Det finns många faktorer som påverkar kvaliteten på styrelsens arbete. Tidigare forskning har funnit ett negativt samband mellan värdering av företag och antal styrelsemedlemmar. Då det finns en avsaknad av liknande studier på den svenska marknaden avser denna studie att undersöka sambandet mellan styrelsestorlek och värdering av företag. Vi undersöker 203 bolag noterade på Nasdaq OMX Nordic under perioden 2011-2013 med hjälp av en regressionsanalys. I motsättning till majoriteten av tidigare forskning finner vi ett positivt samband mellan styrelsestorlek och värdering, mätt som Tobin’s Q, för företag listade på Nasdaq OMX Small Cap. Vi finner inget samband för Large- och Mid Cap listade företag. Troligtvis är detta fallet då styrelserna för Large- och Mid Cap i regel är större än styrelser i Small Cap listade företag.

為了瞭解公司採取非相關多角化策略是否增進公司價值，本研究以Tobin's Q為公司價值衡量指標，探討83年至86年之間台灣證券交易所上市公司進行非相關多角化所產生的價值是否大於單一產業公司。結合Tobin's Q與純粹遊戲法，對多角化公司進行理論價值與實際價值的估算，並對樣本公司做統計檢定，是否多角化公司的實際價值顯著大於理論價值。接著以迴歸分析試圖找出影響嘟交化公司價值的產業因素與個別公司因素。 實證結果顯示，採行非相關多角化策略公司的Tobin's Q 值平均數是顯著低於單一部門公司的Tobin's Q值平均數。Tobin' s Q值的中位數，也同樣顯示出多角化公司顯著比單一部門公司的價值低。多角化公司的實際Tobin's Q值是顯著低於多角化公司的理論價值，表示多角化公司採行非相關多角化策略之後，並沒有發揮綜效，將公司的價值提升。 以迴歸分析產業因素是否影響Tobin's Q值，，主要在以公司規模、股利發放、及是否多角化等產業因素是否會影響Tobin's Q值。統計結果顯示公司規模是影響公司價值的產業解釋變數。股利發放則對公司價值呈現正顯著的影響，表示公司發放股票股利來增加投資機會將增加公司的價值。多角化虛擬變數則只有83年與公司價值呈現負顯著的影響，表示採行多角化策略的公司會降低公司的價值。 以迴歸分析探討獲利能力與負債比率是否可以解釋多角化公司價值降低的原因。統計結果顯示出獲利能力是顯著正影響公司的價值，如果公司的獲利能力增加，公司的價值也會提升。負債比例是顯著負影響公司的價值，表示公司負債比例越高，公司的財務風險相對提高，市場投資人對公司的評價將會降低。 目 錄 第一章 緒論 1 第一節 研究動機 1 第二節 研究目的 3 第三節 研究限制 3 第四節 研究架構 4 第二章 文獻探討 5 第一節 多角化的策略意涵 5 第二節 公司價值評價方式 22 第三節 多角化策略與績效的關係 28 第三章 研究方法 42 第一節 研究假說 42 第二節 研究範圍 43 第三節 分析方法 45 第四節 資料來源 47 第四章 實證結果與分析 48 第一節 樣本描述 48 第二節 多角化策略公司價值檢定 52 第三節 樣本-電子產業多角化效果 56 第四節 產業調整控制變數 58 第五節 多角化公司價值降低的因素 64 第五章 結論與建議 69 第一節 研究結論 69 第二節 研究建議 70 參考文獻 73 附 錄 80

<p>Denna uppsats behandlar den värdeskapande förmågan hos finansiell riskhantering rörande svenska företags valutarisker. Författarna finner ej ett tydligt positivt samband mellan användning av finansiell riskhantering och företagsvärde mätt som Tobin’s Q. Detta tyder på att finansiella marknader inte värderar arbete i syfte att minska den företagsspecifika risken vilket stärker fundamentala idéer inom portföljteori men står samtidigt i konflikt med flertalet empiriska undersökningar genomförde under de senaste tjugo åren.</p>

The recent transformation of European electricity markets with increasing generation from intermittent renewables brings about many challenges. Among them, decaying wholesale prices, partly due to support schemes for renewables, may send insufficient investment signals for other technologies. We investigate the investment decision in a structural equation based on the Tobin's q-model, which we extend by both industry- and firm-technology-specific uncertainty. We utilize rich and novel data at the disaggregated firm generation technology level of European electricity generating firms for the period 2006-2014. Our results show that investment in any generation technology follows market incentives despite sunk and irreversible capital, confirming the implications of the q-model. Moreover, while firm-technology-specific uncertainty decreases firms' investment activity, especially in coal and gas, aggregate uncertainty triggers firms' investment. Our results raise concerns about system reliability in the long run since conventional technologies still serve as a flexible system back-up. (authors' abstract) / Series: Department of Economics Working Paper Series

Thesis (M. Com. (Accountancy))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2014 / Academic and commercial interest in the corporate governance practices of publicly listed companies has increased significantly in recent years (Rossouw, 2005). With high-profile corporate failures such as Enron and WorldCom heightening the interest in corporate governance practices (Rashid, 2011). It has become evident that the performance of well governed firms is superior to that of less well governed firms (Kyereboah-Coleman & Biekpe, 2005). Despite the fact that corporate governance is multi-dimensional (Kyereboah-Coleman & Biekpe, 2005), this study focused on the impact of board composition (defined by the percentage representation of independent non-executive directors on the board) and board size on the firm performance measures namely; Tobin’s Q (TOB), return on assets (ROA), and return on equity (ROE) of firms listed on the Johannesburg Securities Exchange (JSE). Annual data, from the period 2006 to 2012 was used while the analysis of data was done using the Multiple Regression Analysis Model. After having analysed the research results, it was found that no significant relationship exists between the proportion of independent non-executive directors on the board and board size, and firm performance measures. Thus, this research study suggests that performance of South African companies listed on the JSE Securities Exchange is not influenced by board composition and board size.

Denna uppsats behandlar den värdeskapande förmågan hos finansiell riskhantering rörande svenska företags valutarisker. Författarna finner ej ett tydligt positivt samband mellan användning av finansiell riskhantering och företagsvärde mätt som Tobin’s Q. Detta tyder på att finansiella marknader inte värderar arbete i syfte att minska den företagsspecifika risken vilket stärker fundamentala idéer inom portföljteori men står samtidigt i konflikt med flertalet empiriska undersökningar genomförde under de senaste tjugo åren.

No description available.

Univ., Habil.-Schr.--Frankfurt am Main, 2003.

Tobin’s q ratio employs a fundamental principle that enterprise values cannot deviate excessively from, namely the replacement value of the assets required to generate the future cashflow of the business. This ratio formed the cornerstone of this research that investigated whether an index based on the ratio would indicate time periods of market missed valuations; determined whether the q effect exists and the probability of its persistence over a 24 year period across different ranked quintile portfolios. Finally the research examined a new supply approach valuation technique that altered the q ratio, and could improve the spread in the q effect to improve investment yields. The Tobin’s q index was compiled using the most recent estimate and the index included the top 160 shares by market capitalisation, excluding the resources and financial sector for firms listed from 1990, to create a representative index for the Johannesburg Stock Exchange. Tobin’s q long term average was 1,83 at December 2013, indicating a consistent upward bias mainly due to share valuations. A time serious approach was followed to compare cumulative returns between different ranked quintile portfolios, ranked by Tobin’s q to analyse for style effects. Tobin’s q displayed style characteristics, although it was not as prominent as other value indicators. The adjustment from the supply approach could not improve investment yields. / Dissertation (MBA)--University of Pretoria, 2014. / zkgibs2015 / Gordon Institute of Business Science (GIBS) / Unrestricted

This article examines announcement effects of 240 international joint ventures (IJVs) undertaken by US firms to ascertain their impact on shareholders' wealth. The objective is to ascertain whether the mixed results of announcement effects reported in the literature can be explained. Theory suggests that IJVs would result in differential stock price reactions due to firm-specific characteristics. Therefore, it is hypothesized that IJVs would elicit a positive stock price reaction, on average. Also, it is hypothesized that this reaction should be greater for high Tobin's q firms and for low free cash flow firms. Empirical analysis reveals that firm-specific characteristics do influence announcement effects and suggests that these factors may explain the mixed announcement effects documented in the literature.