The paper explores the relationships between sports performance and financial performance in football, with a focus on the UEFA Champions League competition games. Conducting an Event Study Analysis ...on games of eighteen listed football companies taking part in the UEFA Champions League from 2006, the paper finds that the exit from the competition produced a negative statistically significant impact on the stock returns of listed football companies. A double, mixed and contrasting effect co-exists: the rational and the emotional (sentiment). On the one hand, investors rationally evaluate the sports failures by considering the teams' realistic chances of success. On the other hand, certain emotional aspects are important in investors' decisions. The emotional part is also present in variables originally expected to be rational.
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•Sports failures affect football firms’ financial performance.•The exit from the UEFA Champions League negatively impact on the stock returns.•Both rational and the emotional effects affect sporting and financial performance.•The excessive optimism of investor-fans generate negative abnormal returns.
The research aimed to analyze the influence of Intellectual Capital (IC), profitability, and Good Corporate Governance (GCG) on company value indexed in LQ45 in 2014-2015. IC was measured using Value ...Added Intellectual Coefficient (VAICTM). Meanwhile, Return on Asset (ROA) and Return on Equity (ROE) measured profitability, and institutional ownership and managerial ownership were measured for GCG. The sample was all companies registered in LQ45 from 2014 to 2018. The researchers used multiple regression analysis method. Based on the test results of the coefficient of determination (R2), it obtains a value of 0,785. It means IC, profitability, and GCG can explain the company value at 78,5%, while other 21,5% are from other variables. The results show that IC, ROA, institutional ownership, and managerial ownership have no significant effect on company value. The results also show that only ROE has a significant impact on company value.
Ensuring the sustainability of early stage companies and increasing awareness of the need for balancing targets against different stakeholder groups among young companies are not well developed. ...Young companies, in the first place, want to achieve financial success very often without regard for aspects such as the environment, positive relationships with employees, suppliers or other stakeholder groups, fulfilling requirements of labor law, etc. Another issue is that of companies whose business models are based on actuarially-preferred concepts, such as sharing economy, sustainable development, e-comers, e-commerce, renewable energy, social media, and others. A key issue is the resignation of companies from an approach to business, based on the foundations of classical economics to the sharing economy. Theory and practice seek new solutions in the sphere of value sharing in these new areas of sharing, and innovative forms of its implementation. Intriguing is the relationship of these business models with sustainability issues, as well as wondering how technology can influence sustainability. A contemporary approach to consumer value fits in with the assumption of a shared economy. It is interesting how it affects the assumptions of sustainability of business. The ongoing changes in the value system of potential consumers create new conditions for the design of sustainability business models and creation of innovation.
이 연구는 시장의 제약분야 기술혁신 선도기업의 이윤을 보장하는 제도적 장치가 기업의 부가가치 향상에 기여하는가를 실증적으로 분석한다. 제약산업은 연구개발 투자규모가 크고 기술 집약적인 산업이며 연구개발 성과가 지식재산권 형태로 보호되기 때문에 독점적 지위를 누릴 수 있어 진입장벽이 높다. 그러나 동시에 특허등록 후 제품출시까지의 기간이 길고 기술이 ...공개적으로 명문화되기 때문에 합성의약품의 경우 후발 의약품을 빠르게 복제하여 특허침해의 판단에 앞서 시장출시가 이루어지는 문제가 존재했다. 의약품 허가특허연계제도는 이러한 고위험/고수익 형태의 제약산업 구조하에서 기업의 기술혁신 다이내믹스를 유지하기 위한 제도적 장치의 일환으로 오리지널 의약품과 퍼스트 제네릭을 생산하는 선도그룹 기업의 이익을 일정 기간 보장하는 제 도이다. 따라서 이러한 제도를 통해 기술 선도기업의 이윤을 보장하는 것이 기업의 사회적인 부가가치 창출에 긍정적인 효과로 기여하는지에 관해 639개 제약분야 기업의 재무회계 데이터를 활용하여 파악한다. 성향점수매칭기법을 활용해 선도그룹(제도활용그룹)과 비활용그룹을 비교한 결과 연구개발투자비용 측면에서는 선도그룹이 연구개발비용과 인력 보유 수준에서 더욱 활발한 것으로 나타났으며, 당기순이익과 영업이익 측면에서 모두 높은 수준을 유지하는 것으로 파악되었다. 또한 선도그룹의 인당 부가가치는 제도 비활용그룹에 비해 높은 것으로 나타나 혁신기업에 대한 이익 보호 제도는 부가가치를 통한 사회적 가치에 긍정적인 역할을 하고 있는 것으로 나타났다.
This study analyzes whether policy tools that ensure the profits of technology innovation companies can act as a driving force that creates market innovation. In the technology-intensive pharmaceutical industry, research and development investment size is extensive, and intellectual property rights protect R&D performance, which raises the entry barrier for latecomers. As for synthetic drugs, however, publicly stipulated technology makes it easier for latecomers to manufacture generic drugs. The pharmaceutical patent-regulatory approval linkage system plays a role in maintaining market innovation dynamics under the high-risk, high-profit pharmaceutical industry by ensuring the interests of leading companies which develop original drugs and their first generics for some time.
The study used 639 pharmaceutical companies’ financial data to find out whether these policy tools contribute to corporate added value. After utilizing propensity score matching (PSM), the study found out that leading companies, which applied the policy, had greater R&D expenses, more skilled manpower, and higher net income and operating profits. In addition, leading companies’ value added per capita was higher than that of other companies which did not utilize the policy. This shows that policy tools that protect the interests of innovation companies are playing a positive role in contributing to firm’s value.
This research sought to determine the effects of profitability, leverage, and liquidity on the value of healthcare sector businesses listed on the Indonesia Stock Markket for the years 2018-2021. The ...sample in this research is a number of 10 businesses and after outliers were made there were 9 businesses with a total sample data that met the research criteria as many as 36 financial reports. The sampling technique is to use purposive sampling technique. The approach to data analysis which is multiple linear regression, SPSS is used for the analysi. The hypothesis test reveals that leverage has no effect on company value, while liquidity and profitability have a positive impact.
Purpose: Firm value is business performance as indicated by stock price, which reflects how investors perceive business success. This study aims to determine the effect of corporate social ...responsibility (CSR) on company value in energy sector companies listed on the Indonesia Stock Exchange in 2018-2021 both simultaneously and partially by using company size as a moderating variable. Methodology/Approach: Energy sector companies listed on the Indonesia Stock Exchange from 2018 to 2021 are the main subjects of this research. Sampling using purposive sampling technique, resulting in 10 companies and 40 total data. The method used is panel data regression analysis and moderating regression analysis. Data processing was carried out using Eviews 12 software. Findings: The results of this study indicated that simultaneously, corporate social responsibility and company size have a significant influence on firm value. However, when analyzed partially, corporate social responsibility does not have a significant effect on firm value. On the other hand, company size partially affects firm value. Even so, company size does not act as a moderator between corporate social responsibility and corporate value. Practical and Theoretical Contribution/Originality: However, in describing the value of energy sector companies listed on the Indonesia Stock Exchange from 2018 to 2021, CSR and company size have a strength of 85%.
The financial structure highlights the origin of the capital needed to finance the activity. Basically, it indicates the extent to which the company opts for equity and debt financing. It is ...difficult or even impossible to identify an optimal capital structure that is efficient for all firms in all fields of activity. Thus, the main objective of this paper is to identify the influence of the financial structure on the value of companies in the tourism industry. The value of a company is reflected by the efficiency of the activity it carries out. To the extent that it manages to obtain a higher profit, increase the value of the patrimony or use the resources at its disposal more efficiently, its value can be considered to increase. Another objective is to identify if during the pandemic the companies in the tourism industry changed their financial structure and also if during this difficult period there was a change in the influence that the financial structure has on the value of the company. The study carried out on the basis of information on 20 companies in the tourism industry, for the period 2008-2019 and 2020-2022, regarding the correlation between total liabilities, equity, leverage and the EPS (net profit/share) indicator, highlighted an impact moderate of the financial structure on the value of the company during the pandemic period.
This study aims to analyze the board of commissioners's characteristics, firm size, and capital structure on the value of public companies in Indonesia. The novelty of this research liest in proving ...the activeness of the commissioners in implementing the role of good governance. This research analysis use multiple regression models. The results of the study concluded that independent commissioner had positive effect on firm value, whereas the number of meetings and attendance had no effect. Firm size has a positive effect while capital structure has no effect. This study contributes to providing empirical evidence of GCG and agency theory.
Abstrak
Penelitian ini bertujuan menganalisis karakteristik dewan komisaris, ukuran perusahaan, dan struktur modal terhadap nilai perusahaan publik di Indonesia. Kebaruan penelitian ini terletak pada pembuktian keaktifan komisaris dalam implementasi peran tata kelola yang baik. Analisis dilakukan dengan model regresi berganda. Hasil penelitian menyimpulkan bahwa komisaris independen positif pengaruhnya pada nilai perusahaan sebaliknya jumlah rapat dan kehadiran tidak berpengaruh. Ukuran perusahaan berpengaruh positif sedangkan struktur modal tidak berpengaruh. Penelitian ini berkontribusi memberikan bukti empiris teori GCG dan agensi.
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