Search results for "Tobin's Q"
showing 5 items of 5 documents
Intellectual Capital and Company Value
2014
AbstractThe bulk of traditional corporate valuation methods reflect historical performance, while it is necessary to also take into consideration the value which is off-balance-sheet and possible growth. Large differences exist between company market and book value, and a part of this can be explained by intellectual capital. The aim of the study is to make an empirical investigation of the impact of intellectual capital on company value. Empirical results show that one can find mixed results regarding relationship between value added intellectual coefficient VAICTM and company value.
An Exploratory Study of Financial Performance in CEE Countries
2020
Our research investigates the performance of companies from Central and Eastern European (CEE) countries in the period after the Global Financial Crisis of 2007-2009 with the aim of identifying the driving factors behind accounting- and market-based performance. We include in the analysis companies from various industries in CEE countries that are European Union members and we study their performance between 2008-2016 over the following areas of performance: liquidity, solvency and indebtedness, operational profitability, global performance (through Return on assets and Return on equity), returns available to shareholders and market-based performance (through price/book value and Tobin Q …
Boards of directors: composition and effects on the performance of the firm
2018
This paper analyses the structure of boards of directors and its impact on business performance, which is approximated by economic profitability and the Tobin’s Q ratio. We focus on three basic aspects of boards that have been reviewed in the recent reform of the Good Governance Code: the size of boards, their independence and their diversity. For the study of diversity, we use an index that integrates not only the gender of board members, but also their age and nationality, since these are factors that can influence the knowledge, experience and skills of the directors. The results confirm a high degree of compliance with the recommendations of the Good Governance Code, and suggest that th…
Economic and statistical measurement of physical capital: From theory to practice
2018
Abstract The standard measurements of capital and depreciation are statistical measures based on assumptions about the average service life of capital goods, which are accumulated according to the perpetual inventory method. The purpose of this paper is to obtain a true economic measure of capital stock according to the prescriptions of the neoclassical theory. In this way, we develop an alternative method based on the equations that solve the dynamic optimization problem of the firm, yielding an economic estimation based on indicators of profitability, such as the distributed profits and the Tobin's q ratio. Thus, this method enables us to endogenously calculate the variables' rate of depr…
Carbon management accounting and financial performance: Evidence from the European Union emission trading system
2020
Companies are responding to the effects of climate change by reducing CO2 emissions as a way of managing stakeholder interests and complying with legal and regulatory requirements. In Europe, the emissions trading system is consolidated as a limiting market and control scheme to support business climate change management through a collaborative relationship between government and industry. This work focuses on the economic accounting field, analysing carbon management accounting and its impact on financial performance in scenarios attached to that trading system. The methodological approach used is quantitative, empirically testing the hypotheses through a multiple regression analysis with …