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The global challenge towards Sustainable Development Goals 2030 results in an increasing number of firms presenting their environmental, social, and governance (ESG) information to the public. The ESG information is expectedto attract investors to assess and evaluate firms' performance in the stock market. Nevertheless, their evaluation prior to investment decision making may be triggered by the investors' uncertainty that underlies the ESG information disclosure. In order to investigate the effect of ESG disclosure on a firms' value in the Malaysian stock market, this study aims to evaluate the role of investors' uncertainty in explaining the relationship between ESG disclosure and firm value. The mediation rule is applied to analyze such role. There is evidence that ESG disclosure increases investors' confidence to assess and evaluate firm prior to making investment decision. It is found that the investors' confidence could be triggered by investors' uncertainty as it is able to significantly explains the relationship between ESG disclosure and firm value. Thus, investor's uncertainty has the element of value-relevance in ESG disclosure information that motivates investors in making investment decision as reflected in investors' confidence to assess and evaluate firm value based on the ESG disclosure information presented by a firm. [ABSTRACT FROM AUTHOR]

This study aims to analyze the effect of risk and return on digitalization, corporate social responsibility (CSR) and firm value in banking companies listed on the Indonesia Stock Exchange. The study used annual data from banking companies listed on the Indonesia Stock Exchange with an observation period of four years so that a total of 172 observations were obtained. Data analysis using Structural Equation Modeling–Partial Least Square. The results of the data analysis show that in the 2019-2022 period the trend of risks faced by banking companies has increased, followed by the trend of returns for banking companies which have also increased, this is the impact of the Covid-19 pandemic. This proves high risk high return. Risk has a significant effect with a negative relationship to digitalization and an insignificant effect on corporate social responsibility, while return has a significant effect with a positive relationship to corporate social responsibility and does not have a significant effect on digitalization. Corporate social responsibility has a significant effect on the direction of a positive relationship to firm value with a positive relationship direction, while digitalization has no significant effect on firm value. This means that disclosure of information by banking companies gives a positive signal. [ABSTRACT FROM AUTHOR]

Purpose: This work aims to investigate the relationship between capital structure and firm value for companies listed on PSI 20 and IBEX 35. The sample consists of 14 companies listed on the PSI 20 and 15 companies listed on the IBEX 35. The companies belong to different sectors of activity. The study was carried out between 2018 and 2022. Return on Assets (ROA) and Return on Equity (ROE) were considered to measure the company's value, they are the dependent variables. On the other hand, the independent variables related to the capital structure of companies are Debt Ratio (GE) and Longterm loan coefficient (LTA), Short-term loan coefficient (STA). It was also intended to verify whether there was any relationship between the Enterprise Size (Size) and DUMMY (to distinguish PSI20 companies from IBEX 35 companies) in the firm value. Methodology: The methodology used is a panel data model, a pooled OLS model in the period from 2018 to 2022. Thus, using a balanced panel in the present study, it was possible to identify the variables of all companies throughout of the entire period under analysis. The software chosen for analysing the empirical model was the R Studio. The data base was the SABI. Results: It was possible to verify that the variables: Debt ratio and Long-term loan coefficient exhibits a positive effect on firm value, both in ROA and ROE. On the other hand, Short-term loan coefficient exhibit statistically significant in firm value, measured with ROA. The DUMMY variable, used to distinguish PSI20 companies from IBEX 35 companies, shows that the impact of capital structure on company value is greater in IBEX 35 companies than in PSI 20 companies. Research limitations: Macroeconomic variables were not analysed: such as, for example, the recent increase in Euribor. On the other hand, no variable was used to measure the impact of the recent pandemic and war. In future work, these variables will be used. Originality: It is the first work in which a study is carried out based on companies listed on PSI 20 and IBEX 35. A comparative analysis between Portugal and Spain on the capital structure of companies and their value, measured by ROE and ROA. [ABSTRACT FROM AUTHOR]

Sustainable development is an important issue today. Investors need both financial, social, and environmental performance for investment consideration. Every activity, decision, and company policy will have a comprehensive impact on performance. Therefore, sustainability accounting is a must, so stakeholders understand the firm's sustainable resource management. The purpose of this study was to examine the effect of independent assurance and disclosure of carbon emissions on firm value with firm size, profitability, leverage, and liquidity as control variables. This research has secondary data from annual financial reports and sustainability reports from high-profile companies listed on the Indonesian Stock Exchange (2016 – 2020). The banking industry and the service industry exclude from the sample. Based on these criteria, we obtained a selection of 185 firm years. The result confirms that independence assurance and carbon emission disclosure positively affect a firm's value. Independence assurance is still little used in sustainability reporting. Likewise, a few companies disclose carbon emissions in sustainability reports. This research expectations to be an evaluation material for companies in maintaining and improving the company's reputation, which will increase the firm's value. Companies can evaluate the benefits of using independent assurers and disclosing carbon emissions in sustainability reports on the firm value. [ABSTRACT FROM AUTHOR]

With technology increasingly being at the forefront of value generation for firms, organizations turn their attention to procuring IT assets as they leverage their resources strategically to derive value from their investments. While past efforts have traditionally focused on evaluating IT investments' impact on firm value and performance, recent work has sought to understand organizations' IT investment choices and, saliently, their commitment to IT investment plans by evaluating firms' realized IT spending in light of past investment plans. Acknowledging that organizations' engagement in real earnings management has been recognized as a driver of commitment to IT investment plans, we propose an extension of recent work by evaluating the effect of macroeconomic forces on this relationship, namely, technology shocks. We aim to shed light on the impact of emerging technologies on organizations' IT investment choices and increase our understanding of their commitment to investment plans by considering external forces. [ABSTRACT FROM AUTHOR]

Firm value is aspects that investors can recognize in monetary terms on the firm's ability to utilize assets to be considered in making investment decisions. The better the value of the firm reflects its ability to manage its assets to improve company performance. This study aims to determine the effect of Capital Structure as proxied by Debt to Asset Ratio (DAR), Capital Expenditure, and Independent Commissioner on Firm Value in Manufacturing Companies in the Pharmaceutical Sub-Sector Listed on the Indonesia Stock Exchange (IDX) for the 2016-2021 period. The firm value used in this study was measured using Tobin's Q. The population in this study is the Pharmaceutical Sub-Sector Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) for the 2016-2021 period. The sampling technique is using purposive sampling. Based on the predetermined sampling criteria, ten companies were obtained, so the observational data obtained amounted to 60 samples. After the outlier, the data samples changed to 48. The data collection method in this research is secondary data. Data were analyzed using descriptive analysis and panel data regression analysis using Eviews version 12. The results showed that capital structure, capital expenditure, and independent commissioner simultaneously affect firm value. Partially, an independent commissioner has a negative effect on firm value, while the capital structure and capital expenditure do not affect firm value. [ABSTRACT FROM AUTHOR]

This study examines environmental disclosure and financial distress among Indonesian Environmentally Sensitive Industries (ESI) firms and their impacts on firm value. To do so, we investigate the potential moderating variable of market capitalization in strengthening the relationship between environmental disclosure, financial distress, and firm value. We measure the environmental disclosure using content analysis with GRI 300 sustainability reporting standards, the environmental dimension, as the benchmark. To measure the financial distress prediction, we utilize the Taffler z-score model and Price to Book Value (PBV) as the proxy of firm value. The research method used in this study was VB-SEM with SmartPLS 3. Using a sample of 59 companies on Indonesian ESI's firm data for the years 2018 - 2020, a period of issuance regarding sustainability reports in Indonesia, our regression results show that most companies have a low level of environmental disclosure. We also find a negative relationship between environmental disclosure and firm value. Moreover, we find that market capitalization can strengthen the relationship between financial distress and firm value. In contrast, we find no association between financial distress and firm value as well as the interaction of market capitalization between environmental disclosure and firm value link. [ABSTRACT FROM AUTHOR]

This study examines the effect of Social Responsibility Disclosure as measured by ISO 26000 indicator, Carbon Emission Disclosure as measured by the index developed by Choi, Lee, and Psaros (2013), Green Investment as measured by the PROPER award achieved by companies, and Financial Performance as measured by the ratio of Debt to Equity (DER) to Company Value as measured by the ratio of Tobin's Q on the KOMPAS100 index companies listed on the Indonesia Stock Exchange in 2016 - 2020. The data for this study were obtained through quantitative research. The data involved a sample (n=45) of nine companies for 5 years. The data from this study including panel data and data processing techniques used are in the form of Least Square Analysis (OLS) using SPSS version 26. The results show that Social Responsibility Disclosure has no significant effect, Carbon Emission Disclosure has a significant positive effect, Green Investment does not have a significant effect and Financial Performance (DER) has a significant negative effect on firm value in the company. [ABSTRACT FROM AUTHOR]

Climate change is one of the most widely debated issues in the world because of the rise in greenhouse gas emissions during the industrial revolution. Corporations contribute to this to happen. They publish Social and Environmental Responsibility Report to indicate their responsibility to the environment. This study aims at exploring how Corporate Social Responsibility (CSR) reporting, carbon emissions disclosure, and eco-efficiency applications affect value of the corporation. Multiple linear regression analysis using SPSS 26 was to analyse the data. This study found that CSR has no relationship with firm value. Meanwhile, disclosure of carbon emissions substantially gives adverse impact on firm value. The same applies for eco-efficiency which reduces the firm value. These findings demonstrates that CSR, carbon emissions disclosure, and eco-efficiency have a significant negative effect on firm value computed by PBV. They evidently had little effect on especially the fluctuation of the company's stock price. [ABSTRACT FROM AUTHOR]

This study aims to explain how the effect of the current ratio, capital structure, and ROE on firm value with company size as a moderation variable on consumer goods companies listed on the Indonesia Stock Exchange from 2015 to 2017. The sampling technique used in this research is the purposive sampling method, with 36 samples of companies that have met certain criteria. The data analysis method used is random-effects model regression analysis determined based on the results of the LM Test being run on eviews software version 9.5. The test result indicated that the current ratio has no significant impact on firm value. While the debt-to-equity ratio, return on equity, and firm size positively impacts firm value, firm size can strengthen the influence of return on equity on firm value. [ABSTRACT FROM AUTHOR]

The article focuses on presenting a conceptual framework that examines how negative celebrity endorsements can impact competitors stock prices. The study explores the main effects of such endorsements on competitors firm value and considers moderating factors such as sponsor firm actions, ambush marketing strategies, and competitor market share.

Firm value is an investor's perception of the firm that is often associated with the share price of a firm. The purpose of this study is to examine and explain the effect of (1) investment opportunity set, (2) firm size, (3) institutional ownership and (4) dividend policy on firm value in automotive and components companies listed on the Indonesia Stock Exchange in the period 2015 - 2019, and (5) influence of investment opportunity set, firm size, institutional ownership, and dividend policy simultaneously on firm value in automotive and components companies listed on the Stock Exchange in the period 2015 - 2019. The research was conducted at the Indonesia Stock Exchange on automotive and component companies using secondary data and purposive sampling method. Data analysis method in the form of quantitative analysis using descriptive statistics, classic assumption test, multiple linear regression analysis, and hypothesis test using SPSS 25 program. The results revealed that the investment opportunity set has no effect on the firm value, firm size affects the firm value, institutional ownership affects the firm value, dividend policy affects the firm value. Then, investment opportunity set, firm size, institutional ownership, and dividend policy simultaneously affect the firm value. [ABSTRACT FROM AUTHOR]

This research was conducted with the aim of obtaining empirical evidence regarding the effect of profitability and firm size on firm value with dividend policy as a moderating variable in automotive companies listed on the Indonesia Stock Exchange 2015 to 2019. This research uses a quantitative method. Sources of data in this research using secondary data. The population used for this study were 15 automotive companies listed on the Indonesia Stock Exchange from 2015 to 2019. The research sample used was purposive sampling method in order to obtain a sample of 10 companies with an observation period of 5 years. Data collection techniques using literature studies and documentation studies. The data analysis technique used descriptive data analysis, classical assumption test, Moderation Regression analysis, partial test, and moderation test. The results of testing the first hypothesis show that profitability has a positive effect on firm value, the second hypothesis shows that firm size has no effect on firm value, the third hypothesis shows that profitability has a positive effect on firm value with dividend policy able to beused as a moderating variable, and the fourth hypothesis shows that firm size has no effect on firm value with dividend policy unable to be used as a moderating variable. [ABSTRACT FROM AUTHOR]

This study aims to examine the effect of bank soundness on firm value. This study uses components of bank soundness assessment, namely risk profile, good corporate governance, earnings, and capital provision to examine its effect on investor decision making so that it affects firm value. The population of this research is all banking companies in Indonesia that are listed on the Indonesia Stock Exchange and the sample is selected using purposive sampling technique in the research period 2015 to 2020. Data analysis uses panel data regression. The results showed that the risk profile as measured by the non-loan profile had an effect on firm value, while the proportion of the board of commissioners, the ratio of operating costs to operating income, and the bank's capital adequacy ratio had no effect on firm value. It can be concluded from the results of the study that investors do not use the health component information partially but by integrating all bank health information. This is reflected from the study results that simultaneously all variables affect the value of the company. The results of this study imply that credit risk management and lending policies are the main considerations investor decision making. Thus, banks need to maintain the optimization of lending while maintaining the provision of capital and liquidity and managing credit risk. [ABSTRACT FROM AUTHOR]

This study aims to analyze the effect of cash ratio, total asset turnover, net profit margin, and the earning per share on price book value. Firm value is especially critical to investors since it represents the true value of the company. The population of this study is 45 companies registered on the Indonesia Stock Exchange a sector property and real estate during the 2017-2020 period. The sampling technique used is the purposive sampling method and 22 companies were chosen as the sample. This research uses the descriptive quantitative method and the multiple regression test to determine the relationship between variables. The results show that the cash ratio, total asset turnover, net profit margin, and earning per share simultaneously explain 50,3% of the variance in price book value. The cash ratio has a positive and significant effect on price book value, total asset turnover has no significant effect on price book value, net profit margin has a positive and significant effect on price book value, and earning per share has a positive and significant effect on price book value. Every company needs to keep track of its assets. [ABSTRACT FROM AUTHOR]

The purpose of our study was to formulate the theoretical principles of the value-forming process of modern industrial enterprises, taking into account the increasing role of intellectual quasi-rent as a main factor in capital creation. It is a well-known fact that the target function of enterprises is the growth of its intrinsic value, the direction of change of which is determined by the presence and size of economic profit. Economic profit is a rent / quasi-rents (land, natural raw materials, labor, intellectual property) arising from the monopoly on any kinds of resources (physical or mental). In the industrial economy, the concentration of production, reinforced under Russian institutional factors, led to the formation of monopoly markets in key industries. The basis of these markets is the possession of an impressive physical capital, thus ensuring the possibility of obtaining monopoly super-profits due to overpricing. At the same time, incentives for high-tech activities and innovative development of large monopolists are significantly reduced due to the opportunity to obtain economic profit due to a dominant position. Terms of the explosive development of information technology (cyber-physical systems of things, cloud computing Internet), to ensure the formation of open management systems, network-centric business systems and global enterprise networks. This led to the functioning of an interactive model for the transfer of knowledge, development, and innovation, thanks to which even enterprises that do not have a significant amount of physical resources are able to become participants in the innovation process. The result is the destruction of monopoly markets, which in turn creates incentives for high technology innovation in the monopolistic structures to ensure the replacement of dwindling monopoly super profits excess profit that is generated due to the intellectual quasi-rent (as compensation for accumulated intellectual capital and innovative risk) as a result of a temporary monopoly on intellectual resource. [ABSTRACT FROM AUTHOR]

Enterprise risk management is one of a firm's strategies to achieve the goals. Meanwhile, the risk monitoring committee is a corporate organ evaluating enterprise risk management. However, not many researchers have discussed the role of the risk monitoring committee. The previous research paid more attention to the role of the risk management committee. The purpose of this study is to identify the role of the risk monitoring committee on the relationship between enterprise risk management disclosure and firm value. The role of the risk monitoring committee was viewed based on size, independent member, female member, education level, financial expert, risk management expert, and meeting. This research was conducted on commercial banks listed on the Indonesian Stock Exchange within a period of 2016-2018. 126 samples were collected using a purposive sampling technique through observation. The results showed that five variables such as committee size, female member, financial expert, risk management expert, and meeting moderated the relationship between enterprise risk management disclosure and firm value, yet the committee of independent member and education level did not moderate the relationship between enterprise risk management disclosure and firm value. [ABSTRACT FROM AUTHOR]

Environmental accounting is a combination of all environmental costs into the company's financial statements and its important to carry out sustainable development because it must commit to carrying out its social and environmental responsibilities. The company's current success is measured based on its financial performance and the social and environmental aspects, and one of the indicators is social responsibility performance. The relationship between Corporate Social Responsibility disclosure is measured by the profitability ratio, namely Return On Asset and Return On Equity, while CSR is a strategy to increase firm value. It is very interesting to discuss the relationship between green accounting, Corporate Social Responsibility, Return On Asset, Return On Equity and firm value. Thus, this study aims to comprehend the relationship between green accounting, Corporate Social Responsibility, Return On Asset, Return On Equity, and firm value. A total of 30 peer-reviewed articles have been reviewed and analysed, resulting in a finding in the previous article's literature. This study's finding is green accounting and CSR significantly affects financial performance, impacting firm value. In conclusion, the application of green accounting affects increasing profits. Another advantage of reducing insurance costs and capital costs can reduce total production costs, potentially increasing profits. A company with a good CSRD will certainly create a positive image and reputation among investors. It makes investors focus on the company's financial performance in considering investment decisions and corporate social activities. So that many investors interested in investing their capital to increase the company's profitability. High profitability reflects the company's ability to get high profits for shareholders. The greater the profit obtained, the greater its ability to pay its dividends, which impacts firm value. [ABSTRACT FROM AUTHOR]

This study aims to investigate the mediating effect of financial performance on the effect of green innovation on firm value. This study uses secondary data, namely data on manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2015-2020. The sample in this study was 222 data obtained from 37 companies during the research year. The data analysis technique of this research used partial least square (PLS) analysis. The results of this study indicate that financial performance partially mediates the effect of green innovation on firm value. [ABSTRACT FROM AUTHOR]

Over the year's Indian economy has been going through continuous fluctuations due to the recent government reforms. With reforms are various structural levels, banks were also looked into detail. Even though the Indian banking sector are known for maintaining stability at International levels, due to operational issues there has been several concerns at the Indian Banks which has led to issues like Net Performance Assets (NPA). The merger is a combination of two or more companies with an objective of wealth maximization to add more value with a stand of one. The aim of the present paper is to evaluate the pre and post performance and NPA of the merging banks in the Indian banking industry. The financial performance evaluation was based on various financial metrics like profitability and liquidity. In addition to financial performance, NPAs are evaluated using various aspects of bank's financial parameters like Net profit, Loans, Advances, Net NPA (NNPA), Gross NPA (GNPA), Enterprise value, Book value, Market capitalization, Deposits, Deposits (CAGR%), CASA deposits, Return on Equity (ROE) and Return on Assets (ROA). The study has employed on a sample size data of 12 banks, where all of them are government owned banks and the data has been collected over a period of three years from 2016 to 2018. Through an extensive literature review the researchers explored that through the comparison of financial performance it is evident that the amalgamation of the banks into a single bank is positively affected in the future. The mergers of big banks may fructify over the next 18-24 months. Though the integration is long-drawn it will disrupt lending. There will be issues of book dilution, which will happen due to government infusing capital at low valuations and issues additional shares to investors of amalgamated banks. The researchers through their insights show how the "Big-Four" category of banks after the mergers are performing through various metrics. The researchers through their statistical analysis shown key takeaways. The merger of 12 banks into 4 categories or groups show mixed and interesting results. The results show how a strong bank will make the merger strong, trade on similar valuations, less painful to investors, lead dilution in capital. Another result show how a weak anchor bank is equal to that of an added challenge. How an elevated GNPA of combined bank would be elevated and how the merged entity would trade at a premium valuation and further dilution. In another result, the results show how a lead anchor bank which is already under stress will make the merger more complex. On the advances side all banks have a similar mix of loan portfolios. Hence, the loan mix of the combined entity will have a minimal change. For all the 4 categories of banks the cost synergies would come into play if the infrastructure is rationalized. The researchers critically evaluated the NPA of each of the 12 banks seperately and then the each of the 4 groups which were merged. Hence, a pre-merger and a post-merger NPA was evaluated. The researchers did not look into their employees or locations. These factors were not included into the study. [ABSTRACT FROM AUTHOR]

Nowadays, companies are faced with accelerated changes and increasingly complex challenges at a micro, macro and international level. That is why research and development, innovation activity is gaining importance and manufacturers are often under pressure to innovate in order not to lose their market share. In this paper, the emphasis is on the impact of innovation on enterprise and economy, but also on international competitiveness and increase of company profits. It emphasizes the importance of investing in research and development and creative human resources, which is extremely important in both favorable and unfavorable market conditions. It also explains what all affects market success, how they manifest and what results in technological change. The aim of this paper is to explain the role and importance of applying innovation in business and creating sustainable competitive advantages through a detailed presentation of the value creation process of a particular company. In order to achieve this goal, the impact of technology development on the value creation of Greyp bikes d.o.o., the sister company Rimac of the car, explaining how innovative components and specifications of the electric bicycle have affected business, competitiveness and value creation. [ABSTRACT FROM AUTHOR]

The aim of this paper is to investigate the relationship between social media financial disclosure and firm value of the GCC listed firms. To answer to research questions, the researchers collected cross-sectional data from a sample of 241 firms listed in the financial stock markets of the GCC for the year 2017. An Index was used to calculate the total level of social media financial disclosure where the SMFD for each firm was calculated by dividing the total earned scores of the firm by the total maximum possible scours appropriate for the firm. The findings show that the 84% of firms in the GCC countries use social media, while 70% of these firms use SM for financial disclosure. The results also confirm the hypothesis that enhanced disclosure levels through various social media channels of GCC listed firms significantly influence the firm value of these firms. These results have implications for both social media disclosure literatures and value relevance literatures in the GCC countries. [ABSTRACT FROM AUTHOR]

In this study, we theorize a new construct 'board IT competence', and show that it is systematically related to firm performance. Using a sample of 32,856 firm-years observations over the period of the year 2000 to 2018, our study shows that board IT competence is positively associated with firm performance. Moreover, the findings suggest that firm performance is not only higher, but also more consistent across time. While many firms find it difficult to identify the right sources in developing IT competence at the board level, our study suggests that a board composition that promotes the representation of directors with relevant IT competencies can offer valuable insights to mobilize and reconfigure IT asset to create firm value. [ABSTRACT FROM AUTHOR]

The aim of this paper is to investigate the relationship between social media financial disclosure and firm value of the GCC listed firms. To answer to research questions, the researchers collected cross-sectional data from a sample of 241 firms listed in the financial stock markets of the GCC for the year 2017. An Index was used to calculate the total level of social media financial disclosure where the SMFD for each firm was calculated by dividing the total earned scores of the firm by the total maximum possible scours appropriate for the firm. The findings show that the 84% of firms in the GCC countries use social media, while 70% of these firms use SM for financial disclosure. The results also confirm the hypothesis that enhanced disclosure levels through various social media channels of GCC listed firms significantly influence the firm value of these firms. These results have implications for both social media disclosure literatures and value relevance literatures in the GCC countries. [ABSTRACT FROM AUTHOR]

The justification of investments in blockchain has puzzled information technology (IT) managers because of the lack of empirical evidence on the benefits generated by blockchain technology. This study addresses this issue by analyzing the return on investment of blockchain from a financial market perspective using calendar-time portfolio analysis. Preliminary findings from 138 announcements by 77 firms that have adopted blockchain reveal positive effects on the firms' long-term abnormal return of market values. Furthermore, we observed that firms that apply collaborative strategies do not obtain more long-term positive results than individual strategies. Overall, this study provides the first objective evidence of the effects of blockchain adoption on firm financial performance. Such findings present an encouraging message to firms to invest in blockchain and provide insights into how collaborative strategies influence the effects of blockchain adoption on the long-term financial performance of firms. [ABSTRACT FROM AUTHOR]

This paper investigates the assignment of economic value to firms' social and environmental performance through a comparative analysis of two recently created moral markets, Inclusive Businesses and Responsible Investment, which join companies' pursuit of social welfare with that of economic gain. Yet, while the proposed distinctive appeal of both Inclusive Business and Responsible Investing is premised on firms' production of social/environmental benefit as a social good and as a source of shareholder return, the assignment of economic value to firms' social/environmental performance did not occur in both settings. This paper shows that extant literature's attention to actors' conception of the market - including their meaning of the market and their model of the market - are not adequate to explain the assignment of economic value to firms in these markets. Instead, attention must be given to the work of evaluators, whose capacity to construct the complex tools of financial valuation required for economic valuation, is dependent on their valuation repertoire - their stock of professional knowledge and experience with existing valuation methods and conventions--from they draw in order to create new tools. Consideration of this critical work of evaluators allows for a more comprehensive understanding of why not all moral markets that embrace the promise of companies to produce social and shareholder value necessarily involve the assignment of economic value to businesses' social/environmental performance. This paper possesses critical theoretical implications for not only the study of money but also for our understanding of the role of the market in contemporary society. [ABSTRACT FROM AUTHOR]

The main goal of this paper is to evaluate the effects of corporate governance system on Kazakhstani companies' economic and financial performances following the ongoing economic sanctions against the Russian Federation. With the empirical study of the Corporate Governance disclosures of large Kazakhstani listed firms, we tested the hypothesized causal relationship between management ownership and other corporate governance variables and corporate financial performance indicators, such as ROA, ROE, ROS, and others. Based on correlation and regression analysis, we found that there is no reason to presume the strong relations between the analyzed variables. Moreover, we come to a conclusion that the sanctions only have an indirect influence at the Kazakhstani companies. Our findings indicate that the firms' financial conditions might be mostly affected by other factors, such as the low oil and gas prices in world market. [ABSTRACT FROM AUTHOR]

The main purpose of this paper is looking at the relationship between the factors of technical, financial and legal with enterprise value in mergers and acquisitions of coal companies in Kalimantan, Indonesia over the last 10 years. Data obtained from secondary data sources in the company works and from published data on the internet. The data thus obtained are as many as 46 secondary data with parameters resources, reserves, stripping ratio, calorific value, distance from pit to port, and distance from ports to vessels, production per annum, the cost from pit to port, from port to vessel costs, royalties, coal price and permit status. The data was analysis using structural equation modeling (SEM) to determine the factors that most significant influence enterprise value of coal company in Kalimantan. The result shows that a technical matter is the factor that most affects the value of enterprise in coal merger and acquisition company. Financial aspect is the second factor that affects the enterprise value. [ABSTRACT FROM AUTHOR]

The aim of this study is to explore the effect of related parties' transactions (RPTs) on firm value, and to investigate the moderating effect of corporate governance on the relationship between related party transaction and firm value after financial crises. The study applies the fixed effect model on a sample of 386 companies listed on the Malaysia Stock Exchange (Bursa Malaysia) from 2010 to 2012. The results indicate that only sales or purchases of good through RPTs have a significantly negative relationship with firm value. This study also discovered that CEO duality plays a moderating role on the relationship between RPTs and firm value. In contrast, institutional ownership does not moderate the relationship between RPTs and firm value. The results of this study indicate that the frequency of RPTs can be detrimental to companies by negatively affecting firm value. This finding is consistent with prior studies on RPT. In summary, the results support the view of RPTs being conflict of interest between controlling shareholders and minority shareholders, rather than efficient transactions. In general, this study adds to the mixed empirical evidence of related party transactions. In future studies, it is suggested that the impact of the amount of related party transactions on the value of a firm should be evaluated. [ABSTRACT FROM AUTHOR]

The article deals with an original approach to strategic management and enterprise valuation. The proposed approach is based on standard dynamic model that allows a "convolution" of cost indexes in ordinal scale as streamlining the strategic guidelines for their growth. Unlike traditional methods of valuation, such an approach makes it possible not only to estimate the cost, but also to discover what factors can affect its dynamics, identify the strengths and weaknesses of the negative signals of enterprise development, justify and evaluate the strategy of development of the company with the position of value growth. [ABSTRACT FROM AUTHOR]

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The study examines if certain board of directors characteristics influence the CEO's Pay Slice (CPS), i.e. the CEO's share of the combined compensation received by the five top-paid executives of the firm. The results show that the CPS is positively affected by the percentage of independent directors and negatively linked to director stock ownership. We also examine if CPS increases company valuation by investors, as predicted by the tournament theory. Our results upheld this view, showing that there is a positive link between CPS and company market value as predicted by the tournament theory. Although the effect is significant at a threshold of 95%, CPS only explains a small percentage of the variance in company market value. [ABSTRACT FROM AUTHOR]

The research results presented here refer to the issues linked to the role of information technologies in enterprise value building models that can be found in the current economic structure. The scope of this article is to present an analysis of the data collected in an annual research cycle and the resulting conclusions, describing management support IT projects in three groups of enterprises, representing three models of enterprise value analysis, i.e. the value chain, the value shop and the value network. The research was questionnaire-based and covered a total of 160 enterprises and 210 IT projects carried out in those enterprises. The presented comparative research results indicate a map of characteristics within the typology of IT projects carried out in Poland in three different groups of enterprises. The essence of the research is to present a distribution of management support IT systems, the size of the projects, chosen application implementation strategies and the method of IT project investment economic evaluation in specific enterprise groups. The research results may be interesting for researchers specialising in IT project realisation and for practitioners realising projects for companies belonging to these groups. [ABSTRACT FROM AUTHOR]

Conceptually speaking, value assessment of banks is quite difficult. One of the major capital resources of banks is deposit collected by banks rather than any other capitals acquired from the market. Compared with other companies, it is hard to estimate the capital cost of such deposit. In general, due to the high financial leverage ratio, presently listed banks in our country are in a rapid-growth period without any fixed dividend payment policy, so EVA is more preferred for the above value assessment. [ABSTRACT FROM PUBLISHER]

We investigate whether Financial Reporting Quality (FRQ), measured by discretionary accruals, affects investors' decisions in European stock markets. To analyze the impact on investors' perception about firm value we use an indicator of the level information asymmetry among market participants. The relative bid-ask spread is commonly applied in market microstructure studies to evaluate information asymmetry and most recent works use intraday data based measures. This study is based on the high-low Corwin and Schultz spread estimator because for a number of European markets intraday data is not available. In U.S. markets, Bhattacharya et al. (2013) find evidence of a positive association between earnings quality and information asymmetry. In agreement with the microstructure theory that poor financial reporting implies more informed trading, we find that in European stock markets discretionary accruals are positively related with the high-low spread estimator. Therefore, our results suggest that the earnings management component of accruals outweighs the informational component. Further, such association tends to be stronger for firms with high levels of positive discretionary accruals. However, we do not find evidence of such relation for the large negative discretionary accruals group. Consistent with the evidence provided by Corwin and Schultz (2012), our results suggest that the high-low spread estimator is more efficient than the closing bid-ask spread when analyzing the impact of financial reporting quality on information asymmetry. [ABSTRACT FROM AUTHOR]

Calculating the economic value that a CEO contributes to the value of a corporation is seemingly a moot point. The standard method of evaluation is the use of financial ratios, the value of the firm's stock price and to what degree was the overall objectives of the board of directors were accomplished. During the course of the Great Recession which began in December, 2007 to the current sluggish recovery, widespread attention is being paid to executive compensation; in particular to CEOs whose firms that have lost financial value, went out of business or simply stagnated due to the present world economic conditions. Regardless of the industry, place in the economic/industry cycle the issue of determining if a CEO's annual compensation is directly correlated to yearly increases or decreases in enterprise value is a topic that few outside the boards of directors' corporate compensation committees clearly understand. The purpose of this quantitative research project was to investigate to what extent if any a linkage existed between the annual salaries of the CEOs of 48 publically traded firms in the State of Wisconsin, USA and increases/decreases in the price of their corporations' stock price and net revenue. The author of this study, a resident of Wisconsin selected the State of Wisconsin as a micro-study due to the number of Fortune 1000 firms (25 - 16th highest in the United States) and Fortune 500 companies (10). Some well-known corporations include Fiserv, Harley-Davidson, Johnson Controls, Kohl's, Manpower, Oshkosh and Rockwell Automation. The outcomes from this research showed that there was no statistically significant correlation between the compensation of corporate executives of 48 publically traded firms in the state of Wisconsin and the net incomes and stock prices of their firms in 2008. However, in 2010 while there was no statistically significant correlation between the compensation of corporate executives of 48 publically traded firms in the state of Wisconsin and the stock prices of their firms in 2010, there was a statistically significant correlation between the compensation of these executives and the net incomes of their firms. [ABSTRACT FROM AUTHOR]

The strategy creation is the most responsible and demanding work, because this process has a number of specific characteristics. These characteristics include a focus on the future, work with risk, resources allocating and participation of the top management. In the long run all factors are variable and are difficult to predict their development. Strategic work covers the activities of the whole firm, because it is a complex activity that must work with information from various fields. Problems and situations solved at the strategic level are unique. In a high quality elaborated strategy enables increase the value of the firms. Systematic work on the strategy creation is a necessary precondition for a growth of value of the firm. Monitoring of the environment and the resources of the firm is necessary. [ABSTRACT FROM AUTHOR]

A common dilemma facing enterprises today regardless of size, revenue, region, industry is how to get the business value of their ICT investments. This dilemma includes both selecting which investments to make and managing investment. The Val IT framework is a comprehensive and pragmatic framework that enables the creation of business value from IT-enabled investments. The purpose of the paper is to analyze VAL IT framework and its principles. It can be used as help to enterprises in the achieving of ICT benefits using set of VAL IT principles through its three domains (Value Governance, Portfolio management and Investments management). As a result of applying these principles, IT investments should be managed as a portfolio of investments including the full scope of activities for the business value achieving, and be managed through their full economic life cycle. [ABSTRACT FROM AUTHOR]