Ownership Structure, Financial Policy and Performance of the Firm: US Evidence

Ellili, Nejla Ould Daoud

doi:10.5539/ijbm.v6n10p80

Cited by 15 publications

(16 citation statements)

References 50 publications

(44 reference statements)

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“…This group has the article with the strongest connections, with a score of 1424 [59]. Lastly, the blue cluster is the smallest and has the weakest connections, with a total of 33 items, and the article with the strongest connections in this group has a score of 727 [65]. This group includes articles from the most recent scientific literature, where the main topic of discussion is the relationship between corporate social responsibility and the presence of women in boards of directors.…”

Section: Co-citation Analysismentioning

confidence: 99%

Gender Diversity in Boards of Directors: A Bibliometric Mapping

Sánchez‐Teba

Benítez-Márquez

Porras-Alcalá

2021

Journal of Open Innovation: Technology, Market, and Complexity

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The literature on gender diversity in boards of directors has expanded significantly in recent years, due to the fact that women are increasingly holding higher management positions within the company hierarchy, clearly demonstrating that certain characteristics of women have a positive impact on different areas within the company. The objective of this paper is to analyze scientific articles on the presence of women in boards of directors, based on a literature review, in order to learn about the evolution of this concept over time. The search conducted for this paper produced 300 documents from the Web of Science, with a final total result of 168 documents after passing the initial results through various filters. VOSviewer software was used to analyze the information, which enabled the creation of bibliometric citation, co-citation and co-word maps. The results reveal the most relevant authors and studies on this subject and identify the most current studies, the main topic of which deals with sustainability and corporate social responsibility, in addition to highlighting the characteristics of women that are of vital importance to boards of directors within the current context: empathy, open innovation, concern for the needs of interest groups and a heightened perception of risks.

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Section: Co-citation Analysismentioning

confidence: 99%

Gender Diversity in Boards of Directors: A Bibliometric Mapping

Sánchez‐Teba

Benítez-Márquez

Porras-Alcalá

2021

Journal of Open Innovation: Technology, Market, and Complexity

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“…Penambahan utangmampu memberikan sinyal positif, karena investor menganggap itu sebagai kemampuan perusahaan membayar kewajibannya di masa depan. Menurut Ellili(2011), walaupun mampu meningkatkan risiko kebangkrutan perusahaan, peningkatan utang adalah sinyal positif di pasar yang menunjukkan kekuatan manajer untuk menghasilkan keuntungan yang cukup dalam membayar bunga maupun kewajibannya. Penambahan utang juga mampu memberikan manfaat pajak untuk perusahaan, karena biaya bunga atas utang dapat digunakan sebagai pengurang dari penghasilan kena pajak perusahaan.Komposisi utang yang terlalu tinggi dapat meningkatkan risiko, yaitu ketidakmampuan perusahaan untuk membayar utang-utangnya, tingginyarisiko dikarenakan bunga akan meningkat lebih tinggi daripada penghematan pajak (Sofyaningsih dan Hardiningsih, 2011).…”

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“…Penggunaan utang dapat meningkatkan nilai perusahaan karena biaya bunga utang adalah biaya yang mengurangi pembayaran pajak. Meskipun dapat meningkatkan risiko kebangkrutan perusahaan, peningkatan utang merupakan sinyal positif di pasar yang menunjukkan kekuatan manajer dalam menghasilkan keuntungan yang cukup untuk membayar bunga maupun kewajibannya (Ellili, 2011).…”

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Pengaruh Profitabilitas, Kebijakan Utang, dan Kebijakan Dividen Terhadap Nilai Perusahaan

Kurniawan

Putra

2019

E-Jurnal Akuntansi

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ABSTRAKTujuan penelitian ini adalah untuk menguji pengaruh profitabilitas, kebijakan utang, dan kebijakan dividen terhadap nilai perusahaan. Metode pengambilan sampel yang digunakan adalah purposive sampling dengan jumlah sampel yang diperoleh sebanyak 14 perusahaan. Teknik analisis data yang digunakan dalam penelitian ini adalah analisis regresi linear berganda. Berdasarkan hasil analisis ditemukan bahwa profitabilitas berpengaruh positif terhadap nilai perusahaan. Hal ini menunjukkan bahwa semakin meningkat profitabilitas maka nilai perusahaan akan meningkat. Kebijakan utang tidak berpengaruh terhadap nilai perusahaan. Hal ini menunjukkan bahwa tinggi rendahnya rasio utang terhadap ekuitas, tidak berimplikasi pada tinggi rendahnya nilai perusahaan. Kebijakan dividen berpengaruh positif terhadap nilai perusahaan. Hal ini menunjukkan bahwa meningkatnya pembayaran dividen akan meningkatkan nilai perusahaan. ABSTRACTThe purpose of this study is to examine the effect of profitability, debt policy, and dividend policy on firm valueThe sampling method used was purposive sampling with the number of samples obtained was 14 companies. The data analysis technique used in this study is multiple linear regression analysis. Based on the results of the analysis it was found that profitability had a positive effect on firm value. This shows that the higher the profitability, the higher the value of the company. Debt policy does not affect the value of the company. This shows that the high level of debt to equity ratio does not have implications for the high and low value of the company. Dividend policy has a positive effect on company value. This shows that increasing dividend payments will increase the value of the company. PENDAHULUANBursa Efek Indonesia (BEI) adalah pusat transaksi capital market saat ini. BEI sebagai salah satu pasar modal yang dapat dijadikan alternatif pendanaan bagi semua sektor perusahaan di Indonesia. Salah satu alternatif pendanaan adalah melalui penerbitan dan penjualan saham di Bursa Efek. Sektor yang salah satu sahamnya masuk dalam BEI adalah sektor pertambangan. Terdapat 47 perusahaan yang berada di sektor pertambangan. Subsektor yang dimaksud adalah subsektor batu bara, minyak dan gas bumi, logam dan mineral lainnya dan batu-batuan. Sektor pertambangan memiliki peran penting sebagai penyedia sumber daya energi yang diperlukan bagi pertumbuhan ekonomi suatu negara, karena sektor pertambangan merupakan sumber daya alam yang dapat digunakan sebagai pembangkit listrik.Sektor pertambangan memiliki kontribusi besar terhadap berbagai aspek mulai dari Penanaman Modal Asing (PMA), Penanaman Modal Dalam Negeri (PMDN), kegiatan ekspor, penerimaan devisa,pendapatan negara dan produk domestik bruto. Sektor pertambangan juga mampu membuka lapangan pekerjaan dan menyerap tenaga kerja yang nantinyamengurangi pengangguran dan membutuhkan dana besar sehingga untuk memenuhi dana tersebut perusahaan akan membutuhkan dana dari investor, maka dari itu penelitian ini membahas perusahaan sektor pertambangan dengan hara...

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“…DeAngelo and DeAngelo (2006) focused on the trade-off between new supply costs that would incur with dividend payouts and agency costs to incur with retaining profits. Ellili (2011) examines the interrelationship among corporate financial performance, financial policy, managerial ownership and ownership structure. Managerial ownership is embedded as an endogenous factor into the analyses.…”

Section: Background and Prior Literaturementioning

confidence: 99%

Gelişmekte Olan Bir Piyasa Olarak Türkiye'de Temettü Sinyalleşme Teorisinin Test Edilmesi: Borsa İstanbul'da Listelenen Firmalardan Ampirik Kanıtlar

Kaymaz¹,

Kaymaz²,

Güvemli³

2021

Muhasebe Ve Finansman Dergisi

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Dividends (profit share) and profitability (financial performance) still remain unarguably among the most salient attributes of financial research. This paper is interested in empirically exploring if and how signalization theory works in general while being interested in also exploring to what extent dividends may account for the corporate profitability being corporate financial performance in particular. Dynamic panel regressions are performed to test our predictions on twelve (12) different models for an emerging market economy with a sampling time window spanning 2000 through 2018 for 45 listed companies. Financial firms (FFs) versus Non-Financial firms (NFFs) are examined separately and compared together. Although results usually document that (present) dividends tend to be irrelevant in accounting for (signalling future) corporate profitability. However, we have found evidence that dividends, for NFFs, were documented to be relevant in explaining future corporate profitability when the regressed variable is proxied as Return on Capital which may be captured as Earnings Before Tax/Paid-in Capital. In particular, the relationship between present corporate dividend distribution and future corporate profitability is positive, suggesting the higher (lower) the dividends the higher (lower) the profitability. In addition, of all the models tested, for a sizeable fraction, we have also found significant linkage between the lagged and the leadership values of the dependent variable being corporate profitability or corporate financial performance, either for FFs or NFFs if not both.

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Ownership Structure, Financial Policy and Performance of the Firm: US Evidence

Cited by 15 publications

References 50 publications

Gender Diversity in Boards of Directors: A Bibliometric Mapping

Gender Diversity in Boards of Directors: A Bibliometric Mapping

Pengaruh Profitabilitas, Kebijakan Utang, dan Kebijakan Dividen Terhadap Nilai Perusahaan

Gelişmekte Olan Bir Piyasa Olarak Türkiye'de Temettü Sinyalleşme Teorisinin Test Edilmesi: Borsa İstanbul'da Listelenen Firmalardan Ampirik Kanıtlar

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