The Effects of Shareholders’ Rights, Disclosures, and Transparency on Firm Value

• 발행기관: 한국유통과학회
• 저자명: Sumatriani SUMATRIANI Gagaring PAGULUNG Darwis SAID Grace T. PONTOH Jamaluddin JAMALUDDIN
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 8 No.3, 383~390쪽, 전체 8쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2021.03.30

영문 초록

This study investigates the effect of shareholders’ rights, disclosure, and transparency on firm value. This study also investigates whether corporate social responsibility (CSR) is pure moderation or quasi moderation in the effect of shareholders’ rights, disclosure, and transparency on firm value. This study’s novelty is building a model framework to increase firm value and the role of CSR in increasing firm value. This study used secondary data provided by Indonesia, Malaysia, and Thailand Stock Exchanges. The sample of this study is 142 companies with four years of observations from 2012–2015. Firm value is measured by Tobin’s Q. While shareholder’s rights, disclosure, and transparency are measured using the ASEAN scorecard. The analysis method used in this study is a fixed effect model using a panel data approach. The result of this study shows that shareholders’ rights have a significant positive effect on firm value. However, disclosure and transparency do not affect firm value significantly. In comparison, the CSR disclosure has a moderation effect on the relationship between shareholders’ rights and firm value. The CSR disclosure does not have a moderation effect on the relationship between disclosure and transparency and firm value.

목차

1. Introduction

2. Literature Review and Hypotheses Development

3. Research Methods

4. Results and Discussion

5. Conclusion

References

키워드

Shareholders’ Rights Disclosure Transparency Corporate Social Responsibility Firm Value