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Dynamics of Firm Value, Financial Performance, Leverage, and Governance: A Panel Data Analysis of Listed Indian Firms

International Journal of Business and Economics, 2020-05, Vol.19 (2), p.131-149

Copyright International Journal of Business and Economics Sep 2020 ;ISSN: 1607-0704 ;EISSN: 1526-775X

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  • Title:
    Dynamics of Firm Value, Financial Performance, Leverage, and Governance: A Panel Data Analysis of Listed Indian Firms
  • Author: Talwar, Shalini
  • Subjects: Accounting ; Capital structure ; Corporate governance ; debt-equity ratio ; dividend payout ratio ; Dividends ; Earnings per share ; Equity ; Financial performance ; firm value ; income growth ; least squares dummy variables (LSDV) method ; Research methodology ; Return on assets ; sales growth ; Stock exchanges ; Variables
  • Is Part Of: International Journal of Business and Economics, 2020-05, Vol.19 (2), p.131-149
  • Description: This research examined the effect of accounting-based performance measures, capital structure and corporate governance on firm value, measured by Tobin's Q, of listed Indian firms in fast-moving consumer goods (FMCG), automobiles (auto) and information technology (IT) sectors for a period from 2004 through 2017. The study used panel least squares dummy variables (LSDV) method to show that sales growth, return on equity, debt-equity ratio and corporate governance were statistically significant predictors of firm value for the sectors under the study. The fixed effects model was found to be more robust than pooled regression model by the Wald test, confirming that the dynamics between the dependent and the explanatory variables were different for each of the sectors. As the impact of variables on firm value was different for the manufacturing and services sectors, a key implication of the study is that managers should take into consideration the sectoral effect while estimating firm value.
  • Publisher: 台灣: 逢甲大學
  • Language: Chinese;English
  • Identifier: ISSN: 1607-0704
    EISSN: 1526-775X
  • Source: Alma/SFX Local Collection
    ProQuest Central
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