Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 20 of 35 for “"Tobin's Q"”.
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Tobin's Q for Canadian firms
… value to replacement cost of tangible assets, Tobin's q is commonly used as a performance measure in research. Although the use of the q ratio is theoretically appealing, its empirical construction is subject to considerable measurement error. In this thesis, we compare and contrast five …
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The Determinants of Tobin's Q Ratio and an Evaluation of Sfas 33 Data (Monopoly Power, Growth Potential, Valuation)
The purpose of this study is twofold: to test the descriptive validity of current cost (CC) data reported according to SFAS 33, and to examine the relationships of systematic risk to monopoly power and growth potential.
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Corporate governance disclosure and information asymmetry: Evidence from South Africa
… on the Johannesburg Stock Exchange (JSE). Using Tobin's Q and share price volatility as proxies for information asymmetry; Bloomberg governance disclosure scores as the variable of interest; and board size, board independence, audit committee size, analyst following, systematic risk, free float, …
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EVA and shareholder value creation: an empirical study
… namely, Total Shareholder Return (TSR) and Tobin's Q are also considered to highlight the valuerelevance of EVA vis-a-vis these measures in predicting shareholder wealth. Using a sample of panel data of around 12,000 firm-year observations taken from the Stem Stewart 1000 EVA/MVA database …
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Essays On Corporate Investment Dynamics
… intangible investment. At the firm level, Tobin's q explains physical and intangible investment roughly equally well, and it explains total investment even better. Compared with physical capital, intangible capital adjusts more slowly to changes in investment opportunities. The classic q …
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Three essays in corporate finance
… contribute to the negative relationship between Tobin's q and corporate diversification. The growth opportunities of young firms increase the market value of these firms, but not the book value of their assets, yielding an inverse relationship between firm age and Tobin's q. Age explains half of …
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Green gains: a case for South African-listed firms
… but negatively impacts firm value as measured by Tobin's Q. The study suggests that ESG can enhance a firm's efficiency in its current operations, but it does not significantly contribute to its value creation. Furthermore, the Governance dimension of ESG is not statistically significant in both …
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The relationship between ESG disclosure and corporate financial performance: a comparative study among developed and emerging markets companies
… performance (ROA) and market valuation (Tobin's Q). Companies in emerging markets showed a positive relationship between ESG scores and market valuation (Tobin's Q). Results also indicated a neutral relationship between ESG initiatives and emerging markets companies' ROA. Thus, the study …
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Three essays on ownership structure and firm focus: The impact of ownership structure on the corporate sell-off decision; The long term impact on the firm from large sell-offs; The relationship between ownership structure, firm focus, and Tobin's Q.
… expectations. The third study empirically models Tobin's Q. Previous research in finance argues value is dependent on ownership structure through an alignment effect and an entrenchment effect. The alignment effect claims that as inside ownership increases, the interests of inside and outside …
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Two Essays on Capital Structure Decisions of the Firm: An Empirical Analysis of the Impact of Managerial Entrenchment and Ethical Corporate Citizenship
… CEOs pay slice is below the 50th percentile. Tobin's q is the proxy for firm value, and cost of capital is measured as the market value weighted cost of debt, and cost of equity. Results indicate that WMECs have neither lower cost of capital nor higher Tobin's q than matched control sample of …
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ESG ratings and financial performance: a case of JSE listed firms.
… rating has a significantly negative impact on Tobin's Q. No significant effect was noted on other financial performance measures; return on assets (ROA) and abnormal gains and losses (ABGL). Of the ESG pillars, environmental and social have negative significant impact on ABGL and Tobin's Q …
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Essays in Empirical Macroeconomics and Development
… estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and market equity values diverge, especially during crises; (2) Tobin's Q predicts future bank pro fitability; (3) neither book nor market leverage constraints are binding for most banks; (4) …
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The structure, conduct, and performance of Nevada's slot route industry
… tend to earn monopoly profits. Yet, using Tobin's q and Jensen's coefficient, we show that Nevada's slot route firms did not earn excess profits, despite the high degree of industrial concentration; The presence of a high level of industrial concentration, non-competitive product …
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Three Essays In Finance
… R&D investment sensitivities to cash flow and to Tobin's Q, and the effects depend critically on firms' tendency to under- or overinvest. In addition, shareholder protection boosts the growth of R&D intensive industries. The results consistently show that by expanding firms' access to external …
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The Impact of Using Derivatives as a Hedging Instrument in Supporting Global Development Trends: An Analysis of the African Aviation Sector
… over a 10-year period from 2009 to 2019. Using Tobin's Q as a proxy for firm value, the study computes a series of regressions, incorporating different control variables such as airline size, percentage of jet fuel cost to total operating costs, jet fuel cost per passenger, and profit per …
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Diversification, ownership structure and firm performance: A South African case study
… enhancing firm performance (which is measured by Tobin's Q) in South African firms. Fixed effect regression analysis is used on a sample of 164 firms during the period 2010 to 2019. For comparison purposes, the study also conducts; ordinary least squares (OLS) and random effect analyses. The study …
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The impact of derivative use on firm risk and firm value. Evidence from South African non-financial firms
… systematic risk and unsystematic risk while the Tobin's Q is used as the proxy for firm value. The results of this dissertation show that 62% of firms included in this sample use derivatives. Foreign currency derivatives were the most commonly used as 80.3% of firms used them followed by interest …
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What insight do market participants gain from dividend increases?
… for large dividend increases as measured by Tobin's Q and changes in the distribution of cash flows.
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Do Strategic Share Repurchase Programs Create Long-Run Firm Value
… the hypothesized relationships, mean values of Tobin's Q were found to be slightly higher in the non-repurchasing group of companies. Non-Repurchasing firms also show lower B/M measures. The results indicate that the long-term rates of growth are higher for firm's not implementing a share …
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Women in business leadership and firm performance: a cross-country study
… ROA), and market sentiment (measured i.t.o. Tobin's Q). Three Western nations (the U.S., the U.K. and Germany) and two Asian countries (China and Japan), are considered, specifically with the aim of understanding the nature and extent of the relationship in each region individually, andany …
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