Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: Tobin's q value is widely used by financial analysts as a performance indicator ratio. The market value of a firm over the replacement cost of fixed assets and inventory serves as an indication of whether value is created by investing internally in the firm, or whether value is destroyed by investing in negative net present value projects. Where Tobin's q is greater than one (q > 1), the market value of the firm is greater than what it would cost to replace fixed assets and inventory. Therefore value is created. Firms that have a Tobin's q value of less than one are advised to pay dividends rather than invest in negative net present value projects. Over 200 different methods exist of calculating Tobin's q. By increasing the complexity of the algorithm to determine q, very little is achieved to improve the measurement quality. A strong link exists between excess market returns, free cash flow spending announcements and Tobin's q value for the firm. Firms with a high Tobin's q value should ensure that good investment possibilities are pursued. The use of internal funds to fund new investment is viewed in a positive light by the market and above average returns are generated. Firms with a high Tobin's q value and high free cash flow show lower returns. These lower returns happen as a result of the market recognising the firm's failure to capitalise on favourable internal investment opportunities. / AFRIKAANSE OPSOMMING: Tobin se q-waarde word wyd gebruik as prestasie aanwyser deur finansiele ontleders. Die markwaarde van 'n firma gedeel deur die vervangingskoste van vaste bates en voorraad, dien as 'n maatstaf om aan te dui of waarde geskep word deur intern in die firma te belê en of waarde vernietig word deur in projekte met 'n negatiewe netto teenswoordige waarde te belê. Waar Tobin se q-waarde groter is as een (q > 1) is die markwaarde van die firma groter as wat dit sal wees om die vaste bates en voorraad te vervang. Sodoende word waarde geskep. Firmas met 'n q-waarde van minder as een word aanbeveel om eeeder dividende uit te betaal as om die beskikbare fondse in projekte met 'n negatiewe netto teenswoordige waarde te investeer. Meer as 200 verskillende metodes bestaan om Tobin se q-waarde te bereken. Deur die kompleksiteit van die algoritme te vergroot om q te bereken, dra min by tot groter akkuraatheid van die meting. 'n Sterk verband bestaan tussen bo-gemiddelde markopbrengste, aankondigings oor die besteding van vrye kontantvloei en die Tobin q-waarde van die firma. Firmas met 'n hoë Tobin q-waarde moet verseker dat goeie investeringsgeleenthede aangegryp word. Die gebruik van interne fondse om nuwe investering te finansier word deur die mark in 'n positiewe lig beskou en bogemiddelde opbrengste word gelewer. Firmas met 'n hoë Tobin q-waarde en hoë vrye kontantvloei toon laer opbrengste. Hierdie laer opbrengste is as gevolg van die mark wat besef dat die firma nalaat om gunstige interne investeringsgeleenthede te gebruik.

In this study, I use Section 404(b) of the 2002 Sarbanes-Oxley Act as an exogenous shock to examine the effect of auditors’ assessment of internal control over financial reporting (ICFR) on audit fees, cost of debt, and net value of compliance between 2002 and 2010. Using firms themselves as their own control, this study conducts firm-fixed effects analyses to explore the close causal effect of SOX 404(b) on compliance costs (proxied by audit fees), compliance benefit (proxied by cost of debt) and net compliance benefit (proxied by Tobin’s q). Through analyzing how SOX 404(b) affects firms’ compliance cost, compliance benefit, and net compliance benefit, the results suggest that SOX 404(b) decreases firms’ cost of debt, but also imposes compliance costs. Overall, SOX 404(b) increases firm value premium by around 8.63%. The study also examines whether the 2007 reforms have achieved their purpose by comparing audit fees before and after the 2007 reforms.

自1993年七月，大陸第一家企業『上海石化』赴紐約證券交易所(New York Stock Exchange, NYSE)掛牌並發行美國存託憑證(American Depositary Receipt, ADR)之後，許多大陸企業先後至美國各證券市場進行掛牌上市。然而，發行美國存託憑證的行為將如何影響到企業價值的變化，是各方研究所希望深入探討的議題，故在本研究中，以Tobin's q作為觀察指標，探究大陸企業赴海外掛牌與Tobin's q之間的關係，並且將其與大陸國內未赴海外掛牌之公司進行比較，從而檢驗跨國掛牌對公司產生之效益。實驗結果顯示，比起僅在大陸國內市場掛牌的企業，發行美國存託憑證的企業確實存在赴海外上市的溢酬。並且，本研究藉由不同的存託憑證發行種類特性的角度，探討企業在不同的掛牌情形下對Tobin's q影響的程度，結果顯示出在發行美國存託憑證與Tobin's q的關係中，資訊揭露程度越高的高等級存託憑證，如公司參與型第三類存託憑證(Level-3)，對於Tobin's q將呈現較高的正面影響。此外，本研究也藉由迴歸設計，探討沙賓法案對於赴美國發行存託憑證第二類及第三類的公司與Tobin's q之間的關係是否會產生變化，以及企業赴美發行存託憑證與Tobin's q之間的因果關係。結果顯示沙賓法案的頒布對於赴美國發行公司參與型第二類及第三類存託憑證的大陸企業具有顯著的影響；然而，企業發行美國存託憑證並不受到Tobin's q高低的影響。

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, Johannesburg in partial fulfilment of the requirements for the degree in Master of Commerce (50% course work) / A growing number of institutional investors that are adopting corporate social responsibility (CSR) philosophy are playing a crucial role in influencing listed companies to adopt and address CSR issues. CSR is defined as “…a concept whereby companies integrate social and environmental concerns in their business operations…” (European Commission, 2010). CSR is now widely accepted as a way of doing business in the contemporary environment. It is evident in companies that are spending large sums of money, time and effort on satisfying various stakeholders’ requirements for responsible behaviour. Despite the growing pressure on companies to become socially responsible, the direct benefits of CSR contribution to firm performance remain questionable. From existing literature the relationship between CSR and firm performance have pointed to mixed results (Gladysek & Chipeta, 2012; Aggarwal, 2013). This study examines the relationship between CSR performance and firm performance using the CSRHub sustainability indexes as proxy for CSR performance. The firm performance measures of firm value (Tobin’s Q) and financial accounting performance (return on assets) were used. Annual data of firms from the Johannesburg Stock Exchange (JSE) from year 2009 to 2012 was analysed using the Multiple Regression Analysis techniques. The study revealed that significant and positive relationship exists between CSR/environmental performance and firm value of listed South African companies. The study concluded that there is no significant relationship between firm performance and the other components of CSR such as community relations, employment relations, and governance. The relatively small sample size of the listed companies, some missing values on the sample data and the shorter time period on the study are the main limitations acknowledged in this report. In the overall, the study provides important insights for understanding the contribution of CSR and its disaggregated components to firm performance.

Inhalt: 1 Einleitung 2 Überblick über den Stand der Forschung 3 Transmissionsmechanismus Vermögenspreise und Investitionen 3.1 Transmission über den Aktienmarkt 3.1.1 q-Kanal 3.1.2 Erwartungskanal 3.1.3 Bilanzkanal 3.2 Transmission über den Immobilienmarkt 3.2.1 Alternativer q-Kanal 3.2.2 Bilanzkanal 3.3 Gesamtwirtschaftliche Investitionsfunktion 4 Modellierung des vermögenspreisinduzierten Investitionseffektes 5 Ökonometrische Methodologie 5.1 Kointegration und Fehlerkorrekturmodell 5.2 Dynamisches OLS nach Stock und Watson 6 Statistische Datenbasis 7 Empirische Ergebnisse 7.1 Empirische Ergebnisse ausgewählter Studien 7.2 Empirische Ergebnisse für Deutschland 7.2.1 Test auf Integration 7.2.2 Investitionsmodelle 7.2.3 Ergebnisse DOLS 7.2.4 Test auf Parameterstabilität 7.2.5 Ergebnisse Impuls-Antwort-Analyse 7.3 Zusammenfassung der empirischen Ergebnisse 8 Geldpolitische Implikationen 9 Zusammenfassung

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This thesis investigates the performance of Swedish listed family-controlled firms using re-turn on assets (ROA) and Tobin’s Q as performance measures. Results show that found-ing-family firms perform 6.1 % better than other firms for ROA. Firm-specific knowledge of the founder-CEO is the main cause of the enhanced performance. The results are not robust to residual testing which suggests caution when drawing conclusions from these re-sults. The main contribution of this thesis is an empirical analysis of family insider repre-sentation and the relation to ROA and Tobin’s Q in a sample consisting entirely of Swedish firms.

Universiẗat, Diss.--St. Gallen, 2004.

Univ., Habil.-Schr.--Münster (Westfalen), 2001. / Literaturverz. S. 391 -428.

Thesis (Ph. D. in Management)--Vanderbilt University, Aug. 2007. / Title from title screen. Includes bibliographical references.