes firm value. The disclosure of carbon emissions by the company will affect investors' decisions. This is consistent with the stakeholder theory, according to which investors have the right to obtain information about the company’s activities from annual reports and sustainability reports. Companies are encouraged to foster the initiative to disclose carbon emissions as an effort to reduce the threats of global warming and strengthen stakeholders’ trust in making investment decisions.

We investigate the effect of COVID-19 pandemic on firm performance using the quarterly financial data of firms from 89 countries and show that the pandemic has a detrimental impact on firm performance. The firms that held more long-term debt and account receivables on their balance sheet before the pandemic were relatively more affected amid the pandemic. The cash buffers can make firms more resilient to the COVID-19 crisis. The quality of a country's governance plays a vital role in mitigating the adverse impact of the pandemic on firm performance.