Utdelningar är ett relativt välkänt och utforskat område men ingen accepterad förklaring till dess påverkan på företagsvärde finns och tidigare studier tyder på att forskare till stor del har kommit fram till olika resultat. Men forskning kring utdelningsfrekvensernas betydelse och dess påverkan på företagsvärde är begränsad vilket leder oss in på ett område som är relativt outforskat. Syftet med detta arbete är att kvantitativt undersöka om utdelningsfrekvenserna påverkar ett företagsvärde. Undersökningen baseras på de två amerikanska listorna Nasdaq och New York StockExchange. För att göra studien så aktuell som möjligt grundar sig undersökningen på observationer mellan 2009 och 2013 och innehåller totalt 11 144 observationer. Bolag på den amerikanska marknaden använder sig av främst fyra utdelningsfrekenser: årliga,halvårsvis, kvartalsvis eller månadsvis. Slutligen finns det de bolag vars ledning beslutat att inte tillämpa utdelning som en av sin policy. Samtliga fem av dessa är inkluderade i studien. All data har samlats in via databasen Datastream och samtliga statistiskaberäkningar har gjorts i SPSS. Fyra hypoteser skapades med grund från agentteorin, Miller och Modiglianis (1961) artikel om utdelningarnas irrelevans, bird in hand och prospektteorin. Resultatet av undersökningen blev att den utdelningsfrekvens som resulterade i det högsta företagsvärde var kvartalsvis utdelning, vilken även är den frekvens som bolagen tillämpar mest. En summering av medelvärdena påvisar att månadsvis utdelning uppvisar det lägsta företagsvärde medan regressionsanalysen visar på att årsvis utdelning gav det sämsta resultatet på företagsvärdet. Genom hela resultatet kunde det med flera olika tester påvisas att kvartalsvis utdelning var den signifikant bästa utdelningspolicyn. / Dividend is a relatively well known and researched topic, however, no definite explanation seems to exist for the effect on a firm’s value. Previous studies suggest that researchers have reached a grasp variety of different results throughout time. As a result of an inconclusive and broad range of results this area of studies can be defined as unexplored which leads to the purpose of this essay of quantitatively analyze the impact and effect of dividend frequency on a company’s value. The survey used for analysis is based on two charts: Nasdaq and New York Stock Exchange. For more updated results this survey included 11144 observations in which were registered between the years of 2009 and 2013. The U.S. market uses mainly four different types of periodicity when it comes to appliance of dividends, those distributions consist of the following: annual, half-yearly, quarterly or monthly. There are also companies registered whose management does not apply the dividend strategy as part of their policy. All five types of dividend appliance were considered for the purpose of this study. All the data collection was made through the Datastream database and all the statistical calculations were created through SPSS. Four hypotheses were created based on agency theory, Miller and Modigliani's (1961) article about the irrelevans of dividend, the bird in hand and prospect theory. As a conclusion, the survey determines that the firms with the highest value apply the quarterly dividend which has proven to be the most used method. A summary of the mean values shows that the monthly dividend distribution leads to the lowest enterprise value while the regression analysis clearly determines that the yearly dividend has the least successful result on valuations. Based on several different tests throughout the entire study, it was shown that the quarterly dividend was the significantly best dividend policy.

This paper conducts an analysis of the short-term Firm Value Enhancement that companies experience during large-scale advertising campaigns, such as the Super Bowl. The findings suggest that these firms may experience a positive or negative return during the days after a large event, by signaling to investors and consumers the value of their firm through their advertisements. Some of the highlights include an approximately – 5% return for Super Bowl Advertisers on the Monday after the event, and underperformance during the two weeks surrounding the event.

Αρκετές μελέτες έχουν στρέψει τη προσοχή τους στη σχέση που συνδέει το R2 με την αξία της επιχείρησης αλλά και στο βαθμό που τα διαφορετικά R2 μπορούν να την επηρεάσουν. Στην παρούσα έρευνα έγινε προσπάθεια να ελεγχθεί η συγκεκριμένη σχέση στις ελληνικές επιχειρήσεις. Για το σκοπό αυτό χρησιμοποιήθηκαν 135 επιχειρήσεις εισηγμένες στο ΧΑ, από το 2004 έως το 2010. Τα αποτελέσματα της εργασίας έδειξαν ότι το R2 συνδέεται με μια αρνητική σχέση με την αξία της επιχείρησης. Τα ευρήματα της έρευνας συμφωνούν με το μοντέλο των Dow and Gorton (1997). Επίσης, βρέθηκε ότι μακροχρόνια οι εταιρείες με υψηλό R2 τείνουν να έχουν υψηλότερες αποδόσεις. / Several studies have focused on the relationship between the R2 and the firm value. They also pay attention on the consequences of the different values of R2 between sectors. In this paper we examine this relationship for the Greek companies listed in the stock exchange. For this purpose, we use a sample consisted of 135 listed companies for the period 2004-2010. The results of this study reveal that R2 is inversely associated with the firm value. This is consistent with the model of Dow and Gorton (1997). Also we found that companies with high R2 have significantly higher returns from the companies with low R2, over a two year period time.

This research examines the impact of dividend payout (DP) on future effective firm value for a large international sample of publicly listed companies. Besides the known share price drop right after dividend announcements, literature provides a solid basis for argumentation towards a positive as well as a negative relationship on a longer horizon, going beyond this initial market reaction. The underlying research is the first to discuss and directly examine this issue, following the valuation model introduced by Fama and French (1998). The statistically significant and robust results show a positive impact of DP towards future firm value on a one- and two-year horizon. This research further accounts for the effect of National Governance (NG), proxied by the World Governance Index, as country level moderator on the main relationship. The interacting effect on the main variables is statistically significant on horizons beyond one year.

Durante as décadas de 50 e 60, muitas empresas norte-americanas iniciaram um processo intenso de diversificação. Este processo atingiu seu ponto máximo com mais uma onda de fusões do final da década de 60 e que culminou com o surgimento de conglomerados corporativos gigantes. Nos últimos 15 anos, a tendência tem se revertido como mostra os recentes estudos de COMMENT e JARREL (1994), BERGER e OFEK (1995) e LIEBESKIND e OPLER (1993), que documentam o retorno à especialização. Este movimento em direção à especialização aparentemente resultou da visão de que diversificação de empresas não-correlacionadas diminui o valor da empresa. Argumentos teóricos sugerem que a diversificação tem tanto efeito de aumentar o valor da empresa como de diminuir. Os benefícios potenciais de se operar diferentes linhas de negócio como se fossem uma única empresa incluem maior eficiência operacional, menor possibilidade de perder projetos com valor presente líquido positivo, maior capacidade de alavancagem financeira e menores impostos. Os custos potenciais da diversificação incluem o uso de recursos em projetos que diminuem o valor da empresa, subsídios entre unidades de negócios que permitem unidades com baixo desempenho se aproveitarem dos recursos gerados por unidades com alto desempenho e conflito de interesse entre os executivos das unidades de negócio e da corporação. Não há predições claras sobre o efeito global da diversificação no valor da empresa. Foram utilizados dados de unidades de negócio para estimar o efeito da diversificação no valor das empresas no setor de telecomunicações da economia norte-americana. Comparou-se a soma das unidades de negócio diversificadas com valores imputados pelo modelo com os seus valores reais dentro das corporações a que pertencem. As empresas diversificadas tiveram seus valores em média, durante o período de 1990-99, entre 0,2% e 6,4% acima dos valores imputados pelo modelo. O trabalho está dividido da seguinte forma: o capítulo 1 apresenta o problema de pesquisa, mostrando sua origem e importância; o capítulo 2 revisa a fundamentação teórica e detalha alguns resultados de estudos anteriores sobre os efeitos da diversificação; capítulo 3 descreve a amostra utilizada e o modelo de pesquisa aplicado; o capítulo 4 mostra os efeitos da diversificação nas empresas do setor de telecomunicações do mercado norte-americano entre os anos de 1990 e 1999; o capítulo 5 apresenta as considerações finais com sugestões de novos estudos sobre este assunto. / During the 1950s and ´60s many US corporations undertook massive diversification programs. This process reached its climax with the merger wave of the late 1960s and the accompanying rise to prominence of huge conglomerate firms. In the last 15 years the trends has reversed, with studies by COMMENT and JARREL (1994), BERGER and OFEK (1995) and LIEBESK and OPLER (1993) documenting a return to specialization. This push toward focus apparently resulted from the view that unrelated diversification decreases firm value. Theoretical arguments suggest that diversification has both value-enhancing and value-reducing effects. The potential benefits of operating different lines of business within one firm include greater operating efficiency, less incentive to forego positive net present value projects, greater debt capacity, and lower taxes. The potential costs of diversification include the use of increased discretionary resources to undertake value-decreasing investments, cross subsidies that allow poor segments to drain resources from better-performing segments, and misalignment of incentives between central and divisional managers. There is no clear prediction about the overall value effect of diversification. In this study, it was used segment-level data to estimate the valuation effect of diversification on US Telecom companies. It was compared the sum of imputed stand-alone values of the segments of diversified companies to the actual values of those companies. It was documented that diversified firms have values that average, during 1990-99, 0,3% to 6,4% above the sum of the imputed values of their segments. Chapter 1 describes the main goal of this study and its genesis. Chapter 2 reviews the related literature and details the predicting resulting from prior theoretical work. Chapter 3 describes the sample and explains the empirical approach. Chapter 4 assesses the overall value effect of diversification using imputed segment values and a comparison of profitability between diversified and single-segment firms. Finally, Chapter 5 describes the final considerations about the diversification’s effect on firm value.

Existem evidências sobre a diferenciação entre empresas pré-operacionais e empresas operacionais em aspectos relacionados com a estrutura de ativos, a estrutura de capital, a rentabilidade de ativos, oportunidades de crescimento e a reação do mercado à divulgação financeira. Essas diferenças apontam que projetos de investimento afetam diversos aspectos da empresa e geram expectativas no mercado quanto à geração futura de resultados. A pesquisa foi realizada analisando-se empresas do mercado de capitais brasileiro divididas em duas amostras ou grupos de empresas: pré-operacionais e operacionais. Foram realizados dois testes. O primeiro, a partir de informações financeiras divulgadas trimestralmente com o cálculo de indicadores econômico-financeiros, em que se verificaram diferenças de médias. O segundo, a partir das datas de divulgação dos relatórios financeiros, em que se verificou, com o auxílio da técnica de estudo de eventos, que há diferença estatística significativa dos retornos anormais acumulados entre essas duas amostras em razão da reação do mercado à divulgação financeira, denotando sua importância como componente informativo para ajustes dos preços das ações. Adicionalmente, foi estendido o teste de estudo de evento para analisar a reação do mercado à divulgação das menores e maiores variações dos ativos não circulantes. Esta variável é utilizada no estudo como proxy dos esforços da empresa na formação de capital produtivo, verificando-se que o mercado não reagiu às baixas variações desse ativo. No entanto, o mercado reage de forma limitada à informação quando a variação desse ativo está entre as maiores variações. Embora os resultados dos testes estejam limitados às amostras utilizadas, fornecem uma direção no sentido de entender as mudanças nos fundamentos de valor dessas empresas. / There is evidence about the differentiation between pre-operational and operational companies on aspects related to the structure of assets, capital structure, asset profitability, growth opportunities and market reaction to financial disclosure. These differences indicate that investment projects affect many aspects of the company and generate market expectations about the future generation of results. The survey was conducted by analyzing companies in the Brazilian capital market divided into two samples or groups of companies: preoperational and operational. Two tests were performed. The first, from the quarterly financial information disclosure with the calculation of economic-financial indicators. Differences of means were observed. The second, from the disclosure date of the financial reports. It was observed with the help of the technique of event studies, significant statistical difference of abnormal cumulative returns between these two samples as a result to the market reaction on the financial disclosure, denoting its importance as an informational component for adjustment of stock prices. Additionally, the event study test was extended to analyze the market reaction to the disclosure of minor and major changes in non-current assets. This variable is used in the study as proxy of the company\'s efforts in the formation of capital efficiency. It was observed that the market did not react to the low variations of this asset. However, the market limitedly reacted to the information when the variance of this asset is among the largest variations. Although the test results are limited to the samples used, provides a direction in order to understand the changes in the fundamentals of value of these companies.

This study examines the relationship of firm-level corporate governance and firm value, proposing a moderating effect by country-level creditor protection rights in case of M&As. In order to analyse this setting a sample of 331 deals over the period of 14 years (2002-2015) was evaluated. Evidence for a negative relationship of corporate governance and firm value could be found and provides support for the negative spillover theory. Moreover, proof for a negative moderating effect of creditor protection rights is in line with previous literature which suggests that stronger creditor protection rights result in lower risk-taking behaviour which consequently leads to lower firm value. This connection of creditor rights and risk-taking is therefore influencing corporate governance. Furthermore, stronger creditor protection rights are assumed to directly affect firm value. However, no definite conclusion regarding the assumed negative relationship of firm value and creditor protection rights can be drawn since this finding is lacking statistical significance.

No description available.

Abstract Financial firms are carrying more risks than non-financial firms as they are operating with highly liquid assets. Use of derivatives is one of hedging techniques used in protecting firms from such kind of risks. There has been considerable discussion in academia of whether or not derivative usage can be considered to be value relevant. This is a question, which relate to both risk management and value maximization perspectives in terms of theory, but also discussions in regards to hedging irrelevance (M&M) and arbitrage theory as well: Does the use of derivatives affect listed Nordic financial firms’ market value, if so how? Thereby, the main purpose of this thesis is to find out whether or not there a relationship between derivative use and firm value, which would be evidenced from sample taken from listed Nordic financial firms. In addition to this main purpose, this thesis furthermore sets out to answer whether geographical diversification and firm size contribute toward the effect of derivative use on firm value. Moreover, to answer the research question, a positivist philosophical standpoint with objectivist viewpoint taken, which subsequently leads the author to utilize quantitative methods and statistical analysis to the data collected for this study. Here, different panel models are fitted to the data to account effects that exist within it. To explain the findings, a theoretical framework is built upon two main theories and prior literatures. Here, on the theories such as M&M theory as well as arbitrage theory are dealt with. On the prior literatures, different scholars finding on the derivative use and firm value relationship discussed.   After looking at the results and the analysis, one can draw the conclusion that there is a positive relationship between derivative usage and firm value. The analysis this thesis took the entire 96 Nordic financial firms sample for study period of four years (2012-“015), and from this sample size 80% found derivative users and the rest are non-users. Further, the study result and analysis lead the author to conclude that derivative usage has a positive impact on Nordic financial firms’ value.   Overall, this thesis can find evidence for a value-relevance of derivative usage to firm value in the Nordic markets. Essentially, Tobin’s Q ratio used as a proxy for firm value and panel data model has been used in the analysis. The test result of the study shows that there is a positive statistically and economically significant derivative use premium for Nordic financial firms. Keywords: Risk management; Hedging; Derivatives; Derivatives use; Firm value

This study explores the concept of accountability in Islamic Banks (IB), which may achieve through disclosure. It aims to measuring the bank’s disclosure levels which contains Sharia, Social and Financial (SSF) as well as determinants and consequences of this disclosure. It moreover aims to identify the gap between Islamic banks’ board and stakeholders concerned with the accountabilities priorities of IBs. To achieve these objectives the researcher conducted six empirical studies. The first three empirical studies uses content analysis to measuring compliance level with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards as well as measuring the and sharia, social and financial disclosure (SSFD). It furthermore adopts Ordinary Least Squares (OLS) to identify the determinants of SSF reporting related to firm characteristics and corporate governance of Board of Directors (BOD) and Sharia Supervisory Board (SSB). The fourth empirical study uses the same method (manual content analysis) and OLS to measuring the economic consequences of SSFD on the firm value through testing the impacts of disclosure on market capitalization and return on assets. The fifth empirical study adopts questionnaire as well as Structural Equation Modelling (SEM) to measures the non-economic consequences of SSFD though surveying the perceptions of stakeholders who deal with IBs about the increasing SSFD on loyalty; trust and satisfaction. Finally, the sixth empirical study uses questionnaire to explore the consequences of SSF practices on the perceptions 600 stakeholders who deal with IBs and non-customers who do not deal with IBs. Highlighting the distinctions between economic and non-economic consequences of disclosure in the study enables the researcher to obtain greater insights into the implications of SSF reporting. Moreover, exploring accountability practices from different viewpoints (management, stakeholders and non-customers) and based on different methods (content analysis and questionnaire) allows the researcher to obtain greater insights into IBs accountabilities’ practices. This study provides several interesting findings. With regard to the disclosure and compliance levels, the study finds a variation between IBs in the number of SSFs disclosed, with a notably low level of non-financial reporting (Sharia and social). It also finds high compliance level with AAOIFI standards related to financial and Sharia reporting and low compliance levels with social reporting requirements. Concerning with the determinants of disclosure; the analysis shows positive significant association of disclosure levels with existing Sharia auditing department; auditor; size and profitability. It also finds that corporate governance mechanisms play an important role in improving SSF reporting. The analysis indicates that corporate governance mechanism of board of directors (BOD) as well as Sharia supervisory board (SSB) are the main determinants behind the disclosure levels for IBs such as SSB size, SSB reputation; BOD independence, duality in position and ownership structure. Concerned with the economic consequences of disclosure, the study finds that Sharia, social and overall disclosures have a positive impact on Firm Value (FV) based on the accounting-based measure (ROA). It moreover finds that Sharia and overall disclosure has a positive significant impact on the FV based on market-based measure (Market Capitalization). It argues that the association between disclosure and FV is sensitive to the category of disclosure and the proxy employed for FV. Consequently, the study provides evidence that the SSF disclosures not derived from the same factors, and both have a different impact on firm value. With regard to the non-economic consequences of disclosure, the results indicate that there is a significant association between disclosure and stakeholders’ trust, satisfaction, and loyalty. The results furthermore indicate that there is a partial mediating of trust and satisfaction in the relationship between disclosure and loyalty. A pyramid of IBs’ accountabilities from stakeholders’ perspectives shows the importance of Sharia, then financial and social accountability for both stakeholders and non-customers. It moreover shows that the main criterion of stakeholder’s selection of IBs was Sharia, financial then social factors. Stakeholders who deal with IBs are satisfied about the practices of these banks. Both of groups believe that IBs may guide by Sharia, financial then social objectives. The results identifies gap between the orientation of IBs’ board based on the disclosure and orientation of stakeholders and non-customers based on their perceptions towards SSF accountability. The main originality for this study is measuring SSFD for most of Islamic banks around the world from different perspectives and methods as well as identifies the main determinants and consequences of this disclosure. These results have several implications for regulators, policy makers, managers, IBs, investors, FASB and AAOIFI. For instance, the present study has revealed that disclosure of SSFs - especially non-financial ones - was limited in many annual reports as well as websites. Therefore, regulatory bodies may identify a minimum level of SSFs to publish by each IB. The study has crucial implications to how IBs may improve its Sharia compliance disclosures to create a competitive advantage. The present study is one of the first to investigate the determinants and consequences for SSF disclosure for IBs based on a holistic model. Moreover, the current study is one of the first to investigate the non-economic consequences for corporate disclosure. The current study has some limitations, in either sample or data; disclosure indices; approach; or in its research methodology, which have to consider as potential avenues for future research.