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The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact,...
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The value of patent rents is an important quantity for policy analysis. However, estimates in the literature based on patent renewals might be understated. Market value regressions could provide validation, but they have not had clear theoretical foundations for estimating patent rents. I...
Persistent link: https://www.econbiz.de/10014057283
Using a new data set covering a sample of UK firms, 1989-1995, we study the impact of innovation and innovation assets on firm value. We find, for all reporting firms, that the flow of R&D and the use of new technologies (as measured by investment in tangible assets) have significant positive...
Persistent link: https://www.econbiz.de/10014115978
A considerable amount of research has been devoted to why R2 differs across firms or markets, although little attention has been paid to the consequences of this difference. We fill this gap by investigating how differing R2 affects investors' assessment of firm value. Using a sample of 90,111...
Persistent link: https://www.econbiz.de/10013141299
change on the value of Asia-Pacific non-financial firms. We examine whether increased carbon disclosure mitigates this impact … level of carbon transparency significantly mitigates the negative effects of climate change exposure on firm value. Our … heterogeneity analysis reveals that the moderating role of carbon transparency is more pronounced among firms operating in …
Persistent link: https://www.econbiz.de/10015337409
This study tests assertions that Economic Value Added (EVA) is more highly associated with stock returns and firm values than accrual earnings, and evaluates which components of EVA, if any, contribute to these associations. Relative information content tests reveal earnings to be more highly...
Persistent link: https://www.econbiz.de/10014121964
This study examines the moderating impact of board of director elections and corporate governance on (a) the relationship between discretionary accruals and earnings quality, and (b) the relative value relevance of earnings and book value on stock valuation. The importance of effective...
Persistent link: https://www.econbiz.de/10014126342