Intangible capital and the investment-q relation

Peters, Ryan H.; Taylor, Lucian A.

doi:10.1016/j.jfineco.2016.03.011

Cited by 809 publications

(568 citation statements)

References 63 publications

(108 reference statements)

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“… Notes : The dependent variable is the Log(Total Q) of Peters and Taylor () except Model (7), where the dependent variable is Log(Tobin’s Q). GEPU3(6) is the average of the Global Economic Policy Uncertainty index for the most recent 3 (6) months.…”

Section: Resultsmentioning

confidence: 99%

“… Notes : We confine our sample period between year 2001 and 2004 to isolate the impact of SOX enactment on firm performance. The dependent variable is the Log(Total Q) of Peters and Taylor (). Post SOX takes a value of 1 for the years after 2002 and 0 otherwise.…”

Section: Resultsmentioning

confidence: 99%

“…To assess firm performance, we used the Total Q measure proposed by Peters and Taylor (). This proxy represents an improvement on Tobin’s Q that also includes intangible capital in the denominator (i.e., as part of the replacement cost of firms’ capital), reflecting the fact that intangible assets have become more important for firms in the 21st century.…”

Section: Data and Methodsologymentioning

confidence: 99%

“… Log(Total Q) is log(Peters and Taylor Total Q). Total Q (Peters and Taylor ) is an improved Tobin’s Q proxy that includes intangible capital in the denominator, that is, in the replacement cost of firms’ capital. CEOduality takes a value of 1 if the CEO also serves as board chairman and 0 otherwise.…”

Section: Data and Methodsologymentioning

confidence: 99%

See 3 more Smart Citations

CEO Duality and Firm Performance: Does Economic Policy Uncertainty Mediate the Relation?

2018

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Exploiting two exogenous shocks, we examine the relation between CEO–Chairman duality and firm performance. We report evidence that CEO duality benefits a firm when economic policy uncertainty is high. This implies that CEO–‐Chairman duality is an advantageous governance mechanism for coping with economic policy uncertainty. We show that the Sarbanes‐Oxley Act reduced firm performance if a firm had separate leadership in 2001. However, this negative effect was mitigated if a firm had combined leadership in 2001. The results suggest that CEO duality is complementary to board independence and that the value of CEO duality is contingent on a firm’s environment.

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Section: Resultsmentioning

confidence: 99%

Section: Resultsmentioning

confidence: 99%

Section: Data and Methodsologymentioning

confidence: 99%

Section: Data and Methodsologymentioning

confidence: 99%

See 2 more Smart Citations

CEO Duality and Firm Performance: Does Economic Policy Uncertainty Mediate the Relation?

2018

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“…There are some different calculation methods offered by various scholars based on the specific research field where Q ratio has been used. Peters and Taylor (2017) worked on intangible capital and investment and computed the Q variable as the ratio of the total investment includes the investment in physical and intangible capital to the total capital stock includes physical and intangible capital stocks. Furthermore, Hall (2001) defined the Q variable as the ratio of the value of ownership claims on the firm, less the book value of inventories, to the replacement cost of equipment and structure.…”

Section: Tobin-q Theorymentioning

confidence: 99%

A Critical Review of the Literature on Firm-Level Theories on Ship Investment

Girgin

Karlis

Nguyen

2018

IJFS

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Abstract:The maritime industry is one of those rare industries that are both highly international integrated to international trade and also highly capital intensive dependent on substantial investment amount. In the literature, ship investments have not been widely examined through the firm-level investment theories to explore the link between investment level and asset price valuation. The general trend in the literature of ship investments is to analyse the relationship among the shipping markets (newbuilding, second-hand, freight rate and scrap) and their impact on asset price valuation, the timing of investments and market entry and exit conditions. In this paper, we extensively reviewed the literature of firm-level investment theories and ship investments. We showed that the application of firm-level investment theories to the ship investments is confined to the basic investment valuation models, such as Net Present Value and Real Option Analysis. Ship investments need to be examined by firm-level investment theories to define firm/industry value maximization level within the approach of the solid investment theories.

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Does organisational capital influence environmental strategies? Evidence from environmental innovation

et al. 2021

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As a result of increasing consumer awareness and stakeholder demands about environmental management, firms face stricter challenges surrounding the impact of business operations on the environment. In this regards, environmental innovation is one of the important ways of acting in harmony with the environment. Thus, the purpose of this study is to examine the impact of organisational capital on environmental innovation measured as the process innovation and product innovation. Using environmental innovation data from ASSET4 for the US listed firms between 2002 and 2018, our empirical results reveal a significant positive association between organisational capital and both the process innovation and product innovation. Furthermore, the relationship is stronger in high‐profitability and sensitive industries subsamples. These results are robust to additional control variables and endogeneity tests. This study, while endorsing the resource‐based view (RBV), provides important implications for the top management teams that organisational capital could be an important channel through which managers can boost environmental innovation.

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Intangible capital and the investment-q relation

Cited by 809 publications

References 63 publications

CEO Duality and Firm Performance: Does Economic Policy Uncertainty Mediate the Relation?

CEO Duality and Firm Performance: Does Economic Policy Uncertainty Mediate the Relation?

A Critical Review of the Literature on Firm-Level Theories on Ship Investment

Does organisational capital influence environmental strategies? Evidence from environmental innovation

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