Capital Value Research Articles

Financial performance, intellectual capital disclosure and firm value: the winning edge

Financial performance, intellectual capital disclosure and firm value: the winning edge

‘Go away and make a big thing of yourself somewhere else’: precarious mobilities and the uses of international capital in Irish academia

AbstractThe article interrogates the ‘mobility imperative’ and its impact on precarious academics. Drawing on 40 biographic interviews with academics with experience of long-term precarity in Irish higher education, and using a Bourdieusian framework, we identify the specific conditions, uses and impacts of international mobility for these workers. This method offers a unique retrospective advantage for an analysis of the utility of international capital for a cohort of workers typically excluded from studies of international mobility. Among the specific obstacles we identify which are faced by precarious academics in the accumulation and conversion of international capital are the lack of or compromised initial social capital; the dubious value of international capital in Irish academia, especially when associated with precarity; and the difficulty for workers to construct acceptable career scripts when both precarity and mobility have led them off-script. We suggest that the ability to accumulate and convert usable forms of international capital while working abroad is in part predetermined by prior struggles in the national field.

Adjusted Value Added Intellectual Coefficient and Firm Value with Good Corporate Governance as a Moderator : Evidences from Commercial and Sharia Banking in Indonesia

This study was to investigate the relationship between intellectual capital and firm value in commercial and sharia banks in Indonesia using good corporate governance as a moderator. This review included commercial and sharia banks still up in the air by the creator recorded on the Indonesia Stock Trade (IDX) from the period 2018 to the period 2021, utilizing the Directed Relapse Examination (MRA) technique which is checked on from the fiscal summaries, by delivering 17 organizations as an example and tried utilizing with SPSS. The results obtained from the examination demonstrate the way that intellectual capital can have a significant effect on firm value and good corporate governance as a moderator can significantly strengthen the impact of intellectual capital on firm value, utilizing the A-VAIC model as an estimation. In order for commercial and sharia banks in Indonesia to increase the firm value, they need to develop an efficient method for fully disclosing intellectual capital, supported by the existence of good corporate governance as an efficient system that will attract stakeholders' attention. This study used the A-VAIC (Adjusted Value Added Intellectual Coefficient) as a measurement of intellectual capital efficiency.

Can Environmental, Social, and Governance (ESG) Disclosures Influence the Value of Market Capitalization Indexed by ESG Leaders in Indonesia in 2018-2022?

This research aims to examine the effect of environmental, social, and governance (ESG) disclosure on market capitalization value. This quantitative research uses purposive sampling techniques in the sampling process. The number of samples in this research was 14 companies indexed by IDX-ESG Leaders for 2018-2022. This research uses the NASDAQ 2.0 disclosure standard to measure ESG disclosure. The research results show that environmental disclosure does not affect market capitalization value. Meanwhile, social disclosure and governance have a positive effect on market capitalization value. The results of this research have implications for companies and investors in considering ESG disclosure information as an effort to increase market capitalization value and determine investment decisions.

Pengaruh Intellectual Capital terhadap Kinerja Perbankan Umum Konvensional di Indonesia

Banking is the lifeblood of the economy throughout the country, many wheels of the economy are mainly driven by banks either directly or indirectly. Banking in Indonesia plays a very important role, moreover Indonesia is a developing country in all sectors. This study aims to analyze the effect of banking performance on profitability at conventional commercial banks in Indonesia during the 2018-2022 period. The data used in this study were obtained from the Indonesia Stock Exchange (IDX) with a sample of 16 conventional commercial banks and used panel data regression analysis techniques. The results of the analysis show that Value Added Capital Employed (VACA) has a positive and significant effect on Return on Assets (ROA) and Value Added Human Capital (VAHU) has a negative and significant effect on ROA. However, the Structural Capital Value Added (STVA) variable has no significant effect on ROA at 16 conventional commercial banks in Indonesia during the study period.

Model for measuring competitiveness in construction companies in Lima–Peru

PropósitoEl objetivo principal de la investigación fue establecer un modelo de factores de competitividad para medir adecuadamente el valor de las empresas constructoras.MetodologíaSe desarrolló un modelo teórico de cuatro factores principales, que incluyen el capital humano, los valores éticos, la innovación de procesos y el financiamiento. Se recolectó información de 18 empresas constructoras de la ciudad de Lima Metropolitana, recolectando información de cada uno de estos factores. A través de un análisis de componentes principales se determinó la ponderación de cada uno de ellos sobre la competitividad de una empresa constructora.ResultadosEl costo de horas hombre, el costo de los equipos para ejecutar obras y el costo de material utilizado son los indicadores más fuertes para medir la competitividad de una empresa constructora. Por otro lado, la cantidad de empleados con títulos universitarios y la cantidad de maestros de obra con título técnico del factor de capital humano también tienen un peso moderado en la determinación del valor de competitividad de una empresa. El indicador de obras entregadas dentro de plazo también tiene un efecto moderado sobre la competitividad. Finalmente, el indicador de pago mensual de la deuda tiene un efecto muy pequeño sobre la competitividad de la empresa.OriginalidadEn conclusión, el estudio proporciona evidencia de un modelo de competitividad con factores altamente relacionados sobre el capital humano, la innovación de procesos y los valores éticos como los más importantes a la hora de medir la competitividad.

The Effect of Investor Sentiment, Investment Decision, and Profitability on Stock Returns Through Firm Value

Stock Return is the goal of investors in investing their capital and high company value is the company's goal. This study examines the effect of investor sentiment, investment decisions, and profitability on stock returns with firm value as an intervening variable. The population in this study were 25 public companies indexed on IDX SRI KEHATI in the period May 2018 - May 2023. The type of data is the company's annual panel in the form of volatility from stock price fluctuations. The data collection technique uses purposive sampling and the analysis method used is panel data regression with the Structural Equation Model (SEM) which is processed with STATA 16 software. The sample that meets the criteria is 14 issuers. The results showed empirical evidence (1) Investor sentiment has a negative and significant direct effect on firm value; (2) Investment decisions have a positive and insignificant direct effect on firm value; (3) Profitability has a positive and significant direct effect on firm value; (4) Investor sentiment has a negative and insignificant direct effect on stock returns; (5) Investment decisions have a positive but insignificant direct effect on stock returns; (6) Profitability has a negative and insignificant direct effect on stock returns; (7) Firm value has a negative and insignificant direct effect on stock returns; (8) Investor sentiment has a positive and insignificant indirect effect on stock returns through firm value; (9) Investment decisions have a negative and insignificant indirect effect on stock returns through firm value; (10) Profitability has a negative and insignificant indirect effect on stock returns through firm value. The Intervening test results with the Sobel test show that Firm Value cannot mediatthe Investor Sentiment, Investment Decision, and Profitability variables on Stock Returns.

THE INFLUENCE OF INTELLECTUAL CAPITAL ON THE COMPANY FINANCIAL PERFORMANCE

This research aims to determine the relationship between company intellectual capital and company performance. The company's intellectual capital is measured by three indicators, namely value added human capital (VAHU), structural capital value added (STVA), and value added physical capital (VACA). Meanwhile, company performance is measured by Return on Assets (ROA). The object of this research is the Basic Industry and Chemical Sector companies. The data used in this study is secondary data obtained from IDX for the 2017-2021 period. The research method was carried out using descriptive analysis and multiple linear regression analysis. The total research population was 65 companies. Sampling was carried out using a purposive sampling method so that only company data that met the criteria was processed. The results of this research show that STVA and VACA have a positive and significant effect on company performance, while VAHU has an insignificant negative effect.

Oxalate and oxalotrophy: an environmental perspective

Abstract Oxalic acid is one of the most abundant organic acids produced by plants. Much of the global production of oxalic acid is deposited on soil surfaces in leaf litter to be oxidized by microorganisms, resulting in a pH increase and shifting the carbonate equilibria. In what is known as the oxalate-carbonate pathway, calcium oxalate metabolism results in CO2 being sequestered into soils as insoluble calcite (CaCO3). There is a growing appreciation that the global scale of this process is sufficiently large to be an important contribution to global carbon turnover budgets. The microbiomics, genetics, and enzymology of oxalotrophy are all soundly established, although a more detailed understanding of the landscape-scale kinetics of the process would be needed to incorporate oxalotrophy as an element of process models informing the relevant Sustainable Development Goals. Here, we review the current state of knowledge of oxalotrophs and oxalotrophy and the role they play in terrestrial ecosystem services and functions in terms of carbon sequestration and nutrient cycling. We emphasize the relevance of these to the Sustainability Development Goals (SDGs) and highlight the importance of recognizing oxalotrophy, when accounting for the natural capital value of an ecosystem.

PENGARUH VALUE ADDED TERHADAP NILAI PERUSAHAAN NON KEUANGAN

The purpose of this research is to obtain empirical evidence regarding several factors that can affect the value of non-financial companies listed on the Indonesia Stock Exchange (IDX). Some of the factors referred to are Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), Structural Capital Value Added (STVA), company size, company age, capital structure, financial performance, and net profit margin. The population includes all non-financial companies listed on the Indonesia Stock Exchange (IDX) from 2017 to 2021. Purposive sampling was used as a technique for selecting the sample. There are 150 non-financial companies that meet the criteria and as many as 750 sample data used in this study. Sample data was tested using multiple regression methods. The results of the research conducted show that Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), structural capital value added (STVA), company size, company age, and capital structure have no effect on firm value, while financial performance and net profit margin affect the value of the company.

Monitoring environmental sustainability in Japan: an ESGAP assessment

AbstractThis paper assesses the environmental sustainability of Japan by applying the environmental sustainability gap (ESGAP) framework, which builds on the concepts of strong sustainability, critical natural capital, environmental functions, and science-based reference values. The assessment is carried out using two indices of environmental sustainability (Strong Environmental Sustainability Index (SESI) and Strong Environmental Sustainability Progress Index (SESPI)) that provide a snapshot and a trend perspective on environmental sustainability performance and on progress toward it. The results reveal that Japan has not experienced significant changes in terms of aggregate environmental sustainability throughout the 2011–2017 period, but this is primarily a consequence of the mutually offsetting movements of different indicators. The country performs best for the human health and other welfare indicators, but worst for the sink function indicators such as the per-capita CO2 emissions and the eutrophication of fresh water. The indices also expose the main policy areas that Japan needs to strengthen to improve its environmental performance. They include issues such as tropospheric ozone pollution, which has long been discussed in scientific literature but never been a primal policy focus of the government until very recently.

The Influence of Fiscal, Monetary, and Public Policies on Sustainable Development in Sri Lanka

This study aims to determine the influence of the fiscal, monetary, and public policy environment in Sri Lanka and its impact on sustainable development before and after COVID-19. This study used the document analysis qualitative research method to obtain and analyse fiscal, monetary, and public policy data. It assigned and measured the 17 United Nations Sustainable Development Goals (UN SDGs) values and trends. The goals were clustered into social, environmental, and sustainability-related intellectual capital to measure their dimensional capital status values and trends. Despite the economic crisis, Sri Lanka has moderately progressed in sustainable development, with most improvements in social capital. The environmental and sustainability-related intellectual capital dimensions follow. The 17 SDGs were advancing at various levels. Two were on track (Goal 4: Quality education and Goal 9: Industry, innovation, and infrastructure). Five moderately improved goals (Goal 2: Zero hunger, Goal 3: Good health and well-being, Goal 6: Clean water and sanitation, Goal 12: Responsible consumption and production, and Goal 13: Climate action). Seven were stagnant (Goal 5: Gender equality, Goal 7: Affordable clean energy, Goal 8: Decent work and economic growth, Goal 11: Sustainable cities and communities, Goal 14: Life below water, Goal 16: Peace, justice, and strong institutions, and Goal 17: Partnership for the goals). Two showed a decrease (Goal 1: Poverty and Goal 15: Life on land). No data are reported for Goal 10 (Reduce inequalities). Fiscal and monetary policies were overly focussed on economic repair and reconstruction. Public policy has nevertheless contributed to sustainable development. This is the first study to examine the multidimensional policy environment and its impact on sustainable development in Sri Lanka.

Analisis Pengaruh Struktur Modal, Profitabilitas, Kebijakan Dividen, Tingkat Uang, Dan Kinerja Keuangan Terhadap Nilai Perusahaan Dalam Perspektif Akuntansi

This research aims to analyze the influence of several factors that influence company value from an accounting perspective. The factors studied include capital structure, profitability, dividend policy, cash levels, and financial performance. This research was conducted to provide a deeper understanding of how these variables can influence company value. The research method used is a qualitative analysis method which is suitable for analyzing the relationship between variables. One source of data is taken from the company's annual financial reports over a certain time period. It is hoped that the results of this analysis will provide a clear picture of the extent of the influence of each variable on company value. The results of this research can be a guide for company management in making decisions regarding capital structure, dividend policy, and efforts to improve financial performance. In addition, the findings of this research can also provide insight to investors, financial analysts and regulators regarding the factors that need to be considered in assessing the health and value of a company. The conclusions of this research are expected to contribute to the accounting and finance literature by providing a better understanding of the relationship between capital structure, profitability, dividend policy, cash levels, financial performance, and firm value. This research can also be a basis for further research in exploring other factors that might also influence company value in an accounting context.

Evaluation based on Relative Utility and Nonlinear Standardization (ERUNS) Method for Comparing Firm Performance in Energy Sector

The present paper introduces a new multi-criteria decision making (MCDM) model such as Evaluation based on Relative Utility and Nonlinear Standardization (ERUNS). The proposed method provides a number of unique features such as use of non-linear standardization combined with a new definition for calculating utility values of the alternatives and design flexibility. The new method is applied to compare the firm performances using Economic, Environment, Social and Governance (EESG) framework. Over the last few decades alongside economic gain, the firms have been equally emphasizing on environmental protection, social values and good governance. This paper aims to bring in the economic aspect in terms of market capitalization and enterprise value while uses rating scores for environment, social and governance to put forth an extended performance measurement framework. A set of eight leading firms belonging to the energy sector listed to NSE, India has been considered for the period FY 2022-23 as a case study. The criteria weights are calculated using the Logarithmic Percentage Change-driven Objective Weighting (LOPCOW) method. It is observed that ERUNS provides a stable and reliable ranking result free from the rank reversal issue. This paper shall be of interest to both analysts and practitioners in terms of its robust method and practical performance assessment framework.

Modelling the effect of macroeconomic factors on residential real estate investment returns in Abuja and Lagos, Nigeria

PurposeThis study evaluated the effect of macroeconomic factors on residential real estate (RE) investment returns in the cities of Abuja and Lagos, Nigeria, with a view to guiding RE investors and researchers.Design/methodology/approachA survey research design was employed using a questionnaire to collect RE transaction data from 2008 to 2022 from estate surveying and valuation firms in the study areas. Rental and capital value data collected were used to construct rental and capital value indices and total returns on investment. The macroeconomic data used were retrieved from the archives of the Central Bank of Nigeria (CBN). Granger causality (GC) and multiple regression models were adopted to evaluate the effect of selected macroeconomic variables on residential RE investment returns in the study areas.FindingsThe study found a progressive upward movement in rental and capital values of residential RE investment in the study areas within the study period. Total and risk-adjusted returns on investment were equally positive within the study period. Only the inflation rate, unemployment rate and real gross domestic product (GDP) per capita were found to be the major determinants of residential RE investment returns in the study areas within the study period.Research limitations/implicationsThe secrecy associated with property transaction information/data by RE practitioners in the study areas posed a challenge. Property transaction data were not adequately kept in a way for easier access and retrieval in many of the estate firms and agent offices. Consequently, there was a lack of data that spanned the study period in some of the sampled estate firms or agent offices. This data collection challenge was, however, overcome by the excess time spent retrieving the required data for this study to ensure that the findings appropriately answer the research questions. Practical implicationsInflation and GDP per capita have been found to be significant factors that influence residential RE investment performance in the study areas. Therefore, investors should pay attention to these identified macroeconomic factors for residential RE investment in the study areas whilst making investment decisions in order to mitigate a possible loss of income or return. The government should formulate and implement economic policies that would address the current high unemployment and inflation rates in Nigeria at large.Originality/valueThis study has extended and further enriched the existing body of knowledge in the field of RE investment analysis in Nigeria. To the best of the authors' knowledge, this study is the first to adopt the Cornish Fisher value-at-risk and modified Sharpe ratio models to analyse risk and risk-adjusted returns on residential RE investment, respectively, in Nigeria. It has therefore redirected the focus of RE researchers and practitioners to a more objective approach to RE investment performance analysis in Nigeria.

Construction of transportation infrastructure and the mixed ownership reform of state-owned enterprises: based on the perspective of high-speed rail opening

ABSTRACT We study the impact of transportation infrastructure construction on the degree of mixed-ownership reform of local state-owned enterprises. We find that the opening of high-speed rail can significantly promote the mixed ownership reform process of local state-owned enterprises. Mechanism testing shows that the opening of high-speed rail can promote inter-regional market integration and reduce the transaction costs of potential private investors participating in mixed-ownership reform, and improve the operational activities and management characteristics of state-owned enterprises, and strengthen the intrinsic motivations of potential private investors to participate in mixed-ownership reform, thereby having a positive impact on the degree of mixed-ownership reform of local state-owned enterprises. Further research finds that the above-mentioned effects are sustain-able and more obvious among local state-owned enterprises and state-owned enterprises in competitive industries with weak government influence, which can ultimately improve the capital market value and labour productivity of state-owned enterprises.

Оценка динамики собственного капитала агрохолдингов в Российской Федерации

The aim of the work is to assess the dynamics of the equity capital of agricultural holdings in the Russian Federation in order to analyze changes in their financial, economic and investment potential, as well as to identify factors that affect the change in such dynamics. The study was conducted on the basis of balance sheet data from a sample of 50 individual legal entities - mainly management companies related to the country’s leading agricultural holdings. The trend of increasing both the nominal and real value of the equity capital of agricultural holdings during 2009-2021 is revealed. The trend changed in 2022. The main factors influencing the dynamics of the real value of equity capital of agricultural holdings during the analyzed period are the following: state financial and administrative support; withdrawal from the domestic market of foreign companies-competitors starting from 2014. It is proved that as the real value of equity (that is, the base of comparison) increases, the degree of influence of inflation and the key rate of the Bank of Russia has a greater impact on the dynamics of the studied indicators than other factors. This pattern makes anti-inflationary measures and cheaper loans more appropriate in the list of possible tools for state regulation of the agro-industrial complex. As the real value of equity grows, the marginal usefulness of direct financial support for the subjects under study also decreases. The value of return on equity in terms of net profit of the studied subjects in the amount of 17.17% in the economic conditions of the Russian Federation is estimated by us as one that allows the industry to develop, but does not indicate the presence of superprofit and the possibility of rapid accumulation of investment potential for significant activation of investment processes in related and other industries. In such circumstances, state financial and administrative support for the agricultural sector remains relevant, given the continuing need to ensure the country’s food security.

The Effect of Regulatory Risk Management Strategies on the Financial Performance of Listed Deposit Money Banks in Nigeria

Studies on risk management have gained increasing focus as several regulators and other related bodies such as the Basel accord, International financial reporting standard authorities and various country’s central banks had formulated several frameworks for effective regulation and management of risks by financial institutions across the world with the expectation of improvement in the performance of the financial institutions. This study focuses on the effect that regulatory risk management strategies, measured with independent variables of strategic, reputational, legal/regulatory and operational risk has on the financial performance of the Nigerian deposit money banks. This study used a population of fourteen (14) banks listed on the Nigeria exchange from which a sample of twelve (12)banks to extract data for a period of ten years and conducted a multivariate regression analysis using capital adequacy and market values as financial performance measurement in which it was observed that the regulatory risk management strategies have an overall positive and significant effect on both capital adequacy and market values of the banks and thus concludes that the adoption of effective regulatory risk management strategies would further lead to maintenance of stable and improved financial performance of the banks. Consequently, the study recommends the need for executive management of deposit money banks to pay attention to the level of compliance with these regulatory risk management codes to ensure the optimum financial performance of the banks.

Human Capital Disclosure, Business Model and Firm Value: Empirical Evidence from Kenya and South Africa

High volatility and decline in firm value has been spotted for listed companies in Kenya as revealed by large deviations between market-to-book value ratios. This has prompted organisations to adopt integrated reporting to enhance accounting information disclosures that has long been linked with firm value. However, studies examining this form of reporting and its contribution to the value of the company and its variant stakeholders remain scanty in the context of Africa. The purpose of this research is to investigate and demonstrate the relationship amongst human capital disclosure, business model and value of listed companies in Kenya and South Africa. The study was braced on the Stakeholder and legitimacy theories. The research design was both exploratory and confirmatory. Secondary data was collected from 137 purposefully selected companies for the period 2018-2020. An unweighted disclosure index was used to measure human capital disclosure, whilst, firm value was measured using Tobin’s Q ratio. Frequency tables were used for data presentation and descriptive statistics was conducted to summarize and describe the data. Pearson correlation analysis was used in measuring the strength and direction of relationships between variables, while, stepwise regression analysis method was applied in testing for mediation effects. The results depict that human capital disclosure has a statistically significant effect on firm value. However, the effect was negative for Kenya and South Africa revealed a positive effect. Human capital disclosure and business model evinced a positive and significant relationship. Human capital transmitted part of its effect on firm value through the entity business model, with Kenyan listed firms revealing inconsistent mediation, whereas, South African companies reported full/complete mediation. The study recommends mandatory disclosures of human capital and business model aspects of integrated reporting by Kenyan listed companies due to its effect on firm value.

Стоимостная оценка и направления развития человеческого капитала Республики Беларусь

Implementation of the sustainable development model requires a revision of traditional ap-proaches to the concept and valuation of human capital, as its reproduction determines the wealth of a country. Human capital is the basis for the sustainable development of the Republic of Belarus: its preservation and growth affect investments related to the reproduction of capital. Sources of such investments include the net income of the population, funds of organisations and government bodies. The study aims to develop theoretical and methodological foundations for the valuation of human capital it order to determine suitable investment areas. The concepts “human capital” and “investment in human capital” were analysed to identify investment subjects and objects at different levels of the economy. The proposed method for the valuation of human capital relies on the theory of reproduction rent and considers the investment component as a driving factor of its regional and national development. To assess the reproduction of human capital, the study presented a discount indicator as the inverse of the average life expectancy of the population, indirectly expressing its level and quality of life. Data on the socio-economic development of regions of Belarus were examined. Testing of the proposed approach demonstrated that the production of human capital is constant and increases over time. Its sustainable reproduction is affected by the net income of the population and public investments in the social sphere, including education and healthcare. To strengthen human capital, business entities are recommended to invest in improving professional qualifications of employees, as well as their working conditions. The obtained results can be used to develop and implement socio-economic policy at the regional level.