Growth, Corporate Profitability, and Value Creation

Ramezani, Cyrus A.; Soenen, Luc; Jung, Alan

doi:10.2469/faj.v58.n6.2486

Cited by 70 publications

(44 citation statements)

References 7 publications

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“…Tidak adanya pengaruh yang signifikan ini mengindikasikan bahwa besar kecilnya nilai pertumbuhan penjualan tidak dapat menjelaskan dan memprediksi peningkatan kinerja perusahaan. Ramezani et al (2002) menunjukkan fakta bahwa memaksimalkan pertumbuhan tidaklah selalu memaksimalkan kinerja perusahaan. Sunarto dan Budi (2009) mengatakan peningkatan penjualan tanpa diiringi dengan efisiensi biaya tidak akan meningkatkan profit, mengingat peningkatan penjualan melalui penambahan aktiva yang tidak berorientasi pada peningkatan profit.…”

Section: Metodeunclassified

Pengaruh Ukuran Dewan, Kepemilikan Saham Oleh Direktur, Dan Jender Terhadap Kinerja Keuangan Perbankan

Mardiyati¹,

Murdayanti²

2017

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Abstrak: Tujuan penelitian ini adalah untuk mengetahui apakah mekanisme tata kelola perusahaan, khususnya ukuran dewan direktur, kepemilikan saham oleh direktur, dan jender, berpengaruh terhadap kinerja keuangan perbankan di Indonesia. Pada penelitian ini, kami menggunakan sampel 16 bank (45 observasi) yang terdaftar di bursa efek Indonesia antara tahun 2011 dan 2014. Metode analisis yang digunakan ialah regresi fixed effects dan random effects. Dikontrol oleh variabel ukuran perusahaan, hutang, dan pertumbuhan perusahaan, hasil penelitian menunjukkan bahwa kepemilikan saham direktur berpengaruh signifikan kepada ROA dan Tobin's Q. Sedangkan jumlah dewan direktur dan keberadaan wanita dalam dewan direktur tidak berpengaruh. Kata Kunci: Ukuran dewan, kepemilikan direktur, jender, kinerjaAbstract: The objective of this study is to examine the effect of corporate governance mechanism, specifically board of directors, managerial ownership, and female director on banking performance in Indonesia. Sample of this research consists of 16 banking (45 observation) listed on Indonesia stock exchange (IDX) between 2011 and 2014. We employ fixed and random effect regressions to analyze research model. Controlling for firm size, leverage and firm growth (sales growth), the results show that managerial ownership significantly affects ROA and Tobin's Q. While board of director and female director do not.

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Section: Metodeunclassified

Pengaruh Ukuran Dewan, Kepemilikan Saham Oleh Direktur, Dan Jender Terhadap Kinerja Keuangan Perbankan

Mardiyati¹,

Murdayanti²

2017

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“…The firm is then forced to achieve those irrational growth levels anticipated by the market to preserve its stock price. Ramezani et al, (2002) imply the existence of a growth rate where shareholder value may be maximized. They diagnose high growth firms by sorting companies according to their growth rates.…”

Section: Literature Reviewmentioning

confidence: 99%

“…The logarithm of total assets is used as a proxy for company size. Firm size is considered to have a potential in influencing shareholder value creation and it is also controlled for in the studies of Ramezani et al (2002), Fiordelisi and Molyneux (2010), and Radic (2015). It is envisaged that change in financial leverage (debt ratio) may have some impact on the value created for the shareholders.…”

Section: Tab 1: Variables Used In the Studymentioning

confidence: 99%

Does High Growth Create Value for Shareholders? Evidence from S&P500 Firms

Ataünal¹,

Gurbuz²,

Aybars³

2016

EFAJ

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Abstract:This paper investigates the relationship between growth rate and shareholder value creation, using a sample of 243 non-financial Standard and Poor's 500 (S&P500) companies, which have 22 years of consecutive data available . Sustainable Growth Rate Model (SGR) is used to divide the sample into two groups as high growth firms and moderate growth firms. Using Panel data approach, it is shown that sales growth below sustainable growth rate (SGR) enhance shareholder value at a significantly higher rate compared to growth above sustainable growth rate. The findings suggest that shareholder value creation maximizes around sustainable growth rate and decreases sharply once SGR exceeded.

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“…Sustainable competitive advantage incorporates the economy of scale, low-cost manpower or manufacturing automation to reduce the cost, which enables the enterprise to retain the advantage of low-cost in finance. Ramezani, Soenen, and Jung (2002) stated the enterprise operation performance would be influenced by operating growth rate on the ground that the corporation revenue was from operating revenue. Operating revenue growth is not only the embodiment, but the operating growth is able to draw on the funds effectively, profitable revenue and profitable revenue growth, defined by Charan (2004).…”

Section: Financial Performancementioning

confidence: 99%

How to Evaluate the Performance of the Taiwan Biotech and Biopharmaceutical Corporations?

Tong¹

2015

IBR

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Modern biotechnology and pharmaceutical industry, the most developmental mainstream, has been generally acknowledged in the 21 st century. The approach of this study surmounted the traditional DEA and SFA, combining with modified Delphi approach, ISM, FANP and performance evaluation table to build evaluation mode of operating performance precisely and completely in Taiwan biotech and pharmaceutical corporations. Considering 4 criteria and 18 sub-criteria complied to evaluate the operating performance in the enterprise. The analyzed result appeared, the significance of criteria is "Product and technology R&D", "Financial performance", "Production and quality management" and "Organization characteristics and operation management" in sequence. The top 5 key sub-criteria influence the evaluation of operating performance in Taiwan biotech and pharmaceutical corporations are "Profitability", "Efficiency of production and cost", "Innovative products and R&D strategies", "Quality management and cost control" and "Operation strategy and business mode". The last 5 key sub-criteria are "Human resources management", "Project management", "Innovation of process technology", "Competence of financial operation" and "Market share". Finally, the top 10 of conglomerate revenue in listed companies taken as the sample of empirical research on this study. According to the experts" evaluation, the total point of weighted average is 58.9020 of whole sample in complete period in all enterprises, which fell at the grade of "Slightly good" as a whole. The related results accord with the real situation in the industry. The result of this study is able to be a significant basis as the policies drawn up by government, operating performance evaluated by the enterprise and investment target measured by the investors.

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Growth, Corporate Profitability, and Value Creation

Cited by 70 publications

References 7 publications

Pengaruh Ukuran Dewan, Kepemilikan Saham Oleh Direktur, Dan Jender Terhadap Kinerja Keuangan Perbankan

Pengaruh Ukuran Dewan, Kepemilikan Saham Oleh Direktur, Dan Jender Terhadap Kinerja Keuangan Perbankan

Does High Growth Create Value for Shareholders? Evidence from S&P500 Firms

How to Evaluate the Performance of the Taiwan Biotech and Biopharmaceutical Corporations?

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