Hypothesis that Tobin’s q captures organizations’ debt levels instead of their growth opportunities and intangible assets

Cardao-Pito, Tiago

doi:10.1080/23322039.2022.2132636

Cited by 4 publications

(3 citation statements)

References 74 publications

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“…Tobin's Q has a weak negative association with the Inventory turnover ratio (r=-0.01). The cash conversion cycle has a strong positive relationship with the current ratio and quick ratio (r=678, r=.789), while COC has a moderate positive relation with the inventory turnover ratio (r=0.456) (Cardao-Pito, 2022). The current and quick ratios' association is also strongly positive (r=0.63).…”

Section: Resultsmentioning

confidence: 95%

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Sustainable Working Capital and Financial Performance in Cement Industry of Pakistan: An OLS Approach*

Raza,

Tursoy,

Balal

2023

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This research aims to demonstrate for the first time how the Pakistani cement sector's financial health is impacted by sustainable working capital. The cement Industry uses sustainable working capital techniques and practices for magnificent financial outcomes. Considering the importance of these profitable techniques, we practice these in cement firms with a sample size of 25 cement firms listed in the Pakistan stock market (PSX) from 1997-2022. The data is collected from annual reports available on the financial statements. The current ratio and Quick ratio are measured for liquidity. Ordinary Least Square & correlation analysis indicates that the cash conversion cycle (β1= -0.564, p= 0.00), Current ratio (β2= -0.20, p= 0.040), Quick ratio (β3= -0.585, p= 0.000) and Inventory Turnover ratio (β4= -0.244, p= 0.004) have a negative effect on financial performance (Tobin's Q). This study helps policymakers that can handle liquidity Sustainable working capital for the cement industry.

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Section: Resultsmentioning

confidence: 95%

“…The average list of cost and cost of goods sold are related. Tobin's Q is widely used for measuring financial performance (Ahmad et al, 2023;Azam, 2022;Cardao-Pito, 2022). It is a ratio that compares a company's market value to the entire value of its net assets.…”

Section: Introductionmentioning

confidence: 99%

Sustainable Working Capital and Financial Performance in Cement Industry of Pakistan: An OLS Approach*

Raza,

Tursoy,

Balal

2023

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“…Tobin's Q is a common market performance-based measurement. Tobin's Q equals to sum of market value of equities and book value of liabilities divided by book value of total asset (Cardao-Pito, 2022). The market value of equity is calculated as firm's stock price multiplied by number of shares outstanding (Chung & Pruitt, 1994).…”

Section: Methodsmentioning

confidence: 99%

Is ESG Companies' Performance Influenced by Ownership Structure? Evidence in ASEAN

Kurniawan

Rokhim

2023

ISS

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Background: According to studies on sustainability dimensions – environmental, social, and governance (ESG) – companies that effectively address the stakeholders’ ESG expectations are likely to outperform companies that poorly implement ESG principles. Studies show mixed results of the relationship between ESG and financial performance. Besides, ESG adoption in ASEAN countries is still in early stage compared with European countries or US region. Aim: The purpose of this paper is to investigate the relationship between Environmental, Social and Governance (ESG) performance and firm performance of ASEAN listed companies moderated by company ownership structure. Method: This paper selects publicly listed companies in ASEAN stock exchanges with data period of 2017-2021, a total of 607 companies samples with 1,309 data observations. Refinitiv Eikon ESG rating is adopted in this paper to measure ESG performance while ownership structure is measured in three aspects, which include ownership concentration, equity balances, and institutional investor shareholding. Findings: The research found that (1) ESG performance has negative and significant relation to both market-based and accounting-based firm performances, (2) ownership concentration has no significant moderating role on ESG – firm performance relationship, (3) equity balance is only significant in moderating ESG relationship to Tobin’s Q, meanwhile (4) institutional ownership is found statistically significant in moderating the ESG relationship to Tobin’s Q and ROE but not to ROA.

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Intangible assets, firm value, and performance: does intangible-intensive matter?

Intara,

Suwansin

2024

Cogent Economics & Finance

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Hypothesis that Tobin’s q captures organizations’ debt levels instead of their growth opportunities and intangible assets

Cited by 4 publications

References 74 publications

Sustainable Working Capital and Financial Performance in Cement Industry of Pakistan: An OLS Approach*

Sustainable Working Capital and Financial Performance in Cement Industry of Pakistan: An OLS Approach*

Is ESG Companies' Performance Influenced by Ownership Structure? Evidence in ASEAN

Intangible assets, firm value, and performance: does intangible-intensive matter?

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